What
I’ve Learned
Pandemic Year
What’s
News
World-Wide
H igh-level talks be-
tween the Biden ad-
ministration and Beijing
that veered into acrimony
put the U.S.-China rivalry
in sharp relief, complicat-
ing efforts by the two
powers to erect guardrails
and keep tensions from
spiraling further. A1
 The CDC cut in half the
distance K-12 students
should remain from one
another in classrooms, a
step that could speed the
reopening of schools. A1
 Federal officials are
warning that the U.S. may
be on track for another surge
in Covid-19 cases, trailing
Europe by a few weeks. A5
 New York state’s investi-
gation into whether Gov.
Cuomo sexually harassed
multiple women is also look-
ing at how the administra-
tion handled the complaints
and whether it took steps to
intimidate his accusers. A4
 Gov. Cuomo is facing
allegations of inappropri-
ate behavior by yet an-
other female employee. A4
 Biden, during a trip to
Georgia, mourned the victims
of the Atlanta spa shootings
and decried a rise in crimes
against Asian-Americans. A3
 Canada’s Trudeau con-
demned China’s secret
court proceedings against
one of two Canadians who
face espionage charges. A8
Business & Finance
 The Justice Department
is investigating whether
Visa is engaging in anticom-
petitive practices in the
debit-card market, a probe
that casts a cloud over a
core part of its business. A1
 China is restricting the
use of Tesla’s vehicles by
military staff and employees
of key state-owned firms, cit-
ing concerns that data the
cars gather could be a source
of national-security leaks. B1
 The Federal Reserve
said it was ending a year-
long reprieve that had eased
capital requirements for
big banks, disappointing
Wall Street firms that had
lobbied for an extension. B1
 The Dow and S&P 500
retreated 0.7% and 0.1%, re-
spectively, while the Nas-
daq gained 0.8%. All three
indexes posted weekly
losses of less than 1%. B13
 Agricultural giant Corteva
averted a potential proxy
fight with Starboard by giv-
ing the activist hedge fund
three seats on its board. B12
 British Airways is con-
sidering selling its sprawl-
ing headquarters on the
periphery of London
Heathrow Airport. B3
 Coinbase agreed to pay
$6.5 million to settle regula-
tory claims that it reported
misleading information about
its trading volumes. B13
NOONAN
Andrew Cuomo
Plots His Survival A13
CONTENTS
Books..................... C7-12
Business News...... B3
Food.............................. D9
Heard on Street...B14
Obituaries................. A8
Opinion............... A11-13
s 2021 Dow Jones & Company, Inc.
All Rights Reserved
From the
REVIEW
* * * * * * * *
WSJ
THE WALL STREET JOURNAL WEEKEND
SATURDAY/SUNDAY, MARCH 20 - 21, 2021 ~ VOL. CCLXXVII NO. 65
New Lockdown Spurs an Exodus From France’s Capital
Spring Breaks
In the Sun Belt
OFF DUTY
WSJ.com
Divisive
HHHH $5.00
Meetings
Test U.S.
Ties to
Beijing
Deepening distrust on
several issues signals a
tough task for powers
LUDOVIC MARIN/AGENCE FRANCE-PRESSE/GETTY IMAGES
to find common ground
BY WILLIAM MAULDIN
ANCHORAGE, Alaska—High-
level talks between the Biden
administration and Beijing that
veered into acrimony put the
U.S.-China rivalry in sharp re-
lief, complicating efforts by the
two powers to erect guardrails
and keep tensions from spiral-
ing further.
The meetings, which ended
EXIT: Travelers crowded a Paris train station Friday as many sought to escape the city ahead of a pandemic-induced lockdown. Friday, covered an array of is-
The latest restrictions are limited to the capital and 15 other areas of France that have been hit hard by Covid-19 variants. A6 sues that over the past year
sent U.S.-China relations to
their most unsteady point in
decades: China’s clampdown on
CDC Halves Social Distance
Hong Kong, repression of Mus-
lims in Xinjiang and aggressive
behavior with its neighbors.
The two sides also explored
some areas of hoped-for com-
Guidance for K-12 Classrooms
mon ground.
Secretary of State Antony
Blinken told reporters after-
ward that the governments
“are fundamentally at odds” on
BY BETSY MCKAY apart in classrooms rather turning a corner on this pan- communities where transmis- issues such as Hong Kong and
AND JENNIFER CALFAS than the 6 feet it had recom- demic,” CDC Director Rochelle sion of Covid-19 is high if they cyberattacks, though interests
mended previously, a change it Walensky said. “Getting our cannot be divided into co- intersect on Iran, North Korea,
The U.S. Centers for Disease said was made possible by children back to school in-per- horts, the CDC said. Afghanistan and climate
Control and Prevention cut in new scientific findings. son instruction as soon as Students should still remain change.
half the distance students The agency also removed a possible is a critical first step at least 6 feet from one an- “We were clear-eyed coming
should remain from one an- recommendation that schools in doing so.” other while eating and during in, we’re clear-eyed coming out,
other in classrooms, a step install physical barriers such The reduced distance ap- activities like chorus or sports, and we will go back to Wash-
that could speed the reopen- as sneeze guards, partitions or plies to students only, not at other times when masks ington to take stock of where
ing of schools. tape and urged schools to con- teachers and staff, the CDC cannot be worn and in com- we are,” national security ad-
In guidelines updated Fri- sider Covid-19 symptom said, because transmission Please turn to page A4 Please turn to page A7
day, the nation’s public-health screening for sports and extra- rates of Covid-19 are higher
agency said K-12 students curricular activities. among adults. Also, students  CDC says surge in European  China to restrict Tesla use by
should remain at least 3 feet “I’m hopeful that we are should remain 6 feet apart in cases is warning for U.S. .. A5 military staff............................... B1
Aviation’s Next Test: Engine Investors Assess Fed Move
The Federal Reserve said it was ending a reprieve that had
Covers That Tear Apart
eased capital requirements for big banks. Some analysts had
warned the decision could add to volatility in Treasurys. B1, B13
1.7% Friday
1.729%
U.S. 10-year ▲0.095
1.6
A jet’s falling parts spooked Denver last month. It’s happened before. Treasury yield pct. pt.
this week
1.5
BY ANDREW TANGEL pilots regained control and shut the engine
AND ALISON SIDER down. Even so, the plane was hard to han- 1.4
dle. A third pilot went into the cabin and
When a Boeing 777’s engine cover broke looked out the window: The engine hadn’t 1.3
apart and rained parts on a Denver suburb just failed; its cover had ripped away.
on Feb. 20, the news rang familiar to Chris- “After the explosion, it felt like she was
1.2
topher Behnam. In February 2018, the 777 going to fall apart,” Capt. Behnam said. “I
he was piloting as captain suffered a similar knew I could fly the airplane. The issue was,
emergency with the same engine type. can I fly it long enough to land it?” The pilots 1.1
His plane, United Airlines Flight 1175 to brought the plane to a safe landing in Hawaii.
Honolulu, was over the ocean 120 miles from The National Transportation Safety Note:
1.0 One-week
the runway carrying more than 370 passen- Board, which investigates U.S. aviation fail- change based
gers and crew when a violent blast rocked it. ures, concluded that a roughly 35-pound fan on March 12
0.9 close
The jet shook uncontrollably, rolled blade broke in the plane’s Pratt & Whitney
sharply, and the noise was deafening, said PW4000 engine due to fatigue, spiraling for- Jan. ’21 Feb. March
Capt. Behnam. An engine had suffered se- ward and causing parts of the engine cover Source: Dow Jones Market Data
vere damage. Years of training kicked in, the Please turn to page A9
EXCHANGE Nothing Bugs Outdoor Partygoers Visa’s Debit-Card
Like Billions of Uninvited Cicadas
i i i Practices Investigated
Brood X is emerging after 17 years,
BY ANNAMARIA ANDRIOTIS line debit-card transactions,
just in time to ruin long-awaited events AND BRENT KENDALL but investigators have asked
about in-store issues as well,
BY SCOTT CALVERT help of experts as they bug The Justice Department is the people said.
out over whether hordes of investigating whether Visa Inc. The probe highlights the
Caterer? Check. the flying, red-eyed insects is engaging in anticompetitive important role of the so-called
Florist? Check. will ruin everything. practices in the debit-card network fees that are invisible
Entomologist? It’s a valid concern. A tree market, a probe that casts a to consumers, lucrative for
Sports....................... A10
Style & Fashion D2-3 Americans are excitedly full of serenading male cicadas cloud over a core part of its card companies, but a weight
Travel....................... D4,6 planning outdoor weddings can be louder than a jackham- business. on merchants, who often pass
U.S. News............ A2-5 and other mer at 100-plus The department’s antitrust on the fees in the form of
Weather.................. A10
Wknd Investor....... B5
events after a decibels, and division has been gathering in- higher prices to customers.
World News....... A6-8 long hibernation the bumbling formation and asking whether It comes as Justice Depart-
during the pan- fliers are liable Visa, the largest U.S. card net- ment antitrust enforcers across
demic—only to to land their work, has limited merchants’ administrations have placed an
> TRIOPOLY MONEY run into billions roughly inch- ability to route debit-card emphasis on scrutinizing digi-
The pandemic put of cicadas that long bodies in transactions over card net- tal-marketplace activities, in-
are expected to Wedding crasher all the wrong works that are often less ex- cluding in the financial sector,
Google, Facebook crawl out of the places, says Uni- pensive, according to people and on investigating the busi-
and Amazon on top ground across the eastern U.S. versity of Maryland entomolo- familiar with the matter. ness practices of dominant
of the ad game. B1 at the same time. gist Michael Raupp. “They Many of the department’s firms. In the new probe, the
That has some seeking the Please turn to page A9 questions have focused on on- Please turn to page A5
A2 | Saturday/Sunday, March 20 - 21, 2021
THE NUMBERS | By Jo Craven McGinty
Virus Fears, Not Policy, Spook Consumers
What if you
opened the
economy and
nobody came?
Texas, Iowa
and Missis-
sippi were among the first
states to fully reopen busi-
nesses this year, ending
shutdown orders intended to
curb the spread of Covid-19.
But research suggests the
dormant economies won’t
immediately blossom—unless
consumers also lose their
fear of the coronavirus.
About 42 million Ameri-
cans, or 12% of the popula-
tion, have been fully vacci-
nated against Covid-19,
according to the Centers for
Disease Control and Preven-
tion.
“The state of the pan-
demic, not any orders the
government imposes about
the pandemic, is what drives
people,” said Chad Syverson,
an economist at the Univer-
sity of Chicago who has
studied the phenomenon. “If
the pandemic improves, peo-
ple will go out at a higher
rate. The orders themselves
are icing on cake.”
Dining, Hotels, Gyms Gain Steam
BY SARAH CHANEY CAMBON
AND GWYNN GUILFORD
Restaurant and hotel book-
ings are up. Airplane tickets
are selling fast. Consumers
spent more on gyms, salons
and spas in recent weeks than
they have since the coronavi-
rus pandemic began.
The U.S. economic recovery
is picking up steam as Ameri-
cans increase their spending,
particularly on in-person ser-
vices that were battered by
the coronavirus pandemic.
The rising number of
Covid-19 vaccinations, falling
business restrictions, ample
household savings and injec-
tions of federal stimulus funds
into the economy are fueling
the surge, economists say.
“I’d rather travel than do
almost anything,” said Betsy
Cole, 81 years old, who booked
a flight to Boston to see family
and friends in late spring and
hopes to visit the British Vir-
gin Islands for a sailing trip
later this year. She also
booked two international trips
for next year. She looks for-
ward to camping in the Sahara
and riding a camel in Morocco,
as well as enjoying time on the
water in the Greek Isles.
Ms. Cole, of Naples, Fla.,
said she is finally comfortable
with the prospect of traveling
again after avoiding crowds,
restaurants and trips through-
out the pandemic. She said
she is more at ease now that
she is fully vaccinated and
many others are as well. “I
want to get going,” she said.
Economists surveyed by
The Wall Street Journal this
month raised their average
forecast for 2021 economic
growth to 5.95%, measured
from the fourth quarter of last
year to the same period this
year, from a 4.87% projection
in February’s survey. The
higher figure would mark the
fastest such pace in nearly
four decades.
“You’re looking at the big-
gest surge in economic growth
that most people who are
working today have ever expe-
rienced in their working lives,”
said Tim Quinlan, senior econ-
omist at Wells Fargo Securi-
ties. He expects consumer de-
mand and trillions of dollars
in built-up savings to propel
economic growth “in a manner
that’s going to take people’s
breaths away.”
The pickup is arriving
sooner than many economists
had expected at the start of the
year, before Congress and the
White House approved a $1.9
trillion stimulus package. In
the Journal’s March survey, re-
spondents upped their average
forecasts of economic growth
in the first quarter to an annu-
alized rate of 4.9%, from 2.8%
in February’s survey.
Much of the jump in spend-
ing is for services that involve
proximity to other people. The
weekly average of the number
of seated diners tracked on
restaurant reservation plat-
form OpenTable is up mark-
edly from mid-December, but
still down 33% from 2019. In
Miami, the recent upsurge in
To measure the economic
impact of government-im-
posed lockdowns versus the
effect of voluntary distancing,
Dr. Syverson and his col-
league Austan Goolsbee used
cellphone data to track cus-
tomer visits to 2.25 million
businesses in commuter
zones across the U.S. last year
from January through May.
Examining commuter
zones allowed researchers to
compare consumer behavior
in neighboring jurisdictions
with the same exposure to
Covid-19, but different shel-
ter-in-place policies. If shut-
downs were responsible for
last year’s economic col-
lapse, jurisdictions that re-
mained open should have
fared better than neighbor-
ing areas that shut down.
I
nstead, researchers
found a 60% decrease in
consumer traffic, on av-
erage, with only 10% attrib-
utable to shelter-in-place or-
ders—meaning all businesses
within the same commuting
zone lost traffic, but the de-
cline was 10% greater in ar-
eas that locked down.
Spending Thaw
Americans are booking travel, eating out and spending more on personal services
as the U.S. economic recovery from the pandemic picks up.
Credit- and debit-card spending, change vs. average for January and February, 2020
50%
25
0 travel
–25
–50
–75
–100
March
2020
Seated diners from online, phone and walk-in reservations on OpenTable,
change vs. same day in 2019, seven-day average
Miami
0%
–25
–50
–75
–100
March ’21 March
2020 2020
*Airbnb/Vrbo line includes HomeAway, which Expedia Group rolled into Vrbo in June 2020. †Excluding Airbnb/Vrbo.
‡Gym data reflect the two-week moving average, due to biweekly payment plans.
Sources: Earnest Research (credit- and debit-card spending); OpenTable (reservations)
activity has put restaurant at-
tendance 8% above where it
was in 2019.
Spending on gyms, salons
and spas recently climbed to
the highest levels since the
pandemic first hit the U.S.,
forcing many to shut down
and scaring away clients fear-
ful of infection, according to
data from Earnest Research,
which tracks trends in credit-
and debit-card purchases.
Travel-related businesses
are among the big beneficia-
ries. Spending on vacation
rental sites Airbnb and Vrbo
surged in the week ended
March 3, and is well above
pre-pandemic levels, according
to Earnest Research. The num-
ber of transactions for air
travel, lodging and on online
travel platforms has climbed
sharply in recent weeks, and is
now at the highest level since
the pandemic began, the firm’s
data show.
Some of this spending
might be for future travel, but
much is happening already.
U.S. hotel occupancy hit a 20-
week high of 49% in the week
ended March 6, led by small
and medium-size hotels, ac-
cording to STR, a research
firm specializing in the hospi-
tality sector. Occupancy is still
down nearly 30% from 2019.
Randy Vasquez, director of
guest services at the Inn of
the Five Graces in Santa Fe,
N.M., said bookings started to
suddenly pick up in March af-
ter a slow winter. “I don’t
know what happened, in all
honesty. I think it’s the vacci-
nation,” he said.
U.S. NEWS
In addition, places that
ended shutdown orders saw
an equally modest recovery
afterward—what Dr. Syver-
son described as a mirror
image of the decline attri-
buted to the closures.
“We repeated that kind of
analysis thousands of times
across all sorts of counties,
businesses and metro areas,”
Dr. Syverson said. “What all
these results have shown is
the primary driver of busi-
ness activity is how comfort-
able or uncomfortable people
feel going out to businesses
given what’s going on with
the pandemic.”
The findings were pub-
lished in the peer-reviewed
Journal of Public Economics
in January. When the re-
searchers followed up later,
using 2020 data from May 18
through Aug. 16 and from
Oct. 5 through Jan. 3, the re-
sults were nearly identical.
It’s important to note the
researchers assumed the
number of consumer visits
corresponded to the amount
of economic activity, which
wouldn’t detect whether
people shopped half as often
Jan
’21
Las Vegas Dallas
CURRENT
U.S. AVG.
’21 March
2020
More than 13% of the over-
all population has been fully
vaccinated, including almost
40% of Americans age 65 and
above, according to the U.S.
Centers for Disease Control
and Prevention. Airfare spend-
ing among consumers over the
age of 75—who are more likely
to be vaccinated—is up signifi-
cantly from June, according to
BofA Global Research analysis
of Bank of America card data.
Household savings totaled
$3.9 trillion in January, up
from $1.4 trillion in February
2020, before the pandemic hit
the U.S. economy.
Service businesses
reliant on downtown
office workers still
face challenges.
The $1.9 trillion federal
stimulus legislative package ap-
proved this month is expected
to further drive up savings.
Higher-income Americans,
who have amassed the bulk of
the savings during the pan-
demic, often splurge more on
services. They weren’t willing
or able to do much over the
past year, a BofA Global Re-
search analysis notes, suggest-
ing there is a lot of pent-up
demand among wealthier
households.
The incipient boom in
travel-and-leisure spending
comes after a year in which
consumers shunned services
Traffic at businesses in the
Quad Cities area of Iowa and
Illinois fell by a similar amount,
regardless of the differing
approaches to Covid-19 on
either side of the border.
Visits to stores in Quad Cities
Iowa (no shutdown policy)
Illinois (shutdown policy)
Beauty Electronics
0%
–20
–40
–60
–80
Note: Change from March 1 to May 16, 2020
Source: National Bureau of Economic Research,
University of Chicago
but spent twice as much.
However, a separate study by
economists at the Federal
Reserve Bank of Chicago ex-
plicitly tracked revenue and
spending as well as mobility
and found something similar.
That study linked county-
level stay-at-home orders to
cellphone records and con-
sumer spending from
March 1 to April 17, 2020.
Airbnb,
50%
Vrbo*
25
Online
0 the time worked as an insurance
platforms Salons and spas
–25
Lodging,
accommo-
–50
dation†
Air travel –75
Gyms‡
–100
March Jan
2020 ’21
Pittsburgh Washington,
D.C.
’21 March ’21 March ’21
2020 2020
while shelling out money on
goods. The splurge on goods
continues, with U.S. ports now
suffering backlogs of ships
carrying tens of thousands of
containers and long delays un-
loading freight.
Stronger spending on ser-
vices is already helping spur
the labor-market recovery.
Hiring accelerated in February,
with most of the gains in lei-
sure and hospitality busi-
nesses, and economists project
the U.S. economy will regain
millions of jobs this year.
The recovery will take time
though. There were 9.5 million
fewer jobs last month than in
February 2020, the month be-
fore the pandemic hit, and em-
ployment is still down 6%
compared with pre-pandemic
levels, according to the Labor
Department.
Service businesses reliant
on downtown office workers
still face challenges as people
continue to work remotely.
At Compass Coffee, a Wash-
ington, D.C., coffee roaster
with bricks-and-mortar coffee
shops, employment is a frac-
tion of where it was before the
pandemic struck.
“We really depended on lots
of people coming off the
Metro every day to grab a cup
of coffee,” said Michael Haft,
co-founder of Compass. “With-
out people returning to of-
fices, it’s just very hard.”
The outlook is brightening
though. Compass rebooted
service at two downtown cof-
fee shops earlier this month
and plans to reopen the re-
maining locations by summer.
* *** THE WALL STREET JOURNAL.
“Our results are broadly similar effects in areas which
consistent with and comple- voted Democratic and Re-
mentary to the Goolsbee and publican in the 2016 elec-
Syverson paper,” said Diane tion.”
Alexander, a co-author of the
T
Chicago Fed study. “We find hat result might seem
similar results to what they surprising, but accord-
find when we look at a dif- ing to an election
ferent, but related, data set postmortem prepared by the
of cellphone activity.” Republican strategist An-
They also found mobility thony Fabrizio, a majority of
measures didn’t fully capture voters in 10 battleground
the drop in spending caused states in 2020 “prioritized
by lockdown restrictions. stopping the spread of coro-
Shutdowns were responsi- navirus over reopening the
ble for 16% of the drop in economy.”
visits to nonessential busi- The analysis—which was
nesses, the study found, but obtained by Politico—found
24% of the drop in restau- that 57% of voters in five
rant revenue and 45% of the states Mr. Trump won in
drop in nonrestaurant small- 2016 and 2020 and 60% of
business revenue. voters in five states that
The researchers also supported him only in 2016
tested whether responses to favored limiting Covid-19
stay-at-home orders varied over reopening the economy.
by political affiliation and Still, researchers at the
found that the effect was Chicago Fed and the Univer-
nearly identical across dif- sity of Chicago didn’t dis-
ferent kinds of counties. count the value of stay-at-
“An early narrative was home orders as a public-
that stay-at-home orders health response. Lifting
would be ineffective in areas them prematurely might in-
that supported former Presi- crease transmissions of the
dent Trump,” Dr. Alexander virus without causing the
said. “However, we find very economy to spring to life.
U.S. WATCH
NEW YORK IDAHO
Rep. Reed Accused Covid Outbreak
Of Misconduct Closes Legislature
A former lobbyist said that The Idaho Legislature voted
Rep. Tom Reed (R., N.Y.) made Friday to shut down for several
unwanted sexual advances to weeks because of an outbreak of
her in 2017, according to pub- Covid-19.
lished comments, an account Lawmakers in the House and
that the congressman denied. Senate made the move to recess
Nicolette Davis, a second lieu- until April 6 with significant unfin-
tenant in the U.S. Army who at ished business, including setting
budgets and pushing through a
lobbyist, said Mr. Reed put his huge income tax cut.
hand on her back, unhooked her At least six of the 70 House
bra and touched her leg during a members tested positive for the
fundraising trip, according to an illness in the past week, and
account she gave to the Wash- there are fears a highly conta-
ington Post. gious variant of Covid-19 is in
Lt. Davis didn’t respond to a the Statehouse in Boise.
request for comment. —Associated Press
Mr. Reed said that “this ac-
count of my actions is not accu- NASA
rate.”
Mr. Reed has said he is seri- Ex-Senator Is Picked
ously considering running for To Lead Agency
governor in 2022.
A former mayor of Corning, President Biden announced he
N.Y., Mr. Reed has represented would nominate Bill Nelson, a for-
western New York in Congress mer U.S. senator from Florida who
for more than a decade since flew on the space shuttle right be-
being elected in 2010. He is a fore the Challenger accident, to
member of the powerful Ways lead the National Aeronautics and
and Means Committee. Space Administration.
He is co-chairman of the If confirmed by the Senate, Mr.
Problem Solvers Caucus, a bipar- Nelson would become NASA’s 14th
tisan group of 56 House mem- administrator, succeeding another
bers who work to come up with former member of Congress, Jim
compromise solutions for major Bridenstine, a Republican from
policy debates. Oklahoma.
—Kristina Peterson —Associated Press
CORRECTIONS  AMPLIFICATIONS
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Mitsubishi was actually Mit- ticle on Jan. 26 about the
subishi Motors. company incorrectly said that
many of AMC’s theaters were
In a U.S. News graphic on closed.
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tained data by calendar year
for migrants detained at the Notice to readers
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THE WALL STREET JOURNAL.
Biden Decries
Atlanta Attack
During Visit
BY CATHERINE LUCEY
AND CAMERON MCWHIRTER
ATLANTA—President Biden
mourned the victims of the At-
lanta spa shootings on a trip
to the city, declaring “hate can
have no safe harbor in Amer-
ica” and pointing out that
most of those killed were
women of Asian descent amid
a rise in crimes against Asian-
Americans.
Mr. Biden and Vice Presi-
dent Kamala Harris gave som-
ber remarks during a visit that
was initially intended to cele-
brate the $1.9 trillion Covid-19
relief package, which passed
two months after a pair of vic-
tories in Georgia runoffs gave
Democrats control of the Sen-
ate. The trip was planned be-
fore a gunman killed eight
people at three area spas ear-
lier this week.
Atlanta officials on Friday
released the names of four
women killed in shootings at
two of the spas on Tuesday:
Soon Chung Park, 74 years old;
Chauvin Trial Stays in Minneapolis
BY JOE BARRETT
AND ERIN AILWORTH
The judge in the trial of a for-
mer Minneapolis police officer
accused of murder in the death
of George Floyd denied a de-
fense request to move the trial
over the city’s announcement of
a $27 million civil settlement
with Mr. Floyd’s family that took
place during jury selection.
Eric Nelson, attorney for for-
mer officer Derek Chauvin, on
Monday said he was “gravely
concerned” about the March 12
announcement tainting poten-
tial jurors in reviving his mo-
ASSOCIATED PRESS
tion for a change of venue. Jury
selection began March 9.
On Wednesday, Judge Peter
Cahill, who is presiding over
the case, dismissed two seated
jurors who had heard the news
of the settlement last week
and felt that they could no
longer be fair and impartial to
the defendant. After those dis-
missals, lawyers were able to
seat six new jurors by Friday
evening, bringing the total to
13 jurors seated.
After those dismissals, at-
torneys were able to select
five new jurors Wednesday
and Thursday, bringing the to-
tal to 12 jurors seated, and a
13th was added on Friday. The
judge expects to seat 12 jurors
plus two alternates.
“I don’t think there’s any
place in the state of Minnesota
that has not been exposed to
extreme amounts of publicity
on this case,” said Judge Cahill
on Friday. He affirmed that
opening arguments in the case
would proceed March 29 as
scheduled.
The death of Mr. Floyd, a
Black man, while in police cus-
tody helped spark weeks of
protests across the nation.
The judge said he thought
the defense might be exagger-
ating the potential effect of
the settlement when it reintro-
duced its motion for a change
Foreign-Student Enrollment in U.S. Sinks
BY MELISSA KORN
The pandemic and a flurry
of immigration-related direc-
tives from the Trump adminis-
tration devastated interna-
tional-student enrollments at
U.S. schools in 2020, and the
full extent of their losses are
even worse than schools esti-
mated in the fall.
The number of students in
the U.S. on F-1 and M-1 visas
fell by 18% last year, to 1.25
million, according to a new
tally by the Immigration and
Customs Enforcement’s Stu-
dent and Exchange Visitor
Program, which manages the
Department of Homeland Se-
curity’s student-visa monitor-
ing system.
Visa records for newly en-
rolled students tumbled by
72%. U.S. consulates around
the world paused nearly all
routine visa processing last
spring, meaning aspiring stu-
dents weren’t able to sched-
* * * * * * *
Hyun Jung Grant, 51; Suncha
Kim, 69; and Yong Ae Yue, 63,
died in the attacks, according
to the Fulton County Medical
Examiner’s Office.
Atlanta police said earlier
this week that several of the
victims at the Atlanta shoot-
ings were Korean nationals,
and it took time to make ap-
propriate next-of-kin notifica-
tions before releasing the
names. The Korean consulate in
Atlanta said Friday afternoon
that three of the victims were
U.S. citizens and one was a Ko-
rean citizen with a green card.
Robert Aaron Long, 21,
from suburban Atlanta, faces
multiple charges including
eight counts of murder in the
killings of those four, as well
as with the shooting of four
other people at a spa in Ac-
worth, Ga., which occurred
shortly before the shootings in
Atlanta. Mr. Long was cap-
tured by police several hours
later as he was driving south
of Atlanta toward Florida.
The four killed at the shoot-
Judge Peter Cahill is presiding over the trial of a former police
officer accused of murder in the death of George Floyd.
of venue and was surprised
that the seated jurors were so
swayed by news of the deal.
“I was a little shocked when
we called back [the jurors] who
had been seated and two said
it did move them off of being
fair and impartial,” he said.
Still, he said, the process of
jury selection hadn’t been de-
railed and he didn’t think a
change of venue would create
the conditions for a fairer trial.
The Minneapolis City Coun-
cil said March 12 that it had
reached a $27 million settle-
ment with the Floyd family
stemming from a federal civil-
rights lawsuit.
City leaders in a news con-
ference Thursday declined to
discuss specifics of the timing
of the settlement and denied
that it had a negative effect on
the trial.
“With regard to timing in
general, there is no good tim-
ing to settle any case, particu-
larly one as complex and as in-
volved and sensitive as this,”
said City Attorney Jim Row-
ader. “There’s no guarantee for
ule the required in-person in-
terviews to be issued their
visas. A series of orders over
the summer barring interna-
tional students not already in
the U.S. and whose courses
were being taught entirely
online further complicated
the process for those holding
out hope of getting to a U.S.
campus.
At the start of the school
year in August, activity all but
ground to a halt, with F-1 stu-
dent visas down by more than
90%.
A snapshot survey of 700
colleges and universities last
fall, conducted by 10 higher ed-
ucation associations, showed
declines of 16% overall, and
43% among new students.
The ICE figures released
Friday are more comprehen-
sive, and include students in
K-12 schools, those pursuing
academic programs in colleges
and universities and those
studying in vocational pro-
U.S. NEWS
A friend of one of the murder victims prepares to place flowers at the site of Tuesday’s mass shooting in Acworth, Ga.
ing in Acworth have been
identified by the Cherokee
County Sheriff’s Office as De-
laina Ashley Yaun, 33; Paul An-
dre Michels, 54; Xiaojie Tan,
49; and Daoyou Feng, 44.
On Friday, Mr. Biden and Ms.
Harris met with Asian-Ameri-
can leaders in a state that has
become a focal point in a na-
tional conversation about vio-
lence against Asian-Americans,
as well as a partisan battle-
ground over voter access.
instance that that deal would
be available two, four, six,
eight weeks from now or six
months from now. And we de-
cided to move forward with
the Floyd family when all was
said and done.”
Legal experts had said it was
unlikely the judge would grant
the motion for a change of
venue, which is rare in part be-
cause of the logistical chal-
lenges of bringing witnesses
and lawyers to a different loca-
tion. They also said a change of
venue likely wouldn’t solve the
problem of potential jurors be-
ing swayed by pretrial publicity.
“I think in this age where
media is so across the board, it
doesn’t carry the same weight
that it did when all of our news
was in print,” said Michelle
Simpson Tuegel, a Dallas-based
attorney and jury consultant.
On Friday, the judge also al-
lowed the defense to discuss
certain parts of a May 6, 2019,
arrest of Mr. Floyd in which he
swallowed controlled sub-
stances and eventually had to
be hospitalized.
grams. The declines were
spread across all degree levels,
and for students from all re-
gions of the world.
It is no sure thing next year
will look much better, as many
consulates and embassies re-
main closed or are processing
visas only on an emergency
Visa records for
newly enrolled
students tumbled by
72% last year.
basis. As of March 1, 43 out of
233 consular posts were oper-
ating at full capacity, accord-
ing to the State Department.
“It is in America’s interest
to be the destination of choice
for the world’s best students
and scholars,” said Terry Har-
tle, senior vice president for
Saturday/Sunday, March 20 - 21, 2021 | A3
BITA HONARVAR/REUTERS
The president noted that compulsion to visit spas for experiencing as a result of
the investigation into the kill- sexual activity. Atlanta police Aaron’s inexcusable actions.”
ings is still under way. “What- have said that they are also in- On Friday, Mr. Biden said
ever the motivation, we know vestigating whether his ac- Congress should move quickly
this: Too many Asian-Ameri- tions constituted hate crimes. to pass Covid-19-related hate-
cans have been walking up and Mr. Long had been an active crime legislation, which would
down the streets and worry- member of Crabapple First speed governmental response
ing,” he said. “They’ve been Baptist Church in suburban to the rise of hate crimes ex-
attacked, blamed, scapegoated Atlanta. The church released a acerbated during the pan-
and harassed.” statement saying Mr. Long’s demic, following the viral out-
Law-enforcement officials actions were antithetical to break in China.
have said that Mr. Long told Christian belief and church —Tarini Parti and
them he shot the victims leaders “deeply regret the fear Valerie Bauerlein
based on what he called his and pain Asian-Americans are contributed to this article.
The judge had initially ruled
that arrest wasn’t relevant to
the case but allowed it to ex-
plain Mr. Floyd’s reaction to
similar circumstances on the
day he died. The judge made
clear he was speaking about
Mr. Floyd’s blood pressure and
other physical symptoms, not
his state of mind.
He also declined to allow
the prosecution to put a foren-
sic psychiatrist on the stand to
talk about nonmedical reasons
why Mr. Floyd was behaving
as he did when he was being
arrested by Mr. Chauvin for al-
legedly trying to pass a coun-
terfeit $20 bill.
The case against Mr. Chauvin
is the first stemming from the
May 25, 2020, death of Mr.
Floyd. In a widely circulated
video, Mr. Floyd can be seen
face down on the ground and
losing consciousness as Mr.
Chauvin holds a knee on his
neck for around nine minutes as
three other officers assist him.
The county medical exam-
iner ruled the death a homi-
cide and listed the cause as
“cardiopulmonary arrest com-
plicating law enforcement sub-
dual, restraint and neck com-
pression.”
The county autopsy indi-
cated Mr. Floyd suffered from
heart disease and had drugs in
his system.
The defense has argued
that the drugs and heart dis-
ease caused Mr. Floyd’s death,
noting the medical examiner
found no evidence of injury to
his neck and back.
Mr. Chauvin faces charges
of second-degree murder—un-
intentional, while committing
a felony; third-degree murder;
and second-degree manslaugh-
ter. He has entered a plea of
not guilty.
The other three officers DESIGN YOUR EXTERIOR AS A WIDER INTERIOR.
were charged with abetting
second-degree murder and
manslaughter and are ex-
pected to face trial in August.
government relations and pub-
lic affairs at the American
Council on Education, the in-
dustry’s main lobbying group.
“The demand to come here re-
mains very high. Whether
we’ll be able to accommodate
it is an open question.”
The majority of foreign
students in the U.S. on F-1 vi-
sas, which are for academic
programs, are pursuing bach-
elor’s or master’s degrees,
though others come for asso-
ciate’s and doctoral pro-
grams. Twenty universities
accounted for 18% of all inter-
national students in the U.S.
last year, the list topped by
Northeastern University, New
York University and Columbia
University.
The list of most popular
destinations for students on
M-1 visas, which cover voca-
tional instruction, is populated
mainly by aviation programs,
as well as the Bethel School of
Supernatural Ministry.
A4 | Saturday/Sunday, March 20 - 21, 2021
Cuomo Inquiry Looks Into Aides’ Responses
BY DEANNA PAUL
AND JIMMY VIELKIND
The New York state investi-
gation into whether Gov. An-
drew Cuomo sexually harassed
multiple women is also look-
ing at whether his top officials
enabled the behavior, how the
administration handled the
complaints, and whether it
took steps to intimidate his
accusers, according to the
women and their lawyers.
As part of the probe being
overseen by state Attorney Gen-
eral Letitia James, investigators
have recently interviewed at
least three former aides to the
governor, Charlotte Bennett,
Lindsey Boylan and Ana Liss.
The women have accused Mr.
Cuomo of either sexual harass-
ment or inappropriate behavior
while they worked for the state.
They and their representa-
tives said that in the inter-
views investigators asked
about Mr. Cuomo’s behavior,
how complaints were handled
and about subsequent actions
by senior aides in the gover-
nor’s administration which
some of the women say they
saw as retaliation.
“We have been assured the
investigation is going to look
at all of the issues,” said Debra
Katz, Ms. Bennett’s attorney.
Ms. Bennett’s legal team
said officials in the governor’s
Executive Chamber didn’t fol-
low procedures set up under
New York state law after Ms.
Bennett complained to Mr.
Cuomo’s chief of staff that the
governor had asked questions
about her sex life during a
June 5 meeting in his office.
A New York law, signed by
Mr. Cuomo in 2018, as well as
the handbook for employees of
state agencies mandate any
sexual-harassment complaint
be investigated by the Gover-
nor’s Office for Employee Rela-
WASHINGTON
WIRE
Dispatches from the
Nation’s Capital
BY GABRIEL T. RUBIN
BIPARTISAN PARTS, partisan
whole? Bipartisan groups in Con-
gress are pushing a flurry of big-
ticket infrastructure plans ready
for inclusion in President Biden’s
second major legislative effort. But
like with the Covid-19 aid law
signed by Biden last week that
garnered no GOP votes, some bi-
partisan ingredients may be in-
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Mutual Life Insurance Company
will be held on Wednesday,
April 14, 2021 at two o’clock in the
afternoon, for the election of three
(3) directors and the transaction
of any other business which may
properly come before said meeting.
In light of the COVID-19 pandemic
and guidance from state and
federal authorities, MassMutual
is requiring members to attend
the meeting virtually. Please see
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information.
Tokunbo Akinbajo
Corporate Secretary
tions. It also says any supervi-
sor who observes or becomes
aware of such conduct must re-
port it. Ms. Bennett was never
contacted by the Governor’s
Office for Employee Relations,
her lawyers say.
Investigators for the attor-
ney general asked Ms. Bennett
whether the chief of staff dis-
cussed filing a formal com-
plaint after she initially re-
ported the governor’s alleged
behavior, said attorney Jessica
Westerman, a member of Ms.
Bennett’s legal team.
Mr. Cuomo has said he
never touched anyone inap-
propriately. He has said Ms.
Boylan’s claims are untrue. He
has apologized if his work-
place behavior made anyone
uncomfortable.
The governor said in a press
call Wednesday that he
wouldn’t talk about the allega-
tions while Ms. James’s inquiry
and an impeachment investiga-
tion being undertaken by the
state Assembly are pending.
Rich Azzopardi, the gover-
nor’s senior adviser, referred to
Mr. Cuomo’s statement Wednes-
day and declined further com-
ment. The Governor’s Office of
Employee Relations didn’t re-
spond to a request to comment.
Ms. Boylan discussed the
release of her personnel re-
cords during an interview with
Ms. James’s investigators last
Saturday, Ms. Boylan’s attor-
ney, Jill Basinger, said in an
email. Several media outlets
referenced Ms. Boylan’s per-
sonnel records in their report-
ing after she said on Twitter
in December that Mr. Cuomo
sexually harassed her. She left
the administration in 2018.
Wednesday, Mr. Cuomo said
during the press call that the
release of Ms. Boylan’s person-
nel records was “one of the is-
sues that is going to be re-
viewed by the Assembly and
cluded in a partisan stew.
Rural broadband, a top-line
item that typically draws signifi-
cant Republican backing, is ex-
pected to be part of any infra-
structure package. Bipartisan
coronavirus aid packages have in-
cluded funds for it, as did the
American Rescue Plan that
passed with only Democratic
support. West Virginia Republican
Sen. Shelley Moore Capito
praised the measures, though
she didn’t vote for Biden’s pack-
age. Last month, a group of more
than 70 Republican and Demo-
cratic House members wrote to
Biden urging him to include rural
broadband in a forthcoming infra-
structure package.
Capito, the top Republican on
the Senate Environment and Pub-
lic Works Committee, is also ea-
ger to include funding for an over-
haul of the nation’s aging drinking
water and wastewater infrastruc-
ture in a larger package. “These
carefully negotiated, bipartisan
provisions are the perfect jump-
ing-off point to address these
challenges,” she said in remarks
P W L C 10 11 12
U.S. NEWS
New York state Attorney General Letitia James is overseeing the Cuomo investigation.
Governor Faces
New Accusations
A female employee who
works in New York Gov. Andrew
Cuomo’s Executive Chamber
said he kissed her on the fore-
head, called her beautiful in Ital-
ian and looked down her shirt
as she sat across from him in
his office in separate instances
over the past three years.
The woman, Alyssa
the attorney general and I
want them to do their review.”
In December, a circle of Mr.
Cuomo’s close advisers drafted
a letter containing references
to the personnel records and
circulated it to former officials
for signatures, according to
people familiar with the mat-
ter and a draft reviewed by
The Wall Street Journal.
The letter, whose existence
directed at her Democratic coun-
terpart, Chairman Tom Carper of
Delaware, who has already met
with Biden at the White House to
discuss infrastructure.
Other areas ripe for coopera-
tion on their own include re-
search and development credits
for small businesses, carbon-cap-
ture technology, along with nuts-
and-bolts surface-transportation
improvements and highway
funds that require renewal every
few years. But Republicans are
drawing red lines on how to pay
for the package, rejecting any tax
increases and looking askance at
other climate-change-related
measures. Some Democrats are
already talking about using the
reconciliation process to preclude
the need for Republican support.
THE JUSTICE DEPARTMENT is
shifting back to Obama-era pros-
ecution strategies on drug crimes
after Trump Attorneys General
Jeff Sessions and Bill Barr in-
structed prosecutors to pursue
the harshest possible sentences
for crimes, including drug of-
CDC Shifts
Guidance
For Schools
Continued from Page One
mon areas like school lobbies
and auditoriums, the CDC
said.
The CDC doesn’t have au-
thority over schools and the
agency’s guidelines are recom-
mendations. The revisions may,
nonetheless, prompt some
school districts to allow more
students inside classrooms or
increase the number of days
the children can learn in-per-
son, while still keeping hall-
ways and cafeterias clear.
Some school districts that
had restricted classroom sizes
to keep children 6 feet apart
may decide they can safely
bring in more students. The
change may not have much im-
pact on other districts that
were already operating with
less distance between students.
In light of the CDC’s adjust-
ments, New York City moved
quickly to adjust its school op-
erations. Mayor Bill de Blasio
said New York City schools
families whose children are
learning remotely can, starting
next week, choose to place the
kids into in-person learning.
New York City Schools Chancel-
lor Meisha Ross Porter said ele-
mentary schools will cut the
distance between students to
three feet next month, and offi-
cials will consider whether to
H T G K R F A M 1 2 3 4 5 6
McGrath, is the fifth current or
former aide to the governor to
accuse him of sexual harass-
ment or inappropriate behavior
in the workplace. In an inter-
view with the New York Times
published Friday, Ms. McGrath
said the governor’s behavior
amounted to sexual harass-
ment.
Ms. McGrath’s lawyer, Mari-
ann Wang, confirmed to The
Wall Street Journal that Ms.
McGrath had made the allega-
tions against Mr. Cuomo. Ms.
was reported by the New York
Times, wasn’t released publicly
after several former officials re-
fused to sign it, the people said.
Ms. Basinger didn’t answer
when asked if investigators
brought up the letter in their
interview with Ms. Boylan.
“We are pleased with the
scope of the investigation and
the thoughtfulness and thor-
oughness of their question-
fenses. In a Supreme Court case
dealing with crack cocaine pos-
session, Biden’s solicitor general
this week notified the court that
it would no longer try to block a
reduced sentence for the defen-
dant, as the Trump administra-
tion was trying to do.
Ironically, the Biden adminis-
tration’s stance is a broader in-
terpretation of a Trump-era law,
Surface-transportation improvements and highway funds are
among the infrastructure ideas ripe for bipartisan cooperation.
make a similar change in mid-
dle and high schools.
“This obviously opens up a
world of possibilities for bring-
ing kids back,” Mr. de Blasio
said.
The city and school district
plan to maintain students’ cur-
rent schedules as more return
to the classroom, Mr. DeBlasio
said, while aiming to have as
many students as safely possi-
ble back in the classroom five
days a week.
The relaxation of the CDC’s
school guidelines is the latest
move by the federal govern-
ment supporting the reopening
of schools, more than a year af-
ter students were sent home in
the pandemic.
President Biden pledged to
help K-8 schools reopen within
his first 100 days in office. This
week, the Department of Health
and Human Services said it
would allocate $10 billion for
Covid-19 screening of school-
children. Regular testing can
help prevent outbreaks, studies
show. In addition, the federal
government has required vacci-
nation providers to make shots
available to K-12 teachers and
staff.
Many teachers and parents,
however, have argued that
schools lack the resources to
reopen safely, and that enforc-
ing mask-wearing and 6-foot
physical distancing among chil-
dren are difficult.
Driving the changes are new
studies showing that schools
can operate safely with shorter
distances between students, as
long as they maintain precau-
tions such as wearing masks. A
recent study in Massachusetts
7 8 9 O I X X ******** THE WALL STREET JOURNAL.
nor’s associates to Ms. Liss and
other former administration of-
ficials weren’t meant as intimi-
dation, but were part of an or-
ganic effort to check in with
former colleagues who might
have heard from Ms. Boylan.
Investigators for the attor-
ney general also asked Ms.
Bennett whether she was
aware of her own personnel
file being sent anywhere, ac-
cording to Ms. Westerman, her
attorney. She wasn’t aware,
Ms. Westerman said.
Ms. Bennett has said she ini-
JUSTIN LANE/EPA/SHUTTERSTOCK
tially complained about Mr.
Cuomo to his chief of staff, Jill
DesRosiers, on June 10. Later
that month, she discussed the
harassment accusations with Ju-
dith Mogul, the governor’s spe-
cial counsel. The conduct de-
scribed to both Ms. Mogul and
Ms. DesRosiers “obviously falls
within the definition of sexual
harassment in the employee
McGrath referred questions to handbook,” said Ms. Westerman.
Ms. Wang. According to Ms. Wester-
Rich Azzopardi, a senior ad- man, Ms. Bennett told investi-
viser to the governor, referred gators that she had been trans-
questions to Rita Glavin, an at- ferred to a new role after
torney for Mr. Cuomo. Ms. speaking to Ms. DesRosiers and
Glavin didn’t immediately re- when she voiced fears about re-
spond to requests for comment. taliation, Ms. Mogul said the of-
Mr. Cuomo has previously fice didn’t need to investigate
apologized for workplace behav- her complaint because the gov-
ior that made anyone uncom- ernor was just mentoring her.
fortable but has said he never Ms. Bennett left the Cuomo
touched anyone inappropriately. administration in November.
—Khadeeja Safdar Ms. Westerman said Ms. Ben-
and Deanna Paul nett told investigators that be-
fore she resigned, Ms. Mogul
asked if there was any other
ing,” Ms. Basinger said. position she wanted.
Ms. Liss said investigators Ms. Mogul in a statement
in the attorney general probe Friday said, “This characteriza-
asked about a phone call she tion of our conversations is not
received in December from Mr. true. As I have previously stated
Azzopardi after Ms. Boylan’s the documents will reflect that
Twitter posts. I acted consistently with the in-
Ms. Liss, who hadn’t worked formation provided at the time,
for the administration since the requirements of the law,
2015, has said she viewed the and Charlotte’s wishes.”
call as intimidation. Mr. Azzop- Ms. DesRosiers wasn’t
ardi has said calls by the gover- available to comment.
the First Step Act, which was ocrats cannot count on national
championed by Trump as a way momentum to have a decisive
to curb mass incarceration. impact on state legislative elec-
tions,” wrote Democratic Legisla-
DEMOCRATS TRY TO RESET in tive Campaign Committee Presi-
the states, where their ambitious dent Jessica Post in a strategy
plan to “flip everything” in state memo where she criticized Dem-
legislature races ended in disas- ocratic donors for their lack of
ter in November, as they failed to focus on downballot races.
flip a single state legislative body While the redistricting process
controlled by Republicans. “Dem- in states such as Texas and Florida,
where Republicans control all levers
of government, is likely to result in
further losses for Democrats, Post
does see some potential bright
spots elsewhere. In states with in-
dependent or bipartisan redistrict-
ing commissions—such as Arizona,
Michigan and Pennsylvania—Demo-
crats hope to make gains in the
MICHAEL M. SANTIAGO/GETTY IMAGES
2022 cycle under redrawn maps.
MINOR MEMOS: Rep. Adam
Schiff fundraises off Republicans
fundraising off the Dr. Seuss pub-
lishing controversy…“Green” jokes
abound as St. Patrick’s Day, the
Environmental Protection Agency
administrator’s swearing-in and
the start of stimulus check de-
posits coincided on Wednesday.
schools indicated that reducing us in our overall reopening
the distancing requirements to
3 feet likely wouldn’t negatively
plans,” Michael Casserly, execu-
tive director of the Council of
affect student or staff safety in the Great City Schools, said in
schools with mask mandates.
A study published Friday by
an interview before the CDC re-
leased new guidance. The coun-
the CDC found that 20 Salt
Lake County, Utah, elementary
schools where mask use was
cil is an association of dozens
of large urban public-school
districts.
common and students were Yet Becky Pringle, president
kept 3 feet apart in classrooms of the National Education Asso-
had few cases of Covid-19 in ciation, the nation’s largest
December and January despite
high transmission in the
teachers union, said it may be
challenging for larger school
broader community. districts to fall in line with the
Data also show that schools new guidance while also keep-
have lower rates of Covid-19 ing up with other mitigation
than in their surrounding com- measures outlined by the CDC.
munities, likely because young “We are concerned that the
children don’t transmit the vi- CDC has changed one of the ba-
rus efficiently.
Another CDC study pub-
sic rules for how to ensure
school safety without demon-
lished Friday found that 60% of strating certainty that the
Covid-19 cases in school-aged change is justified by the sci-
children in Florida weren’t ence and can be implemented
school-related and less than 11% in a manner that does not de-
of K-12 schools reported out- tract from the larger long-term
breaks between August and De- needs of students,” Ms. Pringle
cember. said.
Evidence is mounting on the “This is not the time to let
benefits of in-person learning, our guard down,” she said.
while remote instruction has Daniela Jampel, whose 7-
led to learning gaps and stress year-old goes to school in New
that can affect the well-being of York City two or three days a
children. In addition, many par- week, said she hoped her
ents aren’t able to go back to daughter would be able to at-
offices that are reopening un- tend five days if reduced dis-
less their children return to tancing requirements meant
school. classrooms could hold more
Allowing 3 rather than 6 feet students.
of distance between students More in-person instruction
would help more schools to re- would improve her daughter’s
open or expand in-person well-being and learning, said
learning for the final months of Ms. Jampel, who has led an ef-
the academic year and increase fort to reopen schools through-
the number of days students out the year. It would also ease
can learn in person, educators parents’ concerns about what
said. “The research here seems school might look like in the
to be strong, and it would help fall, she said.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 20 - 21, 2021 | A5

U.S. NEWS

Some Landlords Reject Rental Aid CDC Says

Property owners cite
Europe Is
conditions attached to
U.S. program designed
A Warning
to reduce evictions For U.S.
BY WILL PARKER
BY MELANIE GRAYCE WEST
A federal program designed
to help people avoid eviction Federal officials this week
by paying their rent is running warned that the U.S. may be
into an unexpected hurdle: on track for another surge in
Some landlords are turning Covid-19 cases, trailing Europe
down the payment, saying it by a few weeks in a pattern
comes with too many condi- that has been seen throughout
tions. the pandemic.
Congress has allocated European countries now im-
about $50 billion for rental as- plementing new lockdowns
sistance to stave off a surge in amid a resurgence in infections
evictions of tenants who lost each took an upward trend af-
jobs during the pandemic and ter disregarding known mitiga-
missed rent payments. The tion strategies, said Centers
federal support is also meant for Disease Control and Pre-
to help struggling landlords vention head Dr. Rochelle
who have to make mortgage Walensky, noting it was a
payments and have been over- warning sign for the U.S.
MICHAEL DWYER/ASSOCIATED PRESS

whelmed by tenants falling be- France on Friday imposed a

hind on their rent. monthlong lockdown in Paris
But thousands of building and other parts of the country.
owners across the country are Italy earlier this week imple-
rejecting the government of- mented new restrictions.
fer. They say the aid often has The U.S. in general has fol-
too many strings attached, lowed the European Union by
such as preventing them from a few weeks in the dynamics
removing problematic tenants of the outbreak, Dr. Anthony
or compelling them to turn Tenants’ rights advocates demonstrating in Boston in January. Congress has allocated about $50 billion for rental assistance. Fauci, the nation’s top govern-
over sensitive financial infor- ment infectious-disease doc-
mation to government agen- “I’ve seen it happen more and Treasury Department, which Ms. Kelly found a job at a “If you have someone who tor, said this week.
cies or contractors. more,” said Brian Miller, an at- oversees funding at the fed- telemarketing agency and was wasn’t upholding their end of A Wall Street Journal anal-
Their decision to forgo the torney at Greater Boston Legal eral level, declined to com- approved for pandemic rental the contract…you’re asking the ysis of data compiled by Johns
cash could be costly for tens Services. ment on landlord objections to assistance that would cover housing provider to sign up Hopkins University shows that
of thousands of renters who The city of Los Angeles said some of the conditions set by her back rent, plus one future for essentially another year of in 25 states, the average num-
have been counting on that aid that nearly half its tenants re- local programs. month, totaling $3,000. But the this person being in this unit ber of new cases over the past
and who are vulnerable when ceiving rental assistance last The federal eviction mora- landlord wouldn’t accept it. unable to pay,” said Amanda seven days is greater than the
the national ban on most evic- year had landlords who de- torium doesn’t guarantee rent- “His response was, ‘It’s too Gill, government affairs direc- average number of cases over
tions expires at the end of clined to participate in the ers the right to renew their little, too late,’ ” she said. tor for the Florida Apartment the past 14 days, indicating
March, though the government program. leases. When leases expire, A representative for the Association, a landlord trade cases are rising. Overall, the
could extend it again. States and cities have dis- that is when many landlords landlord didn’t respond to re- group. Covid-19 positivity rate contin-
The government has said cretion over how the money is weigh the government’s cash quests to comment. Ms. Gill said the majority of ues to decline in the U.S., with
the money should be used to spent, including deciding against the chance to remove Landlord groups say build- Florida landlords take rental as- a seven-day average of 4.1%.
help low-income tenants pay whether tenants can obtain all a tenant the owner no longer ing owners who won’t take sistance and work with tenants The vaccination campaign
back part or all of their missed or only part of what they owe. wants in the building. pandemic assistance are the who are behind on payments. in the U.S., seen as key to end-
rent for up to 12 months. Some rental assistance pro- That was the case with exception. Real-estate trade Some local programs are a bet- ing the pandemic, has picked
In Houston, a nonprofit grams pay directly to tenants, Christina Kelly, a home-care groups have been some of the ter deal than others. In Broward up speed. The pace of vaccina-
charged with administering cutting out landlords that re- aide in Omaha, Neb. She lived largest advocates of increased County, Fla., for example, assis- tion is now 2.5 million doses a
pandemic rental assistance fuse to acknowledge the pro- in a house with her 17-year-old rental assistance, lobbying for tance programs will pay only up day on average; nearly 12% of
last year said more than 5,600 gram. But some tenants are son, paying $850 a month in more funds throughout the to 60% of a tenant’s back rent if the U.S. population is vacci-
households who applied for finding that receiving the rent. After losing her job and pandemic at both federal and it exceeds one month. Some nated, according to data from
money had a landlord who re- money directly doesn’t always when unemployment insur- local levels. landlords are unwilling to take Johns Hopkins. By comparison,
fused to take it. solve the problem, because ance ran out in August, she Still, some landlords are that 40% haircut. 3.68% of Italian, 3.64% of Ger-
In Boston, one tenant attor- some landlords are still un- fell behind on her rent. Her choosing to look for new ten- “You’re really putting them man, 3.37% of French and
ney said at least 20% of his willing to take it, according to landlord moved to evict her in ants rather than stick with ex- in a really difficult position, 2.65% of U.K. residents are
current cases involve a land- housing attorneys and tenants. December after the lease was isting ones who haven’t been because they have ongoing ob- vaccinated, according to Johns
lord who refused the funds. A representative of the several months’ expired. paying. ligations,” Ms. Gill said. Hopkins.

Visa Faces the people said.

A Mastercard spokesman
didn’t provide a comment.
merchants have the ability to
choose from at least two unaf-
filiated debit-card networks to

Antitrust The new civil investigation,

launched in recent weeks, fol-
lows on the heels of the de-
route transactions.
Merchants have for years
alleged that they are often un-

Probe partment’s investigation of

Visa’s proposed acquisition of
financial-technology firm Plaid
able to route online debit-card
purchases over smaller net-
works, such as Shazam or
Inc., the people said. The de- NYCE, when Visa or Master-
Continued from Page One partment sued Visa in Novem- card’s name is on the front of
department is considering ber over the Plaid deal, alleg- a card. The merchants say that
whether Visa’s practices are ing that the acquisition would as a result, they often end up
allowing it to maintain a dom- allow Visa to unlawfully main- paying higher network fees
inant market share unlawfully, tain a monopoly in online compared with what they
the people said. debit, where the department would pay to lesser-known
A Justice Department said it holds a roughly 70% networks.
spokeswoman declined to market share. The Justice Department is
comment. Plaid was developing an in- seeking information about the
Visa confirmed the probe in financial incentives that Visa
a regulatory filing Friday af- provides to banks that issue
ternoon after the Wall Street cards on its network, accord-
Journal reported the investi-
The DOJ is ing to one of the people famil-
gation. It said it is cooperating investigating the iar with the matter. It is look-
with the Justice Department. ing at whether those
The company said it hasn’t yet
company’s debit- incentives encourage banks to
received a civil subpoena from card practices. not enable routing on other
the department but “we have networks, the person said.
received a notice to preserve The DOJ also has asked
relevant documents related to about debit-card routing prac-
the investigation.” novative, cheaper payment tices tied to newer payment
“We believe Visa’s U.S. technology that could have methods, one of the people
debit practices are in compli- been a threat to Visa, the gov- said. That includes when debit
ance with applicable laws,” the ernment alleged. Visa called the cards are used with mobile
company added. lawsuit misguided, saying Plaid wallets like Apple Pay and sep-
Visa’s share price fell more wasn’t in fact a competitor. arately when in-store custom-
than 6% Friday.
Antitrust investigators have
The companies dropped the
deal in January, citing the po-
ers pay by tapping debit cards
on payment terminals rather
DREAM IN COLOR
asked questions beyond just
the debit-card routing issue,
tential length and complexity
of litigation.
than inserting them.
Separately, the Federal
MILTON AVERY
some of the people said. The How debit-card transac- Trade Commission has been American modernist. Personal subject.
department also has asked tions are routed is a long- investigating Visa and Master-
about Mastercard Inc.’s role in standing point of contention card over debit-card routing.
Bold palette. This original oil on board
the debit-card marketplace, between merchants and card Sen. Richard Durbin and Rep. by American expressionist Milton Avery
and whether financial-technol- companies. The Durbin Peter Welch also raised the is- displays all of the unique qualities that
ogy firms are real competitors amendment, a part of the 2010 sue in a letter to the Federal made his work so groundbreaking. An
to Visa and Mastercard, one of Dodd-Frank Act, requires that Reserve last summer. incredible example of Avery’s talent as
a colorist, this work depicts the artist’s
wife Sally sleeping, boldly painted with
simplified shapes and unbroken planes
of vibrant color. The work skillfully
melds representation with abstraction, highlighting the relationship
between form, color and emotion. Signed and dated “Milton Avery 1949”
(lower right). Board: 14”h x 17”w; Frame: 21”h x 24”w. #31-2771
DAVID PAUL MORRIS/BLOOMBERG NEWS

622 Royal Street, New Orleans, LA • 888-767-9190 • ws@rauantiques.com • msrau.com

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Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.

Visa confirmed the probe in a regulatory filing. The company’s share price fell more than 6% Friday.
A6 | Saturday/Sunday, March 20 - 21, 2021
France Faces Third Pandemic Lockdown
President Macron’s
handling of the Covid
crisis is frustrating
many residents
BY STACY MEICHTRY
AND MATTHEW DALTON
PARIS—Spring was once a
time for strolls along the River
Seine and people-watching
from sun-dappled terraces.
On Friday, however, Paris
awoke to what has now be-
come an entirely different rite
of spring: a pandemic-induced
lockdown.
This four-week closure is less
severe than the original one
that paralyzed France a year
ago. It is limited to Paris and 15
other areas that have been hit
hard by the spread of Covid-19
variants. Parisians are allowed
to venture 10 kilometers from
their homes with a permission
slip, as opposed to last year
when the limit was 1 kilometer.
But France’s third lockdown
is perhaps its most demoraliz-
ing. The country has looked
abroad with envy as vaccines
were developed in record time
and deployed with such speed
across the U.S. and the U.K.
that France began to wonder if
it too was on the cusp of eco-
nomic renewal.
Instead Paris cafes and bis-
tros are indefinitely closed.
The Louvre is sealed off. The
Eiffel Tower is deserted. And
vaccines lines are very long.
“My sister lives in New
York—she was vaccinated and
she’s younger than me,” said
Scientists Say They Found Cause of Rare Clotting Cases
BY BOJAN PANCEVSKI
BERLIN—Scientists in Eu-
rope said they had identified a
mechanism that could lead the
AstraZeneca PLC vaccine to
cause potentially deadly blood
clots in rare instances, as well
as a possible treatment for it.
Two teams of medical re-
Go straight to smart.
The Deloitte Insights app connects you to
relevant, timely content from two of the most
trusted sources in the world: Deloitte Insights
and Dow Jones.
Get personalized news, analysis, market updates,
   
The restrictions are limited to Paris and 15 other areas of France that have been hit hard by the spread of the coronavirus variants.
Cyril Dunn, a 54-year-old
leather-goods artisan. “There
are still vulnerable people who
haven’t been vaccinated.”
President Emmanuel Ma-
cron’s management of the cri-
sis has been particularly vex-
ing to many. The former
investment banker has been
steadfast in sticking with the
European Union’s decision to
collectively procure vaccine
supplies—an approach that
has led to inoculation short-
searchers in Norway and Ger-
many independently have
found that the vaccine could
trigger an autoimmune reaction
causing blood to clot in the
brain, which would offer an ex-
planation for isolated incidents
across Europe in recent weeks.
Several European countries
briefly halted their rollouts of
WORLD NEWS
falls throughout France and
the rest of the Continent. As
of Friday, only 8% of France’s
population had received a sin-
gle dose of a vaccine, and only
3% had been fully vaccinated.
Mr. Macron has also fueled
skepticism of a vaccine devel-
oped by Oxford University and
AstraZeneca PLC that many
European health authorities
deem crucial for turning the
tide of the pandemic.
In late January, Mr. Macron
the vaccine this week after
more than 30 recipients were
diagnosed with the condition
known as cerebral venous si-
nus thrombosis or CVST. Most
of the people affected were
women under the age of 55.
The issue affected a fraction
of those who had received the
shot however, and after investi-
told a group of reporters the
vaccine was quasi-ineffective
for people older than 65, with-
out providing evidence to back
up his claim. His government
then reversed course in early
March—clearing it for use in
older people—only to suspend
the vaccine’s use this week fol-
lowing reports that people who
had received it in other parts
of Europe developed rare blood
clots, and some had died.
On Thursday, Prime Minis-
gating, the European drugs reg-
ulator ruled that the benefits
outweighed the potential risks
of the inoculation, and recom-
mended vaccinations resume.
Some countries, such as
Germany, France and Italy, re-
sumed vaccination with Astra-
Zeneca’s shot on Friday, with a
warning that it could be linked
to blood clotting. The French
healthcare authority, which re-
corded three cases of CVST
connected to the vaccine, ad-
vised the government on Fri-
day to only administer the
shot to people older than 55.
Others, including Norway,
Sweden and Denmark, said
they needed more research be-
fore restarting their rollouts.
Norway registered three cases
of CVST, one of them fatal.
The country vaccinated about
120,000 people with the shot.
Finland suspended the use
of AstraZeneca on Friday, after
recording two cases of what
the authorities called unusual
blood clotting.
Pål André Holme, a profes-
sor of hematology and chief
physician of the Oslo Univer-
sity Hospital who headed an
Let’s walk
together.
It makes things better.
* ****** THE WALL STREET JOURNAL.
cron’s approach to the latest
lockdown. He rejected calls
from city officials to shutter
Paris in the depths of winter
when the weather was frigid
and virus variants were start-
ing to spread countrywide.
Now, Paris’s hospital system
is on the brink, forcing author-
ities to transfer patients to ar-
eas with fewer cases. Nation-
wide, intensive-care units are
83% full.
In waiting until spring to
impose a lockdown, Mr. Ma-
cron has also delayed the pos-
sibility of reopening France’s
economy. Officials said they
expected the lockdown to
shave 0.2% off France’s gross
domestic product this year.
That is a bitter pill for busi-
nesses that have been closed
IAN LANGSDON/EPA/SHUTTERSTOCK
since November. When France
came out of its second lock-
down in mid-December, Mr.
Macron stipulated that restau-
rants and bars were to remain
closed to reduce social contact.
The same rule applied to muse-
ums, concert halls and other
venues where people gather.
“What matters most for the
economy is the lack of prog-
ter Jean Castex said France ress toward lifting restric-
would resume use of Astra- tions,” said Andrew Kenning-
Zeneca’s vaccine after the EU’s ham, chief Europe economist
health agency said it was safe at Capital Economics, who had
and effective. expected a large increase in
The zigzagging has deepened France’s economic output in
confusion in a country that has the second quarter. “We had
a history of vaccine hesitancy. anticipated that by now gov-
“I don’t understand why they ernments would be preparing
stopped,” said Eric Vigor, a 52- to ease restrictions, or would
year-old banker. “If I could get even be doing so.”
vaccinated, I would.” For now, Parisians are
Frustrations are running learning to curb their spring-
particularly high over Mr. Ma- time enthusiasm.
investigation into the Norwe- the AstraZeneca vaccine.
gian cases, said his team had Twelve patients were women
identified an antibody created and three died.
by the vaccine that was trig- The German researchers,
gering the adverse reaction. who coordinated with col-
“Nothing but the vaccine leagues in Austria, Ireland and
can explain why these individ- Britain, said patients who show
uals had this immune re- symptoms four days after vac-
sponse,” Prof. Holme said. cination, such as headaches,
Norway’s health authority dizziness or impaired vision,
could be quickly diagnosed with
a blood test. Prof. Greinacher
said the news meant that peo-
‘Very, very few people ple shouldn’t fear the vaccine.
will develop this “Very, very few people will
develop this complication,” he
complication’ from said. “But if it happens we now
AstraZeneca shot. know how to treat the patients.”
The German government
said it was examining the find-
ings, but stuck to its decision
cited the findings when an- to resume use of the vaccine.
nouncing that it wouldn’t re- AstraZeneca declined to
sume the vaccination. comment, pointing to a state-
A team of German research- ment from Thursday in which
ers around Andreas Grein- it said that an analysis of tens
acher, professor of transfusion of millions of its vaccination re-
medicine at the Greifswald cords didn’t show that these
University Clinic, said they in- events occurred any more fre-
dependently came to the same quently than would be expected
conclusion as Prof. Holme. in the general population.
In Germany, 13 cases of Regulators in Germany,
CVST were detected among 1.6 Austria and the Netherlands
million people who received didn’t comment.
North Korean
Extradited
To U.S. From
Malaysia
BY ANDREW JEONG
AND CHESTER TAY
The U.S. extradited a North
Korean accused of money
laundering from Malaysia,
Pyongyang said Friday, as the
regime said it would cut ties
with Kuala Lumpur over the
decision.
It was the first successful
extradition of a North Korean
by the U.S., experts said, in a
case that could strengthen
Washington’s hand in enforc-
ing sanctions.
The accused North Korean,
Mun Chol Myong, is wanted by
U.S. authorities on suspicions
of money laundering and vio-
lating U.N. sanctions, according

   
 
to Malaysia’s foreign ministry.
all in one easy-to-navigate mobile app. North Korea denied the ac-
cusations against Mr. Mun,
saying he was engaged in legal
business activities.
Scan the QR code to Accusing Malaysia of a hos-
tile act, Pyongyang said it
download the app today.
would immediately sever dip-
lomatic ties with the South-
east Asian country. North Ko-
rea also said the U.S. would
pay a price.
An attorney for Mr. Mun in
Malaysia declined to comment,
Copyright © 2021 Deloitte Development LLC. All rights reserved. as did the U.S. Justice Depart-
1-800-776-6767 | ChildFund.org ment. The State Department
referred questions to the Ma-
laysian government.
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, March 20 - 21, 2021 | A7

WORLD NEWS

China Increases Meetings

Buying of Iranian, Test U.S.,
Venezuelan Oil Beijing Ties
China has sharply increased
its imports of oil from Iran and
Venezuela in a challenge to
two Biden administration for-
eign-policy priorities, accord-
ing to U.S. officials, undermin-
ing key diplomatic leverage
Washington needs to restart
long-stalled negotiations.
By Benoit Faucon in
London and Ian Talley
in Washington
China is expected to import
elan officials, followed Mr. Bi-
den’s offer of relief to Iran in
return for the country’s compli-
ance with an international nu-
clear accord, and to Venezuela
if it organized free elections.
Mr. Trump pursued a policy of
escalating sanctions pressure
against both countries.
China also is increasingly
flouting international sanc-
tions on North Korea and is no
longer trying to hide some of
its smuggling activity as it
seeks to help Pyongyang, U.S.
Continued from Page One
viser Jake Sullivan said.
Yang Jiechi, China’s senior-
most foreign-policy official,
also noted “important disagree-
ments” remained and in re-
marks to Chinese state media
suggested Beijing wouldn’t
back down. “China will un-
swervingly defend its national
sovereignty, security and devel-
opment interests. China’s devel-
opment and strengthening is
unstoppable,” said Mr. Yang.
The talks were the first un-
der the Biden administration

918,000 barrels a day from Iran
in March, which would be the
highest volume since a full U.S.
oil embargo was imposed
against Tehran two years ago,
says commodities-data company
Kpler. That trend is confirmed
by other shipping trackers,
some of which see those sales at
one million barrels a day.
“If it sells one million bar-
rels a day at current prices,
Iran has no incentive to nego-
tiate,” said Sara Vakhshouri,
president of Washington-
based SVB Energy Interna-
tional and an expert on Iran’s
oil industry.
President Biden’s adminis-
tration has sought to engage
with Iran to return to a 2015
nuclear deal that was exited
by former President Donald
Trump. Tehran has rebuffed
overtures so far.
China’s oil purchases from
Venezuela, where the U.S. has
been trying to use sanctions to
pressure the Maduro regime
into holding credible demo-
cratic elections, also are grow-
ing, according to London fi-
nancial data provider Refinitiv.
Roughly 85% of about 17
million barrels of crude oil ex-
ports so far scheduled out of
Venezuela for March are des-
tined for Chinese ports, ac-
cording to Infodio, an investi-
gative journalism group
specializing in monitoring cor-
ruption in Venezuela.
Rising oil shipments to
China, said Iranian and Venezu-
officials said recently.
Combined with rising oil
prices, the developments have
diminished pressure for Tehran
and Caracas to negotiate with
Washington, these people said.
A State Department spokes-
woman dismissed the idea
that the Biden administration
would ease sanctions without
action by Tehran to comply
with the nuclear deal, known
as the Joint Comprehensive
Plan of Action, or JCPOA.
“Our current Iran-related
sanctions remain in effect un-
less and until they are lifted as
part of a diplomatic process,
and we will of course address
any effort at sanctions eva-
sion,” she said.
Since November, Iranian oil
traders say they have been ap-
proached for new sales by
Asian buyers seeking to take
advantage of discounted prices
because purchasers feel sanc-
tions pressure will ease under
the Biden administration.
Iranian officials and traders
have become increasingly ad-
ept at evading sanctions, car-
rying out covert transfers in
the Persian Gulf and in South
Asia to conceal the origin of
their cargo and finding new
ways to get paid by using non-
banking platforms such as
cryptocurrencies.
On Monday, Iranian First
Vice President Eshaq Jahangiri
said Iran’s oil exports increased
in recent months, though he
didn’t provide details.
and tested its strategy to com-
partmentalize the countries’ re-
lationship into what Mr.
Blinken said are competitive,
collaborative and adversarial
components.
To that end, in the week be-
fore the talks, the Biden admin-
istration rallied support among
allies in Asia and imposed sanc-
tions on senior Chinese legisla-
tors—moves that contributed
to Beijing’s anger as the talks
opened. In his opening re-
marks, Mr. Blinken launched
into China’s cyberattacks, its
threats against Taiwan and oth-
ers, and its clampdowns in Xin-
jiang and Hong Kong as
“threatening the rules-based
order that maintains global sta-
bility.”
Mr. Yang in turn criticized
the U.S. for undermining global
stability by using force around
the world, and he said the U.S.
doesn’t serve as a model to
others. He listed the U.S.’s
problems with racism and de-
clining domestic confidence in
U.S. democracy.
Although U.S. officials
played down the public spar-
ring in front of reporters, it ex-
posed a deepening distrust be-
tween the two governments
that is likely to make coopera-
tion more difficult.
“Anyone who was hoping
there would be a significant de-
escalation—largely people in
the business community—can
see that’s not going to be possi-
ble, at least in the near term,”
Secretary of State Antony Blinken, left, and national security adviser Jake Sullivan Friday in Alaska.
said Allison Sherlock, a China
analyst at the consultancy Eur-
asia Group.
Friday in their last meeting,
Messrs. Blinken and Sullivan
and Mr. Yang and Chinese For-
eign Minister Wang Yi gathered
with a smaller group of aides to
try to set up a way to manage
difficulties ahead, officials said.
An early test comes next
week at a virtual conference on
Both governments
have a reason to
limit costly
confrontation.
climate change that U.S. cli-
mate envoy John Kerry and his
Chinese counterpart, Xie Zhen-
hua, are due to attend. Climate
change is an issue the Biden
administration has identified
for potential cooperation with
Beijing, as are the pandemic
and the global economy.
Beyond that, foreign-policy
specialists said, the acrimony
shows shifting perceptions that
each has about the balance of
power between the two na-
tions, increasing the likelihood
of miscalculation and conflicts
over hot spots like control of
critical technologies and
China’s claims against Taiwan
and Japan and in the South
China Sea.
A new target is electric-vehi-
cle maker Tesla Inc. China’s
government is restricting use
of Tesla vehicles by members of
the Chinese military and em-
ployees in sensitive posts in
government and business, cit-
ing national-security concerns
over data collected by the cars,
according to people familiar
with the effort.
Both governments face
pressing domestic issues, giv-
ing them reason to try to limit
costly confrontation. President
Biden has placed priority on
reining in the pandemic and
shoring up the recovery. Chi-
nese President Xi Jinping is ex-
pected to seek a third term as
Communist Party leader next
year and can ill-afford a full-
blown crisis with the U.S.
Still, he and other Chinese
officials have in recent months
played up perceptions that “the
East is rising and the West is
declining,” citing the Commu-
nist Party’s perceived superior-
ity in governance.
Mr. Yang, a member of the
party’s ruling body, channeled
POOL/REUTERS
that sentiment in responding to
Mr. Blinken on Thursday. “The
United States does not have the
qualification to say that it
wants to speak to China from a
position of strength,” Mr. Yang
said. He accused the U.S. of be-
ing condescending and waved
his finger at Mr. Blinken and
Mr. Sullivan.
Mr. Yang’s remarks drew
plaudits in China, where they
were circulated on social and
mainstream media.
U.S. officials accused Mr.
Yang of grandstanding for a do-
mestic audience and said
Messrs. Blinken and Sullivan
continued to engage their Chi-
nese interlocutors on sub-
stance.
“We will still have business
to conduct,” Karine Jean-Pierre,
the White House’s principal
deputy press secretary, told re-
porters. “America’s approach
will be undergirded by confi-
dence in our dealing with Bei-
jing.”
A key part of the Biden
strategy to compete with Bei-
jing—working with U.S. allies—
also angers Beijing, which sees
the alliances as central to U.S.’s
effort to constrain China’s as-
cent and limit its influence.
—Liyan Qi and Alex Leary
contributed to this article.

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A8 | Saturday/Sunday, March 20 - 21, 2021
WORLD NEWS
Trudeau Condemns
Secret Trial of
Canadian in China
Canadian Prime Minister
Justin Trudeau on Friday con-
demned China’s secret court
proceedings against one of two
Canadian citizens who face es-
pionage charges, arguing the
closed session makes it nearly
impossible to know whether the
accused is getting a fair trial.
By Chun Han Wong in
Hong Kong and Paul
Vieira in Ottawa
A municipal court in the
Chinese city of Dandong tried
Michael Spavor in a case at
the center of a diplomatic
standoff with the U.S. and
Canada. The hourslong session
Friday concluded without a
verdict. Mr. Spavor is charged
with “probing into and ille-
gally providing state secrets”
to foreign actors, and attended
the closed-door trial with his
lawyer, according to the court.
Mr. Trudeau said at a news
conference the arbitrary deten-
tions of Mr. Spavor and another
Canadian, Michael Kovrig, are
“absolutely unacceptable, as is
the lack of transparency around
these court proceedings.”
The prime minister said it
was disappointing that Cana-
dian consular officials weren’t
granted access to the trial.
“One of the challenges around
the lack of transparency on
this process is it becomes ex-
tremely difficult to make judg-
ments whether or not the trial
is fair,” he said.
Mr. Trudeau said transpar-
ency is at the heart of the Cana-
dian justice system—a system
that Meng Wanzhou, the chief
financial officer of Chinese tele-
In Memoriam
 
  
(
 
 
+
 and, inspired by desperation, came up
(
 & 
 
+
 with a better strategy.
com equipment maker Huawei
Technologies Co., is navigating
as her lawyers fight an extradi-
tion order filed by the U.S.
Diplomats from at least nine
Western countries, including
the U.S., sought access to the
trial but were unsuccessful, ac-
cording to a person briefed on
the matter. Chinese courts typ-
ically try national security
cases behind closed doors.
A representative from China’s
embassy in Ottawa didn’t re-
spond to a request to comment.
Mr. Spavor, who has spent
more than two years in cus-
tody, couldn’t be reached. Ef-
forts to reach his lawyer
weren’t successful. Mr. Spa-
vor’s family said: He “would
never have done anything to
offend the interests of China.”
Mr. Spavor, who ran a Dan-
dong-based nonprofit, was de-
tained by Chinese authorities
along with Mr. Kovrig in De-
cember 2018. Their detention
is widely seen as retaliation
for Canada’s arrest of Ms.
Meng at the behest of the U.S.
Mr. Kovrig is slated to stand
trial in Beijing on Monday.
Mr. Spavor’s trial was
closed to the public because
state secrets were involved,
the Dandong Intermediate
People’s Court said. A verdict
would be issued at an unspeci-
fied date, it added.
The U.S. has accused Ms.
Meng of misleading banks
about Huawei’s ties to a sub-
sidiary that did business in
Iran, leading those banks to
clear transactions that poten-
tially violated international
sanctions. Huawei and Ms.
Meng have denied wrongdoing.
For more information:
wsj.com/inmemoriam
 
AFGHANISTAN
Taliban Expect U.S.
May 1 Withdrawal
The Taliban warned Washing-
ton on Friday against defying a
May 1 deadline for the with-
drawal of American and NATO
troops from Afghanistan, prom-
ising a “reaction,” which could
mean increased attacks by the
insurgent group.
President Biden’s administra-
tion says it is reviewing an
agreement the Taliban signed
with the Trump administration.
“They should go,” Suhail Sha-
heen, a member of the Taliban
negotiation team, said, warning
that staying beyond May 1 would
breach the deal. “After that, it
will be a kind of violation of the
agreement. That violation would
not be from our side....Their viola-
tion will have a reaction.”
He didn’t elaborate on what
form the “reaction” would take,
but in keeping with the agreement
they signed in February 2020, the
Taliban haven't attacked U.S. or
NATO forces, even as unclaimed
bombings and targeted killings
have spiked in recent months.
—Associated Press
Hotel Innovator Found
A More Lucrative Model
BY JAMES R. HAGERTY
J
ack DeBoer called himself a “re-
covering ego-holic.” In his late
30s, he was obsessed with seeing
his name in print and becoming the
nation’s No. 1 apartment builder.
Then he found himself overex-
tended. In the early 1970s as interest
rates surged, he was on the brink of
bankruptcy and had to renegotiate
payment schedules with creditors. Mr.
DeBoer ditched the quest for glory
At a meeting in New York, an invest-
ment banker munched on cookies with-
WORLD WATCH
NEW GUARD: Samia Suluhu Hassan, 61 years old, was sworn in
as Tanzania’s first female president on Friday in Dar es Salaam
after the death of her predecessor, John Magufuli.
SAUDI ARABIA
Drone Strikes Oil
Installation in Capital
A drone attack struck an oil
installation in Saudi Arabia’s capi-
tal of Riyadh on Friday, the Saudi
state-run news agency reported,
igniting a blaze at the facility
deep in the kingdom’s territory.
The dawn attack caused no
OBITUARIES
JAC K D E B O E R
1931 — 2021
* *** THE WALL STREET JOURNAL.
STATE HOUSE OF TANZANIA/ZUMA PRESS
injuries or damage, and didn’t dis-
rupt oil supplies, according to the
official Saudi Press Agency. The
kingdom is facing more frequent
airborne assaults as Saudi-led co-
alition forces battle Iran-backed
Houthi rebels across the southern
border in Yemen. Most recently,
drones struck Ras Tanura, the
country’s largest crude-oil refinery
with capacity of 550,000 barrels
a day, raising concerns about the
money,” he told the Wichita Eagle in
1989. “I thought everybody would love
me if I made more and more money.”
When things fell apart in the early
1970s, one creditor threatened to kill
Mr. DeBoer unless he paid by the fol-
lowing Friday. He was so depressed he
spent two days in bed and began a
painful self-examination. At the end of
it, “I was finished using money and
success as a way to stand out in the
minds of others,” he wrote later.
He was careful in choosing partners.
expanding capabilities of Saudi
Arabia’s regional foes.
Houthi military spokesman
Brig. Gen. Yehia Sarie reported
the group had fired six drones at
an unnamed Aramco facility in
Riyadh, without providing evi-
dence for what he described as
a “high-accuracy hit.”
—Associated Press
MYANMAR
More Journalists
Detained by Junta
Two more journalists were de-
tained in Myanmar on Friday, part
of the junta’s intensifying efforts
to choke off information about
resistance to last month’s coup.
Mizzima News reported that
one of its former reporters, Than
Htike Aung, and Aung Thura, a
journalist from the BBC’s Bur-
mese-language service, were de-
tained by men who appeared to
be plainclothes security agents
outside a court in Naypyitaw.
About 40 journalists have
been arrested since the Feb. 1
coup, with roughly half still in
detention, including Thein Zaw
of the Associated Press.
—Associated Press

   
%.
& 


- 
%.'  

In 1976, he opened the first Resi- out passing the plate. Mr. DeBoer

 / 
 
 

  dence Inn. It was in Wichita, Kan., and struck the banker off his list.

&

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%
 catered to people who might need a After making a fortune in hotels, Mr.
& 
&

 
 
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9
 room for a few weeks or months. Mr. DeBoer and his wife took a four-month
-
- 
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&
(
  / DeBoer built a chain and sold it to world tour, visiting three dozen coun-

/-  .
/   /

' Marriott Corp. in 1987. He later tries in their Gulfstream jet in 1988.
   
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 founded, nurtured and sold the Sum- where his parents founded a real-estate They sailed down the Amazon River
.$  %

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  merfield, Candlewood and Value Place brokerage and insurance firm. and saw a fire dance in Papua New
%--
 

  
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1

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 His vision established the extended- wagon with pansies and selling them The chaos and poverty they saw in
  -.' & % %' stay lodging category, which now ac- door to door. He discovered he could Myanmar left the deepest impression.

 
 
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 counts for about 10% of U.S. hotel make more money by buying larger “We have no hope,” a tour guide told
/  &-  
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be much more profitable because they funded World Vision healthcare pro-

H
/ +   -'   % 
 -    <   have smaller staffs and don’t necessar- e studied business at what is grams there and sponsored fellowships
 -/  +  %-. %'  ily have pools and other amenities. now Michigan State University. to nurture leaders.
  +  -    -' Guest rooms can be cleaned once a After graduating in 1952, he There was nothing heroic about his
 
    
  %   &  ,   &  
)% week. served as a military police officer at an giving, he wrote: It didn’t reduce his
        !"
# $  %  &  &  ' (  67E2       “You make your own bed—or not,” Army base in North Carolina. In 1953, standard of living. “My hero is the sin-
)%  *$+ , &       &  -' 5 he noted. he married Marilyn Sanders, who had gle mom who shares her already
- - . / ' '%  ( (%     67E8 Mr. DeBoer died March 12 at his worked as a secretary in his parents’ crowded home with a friend who has
' " 0  + 1  )   >    (%
)(>"      ( & %  home in Wichita. He was 90 and had firm. nowhere else to stay,” he wrote.
'+  /    & / 
&  *' # $    ,- &9   .  .  ) +  been under treatment for cancer. After his discharge from the Army, Mr. DeBoer remained frugal. Mimi
# $  )  / %    -  % ?  &  +  He often gave talks about business he returned to Kalamazoo and began Oliver, one of his granddaughters and
 %% -     &   $    +    lessons he had learned the hard way, selling single-family homes, then business partners, recalled a lunch at a
  (    1 '+ $/  &  +    -
    %   $  233433 ' '   %%     compiled in his 2011 book, “Risk Only started building them and graduated to restaurant offering free pie. Mr. DeBoer
   " %$  /.    %  -' -%   )   Money.” At the office, he made daily developing apartment buildings around was told that his first choice, banana
&    & -    %   )("     #  “howdy rounds” to greet every em- the country. He learned to fly and cream, wasn’t part of the offer and
 ' &  &' / +  5- .+   & )(>  F338 / .'   
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&  - & $     433   &  cedes convertible read: CAN DO. His projects. Sometimes he wrote checks to very fond of pumpkin pie, he went with
)   6748     0  @F   /  + -  &  H2 standard breakfast was two Oreo cook- suppliers while flying on autopilot. that to qualify for the free offer.
 1' & 1 % (  .  83 333 %'    + ies and a glass of orange juice. Seeing his name in print was a thrill.
& 1'    1(1"  6783  % % ?  &  5. / 
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- (- - / /$
 %  5. ) /  9  +  -&-   % ) / 1931, and grew up in Kalamazoo, Mich., for the in-crowd. “I loved making WSJ.com/news/types/obituaries
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678:  .   &'  % -%%  -+    olby Chandler After he retired, his suc- t age 18, Liesbeth Sto- At first, sitting up was a
 +   / *  ' (( & > %-.  -++  .'   /   > whacked a wooden cessor, Kay Whitmore, kept effler moved from her major strain. Beginning
 & > ?= %  /    " # $    )' crate with a machete cutting costs as Fuji Photo native Austria to New what she called her “second
-    &   &    # $   /   ( 
 &        /   .    *' # $  in 1989 to show Eastman Film Co. and private-label York for an au pair job. life,” she rebuilt her
@3 )   +   &     0."   % /   + Kodak Co.’s managers how filmmakers ate into Kodak’s Starting with almost no strength with weights and a
  / A$=      # $  determined he was to cut core business, destined for English, she learned com- Peloton stationary bike. In
  +  '    &  %   # $  &'  G-     -
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'   $  .- D )  for frustration during his case. In 1993, the board worked her way into a posi- City Marathon in five hours
  67:3 &  '  -  ) &
'   ' &     reign as chief executive, ousted Mr. Whitmore and tion as a vice president at and 20 minutes. She fin-
 &  ?   #  -%%  ' . from 1983 to 1990. recruited George Fisher. He the fund-management firm ished dozens of other races
+     B /   -    +  &  ' '  
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.   %-.  +        % & +  charge, Kodak’s dominance business and focused on stein. After 10 years, her lungs
&  + & )  +- -   &-   $ ) of the film industry had left film and digital imaging. She skied, ran marathons failed again. Despite a sec-
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  #  /-  +          &  in markets and technology. ket value of around $630 ter finding herself increas- warned in September 2020
%  D ? ,  (       A- '      Mr. Chandler, a Kodak million, down from $16 bil- ingly short of breath and she might have only days or
&  & / > %-.  .   +   .$   +    &  &'
 ///   lifer who grew up on a lion in 1989. prone to coughing fits, she weeks to live. Ms. Stoeffler
Maine dairy farm and stud- Mr. Chandler, who died was diagnosed with cystic survived nearly six months
ied business at the Massa- March 4 at the age of 95, fibrosis. By 2008, it was with the help of a BPAP
chusetts Institute of Tech- wasn’t bitter. If given the clear she needed a double- breathing device.
IN MEMORIAM nology, repeatedly
restructured and in 1988
opportunity of returning to
his old job, he told the
lung transplant. After more
than a year on the wait list,
In her final months, she
rented an apartment over-
EVERY WEDNESDAY AND SATURDAY paid $5.1 billion for Sterling Rochester Business Journal she got her new lungs at looking Central Park. She
For more information visit: wsj.com/InMemoriam Drug Inc., a pharmaceutical in 2004, “I would jump at New York-Presbyterian/Co- died March 4 at the age of
© 2021 Dow Jones & Company, Inc. All Rights Reserved. company. Investors only the chance.” lumbia University Medical 61.
grew more impatient. —James R. Hagerty Center in July 2009. —James R. Hagerty
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 20 - 21, 2021 | A9

FROM PAGE ONE

Jet-Engine
Covers That
Tear Apart
Continued from Page One
to drop into the sea.
Until last month’s Colorado
incident involving United
Flight 328, the aviation indus-
try and the Federal Aviation
Administration had acted only
haltingly to address such
breakups. That’s despite a se-
ries of such failures starting at
maintain overall safety.
Southwest spokeswoman
Brandy King said the airline’s
leaders, including Chief Execu-
tive Gary Kelly, were focused
on learning from the carrier’s
fatal accident while working
with manufacturers to prevent
similar tragedies. Pratt & Whit-
ney and United Airlines Hold-
ings Inc. declined to comment.
Planes made by Airbus SE
haven’t experienced such en-
gine-cover breakups due to fan-
blade fractures in recent years,
according to the European
Union Aviation Safety Agency.
Over the past five years, the
problem of engine covers de-
taching due to fan-blade fail-

CHAD SCHNELL/ASSOCIATED PRESS

least five years ago.
Engine “fan blade-outs” are
an old problem in aviation.
But in recent cases involving
Boeing airliners, fast-spinning
blade fragments have shot for-
ward into the engine’s inlet,
rather than into a protective
casing that acts like a bullet-
proof vest around the sides.
That has resulted in another
problem. Engine covers some-
times aren’t surviving those
blade fractures, creating big-
ger hazards for planes, passen-
gers and people on the ground.
A similar engine-cover
emergency had hit a Southwest
Airlines Co. Boeing 737 flight
in 2016. At least three more
happened after Capt. Behnam’s
flight. Two months after his
scare, a Southwest engine
cover broke and blasted out a
window; a passenger was par-
tially sucked out and died. On
Dec. 4, 2020, an engine broke
up on a 777 flight near Japan.
Regulators, engine makers
and airlines have confronted
the problem with a short-term
remedy. With varying degrees
of urgency in recent years,
they have stepped up fan-
blade inspections to find pre-
fracture cracks that could lead
to engine covers ripping off.
Despite working on modifi-
cations and replacements for
more than two years, plane
maker Boeing Co., which is re-
sponsible for engine coverings
on its aircraft, and the FAA
have yet to finalize plans to
redesign the types of engine
covers that have ripped off.
“We’ve already seen extreme
cases,” said NTSB Chairman
Robert Sumwalt. “It is some-
thing that the industry needs
to get on top of and get cor-
rected immediately.”
Complicating the industry’s
response to the safety hazard
is that it requires coordination
among several segments—air-
plane manufacturers, engine
makers, airlines—and among
different engineers and regula-
tors focused on avoiding fan-
blade fractures and still others
focused on preventing engine
covers from detaching midair.
In the U.S., that puts the
FAA in the best position to
tackle the hazard—its first big
test since its fumbled re-
sponses to fatal Boeing 737
MAX crashes in 2018 and 2019.
The FAA declined to make
senior agency officials available
ures that spew parts forward
appears to have primarily sur-
faced on two Boeing types, the
777 and 737, which use en-
gines made by different manu-
facturers, according to current
and former FAA officials.
To keep fan blades from
breaking, regulators have fo-
cused first on stepping up in- The engine cover on United Airlines Flight 328 broke apart, above, and rained parts on a Denver suburb on Feb. 20.
spections. Within days of the
Dec. 4 engine breakup near Emergency Aloft ers, according to written re-
Japan, Tokyo’s air-safety regu- sponses to the NTSB’s recom-
In a string of incidents since 2016, engine fan blades have fractured and caused a problem: engine
lators ordered new engine in- mendations. He said the
covers ripping off midair. Such a scenario played out on a Boeing 777 bound for Hawaii in 2018:
spections, a Japanese aviation agency would eventually man-
official said. date a new design change.
The FAA opted against im- 1. A roughly 35-pound fan In August 2020, Boeing pro-
mediate action and was still blade broke loose due to metal vided an update to the FAA on
considering its next step when fatigue. its work to also strengthen
the United 777’s engine broke 777 engine covers. The manu-
apart last month. Before that Wing strut facturer told regulators it had
incident, Pratt & Whitney, a decided to redesign and make
unit of Raytheon Technologies replacement covers with
Corp., was considering issuing Fan cowl which airlines could retrofit
a service bulletin telling air- Inlet their fleets, according to the
lines to conduct specialized in- 2. Fan-blade fragments caused FAA document.
spections of certain 777 engines part of the engine cover to Boeing’s 777 engine-cover
every 1,000 flights, said the break loose. fix didn’t come in time for the
NTSB’s Mr. Sumwalt. The FAA Dec. 4 incident near Japan, on
had required the deep inspec- a Japan Airlines Co. 777 with
tions every 6,500 flights after Pratt & Whitney PW4000 en-
the 2018 incident in Hawaii. gines. Two of an engine’s fan
The FAA declined to com- Engine blades broke, according to a
ment about its response to the preliminary report by Japanese
December breakup. The agency investigators. Part of the en-
said it makes safety-oversight Sources: FAA (parts); NTSB (blade separation) gine’s cover detached, and the
decisions in a rigorous, well- jet’s body and horizontal stabi-
established analytical process, venture of General Electric Co. time.” Through an FAA spokes- they were doing damage to en- lizer sustained damage, the re-
adding: “To suggest that there and France’s Safran SA—devel- man, he declined to comment. gine coverings that had been port said. A JAL spokesman
is commonality among differ- oped a new inspection proto- On Capt. Behnam’s flight expected to withstand such declined to comment on the
ent events ignores the fact col using ultrasound technol- that year, after the fan blade events. Engine makers put cause of the incident.
that data for different events is ogy. A GE spokesman speaking scattered parts of the 777’s en- their engines through a battery The FAA held off ordering
unique to each specific event.” on behalf of the joint venture gine cover, the plane’s aerody- of tests to make sure they will immediate action. After the
said the engine maker worked namics were out of whack. It hold together if a fan blade December incident, the agency
with regulators and customers felt, he said, like “having an breaks. They are largely fo- said it reviewed the JAL en-
Early warning to enhance and implement in- open barn door.” cused on making sure debris gine’s maintenance and in-
An early warning about the spection procedures and re- doesn’t go through the side of spection history, conducted a
risk that engine covers could mained committed to working the engine casing, where it metallurgical exam and was
crumble when broken blades fly on changes stemming from the Passenger death could penetrate the body of the evaluating whether to adjust
far enough forward came in Au- NTSB’s recommendations. Two months later on a plane. Broken fan blades can blade inspections.
gust 2016. A Southwest flight The FAA in 2017 considered Southwest 737, debris from an still cause damage by flying The FAA declined to com-
made an emergency landing af- mandating additional fan- engine covering—loosened by forward. Coverings go through ment about its work with Boe-
ter a fan blade broke, causing blade testing, though it didn’t a broken blade—smashed into their own certification process. ing on 777 engine covers.
significant damage and leading require additional checks until the plane, blasting out the win- While engine coverings are Since the Colorado 777 inci-
the cabin to depressurize. the following year when it or- dow through which the passen- expected to contain broken fan dent, Boeing has shared some
The spinning blade had ca- dered emergency inspections ger was partially sucked. blades, they aren’t designed to of the changes it is consider-
reened into the front inlet. in the aftermath of the fatal After the death, Mr. Kelly, shield more-serious failures of ing to shore up 737 engine
Most of the inlet broke off, engine-cover breakup on an- Southwest’s CEO, pushed Boe- hubs the blades are attached covers with carriers, said peo-
spitting debris into the Boeing other Southwest flight. ing for an engine-cover fix to to—as happened on an Airbus ple briefed on the matter. It
737 jet’s fuselage, wing and “We determined early that avoid a repeat of such a trag- A380 jet over Greenland in has been in talks with United
horizontal stabilizer. Regula- we would require some correc- edy, according to a person fa- 2017. Parts fell off at 37,000 about potential changes to 777
tors and industry experts, in- tive action and that it was an miliar with the plane maker’s feet, causing no injuries. engine covers, according to a
cluding at the NTSB, generally unsafe condition,” Christopher work on the 737 engine cover. Within about two weeks of person familiar with those dis-
viewed that event as a one-off, Spinney, an FAA engine spe- After those incidents, the that incident, the FAA issued cussions. Boeing and the FAA
the NTSB’s Mr. Sumwalt said. cialist, said during an NTSB industry began to grapple with an emergency order requiring declined to comment on when
The engine’s manufacturer, hearing in 2018. “But we also vulnerable engine covers. Not inspections on roughly 120 of 777 or 737 engine-cover fixes
CFM International—a joint determined that we had some only were fan blades failing, the jets equipped with certain would be completed.
engines produced by Engine Japanese regulators
Alliance, a joint venture be- grounded the aircraft the day
tween GE and Pratt & Whitney. after the Colorado incident.
GE referred inquiries to Pratt Soon thereafter, Mr. Dickson
BROOMFIELD POLICE DEPARTMENT/AGENCE FRANCE-PRESSE/GETTY IMAGES

for interviews. A spokesman & Whitney, which declined to ordered immediate specialized
said a priority has been reduc- comment on Engine Alliance’s inspections even while some
ing the risk of fan-blade fail- behalf. An Airbus spokesman FAA officials didn’t believe
ures that can lead to engine said the plane maker takes into such drastic action was neces-
covers detaching midair. The account past incidents and ac- sary, said people familiar with
FAA spokesman said design cidents to enhance safety. the agency’s response.
changes to a “critical piece of Boeing engineers have been The move effectively took
structure must be carefully working on a plan to more than 50 Boeing 777s—all
evaluated and tested” to ensure strengthen 737 engine covers, operated by United—out of
they provide the same level of essentially to soften the shock service for months, until in-
safety or better without intro- of a fan-blade failure and keep spections have been com-
ducing unintended risks. parts attached to the plane pleted.
Boeing spokesman Bradley even when the blades fly for- Tom Haueter, a former
CHRISTOPHER BEHNAM

Akubuiro said it “has taken
steps to move forward” with
the FAA to improve engine cov-
ers and is giving its technical
teams time they need to ensure
design changes provide their
expected performance and
ward, people familiar with the
work said.
In March 2020, FAA Admin-
istrator Steve Dickson told the
NTSB the agency was working
with the plane maker to
Christopher Behnam, left, with failed engine in 2018. Right, debris from Flight 328 last month. strengthen the 737 engine cov-
NTSB director of aviation
safety, said: “They grounded
the fleet—that’s about as ag-
gressive as you can get.”
—Chieko Tsuneoka, Benjamin
Katz and Doug Cameron
contributed to this article.

in May. They will mate, lay eggs what some might consider the rescheduling isn’t an option, anyone,” Ms. Heiman says. to some young trees, scientists
Cicadas on tree branches, then die. Af-
ter a few hectic weeks in a
cicadas’ noisy racket is a “song
of love,” made by courting
she added, so the party will go
on. She plans to have someone
“Given the whole pandemic and
everything everyone’s been
say. On the plus side, their un-
derground tunnels aerate soil,
swath of 15 states, from Geor- males—one that couples will rake the bug bodies before the through, we just figured it’s re- their remains nourish trees and
Turn Party gia to New York, only piles of
smelly carcasses and their
keep hearing on their 17th,
34th and 51st anniversaries.
big day.
Her son, Alexander Leifer,
ally not such a big deal.”
Cicadas are harmless except
they are a food source for many
animals. Some humans eat

Crashers brown shell-like nymph skins

Continued from Page One
could wind up in the veil. They
could wind up on the ring
bearer’s little pillow,” he says.
It isn’t exactly a plague of
locusts, but it’s close enough.
Separate from the annual cica-
das that often start appearing
in late June, there are more
than a dozen groups of periodi-
cal cicadas in the eastern U.S.
that emerge every 13 or 17
years. They can sometimes get
as dense as 1.5 million adults
per acre.
This is the year Brood X—as
in Brood 10, one of the biggest
will remain.
Rachel Wayne and Nima
The elder Ms. Wayne doesn’t
buy it. “They’re big and nasty,”
she says. She recalls that dur-
Gard ditched plans to wed out- ing another appearance of
side on June 12 in Cincinnati, a Brood X in 1970, boys at her
cicada hot spot, after already school crammed cicadas in the
postponing the date for a year. girls’ lockers. She remains ner-
Instead they will say “I do” in- vous, even with her daughter’s
side a downtown club before 60 ceremony headed indoors.
guests, many of them likely “My greatest fear is some-
vaccinated, says Janet Wayne, one props a door open for a de-
the future bride’s mother. livery and a cicada gets in.
She sought guidance from They’re really loud,” she says.
entomologist Gene Kritsky at One inquiry to Dr. Raupp
Cincinnati’s Mount St. Joseph came from Elizabeth Brenner-
University, who advised not Leifer about her son’s June 12
holding an outdoor wedding bar mitzvah party, planned for
from May 5 to July 1, or looking the family’s backyard in Chevy
in a part of town that’s likely to Chase, Md. She remembers
have few cicadas. Brood X from 1987 and 2004.
“On the other hand,” he “They’re in your drink, on your
who turns 13 in June, is excited
but apprehensive. “I’m not re-
ally into bugs. I like trees,” he
them, too—the taste is said to
resemble canned asparagus.
Lindsey Mattox, 34, con-
says. “I just don’t want to see tacted Dr. Kritsky in a panic
dead cicadas everywhere.” this month after her wedding
After the pandemic led Thea planner said cicadas could be a
Heiman and her fiancé, Ben huge issue at her May 21 wed-
Harris, to delay their 2020 ding in a Cincinnati park. In his
wedding, they stuck with the reply, he wrote: “I would expect
same outdoor venue in her na- some cicadas, but it is difficult
tive Cincinnati. Then her to tell you how many.”
mother realized it had been a She and her fiancé, Zac Cor-
while since the last large cicada nelius, are now pondering a
swarm. “My whole family’s destination wedding. If they
googling: When did they stay the course, she says, she is
emerge? How bad will it be?” inclined to go all in—bug
says Ms. Heiman, 29. glasses as party favors, a silent
She emailed Dr. Kritsky after disco where guests don head-
coming across an interview phones on the dance floor.
with him on cicadas, and he She’s joked about chocolate-
pitched the romantic angle. Ms. covered cicadas. “It would be
GENE KRITSKY

groups of the periodical kind—
makes its appearance after hid-
ing underground since 2004.
They’ll tunnel to daylight once
the soil hits 64 degrees, mostly
emailed her, “you could make
the cicadas part of the celebra-
tion. I have often said that a ci-
cada wedding is very romantic.”
He later elaborated that
food plate or in your hair,” she
says.
Dr. Raupp told her the cica-
das should fade after the first
week of June. Moving inside or
Heiman says they embraced the memorable for sure,” Ms. Mat-
idea. It helps that the professor tox says. “But I just want to
says there shouldn’t be many make sure it’s memorable in a
cicadas by their July 3 event. They’re back: Brood X cicadas, good way, not like a disastrous
“A few cicadas never hurt last seen in 2004. Fyre Festival event.”
A10 | Saturday/Sunday, March 20 - 21, 2021 * *** THE WALL STREET JOURNAL.

SPORTS
counted for $867.5 million, or about
79%, of revenues via the television
deal with CBS and Turner Sports.
Holzman said that the NCAA’s
core purpose isn’t to make its
championship events profitable but
“to provide a great atmosphere for
our fans and our student athletes.”
She added, “If there are increased
ticket sales and there are other as-
pects that come in that is an obvi-
ous benefit.”
Lumping the women’s basketball
tournament in with every other
championship “speaks to the nego-
tiation tactics” that “have never
been about women’s sports,” said
Lindsey Darvin, an assistant profes-
sor sports management at SUNY-
Cortland who studies gender equity
in sports.
The NCAA declined to say how
much revenue the women’s tourna-
ment generates, only that it is not
self-sustaining. Operating costs for
women’s March Madness are con-
siderably lower, as first- and sec-
ond-round games are typically held
on the campuses of higher-seeded
teams rather than neutral sites and
brackets are drawn up to minimize
cross-country travel.
“I don’t see how it’s possible that
they’re not turning a profit, espe-
cially with how much they’re doing
to cut costs,” said Darvin, a former

Women’s March Madness Is Growing

basketball player at Bryn Mawr Col-
lege in Division III.
Nina King, chair of the NCAA Di-
vision I Women’s Basketball Com-

But the Event Remains Undervalued mittee, said that interest carried
over into the postseason. “We’re
setting records in terms of atten-
dance at all the rounds,” she said.
“Our last Final Four in Tampa was
As an economic opportunity, the women’s bracket is an afterthought in the NCAA’s overall picture record setting and we were hoping
to do so in San Antonio in the Ala-
modome because it’s so big.”
BY LAINE HIGGINS According to NCAA vice presi- Due to pandemic restric-

C
dent for women’s basketball Lynn tions, however, attendance at
onnecticut will aim to Holzman, conversations about the 2021 Final Four will be
win its seventh title in changing the March Madness bonus capped at 17% capacity, about
the past decade when equation to include women’s results 5,000 people.
the women’s NCAA tour- “have not gotten to the level” of the Ratings for the 2019
nament gets under way NCAA Board of Governors or the Di- women’s Final Four rivaled
in San Antonio on Sunday. Yet even vision I Board of Directors, which those of the top men’s regu-
if the No. 1 seeded Huskies cut have the power to effect such a lar season games during the
down the nets, neither the univer- change. 2021-21 season. Over 3.6 mil-
sity nor its athletic conference, the The NCAA annually doles out lion viewers tuned into the
Big East, will see a single additional money to conferences from its “Di- 2019 championship game be-
cent from the NCAA to reward their vision I Basketball Performance tween Baylor and Notre
tournament run. Fund” based on the results from the Dame, a 24% increase from
Women’s college basketball is men’s tournament, with teams earn- 2016, at the height of
growing in popularity, with TV rat- ing one “unit” for every tournament UConn’s dominance.
ings and ticket sales improving rap- game appearance until the Final These upward viewership
idly. As an economic opportunity, it Four. The total number of units trends helped persuade exec-
is still mostly an afterthought in the each athletic conference accrues utives at ESPN to broadcast
NCAA’s overall picture. during March Madness generates all 63 games of women’s
March Madness for the men is a payments over six-year rolling peri- March Madness nationally
multibillion-dollar gusher for the ods. The payment for the most re- for the first time in 2020, a
FROM TOP: ERIC GAY/ASSOCIATED PRESS; ISAAC BREKKEN/ASSOCIATED PRESS

NCAA, thanks to its recently ex- cent tournament in 2019 stood at move that ultimately was
tended $19.6 billion, 22-year deal about $280,000 per unit. pushed back one year by the
TV deal. Teams and conferences A run to the men’s Final Four in Connecticut players, top, after winning the 2010 tournament in San Antonio. coronavirus pandemic. The extra
benefit from that bounty. A team’s 2021 could generate an addi- Stanford’s Tara VanDerveer, above, celebrates a 2021 Pac-12 tournament title. games are part of the existing 24-
Cinderella run can pad its confer- tional $1.1 million payday for the sport contract and it’s unclear if the
ence’s financial coffers for years. conference every season until 2027. weight room in Indianapolis. In a “We have intentionally organized network’s move resulted in addi-
The broadcast revenue generated A team could win the women’s title statement, the NCAA attributed the basketball under one umbrella with tional payments to the NCAA. ESPN
by the women’s tournament, how- for years in a row, as UConn did differences to “limited space” in San the goal of consistency and collabo- deferred comment to the NCAA,
ever, is just a slice of NCAA’s deal from 2013 to 2016, and never see an Antonio’s 514,000 square foot con- ration. When we fall short of these who would not say whether the in-
with ESPN for championships in 24 additional penny. vention center. expectations, that’s on me,” he said. creased exposure would yield addi-
other men’s and women’s sports, The difference between the two On Friday, NCAA officials said The equation for allocating tional revenue for the women’s
which runs through 2023-24 and is tournaments received attention in they had spoken with the women’s riches from the NCAA tourna- tournament.
worth about $500 million over 14 another way on Thursday, when coaches Thursday night, taken their ment was adopted decades ago and, “The leadership isn’t pushing for
years. The women’s basketball tour- sports performance coach Ali Kersh- feedback, and pledged that the according to an NCAA spokesper- this,” said Darvin. “The NCAA as an
nament doesn’t turn a profit, nor ner from Stanford tweeted the dis- weight room issue would be ad- son, is still used because the bulk of overall leadership organization and
does the NCAA factor its results parity in training equipment given to dressed by Saturday morning. the organization’s revenue comes those that are part of these [televi-
into its annual financial distribu- the women in San Antonio—10 yoga Dan Gavitt, the NCAA’s senior vice from the men’s Division I basketball sion] negotiations are holding the
tions to schools as it does for the mats and 16 dumbbells no heavier president for basketball, said he was tournament. Of the $1.1 billion the women back.”
men. There appear to be no plans than 30 pounds per team—and the sorry and that the association would NCAA brought in during the 2019 —Louise Radnofsky contributed to
to change that. men, who have access to a sprawling also try to do better. fiscal year, March Madness ac- this article.

Weather
30s
V
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.

Vancouver
d t
Edmonton

Calgaryy
40s
30s <0
0s
Big Shot for a First-Time Champ
10s
Winnipeg
Seattle 50s 40s 20s BY RACHEL BACHMAN
Portland
Por
P tl d l
Helena Montreal 30s
Ottawa
g
Billings Bismarckk
A g t
Augusta 40s YOU HAVE TO GO BACK to
Eugene Boise 60s 1996 to find the last major-
30s p /St
pls / . Paul
Mpls./St. Pau T t
Toronto A ban
Albany
b t
Boston 50s
50s oux Falls
Sioux ff l
Buffalo rtford
Hartford 60s college football team to win
k
Milwaukee t
Detroit
40s Pierre 50s New Yorkk
ew Y 70s
its first-ever national title. It
Reno es Moines Chicago
Des
Salt
alt Lake
L ke City
C
City
Che
h y
Cheyenne
Ch g
Clevel d
Cl
Cleveland
Phil d lphi
Philadelphia
was the Florida Gators. The
80s
Sacramento Omaha h Indianapolis Pittsburgh hottest technology that year
Denver Charle
h l t
Charleston hington
hi gton D.C.
Washington DC 90s
San
an Francisco
C d
Colorado Topeka Kansas Springfield
p i fi ld was the flip phone.
City h
Richmond d 100+
But it takes going back
JOHN J. KIM/ZUMA PRESS

Las p g
Springs St.. Louis
L
Lou L
Lou ill
Louisville
h
Wichita
Ve
Vegas 50s Raleighl ighh
Los A
Ange l
Angeles 70s
only two years to find the
60s Santaa Fe Charlotte
C h l tt
Memphis
Memphi p h ill
Nashville most recent first-time na-
Alb
b q q
Albuquerque Oklahoma City C b
bi
Columbia Warm Rain
San Diego 80s Phoenix
Ph i Little Rock Atlanta
Atl t tional champion in major
T c
Tucson Jack
Jackson Birmingham
h men’s college basketball: Vir-
El Paso Ft. Worth
th Dallas
D ll
60s Cold T-storms
Jacksonville
Jack ill ginia in 2019. That was also
-0s A ti
Austin bil
Mobile
70s Houston
t Stationary Snow
the last time the tournament
0s Orlando
l d
New
ew Orleans
Tampa was held, after last year’s was Illinois celebrates after winning the 2021 Big Ten tournament.
10s an Antonio
San
20s Honolulu
l 70s Miami
Showers Flurries canceled due to the coronavi-
Anchorage
A h g 80s 80s rus pandemic. football and basketball cham- draft, while men’s basketball
30s 70s Ice This year’s NCAA tourna- pions is partly a numbers players need be only one year
ment, which tipped off Thurs- game. Top-division college out of college and at least 19
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
day, stands a good chance of football has about 130 teams years old to be drafted into
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 61 45 s 63 47 c Frankfurt 43 30 pc 49 33 pc producing another first-time from which a winner can the NBA.
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice champion. Of the four No. 1 emerge, while Division I This year is a departure
Orlando 69 54 pc 75 56 c Geneva 43 27 pc 48 34 pc
Today Tomorrow Havana 78 61 pc 79 59 pc
City Hi Lo W Hi Lo W
Philadelphia 56 35 s 60 38 s seeds, three have never won men’s college basketball has from recent years because pe-
Phoenix 83 56 s 77 53 s Hong Kong 81 70 pc 79 62 pc
Anchorage 22 3 c 19 2 pc Pittsburgh 56 30 s 62 32 s Istanbul 53 42 c 48 44 sh it all: Baylor, Gonzaga and Illi- about 350 teams. rennial basketball contenders
Atlanta 57 43 s 63 47 pc Portland, Maine 51 29 s 54 30 s Jakarta 91 76 r 90 75 t nois. The other 1-seed, Michi- Squad sizes also help ex- such as Kentucky and Duke
Austin 70 42 s 75 56 s Portland, Ore. 52 39 sh 51 42 r Jerusalem 70 54 s 77 68 pc gan, won its only title in plain football’s steady stream didn’t make the tournament.
Baltimore 57 31 s 63 36 s Sacramento 61 40 s 67 40 s Johannesburg 77 59 pc 72 57 t
Boise 52 32 c 53 36 s St. Louis 59 41 s 66 44 s London 51 43 c 53 39 c
1989. of familiar winners. With ros- “Teams like Baylor and
Boston 55 36 s 58 37 s Salt Lake City 49 34 sh 47 32 s Madrid 54 29 pc 61 31 s Since 1991, the NCAA tour- ter sizes of more than 100, Gonzaga have learned that, in
Burlington 51 29 s 58 35 s San Francisco 59 46 pc 60 47 s Manila 95 80 pc 95 80 t nament has produced eight football programs need waves order to compete with the
Charlotte 56 38 pc 62 41 s Santa Fe 70 38 s 64 31 pc Melbourne 79 65 pc 74 63 sh
Chicago 56 38 s 64 45 s Seattle 52 39 sh 46 40 r Mexico City 74 49 pc 74 51 pc
first-time champions. That’s of standout recruits to change ‘one-and-done’ cultures at
Cleveland 53 35 s 60 40 s Sioux Falls 57 43 pc 57 37 pc Milan 52 33 sh 50 31 pc nearly triple the three first- their fortunes. Kentucky and Duke, college
Dallas 67 47 s 71 55 s Wash., D.C. 57 38 s 61 39 s Moscow 31 22 pc 34 29 pc timers that college football Basketball’s rosters of basketball’s equivalent of Ala-
Denver 62 34 pc 42 28 pc Mumbai 90 76 pc 93 79 pc
has crowned in the same about 15 players mean that bama football, they must cul-
Detroit
Honolulu
56 31 s
79 69 pc 79 69 sh
62 34 s
International Paris
Rio de Janeiro
49
87
36 s
74 s
52 36 pc
87 75 s span. picking up a couple of stars tivate rosters of older players
Houston 69 47 s 71 58 s Today Tomorrow Riyadh 88 59 s 90 67 s Before the Gators in ’96, could move the needle from via the transfer route, red-
Indianapolis 57 35 s 63 40 s City Hi Lo W Hi Lo W Rome 53 40 c 56 38 c
Kansas City 60 46 s 66 48 pc Amsterdam 46 41 pc 47 38 pc San Juan 85 74 pc 85 73 pc
Florida State won its first being a doormat to landing in shirting their players or al-
Las Vegas 71 51 s 64 46 s Athens 62 54 r 64 54 c Seoul 55 39 c 52 35 pc football title in 1993 and the 68-team NCAA tourna- lowing mistake-prone under-
Little Rock 63 39 s 66 44 s Baghdad 78 55 pc 82 59 s Shanghai 57 47 sh 57 40 pc Washington shared its first ment—or from making the classmen to grow over the
Los Angeles 70 50 pc 71 50 s Bangkok 98 81 pc 98 78 s Singapore 89 77 r 89 78 pc with Miami in 1991, according field to making the Final Four. course of two or three sea-
Miami 79 64 pc 81 63 sh Beijing 57 39 pc 52 35 pc Sydney 72 68 r 71 68 r
Milwaukee 53 38 s 57 44 pc Berlin 39 34 pc 46 28 sf Taipei City 82 66 s 68 57 sh to an NCAA list of past cham- Pro draft rules also rein- sons,” said Fran Fraschilla,
Minneapolis 57 44 s 60 44 sh Brussels 46 37 pc 49 36 pc Tokyo 63 58 pc 68 57 r pions. (UW also claims a 1960 force the status quo. Football ESPN analyst and a former
Nashville 64 36 s 67 42 s Buenos Aires 70 62 r 74 62 s Toronto 57 32 s 55 35 s title from college football’s players must be three years Division I basketball coach.
New Orleans 65 53 c 70 55 s Dubai 90 74 s 87 74 s Vancouver 49 39 sh 46 39 r
New York City 54 39 s 58 41 s Dublin 52 42 c 52 42 pc Warsaw 36 25 c 37 25 sf messy poll era.) out of high school before —Laine Higgins
Oklahoma City 65 42 s 68 50 c Edinburgh 55 40 c 53 39 pc Zurich 38 21 pc 41 30 pc The difference between they’re eligible for the NFL contributed to this article.
THE WALL STREET JOURNAL.
THE WEEKEND INTERVIEW with Alex Gorsky | By Allysia Finley
Capitalism Is What Will Defeat Covid
B
ehold the paradox of this
pandemic moment: Large
corporations are political
villains, derided on the
left and right. Yet the
main, and perhaps only, reason the
Covid-19 scourge is easing is vac-
cines developed by Big Pharma.
Few are more acutely aware of
this paradox than Alex Gorsky, CEO
of Johnson & Johnson, the health-
care device, pharmaceutical and
consumer-goods company best
known for products like Band-Aids
and Tylenol. Politicians have vili-
fied his industry over prescription-
drug prices, and trial lawyers for
using talc in its baby powder,
which it discontinued in North
America in 2020. But now J&J is a
household name in the best way
for developing its single-shot Covid
vaccine, which the Food and Drug
Administration approved for emer-
gency use last month. The vaccine
is increasing the U.S. supply of
shots at a critical time and will en-
able a billion people world-wide to
be vaccinated this year.
The vaccine revolution
didn’t happen on its own.
It’s a product of decades of
planning and investment.
J&J’s road to the vaccine—from
failure to life-saving success, from
investment write-off to break-
through—is a little-known story
about science, business risk and in-
novation. There are also lessons for
those who think capitalism is
merely about rapacious profit.
“We would never be in the posi-
tion where we are today if we had
not invested billions of dollars over
decades so that we could respond,”
Mr. Gorsky, 60, says in an interview
the Monday morning after the FDA
authorized its Covid vaccine. The
U.S. Army veteran had been up
since 3:30 a.m., getting in one of
his early-morning workouts before
meetings. J&J’s Covid-19 vaccine
development over the last year has
been a sprint, but the process that
led to it has been a decades-long
marathon.
Vaccines such as those for polio,
MMR (measles, mumps and ru-
bella) and seasonal flu have been
made from weakened or inacti-
vated viruses. But patients often
produce a weak immune response
to the inactivated viruses, and
shots that use weakened viruses
can make immunocompromised
people sick. The manufacturing
process is also laborious.
Scientists over the past couple
of decades have been studying a
potentially more efficient and ef-
fective method known as a “vector
vaccine”: using genetically engi-
People once set
aside their political
differences after a
natural disaster
struck. They would
unite to help those
suffering and ensure
CROSS
COUNTRY everyone who
needed help got it.
By Wayne
Texans did this 3½
Christian
years ago after Hur-
ricane Harvey. Mil-
lions came together to help their
neighbors and, in many cases, com-
plete strangers.
Unfortunately, times have
changed. Political outrage seems to
be the new rule in the aftermath of a
natural disaster. Rather than trust-
ing the science and data, environ-
mental opportunists have used the
tragedy of February’s Winter Storm
Uri, which plunged much of the
American South into a treacherous
deep freeze, as a weapon in their
never-ending war against fossil fuels.
They simply refuse to believe that
during the storm electricity gener-
ated from wind and solar decreased
52% while the electricity generated
from natural gas increased 72%.
Regardless of your thoughts on
climate change, last month’s storm
made painfully clear that climate
catastrophists have an oversize in-
fluence on public policy. An obses-
sive focus on reaching the unattain-
able goal of zero carbon emissions
led to decades of poor decisions that
prioritized and subsidized unreliable
energy sources (wind and solar) at
the expense of reliable ones (natural
gas, coal and nuclear). Texans now
know that reliable energy is essential
to our everyday lives.
The catastrophists’ oversize influ-
ence has produced a dangerous hy-
pocrisy. Greens say that wind and
solar can replace natural gas and
coal to meet our energy needs while
reducing carbon emissions. But when
“renewables” fail, greens claim they
* * * *
neered viruses to prime the im-
mune system by delivering parts of
a pathogen’s genetic code into hu-
man cells. Our cell machinery then
manufacturers the dopplegangers.
The harmless look-alikes trigger an
immune reaction, marshaling anti-
bodies and white blood cells. When
the real pathogen invades, the im-
mune system is prepared.
“Your body has multiple layers
of response in these situations.
There’s the immediate response,
and there’s the longer term re-
sponse,” Mr. Gorsky says. “Your
body recognizes the virus and be-
gins producing antibodies, as well
as T-cell and B-cell response.”
B-cells produce antibodies that
act like sentinels and prevent in-
KEN FALLIN
fection. T-cells provide backup if a
virus penetrates the antibodies’
frontline defense and help enlist
white blood cells into action. Anti-
bodies can fade after a few months,
but T-cells stick around longer and
have something of a photographic
memory. Some people who were
infected with SARS in 2002-04
were found to have T-cells that re-
membered the virus a decade later.
J&J’s vaccine was found to be
72% effective at preventing moder-
ate to severe Covid symptoms
(meaning two or more symptoms
that don’t require hospitalization)
in U.S. trials. That’s less than the
95% of the Moderna and Pfizer-Bi-
oNTech vaccines, which received
emergency-use authorization ear-
lier, and which are followed by a
booster a few weeks after the initial
shot. But the trials aren’t directly
comparable. For one thing, J&J’s
trial occurred later, in the fall and
early winter, when more virus vari-
ants were circulating. Some variants
with changes to their spike protein,
which helps the virus infiltrate hu-
man cells, appear to partly elude
the antibody response.
T-cells aren’t as easily tricked.
One reason scientists are excited
about J&J’s vaccine is that its one
shot induces a robust T-cell re-
sponse. This means immunity is
likely to last longer—how long re-
mains to be seen—and less likely to
be defeated by new variants.
Mr. Gorsky attributes the strong
multilayered immune response
from J&J’s vaccine to its innova-
tive adenovirus-vector platform,
AdVac, which it has developed over
a decade.
Adenoviruses like those that can
cause the common cold—so named
because they were first isolated in
human adenoids—are easy to ma-
nipulate because they have a large
genome. They also don’t integrate
their genes into our own. This
makes them an ideal tool for vec-
tor-vaccines. The problem is that
many people have pre-existing an-
tibodies to adenoviruses from prior
infections, so their immune sys-
tems may try to shoot down the
Texas’ Blackouts Blew In on the Wind
aren’t to blame. “Wind power was
expected to make up only a fraction
of what the state planned for during
the winter,” according to the Texas
Tribune. Which is it?
Ratepayers and taxpayers don’t
have unlimited funds to invest in en-
ergy infrastructure. One choice al-
ways comes at the expense of an-
other. The problem with wind and
solar power is that investment in un-
reliable renewable sources has dis-
placed investment in electricity gen-
eration from reliable energy sources.
Worse, these investment decisions
weren’t made voluntarily by individ-
uals in the free market. They were
forced on Texans by politicians in
Washington.
According to the nonprofit Texas
Public Policy Foundation, for every
39 cents the oil-and-gas industry re-
ceived in federal taxpayer subsidies
It’s a Shy Man’s Party, Who Could Ask for More?
By Barry Glassner
W
ho knew that lockdowns
would make it easier for in-
troverts to make friends?
Even though I barely left my house
over the past year, I’ve made enough
new ones to fill a small theater.
My wife used to joke that I should
get a T-shirt emblazoned with Grou-
cho Marx’s famous line “Hello, I must
be going.” There was no social situa-
tion I didn’t want to cut short. Take
the weekly lunches at Los Angeles’s
Magic Castle I used to attend before
the lockdown. Other members who
share my passion for magic hung out
in clusters over leisurely meals. I
grabbed something to eat, watched a
show, and fled.
That was then. Now, every Friday
for the past 50 weeks, I’ve gotten to
know some of those same people at
the virtual Magic Castle “lunch.” And
OPINION
vaccine as if it were a cold.
In 2007 a promising Merck HIV
vaccine, which used the adenovi-
rus-5, or Ad5, failed to prevent in-
fection in the later stages of a clin-
ical trial. Worse, data indicated
that people who tested positive for
Ad5 antibodies were more suscep-
tible to HIV infection than people
who received a placebo, a phenom-
enon known as vaccine-induced en-
hancement. A 2008 article in the
Journal of Experimental Medicine
was titled “The failed HIV Merck
vaccine study: a step back or a
launching point for future vaccine
development?”
I
t was the latter. Merck’s HIV-
vaccine failure prodded more
study of other adenoviruses
like Ad26—the vector for J&J’s
Covid-19 vaccine. The Dutch bio-
tech company Crucell had been ex-
perimenting with Ad26 in a vaccine
to prevent malaria and other infec-
tious diseases. Unlike with Ad5, an-
tibodies to Ad26 didn’t appear to
sabotage the vaccine. In 2009, J&J
entered into a partnership with
Crucell to develop a vaccine it
hoped could someday prevent in-
fection from all influenza strains.
Two years later, J&J bought Cru-
cell for $2.4 billion.
“At that time we had little to no
experience in vaccines,” Mr. Gorsky
says. But capitalism entails risk:
Many Crucell vaccine studies
failed, and “we ended up writing
down a very significant portion of
our initial investment.” Still, Cru-
cell brought along “two really im-
portant technologies that gave
seed to what we’re doing today.”
One was the AdVac platform.
The other was the PER.C6 manu-
facturing technology, capable of
mass-producing vaccines quickly
and cheaply. Despite earlier fail-
ures, J&J continued to work on
vaccines for Ebola, HIV, Zika and
respiratory syncytial virus, all of
which are prevalent in developing
from 2010 to 2019, the wind industry
received $18.86, 48 times as much,
and the solar industry received
$82.46, 211 times as much. By 2029
Texans will have spent $2.5 billion
subsidizing wind and solar farms
through local property-tax abate-
ments and $14 billion building the
The grid nearly failed
because of an energy mix
weighted toward unreliable
sources of power.
Competitive Renewable Energy
Zone’s transmission lines through
their electricity bills. While most
businesses must pay to bring their
product to market, wind and solar
after years of assiduously avoiding
anyone I knew growing up, I started
DMing those whose social media
posts suggested we share interests.
I’ve even reconnected with long-
lost family. The more we compare
memories, the more skeletons in
closets we find, and the closer we
become.
If there’s a term for these sorts of
friends, I haven’t seen it. I think of
them as my pandemic posse. When
everyone is stuck at home, you can
approach folks you barely know. They
won’t call 911 or even block you on
Instagram. At worst, they’ll delete
your message. At best, they’ll become
new friends.
The novelist Viet Thanh Nguyen
recently described online teaching as
having “less human warmth, but
more human connection” than in-per-
son teaching. Although they aren’t in
the same room, his students show a
Saturday/Sunday, March 20 - 21, 2021 | A11
countries.
The company has enrolled more
than 150,000 patients in vaccine
trials for these diseases, and last
summer the European Medicines
Agency approved its Ebola vaccine.
Mr. Gorsky says the trials for other
diseases have made the company
confident that its vaccine platform
is safe, even among people who
have pre-existing immunity to its
Ad26 vector.
Conducting trials in the develop-
ing world also gave the company’s
scientists confidence and knowl-
edge to run global trials for its
Covid vaccine. Most participants in
J&J’s Covid vaccine trial lived out-
side the U.S.—12.7% in South Af-
rica, 17.3% in Brazil and 23.3% in
five other Latin American coun-
tries. Trials in South Africa and
Brazil showed that J&J’s vaccine
could prevent severe illness and
deaths even against new variants.
“When we were debating clinical
trial sites, and we asked could they
logistically do this, some of our sci-
entists had personally visited them
and said, ‘They can absolutely do
this, and I can vouch and validate
that they can,’ ” Mr. Gorsky says.
“That’s ultimately what put us in a
position to be able to do such a
high-quality trial at that particular
moment, even in the face of those
kinds of challenges.”
J&J was a couple of months be-
hind some other vaccine manufac-
turers, in part because its scien-
tists had to make trade-offs to
create a single-shot vaccine that
could be mass-produced and rap-
idly distributed, including in devel-
oping countries. A single dose
needed to produce a robust im-
mune reaction, but not a reaction
so strong that it caused severe side
effects.
“We developed more than a
dozen different permutations,” Mr.
Gorsky says, “and then we put
them through some initial testing
and selected our one candidate
get a free ride from Texas taxpayers.
If you add it all up, Texas taxpay-
ers and ratepayers will shell out an
estimated $36 billion by the end of
the decade to subsidize wind and so-
lar energy. These subsidies have tri-
pled wind and solar capacity in the
Lone Star State in the past 10 years,
but as Texans learned first-hand
during the storm, there is a huge
difference between capacity and
generation.
Instead of seeking solutions that
increase reliable generation, several
Democrats in Congress have sug-
gested the answer lies in connecting
Ercot, Texas’ independent electricity
grid, with the rest of the nation. As
someone who lives in East Texas,
one of the few parts of the state not
served by Ercot, I can tell you first-
hand this wouldn’t have prevented
the blackouts—we lost power too.
striking willingness to engage, and
his classroom now reaches far and
wide. The same can be said of my
pandemic posse, and with a few, I’ve
grown unexpectedly close.
Lockdowns and technology
gave this introvert an
unexpected opportunity
to make new friends.
Some live clear across the globe.
After everything shut down last
March, I cheered myself up by book-
ing a vacation in Australia for late in
the year. When that got canceled, my
wife and I set up video chats with a
couple in Melbourne we’d met on ear-
lier trips and had planned to visit.
I’ve since helped their son with a
that we felt we could get the opti-
mal balance.” J&J’s vaccine works
by using its AdVac platform to
transport the DNA that codes for
the spike protein on the surface of
the coronavirus into human cells.
J&J then worked closely with
the FDA and the Biomedical Ad-
vanced Research and Development
Authority, another federal agency,
on clinical trials and distribution.
Mr. Gorsky says that in his 30
years working in the pharmaceuti-
cal industry, he has never seen as
much collaboration between drug
makers and government, with
which “we were sharing informa-
tion in real time.” Drug makers
have also teamed up: “We all knew
that, while we competed in the
marketplace, the real competition
here is the coronavirus.”
Merck recently agreed to pro-
duce J&J vaccines in its factories.
In January Merck stopped develop-
ment of its two Covid-19 vaccine
candidates after early clinical trials
showed weak immune responses.
Merck’s vaccines used different vi-
rus vectors than J&J’s, but one had
shown success against Ebola.
J&J’s vaccine is the third to ob-
tain FDA approval, but preliminary
results from trials on AstraZeneca
and Novavax suggest they are also
highly effective. All these Covid-19
vaccines use innovative technolo-
gies that have been developed and
tested over decades on other dis-
eases. AstraZeneca’s vaccine is
similar to J&J’s, but uses a chim-
panzee adenovirus as a vector. The
Pfizer-BioNTech and Moderna vac-
cines inject the virus’s genetic code
via mRNA, which instructs human
cells to produce pseudo-spike pro-
teins, which in turn prompts an im-
mune response. Novavax’s vaccine
uses re-engineered spike-protein
clones.
A
bout 85% of vaccine candi-
dates fail in trials, and those
that succeed have historically
taken 10 to 15 years to develop. It
seems like an incredible stroke of
luck and science that we have so
many Covid-19 vaccines so soon.
But it’s more than that. Credit
years of research and investment
by drug makers, as well as govern-
ment collaboration during the pan-
demic, which Mr. Gorsky hopes will
outlast the pandemic.
“I think this is a golden mo-
ment, not only for Johnson & John-
son, but the biopharmaceutical in-
dustry,” he says. “We
fundamentally believe that having
a market-based, innovation-based,
biopharmaceutical as well as a
medical-technology environment, is
critical long term to produce the
best overall outcomes for health-
care.”
Ms. Finley is a member of the
Journal’s editorial board.
“Having a grid that could have
drawn more power from other states
would have done little to ease the
crisis,” Loren Steffy wrote in Texas
Monthly. “With most of the country
also facing bitterly cold tempera-
tures, the rest of the U.S. wouldn’t
have had much to spare anyway.”
Texas can’t afford to come within
minutes of total system failure ever
again, and the only way to ensure it
never happens is to reverse policy
choices that have tilted the state’s
energy mix in favor of inefficient and
unreliable sources. The mix needs to
be rebalanced, with an emphasis on
cheap, plentiful and reliable sources
such as natural gas, coal and nuclear.
Mr. Christian, a Republican, is a
commissioner of the Texas Railroad
Commission, which regulates the
state’s oil and gas industry.
school project and sat with his mum
in the parking lot as he took his
driver’s test. The four of us have
commiserated about our elderly par-
ents coping with isolation. And when
they dis America for its handling of
the pandemic, I counter with stories
of Aussie overreach—like the astro-
physicist who ended up in a hospital
with magnets stuck in his nostrils. He
was trying to invent a gizmo that
would sound an alarm if he tried to
touch his face.
Sometimes I imagine throwing a
big party for my pandemic posse in a
year or two, when everyone can
travel. I can see it now. Mingling
guests. Strolling magicians. Austra-
lian wine.
That’s a party I might actually enjoy.
Mr. Glassner is a former president
of Lewis & Clark College and author
of “The Culture of Fear.”
A12 | Saturday/Sunday, March 20 - 21, 2021 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Europe’s Gang That Couldn’t Shot Straight How Much Should One’s Intentions Matter?

I
t’s hard to think of a recent fiasco that can EMA’s approval process is more bureaucratic, Paul Bloom is close to the truth of was teaching. As I pored over Augus-
match the European Union’s Covid vaccine requiring input from all EU member states. the matter when he notes that ignor- tine’s account of his youthful pear
ing intent and imposing the harshest stealing, I was struck once again by
rollout. Protectionism, mercantilism, bu- Imagine if the FDA consulted all 50 states.
punishment is intended primarily to its careful (some might say obses-
reaucratic ineptitude, lack of But national governments harm (“When Intentions Don’t Mat- sive) attention to human motivation.
political accountability, crip- A string of vaccine also are allowed to make their ter,” Review, March 13). Calling for a Although Augustine was a middle-
pling safety-ism—it’s all here. bungles threatens health own safety rulings on an “culture of greater kindness” to aged bishop when he wrote the “Con-
The Keystone Kops in Brussels “emergency” basis. The U.K. counter that inclination is exactly fessions,” he reflects at considerable
and European capitals would and the global economy. used this option to approve what our society needs. But we are length on all of the possible inten-
be funny if the consequences the Pfizer and AstraZeneca currently a society without much tions that motivated his adolescent
weren’t so serious. shots quickly despite still be- kindness, and clearly not in the mood indiscretion: Was he hungry? Did he
But hospitalizations and deaths are rising ing an EU member late last year. to grant anyone the benefit of a simply desire to break the law? Did
again in Italy, Germany and France while success- Other governments used this discretion to doubt. Condemnation is insufficient; he desire to please his friends? What
ful vaccinations suppress illness and fatalities in slow-roll vaccines. EU capitals refused to follow cancellation is the preferred solution. kind of pleasure did such lawbreak-
Intention could have been used as ing afford him? In his careful analy-
the U.S., United Kingdom and Israel. To date the the U.K. in granting emergency-use authorization,
a mitigating factor to the level of sis of the intentions that motivated
U.S. has administered 34 doses per 100 residents, apparently for fear of hurting European solidarity. punishment in nearly every example his youthful actions in the orchard,
the U.K. has jabbed 40, and Israel has 111. Most But some governments have been happy to impose cited by Dr. Bloom. Intent isn’t al- Augustine emphasizes the depth and
vaccines require two doses. Compare that to unilateral blocks on the vaccine, as with the Astra- ways so hard to discern. For exam- complexity of human personhood.
about 12 in France, Germany and Italy. Zeneca clot kerfuffle. European regulators live by ple, in the case of the New Yorker Only human beings, Augustine im-
As the pandemic moves into its reopening the maxim “better safe than sorry,” but in this case journalist exposing himself, or the plies, endowed with will and intel-
phase, Europe’s mistakes will cost the rest of the they’re getting the sorry with no added safe. New York Times reporter’s quote, lect, have the ability to intend any-
world economically as the Continent struggles At least now, millions of doses are available for the absence of previous such activ- thing. Dr. Bloom’s account, with its
to exit lockdowns. Europeans who do want them. This wasn’t always ity would be a strong indicator of insistence on disregarding intention
i i i the case, after procurement bungles delayed deliv- lack of intent to harm. And rather in the moral evaluation of an action,
Take the latest fumble first. Various Euro- eries and nearly sparked several trade wars. Brus- than the ultimate punishment of fir- denudes human personhood.
ing, perhaps a timeout to reflect on PAULA MCQUADE, PH.D.
pean regulators and politicians spent this week sels officials last year jumped at the chance to the action would have been more Chicago
claiming the Oxford/AstraZeneca vaccine—the push common vaccine procurement to bolster the appropriate.
only one currently widely available in the EU— EU’s credibility with European voters. Buying on All of the current major move- It seems to me that we are willing
might be unsafe, only to rethink and now beg behalf of 500 million Europeans also was sup- ments for societal change reflect this to punish the agent of a bad outcome
people to start accepting it. posed to give the bloc more leverage with phar- all-or-nothing attitude. Whether it’s if either of two conditions is met—
This time the concern was that the jab caused maceutical companies. income inequality, racial equity or intent or failure to act responsibly.
blood clotting or problems with blood platelets It’s been chaos. The EU bureaucracy has little environmental change, each is en- Perhaps the definition of bad intent
in some patients. Some people who received the experience with procurement on this scale, and gaged in a war that has no room for can be expansive enough to include
vaccine developed blood clots, but the European it also struggled to strike bloc-wide deals for tolerance. Our elected officials need the moral laziness of irresponsibil-
Medicines Agency (EMA) found the vaccine was ventilators and protective equipment. Brussels to lead by example, and the voting ity—I decided not to take the trouble
public to make this a priority. Per- to understand my responsibilities.
not associated with an increase in the overall officials signed vaccine contracts months after
haps then, with kindness, we will Reserving punishment for bad out-
risk. the U.S. and U.K. did last year—and only after have a better chance at achieving all comes is pragmatic, but there are ex-
Among the 11 million or so vaccinated in the some European governments threatened to orga- of those important societal changes. ceptions where bad intent or failure
U.K., serious clots were less common than would nize their own procurement. JOSEPH P. PETITO to act responsibly are punished in
be expected in the general population. People Washington and London understood that cru- Bethesda, Md. the absence of bad outcomes, for in-
can develop clots for many reasons including cial to mass procurement was throwing large stance, a charge of driving under the
other health conditions and medications. amounts of R&D money at many companies in On the same day that I read Paul influence without any harm having
Covid-19 can also cause clots, so any risk-benefit hopes some would work. Brussels focused on hag- Bloom’s essay, I happened to reread been done (yet).
calculation favors vaccination. gling down the cost per dose. Europeans pay a Book 2 of St. Augustine’s “Confes- ROBERT SULLIVAN
This is of a piece with a distinctly European few dollars less per dose but ended near the back sions” in preparation for a class I Johns Creek, Ga.
safety-ism that has dogged the vaccine program of the shipment line.
since the start. Introduction of the AstraZeneca The EU response—a combination of threat-
jab was held up even after the EMA approved ened export curbs, noisy commercial disputes
it because bureaucrats in Germany claimed with pharma companies, and sour-grapes cavil- Adapting Classics for Modern Young Readers
there was no evidence it works in patients older ing about imaginary efficacy concerns—has While I appreciate Marilyn Green- propose that this would appeal to
than 65. mainly undermined Europe’s credibility on trade wald’s attempt to poke at the current post-World War II readers.
Fewer elderly patients were included in the issues. It also risks stoking vaccine nationalism wave of self-censorship in the form I am most familiar with the Tom
sample during the vaccine’s trial phase, but and trade restrictions elsewhere. of cancel culture, her article on Swift brand. Consider that the first
that’s as far as the truth to this claim went. It i i i Nancy Drew, the Hardy Boys and Tom in the series, “Tom Swift and his
was quickly rebutted—real-world evidence Could things have been different? The Trump Swift is so off base it renders the Motor-Cycle, or Fun Adventures on
available even then from the U.K. showed high Administration’s Operation Warp Speed demon- goal ineffectual (“Dr. Seuss, Meet the the Road” was high tech in 1910, but
Sanitized Sleuths Known as the would hardly be considered so in
efficacy in the older cohort—but not before strated how a large government can use its fiscal
Hardy Boys,” op-ed, March 13). the midcentury “atomic age.” The
French President Emmanuel Macron picked up resources to fund R&D in a crisis. The U.K. and Briefly, the rewrites were primarily first in the next series “Tom Swift
the theme. Israel have shown that small countries can le- intended and executed to drive a new Jr. and his Flying Lab” was high
Such careless talk deterred vulnerable elderly verage regulatory nimbleness to sprint ahead. wave of sales by reinvigorating their tech in 1954 and set against a Cold
Europeans from accepting the vaccine last But somehow the European Union—a continent- appeal to the next generation. The War background. The first in the
month. It also skewed priority lists. Younger wide political bloc composed of smaller nation- assertion that many parents assumed current (2019) series, “Tom Swift
teachers and university professors in Italy re- states—managed to get the worst of both their children were reading the same Inventors’ Academy—The Drone Pur-
ceived jabs ahead of the ill and elderly under a worlds. It’s suffering the lumbering bureaucracy books they had read as children is suit” shows that the publisher
scheme developed when officials claimed the of a large government and the squabbling ineffi- hard to fathom, since the new books hasn’t lost touch with the business
shot wouldn’t work for the old. ciency of a small one. are a fraction of the size of their pre- at hand of selling books.
One problem is that no one seems to be fully Europeans can debate at their leisure whom decessors. The result is a more hip, SHAWN DILLES
current, and relevant product. I chal- Vienna, Va.
in charge of monitoring safety and efficacy. to blame for this and how to keep it from happen-
lenge readers to actually complete
Nominally that’s the EMA’s job, and the agency ing again. The rest of the world can only hope one of the earlier versions and then We need to learn that we don’t
handled it with typical eurocratic aplomb. The they get their vaccination act together soon. need to destroy classic literature to
create the new.
Lady Bird Johnson Reduced RICHARD E. RALSTON
Nasdaq’s Wish Is the U.K.’s Command Littering, Benefitting All Los Angeless

R
eaders will recall the many problems
with Nasdaq’s recent proposal to add
a board diversity provision to its list-
ing rules for companies. Now comes the
United Kingdom to see Nasdaq and raise its
woke obligations.
The Nasdaq plan would encourage compa-
nies listed on the exchange to maintain a quota
of board members who are women or ethnic or
sexual minorities. The U.S. stock exchange is
trying to sweeten this unpopular pill by promis-
ing it would be optional. A company would ei-
ther hit the quota or explain to shareholders
why it hadn’t.
Britain’s financial regulator, the Financial
Conduct Authority, now wants to go one worse.
“As part of our regulatory work on diversity and
inclusion and the listings framework, we will
be exploring whether we should make similar
requirements part of our premium listing
rules,” FCA chief executive Nikhil Rathi said
Wednesday of the Nasdaq plan.
The FCA primarily regulates financial firms
Andrew Yang Takes On the Unions
so any new rule would apply to banks, insurers,
asset managers and the like. Mr. Rathi suggests
a diversity mandate could be shoehorned into
existing rules under which the FCA vets the
suitability of senior leaders at regulated firms.
He says this would be appropriate based on re-
search purporting to show diverse boards are
better at risk management, although such re-
search is highly debatable.
Mr. Rathi also argues that more diverse lead-
ership would somehow help financial institu-
tions better serve minority communities. Ex-
pect this point to resonate in Washington,
where the Biden Administration and Jerome
Powell’s Federal Reserve say they want to use
their regulatory powers over the financial sys-
tem to achieve diversity goals.
Investors and company managers in the U.S.
as well as U.K. are soon likely to discover that
there’s no such thing as a “voluntary” mandate.
Nasdaq says it will let companies opt out of its
plan—at least until regulators decide to opt ev-
eryone in anyway.
Judith Martin’s review of Julia
Sweig’s “Lady Bird Johnson” (Books,
March 13) might have mentioned a
significant fact about Mrs. Johnson’s
work: Her antilittering campaign was
dramatically and visibly effective. I
was a boy in the 1960s and didn’t
care about flower beds, but I looked
out the car window while my par-
ents drove. America’s roadsides were
covered with trash. By 1969, after
major billboard and TV ad cam-
paigns (“Please, please, don’t be a
litterbug, ‘cause every litter bit
hurts”), they were not, and it was
largely due to Lady Bird Johnson. To
my mind this is still the most effec-
tive first-lady project ever. Only
Betty Ford’s drive to lift the stigma
from treatment of substance abuse
comes close. Lady Bird Johnson
changed the daily habits of millions
of Americans.
DANIEL BERGER
Sandy Springs, Ga.
What Israel’s Covid Vaccine
Success Can Teach America
What Would Twain Have
Called Meghan and Harry?
Regarding Peggy Noonan’s “Why
We Care About the Royal Family
Feud” (Declarations, March 13): Ms.
Noonan is absolutely correct when
she dismisses as utter nonsense
Meghan Markle’s claim that, “As
Americans especially what you do
know about the royals is what you
read in fairy tales.” Apparently the
duchess has never stood in a super-
market line, where the rest of us
are accosted with the royals’ doings
through weekly tabloid headlines.
One would be hard pressed to find a
source further removed from fairy
tales and happy endings.
LISA LANE
Gainesville, Ga.
It’s ironic that two people who
fancy themselves as international
ambassadors can’t get along with
their own families.
DONNA BALON
Las Vegas, Nev.

N
ew York City families have become un- three days or fewer a week in-person. The New Regarding Tunku Varadarajan’s I’m not sure we do care about
willing homeschoolers in the last year York Post reported Friday that about 70% of chil- “The Weekend Interview with Nach- what Mark Twain might have called
as the pandemic shutdowns stretch on dren in the New York City school system are still man Ash: How Israel Became the “The Prince and the Squawker.”
and on. Credit mayoral candi- exclusively remote. The Post World Vaccine Leader” (March 13): DAVID J. GROSS
date Andrew Yang for calling The candidate for mayor also reported in January that While it is true that the Kupat Holim St. Augustine, Fla.
out the teachers unions for de- system and its four insurance groups
priving children of opportuni-
dares to challenge the more than one in 10 students
were absent, and in 134 schools would be very hard to replicate in the
ties to learn in-person. school lockdowns. a quarter or more of the stu- U.S. healthcare system, that is really Pepper ...
no excuse for not having a more coor-
“I will confess to being a dents were missing from class.
dinated effort. Almost every large
And Salt
parent that has been frus- Wealthy parents can hire tu-
hospital system in the U.S. now has THE WALL STREET JOURNAL
trated by how slow our schools have been to tors or send children to private schools, but the an integrated electronic medical-re-
open, and I do believe that the UFT has been a learning loss for poor kids will result in dispari- cord system and has the ability to
significant reason why our schools have been ties that could last a lifetime. query databases to identify and reach
slow to open,” Mr. Yang told Politico, referring Mr. Yang also supports charter schools, out to patients based on age and
to New York City’s powerful United Federation which the unions have tried to destroy. “Unfor- chronic conditions.
of Teachers. tunately, I think the main argument [against Putting the onus on patients to
Mr. Yang is right. The UFT endorsed current charters] is a political one, where teachers register for vaccinations is where the
Mayor Bill de Blasio, and its parent union also unions hate charters,” he said in a 2019 inter- system has failed miserably.
gave $350,000 to the mayor’s nonprofit amid view. “Teachers’ unions are a very, very power- JOE WELFELD
Teaneck, N.J.
contract negotiations. Throughout the pan- ful constituency. And so some politicians have
demic, the UFT has driven the classroom clo- said ‘I’m better served by getting behind this
Letters intended for publication should
sures, leaving students and parents hostage to point of view.’” be emailed to wsj.ltrs@wsj.com. Please
their demands. Mr. Yang is leading in the early polls in this include your city, state and telephone
High schools will finally reopen Monday, fol- year’s mayoral race, and you can bet he’ll now number. All letters are subject to
lowing elementary and middle schools. Yet under be union enemy number one. New York’s par- editing, and unpublished letters cannot “If this doesn’t work
be acknowledged.
the “blended learning” system, students still get ents and children should be grateful. I’ll turn on the heat.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 20 - 21, 2021 | A13

OPINION

Andrew Cuomo Plots His Survival

But the crowd, while pumped, was Cuomo must be finished. But early
not numerous, and the speakers were polling is surprising. Even after the
old. Mr. Rangel is 90, Ms. Dukes 89. I nursing-home scandal, and the
wondered what kind of pull they women, a majority don’t back his re-
DECLARATIONS have in this young city. moval. Maybe it’s impeachment fa-
By Peggy Noonan Still, it was a shot fired back when tigue, maybe it’s not wanting more

W
you thought he was all out of ammo. big change after Covid, but maybe
e’re seeing some Some thoughts on Mr. Cuomo too it’s connected to this: The state’s
Grade A, first-class, from a long time observing him: budget is being negotiated. The Leg-
brass-knuckle politics He is in politics. He wants to win islature, increasingly under the sway
in the state of New and he wants to be the man in charge of the progressive left, wants sharply
York. Wednesday and he wants everyone to know his higher taxes on income, capital gains,

SETH WENIG/POOL VIA REUTERS

there was an event in Harlem osten-
sibly to publicize a pop-up vaccina-
tion clinic at Mount Neboh Baptist
Church, where the embattled gover-
nor, Andrew Cuomo, was vaccinated
(the Johnson & Johnson one-shot). It
was really a planned and raucous
rally for a governor under impeach-
ment threat and accused of sexual
harassment and nursing-home
deaths.
Civil-rights veterans, clergy and
politicians rallied ’round the gover-
nor, who for the first time in many
Under scandal’s cloud and
impeachment’s threat,
New York’s governor
decides not to go quietly.
weeks seemed in a bouncy mood, in
part because he’d banned the press—
his office claimed “Covid restric-
tions”—which kept them from asking
questions that got in the way of the
message, which was: The people are
with Andrew. Former Rep. Charlie
Rangel, who’d been dean of New
York’s congressional delegation, said,
“When people start piling up on you
. . . you go to your family and you go
to your friends because you know
they are going to be with you.” Hazel
Dukes, president of the state NAACP,
called Mr. Cuomo her son. “Thank
you, governor, for all you have done,
we stand with you.”
It was one of those moments
when politics has real human energy.
power and bow to it. He is a Demo- estates. Andrew Cuomo doesn’t want
crat because he inherited it from his big increases because he doesn’t
family and neighborhood, and any- want the rich fleeing New York.
way Republicans have cold hearts, Congress’s Covid relief act but-
except for liberal Republicans, with tresses his position: There’s a lot of
whom you can make a deal and who money in there for New York. But
in many ways are preferable to Dem- progressives want the hikes anyway,
ocratic pols except they have a blind- because they believe in it and be-
ness, they act as if politics is an ear- Andrew Cuomo gets the vaccine in Harlem Wednesday. cause they grew up in a rich country
nestness contest. It’s not, it’s a game! and state and can’t imagine anything
But that’s their problem. and daily briefings. Specificity im- It went to his head. Having won they do could make them less so.
He was late to see what the coro- plies you actually know things. Every plaudits for taking control, he took The move against Mr. Cuomo the
navirus was. In his statements in day he’d make news—number of in- more. His plans on openings and past few months has come from the
early March he warned against “inor- fections, deaths, new cases, how closings were increasingly compli- left, not the right; from the young,
dinate fear” and said what happened many hospitalized, how many in in- cated. The whole system began to not the old. Albany Republicans don’t
in Europe probably wouldn’t happen tensive care. It was granular—where look arbitrary and nutty. He started mind him much; Albany progressives
here because we have the best hospi- the state is getting ventilators, the going from sincere papa to authori- do. He’s in their way. Some would be
tals. Weeks later, when New York was complexities of competing with other tarian nincompoop. (It happened to pained by what happened in the
the epicenter of the virus, Thomas states for personal protective equip- Gavin Newsom in California, too.) nursing homes, some by the testi-
Frieden, former head of both the ment. He joined this with wholly the- Then news began to filter out that mony of the women, but all want him
New York City Health Department atrical and fully welcome arias about while he was leading verbally he had weaker in the budget fight. Or gone,
and the federal Centers for Disease the meaning of family, what love is, made a harrowing behind-the-scenes replaced by a new governor with no
Control and Prevention, said if New who New Yorkers are. mistake—mandating that nursing time to build a wall of competence.
York had moved two weeks earlier its In the week of April 3, the height homes accept those known to be in- It’s interesting Mr. Rangel and Ms.
death toll could have been cut by of the crisis, he announced America’s fected. When he had said from the Dukes came out against them.
50% to 80%. nurses were on their way: “Twenty beginning that he knew the old were Mr. Cuomo won’t resign because
But once Mr. Cuomo understood thousand health professionals said, most vulnerable. he doesn’t care what you think. He
what the pandemic was, he moved. It ‘I’ll leave my home and come to your He would admit nothing, but his really isn’t interested!
gave him a cause, a focus, a role— state.’ ” New York would “systemize top assistant did, in a conference Thursday I watched his daily
savior in a crisis. And there was a that volunteerism, systematize that call. The state attorney general broke briefing. He’s got his mojo back. He
vacuum to fill. generosity, that charity and that ex- the story open with a lacerating re- was laughing, philosophizing. He’s
The White House wasn’t capturing pertise, and that’s how we beat this port and announced an investigation. opening things at a speedier clip
the moment, they were fleeing it— damn virus as it marches across the Then, one by one, seven women than in the past. Time for baseball!
it’s no big deal, no worse than the country.” came forward with charges of sexual “It has been a long dark winter . . .
flu, tests are available to everyone, Those briefings were spectacular. harassment, some of which, they al- Spring is upon us.”
maybe you can inject disinfectant, Someone had to seem in charge, leged, were committed during the He can’t, he’s said, take questions
buy in the dip. They gave up all ver- someone had to rouse and rally. pandemic year. Every reporter in on the scandals anymore: They’re un-
bal leadership. He deserved the stupid Emmy. town started to write about the se- der investigation, the process must
Mr. Cuomo seized it. None Now, nemesis: his ego. He’d grown cret that isn’t a secret: He’s a bully take its course.
thought him sweet, but it takes a popular, even beloved. A Siena Col- who surrounds himself with toxic en- He is playing for time and has
mean man to beat a mean virus. He lege poll in late April put his overall forcers. An impeachment effort is un- come to believe he’ll escape with his
used the same tools Rudy Giuliani favorability among New Yorkers at der way. life. Doesn’t seem fair, does it? But
used after 9/11: specificity, eloquence 77%. So with all this trouble, Mr. that’s why he’s smiling.

Deconstruction, Identity and the Dying Art of Criticism

By James Campbell ity to a point of perfection. The the criticism that attaches itself to privilege of correcting it? Anyone who gives even passing

I
magine a group of bookish folk
sitting around having a conver-
sation about literature. Some
work in the English departments of
nearby universities. One ventures
the idea that “a performative model
of subject formation cannot be
thought apart from its implication in
regulatory practices operating
within discursive regimes that cir-
cumscribe the ‘materiality’ of the
subject through the citationality of
norms.”
What does it mean? Before anyone
can decide, another participant mus-
cles in: “The foreclosure of the per-
formative in the Victorian novel,” he
says, “is thus the condition of possi-
bility of its disciplined re-emergence
as the illocutionary hallucination of
the performative as a material event
of subjectivity that emerges in a dis-
cursive nexus that can be generally
named ‘impersonation.’ ”
style derives from the project each. John Ashbery’s cryptic poem Such challenges render the “com- attention to the composition of
loosely known as deconstruction. “Self-Portrait in a Convex Mirror” mon pursuit” implausible in today’s book-prize short lists and the
Conceived in Paris to address sub- doesn’t yield its meaning in the way literary climate. First-rate main- awarding of creative endowments is
jects relating to power and privilege a poem by Robert Frost does. But stream critics are still at work, in aware of how this new form of cor-
in society, and to investigate their with persistence on the reader’s this journal and others, but concepts rection has become a leading driver
workings in the literary canon, it be- part, and insight from a helpful like taste and judgment have fallen in the way decisions are made.
gan a takeover of English studies in critic, Ashbery’s poem opens onto a beneath the wheels of new watch- Some good may come of it, but be
the 1980s. The reverberations are new aesthetic vista. All hail the words: wariness of “gatekeepers” frank about the fact that gender and
felt today in the “decolonization” of critic, then, whose function, as Eliot (meaning, broadly, editors), for one. racial diversity are now essential
curricula—the latest step being the put it, is “the common pursuit of Any “correction,” the reasoning components in all areas of contem-
banishing of allegedly “white su- true judgement and the correction goes, should have to do with “his- porary critical judgment. You can
premacist” ancient classics—and in of taste.” toric underrepresentation.” Here, call it the common pursuit of social
the toppling of statues and the re- How appealing it sounds. And the untrammeled imagination pres- justice. Or you could put it another
naming of schools. how obsolete. What our imaginary ents itself not as a fount of inven- way: Identity approval trumps criti-
Until Jacques Derrida, Michel Fou- friends discussing “discursive re- tion but an instrument of oppres- cal approval.
cault and others revolutionized liter- gimes that circumscribe the ‘materi- sion. If the end is to correct an
ary studies, specialist writing was re- ality’ of the subject” would make of unjust balance of power, the means Mr. Campbell was an editor and
served for specialized disciplines— these terms can be guessed. Whose must involve the abolition of quaint columnist for the Times Literary
abstract algebra, for example. But taste, after all? And who holds the concepts such as “taste.” Supplement for many years.
literature by its nature resists mar-
ginalization. Since the time of Homer,
it has been the common cultural con-
versation. The greatest writers in
English, from Chaucer to Whitman by
Will We Be Ready if GPS Goes Down?
way of Shakespeare and Dickens, By Diana Furchtgott-Roth national Airport not to hackers but based company, performed

Understanding literature
was once a common
cultural pursuit. Now
it’s about political power.
You might think I’ve made this up.
But while the group members don’t
exist, the sentences do. They are
taken from a book published by Uni-
versity of Michigan Press about “the
novel.” I withhold the title and au-
thor’s name out of charity. These are
examples of a way of writing common
in academia. It is solipsistic, “perfor-
mative”—one of its favorite expres-
sions—and sealed. No one speaks like
this and no one ever will.
Yet the book in question would
have been peer-reviewed, like all
university press publications, and
was no doubt courteously received
by the author’s friends. It is a form
of writing that has brought exclusiv-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
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Deputy Editor in Chief Managing Editor
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News Strategist, Product & Technology Officer
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G
have all been popular writers. Only in
the 20th century did the notion of PS is vital to Americans, but
literary elitism emerge, and only in hacking it has never been eas-
the second part of the century did ier. Protecting the civilian
critical inquiry begin its evolution to- Global Positioning System, an invisi-
ward the kind of writing I quoted. ble utility the federal government
Since none but a few can understand pays for, falls to Transportation
it, it must be the most elitist literary Secretary Pete Buttigieg. He would
genre ever known. do well to use the results of the
I have been drawn to literary criti- Transportation Department’s Janu-
cism since books became central to ary report on technologies that can
my existence. Critics as unalike as back up GPS and keep the country
T.S. Eliot and Virginia Woolf guide moving in a pinch.
the reader toward a wider apprecia- Three separate laws, most re-
tion than might otherwise be possi- cently the Frank LoBiondo Coast
ble. In many cases, the critical writing Guard Authorization Act of 2018,
is as engaging as the work under dis- assign the Transportation Depart-
cussion. And it helps to keep the right ment the task of providing a backup
words in the right order. “If there to GPS. The LoBiondo Act required
were better criticism, there would be the secretary to put in place a
better books,” Toni Morrison told the backup system by the end of 2020,
New Republic in 1981. but no funds were appropriated, so
It isn’t difficult to see how criti- the department couldn’t proceed.
cism gets a bad reputation. But a Although Congress hasn’t fol-
reader may thrill to the formalism of lowed through with the money, the
Alexander Pope on Monday and DOT’s new report lays out a road
revel in the informality of Allen map. The department tested 11 tech-
Ginsberg on Tuesday, engaging with nologies that could be used in the
absence of GPS signals, including
terrestrial radio signals, fiber net-
works for timing, Iridium satellites
for encrypted signals, and Wi-Fi and
Robert Thomson
Chief Executive Officer, News Corp
cell signals for localization. This
Almar Latour
isn’t a partisan issue. Congress
Chief Executive Officer and Publisher should allocate funds now.
DOW JONES MANAGEMENT: GPS depends on satellites, which
Ramin Beheshti, Chief Technology Officer; can be damaged by electromagnetic
Kamilah Mitchell-Thomas, Chief People Officer; storms or military attack. Even with
Edward Roussel, Chief Innovation Officer; the satellites intact, hacking inci-
Christina Van Tassell, Chief Financial Officer
dents proliferate, using inexpensive,
easily available hardware.
OPERATING EXECUTIVES:
Jason P. Conti, General Counsel; In 2019 the British oil tanker
Frank Filippo, Print Products & Services; Stena Impero was lured into Iranian
Kristin Heitmann, Chief Commercial Officer; waters in the Strait of Hormuz
Nancy McNeill, Corporate Sales; while its GPS, “spoofed” by the Ira-
Thomas San Filippo, Customer Service; nians, told navigators it was in in-
Josh Stinchcomb, Advertising Sales;
ternational waters. The ship was
Suzi Watford, Chief Marketing Officer;
Jonathan Wright, International
captured and its crew imprisoned in
Iran for 10 weeks.
Professional Information Business: Some GPS interference is unin-
Ingrid Verschuren, Deputy Head tentional. In January the Federal
Aviation Administration traced pi-
lots’ loss of GPS signal approaching
North Carolina’s Wilmington Inter-
to competing wireless signals from
a nearby sewage plant. “It’s scary to
be losing GPS a mile and half from
the runway,” Thomas Goodwin, a
member of the Wilmington Pilots
Association, told me.
The Coast Guard collects reports
of gaps in GPS coverage all over the
world. Examples in the last months
of 2020 include ships in the Medi-
terranean and the Gulf of Suez, sur-
veyors in Wyoming’s Bull Lake Dam,
and a driver in Seattle.
The Transportation
Department has ideas
for a backup, but it needs
money from Congress.
Pokémon Go, the augmented-real-
ity game released in 2016, prompted
armies of teen hackers to spoof the
GPS on their phones, fudging their
real locations for advantage. A pro-
gram called iMyFone AnyTo adver-
tises: “Change GPS Location on iOS
Device in 1 Click.” Criminals hijack
trucks, steal cargo and ship stolen
vehicles in containers by jamming
GPS signals to disable tracking de-
vices. Truckers interrupt port oper-
ations by using GPS jammers to de-
feat fleet-tracking systems.
When the first computers went
on the market, no one saw a need
for the now-ubiquitous antivirus
software. Similarly, GPS was free
from hacking in its early days, but
today it needs protection. “The best
way to protect GPS and satellite
systems is to focus on protection of
spectrum, tougher receivers and
augmenting sources of positioning,
navigation and timing,” says retired
Adm. Thad Allen, a former Coast
Guard commandant.
The Transportation Department
report concluded that multiple tech-
nologies should be used to comple-
ment GPS. NextNav, a California-
particularly well in urban areas with
its Metropolitan Beacon System, a
terrestrial network of long-range
broadcast beacons. In rural and
maritime areas, the Virginia-based
Satelles displayed outstanding tim-
ing and location solutions, delivered
over the Iridium constellation of 66
low-Earth-orbit satellites.
The stakes are high. Americans
use more than 900 million GPS re-
ceivers. You’ll find them in cell-
phones, commercial trucks and
buses, and railroads. More than
100 million cars have navigation
systems. Ships, planes and drones
use GPS for navigation. Trucks use
GPS not only for location services
but also for electronic logging de-
vices, which show whether drivers
have been driving for too long and
getting sleepy. Emergency respond-
ers use GPS rather than maps to
locate accident sites and get peo-
ple to the hospital. You don’t want
to be waiting for the firetruck or
ambulance when GPS is hacked or
disrupted.
John Deere tractors reduce agri-
cultural costs by pinpointing pre-
cise locations to plant seeds, water
and fertilize. The construction in-
dustry uses GPS to do the same
with nails and studs. Surveyors use
GPS for measurements that are out
of their line of sight, especially in
waterways. Electric power plants
rely on the technology to synchro-
nize generators and distribute en-
ergy to the grid.
Americans depend on GPS too
much for the federal government to
wait for it to fail. A reliable backup
is needed as soon as possible.
Ms. Furchtgott-Roth, former dep-
uty assistant secretary for research
and technology at the U.S. Trans-
portation Department, is an adjunct
professor of economics at George
Washington University.
Holman W. Jenkins, Jr. is away.
A14 | Saturday/Sunday, March 20 - 21, 2021 * *** THE WALL STREET JOURNAL.

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China to
Restrict
Tesla Use
By Military
BY KEITH ZHAI
AND YOKO KUBOTA

China’s government is restricting

the use of Tesla Inc.’s vehicles by
military staff and employees of key
state-owned companies, citing con-
cerns that data the cars gather could
be a source of national security
leaks, according to people familiar
with the effort.
The move follows a government
security review of the electric-vehi-
cle maker’s products, which Chinese
officials said raised concerns be-
cause Tesla vehicles’ cameras can re-
cord images constantly, the people
said, and obtain data including
when, how and where the vehicles
are being used as well as the contact
lists of mobile phones synced to
them. Beijing is concerned that some
data could be sent back to the U.S.,
the people said.
Chinese leader Xi Jinping has in-
creasingly moved the country away
from foreign technology as its tech-
nological fight with the U.S. intensi-
fies. The move appears to mirror
U.S. restrictions on communications
equipment made by Chinese compa-
nies including Huawei Technologies
Co., the tech giant Washington has
labeled a national security threat
over concerns it could spy for Bei-
jing—allegations that Huawei denies.
Fears over how tech manufactur-
ers handle data also underscore how
the growing popularity of highly dig-
italized cars—loaded with cameras
and sensors and with built-in con-
Please turn to page B2

Fed to End
Emergency
Capital Break
For Banks
How Tech’s Triopoly Won BY ANDREW ACKERMAN
AND DAVID BENOIT

WASHINGTON—The Federal Re-

serve said it was ending a yearlong re-
prieve that had eased capital require-

The Advertising Game

ments for big banks, disappointing
Wall Street firms that had lobbied for
an extension.
NICOLAS ORTEGA

Friday’s decision means banks will

lose the temporary ability to exclude
Treasurys and deposits held at the
central bank from lenders’ so-called
supplementary leverage ratio. The ra-
tio measures capital—funds that
Google, Facebook and Amazon now collect more than half of all ad dollars spent in the U.S. banks raise from investors, earn
through profits and use to absorb
The pandemic economy helped them control the board. losses—as a percentage of loans and
other assets. Without the exclusion,
Treasurys and deposits count as as-
BY KEACH HAGEY sets. That will likely force banks to
AND SUZANNE VRANICA hold more capital or reduce their

W
hen the pandemic up-
ended the economy last
year, companies took a hard look at their
advertising plans.
Oreos maker Mondelez International
Inc. shifted money meant for TV commer-
cials during March Madness basketball
and the Summer Olympics into digital platforms. A hefty
chunk went to Alphabet Inc.’s Google, which offered data on
what locked-down snack lovers were searching for.
Athleisure company Vuori Inc. more than tripled its spend-
ing on Facebook Inc., spotting a chance to holdings of those assets, both of
juice sales of its sweatpants to people stuck which could ripple through markets.
at home. Office-furniture maker Steelcase Inc. built an opera- Analysts have been keying on the
tion to sell directly to workers and advertised aggressively on issue, which is widely viewed on Wall
Amazon.com Inc. Street as carrying potential implica-
The Big Three of digital advertising—Google, Facebook and tions for markets from bonds to
Amazon—already dominated that sector going into 2020. The stocks to commodities.
pandemic pushed them into command of the entire advertising Some analysts had warned that the
economy. According to a provisional analysis by ad agency exemption’s sunset could add to vola-
GroupM, the three tech titans for the first time collected the tility in the $21 trillion market for U.S.
Please turn to page B8 Please turn to page B13

To Attract Black Employees,

Companies Move to Them
More firms are expanding their office footprints to cities
like Atlanta, where the workforce is more diverse
BY TE-PING CHEN

Silicon Valley has a diversity problem, one Inc. and Foursquare Labs Inc., but increas-
that even Tristan Walker’s 4-year-old son ingly, he was seeing its limitations.
could see. “We definitely lost out on compelling tal-
RITA HARPER FOR THE WALL STREET JOURNAL

In 2018, after making a trip to the super-
market with his father in Palo Alto, Calif., Mr.
Walker’s son observed, “Palo Alto is where all
the white people are.”
It was a moment that struck Mr. Walker,
who is Black, not just as a father—but as a
CEO. As the head of Walker & Co. Brands, a
startup making personal-care products for
people of color, he’d noticed it was sometimes
hard to recruit people to come to Silicon Val-
ley. The area was expensive, and not particu-
larly diverse. Mr. Walker had been drawn
there in 2008 and worked at both Twitter
ent,” says Mr. Walker, 36 years old. He de-
cided to move his family—and his company—
to the majority-Black city of Atlanta instead.
In recent years, companies have moved
their headquarters out of the suburbs and
downtown to court younger workers. Now
more companies are adding new office foot-
prints as a way to recruit ethnically diverse
talent, too. Atlanta, in particular, has drawn a
number of boldfaced names, many in tech.
Microsoft Corp. is investing $75 million in an
Atlanta facility it says will create 1,500 jobs.
Please turn to page B6 Tristan Walker, above with his elder son, Avery, moved his company and family to Atlanta.
B2 | Saturday/Sunday, March 20 - 21, 2021
TOYOTA MOTOR CORP.
 The Texas freeze is now a
supply chain nightmare for
TM auto makers. Toyota and
Honda Motor Co. said
1% Wednesday they would halt
production at North American
plants after power outages brought the
world’s largest petrochemical complex to
a standstill. Toyota cited a shortage of
petrochemicals for curtailments at a
Kentucky factory and production cuts of
a pickup truck built in Mexico. Honda
pointed to port problems, the semicon-
ductor shortage, pandemic-related issues
and the crippling U.S. weather. American
depositary shares of Toyota added 1%
Wednesday.
AMAZON.COM INC.
 Amazon hopes to score a
touchdown following a new
AMZN deal with the National Foot-
ball League. The tech giant
1.6% will become the new home of
“Thursday Night Football”
starting as soon as 2022, one of the
long-term media deals the NFL unveiled
Thursday. ESPN will hold on to “Monday
Night Football” and its sister network
ABC will join the rotation of broadcast-
ers who televise the Super Bowl. The
new deals show that the league is try-
ing to embrace the digital platforms
that attract younger audiences without
alienating fans used to watching games
on TV. Amazon shares rose 1.6% Friday.
ON BUSINESS | CHARLEY GRANT
Losing Dollars
By Pinching
Pennies
Corporate America keeps costing itself big
by not preparing for trouble
This time a year
ago, Navin Katyal’s
phone wouldn’t stop
ringing.
The head of
Pfizer’s North Ameri-
can hospital unit,
which sells 165 medications like an-
tibiotics, analgesics and sedatives
for patients on ventilators, was re-
ceiving the same message from his
thousands of customers as Covid-19
spread: We need more medicine,
and we need it now. “Unprece-
dented demand all at once,” he said
to me this week. To respond prop-
erly to the crisis, Pfizer had to
crank up production but also deter-
mine whose requirements were
most urgent. “Just as with products
like toilet paper, we had to sort out
who was using the drugs and who
was stocking up,” he said.
Pfizer is hardly the only company
forced to figure it out on the fly:
The Wall Street Journal reported
this week that supply-chain woes
have mounted world-wide for all
sorts of businesses, thanks to the
pandemic and other disruptions.
The world is learning that a just-in-
time inventory system and a short-
term focus on maximizing return on
investment is no match for a restive
Mother Nature.
Mr. Katyal’s unit sells items that
carry low profit margins, but no
one doubts their importance after
the pandemic. The emergency
ramp-up of those products was a
China to
Restrict Use
Of Teslas
Continued from page B1
nectivity letting car makers amass
data—might pose new privacy and
national security risks.
Tesla vehicles have eight sur-
round cameras, 12 ultrasonic sensors
and a radar supporting a driver-as-
sistance system called Autopilot, the
company said on its website. The
Model 3 and Model Y vehicles also
have a camera inside the cabin, in-
stalled above the rearview mirror.
The cameras enable a feature sim-
ilar to a home-security system that
lets customers monitor the area
around their parked vehicle and
download video. The operational and
diagnostic data that Tesla vehicles
regularly collect may be transmitted
over the air to the company’s serv-
ers, Tesla has said, noting that own-
ers must opt in for camera record-
ings to be shared. Tesla uses those
THE BUSINESS WEEK IN 7 STOCKS
PERFORMANCE OF HOTEL STOCKS THIS PAST WEEK
Source: FactSet
16%
14
12
10
8 cluding Germany, France, Italy and Spain
6 campaigns. Many European countries re-
4 cause of concerns, slowing the sluggish
2 depositary shares of AstraZeneca lost
0
–2
–4
Mon. Tues. Wed.
EXTENDED STAY AMERICA INC.
 The beaten-down hotel industry is stirring back to
life. Blackstone Group and Starwood Capital Group
STAY said Monday they teamed up to buy Extended
13% Stay for $6 billion, the largest hotel acquisition
since the start of the pandemic. The move signals expecta-
tions for increasing demand after the new coronavirus
caused most tourism, conventions and travel to disappear.
Extended Stay shares jumped 13% Monday.
success: It was able to quadruple
normal production rates of nine
drugs that were in especially high
demand. But for its customers, it
was too late to avoid the damage.
No stockpiles of essential medicines
or personal protective equipment
for medical staff made the early
stages of the pandemic deadlier and
more disruptive than it otherwise
might have been.
The situation also wreaked finan-
cial havoc on hospitals, which fur-
ther affected patient care. Suddenly,
elective surgeries like hip replace-
ments were too risky to perform for
many hospitals, and a key profit
center was lost. Medical equipment
with seven-figure price tags was
mothballed for want of items like
masks, gloves and gowns.
Public-health disruptions aren’t
the only sort that businesses have
to worry about. Severe winter
weather in Texas last month froze
generators’ water-intake facilities
and knocked out power for days,
snarling local economic activity in
the process. Utilities were caught
off guard by the weather, even
though such extremes aren’t en-
tirely new. In a business world
where maximizing return on invest-
ment has long been the highest pri-
ority, corporate America has a way
of costing itself big by not ade-
quately preparing for trouble.
So why do similar mistakes keep
playing out? In the case of Texas,
strategist Michele Wucker points
recordings to improve its driver-as-
sistance systems.
The Chinese government has told
some of its agencies to ask their em-
ployees to stop driving Tesla cars to
work, the people said. Some of the
people said Tesla cars were also
banned from driving into housing
compounds of families with person-
nel working in sensitive industries
and state agencies. The agencies told
them that the government worries
Tesla vehicles can be in recording
mode constantly, using cameras and
other sensors to log various data in-
cluding short videos, among other
concerns.
The restriction applies to all indi-
viduals in military complexes, gov-
ernment agencies and sensitive
state-owned enterprises such as
aerospace firms, the people familiar
with the effort said. China’s State
Council Information Office didn’t re-
spond to a request to comment.
Tesla declined to comment on the
government’s move. It referred The
Wall Street Journal to a previous
comment to Chinese media over ear-
lier data-security concerns: “Tesla’s
privacy protection policy complies
with Chinese laws and regulations.
Tesla attaches great importance to
THE SCORE
Extended
Stay America
Marriott
International
Hilton
Worldwide
Holdings
Thurs. Fri.
out that the massive financial losses
are distributed among homeowners,
renters and businesses that need a
reliable grid to function. Those enti-
ties didn’t have a say in whether
equipment should be winterized.
“Businesses are basically being sub-
sidized for taking unwise risk when
the consequences of bad decisions
fall mainly on customers and tax-
payers,” said Ms. Wucker, author of
the new book “You Are What You
Risk: The New Art and Science of
Navigating an Uncertain World.”
The end result is that the benefits
of risk-taking are privatized, while
the consequences of bad decisions
can be socialized. The short-ter-
mism that Wall Street often de-
mands of CEOs doesn’t help.
The implications are worrying:
Bad incentives are much more diffi-
cult to fix than they are to identify.
As for hospital shortages, things
the protection of users’ privacy,” the
auto maker said. It also said in-car
cameras aren’t turned on for all
Tesla vehicles in China.
Governments more widely have
taken steps to treat their citizens’
data as a national security issue and
restrict its storage and sharing. The
Trump administration last year
pushed Chinese video-sharing app
TikTok to relocate data on American
users to the U.S. The European
Tesla vehicles’ cameras
can record images
constantly, which raised
concerns.
Union imposed curbs on overseas
data transfers two decades ago and
broadly tightened policy with its
General Data Protection Regulation.
India has erected roadblocks through
special requirements for how U.S.
tech companies structure their oper-
ations and handle data collected
from Indian customers.
Concerns about the use of cam-
eras for spying around national se-
* ***
ASTRAZENECA PLC
 Some European countries will
resume vaccinating residents
AZN after AstraZeneca’s Covid-19
vaccine was cleared of blood-
0.2% clot concerns. The European
Union’s health agency on
Thursday said the vaccine was “safe and
effective” and didn’t increase the risk of
blood clots, prompting bloc members in-
to say they would resume inoculation
cently suspended the vaccine’s use be-
vaccination rollout in Europe. American
0.2% Friday.
FEDEX CORP.
 Last month’s U.S. winter
storms didn’t stop FedEx
FDX from delivering a profit. The
package giant reported
6.1% Thursday that profit nearly
tripled in the latest quarter
and revenue rose 23%, despite signifi-
cant delays from the winter freeze that
disrupted delivery operations and
sapped profit by $350 million. FedEx,
like its competitor United Parcel Service,
has been handling a surge in e-com-
merce orders during the pandemic as
more people shop from home, and
FedEx executives said they expected
that trend to continue. FedEx shares
gained 6.1% Friday.
aren’t as simple as executives fail-
ing to prepare for trouble, explains
Mr. Katyal. They have significant
cost pressures of their own. Bulk
contracting can help hospitals use
collective buying power to bring
down expenses, but that has a
downside: A 2019 report from the
Food and Drug Administration high-
lighted a lack of financial incentives
to maximize production of certain
drugs, coupled with contracts that
could reset prices for manufactur-
ers without warning.
Clearly, there is value in fixing
the next societal pressure point be-
fore it bursts, not after. Scientists at
Genentech and parent company
Roche are working to develop new
classes of antibiotics to keep up
with the growing threat of antibi-
otic resistance. “So much of our
practice of modern medicine re-
quires good infection control,” ex-
curity facilities aren’t limited to
China. The U.S. Congress passed leg-
islation in 2018 prohibiting federal
agencies from buying equipment
made by several Chinese firms. The
legislation was driven by concerns
that use of the equipment on U.S.
military installations, police depart-
ments and embassies posed security
vulnerabilities the Chinese govern-
ment might exploit. Rules directing
agencies to stop buying the equip-
ment and to not renew contracts in-
volving use of the cameras have
proved difficult to implement.
The China market has become in-
creasingly important for Tesla. De-
liveries in the country last year
helped the company achieve roughly
500,000 vehicle deliveries globally, a
record. Tesla Chief Executive Officer
Elon Musk has been widely feted in
China for years.
But Tesla has faced regulatory
scrutiny as it ramps up production
in China. Authorities summoned the
company last month over consumer
complaints about quality issues.
Mr. Musk is set to participate re-
motely Saturday in an annual, state-
hosted global economic gathering in
Beijing called the China Develop-
ment Forum, where he is expected to
THE WALL STREET JOURNAL.
UBER TECHNOLOGIES INC.
 Uber is making a costly shift
in the U.K. The ride-hailing
UBER company said Tuesday it will
reclassify its U.K. drivers as
4.2% “workers” rather than inde-
pendent contractors, entitling
them to vacation pay and pension con-
tributions. Uber announced the changes
after losing its final appeal of lower-
court decisions that granted former
drivers a type of U.K. status that falls
between employee and self-employed. In
November, Uber won a major ballot bat-
tle in California that exempted it from
having to reclassify its drivers as em-
ployees eligible for broad benefits. Uber
shares lost 4.2% Wednesday.
JPMORGAN CHASE & CO.
 A yearlong reprieve for Wall
Street is coming to an end.
JPM The Federal Reserve said Fri-
day that it would not extend
1.6% emergency relief that eased
capital requirements for big
banks during the pandemic, putting
pressure on bank stocks. The reprieve
temporarily excluded one-year Treasurys
and deposits held at the central bank
from banks’ supplementary leverage ra-
tio calculation, allowing banks to replace
their stockpiles of safe assets with
loans to cash-strapped borrowers. Banks
had pressed for an extension. JPMorgan
Chase shares fell 1.6% Friday.
—Francesca Fontana
DAN PAGE
plained Genentech vice president
and staff scientist Man-Wah Tan;
basic dental procedures and routine
surgeries could eventually become
too dangerous to perform were the
problem left unchecked.
Figuring out how to incentivize
more development is also a chal-
lenge. After all, a new antibiotic
that can tackle drug-resistant infec-
tion should be used sparingly in or-
der to preserve its useful life, ac-
cording to John Young, head of
global infectious disease research at
Roche, making it a challenge to sell.
Anticipating what’s coming next
has always been a good way for
companies to turn a profit. But in
less turbulent times, executives
have often been rewarded for
pinching pennies instead. Over the
past year it’s become clear that
pinching too hard can cost them,
and their customers, dollars.
make a speech. Attendees generally
include Chinese officials.
China has for some time treated
data as a national security matter.
The country operates what is called
the “Great Firewall,” limiting the
services people in the country can
use and the information they re-
ceive. Beijing blocks access to ser-
vices run by Facebook Inc. and Al-
phabet Inc.’s Google, steering them
toward Chinese-owned alternatives
it controls increasingly tightly.
Beijing has sought to bolster
China’s technology sector after Ed-
ward Snowden revealed that the U.S.
National Security Agency infiltrated
Chinese computer networks in 2013.
The restrictions on Tesla appear
limited when compared with U.S.
actions against Huawei in recent
years. Washington has lobbied allies
to shut out the leading 5G-equip-
ment maker as a Trojan horse that,
once inside critical infrastructure in
the West, can be used by China to
spy and steal sensitive information,
posing security and economic
threats to the U.S. and its allies.
Huawei has repeatedly said it would
never do so.
—Rebecca Elliott
contributed to this article.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 20 - 21, 2021 | B3

BUSINESS NEWS

Amazon
Beefs Up
Amazon Targets TV-Ad Spending
BY SAHIL PATEL

In Saudi A billion dollars gets you one

of the most popular programs

Arabia on television. It also signals

your ambitions in the future of
the medium.
BY BENOIT FAUCON As part of the new media
AND STEPHEN KALIN rights deals that the National
Football League revealed Thurs-
Amazon.com said it is hir- day, Amazon.com Inc. will make
ing 1,500 people in Saudi Ara- its Prime Video service the new
bia this year, becoming the home of “Thursday Night Foot-
latest tech giant to beef up in- ball” and its coveted commer-
side the kingdom as pandemic- cial time, taking over from Fox
fed demand for online services Corp. by 2023.
rises in the Arab world’s larg- The pact is by far Amazon’s
est economy. biggest play to date in stream-
The hiring is a small move ing TV, with the company pay-
for a company with over a mil- ing an average annual fee of
lion permanent employees around $1 billion for the rights
around the world. Still, it comes to the games.
as other tech companies deepen But having worked its way to
their footprint in the kingdom, third place in the digital adver-

which has had a mixed record tising business, chasing only
luring foreign partners to help Google and Facebook, it is a
it wean its economy off oil. move that could help Amazon
Alphabet Inc.’s Google and secure a commanding position
China’s Alibaba Group Holding in the future of TV ad sales.
Ltd. have recently announced Amazon said adding exclu-
partnerships with Saudi state- sive NFL games will encourage
owned companies to host people to sample its original
cloud centers. Huawei Tech- content. But as pandemic lock-
nologies Co. has said it would downs turbocharge the growth
open its largest flagship store of streaming TV, the heir appar-
outside China in Riyadh. ent to traditional TV’s $70 bil-
Amazon’s bet is also notable lion ad market, Amazon also
coming after a feud between has been striving to expand its
founder Jeff Bezos and Saudi offerings for marketers. It has
Arabian Crown Prince Moham- struck deals to put IMDb TV, its
med bin Salman spilled into free and ad-supported stream-
public in recent years. Critical ing service, into more homes;
columns written by Saudi dissi- ordered a spinoff of one of its
dent journalist Jamal Khashoggi most popular Amazon Prime se-
in the Washington Post, which ries, the detective drama
Mr. Bezos bought in 2013 as a “Bosch,” for IMDb TV, along
personal investment, sowed with commissioning other origi-
frustration in Riyadh. nal content.
Its moves have helped ex-
Mr. Khashoggi was murdered
by Saudi operatives in 2018. pand Amazon’s U.S. ad-sup-
The U.S. last month declassified ported streaming footprint to
a report that accused the prince more than 55 million monthly
of approving the killing. Prince active viewers as of January, up
Mohammed has said he took re- from 20 million a year earlier,
sponsibility for the killing be- said an Amazon executive, who
cause it happened on his watch, was provided by the company
but denied ordering it. on the condition that the execu-
In 2019, Mr. Bezos suggested tive wouldn’t be named.
a possible Saudi government Amazon still lags well behind
link to a leak of embarrassing the streaming-advertising
personal photos, an allegation leader, Walt Disney Co.’s Hulu,
Saudi Arabia has denied. The and a more direct distribution
Wall Street Journal reported rival, Roku Inc. But the vast
the brother-in-law of Mr. Be- consumer data it owns as a re-
zos’ girlfriend Lauren Sanchez sult of its e-commerce business
leaked the photos. Mr. Sanchez could boost its ambitions in
has denied that. streaming TV. Amazon’s
In 2018, before the murder, streaming-TV ad sales grew
Amazon was in talks to build faster in 2020 than its more-es-
data centers in Saudi Arabia tablished ad segments such as
that would have given Amazon search and display, albeit from
more access to the Middle East- a much smaller base, according
ern market and aided the to a person familiar with the
prince’s efforts to cultivate new, company’s ad business. Stream-
non-oil industries. The plan ing TV now comprises roughly
hasn’t yet moved forward. 15% to 20% of two top ad-buy-
The tech giant has ordered a spinoff of one of its most popular Amazon Prime series, the detective drama ‘Bosch,’ for IMDb TV.
ing agencies’ spending with
Amazon, executives at the firms
said. The business includes ads
Amazon sells on its own
streaming services, such as
IMDb TV; ad inventory it sells
in other apps it carries on its
Fire TV platform; and ad sales
rights for live sports it already
carries. That includes simul-
casts of “Thursday Night Foot-
ball” that are part of an ar-
rangement that precedes the
new deal between Amazon and
the NFL.
Advertisers, meanwhile, are
buying more in streaming TV,
especially on internet-con-
nected sets, where U.S. ad
spending will total nearly $13.41
billion this year, up from nearly
$9.03 billion in 2020, according
to research firm eMarketer.
“Marketers who are selling
products on Amazon now have
a different avenue to reach con-
sumers outside of Ama-
zon.com’s e-commerce plat-
form,” said Sal Candela,
president of U.S. investment at
Omnicom Media Group. “It’s
generally more advantageous
that they have an opportunity
through video, and the big piece
of glass in their living rooms.”
One of Amazon’s biggest
challenges is offering enough
high-quality programming to
capture more ad spend.
It is trying to turn its Prime
Video, its mostly ad-free sub-
scription service, to its advan-
TV advertising spending
Internet- Traditional TV
connected TV
$80 billion
Projections
60
40
20
0 pare the tech giant with others.
2019 ’20 ’21 ’22 ’23
*For media players that get connected to TVs; doesn’t include smart TVs.
Sources: eMarketer (ad spending); Parks Associates (media players)
tage in the ad wars. Beyond ex-
panding its previous, more
limited rights to simulcast
“Thursday Night Football,” in
which Amazon sold some of the
ad time, and the announced
spinoff of “Bosch” for IMDb TV,
it is considering other IMDb TV
offshoots of Prime shows.
It also has explored bringing
to IMDb TV past seasons of
original Prime series like “The
Marvelous Mrs. Maisel.” Last
year, Amazon also established a
dedicated team within its Ama-
zon Studios unit to produce
original programming for IMDb
TV, with plans to release about
a dozen titles this year, accord-
ing to the Amazon executive.
U.S. market share of
streaming media players,
third quarter of 2020*
Roku
38%
Amazon Fire TV
33%
Apple TV
13%
Chromecast
10%
Other
6%
“IMDb TV right now is
mostly aggregating other peo-
ple’s content—in terms of
what’s unique, there is very lit-
tle at the moment,” said Susan
Schiekofer, chief digital invest-
ment officer for the ad-buying
giant GroupM, part of WPP PLC.
Amazon has told ad buyers
that they would be able to bun-
dle inventory from its Twitch
video service with other
streaming-TV ad inventory
within Amazon’s ad-buying tool
later in 2021, people familiar
with the matter said. Currently,
Twitch inventory is available
separately from supply sources.
Amazon has been building
its streaming business in other
AMAZON/EVERETT COLLECTION
ways. Its 2019 streaming car-
riage pact with Disney, for ex-
ample, let it package and sell
some Hulu ad inventory for the
first time, people familiar with
the matter said.
And in recent months, Ama-
zon has expanded IMDb TV’s
distribution to Roku, Google
Chromecast and Android TV de-
vices. IMDb TV will be available
on all major streaming devices
by the end of the first quarter,
the Amazon executive said.
Amazon doesn’t break out its
streaming-TV ad revenue,
which makes it difficult to com-
In streaming TV, Amazon’s
most direct point of comparison
is Roku. Amazon has become
the second-biggest streaming-
TV hardware provider in the
U.S., accounting for 33% of de-
vices in households in the third
quarter of 2020, behind Roku at
38%, according to research firm
Parks Associates. But the gap is
greater when it comes to
streaming-TV ad revenue: In
2020, three top ad-buying firms
spent twice as much on Roku
than Amazon in streaming TV,
according to senior executives
at those firms. And Hulu is far
ahead of both, receiving 10
times as much in ad spend as
Amazon in the category, the se-
nior executives said.
 Heard on the Street: The NFL
moves the ball........................ B14

Companies Wrestle With Hybrid Work Plans

BY EMILY GLAZER
British Airways
AND CHIP CUTTER

Big U.S. companies are dis-

Considers Selling
covering that “hybrid” work
comes with plenty of compli-
cations.
As employers firm up plans
Its Headquarters
DAVID RYDER FOR THE WALL STREET JOURNAL

to bring white-collar workers BY BENJAMIN KATZ the possible sale as a vote of

back into offices while still al- confidence in remote work.
lowing them to do some work British Airways is consid- “One of the very few positive
at home, many are encounter- ering selling its sprawling aspects of the last 12 months
ing obstacles. Companies are headquarters on the periphery is that people have adapted
grappling with what new of London Heathrow Airport, well to working away from
schedules employees should as the pandemic prompts more their offices,” Director of Peo-
follow, where people should companies to embrace remote ple Stuart Kennedy said in a
sit in redesigned offices and working in the long term. letter to staff reviewed by The
how best to prevent employ- The airline, one of Europe’s Wall Street Journal. “Yes, the
ees at home from feeling left biggest and the largest unit of experience of working from
out of impromptu discussions International Consolidated home can feel very different to
or being passed over for op- Expedia plans to initially permit spaced group team meetings at its Seattle campus, shown in 2019. Airlines Group SA, has been the office, but it’s no less pro-
portunities, say chief execu- walloped by the pandemic. ductive.”
tives, board directors and oth- office, or all stayed remote, “We have a desk for you three has questions about whether The company said the move is A sale by British Airways
ers. surveys have repeatedly days a week.” those on Zoom will get the being considered in light of could also bolster the com-
Insurer Prudential Finan- shown that most workers Hybrid models range by same level of learning, encour- enthusiasm by employees over pany’s finances at a time it and
cial Inc., which expects most of want a mixed approach as company. Technology company agement and career growth as remote working. A sale could other airlines are bleeding
its roughly 42,000 employees more adults are vaccinated. In Adobe Inc. plans to allow em- those in the room. Then there also raise cash and help Brit- cash. Covid-19 has scared off
to work in the office half the a February survey of 1,000 ployees to work from home up are the scheduling issues. ish Airways cut costs amid many fliers and triggered
time starting after Labor Day, companies commissioned by to two to three days a week, Managers may need to “set pandemic-triggered financial global travel bans that have
wants to make certain not all LaSalle Network, a national with staffers able to make res- up group meetings according strain. grounded a large chunk of its
staffers choose to stay home staffing and recruiting firm, ervations for office desks, says to some crazy algorithm of: The airline asked much of fleet. IAG on Friday separately
Mondays and Fridays and then the majority of companies said Gloria Chen, the company’s Who’s available when? Who’s its workforce to work from issued terms of a £1 billion
work in the office midweek. At they would adopt a hybrid chief people officer. Other com- got a flexible day, when?” Mr. home starting early last year. (equivalent to $1.4 billion)
travel company Expedia Group model. panies are hesitant to put a Kern says. “There’s a lot of Staffers adapted well, the fundraising effort to shore up
Inc., executives are trying to Companies have also polled specific number on days al- friction in all of that. It’s a lot company said, and employees its finances. IAG secured a £2
figure out how to have in-per- their organizations to find out lowed at home. easier to say, ‘Everybody go to are eager to continue flexible billion five-year loan at the be-
son meetings that don’t disad- how employees feel. At Pru- “We won’t prescribe” from a work.’ Now someone calls a working after it is safe to re- ginning of January that is par-
vantage those who aren’t in the dential, most employees indi- company level, says David Hen- meeting, and you’re all there.” turn to offices. The U.K. gov- tially backed by the U.K.’s ex-
room. Other employers, includ- cated that they enjoyed work- shall, CEO at technology com- Some human-resources pro- ernment has said it would per- port credit agency.
ing software company Twilio ing remotely but missed the pany Citrix Systems Inc. “Based fessionals say companies have mit offices to reopen in late The acceptance of working
Inc., predict the new era of planning, ideation and collabo- on the type of role you have, little choice but to accommo- June. from home by employees “has
work could lead to shuffling be- ration that takes place in per- you’ll find that right balance.” date workers’ demands, as an Many companies are re- accelerated our approach to
tween teams, with staffers son, says Rob Falzon, vice With flexibility can come inflexible workplace could thinking office life in a post- offering more agile and flexi-
gravitating to bosses who em- chair of the company. challenges. If a team comes to- drive employees away as the pandemic world. Alphabet ble ways of working,” a
brace their preferred styles of Prudential has been rede- gether in person, but not all economy rebounds, and be- Inc.’s Google said earlier this spokesman for the airline said.
working. signing its office space and re- can make it, that potentially cause many workers have week it was investing $7 bil- “We’ve also restructured our
Hybrid work “is going to re- purposing most of it for meet- creates a subpar experience proven themselves adept at lion in new offices and data business to emerge from the
define expectations, rules, per- ing rooms, collaboration and for those not in the room, says working anywhere. centers across the U.S. The crisis and are considering
missions,” says Kevin McCarty, open space so people will be Expedia CEO Peter Kern. The “The employer before just search giant expects employ- whether we still have the need
chief executive officer of Chi- more likely to interact. travel company opened the could say, ‘Our culture is ees will return to offices in the for such a large headquarters
cago-based consulting firm Like many employers, the first phases of an expansive this,’” says Tara Wolcken- fall but plans to allow workers building.”
West Monroe, which employs company is reducing its physi- campus—complete with Wi-Fi- hauer, a human-resources ex- to work remotely two days a If British Airways proceeds
1,360 people, and is rethinking cal footprint so there won’t be equipped rocks—on the shores ecutive at payroll processor week. Other big tech firms, with a sale, the airline said it
when its employees should available desks for people who of Seattle’s Elliott Bay before Automatic Data Processing such as Twitter Inc. and Face- may shift employees to work-
work at home or come into its want to go to the office more the pandemic, and plans to Inc. “Employers have to take a book Inc., have said they spaces in smaller properties it
offices. frequently, with exceptions for initially permit spaced group step back and think about it would allow more of their em- owns around the airport. Em-
Though executives say it some employees including trad- team meetings at its head- very differently.” ployees to work from home ployees could split their time
would be easier to manage if ers. “We don’t have a desk for quarters. —Krithika Varagur longer term. between their homes and new
every employee returned to an you every day,” Mr. Falzon says. Mr. Kern, though, says he contributed to this article. British Airways positioned office spaces.
B4 | Saturday/Sunday, March 20 - 21, 2021
TAX REPORT | LAURA SAUNDERS
Families Dig Up
New Tax Breaks
The latest stimulus act includes rebates, credits
and deductions—if you know where to look
The coronavirus
relief legislation
signed by President
Biden this month
contains unprece-
dented benefits for
families with children
and other dependents—especially
for some who plan carefully.
The new benefits, which apply
for 2021, are largest for low-income
families, but they extend well into
the middle class, with many eligible
for more than $10,000 in tax-free
income for this year. Higher earn-
ers can also benefit from some
changes, such as expanded tax
breaks for child-care costs.
The design of these provisions
creates powerful incentives for
many families to pay close atten-
tion to their 2021 adjusted gross
income. Some of this year’s best
benefits phase out above certain in-
come thresholds: $150,000 for mar-
ried couples filing jointly, $112,500
for head-of-household filers and
$75,000 for single filers.
As a result, people who are likely
to earn above the limits may want
to legally reduce this year’s income
to fit within them, and those nor-
mally earning less may want to
prevent an income spike that could
cost them dearly.
Here’s a real-life example of how
the limits can drastically affect a
family’s finances. Patrick and Laura
Peterson live in Aston, Pa., and
have four children, ages 2, 3, 5 and
8. Last year Mr. Peterson, a bank
manager, took a $33,000 taxable
Covid withdrawal from his retire-
ment plan as an emergency cush-
ion. That boosted their 2020 in-
come high enough above $150,000
to disqualify them from six third-
round stimulus payments of $1,400
after Mr. Peterson filed their 2020
tax return in early February.
Because the Petersons’ income
EXIT INTERVIEW | MICHAEL CORBAT
‘Go Figure It Out’
The former Citigroup boss on survival, his ‘aha’ moment
and passing the torch to Wall Street’s first female CEO
W
hen Citigroup Inc.
named Michael
Corbat chief execu-
tive in 2012, every-
one was surprised.
Including him.
He had recently moved to Lon-
don for what he believed was his
last job, running the bank’s opera-
tions in Europe, the Middle East
and Africa. He had told his wife,
Donna, he was a few years away
from retirement.
Then CEO Vikram Pandit quit
just after a board meeting. Direc-
tors, anxious about the bank’s re-
covery from the financial crisis,
called on Mr. Corbat, who had de-
veloped a reputation as a fix-it
man. The announcement the fol-
lowing morning stunned the finan-
cial world in its abruptness.
“I’m kind of the Monday morn-
ing ‘go figure it out’ CEO,” Mr.
Corbat said.
Mr. Corbat, 60 years old, was
never the prototype of a big bank
CEO. He rarely spoke about him-
self and didn’t draw the spotlight.
Yet, he is credited with strength-
ening the nation’s third-biggest
bank, simplifying its operations
and improving its results even as
profits and the share price lagged
behind rivals’ and a series of new
crises emerged, including recent
regulatory scrutiny.
Unlike his immediate predeces-
sors, Mr. Corbat left on his own
terms. He succeeded in giving his
successor, Jane Fraser, a carefully
orchestrated transfer of power
when he retired in February after
more than 37 years at the bank,
the only place he ever worked.
Before his final day, Mr. Corbat
spoke to The Wall Street Journal
about Citigroup’s crises, leadership
lessons and legacies of his eight-
year tenure. Questions and an-
swers have been edited for clarity
and length. —David Benoit
WSJ: When you look back at your
time as CEO, what will you tell
people you accomplished?
will drop well below $150,000 this
year, they’ll be able to claim those
rebate credits worth $8,400 when
they file their 2021 tax return next
year. They’ll also likely get full ex-
tra child credits of $5,200 that
would be clipped if their income
were higher, bringing them $13,600
of tax-free income this year from
these new breaks.
“I have four children, a mortgage
and two car payments. My wife is a
nurse. We need these benefits, and
I didn’t want to miss out because
of a Covid withdrawal,” says Mr.
Peterson.
For those earning above the
thresholds for 2021, there are still
benefits. The new law more than
doubles the usual $5,000-per-
household annual limit on pretax
contributions to employer-spon-
sored dependent-care Flexible
Spending Accounts this year. It
also includes a complex expansion
of the child-and-dependent-care
tax credit.
Here’s information to help max-
imize the new 2021 tax benefits
for families.
 Understand the third-round stim-
ulus payments. For many families
the most generous 2021 benefit is
the third-round stimulus payments
or rebate credits up to $1,400 per
household member, even for older
children and adult dependents.
The Internal Revenue Service is
sending payments now, but people
who aren’t eligible based on 2019
or 2020 income and do qualify
based on 2021 income can get re-
bate credits for these amounts next
year through their 2021 tax returns.
 Know the other child-related
changes this year. The extra child
tax credit is up to $1,600 per child
under 6 and $1,000 per child under
18 at year-end. This is in addition
‘I’m kind of the Monday morning “go figure it out” CEO,’ Mr. Corbat said.
Mr. Corbat: I inherited my position
at a very interesting time. It was
really coming out of the financial
crisis. We had gone through a tre-
mendous amount of restructuring,
a lot of which I had led, and I
think the question was could we
restore the pride in the organiza-
tion. Could we really go back and
reassert strong customer relation-
ships and customer dominance and
could we gain share? And could we
do those things responsibly? I
* ***
EXCHANGE
to the existing child credit of up to head-of-household filers.
$2,000 per child, which this year Dependent-care FSA contribu-
applies to dependents who are un- tions don’t have income limits
der 18 at year-end, versus under 17 other than the lower-earning
in other years. spouse’s earned income. So if one
Starting July 1, taxpayers may spouse earns, say, $5,000, then the
receive advance payments of part couple can’t put more into the FSA.
of these benefits from the IRS. De- Employers must also ensure that
tails haven’t been announced. plans don’t favor higher earners
Workers with employer-spon- too much.
sored dependent-care FSAs can The 2021 child-and-dependent-
contribute up to $10,500 of pretax care credit has a complex phase-
income to pay care expenses in down of the rate and phase-out
2021, versus $5,000 normally. The based on income. According to Me-
employer must opt into this lissa Labant, an attorney and CPA
change, but many are expected to. with the accounting firm CLA, the
The child- and dependent-care credit phases down from 50% to
credit has also been expanded so 20% of expenses for most joint fil-
that up to $8,000 of expenses are ers with incomes between $125,000
covered for one dependent (up and $183,000. Above $183,000 the
from $3,000) and up to $16,000 rate is 20% until $400,000, and
are covered for two or more (up then the rate drops until the break
from $6,000). is fully phased out at $438,000.
 Watch phaseouts. For stimulus  Know what income counts—and
payments and rebate credits, the what reduces it. The income thresh-
phase-out is steep. The range is olds are for “modified adjusted
$150,000 to $160,000 for married gross income,” but for most filers
joint filers; $112,500 to $120,000 that means their AGI on Line 11 of
for head-of-household filers; and Form 1040. Beware: AGI is not re-
$75,000 to $80,000 for single filers. duced by itemized deductions, such
For this year’s extra child cred- as for mortgage interest or charita-
its, the taxpayer loses $50 of credit ble contributions, or by tax credits.
per $1,000 of income above the What does reduce AGI? Contri-
phaseout starting point. Thus a butions to retirement plans such as
couple with $200,000 of income, 401(k)s; tax-deductible contribu-
four children and $5,200 of extra tions to IRAs and SEP IRAs; pretax
credits would lose $2,500 of credits contributions to health savings ac-
due to the phase-out. For the exist- counts; and pretax contributions to
ing child tax credit, the phase-out medical or dependent-care flexible
still begins at $400,000 for joint spending accounts, among other
filers and $200,000 for single and things. A married couple under age
WSJ: What do you mean by that?
Mr. Corbat: When you go through
crises, I don’t care what crisis it is,
the natural inclination is to be-
come inward-focused. You become
inwardly focused around survival.
You become inwardly focused on
“what does this mean for me.” We
had to break that.
WSJ: Last year, Citigroup acciden-
tally sent a group of Revlon bond-
holders a $900 million payment,
and several of them refused to
send you the money back. What
was your reaction when you found
out?
Mr. Corbat: I think there’s always
frustration with those. In the case
of Revlon, it was an error, and
they are never simple. It’s not sim-
ply that a single person hit a
wrong button. It’s a series of
things that happened along the
way. As part of that, we are in the
midst of a complete changeover of
those systems. And you would al-
ways go back and say, woulda,
coulda we gone faster? I think the
answer is it would have been re-
ally hard if not impossible to move
it faster.
WSJ: Before CEOs making socially
conscious statements became
commonplace, you spoke up for
racial equity after a white-nation-
alist rally in Charlottesville, Va.
STEVEN MOLINA CONTRERAS FOR THE WALL STREET JOURNAL
What was behind that?
Mr. Corbat: The Charlottesville
event was, in some ways for me, a
bit of a watershed moment. We
absolutely condemned it. I remem-
ber having a conversation about
putting out a note to our people
and, candidly at the time, naively, I
kind of pushed back. I said, “Re-
ally? Did our people really think
that we may be in a different posi-
tion than we are on this?” And,
“We really need to speak out on
this?” And the answer was yes.
And we did it. And I saw the insti-
tution come back and really take a
deep breath and feel good. The
fact that we took that voice and
reaffirmed it with our people and
think we were able to tick all our clients was important.
those boxes. From that point, if you want to
call it the “aha” moment, it was
WSJ: Was there a moment in selectively with things where we
those early days where you ques- felt, one, our voice could make a
tioned what you got yourself into? difference, and, two, we wanted to
Mr. Corbat: I went into it eyes reaffirm appropriately who we are
wide open. I won’t say there were and what we stand for.
big surprises. But I think, realisti-
cally, the challenges that were WSJ: You are being succeeded by
there weren’t necessarily the ones the first woman to run a Wall
externally that were thought Street bank, and your CFO was
about. Mark Mason, among the highest-
THE WALL STREET JOURNAL.
KIERSTEN ESSENPREIS
50 could reduce their AGI by more
than $50,000 by making maximum
401(k) and flexible-spending-ac-
count contributions for 2021.
If a filer reports self-employment
income on Schedule C, business de-
ductions could also reduce AGI.
 Revisit FSAs versus child- and
dependent-care credits. In prior
years many higher-bracket taxpay-
ers with two or more children ben-
efited from maxing out dependent-
care FSAs and then taking the
dependent- and child-care credit
for remaining eligible care ex-
penses. Expenses can be claimed
only once.
The expansion of the 2021 child-
and-dependent-care credit compli-
cates this analysis. However, FSA
contributions retain the advantages
of not being subject to payroll
taxes or, in many cases, state taxes.
They can also be used for a wider
range of expenses.
Figuring which benefit is most
valuable at what income levels can
be difficult, says Ms. Labant, espe-
cially because some states have
care credits as well.
By her rough calculations, many
married joint filers with incomes of
$150,000 or less will benefit more
from the child-care credit, while
those earning above $160,000 typi-
cally should look first to the FSA.
But many couples will need to run
the numbers to find out.
She adds: “Maybe these parents
have children that can double-check
their math.”
ranking Black men on Wall Street.
Was that important to you?
Mr. Corbat: I think it’s critical. I
think a lot of the shortcomings
and big challenges in the [2008-09
financial] crisis stem from a lack
of diversity. They stem from that
lack of diversity of voices in the
room and opinion and important
inputs. My team went from no
women to six, including Jane.
One of the things we’ve always
talked about is you’ve got to create
the continuum. It’s not just about
recruiting the new class…but it’s
about retention and at the end,
having people in leadership that
people can aspire to. I think one of
the legacies is we’ve publicly and
consciously pushed ourselves.
We’ve been out there and I think
as a result, we’ve moved the firm.
And, again, nobody is where they
want to be, but I feel really good
about where we are.
WSJ: What are you most proud of?
Mr. Corbat: I guess I would have to
say Jane’s ascendancy. I was one
of the people who hired Jane. I in-
terviewed Jane. I’ve been in and
around at the decision points, so
to speak, in terms of most of her
job moves and in terms of prepar-
ing her for this. The fact that we
can do this, and by the way, not do
this because Jane is a female, but
to do this because Jane is the
most qualified person within our
institution and we can put our
hand on our heart and say that. I
don’t think you’re going to get
anyone within our firm to say oth-
erwise or anyone who has spent
time with her.
WSJ: What do you do next?
Mr. Corbat: Donna [his wife] has
declared “What’s next” to be my
gap year. I kind of graduated from
college on a Friday, I came to work
on Monday and I’ve been here ever
since. The conversations I’ve had
and the advice I’ve been given
have been remarkably consistent:
Take some time off and decom-
press. You’re likely more tired
than you know you are. I’m really
curious to see what I’m going to
miss most. I have some guesses,
around people, around clients.
What are those things I want to
replicate and where do I want to
spend my time? I have just be-
come a grandfather. I’m young. I
love the outdoors. So how do I use
this next chapter to create better
balance for my life because for
Donna and I it’s been full-on for
the last eight years.
 THE WALL STREET JOURNAL.
Financial innova-
tions often feel like
insanity at first. Pay
bills with a piddly
piece of plastic? Get
cash from a faceless
machine rather than
a bank teller? Stop trying to beat
the market and just own all the
stocks, including the bad ones?
Yet credit cards, ATMs and in-
dex funds went on to make the fi-
nancial world easier, safer and
more convenient for millions of
people. One of the nuttiest-sound-
ing ideas in years, NFTs, could do
the same.
You’ve heard of nonfungible to-
kens even if you don’t yet know
what they are—because the people
buying them sound so crazy. In
February, an NFT representing the
Nyan Cat video meme, which looks
like a feline Pop-Tart dragging a
rainbow through outer space, sold
for more than $500,000. A video
NFT of LeBron James dunking a
basketball sold for $208,000. On
March 11, an NFT attached to a
digital collage by the artist known
as Beeple sold at Christie’s for $69
million.
Although such prices are baf-
fling—and may, in fact, be crazy—
NFTs could solve problems that
have dogged the art world and
other markets for centuries. Think
of a nonfungible token as a unique
digital serial number that certifies
the authenticity and ownership
history of an associated object.
That information, along with
other data, is recorded on a block-
chain. This is a ledger, or immuta-
ble record, that resides on a de-
centralized network of computers
world-wide. The blockchain tech-
nology underpins bitcoin and
ethereum, the leading cryptocur-
rencies. Any of the ledger’s mil-
lions of users can instantly verify
that the information is accurate
and complete.
By connecting the blockchain to
art and other creative work, NFTs
bring the objectivity of computer
code to fields that are notorious
for subjectivity. Artists, writers
and musicians struggle to find au-
diences and make a living. Cura-
tors, dealers, collectors and art
historians bicker nonstop about
the quality and value—and the au-
thenticity—of major works.
Consider the French artist Jean-
ALEX NABAUM
Baptiste-Camille Corot, who was
jokingly said to have painted 3,000
canvases, 10,000 of which were
bought in the U.S. Is a particular
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* * * *
WEEKEND INVESTOR
THE INTELLIGENT INVESTOR | JASON ZWEIG
The Method to the Madness
Of a $69 Million Art Sale
‘NFTs’ could solve an age-old art-world problem. But, yeah, that price is nuts.
Corot genuine or a forgery? Who
were its previous owners? Has it
ever been exhibited at a museum
or previously sold at auction? Was
it ever seriously damaged and ex-
tensively restored?
Until now, buyers often had to
take the answers to such questions
on faith. An NFT, however, can in-
tegrate reams of information
about an artwork into an authori-
tative, permanent digital record.
Today, for the most part, NFTs
are linked to digital assets like
electronic images or audio and
video files. People are already ex-
perimenting with tying physical
objects to blockchain records of
ownership, which would make
NFTs feasible for material assets—
although some technical chal-
lenges remain to be solved.
With NFTs, all the relevant
knowledge about a work of art
“can be permanently systematized,
automated and accessible by any-
body,” says Noah Davis, the spe-
cialist in postwar and contempo-
rary art at Christie’s in New York
who arranged the $69 million sale
of Beeple’s work.
Some people in the art world
see the explosion in NFTs as “ab-
solutely absurd and appalling,” he
says. “But I studied the theater of
the absurd in college, and I don’t
think it’s ridiculous at all. I think
it’s inevitable.”
NFTs also are giving creative
people an ownership stake they’ve
never had before. Consider Josie
Bellini, an artist based in Chicago
Saturday/Sunday, March 20 - 21, 2021 | B5
who majored in finance in college
and worked briefly at an invest-
ment-advisory firm. Since late
2018, she has sold about 300 of
her paintings this way.
One of her NFTs, a dazzling dig-
ital work titled “Yours Truly #0,”
is on sale by its current owner, an
account called BitBuzz, for 250
ether. That’s a cryptocurrency,
worth a total of about $450,000.
Ms. Bellini, who sold the NFT for
50 ether in February 2020, will re-
ceive a 5% royalty if it sells—now
and anytime again in the future.
Typically, when an NFT is
traded on the blockchain, that net-
work won’t allow a sale and pur-
chase to be completed without for-
warding the predetermined royalty
to the wallet, or account, of the
artist who created it.
“It’s so amazing that even if it
gets traded 10 or 20 times or
more, I’ll still be getting my fee for
it,” Ms. Bellini says. “That’s totally
not how the art world has worked
until now.”
Earlier this month, Mario Gabri-
ele, an investment analyst and
newsletter writer, prepared to turn
his research report on cryptocur-
rency trading platform Coinbase
Global Inc. into an NFT. “Tokeniz-
ing” the report, illustrated by digi-
tal artist Jack Butcher (who
earned half the initial proceeds),
quickly raised nearly $36,000 in
ether.
For that, the 119 backers each
got tokens they may be able to ex-
change for ether, now that Mr. Ga-
briele has opened an auction for
access to the NFT of his research.
If buyers of the report pay more
than Mr. Gabriele’s supporters al-
ready put in, then the original
backers will share in those pro-
ceeds—and in future sales as well.
Mr. Gabriele’s goal, he says, is to
put investment research “within
the reach of those who don’t have
a multimillion corporate research
budget to deploy.”
Because NFTs are so new, using
them isn’t cheap.
On OpenSea, an online market-
place, the typical NFT changes
hands for the equivalent of $100
to $1,000, says Devin Finzer, the
firm’s co-founder and chief execu-
tive. But transaction costs on the
cryptocurrency to fund those pur-
chases run roughly $40 to $60. So
small buyers incur giant expenses.
(OpenSea also charges a 2.5% fee
of its own.)
“That’s why the high-value
things make a lot of sense for buy-
ers who can afford them,” says Mr.
Finzer.
Are buyers getting carried
away?
“I’m sure that some of this is a
bubble,” says Ms. Bellini, the Chi-
cago-based artist. “Sometimes
[buyers] just hear it’s cool and
good and they don’t even know
what an NFT is, but they want to
buy anyway, and I think some of
those people are going to get
hurt.”
NFTs bring objectivity to the
objects being sold, but they can’t
bring it to the buyers of the ob-
jects, because those are human be-
ings. In the long run, I think NFTs
will make markets better. But
nothing will remove bettors from
markets.
 B6 | Saturday/Sunday, March 20 - 21, 2021
Companies
Seek Diverse
Cities
Continued from page B1
Alphabet Inc.’s Google is investing
more than $25 million there this
year, expanding its existing three-
floor office to a new location where
the company will eventually occupy
19 floors.
“I have two young Black boys,”
says Mr. Walker, who moved in
April 2019. “I wanted them to grow
up in an environment where they
can see the richness of the Black ex-
perience.” His older son, he says,
now attends school with many
Black teachers, Black classmates
and a Black head of school.
A wellspring of the civil-rights
movement, Atlanta is not only the
birthplace of Martin Luther King
Jr., it’s also home to 16 Fortune 500
companies, including Coca-Cola Co.
and Home Depot Inc. It has a thriv-
ing startup scene, as well as a half-
dozen historically Black colleges
and universities. For tech compa-
nies seeking to diversify, that’s a
particular draw: HBCUs graduate
40% of Black STEM graduates, even
though they educate just 3% of col-
lege students, says Mary Schmidt
Campbell, president of Spelman
College, an Atlanta-based HBCU.
“If I’m looking around, trying to
think where I can settle and find di-
verse talent, Atlanta is like a neon
light,” she says. The city is 51%
Black; by contrast, around 2% of Sil-
icon Valley is Black.
With the broader business boom,
some fear locals will be pushed out.
Residential housing prices were up
19% in the last quarter of 2020 over
the previous year, according to data
from the National Association of
Realtors. In 2019 alone, metro At-
lanta grew by more than 75,000
residents. The metro-area popula-
tion is now about 6 million. Janice
Overbeck, a Keller Williams Realtor,
says around 40% of the clients she
and colleagues see are from out of
state, up from a relative handful
five years ago.
Atlanta has experienced its own
racial tensions in the past year. The
fatal police shooting of a Black man
in a Wendy’s parking lot in June
prompted the resignation of the
city’s police chief and sparked mass
protests. The city had already been
rocked by a wave of protests the
previous month, after George Floyd
was killed in Minneapolis police
custody. Atlanta’s mayor, who is
Black, called for an end to the
“chaos” of those sometimes-violent
demonstrations. And a mass
shooting this past week in the At-
lanta area that killed eight, six of
them Asian women, thrust the city
into the center of a national
discussion about violence against
Asian-Americans. As with many
other major U.S. cities, Atlanta has
also been experiencing a rise in
violent crime.
PERSONAL BOARD OF DIRECTORS
The trusted advisers of top business leaders
Austin Russell
Chief Executive Officer, Luminar Technologies Inc.
EVE EDELHEIT FOR THE WALL STREET JOURNAL
Geographic mismatch
For Airbnb Inc., which is setting up
a technical hub in Atlanta this year,
one it plans to expand to several
hundred employees, the location
was “an opportunity to make mani-
fest our commitment around diver-
sity,” Laphonza Butler, Airbnb’s
North America public policy direc-
tor, said in an interview. The move,
she says, is part of Airbnb’s pledge
to have 20% of U.S. employees come
from underrepresented minorities
by 2025.
McKinsey research points to a
geographic mismatch between Black
talent and economic opportunity.
Less than 9% of Blacks live in the
West, where most new job creation
in tech has been concentrated.
Nearly 60% live in the South. Bryan
Hancock, a McKinsey partner who
leads the company’s work on talent
management, notes that in addition
to new office locations, more re-
mote work post-Covid could also
open up opportunities for diverse
talent.
“We couldn’t fulfill [Airbnb’s di-
versity goals] just by having our
company headquarters in San Fran-
cisco or London,” says Ms. Butler.
“We needed to consider places that
looked very different to get the re-
sults we needed.”
Some expansion plans have long
been in the pipeline. Others fol-
lowed the death of Mr. Floyd and
the ensuing protests.
In 2020, Gong, a Bay Area-based
sales-analysis software company,
was planning to add a second U.S.
location, one with cheaper real es-
tate and a less competitive talent
market. It was ready to announce
Salt Lake City as its destination
when Covid hit, putting that an-
nouncement on pause. A few
‘It’s just a vibe and a
visual that says, “I can
achieve,” ’ says a Black
Atlanta executive.
months later, shortly after Mr.
Floyd was killed, Gong scrapped its
plans and picked a new destination:
Atlanta.
“We were like, time out,” recalls
Sandi Kochhar, the company’s head
of HR. “Salt Lake City isn’t really a
diverse talent pool from a race per-
spective. Is this the decision we
want to make?” The company began
hiring last year for dozens of At-
lanta roles and increased minority
recruitment. Since January 2020,
Black employees have gone from
1.4% to 4.3% of the company’s 370
U.S. employees.
Asset-management company
BlackRock Inc., which opened an
Atlanta office in 2018, says the
move has paid dividends. Around
26% of its 340 Atlanta-based em-
ployees are Black, the company
says, while 11% are Latino. By con-
trast, 5% of the company’s overall
American workforce is Black, and
6% is Latino, according to the latest
available company data, out of
7,600 U.S. workers.
EXCHANGE
Where Diverse Tech Talent Lives
Diverse tech talent in the U.S. is distributed far beyond the typical hubs of Seattle
and San Francisco, and often in cities with a lower cost of living, such as Atlanta.
Major metro areas where tech jobs are increasing the most
50% of New York City
In a state with a
relatively high
tech-talent
diversity score
Cincinnati
Medium tech-talent
diversity score
Low tech-talent
diversity score
Note: Includes areas with an increase of at least 2,000 tech jobs from 2018 to 2019. Tech-talent diversity score estimates the proportion of Black, Hispanic and female students
pursuing STEM or STEM-related degrees in 2018. Cost of living includes rent.
Source: Bhaskar Chakravorti, Digital Planet, The Fletcher School, Tufts University
“We see diversity as a business
imperative,” says Toretha McGuire,
BlackRock’s global head of talent
acquisition. The company plans to
scale up to 1,000 Atlanta hires. “De-
mographics and available talent
definitely played a part in our deci-
sion,” she says of its expansion.
In the 1990s, when Ángel Cabrera
attended Atlanta’s Georgia Institute
of Technology as a cognitive-psy-
chology graduate student, the land
abutting the campus’s east side was
surface parking lots, he recalls.
Now, it’s home to innovation cen-
ters for investment firm Invesco
Ltd. and several Fortune 1000 com-
panies. “This place is rocking,” says
Mr. Cabrera, who moved back in
2019 to serve as university presi-
dent.
Atlanta has plenty to crow about,
he says. As Delta Air Lines Inc.’s
hub, it has the nation’s busiest air-
port, and with the Centers for Dis-
ease Control and Prevention head-
quartered there, he says, a
burgeoning biotech industry as well.
Calendly LLC, a Black-founded local
startup offering an online schedul-
ing tool, just received a $350 million
private-equity investment, valuing it
at $3 billion. Two of Peloton Inter-
active Inc.’s founders graduated
from Georgia Tech, which has made
itself an anchor of the startup scene.
Since 2014, Create-X, its incubator
for student ventures, has launched
230 startups valued at over $600
million; of its most recent founder
cohort, 21% are Black or Latino.
Atlanta’s demographic profile—
its metro-area Black population is
second in size only to New York
City’s—gives it an edge over cities
like Pittsburgh and Nashville that
also have sizable diverse popula-
tions, says Peter Miscovich, a man-
aging director of consulting at real-
estate services company JLL. Mr.
Miscovich recently helped an insur-
ance company migrate hundreds of
positions to Atlanta from New York.
Austin Russell was 2 years
old when he memorized the
periodic table of elements.
He was 13 when he invented
an underwater recycling sys-
tem. And he was nearly 17
when he founded a business
to help self-driving cars
avoid collisions.
Now, at age 26, he is a bil-
lionaire. Luminar Technolo-
gies Inc., the company he
founded as a teenager, went
public in December. Mr. Rus-
sell owned 105 million shares
as of Dec. 2, giving him
nearly one-third of the out-
standing stock. The hefty
holding gave him a net
worth of $2.4 billion follow-
ing the first day of trading.
“When you start with
nothing and build something
of real value, that’s when it
gets interesting,’’ he says.
Mr. Russell dropped out of
Stanford University after one
quarter and accepted a two-
year fellowship from the
foundation of technology en-
trepreneur Peter Thiel so he
could develop Luminar and a
high-performance lidar scan-
ner. The scanner, Mr. Russell
said, was the “key to en-
abling autonomous vehicles
to become a reality.’’
Luminar doesn’t expect
to post an operating profit
until 2024.
“It can be really, really
tough to build this kind of
business,” Mr. Russell says.
But mentors gave him “the
right advice at the right
time,” he added.
—Joann S. Lublin
* ***
COST OF LIVING, 2020
60 70
Austin
Baltimore
Orlando Atlanta
Raleigh
Tampa
Miami
Dallas
Charlotte
Phoenix San Diego
Philadelphia
Kansas City
Chicago Los Angeles
Portland
Denver
Salt Lake
City Detroit
Minneapolis
Among his clients, more than half
now cite diversity as a top criterion
when choosing new locations, he
says: “It’s a real shift from what we
saw 25 years ago, when companies
relocated primarily to reduce cost
and head count.”
‘Too Busy to Hate’
Companies putting down Atlanta
roots say they’re also drawn to the
city’s history of progressivism. The
city’s race relations were helped
early on by politicians like former
Mayor William Hartsfield, who
hired the city’s first Black police of-
ficers in 1948. “He didn’t want to
see our city looking like Birming-
ham or Little Rock,” says Ingrid
Saunders Jones, a retired Coca-Cola
executive who worked as executive
assistant from 1979 to 1981 to At-
lanta’s first Black mayor, Maynard
Jackson, whose administration
made promoting minority contrac-
tors a priority.
“Those things differentiated us
and began changing the trajectory,”
she says, helping build a more pros-
perous Black middle class. During
the civil-rights era, the city became
known by the nickname “The City
Too Busy to Hate.”
Deisha Barnett, who grew up in
southern New Jersey, vividly recalls
being struck by Atlanta when she
first arrived on a college tour in the
1990s. “You see a lot of Black peo-
ple in nice cars, it’s just a vibe and
a visual that says, ‘I can achieve,’ ”
says Ms. Barnett, who attended
Clark Atlanta University and in 2014
moved back when her husband got
a job at Google and now works for
Atlanta’s chamber of commerce.
“Black excellence is on full display
in Atlanta, and has been for a very
long time.”
Ryan Wilson, CEO of the Gather-
ing Spot, a members-only club for
local professionals, says he’s glad to
see the city get its due, but worries
about its long-term affordability.
Jun Hong Heng
Founder and chief
investment officer at
Crescent Cove Advisors LP
Rebecca Lynn
A co-founder and general
partner at Canvas
Ventures
Nick Woodman
Founder and CEO of
GoPro Inc.
Alec Gores
Founder, chairman and CEO
of The Gores Group LLC
THE WALL STREET JOURNAL.
TECH’S SHARE OF
EMPLOYMENT
More than 10%
8% to 10%
Less than 8%
80 90 100
Washington, New York
D.C. City
San Jose
Boston
San Francisco
Seattle
Kara Dapena/THE WALL STREET JOURNAL
“Our largest export is our culture,”
says Mr. Wilson, who grew up in
Atlanta in an entrepreneurial Black
family, with parents who owned a
call-center business. “The people
who make that culture have to be
able to live here.”
Melonie Parker, Google’s chief di-
versity officer, says the company is
mindful of such concerns, and is
working with community groups to
support training local small busi-
nesses. Google currently has 600
Atlanta employees and plans to sub-
stantially increase its hiring, part of
the commitment it made last sum-
mer to more than double the num-
ber of Black Googlers by 2025 and
invest in locations providing a
“high quality of life” for such em-
ployees.
Ms. Parker, who is Black, recalls
that when she first arrived in Sili-
con Valley, she struggled to find a
place to worship and do her hair.
What makes an employee thrive
isn’t just company culture, she
says—it’s the environs as well.
Atlanta has a higher retention
rate for Black employees than
Google’s other offices, and internal
surveys show higher engagement
levels for such workers, too, she
says.
In 2016, music-streaming com-
pany Pandora vowed to increase di-
versity and make 45% of its U.S.
workforce people of color by 2020.
Two years later, it set up an Atlanta
office, which today has more than
200 employees. Given the area’s di-
versity and rich cultural scene, the
move was a “no-brainer,” says Ni-
cole Hughey, vice president of diver-
sity and inclusion at Sirius XM
Holdings Inc., which acquired the
company in 2019.
While SiriusXM says it doesn’t
disclose information about the eth-
nic breakdown of its employees, Ms.
Hughey said the company’s Atlanta
office is more than 50% employees
of color: “It has not let us down.”
As Luminar prepared to go public, certain
shareholders questioned whether Mr. Russell
was the right chief executive to take it to
the next level. Those naysayers “believe his youth-
ful brilliance is a hindrance to the company’s long-
term prospects,” says Mr. Heng, founder of invest-
ment firm Crescent Cove, which has poured about
$100 million into Luminar since 2016. He encour-
aged Mr. Russell “to disregard his doubters and
persevere.” Mr. Russell heeded the advice. He ig-
nored skeptical Luminar shareholders and “made
sure to not doubt any aspect of myself.”
Ms. Lynn, an early Luminar investor, was
able to coach Mr. Russell ahead of the com-
pany’s public-market debut. She persuaded
Mr. Russell to hire a world-class executive team
“that would help him see around corners.” Thanks
to her counsel, Mr. Russell recognized that he
should recruit veteran executives who knew more
than he did. “It’s not just about experience. It’s
about fit and how creative you can be and how
well you get along with people,” the Luminar
leader says. “I am somewhat maniacal about get-
ting the right people.”
Mr. Woodman was introduced to Mr. Russell
in 2018. The GoPro chief and his wife, Jill
Woodman, subsequently invested a total of
$18 million in Luminar. “To be your best self, you
have to take care of yourself,” he urged the Lumi-
nar CEO. Mr. Russell shortened his average work-
week to 80 hours from 120. “Burnout can be real,”
he says. “It’s all about finding the right balance.”
Mr. Woodman also recommended his protégé avoid
getting caught up in endless meetings. So, Mr.
Russell ended his regular one-on-one sessions with
every staff member.
Mr. Gores, a Luminar director, spent time ad-
vising Mr. Russell over the past year. “I
spoke with him about the importance of del-
egation—which can be hard when you are the
smartest guy in the room,” Mr. Gores says. He also
recommended Mr. Russell focus on the big picture
rather than get caught up in day-to-day minutiae.
“Austin is in this business for the long run and to
make the world a safer place.” The typical chief ex-
ecutive lasts for five or so years, Mr. Russell noted.
But “I am fortunate enough to be in a position to
have a 50-year vision for Luminar.”
THE WALL STREET JOURNAL.
KEYWORDS | CHRISTOPHER MIMS
The New Space Race That Is
Landing in a Backyard Near You
Elon Musk and Amazon are dueling to provide homes with satellite internet
Cybersecurity spe-
cialist Luke McOmie
lives entirely off-grid
on the side of a
mountain in Colo-
rado, where there’s
no cell service or
landline broadband internet. Yet
he recently gave a talk at a con-
vention hosted in Japan on the le-
thality of drones. He was live via
satellite—his own personal satel-
lite internet connection, that is.
With a constellation of hun-
dreds of satellites, and speeds
comparable with U.S. broadband,
the Starlink service lets Mr.
McOmie do his job despite being
in the middle of nowhere. He and
his wife Melanie McOmie are liv-
ing the sort of lifestyle that pan-
demic-weary, deskbound urbanites
might envy: raising chickens,
watching out for mountain lions,
and taking in an expanse of unsul-
lied forest.
The McOmies are part of a beta
testing program for a new kind of
internet service from Elon Musk’s
rocket company SpaceX. Their expe-
rience has been phenomenal so far,
they say. They regularly get down-
load speeds of 120 megabits per
second, and because the antenna
gives off a fair amount of heat,
they’ve been able to stay connected
through most winter weather. They
did have to clear it after a recent
blizzard, however.
It’s not clear what kind of speeds
Starlink will offer to millions of
people, versus the more than
10,000 now testing in the U.S., Can-
ada and the U.K. Depending on how
many people SpaceX signs up, fu-
ture users could have internet
speeds that are only a fraction of
what’s available during this demo
period. And even if Starlink and its
soon-to-deploy competitors work as
advertised, there are many other
potential challenges to their viabil-
ity, let alone profitability. They in-
clude the headaches of shared
wireless spectrum, and the threat
of space debris.
But with at least three other se-
rious, deep-pocketed contenders in
the internet-from-space race—in-
cluding Amazon, OneWeb and
longtime operator Telesat—getting
fast, reliable internet service from
any place on Earth with a clear
view of the sky could soon seem
no more miraculous than a cell
signal. It also might not be much
more expensive: Current pricing
for Starlink is $499 upfront and
$99 a month for service.
Internet from space has obvious
implications for potentially closing
the rural/urban digital divide, not
only for Americans but also the
rest of the world. It could also en-
courage new ways of working and
living, untethered from cable and
MARIO ZUCCA
fiber-optic internet connections.
And giving huge swaths of homes
a wider choice of internet service
* * * *
providers, irrespective of their ge-
ography, could mean a shift in us-
ers, revenue and value away from
traditional telecom companies.
Nick Buraglio lives just outside
Champaign, Ill. He has plenty of
wired and wireless broadband op-
tions. Yet, as a professional network
engineer, he’s testing Starlink out of
curiosity.
Unlike established internet pro-
viders that handle installation,
Starlink requires you to do it your-
self. But that was “mind-numbingly
easy,” Mr. Buraglio says. He con-
nected the pizza-size Starlink an-
tenna to the provided router, and
power, and then followed along in
the Starlink smartphone app. Since
it needs an unobstructed view of
the sky, free of overhanging trees,
he decided to mount it perma-
nently on his roof. That, along with
running the antenna’s data-and-
power cable into his home, was the
hardest part. Still, he says, it was
no more complicated than install-
ing a rooftop television antenna
back in the day.
Anyone wishing to reproduce
this experience will have to get in
line, however: The waiting list for
Starlink is now up to a year.
The experiences of Starlink beta
users are enabled by the 1,000 or
so satellites that its parent com-
pany has launched. While that
makes SpaceX owner of about a
It Came from Outer Space
Radio
connection
Antenna
EXCHANGE
third of all active satellites orbit-
ing Earth, it’s only the beginning:
Starlink has received approval
from the FCC to launch nearly
12,000 satellites.
So many satellites are required
because each one passes overhead
very quickly, and is relatively close
to Earth’s surface, up to about
1,200 miles, in what’s known as
“low Earth orbit.” The advantage of
this orbit is that signals can travel
swiftly from Earth to a satellite and
back, which is why Starlink is able
to offer service with low “la-
tency”—the time it takes a signal
to make a round trip. The McOmies
say they are able to use their Star-
link service to blast opponents si-
multaneously on the demanding,
fast-twitch online first-person
shooter “Apex Legends.”
Traditional telecom and Earth-
observing satellites generally
hover much farther from Earth, in
what’s known as geosynchronous
orbit, about 22,000 miles above
the equator. This allows them to
reach much more of the planet at
once, but the round-trip signal
time is so long that applications
like internet telephony, video chat-
ting and most types of gaming are
virtually impossible.
U.K.-based OneWeb, which was
founded in 2012 and went bankrupt
in 2020, has recently been re-
launched by a consortium including
Laser link
Ground
station
connects to
internet
Saturday/Sunday, March 20 - 21, 2021 | B7
the British government and Bharti
Global. The company has already
launched 110 satellites out of a
planned 648. The idea is for 588 to
be active at any one time, says Chris
McLaughlin, OneWeb’s chief of gov-
ernment affairs. He projects that by
the end of this year, the company’s
network will offer internet coverage
to northern latitudes, with full
global coverage next year.
Another competitor is Canadian
satellite company Telesat. Unlike
the others, it has more than 50
years of experience building satel-
lites, says Chief Executive Dan
Goldberg. Telesat doesn’t want to
give everyone an antenna, like
Starlink and OneWeb do. Instead, it
would provide connections to
ground stations owned by telecom
companies, which would then con-
nect to end users in conventional
ways such as cellular or long-range
Wi-Fi networks. Users wouldn’t
have to worry about how they got
the internet connection they were
enjoying, and could use their
phones and other mobile devices
instead of specialized equipment.
Telesat will start launching its
new constellation of 298 low-
Earth-orbit broadband satellites in
2023, and plans to have full cover-
age of the globe by 2024, adds Mr.
Goldberg. One reason its constella-
tion is smaller than those of its
competitors is that each of its sat-
ellites is bigger and orbits at a
higher (but still low-Earth) alti-
tude, he says. Should the com-
pany’s plans bear fruit, Telesat’s
satellites will also have high-
speed, laser-based interconnec-
tions between each other, so they
can pass internet traffic between
themselves, in space, before send-
ing it back to Earth closer to its
intended destination. (Starlink is
also testing laser-based communi-
cation between its satellites.)
Amazon’s Project Kuiper, about
which the company has remained
Radio
connection
One of several
contenders in the
internet-from-space
race is U.K.-based
OneWeb, which has
already launched
110 satellites out
of a planned 648.
ROSCOSMOS AND SPACE CENTER VOSTO
relatively tight-lipped, has an-
nounced that it is committing $10
billion to launch a network that,
by all appearances, is very much
like Starlink’s. While the company
has not announced its satellite de-
sign or launch timetable, it will
have to launch half of its intended
network, or approximately 1,600
satellites, by July 2026 to comply
with its FCC license.
In the future, there are yet more
potential entrants into the space-
internet race: China announced it
intends to launch its own network
of 10,000 low-Earth-orbit satellites,
and the EU is contemplating build-
ing one as well. Hardly a month
goes by in which yet another
startup doesn’t announce an at-
tempt at some slice of the market,
including more than a dozen start-
ups aiming to use small satellites to
connect the “Internet of Things.”
It’s not clear that all of these
companies will successfully launch
their networks, or survive once
they do, says Chris Quilty, a part-
ner at Quilty Analytics, which
tracks the space industry from a
financial perspective. His own
analysis of the viability of Starlink,
for example, finds that its money-
making prospects depend heavily
on slashing the cost of the sophis-
ticated and expensive ground-
based antennas that it sends to
customers. The $499 upfront fee
to join Starlink doesn’t cover the
$2,000 to $2,500 that Mr. Quilty
and other analysts estimate is the
actual cost for each antenna.
That said, the FCC in December
announced its intention to give
Starlink $885 million to connect
homes in the U.S., if the company
meets certain requirements, as
part of the Rural Digital Opportu-
nity Fund.
Countless other headaches
await Starlink and its competitors.
Among them are the rights to the
wireless spectrum satellites use to
beam data to Earth. OneWeb,
SpaceX and another satellite com-
munications company argue they
should be granted senior rights to
a certain wireless band in the U.S.
This might mean satellites from
one of these companies—or their
future competitors—would have to
modify their transmissions when
they detect possible interference,
says Mr. Quilty.
Then there is the dreaded Kes-
sler syndrome, depicted in the
movie “Gravity,” where orbiting
space debris leads to a runaway
space pileup. At present, there are
recommendations but few binding
rules about how Earth’s low Earth
orbit is used.
Until the space junk-pocalypse
comes, Brian Jemes, network man-
ager at the University of Idaho,
plans to continue enjoying his
Starlink system. At his home near
Moscow, Idaho, satellite service
has been 20 times faster than it
was with his local ISP, which con-
nected over long-range Wi-Fi.
Mr. Jemes, who spent 18 years
at Hewlett-Packard and has been
building networks for 32 years, is
glad to be part of the Starlink
beta. Still, he knows that whether
he continues to enjoy such fast in-
ternet speeds will depend on how
many satellites Starlink puts into
the sky, and how popular the ser-
vice becomes.
“It’s how cable internet was at
first,” he says, “until your whole
neighborhood was on it.”
 B8 | Saturday/Sunday, March 20 - 21, 2021
Covid Gives
Tech Giants
An Ad Boost
Continued from page B1
majority of all ad spending in the
U.S. last year.
Beneath the shift are changes
driven by the pandemic: more time
spent on computer screens; more
e-commerce; a jump in new-busi-
ness formation, and a steady im-
provement in tech giants’ ability
to demonstrate returns on ad in-
vestment.
Success breeds success for what
some call the “triopoly.” The in-
crease in shopping and spending
on Google, Facebook and Amazon’s
platforms is adding to their al-
ready voluminous data on users,
giving them even more appeal for
advertisers that look to target
their messages.
“These companies that are data-
science-driven get stronger and
faster with a tailwind of usage—
and Covid was a hurricane,” said
ad-industry veteran Tim Arm-
strong, a former Google executive
and AOL chief executive who now
leads Flowcode, a direct-to-con-
sumer platform company.
Many of the pandemic-driven
changes likely are here to stay, say
advertisers and ad forecasters.
Still, when the pandemic winds
down, it’s far from certain the tech
giants will continue to increase
their market share gains at this
rate. With the vaccine rollout and
easing of lockdowns, consumers
could spend less time and money
online and marketers could diver-
sify their spending.
The growth in online advertis-
ing last year came as every other
kind of ad spending shrank, with
double-digit declines in TV, news-
papers and billboards, according to
GroupM. And those online gains
flowed heavily to the tech giants
rather than to digital media sites
and publishers that sell online ads.
The triopoly increased their
share of the U.S. digital-ad market
from 80% in 2019 to a range ap-
proaching 90% in 2020, GroupM
estimates. It’s a surge that comes
as they face scrutiny and litigation
from various agencies at home and
abroad over their dominance.
Google, in announcing plans to
tweak its tools that help publish-
ers and advertisers buy and sell
ads, is moving away from target-
ing ads based on individuals’
browsing activity across the web.
But that shift might wind up fur-
ther strengthening Google’s grip
on the online-ad industry, some
experts and rivals say, because it
could boost the value of the data
flowing through Google properties
such as Search and YouTube.
Amazon this week said it will
VUORI(3)
Activewear company Vuori Inc. stopped traditional marketing such as catalogs and direct mail when the
pandemic hit and instead poured money into ads on Facebook. Its algorithm has proved useful for identifying
groups of potential customers, said CEO Joe Kudla, seen at the flagship store in Encinitas, Calif., in 2017.
Startup Binge
The pandemic triggered a burst of
new businesses, an opportunity for
Google, Facebook and Amazon to
gain advertising clients.
Applications to form
new businesses in the U.S.
2015 ’16 ’17
Note: Seasonally adjusted
Source: U.S. Census Bureau via St. Louis Fed
begin streaming “Thursday Night
Football” by 2023, giving the com-
pany a high-profile franchise to
take in ad dollars normally spent
on TV broadcasters.
The three giants aren’t collect-
ing just the money spent to adver-
tise in the media but also some of
the marketing dollars earmarked
for coupons, catalogs and in-store
promotions.
New-business applications in
the U.S., which slowly climbed
from 200,000 a month to 300,000
over a decade, shot up north of
500,000 in July and averaged more
than 400,000 a month for the sec-
ond half of 2020, according to U.S.
Census data. This proved a boon
for the biggest tech platforms,
which provide the kind of advertis-
ing that is often all a startup can
afford. Facebook says it had more
than 10 million active advertisers
in the third quarter, up from 8 mil-
lion in January.
For Google, Facebook
and Amazon, success in
the advertising game
breeds more success.
Meanwhile, many businesses of
all sizes pivoted to e-commerce
selling—and turned to digital ads
to support that effort.
Before the pandemic, a little
more than 10% of retail purchases
in the U.S. took place online. That
jumped to 16% in last year’s sec-
ond quarter when lockdowns
peaked, according to Census data.
Though the rate tapered a bit as
the year wore on, the trend
strongly benefits the tech behe-
moths.
“The pandemic zapped us two
years into the future on the e-com-
merce side,” said Nicole Perrin,
principal analyst at research firm
eMarketer.
Mondelez, the Chicago-based
maker of Oreo, Ritz and other
EXCHANGE
July 2020
551,657
500,000
400,000
300,000
200,000
100,000
0
’18 ’19 ’20 ’21
snacks, in 2020 geared up to pro-
mote some of its brands in the
marquee television events of the
NCAA college basketball tourna-
ment and the Summer Olympic
Games in Tokyo. When it became
clear neither would be held, Mon-
delez redeployed the money to
digital advertising.
It doubled down on Google ads
to capitalize on interest in online
recipes among those homebound.
It used Facebook-owned Instagram
to host a Pictionary-like game in
which an artist made images out
of the cream in the middle of an
Oreo cookie. For the first time,
Mondelez spent more on digital
ads than on TV commercials last
year. Google and Facebook were
the biggest beneficiaries.
This year, digital advertising is
projected to account for more than
half the roughly $1.1 billion Mon-
delez spends on media world-wide.
It was only about 30% as recently
as 2017. TV’s share of its ad spend-
ing continues to decline.
When Mondelez invests in digi-
tal advertising, it gets a 25% better
return than with TV ads, the com-
pany says. It has found that its
Google and Facebook ads do espe-
cially well, generating 40% higher
returns than an average digital ad.
The two now account for roughly
60% to 70% of Mondelez’s digital
ad spending, up from less than
50% in 2017, the company says.
The tech giants share data that
allows Mondelez to understand its
customers better, said the snack
maker’s chief marketing officer,
Martin Renaud. Google data
showed Mondelez, for instance,
that people tend to search the in-
ternet for healthier snacks in the
morning and for more-indulgent
treats as the day wears on.
On-target copy
When the pandemic struck,
Google provided updated data that
helped Mondelez craft relevant
ads. It switched from showing col-
lege-age consumers an ad about
eating lunch in the library to one
that read: “Made it through an on-
line class? Treat yourself.”
Mondelez has been working
with Google and Target Corp. to
figure out how likely someone is
to buy Oreos or Ritz crackers from
Target stores after being served
ads for them on Google’s YouTube.
“I can’t go to CNN or other plat-
forms and be able to get that intel-
ligence,” said Jonathan Halvorson,
Mondelez’s global vice president of
consumer experience. Big advertis-
ers like Mondelez still spend a lot
on TV commercials, and most con-
sider TV the best way to reach a
mass audience, rather than any
particular segment of consumers.
As it directs more ad money to
the tech giants, Mondelez isn’t
working with as many digital pub-
lishers in the U.S. In 2017, Monde-
lez worked with about 150; it now
works with fewer than 10.
For direct-to-consumer busi-
* ***
Stepping up digital advertising, Mondelez used Instagram to host a game
in which an artist made images from the cream inside an Oreo cookie.
nesses, the pandemic provided an
opportunity like no other.
Activewear company Vuori dis-
tributes through stores, but its
main focus is selling via catalogs
and the web. Facebook is a key
part of its strategy. Besides en-
abling Vuori to monitor the perfor-
mance of its ads, the platform’s
tools let Vuori upload lists of its
customers and then use Facebook’s
algorithm to find lookalike audi-
ences, testing and pivoting in real
time.
When the pandemic arrived,
Vuori CEO Joe Kudla noticed
something interesting in the data:
The prices of Facebook’s ads were
dropping at the same time as peo-
ple were clicking at higher rates
on Vuori ads for items like its $80
sweatpants. That combination sent
its return on ad spending through
the roof.
Vuori stopped traditional mar-
keting such as catalogs and direct
mail and shoveled every dollar it
could into Facebook. It doubled its
April 2020 media spending from
what was budgeted, and saw sales
quadruple. Facebook’s ad prices
have since recovered, and Vuori
has diversified its ad spending
somewhat, but it has continued to
increase its use of Facebook ads.
A surfer and yoga practitioner,
Mr. Kudla seeks to create products
for people with the kind of active
lifestyle he and his friends in En-
cinitas, Calif., have. But for finding
customers, he says, Facebook beats
his instincts.
“We could identify the age,
demo and behavior, but ultimately
the algorithm is much more pow-
erful in terms of identifying people
who demonstrate certain shopping
behaviors,” Mr. Kudla said.
Performance-obsessed small ad-
vertisers such as Vuori are the
reason Facebook revenue never
stopped growing last year, despite
the pandemic’s hit to the economy
and then a summer boycott by
some prominent advertisers over
the platform’s handling of hate
speech and misinformation.
In the three years leading up to
the pandemic, Suzy Batiz, founder
of the toilet spray company Poo-
Pourri, was focused mainly on
building out the network of retail
stores that carried what it calls a
“before-you-go” spritz of essential
oils.
Then Covid-19 hit, and one dis-
tributor refused to take a multi-
million-dollar order already pro-
duced. “That was pretty painful,”
Ms. Batiz said. “But as one of my
mentors would say, crisis precedes
transformation.” The company
shifted focus from driving custom-
ers to stores to driving them to its
e-commerce site and others’ shop-
ping sites.
That meant cutting all market-
ing spending that wasn’t digital,
such as payment for promotions at
Bed Bath & Beyond stores or for
promotional events, while stores
were closed.
Ms. Batiz redirected the money
to the web, especially Facebook.
Sales on Poo-Pourri’s website
surged 300% in the second quarter
THE WALL STREET JOURNAL.
MONDELEZ
Growing Domination
The big three of digital ads now get
half of all U.S. ad spending.
$250 billion
Other
200
150
100 Amazon
Facebook
50 Google
0
2015 ’16 ’17 ’18 ’19 ’20
Note: Other includes all forms of advertising, not just
digital; Google shares portion of ad revenue with
partners; 2020 data are estimates as of March 2021.
Source: GroupM
versus a year earlier and more
than doubled for the year.
“This is our future,” Ms. Batiz
said. “I don’t think we will ever go
back.”
Steelcase, which makes desks
and other office furniture, spent
roughly $1 million on advertising
in 2019, primarily for print and
digital ads in business publications
to target facility managers, archi-
tects, developers and company ex-
ecutives. Most of its revenue came
in direct sales to corporations or
from its dealer network, which has
showrooms around the country. Its
business of direct selling to con-
sumers was minuscule.
Straight to the user
As states’ stay-home orders
spurred an exodus from offices
last spring, Steelcase’s sales
plunged. The Grand Rapids, Mich.,
company ramped up its small di-
rect-to-consumer business, in-
creasing its staff for that to 25
people from two.
It stopped advertising in busi-
ness publications and began buy-
ing search and social-media ads.
Steelcase radically increased its ad
budget last year and spent $5 mil-
lion to $6 million on digital ads
targeting people setting up home
offices. About half of that went to
Amazon search ads.
“Everyone focused on Amazon,
whether you needed toilet paper,
spices, a Cuisinart mixer or an of-
fice chair,” said Allan Smith, the
furniture maker’s vice president of
global marketing. “We decided to
shift there as well, and it paid off.”
For every dollar Steelcase spent
on Amazon ads during the holiday
season, it made $30 in sales, the
company says. Sales for its busi-
ness aimed at consumers are up
500%.
Steelcase plans to double its
Amazon spending this year. Its re-
search indicates the pandemic has
changed work life for good, pre-
dicting that about 72% of busi-
nesses are likely to take a hybrid
approach of working from both
home and office. “The hybrid fu-
ture is here to stay,” Mr. Smith
said.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 20 - 21, 2021 | B9

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
32627.97 Trailing P/E ratio 33.12 14.91 3913.10 Trailing P/E ratio * 44.63 18.42 13215.24 Trailing P/E ratio *† 37.27 22.37 commodities performed around the world for the week.
t 234.33 P/E estimate * 21.38 13.27 t 2.36 P/E estimate * 22.42 14.62 s 99.07 P/E estimate *† 27.97 18.97
Stock Currency, Commodity, Exchange-
Dividend yield 1.84 3.40 Dividend yield * 1.49 2.51 or 0.76% Dividend yield *† 0.78 1.18
or 0.71% or 0.06% index vs. U.S. dollar traded in U.S.* traded fund
All-time high:
All-time high Current divisor All-time high Lean hogs 3.12%
14095.47, 02/12/21
33015.37, 03/17/21 0.15198707565833 3974.12, 03/17/21 Sao Paulo Bovespa 1.81
Comex silver 1.59
33000 4100 14400 South African rand 1.56
Corn 1.55
32000 4000 13800 Comex gold 1.27
Mexico peso 1.07
13200 Hang Seng 0.87
31000 3900
DAX 0.82
iShJPMUSEmgBd 0.77
Session high 30000 3800 12600
South Korean won 0.62
DOWN UP
65-day moving average S&P 500 Telecom Svcs 0.54
t

Session open Close

29000 3700 12000 S&P 500 Health Care 0.37
65-day moving average Close Open
t

65-day moving average FTSE MIB 0.36

Session low 28000 3600 11400 Indian rupee 0.32
Bars measure the point change from session's open Nikkei 225 0.25
27000 3500 10800 S&P 500 Consumer Staples 0.23
Jan. Feb. Mar. Jan. Feb. Mar. Jan. Feb. Mar. Dow Jones Transportation Average 0.18
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index Japanese yen 0.13
WSJ Dollar Index 0.13
Stoxx Europe 600 0.06
Major U.S. Stock-Market Indexes Trading Diary Swiss franc 0.04
Latest 52-Week % chg Volume, Advancers, Decliners Soybeans 0.04
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. iSh 1-3 Treasury 0.02
Dow Jones Total volume*3,450,370,927 138,148,961 S&P/TSX Comp 0.01
Industrial Average 32858.36 32505.07 32627.97 -234.33 -0.71 33015.37 18591.93 70.2 6.6 9.9 Adv. volume*1,586,444,837 98,039,054 -0.002 Euro Stoxx
Transportation Avg 14282.99 14064.99 14182.13 34.09 0.24 14242.67 6703.63 107.4 13.4 10.0 Decl. volume*1,837,701,027 38,532,917 -0.01 Chinese yuan
Utility Average 853.93 838.57 847.56 1.53 0.18 917.38 610.89 31.2 -2.0 7.3 Issues traded 3,372 278 -0.06 iShiBoxx$InvGrdCp
0.10 Advances 1,797 167 -0.08 VangdTotIntlBd
Total Stock Market 41413.72 40908.85 41251.19 40.29 41966.28 22462.76 78.5 5.2 13.6
Declines 1,463 100 -0.10 iSh TIPS Bond
Barron's 400 967.33 951.77 963.31 4.20 0.44 978.36 455.11 105.4 13.0 9.8
Unchanged 112 11 -0.14 Indonesian rupiah
Nasdaq Stock Market New highs 105 3 -0.15 S&P 500 Consumer Discr
Nasdaq Composite 13252.37 13039.45 13215.24 99.07 0.76 14095.47 6860.67 92.1 2.5 21.6 New lows 38 1 -0.16 iShNatlMuniBd
Nasdaq-100 12906.02 12704.07 12866.99 77.85 0.61 13807.70 6994.29 84.0 -0.2 23.3 Closing Arms† 1.29 0.63 -0.20 Canada dollar
Block trades* 7,325 280 -0.24 Australian dollar
S&P
Nasdaq NYSE Arca
-0.26 VangdTotalBd
500 Index 3930.12 3886.75 3913.10 -2.36 -0.06 3974.12 2237.40 69.8 4.2 13.0
-0.29 S&P 500 Industrials
MidCap 400 2635.19 2588.56 2614.15 1.01 0.04 2682.61 1218.55 107.7 13.3 10.9 Total volume*7,717,610,257 290,132,053
-0.33 S&P 500 Utilities
SmallCap 600 1363.60 1333.21 1355.09 4.35 0.32 1397.66 595.67 124.1 21.1 12.2 Adv. volume*5,734,746,179 189,817,588
-0.40 UK pound
Decl. volume*1,923,868,865 99,528,005
Other Indexes -0.40 Euro area euro
Issues traded 4,234 1,466
Russell 2000 2298.04 2247.57 2287.55 19.96 0.88 2360.17 1002.40 125.6 15.8 13.4 -0.46 Dow Jones Industrial Average
Advances 2,589 979
NYSE Composite 15636.12 15454.11 15562.26 -26.81 -0.17 15775.50 8777.38 70.4 7.1 7.1 -0.46 iShiBoxx$HYCp
Declines 1,528 467
Value Line 649.91 639.73 1.76 0.27 662.15 305.71 106.2 13.7
-0.49 Kospi Composite
646.85 5.0 Unchanged 117 20
-0.53 Comex copper
NYSE Arca Biotech 5592.82 5492.88 5579.59 81.99 1.49 6319.77 3952.22 40.5 -2.8 5.8 New highs 145 17
-0.54 Nasdaq-100
NYSE Arca Pharma 692.08 685.00 690.00 2.52 0.37 725.03 494.36 33.9 0.1 8.5 New lows 84 6
-0.75 iSh 7-10 Treasury
KBW Bank 122.43 119.46 121.29 -2.03 -1.64 123.35 56.19 100.3 23.9 2.6 Closing Arms† 0.57 1.33
-0.75 Wheat
PHLX§ Gold/Silver 142.10 140.01 141.57 0.30 0.21 161.14 70.12 101.9 -1.8 21.6 Block trades* 30,821 1,122
-0.77 S&P 500
PHLX§ Oil Service 57.78 55.51 56.39 -0.28 -0.50 63.89 22.65 146.4 27.2 -25.1 * Primary market NYSE, NYSE American NYSE Arca only. -0.78 FTSE 100
PHLX§ Semiconductor 3039.39 2945.46 3011.37 35.15 1.18 3238.92 1298.54 131.9 7.7 29.2 †(TRIN) A comparison of the number of advancing and declining
-0.79 Nasdaq Composite
issues with the volume of shares rising and falling. An
Cboe Volatility 23.17 19.90 20.95 -0.63 -2.92 66.04 19.23 -68.3 -7.9 3.3 -0.80 CAC-40
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -0.83 S&P 500 Materials
-0.87 S&P/ASX 200
-0.96 iSh 20+ Treasury
International Stock Indexes Percentage Gainers... -1.02 S&P 500 Real Estate
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -1.12 Russian ruble
-1.17 Norwegian krone
World MSCI ACWI 671.41 –1.97 –0.29 3.9 Clovis Oncology CLVS 7.86 2.54 47.74 11.10 3.98 77.4
Hall of Fame Resort Ent HOFV 4.00 1.27 46.52 12.31 1.09 ...
-1.22 S&P MidCap 400
MSCI ACWI ex-USA 340.13 –2.42 –0.71 4.2
Foghorn Therapeutics FHTX 16.12 4.32 36.61 28.27 11.65 ... -1.35 S&P 500 Information Tech
MSCI World 2796.14 –6.13 –0.22 3.9
Instil Bio TIL 26.44 6.44 32.20 27.19 20.00 ... -1.40 Shanghai Composite
MSCI Emerging Markets 1336.84 –10.49 –0.78 3.5
StoneMor STON 2.72 0.66 32.04 3.71 0.46 126.7 -1.55 IPC All-Share
Americas MSCI AC Americas 1523.87 0.09 0.01 3.8 -1.67 Bloomberg Commodity Index
Flux Power Holdings FLUX 15.35 3.68 31.53 22.50 3.80 176.6
Canada S&P/TSX Comp 18854.00 17.53 0.09 8.1 -1.68 S&P 500 Financials
Adams Resources AE 37.54 8.17 27.82 37.70 16.01 117.7
Latin Amer. MSCI EM Latin America 2347.21 23.78 1.02 –4.3
Euroseas ESEA 13.85 3.01 27.77 13.97 1.60 538.2 -1.75 IBEX 35
Brazil Sao Paulo Bovespa 116221.58 1386.15 1.21 –2.3
ZK International Group ZKIN 11.20 2.43 27.71 14.60 0.72 1455.6 -1.84 S&P BSE Sensex
Chile Santiago IPSA 3318.40 –16.24 –0.49 16.1
Atlantic American AAME 5.70 1.16 25.55 15.97 1.58 146.8 -2.50 Nymex natural gas
Mexico S&P/BMV IPC 47028.04 –544.35 –1.14 6.7
Finch Therapeutics Group FNCH 21.32 4.32 25.41 22.50 17.00 ... -2.77 Russell 2000
EMEA Stoxx Europe 600 423.35 –3.24 –0.76 6.1 Super League Gaming SLGG 10.14 1.99 24.42 11.20 1.63 360.9 -3.05 S&P SmallCap 600
Eurozone Euro Stoxx 424.55 –3.30 –0.77 6.8 Forian FORA 15.35 2.87 23.00 45.00 11.50 ... -6.39 Nymex crude
Belgium Bel-20 3872.81 –49.14 –1.25 6.9 AFC Gamma AFCG 23.00 4.00 21.05 23.75 19.00 ... -7.38 Nymex ULSD
Denmark OMX Copenhagen 20 1440.32 0.26 0.02 –1.7 Vuzix VUZI 28.81 4.97 20.85 29.59 0.93 2383.6 -7.66 S&P 500 Energy
France CAC 40 5997.96 –64.83 –1.07 8.0
Germany DAX 14621.00 –154.52 –1.05 6.6 Percentage Losers -9.62
*Continuous front-month contracts
Nymex RBOB gasoline
Israel Tel Aviv 1587.28 … Closed 5.9 Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg
Italy FTSE MIB 24199.42 –161.07 –0.66 8.8 Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Netherlands AEX 681.70 –0.69 –0.10 9.1 Idera Pharmaceuticals IDRA 1.98 -3.23 -62.00 6.14 1.16 61.0 THE WALL STREET JOURNAL
Russia RTS Index 1474.05 –14.67 –0.99 6.2 NuZee NUZE 4.01 -1.09 -21.37 51.57 3.90 -55.4
South Africa FTSE/JSE All-Share 65911.27 –828.47 –1.24 10.9 WISeKey Intl Hldg ADR WKEY 10.81 -2.29 -17.48 18.49 3.90 136.6 Methodology
Spain IBEX 35 8493.00 –131.60 –1.53 5.2 LexinFintech Holdings ADR LX 11.36 -2.21 -16.29 15.42 6.04 29.7 Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
ALX Oncology ALXO 63.07 -9.79 -13.44 117.45 28.01 ... reflect total returns). Commodities are represented by the continuous front-month
Sweden OMX Stockholm 862.86 –2.90 –0.34 12.3 futures contract. Bond exchange-traded fund performance may diverge from that of
Switzerland Swiss Market 10967.37 –6.39 –0.06 2.5 Nurix Therapeutics NRIX 33.06 -5.06 -13.27 52.38 15.21 ... their underlying index. Bond categories are represented by the following ETFs: U.S.
Turkey BIST 100 1528.99 –21.94 –1.41 3.5 Jiayin Group ADR JFIN 8.22 -1.19 -12.65 30.00 1.76 367.0 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
U.K. FTSE 100 6708.71 –70.97 –1.05 3.8 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
Viveve Medical VIVE 3.42 -0.48 -12.31 14.40 2.54 -43.8 Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
U.K. FTSE 250 21420.31 –148.25 –0.69 4.5 Praxis Precision Meds PRAX 33.95 -4.69 -12.14 60.95 23.90 ... iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
LightInTheBox Holding ADR LITB 3.27 -0.41 -11.14 5.69 0.58 340.2 Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Asia-Pacific MSCI AC Asia Pacific 208.49 –1.37 –0.65 4.3
Bonds: iShares National Muni; International Bonds: Vanguard Total International;
Australia S&P/ASX 200 6708.20 –37.71 –0.56 1.8 Raven Industries RAVN 36.51 -4.44 -10.84 45.11 17.56 78.2 Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
China Shanghai Composite 3404.66 –58.40 –1.69 –2.0 Construction Ptrs Cl A ROAD 29.36 -3.39 -10.35 36.58 12.84 97.2
Hong Kong Hang Seng 28990.94 –414.78 –1.41 6.5 Manitex MNTX 8.36 -0.96 -10.30 9.62 2.83 163.7
India S&P BSE Sensex 49858.24 641.72 1.30 4.4 Emerald Holding EEX 6.19 -0.70 -10.16 7.28 1.50 95.9
See an expanded year-to-date and current quarter
Japan Nikkei Stock Avg 29792.05 –424.70 –1.41 8.6 Solaris Oilfield A SOI 13.03 -1.47 -10.14 15.08 4.50 169.8 list of selected global stock indexes, bond ETFs, currencies
Singapore Straits Times 3134.54 –3.12 –0.10 10.2
Most Active Stocks and commodities at
South Korea Kospi 3039.53 –26.48 –0.86 5.8
Taiwan TAIEX 16070.24 –217.60 –1.34 9.1 Company Symbol
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High Low wsj.com/graphics/track-the-markets
Thailand SET 1563.96 –4.86 –0.31 7.9 Clovis Oncology CLVS 330,545 3988.1 7.86 47.74 11.10 3.98
Sources: FactSet; Dow Jones Market Data
Sundial Growers SNDL 206,488 -61.0 1.49 2.05 3.96 0.14
Hall of Fame Resort Ent HOFV 190,139 3400.3 4.00 46.52 12.31 1.09 Currencies
Get real-time U.S. stock quotes and
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Apple AAPL 184,737 65.3 119.99 -0.45 145.09 53.15
track most-active stocks, new highs/lows AMC Entertainment Hldgs AMC 152,088 -5.0 13.93 -0.50 20.36 1.91 U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
and mutual funds. * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
.COM 5,000 shares =Has traded fewer than 65 days
Fri YTDchg Fri YTDchg
Available free at WSJMarkets.com Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004334 23075 –0.02
Argentina peso .0110 91.2691 8.5 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1821 5.4911 5.7 Czech Rep. koruna .04566 21.902 2.0

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7999 1.2502 –1.8 Denmark krone .1601 6.2462 2.5
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001402 713.30 0.4 Euro area euro 1.1907 .8399 2.6
Colombiapeso .000281 3558.90 4.0 Hungary forint .003238 308.85 4.0
A consumer rate against its 5-year CDs Ecuador US dollar Iceland krona
1 1 unch .007885 126.82 –0.8
benchmark over the past year 2.50% Mexico peso .0488 20.5059 3.1 Norway krone .1172 8.5334 –0.5
Bankrate.com avg†: 0.46% 16%
Euro Uruguay peso .02255 44.3450 4.7 Poland zloty .2580 3.8764 3.8
s

Lone Star Bank 0.71% 2.00

Asia-Pacific Russia ruble .01350 74.093 0.1
1.00% Tradeweb ICE 8
t

Houston, TX 713-358-9400 Sweden krona .1169 8.5516 3.9

Friday Close 1.50 Australian dollar .7744 1.2913 –0.7
s Switzerland franc 1.0761 .9293 5.0
Five-year CD yields Colorado Federal Savings Bank 0.75% 0 China yuan .1536 6.5090 –0.4
0.75 1.00 Yen Turkey lira .1385 7.2189 –2.9
t Greenwood Village, CO 877-484-2372 Hong Kong dollar .1288 7.7651 0.2
Ukraine hryvnia .0360 27.7500 –2.1
WSJ Dollar Index India rupee .01380 72.461 –0.8
0.50 TAB Bank 0.75% One year ago 0.50 –8 s UK pound 1.3864 .7213 –1.4
t Indonesia rupiah .0000694 14405 2.5
Ogden, UT 800-355-3063 Middle East/Africa
Federal-funds Japan yen .009184 108.88 5.4
0.25 0.00 –16
target rate CFG Community Bank 0.82% Kazakhstan tenge .002376 420.83 –0.1 Bahrain dinar 2.6524 .3770 –0.01
1 3 6 1 2 3 5 7 10 20 30 2020 2021 Macau pataca .1250 8.0020 0.1 Egypt pound .0638 15.6787 –0.4
t Baltimore, MD 888-205-8388
0.00 month(s) years Malaysia ringgit .2435 4.1075 2.1 Israel shekel .3029 3.3009 2.7
AM J J A S O N D J F M First Internet Bank of Indiana 0.96%
maturity New Zealand dollar .7165 1.3957 0.3 Kuwait dinar 3.3120 .3019 –0.7
2020 2021 Indianapolis, IN 888-873-3424 Pakistan rupee .00641 155.983 –2.7 Oman sul rial 2.5972 .3850 0.01
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0206 48.498 1.0 Qatar rial .2746 3.641 –0.01
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7450 1.3422 1.6 Saudi Arabia riyal .2666 3.7510 –0.02
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008854 1129.48 4.0 South Africa rand .0679 14.7181 0.2
Sri Lanka rupee .0050653 197.42 6.6
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.25 Yield (%) 52-Week Total Return (%) Taiwan dollar .03521 28.401 1.1 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 3.25 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03250 30.770 2.4 WSJ Dollar Index 86.59 0.08 0.10 1.87
Libor, 3-month 0.20 0.19 0.18 l 1.45 -2.03
U.S. Treasury, Barclays 2348.300 0.990 0.970 0.990 0.400 –1.724 4.278 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.10 0.10 0.08 l 0.37 -0.24
0.46 l -1.18 U.S. Treasury Long, Barclays 4044.180 2.370 2.320 2.400 1.090 –9.403 6.317
Five-year CD, annual yield
30-year mortgage, fixed† 3.34
0.45
3.24
0.44
2.83 l
1.05
4.01 -1.09 Aggregate, Barclays 2205.610 1.620 1.570 2.180 1.020 4.264 4.751
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 2.55 2.47 2.32 l 3.43 -1.34
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Barclays 2203.310 1.850 1.730 2.280 0.930 2.669 3.860
Jumbo mortgages, $548,250-plus† 3.38 3.27 2.85 l 4.09 -1.34 DJ Commodity 811.29 8.67 1.08 836.48 433.70 74.03 10.89
High Yield 100, ICE BofA 3306.233 4.134 3.962 10.740 3.261 28.747 5.345
Five-year adj mortgage (ARM)† 3.17 3.19 2.85 l 3.57 -1.02 Refinitiv/CC CRB Index 188.79 1.65 0.88 195.13 106.29 52.39 12.51
New-car loan, 48-month 4.03 4.03 4.02 l 4.44 0.44 Muni Master, ICE BofA 590.597 1.048 0.950 3.441 0.725 12.920 4.651 Crude oil, $ per barrel 61.42 1.42 2.37 66.09 -37.63 173.83 26.59
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. 4.976 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 2.535 0.054 2.18 3.354 1.482 58.04 -0.16
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services
Gold, $ per troy oz. 1741.40 9.20 0.53 2051.50 1484.00 17.35 -8.01
B10 | Saturday/Sunday, March 20 - 21, 2021 * *** THE WALL STREET JOURNAL.

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

Metal & Petroleum Futures May 1.9211 1.9700 1.8982 1.9437 .0030 131,784 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 99.8350 99.8400 99.8300 99.8350 … 1,181,175
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 135.975 136.100 134.525 134.675 –.850 1,846 Dec 99.7500 99.7550 t 99.7300 99.7450 –.0050 974,091
Contract Open May 147.250 147.250 143.650 144.675 –1.950 18,265 March'23 99.4800 99.5050 99.4450 99.4550 –.0150 1,121,091
April 2.489 2.554 2.456 2.535 .054 71,534
Open High hi lo Low Settle Chg interest Cattle-Live (CME)-40,000 lbs.; cents per lb.
May 2.523 2.583 2.490 2.566 .055 264,923
Copper-High (CMX)-25,000 lbs.; $ per lb. June 2.579 2.640 2.551 2.624 .054 102,766 April 118.600 119.225 118.000 118.400 –.175 50,769 Currency Futures
March 4.0565 4.1230 4.0530 4.1235 0.0065 1,978 June 119.800 120.000 118.100 118.675 –.975 140,526
July 2.642 2.698 2.613 2.682 .049 90,693 Japanese Yen (CME)-¥12,500,000; $ per 100¥
May 4.0630 4.1215 4.0105 4.1130 0.0050 145,556
Sept 2.686 .049 101,829
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Gold (CMX)-100 troy oz.; $ per troy oz. April 95.400 95.725 s 94.125 94.250 –.050 40,129 April .9184 .9209 .9167 .9187 .0010 167
Oct 2.666 2.718 2.634 2.702 .049 131,807 June 100.975 101.100 100.000 100.600 .575 93,636 June .9187 .9215 .9170 .9192 .0010 154,060
March 1742.20 1742.20 1733.60 1741.40 9.20 1,178
April 1733.70 1746.10 1727.10 1741.70 9.20 200,834 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Canadian Dollar (CME)-CAD 100,000; $ per CAD
May 1735.20 1745.60 1729.90 1742.90 9.20 417
Agriculture Futures May 860.00 886.60 857.70 886.60 32.00 2,106 April .8003 .8025 .7971 .8004 .0009 196
July 784.00 809.10 782.00 809.10 32.00 792 June .8007 .8025 .7971 .8004 .0009 160,217
June 1736.30 1748.20 1729.30 1743.90 9.30 214,079 Corn (CBT)-5,000 bu.; cents per bu. Milk (CME)-200,000 lbs., cents per lb. British Pound (CME)-£62,500; $ per £
Aug 1739.50 1750.00 1731.50 1745.80 9.30 31,170 May 546.25 559.00 545.50 557.75 11.25 682,472 March 16.26 16.26 16.25 16.25 –.01 3,914 April 1.3929 1.3960 1.3834 1.3873 –.0058 507
Oct 1745.00 1751.20 1734.60 1747.60 9.20 9,046 July 530.50 539.50 529.50 538.75 8.50 400,416 April 17.34 17.35 16.99 17.02 –.32 3,413 June 1.3933 1.3963 1.3834 1.3875 –.0058 143,986
Palladium (NYM) - 50 troy oz.; $ per troy oz. Oats (CBT)-5,000 bu.; cents per bu. Cocoa (ICE-US)-10 metric tons; $ per ton. Swiss Franc (CME)-CHF 125,000; $ per CHF
March 2626.60 –31.70 6 May 365.50 369.50 362.00 366.00 –.25 3,257 May 2,542 2,542 2,465 2,493 –49 83,918 June 1.0806 1.0835 1.0755 1.0789 –.0007 39,588
June 2680.50 2685.00 2592.50 2630.90 –31.90 9,591 Dec 343.75 2.50 602 July 2,550 2,550 2,482 2,506 –46 65,368 Sept 1.0830 1.0861 1.0784 1.0816 –.0007 142
Platinum (NYM)-50 troy oz.; $ per troy oz. Soybeans (CBT)-5,000 bu.; cents per bu. Coffee (ICE-US)-37,500 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
March 1198.90 –17.30 50 May 1391.00 1418.25 1390.00 1416.25 24.00 319,039 March 125.45 125.45 125.45 125.45 –.95 8 April .7742 .7773 .7720 .7750 –.0013 390
April 1211.50 1215.40 1171.30 1200.10 –17.40 40,132 May 129.95 131.40 128.25 129.00 –.95 107,419
Nov 1202.50 1225.25 1202.25 1220.00 13.75 201,242 June .7761 .7775 .7720 .7751 –.0013 128,673
Silver (CMX)-5,000 troy oz.; $ per troy oz. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
Soybean Meal (CBT)-100 tons; $ per ton. May 15.81 15.89 15.55 15.76 –.13 382,108
March 26.055 26.055 26.055 26.292 –0.029 1,048 April .04900 .04910 .04856 .04861 –.00009 407
May 398.50 408.40 398.20 407.90 9.70 163,870 July 15.51 15.55 15.27 15.45 –.11 237,029
May 26.150 26.400 25.925 26.321 –0.030 128,425 June .04836 .04884 .04822 .04832 –.00009 117,584
July 398.40 408.00 398.00 407.60 9.30 99,611 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Euro (CME)-€125,000; $ per €
April 59.56 61.72 58.94 61.42 1.42 52,233
Soybean Oil (CBT)-60,000 lbs.; cents per lb. May 30.90 30.90 30.90 30.90 –.05 2,243
July 30.95 30.95 30.95 30.95 –.05 2,902 April 1.1926 1.1944 1.1883 1.1916 –.0006 1,234
May 53.21 54.11 52.97 53.87 .35 190,161
May 59.65 61.80 59.01 61.44 1.38 434,709 Cotton (ICE-US)-50,000 lbs.; cents per lb. June 1.1937 1.1959 1.1896 1.1930 –.0006 630,221
July 50.94 51.95 50.84 51.50 .17 107,588
June 59.54 61.64 58.96 61.31 1.37 330,644 May 85.74 85.78 83.65 84.68 –.77 95,334
July 59.27 61.33 58.75 61.01 1.35 171,535 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Index Futures
Dec 82.70 83.08 81.76 82.51 –.08 67,380
May 13.15 .12 8,246
Dec 58.47 1.08 306,189 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mini DJ Industrial Average (CBT)-$5 x index
Dec'22 53.82 54.97 53.56 54.64 0.61 136,009 Wheat (CBT)-5,000 bu.; cents per bu. May 117.40 117.55 114.30 115.65 –.90 9,532
May 629.00 t 621.75
635.50 627.00 –3.50 177,541 March 32899 32994 32841 32808 –72 21,814
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. July 120.15 120.30 117.50 118.60 –.70 1,204
July 621.00 t 615.25
626.50 619.25 –2.75 115,598 June 32778 32867 32401 32503 –262 90,483
April 1.7714 1.8324 1.7554 1.8223 .0381 61,862 S&P 500 Index (CME)-$250 x index
May 1.7750 1.8321 1.7570 1.8220 .0361 108,200 Wheat (KC)-5,000 bu.; cents per bu. Interest Rate Futures June 3909.20 3922.40 3897.30 3899.80 –6.20 423
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. May 587.00 590.25 t 580.00 585.50 –1.50 100,251
Mini S&P 500 (CME)-$50 x index
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
April 1.9222 1.9711 1.8973 1.9431 –.0010 56,028 July 592.00 595.50 t 585.75 591.25 –1.00 68,335 March 3923.75 3934.25 3908.00 3912.62 –3.88 476,209
March 182-050 24.0 4,476
June 180-070 182-090 179-190 180-100 23.0 1,154,211 June 3910.75 3923.50 3875.00 3899.80 –6.20 2,556,702
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mini S&P Midcap 400 (CME)-$100 x index
Exchange-Traded Borrowing Benchmarks | WSJ.com/bonds March
June 154-100 155-090 153-260
155-190
154-030
2.0 824
3.0 1,186,406
March
June
2621.90
2615.20
2624.90
2630.80
2614.00
2581.40
2613.53
2606.70
1.53
–.50
3,917
47,688
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 2616.70 –6.40 1
Portfolios Money Rates March 19, 2021 March 132-115 –2.5 34,746 Mini Nasdaq 100 (CME)-$20 x index
June 131-110 131-215 131-010 131-070 –1.5 3,919,957 March 12818.25 12919.00 12732.75 12808.76 13.26 55,020
Largest 100 exchange-traded funds, 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 12793.50 12898.25 12681.75 12844.50 64.75 219,658
latest session Key annual interest rates paid to borrow or lend money in U.S. and March 124-045 –.7 12,082 Mini Russell 2000 (CME)-$50 x index
international markets. Rates below are a guide to general levels but June 123-202 123-257 123-150 123-190 –1.0 3,520,309 March 2271.50 2279.80 2250.90 2266.16 .56 117,479
Friday, March 19, 2021 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 2266.80 2296.00 2238.80 2279.10 17.20 493,978
don’t always represent actual transactions. March 110-137 .6 31,964 Sept 2272.00 2291.60 2236.80 2275.30 17.40 49
Closing Chg YTD
ETF Symbol Price (%) (%) Week —52-WEEK— June 110-115 110-131 110-106 110-120 .6 2,313,053 Mini Russell 1000 (CME)-$50 x index
Inflation Latest ago High Low 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. March 2209.04 –1.36 4,087
ARKInnovationETF ARKK 122.36 1.91 –1.7
CommSvsSPDR XLC 75.41 0.87 11.8 Feb. index Chg From (%) March 99.9325 99.9350 99.9300 99.9325 .0025 117,849 June 2193.80 2214.40 2189.30 2206.10 –.10 9,300
CnsmrDiscSelSector XLY 166.45 0.60 3.5 level Jan. '21 Feb. '20 Switzerland 0.00 0.00 0.50 0.00 April 99.9400 99.9400 s 99.9350 99.9350 180,662 U.S. Dollar Index (ICE-US)-$1,000 x index
EnSelectSectorSPDR XLE 49.53 0.02 30.7 Britain 0.10 0.10 0.10 0.10 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 91.85 92.19 91.67 91.93 .05 35,837
FinSelSectorSPDR XLF 34.22 –1.16 16.1 U.S. consumer price index Australia 0.10 0.10 0.25 0.10 June 90-190 90-190 89-245 89-250 –7.5 126,613 Sept 91.91 92.12 91.69 91.91 .06 482
HealthCareSelSect XLV 115.07 0.36 1.4 Eurodollar (CME)-$1,000,000; pts of 100%
IndSelSectorSPDR XLI 96.47 –0.76 8.9 All items 263.014 0.55 1.7
Secondary market April 99.8275 99.8300 99.8225 99.8275 … 146,709 Source: FactSet
InvscQQQI QQQ 313.14 0.35 –0.2 Core 270.696 0.35 1.3
InvscS&P500EW RSP 140.56 –0.18 10.2
iShCoreDivGrowth DGRO 47.54 –0.38 6.1
Fannie Mae
iShCoreMSCIEAFE IEFA 72.70 0.25 5.2 International rates 30-year mortgage yields
iShCoreMSCIEM IEMG 65.16 1.04 5.0
30 days 2.581 2.456 3.012 1.751
Bonds | wsj.com/market-data/bonds/benchmarks
iShCoreMSCITotInt IXUS 70.96 0.42 5.6 Week 52-Week
392.20 –0.19 4.5 Latest ago High Low 60 days 2.627 2.505 3.081 1.804
iShCoreS&P500
iShCoreS&P MC
IVV
IJH 260.91 –0.05 13.5 Notes on data: Global Government Bonds: Mapping Yields
iShCoreS&P SC IJR 111.36 0.22 21.2 Prime rates
iShS&PTotlUSStkMkt ITOT 91.00 0.07 5.5
U.S. prime rate is the base rate on corporate Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
iShCoreUSAggBd AGG 113.51 0.08 –4.0 U.S. 3.25 3.25 3.25 3.25 loans posted by at least 70% of the 10 largest
iShSelectDividend DVY 114.11 –0.35 18.6 Canada 2.45 2.45 2.95 2.45
U.S. banks, and is effective March 16, 2020. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
iShESGAwareUSA ESGU 89.73 –0.08 4.3
Other prime rates aren’t directly comparable;
iShEdgeMSCIMinUSA USMV 67.78 –0.22 –0.1
Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location. Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
158.59
Complete Money Rates table appears Monday Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
iShEdgeMSCIUSAMom MTUM 0.94 –1.7
iShEdgeMSCIUSAQual QUAL 119.71 –0.35 3.0 Policy Rates through Friday.
0.125 U.S. 2 0.149 t l 0.159 0.109 0.417
iShGoldTr IAU 16.61 0.48 –8.4 Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet
iShiBoxx$InvGrCpBd LQD 128.63 0.15 –6.9 1.125 10 1.729 t l 1.730 1.344 1.121
iShiBoxx$HYCpBd HYG 86.06 0.38 –1.4
5.500 Australia 2 0.105 s l 0.102 0.131 0.330 -5.2 -5.5 -15.2
iShJPMUSDEmgBd EMB 109.29 0.29 –5.7
iShMBSETF MBB 108.41 –0.03 –1.6 1.500 10 1.817 s l 1.792 1.443 1.490 8.7 8.1 33.2
iShMSCI ACWI ACWI 94.73 0.07 4.4 A Week in the Life of the DJIA
iShMSCI EAFE EFA 76.43 0.28 4.8 0.000 France 2 -0.633 t l -0.626 -0.619 -0.414 -79.1 -78.3 -89.7
iShMSCI EAFE SC SCZ 72.89 0.58 6.6 A look at how the Dow Jones Industrial Average component stocks 0.000 10 -0.045 t l -0.017 -0.061 0.257 -177.5 -172.9 -90.1
iShMSCIEmgMarkets EEM 54.08 1.24 4.7
iShMSCIJapan EWJ 70.69 0.73 4.6 did in the past week and how much each moved the index. The DJIA
iShNatlMuniBd MUB 115.63 0.06 –1.3 lost 150.67 points, or 0.46%, on the week. A $1 change in the price of 0.000 Germany 2 -0.692 t l -0.675 -0.672 -0.679 -84.9 -83.3 -116.2
iSh1-5YIGCorpBd IGSB 54.61 –0.02 –1.0
any DJIA stock = 6.58-point change in the average. To date, a $1,000 0.000 10 -0.290 t l -0.260 -0.305 -0.192 -202.0 -197.2 -135.0
iShPfd&Incm PFF 37.91 0.61 –1.6
iShRussell1000Gwth IWF 238.68 0.29 –1.0 investment on Dec. 31 in each current DJIA stock component would 0.050 Italy 2 -0.387 t l -0.377 -0.343 0.753 -54.4 -53.4 27.0
iShRussell1000 IWB 221.56 –0.05 4.6 have returned $32,335, or a gain of 7.78%, on the $30,000
iShRussell1000Val IWD 150.96 –0.39 10.4 0.900 10 0.672 t l 0.689 0.622 1.796 -105.8 -102.3 63.9
iShRussell2000Gwth IWO 308.39 1.36 7.6 investment, including reinvested dividends.
iShRussell2000 IWM 226.94 0.75 15.8
0.100 Japan 2 -0.134 s l -0.138 -0.114 -0.140 -29.1 -29.5 -62.2
iShRussell2000Val IWN 164.48 0.31 24.8 The Week’s Action 0.100 10 0.116 s l 0.107 0.106 0.091 -161.4 -160.5 -106.7
iShRussellMid-Cap IWR 74.13 0.16 8.1 Pct Stock price Point chg $1,000 Invested(year-end '20)
iShRussellMCValue IWS 109.91 –0.24 13.4 chg (%) change in average* Company Symbol Close $1,000 0.000 Spain 2 -0.494 t l -0.486 -0.463 -0.127 -65.1 -64.3 -60.9
iShS&P500Growth IVW 63.68 0.28 –0.2
iShS&P500Value IVE 140.58 –0.51 9.8 6.76 15.58 102.51 Amgen AMGN $245.94 $1,078 0.100 10 0.347 t l 0.380 0.351 0.892 -138.4 -133.2 -26.5
iShShortTreaBd SHV 110.52 ... –0.0
iShSilver SLV 24.31 0.87 –1.1 5.86 16.00 105.27 Home Depot HD 289.10 1,095 0.125 U.K. 2 0.098 t l 0.119 -0.011 0.124 -5.9 -3.9 -35.9
iShTIPSBondETF TIP 124.90 0.19 –2.2 4.76 10.10 66.45 McDonald’s MCD 222.44 1,043 4.750 10 0.840 t l 0.877 0.699 0.721 -89.0 -83.5 -43.7
iSh1-3YTreasuryBd SHY 86.27 ... –0.1
iSh7-10YTreasuryBd IEF 113.03 –0.06 –5.8 3.90 2.91 19.15 Merck MRK 77.51 956 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
iSh20+YTreasuryBd TLT 134.75 0.62 –14.6
iShRussellMCGrowth IWP 101.37 0.91 –1.2 2.69 9.56 62.90 UnitedHealth Group UNH 365.58 1,046
iShUSTreasuryBdETF
JPM UltShtIncm
GOVT
JPST
26.14
50.74
0.11 –4.0
0.02 –0.1 2.05 3.79 24.94 3M MMM 188.71 1,089 Corporate Debt
PIMCOEnhShMaturity MINT 101.93 –0.02 –0.1
1.37 0.86 5.66 Intel INTC 63.76 1,287 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
SPDRBloomBar1-3MTB BIL 91.50 ... –0.0
SPDR Gold GLD 163.24 0.42 –8.5 1.10 0.61 4.01 Verizon VZ 56.24 968
expectations
37.89 0.19 5.2
SchwabIntEquity
SchwabUS BrdMkt
SCHF
SCHB 95.91 0.06 5.4 1.01 1.29 8.49 IBM IBM 128.90 1,038 Investment-grade spreads that tightened the most…
SchwabUS Div SCHD 71.98 –0.37 12.2 Spread*, in basis points
SchwabUS LC SCHX 95.05 –0.07 4.5
0.89 0.45 2.96 Coca-Cola KO 50.81 934 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
SchwabUS LC Grw SCHG 127.85 0.35 –0.4
SchwabUS SC SCHA 102.17 0.64 14.8
0.33 0.16 1.05 Cisco CSCO 48.98 1,103 Southwest Airlines LUV 4.750 0.83 May 4, ’23 68 –21 68
Schwab US TIPs SCHP 60.84 0.18 –2.0 0.28 0.44 2.89 Johnson & Johnson JNJ 160.04 1,023 Lloyds Banking LLOYDS 4.050 0.53 Aug. 16, ’23 37 –12 57
SPDR DJIA Tr DIA 326.01 –0.81 6.6 Delta Airlines, Inc. Retirement Plan … 4.500 3.00 Oct. 20, ’25 268 –11 280
SPDR S&PMdCpTr MDY 475.77 0.02 13.3 0.00 –0.01 –0.07 salesforce.com CRM 212.20 954
SPDR S&P 500 SPY 389.48 –0.19 4.2 Morgan Stanley MS 4.375 3.32 Jan. 22, ’47 87 –11 93
SPDR S&P Div SDY 116.47 –0.42 9.9
–0.10 –0.13 –0.86 Procter & Gamble PG 128.01 926
FedEx FDX 4.100 3.72 Feb. 1, ’45 125 –9 n.a.
TechSelectSector XLK 129.60 –0.30 –0.3 –0.65 –1.01 –6.65 JPMorgan Chase JPM 155.14 1,230 –9
VanEckGoldMiner GDX 33.89 0.80 –5.9 General Electric Capital … 5.875 3.71 Jan. 14, ’38 127 131
VangdInfoTech VGT 351.54 –0.06 –0.6 –0.67 –0.43 –2.83 Dow DOW 63.91 1,165 Apple AAPL 3.450 0.59 May 6, ’24 27 –8 30
VangdSC Val VBR 168.67 0.07 18.6
VangdSC Grwth VBK 277.20 0.99 3.6 –0.69 –1.47 –9.67 Honeywell HON 212.91 1,006 Litton Industries … 7.750 1.73 March 15, ’26 88 –8 n.a.
VangdExtMkt VXF 180.78 0.71 9.8
VangdDivApp VIG 144.10 –0.26 2.1 –0.86 –1.04 –6.84 Apple AAPL 119.99 906 …And spreads that widened the most
VangdFTSEDevMk VEA 49.74 0.34 5.4 –1.26 –0.67 –4.41 Walgreens WBA 52.54 1,330
VangdFTSE EM VWO 52.81 0.99 5.4 New York Life Global Funding NYLIFE 0.850 1.27 Jan. 15, ’26 41 8 38
VangdFTSE Europe VGK 63.21 0.06 4.9 –1.32 –4.61 –30.33 Goldman Sachs GS 344.20 1,310 State Street STT 2.200 2.48 March 3, ’31 76 8 77
VangdFTSEAWxUS VEU 61.40 0.46 5.2
VangdGrowth VUG 252.43 0.16 –0.4 –1.62 –3.71 –24.41 Caterpillar CAT 225.29 1,244 Wells Fargo WFC 3.550 1.40 Sept. 29, ’25 53 7 59
VangdHlthCr VHT 227.42 0.67 1.6
–1.77 John Deere Capital … 2.600 0.53 March 7, ’24 21 6 27
VangdHiDiv VYM 100.32 –0.35 9.6 –2.38 –15.66 Walmart WMT 131.74 918
VangdIntermBd BIV 88.61 –0.05 –4.6
–2.11 –2.96 –19.48 Nike NKE 137.49 974 Morgan Stanley MS 3.950 2.03 April 23, ’27 116 6 114
VangdIntrCorpBd VCIT 92.62 –0.06 –4.7
ENEL Finance International ENELIM 4.250 0.78 Sept. 14, ’23 63 5 54
VangdLC VV 183.13 –0.09 4.2 –2.29 –5.40 –35.53 Microsoft MSFT 230.35 1,038
VangdMC VO 221.64 0.22 7.2 J.M. Smucker SJM 3.500 1.25 March 15, ’25 37 5 n.a.
VangdMC Val VOE 136.31 –0.20 14.6 –3.05 –6.02 –39.61 Walt Disney DIS 191.14 1,055 Bank of America BAC 4.000 1.46 Jan. 22, ’25 59 4 59
VangdMBS VMBS 53.31 –0.04 –1.4
VangdRealEst VNQ 90.49 –1.36 6.5 –4.97 –13.37 –87.97 Boeing BA 255.82 1,195
VangdS&P500ETF VOO 359.23 –0.18 4.5 High-yield issues with the biggest price increases…
VangdST Bond BSV 82.18 –0.02 –0.9 –5.07 –7.97 –52.44 Travelers TRV 149.30 1,070 Bond Price as % of face value
VangdSTCpBd VCSH 82.33 –0.01 –1.1 –5.27 –7.83 –51.52 American Express AXP 140.71 1,168 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
VangdSC VB 217.39 0.56 11.7
VangdTotalBd BND 84.43 0.08 –4.3 –7.33 –8.18 –53.82 Chevron CVX 103.38 1,241 Sprint S 7.125 1.73 June 15, ’24 116.878 2.27 114.750
VangdTotIntlBd BNDX 57.08 0.18 –2.5
–7.78 –17.46 –114.88 Visa V 206.90 947 Netflix NFLX 5.875 3.00 Nov. 15, ’28 119.500 0.88 119.627
VangdTotIntlStk VXUS 63.42 0.51 5.4
VangdTotalStk VTI 205.26 0.13 5.5 CF Industries CF 4.950 4.22 June 1, ’43 110.498 0.75 111.125
VangdTotlWrld VT 97.24 0.10 5.0 *Based on Composite price. DJIA is calculated on primary-market price. Teva Pharmaceutical Finance … 2.950 3.32 Dec. 18, ’22 99.375 0.67 99.663
VangdValue VTV 130.74 –0.43 9.9 Source: Dow Jones Market Data; FactSet.
United Airlines Holdings UAL 4.875 4.58 Jan. 15, ’25 101.000 0.50 101.030
Springleaf Finance … 7.125 3.93 March 15, ’26 114.330 0.38 114.647
Gap GPS 8.375 1.52 May 15, ’23 114.405 0.31 114.375
Dividend Changes
…And with the biggest price decreases
Dividend announcements from March 19.
L Brands LB 5.250 4.27 Feb. 1, ’28 105.750 –1.10 107.000
Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record GrafTech Finance … 4.625 4.53 Dec. 15, ’28 100.625 –0.65 102.000
Continental Resources CLR 5.750 4.33 Jan. 15, ’31 110.800 –0.45 114.020
Increased Foreign
Blue Ridge Bankshares BRBS 2.8 .15 /.1425 Q Apr30 /Apr20 Telecom Italia Capital TITIM 7.721 4.94 June 4, ’38 131.900 –0.35 134.730
Accenture Cl A ACN 1.3 .88 Q May14 /Apr15
CBTX CBTX 1.6 .13 /.10 Q Apr15 /Apr01 Granite REIT GRP.U 4.0 .2015 M Apr15 /Mar31 Sensata Technologies ST 4.875 2.38 Oct. 15, ’23 106.170 –0.33 106.480
Cousins Properties CUZ 3.5 .31 /.30 Q Apr19 /Apr06 Teekay LNG 9% Pfd A TGPpA 8.6 .5625 Q Apr15 /Mar31 Ford Motor Credit ... 4.134 3.33 Aug. 4, ’25 103.225 –0.27 n.a.
Dollar General DG 0.9 .42 /.36 Q Apr20 /Apr06 Teekay LNG Ptrs Pfd. B TGPpB 8.1 .5313 Q Apr15 /Mar31
Horizon Bancorp HBNC 2.7 .13 /.12 Q Apr16 /Apr02 *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.
Investar Holding ISTR 1.3 .07 /.065 Q Apr30 /Mar29 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Note: Data are for the most active issue of bonds with maturities of two years or more
Williams-Sonoma WSM 1.3 .59 /.53 Q May28 /Apr23 S2:1: stock split and ratio; SO: spin-off. Source: MarketAxess

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
FirstFinNW FFNW 15.05 3.8 Kingstone KINS 8.44 2.2 NuvationBioWt NUVB.WS 4.91 15.0 StoneX SNEX 66.11 0.3 AtlCoastalAcqn ACAHU 9.94 -0.1 GigCapital4 GIGGU 9.92 -0.4 OrionAcqn OHPAU 9.92 -0.1
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE FirstMidBcshs FMBH 44.72 2.7 LDHGrowthI LDHAU 10.20 1.7 NuvationBio NUVB 15.00 4.0 StratusProp STRS 29.85 6.0 AuthenticEquityA AEAC 9.70 -0.1 GlenfarneMerger GGMCU 9.90 -0.8 OscarHealth OSCR 30.09 -3.0
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low FirstNatlVA FXNC 18.75 2.7 LMFAcqnOppsA LMAO 9.97 0.1 OFGBancorpPfB OFGpB 26.05 -1.6 SumitomoMits SMFG 7.95 1.5 BoaAcqn BOAS.U 9.90 -0.3 GlbPtrII A GPAC 9.79 ... Ouster OUST 9.21 2.6
in the latest session. % CHG-Daily percentage change from the previous trading session. FirstSavingsFin FSFG 74.00 1.7 LPL Financial LPLA 147.69 1.5 OldPointFinl OPOF 24.38 8.3 SuperLeagueGam SLGG 11.20 24.4 B.RileyPrin50 BRPMU 9.97 -0.4 GlblSynergyWt GSAQW 0.68 -5.6 OysterEnts OSTRU 9.91 -0.1
FirstSeacoastBncp FSEA 10.00 0.5 LandmarkBncp LARK 28.50 6.0 OneEquityPtrsIA OEPW 9.82 0.9 Tecnoglass TGLS 10.95 2.2 ByteAcqn BYTSU 9.92 -0.5 GlobisAcqn GLAQ 9.88 -0.8 OysterEntsWt OSTRW 0.50 -11.5
FirstWesternFin MYFW 25.32 7.2 Leaf LEAF 8.44 5.6 Organogenesis ORGO 18.88 9.3 TeekayLNG PfdB TGPpB 26.35 0.3 BankofAmPfdPP BACpP 24.28 0.6 GlobisAcqnWt GLAQW 0.56 -7.9 OysterEntsA OSTR 9.66 -0.2
Friday, March 19, 2021 Tele&DataPfdUU TDSpU 26.30 1.2 PWP Forward I FRWAU 9.92 ...
FivePoint FPH 8.34 2.3 LegacyHousing LEGH 18.09 10.6 OrthoClinical OCDX 19.23 10.1 BellerophonTherap BLPH 5.50 -9.3 GoldenFalconA GFX 9.67 -0.3
52-Wk % 52-Wk % 52-Wk % GainTherap GANX 13.75 8.9 LendingClub LC 22.00 10.0 Owens&Minor OMI 39.16 1.9 TencentMusic TME 30.54 6.7 BiotechAcqnWt BIOTW 0.76 -5.9 GoldenFalconAcqnUn GFX.U 10.14 -1.0 PatriaInvts PAX 16.59 -2.8
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg GasLogPtrsPfdA GLOPpA 22.49 0.5 Levere LVRAU 10.04 ... PCSB Fin PCSB 18.12 6.0 TernsPharm TERN 28.36 3.5 BuildAcqn BGSX.U 9.87 -0.9 HamiltonLaneI HLAHU 9.96 0.6 PlumAcqnI PLMIU 9.81 -0.6
GencoShipping GNK 12.44 4.8 LibertyGlobal A LBTYA 26.87 -0.2 PLBY Group PLBY 19.44 7.3 TimberlandBncp TSBK 30.75 2.5 C3.ai AI 72.30 -1.7 HaymakerIII HYACU 9.93 -0.1 PoemaGlobal PPGHU 9.99 ...
AshfordHospPfdD AHTpD 23.26 2.8 CtznCmntyBcp CZWI 12.78 2.2 Transcat TRNS 54.15 1.8 PoemaGlobalWt PPGHW 0.67 -5.4
Highs AshfordHospPfdF AHTpF 23.08
AtHomeGroup HOME 33.73
2.9
10.3
CodaOctopus CODA
ColonyCapPfdH CLNYpH
8.84
25.11
4.5
0.3
GenMarkDiagn GNMK
GIIIApparel GIII
24.17 0.8
34.71 6.7
LibertyGlobal C LBTYK
LibertyTripAdvA LTRPA
26.44
7.56
1.0
4.9
ParamountGroup PGRE
PathfinderBncp PBHC
10.56
15.00
-1.7
1.4 TriumphGroup TGI 19.39 7.1
CartesianGrwth GLBLU
ChesapeakeWtA CHKEW
9.91 0.2
19.54 -2.5
HlthcrSvcsA
HudsonExecIII HIIIU
HCAR 9.75 -0.1
9.98 ... Poshmark POSH 43.00 4.3
GranitePointMtg GPMT 12.70 6.3 LongviewII LGV.U 10.02 0.1 PeapackGladFinl PGC 31.49 1.8 TwoHarborsPfdC TWOpC 24.59 0.5 ClassAccel CLAS.U 10.05 -0.1 IsleworthHlthcr ISLEU 9.85 0.1 PoweredBrandsWt POWRW 0.99 -11.7
ABB ABB 31.46 1.7 AuroraAcqn AURCU 10.42 0.1 ColumbiaFin CLBK 18.02 0.8
GrayTelevision A GTN.A 20.15 -1.6 MTBC PfdA MTBCP 28.30 0.6 Perma-Fix PESI 7.99 4.5 UMH Prop UMH 19.63 -1.4 ClassAccelWt CLAS.WS 0.80 -11.1 ItiquiraAcqn ITQRU 9.88 -0.3 ProgressAcqn PGRWU 9.91 -0.2
AFC Gamma AFCG 23.75 21.1 AutoZone AZO 1339.87 1.6 CommunityBkrs ESXB 8.68 2.1
GreatAjaxNts24 AJXA 25.29 -2.2 MackinacFin MFNC 15.58 8.1 PermRock PRT 5.48 4.4 UnitedFire UFCS 36.31 -0.8 CrownPropTech CPTK.U 9.91 -0.1 KademSust KSICU 9.86 0.1 ProgressAcqnA PGRW 9.71 -0.3
AGNC Invt AGNC 16.79 0.5 BRP DOOO 82.26 3.6 CommunityFin TCFC 35.57 1.3
GridDynamicsWt GDYNW 6.13 1.6 ManhattanBridge LOAN 5.85 1.4 PlumasBancorp PLBC 31.02 6.8 UnitedHealth UNH 370.46 1.0 D&ZMedia DNZ.U 9.91 -0.2 KismetAcqnTwo KAIIU 9.87 0.4 ProgressAcqnWt PGRWW 0.59 -6.2
A-MarkPrecMet AMRK 40.09 3.8 Big5SportingGds BGFV 17.12 8.1 CommWestBcshs CWBC 13.44 -0.7
GrupoTelevisa TV 10.13 7.5 24.99 3.3 107.87 3.0 Universal UVV 59.15 1.5 0.66 -17.6 0.37 -5.0 SCP&COHlthcrA SHAC 9.69 -0.1
AclarisTherap ACRS 27.32 7.4 BigLots BIG 71.42 4.3 CerveceriasUnid CCU 18.88 2.2 McAfee MCFE PostHoldings POST D&ZMediaWt DNZ.WS LMFAcqnOppsWt LMAOW
UnivLogistics ULH 27.95 0.1 SandbridgeX2 SBII.U 9.95 ...
AdamsRes AE 37.70 27.8 BiglariA BH.A 795.00 ... CompassDiversif CODI 24.74 2.5 GuarantyBcshrs GNTY 35.17 2.3 McKesson MCK 191.77 0.9 ProcessaPharm PCSA 14.24 -0.2 DHB Capital DHBCU 9.90 -0.3 LazardGrowthI LGACU 9.96 ...
Upstart UPST 128.80 8.9 17Educ&Tech YQ 9.86 -1.0
AdvanceAuto AAP 187.18 1.2 BioAtla BCAB 76.63 -4.1 Conduent CNDT 7.12 6.5 Hookipa HOOK 15.52 10.6 MetaFinancial CASH 48.89 3.8 ProtagonistTherap PTGX 31.60 5.9 DiamondHead DHHCU 9.97 0.1 LeoHldgsIII LIII.U 9.89 0.5
UtzBrands UTZ 26.80 5.2 SocialLvgI SLAC.U 10.03 -0.3
AlerusFinancial ALRS 34.70 3.3 BlockHR HRB 21.44 2.0 ConnectBiopharma CNTB 23.29 8.8 HanoverIns THG 133.44 -1.3 MillerIndustries MLR 46.79 1.2 ProvidentFin PROV 17.99 4.4 DoorDash DASH 127.13 3.4 Levere LVRAU 9.96 ...
Vericel VCEL 60.00 12.1 SportsVenturesA AKIC 9.73 ...
AlimeraSciences ALIM 12.25 2.8 BluegreenVac BVH 20.17 -0.5 Cosan CSAN 17.43 0.6 HartfordFinl HIG 69.00 -0.7 MitsubishiUFJ MUFG 6.02 1.0 PureCycle PCYO 14.89 -0.8 ECPEnvlGrwOpps ENNVU 10.06 -0.3 LibertyBroadPfdA LBRDP 26.38 -0.7
VineEnergy VEI 14.06 3.8 SustDevtAcqnI SDACU 9.97 -0.3
AllianceBernstein AB 42.93 2.1 Braskem BAK 14.15 -0.1 CostamarePfdB CMREpB 25.60 0.6 Headhunter HHR 38.25 -1.0 MizuhoFin MFG 3.18 1.3 PureCycleUn PCTTU 49.00 2.3 EJF Acqn EJFAU 9.91 -0.3 LibertyMediaA LMACA 10.75 -5.9
Vipshop VIPS 45.50 2.2 TCW Spac TSPQ.U 9.95 -0.1
AltaEquipment ALTG 13.25 12.0 BrookfieldProp BPY 18.27 -0.4 DCPMidstrmPfdB DCPpB 24.10 0.6 HeritageCommerce HTBK 12.25 1.3 ModineMfg MOD 16.33 1.5 PureCycleTechWt PCTTW 19.78 13.3 EQ Health EQHA.U 9.91 ... LightJumpWt LJAQW 0.65 -2.8
Vuzix VUZI 29.59 20.8 TZP Strategies TZPSU 9.95 -0.1
AltaEquipWt ALTG.WS 3.46 12.2 BurgundyTechWt BTAQW 1.80 19.7 Danaos DAC 54.20 8.5 Hershey HSY 156.95 -0.9 Mogo MOGO 12.29 13.5 RLJLodgingPfdA RLJpA 27.35 1.1 ESM Acqn ESM.U 9.90 -0.5 LocustWalkWt LWACW 0.92 -6.1 TZP Strategies Wt TZPSW 0.82 -6.8
Waldencast WALDU 10.66 1.3
AltaEquipPfdA ALTGpA 27.18 2.6 BusFirstBcshs BFST 24.87 3.9 Dick's DKS 81.12 3.8 HibbettSports HIBB 76.94 6.1 MonumentCircleA MON 9.83 -0.2 RekorSystems REKR 21.85 11.8 EdifyAcqn EACPU 9.83 ... LongviewII LGV.U 9.96 0.1 TailwindIntlAcqn TWNI.U 9.95 -0.2
WholeEarthBrds FREE 14.59 7.2
Altabancorp ALTA 42.13 5.4 CBD Pao CBD 5.25 13.9 Diodes DIOD 88.99 4.5 HireQuest HQI 16.87 3.9 Nathan's NATH 71.29 2.8 ReliantBancorp RBNC 29.33 4.1 EmpowerIWt EPWR.WS 0.55 1.8 LuxHlthTechAcqn LUXA 10.25 -1.1 Tech&Energy TETCU 9.91 -0.3
Williams-Sonoma WSM 177.88 8.2
Altria MO 51.17 ... CGI GIB 82.23 1.5 DiscoveryA DISCA 78.14 1.7 HoeghLNG PfdA HMLPpA 26.80 0.5 NatlWesternLife NWLI 258.14 2.5 ResearchAll II RACB 10.48 0.1 EpiphanyTechWt EPHYW 0.84 -6.4 McapAcqn MACQU 9.85 0.2 ThayerVenturesWt TVACW 0.77 8.7
WisdomTreeInvs WETF 6.42 7.3
AmerantBancorpB AMTBB 16.75 -1.8 CKX Lands CKX 12.96 10.6 DiscoveryC DISCK 66.50 3.0 HomeFedBncpLA HFBL 31.72 -1.6 Navient NAVI 13.93 6.3 RockyBrands RCKY 49.32 2.7 Epizyme EPZM 8.60 1.1 MarlinTech FINMU 9.96 -0.3 TherapAcquisition RACA 10.61 -3.2
YorkWater YORW 51.35 5.0
Amerco UHAL 657.86 0.7 Caesarstone CSTE 14.87 3.5 DriveShackPfdD DSpD 23.50 1.2 HomeTrustBcshs HTBI 25.94 5.9 NaviosMaritimPf NMpG 17.50 12.5 Rogers ROG 199.00 0.1 First HS Educ FHS 6.53 -2.7 MarlinTechWt FINMW 0.75 -9.1 ThimblePoint THMAU 9.92 0.4
ZimIntShipping ZIM 28.78 6.0
AmerAcqnOpp AMAOU 10.00 -0.1 CaliforniaBncp CALB 19.42 5.0 DuPont pfA CTApA 92.00 0.2 HondaMotor HMC 31.92 3.8 NaviosMaritime NM 13.68 13.4 RushEnt B RUSHB 47.10 1.7 FlameAcqn FLME.U 9.94 0.5 MasonIndlTech MIT.U 9.92 -0.2 ThunderBridgeIII TBCPU 9.95 -0.7
ZK Intl ZKIN 14.60 27.7
AmericanNatl ANAT 116.01 3.2 CamdenProperty CPT 111.05 -3.3 DuosTechs DUOT 8.07 12.7 HookerFurniture HOFT 39.98 -3.1 NaviosMariPfdH NMpH 17.18 13.3 SI-BONE SIBN 34.14 1.4 ForesightAcqn FOREU 9.92 ... MoringaAcqn MACAU 9.96 -1.2 TrinityCapital TRIN 13.46 -5.3
AmRvrBksh
AmerSoftware AMSWA
AMRB 16.82
21.67
1.9
1.7
CapitalaFinNts22 CPTAG 24.60
CapStarFin CSTR 18.90
...
5.7
ESCO Tech
Embraer
ESE
ERJ
113.62
10.80
2.5
6.8
HowardBancorp HBMD
ICC ICCH
17.79 8.2
15.00 1.7
NescoWt
Net1UEPS
NSCO.WS
UEPS
1.80
6.62
3.0
5.1
SandySpringBncp SASR
SaulCentersPfdE BFSpE
44.76
25.20
3.0
1.2 Lows ForestRoad II FRXB.U
FortressCapWt FCAX.WS
9.94 0.2
0.99 14.7
MultiPlan
MusicAcqn
MPLN
TMAC.U
5.89 1.5
9.96 ...
VectorAcqnIIA VAQC
VickersVantIWt VCKAW
9.96 -0.2
0.49 1.9
AmerisourceBrgn ABC 117.12 0.3 CarriageSvcs CSV 38.22 ... EmployersHldgs EIG 41.23 1.8 InstilBio TIL 27.19 32.2 NewYorkMtgPfdD NYMTN 25.05 -0.1 SequentialBrands SQBG 40.49 0.9 AF Acqn AFAQU 9.83 -1.7 FortressValueIII FVT.U 10.08 -0.5 Navistar pfD NAVpD 12.62 -9.7 View VIEW 8.01 0.8
AnnalyCap NLY 9.00 1.4 CavcoIndustries CVCO 231.63 6.3 Entravision EVC 4.42 -4.4 J.Jill JILL 9.69 0.5 NY MtgPfdC NYMTO 24.91 0.6 ShoeCarnival SCVL 58.35 3.5 AccelerateAcqn AAQC.U 9.84 0.2 FortressVal III Wt FVT.WS 1.00 -15.6 NorthAtlAcqn NAACU 9.93 ... VinciPartnersInvt VINP 13.30 -5.5
Anthem ANTM 359.14 0.2 CentralGarden CENT 53.18 1.1 Euroseas ESEA 13.97 27.8 JackintheBox JACK 117.51 1.7 NewsCorp A NWSA 27.68 0.6 SierraOncology SRRA 20.40 -0.3 AcutusMedical AFIB 14.45 -7.8 FreedomAcqnI FACT.U 9.93 -0.3 NorthAtlAcqnA NAAC 9.68 0.9 VineEnergy VEI 13.07 3.8
ApolloMedical AMEH 27.96 2.4 ChickenSoupPfdA CSSEP 27.25 0.5 Fauquier FBSS 21.85 1.0 JupiterWellnessWt JUPWW 5.08 131.7 NightDragon NDACU 10.74 0.9 Smith-Midland SMID 13.52 2.5 AlphaCapAcqn ASPCU 9.96 0.9 G&P Acqn GAPA.U 9.90 0.1 NorthAtlAcqnWt NAACW 0.67 -17.6 VirtuosoAcqn VOSOU 9.95 -0.5
ArcelorMittal MT 28.02 2.1 ChimeraInvPfdB CIMpB 24.90 -0.2 FinchTherap FNCH 22.50 25.4 KLX Energy KLXE 18.97 3.5 NomadFoods NOMD 27.58 -0.1 SoundFinBancorp SFBC 41.49 5.5 ArctosNthStar ANAC.U 9.96 -0.2 GX Acqn II GXIIU 9.90 -0.5 NuZee NUZE 3.90 -21.4 VirtuosoAcqnWt VOSOW 0.57 -7.7
ArcelorMittalNts MTCN 65.90 2.5 ChimeraPfdC CIMpC 24.49 -0.8 FirstChoiceBncp FCBP 25.32 5.5 KademSust KSICU 9.97 0.1 NomuraHoldings NMR 6.47 1.3 StanleyBlackDck SWK 199.40 -0.3 ArrayTech ARRY 28.10 ... GabelliUtilityRt GUTr 0.10 11.8 OneEquityPtrsIA OEPW 9.66 0.9 ViveonHealthRt VHAQr 0.17 0.3
ArlingtonAssetPfB AAICpB 23.29 1.3 CitiTrends CTRN 95.78 5.2 FirstComSC FCCO 22.00 0.4 KeurigDrPepper KDP 34.63 0.7 NorthAtlAcqnA NAAC 9.80 0.9 StanleyB&D Un SWT 124.17 5.4 AstreaAcqnWt ASAXW 0.60 -3.2 Galecto GLTO 6.91 -8.8 OneEquityPtrsIWt OEPWW 0.77 -1.2 WarriorTech WARR.U 9.86 0.1
THE WALL STREET JOURNAL. * * * * * Saturday/Sunday, March 20 - 21, 2021 | B11

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. 5.13 108.54 26.08 Floor&Decor FND ... 53 97.61 3.88 4.35 60.16 27.04 Masco MAS 1.0 24 57.32 0.22 7.96 285.00 35.61 Sea SE ... dd 214.90 3.64
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX -0.17 79.62 52.91 FomentoEconMex FMX 1.9 dd 75.64 1.16 -17.91 284.86 144.07 Masimo MASI ... 53 220.31 -2.43 20.06 78.04 39.02 Seagate STX 3.6 19 74.63 0.76
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. 45.96 13.62 3.96 FordMotor F 0.0 dd 12.83 0.34 -0.12 389.50 199.99 Mastercard MA 0.5 56 356.51 -10.49 -16.28 213.94 94.35 Seagen SGEN ... 44 146.62 1.71
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those 17.48 193.84 84.62 Fortinet FTNT ... 60 174.49 1.43 1.00 174.68 87.56 MatchGroup MTCH ... ... 152.70 5.56 0.95 137.47 88.00 SempraEnergy SRE 3.4 10 128.62 -0.99
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 4.78 43.49 28.59 Fortis FTS 3.7 22 42.77 0.35 0.76 98.44 43.36 MaximIntProducts MXIM 0.0 33 89.32 1.29 18.22 64.80 24.67 SensataTechs ST ... 60 62.35 -1.01
-4.43 74.25 33.98 Fortive FTV 0.4 16 67.68 -0.46 s 47.09 24.99 14.80 McAfee MCFE 1.6 dd 24.55 0.78 -0.04 54.67 33.93 ServiceCorp SCI 1.7 17 49.08 0.26
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 6.74 93.40 33.90 FortBrandsHome FBHS 1.1 23 91.50 -0.14 -9.48 105.53 56.11 McCormick MKC 1.6 31 86.54 0.22 -14.46 598.37 240.16 ServiceNow NOW ...799 470.84 4.66
47.41 44.80 19.81 FoxA FOXA 1.1 17 42.92 0.04 -10.26 105.50 56.56 McCormickVtg MKC.V 1.6 31 85.76 0.11 54.27 28.17 12.20 ShawComm B SJR 3.3 28 27.09 -0.46
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 39.72 42.14 19.13 FoxB FOX 1.1 16 40.35 -0.05 3.66 231.91 136.50 McDonalds MCD 2.3 35 222.44 -0.46 -3.90 758.00 390.77 SherwinWilliams SHW 0.9 32 706.25 -3.88
s-New 52-week high. standards vj-In bankruptcy or receivership or -0.80 166.11 93.21 Franco-Nevada FNV 0.8 73 124.33 1.01 s 9.11 191.77 113.71 McKesson MCK 0.9 dd 189.77 1.78 4.50 32.28 17.09 ShinhanFin SHG 3.7 5 31.10 -0.07
t-New 52-week low. lf-Late filing being reorganized under the 19.53 30.55 14.91 FranklinRscs BEN 3.7 19 29.87 0.38 -3.95 22.75 12.65 MedicalProp MPW 5.4 26 20.93 -0.38 -0.97 1499.75 334.55 Shopify SHOP ...441 1120.95 3.85
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 34.47 39.10 5.26 FreeportMcM FCX 0.0 88 34.99 -0.43 -0.44 120.53 72.16 Medtronic MDT 2.0 55 116.62 -2.21 14.60 20.40 3.68 Sibanye-Stillwater SBSW 4.3 7 18.21 -0.85
four quarters. requirements. assumed by such companies. -11.62 46.55 29.17 FreseniusMed FMS 1.4 16 36.73 0.25 13.64 23.65 10.81 MelcoResorts MLCO 0.0 dd 21.08 -0.12 76.17 249.94 68.98 SignatureBank SBNY 0.9 24 238.34 4.41
FD-First day of trading. t-NYSE bankruptcy 188.04 204.25 8.16 Futu FUTU ...102 131.78 -1.47 -13.51 2020.00 425.38 MercadoLibre MELI ... dd 1448.89 12.72 36.83 121.92 42.25 SimonProperty SPG 4.5 30 116.69 -0.13
-5.24 87.80 65.25 Merck MRK 3.4 28 77.51 0.24 -4.55 8.14 4.11 SiriusXM SIRI 1.0283 6.08 -0.02
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. GHI 30.54 62.66 22.85 MetLife MET 3.0 11 61.29 -0.47 28.65 46.30 9.81 Skillz SKLZ ... dd 25.73 -1.02
-1.45 1271.67 579.40 MettlerToledo MTD ... 45 1123.15 22.86 14.99 195.82 71.00 Skyworks SWKS 1.1 28 175.79 1.10
-8.84 116.76 49.41 GDS Holdings GDS ... dd 85.36 -0.64 8.65 166.67 58.29 MicrochipTech MCHP 1.0118 150.06 4.57 -3.41 44.57 20.95 SlackTech WORK ... dd 40.80 0.27
Friday, March 19, 2021 YTD 52-Week Yld Net 13.47 34.47 11.92 GFLEnvironmental GFL 0.1 dd 33.11 0.30 20.39 95.75 35.69 MicronTech MU ... 34 90.51 0.69 23.09 68.16 33.80 SmithAO AOS 1.5 32 67.48 0.02
% Chg Hi Lo Stock Sym % PE Last Chg 67.47 149.05 27.06 GSXTechedu GSX ... dd 86.60 -3.08 3.57 246.13 132.52 Microsoft MSFT 1.0 34 230.35 -0.37 -10.13 46.10 28.19 Smith&Nephew SNN 1.9 37 37.90 -0.54
YTD 52-Week Yld Net -1.83 129.12 66.04 Gallagher AJG 1.6 29 121.44 -5.14 11.71 146.65 82.00 MidAmApt MAA 2.9 64 141.52 -4.89 9.33 131.69 93.41 Smucker SJM 2.8 15 126.39 2.45
% Chg Hi Lo Stock Sym % PE Last Chg 25.16 32.64 7.98 CanNaturalRes CNQ 5.0 dd 30.10 0.52 963.00 483.00 2.57 GameStop GME 0.0 dd 200.27 -1.48
9.17 385.87 180.12 CanPacRlwy CP 0.8 28 378.48 -5.27 26.71 172.95 41.73 Middleby MIDD ... 43 163.36 -0.33 16.56 73.59 9.65 Snap SNAP ... dd 58.36 -0.13
-0.66 45.75 17.81 Gaming&Leisure GLPI 6.2 18 42.12 -0.67
ABC 13.29 24.22 15.46 Canon
39.81 56.50 11.30 CanopyGrowth CGC
CAJ 2.9 40 21.99
... dd 34.45
0.29
1.08
53.49 32.95 5.26 Gap GPS 0.0 dd 30.99 0.11
-18.67 249.42 70.16 MiratiTherap
s 35.67 6.02 3.41 MitsubishiUFJ MUFG
MRTX ... dd 178.63
3.2 15 6.01
0.83
0.06
31.71 229.14 90.72 SnapOn
-21.53 429.00 208.55 Snowflake
SNA
SNOW
2.2 20 225.40
... dd 220.82
-0.12
4.12
5.06 133.43 61.04 Garmin GRMN 1.9 24 125.71 0.26 s 24.71 3.18 2.10 MizuhoFin MFG 3.4 2 3.18 0.04 11.10 60.74 15.57 SOQUIMICH SQM 0.8 87 54.54 0.75
s 12.16 31.45 14.71 ABB ABB 2.2 13 31.36 0.51 27.90 134.70 39.90 CapitalOne COF 1.3 25 126.43 -1.88 14.15 191.66 77.28 Gartner IT ... 62 182.85 -0.25
24.43 63.87 23.58 AECOM ACM ... dd 61.94 0.31 31.40 58.58 7.75 Capri CPRI ... dd 55.19 -0.35 -5.25 9.81 6.45 MobileTeleSys MBT 7.6 9 8.48 0.08 -11.96 377.00 67.02 SolarEdgeTech SEDG ...106 280.94 14.45
34.40 364.00 75.50 Generac GNRC ... 56 305.63 -1.33 37.59 189.26 24.36 Moderna MRNA ... dd 143.74 2.28 4.11 118.50 51.58 Sony SNE 0.3 13 105.26 -0.08
11.96 29.07 10.84 AES AES 2.3433 26.31 0.31 9.56 59.46 39.05 CardinalHealth CAH 3.3 13 58.68 0.40 19.35 180.35 100.55 GeneralDynamics GD 2.7 16 177.62 -1.62
15.04 52.78 25.13 Aflac 0.60 161.54 97.55 Carlisle CSL 1.3 27 157.12 -1.90 30.36 192.57 56.62 MohawkInds MHK ... 25 183.74 0.39 -2.82 64.93 41.96 Southern SO 4.3 20 59.70 -0.70
AFL 2.6 8 51.16 -0.61 22.41 14.41 5.48 GeneralElec GE 0.3 23 13.22 -0.03 9.63 246.72 104.02 MolinaHealthcare MOH 10.78 83.15 23.43 SoCopper SCCO 3.3 36 72.14 -0.80
39.60 148.46 37.07 AGCO AGCO 0.4 25 143.91 -3.52 16.03 37.81 17.35 Carlyle CG 2.7 40 36.48 0.11 ... 21 233.17 3.05
2.16 66.14 46.88 GeneralMills GIS 3.4 15 60.07 0.17 -10.65 65.53 43.75 MolsonCoorsA TAP.A 0.0 dd 56.02 -6.48 30.98 62.76 22.46 SouthwestAir LUV 0.0 dd 61.05 0.11
s 6.35 16.79 8.82 AGNC Invt AGNC 8.7 dd 16.59 0.09 41.05 136.43 43.14 CarMax KMX ... 29 133.24 -1.32 43.66 62.24 17.23 GeneralMotors GM 0.0 14 59.82 0.55
-10.87 413.19 204.28 Ansys ANSS ... 65 324.25 2.76 33.70 30.12 7.80 Carnival CCL 0.0 dd 28.96 0.69 8.87 56.10 32.11 MolsonCoorsB TAP 0.0 dd 49.20 0.05 -20.51 225.89 101.10 Splunk SPLK ... dd 135.04 1.20
-20.36 44.83 18.07 Genmab GMAB ... 30 32.38 0.10 -0.63 60.00 41.19 Mondelez MDLZ 2.2 23 58.10 0.19 -13.52 387.44 113.58 Spotify SPOT ... dd 272.11 0.38
32.53 9.00 3.17 ASETech ASX 1.1 18 7.74 0.24 28.87 25.19 7.33 Carnival CUK 0.0 dd 24.15 0.37 4.77 37.75 19.48 Gentex GNTX 1.4 25 35.55 -0.57
12.24 608.71 215.59 ASML ASML 0.5 56 547.42 8.23 8.46 41.94 11.50 CarrierGlobal CARR 1.2 18 40.91 -0.09 -15.70 428.96 113.38 MongoDB MDB ... dd 302.68 1.34 3.31 283.19 36.11 Square SQ ...576 224.84 0.54
16.81 118.84 49.68 GenuineParts GPC 2.8 94 117.31 1.37 -6.29 406.75 130.12 MonolithicPower MPWR 0.7 98 343.18 7.42 s 10.14 199.40 70.00 StanleyBlackDck SWK 1.4 26 196.67 -0.56
3.48 33.24 26.08 AT&T T 7.0 dd 29.76 -0.25 12.39 323.39 26.35 Carvana CVNA ... dd 269.22 6.41 10.71 5.47 1.65 Gerdau GGB 0.5 20 5.17 0.10
9.83 128.54 61.61 AbbottLabs 1.86 127.68 37.15 Catalent CTLT ... 59 106.01 2.01 -4.93 95.11 50.06 MonsterBev MNST ... 33 87.92 ... -0.60 112.34 54.00 Starbucks SBUX 1.7191 106.34 -1.28
ABT 1.5 48 120.25 2.14 10.64 85.79 56.56 GileadSciences GILD 4.4825 64.46 0.38 -0.84 305.95 164.19 Moody's 15.64 87.89 42.90 StateStreet STT 2.5 13 84.16 -1.09
-3.48 113.41 62.55 AbbVie ABBV 5.0 36 103.42 -0.35 23.77 237.78 90.64 Caterpillar CAT 1.8 41 225.29 -5.39 MCO 0.9 31 287.79 0.18
-0.46 43.18 31.43 GSK GSK 5.5 13 36.63 0.15 21.03 86.64 27.76 MorganStanley MS 1.7 13 82.94 -1.00 27.99 49.90 17.26 SteelDynamics STLD 2.2 18 47.19 -0.16
-22.47 71.91 26.16 AbCelleraBio ABCL ... ... 31.20 -0.17 13.62 152.60 60.33 Celanese CE 1.8 9 147.64 -1.03 -4.62 216.49 105.54 GlobalPayments GPN 0.4106 205.47 -0.53
-7.52 387.40 119.01 Abiomed ABMD ... 68 299.81 0.95 29.59 7.59 1.55 Cemex CX 0.0 dd 6.70 -0.19 2.54 255.75 102.59 Morningstar MORN 0.5 46 237.45 0.86 3.53 18.43 5.87 Stellantis STLA 0.0 dd 17.65 -0.52
-1.99 244.72 70.83 Globant GLOB ...157 213.27 5.49 44.76 35.20 8.03 Mosaic MOS 0.6 19 33.31 -0.17 -1.21 203.91 105.69 Steris STE 0.9 37 187.24 0.24
7.87 144.26 67.15 AcceleronPharma XLRN ... dd 138.01 4.43 32.45 8.57 1.56 CenovusEnergy CVE 0.7 dd 8.00 0.13 4.21 102.25 56.74 GlobeLife GL 0.8 14 98.96 -1.08
0.98 271.51 137.15 Accenture 7.01 74.70 44.81 Centene CNC ... 21 64.24 0.67 7.74 184.88 120.77 MotorolaSol MSI 1.6 34 183.22 1.81 -0.03 43.02 16.34 STMicroelec STM 0.4 31 37.11 1.48
ACN 1.3 31 263.78 -3.11 -11.73 93.75 46.15 GoDaddy GDDY ... dd 73.22 -0.11 -19.64 288.73 124.01 NICE NICE ... 76 227.84 -0.51 -20.27 95.12 17.72 StoneCo
-2.54 104.53 51.38 ActivisionBliz ATVI 0.5 32 90.49 0.91 2.87 25.39 11.68 CenterPointEner CNP 2.9 dd 22.26 0.32 STNE ...120 66.91 0.12
8.31 14.90 3.99 GoldFields GFI 2.5 12 10.04 0.29 -11.06 66.99 2.15 NIO NIO ... dd 43.35 1.72 -6.14 250.02 124.54 Stryker SYK 1.1 55 230.00 -0.86
-11.72 536.88 287.78 Adobe ADBE ... 41 441.50 2.32 -12.88 7.75 2.96 CentraisElBras EBR ... 7 6.09 -0.04 30.52 356.85 133.26 GoldmanSachs GS 1.5 14 344.20 -3.80
s 18.09 187.18 71.33 AdvanceAuto AAP 0.5 26 186.00 2.27 -22.13 111.93 38.90 CeridianHCM CDAY ... dd 82.98 0.27 -1.36 44.08 20.97 NRG Energy NRG 3.5 18 37.04 0.64 s 27.71 7.95 4.56 SumitomoMits SMFG 3.9 11 7.88 0.12
-7.51 64.22 33.51 GoodRx GDRX ... dd 37.31 0.43 8.70 4832.80 2125.00 NVR NVR ... 19 4434.99 13.14 -1.86 157.70 95.34 SunComms SUI 2.2111 149.13 -1.97
-13.79 99.23 38.95 AdvMicroDevices AMD ... 39 79.06 0.94 -8.32 84.20 53.08 Cerner CERN 1.2 28 71.95 0.21 -3.88 76.98 38.43 Graco GGG 1.1 36 69.54 -0.57
22.28 5.11 2.10 Aegon 14.74 303.79 97.23 CharlesRiverLabs CRL ... 40 286.68 -1.60 27.06 209.59 69.16 NXP Semi NXPI 1.11240 202.04 3.45 16.35 52.15 24.37 SunLifeFinancial SLF 3.3 17 51.73 0.63
AEG 2.5268 4.83 -0.03 -1.91 427.90 200.61 Grainger GWW 1.5 31 400.54 -4.07 9.79 149.54 71.66 Nasdaq 31.23 23.69 10.20 SuncorEnergy SU 3.0 dd 22.02 0.32
... 146.90 70.05 AffirmHldgs AFRM ... ... 77.37 2.98 -4.81 681.71 364.67 CharterComms CHTR ... 41 629.74 0.35 NDAQ 1.3 26 145.74 0.80
-12.69 21.88 14.81 Grifols GRFS 1.9 14 16.10 -0.11 3.82 127.19 20.53 Natera NTRA ... dd 103.32 4.48 -19.89 100.93 7.84 SunRun RUN ... dd 55.58 4.11
3.54 136.98 62.09 AgilentTechs A 0.6 47 122.69 0.10 -12.21 139.26 83.72 CheckPoint CHKP ... 20 116.68 0.59 12.93 181.07 58.28 GuardantHealth GH ... dd 145.55 4.03
-14.00 89.23 36.32 AgnicoEagle AEM 2.3 29 60.64 0.52 1.51 115.21 29.23 Chegg CHGG ... dd 91.69 1.34 -0.81 63.78 44.29 NationalGrid NGG 5.3 22 58.55 0.49 20.39 14.45 4.98 Suzano SUZ 0.0 dd 13.46 -0.03
-20.03 134.22 71.64 Guidewire GWRE ... dd 102.94 1.18 -7.20 20.68 7.93 Natura&Co NTCO 0.0 dd 18.56 0.97 18.04 43.61 12.25 SynchronyFin SYF 2.1 18 40.97 -0.29
0.80 327.89 173.91 AirProducts APD 2.2 32 275.40 6.37 18.71 77.11 29.25 CheniereEnergy LNG ... dd 71.26 -0.22 14.68 194.01 75.02 HCA Healthcare HCA 1.0 17 188.60 0.57
32.42 219.94 121.50 Airbnb ABNB ... dd 194.39 2.94 23.72 44.63 21.00 CheniereEnerPtrs CQP 5.9 20 43.61 0.24 17.04 5.36 2.34 NatWest NWG 1.5 dd 5.29 0.10 -12.10 300.91 104.90 Synopsys SNPS ... 49 227.86 0.47
7.67 84.70 29.50 HDFC Bank HDB 0.0 35 77.80 ... 5.92 72.03 34.66 NetApp NTAP 2.7 27 70.16 -0.15 7.33 83.97 32.37 Sysco SYY 2.3 dd 79.70 0.88
-5.32 124.91 81.80 AkamaiTech AKAM ... 29 99.40 1.23 22.42 112.70 52.97 Chevron CVX 5.0 dd 103.38 -0.74 22.33 31.11 12.97 HP HPQ 2.6 13 30.08 -0.23
36.12 73.75 22.15 AlaskaAir ALK -8.19 120.00 29.16 Chewy CHWY ... dd 82.53 5.02 13.89 134.33 56.59 NetEase NTES 0.7 43 109.07 4.08
2.70 188.35 48.89 Albemarle ALB
0.0 dd 70.78 0.19
1.0 43 151.50 -1.02 17.48 26.19 15.80 ChinaEastrnAir CEA ... dd 25.27 -0.51
15.55 31.59 17.95 HSBC
15.29 24.74 4.56 Halliburton
HSBC 2.5 31 29.94
HAL 0.8 dd 21.79
-0.46
-0.38
-5.28 593.29 332.00 Netflix NFLX ... 84 512.18 7.39 TUV
5.35 20.62 12.91 Albertsons ACI -4.25 13.63 8.63 ChinaLifeIns LFC 4.2 9 10.59 0.05 -3.79 136.26 75.13 Neurocrine NBIX ... 22 92.22 2.45
2.2 10 18.52 0.50 s 38.18 69.00 28.84 HartfordFinl HIG 2.1 14 67.68 -0.47 -8.05 90.96 45.15 TAL Education TAL ... dd 65.75 -0.02
3.29 76.26 39.37 Alcon ALC ... dd 68.15 0.07 19.48 58.40 38.18 ChinaPetrol SNP 6.2 12 53.29 -1.18 -2.97 65.90 7.01 NewFortressEner NFE 0.8 dd 52.00 3.80
2.56 101.24 45.64 Hasbro HAS 2.8 59 95.93 0.40 -11.36 19.97 10.20 NewOrientalEduc EDU ... 73 16.47 -0.03 12.16 49.95 32.52 TC Energy TRP 6.0 13 45.67 0.17
-6.92 179.79 109.22 AlexandriaRlEst ARE 2.6 28 165.89 -2.98 29.71 39.96 18.45 ChinaSoAirlines ZNH 0.0 dd 38.46 -0.36 5.62 33.12 19.46 HealthpeakProp PEAK 3.8 41 31.93 -0.15 6.67 136.01 52.31 TE Connectivity TEL 1.5372 129.15 -2.73
-3.39 162.60 77.23 AlexionPharm ALXN ... 56 150.94 -0.33 2.49 1564.91 551.21 Chipotle CMG ...114 1421.20 -8.16 -3.55 58.73 28.10 NYTimes A NYT 0.6 84 49.93 1.31
-5.39 141.31 63.82 Heico HEI 0.1 66 125.26 -3.26 22.89 26.89 10.44 NewellBrands NWL 3.5 dd 26.09 -0.20 5.35 21.85 13.54 Telus TU 4.7 30 20.86 -0.03
3.03 319.32 169.95 Alibaba BABA ... 28 239.79 3.36 3.45 179.01 92.04 Chubb CB 2.0 20 159.23 -8.90 -1.47 124.90 58.40 Heico A HEI.A 0.1 60 115.34 -1.53 -2.46 71.06 32.72 TJX TJX 1.61090 66.61 0.09
-0.92 634.46 133.00 AlignTech ALGN ... 24 529.46 15.10 0.52 40.25 34.72 ChunghwaTel CHT 2.9 27 38.82 -0.06 3.41 72.22 39.15 Newmont NEM 3.6 18 61.93 -0.33
-0.07 74.89 41.85 HenrySchein HSIC ... 24 66.81 -0.88 s 51.92 27.68 7.90 NewsCorp A NWSA 0.7 dd 27.30 0.15 -7.91 135.54 70.83 T-MobileUS TMUS ... 45 124.19 -0.72
4.87 663.56 426.87 Alleghany Y 0.0 88 633.11 -12.28 -4.75 98.96 59.36 Church&Dwight CHD 1.2 27 83.09 0.83 s 1.56 156.95 109.88 Hershey HSY 2.1 25 154.70 -1.37 13.51 179.62 82.51 TRowePrice TROW 2.5 17 171.85 -0.02
3.04 123.56 77.37 Allegion ALLE 1.2 35 119.92 -2.06 23.31 258.32 69.00 ChurchillDowns CHDN 0.3 dd 240.20 1.17 41.42 25.64 7.88 NewsCorp B NWS 0.8 dd 25.13 -0.07
29.97 76.24 27.77 Hess HES 1.5 dd 68.61 1.29 -8.18 87.69 43.70 NextEraEnergy NEE 2.2 48 70.84 -0.29 4.21 142.19 43.52 TaiwanSemi TSM 1.2 33 113.63 -0.87
0.47 58.10 37.66 AlliantEnergy LNT 3.1 21 51.77 -0.01 4.86 61.52 32.77 Ciena CIEN ... 24 55.42 0.17 28.95 16.14 7.65 HewlettPackard HPE 3.1 dd 15.28 -0.30 -18.31 214.91 100.00 TakeTwoSoftware TTWO ... 40 169.74 2.52
3.01 117.80 68.86 Allstate ALL 16.85 248.39 126.00 Cigna CI 1.6 11 243.26 -0.56 25.68 26.74 11.62 NielsenHoldings NLSN 0.9 dd 26.23 0.21
2.9 6 113.24 -2.80 7.54 45.89 25.10 HighwoodsProp HIW 4.5 13 42.62 -1.05 8.85 20.00 13.11 TakedaPharm TAK 3.5 37 19.81 0.51
26.78 47.30 10.61 AllyFinancial ALLY 1.7 16 45.21 -0.11 22.47 108.99 46.07 CincinnatiFin CINF 2.4 14 107.00 -0.79 -2.81 147.95 60.58 Nike NKE 0.8 65 137.49 -5.68
11.80 128.92 53.70 Hilton HLT 0.0 dd 124.39 -1.25 3.27 27.24 20.25 NiSource NI 3.7 dd 23.69 0.12 43.79 46.42 10.18 Tapestry TPR 0.0 dd 44.69 -0.67
10.92 178.41 94.75 AlnylamPharm ALNY ... dd 144.16 4.12 -5.77 369.20 154.33 Cintas CTAS 0.9 37 333.05 -4.18 -1.10 85.00 29.09 Hologic HOLX ... 14 72.03 1.23 6.24 199.96 90.17 Target TGT 1.5 22 187.55 7.94
15.65 2145.14 1008.87 Alphabet A GOOGL ... 36 2026.96 5.62 9.45 49.74 33.74 CiscoSystems CSCO 3.0 21 48.98 0.18 2.81 9.79 2.60 Nokia NOK 0.0 dd 4.02 0.11
8.84 292.95 146.34 HomeDepot HD 2.3 24 289.10 5.94 s 21.20 6.47 3.71 NomuraHoldings NMR 3.2 8 6.46 0.08 68.41 23.70 3.92 TataMotors TTM ... dd 21.22 0.51
16.63 2152.68 1013.54 Alphabet C GOOG ... 36 2043.20 6.98 18.41 76.13 34.62 Citigroup C 2.8 15 73.01 -0.83 s 12.74 31.92 19.38 HondaMotor HMC 2.0 14 31.85 1.16 11.74 23.93 6.26 TeckRscsB TECK 0.8 dd 20.28 -1.34
-9.51 38.30 18.64 AlticeUSA ATUS ... 44 34.27 0.48 24.55 47.56 15.39 CitizensFin CFG 3.5 20 44.54 -0.84 0.60 216.87 96.45 Nordson NDSN 0.8 43 202.16 -3.08
0.10 219.00 101.08 Honeywell HON 1.7 32 212.91 -2.11 9.62 264.86 112.62 NorfolkSouthern NSC 1.5 33 260.46 -2.61 -4.49 308.00 134.12 TeladocHealth TDOC ... dd 190.98 5.55
s 23.29 51.16 30.95 Altria MO 6.8 21 50.55 -0.02 2.67 173.56 111.26 CitrixSystems CTXS 1.1 33 133.57 2.07 22.46 96.54 24.00 HorizonTherap HZNP ... 55 89.58 1.43 -1.43 413.31 222.76 TeledyneTech TDY ... 36 386.39 -6.96
34.79 13.73 4.60 AlumofChina ACH -12.79 33.55 16.01 Clarivate CLVT ... dd 25.91 -0.14 10.17 106.65 60.67 NorthernTrust NTRS 2.7 19 102.61 -1.45
...112 11.70 -0.38 2.92 52.97 41.70 HormelFoods HRL 2.0 30 47.97 -0.32 -2.55 434.98 221.27 Teleflex TFX 0.3 57 401.08 -5.84
-5.59 3552.25 1812.00 Amazon.com AMZN ... 74 3074.96 46.97 14.22 18.77 3.01 Cleveland-Cliffs CLF 0.0 dd 16.63 -0.06 1.29 357.12 263.31 NorthropGrum NOC 1.9 16 308.65 -6.29
21.34 87.24 28.15 DR Horton DHI 1.0 11 83.63 0.95 1.64 24.40 15.99 NortonLifeLock NLOK 2.4 dd 21.12 -0.06 11.55 15.31 6.75 Ericsson ERIC 1.0 23 13.33 -0.06
-6.21 3.20 1.90 Ambev ABEV ... 21 2.87 0.11 -7.82 239.87 161.11 Clorox CLX 2.4 19 186.13 1.66 21.80 18.45 8.83 HostHotels HST 0.0 dd 17.82 -0.17 -3.50 11.38 7.08 TelefonicaBras VIV 8.2 14 8.54 0.12
-3.99 12.40 6.58 Amcor AMCR 4.1 23 11.30 -0.06 -5.66 95.77 19.53 Cloudflare NET ... dd 71.69 1.27 16.79 34.48 8.08 NorwegCruise NCLH ... dd 29.70 0.75
11.49 32.96 8.72 HowmetAerospace HWM 0.0 54 31.82 0.06 -8.99 98.52 70.23 Novartis NVS 2.4 24 85.94 0.76 20.05 5.69 3.22 Telefonica TEF 6.6 17 4.85 -0.07
13.62 82.38 44.05 Amdocs DOX 1.8 16 80.59 ... -7.35 54.93 36.27 Coca-Cola KO 3.3 28 50.81 0.24 -4.72 19.64 12.40 HuanengPower HNP 4.9 7 13.73 0.24 0.89 25.62 16.06 TelekmIndonesia TLK 2.5 18 23.73 0.04
-8.29 325.12 153.16 Amedisys AMED ... 49 269.00 ... 3.91 54.55 28.35 Coca-Cola Euro CCEP 3.9 41 51.78 -0.11 104.69 331.68 9.56 Novavax NVAX ... dd 228.25 10.99
32.91 64.53 26.02 Huazhu HTHT ... dd 59.85 -0.45 0.72 75.86 49.24 NovoNordisk NVO 1.5 26 70.35 -0.56 25.54 201.70 48.78 10xGenomics TXG ... dd 177.76 9.25
s 33.50 657.86 222.34 Amerco UHAL 0.0 18 606.03 4.04 -1.29 101.82 36.51 Cognex CGNX 0.3 80 79.25 -0.78 17.03 191.10 85.62 Hubbell HUBB 2.1 29 183.49 -2.70 38.56 23.81 8.86 Tenaris TS 0.0 dd 22.10 0.08
0.95 86.90 58.74 Ameren AEE 2.8 23 78.80 0.26 -6.59 82.73 40.01 CognizantTech CTSH 1.3 30 76.55 0.15 -18.12 194.75 53.40 Novocure NVCR ...779 141.69 3.93
13.06 547.47 105.02 HubSpot HUBS ... dd 448.22 16.91 2.09 51.62 14.17 NuanceComms NUAN ... dd 45.01 1.77 s 58.11 30.54 9.22 TencentMusic TME ... 89 30.42 1.90
-6.26 15.87 10.41 AmericaMovil A AMOV 2.6 22 13.70 0.15 -12.31 86.41 58.49 ColgatePalm CL 2.4 24 74.98 -1.09 -0.11 474.70 208.25 Humana HUM 0.7 16 409.82 2.07 -4.15 147.90 43.32 Teradyne TER 0.3 27 114.91 2.54
-4.61 15.24 10.12 AmericaMovil AMX 2.5 22 13.87 0.10 5.84 58.59 31.70 Comcast A CMCSA 1.8 24 55.46 -0.41 34.09 72.22 28.39 Nucor NUE 2.3 30 71.32 0.92
18.78 164.46 77.77 JBHunt JBHT 0.7 34 162.31 0.22 18.33 59.77 25.59 Nutrien NTR 3.2 71 56.99 -0.60 -7.20 900.40 82.10 Tesla TSLA ...1042 654.87 1.71
58.34 26.09 8.25 AmerAirlines AAL 0.0 dd 24.97 0.27 24.15 73.73 25.80 Comerica CMA 3.9 21 69.35 -1.28 26.52 16.91 6.82 HuntingtonBcshs HBAN 3.8 23 15.98 -0.37 19.38 13.30 7.25 TevaPharm TEVA ... dd 11.52 0.11
0.48 94.21 65.14 AEP AEP 3.5 19 83.67 1.07 20.79 83.06 43.34 CommerceBcshrs CBSH 1.3 27 79.36 -0.56 -1.60 614.90 198.52 NVIDIA NVDA 0.1 74 513.83 4.93
17.17 92.22 36.12 HyattHotels H 0.0 dd 87.00 -0.09 7.22 181.80 94.92 TexasInstruments TXN 2.3 29 175.98 1.62
16.38 151.46 68.12 AmerExpress AXP 7.90 7.24 1.02 CiaSiderurgica SID
32.71 120.63 45.07 AmericanFin AFG
1.2 37 140.71 -1.87
1.7 14 116.28 -2.22 4.38 39.34 24.86 ConagraBrands CAG
... 43 6.42
2.9 17 37.85
-0.15
0.73
27.82 266.00 100.22 IAC/InterActive IAC
8.82 18.47 6.86 ICICI Bank
... ... 242.03
IBN 0.0 28 16.17
6.94
0.29
OPQ 130.46 1710.50 295.05 TexasPacLand TPL
14.44 57.04 20.26 Textron TXT
0.7 64 1675.45
0.1 41 55.31
134.11
-0.04
6.93 32.81 17.50 AmHomes4Rent AMH 1.2116 32.08 -0.25 31.53 61.14 23.35 ConocoPhillips COP 3.3 dd 52.60 -0.78 -3.00 573.99 168.65 IdexxLab IDXX ... 72 484.88 0.41 26.26 51.91 18.54 ONEOK OKE 7.7 35 48.46 0.26 -4.46 532.57 250.21 ThermoFisherSci TMO 0.2 28 445.01 -0.74
23.69 49.00 18.08 AIG AIG 2.7 dd 46.83 -0.99 0.04 90.00 62.03 ConEd ED 4.3 22 72.30 0.08 6.13 101.45 44.81 IHS Markit INFO 0.8 44 95.34 -0.12 7.85 496.61 251.51 OReillyAuto ORLY ... 21 488.10 5.92 6.70 89.97 52.23 ThomsonReuters TRI 1.9 39 87.38 -0.64
-1.16 272.20 174.32 AmerTowerREIT AMT 2.1 59 221.86 -0.65 7.14 242.62 104.28 ConstBrands A STZ 1.3 26 234.70 3.63 30.30 12.76 4.88 ING Groep ING 1.0 ... 12.30 -0.08 -9.78 66.31 34.98 OakStreetHealth OSH ... dd 55.18 1.34 7.96 192.09 114.04 3M MMM 3.1 20 188.71 -2.29
-9.85 172.56 92.00 AmerWaterWorks AWK 1.6 35 138.36 -0.64 -2.08 32.85 15.06 ContextLogic WISH ... ... 17.86 0.60 46.01 26.05 6.38 Invesco IVZ 2.4 22 25.45 0.32 62.33 32.52 8.52 OccidentalPetrol OXY 0.1 dd 28.10 1.48 8.56 105.55 52.18 Toro TTC 1.0 34 102.96 -1.78
0.11 41.29 27.59 AmericoldRealty COLD 2.4311 37.37 -0.58 63.13 32.39 6.90 ContinentalRscs CLR 0.0 dd 26.59 1.21 -5.43 262.55 100.92 IPG Photonics IPGP ... 71 211.63 0.85 -16.02 294.00 111.69 Okta OKTA ... dd 213.53 4.49 16.66 67.23 33.74 TorontoDomBk TD 3.8 13 65.82 -0.49
17.55 236.44 82.03 Ameriprise AMP 1.8 19 228.43 1.53 5.70 401.92 237.71 Cooper COO 0.0 8 384.02 5.24 5.11 199.99 82.03 IQVIA IQV ...132 188.33 1.83 18.15 235.16 108.63 OldDomFreight ODFL 0.3 41 230.61 0.51 14.65 50.41 25.42 Total TOT ... dd 48.05 0.81
s 18.58 117.12 72.06 AmerisourceBrgn ABC 1.5 dd 115.92 0.29 -16.23 130.96 55.69 Copart CPRT ... 36 106.59 -2.42 15.87 69.10 34.00 IcahnEnterprises IEP 13.6 dd 58.71 0.50 39.18 20.04 OmegaHealthcare OHI 7.3 55 36.50 -0.65 2.59 163.37 108.61 ToyotaMotor TM 2.4 15 158.58 0.87
0.37
-0.15 125.81 56.69 Ametek AME 0.7 32 120.76 -0.91 14.67 42.55 17.44 Corning GLW 2.3 86 41.28 -0.12 -4.61 223.62 115.00 Icon ICLR ... 30 186.00 3.13 22.54 77.94 44.50 Omnicom OMC 3.7 17 76.43 -0.82 23.05 174.18 74.54 TractorSupply TSCO 1.2 27 172.98 3.69
6.97 276.69 177.05 Amgen AMGN 2.9 20 245.94 1.52 21.57 47.98 21.11 Corteva CTVA 1.1 52 47.07 0.11 -0.03 211.71 109.72 IDEX IEX 1.0 40 199.14 -1.28 22.49 42.38 10.27 ON Semi ON ... 73 40.09 0.95 -8.46 972.80 153.50 TradeDesk TTD ...149 733.21 33.11
-1.66 69.10 32.50 Amphenol APH 0.9 33 64.30 -0.70 -11.43 952.76 500.24 CoStar CSGP ...137 818.66 13.15 7.26 224.69 115.94 IllinoisToolWks ITW 2.1 33 218.69 -3.06 8.53 49.99 29.11 OpenText OTEX 1.6149 49.34 0.98 18.03 75.63 36.03 Tradeweb TW 0.4 83 73.71 0.96
2.83 164.40 80.51 AnalogDevices ADI 1.8 40 151.91 2.46 -12.71 393.15 278.42 Costco COST 0.9 34 328.91 5.93 12.41 555.77 229.00 Illumina ILMN ... 94 415.90 6.71 21.12 39.24 10.55 OpendoorTech OPEN ... dd 27.53 0.72 13.05 169.13 70.00 TraneTech TT 1.4 47 164.10 -3.44
28.46 19.17 4.35 Angi ANGI ... dd 16.95 0.44 -26.61 377.04 120.00 CoupaSoftware COUP ... dd 248.73 -0.72 25.28 26.21 8.63 ImperialOil IMO 2.9 dd 23.84 0.16 2.43 73.62 43.88 Oracle ORCL 1.9 16 66.26 -0.48 -2.80 626.00 260.00 TransDigm TDG 0.0 88 601.52 3.91
-2.92 38.50 13.92 AngloGoldAsh AU 2.2 10 21.96 0.11 ... 69.00 42.70 Coupang CPNG ... ... 44.89 1.00 -8.75 110.36 62.48 Incyte INCY ... dd 79.37 1.12 4.97 13.03 10.15 Orange ORAN 4.2 6 12.45 -0.03 -11.78 102.80 52.50 TransUnion TRU 0.3 49 87.53 0.17
-8.04 72.41 37.93 AB InBev BUD 1.7 dd 64.29 1.53 -10.50 172.12 110.47 Credicorp BAP 5.9128 146.79 -0.87 10.62 19.37 6.76 Infosys INFY 1.3 32 18.75 16.98 90.88 52.65 Orix IX 3.4 12 90.46 0.39 6.36 161.19 84.96 Travelers TRV 2.3 14 149.30 -7.53
s 5.44 9.00 3.83 AnnalyCap 0.37
NLY 9.9 dd 8.91 0.12 2.19 14.95 6.67 CreditSuisse CS 0.9 12 13.08 0.02 8.54 51.61 18.28 IngersollRand IR ... dd 49.45 -0.29 39.77 123.49 46.72 Oshkosh OSK 1.1 26 120.30 0.72 8.03 107.64 32.45 Trex TREX ... 60 90.44 -0.28
s 10.29 359.14 171.03 Anthem ANTM 1.3 20 354.13 0.81 0.82 129.90 31.08 Cree CREE ... dd 106.77 1.35 2.40 182.22 55.72 Inphi IPHI ... dd 164.32 3.93 -1.02 68.65 38.00 OtisWorldwide OTIS 1.2 32 66.86 -1.29 11.85 77.69 23.79 Trimble TRMB ... 48 74.68 0.06
5.50 235.88 143.93 Aon AON 0.8 26 222.90 -1.64 -8.12 251.28 46.01 CrowdStrike CRWD ... dd 194.63 4.42 2.11 298.43 129.09 Insulet PODD ...2597 261.03 9.03 19.97 93.55 28.56 OwensCorning OC 1.1 dd 90.89 ... 24.22 45.19 21.49 Trip.com TCOM ... dd 41.90 -0.22
-3.45 55.38 23.50 ApolloGlbMgmt APO 4.3141 47.29 -0.15 4.04 180.00 114.18 CrownCastle CCI 3.2 71 165.62 0.43 27.98 66.29 43.61 Intel INTC 2.2 13 63.76 0.03 36.22 68.77 38.09 OzonHoldings OZON ... ... 56.41 0.35 22.14 61.26 25.51 TruistFinl TFC 3.1 19 58.54 -0.79
-6.43 260.00 30.68 Appian APPN ... dd 151.66 3.23 -3.71 101.95 42.97 CrownHoldings CCK 0.8 22 96.48 0.34 28.79 80.57 33.70 InteractiveBrkrs IBKR 0.5 33 78.46 0.43 -9.63 13.34 7.13 PG&E PCG ... dd 11.26 -0.04 ... 27.65 23.98 Tuya TUYA ... ... 25.12 0.12
-9.57 145.09 53.15 Apple AAPL 0.7 32 119.99 -0.54 17.08 277.09 101.03 Cummins CMI 2.0 22 265.90 -2.36 -3.55 119.02 63.51 ICE ICE 1.2 30 111.20 -0.44 17.98 184.33 79.41 PNC Fin PNC 2.6 10 175.79 -4.07 5.11 457.30 79.25 Twilio TWLO ... dd 355.80 3.75
33.09 124.50 37.80 ApplMaterials AMAT 0.8 27 114.86 0.58 17.97 151.80 36.15 CureVac CVAC ... ... 95.64 6.12 6.94 75.20 29.71 InterContinentl IHG 0.0 dd 69.64 -0.69 4.00 70.58 26.27 POSCO PKX 1.9 15 64.80 -0.19 22.31 80.75 22.36 Twitter TWTR ... dd 66.23 -0.49
1.77 144.76 79.84 Aptargroup ATR 1.0 43 139.31 -2.20 2.40 135.88 90.56 IBM IBM 5.1 21 128.90 -1.16 11.25 38.76 13.08 PPD PPD ...113 38.07 0.98 -3.78 479.79 257.80 TylerTech TYL ... 90 420.04 2.06
12.01 160.14 41.73 Aptiv APTV 0.0 21 145.94 -2.96 DEF 26.16 143.09 92.14 IntlFlavors IFF 2.2 43 137.31 -0.37 2.22 153.81 71.53 PPG Ind PPG 1.5 33 147.42 -2.38 19.10 78.14 52.33 TysonFoods TSN 2.3 14 76.75 -0.18
1.64 43.12 15.50 Aramark ARMK 1.1 dd 39.11 -1.17 7.76 56.98 26.38 IntlPaper 4.93 30.94 18.12 PPL PPL 5.6 16 29.59 -0.10 13.45 16.30 7.88 UBS Group UBS 2.3 9 16.03 0.01
s 19.96 28.02 7.52 ArcelorMittal MT 0.0 dd 27.47 0.56 15.28 39.24 17.15 DISH Network DISH ... 12 37.28 -0.36 IP 3.8 44 53.58 -0.34
7.02 135.60 74.57 DTE Energy 25.81 30.43 11.63 Interpublic IPG 3.6 33 29.59 -0.08 19.62 155.00 58.67 PRA HealthSci PRAH ... 49 150.05 2.32 12.78 46.03 29.20 UDR UDR 3.3213 43.34 -1.66
2.33 38.38 20.93 ArchCapital ACGL ... 11 36.91 -0.72 DTE 3.3 18 129.93 -0.06 8.40 147.67 45.36 PTC PTC ...128 129.66 2.63 18.59 41.75 22.52 UGI
-0.49 248.86 119.60 Danaher DHR 0.4 45 221.06 5.11 0.38 423.74 187.68 Intuit INTU 0.6 58 381.28 7.31 UGI 3.2 14 41.46 0.83
12.74 59.12 28.92 ArcherDaniels ADM 2.6 18 56.83 -0.78 -13.52 826.81 360.50 IntuitiveSurgical ISRG ... 80 707.49 8.17 10.18 103.19 49.11 Paccar PCAR 1.3 25 95.06 -0.06 14.08 41.23 11.56 US Foods USFD ... dd 38.00 1.15
15.20 55.96 20.20 AresMgmt ARES 3.5 70 54.20 -0.40 17.35 147.93 37.05 Darden DRI 1.0 dd 139.79 -0.18
24.60 79.65 14.05 DarlingIngred DAR ... 40 71.87 -0.82 3.06 31.56 15.64 InvitatHomes INVH 2.2111 30.61 -0.48 -5.00 148.14 74.26 PackagingCpAm PKG 3.1 27 131.02 -2.97 -32.52 14.38 7.24 UWM UWMC 4.5 dd 8.86 -0.12
4.04 382.15 118.03 arGEN-X ARGX ... dd 305.97 2.16 58.87 28.22 14.51 iQIYI IQ ... dd 27.77 1.14 -15.21 62.83 13.81 PagSeguroDig PAGS ... 63 48.23 1.15 11.92 64.05 19.73 Uber UBER ... dd 57.08 1.39
-1.84 326.60 156.63 AristaNetworks ANET ... 36 285.22 1.42 -14.64 119.43 30.63 Datadog DDOG ... dd 84.03 2.14
-6.45 125.28 62.20 DaVita DVA ... 17 109.83 0.64 21.44 41.32 21.00 IronMountain IRM 6.9 30 35.80 -0.01 3.27 45.00 8.90 PalantirTech PLTR ... dd 24.32 0.34 23.30 362.89 125.99 Ubiquiti UI 0.5 43 343.39 5.65
14.26 162.56 73.07 AspenTech AZPN ... 34 148.82 3.69 -16.75 6.37 3.48 ItauUnibanco ITUB 2.6 14 5.07 0.06 -10.84 403.00 141.00 PaloAltoNtwks PANW ... dd 316.85 -0.70 12.08 351.00 140.34 UltaBeauty ULTA ...104 321.84 2.61
5.50 144.63 80.26 Assurant AIZ 1.8 21 143.71 1.10 18.10 345.00 99.99 DeckersOutdoor DECK ... 26 338.70 7.74
38.44 392.42 106.52 Deere DE 1.0 34 372.48 -7.93 14.18 321.74 93.51 ParkerHannifin PH 1.1 28 311.05 -4.00 29.37 20.31 6.37 UnderArmour C UA ... dd 19.25 -0.17
-1.56 64.94 38.14 AstraZeneca
15.07 55.39 15.67 Athene
AZN
ATH
2.8 40 49.21 -0.12
... 7 49.64 -0.55 19.57 91.51 31.53 DellTechC DELL ... 21 87.63 -0.48 JKL 2.85 99.95 48.50 Paychex PAYX
-17.63 471.08 163.42 PaycomSoftware PAYC
2.6 33 95.84
...151 372.53
-1.45
7.17
36.46 24.39 7.15 UnderArmour A UAA
-8.57 63.89 44.06 Unilever UL
... dd 23.43
3.3 23 55.19
-0.04
-0.73
-6.32 262.40 120.91 Atlassian TEAM ... dd 219.09 -0.19 21.86 52.28 17.51 DeltaAir DAL 0.0 dd 49.00 -0.18 -3.31 108.29 36.22 JD.com JD ... 19 84.99 1.09
19.86 64.25 31.57 DentsplySirona XRAY 0.6 dd 62.76 -0.29 -14.94 218.34 73.06 Paylocity PCTY ...146 175.15 1.15 1.24 221.28 109.61 UnionPacific UNP 1.8 27 210.80 -4.56
-1.40 111.34 77.92 AtmosEnergy ATO 2.7 18 94.09 0.56 44.29 148.88 41.87 Joyy YY 0.7 7 115.40 1.50 3.02 309.14 82.07 PayPal PYPL ... 68 241.28 2.87 40.51 63.70 18.18 UnitedAirlines UAL ... dd 60.77 -0.05
-14.36 321.13 135.52 Autodesk ADSK ... 48 261.50 -1.94 16.15 13.37 5.66 DeutscheBank DB 0.0 48 12.66 -0.28 22.09 161.69 78.09 JPMorganChase JPM 2.3 17 155.14 -2.51
43.58 26.13 5.46 DevonEnergy DVN 1.9 dd 22.70 0.34 20.70 11.90 5.08 Pearson PSO 2.4 21 11.08 -0.04 -2.37 11.28 2.10 UnitedMicro UMC 1.2 20 8.23 -0.01
1.37 147.67 59.54 Autohome ATHM 1.6 8 100.98 2.98 -8.56 200.98 123.64 JackHenry JKHY 1.2 38 148.13 -0.27 -12.58 148.80 60.12 Pegasystems PEGA 0.1 dd 116.49 4.11 -5.41 178.01 88.35 UPS B UPS 2.6 97 159.29 -0.91
1.65 99.21 38.67 Autoliv ALV 0.0 44 93.62 -1.68 -6.79 456.23 196.56 DexCom DXCM ... 72 344.63 5.48 13.23 127.44 59.29 JacobsEngg J 0.7 36 123.37 -1.25 -28.61 171.09 21.78 Peloton PTON ...237 108.31 5.57 36.26 330.79 63.77 UnitedRentals URI ... 26 316.00 -2.12
4.39 190.50 104.89 ADP ADP 2.0 32 183.93 -2.13 5.28 170.39 100.52 Diageo DEO 2.1 66 167.19 -1.29 -2.26 32.49 9.46 JamesHardie JHX 0.0 75 28.99 -0.65 26.08 30.95 14.39 PembinaPipeline PBA 6.4 dd 29.83 0.50 18.50 57.02 28.36 US Bancorp USB 3.0 18 55.21 -1.06
s 11.75 1339.87 684.91 AutoZone AZO ... 17 1324.76 21.18 56.63 88.75 17.49 DiamondbkEner FANG 2.1 dd 75.81 0.64 4.42 178.64 86.88 JazzPharma JAZZ ... 41 172.35 2.72 s 4.25 370.46 187.72 UnitedHealth
35.89 142.00 7.16 PennNational PENN ... dd 117.37 5.44 UNH 1.4 23 365.58 3.53
-18.05 185.37 59.01 Avalara AVLR ... dd 135.12 2.31 -4.30 165.49 105.00 DigitalRealty DLR 3.5119 133.51 -0.65 37.15 34.86 11.20 JefferiesFin JEF 2.4 13 33.74 0.06 14.94 62.23 22.01 Pentair PNR 1.3 28 61.02 -0.20 -34.50 174.94 65.11 UnitySoftware U ... ... 100.53 -1.14
13.94 195.46 118.17 Avalonbay AVB 3.5 31 182.79 -5.91 4.69 104.49 24.14 DiscoverFinSvcs DFS 1.9 26 94.78 -0.90 1.69 173.65 109.16 J&J JNJ 2.5 29 160.04 -0.43 52.45 314.22 121.80 Penumbra PEN ... dd 266.78 -11.22 -0.07 262.77 105.33 UnivDisplay OLED 0.3 82 229.65 2.66
5.50 56.20 35.62 Avangrid AGR 3.7 26 47.95 0.22 158.33 103.00 24.80 DiscoveryB DISCB ... 47 83.70 3.79 28.78 62.40 22.77 JohnsonControls JCI 1.8 48 60.00 -1.25
s 156.80 78.14 17.12 DiscoveryA -9.31 148.77 101.42 PepsiCo PEP 3.0 26 134.50 1.97 0.36 143.84 71.03 UniversalHealthB UHS 0.6 13 138.00 -1.27
1.95 31.05 9.49 Avantor AVTR ...326 28.70 0.55 DISCA ... 43 77.27 1.32 17.96 186.18 78.29 JonesLang JLL 0.0 23 175.02 -2.75 -10.52 162.70 62.91 PerkinElmer s 207.44 128.80 22.61 Upstart
s 152.00 66.50 15.43 DiscoveryC DISCK ... 37 66.00 1.92 PKI 0.2 20 128.40 1.84 UPST ... ... 125.28 10.19
15.73 186.77 76.96 AveryDennison AVY 1.4 27 179.51 -2.06 11.06 27.83 16.87 JuniperNetworks JNPR 3.2 32 25.00 -0.20 21.78 41.20 27.68 PetroChina PTR 4.4 26 37.41 -0.66 1.38 40.66 19.00 VEREIT VER 4.8 53 38.31 -0.72
18.13 212.37 58.06 AxonEnterprise AXON ... dd 144.75 4.79 5.50 203.02 81.09 Disney DIS 0.0 dd 191.14 -1.14 10.73 45.73 20.93 KB Fin KB 3.3 6 43.85 -0.83 -24.40 11.89 4.45 PetroleoBrasil PBR 1.1 dd 8.49 0.26 -6.77 89.68 45.07 VF VFC 2.5 dd 79.63 0.33
5.98 46.40 31.66 BCE BCE 6.0 24 45.36 -0.02 -7.48 290.23 75.31 DocuSign DOCU ... dd 205.67 0.87 4.00 79.40 31.79 KE Holdings BEKE ...185 64.00 3.21 9.92 29.87 11.26 VICI Prop
-21.52 11.72 4.38 PetroleoBrasilA PBR.A 1.9 dd 8.68 0.36 VICI 4.7 17 28.03 0.04
5.34 81.82 31.33 BHP Group BHP 4.5 25 68.83 -1.06 2.17 101.53 47.30 DolbyLab DLB 0.9 32 99.24 0.79 19.04 49.79 16.60 KKR KKR 1.1 15 48.20 0.39 -3.48 43.08 26.41 Pfizer PFE 4.4 21 35.53 -0.24 12.32 333.95 129.52 VailResorts MTN 0.0 dd 313.33 -2.25
7.67 67.03 24.88 BHP Group BBL 5.5 21 57.10 -0.69 -10.71 225.25 135.04 DollarGeneral DG 0.9 18 187.78 8.98 13.12 342.21 110.19 KLA KLAC 1.2 33 292.88 4.14 7.80 91.25 56.01 PhilipMorris PM 5.4 17 89.25 -0.11 2.92 19.00 6.49 Vale VALE ... 18 17.25 -0.03
23.98 28.57 14.74 BP BP 6.1 dd 25.44 0.03 0.07 115.45 68.43 DollarTree DLTR ... 19 108.12 2.87 9.81 227.84 96.23 KSCitySouthern KSU 1.0 34 224.16 0.84 17.62 90.59 41.41 Phillips66 PSX 4.4 dd 82.26 0.89 30.28 84.39 32.46 ValeroEnergy
-2.46 87.34 57.79 DominionEner D 3.4 dd 73.35 -0.15
VLO 5.3 dd 73.70 ...
8.49 25.64 9.12 BakerHughes BKR 3.2 dd 22.62 -0.36 -2.28 72.88 52.66 Kellogg K 3.7 17 60.81 0.18 -20.19 212.60 32.66 Pinduoduo PDD ... dd 141.80 -0.02 0.82 176.65 89.62 VarianMed VAR ... 58 176.45 -0.10
-12.80 102.76 51.26 Ball BLL 0.7 46 81.25 -1.38 -5.15 435.58 294.21 Domino's DPZ 1.0 29 363.70 -0.12 s 6.69 34.63 22.72 KeurigDrPepper KDP 1.8 37 34.14 0.25 1.05 91.88 61.22 PinnacleWest PNW 38.27 12.91 3.24 Vedanta VEDL 5.1 dd 12.14 0.12
t -5.41 256.09 127.13 DoorDash DASH ... dd 135.03 4.41 4.1 17 80.79 1.21
12.96 5.86 2.49 BancoBilbaoViz BBVA 4.1 23 5.58 -0.10 24.25 21.81 8.32 KeyCorp KEY 3.6 16 20.39 -0.33 10.79 89.90 11.47 Pinterest PINS ... dd 73.01 3.62 -4.39 325.54 121.53 VeevaSystems VEEV ...110 260.31 7.13
-9.33 4.90 2.58 BancoBradesco BBDO 2.1 12 4.18 -0.07 7.37 138.19 62.95 Dover DOV 1.5 29 135.55 -1.65 2.03 155.50 77.93 KeysightTechs KEYS ... 40 134.77 -1.23 43.54 169.49 57.20 PioneerNatRscs PXD 1.4 dd 163.48 1.60 11.09 58.10 20.01 Ventas VTR 3.3 60 54.48 -0.56
21.74 25.12 14.04 BancodeChile BCH 2.5 21 24.81 -0.17 15.15 67.27 26.01 Dow DOW 4.4 39 63.91 -0.81 -3.34 160.16 110.66 KimberlyClark KMB 3.5 19 130.32 -2.08 13.23 12.35 4.50 PlainsAllAmPipe PAA 7.7 dd 9.33 0.02 -11.25 221.30 148.77 VeriSign
-17.23 73.50 34.90 DrReddy'sLab RDY 0.5 34 59.01 1.03 VRSN ... 27 192.05 3.53
-14.58 8.95 3.69 BancSanBrasil BSBR 2.3 ... 7.38 0.02 25.38 19.81 7.45 KimcoRealty KIM 3.6 8 18.82 -0.30 ... 36.06 25.66 Playtika PLTK ...111 25.79 -0.39 -17.21 210.66 116.61 VeriskAnalytics VRSK 0.7 40 171.87 1.32
35.12 25.75 13.02 BcoSantChile BSAC 2.5 18 25.66 0.22 54.60 74.09 10.92 DraftKings DKNG ... dd 71.98 4.37 16.46 17.97 11.01 KinderMorgan KMI 6.6342 15.92 0.16 12.89 75.49 3.03 PlugPower PLUG ... dd 38.28 1.92 -4.27 61.95 48.84 Verizon VZ 4.5 13 56.24 -0.07
13.77 3.70 1.71 BancoSantander SAN 0.0 dd 3.47 -0.05 21.05 28.33 16.12 Dropbox DBX ... dd 26.86 0.52 11.92 74.67 17.01 KingsoftCloud KC ... dd 48.74 0.33 42.09 140.93 37.35 Polaris -8.56 306.08 199.52 VertxPharm VRTX ... 21 216.11 2.75
1.27 98.88 62.13 DukeEnergy PII 1.9 71 135.38 2.19
27.12 39.97 17.95 BankofAmerica BAC 1.9 21 38.53 -0.41 DUK 4.2 54 92.72 0.39 -5.72 10.31 3.57 KinrossGold KGC 1.7 7 6.92 0.08 -8.51 401.29 160.35 Pool POOL 0.7 38 340.80 3.93 161.27 101.97 10.81 ViacomCBS B VIAC 1.0 25 97.35 0.59
17.32 90.66 38.40 BankofMontreal BMO 3.8 14 89.20 -0.16 2.45 43.45 25.19 DukeRealty DRE 2.5 51 40.95 -0.67 -15.19 57.69 24.20 KirklandLakeGold KL 2.1 12 35.00 0.72 21.73 61.95 23.31 PrincipalFin 157.17 101.60 14.16 ViacomCBS A VIACA 1.0 25 97.26 0.63
-2.77 29.55 21.34 Dun&Bradstreet DNB PFG 3.7 12 60.39 -0.19
9.21 47.76 26.93 BankNY Mellon BK 2.7 12 46.35 -0.35 ... dd 24.21 0.57 51.59 64.16 10.89 Kohl's KSS 1.6 dd 61.68 1.44 -8.00 146.92 94.34 Procter&Gamble PG 2.5 24 128.01 -0.69 -21.13 19.24 13.31 Viatris VTRS ... dd 14.78 0.19
16.47 64.38 31.94 BkNovaScotia BNS 4.5 16 62.94 -0.28 8.42 87.27 28.33 DuPont DD 1.6 dd 77.10 -1.27 5.39 58.41 32.15 KoninklijkePhil PHG 1.8 38 57.09 1.09 -8.03 102.05 62.18 Progressive PGR 0.4 9 90.94 0.59 s 61.69 45.50 13.85 Vipshop VIPS ... 36 45.45 0.99
27.16 10.29 3.81 Barclays BCS 0.5 ... 10.16 0.16 17.63 56.94 19.95 Dynatrace DT ...152 50.90 0.81 -12.55 12.98 6.28 KoreaElcPwr KEP ... 8 10.73 0.04 0.72 112.37 59.82 Prologis PLD 2.5 51 100.38 -1.73 39.65 62.80 10.99 VirginGalactic SPCE ... dd 33.14 1.18
-7.99 31.22 15.54 BarrickGold GOLD 1.6 16 20.96 0.10 17.82 24.99 13.36 ENI E 3.5 dd 24.27 0.07 12.93 39.71 20.67 KraftHeinz KHC 4.1138 39.14 0.20 17.82 95.49 38.62 PrudentialFin -5.41 228.23 133.93 Visa
40.53 77.14 31.22 EOG Rscs EOG 2.4 dd 70.08 1.18 PRU 5.0 dd 91.98 -1.13 V 0.6 44 206.90 -13.76
58.65 34.80 12.49 BauschHealth BHC ... dd 33.00 0.16 11.46 42.99 27.33 Kroger KR 2.0 11 35.40 0.71 14.65 43.68 18.10 Prudential PUK 0.8 26 42.34 -0.46 -12.00 24.20 12.71 Vistra VST 3.5 13 17.30 0.51
0.07 95.19 69.69 BaxterIntl BAX 1.2 38 80.30 0.44 5.93 402.62 158.83 EPAM Systems EPAM ... 68 379.60 10.69 62.79 62.08 8.52 L Brands LB 0.0 21 60.54 0.38 1.05 62.15 34.75 PublicServiceEnt PEG 4.08 161.95 99.27 VMware VMW ... 30 145.98 -0.94
54.05 82.53 22.55 EastWestBncp EWBC 3.5 16 58.91 0.34
-4.48 284.97 197.75 BectonDicknsn BDX 1.4 46 239.02 -0.18 1.7 20 78.12 -0.20 23.16 44.88 13.31 LKQ LKQ ... 21 43.40 -0.20 1.10 246.52 155.37 PublicStorage PSA 3.4 37 233.46 -8.55 13.71 19.45 12.41 Vodafone VOD 5.6 19 18.74 -0.30
35.05 388.97 118.55 BeiGene BGNE ... dd 348.95 23.10 11.49 119.01 38.12 EastmanChem EMN 2.5 32 111.80 -0.90 s 40.37 147.69 40.36 LPL Financial LPLA 0.7 25 146.29 2.12 13.61 51.01 17.12 PulteGroup PHM 1.1 9 48.99 0.74 28.74 49.50 27.64 VornadoRealty VNO 4.4 dd 48.07 -0.26
3.73 54.62 27.00 BentleySystems BSY 0.3 ... 42.02 -0.61 10.92 141.37 56.41 Eaton ETN 2.3 38 133.26 -3.70 4.49 209.77 142.01 L3HarrisTech LHX 2.1 38 197.50 1.03 -5.58 59.00 36.38 Qiagen QGEN ... 33 49.90 1.80 11.44 175.02 77.84 VulcanMatls VMC 0.9 38 165.27 -2.78
11.59 77.37 43.05 Berkley WRB 0.6 26 74.12 -2.25 18.87 64.85 26.02 eBay EBAY 1.2 8 59.73 0.83 18.02 252.45 100.33 LabCpAm LH ... 15 240.22 0.29 8.17 191.82 67.54 Qorvo QRVO ... 43 179.85 3.77
10.03 407750 239440 BerkHathwy A BRK.A
8.25 267.50 159.50 BerkHathwy B BRK.B
... 14 382697 -827.01
... 14 250.99 -1.47
-4.06 231.36 124.60 Ecolab
3.56 14.47 6.82 Ecopetrol
ECL
EC
0.9 dd 207.58
6.0 60 13.37
-1.97
0.28
14.83 603.60 185.84 LamResearch LRCX
12.16 100.38 30.89 LamarAdv LAMR
1.0 27 542.31
3.2 39 93.34
3.14
-3.06
-14.00 167.94 59.11 Qualcomm QCOM 2.0 22 131.02 1.27 WXYZ
... 57.28 31.65 QualtricsIntl XM ... dd 33.76 -0.84
18.44 124.89 49.01 BestBuy BBY 2.4 17 118.19 4.81 -5.33 66.68 44.14 EdisonInt EIX 4.5 30 59.47 0.91 1.91 86.41 42.43 LambWeston LW 1.2 40 80.24 0.32 18.66 88.97 23.77 QuantaServices PWR 0.3 28 85.46 -0.35 -3.49 106.85 68.01 WEC Energy WEC 3.1 23 88.82 0.78
11.51 221.00 54.15 BeyondMeat BYND ... dd 139.39 5.67 -12.96 92.08 51.51 EdwardsLife EW ... 61 79.41 0.73 6.95 66.77 36.80 LasVegasSands LVS 0.0 dd 63.74 -1.03 -29.73 132.73 9.74 QuantumScape QS ... ... 59.34 2.37 5.76 234.64 71.12 WEX WEX ... dd 215.25 -4.41
26.99 157.66 19.45 Bilibili BILI ... dd 108.86 0.04 1.37 34.81 16.58 ElancoAnimal ELAN ... dd 31.09 -2.66 15.32 196.25 69.17 Lear LEA 0.5 71 183.40 -5.00 5.13 134.71 73.02 QuestDiag DGX 2.0 12 125.28 1.02 -2.83 76.12 42.19 W.P.Carey WPC 6.1 26 68.58 -0.87
7.21 195.95 27.53 Bill.com BILL ... dd 146.34 2.01 -23.64 176.49 45.51 Elastic ESTC ... dd 111.59 -0.15 -9.67 113.75 68.00 Leidos LDOS 1.4 22 94.95 -2.06 19.25 65.97 27.65 WPP WPP 2.5 dd 64.49 -0.46
18.17 414.99 155.17 Bio-Techne
-2.40 689.00 309.38 Bio-RadLab A
TECH
BIO
0.3 86 375.24 1.25
... 5 568.93 -1.12
-10.58 150.30 86.75 ElectronicArts EA
10.10 93.38 37.75 EmersonElec EMR
0.5 32 128.40
2.3 26 88.49
0.40
-0.97
25.59 82.56 20.79 Lennar B
24.78 101.55 28.21 Lennar A
LEN.B
LEN
1.3 8 76.86
1.1 10 95.12
0.10
0.48
RS 3.35 84.32 39.59 Wabtec
31.75 56.12 33.36 WalgreensBoots WBA
WAB 0.6 35 75.65
3.6 dd 52.54
-0.53
-0.16
9.07 363.92 223.25 Biogen BIIB ... 11 267.07 4.80 13.38 36.76 23.35 Enbridge ENB 7.3 33 36.27 0.43 9.91 319.77 163.40 LennoxIntl LII 1.0 33 301.12 -3.62 0.41 26.08 16.81 RELX RELX 2.6 31 24.76 0.05 -8.61 153.66 106.85 Walmart WMT 1.7 28 131.74 1.73
-10.85 131.94 68.25 BioMarinPharm BMRN ... 18 78.18 0.79 0.97 8.94 5.44 EnelAmericas ENIA 5.5 15 8.30 0.14 24.55 25.78 9.09 LeviStrauss LEVI 0.5 dd 25.01 0.02 15.21 524.22 73.14 RH RH ... 66 515.61 29.73 -12.48 39.61 25.61 WarnerMusic WMG 1.4 dd 33.25 -0.17
31.98 131.00 37.00 BioNTech BNTX ... ... 107.59 3.94 29.13 9.55 4.30 EnergyTransfer ET 7.6 dd 7.98 0.21 -8.84 47.70 14.31 LiAuto LI ... dd 26.28 1.22 ... 35.00 13.70 RLX Tech RLX ... ... 19.46 0.90 0.29 111.04 70.87 WasteConnections WCN 0.8133 102.87 -0.87
-16.84 97.19 50.01 BlackKnight BKI ... 45 73.47 -0.07 -11.69 229.04 23.40 EnphaseEnergy ENPH ...172 154.95 6.47 -6.28 162.25 84.89 LibertyBroadbandA LBRDA 0.0 68 147.69 -0.56 -3.12 98.35 43.73 RPM RPM 1.7 27 87.95 -1.01 3.09 125.56 85.34 WasteMgt WM 1.9 35 121.57 -0.33
1.12 788.00 326.28 BlackRock BLK 2.3 23 729.64 5.91 7.04 114.00 38.12 Entegris ENTG 0.3 48 102.87 1.26 -2.89 165.23 88.14 LibertyBroadbandC LBRDK ... 71 153.80 0.81 17.36 129.75 59.82 RalphLauren RL 0.0 dd 121.75 -0.73 8.60 299.06 154.39 Waters WAT ... 32 268.70 -0.06
11.82 76.25 33.25 Blackstone BX 1.3 51 72.47 -0.56 -1.40 113.36 75.19 Entergy ETR 3.9 14 98.44 0.39 s 8.69 26.87 15.31 LibertyGlobal A LBTYA ... dd 26.32 -0.05 25.13 124.02 54.21 RaymondJames RJF 1.3 19 119.71 -0.63 11.98 265.18 132.97 Watsco WSO 2.8 37 253.68 -3.68
19.51 278.57 93.56 Boeing BA 0.0 dd 255.82 -0.24 14.80 23.71 12.00 EnterpriseProd EPD 8.0 13 22.49 0.20 10.10 58.31 16.52 LibertyGlobal B LBTYB ... dd 27.00 0.35 9.58 80.06 42.64 RaytheonTech RTX 2.4 dd 78.36 0.42 9.58 262.89 139.00 Watsco B WSOB 2.8 37 255.38 19.44
2.71 2469.58 1107.29 BookingHldgs BKNG ...1595 2287.74 -59.21 -9.68 196.47 103.01 Equifax EFX 0.9 42 174.18 1.48 s 10.49 26.44 14.36 LibertyGlobal C LBTYK ... dd 26.13 0.27 0.18 89.20 43.12 RealPage RP ...193 87.40 0.24 48.51 369.00 24.49 Wayfair W ...315 335.36 9.44
-8.52 100.26 54.37 BoozAllen BAH 1.9 20 79.75 -0.82 -8.56 839.77 477.87 Equinix EQIX 1.8155 653.06 6.23 7.48 42.87 18.78 LibertyFormOne A FWONA ... dd 40.83 -0.86 -0.68 66.80 40.39 RealtyIncome O 4.6 54 61.75 -1.46 27.54 63.55 28.93 Weibo WB ... 39 52.28 -0.52
26.86 50.60 19.53 BorgWarner BWA 1.4 22 49.02 0.86 18.94 20.81 9.13 Equinor EQNR 2.2 dd 19.53 -0.05 8.87 48.49 20.09 LibertyFormOne C FWONK ... dd 46.38 -0.20 22.97 60.15 31.80 RegencyCtrs REG 4.2214 56.06 -1.37 31.31 41.54 20.76 WellsFargo WFC 1.0 97 39.63 -1.18
11.21 1236.57 296.73 BostonBeer SAM ... 71 1105.74 45.74 27.47 33.69 9.89 Equitable EQH 2.1 dd 32.62 0.10 23.48 34.99 14.85 LibertyBraves A BATRA ... dd 30.71 -0.88 -1.95 664.64 424.01 RegenPharm REGN ... 15 473.70 -0.98 9.44 76.00 36.08 Welltower WELL 3.5 dd 70.72 -1.13
10.43 110.36 69.69 BostonProps BXP 3.8 19 104.39 -1.30 -0.03 68.52 43.87 EquityLife ELS 2.3 51 63.34 -1.05 19.49 31.76 14.53 LibertyBraves C BATRK ... dd 29.73 -0.95 30.77 22.61 7.60 RegionsFin RF 2.9 21 21.08 -0.38 -2.17 312.12 124.53 WestPharmSvcs WST 0.2 61 277.15 8.20
6.18 42.37 24.10 BostonSci BSX ... dd 38.17 -0.02 20.50 76.13 45.42 EquityResdntl EQR 3.4 31 71.43 -2.07 3.82 47.32 22.63 LibertySirius C LSXMK ... 55 45.17 -0.44 8.45 134.21 55.39 ReinsGrp RGA 2.2 21 125.69 -0.59 66.22 103.34 24.00 WestAllianceBcp WAL 1.0 20 99.65 0.95
-4.85 73.50 20.60 BridgeBioPharma BBIO ... dd 67.66 4.19 -8.39 266.77 137.10 ErieIndemnity A ERIE 1.8 27 224.99 -4.25 3.87 47.20 22.71 LibertySirius A LSXMA ... 54 44.86 -0.79 24.24 154.09 70.57 RelianceSteel RS 1.8 26 148.78 -0.57 27.42 72.98 30.20 WesternDigital WDC 0.0128 70.58 1.41
-3.25 182.49 68.13 BrightHorizons BFAM ...367 167.36 -2.00 -10.23 48.89 31.13 EssentialUtil WTRG 2.4 38 42.45 -0.01 -10.17 82.53 8.97 LightspeedPos LSPD ... dd 63.23 -0.42 -2.00 201.29 120.19 RenaissanceRe RNR 0.9 11 162.50 -6.89 11.44 25.73 17.39 WesternUnion WU 3.8 14 24.45 -0.55
1.08 67.16 45.76 BristolMyers BMY 3.1 dd 62.70 0.37 15.97 294.79 175.81 EssexProp ESS 3.0 32 275.34 -10.66 9.15 218.00 117.06 EliLilly LLY 1.8 27 184.29 0.36 6.45 228.84 78.41 Repligen RGEN ...183 203.99 3.98 12.55 97.25 30.88 WestlakeChem WLK 1.2 36 91.84 -1.03
4.75 41.58 27.32 BritishAmTob BTI 7.6 11 39.27 0.41 7.15 298.31 140.32 EsteeLauder EL 0.7114 285.22 -1.77 26.69 67.37 16.11 LincolnNational LNC 2.6 25 63.74 -0.72 -0.30 103.79 65.37 RepublicSvcs RSG 1.8 32 96.01 -0.71 26.85 19.44 7.98 WestpacBanking WBK 1.2 44 18.90 0.02
8.36 495.14 177.75 Broadcom AVGO 3.0 55 474.46 13.91 21.08 251.86 29.95 Etsy ETSY ... 82 215.41 5.90 2.13 274.57 146.80 Linde LIN 1.6 57 269.12 1.22 -12.68 224.43 108.85 ResMed RMD 0.8 39 185.60 0.51 18.98 54.00 23.22 WestRock WRK 1.5 dd 51.79 -0.46
-4.58 158.36 81.90 BroadridgeFinl BR 1.6 33 146.18 0.72 5.02 256.60 157.32 EverestRe RE 2.5 19 245.83 -6.12 35.10 417.98 63.26 LithiaMotors LAD 0.3 21 395.40 -4.86 6.01 65.73 30.19 RestaurantBrands QSR 3.3 41 64.78 0.96 1.04 36.22 13.10 Weyerhaeuser WY 2.0 32 33.88 -0.59
9.40 45.78 21.57 BrookfieldMgt BAM 1.2 dd 45.15 0.10 7.26 65.43 42.01 Evergy EVRG 3.6 22 59.54 0.90 15.24 94.63 28.50 LiveNationEnt LYV ... dd 84.68 -3.21 -16.35 449.00 174.15 RingCentral RNG ... dd 317.02 1.13 -6.01 57.89 23.75 WheatonPrecMet WPM 1.3 35 39.23 -0.18
6.80 54.74 23.22 BrookfieldInfr BIP 3.9173 52.76 0.48 -5.05 96.66 60.69 EversourceEner ES 2.9 23 82.14 0.77 13.78 2.31 1.17 LloydsBanking LYG 1.4 35 2.23 -0.02 1.77 92.85 35.35 RioTinto RIO 6.1 13 76.55 -1.01 21.04 221.49 64.00 Whirlpool WHR 2.3 13 218.46 3.23
21.08 18.78 7.15 BrookfieldPropREIT BPYU 7.4 dd 18.09 0.01 0.88 159.54 46.72 ExactSciences EXAS ... dd 133.66 5.62 0.03 417.62 266.11 LockheedMartin LMT 2.9 15 355.07 -3.38 22.78 83.50 32.38 RobertHalf RHI 2.0 28 76.71 -0.78 14.46 24.69 11.00 Williams WMB 7.1134 22.95 0.19
-24.03 63.31 26.89 BrookfieldRenew BEPC 2.7 ... 44.27 -0.15 1.78 46.02 29.28 Exelon EXC 3.6 21 42.97 0.27 16.39 53.29 27.32 Loews L 0.5 dd 52.40 -0.46 ... 79.10 60.50 Roblox RBLX ... dd 70.50 3.20 s 71.68 177.88 34.50 Williams-Sonoma WSM 1.3 20 174.84 13.27
-5.59 48.76 30.70 Brown&Brown BRO 0.8 27 44.76 -0.95 63.91 90.00 3.40 eXpWorld EXPI ...251 51.73 4.00 4.48 120.24 40.02 LogitechIntl LOGI 0.9 19 101.54 1.19 14.09 43.00 17.50 RocketCos. RKT 0.0 1 23.07 -0.03 4.42 232.34 143.34 WillisTowers WLTW 1.3 29 220.00 -1.14
-13.47 83.40 44.68 Brown-Forman B BF.B 1.0 36 68.73 -1.97 35.94 187.93 45.48 Expedia EXPE 0.0 dd 179.98 -0.82 11.82 180.67 63.05 Lowe's LOW 1.3 23 179.49 4.62 2.99 268.91 115.38 Rockwell ROK 1.7 23 258.30 -2.01 12.92 6.76 2.54 Wipro WIT 0.2 27 6.38 0.09
-12.64 83.01 41.03 Brown-Forman A BF.A 1.1 34 64.18 -1.41 8.61 104.63 52.55 ExpeditorsIntl EXPD 1.0 25 103.30 -0.44 5.42 20.17 11.56 LufaxHolding LU ... 20 14.97 0.21 3.91 52.84 32.20 RogersComm B RCI 3.2 21 48.41 -0.53 15.86 362.07 89.21 Wix.com WIX ... dd 289.60 -8.90
12.12 69.92 30.78 Bruker BRKR 0.3 59 60.69 0.62 9.05 134.52 72.70 ExtraSpaceSt EXR 3.2 35 126.35 -5.75 -11.30 399.90 162.60 lululemon LULU ... 73 308.71 2.36 4.67 486.72 73.16 Roku ROKU ... dd 347.51 5.56 4.85 282.77 115.50 Workday WDAY ... dd 251.23 2.09
12.47 47.74 10.57 BuildersFirstSrc BLDR ... 17 45.90 0.22 37.05 62.55 30.11 ExxonMobil XOM 6.2 dd 56.49 -0.32 43.38 16.60 8.16 LumenTech LUMN 7.2 dd 13.98 0.02 -13.54 43.00 20.48 Rollins ROL 0.9 64 33.78 0.77 20.07 143.88 46.21 WynnResorts WYNN 0.0 dd 135.48 -0.17
19.21 82.33 30.74 Bunge BG 2.6 10 78.18 -0.35 13.82 213.80 96.68 F5Networks FFIV ... 42 200.25 -0.04 35.48 68.28 19.14 Lyft LYFT ... dd 66.56 0.48 -8.37 455.72 245.86 RoperTech ROP 0.6 44 395.00 -6.27 -0.08 52.94 16.41 XP XP ... 57 39.64 1.65
17.38 321.86 126.93 BurlingtonStrs BURL ... dd 307.00 0.04 -4.39 123.66 62.69 FMC FMC 1.7 26 109.89 -0.21 16.48 112.73 40.00 LyondellBasell LYB 3.9 25 106.77 -1.33 -1.22 127.08 60.50 RossStores ROST 0.9518 121.31 -1.86 4.66 131.42 38.92 XPO Logistics XPO ...255 124.75 -1.55
22.35 82.05 29.17 CBRE Group CBRE ... 35 76.74 -1.61 6.21 304.67 142.25 Facebook FB ... 29 290.11 11.49 13.58 94.37 49.55 RoyalBkCanada RY 3.6 15 93.20 -0.32 -5.52 76.44 46.58 XcelEnergy XEL 2.9 23 62.99 0.59
19.91 162.73 73.39 CDW
24.44 51.24 21.43 CF Industries
CDW
CF
1.0 29 158.03 0.93
2.5 33 48.17 -0.18
-6.33 363.64 195.22 FactSet
-10.21 530.95 219.71 FairIsaac
FDS
FICO
1.0 32 311.44
... 51 458.87
1.34
-2.75
MN 21.46 99.24 22.00 RoyalCaribbean RCL
19.41 44.50 23.07 RoyalDutchA RDS.A
0.0 dd 90.72
2.6 dd 41.96
2.31
0.31
-13.32 154.93 71.11 Xilinx
-12.49 74.49 10.00 XPeng
XLNX
XPEV
0.0 49 122.88
... dd 37.48
0.63
2.48
s 2.94 82.23 46.32 CGI GIB ... 25 81.64 1.17 -6.16 73.87 6.68 Farfetch FTCH ... dd 59.88 0.38 19.46 164.72 85.09 M&T Bank MTB 2.9 15 152.07 -3.31 17.82 42.29 21.79 RoyalDutchB RDS.B 3.3 dd 39.60 0.20 2.18 108.84 54.62 Xylem XYL 1.1 74 104.01 -0.16
3.01 106.75 60.37 CH Robinson CHRW 2.1 26 96.70 1.09 -2.46 51.89 26.71 Fastenal FAST 2.4 32 47.63 0.13 5.53 34.35 15.26 MGMGrowthProp MGP 6.0 60 33.03 0.04 -6.51 56.50 34.80 RoyaltyPharma RPRX 1.5 18 46.79 0.29 -5.79 74.32 28.37 Yandex YNDX ... 67 65.55 0.32
11.32 216.75 136.72 CME Group CME 1.8 35 202.66 -3.12 7.69 305.66 103.40 FedEx FDX 0.9 18 279.58 16.07 27.04 42.04 8.67 MGM Resorts MGM 0.0 dd 40.03 0.52 2.75 118.17 46.75 Ryanair RYAAY ... dd 113.00 -3.04 -16.47 25.47 13.81 YatsenHolding YSG ... dd 14.20 0.11
-4.36 67.98 46.03 CMS Energy CMS 3.0 22 58.35 0.32 0.20 127.04 44.43 Ferguson FERG 2.4 20 118.74 -2.13 14.48 192.30 71.17 MKS Instrum MKSI 0.5 27 172.24 0.50 -5.54 169.30 93.80 SAP SAP 1.0 24 123.17 1.38 -0.55 111.68 54.95 YumBrands YUM 1.9 37 107.96 -0.35
17.97 47.69 25.18 CNA Fin CNA 3.3 18 45.96 -0.94 -14.14 233.66 129.50 Ferrari RACE 0.0 52 197.06 2.41 20.28 26.73 9.71 MPLX MPLX 10.6 dd 26.04 0.60 5.67 379.87 191.32 S&P Global SPGI 0.9 36 347.37 -1.09 6.06 64.64 39.05 YumChina YUMC 0.8 31 60.55 ...
22.20 16.02 5.06 CNH Indl CNHI 0.0 dd 15.69 -0.04 0.64 42.64 20.10 FidNatlFin FNF 3.7 8 39.34 -1.74 -8.10 455.81 221.82 MSCI MSCI 0.8 58 410.36 4.74 -5.69 328.37 205.20 SBA Comm SBAC 0.91306 266.07 -1.60 -1.89 38.99 23.52 ZTO Express ZTO 0.0 37 28.61 -0.87
6.06 48.70 19.56 CRH CRH 2.5 32 45.16 -0.75 0.20 156.72 98.33 FidNatlInfo FIS 1.1566 141.74 -1.68 3.86 49.91 24.27 MagellanMid MMP 9.3 12 44.08 -0.63 5.83 62.45 35.41 SEI Investments SEIC 1.2 20 60.82 -0.22 -2.12 193.54 44.77 ZaiLab ZLAB ... dd 132.47 -0.03
-15.35 220.20 37.01 CRISPR Therap CRSP ... dd 129.61 6.04 38.96 40.46 11.62 FifthThirdBncp FITB 2.8 21 38.31 -0.70 29.68 95.38 24.09 MagnaIntl MGA 1.9 37 91.81 0.63 2.33 27.30 14.07 SK Telecom SKM 2.9 13 25.05 -0.06 19.68 516.78 163.44 ZebraTech ZBRA ... 49 459.95 -1.16
0.02 97.54 46.81 CSX CSX 1.2 25 90.77 -1.74 45.37 887.60 276.08 FirstCitizBcshA FCNCA 0.2 17 834.80 -15.22 21.89 22.25 8.87 ManulifeFin MFC 4.1 10 21.72 -0.12 -4.66 74.00 32.55 SS&C Tech SSNC 0.9 30 69.36 0.88 -9.53 166.60 53.75 Zendesk ZEN ... dd 129.48 3.99
7.14 77.23 52.04 CVS Health CVS 2.7 13 73.18 -1.30 35.27 18.42 6.40 FirstHorizon FHN 3.5 11 17.26 -0.34 65.22 13.29 3.02 MarathonOil MRO 1.1 dd 11.02 0.34 -4.27 35.72 14.33 StoreCapital STOR 4.4 39 32.53 -0.94 3.71 208.11 26.22 Zillow C Z ... dd 134.61 2.83
-21.12 2326.80 1206.88 CableOne CABO 0.6 34 1757.16 -44.47 14.97 180.35 70.06 FirstRepBank FRC 0.5 29 168.93 -1.82 29.98 59.93 16.43 MarathonPetrol MPC 4.3 dd 53.76 0.91 40.42 577.06 135.63 SVB Fin SIVB ... 24 544.61 -5.87 4.24 212.40 25.17 Zillow A ZG ... dd 141.71 3.91
-8.03 149.08 53.16 CadenceDesign CDNS ... 59 125.48 1.45 -19.16 112.50 30.68 FirstSolar FSLR ... 21 79.97 2.36 26.06 40.24 23.62 MaravaiLifeSci MRVI ... ... 35.36 0.21 -4.64 284.50 130.04 Salesforce.com CRM ... 48 212.20 2.72 3.94 170.05 78.70 ZimmerBiomet ZBH 0.6 dd 160.16 1.27
1.80 31.17 9.81 CAE CAE 0.0710 28.24 0.13 13.88 46.36 22.85 FirstEnergy FE 4.5 19 34.86 0.23 8.43 1169.50 710.52 Markel MKL ... 20 1120.44 -23.65 2.74 55.00 37.62 Sanofi SNY 2.4 9 49.92 0.81 29.95 60.22 23.58 ZionsBancorp ZION 2.4 19 56.45 -0.85
20.26 106.20 8.50 CaesarsEnt CZR ... dd 89.32 -1.28 7.03 126.25 74.85 Fiserv FISV ... 87 121.87 -0.54 -10.59 606.45 275.50 MarketAxess MKTX 0.5 65 510.12 8.70 21.53 28.42 9.74 SantanderCons SC 3.3 9 26.76 -0.71 -7.48 176.64 90.14 Zoetis ZTS 0.7 45 153.12 0.70
s 7.11 111.05 62.48 CamdenProperty CPT 3.1 86 107.02 -3.70 12.37 205.28 51.18 FiveBelow FIVE ... 90 196.63 9.36 15.43 159.98 57.00 Marriott MAR 0.0 dd 152.28 -2.01 64.00 15.67 1.25 Sasol SSL 0.0 dd 14.53 -0.02 -3.28 588.84 108.53 ZoomVideo ZM ...145 326.26 9.94
2.98 54.08 40.70 CampbellSoup CPB 3.0 19 49.79 0.27 -6.61 201.75 60.62 Five9 FIVN ... dd 162.88 0.82 -0.10 120.97 74.33 Marsh&McLen MMC 1.6 30 116.88 -2.44 23.91 30.41 12.16 Schlumberger SLB 1.8 dd 27.05 -0.20 1.26 64.40 30.83 ZoomInfoTech ZI ... dd 48.84 1.64
18.36 102.20 46.45 CIBC CM 4.6 15 101.16 -0.05 2.98 292.70 168.51 FleetCorTech FLT ... 35 280.97 -3.36 16.93 353.56 141.12 MartinMarietta MLM 0.7 29 332.06 -7.73 24.53 68.21 28.01 SchwabC SCHW 1.1 31 66.05 -0.02 -9.09 230.88 51.59 Zscaler ZS ... dd 181.56 3.35
6.35 119.35 67.50 CanNtlRlwy CNI 1.6 31 116.82 -1.30 -2.95 20.04 6.42 Flex FLEX ... 21 17.45 0.08 -1.14 55.70 17.82 MarvellTech MRVL 0.5 dd 47.00 1.45 17.95 250.00 76.50 ScottsMiracleGro SMG 1.1 28 234.89 6.07 1.11 12.32 5.91 Zynga ZNGA ... dd 9.98 0.09

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
TotRetBdI 10.49 ... -1.5 GroCo 33.66 +0.33 2.4 IntlEq 28.69 -0.02 NA TotRt 10.20 ... -3.3 ExplrAdml 129.03 +0.89 7.8 WndsrAdml 79.96 -0.33 12.0 ExtndIstPl 338.73 +2.70 10.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Edgewood Growth Instituti GrowCoK 33.75 +0.32 2.4 Invesco Funds Y PIMCO Funds A ExtndAdml 137.26 +1.09 10.0 VANGUARD FDS IdxIntl 20.27 -0.03 4.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e EdgewoodGrInst 52.21 +0.15 0.8 InvGrBd 11.51 +0.01 -3.0 DevMktY 54.82 -0.16 2.5 IncomeFd NA ... NA GNMAAdml 10.63 -0.01 -0.9 DivdGro 33.85 -0.31 1.8 MdCpGrAdml 91.73 +0.73 0.5
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Fidelity LowP r 55.41 +0.14 13.9 John Hancock Instl PIMCO Funds I2 GrwthAdml 130.15 +0.44 -0.2 INSTTRF2020 26.54 +0.02 1.1 SmValAdml 72.51 +0.05 18.7
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r 500IdxInstPrem136.09 -0.07 4.5 Magin 12.79 +0.01 -2.0 DispValMCI 26.47 -0.10 13.5 Income NA ... NA HlthCareAdml r 90.58 +0.39 -0.4 INSTTRF2025 27.91 +0.03 1.7 TotBd2 10.98 +0.01 -3.8
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Contrafund K6 19.03 +0.12 0.8 NASDAQ r 166.08 +1.26 2.7 JPMorgan I Class PIMCO Funds Instl HYCorAdml r 5.88 ... -0.7 INSTTRF2030 28.77 +0.02 2.3 TotIntlInstIdx r135.59 -0.23 4.5
available due to incomplete price, performance or cost data. NE-Not released by Lipper; ExtMktIdxInstPre 91.81 +0.72 10.0 OTC 18.03 +0.13 2.9 CoreBond 11.87 +0.01 NA IncomeFd NA ... NA InfProAd 27.80 +0.04 -1.8 INSTTRF2035 29.58 +0.03 3.0 TotItlInstPlId r135.63 -0.23 4.5
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. FidSerToMarket 13.62 +0.02 5.5 Puritn 27.08 +0.04 4.1 EqInc 21.24 -0.09 NA Price Funds IntlGrAdml 160.43 +0.64 0.1 INSTTRF2040 30.41 +0.03 3.6 TotSt 99.88 +0.11 5.5
IntlIdxInstPrem 47.54 +0.04 4.2 SrsEmrgMkt 25.96 +0.12 4.0 JPMorgan R Class BlChip 165.32 +0.84 -0.1 ITBondAdml 12.01 -0.01 -4.2 INSTTRF2045 31.15 +0.03 4.2 VANGUARD INSTL FDS
MidCpInxInstPrem 29.24 +0.06 8.3 SrsGlobal 15.00 +0.03 4.6 CoreBond 11.89 +0.01 NA DivGro 61.67 -0.35 2.8 ITIGradeAdml 10.04 ... -3.6 INSTTRF2050 31.26 +0.03 4.3 BalInst 45.11 +0.04 1.7
Friday, March 19, 2021 SAIUSLgCpIndxFd 20.52 -0.01 4.5 SrsGroCoRetail 23.41 +0.23 2.8 Lord Abbett A EqInc 35.23 -0.20 12.8 LTGradeAdml 10.47 +0.05-10.6 DevMktsIndInst 15.89 -0.08 4.2
INSTTRF2055 31.34 +0.03 4.3
Net YTD Net YTD Net YTD SeriesBondFd 10.34 ... -3.7 SrsIntlGrw 17.74 +0.02 -0.2 ShtDurIncmA p 4.20 -0.01 0.3 Growth 98.95 +0.37 2.1 MidCpAdml 274.85 +0.80 7.2 DevMktsInxInst 24.83 -0.13 4.2
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret IntlGr 50.43 +0.20 0.1
SeriesOverseas 12.56 ... 1.3 SrsIntlVal 10.91 ... 8.1 Lord Abbett F HelSci 99.19 +1.45 0.3 MuHYAdml 11.88 ... ... IntlVal 42.72 -0.03 6.1 ExtndInst 137.25 +1.09 10.0
American Century Inv Artisan Funds 5GlbFxdInc 10.89 ... ... SmCpIdxInstPrem 28.99 +0.25 16.1 TotalBond 10.94 +0.01 -2.9 ShtDurIncm 4.20 ... 0.3 LgCapGow I 63.24 +0.33 3.3 MuIntAdml 14.69 ... -0.7 LifeCon 22.68 +0.03 ...
GrwthInst 130.16 +0.44 -0.2
Ultra 74.98 ... -1.3 IntlVal Inst 43.49 -0.11 9.1 EmgMktVa 30.95 -0.08 8.0 TMktIdxInstPrem113.65 +0.12 5.5 Fidelity SAI Metropolitan West MidCap 116.03 +0.69 2.6 MuLTAdml 12.07 InPrSeIn 11.33 +0.02 -1.8
... -0.7 LifeGro 41.64 +0.04 3.5
American Funds Cl A Baird Funds EmMktCorEq 25.68 +0.03 5.8 USBdIdxInstPrem 11.94 +0.01 -3.7 TotalBd 10.40 +0.01 -2.8 TotRetBdI 10.80 +0.01 -3.1 NHoriz 80.82 +1.00 -1.8 MuLtdAdml 11.21 InstIdx 346.55 -0.17 4.5
... -0.1 LifeMod 32.19 +0.03 1.7
AmcpA p 40.62 +0.17 3.9 AggBdInst 11.32 +0.01 -3.5 IntlCoreEq 15.60 +0.01 7.1 Fidelity Advisor I Fidelity Selects TRBdPlan 10.12 ... -3.3 R2020 23.39 +0.01 2.8 MuShtAdml 15.92
InstPlus 346.57 -0.18 4.6
... ... PrmcpCor 32.15 +0.01 10.9
AMutlA p 47.11 -0.09 6.1 CorBdInst 11.70 +0.01 -3.3 IntSmCo 21.74 +0.04 7.2 MFS Funds Class I InstTStPlus 78.02 +0.09 5.5
NwInsghtI 37.48 +0.27 1.7 Softwr r 26.85 -0.07 -1.0 R2025 20.03 +0.01 3.4 PrmcpAdml r167.86 +0.40 9.1 STAR 31.76 +0.04 2.2
BalA p 30.93 +0.02 2.7 BlackRock Funds IntSmVa 21.03 +0.05 9.9 Growth I 158.98 +0.60 -1.7 R2030 MidCpInst 60.72 +0.18 7.2
Fidelity Freedom Tech r 27.22 +0.14 1.3 29.61 +0.01 4.1 RealEstatAdml128.25 -1.80 6.5 TgtRe2015 15.76 +0.02 0.2
BondA p 13.31 ... -3.2 HiYBlk 7.72 ... ... TAUSCoreEq2 25.14 +0.01 9.4 ValueI 48.30 -0.35 7.1 R2035 MidCpIstPl 299.45 +0.87 7.2
FF2020 17.55 +0.04 2.3 First Eagle Funds 22.25 +0.01 4.8 SmCapAdml 104.19 +0.50 11.8 TgtRe2020 34.66 +0.02 1.1
CapIBA p HiYldBd Inst 7.71 ... ... MFS Funds Instl SmCapInst 104.19 +0.50 11.8
65.49 +0.06 4.6 US CoreEq1 32.20 +0.02 8.5 FF2025 15.88 +0.03 2.8 GlbA 63.95 -0.10 4.4 R2040 NA ... NA SmGthAdml 97.48 +1.00 3.7 TgtRe2025 21.90 +0.02 1.7
BlackRock Funds A IntlEq 31.18 -0.11 1.8 PRIMECAP Odyssey Fds SmCapIstPl 300.74 +1.46 11.8
CapWGrA 61.62 +0.11 4.1 US CoreEq2 29.68 +0.02 10.0 FF2030 19.94 +0.04 3.4 Franklin A1 STBondAdml 10.78 ... -0.5 TgtRe2030 41.48 +0.04 2.3
GlblAlloc p 21.94 +0.03 1.9 Northern Funds STIGradeInst 10.93 ... -0.5
EupacA p 69.46 -0.07 0.2 US Small 46.49 +0.18 21.0 FF2035 17.39 +0.05 4.9 CA TF A1 p 7.67 ... -1.3 AggGrowth r 58.03 +0.59 8.1 STIGradeAdml 10.93 ... -0.5 TgtRe2035 25.96 +0.02 2.9
BlackRock Funds Inst StkIdx 43.89 -0.02 4.5 Schwab Funds STIPSIxins 25.85 -0.01 0.9
FdInvA p 72.79 +0.23 5.5 US SmCpVal 44.61 +0.08 29.6 FF2040 12.46 +0.04 6.0 IncomeA1 p 2.41 -0.01 6.1 TotBdAdml 11.13 +0.01 -3.8 TgtRe2040 45.86 +0.05 3.6
Old Westbury Fds TotBdInst 11.13 +0.01 -3.8
GwthA p 68.86 +0.36 2.0 StratIncOpptyIns 10.34 ... 0.2 US TgdVal 30.08 +0.03 27.5 Freedom2025 K 15.86 +0.04 2.9 FrankTemp/Frank Adv 1000 Inv r 87.22 +0.06 4.4 TotIntBdIdxAdm 22.81 +0.01 -2.3 TgtRe2045 29.38 +0.02 4.2
LrgCpStr 17.61 +0.02 2.7 S&P Sel TotBdInst2 10.98 +0.01 -3.8
HI TrA p 10.19 ... 1.6 Bridge Builder Trust USLgVa 43.13 -0.13 14.9 Freedom2030 K 19.93 +0.05 3.5 IncomeAdv 2.39 ... 6.2 60.03 -0.03 4.5 TotIntlAdmIdx r 33.91 -0.05 4.5 TgtRe2050 47.40 +0.04 4.3
Parnassus Fds TotBdInstPl 11.13 +0.01 -3.8
ICAA p 46.99 +0.10 6.1 CoreBond 10.38 +0.01 -3.4 Dodge & Cox Freedom2035 K 17.37 +0.05 5.0 FrankTemp/Franklin A TSM Sel r 70.12 +0.07 5.5 TotStAdml 99.93 +0.11 5.5 TgtRet2055 51.46 +0.05 4.3
ParnEqFd 55.94 +0.05 4.3 VANGUARD ADMIRAL
TotIntBdIdxInst 34.22 +0.01 -2.4
IncoA p 24.59 -0.04 5.1 CorePlusBond 10.25 ... -2.9 Balanced 112.12 -0.10 10.2 Freedom2040 K 12.45 +0.03 6.0 Growth A p 135.63 +0.11 0.1 TxMCapAdml206.72 +0.06 4.6 TgtRetInc 14.92 +0.01 -0.1 TotStInst 99.95 +0.11 5.5
N PerA p 61.51 +0.13 1.7 Intl Eq NA ... NA GblStock 15.04 +0.03 13.1 Fidelity Invest RisDv A p 81.55 -0.20 1.7 PGIM Funds Cl Z 500Adml 362.34 -0.18 4.6 TxMIn r 15.87 -0.08 4.2 TotIntBdIxInv 11.41 +0.01 -2.3 ValueInst 51.02 -0.18 9.9
NEcoA p 59.90 +0.26 0.7 LargeCapGrowth 20.84 +0.01 1.3 Income 14.25 +0.01 -2.7 Balanc 29.35 +0.06 3.8 Guggenheim Funds Tru HighYield 5.49 -0.01 0.7 BalAdml 45.10 +0.04 1.7 USGroAdml 168.50 +1.42 -0.9 USGro 65.05 +0.55 -0.9 WCM Focus Funds
NwWrldA 89.06 +0.13 1.3 LargeCapValue 16.26 -0.08 10.5 Intl Stk 47.78 +0.15 9.3 BluCh 168.48 +1.90 3.3 TotRtnBdFdClInst 28.32 +0.01 -4.0 TotalReturnBond NA ... NA CAITAdml 12.19 ... -0.9 ValAdml 51.02 -0.18 9.9 WellsI 28.37 -0.04 0.1 WCMFocIntlGrwIns 24.41 -0.01 -1.4
SmCpA p 83.12 +0.57 4.5 Columbia Class I Contra 16.61 +0.10 1.3 Harbor Funds PIMCO Fds Instl CapOpAdml r192.27 +1.12 8.3 WdsrllAdml 75.79 -0.21 10.3
Stock 223.90 -0.30 16.3 Welltn 45.11 -0.23 1.7 Western Asset
TxExA p 13.51 ... -0.4 DivIncom I 27.31 -0.07 6.2 DoubleLine Funds ContraK 16.65 +0.10 1.3 CapApInst 100.59 +0.51 -3.5 AllAsset NA ... NA EMAdmr 43.58 +0.09 4.6 WellsIAdml 68.72 -0.10 0.1 WndsrII 42.71 -0.12 10.3 CoreBondI NA ... NA
WshA p 53.56 -0.13 7.2 Dimensional Fds CpInc r 10.98 +0.02 3.1 Harding Loevner ShortT 9.84 ... 0.2 EqIncAdml 85.99 -0.32 8.4 WelltnAdml 77.89 -0.41 1.7
CoreFxdIncmI 11.04 ... -2.1 VANGUARD INDEX FDS CorePlusBdI NA ... NA
B12 | Saturday/Sunday, March 20 - 21, 2021 NY * *** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

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AUCTIONS

   

 

    
      

  
 

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THOMAS PETER/REUTERS



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#$ The deal marks the first time a Chinese bank has opened up its wealth-management subsidiary to a foreign strategic investor.

JPMorgan to Invest in China Bank

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BY JING YANG Washington and Beijing, after erate China Merchants Group, sets under management grew
a pact signed in January 2020 is one of the country’s largest 10-fold in the 10 years to

 
 JPMorgan Chase & Co.
agreed to pay $410 million for
promised greater access to
China’s financial sector for
commercial lenders.
wealth-management subsid-
Its end-2019, reaching the equiva-
lent of $16 trillion, according

 a stake in a leading Chinese American institutions. iary managed the equivalent to a report by the World Eco-
wealth-management business, Friday’s agreement builds of $377 billion at the end of nomic Forum and Oliver Wy-
as the U.S. financial industry on a partnership agreed in 2020, up 12% from the previ- man.
   continues to make inroads in 2019, under which J.P. Morgan ous year, according to the J.P. Morgan Asset Manage-
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#$ $ China. Asset Management and the bank’s annual report. ment is also seeking full own-
# % &!     '(  "" The U.S. banking giant’s as- Chinese bank said they would China Merchants Bank is ership of its fund-management

  

 set-management arm plans to collaborate on product devel- the clear leader among the
take a 10% stake in the wealth
subsidiary of China Merchants
Bank. The deal, which is pend-
ing regulatory approval, marks

        
joint venture in China. The
opment and investor educa- country’s banks for wealth-re- firm has agreed with local
tion. “We hope that the strong lated business, analysts at partner Shanghai International
alliance will contribute to the Citigroup said in January. In a Trust Co. to buy the 51% stake
opening up of China’s financial note to clients, they said it de- it doesn’t already own, and is
 
 
 the first time a Chinese bank industry,” said Liu Hui, execu- rives a higher proportion of awaiting approval from Chi-
has opened up its wealth-man- tive assistant president of revenues from wealth manage- nese regulators. JPMorgan has
agement subsidiary to a for- China Merchants Bank and ment and manages a larger previously obtained majority


 
    



             
 

  eign strategic investor. chairman of the group’s
U.S. investment banks, as-
set managers and credit-card
BOATING
companies have long coveted a
bigger presence in China but
were held back for decades by
ownership restrictions on fi-
nancial businesses. Wall Street
has emerged as a big winner
in the trade war between
Tech Firms Set Standards Corteva
For Vaccine Verification Reaches
BY SARA CASTELLANOS
Deal With
AND ANGUS LOTEN
A coalition that includes tech
giants and healthcare providers
is preparing to release global
standards for mobile apps that
verify whether someone has
had a Covid-19 vaccine.
The Vaccination Credential
Initiative standards will incor-
porate digitally verified clinical
data with a name and birth date
that can be also displayed as
machine-readable QR codes.



 

 After the open-source stan-
dards are released next month,
they can be integrated into mo-

     
pool of assets for individual
wealth subsidiary.
Other foreign financial
firms have opted to form joint
ventures with the wealth-man-
agement units of Chinese
banks instead of investing di-
rectly in these subsidiaries.
The Shenzhen-based bank,
part of state-owned conglom-
Mobile apps or ‘passports’ could be used in addition to paper.
control of its local securities
investors than any of the other venture and full ownership of
banks they cover. its local futures unit.
China’s large and rapidly Goldman Sachs Group Inc.
developing asset-management is applying for full control of
industry holds tremendous op- its securities joint venture in
portunities for foreign finan- China. Both it and Morgan
cial institutions, which hope to Stanley obtained majority con-
tap into the country’s rising trol of their securities ven-
affluence. The industry’s as- tures last year.
Starboard
BY JACOB BUNGE
Agricultural giant Corteva
DAVID J. PHILLIP/ASSOCIATED PRESS
Inc. averted a potential proxy
fight with Starboard Value LP
by giving the activist hedge
fund three seats on its board.
The agreement immediately
adds directors proposed by
Starboard, as well as another
new independent director, to
Corteva’s board, the company
said Friday.
  
     bile apps that people could use The moves allow both sides

 



 

 to verify they have been vacci- exchange clinical data through- security gate service, is testing to avoid a costly and time-con-


   


 
nated to gain admission to of- out the world, Dr. Halamka said. a Covid-19 test- or vaccination- suming proxy battle culminat-
fices, restaurants, bars, enter- “The aim…is to provide indi- verification app on some flights ing in a shareholder vote on
  
 


  

tainment venues and other viduals access to their Covid-19 into Hawaii as part of a pilot competing director slates at

 
public places. vaccination records in a secure, program with the state. the company’s annual meeting


 
 Companies and venues could verifiable and privacy-preserv- International Business Ma- this spring.



 choose to request additional ing way,” a Microsoft represen- chines Corp. launched a verifi- Corteva, which was part of
verification, such as a driver’s tative said. cation service for Covid-19 DowDuPont before it was spun
license, or temperature checks. The group isn’t getting paid health data last fall called Digi- out of the industrial conglom-
ANNOUNCEMENTS
“We will have the published for developing the standards, tal Health Pass built on block- erate in 2019, is one of the
BUSINESS OPPORTUNITIES
standards available next month. which will be freely available chain, the technology behind world’s largest sellers of seeds
It has progressed quite rapidly,” for anyone to use. Healthcare cryptocurrencies. IBM, which is and pesticides, with a market


  ! 
 

   
 said John Halamka, president of
Mayo Clinic Platform, a division
organizations can update their
existing mobile apps to incorpo-
also part of the VCI coalition,
charges commercial clients, in-
value of around $35 billion.
Based in Delaware, the com-

! 


 
of the nonprofit academic medi- rate the new standards. cluding local governments, for pany is a top supplier to Iowa




cal center, who is helping lead “It absolutely has to be a services such as integrating the soybean producers, Brazilian




  
 the effort. joint effort,” said Bill Patterson, Digital Health Pass into their corn operations and other
    

 


The group’s more than 200 Salesforce’s executive vice pres- existing mobile apps. IBM had farmers around the world.



"
 

  members include Microsoft ident and general manager of been building the service before Starboard has said the com-
#!




"
 
  

 Corp., Oracle Corp., Sales- customer relationship manage- the pandemic and will integrate pany has fallen short on deliv-
$ %  force.com Inc. and healthcare ment applications. “This is the the VCI standards after they are ering profits. The hedge fund
   
 providers. It hopes the software
framework will be the dominant
largest vaccination effort in hu-
man history.”
released. IBM declined to say
how much money it has in-
had sought control when it
nominated eight directors to

 


standard world-wide for verify- The enterprise-software gi- vested in the development of its Corteva’s 12-person board, The
*+  %, $- %" .*. / ,# "0#-  1+. ing Covid-19 vaccinations. ant is contributing tools to the Digital Health Pass. Wall Street Journal reported in
 !"#$%&&"
' (!#)
“What’s new and exciting group for interoperable messag- IBM said it has offered feed- January. At the time, Starboard
about [the new standards] is ing, workflow, software integra- back on several standards ef- aimed to get Corteva Chief Ex-

 

 

  

the ability to digitally sign that tion and other capabilities, Mr. forts. Eric Piscini, global vice ecutive Jim Collins replaced.

 


  
 


 information so it’s basically Patterson said. Salesforce didn’t president of emerging business Starboard holds a roughly


      !" #$# %
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tamper-proof,” said Paul Meyer, networks, said he expects that 2% stake in the company, ac-
/ "-#$ +$$# 0$"'& 102 "-'$' # co-founder and chief executive mobile apps for Covid-19 health cording to FactSet.
3&+4$' +#. 5 &'  6 ++
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 of coalition member the Com- data will have to comply with Under Friday’s agreement,
AUCTIONS 


 
     

mons Project, a nonprofit or-
Healthcare groups multiple standards. Corteva added to its board
        

   

  
 
   !"##$      ganization that develops digital can update existing Salesforce said it is working Starboard-proposed directors

 



    services. on integrating IBM’s Digital David Everitt, Janet Giessel-
 



     The Commons Project plans
apps to incorporate Health Pass into its Work.com man, and Kerry Preete. Cor-
       
  





   
!
 "#! 

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 "#!
to integrate the new software the new standards. platform, designed to help em- teva said it separately planned
  
 %$##

 !#!  & '('
 

 standards into two free apps ployers with a range of tasks to add Karen Grimes to its
! " #
   $ %
   that are currently available, such as staggering work shifts. board, also immediately.
) 
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! CommonPass and Common- Alphabet Inc.’s Google isn’t After the company’s 2021
#  #) ,
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   Health. CommonHealth lets say how much it is investing in directly involved with the VCI annual meeting, Corteva said
 
 people collect, manage and the effort. group, but said it is keeping a three currently serving direc-
BUSINESS OPPORTUNITIES

  share their health data, and Various organizations are al- close eye on efforts to establish tors would step down. Those
CommonPass lets people show ready piloting or planning to in- a software standard, which can directors are Lee Thomas, Rob-

    
 
 their Covid-19 health status in troduce digital verification then be integrated into its digi- ert Brown and Lois Juliber.
    
   scenarios such as traveling and apps, or “passports.” tal-wallet platform and ac- Corteva’s prospects have im-

 

 
  THEMARKETPLACE returning to work. On Wednesday, the European cessed on Android mobile de- proved since Starboard first

  
   ADVERTISE TODAY The standards are currently Union said it was introducing a vices. “We stand ready to surfaced. Rallying agricultural
     
  
 %         & (800) 366-3975 going through an approval pro- vaccination “passport” in both engage with public health bod- markets, helped by a surge in

 !  
"


 cess by members of Health digital and paper form for EU ies and other organizations to exports to China, have boosted
© 2021 Dow Jones & Company, Inc.
# $ All Rights Reserved. Level Seven International, or citizens traveling within the understand their requirements,” fortunes for U.S. farmers and
HL7, which helps organizations bloc. Clear, the expedited airline a Google spokeswoman said. suppliers such as Corteva.
THE WALL STREET JOURNAL.
Stocks End Week With Modest Declines
Financial shares weigh
on choppy markets;
investors are wary on
inflation, China talks
BY ANNA HIRTENSTEIN
AND AMBER BURTON
Declines in financial stocks
pulled the Dow Jones Indus-
trial Average lower Friday, and
all three major stock indexes
ended the week in the red.
The blue-chip index
dropped 234.33 points, or
0.7%, to 32627.97, while the
S&P 500 edged down 2.36
points, or 0.1%, to 3913.10. The
technology-heavy Nasdaq
Composite climbed 99.07
points, or 0.8%, to 13215.24.
All the indexes posted weekly
losses of less than 1%.
Markets have been choppy
this week, with investors
weighing brightening eco-
nomic prospects on one hand
and worries that interest rates
will climb sooner than antici-
pated on the other. Some in-
vestors are bet-
FRIDAY’S ting that inflation
MARKETS will rise as
growth picks up
and that it will remain ele-
vated long enough to force the
Federal Reserve to tighten
monetary policy. Those con-
cerns have led to a sharp sell-
off in the government bond
market and spurred investors
Treasury Yields Rise, Then Retreat Stockholm Firm’s
BY PAUL J. DAVIES
AND JULIA-AMBRA VERLAINE
U.S. government bond
yields rose sharply Friday af-
ter the Federal Reserve said it
wouldn’t extend a temporary
rule that encouraged banks to
hold Treasurys, but then
yields retreated as investors
debated how significant the
hit would be to debt markets.
The impending end of capi-
tal relief for banks was one
factor behind the rising vola-
tility in U.S. government debt
markets in recent weeks, ac-
cording to inves-
CREDIT tors and analysts.
MARKETS They feared losing
the ability to ex-
clude Treasurys and deposits
held at the central bank from
a key measure of balance-
sheet strength would hurt
their ability to buy and sell
Treasurys.
Yields had dropped to as
low as 1.671% during Asian and
European trading hours as for-
eign investors bought Trea-
surys after Thursday’s selloff
that sent the yield on the 10-
year note to its highest close
since January 2020. Yields fall
when prices rise. But the Fed’s
announcement sent the yield
as high as 1.748% before it
Fed to End
A Relief for
Big Banks
Continued from page B1
government bonds at a time
when Wall Street is concerned
that heavy debt issuance to pay
for federal stimulus spending
and other Biden administration
priorities would amplify the
2021 increase in Treasury
yields.
But the Fed said it would
consider a broader revamp of
the rules and banks aren’t im-
mediately expected to change
their activity, tempering the
market reaction Friday. The
yield on the 10-year Treasury
note was barely changed Friday,
while stocks were mixed. “This
is not a disastrous outcome, but
it is not optimal in our view ei-
ther,” said Krishna Guha, vice
chairman of Evercore ISI, an in-
vestment banking advisory
firm.
The Fed said it would soon
consider ways to recalibrate the
leverage ratio and its treatment
of ultrasafe assets. Without
more permanent changes, banks
may over time have a perverse
incentive to load up on riskier
assets, because the ratio is risk
insensitive, meaning it treats
ultrasafe assets the same as
junk bonds, Fed officials told re-
porters. “Because of recent
growth in the supply of central
bank reserves and the issuance
of Treasury securities, the
board may need to address the
* * * * * *
Nike shares slipped; revenue fell short of expectations due to shipping delays.
to exit tech and other high-
growth stocks.
That trade stalled Friday as
tech stocks outperformed the
broader market and yields
inched slightly lower. The
yield on the benchmark 10-
year Treasury note edged
down to 1.729% after ending
Thursday at 1.730%, its high-
est since January 2020.
“After a bit of significant
selling, investors tend to lick
their wounds and wake up and
say: Is this a real selloff or a
temporary blip in the road?”
said Gregory Perdon, co-chief
investment officer at private
bank Arbuthnot Latham. Fri-
pared gains to settle at 1.729%,
little changed from Thursday’s
close, according to Tradeweb.
The Fed implemented capi-
tal relief last year to help
flood the financial system with
cash at a time when investors
and companies had been
spooked by the outbreak of
Covid-19 and the resulting
economic shutdowns.
The relief allowed banks to
exclude Treasurys and central-
bank deposits when measuring
the size of their balance
sheets relative to the amount
of capital they hold for a yard-
stick known as the supplemen-
tary leverage ratio, or SLR.
The relief meant they could
rapidly increase their holdings
of Treasurys and reserves
without needing more capital
as the Fed pumped money into
floundering financial markets.
Guy LeBas, chief fixed-in-
come strategist at Janney
Montgomery Scott, said there
had likely been some selling of
Treasurys by some banks in
recent weeks as they prepared
for the end of the exemption.
Friday’s news, however, proba-
bly was more important psy-
chologically than in terms of
fresh selling pressure.
“Market attention has been
wrapped around this other-
Federal Reserve Chairman Jerome Powell in December
current design and calibration
of the SLR over time to prevent
strains from developing that
could both constrain economic
growth and undermine financial
stability,” the Fed said.
The Fed stressed that overall
capital requirements for big
banks wouldn’t decline after
any recalibration. Large lenders
aren’t facing an imminent cliff
on March 31, when the exemp-
tion ends, because their capital
levels aren’t so close to the
threshold that the changes will
put them overboard, large bank
executives said. Instead, the
lenders will have time to see
how the Fed’s current market
interventions play out and how
customers react with their de-
posits over the summer
months, when the economy is
expected to recover quickly.
They will also be watching
regulatory guidance on what
the permanent changes would
be, and how fast they could be
in place, before making signifi-
cant changes to their own oper-
Saturday/Sunday, March 20 - 21, 2021 | B13
MARKETS
Index performance this week
2.0%
1.5
1.0
0.5
0
Dow Jones
Industrial
–0.5 Average
AKOS STILLER/BLOOMBERG NEWS
S&P 500
–1.0
Nasdaq
Composite
–1.5
–2.0
Mon. Tues. Wed. Thurs. Fri.
Source: FactSet
day’s relatively muted moves chairman and chief executive that fell short of expectations between the Biden administra-
are “indicative that investors officer of AXS Investments. due to shipping delays. tion and Chinese officials were
think it is just a bump in the “More broadly speaking about Overseas, the pan-continen- held in Alaska, with both sides
road.” banks, we are also thinking tal Stoxx Europe 600 fell 0.8%. trading criticism. Investors
The Fed said Friday that it that investors are more hyper- Delays to the vaccine rollout are nervous about a continua-
would allow a yearlong re- focused on not only the Fed in Europe are weighing on ex- tion of tensions between the
prieve for the way big banks comments but other economic pectations for growth in the two major economies.
account for ultrasafe assets data that’s coming out.” region, investors said. “The tone suggests that the
such as Treasurys to expire at Visa shares dropped $13.76, “From a macro sense, it is U.S.-China relationship will be
the end of the month, pressur- or 6.2%, to $206.90 after The difficult to see how Europe is just as tense as with the previ-
ing bank stocks. JPMorgan Wall Street Journal reported going to outperform,” said ous U.S. administration,” Mrs.
Chase dropped $2.51, or 1.6%, that the Justice Department is Seema Shah, chief strategist Shah said. “As we’ve seen in
to $155.14. Bank of America investigating whether the at Principal Global Investors. the last number of years, that
fell 41 cents, or 1.1%, to company is engaging in anti- In Asia, most major bench- tense relationship has meant
$38.53, and Citigroup fell 83 competitive practices in the marks fell. The Shanghai Com- that they will have a few more
cents, or 1.1%, to $73.01. debit-card market. posite Index declined 1.7%, and struggles than otherwise, and
“To us that’s a pretty clear Nike fell $5.68, or 4%, to Hong Kong’s Hang Seng re- it also affects those around
reaction to the Fed com- $137.49, after the sneaker treated 1.4%. them and within their supply
ments,” said Greg Bassuk, company reported revenue The first high-level talks chains.”
wise esoteric matter for the
past few weeks,” he said.
big for some banks. Citigroup’s
leverage ratio was 7% at the
Shares Climb on
end of the fourth quarter, but
“That has given it greater psy-
chological importance than it
warrants.”
The end of the relief could
dropped to 5.9% without the
exemption, it told bond inves-
tors at the end of January. At
Real-Estate Play
lead to further sales by some JPMorgan, a reported 6.9% le- BY BEN DUMMETT
big banks such as JPMorgan verage ratio was 5.8% without
Chase & Co., Bank of America the exemption, according to European buyout giant EQT
Corp. or Citigroup Inc., ac- its earnings presentation. AB’s stock has surged as in-
cording to Daniel Belton, a And banks did grow their vestors embrace the firm’s bet
strategist at Bank of Montreal. balance sheets significantly on U.S. real estate.
last year. Mr. Belton estimated EQT stock has more than
that the six largest U.S. banks tripled in less than two years
alone added $715 billion worth since its initial public offering,
1.729% of central-bank reserves dur-
ing 2020 and $278 billion in
far outpacing much-larger U.S.
rivals such as Blackstone
ESHA VAISH/REUTERS
Treasurys. Banks would only Group Inc. and Apollo Global
Yield on the 10-year note on look to sell Treasurys if they Management Inc. The Stock-
Friday, according to Tradeweb wanted to get back to their holm-based firm’s planned ac-
higher leverage ratios quickly, quisition of suburban Philadel-
Mr. Belton said. phia-based Exeter Property
Others think investors have Group has helped fuel recent Christian Sinding, CEO of
This month, Mr. Belton fore- overreacted to the prospective gains. EQT expects the deal to private-equity firm EQT
cast as much as $200 billion end of the relief. close in the second quarter.
of Treasurys could be sold by Zoltan Pozsar, a money- EQT oversees 52.5 billion since then, including dividends.
banks as a group in the market strategist at Credit euros in assets, equivalent to That compares with 45% for
months ahead if the exemption Suisse, said investors were about $62.5 billion, largely fo- Blackstone and 27% for Apollo.
was canceled. wrong to assume that the spe- cused on private equity, infra- The $1.87 billion Exeter
“This is still how we are cial exemption has been the structure and increasingly real deal helps explain that differ-
thinking about the aggregate glue holding markets together estate. That is a fraction of the ence. The deal builds out
selling pressure on Treasurys, and that the end of it meant size of Blackstone and Apollo. EQT’s real-estate investments,
although as this was increas- large U.S. banks would have to But EQT is gathering assets at particularly in logistic and in-
ingly priced in over the past sell Treasurys. a faster pace, accelerating the dustrial spaces in the U.S. The
few weeks, it’s likely some of “Neither the Fed nor the launch of successor funds and firm also gains $10.2 billion in
that selling already occurred,” market should fear mayhem if the fees that come with man- new assets and access to more
said Mr. Belton. the exemption expires,” said aging them. than 60 new institutional in-
The effect of the relief was Mr. Pozsar. Almost 80% of EQT funds’ vestors as potential sources of
investments last year were in money for its other funds.
technology, media, telecom The deal “gives us a leading
sue new debt or reduce share-
holder payouts if the Fed didn’t
extend the relief.
and healthcare—sectors that
thrived during the pandemic.
The buyout firm listed in
position in North America, a
market…[with] lots of invest-
ment opportunities,” said
“Remember, we were able to
reduce deposits $200 billion in
like months last time,” Chief Ex-
September 2019 in Stockholm,
and its total return is 283%
Christian Sinding, EQT’s chief
executive.
ecutive Jamie Dimon said on
the call. “But we don’t want to
do it. It’s just very customer un- Coinbase Settles Probe
friendly to say ‘please take your
deposits elsewhere.’”
Over Trading Volumes
SUSAN WALSH/PRESS POOL
The central bank adopted the
temporary exclusion a year ago
in an effort to boost the flow of BY DAVE MICHAELS 2015 and 2018 and relate to
credit to cash-strapped consum- trading on an exchange now
ers and businesses and to ease WASHINGTON—Cryptocur- known as Coinbase Pro. The
strains in the Treasury market rency-exchange operator Coin- company operated two pro-
that erupted when the corona- base Inc. agreed Friday to pay grams that generated orders
virus hit the U.S. economy. The $6.5 million to settle regula- that sometimes traded with
market has since stabilized. tory claims that it reported each other, the CFTC said. Coin-
ations, one executive said. The Treasury issuance has soared misleading information about base includes those trades in
chance of a permanent fix was along with federal government its trading volumes. figures it disclosed to services
viewed as a positive because it deficits since the start of the Coinbase resolved the Com- that disseminate volume and
means the worst of the prob- pandemic, as businesses across modity Futures Trading Com- price information about bitcoin,
lems will likely be avoided, the the country shut down and laid mission’s investigation with- the CFTC said. That meant
person said. off millions of workers, and the out admitting or denying the traders could have received a
Banks have a range of levers government ramped up spend- regulator’s claims. The out- misleading sense of volume on
they can pull as they get close ing to cushion the economy and come clears one cloud hanging Coinbase Pro, the CFTC said.
to their capital levels, but it will combat the coronavirus. over Coinbase as it prepares The CFTC alleged in the
depend on where the pressure The Congressional Budget to become a public company same order that a former Coin-
is on their balance sheets. Office has projected the deficit through a direct listing on the base employee engaged in simi-
Among the most likely for the current fiscal year will Nasdaq Stock Market. lar conduct, which the agency
moves, and one they have de- total $2.3 trillion, nearly a tril- Coinbase issued a statement deemed to be “wash trading,” a
ployed in years after the 2008 lion dollars less than the re- saying the investigation didn’t prohibited tactic that involves
financial crisis, is to threaten cord-setting gap last year, but allege any harm to customers. intentionally submitting buy
some big corporate depositors more than officials projected in The enforcement action and sell orders that match,
with fees for parking their cash. September. shows how Wall Street regula- thereby creating a trade, but
The deposits that have flooded Friday’s decision became tors such as the CFTC, which without a change in ownership
the banks over the past year are more complicated for the Fed oversees derivatives markets, of the asset. Wash trading is
unprofitable for banks and con- after the issue became more of have moved to police conduct banned because it creates a
sidered too short-term to lend a partisan fight. in the new world of cryptocur- misleading appearance of trad-
out. To fix the problem, the Senior Democrats such as rencies and digital assets. ing volume and can deceive oth-
banks could threaten negative Senate Banking Committee Coinbase, which was founded ers into believing there is more
interest rates on those deposits Chairman Sherrod Brown of in 2012 as a platform to trade liquidity than there really is.
to drive them away. Ohio and House Financial Ser- bitcoin, has 43 million users The wash trades occurred
On their quarterly confer- vices Committee Chairwoman and serves 7,000 institutional in the bitcoin-litecoin trading
ence call with analysts in Janu- Maxine Waters (D., Calif.) said customers, according to the pair during a period of six
ary, JPMorgan Chase & Co. ex- before the Fed’s decision that prospectus for its direct listing. weeks in 2016, the CFTC said.
ecutives warned they could be an extension of the relief would The claims against Coinbase —Alexander Osipovich
forced to push away clients, is- be a mistake. date from a period between contributed to this article.
 B14 | Saturday/Sunday, March 20 - 21, 2021
The Tough Business
Of Delivering Groceries
Food-delivery apps are racing to bring products from
the supermarket aisle to your door. The demand is there;
the challenge is how to make it profitable.
In certain cities, you can now
order a quart of milk on the Uber
Eats app and have it arrive at your
door in under 15 minutes. Is a re-
cent push into delivering groceries
a smart move by online takeout
platforms, or an unwise attempt to
keep growth-hungry investors
sated at any cost?
Amid the Covid-19 pandemic,
food delivery businesses that nor-
mally recruit restaurants to their
platforms also signed up super-
markets. This suited grocery
chains that were grappling with a
huge spike in demand for e-com-
merce, as well as companies like
Uber whose drivers were suddenly
short of work when the ride-hail-
ing business collapsed.
DoorDash and GrubHub are
also signing supermarket deals.
Amazon-backed Deliveroo, which
Forward price-to-sales ratio
Uber Delivery Hero
Just Eat Takeaway.com Grubhub
7 times
6 or 20% fee in many markets. So
5 nerships profitable are worse than
4 Takeout platforms can charge
3 more appealing, such as marking
2 through a takeout app is up to
Walmart Tesco Kroger
1
0 mium jumps above 100% for small
April Jan.
2020 ’21
Source: FactSet
FROM TOP: DAVID J. PHILLIP/ASSOCIATED PRESS; ISTOCK
NFL fans who want to cut the cord will soon need five streaming services.
The NFL Moves the Ball
Forward on Streaming
Among the more interesting de-
bates in the streaming media
world is exactly how many sub-
scriptions viewers can stomach.
The National Football League is
betting its fans can do the math.
The NFL announced new broad-
cast deals late Thursday. The big-
gest standout of the bunch was
“Thursday Night Football” moving
to Amazon.com’s Prime Video
streaming service, which will mark
the first time NFL games have
been available on a streaming-only
platform, though the games will
still be televised to the respective
teams’ hometown markets. But
Walt Disney, ViacomCBS, Com-
cast and Fox also secured deals
that will allow them to serve up
games on their own streaming ser-
vices alongside their traditional
TV outlets.
The past year has seen a signifi-
cant jump in the number of stream-
ing outlets backed by major media
players. Paramount+ from Viacom-
CBS just joined the pack, while
Comcast’s Peacock and HBO Max
from AT&T-owned WarnerMedia
launched last year. Fox, which
shares common ownership with
The Wall Street Journal parent
News Corp, bought streaming out-
let Tubi last year for $490 million.
Those services add to a market
where Netflix, Amazon Prime and
Disney’s Hulu had already carved
out strong positions. Add to that
Apple’s TV+ and Google’s You-
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
is due to make its market debut on
the London Stock Exchange within
weeks, recently said that grocery
delivery is the fastest growing
part of its business.
There is logic in the strategy.
Over the past year, more people
have become used to making a big
weekly grocery order online, so they
may also be open to using apps for
quick purchases in between. Take-
out giants, with their growing fleets
of drivers and bike riders, are well
positioned to serve them with rapid
deliveries in small batches. City
dwellers, who tend to buy little and
often from local convenience stores,
could be particularly good custom-
ers. And the overall market is enor-
mous: The global grocery business
is worth around $7.6 trillion a year,
according to UBS.
The challenge is how to make it
profitable. When Deliveroo or Uber
Eats delivers a meal for an inde-
pendent restaurant, they typically
pocket up to 30% of the order
value in commission and still end
up with a loss. As supermarkets
run on razor-thin margins, they
can afford to hand over only a 15%
the odds of making grocery part-
with restaurant tie-ups.
other fees to make the numbers
up supermarket prices. Ordering
20% more expensive on average
than buying in a store, according
to Jefferies analysts, and this pre-
baskets. The risk for the delivery
companies is that consumers will
simply walk to their local shop in-
stead. Takeout apps typically offer
Tube Premium—services backed
by two of the world’s largest tech
companies with a combined net
cash balance of more than $200
billion. And while streaming is in
a sharp growth phase now, prolif-
eration has naturally raised talk of
future consolidation and who will
be left standing.
According to recent surveys
from both Ampere Analysis and
J.D. Power, the average streaming
customer currently carries four
subscriptions. A serious football
fan also determined to cut the TV
cord will need at least five, based
on the new deals. They will likely
manage. Michael Nathanson of
MoffettNathanson estimates that
$15 a month for the duration of
the season would cover Thursday,
plus Sunday afternoon and night
games—still far cheaper than
a cable-TV package.
That price may rise,
though, as media giants ab-
sorb the costs of the new
deals that netted the NFL an
estimated 75%-80% jump in
broadcast fees. The 11-year dura-
tion of the new NFL contracts leave
a lot of time for changes in the me-
dia business—which could still in-
clude consolidation of streaming
services. As Morgan Stanley’s Ben-
jamin Swinburne wrote Friday, “All
we know for sure is the landscape
will look dramatically different
than it looks today.”
—Dan Gallagher
ON
THE
grocery delivery in densely popu-
lated areas already well served by
convenience stores.
There are other logistical hur-
dles to turning a profit. Orders ar-
rive quickly on bicycles or motor-
bikes, but there is a limit to how
much couriers can physically carry.
Baskets of bulky items like bread,
milk and toilet paper take up
space but are low value. Alcohol is
a smarter bet because of its higher
sticker price, which might explain
why Uber recently snapped up
booze-delivery service Drizly for
$1.1 billion.
Berlin-based Delivery Hero is
trying a different tack and becom-
ing a grocer itself. By the end of
2020, the company had set up
roughly 500 Dmarts—mini food
warehouses where grocery orders
are picked for delivery. In the
fourth quarter, the unit where this
new business sits generated 9% of
total sales.
Delivery Hero must now lease
OVERHEARD
In a classic case of wanting
precisely what we can’t have,
consumers say they are willing
to throw away their entire lives
for a fleeting brush with an
overcrowded beach and a wa-
tery piña colada.
After nearly a year of social
distancing at home, the world
has had enough. A survey con-
ducted earlier this year by ho-
tel search platform Trivago
found “significant desires” to
travel among 2,000 consumers
polled in the U.S. and the U.K.
Utter desperation would be
a better word for it. According
to the survey findings, a quar-
ter of consumers polled said
they would forfeit all their sav-
ings, around 40% said they
would give up sex for a year,
20% said they would dump
their partner and nearly half
said they would quit their job—
all to travel now.
At first blush, these stats
seem almost too wild to be
true. Then reality sinks in.
Many have spent months in
the same foxhole with the
company of only one other
person, too many other people
or perhaps merely electronic
companions. Chances are col-
leagues’ Zoom habits and part-
ners’ idiosyncrasies, once
amusing, quirky or even en-
dearing, have long become any-
thing but.
Think about it too hard and
you start to think maybe the
survey didn’t go far enough.
People would
give up a lot
to travel
again. A lot.
* ***
Food apps are about
to learn that competing
with supermarkets
is a tough gig.
properties and source food directly
from suppliers, with less buying
power than the large supermarket
chains it is competing with. It is
also working with third-party
manufacturers to create its own
products. The profit margins on
these so-called store brands are
higher than branded goods, but
this is far from the tech giant’s
core skills in apps and logistics.
If the new initiative grows to
account for a sizable chunk of
sales, investors risk paying a tech
valuation for a division that is es-
sentially a mature and capital-in-
tensive business. Shares in major
supermarket chains that also de-
Inflation Might Restrain
The Dollar’s Rebound
The greenback remains weak even as interest
rates—and vaccinations—have climbed
As interest rates have shot up-
ward, the U.S. dollar’s continued
weakness is something of a puzzle.
Fear of rising inflation is partly
to blame.
The accelerated pace of vaccina-
tions and the passage of a large
stimulus package have ignited
hopes of a strong economic re-
bound in the U.S., driving Treasury
yields sharply higher. At the same
time, growth expectations for Eu-
rope have taken a hit as the EU’s
vaccination drive has stumbled and
the continent appears at risk of a
devastating new pandemic wave.
Normally such a combination of
factors would be a clear recipe for
a stronger U.S. dollar, particularly
as measured by the widely traded
but narrow ICE Dollar Index, in
which the euro carries a 57.6%
weighting. And that index has in
fact climbed 2.1% so far this year,
yet it remains 6.4% below its year-
earlier level. The broader WSJ
Dollar Index is down 10.8% from a
year ago.
That is surprising, especially
since yields on 10-year Treasurys
over the past year have climbed to
1.71%, from 1.25%. The yield gap
with German 10-year government
bonds has widened over the past
year by 0.48 percentage point,
which again should be positive for
the dollar.
Along with rising growth expec-
tations in the U.S. have come rising
inflation expectations, though, es-
pecially since the Federal Reserve
has pledged to let inflation run hot-
ter than it normally would. This is
negative for the dollar as it threat-
ens to reduce its real-world pur-
chasing power.
One market indication of rising
inflation expectations are the yields
on Treasury inflation-protected se-
curities, or TIPS. 10-year TIPS now
yield negative 0.58%. Comparing
this with the yield on ordinary
Treasurys implies the market is
pricing in annual inflation of
around 2.4% over the next decade.
A year ago, this so-called inflation
compensation priced into TIPS was
just 0.7%.
THE WALL STREET JOURNAL.
MARK LONG
liver groceries, such as Walmart,
Tesco, Kroger and Carrefour, trade
below one times projected sales,
while delivery apps can fetch any-
where from three to seven times.
One big holdout is worth watch-
ing. Just Eat Takeaway.com,
which will become the world’s larg-
est food delivery company by reve-
nue outside China when its merger
with Grubhub completes, has
steered clear of groceries. Founder
Jitse Groen has said he doesn’t
think the latest fad is a good use of
investors’ cash. However, the com-
pany’s tone has shifted on the topic
in recent months. A U-turn may be
on the way.
In the hot and relatively young
takeout app sector, there should
arguably still be gains to be made
without branching out into such a
tricky category as groceries. Even
with their tech wizardry, food apps
will find competing with super-
markets a tough gig.
—Carol Ryan
WSJ Dollar Index
98
96
94
92
90
88
86
84
April Jan.
2020 ’21
Source: Dow Jones Market Data
Another factor holding down the
dollar is that many other econo-
mies are also seeing their prospects
brighten. A strong U.S. recovery in
itself should be good news for ma-
jor exporters and commodity-pro-
ducing nations, boosting the cur-
rencies of countries such as
Australia, New Zealand and Nor-
way. None of these countries are
reflected in the ICE dollar index,
but they collectively make up
around 10% of the WSJ dollar in-
dex. The Canadian dollar alone car-
ries a 9% weighting on the ICE in-
dex and is up 1.7% against the
dollar so far this year.
If rates in the U.S. keep rising,
there may be no holding the dollar
down. But if the Fed succeeds in
calming markets, and crucially, in
convincing skeptical traders that it
really is prepared to accept higher
inflation, then the U.S. currency
will stay suppressed. That in turn
will help U.S. exports and the prof-
itability of U.S. companies, gener-
ally aiding the Fed in its drive to
achieve full employment. True, a
weak dollar means decreased pur-
chasing power for U.S. consumers,
but that is what inflation does.
—Aaron Back
 CULTURE | SCIENCE |
Passover’s Lessons
The Jewish holiday uses
text and ritual to create an
enduring community C6
POLITICS | HUMOR
Never Play
Solitaire Again
The virus has taught us that life and health are
precarious and we must not squander precious time.
IF IN THE PAST year
you played solitaire,
even a single game,
you wasted that
time. Take it from
me: I played many
hands of the game
and have nothing to
TOM
HANKS
show for the effort.
Granted, I had no
Zoom schooling ses-
sions to enforce, no
children to parent, no job to perform
remotely. I did work, but at a studio
with strictly enforced Covid-19 proto-
cols, along with a large crew who had
all been bubbled for the duration of
the pandemic.
During a time of lockdowns, quaran-
tines and social distancing, solitaire
seemed like a harmless enterprise, a
salve for the mind and the hands, a
safety valve that meant having some-
thing to do. The deck of cards was
right there on the table, and, without
thinking, my hands would take up that
file of 52 to riff and shuffle and cut. A
game would be dealt—to myself, by
myself—in a line of seven cards with a
growing pile of face-downs. The cards
in my hand were revealed in threes,
and the blacks were played on the reds,
and so on, and an hour or so would
pass. I would play more solitaire later
in the day or the next morning.
I never cheated to win; winning
wasn’t the point. Getting close was
good enough, and there was always
another game, so why not deal it out?
ILLUSTRATIONS TOP: RUTH GWILY; CENTER: BRIAN STAUFFER; 2020 HELEN FRANKENTHALER FOUNDATION, INC./ARTISTS RIGHTS SOCIETY (ARS), NEW YORK (BOOKS)
I might win this time. And what else
was there to do?
Actually, there was plenty to do!
Damn! There was a sink to clean out
and a dishwasher to empty. Laundry
to sort. Rice to put in the cooker with
the timer set for breakfast. Letters I
could have written and the typewriter
and stationery to do it. Books I had
packed in a suitcase were set on a
reading stack, unread, even though I
was, sort of, always reading one of
them. There were floor exercises and
yoga stretches to do. I have kids to
talk to when they are available. I have
business partners to contact. I have Covid-19 has taught us that life and
friends who are hilarious and interest- health are precarious—that the tiniest
ing. I have scenes to
study and work to pre-
pare. I have stories in
my head—and I tell sto-
I have stories
ries for a living—that in my head
could have been that could
sketched out, noted,
outlined. I could have have been
re-watched “Chernobyl” sketched out,
on HBO!
I did get around to noted,
doing many of those outlined.
things. I lived up to most
of my responsibilities
and explored a few creative recesses my son, who I rarely can beat? Any-
inside my thick head. But those hands time!
of solitaire were accumulated minutes
wasted by hoping that a red six would Mr. Hanks is an actor, screenwriter,
come up or a king would be turned so I producer and director. He is the
could fill an empty column. What didn’t author of “Uncommon Type: Some
I do instead? Stories.”
Tim Cook
on systemic inequity and the fight
for racial justice C2
Ron DeSantis
on the importance of challenging elite
opinion and media narratives C2
Sandra Boynton
on the wondrous and difficult work
of parenting C2
REVIEW THE WALL STREET JOURNAL. * * * *
Spill, Stain, Repeat
The canvases of
Helen Frankenthaler
Books C7
Saturday/Sunday, March 20 - 21, 2021 | C1
The Power of Mission-
Driven Science
Professors, researchers and engineers set aside their
own projects to focus on how best to fight the pandemic.
THE PANDEMIC year meeting to discuss how we could help.
has been marked by Members of the team are world-re-
so much tragedy, but nowned scientists whose labs at UC
I am heartened by Berkeley and UCSF sequence and ana-
what scientific inno- lyze genomes daily. These experts are
vation and collabora- not just chemists and biologists, but al-
tion have achieved to truists as well—people driven to solve
help move our soci- seemingly intractable societal prob-
ety forward. lems. We decided to pivot from our
JENNIFER Last March, UC projects and convert our research labs
DOUDNA Berkeley had begun into an automated Covid testing facil-
shutting down ahead ity, and expand existing efforts to de-
of a Bay Area-wide shelter-in-place or-
der. Students and faculty were sent
home, research work was paused, and
velop CRISPR-based diagnostics and
genetic medicines that might allow us
to mitigate this pandemic.
across northern California communi-
ties desperately needed more Covid-19
testing capacity.
In a typical year, if you tried to map
the trajectories of all of the scientific
projects in even one department at a
At the Innovative Genomics Institute large public institution like UC Berkeley,
that I founded to advance CRISPR ge- you’d find lines going in all directions at
nome editing research, we convened a once. What happened a year ago was
different. The lines on the map suddenly
coalesced around a single point. With a
shared vision, a diverse team of profes-
sors, postdoctoral researchers, engi-
neers, graduate students and volunteers
all willingly put their personal and pro-
fessional projects on hold to do some-
thing that had never been done before.
The science behind a PCR-based
Covid-19 test was right in our comfort
What zone, but spinning up a clinical labora-
tory was another matter entirely. Look-
ing back, I’m still in disbelief at how
quickly the team was able to safely
I’ve Learned
overcome massive technical, logistical
and physical barriers. In just three
weeks, we secured lab certifications, de-
veloped new software and hardware
From the
with industry partners, ran the first of
thousands of tests, received philan-
thropic funding to support lab opera-
tions, and started two dozen additional
research projects, including a new rapid,
Pandemic point-of-need Covid test.
Ultimately, we added much needed
testing capacity and assisted local
health officials and community organi-
Year zations in protecting essential frontline
workers and the most vulnerable popu-
lations in an area of more than six mil-
lion people. To widen the impact of our
effort, we made all project-related in-
tellectual property open source and
published a road map to help other
nonclinical labs scale up the nation’s
In March 2020, the world realized testing capacity.
that Covid-19 was going to change everything. Throughout the year, I was buoyed
by the mission-driven, collaborative
After a year of unprecedented challenges, spirit of our consortium of academia,
industry and community. My hope as
we asked leaders in business, politics, science we climb out of this pandemic is that
we build on this cooperation, increase
and the arts to reflect on what the pandemic has funding for the type of fundamental
taught them—about themselves, society science that made our work possible,
and take a science-first leadership ap-
and the path ahead. proach to stay ahead of future threats
and safeguard our health.
Dr. Doudna is a biochemist at the
University of California, Berkeley,
founder of the Innovative Genomics
Institute and recipient of the 2020
Nobel Prize in Chemistry for
co-inventing CRISPR technology.
bit of our physical
world, like a virus, can
rob us of vitality, com-
munity, family and pur-
pose, whether we got
sick or not. This pan-
demic affected us all,
costing so much, too
much. Our time is lim-
ited and finite. Solitaire
squanders what is pre-
cious. Don’t ever play
solitaire again.
But cribbage? With
BRIAN STAUFFER
Inside
Naomi Osaka Eric Topol Jerome Powell
on discovering the beauty of stillness in on the vaccine triumph and its lessons on how the Federal Reserve mobilized
a world without travel C3 for medical research C4 to fight the economic crisis C5
Neil deGrasse Tyson Condoleezza Rice Ian McEwan
on why so many people continue to on our toxic national dialogue and on the need for government action to
mistrust science C3 the pandemic’s unequal burdens C4 address planetary problems C5
Esther Perel Pete Buttigieg Mary Barra
on finding meaning and connection on how much we communicate on removing barriers to innovation and
in a time of uncertainty C3 without using words C4 achieving ‘ventilator speed’ C5
 C2 | Saturday/Sunday, March 20 - 21, 2021 * *** THE WALL STREET JOURNAL.

REVIEW | WHAT I’VE LEARNED FROM THE PANDEMIC YEAR

The Urgency A demonstrator on

Juneteenth, marking

Of Racial Justice the end of slavery,

in a protest over
George Floyd’s death

ranging from ma-

THIS YEAR HAS forced each
of us to re-examine and to
change how we live, work and
relate to one another. And for
that reason I don’t think it’s a
coincidence that the year of
Covid-19 was also the year
where critical conversations
about equity and systemic in-
TIM justice attained both new ur-
COOK gency and a well-deserved
central role in our national
conversation.
We need In simple theory, a disease
a durable should affect all of us equally.
But in plain fact, the opposite
and is true. We have all seen, in
hopeful real time, how structural dis-
future crimination and obstacles to
opportunity do their work in a
for all. crisis. In our communities, ev-
one who grew up chine learning to
during the civil- app development,
rights movement, it entrepreneurship to
has been frustrating design; and our first
to see how much Apple Developer
work is still to be Academy in the U.S.,
done but heartening in downtown De-
to see the degree to troit, home to more
which people of good than 50,000 Black-
will have set aside owned businesses
comfort with the sta- and no shortage of
tus quo to march great ideas for the
and to demand app economy.
something better. Every burden help?” That question has led us The old saying goes that the
When the pandemic recedes, to build powerful learning tools best time to plant a tree was
we can’t simply assume that falls heaviest and share them freely with tens 20 years ago, but the second
healing follows. It falls on all of on those of thousands of teachers, edu- best time is today. If this pan-
us—individuals and communi-
for whom cators and parents. demic has taught us anything,
ties, companies and govern- And it’s led us to undertake I hope it’s that none of us can
ments—to ensure that what’s true equity major new investments use injustice’s long history as
ahead is not just the end of a through our Racial Equity and an excuse not to act. Our lives

IRA L. BLACK/CORBIS/GETTY IMAGES

ery burden—from rates of in-
fection and care outcomes, to
economic adversity, to the
challenges of virtual learning
when schools are closed—falls
heaviest on those for whom
true equity has always been
farthest from reach. As some-
disease but a durable and
hopeful future for all who sac-
rificed and endured during this
unprecedented time.
An essential place to focus
this work is on education, in all
its forms. Education is a great
equalizer, but it cannot do its
has been
farthest from
reach.
work without tools and without
a home. Our approach at Apple
has been to ask, “How can we
Justice Initiative. These proj-
ects include the Propel Center
in Atlanta, which we’re help-
ing to build in partnership
with the country’s historically
Black colleges and universities,
to support the next generation
of leaders of color in fields
on this planet are precious
and fleeting, and fate has a
way of reminding us that soci-
ety is only as strong as those
who, for too long, have gone
overlooked and undervalued.
Mr. Cook is the CEO of Apple.

Don’t brackets, the danger of outdoor trans-

mission and the practical benefit of tak-
ing a Covid vaccine.

Trust the Perhaps most damaging to public

trust was the public-health campaign
urging “15 Days to Slow the Spread.”

Elites
This short-term mitigation, we were
told, was necessary to buy time to pre-
pare hospitals for any patient surges.
But that reasonable aim was soon
transformed into a lockdown-until-erad-
Influential people in public ication approach that left no end in
health, government and

the media failed
to rise to the moment.
THE COVID-19 pan-
demic represented a
test of elites in the
U.S., from public-
health experts to the
corporate media. The
results have been dis-
appointing. Policy
makers who bucked
RON the elites and chal-
lenged the narrative
DESANTIS
have been proven
right to do so.
To begin with, highly publicized epi-
demiological models were as consequen-
tial as they were wrong. The model pro-
duced by Neil Ferguson of Imperial
College London—which forecast millions
of Covid-19 deaths in the U.S. without
mitigation efforts—sparked panic among
public-health elites and served as the
pretext for lockdowns throughout the
U.S. and Great Britain. The lockdowns
failed to stop the virus but did a great
deal of societal damage along the way—
damage that a more targeted approach,
seeking to reduce total harms, would
have been able to avoid (and did, in
places like Sweden and Florida).
Similarly, models predicting massive
shortages of hospital beds helped to
precipitate the disastrous policy—en-
acted by states like New York, New Jer-
sey and Michigan—to send contagious,
Covid-positive hospital patients back to
nursing homes. States like Florida that
rejected the models and adopted poli-
cies to protect nursing-home residents
had comparatively lower nursing-home
mortality rates as a result.
The reliance on faulty mod-
els was matched by poor pub- Spring-break
lic messaging. Elites sent con-
flicting messages about the the beach in
efficacy of cloth masks, the Ft. Lauderdale
uniformity of risk across age last Sunday.
MEDIAPUNCH/ASSOCIATED PRESS
© SANDRA BOYNTON
sight for most Americans. Going from
“save the hospitals” to “zero Covid”
represents one of the greatest instances
in history of moving the goal post.
Lockdowns proved a huge boon to
America’s corporate media, which
primed its captive audience with fear
and partisanship. Everything the cor-
porate press did regarding Covid cov-
erage was inseparable from its years-
Birthday Cakes
long obsession with attacking Donald
Trump. Weaponizing Covid in an elec-
tion year superseded any obligation to
Are Essential
present the facts with needed context
and perspective. The pandemic summons memories of a childhood illness
While it was abundantly clear by and a reminder of the wondrous challenges of parenting.
May that schools represented low-risk
environments for the spread of Covid
and that the consequences of prolonged I SPENT MY fourth of her skull replaced by a 3-D printed
school closures were potentially cata- birthday in the Chil- piece. She is determined to be a pediatric
strophic, the corporate media did its dren’s Hospital of brain surgeon. She’ll be good at it.
best to obscure the data and stoke fear Philadelphia. I re- Looking back at my 40-whatever years
and panic among parents and teachers. member they had two of making cards and books and music
After all, the media had to take the po- cakes because another and such, it seems I’ve been determined
sition opposite Donald Trump. sick child—his name to do in my own life what 7-year-old
Had the media presented the data on was Bruce, and he Bruce so kindly did for me: offer lively,
schools in a rational fashion with was turning 7—had distracting reassurance. I’ve been con-
proper context and perspective, it is SANDRA the same birthday. triving a benevolent world for my child-
quite possible that the extended school BOYNTON One cake was frosted self, and for other unsettled children
closures we’ve seen in lockdown states half blue, half pink, (which, on some level, covers pretty
would have been untenable and millions the other all yellow. much all of us).
of students would be in markedly better I’m guessing that I actually liked hear- But in this past unfathomable year,
shape academically and socially. ing the word “encephalitis” over and seeing so many essential workers
For months we were told to “trust over as the big people around me said it steadily doing their essential work, I’ve
the experts,” but far too often over the to each other (and not to me) in the days felt some uneasiness about being, essen-
past year those who were most influen- and nights leading up to my 1957 birth- tially, non-essential. Nevertheless, I’ve
tial in our society—in public health, day; it has a cool percussive sound. In a been hyper-productive, if for no more
government and media—proved incapa- small echoey room with blue light, they noble reason than preserving my own
ble of rising to the moment. had put a lot of glue or something in my sanity. (“I don’t have time to think about
Florida cut against the grain of elite hair, and there had been a mortality! I have a ‘Find
opinion and bucked the media narrative. machine with lots of the Hidden Cows’ jigsaw
The result is open schools, compara- squiddy arms with button I’ve been puzzle to draw!”) I’ve wor-
tively low unemployment and per capita ends, which they attached ried sometimes that maybe
Covid mortality below the national aver- to my head. I was fright- contriving my quixotic, upbeat art has
age. We cannot simply undo the harm ened. My mother tried to a benevolent the wrong tone these days.
caused by flawed policies advocated by explain it to me, but they But there was nothing else
our elites, but we can resolve needed her to be quiet.
world for I wanted to do.
that we never let this happen She couldn’t be there all unsettled Then, out of the blue, I
crowds on to our country again. the time; my two older sis- got this message from a
ters and my baby sister at
children valued, worried friend: “We
Mr. DeSantis is the governor home needed her too. And (which is often read ‘Night-Night,
of Florida. I remember my co-birthday pretty much Little Pookie’ at bedtime,
friend Bruce looking out and I think every time
for me, putting his arm all of us). about what it means to get
around me, reassuring me, my trusting little miracle
distracting me. I don’t girl off to bed when it’s not
know why I’ve always had the feeling he ‘gentle winds blowing’ above her, but a
didn’t live. I hope I’m wrong. bitter and frightening gale.”
There are those who, with this kind of This startled me, and offered a kind of
early experience of illness and hospitals, illumination as to the “Why do it?” of
would go into medicine. I’m not one of things. Picturing this gentle, protective
them. I have a friend who is oddly grate- father with his miracle daughter—and
ful for the pandemic because, had his also having watched my own daughters
family not been isolated at home last and their husbands orchestrate a cheer-
April, his 11-year-old daughter would ful normalcy this past year for their
have died. Samantha had been reading in small children—I see and remember what
her room; her father had been in a vir- parents do, and how wondrous and diffi-
tual meeting downstairs. Her sister had cult that can be, and how important it is.

come running, yelling that something
was really wrong with Sam. Her dad
sprinted to find her in a violent seizure,
eyes rolled back; a silent abnormality in
her brain had sparked a sudden calamity.
Rushed to Yale New Haven Hospital and
into impossibly complex and skillful sur-
gery, she is now alive and well, with part
This is why we make birthday cakes, and
light the candles.
Ms. Boynton is a humorist, a songwriter
and the author of more than 70 books,
including “Hippos Go Berserk!,” “The
Going to Bed Book” and “Chocolate: The
Consuming Passion.”
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 20 - 21, 2021 | C3

REVIEW | WHAT I’VE LEARNED FROM THE PANDEMIC YEAR

Finding Success
Off the Court
Being forced to slow down provided the chance to make
new discoveries and appreciate the beauty of stillness.

THIS YEAR BROUGHT own skin—with who I am and where I

so many changes in come from. That has given me the con-
the world and in so fidence to speak up and use my voice,
many people’s lives. where appropriate, to address issues
As someone who has that I care about. I didn’t always have
spent most of my that strength or conviction.
adult life on the road For many people, having this time at
traveling, the pan- home with loved ones has been a silver

Science Needs
demic taught me the lining to the pandemic. It helped me to
NAOMI beauty of stillness. learn that my own happiness has much
OSAKA We are made to be- more to do with success off the court
lieve that the more than on it. Most people who are happy
we do and go and move, the more pro-
ductive we are, but the pandemic
proved that’s not always
in their personal lives tend to be more
successful in their professional ones.
You can’t put a price on
Better Marketing
the case. Just because spending time with fam-
you are always moving ily and friends, and the Many people who love their high-tech smartphones
doesn’t mean you are
Always pandemic has taught us refused to trust scientists when it came to Covid.
moving your life in being on the all not to take that for
a creative and positive move doesn’t granted.
direction. The tragedy of it all is I LEARNED THAT through the air at 500 mph, seated in a
The inability to travel mean you self-evident, but there when faced with a cushioned chair, inside a 100-ton metal
grounded me not only are moving have been positive off- common enemy—an tube, 30,000 feet above the ground—be-
physically but also in my shoots. For me, the pan- enemy of the entire cause of science. We communicate with
character. It allowed me your life demic has allowed me to human species—we practically anyone we’ve ever met, in an
to explore and expand in a positive reset and reassess my regressed to basal, instant, no matter where they are in the
my mind and my heart priorities and evaluate primitive instincts world—because of science. We obtain
and to grow in new ways.
direction. everything. I’m hugely rather than band to- immediate access to all the compiled
Without spending part of ambitious, so I definitely gether to fight. This knowledge of the world, at our finger-
the year at home in rela- want to continue making NEIL was a test run for an tips—because of science. Neither you nor
tive stillness, I could not have made progress on the court. But now I know DEGRASSE alien invasion, and we your mother died in childbirth—because
the realizations about the world that I that my real success will be determined TYSON failed. I had naively of science. Most people used to die at 65
did. For the first time I was able to off the court. The world still has a lot hoped that the same or 45 or younger, but we don’t any-
read and watch the news more often of healing to do, but if we stick to- tribal urges that pit human against hu- more—because of science. And we are
and more in depth and to understand gether with love and kindness, we will man could be harnessed to pit all hu- able to glean accurate insights about
the issues affecting the world. move forward stronger than mans against the killer virus. But that Earth’s past, present and future, espe-
As a tennis player, I haven’t al- Ms. Osaka before. did not happen. cially its climate, our
ways been able to do that. It’s hits a return We have apparently ecosystem and the forces
ironic that, without travel, I in the finals Ms. Osaka is a professional passed through a portal Pseudoscience, we exert upon them—be-
became more globally aware. of the 2021 tennis player and the reigning where pseudoscience, cause of science.
I also discovered that I am Australian champion of the U.S. Open and anti-science, fear of sci- anti-science, In that future,
now very comfortable in my Open. the Australian Open. ence and science-denial fear of Covid-19 would never
all thrive in our culture. have become a pan-
Where systems of cul- science and demic. Everyone would
tural, political and reli- science-denial have understood the
gious belief override the risks of transmission.
objective truths estab-
all thrive And the bastions of anti-
lished by the methods in our culture. maskers, thinking they
and tools of science. cannot spread the virus
If the enterprise of to others, would look as
science were some newfangled, untested silly as a swimming pool with a desig-
way of knowing, one might empathize nated “Peeing Section.”
with these sentiments. But the people Until then, let’s not forget the efforts
who battle against science are the same of lab scientists. Nobody writes stories
ones who, for instance, wield and em- about not dying by not contracting
brace their pocket-sized smartphones, Covid-19. So it’s time to praise the re-
which merge state-of-the-art engineer- searchers who developed vaccines in re-
ing, mathematics, information technol- cord time. If heroes save lives, then they
WILLIAM WEST/AFP/GETTY IMAGES

ogy and space physics. It’s an educator’s
conundrum indeed.
So perhaps what I really learned dur-
ing the pandemic year is that science
needs better marketing—refined and
are superheroes who have saved the lives
of millions—because of science.
Dr. Tyson is the director of the Hayden
Planetarium at New York’s American
JAMES YANG

persistent—so that no one will ever Museum of Natural History. His book
again take its discoveries for granted. “Cosmic Queries” was published this
Imagine the ad campaigns: We fly month by National Geographic.

Uncertainty Psychiatrist and Holocaust

survivor Viktor Frankl in

Doesn’t Have to Vienna, ca. 1952.

cus. This year, CEOs reached

out to me to set up Zoom

ESTHER
Mean Anxiety
PEREL
EVEN WHEN we can’t change
our circumstances, we can
Turning change our mindset. As the psy-
the chiatrist Viktor Frankl said,
“Everything can be taken from
unknown a man but one thing: the last of
into the human freedoms—to choose
something one’s attitude in any given set
of circumstances.” Frankl’s con-
we look cept of tragic optimism, of mak-
forward to ing meaning out of suffering,
was influenced by his experi-
exploring ences during the Holocaust.
is the Like my parents, Frankl was a
antidote survivor of the camps and likely
understood the difficult neces-
to fear. sity of staying in touch with
aliveness, dignity and spiritual
freedom in the face of precarity,
loss and grief.
I’ve learned this year, from
revisiting Frankl’s work but
also from watching the chil-
dren in my life, that freedom
in confinement comes from the
imagination. Just like a child
turns a box into a boat, I’ve
imagined that my kitchen is
my favorite bistro, and not just
the place where I’ve spent ev-
ery waking moment of the last
year working, commiserating
and worrying.
frequently reminds me that my
responses to the pandemic vac-
illate between needless risks
and panicking. He helped recal-
ibrate my initial 24/7 crisis
management mindset. To-
gether, we’ve learned to accom-
modate prolonged uncertainty
and to be open to not knowing
where this period will take us.
We’ve actively tried to make it
I’ve learned
from Viktor
Frankl’s
concept of
tragic
optimism,
of making
meaning out
of suffering.
a source of discovery that tran-
scends anxiety.
And I’ve guided my patients
through a parallel process.
Faced with change, the exciting
guish. This is a surreal and
tragic period of human history,
but we don’t know what comes
next. Turning the unknown
into something we look for-
ward to exploring is the anti-
dote to the fear of death. When
we stay in touch with that, we
are living, not just surviving.
health. We stopped living in or-
der not to die. What therapists
have long known—that physical
health cannot be separated
from mental or relational
health—soon became a visceral
truth felt by all.
Meaningful social connec-
tions are crucial, ever more so
town halls purely about rela-
tionships and mental health.
I saw the relief on peoples’
faces when working from
home is reframed as work-
ing with home and when
trust, boundaries, burnout
and flexibility are openly
discussed. The past 12
months have been defined
by reckonings—socially,
medically, institutionally
and, as I see it, empathically.
It gives me hope.
These reckonings require
us to invest in the core facets
of relational health: empathy,
dialogue, commitment, re-
sponsibility, the sharing of
power and resources. In
some ways, the most impor-
tant lesson I learned this
year is that cultivating mass
mutual reliance—networks of
relationships that lift every
boat by sharing stories, re-
sources and coping strate-
gies—is as important as de-
veloping herd immunity.
Frankl’s tragic optimism isn’t
just for the individual. As Jack
has written, “collective trauma
requires collective healing.”
That is something we are all
learning together.
Ms. Perel is a therapist,
GETTY IMAGES

My worrying has been as- response is anticipation and A year ago, when confronted in crisis. The pandemic didn’t speaker, author and host of the
suaged by being married to a curiosity. The protective re- with the unknown, our immedi- reveal that relationships mat- podcasts “How’s Work?” and
trauma expert, Jack Saul. He sponse is avoidance and an- ate focus was on physical ter; it just put it in sharper fo- “Where Should We Begin?”
 C4 | Saturday/Sunday, March 20 - 21, 2021 * *** THE WALL STREET JOURNAL.

REVIEW | WHAT I’VE LEARNED FROM THE PANDEMIC YEAR

The Hyper-Acceleration
Of the Life Sciences

BEN HASTY/MEDIANEWS GROUP/READING EAGLE/GETTY IMAGES

Developing a Covid vaccine in record time shows how
medical research can rev up to fight other diseases.

IN LESS THAN a year, vaccines at the FDA was shortened from

we went from Covid-19 one year on average to three weeks, pro-
patient zero to several viding yet another dimension of how time
effective, thoroughly was compressed.
tested vaccines. In my This hyper-acceleration of life-science
career as a physician- research is a welcome change, demon-
scientist, I have never strating the will and capacity to rev up
seen science and medi- when the stakes are enormously high.

ERIC
TOPOL
cal research move at
this pace. For 21 suc-
cessful vaccine devel-
opment programs in
the past decade, it took an average of
eight years, and that doesn’t even take
into account the many programs that
have gone on for decades but have failed
to produce a vaccine, including for HIV,
CMV, malaria, TB, Zika and Dengue fever.
For a broader sense of the
achievement with Covid
vaccines, consider that the Investment
average time in the life sci-
ences for translating re-
search into clinical practice fundamental
is 17 years. research
To respond to the pan-
demic with such remark- paid big
able velocity, the global bio- dividends at
medical research
community shifted its full
a time
attention to several key of dire need.
tasks: understanding the vi-
rus, its structural and cellu-
lar biology and mutations, and our im-
mune response to it; identifying and
testing repurposed drugs in clinical trials;
developing potent monoclonal antibodies
that could rapidly inactivate the virus;
and determining risk factors and best
practices in patient care that reduced
mortality and morbidity. And all of this
was concurrent with the vaccine pro-
grams proceeding in high gear.
The number of Covid-related research
publications posted on preprint servers
and in peer-review journals rapidly accu-
mulated to tens of thousands. The most
highly revered life-science journals short-
ened their review process from many
months to days. Regulatory review of
BRIAN STAUFFER
Now that we know what is achievable,
much of this experience could be used
to expedite the translation of other
post-pandemic research into medical
The Inequalities
care. We yearn for major advances in
the prevention of cancer, Alzheimer’s
disease and many other conditions that
Of American Work
take a huge toll in deaths and loss of Knowledge workers who could be productive
quality of life.
But one essential point deserves em- at home have had a far different experience from retail
phasis: The successful and restaurant employees and small-business owners.
mRNA vaccines that set
such a high bar of efficacy
in and safety so early in the I HAVEN’T BEEN out And it makes me a bit guilty to say
pandemic weren’t con- of the country in that—because for so many it really is a
ceived in 2020. The use of more than a year— struggle.
mRNA was pioneered in the the longest stretch I worry about the inequality of work
basic research of Katalin since I was 23. in the U.S., which the pandemic has re-
Karikó and Drew Weissman On March 4, 2020, vealed so starkly. Knowledge workers
at the University of Penn- I had a 10-day teach- like me who sit at home and remain pro-
sylvania three decades ago. ing stint planned at ductive are worlds apart from the reality
This investment in funda- Oxford and in Lon- of the waitress who is unemployed. I am
mental research paid big CONDOLEEZZA don. I didn’t go. And concerned about student learning loss,
dividends at a time of dire RICE I am more than fine particularly among the poorest kids. I
need. with it. I have don’t understand why opening schools
The success of the mRNA platform, learned that I never again want to travel was not deemed essential.
now in tens of millions of patients, also the way that I once did. In the depths of the pan-
provides new validation for potential ap- My professional stay-at- A restaurant demic, I found our national dia-
plications in cancer, autoimmune and home life is working out well. I server logue toxic, as elites scoffed at
neurodegenerative diseases. So there is became director of the Hoover at work in small-business owners who
no shortage of what science has brought Institution on Sept. 1, and I Wyomissing, fought to work: “Don’t you un-
to the fore, from rescuing us from the have only been in the building Pa., Feb. 26. derstand that lockdowns are
pandemic to offering new potential thera- once. Yet conferences and re- necessary?” Well, yes, but it is
peutic solutions for the big unmet medi- search activities continue remotely with easy to say that if you are working from
cal needs of the future. better attendance, since travel is no lon- home, your paycheck secure. I hated the
ger an obstacle. Virtual seminars and criticism of religious people who want to
Dr. Topol is a cardiologist and professor webinars are reaching people who would gather and worship, but I didn’t under-
of molecular medicine at the Scripps never have come to Palo Alto. We are stand why they wouldn’t wear a mask.
Research Institute in San Diego and the productive and efficient. But Stanford is We were all so judgmental and couldn’t
author, most recently, of “Deep Medicine: a ghost town—a university without stu- seem to walk in each other’s shoes.
How Artificial Intelligence Can Make dents feels weird. But just when I became despondent
Healthcare Human Again.” In my personal time, I have learned about our behavior, I saw a story about a
that remote strength training and Pilates teenager delivering food to an elderly
work just fine. So too do neighbor or a nurse deter-
piano lessons on Zoom. I mined to help a wife see her
spent last summer wres- In the husband one last time—on
tling the Chopin F Minor FaceTime. There were many
Ballade to the ground. My
depths of kindnesses to celebrate,
piano teacher retired and the large and small. These were
moved to Pennsylvania, pandemic, signs that we will be OK.
where we will continue to The last year has been
work together “virtually.” I I found unnerving and frustrating
would never have thought our national at times, revealing and af-
to do that before 2020. firming at others. We have
And golf is God’s gift to so- dialogue learned to take the unex-
cial distancing and a rea- toxic. pected in stride. Speaking
son to get outside. of unexpected, my Cleve-
Not all has gone well. I land Browns won a playoff
have attended Zoom funerals for four game this season. Maybe next year—God
people who I loved. I have celebrated willing—I can go and see them play.
Easter with the disembodied heads of

my family—and it looks as if I will again Dr. Rice is director of the Hoover

this year. I miss holidays with family and Institution at Stanford University and
friends. was U.S. secretary of state from 2005
Still, my pandemic life is pretty good. to 2009.

How Little The author and his

husband, Chasten

We Communicate Buttigieg (right), during

a Senate confirmation
hearing, Jan. 21.

With Words opposite challenge: faces

A FEW WEEKS AGO, I was in-
vited for the first time to a
meeting in the Oval Office. I
had always wondered what it
was like inside; but when the
time came to enter, I did so in
disembodied form, wheeled in
on a TV cart to join the meet-
ing by Zoom because I was in
PETE
quarantine at home after being
BUTTIGIEG
exposed to someone who had
tested positive for Covid-19.
It was one more strange re-
Will our minder of our now year-old
old ways pandemic reality. We are still
nowhere near a mature under-
of sensing standing of the lessons of this
one national experience, as it con-
another tinues to unfold in what we all
but no sounds. Cam-
paigning by Zoom for
2020 election candidates
the cruel persistence I supported, I came to
of inequities in depend on responses in
American health and the “chat” function to
well-being. reveal what used to be
Then there are detectable from a mur-
the more personal mur or a chuckle at an
things we have dis- in-person function.
covered. I’m among Ultimately, I learned
the Americans who how little of what we
have learned some have to tell each other is
surprising lessons communicated in words,
of telework: that a video meet- My husband Last fall, teaching at Notre even in word-heavy disciplines
ing can be less intimate than a Dame, I realized how depen- like politics and academia. As
phone call, that not commut- and I learned dent I had become on the sub- we contemplate returning to a
ing to work can be strangely the basic tle signals of faces rising and world without masks and con-
exhausting, and that having falling as I spoke. Masked and stant telework, will our capaci-
more time doesn’t mean get-
negotiations socially distanced, I would try ties to interact with each other
ting more done. of marriage all to figure out what my stu- be profoundly weakened, like
Meanwhile, my husband dents were telling me based unused muscles, and need to be
over again.
STEFANI REYNOLDS/POOL/GETTY IMAGES

hope is the beginning of the
be end. Yet some things are com-
enhanced ing into focus.
by the As a country, we have
learned some lessons the hard
new ones way: the importance of leader-
we have ship and clear public-health
guidance, the vulnerability of
had the workers we have belatedly
to evolve? come to call “essential,” and
Chasten and I learned the basic
negotiations of marriage all
over again, swapping the chal-
lenges of absence and constant
travel for the equal and oppo-
site challenge of being in each
other’s presence all the time.
Once we were within earshot at
all times, a short word or facial
expression became the equiva-
lent of a whole discussion, re-
placing the more straightfor-
ward text messages or phone
conversations once forced on us
by constant travel. Clumsily at
times, we have learned a new,
more finely tuned vocabulary
for talking to each other.
only on what they said out
loud—not nearly enough to
fully sense how they were re-
sponding to the course mate-
rial. I became an expert reader
of eyebrows, extrapolating
whole facial expressions like a
scholar reconstructing ancient
texts from a fragment.
In the evenings, it was the
retrained? Or will our old ways
of sensing one another be in-
tact and even enhanced by the
new ones we have been forced
to evolve? If all goes according
to plan, we will know the an-
swers soon enough.
Mr. Buttigieg is the U.S.
secretary of transportation.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 20 - 21, 2021 | C5

REVIEW | WHAT I’VE LEARNED FROM THE PANDEMIC YEAR

Tools to Avoid nancial meltdown and

ensure that credit could

A Meltdown and continue to flow to

households and busi-
nesses.
Today the situation is

Save Livelihoods much improved. A little

IN LATE FEBRUARY 2020,
I attended an overseas meet-
ing of the G-20 nations’ fi-
nance ministers and central
bank governors. At the time,
the U.S. was enjoying its lon-
gest economic expansion on
record, and though my Fed
colleagues and I had been
JEROME
monitoring Covid-19, we did
POWELL
not yet see it as likely to have
a major impact at home. But
With that weekend, it became clear
no way that the virus was spreading
quickly—and widely. I left with
to avert the conviction that its effect
a U.S. would not be confined to far-
downturn , away lands, as I had thought,
but would reach every part of
the Fed the globe.
had One week later, the Fed held
an emergency policy meeting
to act with one item on the agenda:
forcefully How could we help people get
to limit through what was going to be
more than half of the
initial job losses have
been regained. With the
realm of healthcare arrival of vaccines, the
providers and ex- outlook is brightening.
perts, and some The American people
asked what the na- have persevered
tion’s central bank through this difficult
could realistically time with determina-
do. But we con- tion, resilience and in-
cluded that we had genuity. We owe a debt
to act forcefully. of gratitude to our fel-
The danger to the U.S. econ- for the lowest paid workers. low citizens on the front lines
Some asked
omy was grave. The challenge Racial disparities in unemploy- of the response, from health
was to limit the severity and what the ment were narrowing, and care workers to vaccine re-
duration of the fallout to avoid many who had struggled for searchers, from those who
longer-run damage. nation’s years were finding jobs. But kept grocery stores open to
The ensuing downturn was central bank the new job losses were heavi- those who taught children at
unprecedented in speed, est among relatively low-paid kitchen tables.
breadth and intensity. Financial could workers, among whom minori- But the recovery is far from
markets seized up, including realistically do. ties and women are overrepre- complete, so at the Fed we will
the critical market for Trea- sented. Many smaller busi- continue to provide the econ-
sury securities, as global inves- nesses faced the possibility of omy with the support that it
tors began a headlong flight to lost in the Great Recession. permanent closure. needs for as long as it takes. I
cash. Large portions of the The pandemic inflicted a The scope of the crisis re- truly believe that we will
economy shut down, schools cruel and uneven toll on lives quired an all-in government emerge from this crisis stron-
closed and much of the coun- and livelihoods. It reversed the response. Congress provided ger and better, as we have
try retreated indoors. In two broadening gains of a decade its largest economic recovery done so often before.

JAMES YANG
a terribly difficult time? Ad- short months, the pandemic of expansion. With unemploy- package of the postwar era. At
damage. dressing a fast-moving global took 20 million American ment at a 50-year low, wages the Fed, we used all the tools Mr. Powell is Chairman of the
pandemic was mainly the jobs—more than double those had been moving up, especially at our disposal to prevent a fi- U.S. Federal Reserve.

‘Government
is the problem,’
once said
Moving at
President
Ronald Reagan,
seen here
in West Berlin,
‘Ventilator Speed’
June 1987. Converting an auto plant to build critically needed medical
equipment showed GM how fast it could get things done.

CRISES OFTEN bring ees were fully empowered. They knew

much-needed perspec-
tive and clarity to a
situation. They stress
test our agility, our re-
silience, our leader-
ship and our empathy.
As I have learned dur-
ing 40 years in the car
MARY industry, time would
BARRA not be our friend dur-
what to do and did it. My job was to give
them what they needed, then stay out of
their way.
Driven by a strong dedication to our
country, people in Kokomo raised their
hands to build ventilators, following in
the footsteps of the GM employees who
manufactured the vehicles and munitions
that would eventually win World War II
as part of the “arsenal of democracy.”

Good Government ing this deadly pan-

demic. The virus was unrelenting and
moving fast. To protect the lives and the
livelihoods of 155,000 employees, we had
Visiting with the team in Kokomo was
one of the most inspiring moments of
my career, as the first boxes covered
with handwritten messages left the fac-

Is the Only Solution to move even faster.

As we suspended vehicle
production in much of the With barriers
tory for hospitals in Chi-
cago. I thought of my fa-
ther, who worked for GM
world, the leadership team for 39 years. He would
In the pandemic, Ronald Reagan’s famous axiom looks and I stayed connected re-
removed, have been so proud of this
like a flattened tin shed after a hurricane. motely, in marathon ses- projects that team, who built 30,000
sions. Together, for hours, ventilators in just 154 days.
we looked at every expen-
took weeks Back in Detroit and
IF NEW VARIANTS dress rehearsal for all the depredations diture and every program could be done across our global facili-
can be tracked and as well as tragedies that the climate with clear eyes, as we took in days. ties, employees designed
isolated, and if lower- emergency could bring. We have had a the necessary steps to pre- and manufactured mil-
income nations can be taste of a planetary-scale disaster. We serve our liquidity. lions of pieces of personal
immunized at a much have been obliged to think globally, be We unanimously agreed that our protective equipment for healthcare
faster rate, we could scientifically cunning and spend money electric and self-driving vehicle initia- workers, first responders and schools,
be entering Covid-19’s prodigiously. Now we must do it all over tives were off limits. In fact, we needed again putting their agility and our man-
third act. A virus with again. Or subsist in climate lockdown to accelerate them. These once-in-a- ufacturing expertise to good use. They
an unwieldy 30,000 forever. century technological breakthroughs even volunteered their time to deliver
IAN base pairs was never Second, government. When Ronald will change the world and drive our them to local sites.
MCEWAN supposed to mutate Reagan said, “Government is not the so- company forward. One of the most important lessons
efficiently, but its lution to our problem; government is At the same time, we offered our help that I’ve taken away from the pandemic
teeming fraternity now extends beyond the problem,” he may have had inflation and resources—at cost—to address the is the limitless potential of our people
the mega-trillions, all randomly trying in mind. But his words have metamor- critical shortage of ventilators. I received when we set them free and remove bar-
their luck. It could yet upset our dreams phosed over two generations into an ax- a call from Ken Chenault, who was in- riers and bureaucracy. Projects that used
of escape. iom for the political right: The market volved with #StopTheSpread, and he to take weeks were completed in days.
If it doesn’t, a new can, government cannot. connected us with Ventec Life Systems. Today, we call this “ventilator speed,”
world lies ahead, beyond In the pandemic, that The challenge: To take Ventec, which and it’s now ingrained in our company.
all our reflections on suc- Covid is our axiom looks like a flat- was building about 200 to 300 ventila- The past year was challenging, but it
cesses and failures in tened tin shed after a tors a month, and scale it up to produc- reminded me of how privileged I am to
personal resilience, dress hurricane. The failure of ing 10,000 a month in a retooled GM lead such a dedicated, caring and resil-
yearning for family, rehearsal for the Trump administra- plant in Kokomo, Ind. ient team that will do what it
friends and for what tion to make an early Within two days, a team flew Workers build takes, in any crisis, to come to-
John Milton was cele-
the tragedies and decisive federal re- to Washington to 3-D scan Ven- ventilators gether for each other, our
brating in 1631 when he the climate sponse to the disease tec’s factory, while others at the GM neighbors and our company.
wrote, “Towered cities cost thousands of lives. quickly connected with suppli- plant in
please us then/ And the
emergency In the U.K. version, the ers to source the more than Kokomo, Ind., Ms. Barra is the chairman and
busy hum of men…” That could bring. administration of Boris 400 needed parts. Our employ- last April. CEO of General Motors.
new world is our future, Johnson reflexively
when the earth’s myriad turned to business and
cultures start humming again. We will spent billions, a lot of it uselessly and
be changed, but how exactly and what some of it with crony-ish abandon. Only
choice we have is a task for the imagi- slowly, after much prompting, did it
nation, where hope and prediction meet. discover well-established networks of
I’ve been holding on to two possibilities low-cost expertise embedded in local
ROLAND SCHEIDEMANN/PICTURE-ALLIANCE/DPA/ASSOCIATED PRESS

for lessons learned. government.

First, climate change. How familiar,
that a viral plague was often predicted,
that some governments made half-
hearted provisions but most did not. A
pandemic for modern times seemed
alarmist, a spillover from a disaster
movie. It ranked with a big meteorite
collision or an abrupt reversal of the
The pandemic holds up a mirror in
which these twin lessons blend. We see
our inequities starkly exposed—racial,
social, the failure to share opportunity.
Merging with that reflection are images
of floods, droughts and forest fires. I
hope our trial by virus has made us fit-
ter and prepared us for this next global
AJ MAST FOR GENERAL MOTORS

magnetic poles—theoretically possible challenge by schooling us in a simple

but hardly worth wasting precious bil-
lions on it.
Now, we are inside that movie, which
is also, after a year, a quotidian limita-
tion, a bore and, overwhelmingly, a fact
of life. Covid is our mass tutorial, our
proposition: Good government is the
only solution.
Mr. McEwan’s many novels include
“Amsterdam,” “Atonement”and, most
recently, “Machines Like Me.”
C6 | Saturday/Sunday, March 20 - 21, 2021 * *** THE WALL STREET JOURNAL.

REVIEW
BY MARK GERSON
Passover and their sleepiness so that they will

A
see the change and ask questions.”
fter hundreds of years In my own home, we throw marsh-

of slavery, it is the Is-
raelites’ final night in
Egypt. They are ready
to escape to freedom.
Their leader, Moses, imparts a final
piece of guidance, one that is also
to serve as a lasting edict: He in-
structs them to tell their children
about this Exodus from Egypt. But
there are many different ways to
tell a story, let alone one as rich,
complex and dynamic as the Exo-
dus. Moses didn’t offer precise in-
structions. So thousands of
years ago, Jews created a
book known as the Haggadah,
which means “telling.”
The Haggadah serves as
the script for the Passover Se-
der, the ritual meal that Jews
around the world will cele-
brate on the night of March
27. As much as any other
book, it has been responsible
for assuring the continuity of
Judaism. The Haggadah does
this “horizontally,” by creat-
ing an experience that every
Jew in the world shares at the
same time, as well as “verti-
cally” through history. If a
3rd-century Yemenite or an
18th-century Russian were to
walk into a Seder in Miami or
Tel Aviv today, they would
know exactly what was going
on and be able to participate.
If the Haggadah were just a
holiday manual or a dinner
program, it would have disap-
peared a long time ago. In-
stead, it offers a condensed
compilation of centuries of
wisdom—the Greatest Hits of
Jewish Thought. It is one of
the greatest guides ever writ-
ten for living a meaningful,
fulfilling and happy life.
Near the beginning of the
Seder, for instance, the Hag-
gadah declares: “All who are
hungry, let them come and
eat; all who are needy, let
them come and celebrate
Passover.” But why would we
issue an invitation when the
event has begun and everyone
is seated?
The answer is that the invi-
tation is addressed to those
already present to bring a
certain part of themselves.
The Hebrew word for “face” is
a plural, suggesting that each
of us has many faces, many
selves. The self being invited
to the Seder isn’t the confi-
dent one, which even occasionally
feels invulnerable. Rather, it is the
self who, as Deuteronomy says,
“does not live by bread alone” but
needs to alleviate its spiritual and
ethical hunger.
Because most Jews attend a Se-
der every year, it offers an occasion
to contemplate our younger selves.
We realize how different we are now
from who we were in the past and
The Power of
Jewish Continuity
Telling the story of the Exodus from Egypt allows
Jews to share a spiritual experience across time and space.
so is the most familiar food of the
holiday—the matzah. When a signif-
icant amount of salt is added to
yeast, the yeast doesn’t rise, and
the result is the flat, crackerlike
bread known as matzah. On the
night before Passover, Jews purge
their homes of bread and introduce
the matzah in its place. It is an op-
portunity to ask: What in my life do
I want to discard? What do I want
the best teaching tools in
the Haggadah is the Four
Questions, which point
out some of the differ-
ences between an ordi-
nary meal and the Seder:
for example, “On all other
nights we eat any vegeta-
bles. Why on this night do
we eat only bitter herbs?” The
Four Questions are traditionally re-
mallows to children who ask good
questions. Does a child like base-
ball? Put a pack of trading cards
under their plate. Is a child mis-
chievous? Whoopee cushions are
kosher for Passover!
Before long, the Seder arrives at
the ten plagues, which God used to
punish Pharaoh for continuing to
enslave the Israelites. The book of
Exodus says that the first two
plagues, blood and frogs, were “ev-
erywhere in Egypt.” But rather than
attempt to get rid of the
plagues, Pharaoh’s magicians
exacerbated them by creating
more blood and frogs. Why?
Because Jew-haters are often
willing to accept increased
suffering if it means inflicting
greater pain upon Jews. This
explains why Hitler used his
dwindling military resources
in late 1944 to round up and
kill the Jews of Hungary.
The Haggadah has enabled
the Jews to tell the story of
the Exodus to their children
for more than 100 genera-
tions because it isn’t simply
If the Haggadah
were just a
holiday manual
or a dinner
program,
it would have
disappeared
a long time ago.
meant to be read. Rather, the
Haggadah involves a combi-
nation of activities: listening,
speaking, being heard and re-
sponding anew. It is truly a
conversation, in which the
participants converse with
those at the same table, those
at Seders all over the world
and those who sat at Seders
in the distant past.
It is counterintuitive that a
conversation should guaran-
tee continuity. After all, par-
ticipants in a conversation
can’t know where it will end
up, let alone how it will
change them. Yet it is the un-
predictable vehicle of a con-
versation that has enabled the
endurance of the Passover
celebration. This is another
An illustrated herbs tonight! Tell me vital lesson from Passover: The se-
Haggadah more about the Exodus!” cret to stability is structured dyna-
made in Spain No, because generic in- mism. No wonder Jews celebrate
ca. 1320 struction does not in- Passover, the Festival of Freedom,
depicts spire. As King Solomon at an event called the Seder, which
Pharaoh and advised, each child must means “order.” That miraculous bal-
several of the be educated “according ance, curated by the Haggadah, has
ten plagues. to his way.” kept the Jewish people on the same
The Four Questions page generation after generation.
are in fact meant to invite children
to ask more questions of their own. This essay is adapted from
BRIDGEMAN IMAGES

acknowledge that our future self will
say the same about our current self.
We can create that future self with
the guidance of the Haggadah.
One of the mechanisms for doing
to preserve, and what do I want to
last forever—even after I am gone?
Thoughts about preservation
and permanence naturally lead to
the subject of education. One of
cited by a child and are intended
to arouse the curiosity of children.
Yet no child has ever leapt from
their chair, exclaiming, “Wow! I
can’t believe we are eating bitter
The 13th-century rabbi Zedekiah
ben Abraham noted that the Seder
plate should contain “toasted
grains, types of sweets and fruits to
entice the children and drive away
Mr. Gerson’s new book “The
Telling: How Judaism’s Essential
Book Reveals the Meaning of
Life,” published this month by
St. Martin’s Press.

The Joy of me about something a professor

said in another class. There is

In-Person Teaching
BY KATIE ROIPHE
SOMETHING EXOTIC HAPPENED to
me the other day. I got dressed in
heels and a midnight-blue silk shirt,
and left the house to go somewhere.
I was teaching my first in-person
class in nearly a year.
I am in an unfamiliar classroom,
because the university moved our
small seminar to a large sterile
room to allow for social distancing.
Instead of being around one big ta-
ble with coffee cups and granola bar
wrappers crinkling, we sit at desks
spaced at an unnatural distance.
Some of the details of our Covid-era
ambience might be objectively off-
putting: the masks, a giant tub of
unusually rubbery and unpleasant
hand sanitizer, a huge screen pro-
jecting one student over Zoom from
a pink room.
Yet I feel a little like I have
walked into the greatest party of
my life. I feel in an instant what is
lost over Zoom: the sense of being
together in the same space, working
natural. Conversation stirs. You
can feel people thinking.
Something mysterious happens.
It is physical. It is an energy you
can fake or aspire to but never ac-
tually have in a Zoom class. You
can cover your material. You can
make an interesting point. But the
feeling of a live class can never be
reproduced, and the effort of try-
ing or hoping for it exhausts you,
depresses you and diminishes you
in tiny but cumulative ways.
After a Zoom class I always
thought, “Now that wasn’t so ter-
rible.” I was too relieved at the
okayness, the perfectly adequate
effort at continuity, to fully allow
myself to investigate or inhabit the
lack. The feeling that Zoom is
“fine” entailed a surrender to the
barest bones of education, a terri-
time to elaborate
ble settling.
In the book we are discussing, “A
Room of One’s Own,” Virginia Woolf
writes of the “profound, subtle and
subterranean glow, which is the rich
yellow flame of rational intercourse.
right away and there aren’t any.
In class, I can But in the classroom, I can feel
feel when it is when it is time to push farther into
an idea. I can feel which students
have something to say. I have not un-
a point, derstood how much of teaching takes
place outside of words. I can feel
take a break, when it is time to elaborate a point,
switch modes. take a break, switch modes.
And then there are the unofficial
minutes—before and after class, dur-
something important in the hang-
ing around, the idle, casual, totally
random snippets of conversation.
While I am packing up my
books, I send one of my friends a
giddy text about how happy I am:
“It’s like a drug.”
I recognize my 11-year-old’s
elation on the first day back in
brick and mortar after dragging
weeks of remote school. The
crazy adrenaline of just regular
boring old school. The palpably
healthy feeling of watching kids
in backpacks stream into the
gates. After many remote months,
a teenager I know comes home
from school and tells her mother
about every minor interaction she
had with her teachers, because of
how luxurious all of this feels.
I am careful walking down the
stairs not to touch the railing. But
when I walk out onto the street, I
am overwhelmed with gratitude.
Never have I loved teaching the
way I love it in these cold, early
days of the semester. The universe
has accomplished this one thing
with its deranged plotting: It has
made the ordinary classroom glitter.
Ms. Roiphe is director of the
KOTRYNA ZUKAUSKAITE

something out.
How do you pin down the inde-
scribable energy in the room? We
are talking about Virginia Woolf. A
quiet student talks. The jumping in is
No need to hurry. No need to sparkle.
No need to be anybody but oneself.”
Pauses are important. They are
filled with information. They offer
up a mood. Is the class bored, dis-
couraged, confused? Are they off on
their own fruitful tangents in their
heads? I cannot feel that on screen.
Pauses are blank on screen, and be-
cause they are blank I fill them
ing break. A student who moved to
New York from somewhere warm
doesn’t yet have a proper winter
coat; another student talks about her
job in a grocery store. Another tells
Cultural Reporting and Criticism
Program at New York University
and the author, most recently, of
“The Power Notebooks” (Free
Press).
 BOOKS
Global Odyssey The Modern Angler
The mystery Two top writers
and majesty of on the enduring joys
bird migration C12 of fly fishing C11

READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 20 - 21, 2021 | C7

‘A Never-Ending Openness’
A perceptive biographer celebrates the painter Helen Frankenthaler—but also turns her into a feminine cliché
Fierce Poise
By Alexander Nemerov
Penguin Press, 269 pages, $28
BY JED PERL

T
HE ART HISTORIAN
Alexander Nemerov is a
seductive writer. While
his colleagues labor
over bulky manuscripts
weighed down with extensive foot-
notes, Mr. Nemerov, who teaches
at Stanford, approaches his chosen
subject, American art and culture from
the mid-19th to the mid-20th century,
with an essayist’s craft (and maybe
craftiness). He’s a great believer in
the curated fragment, the revelatory
glimpse. He likes to look closely at a
few select objects (often photographs)
and reveal their panoramic impli-
cations. Some of the books that he’s
written over the past 15 or so years
(“Wartime Kiss,” “Summoning Pearl
Harbor,” “Icons of Grief”) amount to
compact zeitgeist readings: “Wartime
Kiss” is subtitled “Visions of the Mo-
ment in the 1940s.” Now, in a book
about the painter Helen Frankenthaler,
he’s at it again, zeroing in on what he
describes as critical moments in her
life and career during the 1950s, when
she established herself as an artist.
I’m sympathetic to what Mr. Nemerov
TONY VACCARO/TONY VACCARO STUDIO

is doing. Why can’t the part stand in

for the whole? The danger is that we
make too much of too little. The details
may become portentous.
Mr. Nemerov begins in May 1950,
when Helen Frankenthaler was only 21
and a recent graduate of Bennington,
the progressive college in Vermont. We
first see her with a friend at Spring
Fantasia, an artists’ costume ball that MAKING A SPLASH Helen Frankenthaler in New York, 1960.
for a number of years was a popular
event among New York City’s down- The story of her wealthy and distin- Diane Arbus. When he wrote about born.” I don’t see why this is significant. becomes a problem. In a book this
town crowd. Save for a brief coda, Mr. guished Upper East Side Jewish family them a few years ago—in the book Mr. Nemerov describes one of the brief, some of the more personal mate-
Nemerov’s biographical study con- is woven in, here and there. Franken- “Silent Dialogues”—he confessed that stranger aspects of this biography—the rial suggests an understanding of the
cludes 10 years later, in January 1960, thaler was the youngest of three he had no memories of Arbus, who died decision to invariably refer to his sub- dramatis personae that Mr. Nemerov
with Frankenthaler receiving visitors at daughters; her father was a judge at 50 years ago, when he was 8. Never- ject by her first name—as “a token of hasn’t really earned. I’m not sure what
the opening of her first retrospective, the time of his death (Frankenthaler theless, he seemed to assume that being the proximity I feel.” I have no problem he gains by telling us—this comes from
mounted at New York’s Jewish Mu- was 11); her mother, glamorous but her nephew—and knowing that his Greenberg’s diaries—that the critic
seum, which for a time was a major troubled, committed suicide in 1954. father had grave reservations about “disliked the rounded tips of [Franken-
venue for shows of contemporary art In recent years it seems to have her work—gave his own writing an Frankenthaler’s signature thaler’s] ears, the two or three coarse
by Jewish and non-Jewish artists alike. become standard practice for biogra- authoritative hum. In the introduction hairs on her cheeks, the bunions on her
In between, Mr. Nemerov recounts the phers to insert themselves in the story. to his biography of Frankenthaler he paintings featured full- feet, the way her feet were set into her
development of Frankenthaler’s sig- Mr. Nemerov is no exception. Do book makes a similar roundabout claim, strength colors poured ankles.” Later, when Frankenthaler is
nature way of making a painting, by editors push writers in this direction? explaining that his father was one of attempting to make a home for Moth-
pouring, dripping, and sometimes Do they see it as a way of heating up Frankenthaler’s teachers at Bennington
onto unprimed canvas. erwell’s two daughters by a previous
brushing thinned oil paint onto lengths potentially chilly subject matter? Mr. in 1948-49, although, as he hastens marriage, Mr. Nemerov informs us that
of unprimed canvas placed on the stu- Nemerov may not have needed any to add, that was more than a decade the daughters “recognized that Helen’s
dio floor to create pools and sprays of persuading; he has often aimed to give before he was born. What some might with a biographer’s being on a first- maternal instincts generally ran cold.”
frequently full-strength color. He de- his writing a strong personal slant— regard as a non-connection positively name basis with his subject, at least This is meant to lead into a discussion
scribes her encounters with older art- a bit of essayistic pizzazz. He’s not vibrates for Mr. Nemerov, who observes some of the time. It may be a necessity of the way that the “formative experi-
ists, including Hans Hofmann and Jack- wrong to feel that his family back- that Frankenthaler’s “world and mine when intimate matters are involved. ences of childhood” helped to shape
son Pollock, and friendships with her ground gives him a privileged view of were so close that I was not surprised But when Mr. Nemerov is writing Frankenthaler’s own work. I worry
peers, especially Grace Hartigan. At the the mid-20th-century cultural milieu, to discover, doing research for this about the painter he’s writing about that Mr. Nemerov is on the lookout
beginning of the decade there’s a com- but I’m not sure that he knows what to book, that her first serious romantic Frankenthaler, not Helen, so the famil- for gotcha moments—in this case the
plicated affair with the critic Clement do with the experiences he’s had. His partner, Clement Greenberg, attended iarity feels untoward. The whole ques- childless woman who’s trying but
Greenberg and by the end she’s mar- father was the poet Howard Nemerov, a dinner party with my father in tion of proximity—of how close we are somehow failing to be a good mother.
ried to the painter Robert Motherwell. his father’s sister the photographer North Bennington the day after I was and what we can ever really know— Please turn to page C9

“an intellectual biography.” Uxorious viewed Said as a crusading hero for silver-tongued, American-accented and Edward Said was born in Jerusalem
Oriented breakfasts aside, Mr. Brennan is alto- “getting to the main stage with posi-
gether too true to the terms of his tions [on Israel] that only years before
clad not in a keffiyeh but in Savile
Row—supporters of Israel (says Mr.
in 1935, delivered at home by a Jewish
midwife and named after Edward, the

Toward project, and his commitment to an had been beyond the pale.” An Iranian
examination of Said’s brainy side is scholar likened him to Saladin, the
Brennan) saw him as a “malignant
charlatan” who had made criticism
Prince of Wales. He came to hate his
English name as an adult and wished
(for the most part) fulfilled at of Zionism disturbingly per- that he’d been given an Arab one. His
Controversy the expense of the human
dimension. Although his ac-
missible in polite company.
In truth—and this is
Christian Arab family was prosperous,
and his father—owner of the best sta-
count of Said’s early years said not in advance of a tionery business in Cairo—educated
Places of Mind: is rich with beguiling family punchline—many of Said’s him at elite boys’ schools in Jerusalem
A Life of Edward Said particulars, Mr. Brennan friends were Jewish, as were and, later, in the Egyptian capital.
By Timothy Brennan lays bare much too little his colleagues and mentors, Eventually he was sent to Mount
of his adult subject beyond notably Lionel Trilling at Hermon, a boarding school in rural
FSG, 437 pages, $35
his parsing and distillation Columbia. As an undergrad- Massachusetts. He didn’t find the mi-
of the scholarship Said pro- uate at Princeton, writes Mr.
The Selected Works of duced in prodigious quan- Brennan, his closest compan-
Edward Said, 1966-2006 tities. ions were mostly Jewish and ‘Orientalism’ took aim at
Edited by Moustafa Bayoumi Said’s writings ranged urban, “the children of store
and Andrew Rubin across a wider intellectual owners or professionals.” A
our entire understanding
Vintage, 602 pages, $18 span than that of most Amer- friend from that time does of post-colonial lands.
ican public intellectuals of recall, however, that Said His Palestinian advocacy
BY TUNKU VARADARAJAN the second half of the 20th would cross to the other side
century; and while he was, of the street “if an Orthodox was equally contentious.
NICHOLAS TURPIN/THE INDEPENDENT/SHUTTERSTOCK

T
HE SERENITY of Edward foremost, a professor of liter- Jew was walking towards
Said’s household routine ature at Columbia University, us.” The friend read this
in the last 20 years of his he also wrote about music, “as a symbolic protest, the lieu to his taste, having arrived there
life offered a conspicuous art, history and politics, es- indignation he felt toward (as Mr. Brennan puts it) from “a well-
contrast to the nonstop pecially the unjust treatment those in Palestine hurting appointed home in a world city.” In his
turbulence of his public persona. He (as he saw it) by Israel of the his people.” last year, Said felt slighted that he
lived on Manhattan’s Riverside Drive, Palestinians. For all his bril- Ironically, another sym- wasn’t named “salutatorian,” even
waking every day at 5:00 a.m., working liance, he was also a figure of bolic gesture—this time de- though his grade averages had been
for an hour, then making double constant controversy. The scribed by Said himself as identical to the all-American boy who
espressos for himself and Mariam, his worship and admiration that one “of joy”—would tarnish had the honor conferred on him. Mr.
wife. Said was the only family member he engendered on the literary his reputation nearly five de- Brennan writes that the young Arab
permitted to operate the expensive and political left, as well as in cades later. In 2000, while on took the “affront” as proof that “he
(and presumably temperamental) cof- non-Western academic cir- HE, SAID The author and professor of literature in 1993. a visit to Lebanon’s southern would remain a permanent outsider
fee maker, and the water had to be cles, was counterbalanced by border, he was photographed no matter what he did.”
Evian or Volvic. Caffeinated, he laid the hostility and loathing on the right, es- anti-Crusader warrior, adding that Said hurling a stone in the direction of a dis- Said’s father had escaped to the
table, squeezed orange juice and made pecially over his views on Western co- was the “source of our sanity in tant Israeli guardhouse. In the ensuing United States during World War I to
“an elaborate breakfast” for Mariam lonialism. These were expressed most despair.” Fulsome though this accolade storm of opprobrium, Columbia’s pro- avoid conscription into the Ottoman
before returning to his writing. memorably in “Orientalism” (1978), the seems, it is certainly true that Said vost came under fierce pressure to fire army. He acquired American citizenship
These sweetly incongruous domestic book by which he vaulted to celebrity. “almost single-handedly”—in Mr. Bren- him. Said survived, but Mr. Brennan by enlisting in the U.S. Army instead,
details are culled from Timothy Bren- As Mr. Brennan—a professor of nan’s words—“made the Zionist stance tells us that he went into a prolonged returning to Jerusalem (with a taste for
nan’s “Places of Mind: A Life of Edward humanities at the University of Minne- no longer sacrosanct.” If Palestinians depression, feeling that he had been scrambled eggs, pancakes and maple
Said,” described by the author as sota—writes, many Middle Easterners had in him an urbane spokesman— unjustly maligned. Please turn to page C8
C8 | Saturday/Sunday, March 20 - 21, 2021 * *** THE WALL STREET JOURNAL.

BOOKS
‘Justice without mercy is cruelty, mercy without justice goes to waste.’ —T H O M A S AQ U I N A S

FIVE BEST ON JUSTICE

Philippe Sands
The author, most recently, of ‘The Ratline: The Exalted Life and Mysterious Death of a Nazi Fugitive’

My Traitor’s Heart
By Rian Malan (1990)

1
This powerful account of race
and racism is set in apartheid-
era South Africa. It takes the
form of a memoir, one that
is fearsomely honest and engaging,
in recounting how fear begets
violence. “I ran away because I
hated Afrikaners and loved blacks,”
Rian Malan writes to explain his
flight to America, and “I ran away
because I was an Afrikaner and
feared blacks.” He eventually
returns to South Africa, resumes
his life as a journalist, and writes—
about his family, politics, history
and, ultimately, justice. The prose
is spare and brutal, as Mr. Malan
engages with the politics of identity
and with tales and anecdotes that
range from big politics to his
elderly neighbor—who, he writes,
“announced that she needed new
glasses because she could no
longer tell blacks from whites at
a distance. She had caught herself
waving to blacks on the street,
and that would never do.”
BETTMANN ARCHIVE/GETTY IMAGES

The Faces of Justice

By Sybille Bedford (1961)

2
“The first moments inside
a Court of Law are like the
first moments at a play—
the eye notes the scene, SLEGS BLANKES A South African park in 1970.
sound begins to reach the ear,
then words. Sense converges later.” The Trial and guilt subsists in an existence effective than in the unlikely to pack a lifetime of belongings as
Sybille Bedford, a highly regarded By Franz Kafka (1925) free from things like charges or but remarkable encounter with she and every other black resident

3
novelist, produced an even more evidence or judgment. There is Gadhafi’s son, who offers of the Chagos Archipelago is
impressive body of nonfiction. “Somebody must have made no trial in “The Trial.” The reader assistance, but only at a price. removed from their home. It is
“The Faces of Justice” follows in a false accusation against is left, at each turn, trying to work “Seif looked at me and with an 1965, and the British colony is
the tradition of writers who cap- Joseph K., for he was out what is happening. impatient tone said, ‘What do you being “closed” for a new U.S.
tured the essence of the Nuremberg arrested one morning want if he is dead?’ . . . ‘We want military base. There is, in this tale,
trials—Janet Flanner, Martha Gell- without having done anything to know when, where and how it a disconnect between the gentle
horn, Rebecca West. But Bedford’s wrong.” The opening line of “The The Return happened,’ I said. ‘We want the tone of the prose and the harsh
reporting is distinguished for its Trial,” cobbled together by Franz By Hisham Matar (2016) body in order to bury it in our background facts, which concern

4
concern with the mundanities of Kafka’s friend Max Brod after the own way, so we can have our a people’s enforced separation
justice handed down by the lower author’s death, is as legendary as The future novelist is 20 funeral, and then we want from home and roots, and all its
courts. She makes visits across it is a puzzle. It has led readers years old when his father, accountability.’ ” The evocation ensuing pain. “One day,” we read,
Europe, observes disputes about down many paths, among them a Libyan diplomat, is of mood induces the sense that “your heart catches a cold, and
process and evidence, documents the belief that the novel is about abducted by the Gadhafi you are there, listening in, ready you don’t have enough strength
the interplay between lawyers the rule of law and fair process. regime. The two never see each to intervene. to bring it back to life. It slowly,
and judges, the mendacities of An unlikely conclusion, considering other again, but the son is haunted steadily dies out.” The author’s
witnesses and defendants, and the that Kafka saw his legal studies as by a need to learn the precise afterword records that the
little ways in which societies vary “an intellectual diet of sawdust” details of the fate that befell his Silence of the Chagos International Court of Justice at
in their ways of dispensing justice. and viewed the formalities of father. This memoir of the son’s By Shenaz Patel The Hague recently ruled that
Bedford’s writing is at once spartan law as objects worthy of ridicule. search is wholly gripping thanks (trans. by Jeffrey Zuckerman, 2019) Chagos belongs to Mauritius,

5
and vivid, devoid of emotion. She “The Trial” is far more reasonably largely to Hisham Matar’s that the forcible removal of 2,000
lays bare the ways in which the seen as an exploration of guilt and extraordinary capacity to transmit Charlesia, the central Chagossians was unlawful, and
most ordinary things in life—a imagination and their effect on a sense of intimacy, which carries character in “Silence of the that the “battle has not yet
stolen box of apples, for example— memory and truth. In Joseph K.’s the reader along with him on his Chagos,” is an inhabitant of been won.” There is hope in
represent the human condition. unlikely situation, innocence is guilt, journey. Nowhere is this more Diego Garcia, given an hour this captivating novel.

And yet, there were many more aca- The pyrotechnics of Said’s polemical sic. Said regarded the opera as an Ori- In a most astute observation—one of
The World, demic criticisms of Said than there
were ad hominem blows. In a memora-
writings—on politics, Islam, Zionism
versus “Palestinianism” (his coinage)—
entalist project and wrote that it “em-
bodies, as it was intended to do, the
many in his intense and rewarding
book—Mr. Brennan may have hit upon

The Text & ble assault on Said in the pages of the

Edward Said
Continued from page C7
syrup) when the war was over. Al-
though Said was an American citizen
at birth, he believed that “to be both
American and from the Old World”
was—in Mr. Brennan’s words—“per-
haps possible only in New York.” And
so, after securing a position on the
English faculty at Columbia University
in 1963, he never lived anywhere else.
An elitist intellectual, he didn’t care
overly for ordinary Americans, pitying
those who were (as he put it)
“marooned in Brooklyn, their daughters
New York Review of Books in 1982,
Bernard Lewis, the pre-eminent mod-
ern Anglophone historian of the Middle
East, trained his venerable guns on
“Orientalism.” The book had trans-
formed the world of Middle Eastern
studies—whose practitioners were
known as Orientalists—into an arena of
ferment and revolt against traditional-
ists like Lewis, a professor at Princeton.
It was an indictment of British and
French scholarship, which, Said argued,
had captured and colonized Middle
Eastern culture much as the colonial
armies had subjugated Middle Eastern
people and lands. Said’s broader con-
tention—that colonized people had
been imprisoned by an imperial dis-
course—electrified faculties of history
FRANCIS TSANG/GETTY IMAGES
has had the effect of distracting us
from his work on English literature and
Western classical music. His earliest
scholarship was on Joseph Conrad, and
he has written beautifully, if conten-
tiously, on Jonathan Swift, W.B. Yeats
and Jane Austen. This being Said, the
authority of Europe’s version of Egypt.”
Some of these writings can be
found, meticulously edited and ex-
cerpted, in “The Selected Works of
Edward Said, 1966-2006” (which
includes writing published after his
death from leukemia in 2003, at 67).
the reason why Said touches a raw
nerve with Zionists. “He was like a
photonegative of his Jewish counter-
parts,” writes Mr. Brennan. The twin
themes they dwelt on—exile and the im-
migrant experience—were Said’s story
too, “but from a very different angle.”
Said fought his own side as doggedly
as he did those who sought to punch
back at him for his pro-Palestinian ad-
vocacy. He had a tense and complex re-
lationship with Yasir Arafat, chairman
of the Palestine Liberation Organization.
Said was for many years a member
of the Palestine National Council, the
Palestinian parliament in exile, but was
stubbornly detached from PLO group-
think. Said’s position, Mr. Brennan
writes, had been “heretical for much
of his career, recognizing the state of

overdressed, gum-chewing, squeaky-
voiced bobby-soxers.”
It has been said of Said, and not
always flatteringly, that he was—as
Mr. Brennan puts it—“an improviser,
experimenter, and self-inventor.” His
family’s constant relocations had some-
thing to do with this, for sure; and this
peripatetic life, writes Mr. Brennan,
served as fodder for “malicious arti-
cles” in which Said was alleged to have
mythologized his origins to make him
appear more authentically Palestinian,
thus better suited to champion the
Palestinian cause. The most bare-
knuckle instance was a piece in Com-
mentary magazine titled “ ‘My Beauti-
ful Old House’ and Other Fabrications
by Edward Said,” published in 1999,
which asserted that Said’s links with
Jerusalem were altogether tenuous.
Said saw all such attacks as political
defamation. “If the major tribune of the
Palestinians had lied about his roots,”
writes Mr. Brennan of the articles’ im-
plications, “then all Palestinian claims
must be fraudulent.”
and literature across the world. So
much so that he is widely hailed as the
patron-saint of “postcolonial studies.”
(The malign modern strictures against
“cultural appropriation” can also be
traced back to “Orientalism.”)
Lewis accused Said of polluting the
term Orientalist “beyond salvation,”
while also questioning his slipshod
approach to the academic sources and
scholarship that Said sought to deni-
grate in his book. He even accused Said
of “neglect—or perhaps ignorance—
of Arab scholarship.” Lewis’s brutal
review led to a lengthy riposte from
Said, published in the same periodical,
in which he mocks Lewis for the “four
years of gestation he needed” to write
his response to “Orientalism” and ac-
cuses him of “breathtakingly bad faith.”
The New York Review of Books gave
Lewis the last word, and this vitriolic
back-and-forth might be described—in
jest, yes, but also as a way of conveying
the intensity of the combat between
two proud men—as the Ali vs. Foreman
of the Orientalist world.
ORIENTALIST Said touches a raw nerve with Zionists because their
themes are his themes, but from the opposing point of view.
theme of empire is almost omnipres-
ent. In “Jane Austen and Empire”—
published in his “Culture and Imperial-
ism” (1993), a collection of essays—
Said dwells on how the island of
Antigua is missing from Austen’s
“moral geography” in “Mansfield Park,”
whose eponymous estate is paid for
by the profits from Caribbean slavery.
In “The Imperial Spectacle,” an essay
on the opera “Aida” published in 1987
in Grand Street magazine, Said argues
that the Verdi opera—and the Cairo
opera house that was constructed to
showcase it—were a significant part of
Europe’s imperial assertiveness in
Egypt. “Aida” wasn’t just about the mu-
Edited by Moustafa Bayoumi and
Andrew Rubin, both professors of liter-
ature, the first edition was published
in 2000 as “The Edward Said Reader,”
a somewhat sententious title that the
editors have done well to discard.
The book is valuable because it
skews in a literary direction, drawing
readers away from some of the more
conventionally celebrated Said fare. But
however seductive we may find his aes-
thetic side—Said was a gifted pianist
who forged a friendship with Daniel
Barenboim—we cannot grasp Said
the man without placing at center
stage his adamant and passionate com-
mitment to the Palestinian question.
Israel before others in his own camp,
stressing the sufferings of the Jewish
people, not only those of his own, and
insisting on mutual recognition.”
Said had been conciliatory to Israel
well before the PLO came to be so; and
yet, by the time of the Oslo Accords in
1993—delivering peace between Israel
and the PLO on the South Lawn of the
White House—he had become hostile
to conciliation. Oslo, he believed, codi-
fied Palestinian capitulation and served
only to keep a corrupt PLO in power.
He compared the new Palestinian
Authority to the Vichy regime and
likened the Palestinian-administered
territory to a Bantustan. His sarcasm
was merciless. Arafat would hit back
at Said, banning his books in the West
Bank and Gaza. All of his books, it
should be said, are available in Israel.
Mr. Varadarajan, a Journal
contributor, is a fellow at the
American Enterprise Institute
and at NYU Law School’s
Classical Liberal Institute.
THE WALL STREET JOURNAL.
‘Why should I let the toad “work” / Squat on my life? / Can’t I use my wit as a pitchfork / And drive the brute off?’
By the Sweat of Our Brows
Work: A Deep History, From the
Stone Age to the Age of Robots
By James Suzman
Penguin Press, 444 pages, $30
BY ADAM KUPER
J
AMES SUZMAN did his doctoral
research on the Ju/’hoansi
“Bushmen” of Namibia. He has kept
in touch with them over the past
25 years and written reports on
the plight of minority peoples in the region.
He also had a stint in the corporate world,
as global head of public affairs for the mining
giant De Beers. So, an anthropologist, a busi-
ness executive and now director of a think
tank, Anthropos Ltd.: Mr. Suzman is well
placed to reflect on what makes the lot of
hunter-gatherers so different from that of
early farmers, let alone workers, managers
and entrepreneurs in modern industrial
societies. In “Work: A Deep History, From the
Stone Age to the Age of Robots,” Mr. Suzman
picks away at the very different ideas that
people, then and now, have about the place
of work in their lives.
The book opens with a telling vignette.
On a spring Sunday afternoon, a missionary
addresses a couple of hundred Ju/’hoansi who
are waiting for food handouts. His sermon is
about the Sabbath. To honor the example of
God, the missionary explains, we should work
for six days, and rest on the seventh. This is
a hard sell in that desolate relief camp.
The Bushmen know something about work.
They once lived off the fat of the land, but
since the 1920s they have lost their hunting
and gathering ranges to white farmers and
African herders. For a generation they were
employed as farm laborers. More recently
they were replaced by agricultural machines.
They’re unlikely to be easily persuaded that
work is uplifting, profitable or even sustaining.
Old-timers remember tales of a less arduous
way of life, with plenty of leisure for music,
dance and family life.
For anyone who read Mr. Suzman’s 2017
book “Affluence Without Abundance,” this
material might be familiar. But to understand
what he’s up to in this volume, it’s worth
taking a moment to review.
In the 1950s and 1960s, it was still possible
to study Kalahari Bushmen groups that lived
largely by foraging. A retired American
engineer, Laurence Marshall, who participated
in the development of radar and pioneered
the microwave oven, made eight expeditions
with his family to remote Ju/’hoan commu-
nities in Namibia. His wife, Lorna, and his
daughter, Elizabeth, carried out ethnographic
studies. His son, John, made a classic film of
Bushman hunters. Their research documented
an extraordinary ethic of egalitarianism and
sharing. Bushman bands had no permanent
leaders. People moved in and out of the local
band as it suited them. But it was imperative
to get along with the neighbors. “The worst
thing is not giving presents,” one informant
told Lorna Marshall. “We give to one another
always. We give what we have. This is the
way we live together.”
In 1963 a Harvard doctoral student,
Richard Lee, was dispatched to find out how
Ju/’hoansi supported themselves by hunting
and gathering in the inhospitable Kalahari
Desert, in what is now Botswana. He found
A Woman
Artist in
Ascendance
Continued from page C7
The immediacy of a child’s experi-
ence is among the themes that Mr.
Nemerov embraces as he works to
describe and define Frankenthaler’s
achievement. She doesn’t make it easy.
For Frankenthaler the confrontation
with the canvas involved spontaneous
discovery, a pictorial intuition she may
have believed was so deep as to elude
definition. Her splashes, flashes, and
expanses of color are meant as talis-
mans. Meaning is the pot of gold at the
end of the rainbow. I can’t see that Mr.
Nemerov sheds much light on the work
of this painter who had little or no
interest in preparatory processes or de-
finable structures and symbols. The
best he can offer are on-the-one-hand,
on-the-other-hand formulations. One
painting with “bursts [that] resemble
childlike splotches . . . is actually a
deeply considered picture.” Another is
“arrestingly intimate and grandly de-
clarative,” with a passage suggesting
“the graffiti of a schoolgirl’s private
confession” and also conveying “a bold
strapping air of titanic achievement.”
Mr. Nemerov writes that “Helen knew
how to take a picture right up to the
edge of legibility, to leave it just on the
verge of literalism and then how to
draw it back, letting the emblems re-
treat into their groves, away from
meaning, away from philosophy, away
from all explanation, until we have a
* * * * Saturday/Sunday, March 20 - 21, 2021 | C9
BOOKS
—PH ILIP LARK IN
OLEKSANDR RUPETA/NURPHOTO/GETTY IMAGES
that they managed remarkably well. Their diet more so that they would work all hours in squeezed into smaller and smaller and less
was varied and nutritious. Life expectancy at order to consume a glut of tacky goods and hospitable enclaves. Then came the industrial
birth among the Ju/’hoansi was 36; if a person keep the machines turning. That was not the revolution with its teeming shantytowns,
was still alive at 15, he or she could expect to Ju/’hoansi way. Hunter-gatherers prized breeding grounds of people and epidemics,
survive beyond 60. This was probably as good leisure. They had no inclination to pile up and its factories polluting the atmosphere.
as it got in Europe until the 18th century. belongings, because they were often on the There are now nearly 8 billion people on
And the Ju/’hoansi enjoyed a lot of leisure. move. And they genuinely did not want to be earth, and we have entered a postindustrial
Economically active adults put in about seen to be doing better than their neighbors. age. Robots may be on the brink of taking
17 hours a week gathering wild plants and over from many human workers.
hunting, plus about 20 hours on cooking, Mr. Suzman points to the fate of the Ju/
mchild care and making and maintaining Hunter-gatherers studied ’hoansi as a cautionary tale for the times.
shelters and tools. This was less than half And he notes that Benjamin Franklin once
the time that the average American adult
in 1963 spent about 37 hours adduced a pertinent moral. Native Americans,
spent each week commuting, doing their on work, cooking and child care Franklin observed, were thoroughly puzzled
jobs and managing their households. —half the time an American by the Puritan work ethic. “Our laborious
Like the Marshalls, Lee described an ethic manner of life, compared with theirs, they
of sharing and egalitarianism. One Ju/’hoan adult spent on equivalent tasks. esteem slavish and base,” he wrote. American
man told him: “When a young man kills much Indians recognized that colonists had “infinite
meat, he comes to think of himself as a chief Artificial wants, no less craving than those
or a big man, and he thinks of the rest of us as James Suzman entered the field of of Nature . . . much more difficult to satisfy.”
his servants or inferiors. We can’t accept this. Bushmen studies after the hunter-gatherer In contrast, the Indians themselves had
So we always speak of his meat as worthless. way of life had come to an end in most parts “few wants” and they satisfied these by
This way we cool his heart and make him of the world. His 2017 book charted the “the spontaneous productions of nature,
gentle.” In any case, the real owner of a kill passing of the old ways and described the with the addition of very little labour, if
is reckoned not to be the hunter but rather present-day Ju/’hoansi reality: a dependent, hunting and fishing may indeed be called
a person who lent him some arrows. Savvy sedentary existence in resettlement camps. labour when Game is so plenty.” What is
hunters go out of their way to borrow arrows, In “Work” Mr. Suzman takes the long view, more, Native Americans enjoyed “abundance
Lee explained, “so that they could avoid the plotting the transition from the feeding of leisure.” Franklin, the man who coined
burden of having to distribute the meat.” frenzies of our simian ancestors to the the phrase “time is money,” then reflected:
Lee’s findings were backed up by eth- sufficient-unto-the-day political economy “If every Man and Woman would work four
nographers who studied hunter-gatherers of hunter-gatherers that kept going for 95% Hours each Day on something useful, that
in East Africa, Australia, Amazonia and the of the history of Homo sapiens. Labour would produce sufficient to procure
Arctic. Marshall Sahlins, an economic anthro- By the time human beings began to all the Necessaries and Comforts of Life.”
pologist, memorably described the takeaway: cultivate plants and domesticate animals, Mr. Suzman adds that currently more than
The Ju/’hoansi represented the “original roughly 10,000 years ago, the global human half a million Chinese citizens die each year
affluent society.” This was an ironic tribute population was around 4 million. Then from overwork.
to John Kenneth Galbraith’s account of the history sped up. Agriculturalists and
United States in the ’60s. Denizens of what pastoralists flourished and spread across Mr. Kuper, a specialist on the ethnography
Galbraith called the “affluent society” had to the world. Around 1800, the world population of Southern Africa, has written widely on
be persuaded by advertisers to want more and reached 1 billion. Hunter-gatherers were the history and theory of anthropology.
subtle feeling of experience, hers and— taking an interest in the book, I found myself
ultimately—ours as we encounter this
never-ending openness.” He labors
downtown New York art
world in the years after
wondering whether Mr.
Nemerov would be on a
mightily to demonstrate that these
paintings are something more than Ror-
World War II. The ques-
tion is what we are
first-name basis with
his subject if the artist
schach tests. “Every mark on the sur- to make of this main- were a man. (In his
WALTER SANDERS/THE LIFE PICTURE COLLECTION/GETTY IMAGES
face,” he writes, was “deeply personal streaming of the avant- recent book about the
and vastly public at the same time.” garde, a process that had photographer Lewis
“Vastly public” is a strange turn of begun a hundred years Hine he refers to him as
phrase, but also a revealing one coming earlier, when the growth “Hine.”) It seems that
from Mr. Nemerov, who is fascinated of literacy and the explo- several generations af-
by the ambience and atmospherics of sion of urban life made ter Frankenthaler and
particular times and places. The drama it possible for the work some of her friends,
of mid-20th-century New York is very of creative spirits to including Hartigan and
much a part of what he wants to reach larger and larger Mitchell, fought for
explore in this biography, which is sub- audiences. acceptance in a world
“Of course, these pho- dominated by men
tographs were pieces of they’re still being ghet-
Thepainterdepictedhereis marketing,” Mr. Nemerov toized—now as separate
writes of the 1957 photo but equal, which isn’t
both an inspired innocent shoot. “Life’s adoration equal at all. A solid
and a savvy self-marketer, was clear enough: Helen GIRL BEFORE A MIRROR Helen Frankenthaler at the Spring biography of Mitchell,
her every move ‘deeply is young, attractive, go- Fantasia artists’ ball, held at the Astor Hotel in New York, 1950. published a decade ago,
ing places, and in the carried the mortifying
personal and vastly public.’ business of selling—not the clothes she describes as “the prevailing ways of subtitle “Lady Painter.” A more recent
wears but the art she makes.” There is seeing art over the past fifty years,” book, the widely acclaimed “Ninth
truth to this, but to devote three or four when “our culture has become terribly Street Women”—featuring Frankentha-
titled “Helen Frankenthaler and 1950s pages to a Life magazine article in a skeptical of romantic art such as hers.” ler, Mitchell, Hartigan, Lee Krasner and
New York.” Two key moments in Mr. book of barely 200 pages leaves me What culture is he talking about? There Elaine de Kooning—forces artists of
Nemerov’s book are shaped by Life wondering if Mr. Nemerov is writing has been no time in the past 60 years significantly different gifts, sensibilities
magazine photographs, which he re- about Helen Frankenthaler or 1950s when Frankenthaler hasn’t been taken and ambitions into a one-size-fits-all
gards as having significant evidentiary New York, about the evolution of ab- seriously by many discriminating artists category. I wonder how Frankenthaler
value. The first is of Frankenthaler and stract painting or the place of abstract and museumgoers. would have reacted to the title of Mr.
a friend at that Spring Fantasia artists’ painting in popular culture. He would Mr. Nemerov relates his growing Nemerov’s book: “Fierce Poise.” What
ball in 1950, where Frankenthaler came probably say that he’s doing a bit of enthusiasm for Frankenthaler’s work to is the point of this jazzed-up finishing-
in a costume modeled on Picasso’s both. Maybe so. I think his focus wob- his discovery that “joy was itself seri- school phrase? When did anybody refer
“Girl Before a Mirror,” a painting in the bles. He sets out to write the biography ous, that prettiness had its edges, and to a man’s poise, fierce or otherwise?
collection of the Museum of Modern of an artist and ends up with something that guilt, anger, and indignation were
Art. The second is one of a series of more like the portrait of a careerist. not the only games in town.” He ob- Mr. Perl’s new book, “Authority and
photographs that Gordon Parks made He risks confusing painting culture serves that having children of his own Freedom: A Defense of the Arts,” will
to illustrate the 1957 article “Women with pop culture. That would be a grave made him realize “for the first time be published next winter. Among his
Artists in Ascendance,” which featured misunderstanding of Frankenthaler’s that life is precious.” Doesn’t he realize many books are “Paris Without End,”
Frankenthaler and some of her friends, work—and her world. In his introduc- that even as he prepares to salute Fran- “New Art City,” “Magicians and Char-
among them Hartigan and Joan Mitch- tion, Mr. Nemerov argues that Franken- kenthaler as a painter he’s turning her latans” and a two-volume biography
ell. There is no doubt that Life was thaler was out of step with what he into a feminine cliché? Reading this of the sculptor Alexander Calder.
C10 | Saturday/Sunday, March 20 - 21, 2021 * *** THE WALL STREET JOURNAL.

BOOKS
‘The art of losing isn’t hard to master; / so many things seem filled with the intent / to be lost that their loss is no disaster.’ —ELIZABETH BISHOP

Past Imperfect
MYSTERIES
TOM NOLAN

The Art of Losing neighborhood, across from an

How
By Alice Zeniter
FSG, 434 pages, $28
ice-cream parlor, Naïma has no
idea that she stands steps from
where her grandfather stood 60
To Ruin
BY LIESL SCHILLINGER years before, admiring the “gilded A Honeymoon

H
youths” behind the cafe’s plate-
OW MUCH DO glass window, in “linen trousers,
most of us know knee-length skirts, striped PETER SWANSON specializes
about the Algerian sweatshirts, hatless heads,” day- in writing mesmerizing thrillers
War, the bloody dreaming that his eldest son, that subvert readers’ expecta-
conflict that raged Hamid, might grow up to be one tions. The author works his
between the French army and of them. He had come to Bab El particular magic once again
the Algerian Front de Libération Oued to look for an apartment, to with “Every Vow You Break”
Nationale (FLN) between 1954 and escape the mounting tensions of (Morrow, 308 pages, $27.99),
1962, ending more than 130 years his village. But as he watched, the in which a young woman faces
of French colonial rule? The war cafe’s windows blew out, “shat- a tricky dilemma: Should she
has cast a long shadow, but clarity tered by a spectacular explosion.” tell her fiancé, a wealthy investor, about the
has been slow in coming. In Seeing a boy emerge from the one-night dalliance she allowed herself
France, it wasn’t officially called wreckage, “spattered with vanilla during the West Coast bachelorette weekend
a war until 1999; it was labeled ice cream and blood,” Ali fled in he paid for? Or should she keep it a secret
an “operation of public order.” terror and drove back to his and trust he’ll never find out?
Sixty years on, its secrets are village. Six years later he would Bride-to-be Abigail Baskin—the child of
still emerging. Only this month, return to Algiers with his family parents who ran a regional theater—opts for
French President Emmanuel Ma- and board the boat that would secrecy and a hoped-for happy ending. But
cron confirmed that a well-known take them to France, leaving the during the subsequent wedding and honey-
Algerian nationalist lawyer had home where he no longer be- moon, she is unnerved by a sense of unreality,
not committed suicide in 1957, longed for a place he would a feeling that both she and her new husband,
but had in fact been tortured and remain an outsider. Bruce, are somehow imposters: “Who was this
killed by French soldiers. Ms. Zeniter’s extraordinary rich, attentive man? And who was she, that she
Since 1966, the easiest point of achievement is to transform a was marrying him?” Their honeymoon site—
entry to understanding the cru- complicated conflict into a com- a technology-free lodge on
elty of the Algerian War has been pelling family chronicle, rich in THIS WEEK an island off the coast of
Gillo Pontecorvo’s neo-realist film visual detail and lustrous in Maine—displays its own
ALAMY

“The Battle of Algiers,” which
viscerally portrayed the atrocities
of that conflict, atrocities commit-
ted by both French soldiers and
FLN rebels, who targeted not only
the army but also political ene-
mies, including Algerians they
judged sympathetic to the French
cause, whom they called “Harkis.”
While that film preserved one
chapter of the struggle, it did not
convey its wider span, and could
not show its aftermath. Recently,
nonfiction books have begun
appearing that unearth the war’s
buried secrets. But with her novel
“The Art of Losing,” the young
French writer Alice Zeniter has
used fiction to demystify the
war, its evolution and its fallout
through an enthralling saga of
three generations of a family from
Algeria’s mountainous Kabylia
region who left the country in
1962 and moved to France.
Ms. Zeniter begins her story in
the present, with Naïma, a young
woman who works at a Parisian
art gallery that specializes in
the “non-aligned aesthetics” of
decolonizing countries. Naïma’s
mother, Clarisse, is French; her
father, Hamid, is Kabyle. Two of
her sisters are blond like their
mother; Naïma, with black hair
and dark eyes like her father,
looks “like a portrait of her
mother painted with all the wrong
colors.” For years, she has tried
to be seen as “Europeanized,
modern; in a word, reassuring;
MOUNTAIN TOWN Traditional houses in Tizi Ouzou, Algeria.
in other words, as un-Arabic as almost nothing about her Algerian
possible.” Naïma and her millen- roots until her late 20s. The idea
nial sensibility frame the novel’s that the family’s past affects her
central subject: the untold story present “seems absurd” to Naïma.
of her grandfather and her father, But as a series of Islamist attacks
which unfolds chronologically and strikes France and Belgium, she
organically, first in Algeria, then begins to appreciate that history’s
in France. She knows that both voice is never fully silenced.
In the spring of 2016, Naïma
plans a trip to Algeria. Her jour-
In a novel of an ney is not motivated by passion
to rebuild ancestral ties: Her gal-
Algerian family’s lery is sending her to Algeria to
silences, a young track down the lost drawings of
woman learns history a famous Kabyle painter named
Lalla, for an upcoming show. She
won’t keep quiet. isn’t eager to go: “What if it’s
dangerous?” she worries before-
hand. And yet, she wants to see
men were born in a village in the for herself the country that her
Kabylie mountains, 50 miles from family, through their secrecy,
Algiers. But her father has always have made myth. When she meets
refused to open up about his Lalla, who left Algeria in 1995,
childhood. “Children are the same he asks Naïma if her family were
everywhere,” he tells her. Pri- “Harkis.” She answers yes, but
vately, he thinks Algeria “has doesn’t yet understand the
nothing to do with him.” Naïma’s weight of the word. Ms. Zeniter
mother backs him up. “I don’t writes, “Naïma’s family has been
think anyone knows,” she says. orbiting Algeria for so long that
The silence dates back to they no longer really know what
the previous generation: Naïma’s they are circling. Memories? A
grandfather, Ali, died when she dream? A lie?” Naïma wants a
was only a child. Her doting concrete point of reference. Pre-
grandmother, Yema, in her tiny, paring for her visit, she turns to
kitsch-filled apartment in Nor- Wikipedia and YouTube to fill in
mandy, speaks too little French to what her family has erased.
answer the question “What did Ali In Algiers, standing in a
do during the war?” Naïma learns square in the Bab El Oued
language. Her storytelling, splen-
didly translated by Frank Wynne,
carries the reader through differ-
ent generations, cities, cultures
and mindsets without breaking
its spell. In Algeria, Naïma visits,
almost by accident, her ancestral
mountain, where the River Isser
flows through the rocky Palestro
gorges “softened by waterfalls,
by rivulets, by little waves,” and
“verdant with festoons of green-
ery and mossy cushions.” In that
landscape, she recognizes the
“world of myths, dense as rocks,”
that her grandmother conjured.
She does not know that those
gorges were the site of an FLN
ambush of French troops in 1956,
leading to violent reprisals in her
grandfather’s village, speeding
Ali’s departure, and making
Naïma’s eventual life possible. But
the story does not require her to
know that; Ms. Zeniter lets Naïma
attach her own meaning to what
she sees. Leaving the village,
Naïma is relieved when the artist
who is driving her back to Algiers
tells her, “No one bequeathed
Algeria to you,” adding without
judgment, “What is not passed
on is lost, that’s all there is to it.”
With “The Art of Losing,” Ms.
Zeniter shows fiction’s power as
a hedge against loss of the past:
the art of regaining.
Ms. Schillinger is the
translator, most recently,
of Takis Würger’s “Stella.”
Every Vow theatricality. With its few
You Break guests, hushed air, gothic
By Peter decor and identically clad,
Swanson mostly male staff, the venue
might as well be a stage set.
Soon dramatic things
are happening left and right. Jill, another
honeymooning bride whom Abigail befriends,
confides that she too has a past affair to
keep secret from her new spouse—but her
ex-boyfriend has now turned up as a guest at
this ultra-exclusive lodge. Chillingly, the fellow
Abigail slept with before her wedding also
makes a surprise appearance. Then Jill, after
having missed a morning appointment with
Abigail, wanders past her cabin at night, dazed
and bleeding, and disappears into the forest.
The next day, the lodge’s staff claim she
cannot be found.
Mr. Swanson, as he demonstrated in last
year’s “Eight Perfect Murders,” has a talent for
gradually, disturbingly shifting his characters’
perception of what’s going on. Abigail clings
as long as she can to the possibility “there was
still a chance that all the strange things that
had been happening in the past few days were
nothing more than coincidence.” But after
several more twists of plot and turns of fate,
Abigail entertains a more ominous notion: “a
fleeting certainty that everything here on this
island, every person, every tree, was part of a
play, and she was the one unwilling participant.”
“What Movie Are We In?” was a game
Abigail played as a child with her cinephile
father. Mr. Swanson’s shape-shifting saga is
reminiscent, by turns, of such foreboding
films as “Vertigo,” “Fatal Attraction” and
“The Wicker Man.” Ultimately, “Every Vow You
Break” reveals itself to be a violent melodrama,
one which the sure-handed author sees
through to a satisfying conclusion.

Sad Hearts in Sarajevo

MAYBE THE MOST remarkable
literary document to emerge
from the wars that led to the
breakup of Yugoslavia is Seme-
zdin Mehmedinović’s “Sarajevo
Blues,” a piercing collection of
poems and prose vignettes
written during the four-year
siege of Sarajevo. Mr. Mehme-
dinović, a Bosnian, describes
FICTION watching a Serbian artillery
SAM SACKS woman fire shells at the city
between bouts of sunbathing on
an air mattress. While hurrying
down an exposed street, he
spots a gaggle of photojournal-
ists hiding in the bushes, there
to capture a prizewinning
A picture if he’s shot by a sniper.
Bosnian “Harun, get into the house,”
his wife Sanja calls to their son,
refugee “it’s grenading outside.”
in Sanja and Harun figure
America prominently in Mr. Mehmedi-
writes of nović’s autobiographical novel,
“My Heart” (Catapult, 225
being ‘a pages, $27), which opens on a
foreigner note of midlife vulnerability by
every- describing the author’s heart
attack at the age of 50. This
where book is set in the United States,
in the where the family expatriated
world,’ after the war, and fragile health
has exacerbated their already
which habitual sense of displacement.
heightens Mr. Mehmedinović recounts a
his road trip through the American
wonder Southwest he takes with Harun,
a cinematographer, following his
at each recuperation. The latter portion
passing of the book focuses on Sanja,
moment. who suffers a stroke that leaves
her weak and forgetful.
Mr. Mehmedinović is again
peering into the abyss, but as in
“Sarajevo Blues” the tenor of his
writing, in Celia Hawkesworth’s
fine translation, is calm and
contemplative, softened by
melancholy humor and always
alive to beauty. “I am a foreigner
everywhere in the world: as soon
as I leave my home, I step into a
void,” he reflects, yet his desert
wanderings unite him and Harun
in a kind of shared loneliness
whose defining trait is a height-
ened sensitivity to the world’s
wonders. Sanja’s debilitation re-
turns the couple to the condition
of refugees, dispossessed of
anything solid or secure. “Mis-
fortune has reduced us to our
essence,” he writes. “And nothing
is left of us, apart from love.”
Throughout “My Heart,”
Mr. Mehmedinović takes up the
exile’s perpetual investigation
into memory, trying to reconcile
the defining traumas of the
past with the tendency of time
to scrub them away: “Remem-
bering and forgetting stand
side by side, they’re made of
the same substance.” That sub-
stance, whatever it is, pulses
throughout this noble and large-
souled work of literature.
“Speak, Silence” (Hamish
Hamilton, 190 pages, $22.95),
by Canadian novelist Kim Echlin,
illuminates one of the most
horrifying aspects of the Yugo-
slav wars, the systematic rape
and sexual enslavement perpe-
trated by the Serbian army
against Bosnian women and girls.
The novel’s protagonist, Gota, is
a Canadian journalist who is in-
troduced by an ex-lover to Edina,
one of the victims of the atrocity.
Edina is a lawyer who runs a
documentation center, and the
story builds to the landmark trial
at The Hague in which the rapes
were ruled to constitute “crimes
against humanity” that func-
tioned as tools in the campaign
of ethnic cleansing.
THIS WEEK
My Heart
By Semezdin Mehmedinović
Speak, Silence
By Kim Echlin
The President Shop
By Vesna Marić
From Nowhere to
Nowhere
By Bekim Sejranović
The act of testimony is
very much at issue in “Speak,
Silence,” which celebrates the
women who “transmuted the
word victim into hero” by taking
the stand and reliving their most
terrible violations for the court.
But testimony is also a concern
for an impassioned observer
like Gota (and by extension for
Ms. Echlin), who must decide
how much personal history to
include in her work of eyewit-
ness. The lengthy foregrounding
that recounts her Paris romance
with a Bosnian man seems badly
out of place. The novel gathers
power in its depiction of the
trial, which draws from real-life
court transcripts—that is, when
history speaks and the novelistic
impulse stays silent.
Presented as a political fable,
Vesna Marić’s debut novel,
“The President Shop” (Sandorf
Passage, 210 pages, $18.95),
evokes the circumstances in
Yugoslavia in the years before its
violent fragmentation. Husband
and wife Ruben and Rosa are
former antifascist partisans who
run a shop devoted to memora-
bilia honoring their country’s
elderly, all-powerful president,
a stand-in for the postwar dic-
tator Marshal Tito. But Ruben’s
brother Diogen is, as his name
implies, cynical about the notion
of a collective spirit engendering
“faith in the cause of progress
and sovereignty and liberty.”
The couple’s daughter, Mona, is
torn between the two attitudes,
attracted to the pomp of patri-
otism but compelled by unsanc-
tioned desires.
Ms. Marić, whose 2009
memoir “Bluebird” recounts her
asylum in England as a 16-year-
old Bosnian refugee, equates
national fault lines with those
pulling apart Ruben and Rosa’s
family. The parallels don’t
always come off. Student pro-
tests and rumors of insurgent
groups match uneasily with the
rebellions of the heart that drive
Diogen and Mona to pursue
(or at least dream of) illicit
love affairs. But the story moves
toward a layered portrayal of
disintegration with the rolling
inevitability of fate. The trage-
dies accelerate after the death of
the president, and it’s a credit to
Ms. Marić’s storytelling that this
announcement, however predict-
able, carries the shock and reso-
nance of a death in the family.
We are back in the unmoored
world of the nomad in Bekim
Sejranović’s autobiographical
novel “From Nowhere to
Nowhere” (Sandorf Passage,
240 pages, $18.95), chronicling
the author’s exile from Bosnia
to Croatia to Norway, the last
European country still accepting
Bosnian refugees. Unlike Mr.
Mehmedinović, Sejranović, who
died suddenly last year at the age
of 48, lacked the moveable home
of a family, so his accounts of
“eternal moves with one box of
books and one bag of clothes”
have a more lacerating edge.
In Will Firth’s vernacular
translation, the roving narrative
has hints of the Beats and hints
of ’80s punk literature. Recalling
onetime band members, Sejra-
nović writes: “Rale got hooked on
nationalism, and Kole on heroin.
Heroin gives you a better kick,
but nationalism is cheaper and
legal.” His own memories are
filled with drugs, drinking,
womanizing, a self-loathing terror
of commitment and a principled
hatred of the warmongers who
destroyed his homeland for rea-
sons of self-interest. But along
with the rage and remorse is
the exile’s vertiginous feeling of
absolute freedom, captured in
those exhilarating moments when
Sejranović “shook off the dust
of memory, ruthlessly, like out
of an old carpet.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 20 - 21, 2021 | C11

BOOKS
‘Many men go fishing all their lives without knowing that it is not fish they are after.’ —H EN RY DAV ID TH O REAU

Life on the Fly

The Unreasonable Virtue
of Fly Fishing
By Mark Kurlansky
Bloomsbury, 279 pages, $28

Trout Water
By Josh Greenberg
Melville House,
162 pages, $24.99
BY BILL HEAVEY

M
ARK KURLANSKY
can’t quite tell you
what he loves about
fly fishing. Mostly,
it’s a way of immers-
NATIONAL GALLERY OF ART, WASHINGTON; ON C7: ROMAN EKKEL/GETTY IMAGES

ing himself in nature. Except it’s actu-

ally that he’s afflicted by an “occult
and mysterious instinct,” one known
only to anglers, who are incapable of
regarding a body of water without
guessing where the fish are. Still, he’s
conflicted about his passion. He calls
himself a “crooked salesman offering
bad merchandise”—if the fish “take
what I cast, they will be sorry.” This
ambivalence is reassuring. Any angler
who can tell you exactly why he fishes
is lying.
Mr. Kurlansky is a veteran writer.
Over the course of 34 books—including
bestsellers on such seemingly mun-
dane subjects as salt, cod and paper—
he has come to be known for his
ability to weave history, philosophy
and personal experience into compel- CAST AWAY ‘The Rise’ (1900) by Winslow Homer.
ling narratives. His latest, “The Unrea-
sonable Virtue of Fly Fishing,” is on a ten-pound pickerel!” Clark Gable, an- the book—lose any narrative thread of rabbit-foot fur. When Mr. Greenberg son’s science fair in time. The boy,
subject that is clearly dear to his heart. other fly-fishing enthusiast, is quoted and can be a bit of a slog. is on the river, these friends come to similarly in love with fly fishing,
The book offers fascinating chap- as saying, “Hell, if I’d jumped on all the Josh Greenberg is my kind of na- life in his imagination. That’s one rea- understands.
ters on the history of fly fishing and dames I’m supposed to have jumped ture writer: unassuming, accessible son for fishing. Another is that trout The Au Sable, we learn, is a river
tackle—flies, rods, reels, lines, even on, I’d have had no time to go fishing.” and, while knowledgeable, a guy for seem “uneclipsable by anything else best fished at night because that’s
waders. Seventy thousand years ago, The author is keenly aware of how whom knowledge serves as a reminder on earth: too bright to be totally ob- when the greatest hatches of insects
before hooks, we caught fish with fly fishing constantly mingles art and of how little he actually knows. He scured by, or from, the rest of life.” take place. In fact, our sense of sight,
gorges, pointy bits of flint or horn. absurdity. (These are, after all, anglers admits to being not particularly well- we are told, is overrated when it
The Maori made hooks from human who have chosen the most difficult organized (he doesn’t keep detailed comes to fly fishing. We’ve been
bones; the people of New Guinea from way to catch a fish.) For example, there records of water levels, for example, hurling pointy objects at animals for
insect claws. Others were fashioned are 30,000 different “recognized” flies, or how many fish he’s caught) and
When it comes to a really long time, and we’re pretty
from eagle jaws and cactus spurs. The even though trout are thought to eat no isn’t bothered by that trait. He’s not fishing, our sense of sight good at it. At night, you listen for the
Chinese were already using artificial more than 1,000 kinds of insects. That even a full-time writer. For his day job is overrated. At night, sound of trout feeding—which can be
flies 3,500 years ago. For fishing line, leaves 29,000 variations designed to he runs the Gates Au Sable Lodge in surprisingly loud once you’re attuned
Plutarch recommended the braided appeal to fly anglers. Before the inven- Grayling, Mich. He’s the sort of guy we need only listen to it—and cast to that.
tail hairs of a white stallion—stronger, tion of nylon, an obsessed angler might who, kneeling as he waits for a trout for the sound of fish As his journal progressed, I found
he said, than those of other horses. raise his own silk worms, cure them to rise again, might engage in small myself growing increasingly fond of
Of fly fishing and the scarus, a in vinegar, then draw out the guts to talk with a fishing buddy. “I exchanged
feeding and cast to that. Mr. Greenberg’s voice. Even a non-
Mediterranean parrotfish, the first- fashion a fly line. Similarly, images of a few quiet words with her. I told angler will see that the author gets it.
century Roman poet Martial wrote, anglers standing in trout water didn’t her it looked like a one-cast night.” He knows how haphazard life is and
“Who has not seen the scarus rise, / exist before the mid-1800s. This is In this case, the fishing buddy is a Don’t be intimidated by such feels lucky rather than entitled to have
Decoyed and killed by fraudful flies?” because trout require cold water and hen mallard. weighty observations. Mr. Greenberg fallen in love with fishing, to be
More recently, in 17th-century Eng- there was no such thing as waterproof Mr. Greenberg’s latest book, “Trout doesn’t linger on them. Instead, connected to the great dynamo of the
land, one writer suggested making bait waders. That all changed with the Water: A Year on the Au Sable,” opens they’re strewn casually into a larger natural world. One night he and his
from powdered human skulls, obtained vulcanization of rubber by Charles on a May evening with the young narrative that includes observations wife lie in sleeping bags on the back of
by robbing graves. Throughout history, Goodyear in 1839. father looking for rising trout as the on fishing, on being a family man with his truck as they watch a magnificent
the passion for fishing has driven Still, you get the feeling that Mr. spirit of a friend hovers nearby, in the two kids, and on guiding and running display of the northern lights. A lesser
anglers to extremes. Kurlansky expected this book not to “bardo,” the state that some Buddhists a lodge. Through it all, the author writer might have forced some deep
The fishing trivia Mr. Kurlansky have the same mass appeal as some of believe the soul inhabits between maintains an original sensibility. insight from the experience, but
cites is often marvelous. He quotes his other titles. “Unreasonable Virtue” death and rebirth. He wonders what Loaded down with the various knick- Mr. Greenberg only notes that he’s
Andrew Carnegie, who, having just is a solid, workmanlike effort, but its lure his friend would have cast in the knacks that fly anglers acquire, a exhausted. “A human can only take
concluded a successful steel deal, lost author isn’t swinging for the fences. given circumstances, and decides on a running fisherman sounds “like a card- so much cosmic power.”
his patience with an interviewer: The parts in which Mr. Kurlansky Hendrickson spinner, whereas another board box of dishware falling down
“What is a matter of a few-million dol- philosophizes and recalls the rivers he close friend, also deceased, would have a stairway.” Near the end, a lost raft Mr. Heavey is a freelance writer in
lars profit compared with landing a has fished—which make up nearly half used the same fly but with wings made dashes his hopes of making it to his Bethesda, Md.

Ceremonies of Deliverance
‘ON A CERTAIN NIGHT each art since antiquity. For Jewish watches, the man suddenly maker, a savior,” we read. In brawny arms tight around the
year when the dark of winter is families, “The Four Questions” transforms: His hair turns red, strong hues of yellow, orangey- skinny boy, the two of them
passing and the world is warm- offers a beautiful reprise of his rags become silk and the red, black, lilac and bluish- emit rays of happy light.
ing up for the green of spring, tradition; for those unfamiliar, eggs become flaming candles. green, the illustrations place In the forthcoming picture
Jews in all lands gather to cele- it’s an arresting introduction. Mr. Rubin’s picture of this readers ages 4-10 with those book “Saint Spotting: or, How
brate a joyful holiday.” Thus Writer Susan Kusel and moment has a garish, startling first audiences who gathered to Read a Church” (Eerdmans,
begins Lynne Sharon Schwartz’s illustrator Sean Rubin give an quality: Coattails streaming, in Galilee and 44 pages, $17.99),
chronicle of Passover, which old Yiddish story a new setting the juggler appears to be falling Judea. Drawing Chris Raschka uses
this year begins March 27, in in “The Passover Guest” or flying—a floating posture from the Gospels, soft brush strokes and
“The Four Questions” (Levine (Neal Porter, 32 pages, $18.99), that pays homage to Marc Mr. Hendrix uses glowing watercolors to
CHILDREN’S Querido, 40 pages, $17.99), Chagall, who created artwork his own language illumine a gentle game
BOOKS a striking picture book for THIS WEEK for a 1917 version of the story. to impart such that he and his mother
MEGHAN children ages 3 to 10 that was That night, as Muriel and her allegorical lessons liked to play when he
COX GURDON originally published in 1989. The Four Questions parents contemplate an empty as those of the was a boy. They would
Ms. Schwartz’s text is By Lynne Sharon Schwartz table, the strange man appears Good Samaritan, meander through
sensitive and accessible. She Illustrated by Ori Sherman at their door. “I have every- the Wise and churches, looking at
lays out the historical origins thing we need,” he says. Soon Foolish Builders, the iconography, talking
of the Passover Seder, the The Passover Guest their shabby home glows with and the Pearl of about the stories the
thanksgiving meal that recalls By Susan Kusel candlelight. “And the food! Great Price. art conveyed and
the pharonic days of Hebrew Illustrated by Sean Rubin There were mountains of His telling of identifying saints
Our captivity and God’s deliverance tender brisket, oceans of flavor- the story of the from their different
annual of the Jewish people. She Go and Do Likewise! ful soup, and fields of crunchy Prodigal Son is attributes. “Saint Spot-
explains the presence on the By John Hendrix matzah.” As to the identity of especially good. ting” invites readers
roundup Seder table of specific foods the mysterious visitor, let’s just The young man ages 3-8 to come along.
of (bitter herbs, unleavened bread, Saint Spotting say he’s the kind of guest for squanders his Like a guidebook, it
picture salt water), all while answering By Chris Raschka whom there’s always an empty birthright and
EERDMANS
starts with a map and a
books the overarching question: “Why chair at Passover. travels home, list of saints and virtues
is this night different from all In time for Easter, which hungry and ashamed. “As the depicted for children to find.
for other nights?” Ori Sherman’s a picture book about a stranger this year falls on April 4, writer wayward son came over the Mr. Raschka begins with Saint
Passover illustrations are sensational: who brings magical bounty and illustrator John Hendrix top of a hill he had known since Anthony, who was, he writes,
and Vivid, enigmatic tableaux of to the Seder table of an recounts a dozen parables boyhood, he saw his father’s “kind and loved reading, so you
anthropomorphized animals impoverished family. The from the New Testament house again.” Bracing himself will see him holding a book or a
Easter. stand out on black backgrounds events in this adaptation of a in “Go and Do Likewise!” for an angry scene, the young baby (usually Jesus as a baby),
like scenes in stained glass or 1904 short story by I.L. Peretz, (Abrams, 40 pages, $18.99), sinner is amazed to see his or both.” On the next page,
like bright folkloric panels on “Der Kunzen-Macher,” transpire a picture book that in its varied father running toward him. he shows a mother and son
a dark quilt. There are lions, in Washington during the Great lettering and sharp color There’s tremendous energy in looking a painting of a woman
elephants, crocodiles and koalas; Depression. Cherry blossoms contrasts exudes a sense of Mr. Hendrix’s portrayal of the with the implement of her
apes and bullocks, kangaroos are frothing on the trees in the confidence and vigor. “Jesus’s reunion: “His father’s warm martyrdom: “Here is Saint
and geese. Some wear pince- spring of 1933, when a poor girl sandals were always dusty,” embrace was upon him in a Catherine with her wheel,
nez, some gold earrings. As named Muriel notices a curious Mr. Hendrix writes, explaining rush of joy. He grabbed his which was made to kill her as
Georgetown University art fellow juggling eggs on the how the young Nazarene walked son tightly—lifting him off the punishment for teaching the
historian Ori Z. Soltes explains steps of the Lincoln Memorial: with his disciples from town ground and kissing his cheek!” emperor’s wife about Jesus.”
in an afterword, such human- “He looked as threadbare as to town, addressing crowds. In the illustration, the man is (See above.) Abundant yellows
ized animal imagery has the men on the street waiting “He was God’s son, sent to be a still trailing clouds of dust from and golds give warmth to this
appeared in Jewish religious in line for soup.” As Miriam teacher, a storyteller, a miracle his headlong dash, and with his slim and affectionate volume.
C12 | Saturday/Sunday, March 20 - 21, 2021 * *** THE WALL STREET JOURNAL.

BOOKS
‘A good traveler leaves no tracks.’ —LAO TZ U

Born to the Sky

Flights of Passage
By Mike Unwin
and David Tipling
Yale, 288 pages, $40

A World on the Wing

By Scott Weidensaul
Norton, 385 pages, $32

BY JULIE ZICKEFOOSE

W
E HUMANS had
until recently be-
come inured to
losing track of
breeding birds for
the duration of their migratory jour-
neys, which we now know can span
tens of thousands of miles. When a
white stork turned up in Klütz, Ger-
many, in the spring of 1822 with an
arrow from Africa dangling from its
neck, an awakening began that migra-
tory birds are up to something much
bigger than suspected. Another 25 such
perforated storks have turned up since,
enough for Germans to coin a name for
them (Pfeilstorche). Long before we put
bands on birds to track their journeys,
these “arrow-storks” told of an annual
DAVID TIPLING

trip that might take them from north-

ern Europe to the southern coasts of
Africa and back. Later, they bore the
first satellite transmitters as migration
studies flew into uncharted terrain.
It is here that Mike Unwin’s magnif-
icent “Flights of Passage: An Illus-
trated Natural History of Bird Migra-
tion” steps in. Mr. Unwin devotes
several pages of descriptive text to
each of the 67 species mentioned in
his book. The subjects, for the most
part, all share a common feature:
They are large and strong enough to
be fitted with tracking units. Thus
unfolds a collection of species-specific
accounts of birds, from albatrosses
to orioles, from the Canadian Arctic to
Patagonia and from China to Africa
to Australasia, that emphasizes the
central fact of each one’s life history:
the incredible migratory journey these
birds must make. Migration is hazard-
ous and stopover sites are precious,
so land conservation is tightly wound
into the narrative.
Solar-powered transmitters using
cellular networks can now record a
bird’s latitude, longitude and altitude
at 30-second intervals. From this
cascade of information we’ve learned,
for instance, that a fledgling Atlantic
puffin leaves its burrow in the dead of
night, even before it can fly. Forging
into the cold ocean, the chicks feed
themselves, alone at sea for three to
four years before making landfall.
They’re 8 years old before they begin
to breed. In 2004, a tracking device
revealed that a gray-headed albatross
maintained an average flight speed of
78.9 mph for eight hours as it soared,
rigid-winged, homeward on the wind
with a gullet full of food for its chick.
Trackers have revealed common swifts
never touching earth—sleeping on the
wing—for a documented 10-month
period.
PETREL STATIONS After spending the breeding season as far south as the edge of Antarctica, the Wilson’s Storm-petrel flies north, and has been
found in Indonesia, the Persian Gulf and even the Arctic.
David Tipling’s lush photographs
stun and delight with every page. A
pointillist city of red knots; a common
crane’s breath visibly rising as it bugles
to a freezing dawn; a lone Atlantic puf-
fin surveying its Shetland domain; even
starlings raiding apples from a weath-
ered crate—Mr. Tipling’s skill in telling
Many birds routinely
migrate across half the
globe or more. Godwits,
for instance, can fly up to
7,200 miles nonstop from
Alaska to New Zealand.
the birds’ stories is unrivaled. “Flights
of Passage” is a privileged look at birds
as we’ve never seen them before.
Ever since a snowy owl appeared,
some three years ago, sitting like a slit-
eyed cat at a shopping mall near my
home in Appalachian Ohio, I have been
obsessed with Scott Weidensaul’s blog,
Project Snowstorm. This multiorgani-
zational study of snowy owls was
sparked by the birds’ historic invasion
of the Lower 48 in 2013. Snowy owls
have since showed up as far south as
Florida, and a few researchers have
seized that opportunity to fit them
with tracking devices. Among the
things we have learned is that snowy
owls number not around 300,000 as
we, not grasping their nomadic nature,
originally thought, but closer to
30,000—perhaps as few as 10,000.
We’ve learned that they can pick sleep-
ing seaducks off the open ocean at
night, far from land; that they are
nomads—an owl nesting in Alaska one
summer could settle in Siberia the
next. Yet Mr. Weidensaul’s own work
with snowy owls is confined to seven
pages in his newest book, “A World
on the Wing,” which takes a global
overview of bird migration and how
we learn about it.
There is no one better at dressing
the natural-history stage than Mr. We-
idensaul. His prose is front-loaded with
visual, aural and olfactory information
that place the reader at his side, wher-
ever he goes, from the “steel plate”
mudflats of China’s Yellow Sea, train-
ing his spotting scope on the hundreds
of thousands of migrating shorebirds,
to a miserable slat bed in Nagaland,
India, where he sits up after a sleepless
night, hoping to see an immense flock
of falcons that day. “Binoculars re-
vealed what our eyes alone could not
yet see,” he writes, “that the dimly lit
air was filled with tens of thousands of
falcons, rising in the gloom like a dense
insect swarm from their roost . . . and
spreading out overhead. As the light
grew, so did the number of birds, the
whisper of their wings rising now to
an omnipresent susurration, like fast-
flowing water. No one spoke; this time
not from disappointment, but awe.”
Mr. Weidensaul takes us to places
we’ll likely never go, then deftly steps
back to let us experience the scene.
In an era when travel, for most, has
sputtered to a stop, “A World on the
Wing” is a bracing tonic. The author
slips in facts and figures so painlessly,
so richly embedded in emotional
context, that you can absorb and truly
appreciate their import. Soon you
begin to understand that the life cycles
of many birds demand that they
routinely traverse half of the globe
or more.
Twenty years ago, scientists em-
ploying some of the first miniatur-
ized satellite transmitters were
stunned to learn that many godwits
make a 7,200-mile nonstop flight
each autumn from western Alaska
to New Zealand, a journey that
takes them eight or nine days of un-
interrupted flight—the longest non-
stop migration known, exercising at
the same metabolic rate as a human
running endless four-minute miles.
. . . Journeys like this have prompted
one specialist in migrant physiology
to say, “The metaphor of marathon
running is inadequate to fully cap-
ture the magnitude of long-distance
migratory flight of birds. In some
respects a journey to the moon
seems more appropriate.”
But the book is more than a celebra-
tion of astonishing avian feats. Chapter
after chapter reveal the giant leaps in
knowledge that occur when miniatur-
ization and GPS technology are applied
to the legs and backs of birds. Scien-
tists were shocked by a 2019 study
showing that prothonotary warblers,
tracked from across their wide range in
the U.S., almost all converge on one
small area along Colombia’s Magdalena
River for the winter. If that forest is
logged, what becomes of the birds?
“A World on the Wing” is a paean to
the beauty of data, viewed in masses,
and to citizen science taking ornithol-
ogy by storm—a blizzard of data points
emanating from smartphones world-
wide and connected by eBird. This is
a joint project of the Cornell Lab of
Ornithology and the National Audubon
Society, launched in 2002 as a way
for birders to submit sightings for use
in ornithological research. With the
prod of friendly competition between
birders, 590 million observations had
flooded the database by 2018. Such
data are being used to map bird distri-
bution on an incredibly fine-grained
level; researchers, for example, can
map how much of a given species’
range is protected by public land
and how much is held privately. Mr.
Weidensaul delightedly catalogs the
conservation applications of this mas-
sive citizen-science project.
eBird has also revealed that migrat-
ing birds—overwhelmingly juveniles—
concentrate in urban greenspaces, not
because they are oases, but because the
birds are drawn in by artificial lighting.
Concrete canyons are no place for naive
woodland birds: Is it any wonder song-
birds are declining so rapidly? But eBird
data can tell precisely when to douse
the lights, and such programs are fast
taking hold in flyway cities. Mr. Weiden-
saul offers the astonishment of birds’
travels, deep concern for their popula-
tions and hope for their future in well-
measured, beautifully realized doses.
Ms. Zickefoose is the author of
“Saving Jemima: Life and Love
With a Hard-Luck Jay.”

Bestselling Books | Week Ended March 13

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPDBookScan gathers point-of-salebook data
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommore than16,000locationsacrossthe U.S.,
representing about85%ofthe nation’sbook sales.
How to Do the Work 1 New The Sum of Us 6 — Green Eggs and Ham 1 2 Oh, the Places You’ll Go! 6 5 Print-bookdata providersincludeallmajor booksellers,
Nicole Lepera/Harper Wave Heather McGhee/One World Dr. Seuss/Random House Young Readers Dr. Seuss/Random House Young Readers webretailers andfoodstores. E-bookdataproviders
includeall majore-book retailers. Freee-books and
Everything Will Be Okay 2 New Believe It 7 6 Life After Death 2 4 The Four Winds 7 — those sellingforless than99centsareexcluded.
Dana Perino/Twelve Jamie Kern Lima/Gallery Sister Souljah/Atria Kristin Hannah/St. Martin’s The fictionandnonfiction combinedlists include
aggregatedsales forall bookformats(except audio
The Code Breaker 3 New Floret Farm’s Discovering Dahlias 8 New The Boy, the Mole, the Fox and... 3 9 It’s Not Easy Being a Bunny 8 — books, bundles,boxedsets andforeign
Walter Isaacson/Simon & Schuster Erin Benzakein et al./Chronicle Charlie Mackesy/HarperOne Marilyn Sadler/Random House Young Readers language editions) andfeaturea
combination ofadult, youngadultand
Beyond Order 4 1 Greenlights 9 — 4
One Fish, Two Fish, Red Fish, Blue Fish 3 Fox in Socks 9 6 juveniletitles.The hardcoverfiction
Jordan B. Peterson/Portfolio Matthew McConaughey/Crown Dr. Seuss/Random House Young Readers Dr. Seuss/Random House Young Readers andnonfiction listsalso encompassa
mixof adult,young adultandjuveniletitleswhile the
Atomic Habits 5 7 How to Avoid a Climate Disaster 10 3 The Cat in the Hat 5 1 2034 10 New businesslist featuresonlyadult hardcovertitles.
James Clear/Avery Bill Gates/Knopf Dr. Seuss/Random House Young Readers Elliot Ackerman & James Stavridis/Penguin Press Referquestions toTeresa.Vozzo@wsj.com.

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

The Code Breaker 1 New How to Do the Work 1 New The Four Winds 1 3 Life After Death 1 2 Atomic Habits 1 1
Walter Isaacson/Simon & Schuster Nicole Lepera/Harper Wave Kristin Hannah/St. Martin’s Sister Souljah/Atria James Clear/Avery
How to Do the Workk 2 New The Code Breaker 2 New Spellmaker 2 New Green Eggs and Ham 2 3 Think Again 2 2
Nicole Lepera/Harper Wave Walter Isaacson/Simon & Schuster Charlie N. Holmberg/47North Dr. Seuss/Random House Young Readers Adam Grant/Viking
Business Success Secrets 3 New Everything Will Be Okay 3 New Fast Ice 3 New The Four Winds 3 10 StrengthsFinder 2.0 3 5
Tamara Nall et al./Leaders Dana Perino/Twelve Clive Cussler/Putnam Kristin Hannah/St. Martin’s Tom Rath/Gallup
The Deep Rig 4 — Beyond Order 4 1 Wild Wind 4 New Later 4 — Quantum Marketing 4 —
Patrick M. Byrne/Deep Capture Jordan B. Peterson/Portfolio Kristen Ashley/1001 Dark Nights Stephen King/Hard Case Crime Raja Rajamannar/Harper Leadership
The Boys in the Boat 5 — Atomic Habits 5 5 Heartbreak Bay 5 New The Boy, the Mole, the Fox and... 5 — Dare to Lead 5 4
Daniel James Brown/Penguin James Clear/Avery Rachel Caine/Thomas & Mercer Charlie Mackesy/HarperOne Brené Brown/Random House
The Devil in the White City 6 — The Four Agreements 6 9 Transient Desires 6 New 6
One Fish, Two Fish, Red Fish, Blue Fish 4 Extreme Ownership 6 6
Erik Larson/Vintage Don Miguel Ruiz/Amber-Allen Donna Leon/Atlantic Monthly Dr. Seuss/Random House Young Readers Jocko Willink & Leif Babin/St. Martin’s
The Reformation 7 — The Sum of Us 7 — Later 7 1 The Cat In the Hat 7 1 Total Money Makeover 7 8
Diarmaid MacCulloch/Penguin Heather McGhee/One World Stephen King/Hard Case Dr. Seuss/Random House Young Readers Dave Ramsey/Thomas Nelson
Nomadland 8 5 Believe It 8 — The Rose Code 8 New Fast Ice 8 New The Daily Stoic 8 9
Jessica Bruder/Norton Jamie Kern Lima/Gallery Kate Quinn/Morrow Clive Cussler/Putnam Ryan Holiday & Stephen Hanselman/Portfolio
Everything Will Be Okay 9 New Seuss-isms! 9 2 2034 9 New Dr. Seuss’s ABC 9 8 Emotional Intelligence 2.0 9 —
Dana Perino/Twelve Dr. Seuss/Random House Young Readers Elliot Ackerman & James Stavridis/Penguin Press Dr. Seuss/Random House Young Readers Travis Bradberry/TalentSmart
1,000 Vegetarian Recipes 10 — How to Avoid a Climate Disaster 10 3 Timeline 10 — 2034 10 New Who Moved My Cheese? 10 —
Carol Gelles/Houghton Mifflin Harcourt Bill Gates/Knopf Michael Crichton/Ballantine Elliot Ackerman & James Stavridis/Penguin Press Spencer Johnson/Putnam Young Readers
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 20 - 21, 2021 | C13

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

1. Firebrand politician tary—and heads which Cell Blocks Cell Blocks

John Magufuli died agency? Divide the grid
at 61. Of which coun- into square or
try was he presi-
A. Health and Human rectangular blocks,
For previous
dent? Services each containing
weeks’ puzzles,

B. Commerce one digit only.
and to discuss

A. Uganda
C. Interior Every block must
strategies with

B. Kenya
D. Transportation contain the number
of cells indicated by other solvers, go

C. Tanzania to WSJ.com/

D. Mozambique the digit inside it.
7. The men’s basketball team at puzzles.
Loyola relies on Jean Dolores Killer Sudoku
2. Fireblocks raised $133 million Schmidt, a 101-year-old nun, as
Level 4 Suko
from investors. What does it chaplain and scout. But which
do? Loyola?

A. Makes emissions-free, re-
A. Chicago

usable “charcoal” for grilling
B. Maryland

B. Engineers low-cost, high-
C. New Orleans
tech fire prevention systems
D. Marymount Killer Sudoku Level 1

C. Builds tools for the secure As with standard
handling of cryptocurrencies Sudoku, ill the
8. What just passed 1 billion?

D. Produces breathable, light- grid so that every
weight body armor column, every row

A. The price (in dollars) of a
and every 3x3 box I See Right Through You
post office box in San Francisco contains the digits
3. The freeze that triggered
B. The population of India T A L E A R E E L B E S T S P A R
1 to 9. Each set of I N E V I D E N C E L A U R I E E M O
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subscriptions to video streaming R A G L A N C O N I C A R T I S T
target number in A N T I C E A T E R MU T A N T S

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9. What’s interfering with ef- A S K I R O N I C C U R T A I N S A S

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forts to pick up signals from
cannot be repeated. AMO R E T T O S P R A Y S O P A L
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4. Tesla CEO Elon Musk added a P L A C E B O L O G I C C A B I N
new title. What was it?
A. Microwave ovens and cell G A L L I C S T O N E N O R MA L
Suko A R L E N E S E E R S F E E L S U P
towers on earth S T A T E P I A N O A D A N O

A. Tweetmeister
B. A markedly bad season for Place the numbers H U M R U N I C I N T E R F E R E N C E

B. Technoking solar flares 1 to 9 in the spaces E R A S P O T O N O R I O N S B E L T
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C. Electroczar
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D. Chief operating officer
D. Poor cellphone service in in each circle is equal
to the sum of the Acrostic
Alpha Centauri
four surrounding
(David Allen) Sibley, “What It’s Like to Be a
5. Which just became the first
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

spaces, and
FROM TOP: AGENCE FRANCE-PRESSE/GETTY IMAGES; ISTOCK

Bird”—“Birds are making decisions all the time....

major economy to raise interest each color total
The chickadee that flies to your...feeder...is making
rates this year? is correct.
choices about which seed to choose.... Jays hide
food, but if they think another jay saw where

A. The U.S.
they hid their food they will return a few minutes

B. Brazil
later and move it to a safer spot.”

C. India

D. Japan A. Sapsucker; B. “Iolanthe”; C. Buffalo; D. Lime
juice; E. Etta James; F. “You Send Me”; G. Wind-
sor; H. Hit the hay; I. Affidavit; J. THRUSH; K. In
6. Deb Haaland became the first effect; L. Toolshed; M. Shoehorn; N. Lee Dorsey;
Native American cabinet secre- O. Iditarod; P. Kittiwake; Q. Egg whites; R. “The
Idiot”; S. Orinoco; T. By chance; U. Ethan Hawke;
Answers are listed below the V. Amethyst; W. Bristol; X. “I’m With Her”; Y. Re-
crossword solutions at right. fectory; Z. Dead Sea

Answers to News Quiz: 1.C, 2.C, 3.D, 4.B, 5.B, 6.C, 7.A, 8.D, 9.A
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 51 Name: Suffix
53 Turkey club?
1
19 20 21

22 23 24
54 Crockpot creation 2
56 Coach with 347
25 26 27 28 career wins 3
29 30 31 32 33 34 35 36 37 57 Zest source 4
59 “Wir glauben all
38 39 40 41 42 43 44
an ___ Gott” 5
(Lutheran hymn)
45 46 47 48 49 50 51
6
52 53 54 55
61 Really shining in
a full-court 7
56 57 58 59 60 61 62 63 defensive
64 65 66
scheme? 8
62 “Shoot”
67 68 69 70 71 72 73 63 Sporty auto roofs
9
74 75 76 77 78 79 68 Depth: Prefix 10
69 Foil, e.g.
80 81 82 83 84 11
70 Went like the
85 86 87 88
dickens 12
89 90 91 92 93 94 95 71 Squeezed (out)
13
96 97 98 99 100 72 Fell upon
101 102 103 104 105 106 107 108 109
75 Catchall category: 14
Abbr.
110 111 112 113 114 115 76 Eat like a bird
15
116 117 118 119 120 121 122 78 Cornball Gear Boxes | by Patrick Berry
79 Metallica
123 124 125
drummer Ulrich
Each Row of the grid contains a 7 • Legal document Boxes
126 127 128
series of answers placed end to • Lord Peter Wimsey's creator • Loaded down with gear (8)
81 Big initials in end, clued in order of appearance.
bowling • Humorist Lebowitz • Plays the part of (8)
Answers to clues in the Boxes list
On/Off Switch | by Gary Larson 82 Tick off must be packed into rectangular
8 • What United States • Ever-dependable person or

83 Pub perch containers before entering. Letters

currency paper is primarily thing (8)
Across 56 Goes downhill 97 Grub 8 Bonnie’s partner composed of • Renounce, as a throne (8)
98 Card game in crime 86 Tango in a given Box should be packed
1 One in a black 58 Prepare for the • Old “SNL” character
requirement left-to-right and top-to- • Laughs gleefully (8)
suit fair, maybe lay-downs 9 From ___ Z
88 Monitor S A M bottom, as shown in the Father ___ Sarducci • Black patch in the ocean (3,5)
6 1987 role for 60 Lampshade, at 100 “Bambi” aunt 10 Write • Boorish sort
Robert De Niro times component P L E SAMPLE. Box clues are • Add inhabitants to, as a fictive
101 Newsletter 11 Treats for Rover ordered by length
89 Crispy Colonel 9 • Stand in the way of world (8)
14 Mastery 64 “Steppenwolf” ornamentation 12 Soda brand since S A (shown in parentheses
Combo seller • Lottery offering • Find out (8)
19 City on the Po author 106 Peanut, e.g. 1924 M P after each clue) but
90 Zero • Barely audible • Holds in the highest esteem (8)
20 Like some apple 65 Development 108 “Holy moly!” 13 Perfect places L E otherwise randomly, so
juice sites 91 Kimono closer
you must use the Row 10 • Wanders hither and yon • Location of the FBI Academy
110 Empty room 14 Winter wrap
66 Maximum 92 Lines of praise • Cool palate cleanser (8)
21 Perfume Pagoda phenomena 15 He’s featured on answers to determine where each
setting 67 Strike caller 113 Wear down Mary J.’s “Love 94 City near Box belongs. The 22 Boxes will get between courses • Like New York-style pizza (4-5)
Yourself” Cooperstown most of the grid’s letters into gear, • Cuba libre garnish • Perform without a script (9)
22 Makeup, of a sort 68 Attempt to cool 115 Tiniest bit
down a cup of 16 Neither Dem. nor 95 Narrow-waisted except for a few that are—well, 11 • “Ah, that makes sense” • Quite suddenly (3,2,4)
23 Operating 116 Impudent stingers
tea? Rep. you’ll see. (2 wds.)
instruction for a aboard an ocean • Recipient of the World Cup’s
witch’s broom? 73 Ref’s ruling cruise? 17 Online chortle 98 Some Thomas Rows • Property’s value minus
Hart Benton Golden Boot Award (3,6)
25 Wrinkle remover 74 Oompa follower 121 UFO crew 18 Bit of fiction 1 • Monday : lundi :: what’s still owed • Raptor named for its raucous
works
26 Position 123 Barista’s Tuesday : ___ • Tesla ___ (old transformers)
77 George Lucas’s 22 Stage platform 99 Hams it up call (7,3)
28 Lean and Wicket and creation 24 Cool like a cool • Journalist’s big get 12 • Temporary, as a retail store • Jazz vocalists who specialize in
Paploo, e.g. 102 Little brothers,
muscular 124 “Spamalot” cat often • Web-surfing destinations (Hyph.) ballads (5,7)
29 Examines 78 Tread heavily lyricist 27 Classy • “Talk to Her” director
103 Massage targets 2 • ___ diet (low-carb regimen) • Plaza where vendors set up
carefully 80 1862 battle site 125 Settle down for 30 Thinly spread • “Rigoletto” composer
Almodóvar stalls (6,6)
the night 104 P look-alike
31 Swallow 83 They’re boring • Light switch sound
32 Amigo 105 Buff • Low-quality paper copies • Men produce less of it after
34 Lymphocyte 126 Gather 13 • Up-to-the-minute
84 Jockey 33 Retinue 107 Hollow rock 3 • Sudden storm feared by becoming fathers (12)
producers competitor 127 Female fiend • One who’s on the trail
35 Miss the mark 109 Dialect seafarers • Fictional character whose
38 Trickster 85 Harrison who 128 Kafka • Long, family-centric narrative • Metro map dot cookbook has sold over
protagonist 36 Approval 111 To be, in Paris
39 Some are colorful walked on the 14 • Object to duck behind while 75 million copies (5,7)
37 Fam nickname • Lay to rest
41 Parentheses,
moon in 1972 Down 112 Mason’s wedge changing • Wasn’t able to finish, perhaps
87 It may be 40 Dramatic division 4 • Length 5 width, for
essentially 1 Clinically clean 114 Listening devices • Taurus’s ___ Nebula (3,3,2,4)
triggered by 42 Charisse of rectangles
44 Wearer of une 2 Postpone 116 Manatee Springs • Gloria Gaynor’s genre • Medical device also known as
a decloaking “Brigadoon” • Marinara sauce base
couronne production of a State Pk. setting
warbird TV commercial? 43 Wet bar? • Van Gogh’s “Starry Night 15 • Grub a spatula (6,9)
45 Take back 117 Fish-bull • One of the seven deadly sins • Britney Spears’s second album,
89 Cheap laminate 3 Don’t exist 46 Fishing gear go-between Over the ___”
47 “We’re going to for furniture 5 • Yellow pear-shaped fruit • Person who serves the or the first single off that
the Super Bowl!” making? 4 Bad-mouth 47 Prefix with 118 When you’ll be
dollars there, briefly • Rainfall unit party? album (4,1,3,2,5)
e.g.? 93 Entertainment 5 Tolkien’s
shepherds of the 48 Govt. mtge. 119 Earth-friendly, in • Boxing or bowling Get the solutions to this week’s Journal Weekend Puzzles in next
s

52 Donald Duck’s that includes

mother prominent trees insurer combinations 6 • Common sailor’s tattoo Saturday’s Wall Street Journal. Solve crosswords and acrostics
55 Man from figures 6 Change 49 Roundtable 120 Crib • Predators that burrow online, get pointers on solving cryptic puzzles and discuss all of the
Moscow, say 96 Bit of fiction 7 Fragrant blooms 50 Charger unit 122 Mauna ___ shallowly into the seabed puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, March 20 - 21, 2021
ICONS
When
Magazines
Were Art
A new exhibition shows how European émigrés
helped to create the stylish look of midcentury
publications like Vogue, Life and Fortune.
BY BRENDA CRONIN
A
rtists fleeing fascism
in Europe came to
America in the 1930s
and unleashed a sea
change in magazine
photography and design. Their revo-
lutionary handiwork, and the work
of younger American artists they in-
spired, is on display in a new exhi-
bition, “Modern Look: Photography
and the American Magazine,” at the
Jewish Museum in New York from
April 2 through July 11.
The combination of American en-
trepreneurship with European aes-
thetics and training yielded a
golden age for U.S. magazines from
the late 1930s to the 1950s, said Ma-
son Klein, senior curator at the Jew-
ish Museum and the organizer of
the show. Some émigré photogra-
phers and designers studied at the
Bauhaus school in Germany, which
pioneered modernist design. Alexey
Brodovitch, the Russian-born art di-
rector of Harper’s Bazaar, painted
backdrops for the Ballets Russes in
Paris before coming to the U.S. He
would exhort photographers with a
phrase borrowed from the troupe’s
founder, Serge Diaghilev: “Astonish
me!”
Photographers rose to the chal-
lenge. Martin Munkácsi, a Hungar-
ian native who became one of Ger-
many’s leading photographers, left
the country after Hitler’s rise to
power in 1933. He was quickly
signed by Harper’s Bazaar, which
published his groundbreaking photo
“Lucile Brokaw, Piping Rock Beach,
Long Island, 1933.” It captures a
woman in a bathing suit running
full-tilt along the sand. The image
was radical, Mr. Klein said, because
the model was in motion rather
‘Nan Martin, Street Scene,
First Avenue, 1949,’ by Frances
McLaughlin-Gill.
MASTERPIECE | ‘THE CONFORMIST’ (1970), BY BERNARDO BERTOLUCCI
A Picture of Sinister
Subservience
BY PETER COWIE
WHEN “THE CONFORMIST” opened
in U.S. theaters 50 years ago this
month, its director, Bernardo Berto-
lucci, stood at the apex of his career.
Precocious, prolific, he’d been rec-
ognized as a poet when still in his
teens, and at age 21 made a remark-
able feature debut with “The Grim
Reaper” (1962). Ahead would lie
such notable films as “Last Tango in
Paris,” “1900” and “The Last Em-
peror,” but “The Conformist” is a
classic that will outlast all of Berto-
lucci’s other work.
Charming, devious, detached and
small-minded, Marcello Clerici (a
superb Jean-Louis Trintignant)
serves the cause of Mussolini’s Italy
at the expense of friends and lovers
alike. His father, riddled with syphi-
lis, languishes in an asylum, while
his mother lives in a decrepit house
with a bevy of small dogs and the
lascivious attentions of a Japanese
chauffeur. Haunted by a traumatic
incident in childhood, Marcello as-
pires to a “normal” sex life and a
bourgeois marriage. The authentic
political “conformist,” he accepts
without demur the government’s
mission to assassinate his former
professor, who works for the anti-
Fascist cause.
It is a tale of treachery and self-
than lounging poolside or under
theatrical lights, and because it was
shot outdoors and not “in a studio
with a fake backdrop of nature.”
Brodovitch’s penchant for energetic
images is also reflected in the leap-
ing trio in one of his photographs
from the 1930s, titled “Choreartium
(Three Men Jumping).”
The exhibition includes roughly
150 items from 1930 to 1960, when
magazines were at the peak of their
popularity and influence. “When ev-
loathing and yet—clothed first in
the elegant, sensual prose of Al-
berto Moravia’s 1951 novel, and then
in the exhilarating mise-en-scène of
Bernardo Bertolucci—it seizes the
spectator and maintains its grip
throughout what is nothing less
than a visual and psychological
roller-coaster ride worthy of Orson
Welles and Josef von Sternberg at
their best. An intricate web of flash-
backs is knitted with breathtaking
skill into a narrative that is both in-
timate and reflective of is-
sues such as political com- Jean-Louis
mitment, marital fidelity, Trintignant as
and the influence of the Marcello Clerici in
Catholic Church. the film.
The film’s sinister beauty
presents Marcello in all his strutting
glory. Sleek and smooth in his tai-
lored suits and soft-brimmed fe-
dora, he marches like a well-trained
runway model through the vast,
echoing marble halls of Mussolini’s
Rome. He radiates indifference, his
heart as cold as the ice-blue exteri-
ors so brilliantly lighted by the cine-
matographer Vittorio Storaro. In the
wake of the fall of Mussolini in July
1943, however, Marcello sheds his
cultivated image and enters a final
scene of debasement unshaven and
dishevelled, just another subservi-
ent coward who has betrayed not
just his best friend but also his own
REVIEW
ery issue of ‘Life’ or ‘Look’ ap-
peared, people just tore through it,”
Mr. Klein said. Innovative graphic
design and images by young Ameri-
can photographers like Richard Ave-
don and Irving Penn filled the pages
soul. He may have
discovered, as Sam-
uel Johnson said in
1775, that “patrio-
tism is the last ref-
uge of the scoundrel.”
Each of the principal actors em-
bodies an aspect of the Fascist era.
Stefania Sandrelli as Giulia, the
pretty but small-minded young wife
of Marcello who accepts each new
turn in their fortunes. Dominique
Sanda as Anna, the beguiling bisex-
ual who almost seduces Giulia while
remaining loyal to her husband, the
anti-Fascist professor Quadri. Gas-
tone Moschin as Manganiello, the
professional bodyguard and execu-
tioner who has served the Mussolini
cause since the early 1920s. Enzo
Tarascio as Prof. Quadri, quiet-spo-
ken and shrewdly observant. And
* ***
of Fortune, Vogue and Harper’s Ba-
zaar.
Under art editor Alexander Liber-
man, an artist whose family fled the
Russian Revolution, Vogue became
known for its expertly constructed
pages and exquisite photographs. A
number of Vogue covers in “Modern
Look” feature the dynamic pairing
of Liberman and German-born pho-
tographer Erwin Blumenfeld. In the
March 1945 issue, for instance, the
cover urges readers to “do your part
for the Red Cross”; to the left of the
words is a thick cross, with Blumen-
feld’s photo of a slender woman in-
side the vertical axis. In a photo-
graph by Liberman protégée
Frances McLaughlin-Gill, “Nan Mar-
tin, Street Scene, First Avenue,
1949,” the soignée subject exudes
both businesslike purpose—back to
the camera, she pores over a news-
paper—and style, with her triple
strand of pearls and long black
gloves.
In time, photographers such as
the Austrian-born Lisette Model
chafed against such sumptuous im-
ages, preferring snapshots of people
whose faces and bodies reflected
the toll of real life. Harper’s Bazaar
published a version of one of her
photographs in the exhibit, “Coney
Island Bather,” of a woman without
a model’s proportions reveling in
the surf.
Pioneering photography and de-
sign weren’t solely the purview of
fashion magazines. “Modern Look”
shows that graphic-arts publications
and business periodicals also flour-
ished; designers and photographers
“were aware of art being such a cat-
alyst to thinking about the future,”
Mr. Klein said. At Fortune magazine,
Pierre Clémenti as Lino, whose
search for gay love frames the film
at start and end.
“The Conformist” bristles with
great sequences. Marcello confess-
ing complacently to a priest who
dwells on his sexual deviancy. Anna
and Giulia performing a tango. Mar-
cello’s school pal Italo, whose blind-
ness is a metaphor for the Fascist
regime he espouses, holding court at
an assembly of his blind friends. The
stabbing of the professor on a snow-
cold forest road, like Julius Caesar
in that classical Rome so beloved of
Mussolini. And the coda, when amid
the celebrations of Il Duce’s down-
fall Marcello denounces not just the
man who sought to seduce him as a
boy, but also his best friend. The
collapse of the regime counterpoints
Marcello’s moral failure.
THE WALL STREET JOURNAL.
FROM TOP: COLLECTION OF ERIC AND LIZZIE HIMMEL, NEW YORK; © ESTATE OF FRANCES MCLAUGHLIN-GILL
‘Choreartium (Three Men
Jumping),’ ca. 1930s, by Alexey
Brodovitch.
under the art direction of German-
born Will Burtin, covers on subjects
from cars to construction have a
space-age flavor, conveyed by subtle
type and colorful images.
In the 1950s, a number of maga-
zines hoped to spark reactions be-
yond admiration. Some photogra-
phers strove to project “a sense of
experience, a sense of perception, a
Alexey
Brodovitch, the
Russian-born art
director of
Harper’s Bazaar,
would exhort
photographers:
‘Astonish me!’
sense of a subject that you had to
come around to,” Mr. Klein said.
Among them was Gordon Parks, who
aimed to document Black life with
images such as “Invisible Man Re-
treat, Harlem, New York,” from 1952.
In Robert Frank’s “Street Line/New
York, 1951” a white line bisects an
empty city street with bustling side-
walks and a solitary person crossing
midblock. The ambiguous situation
is deliberate, Mr. Klein says, quoting
Frank’s conviction that the “on-
looker must have something to see.
It is not all said for him.”
Storaro’s camera moves with the
stealth and the swiftness of an as-
sassin, gliding along hotel corridors
in Paris, or watching, at ground
level, as a storm of autumn leaves
swirls up outside Marcello’s family
house. Not surprisingly, Francis
Ford Coppola would ask Storaro to
become the cinematographer on
“Apocalypse Now” just a few years
later.
Bertolucci reminds us of the
physical and plastic nature of Italian
Fascism, using locations in Rome’s
EUR and Lazio districts that serve
to dwarf the human characters: the
gleaming white Palazzo dei Con-
gressi in EUR for the asylum where
Marcello visits his father; the high,
long wall with its chiseled Latin in-
scriptions in Piazza Augusto Imper-
atore; or the Ponte Sant’Angelo
where Marcello meets Italo and a
bust of Mussolini is dragged along
the cobbled street.
With this masterpiece, Bertolucci
captured the mood and the essence
of Mussolini’s regime as no other
filmmaker has before or since. “The
Conformist” impressed a new gen-
eration of directors like Mr. Cop-
pola (“The Conversation”) and Mar-
MARS/MARIANNE/MARAN/KOBAL/SHUTTERSTOCK
tin Scorsese (“Taxi Driver,” in
particular), and the casting of Gas-
tone Moschin as the ill-fated Don
Fanucci in “The Godfather Part II”
pays tribute to Bertolucci’s ground-
breaking film.
Mr. Cowie has written more than
30 books on the cinema, including
biographical studies of Akira
Kurosawa, Ingmar Bergman, and
Francis Ford Coppola.
 OFF DUTY
Win the Cold Say You Want
Coffee War A Devolution?
Insulating mugs The new Subaru
that let you stop Legacy feels like
microwaving old times, says
your brew D10 Dan Neil D10
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 20 - 21, 2021 | D1

A Lucky

TED TURNER RESERVES (SHEEP); PETER FRANK EDWARDS FOR THE WALL STREET JOURNAL (DRINK); SEBASTIAN ROZO/THE ROAMING ROZO’S (DRY TORTUGAS NATIONAL PARK); STEPHANIE MEYERS (VINEYARD)
Spring
Break
Ready to bust out, but still leery of
crowds? Fortunately, these unsung
spots in the Sun Belt offer truly serene
getaways with plenty of charm

SUNNY SIDE UP Clockwise from top left: A desert bighorn sheep on Armendaris Ranch, a Ted Turner Reserve near Truth or Consequences, N.M., where the sun shines 290 days a year; a
bourbon-spiked ice tea at the Cloister resort on Sea Island, one of Georgia’s 15 sun-soaked barrier islands; Fort Jefferson in the Dry Tortugas National Park, Fla..; a barn at Scharffenberger
Cellars in Anderson Valley, an under-the-radar wine region in Northern California that counts 216 sunny days per year on average.

BY ADAM H. GRAHAM ble lakes, restorative hot springs, sugary alternative to Santa Fe’s folk art scene. Time your

W
HATEVER YOU want to call
the last three months—
Snovid-21, Snowmageddon—
the winter of our global dis-
content is officially over.
While the prospect of a sun-drenched spring
break never felt so deserved, deciding where to
go remains a challenge. Very few of us are ready
to plunge back into a swarm of sunbathers. But
a drivable warm weather spot with character,
natural beauty and minimal crowds? That’s just
the tonic many crave right now.
To find five such vacation spots, we scoured
the Sun Belt, that vast swath of territory that
unfurls across 18 states, from Central California
to North Carolina’s Outer Banks. According to
Jonathan Erdman, senior meteorologist for
IBM’s weather.com, the most populous cities
within the region receive an average of over
500 more hours of sunshine a year than those
outside the Sun Belt. Little wonder the Sun Belt
harbors the busiest beaches and spring-break
party meccas in the contiguous United States,
but it’s also full of under-hyped towns, swimma-
beaches and acres of pristine parkland—all
places where you can giddily thaw out and
jump-start your summer. Keep in mind, how-
ever, that while the pandemic is ongoing, the
Centers for Disease Control and Prevention still
advises against all travel as the surest way to
prevent the spread of Covid-19. But for those
determined to proceed cautiously, here are five
destinations for your well-earned spring break.
Happy Trails
Truth or Consequences, N.M.
Known locally as T or C, Truth or Consequences is
a scruffy cowboy hub (pop. 5,753) built around a
bend on the Rio Grande about 160 miles south of
Albuquerque. More than a dozen thermal baths
burble around the area, which explains why the
town was originally named Hot Spring before it
garnered its more colorful moniker in 1950, thanks
to a publicity stunt for the television game show
of the same name. Visitors can venture out into
the rust-colored hills and grasslands on any num-
ber of hiking trails (sierracountynewmexico.info
lists a few options) or loiter in town browsing the
cluster of galleries, offering a more contemporary
visit during a Second Saturday Art Hop to chat up
locals at galleries like Desert Archaic, Rio Bravo
Fine Arts and Main Street Gallery.
Staying There Look for the green neon sign
hanging over the town’s 17-room Sierra Grande
Lodge and Spa, one of four Ted Turner Reserves
in the state. Guests here have access to the
156,000-acre Ladder Ranch, 45-minutes south-
west, or the 362,885-acre Armendaris Ranch, 20
minutes east. Both offer safari-style game
drives and encounters with bison, burrowing
owls, roadrunners and endangered tortoises. Af-
terward, plop down on the balcony for explosive
pink sunsets, or slip into the soapstone bath
filled with 104°F hot spring water (from $160 a
night, tedturnerreserves.com).
Seaside Sojourns
Georgia’s Barrier Islands
Of the 15 main barrier islands that line Georgia’s
110-mile coastline, Cumberland Island is among
the most scenic and least populated. Much of
the landscape—a windswept panorama of sand
dunes, wide sand beaches and marshland—is
Please turn to page D4

Inside

DON’T BE SO NARROW-MINDED FIRST-CLASS CABIN MOLE IN MINUTES STATUE, STAT!

Skinny jeans left men starving for Décor inspiration from a grand 1914 Steak meets chiles, charred tomatoes and How a garden sculpture can make
comfort. No wonder wide is back D3 national park lodge D8 chocolate in this quick recipe D9 a big difference in your yard D7
 D2 | Saturday/Sunday, March 20 - 21, 2021
STYLE & FASHION
Easy Elegance BY KATHARINE K. ZARRELLA
S
PRING HAS tech-
nically sprung.
Many Americans
are vaccinated or
You’ve done the dowdy leggings thing. Now let spring’s relaxed have vax appoint-
ments in view. With luck,
suiting gently reacquaint you with getting dressed. you’ll soon step into a bright,
bustling life beyond your clut-
tered living room. And the
sloppy sweats you’ve been
wallowing in for months?
Leave them behind, even if
abandoning their plush, reas-
suring embrace will challenge
you. Suiting—yes, suiting—is
here to help you segue from
athleisure addict to present-
able person.
Designers realize that, after
a year in loungewear, women
are loath to abandon comfort.
So this spring, brands from
Stella McCartney and the Row
to Brunello Cucinelli and Max
Mara strategically proposed
louche suits so relaxed, they
might as well be PJs. “An over-
size suit is…the perfect transi-
tion from what we’ve been
forced to wear in the last year,”
said New York stylist Emma
Jade Morrison. “They’re just as
easy to wear as a sweatsuit.”
Treat them unpreciously, she
urges: Try one with a T-shirt
and sneakers for errands or a
brisk walk (as her client model
Emily Ratajkowski does).
Lily Snyder, 37, a New York
art adviser, succumbed to
sweats during the pandemic, but
is excited to reacquaint herself
with her wardrobe of generous
suits by labels like Paul Smith
and Bottega Veneta. Ms. Snyder
appreciates that some women
don’t want to be constricted by
dresses or blistered by high-
heels again. “But my [suits]
aren’t binding. They make me
feel great…like my true and best
self.” She often wears her ample
ensembles with a collared shirt,
platform shoes and cuff links.
“Style and comfort don’t
GETTY IMAGES
need to be mutually exclusive
anymore,” said Lisa Aiken, the
New York-based buying and
BLACK-TIE EXPRESS In the 1930s, Marlene Dietrich exuded confidence in a slouchy precursor fashion director of e-commerce
to spring 2021’s roomy two-pieces. Matching berets are no longer de rigueur. site Moda Operandi. Interest in
SUITABLE FOR LOUNGING / GENEROUSLY TAILORED SETS THAT ARE POLISHED ENOUGH FOR THE OFFICE AND COMFY ENOUGH FOR RECLINING
Blue and Breezy Elongated in Eggshell Saturday Sprezzatura Ample and Affordable
Jacket, $1,590, Pants, $765, Marina Moscone Jacket, $2,250, saksfifthav- Jacket, $4,495, Pants, $1,675, Jacket, $250, Pants, $135,
maxmara.com enue.com; Pants, $990, marinamoscone.com Brunello Cucinelli, 212-334-1010
* *** THE WALL STREET JOURNAL.
breezy tailoring by brands like
Jacquemus and Altuzarra has
ticked up, she’s noticed lately.
Once upon a time, this com-
fort-style combo didn’t seem so
surprising. In the mid-19th cen-
tury, lightweight wool suiting
became the male leisurewear of
choice, said Dr. Chris Breward,
director of National Museums
Scotland. Only in the early 20th
century did suits get stigma-
tized by stiff, office associations.
From the 1860s on, wool
“lounge suits” were considered
ideal for, as Dr. Breward put it,
“country pursuits” like Saturday
woodland walks, hunting, fish-
ing and even sprawling on the
beach. “They were much more
informal garments.” Eventually
the style was controversially ap-
propriated by such trailblazing
women as Marlene Dietrich, pic-
tured here posing in a subver-
sively untrim suit in the 1930s.
Some modern adherents are
‘These suits are the
perfect transition
from what we’ve
been forced to wear
in the last year.’
bringing slouchy suits back to
their casual roots. JiaJia Fei, a
34-year-old digital strategist in
Brooklyn, bikes to work in her
bright, monochromatic versions.
To walk her “giant” dog in Los
Angeles, Cassandra Grey, the
founder and CEO of beauty re-
tailer Violet Grey, wears one of
her eight loose suits from
brands like the Row with cream
Air Jordans and a sweatshirt. “If
you just buy a few suits, you can
make a whole uniform and
never have to worry about
clothes again,” said Ms. Grey, 43,
who sometimes wears hers with
a men’s button-down or even
just a bra.
Wardrobes anchored in tai-
loring are New York designer
Marina Moscone’s specialty.
“People want to collect a great
cosstores.com
suit—they don’t want to buy six
average things,” she said. “And
you can take the suit and make
six outfits out of it.” One day
earlier this month, Ms.
Moscone paired her tuxedo
trousers with a sweater and
Nike Air Force 1s; the next, she
wore the full suit around town.
To avoid comparisons to
Talking Heads frontman David
Byrne, who wriggled in an ab-
surdly roomy suit in the 1984
concert film, “Stop Making
Sense,” Ms. Moscone insists
your jacket’s shoulders must fit
“amazingly.” Ms. Fei precisely
calibrates her sleeve and pant
lengths, but doesn’t mind a bil-
lowing blazer. “I’ve definitely
worn suits that are too big,” she
said. “But as long as they’re
comfortable, it still feels like the
right fit.” Ms. Morrison, the
stylist, said showing a scintilla
of skin can soften the look.
“Maybe you don’t wear any-
thing underneath and your clav-
icle shows.” She suggested more
modest women roll up the
sleeves or tuck the trousers into
a boot for “a little more shape at
the bottom.”
Carolina Cucinelli, the co-
president of Italian luxury label
Brunello Cucinelli, conceded
that an oversize suit could in-
timidate the uninitiated. But she
encourages them to think out-
side of the box. Avoid stodgy
formality by choosing a cheerful
color like peach, an unexpected
cargo trouser (like the Cucinelli
ones below) or by using a bright
sneaker and hoodie to “break
up” the suit’s perceived stuffi-
ness. Accessorize irreverently,
counsels Ms. Morrison, espe-
cially when it comes to foot-
wear. “Anything that has a bit of
humor behind it works really
well,” she said. Converse sneak-
ers, beat-up loafers, chunky san-
dals and clogs all supply ade-
quate flippancy. But don’t
overthink it, Ms. Morrison cau-
tioned. “Just throw it on. The
less you style it, the more natu-
ral and inherently comfortable
it’s going to look.” And feel, for
that matter. You won’t even
miss those sweats.
The Big Beige
Jacket, $1,650, Pants, $895,
stellamccartney.com
THE WALL STREET JOURNAL.
It’s a Wide, Wide World
After a pandemic year that’s popularized casual comfort, broad, baggy jeans—like those Ralph Lauren
memorably wore in 2005—have finally replaced stifling skinny-leg denim
BY JACOB GALLAGHER
O
VER THE past month,
a particular photo of
Ralph Lauren has
been popping up per-
sistently on my so-
cial-media feeds. It shows the
Americana idol taking his bow after
his company’s women’s fashion
show in New York in 2005. His ca-
sual outfit (pictured, right) is ordi-
nary for a designer performing a
curtain call, except for one thing:
The silver-haired Mr. Lauren is
wearing supersize jeans. His mildly
washed-out, barrel-cut denims
make him look like a 1920s prospec-
tor or an ’80s b-boy about to pop
and lock his way down the runway.
They’re not quite as wide as JNCOs,
the infamous ’90s jeans whose vast
hems could accommodate a Subway
footlong, but they’re still some
spectacularly roomy jeans. And
about 15 years after that photo was
taken, the wide look is surging
again.
Labels as haughty as Balenciaga
and Bottega Veneta are selling
gigundo tube-legged jeans for $595
and $980 respectively. For frugal
denim-heads, Wrangler’s online
shop offers 38 styles of “Relaxed”
men’s jeans starting at $20. On
Levi’s web store, the “Loose” selec-
tion of nine styles includes the
“Stay Loose,” a very ’90s-esque
baggy jean (pictured, left).
Janine Chilton-Faust, the global
VP of men’s design at Levi’s, ex-
plained that this flowier style, re-
leased just last year, was inspired
by contemporary “skate kids’’ who
were purchasing wider vintage
jeans—often in a waist size larger
than their own for extra roomi-
ness. This generation is “really
gravitating toward the looser, bag-
gier fits,” she said. But Ms. Chil-
ton-Faust noted that an older cus-
tomer is also “coming back” to
larger denim silhouettes like the
Stay Loose.
This return of looser legs could
be read as a long-gestating back-
lash to skinny jeans which, with
hems as narrow as 5 inches, de-
fined the denim market for the
past two decades—Mr. Lauren’s
defiance notwithstanding. In the
recent past, Laird Mackintosh, 48,
a New York City actor, wore jeans
so slender that, when he SAT,
they’d cling stubbornly to his
calves, forcing him to tug them
down for comfort. Roi Ferrer, 32, a
technician at a Los Angeles phar-
maceutical company, remained
loyal to ultra-lean jeans through
most of the 2010s. He said he was
influenced by rapper and fashion
* * * *
COPYCAT
MR. BIG SHOT Designer Ralph Lauren steps out on the runway in an
improbably oversize pair of jeans after his fashion show in New York in
2005.
impresario Kanye West, who
nearly always paired calf-hugging
jeans with his signature Yeezy
Boost sneakers.
Like many, Mr. Ferrer now ques-
tions why he squeezed into skinnies
for so long: Pulling on the comfort-
able straight-legged Levi’s 501s and
550s he wears now is like finally ex-
haling after years of sucking it all
in. Kevin Ibanez, 29, a nursing as-
sistant in San Diego, likewise comes
up short when trying to explain his
years in skinny jeans. Sure, they
STYLE & FASHION
were a trend, but they didn’t suit
his “hefty” stature, and he always
struggled to find slim-cut jeans that
fit him right. In the past year he’s
discovered his “perfect” jeans:
boot-cut Levi’s 517s that swing eas-
ily around his legs.
It can’t be discounted that the
pandemic year heightened comfort
considerations for many shoppers.
Andrew Chen, who co-owns
3sixteen, a New York City denim
brand that has sold jeans for over a
decade, noted that “with people be-
Saturday/Sunday, March 20 - 21, 2021 | D3
Broad Ways
Three pairs of handsome,
ample-enough jeans to
help you wade into the
wide-denim trend.
ing home a lot and wanting to be
comfortable,” customers have
shifted toward a fuller-cut jean that
“isn’t always reminding you of its
presence on your body.” 3sixteen’s
CS, or “Classic Straight” fit, which
boasts a roughly 8-inch hem width,
is selling briskly.
That said, as the wider-jean re-
naissance unfolds, some men are
adopting looser cuts for sentimental
reasons, too. In a phone interview,
Mr. Mackintosh of New York happily
declared that he was wearing a pair
of vintage pleated Polo Ralph Lauren Pleat-Front Throwback
jeans—“something I absolutely re-
member from the ’80s. I had them in A vintage-inspired chino
the ’80s.” (A more recent version of version. Polo Ralph Lauren
those jeans—see “Broad Ways,” Jeans, $188, ralphlauren.com
left—are currently the widest denim
style in Ralph Lauren’s collections.)
The “highly nostalgic” jeans trans-
port Mr. Mackintosh back to his
youth.
He questions why he
long squeezed into
skinnies. Wearing roomy
jeans is like exhaling
after years of sucking in.
Noah Zagor, the senior mens-
wear strategist at WGSN, a trend-
forecasting agency, said pop cul-
ture is also fueling the surge of
exaggerated jeans. While rail-thin Cropped and Cuffed
indie rock stars like the Strokes
helped fuel the skinny-jean look in A light-wash, high-fashion
the early aughts, currently promi- take. Loewe Jeans, $690,
nent musicians like Billie Eilish matchesfashion.com
and Bad Bunny favor billowy, anti-
fit clothes. “We look to people like
that for inspiration,” said Mr.
Zagor, and the trend trickles down.
Still, wide can get too wide. Mr.
Mackintosh explained that, while
dabbling with breakdancing in his
youth, he wore “gigantic” jeans.
Those overly theatrical swishy
pants are a memory he’d like to
forget—they’re not creeping back
into his closet anytime soon. Levi’s
Ms. Chilton-Faust noted that the
brand is not simply hitting refresh
on its most floor-sweeping denim
cuts of the past. The proportions
and taper of Levi’s straight-leg
jeans are still fairly conservative,
clocking around 8 or so inches
wide at the hem, so “you are able
to wear them without looking too
crazy,” she said. The reality is that Roomy and Retro
denim as billowy as Mr. Lauren’s
might make for an amusing social- A hemp-infused pair that
GETTY IMAGES
media meme, but those sail-sized takes style cues from ’90s.
jeans won’t be blowing into stores Jeans, $98, levi.com
anytime soon.
D4 | Saturday/Sunday, March 20 - 21, 2021 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

Unfamiliar
Places in the Sun 1
Continued from page D1
protected as a national seashore, while the
most famous residents are a herd of wild
horses, descendants of Paso Finos aban-
doned by 16th-century Spanish conquista-
dors. They survive on sedges and sea-oats, a 2
diet sustained by 221 days of annual sun-
shine.
Staying There Cumberland Island is just a
45-minute ferry ride from the mainland,
which means you can easily visit as a day
tripper. But if you opt to spend the night, 3
you’ll need a camping permit (nps.gov/cuis)
or a reservation at the atmospheric, all-in-
clusive Greyfield Inn, occupying a 1900 es-
tate (from $675 a night, greyfieldinn.com).
To mingle with more people than horses,
4
consider staying on neighboring Sea Island,
home to the venerable Cloister, designed by
Palm Beach architect Addison Mizner in
1928. There, you can sink into a rocking
chair around the bonfire with a bourbon-
5
spiked ice tea. The hotel’s Carrara marble
columns, Moorish Venetian windows and
terra-cotta roofs add Mediterranean vibes
to the jazz-age setting (from $599 a night,
seaisland.com). For a more affordable is-
land stay, drift over to Jekyll Island and
book an oceanfront room at the 200-room Big Rays
Westin hotel built in the quiet dunes of an Five of the
undeveloped stretch of white sand (from sunniest spots in
$229 a night, marriott.com). America, according
to NOAA data
Fire and Ice
Pagosa Springs, Colo. 1. Yuma, Ariz.
Only a thin sliver of southern Colorado is Not only is Yuma the
located in the Sun Belt, but its 300 days of sunniest locale in the
annual sunshine give you a reason to American Sun Belt, it’s
slather on the SPF. Surrounded by the arid the world’s sunniest
San Juan Mountains and an hour west of place, with 4,300
Durango, Pagosa Springs isn’t short on out- hours of sunshine per
door attractions. Visitors can speed down year, and a 90%
powder runs at nearby Wolf Creek Ski Area, chance of bluebird
open until early April, or explore 200 an- skies. Venture a few
cient stone structures built circa 900 by miles away and you’ll
Ancestral Puebloans at Chimney Rock Na- WARM AND FUZZY end up in California or
tional Monument, reopening for the season Clockwise from top: Mexico. About an
in mid May. The town itself is home to the Georgia’s Cumberland hour’s drive north
world’s deepest geothermal spring, feeding Island is home to a leads to the Kofa Na-
over 40 hot springs pools where you can few 19th-century tional Wildlife Refuge,
warm up on cool spring nights. relics and more than home to saguaro cacti
Staying There In November 2019, the Night- 100 wild horses; one and wild Gila mon-
ingale Motel reopened after a gut renova- of the 40 geothermal sters.
tion amped up its roadside retro character pools in Pagosa
with pine wall paneling, Eames chairs and, Springs, Colo.; the 2. Phoenix
for longer stays, kitchenettes. Its moody Cloister on Sea Island, Don’t tell the Sun god
Neon Mallard bar, awash in red velvet chairs Ga., a luxury resort Ra, but the greater
and quilted Naugahyde stools, is open, but if since the 1920s; Phoenix, area man-
you’d rather imbibe al fresco, grab a spot Foursight Wines in aged to edge out As-
around the fire-pit and order one of the Boonville, Calif, one of wan, Egypt, to come in
nightly special cocktails—like a cherry blos- the small towns that second on the list of
som Martini—or Mexican hot chocolate make up the world’s sunniest cities,
spiked with Añejo Tequila and ancho chile Anderson Valley. with 3,872 hours of
(from $124 a night thenightingalemotel.com) sunlight per year. To
escape the city’s con-
A Barrel of Fun gestion, set out for a
Anderson Valley, Calif. one-hour drive
If you dream of a wine country sojourn with- through the Sonoran
PETER FRANK EDWARDS FOR THE WALL STREET JOURNAL (CUMBERLAND ISLAND); BENJAMIN RASMUSSEN FOR THE WALL STREET JOURNAL (PAGOSA SPRINGS); PETER FRANK EDWARDS FOR THE WALL STREET JOURNAL (CLOISTER HOTEL); GETTY (BEACH)

out marauding parties of bachelors and girl- Desert toward Tonto

friend-getaway hordes, set your GPS to Cali- National Forest, where
fornia’s less-trodden and sun-kissed blooming cacti, black
Anderson Valley in Mendocino County, two bears coming out of
hours northwest of Napa yet seemingly hibernation, and nest-
worlds apart. The sunny valley has none of ing bald eagles usher
the fog of the Mendocino coastline, one hour in spring.
west on Highway 128 and nicknamed Drama-
mine Drive for its twists and turns through 3. Las Vegas
ancient Redwood groves. The valley’s warm Skip the slots and bee-
sunny days (216 a year on average) and cool line to Red Rock Can-
nights are coveted by many winemakers, es- yon, about 20 minutes
pecially those specializing in Alsatian-style from the strip, where
whites like Gewürztraminer and Riesling, you can expect 3,825
which put Anderson Valley on the oenophile’s hours of annual sun-
map. Scharffenberger Cellars produces a shine in the park’s 13-
sparkling Brut ideal for popping open to mile-long scenic drive
toast the pandemic’s end, while Phillips Hill through Mojave Desert
Winery sells six varietals in their tasting red sandstone peaks,
room, a former apple drying barn, so you can and seasonal waterfalls
stock up for another lockdown. visible only from De-
Staying There Foursight Wines runs two cember to early spring.
guesthouses in the vineyards and offers Zoom
tastings with sommeliers and winemakers 4. El Paso, Texas
(from $200 a night, foursightwines.com) With an average of
3,715 hours of sun-
Diving Ambition THE SHELL GAME / SEMI-SECLUDED BEACHES IN THE U.S. THAT START HEATING UP IN SPRING shine per year, Texas’s
Dry Tortugas National Park, Fla. westernmost city, sits
An old pirates’ hideout turned divers’ domain, 1. Carova Beach, Outer 2. Canaveral National 3. Montaña de Oro 4. Boca Chica Beach, on the banks of the
Dry Tortugas National Park encompasses 100 Banks, N.C. Seashore and Merritt State Park, San Luis Brownsville, Texas. Rio Grande River. On
square miles—most of it open water—and Miles of white sand Island, Fla. Obispo, Calif. This mosaic of inlets and its northern edge, 15
seven islets surrounded by shipwrecks. It’s abound on this barrier Located on Florida’s This park (pictured be- islets on the sunny minutes away, is
one of the country’s most secluded national island beach, where the Space Coast, this net- low) on California’s Cen- Texas/Mexico border— Franklin Mountains
parks—60 nautical miles west off Key West roads are all unpaved work of parks, dunes, la- tral Coast earned its where the Rio Grande State park, where you
and accessible only by seaplane, boat or the and accessible only by goons and isolated name Mountain of Gold meets the Gulf of Mex- can commune with
park’s official high-speed ferry, the Yankee 4WD. At Carova Beach, beaches is home to all from the vibrant orange ico—offers 8 miles of cacti—lechuguilla, so-
Freedom III, which runs just once a day for a situated near the Curri- kinds of critters, great poppies that cover it empty sand beach. The tol, ocotillo—or spot
full-day tour of the island (drytortugas.com). tuck National Wildlife and small. Keep an eye from March through May, dunes are home to prickly hummingbirds, coyotes
At the park, about 260 days on average of sun- Refuge on the Virginia- peeled for boobies, gan- but its sculpted cliffs, se- pear and yucca, while the and mountain lions.
shine a year helps maintain the water’s high North Carolina line, wild nets, Florida scrub-jays, cluded sandy beaches, beach itself—short on
visibility and coral reefs—catnip for snorkel- stallions run through manatees and bottlenose and 1,347-foot Valencia services—is popular with 5. Apalachicola, Fla.
ers as well as divers. Above the surface is a the surf. dolphins. Peak sweeten the deal. nesting sea turtles. Miami and Key West
near-constant parade of bird life, including are Florida’s sunniest
resident masked boobies, magnificent frigate spots. But they’re no
birds, and strays and vagrants from the Carib- secret and are typi-
bean. But the star attraction is the hexagonal cally crowded with
19th-century Fort Jefferson, a massive brick tourists. Less predict-
relic bordered by gentle swimming beaches. able is the port town
Staying There Though visitors can stay for up of Apalachicola, lo-
to four nights on their own boat or camp in cated in the less-vis-
their own tents at Garden Key, be warned: ited panhandle, with
The Dry Tortugas offer absolutely no facili- an average of 3,003
ties. Alternatively, if an oceanfront pool and hours of annual sun-
tiki bar are more your speed, base yourself at shine. This is Old Flor-
the humble Pines and Palms Resort in Islamo- ida and the state’s
rada. Be sure to book one of the 1940s bunga- oyster country in
lows (from $189 a night for a cottage, pine- Apalachicola Bay is be-
sandpalms.com). Avoid Key West’s crowds by loved by canoers, man-
hiring a private charter from Robbie’s Marina atees and gators alike.
(robbies.com).
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 20 - 21, 2021 | D5
 D6 | Saturday/Sunday, March 20 - 21, 2021
Protection Doesn’t Make Perfect
Now that the vaccine rollout is here, stymied vacationers are eager to roam free. But big questions remain
JOHN W. TOMAC (ILLUSTRATIONS)
BY BARBARA PETERSON
P
ETER VOLNY,
a retired adver-
tising executive,
typically flies
more than
100,000 airline miles annually
with his wife, and has even
been to offbeat places like
It might be wise to laminate that CDC
card you get when leaving the vax site so
it won’t disintegrate in your wallet.
North Korea and Tajikistan in
his quest to visit every coun-
try on earth. Fully vaccinated
at last, he’s determined to
make up for the lost pan-
demic year. “We are decidedly
sick of being homebound,” he
said. On the calendar: a five-
week Greek idyll, an African
safari and a trek to the jun-
gles of Suriname and Guyana.
Work from
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Home Design Shop New York 212 343-4190
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Getting the shot, Mr. Volny
said, gave him the confidence
that “I’m vaccinated and I’m
not scared of anything.”
After a year of isolation
and oppressively endless
Zoom sessions, many of the
newly vaxxed feel the same
way. But it’s not a get-out-of-
jail-card quite yet: In Mr.
Volny’s case, with the excep-
tion of Greece this fall, his
journeys can’t happen until
2022. And that gets to the
paradox of the vaccine rollout
and hopes for a travel reboot:
Most of the world isn’t ready
to roll back testing and quar-
antine rules for travelers just
yet. We’re still in a pandemic,
after all, and only a small per-
ADVENTURE & TRAVEL
centage of the world’s popula-
tion has gotten the jab.
Many countries—including
most of Western Europe—still
aren’t open to U.S. tourists.
Cases are rising in some ar-
eas; most of Italy, for exam-
ple, just retreated into lock-
down after a variant reared
its head. You’ll still need to
practice social distancing and
wear masks for the foresee-
able future, especially when
you are in public with people
you don’t know.
Moreover, the CDC, which
recently eased restrictions on
small gatherings, continues to
counsel against travel, even
for the vaccinated. That’s be-
cause there’s still a risk of
getting and spreading
Covid-19 while away from
home, the agency said. But
the advice could change, ac-
cording to a spokesman for
the agency “as more people
are vaccinated and we learn
more about how vaccines
work in the real world.” As
travel resumes many people
will want to dip their toe in
gradually, said Joe Branca-
telli, who runs the road war-
rior site joesentme.com. Here,
some things to keep in mind
as we get on the road again:
Where can I go?
In most places, the rules ha-
ven’t changed. Only a few
countries are letting U.S. visi-
tors bypass testing and quar-
antine rules if they have been
vaccinated; among them are
Belize, Iceland, the Seychelles
and Georgia. More countries
should join the list later this
year. Thailand, for example,
has said it will lift its manda-
tory quarantine restrictions
in the third quarter of this
year for travelers with proof
of vaccination. Even if your
destination still requires a re-
cent negative test, being vac-
cinated greatly reduces the
odds you’ll test positive and
* *** THE WALL STREET JOURNAL.
end up in quarantine.
What’s a vaccine
passport?
The race is on to come up
with a standardized, all-pur-
pose mobile app that will let
you summon your health
data, from vaccinations to
tests, in one tap. “It’s the
proverbial Wild West out
there,” said Henry Harte-
veldt, travel industry analyst
at Atmosphere Research.
What’s Up, Doc?
Two physicians specializing in epidemiology
and infectious diseases on when—or if—the
vaccine will reboot travel, and their own
personal vacation plans for the coming year
DR. DAVEY SMITH
Head of Division of Infec-
tious Diseases and Global
Public Health, University of
California at San Diego
Is it safe to travel after
being vaccinated?
“The CDC is being a bit
conservative on restricting
travel for vaccinated folks.
Data is still coming in to
help them make these de-
cisions, so I bet that travel
restrictions for fully vacci-
nated people will be lifted
soon. And ‘safe’ is a rela-
tive word. Everyone has
different risk assessments.
Your risk isn’t zero, even if
you do get the vaccine.”
Where he’s going this year
Tennessee to visit family;
the Galápagos Islands to
celebrate his 50th birthday.
. Where he’s going this
DR. DAVID ARONOFF
Director, Division of Infec-
tious Diseases, Department
of Medicine, Vanderbilt
University Medical Center
None of the existing options
“is better than the other.”
Most have partnerships with
airlines, like the Travel Pass
developed by the Interna-
tional Air Transport Associa-
tion (IATA), which is already
being test-driven by big air-
lines such as Emirates and
Singapore; the app should be
available soon starting with
Apple devices, IATA said.
Others include Common Pass
and Verifly, backed by
United and American, re-
spectively, among other
airlines. Each essentially
works the same way—giving
you proof of immunity in
digital form that obviates
the need to show a paper
document. But some people
might prefer an analog ver-
sion to having multiple
health apps on their smart-
phones. Others may be reluc-
tant to share health data on-
line. Until such concerns are
resolved, it might be wise to
laminate that CDC card you
get when leaving the vax
site so it won’t disintegrate
in your wallet.
Where are the deals?
In a crisis year, bargains
abound, right? Not necessar-
ily. “Cheap coach airline tick-
ets will be scarce,” Mr. Bran-
catelli predicts. With flights
still down about 50% from be-
fore the pandemic, it might
take time for airlines to re-
store capacity to their route
networks. But you might still
score some good deals, ac-
cording to the fare prediction
site Hopper, which is betting
that the window for finding
the lowest domestic fares for
summer will be from April 27
to May 7. International air-
fares will be lowest in the last
weeks of both June and July,
and in mid to late August, ac-
cording to Hopper economist
Adit Damodaran.
What if I am
inoculated but my
kids aren’t?
That’s a tough one. There’s
currently no approved vaccine
for those under 16 years old.
For some travel suppliers, in-
cluding a few cruise lines, mi-
nors traveling with a parent
or guardian may be exempt
from vaccine requirements if
they have a negative test.
Is it safe to travel after
being vaccinated?
“[Vaccinated] travelers in
the U.S. pretty much can
go wherever they want to
domestically. We do need
to keep our eyes on dis-
ease activity across the
U.S., but so far things
seem to be improving. Cer-
tainly I would avoid areas
where there are increasing
rates of infection. I’m opti-
mistic about the near fu-
ture. Soon, as more of the
population gets immunized,
we will see the CDC loosen
its travel restriction guid-
ance. Given that the vac-
cines could be available to
most or all American
adults in a few months
this will likely be sooner
than later.”
year Washington state to
see his mother; Illinois,
Michigan, Minnesota and
Wisconsin to tour colleges
with his daughter.
 THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, March 20 - 21, 2021 | D7

DESIGN & DECORATING

STUDY IN BRONZE
In the author’s Mill
Valley, Calif., garden,
visitors walk past a
Japanese sculpture
ALANNA HALE FOR THE WALL STREET JOURNAL
through a pasture?” Jennifer asked,
infuriating me further and making
me think maybe we should call off
the whole run.
Still, she had a point. The horse
had aged beautifully during the 60
years it had been in the family. It de-
served its own special treatment.
But my front garden is small and
statues can be like martinis—one
isn’t enough but two is too many.
Or are they?
“It depends on where you put
them. You can have more than one,
but it’s not for everybody,” said Jon
Allen, a Lake Park, Fla., sculptor I
consulted. Mr. Allen creates abstract
metal pieces ranging in height from
18 inches to 12 feet. No matter the
size, he said, “it’s a good idea to give
a sculpture a little bit of space all its
own so it can be a focal point.”
Fine. Although it technically had
been Jennifer’s idea to move the
horse to my small backyard where
you’re positioning in a gallery
room. Do you want to see the
sculpture from the house or will it
be something you discover after
you are in the garden? Also you
need to think about how to visu-
ally anchor this thing to the
ground.”
Surround the base of a statue
with a material that echoes the ele-
ments of a natural landscape—such
as a bed of polished stones or a low-
growing, green plant such as mondo
grass—to connect the sculpture to
its surroundings, he said. “You prob-
ably don’t want to plant something
distracting, like pink pansies, around
the base,” Mr. Lewis said.
No matter the size, ‘it’s
a good idea to give a
sculpture a little bit of
space all its own so it

he wouldn’t compete visually with

the scholar in the front garden, it
was my idea to use a hand truck to
transport him.
With the help of a local landscape
maintenance crew and Bungee
cords, the horse was wheeled to a
spot in front of my back fence. I had
to admit—if I ignored the garage in
my peripheral vision—that the
grassy patch in front of his hooves
resembled a 25-by-20-foot meadow.
A MATTER OF LIFE AND DÉCOR / MICHELLE SLATALLA But he still didn’t look as inte-
grated into the landscape as the
Japanese scholar in the front gar-
can be a focal point.’
Another element to consider is
how the sculpture will look at night.
“With the right lighting, you can
bring any sculpture you have in the
garden alive at night,” said Michael
Pringle, who owns the landscape
lighting company Illumigarden in
my town of Mill Valley, Calif.
The two most common lighting
techniques are to use up lights
(which are positioned on the ground

The Art of Planting

den, who had a backdrop of golden and shine upward at a sculpture) or
perennial grasses to frame him and to use down lights, typically
accentuate his cast-bronze features. mounted on a nearby wall or tree.
Atop a knoll, he also had a promi- “Down lights can create the same

A Garden Sculpture
MOST MORNINGS when my friend
Jennifer arrives for our daily 7 a.m.
run, we try to hide our feelings
about how cranky getting up so
early to exercise makes us.
But sometimes emotions spill out.
“Your statue looks terrible there!”
she said recently, pointing to a dark
corner of my front garden in the
freezing predawn light.
“No, he doesn’t!” I protested,
rushing over to protectively hug my
bronze, 3-foot-tall scholar who was
STEPHEN KENT JOHNSON FOR THE WALL STREET JOURNAL, FLORAL STYLING BY LINDSEY TAYLOR, PROP STYLING BY CARLA GONZALEZ-HART; SALMAN TOOR, FOUR FRIENDS, 2019. COLLECTION OF CHRISTIE ZHOU. © SALMAN TOOR. IMAGE COURTESY THE ARTIST AND LUHRING AUGUSTINE, NEW YORK
studying in a garden bed.
“Not him,” Jennifer said. “That
horse you’ve hidden for some reason
behind an orange tree.”
Ah, the horse. We inherited two
statues from my father-in-law, who
rescued them in the 1960s from a
scrap-metal yard in Osaka, Japan.
It’s always been easier to find a
home for the knockoff of the famous
19th-century statue of Japanese
scholar Ninomiya Sontoku than the
knockoff of the Chinese Tang Dy-
nasty war horse statue.
For one thing, the cast-metal
horse is roughly the size of a real
pony—a good 4 feet long and 3 feet
tall—and weighs nearly as much.
For another, a previous owner had
painted him the same strong red as
the Golden Gate Bridge. Third, his
size and saddle are toddler magnets,
so he was lagged into the ground
with cables to prevent catastrophe.
“Why don’t you put him in a place
where he’ll look like he’s running
nent perch from which to greet ev-
eryone who walks up the path to my
front door. Seasonal plantings at his
feet draw the eye: In early spring he
traverses a sea of Spanish bluebells,
and in summertime he floats on a
silvery cloud of artemisia.
I phoned San Francisco landscape
architect Scott Lewis for advice.
“How do I make this horse look
like he’s at home in my small back-
yard?” I asked him.
Mr. Lewis, who is often called
on to integrate clients’ sculptures
into their gardens, said it is impor-
tant to think about how a statue
will look from every angle. “Think
of a garden sculpture like art
effect as moonlight, which I like be-
cause moonlight does something to
our senses that makes us feel closer
to nature,” Mr. Pringle said.
“I don’t think I can moonlight my
horse,” I said. “He’s sitting out in the
open at the back of the garden.”
“That’s OK, you can still create
magic in the garden with the right
choice of bulb,” Mr. Pringle said. “I
really like to use an amber-colored
bulb on sculptures, because they
create a darker, rich color.”
The best part? On a recent jog
with Jennifer, I found that describ-
ing all the possible ways to show-
case the war horse really distracted
me from how much I hate running.

FLOWER SCHOOL

Green
Party
Floral designer
Lindsey Taylor
cuts loose in a
bouquet that
riffs on dancing

THE ARRANGEMENT

WHEN PLANNING my March arrangement, I

thought it was time for some fun. I found suitably
playful inspiration in “How Will I Know” —a show From simple to intricate designs, California Closets systems are
running until April 4 at Manhattan’s Whitney Mu- custom designed specifically for you and the way you live.
seum of American Art that spotlights the figurative
paintings of Pakistani-American artist Salman Toor
(b. 1983). His subject: young men having, in the
main, a good time. The contagious energy and free
use of greens in “Four Friends” (2019)—and the
way its figures’ lanky, puppet-like limbs sway like
flowers in the breeze—particularly appealed to me. NE W YORK CIT Y 26 Varick St | 1625 York Ave
I began with two vessels whose chestnut-brown
color echoes the painting’s wooden furniture and NASSAU 25 Northern Blvd, Greenvale
young men’s complexions. A matte charcoal vase THE INSPIRATION WESTCHESTER 16 Saw Mill River Rd, Hawthorne
nods to the black cellphone and some of the
ROCKLAND 83 South Main St, New City
clothes. But those greens! I found equivalents in the Eucalyptus and hellebore foli-
tiny chartreuse centers of the soft pink ranunculus age as well as Queen Anne’s
that stand in for the dancing man’s pants, and the lace emulate the many CONNECTICUT 565 Westport Ave, Norwalk
spring-green stem of a single tuberose that picks greens in ‘Four Friends’
up the blush of the central figure’s scarf. Eucalyp- (2019), by Salman Toor. MIAMI 900 Park Centre Blvd, Miami Gardens
tus foliage and Queen Anne’s lace bend and cascade
out of the vases. Translating more tones in the Vessels: Brown Novah 8 4 4.295.14 02 californiaclosets.com
painting (of skin, hair, wine), a surprising sprig of Pitchers, from $40,
immature blackberry and a single scabiosa pod bloomist.com; Tracie
went into my vessels. Finally, blue delphinium cap- Hervy Cylinder in Black,
©2021 California Closet Company, Inc. All rights reserved.
ture the seated man’s shirt. I wanted the arrange- from $60, clic.com
Franchises independently owned and operated. CT HIC #0657205
ment to feel jaunty, a party in a group of vases, to
forecast better, intimate times ahead.
D8 | Saturday/Sunday, March 20 - 21, 2021 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

ALAMY
TIMBER! The symmetrical furniture placement elevates the room’s design, said Portland, Ore., designer Max Humphrey of the rustic lobby of Lake McDonald Lodge, in Glacier National Park.

BY KATHRYN O’SHEA-EVANS This memorable space was singled clock all hail from the early 20th cen-

W
MY FAVORITE ROOM out by Max Humphrey, a Portland, Ore., tury. The symmetry of the furniture

Western
HEN LAND specula- designer who’s carved out a similarly placement also elevates the space.
tor John Lewis built distinctive American style, showcased in Mr. Humphrey warns anyone at-
Lake McDonald his new book “Modern Americana” tempting the look at home to stop short
Lodge, in 1914, his (Gibbs Smith). His nostalgia-tinged aes- of painting their walls orange. While the

Done Best
A designer with his own style of American
decorating finds inspiration in a national
park lodge erected in Montana’s Rocky
Mountains over 100 years ago
goal was bold: Entice
U.S. travelers liable to grand-tour
through Europe to visit the American
Northwest instead. In Glacier National
Park, his chosen site, the spectacular
Montana Rocky Mountains easily ap-
proximated the Alps. But Mr. Lewis’s
hostelry also had to equal the luxe ac-
commodations overseas. His formula:
Mix the grandeur of a Swiss chalet with
frontier rusticity, as illustrated by the
hotel’s three-story open lobby (above).
thetic integrates the classic Yankee ver-
nacular—plaid, gingham, quilts—with
reserve, and he argues that, despite its
opulence, the famous lodge’s lobby also
demonstrates restraint. Placing lots of
log furniture in a room of tree columns
and stick-style railings “can come off as
matchy-matchy or Disneyland,” he said.
Instead, the décor mixes a variety of
styles from the same era, a classic deco-
rating trick. The Mission sofas and ta-
bles, Craftsmen carpet and Art Deco
color appears subtle here, with the un-
stripped logs and warm wood creating a
tone-on-tone effect, orange can jar if
paired with highly contrasting color. He
also cautions against overdoing rustic-
ity. Instead of wall-to-wall logginess,
consider combining rough-hewed furni-
ture—say, the woven chairs here—with
modern furniture, like a Saarinen tulip
table. Below, more of why the lodge de-
sign succeeds so well, and what might
work at home.

TAKE A STURDY SEAT

STAND IN CONTRAST
The unexpected colors in
the rug elevate the décor,
said Mr. Humphrey, “and
by elevated I mean ‘hard to
pull off for your everyday
weekend decorating war-
rior.’” He also appreciates
the use of the firefly-like
motif. “Bigger scale patterns
look better on bigger scale
applications,” he said. “The
rug would look very busy
with the busy sofa fabric,
and you would get so much
less of the pattern of the
rug if it were on the sofa.”
Nab this smaller antique
version of the wool carpet,
made in India for Gustav
Stickley circa 1910. Drugget
Rug, $3,200 for 108 inches
by 75 inches, daltons.com
The hickory-sapling
chairs add another tex-
ture with their woven
wood-splint back and
seat, said Mr. Humphrey,
but because the perch—
including the weave pat-
tern—is all one sophisti-
cated color, it reads
clean and modern. Plus,
TAKE TIME these Old Faithful Inn
To railway travelers, Dining Chairs, from Old
the oversize wall Hickory, hold up: Those
ARRANGE SOME ANIMALIA clock might have in Yellowstone National
Mr. Lewis reportedly recalled a train con- Park lodge since 1904
trapped many of the ductor’s pocket still seat weary rears to-
lobby’s busts and hides watch, but Mr. day. $629, retreathome-
in the region himself—a Humphrey takes a furniture.com
side-hustle to pay bills broader view: “A
while building the hotel. clock symbolizes so
For his part, Mr. Hum- many things. It can GO WITH THE GRAIN the chop marks,” Mr. Hum-
phrey decorates with tell you to slow With their straight lines, the phrey said, “but the Stickley
brass bookends shaped down—you’re on Mission-style sofas skew furniture is also crafted by
like frogs or owls. “It’s Mountain Time,” he more modern than the sur- hand—you see the wood
something city dwellers said. He also appre- rounding rough-hewed pieces, graining.” Bring the look home
can do to bring in a little ciates its size. “I like but all share artisanal crafts- with the L. & J.G. Stickley
country.” For more big decorative manship. “There’s a real literal Mission Settle, patented in
drama but without the statements.” Go handmade aspect to the old 1902, in quarter-sawn white
guilt of taxidermy, hang bold with the How- hickory log furniture—you see oak. $7,039, 315-682-5500
this resin and fiberglass ard Miller Auburn
Trophy Stag Head Wall Wall Clock, 32½
Mount, a proud 59 inches tall. $599,
inches tall. $1,219, bedbathandbe-
houzz.com yond.com
POST A VIEWFINDER
Mr. Humphrey questions the decision to
place a painting of the lake in the lodge
(top, far right). “It’s very literal here...it’s like
having your family photos in your dining
room when you’re looking at your family
sitting across the table,” he said. But be-
cause it is a historically accurate landscape BIO IN BRIEF / MAX HUMPHREY
bundled in an understated wood frame, it
suits. In a city apartment, a landscape of- After a spell in TV seating uphol-
fers an otherwise inaccessible view. This production and stered in blown-
1940 oil-on-cardboard portrayal of the Ital- touring the U.S. out black-and-
ian Dolomites adds Alpine scenery to vista- and U.K. as a bass- white buffalo
less quarters. $1,935, 1stdibs.com ist in a punk rock plaid. He’s also
band, Max Hum- painted a nonde-
phrey launched his script white brick
HANG SOME HIDE glow. “You see hotel lobbies third act as an inte- fireplace mantel
“Your eye goes to the chande- now that are decked out in a rior designer, art director and in the stripes of old Hud-
lier, and maybe that’s because thousand bare lightbulbs that stylist whose patrons have in- son’s Bay blankets. Mr.
it’s the asymmetric thing in just blind you,” said Mr. Hum- cluded executives of Nike and Humphrey has produced his
the symmetric room,” Mr. phrey. “A shaded light is going Intel. His trademark American own line of bandana-pattern
Humphrey said. “If it was four to produce a nicer light.” Sus- design style always stops wallpapers and collaborated
identical pendant lights all pend a few of these whip- short of kitsch and throws in on a window-covering col-
hanging at the same level, you stitched, 13-inch-high Artisan’s a dash of fun. He once lection launching this au-
might just look past it. To me, Gallery Rawhide Pendant painted a basement HVAC tumn with Oregon’s Hart-
it has the modernist quality of Lights at varying heights for a duct in Benjamin Moore’s Bal- mann & Forbes, known for
a Calder mobile.” The painted similar effect. $220 each, lone- let Slippers pink above built-in their natural-fiber products.
rawhide lanterns cast a toasty starwesterndecor.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 20 - 21, 2021 | D9

EATING & DRINKING

IN MY KITCHEN MENSCH AT WORK Jake Cohen at
home in Long Island City, Queens, N.Y.

Jake Cohen
The author of ‘Jew-ish’ dishes on
maximalist entertaining, go-to utensils
and those infernal sprinkle-bomb cakes

P
UMPKIN-SPICE BABKA. Shakshuka alla vodka.
Challah panzanella. According to Jake Cohen,
these recipes qualify as “Jew-ish.” This
month, Mr. Cohen, 27, a food writer and gre-
garious social media star with a devoted fol-
lowing on Instagram and TikTok, unleashes the notion on
the world in “Jew-ish: A Cookbook: Reinvented Recipes
From a Modern Mensch” (Houghton Mifflin Harcourt).
Published just in time for Passover, it’s Mr. Cohen’s per-
sonal, uniquely millennial interpretation of Jewish cuisine,
including the Ashkenazi dishes he grew up with, the Per- COUNTER CULTURE
sian- and Iraqi-Jewish recipes that he learned from his in- From top: essential
laws, and the foods that simply capture his imagination. cooking tools; a fruit
Some of the recipes might seem unorthodox, but they re- basket hand-crocheted for
flect a larger reality: Many secular Jews connect most mean- Mr. Cohen and his husband
ingfully to their heritage through food. The tone is as ear- by a family friend; essential
nest as it is tongue-in-cheek. (Don’t miss the author photo, a pantry items, including
yearbook-style portrait of Mr. Cohen flanked by challahs.) the tart spice sumac,
For Mr. Cohen, a habit of hosting Friday-night dinner with alternative sweeteners
his husband gave rise to an eclectic repertoire of recipes and and ingredients for
rituals. He writes: “It was about taking a moment at the end impromptu cookie batches.

CHELSIE CRAIG FOR THE WALL STREET JOURNAL

of the week to pause and actively exercise gratitude, to
strengthen and build our community, and to simultaneously
do the one thing we enjoy most—eat.”

The kitchen tools I can’t live on roasted veggies, add a pinch

without are: tongs of varying whenever I make anything with
lengths—at least four differ- chocolate, and stir it into my
ent sizes for all different ap- morning yogurt. And lots of
plications. I use two at a time baking ingredients. I must have
when I’m searing brisket. I’m multiple types of flour, sugar
always throwing garlic to and salt at all times. I am al-
roast in the back of the oven ways ready for a batch of choc- The ingredients I’m most ex- I have it out on my range kitchens are intertwined with make it fit eight people. It
and using tongs to pull it out. I olate chip cookies, so the dry cited about right now are: at all times. the edges of the Middle East. takes up all of the kitchen and
have a mini offset spatula and goods have to be there. alternative sweeteners: date living room, but there’s some-
a mini rubber silicone spatula, syrup, local honeys, single- The cookbook I turn to On weekends, I like to cook: thing really special about giv-
and I end up using those mul- My refrigerator is always flower honeys, sorghum. again and again is: “Sababa” elaborate breakfasts. During ing your entire space to your
tiple times a day. I like the stocked with: oat milk and cold by Adeena Sussman. And I the week I typically like a pro- guests for a meal.
concept of having something brew and eggs. I could eat The pot I reach for most is: adore everything from Olia tein bar or a bowl of cereal or
little—it just gets into every scrambled eggs every day for my 9-quart Le Creuset. It’s Hercules. “Mamushka” is one maybe a smoothie. But on the A drink I love is: I’m very into
nook and cranny. the rest of my life and be con- big enough that I can use it of my favorites, and “Kauka- weekends, that’s when I like Casamara Club’s amaro sodas,
tent. And butter because, like I for shallow sautéing but also sis the Cookbook” is such an to venture into frittata terri- and flavored sparkling water. I
My pantry is always stocked said, I do a lot of chocolate- conducive to making stews, incredible picture of Eastern tory or bacon-egg-and-cheese don’t want fancy stuff, I don’t
with: lots of sumac. I sprinkle it chip-cookie baking. soups, pretty much anything. Europe and the way those bagels or anything that is go- want Pellegrino. I want CVS-
ing to be a little more labor- brand flavored peach seltzer.
intensive. Challah french To me that is top shelf.
Total Time: 2 hours (includes soaking) and cook, stirring often, until softened toast, the sky’s the limit.
Serves 6-8 and caramelized, about 15 minutes. If I’m not in my kitchen, I’m
Add livers to pan and season with a My favorite cooking tech- probably in: my building’s
1 pound chicken livers, rinsed heavy pinch of kosher salt. Cook, stir- nique is: broiling. I feel like no- gym, which is where I am
Kosher salt ring often, until livers are just cooked body broils, and it’s the best. right now, on the Peloton bike.
1/
4 cup chicken or duck fat, or 4 through, pinkish in the middle but not When I’m roasting vegetables,
tablespoons (1/2 stick) unsalted butter bloody, 8-10 minutes. Stir in honey and as soon as they’re tender, if A food trend I am totally
2 cloves garlic, thinly sliced cook until lightly caramelized, 2-3 min- they don’t have enough color, I over is: cakes that are stuffed
1 medium yellow onion, utes. Remove from heat and transfer pop them under the broiler. with sprinkles. Why would
thinly sliced to a bowl to cool slightly. Same thing with chicken, pro- I pay money for someone to
3 tablespoons honey, plus more for 3. Transfer liver mixture to a food pro- teins, anything that I just want throw out perfectly good cake
garnish cessor and pulse until a coarse purée to give a little more crispiness and stuff it with crunchy
Flaky sea salt, for garnish forms. Taste and adjust seasoning to. The whole idea of rubbing sugar? To me it makes no
Salted Honey Chopped Liver with kosher salt, then transfer to a some salmon with honey and sense. It’s like scooping ba-
Jake Cohen’s chopped liver balances tra- 1. Use a paring knife to clean the livers serving bowl. Dijon and popping it under the gels, but worse.
dition with an of-the-moment, sweet- of any visible fat or connective tissue. 4. Drizzle with more honey and finish broiler and having dinner ready
salty flavor profile. Honey and caramel- Transfer to a bowl with 2 heavy with a pinch of flaky sea salt. Serve in less than five minutes to me A food I could happily have
ized onions sweeten the dish and cut the pinches of kosher salt and cover with warm or at room temperature. This is magical. every day of my life is: Ben
richness, too. Serve with matzo during cool water. Let stand at room temper- chopped liver is best served shortly af- & Jerry’s Phish Food. It is the
Passover and toast or crackers the rest ature 1 hour, then drain. Dry livers well ter it’s made. When I entertain, I like to: best flavor of ice cream ever
of the year. Pickles and fresh vegetables, with paper towels. —Adapted from ‘Jew-ish’ by Jake go all out. I have this extend- invented, period.
for brightness and crunch, are other 2. In a large skillet, melt fat over me- Cohen (Houghton Mifflin Harcourt, able dining table that sits in
classic accompaniments. dium-high heat. Add garlic and onion March 2021) the center of the kitchen and —Edited from an interview by
I add in two leaves that Gabriella Gershenson

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

Steak in Pasilla Chile Sauce

CHELSEA KYLE FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES, PROP STYLING BY VANESSA VAZQUEZ ; MICHAEL HOEWELER (PORTRAIT)

THINK OF THIS as mole in minutes: tender
pieces of seared steak simmered in a smoky
sauce made with toasted pasilla chiles,
charred tomatoes and a grating of Mexican
chocolate. “It’s something you find at merca-
dos all around Mexico,” said chef Diana Da-
The Chef vila of her second Slow Food Fast recipe.
Diana Davila At her restaurant, Mi Tocaya Antojería
in Chicago, Ms. Davila features classic
Her Restaurant dishes and regional favorites you don’t of-
Mi Tocaya Antojería, ten see on menus stateside. Here, Mexican
Chicago chocolate, aromatic with cinnamon, brings
remarkable depth to the sauce. Pasilla
chiles—the dried form of chilaca peppers—
bring their own fruity complexity. “You
get the slow-cooked flavors from the
chiles and chocolate,” Ms. Davila said.
“But this is quick.”
She recommends rounding out this meaty
main with a serving of roast vegetables such
as fennel or carrots, or whatever you have on
hand. Black beans make a nice complement,
too. Served with warm tortillas, it adds up to
a sumptuous meal. —Kitty Greenwald

What She’s Total Time 25 minutes
Known For Serves 4
Authentic Mexican
cooking—traditional 2 pounds beef tenderloin,
dishes and regional cut into 2-inch pieces
classics as well as Kosher salt and freshly
her own creations— ground black pepper
served with warmth 4 pasilla chiles, toasted and
and hospitality stemmed
2 plum tomatoes
3 tablespoons sunflower oil
1 cup chicken stock
1/
2 ounce Mexican chocolate,
finely grated
1 teaspoon epazote
(optional)
Warm corn tortillas, to
serve
1. Season beef with salt and
pepper and set aside. Place
chiles in a bowl and pour
enough hot water over them
to just cover. Let chiles sit
until they are pliable and
soft, about 10 minutes.
2. Meanwhile, set a medium
heavy pan over medium-high
heat and add tomatoes. Dry-
roast tomatoes, turning as
needed, until they blacken in
spots all over, about 5 min-
utes. Use a blender or food
processor to purée tomatoes
until smooth.
3. Remove chiles from soak-
ing liquid and reserve liquid.
Purée chiles to form a
smooth paste, adding
splashes of reserved soaking
liquid as necessary.
4. Transfer chile purée to a
medium pan set over me-
dium-high heat. Stir in 2 ta-
blespoons oil and season
with salt. Cook purée until it
tightens slightly, about 3
minutes. Stir in tomato pu-
rée and stock and bring liq-
uid to a boil. Reduce heat to
maintain a simmer, and cook
until sauce reduces, about 10
minutes. Stir in grated choc-
olate and continue simmer-
ing to meld flavors, about 2
minutes. Turn off heat and
cover sauce to keep warm.
5. Set a large skillet over
high heat. Once hot, add
meat and sear until browned
on exterior and rare within,
about 3 minutes. Bring
sauce back to a gentle sim-
mer and add seared meat.
Simmer meat until medium-
rare to medium, 3-5 minutes.
Garnish with epazote, if us-
ing, and serve with black PLAY WITH FIRE Toasting the chiles and charring the tomatoes before
beans and tortillas. they go into the sauce concentrates their flavor and lends smoky depth.
 D10 | Saturday/Sunday, March 20 - 21, 2021
STUCK IN THE
MIDDLE WITH YOU
The Subaru Legacy’s high
owner loyalty may explain
the frustratingly gradual
evolution of its so-so look.
SUBARU OF AMERICA, INC.
RUMBLE SEAT / DAN NEIL
Subaru’s Legacy XT Sedan:
The Shock of the Familiar
WHEN IT COMES to Subaru, the
world cleaves in two: those who
have and those who haven’t. If you
have ever had a Subaru as your
mobility helpmate, statistics show
you are disposed to buy another—
owner loyalty is among the high-
est of mass-market brands. The
company’s full-time all-wheel drive
system and horizontally opposed
engine (assuring low center of
gravity) is unique; and it is, by a
comfortable margin, the best way
to put torque to all four wheels,
short of electrification.
For those who have never
owned, never been saved by a
Subie, it’s more of an imaginative
leap. And, in the case of the 2021
Subaru Legacy Limited XT
($35,370, as tested), you might
need the help of a shaman: Can
you envision yourself driving this
dated, lumpen sedan, simply be-
cause it has excellent mechanicals
underneath? I know it’s capable
and all, but man, that UX, those
graphics. It looks like a puppy
mill’s home page on the dark web.
Shopped against Honda Accord,
Toyota Camry and Hyundai So-
nata, Legacy was redesigned for
MY2020, incorporating the modu-
lar bits of Subaru’s global architec-
ture, which among other things
nearly doubled the unit-body’s
structural rigidity. The platform
refit also opened up more cabin
space. The Legacy’s passenger vol-
ume expanded to 102.5 cubic feet
(with the moonroof, standard on
XT), among the largest of its com-
petitive set. If you are a big person
1. For Speedy Sippers
Le Creuset Mug
Coffee gets lukewarm in: 30 min.
Those who tend to get their cupful
down fast needn’t drink from any-
thing fancier than a diner-style ce-
ramic mug. But the gift-shop ver-
sion you got on your last vacation
can’t compete with an extra-dense
stoneware model like Le Creuset’s
standard coffee mug. Though the
cup is light and sleek, the material
provides the same heat retention
you’d get with a thicker, clunkier
mug, explained Nate Collier, the
brand’s director of marketing com-
munications and culinary. Our tests
suggested that the mug’s tall and
slim design does a better job retain-
ing heat than models with a wider
mouth. Pro tip: Run your mug under
hot water before pouring in coffee,
said Mr. Collier. That way, the stone-
ware won’t pull heat from the liquid
to warm itself up.
2. For Gradual Guzzlers
Snow Peak Stainless
F. MARTIN RAMIN/THE WALL STREET JOURNAL
Vacuum-Insulated Mug
Coffee gets lukewarm in: 1 hour
Insulated mugs are the best bet for
those who like to caffeinate with a
bit more restraint. Drinking out of a
metal cup might be reminiscent of a
camping trip, but the heat retention
is worth it: The stainless-steel mate-
rial of Snow Peak’s mug, more pol-
ished than a bulky travel thermos,
beat out the double-walled borosili-
The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not the sole retail outlets.
GEAR & GADGETS
2021 SUBARU LEGACY LIMITED XT
looking for elbow room in a mid-
size sedan, the Legacy has it.
Subaru’s team thus managed to
make a significantly re-engineered
product look instantly ancient.
Again, why?
Look here, through my industry
telescope: Like other car compa-
nies moving capital into electrifi-
cation programs, Subaru is gently
squeezing manufacturing costs—
compliance, logistics, tooling—
while adding standard equipment
to established products, sweeten-
ing the deal at the showroom
level, and hoping consumers will
be OK with it. The name “Legacy”
is almost too on-the-nose.
The WFH Warrior’s Guide to Keeping Coffee Hot
IN A YEAR without commutes and trusty travel ther-
moses, not to mention office Keurig stations, we’ve
struggled to keep hot brew at hand while we work
from home. (And yes, your microwave is doomed to
corrupt the flavor of even premium beans.) So, we
set off in search of insulating mugs to solve the
1 3. For Day-long Drinkers
Mug, $18, lecreuset.com
2 any breakfast setup without looking
Snow Peak Stainless
Vacuum-Insulated Mug,
$35, backcountrygear.com
* ***
Price, as tested $35,370
Powertrain 2.4-liter turbocharged
flat-four cylinder engine with stop/
start function and variable valve
timing; continuously variable auto-
matic transmission with manual-
shift mode and simulated stepped
gearing; full-time all-wheel drive
with variable transfer clutch and
brake-based torque vectoring on
front and rear axles
Power/torque 260 hp at 5,600
rpm/277 lb-ft between
2,000-4,800 rpm
Length/width/height/wheelbase
190.6/72.4/59.1/108.3 inches
Curb weight 3,779 pounds (before
options)
EPA fuel economy 24/32/27 mpg
Trunk capacity 15.1 cubic feet
Examples: Subaru’s thirsty 3.6- XT included a power moonroof,
liter flat-six boxer engine, which heated steering wheel, leather
was holding down fleet-wide fuel seats (heated rear seat backs), a
economy, has gone the way of the Harman Kardon audio system that
dodo (compliance). This genera- punches way above its weight and
tion of Legacy will be produced for more USB ports than a first-class
North America in Lafayette, Indi- seat on a bullet train.
ana and nowhere else (logistics). A little juice for the 2021 mod-
And of course the self-similarity els: Adaptive, steering-responsive
between design generations is (directional) LED headlamps are
quite the penny saver (tooling/as- standard equipment. That’s fun.
sembly/supply). Legacy’s base engine is a natu-
Against this background of rally aspirated 2.5-liter flat-four,
slowed product evolution, and with direct fuel injection and dual
foreground of gray-flannel dorki- active valve timing on intake and
ness, the Legacy offers a lot of exhaust cams, all of which nets 182
easy-to-love features, as well as hp at 5,800 rpm. Buttoned to a
the inimitable AWD. Our Limited continuously variable transmission
problem elegantly. Armed with a kettle, various ves-
sels and a kitchen thermometer to measure how long
it took coffee to cool to a lukewarm 110 degrees, we
found reliable mugs for caffeine fiends who pound
back a cup of joe relatively quickly, leisurely sippers
who spend hours per serving, and those in between.
3 Ember Mug
Mug, from $100,
ember.com
THE WALL STREET JOURNAL.
(CVT), the 2.5-liter returns an offi-
cial 30 mpg combined, which is
pretty efficient, bearing in mind
the losses inherent with a full-time
AWD system.
But it’s slow. Car and Driver
tested the 2.5 Sport, which busted
a gut to get to 60 mph in 8 sec-
onds on its way to a ¼-mile time
of 16.2 seconds at 88 mph. What
that means, I’m afraid, is that your
typical daily merging onto the At-
Subaru’s team has
managed to make a
largely re-engineered
product look instantly
ancient. Why?
lanta or D.C. beltways would be a
teeth-gritting, pedal-stomping gut
check. And who needs that?
Our Limited XT enjoyed the ser-
vices of the engine upsell, a stout-
hearted turbo-four of 2.4-liters
displacement, producing 260 hp
and 277 lb-ft, also mated to a CVT.
This unit returns 3 mpg lower
mileage than the smaller engine
but puts out about a third more
power and torque.
The feisty 2.4-turbo propels the
3,779-pound appliance to 60 mph in
6.1 seconds, on its way to a respect-
able elapsed time of 14.7 seconds
(Car and Driver). The refinement is
good but not great. Unlike older
CVTs, the Legacy’s transmission
convincingly imitates a stepped-
gear transmission during full-power
runs, to reduce droning. There is
even a manual-shift mode. But en-
gine noise and harshness can still
get pretty vivid, especially at full
chat. Subaru extols Legacy’s en-
hanced soundproofing (acoustically
damping front windshield, for ex-
ample), but it’s a Band-Aid where a
tourniquet is needed.
Legacy’s trim ladder also seems
to be missing a rung. The 2.4-turbo
is available only on the top two of
six trim levels, the Limited XT and
Touring XT, which are $11,500 and
$13,250 higher than the base
model, respectively.
On XT models, the driver-assist
menu includes Subaru’s uniquely
dystopic eye-tracking technology,
called DriverFocus. This system
monitors the driver and, if his/her
eyelines are elsewhere—like tex-
ting—reminds them to watch the
road. Please, that’s my wife’s job.
Very often the source of my dis-
traction was the car’s own Starlink
touch screen system, Subaru’s
madness of navi/entertainment/
cabin functions, accessed through
sluggishly responding icons,
swipe-resistant pages and small-
ish, low-res graphics. In photos the
11.6-inch screen looks impressive
because of the wide fascia of black
plastic around it. The display area
is actually pretty dinky. I would be
pecking at the touch screen,
gamely trying to communicate,
when the system would throw the
reproving, eyes-on-the-road alert
at me.
Yes, dear. Sorry, dear.
cate glass we tested by nearly 15 de-
grees around the 60-minute mark.
The exterior of the mug stays cool
enough to let you cup it in both
hands campsite-style, while tradi-
tionalists have the option of a col-
lapsible handle. (And don’t worry, the
stainless steel didn’t leave a metallic
taste on our lips.) Bonus: a remov-
able rubber cap, in case you want to
bring your java along for a jaunt
around the neighborhood.
Coffee gets lukewarm in: 2 hours—
or never, if mug is kept on its charg-
ing port
If you’re the sort of wired morning
person who only needs a sip of cof-
fee now and then, consider investing
in a smart mug like this sleek, fool-
proof model from California com-
pany Ember. Using a microprocessor-
controlled heating system and
companion smartphone app, the Em-
ber Mug can keep a drink at any
temperature you specify up to 145
degrees. (Just keep the coaster-like
charging pad handy, as the battery
lasts about 90 minutes.) Aside from
a pulsating “on” light, the white and
black models blend seamlessly with
too tech-y. The only drawback: By
continually applying heat, this inno-
vation creates a dried-out residue at
the bottom of the cup.
—Sara Bosworth