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America’s Greatest
Living Writer
What’s
News
World-Wide
D espite months of re-
strictions on daily life,
new Covid-19 cases have
been rising again in the
European Union since
mid-February, as more-
virulent virus strains out-
pace vaccinations. A1
 U.S. Sens. Schumer and
Gillibrand joined 16 Demo-
cratic members of the House
in calling for New York Gov.
Cuomo to step down. The
governor said earlier Friday
that he wouldn’t resign. A1
 Microsoft is investigating
whether hackers behind a
global cyberattack may have
obtained sensitive informa-
tion necessary to launch
the attack from private dis-
closures it made with some
of its security partners. A7
 A federal judge blocked
enforcement of the U.S. in-
vestment ban on Xiaomi,
calling the decision to black-
list the Chinese technology
company “deeply flawed.” A4
 The Minneapolis City
Council unanimously approved
a $27 million settlement with
the family of George Floyd. A3
 The OECD chose former
Australian finance minis-
ter Mathias Cormann to be
its next secretary-general. A9
Business & Finance
 Value stocks are beat-
ing growth stocks by the
widest margin in two de-
cades, the latest sign that
investors expect the next
year to bring a powerful
economic rebound. A1
 The Dow, S&P 500 and
Nasdaq had weekly gains of
4.1%, 2.6% and 3.1%, respec-
tively. The blue-chip index
closed at a record on Friday. B1
 A long-simmering feud
between tech giants reig-
nited, with Microsoft’s pres-
ident lashing out at Google
and the search juggernaut’s
top lawyer firing back. A1
 Ant Group CEO Simon Hu
resigned, the company said.
Chairman Eric Jing will take
up the chief executive role at
the Chinese fintech giant. B1
 Short-seller Hindenburg
took aim at electric-truck
startup Lordstown, saying
the company misled inves-
tors. Lordstown’s CEO hit
back at the accusations. B3
 Branson’s Virgin Orbit
has hired bankers to help
the satellite-launching
startup go public this year
through a SPAC deal. B3
 Ford nominated a pair of
fifth-generation descendants
of Henry Ford to its board. B12
NOONAN
Why We Care
About the
Royal Family Feud A13
CLOCKS GO FORWARD
Most of the U.S. and
Canada switch to daylight
saving time at 2 a.m.
Sunday. Clocks move ahead
by one hour. Standard time
returns Nov. 7.
CONTENTS
Books..................... C7-12
Business News...... B3
Food......................... D8-9
Heard on Street...B14
Markets.................... B13
Opinion............... A11-13
s 2021 Dow Jones & Company, Inc.
All Rights Reserved
THE WALL STREET JOURNAL WEEKEND
REVIEW
* * * * * * * * SATURDAY/SUNDAY, MARCH 13 - 14, 2021 ~ VOL. CCLXXVII NO. 59
New Goal Pressures States as U.S. Passes 100 Million Shots
THOMAS SLUSSER/THE TRIBUNE-DEMOCRAT/AP; BRITTANY MURRAY/ORANGE COUNTY REGISTER/ZUMA PRESS; CRISTOBAL HERRERA-ULASHKEVICH/EPA/SHUTTERSTOCK
BIG PUSH: President Biden’s call for states to make all adults eligible for Covid-19 vaccines by May 1 will pressure officials
to hasten rollouts. Clockwise from top, vaccination efforts on Friday in Johnstown, Pa., Carson, Calif., and Hialeah, Fla. A3
As Outlook Brightens, Investors
Seek Stocks With Hidden Value
BY KAREN LANGLEY
Value stocks are beating
growth stocks by the widest
margin in two decades, the
latest sign that investors ex-
pect the next year to bring a
powerful economic rebound.
As the rollout of Covid-19
vaccines quickens and the
Microsoft
And Google
Trade Barbs
At Hearing
BY TRIPP MICKLE
AND AARON TILLEY
A long-simmering feud be-
tween tech giants reignited on
Friday, with Microsoft Corp.’s
president lashing out at
Google and the search jugger-
naut’s top lawyer firing back.
The unusual public squab-
bling, which included the law-
yer saying that Microsoft is
criticizing Google to distract
from its own role in two re-
cent high-profile hacks, came
against the backdrop of a con-
gressional hearing about the
impact of online platforms on
the news industry. It is one of
several high-profile disputes
this year around Silicon Valley,
including Facebook Inc. and
Apple Inc. sparring over pri-
vacy-related issues.
Microsoft President Brad
Smith discussed Google at
length in his prepared remarks
at Friday’s hearing, saying
that online news is the food
that feeds Google’s search and
advertising network, and sug-
Sports....................... A14
Style & Fashion D2-3 gesting ways the search giant
Travel........................... D7 could better support the news
U.S. News............. A2-7 industry. He expressed his
Weather................... A14
Wknd Investor....... B5
support for legislation that
World News....... A8-9 would give news organizations
more bargaining power with
Facebook and Google.
> Other supporters of the bill
include the News Media Alli-
ance, an industry trade group
Please turn to page A6
 Microsoft investigates
cyberattack’s origins.............. A7
economy bounces back from
last year’s shutdowns, portfo-
lio managers are snapping up
cyclical stocks—banks, energy
companies and others whose
fortunes are closely linked to
economic growth. Those
shares often fit the description
of value stocks, which trade at
low multiples of their book
Behind Greensill’s Collapse:
Detours Into Risky Loans
Pushed beyond safe but barely profitable supply-chain finance
BY DUNCAN MAVIN
AND JULIE STEINBERG
Lex Greensill portrayed himself as a savior
for small business.
He started Greensill Capital to give the lit-
tle guy a banking service mostly reserved for
blue-chip companies: supply-chain finance, a
type of cash advance that helps when pay-
ments are due from customers.
Mr. Greensill, the son of an Australian
melon farmer, wanted to bring this helpful
service to millions of smaller, less-established
businesses. He planned to build a technology
EXCHANGE
BUYING TIME
After the pandemic,
we’ll likely never
shop the same
way again. B1
marcus rashford
WSJ. MAGAZINE
WSJ.com HHHH $5.00
EU Falls
Behind
In Fight
Against
Covid-19
Slow pace of vaccine
output, rapid spread of
more-virulent strain
drive rise in cases
The European Union’s fight
against Covid-19 is stuck in
midwinter, even as spring and
vaccinations spur hope of im-
provement in the U.S. and U.K.
By Marcus Walker in
Rome, Bertrand Benoit
in Berlin
and Stacy Meichtry
in Paris
Despite months of restric-
tions on daily life, new
Covid-19 cases have been rising
again in the EU since mid-Feb-
ruary, as more-virulent virus
strains outpace vaccinations.
By contrast, virus infections
and deaths have been falling
rapidly in the U.S. and U.K.
since January as inoculations
take off among the elderly and
other vulnerable groups. U.S.
infections and deaths, which
were higher on a per capita
basis for most of 2020, have
fallen below the EU’s.
Governments and public-
health experts say only a com-
bination of accelerated vacci-
nations and gradual reopening
can defeat Covid-19’s latest re-
bound. But the EU’s efforts
continue to suffer from its
slowness in procuring and ap-
value, or net worth. the U.S. economy. This year, proving vaccines, production
The shift in bets marks a the Russell 1000 Value Index is delays at vaccine makers, and
reversal of a trend that has up 11% and the Russell 1000 bureaucratic holdups in inject-
held essentially since the fi- Growth Index has edged up ing available doses. AstraZen-
nancial crisis, in which growth 0.2%. eca PLC has warned European
stocks outpaced value stocks. That gap is the largest lead Union officials it no longer ex-
That reflected in part the rise Please turn to page A2 Please turn to page A8
of big tech companies such as
Apple Inc. and Amazon.com  The Dow has its best week in  Coronavirus deaths decline in
Inc. and in part the softness of months........................................... B1 Canadian nursing homes.... A9
New York’s
Senators
Join Calls
For Cuomo
platform that would outrun bigger competi-
To Resign
tors such as JPMorgan Chase & Co. and Citi- BY JIMMY VIELKIND
group Inc.
His world came crashing down this week ALBANY, N.Y.—U.S. Sens.
when Greensill filed for bankruptcy, ensnar- Chuck Schumer and Kirsten
ing a global network of borrowers—more Gillibrand joined 16 Democratic
than half of them in the U.S—as well as the members of the House in call-
firm’s financial backers, SoftBank Group ing for New York Gov. Andrew
Corp., Credit Suisse Group AG and Japanese Cuomo to step down amid
insurer Tokio Marine Holdings Inc. mounting accusations of sexual
Small towns that kept deposits at Green- harassment and investigations
sill’s German bank face losses on holdings into his handling of Covid-19
they thought were safe. Investors in Credit deaths in nursing homes.
Please turn to page A10 Mr. Cuomo, also a Democrat,
said earlier Friday that he
wouldn’t resign and that it was
After a Year of Lockdowns, Even reckless to cast judgment on
him before investigations had
A Trip to the Dentist Sounds Fun been completed.
The week marked a stun-
i i i ningly rapid turn for Mr.
Cuomo, who just months ago
Procedures help fill an eternally blank was hailed for leading one of
the hardest-hit states through
calendar; ‘a good time and a giggle’ the pandemic. It ended with
Mr. Cuomo abandoned by just
BY JULIE STEINBERG choosing new boots and a red about every prominent member
top to complement her hair. of his own party in a Demo-
LONDON—Desperate for en- “Oh my goodness, I get to cratic state.
tertainment during the coun- go somewhere different,” she More than 130 state lawmak-
try’s latest coronavirus lock- said. “I’ve got some perfume— ers, including state Senate Ma-
down, British haven’t worn that jority Leader Andrea Stewart-
people are turning in ages, let’s put Cousins, say Mr. Cuomo should
to an unlikely next that on.” leave office.
best thing: the Ms. Smith, 43, Mr. Cuomo said he would try
dentist. was laid off last to focus on his governmental
Gemma Smith, year from her job in work, which includes finalizing
of Southend-on- the lighting depart- a state budget. The third-term
Sea, Essex, said A reason to smile? ment in a West End governor again denied he had
she was “far too theater and now inappropriately touched any-
excited” about a routine takes care of the elderly. In body and apologized if any of
checkup last month. She me- the coronavirus era, “what his remarks made people un-
ticulously planned her outfit, Please turn to page A10 Please turn to page A4
A2 | Saturday/Sunday, March 13 - 14, 2021 * *** THE WALL STREET JOURNAL.

U.S. NEWS
THE NUMBERS | By Jo Craven McGinty

On Sports, Most Schools Swim in Red Ink

Each year, Overall expenses for Division I athletic departments
March Mad- in each subdivision exceed generated revenue.
ness opens a Football Championship
Generated Total
fire hose of revenue expenses Subdivision (FCS)
cash, as gam-
blers, adver- Football Bowl $3 million
tisers and television net- Subdivision (FBS)
2
works try to get in on the $8 million
action. 7
1
Americans wagered an es- 0
timated $8.5 billion in 2019 6
on the NCAA’s Division I 5
2017 2018 2019
Men’s Basketball Champion-
ship, as March Madness is 4 DI Subdivision*
formally known. Television 3 $3 million
networks paid $1.1 billion to
broadcast the games. And 2 2
businesses spent an esti-
BRIAN ROTHMULLER/ICON SPORTSWIRE/ GETTY IMAGES

1 1
mated $898 million to adver-
tise during the tournament, 0 0
according to Kantar Group. 2017 2018 2019 2017 2018 2019
But less than 10% of Divi- *Schools without football
sion I athletic departments— Source: NCAA
the highest level of intercol-
legiate athletics sanctioned get a unit,” said Dr. Zimbal- have to share it.”
by the National Collegiate ist. “You can earn up to five According to the NCAA,
Athletic Association—gener- units.” the median figures for men’s
ated enough revenue to cover This year, each unit is basketball teams in 2019
the expenses of their sports scheduled to be worth were $6.6 million in gener-
programs. $337,141, according to the ated revenue and $7.3 mil-
Traditionally, football and NCAA. Normally, that lion in expenses for FBS pro-
basketball are the biggest amount would be distributed grams; $530,445 in
earners. Even so, in 2019, Less than 10% of Division 1 athletic programs generate enough revenue to cover expenses. Above, each year for six years for a generated revenue and $1.7
just 68 of 351 Division I Gonzaga played Brigham Young on Tuesday in the West Coast Conference Tournament final. total value of around $2 mil- million in expenses at FCS
men’s basketball programs lion. But because the 2020 schools; and $581,373 in gen-
generated more revenue than gest costs were financial aid Andrew Zimbalist, a sports schools in the Football tournament was canceled for erated revenue and $2.5 mil-
expenses. And in 2016, the for athletes ($3.6 billion) and economist at Smith College. Championship Subdivision— Covid-19, the total value dis- lion in expenses at schools
most recent year the NCAA coaches’ compensation ($3.7 All 25 moneymakers were including schools such as tributed over that span of without football.
published figures for foot- billion). part of the Football Bowl Villanova University, with time will be about $1.67 mil- Famously, the men com-
ball, 73 of 252 Division I Subdivision, one of three Di- midlevel football programs— lion. peting in March Madness

T
teams earned more than o close the gap, gener- vision I subcategories. FBS ranged from $2.2 million to aren’t paid (although they

C
they spent. ated revenue is sup- schools, such as the Univer- $42.1 million. And at schools onferences set their receive athletic scholar-
“There are lots of miscon- plemented by institu- sity of Alabama, participate without football, losses own rules for sharing ships). But their teams still
ceptions,” said Daniel Fulks, tional and governmental in bowl games at the end of ranged from $3.6 million to the pot with members. make out better than Divi-
a certified public accountant support and student-activity the season and, as a group, $42.5 million. “Most take the money sion I women basketball
who prepared the NCAA’s an- fees. In 2019, that allocated spend the most and make The NCAA’s biggest source from your school and any players, whose teams receive
nual revenue and expense re- revenue totaled $8.3 billion. the most. of income is March Madness, others that made units in the no financial reward for com-
port for a decade. “One is the But net generated revenue In 2019, FBS schools’ ath- which produces 75% or more March tournament and add peting in March Madness.
NCAA is hoarding money in a is used to measure whether a letic expenses ranged from of the organization’s annual it up,” Dr. Zimbalist said. That could change if the
vault in Indianapolis. The program pays for itself, and nearly $81 million to more revenue, Mr. Fulks said. (The “After they pay schools that College Athletes Bill of
other is athletic programs only 25 of the 351 Division I than $220 million. And net NCAA doesn’t control foot- participated for their ex- Rights, introduced in Con-
make money. They don’t.” athletic departments that generated revenue ranged ball broadcast rights.) penses, the net amount left gress in December, is ap-
In 2019, athletic depart- provided data to the NCAA from a loss of $65.3 million Approximately two-thirds over is distributed equally proved.
ments across all three NCAA for 2019 generated more rev- to a surplus of $43.7 million. is channeled to the partici- among conference members. The bill would give ath-
divisions generated $10.6 bil- enue than they spent. Generated revenue didn’t pating basketball conferences Even though the school, by letes in revenue-generating
lion in revenue from all “The average deficit is exceed expenses for any ath- based on a unit system. winning a game, generated sports a share of the profits,
sports and spent more than around $16 million in the letic department in the other “If a team participates, $1.67 million over six years, including a splash of March
$18.9 billion. The two big- athletic departments,” said two subcategories. Losses at every time they win, they they don’t get all that. They Madness money.

Value Performance in each year through March 12

15% Value stocks
Industrial Average in 2021.
Part of the appeal of value
shares is their lower price tags,
U.S. Seeks India’s
Stocks Rise 10

5
Growth stocks 2021
Value
s10.89% YTD
especially after last year’s tech
rally. At the end of February,
the Russell 1000 Value Index Assistance on China
Amid Hope 0
11.14 pct. pts.

Growth
traded at 21.89 times the past
12 months’ earnings, according
to FTSE Russell. For the Russell
The Biden administration is
working to embed India in a net-
in more than five decades and
provided an additional open-
–5 t0.25% YTD 1000 Growth Index, that figure work of nations in sharp compe- ing for Washington.
Continued from Page One was 37.22. tition with China, though they A slate of challenges now
for value stocks at this time of –10 Among the signs the econ- need to smooth over disagree- looms if the Biden administra-
year since 2001, according to Value stocks omy is gaining steam: Febru- tion is to keep relations on
Dow Jones Market Data, when –15 outperforming ary brought the best monthly By William Mauldin track. India is in the midst of ac-
the bursting of the tech bubble by the widest job growth since last fall as and Sabrina Siddiqui quiring the advanced Russian
14.31 percentage-
led to a resurgence in value –20 restaurants and other hospi- in Washington S-400 missile system, a step
pct. pts. point margin
shares. At this point last year, tality businesses added jobs. and Rajesh Roy in New that could result in U.S. sanc-
–25 since 2001.
during the coronavirus-in- And the Organization for Eco- Delhi tions. The Indian government’s
duced downturn, growth nomic Cooperation and Devel- treatment of religious minori-
stocks held a wide lead. –30 opment recently upgraded its ments that include human rights ties and recent farmers’ protests
Of course, this isn’t the first 1995 2000 ’05 ’10 ’15 ’20 outlook for the U.S. economy, and New Delhi’s acquisition of a have brought renewed scrutiny
time investors have heralded a Note: Chart shows performance of Russell 1000 growth and value indexes. which it now expects to ex- Russian defense system. from human-rights groups and
bounceback in value investing— Source: Dow Jones Market Data analysis of FactSet data pand by 6.5% in 2021. Highlighting the push was members of Congress.
only to see the trade quickly re- And President Biden on Friday’s virtual meeting be- India’s government has
verse. Value stocks have lagged end of the tunnel, and it’s not a “I think it’s going to be very Thursday signed a $1.9 trillion tween President Biden and the threatened to jail employees of
behind shares of fast-growing train coming the other way.” difficult for the aggressive coronavirus aid bill, which in- prime ministers of two long- Facebook Inc., its WhatsApp
companies throughout much of Late last year his firm, growth stocks to outperform,” cludes $1,400 checks for many time treaty allies—Australia unit and Twitter Inc. in re-
the past decade: From the end which manages about $5 bil- said Lamar Villere, portfolio Americans and an extension of and Japan—as well as of India, sponse to the tech companies’
of 2010 to the end of 2020, the lion, trimmed positions in big manager at investment firm a $300 weekly jobless-aid sup- the fourth country in the so- reluctance to comply with data
value index doubled, while the tech stocks and reinvested the Villere & Co. “The expectations plement. called Quad and the least de- and takedown requests related
growth index quadrupled. money in energy, financial and that are baked into their valua- The earnings picture looks veloped economically. to protests by Indian farmers,
Among the stocks recently healthcare companies, he said. tions are still incredibly high.” bright in several corners of The leaders committed to a people familiar with the warn-
leading the way for the value The rally in bank stocks has The performance gap be- the value realm as well. Profits full-throttle effort to expand ings said. India’s Ministry of
index are banking heavy- been fueled in part by a climb tween value and growth has for the industrial, materials production in India of Covid-19 Electronics and Information
weights JPMorgan Chase & Co. in government bond yields. grown this year even as a and financial sectors are ex- vaccines designed by U.S. com- Technology denies the govern-
and Bank of America Corp. as Higher rates allow banks to pected to surge in 2021, rising pany Johnson & Johnson, ment has issued such threats
well as oil giants Exxon Mobil charge more on loans, boosting 89%, 38% and 22%, respec- with some of the doses going to social-media firms.
Corp. and Chevron Corp. With their profits. Energy shares tively, from a year earlier, ac- to Southeast Asian and other These tensions with India,
rising bond yields and oil have had help from the rallying
The shift in bets cording to FactSet. Tech-sec- developing nations, in an ef- which has long championed its
prices pointing to expectations price of oil, with Brent crude, signals that tor earnings, meanwhile, are fort, an Indian official said, to nonaligned status, contrast
for broader economic growth, the international benchmark, forecast to grow 18%. compete with China’s “vaccine sharply with that of Australia
JPMorgan and Bank of Amer- rising 34% in 2021.
investors expect a “There’s pent-up demand diplomacy” with other devel- and Japan, whose solid cooper-
ica are up more than 20% for For much of last year, in- powerful rebound. driving accelerating earnings oping countries. ation with the U.S. in defense
the year, while Chevron has vestors prized growth stocks, growth, especially among While the Quad has been is backed by shared views on
climbed 32% and Exxon has many which stood to benefit these value stocks that were around on and off for more governance and free markets.
soared 50%. All four stocks de- when the pandemic forced hurt last year,” said Jimmy than a decade, Washington in Biden administration officials
clined in 2020. people to work and shop from stretch of volatile trading Chang, chief investment offi- recent years has turned to the are treading carefully as they
“People are starting to see, home. Influential members of sends tech shares plunging cer at Rockefeller Global Fam- group as the U.S. rivalry with try to assemble a coordinated
OK, we’re going to open up,” the Russell 1000 Growth Index some days and rebounding on ily Office. “At the same time China intensified. India’s has international strategy against
said Daniel Genter, chief execu- include Apple, Amazon and others. The tech-heavy Nasdaq we still have more fiscal stim- too. A clash last year between China. They say India, as a de-
tive and chief investment offi- Tesla Inc. All posted outsize Composite dropped 0.6% Fri- ulus coming into the system, Indian and Chinese troops mocracy with a rapidly growing
cer at RNC Genter Capital Man- returns in 2020 but have lost day. It still trails the broader- so that will further turbo- along their contested Himala- economy, offers opportunities
agement. “There’s a light at the ground this year. based S&P 500 and Dow Jones charge their growth.” yan border was the deadliest to work on a range of issues.

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 THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, March 13 - 14, 2021 | A3

U.S. NEWS

States Pressed to Hit Inoculation Goal Hospitalizations

Biden sets May 1 for all
adults to be eligible for
shot, as U.S. surpasses
100 million vaccinations
President Biden’s direction
to states to make all adults eli-
gible for coronavirus vaccines
by May 1 will pressure gover-
nors and local officials to in-
crease the pace of their roll-
outs, as the U.S. surpassed 100
million vaccinations on Friday.
By Stephanie Armour,
4, a goal championed Thursday
by Mr. Biden, will face chal-
lenges.
The U.S. must find enough
health workers to give out the
shots and create more mass
vaccination sites. Officials must
work to ensure underserved
communities receive the vac-
cine, and hesitancy to take the
vaccines is overcome. States
will have to step up to the task
even though some are still
struggling with crashing ap-
pointment websites.
“We will have to dramati-
cally increase our capacity, be-
The administration can le-
gally compel states to make all
adults eligible by a given date
because the vaccines were ap-
proved by the Food and Drug
Administration under an emer-
gency-use authorization that
allows the agency to release
treatments in a declared emer-
gency, said Nicholas Bagley, a
University of Michigan law pro-
fessor.
Because of the authorization,
the Biden administration has
wide discretion to establish
Johnson has been administered
over 870,000 times.
Mr. Biden announced plans
this week to secure an addi-
tional 100 million doses of the
J&J vaccine, doubling the com-
pany’s commitment. The ad-
ministration has contracts with
Pfizer and Moderna to provide
600 million doses of their two-
shot vaccines.
The White House said Fri-
day it would expand the num-
ber of people qualified to ad-
minister vaccines across the
country. Newly eligible vacci-
nators will include dentists,
Thursday. That legislation pro-
vides $7.5 billion for vaccine
distribution, $48 billion for
testing and contact-tracing ef-
forts and more than $160 billion
for schools and universities.
The White House said the De-
partment of Health and Human
Services would immediately
dedicate $650 million toward
expanding testing for teachers,
staff and students in K-8
schools to help them reopen.
“This law is not the end of
our efforts, though. In my
view, it’s just the beginning,”
Mr. Biden said Friday at a
Decrease Steadily
The number of patients
hospitalized with Covid-19 in
the U.S. has been declining for
over eight weeks.
Hospitalizations from the
new coronavirus hit a record
high on Jan. 7, when more than
141,000 individuals were hospi-
talized. Since then, the drop
has largely been continuous,
week after week.
The latest data from the
U.S. Department of Health
and Human Services show
just over 45,000 patients in
the hospital with suspected

Sabrina Siddiqui
and Talal Ansari
The milestone comes as the
inoculation drive gains pace in
the U.S. and as new cases of
Covid-19 have dropped in re-
cent weeks. The Centers for
Disease Control and Preven-
tion’s data-tracker website
showed Friday that some 101
million doses of the three vac-
cines approved for use in the
U.S. have been administered.
Mr. Biden’s plan is the
strongest sign yet that the ad-
ministration is confident that
the current scarcity of shots
will ease in the coming weeks.
But getting the U.S. to the
stage where health guidelines
will bless people being able to
gather in small groups by July
ROSEM MORTON FOR THE WALL STREET JOURNAL
cause we are not at that capac-
ity now,” New York Gov.
Andrew Cuomo said at a news
conference Friday about reach-
ing the May 1 goal.
For Mr. Biden, there is a po-
litical risk that the public will
view the May 1 goal as an ex-
pectation they will get the vac-
cine by then—rather than
merely being eligible—as vacci-
nations are likely to continue
throughout the summer.
“The vaccine won’t be in
people’s arms May 1, but it will
be available,” said Michael Os-
terholm, a University of Minne-
sota disease specialist who ad-
vised the Biden transition team
on Covid-19. “One of my big-
gest fears is having enough
vaccines but not having people
who will take it.”
2M
Approximate number of doses
the U.S. has been giving daily
conditions governing who
should get the vaccines, he said.
In recent days, the U.S. has
been administering over two
million doses a day. The shot
made by Pfizer Inc. and BioN-
Tech SE has been given most
frequently in the U.S., with
more than 50.9 million doses
injected, according to data
from the CDC. Moderna Inc.’s
vaccine has been given over
49.1 million times. The single-
dose shot made by Johnson &
veterinarians, emergency medi-
cal technicians and students in
professional healthcare fields,
among other personnel.
The Biden administration
also said it would make the
vaccine available at more than
20,000 pharmacies across the
country as part of its federal
pharmacy program, and more
than double the number of fed-
erally supported mass vaccina-
tion sites. The administration
will also launch a new website
and a call center to help the
public better locate where vac-
cine supply is available.
Mr. Biden has moved quickly
to allocate funding from a $1.9
trillion coronavirus relief pack-
age, which was passed by Dem-
ocrats on a party-line vote and
signed into law by the president
White House ceremony with
congressional leaders to cele-
brate the relief bill.
The administration has
steadily increased weekly ship-
ments to states amid over-
whelming demand. The White
House said the weekly doses
going out to states, tribes, ter-
ritories and pharmacies is now
at more than 20 million.
“Supply is the main issue
right now,” said Ajay Sethi, an
associate professor and epide-
miologist at the University of
Wisconsin-Madison, who said
states can open eligibility to
the next priority groups as
supplies increase. “In Wiscon-
sin, vaccinators are operating
well below their capacity and
continue to receive far fewer
doses than requested.”
and confirmed cases of
Covid-19, a decrease of 68%
from January highs.
The decline comes as one
of the worst surges of the
pandemic in the U.S. has
abated, with newly reported
cases also falling sharply.
Shira Shafir, an associate
professor of epidemiology at
the University of California,
Los Angeles, believes vaccina-
tions have played some part
in the declining numbers
across the board.
Still, she said Covid-19 met-
rics remain cause for concern.
“Unfortunately, in many places,
we are no longer seeing the
numbers decline and they have
now plateaued,” Dr. Shafir said.
—Talal Ansari

Lou Ann Share watches her daughter’s dog in Port Trevorton, Pa. Without the local transportation agency, she says, ‘I would be really stuck.’

Rural Transit Helps Get Shots in Arms

BY SCOTT CALVERT
PORT TREVORTON, Pa.—On
a recent overcast morning, Lou
Ann Share waited for the bus in
the kitchen of her family’s yel-
low-sided house as her daugh-
ter made waffles for her 8-year-
old twins.
Ms. Share, a 66-year-old re-
tired florist, had secured a
Covid-19 vaccination appoint-
ment at a hospital 30 minutes
from her home in this rural
community in central Pennsyl-
vania. But she couldn’t drive
herself because of chronic pain
from an accident 25 years ago,
and nobody else in the family
could take her.
“If it wasn’t for Rabbit, I
wouldn’t be able to do this,” she
said, referring to Rabbittransit,
a local transportation agency
that is giving free rides to vacci-
nation sites across 11 counties.
For Ms. Share and others like
her, rural transit agencies are
providing more than rides. They
are the crucial link to long-
awaited protection from the
deadly coronavirus. Across the
U.S., the agencies have been
adapting since the start of the
pandemic a year ago. When rid-
ership fell sharply, some of the
services pivoted to delivering
groceries and prescription
drugs. Since the vaccine rollout
began, a growing number have
started offering free rides,
changing bus routes, hosting
vaccination sites or organizing
clinics on wheels.
Since launching its free vac-
cination ride program in mid-
February, Rabbit has taken more
than 230 people to vaccination
appointments, Executive Direc-
tor Richard Farr said. The
agency is using federal Cares
Act funds along with existing
state subsidies to cover the cost.
“We have to reach herd immu-
nity, and the only way is if ev-
erybody has an opportunity to
get the vaccine,” Mr. Farr said.
Just over 19% of Pennsylva-
nia residents have received at
least one dose of coronavirus
vaccine, slightly above the na-
tionwide figure, according to
the Centers for Disease Control
and Prevention. In largely rural
Snyder County, where Ms. Share
lives, that figure is 15.3%, state
data show.
Ms. Share is a Rabbit regular,
paying reduced fares for trips to
pain-management appoint-
ments. She was seriously hurt
in a car crash in 1995 and is of-
ten in pain, and she doesn’t
trust herself to drive farther
than nearby Hilsher’s General
Store.
“I used to be this indepen-
dent person. Raised kids on my
own, worked two jobs. Then one
car accident takes it all away,”
she said. “Without Rabbit I
would be really stuck.”
On the morning of her ap-
pointment, Ms. Share bantered
with her daughter, Lindsey
Corbin, as the 8-year-olds began
their virtual school day and the
For many, transit
agencies have
become a critical
link to vaccination.
family’s two burly dogs, Max
and Fizey, lumbered around the
kitchen.
“You’re excited, right?” Ms.
Corbin said.
“Yes, I am,” Ms. Share said.
“So I can start being safe.”
Ms. Share said at first she
wasn’t sure she wanted a shot
given the vaccines’ rapid devel-
opment. “But I stuck with the
science and Dr. Fauci,” she said,
referring to Anthony Fauci, the
government’s top infectious-
diseases expert. Her 86-year-old
mother, Betty Ann Hackett, has
had both doses, and Ms. Corbin,
whose immune system was rav-
aged by cancer treatment and
who seldom drives because of a
seizure disorder, received her
first.
Now it was Ms. Share’s turn.
When the door to the empty
minibus opened, she greeted
driver John Bolig and settled
into a seat by the door for the
drive north to Lewisburg.
After her arrival at Evangeli-
cal Community Hospital, staff
members briskly guided Ms.
Share through registration.
Minutes later, she was rolling
up the sleeve of her sweater for
nurse Jackie Mast. “That’s it,”
Ms. Mast said after injecting the
vaccine developed by Pfizer
Inc. and BioNTech SE.
“Oh my gosh, nothing. You’re
wonderful,” Ms. Share said with
a laugh.
“It’s like my two-thousandth
shot,” the nurse replied.
After the 15-minute observa-
tion period, Ms. Share had to
linger another hour in the airy
lobby before the bus pulled up
to take her back home. She said
she didn’t mind the wait.
“I feel relieved,” she said.

Floyd Family Reaches $27 Million Settlement

BY JOE BARRETT
AND DEENA WINTER
MINNEAPOLIS—The Minne-
apolis City Council unani-
mously approved a $27 million
settlement with the family of
George Floyd, whose death in
police custody last year
sparked a summer of unrest
and a racial reckoning over
law-enforcement’s treatment
of Black suspects.
The settlement stems from
a federal civil-rights lawsuit
filed by the family against the
city and the four former police
officers charged with various
counts of murder or aiding
and abetting murder in the
death of Mr. Floyd, who was
under arrest for allegedly
passing a forged $20 bill.
“I do want to on behalf of
the entire city council, offer
my deepest condolences to the
family of George Floyd, his
friends and all in our commu-
nity who are mourning his
loss,’ said Minneapolis City
Council President Lisa Bender.
“No amount of money can ever
address the intense pain or
trauma caused by this death.”
Ben Crump, an attorney for
the family, called it the largest
pretrial settlement in a wrong-
ful-death case ever, which he
said “sends a powerful mes-
sage that Black lives do matter
and police brutality against
people of color must end.”
Ms. Bender said $500,000
of the settlement would be
used for the benefit of the
community where Mr. Floyd
died—part of which has been
closed to traffic and become a
sort of pilgrimage site.
Philonise Floyd, Mr. Floyd’s
White Hot
brother, pledged to use some of LAGRANGE PEARL AND DIAMOND BRACELET
the money to help other strug-
gling Black communities, but
said he would rather be able to
see his brother once again. “If
I could get him back, I would
give all of this back,” he said.
The settlement comes as jury PAU L MO R E L L I . C O M
selection of former officer Derek
Chauvin plays out in a down- N YC 8 95 M A D I S O N (72 N D & M A D I S O N )
town Minneapolis courtroom. PH L 1118 WA LN U T S T R E E T
The case against Mr. Chauvin is
the first stemming from the 212. 5 8 5 . 42 0 0
May 25 death of Mr. Floyd.
A4 | Saturday/Sunday, March 13 - 14, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ******** THE WALL STREET JOURNAL.

U.S. NEWS

For Biden, Next Agenda Items Judge Blocks Ban on

Investing in Xiaomi
Will Get More Complicated BY DAN STRUMPF

A federal judge has blocked

ing an award given to its
founder, Lei Jun, in 2019 for
his service to the Chinese
BY ANDREW DUEHREN enforcement of the U.S. invest- state, as well as the company’s
AND ANDREW RESTUCCIA ment ban on Xiaomi Corp., ambitious investment plans in
calling the decision to blacklist 5G and artificial intelligence.
WASHINGTON—In the first the Chinese technology giant But the judge called that ra-
months of President Biden’s “deeply flawed.” tionale deficient, noting that
term, Democrats on Capitol Hill Ordering a temporary halt more than 500 entrepreneurs
unified around his $1.9 trillion to the ban in a decision late have received a similar award.
coronavirus relief proposal, Friday, Judge Rudolph Contre- He also said that 5G and AI “are
quickly passing through Con- ras cast doubt on the Penta- quickly becoming industry stan-
gress a package that closely re- gon’s decision in January to dard for consumer electronics
sembled Mr. Biden’s original designate Xiaomi as a com- devices” and investment in the
plan and notching an early pany with links to the Chinese technologies didn’t necessarily
achievement. military. Judge Contreras said suggest a military link.
But Mr. Biden and Democrats the U.S. failed to convincingly While the ruling only grants
will face a far more complicated show such links in prior filings Xiaomi a reprieve, Judge Con-
set of political and policy deci- with the court. treras said the Pentagon deci-
sions as they seek to move for- “Xiaomi is a publicly traded sion had caused Xiaomi irrepa-
ward with Mr. Biden’s push for company that produces com- rable harm and said the
infrastructure and climate legis- mercial products for civilian company was likely to prevail in
lation. use, is controlled by its inde- winning a full reversal of the in-
Without a looming deadline pendent board and controlling vestment ban. Xiaomi shares
like expiring unemployment aid, shareholders, and is not effec-
JIM LO SCALZO/PRESS POOL

which helped to quickly mobi- tively controlled or associated

lize Democrats on the relief with others under the owner-
measure, the process for pass- ship or control of the PRC or
The U.S. cited ties
ing another major bill could its security services,” the judge to China’s military,
take months. Lawmakers will said in the opinion, referring to
need to work out the scope of the People’s Republic of China.
but a judge called
the package, whether and how Xiaomi said it was pleased the decision flawed.
to raise taxes to pay for it, how President Biden was trailed by Vice President Kamala Harris, Senate Majority Leader Chuck with the judge’s ruling and said
to address procedural limits on Schumer and House Speaker Nancy Pelosi as they arrived for a White House event on Friday. it would seek permanent re-
the legislation, and whether to moval of the investment ban.
tailor it so it receives Republi- several weeks, perhaps longer. to invest in low-carbon energy bridges—that Congress will The Pentagon didn’t immedi- have fallen sharply after its
can support. Mr. Biden and his team are in- sources and wean the economy need to pass by the end of Sep- ately respond to a request for blacklisting, and it was set to be
House Speaker Nancy Pelosi stead focused on selling the off fossil fuels, some Republi- tember. Sen. Shelley Moore comment. The decision marks a removed from major exchanges
(D., Calif.) signaled on Friday coronavirus aid law to the pub- cans are skeptical of spending Capito of West Virginia, the top victory for Xiaomi following its and stock-market indexes.
that she wants to get started on lic in speeches. on initiatives to address climate Republican on the Senate Envi- addition, in the waning days of The decision is another
the issue, beginning with a bi- “We haven’t made a final de- change in an infrastructure bill. ronment and Public Works the Trump administration, to courtroom setback to the
partisan effort instead of imme- cision yet as to what the for- The House passed a $1.5 tril- Committee, said lawmakers the U.S. Defense Department’s Trump administration’s cam-
diately resorting to the partisan mat, the size, what the next lion infrastructure bill last year were so far on track for a bipar- list of companies it believed paign against China’s technol-
approach that enabled passage proposal will be,” White House that emphasized fighting cli- tisan product. were linked to China’s military. ogy sector. Last year, two fed-
of the relief package. press secretary Jen Psaki said mate change, and only three Democrats approved the lat- The decision blocked Amer- eral judges issued temporary
“Congress must work swiftly Thursday. House Republicans supported it. est coronavirus relief bill with- icans from investing in the halts to a ban on U.S. down-
to build on the historic Biden The open timeline means Mr. Biden proposed a $2 trillion out any Republican support by company, the world’s third- loads of the Chinese social-
American Rescue Plan,” she said lawmakers may pursue other infrastructure plan during the using a process called reconcili- largest seller of smartphones. media app TikTok, saying the
in a statement. “To that end, I big-ticket legislation first, in- campaign focused on climate ation. If Democrats move for- The designation took many U.S. overstepped its authority.
have called upon the Chairs of cluding an effort to invest in change. A new broad infrastruc- ward with a smaller infrastruc- company observers by sur- Other Chinese companies
the Committees of jurisdiction technology and manufacturing ture plan that addresses climate ture package first with prise, given the company’s have pursued legal fights in re-
to work with their Republican projects aimed at countering change could cost even more, bipartisan support, they could heavy focus on consumer elec- sponse to Trump administra-
counterparts to craft a big, bold China, while the infrastructure with some Democrats expecting then include additional provi- tronics. The company, which tion actions with less success. A
and transformational infra- package comes together. a price tag as high as $3 tril- sions related to infrastructure denies any military links, filed U.S. judge threw out a lawsuit
structure package.” Mr. Biden has met with law- lion. and climate later through rec- a lawsuit in U.S. District Court by telecom giant Huawei Tech-
People close to the White makers from both parties to Republicans and Democrats onciliation, which could encom- in Washington, D.C., seeking to nologies Co. last year that
House said the president isn’t discuss infrastructure. While have started working on a nar- pass a variety of Democratic overturn the designation. sought to overturn a U.S. ban
expected to publicly detail his many Democrats see the infra- rower bill on surface transpor- priorities, according to people The Defense Department on its products. Huawei is still
vision for the legislation for structure bill as an opportunity tation—including highways and involved in the discussions. later justified its decision cit- pursuing legal action in the U.S.

sell the package to voters more
aggressively than they did for
President Barack Obama’s 2009
stimulus. Democrats are running
digital ads in battleground states
like Wisconsin and Florida to
note the lack of Republican sup-
port for the popular legislation
and urging voters to remember
who put money in their pocket
position and have mostly tar-
geted the legislation in its en-
tirety as a “liberal wish list,” but
have also included more specific
critiques about not tying school
relief to reopening, giving too
much money to states and local
governments, and larding up the
bill with measures that have no
connection to the pandemic.
many of the corporate-friendly CONGRESS IS INTRODUCING tinues to collect artifacts from
policies the chamber has sup- more bills than ever before, even the pandemic. The museum also
ported for decades. All of the as fewer bills are passing and acquired the name badge from
second-term Democrats en- becoming law. The number of the healthcare worker who re-
dorsed by the chamber who sur- bills introduced in the term cov- ceived the dose. It will join a
vived re-election voted for the ering 2019 and 2020 grew 30% plastic model of the virus do-
Protecting the Right to Organize from the previous term, and 45% nated by Anthony Fauci and the
Act, which the chamber called a from the term before that. All of first vial of the polio vaccine in-
“wish list of union-sponsored pri- that extra drafting is putting a vented by Jonas Salk in the Na-
orities” that they would work to strain on the House Office of tional Museum of American His-

WASHINGTON come November 2022.

Democratic super PAC Priori-
A GOP-aligned group is airing
ads against 11 swing-seat House
kill in the Senate. A single Dem-
ocrat, Henry Cuellar of Texas,
the Legislative Counsel, which
writes the text of legislation,
tory’s medical collection.

WIRE ties USA is starting a multimil-

lion-dollar digital ad campaign in
six states expected to have
Dispatches from the competitive Senate races in
Nation’s Capital 2022 pushing the message of
relief and the promise to jump-
start the economy. “It’s impor-
BY GABRIEL T. RUBIN tant for us to sell it,” said Demo-
cratic National Committee
THE STIMULUS AD WARS Chairman Jaime Harrison. “The
begin: The messaging battle other side is trying to castigate
over President Biden’s stimulus it as something that it isn’t.”
package began before the ink Republicans have been slow
dried, with Democrats eager to to settle on a locus for their op-
Democrats, tying them to
“Nancy Pelosi’s liberal stimulus.”
A progressive group is trying to
provide a buffer, with a $1.4 mil-
lion ad buy to thank nine vulner-
able House Democrats, like Wis-
consin’s Ron Kind, for their
votes.
U.S. CHAMBER OF COMMERCE
gets little in return from 23
House Democrats it endorsed in
2020 on a key vote for a labor-
rights bill that would roll back
voted against the bill, and five
Republicans voted in favor.
leading experienced lawyers to
leave their jobs. In 2016, more
MINOR MEMOS: After Biden
dog Major gets banished for bit-
The Pro Act, a White House than 40% of the office’s lawyers ing Secret Service agent, a for-
priority, would allow unions in had more than 20 years of ex- lorn doggy bed is spotted lean-
the roughly two dozen states perience; now less than 20% do. ing against a wall outside the
with right-to-work laws to over- “This transition has been diffi- White House…“Don’t jump, we
ride those laws and collect dues cult,” E. Wade Ballou Jr., who need you,” Biden says to em-
from workers who opt out of runs the office, told a congres- ployees who watched from a
union membership. It would also sional committee Wednesday as balcony as he spoke at a hard-
limit management’s ability to in- he asked for more funding. ware store…Rep. Eric Swalwell
tervene in union-organizing ef- goes all-in on post-Covid opti-
forts. The chamber plans to run THE SMITHSONIAN has ac- mism, saying his first trip will be
ads in targeted districts quired the vial from the first U.S. to a Chuck E. Cheese ball pit
throughout 2021. Covid-19 vaccine dose as it con- with his kids.

Calls Grow governor’s resignation, and still

more say he should step aside
and let Lt. Gov. Kathy Hochul, a

For Cuomo Democrat, take charge, accord-

ing to Mr. Lalor’s tally and pub-
lic statements.

To Resign Lindsey Boylan, a former ad-

viser to the governor, was the
first former aide to accuse him
SAVE Continued from Page One
of sexual harassment. After she
made the claim on Twitter in
$170 comfortable.
“New Yorkers know me. Wait
December, at least six former
employees said they got calls
for the facts,” Mr. Cuomo said from the governor’s office to
Friday. “An opinion without find out if they had heard from

TOP facts is irresponsible. I’m going

to focus on my job because we
have real challenges.”
Mr. Cuomo’s vow to continue
to lead the state capped a week
her or to try to discredit her.
Some of the recipients of the
calls said the outreach felt like
acts of intimidation.
The latest accuser com-

12
in which a fourth aide accused plained that Mr. Cuomo touched
ANGUS MORDANT/REUTERS

him of inappropriate behavior, her inappropriately during an

a complaint that his office re-
ferred to the Albany Police De-
partment. The state Assembly
opened an impeachment inves-
tigation into the misconduct al-
legations as well as his han-
Wines You dling of Covid-19 in the state’s
Need to Try nursing homes.
State Attorney General Leti-
tia James is overseeing an in-
Plus vestigation of the sexual-ha-
rassment accusations.
3 BONUS Bottles A person familiar with the
governor’s thinking this week
said Mr. Cuomo, a 63-year-old
who is divorced, appreciates
the gravity of the situation but
feels frustrated that he is un-
able to publicly counter his ac-
cusers and critics.
The governor has spent most
of his time this week at his Al-
bany mansion. Last weekend,
the governor called members of
Go to wsjwine.com/now 2WSJW1907
the state Assembly and Senate
urging them not to call for his
resignation, according to people
encounter last year at the Exec-
utive Mansion. State officials
referred the allegation to the
Albany Police Department on
Wednesday, though a police
spokesman said she hadn't filed
Gov. Cuomo on the grounds of the governor’s mansion Friday. a formal complaint. On Friday,
familiar with the matter includ- people uncomfortable.
Mr. Cuomo said he “did not do
what has been alleged, period.”
ing two lawmakers who re- The week left the governor Another former aide, Ana
ceived the calls. politically isolated. Assembly Liss, 35, said Mr. Cuomo asked
Hank Sheinkopf, a Demo- Speaker Carl Heastie, a Demo- if she had a boyfriend and once
cratic consultant who has also crat from the Bronx, said Thurs- kissed her hand when she rose
worked with Mr. Cuomo, said day the chamber’s judiciary from her desk in 2014. The gov-
he didn’t expect him to resign. committee would conduct its ernor said he sometimes en-
“If he were to say he weren’t own review of the allegations gages in workplace banter and
running for a fourth term, it against Mr. Cuomo. said he is sorry if his behavior
will alleviate some pressure,” As of Friday, 35 Republican made anyone uncomfortable.
said Mr. Sheinkopf, who hasn’t and eight Democratic members Federal prosecutors have re-
spoken with Mr. Cuomo re- of the 150-seat Assembly say quested data about nursing-
cently. “But he probably won’t they support impeaching the home deaths and are interested
do that: when in his life has he governor, according to a whip in the production of a Health
given control away?” count maintained by Assembly- Department report about how
Mr. Cuomo’s stance in coun- man Kieran Lalor, a Republican Covid-19 affected those facili-
tering the allegations has
moved between denials to apol-
from Dutchess County who
backs the effort. An additional
ties, the Journal has reported.
—Kristina Peterson
ogies for actions that made 37 members have called for the contributed to this article.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 13 - 14, 2021 | A5

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A6 | Saturday/Sunday, March 13 - 14, 2021 * ***** THE WALL STREET JOURNAL.

U.S. NEWS

Panel Weighs Moves to Rein In Big Tech Firms

BY JOHN D. MCKINNON
AND KEACH HAGEY
Newspapers, TV stations
and other news outlets that
have seen their revenue si-
phoned away by online plat-
forms could get an assist from
Congress under legislation that
a House panel took up Friday.
If passed, the legislation
would grant news organiza-
tions a four-year exemption
from antitrust laws to band
together to negotiate compen-
sation from online platforms
that use their content, includ-
ing Facebook Inc. and Alpha-
bet Inc.’s Google.
Proponents asserted that
time is running out to throw a
lifeline to news outlets that
have lost revenue to the online
giants.
“It is clear that we must do
something in the short term to
save trustworthy journalism
before it is lost forever,” said
Rep. David Cicilline (D., R.I.),
chairman of the House anti-
trust subcommittee, at Fri-
day’s hearing.
“In the absence of a compet-
itive marketplace or congres-
sional action, there will con-
tinue to be mass consolidation
and widespread layoffs.”
Supporters of the bill in-
clude the News Media Alliance,
an industry trade group that in-
cludes News Corp, publisher of
The Wall Street Journal.
The bill could be a bell-
wether for other measures
moving through Congress tar-
geting the market power of
big technology companies,
which are also under fire from
the Justice Department and
Federal Trade Commission.
Backers have been pushing
the legislation to help news
organizations for several
years, but haven’t been able to
win enough support, especially
among Republicans.
GOP backers of the bill say
that is changing, and that they now essential as conservatives network.
expect to roughly double the seek to battle ‘cancel culture’ In a blog post Friday,
number of House Republican and maintain a voice in the Google said it is open to ex-
co-sponsors of the legislation public square,” Mr. Buck said. ploring solutions for the news
compared with last year. Re- Other Republicans, includ- industry’s problems, but
publicans have become in- ing Rep. Jim Jordan (R., Ohio), warned against “proposals
creasingly critical of big tech said they had concerns about that would disrupt access to
companies for what they say is giving new powers to a media the open web (such as requir-
censorship of conservative industry that many conserva- ing payment for just showing
viewpoints. tives distrust. links to websites).”
Rep. Ken Buck (R., Colo.), Tech platforms have repeat- Facebook declined to com-
the top Republican on the sub- edly denied an anticonserva- ment.
committee, said that big tech tive bias. Asked about the leg- Supporters say the bill,
companies are taking control islation, Google on Thursday called the Journalism Compe-
of public debate as well as the pointed to a blog post saying tition and Preservation Act, is
online marketplace. it has created and funded mul- needed to preserve a local
“The robust exchange of tiple efforts to support news news industry that has been
ideas has always been impor- outlets and pays billions of devastated by the loss of ad
tant in this country but it is dollars to publishers in its ad revenue to internet platforms.

Dispute whack,” Mr. Smith said. He

added: “No one should be
above the law. No person, no
computing division bring the
company into more direct
competition with Microsoft.

Reignites government, no company, no

technology.”
The pressure from Micro-
But the Redmond, Wash.-based
software company also relies
on Google’s Android software

At Hearing soft comes as Google defends

Continued from Page One
that includes News Corp, pub-
lisher of The Wall Street Jour-
nal.
Just ahead of the hearing,
Google’s senior vice president
of global affairs, Kent Walker,
shot back in a blog post. He
defended Google’s support of
journalism, asserting that it
has paid publishers for links to
their work and accused Micro-
soft of “naked corporate op-
portunism.”
“They are reverting to their
familiar playbook of attacking
rivals and lobbying for regula-
tions that benefit their own
interests,” Mr. Walker wrote.
“They are now making self-
serving claims and are even
willing to break the way the
open web works in an effort to
undercut a rival.”
Mr. Walker said it was “no
coincidence” that Microsoft’s
attacks on Google came amid
continuing scrutiny of the
software giant’s role in two re-
cent hacks.
Microsoft offers a news app
and website that it says in-
clude content from more than
Microsoft President Brad Smith, left, was sworn in at the hearing on Friday in Washington.
1,200 publishers. Google, a
unit of Alphabet Inc., said in
October that it was commit-
ting $1 billion to a new prod-
uct called Google News Show-
case that will support
publishers around the world.
Mr. Walker characterized
Microsoft’s history of support-
ing news as “spotty” and said
that the rival has paid out less
to publishers than Google.
Microsoft declined to com-
ment on Google’s statement.
Google declined to comment
further.
The dispute was spawned
by a globe-spanning debate
over new regulations that
would require platforms to pay
publishers for linking to their
news sites. Last month, Aus-
tralia introduced legislation
that would compel such pay-
ments, triggering multiyear li-
censing deals between Google
and Facebook with content
providers such as News Corp.
Google had threatened to
pull out of Australia over the
legislation.
During his testimony Fri-
day, Mr. Smith described Aus-
tralia’s law as reasonable and
itself against the Justice De-
partment’s antitrust lawsuit,
filed last fall, alleging it has
unlawfully maintained its dom-
inant position as the web’s
pre-eminent search engine by
striking business agreements
to shut out competitors. A trial
isn’t expected until late 2023,
ROD LAMKEY/CNP/ZUMA PRESS but the regulatory pressure
has inflamed tensions between
tech companies facing new
scrutiny in Washington.
Microsoft and Google have
battled over who would be the
internet’s gatekeeper since the
early 2000s, when Internet Ex-
plorer began to give way to
what was then a search-engine
cast Google’s plans to exit as startup. As Microsoft fended
detrimental to the country, its off an antitrust inquiry, Google
people and publishers. He said surged in prominence and be-
he and Microsoft Chief Execu- came the web’s leading
tive Satya Nadella assured the browser, email provider and
country’s prime minister, Scott mobile-phone service. Ten-
Morrison, that they were will- sions between the tech compa-
ing to run Bing at a lower nies heightened as their com-
margin than Google because it petition expanded to new
was important “for us all to businesses.
succeed together.” Microsoft and Google are
“When companies start both competitors and partners
threatening countries and say- in a number of business lines.
ing that if their legislators Microsoft’s Bing search engine
pass laws they don’t like competes with Google’s more
they’ll pull up and leave, then widely used service. Google’s
something seems a little out of efforts to build up its cloud
on some of its Surface gadgets.
Microsoft has a long his-
tory of lobbying against
Google. Under Chief Executive
Steve Ballmer, Microsoft
kicked off an anti-Google at-
tack advertising campaign
called “Scroogled” that ran
from 2012 to 2014.
Microsoft’s
president and
Google’s top lawyer
traded shots.
When Mr. Nadella took over
in 2014, he sought a more
peaceful relationship and
ended the attacks. The execu-
tive responsible for the adver-
tising campaign, Mark Penn,
departed in 2015. In 2016, Mi-
crosoft and Google brokered a
truce and withdrew their regu-
latory complaints against each
other globally.
Microsoft generated around
$7.7 billion in search advertis-
ing revenue in its latest finan-
cial year. Google last year had
around $104 billion in search-
related sales.

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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 13 - 14, 2021 | A7

U.S. NEWS U.S. WATCH

Microsoft Seeks Hack Origins

NEW YORK
D.A. Vance Won’t
Seek Re-Election
BY ROBERT MCMILLAN Manhattan District Attorney
AND DUSTIN VOLZ Cyrus Vance Jr., whose office se-
cured a conviction of Hollywood
Microsoft Corp. is investi- mogul Harvey Weinstein and is
gating whether the hackers now investigating former President
behind a world-wide cyberat- Donald Trump, said Friday that he
tack may have obtained sensi- wouldn’t seek a fourth term.
tive information necessary to Mr. Vance’s announcement
launch the attack from private leaves him with just nine
disclosures it made with some months to see through the
of its security partners, ac- Trump investigation, the highest-
cording to people familiar profile matter of his 11 years in
with the matter. office. His departure casts uncer-
The investigation centers in tainty around who will oversee
part on the question of how a that investigation and, if charges
stealthy attack that began in arise from the probe, a trial of
early January picked up steam the former president.
in the week before the com- Mr. Vance will serve out the
pany was able to send a soft- rest of his term, which ends on
PIETRO RECCHIA/ZUMA PRESS
ratio measures capital—funds
that banks raise from investors,
earn through profits and use to
absorb losses—as a percentage
of loans and other assets. With-
out the exclusion, Treasurys and
deposits count as assets.
Banks want an extension to
the relief, set to expire at the end
of March. Without it, some may
come close to violating the capi-
tal requirements over the coming
months.
To keep that from happening,
they may be forced to buy fewer
Treasuries or shy away from cus-
tomer deposits.
—Andrew Ackerman
PHILADELPHIA
City Dims Lights to
Save Migratory Birds

ware fix to customers. In that Dec. 31. The announcement The lights of Philadelphia
time, a handful of China-linked leaves the race for Manhattan might not shine as bright in the
hacking groups obtained the district attorney wide open. coming weeks as a coalition in
tools that allowed them to —Deanna Paul the City of Brotherly Love tries to
launch wide-ranging cyberat- prevent millions of migrating birds
tacks that have now infected FEDERAL RESERVE that pass through twice a year
computers all over the world from slamming into skyscrapers
running Microsoft’s Exchange Banks’ Capital Relief and crashing to the sidewalk.
email software. The attack picked up steam before Microsoft was able to send a software fix to customers. Extension Weighed Bird Safe Philly on Thursday
Investigators have focused announced the Lights Out Philly
on whether a Microsoft part- Mapp partners were sent the targeted organizations are partner was the source of a The Federal Reserve faces a initiative, a voluntary program in
ner with whom it shared infor- Feb. 23 Microsoft notification, small businesses, schools and leak, they would face conse- decision in the coming days over which as many external and in-
mation about the bug hackers which included the proof-of- local governments, security quences for breaking the whether to extend relief that ternal lights in buildings are
were exploiting leaked it to concept code, according to experts said they could be es- terms of participation in the temporarily loosened restrictions turned off or dimmed at night
other groups, either inadver- people familiar with the pro- pecially exposed to debilitat- program,” he said via email. for the way big banks account during the spring and fall.
tently or on purpose, the peo- gram. A Microsoft spokesman ing attacks. In 2012, Microsoft ejected a for ultrasafe assets such as Birds navigate during migra-
ple said. declined to say whether any Biden administration offi- Chinese company, Hangzhou Treasury securities. tion using celestial cues and
Some of the tools used in Chinese companies were in- cials have described the prob- DPTech Technologies Co., from The Fed last April said that when they cannot see stars on
the second wave of the attack, cluded in this release. lem in dire terms over the Mapp after determining it had for one year it would exclude a cloudy night they get confused
which is believed to have be- How the hackers obtained past week, urging organiza- leaked proof-of-concept code Treasurys and deposits held at by bright city lights, according to
gun on Feb. 28, bear similari- the tools is important to Mi- tions to immediately patch that could be used in an attack the central bank from lenders’ experts.
ties to “proof of concept” at- their systems. No federal sys- and that code appeared on a so-called supplementary leverage Windows pose a problem be-
tack code that Microsoft tems are currently known to Chinese website. ratio, in an effort to boost the cause birds might see a reflec-
distributed to antivirus com-
panies and other security
The company has have been compromised,
though officials are still prob-
Although Microsoft’s inves-
tigation has reached no con-
flow of credit to cash-strapped
consumers and businesses. The
tion of trees or the sky.
—Associated Press
partners on Feb. 23, investiga- been reviewing an ing possible exposure. The ad- clusion, investigators are look-
tors at security companies say.
Microsoft had planned to re-
information-sharing ministration has created an in-
teragency cybersecurity
ing at whether information
contained in a Feb. 23 notice

K.M. CANNON//LAS VEGAS REVIEW-JOURNAL/ASSOCIATED PRESS

lease its security fixes two program. coordination group focused on to a select group of security
weeks later, on March 9, but the hack, a National Security companies may have made its
after the second wave began it Council spokeswoman said. way to the attackers, the peo-
pushed out the patches a week A Microsoft spokesman said ple said.
early, on March 2, according crosoft and others scrambling the company has seen “no in- Microsoft released its infor-
to researchers. to assess the damage of the dications” of a leak from in- mation weeks in advance of the
Microsoft and others have historically large cyberattack, side the company. The people patch to the Mapp Validate
been reviewing an informa- which has allowed other hack- with whom it shared the secu- Partners on Feb. 23, saying that
tion-sharing program called ing groups to capitalize on the rity information in February, it expected to patch the Ex-
the Microsoft Active Protec- vulnerabilities for their own known as Mapp Validate Part- change bugs on March 9, ac-
tions Program, or Mapp, which purposes. Microsoft said this ners, are longtime partners cording to people familiar with
was created in 2008 to give week it had spotted ransom- that have the breadth and size the Mapp communications.
security companies a head ware, or malicious software to test and detect vulnerabili- But four days after this no-
start in detecting emerging that locks up its victims’ com- ties, he said. tification—on Feb. 27—the
threats. Mapp includes about puters until they pay the hack- The spokesman said there China-linked hackers began
80 security companies world- ers, being used to target net- would be consequences if the scanning the internet for serv-
wide, about 10 of which are works that hadn’t yet been Mapp partnership was abused. ers that contained the Ex- WINTER STROLL: Collins, 1, and mother Valerin Morris walked in
based in China. A subset of the patched. Because many of the “If it turns out that a Mapp change flaws. a Las Vegas area park Friday after light snow fell in the area.

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A8 | Saturday/Sunday, March 13 - 14, 2021 * *** THE WALL STREET JOURNAL.

WORLD NEWS
Gunmen Kidnap Nigerian Students U.A.E.
Gives Third
Dozens were taken armed militancy has led to growing industries in Nigeria, a
from a college, in the
fourth mass abduction
worsening security and where
kidnap for ransom has become
a lucrative industry.
U.S. counterterrorism ally that
is dealing with a 10-year jihad-
ist rebellion, as well as swell-
Sinopharm
since December
None of the perpetrators of
the recent school kidnappings
have been arrested.
ing banditry and lawlessness.
The surge in kidnapping for
ransom has signaled the in-
Vaccine
BY JOE PARKINSON

Gunmen kidnapped dozens

The abduction comes less
than two weeks after 279 girls
were taken from a boarding
of students from a college in school in neighboring Zamfara
northwestern Nigeria late state and freed days later after
Thursday, state officials said, a ransom was paid, according
the fourth mass abduction in to former hostages and people
as many months in a region familiar with the negotiations.
that is suffering from a wors- On Friday morning, parents
ening security breakdown. and relatives gathered at the
The attackers breached the college to wait for news. Some
perimeter fence at the Federal residents said when they
College of Forestry in Mando, heard the kidnappers’ gunfire
located in the state of Kaduna, overnight at the college, they
shortly before midnight and thought it was an exercise at
began to round up students, the military institution.
security officials said. The at- President Muhammadu Bu-
tack occurred just a few hun- hari, a former general who has
dred meters from the National been criticized for the deterio-
Defence College, where 3,500 rating security situation
trainee officers are based. across Nigeria’s north, has
Shehu Sani, a former senator said his government is “work-
REUTERS
creasing integration of crimi-
nality and terrorism in the re-
gion. Boko Haram, the jihadist
group that kidnapped 276
schoolgirls in 2014, igniting
the global #BringBackOurGirls
campaign, released a video
claiming responsibility for the
abduction of 344 schoolboys in
Katsina in January.
In a recent report on kid-
napping across Nigeria, SB
Morgen, a Lagos-based geopo-
litical research firm, found
that between January 2016
and March 2020 almost $11
million was paid to kidnap-
pers. “It has become a na-
tional emergency,” the report
said. The impact of the abduc-
tions on education across the
country’s northern states is
To Some
BY SUMMER SAID
AND STEPHEN KALIN
DUBAI—Health authorities
in the United Arab Emirates
have begun administering
a third dose of the Sinopharm
coronavirus vaccine to at least
some residents, as doctors say
the Chinese-made shots in
some cases haven’t generated
enough protective antibodies.
The U.A.E. has served as
one of the primary testing
grounds for the vaccine, which
is manufactured by a Chinese
state-owned pharmaceutical
company and is a mainstay of
the Gulf monarchy’s rapid im-

of Kaduna, said he had been ing hard to bring an end to raising fears of a lost genera- munization campaign. The vac-
briefed by security officials that these grim and heartbreaking tion that could be recruited by cine also is used in Hungary,
the kidnappers separated the A broken perimeter fence at the Federal College of Forestry in incidents of kidnapping.” He criminal and terrorist groups, Serbia, Pakistan and elsewhere.
girls from the boys and took Kaduna, Nigeria, where attackers abducted dozens of students. has chastised state governors feeding the cycle of insecurity. G42 Healthcare, the com-
only the girls. “Young women for paying ransoms, saying The governor of Yobe state pany that coordinated Sino-
are easier to handle—they don’t 180 students were rescued after ligence operatives were work- they encourage more attacks. said this week he would close pharm’s Phase 3 clinical trials in
try to escape,” he said. “And a firefight in which several ing to track down the students. State governors publicly schools for fear of kidnap- the U.A.E. and elsewhere in the
there’s a possibility for the kid- were injured, but more than 30 The abduction was the deny paying to free hostages. pings, marking the fourth Ni- Middle East said a “select group
nappers to get a higher price.” remain missing, officials said. fourth mass school kidnapping But security analysts said kid- gerian state to lock down edu- of people are being adminis-
Soldiers from the army’s A rescue team made up of since December in Nigeria’s napping for ransom was be- cation across an expanse home tered a third shot to observe
first division were deployed and army, air-force, police and intel- northwest, where a surge in coming one of the fastest- to some 20 million people. the immune system response”
as part of a scientific study.
It declined to say how many

London Abduction Sparks Safety Concerns

people are affected and why,
referring reporters to the
U.A.E. health authorities, who
didn’t respond to requests to
BY JAMES HOOKWAY comment.
Farida al Hosani, a U.A.E.
The abduction and murder of government spokeswoman on
33-year-old marketing execu- health affairs, was quoted by the
tive Sarah Everard has un- Abu Dhabi newspaper the Na-
leashed a torrent of concern tional as saying “some people”
over women’s safety in London had received a third booster
and the rest of the U.K., with shot. “The number is very mini-
thousands of women recounting mal” compared with the number
their own stories of harassment who received first and second
in a fresh upsurge in support doses. Dr. al Hosani couldn’t be
for the #MeToo movement. reached to comment.
Ms. Everard went missing af- The National Emergency
ter leaving a friend’s apartment Crisis and Disaster Manage-
in south London on March 3, ment Authority, which oversees
triggering a police search the coronavirus response in the
across southeast England. U.A.E. and the Abu Dhabi gov-
On Friday, authorities con- ernment’s media office didn’t
firmed that remains found in a reply to requests to comment.
wooded area southeast of the Neither did Sinopharm.
capital were hers, and that an The Wall Street Journal
PAUL CHILDS/REUTERS

officer with London’s Metropol- spoke with eight people in Abu

itan Police, 48-year-old Wayne Dhabi, capital of the U.A.E.,
Couzens, had been arrested and who said they had been called
charged with Ms. Everard’s kid- by public-health services in re-
napping and murder. cent weeks to come in for a
The case has struck a nerve third vaccine and received the
in Britain, in part because Ms. Police investigating Sarah Everard’s disappearance searched behind the home of the man charged in her death in Deal, England, on Friday. injections. All were employees
Everard had done many of or contractors of U.A.E. gov-
things women are often advised their own experiences of being harass her. “We can’t tell lem. Among the findings, only Harman was one of many peo- ernment entities. They said
to do to ensure their safety. She harassed or feeling unsafe which men are safe because 3% of women aged between 18 ple who said she would attend, they weren’t participating in
wore bright, visible clothing walking city streets. Some de- even the ones who are suppos- and 24 said they hadn’t experi- though it is unclear whether any scientific study, nor were
when she left her friend’s scribed wearing comfortable edly safe feel enabled to hu- enced sexual harassment. the event would proceed. they tested for antibodies.
apartment at 9 p.m. for a jour- shoes in case they had to run miliate us for fun,” she wrote. A group called Reclaim the Meanwhile, anger is build- Two doctors in the U.A.E.
ney home that should have or pretending to be engaged in UN Women, a United Na- Streets planned a vigil for Ms. ing toward London’s police for said some Sinopharm recipi-
taken 50 minutes at most. She a loud phone call to deter po- tions agency, released a survey Everard in London on Saturday attempting to prevent the vigil, ents among their patients and
had called another friend to say tential attackers. this week that found that some evening. Similar gatherings and for the revelation that the colleagues have shown little or
she was on her way. And she Author Julie Cohen said on 70% of women and girls in the were planned elsewhere in the officer in custody had been ar- no antibody response after the
stuck to well-lit main roads. Yet Twitter that she once had to U.K. had experienced sexual country, despite police warn- rested separately for an alleged second dose. It isn’t clear to
she was abducted—and, investi- switch trains because of three harassment in public spaces ings that they would contravene indecent exposure in a fast- what extent antibody tests
gators suspect, by a policeman. seemingly ordinary middle- and urged the government to Covid-19 lockdown rules. Oppo- food restaurant three days be- measure the immune system’s
Many women have shared aged men who had begun to do more to combat the prob- sition Labour lawmaker Harriet fore Ms. Everard disappeared. entire response to the vaccine.

rowing costs that have surged 80% full.

EU Falls amid brighter prospects for
the U.S. economy and a re-
Daily confirmed Covid-19
cases per 100,000 people,
seven-day rolling average
“It’s a situation that I
would qualify as tense and
laxed stance from the Federal worrying,” Mr. Veran said.
Behind in Reserve.
Political pressures are lead-
80 In Germany, which is gear-
ing up for national elections in
ing to different responses
Covid Fight among large EU nations.
September, there is little polit-
ical will to reimpose tougher

Sound Continued from Page One

pects to supply the bloc with
Italy, the first Western
country hit by the pandemic,
entered the world’s first na-
tionwide lockdown on March
45
restrictions, even though in-
fections have begun increasing
again since early February.
Scientists say the U.K. variant

Thinking around 100 million Covid-19

shots it pledged to bring in
from overseas in coming
months.
So far, there is nothing like
10 last year. Now some Italians
joke that they will be the last
nation to exit a lockdown.
The first big decision by It-
aly’s new prime minister, Ma- 10
EU

Audio storytelling on news you care about, the acute hospital crisis that
overwhelmed healthcare sys-
at home or on the go.
tems in parts of Italy and
Spain a year ago. Instead, the
Browse our podcasts: WSJ.COM/LISTEN
bloc’s public-health crisis has
become chronic, with authori-
ties struggling constantly to
tamp down the flames.
In much of the continent,
the spread of the more-aggres-
sive variant first detected in
the U.K. is behind the worsen-
ing of the pandemic, undoing
strenuous efforts to rein in the
virus since the fall with an ar-
ray of restrictions that have
brought the bloc’s economic
© 2021 Dow Jones & Company, Inc. All rights reserved. 2DJ7886
rio Draghi, was to lock down
many regions of the country
starting Monday, and the
whole country over Easter.
The decision means bars, res-
taurants and nonessential
shops will close in many re-
gions, while elsewhere they
face stricter limits on hours
and services offered. Millions
of school students will go back
to remote learning.
Italy’s escalation comes af-
ter weeks of lighter measures
failed to stop the rapid rise of
the U.K. variant.
“I thank the citizens once
U.S.
Jan. Feb. March
Note: As of March 11.
Sources: Johns Hopkins CSSE (cases and
deaths); the governments, European Center
for Disease Prevention and Control, World Bank
(populations)
French President Emmanuel
Macron, who is up for re-elec-
tion next year, has rebuffed
calls from public-health ex-
perts to impose a third lock-
down on the country. Instead
he has relied on a nationwide
evening curfew and other re-
strictions while authorities try
to accelerate vaccinations.
is behind the rise there, too.
The setback took Germany’s
government by surprise: For
weeks, it looked like the pan-
demic was receding, and fed-
eral and state authorities
promised a relaxation of lock-
down measures. Fearing a
public backlash, German au-
thorities are easing some mea-
sures anyway.
Hairdressers reopened on
March 1. Some state govern-
ments have allowed some
stores to reopen. Younger chil-
dren have also started return-
ing to classrooms.
Only 30% of Germans trust
in the competence of Chancel-
lor Angela Merkel’s center-
right party, while confidence
in her center-left coalition

recovery to a standstill.
The eurozone economy is
expected to grow by about 4%
this year, compared with 6.5%
in the U.S., according to the
Organization for Economic Co-
operation and Development.
That divergence reflects a
larger U.S. fiscal stimulus and
faster vaccine rollout, the
OECD said this week. Aiming
to shore up the flagging euro-
zone economy, the European
Central Bank said it would
step up efforts to contain bor-
again for their discipline, their
infinite patience,” Mr. Draghi
said this week.
Mr. Draghi doesn’t have to
worry about re-election: He is a
technocratic prime minister
leading an emergency govern-
ment, probably for only one
year, with the support of nearly
all parties in Parliament.
Elsewhere in the region,
electoral pressures are holding
leaders back from tightening
restrictions despite rising in-
fections and hospitalizations.
Health Minister Olivier Ve-
ran told reporters Thursday
that variants now account for
more than 70% of new infec-
tions in France. Pressure is
rising again on intensive-care
units in the Paris region,
where he said a new patient is
admitted every 12 minutes.
Mr. Veran said he expected
authorities to begin transfer-
ring scores of patients out of
the Paris area to hospitals in
regions that have fewer cases.
Nationwide, ICUs are nearly
partner is in the single digits,
according to a survey released
this week by opinion-polling
institute Forsa.
Now scientists fear the
combination of virus variants,
snail-paced vaccinations and
reopenings could send infec-
tion numbers soaring. “We’re
seeing clear signs that the
third wave has now begun in
Germany,” Lothar Wieler, pres-
ident of the Robert Koch Insti-
tute for infectious diseases,
told journalists Thursday.
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, March 13 - 14, 2021 | A9

OBITUARIES
LOU OTTENS ANDREAS APOSTOLOPOULOS
1926 — 2021 1952 — 2021

Dutchman Launched Investor Bought Stadium

Cassette ‘Revolution’
L
ou Ottens was thinking
about convenience and por-
tability when he told his
product development team at
Philips to come up with something
For Price of a House
songs. It was crucial in spreading
the popularity of hip-hop music.
And it spawned the musical love
letters known as mixtapes. BY JAMES R. HAGERTY included electrical apprentice, taxi
An early ad touted “up to 90 driver, movie-theater usher and of-

better than reel-to-reel tapes. minutes of tape you don’t have to
He and his colleagues produced tangle with. It won’t break or
the cassette tape, introduced by spill or get on your nerves.”
the Dutch company at a Berlin Mr. Ottens later was involved
trade show in 1963. in development of the compact
“We expected it would be a disc, introduced in the early
success but not a revolution,” Mr. 1980s. He was puzzled by the re-
Ottens said in the 2016 documen- vival of demand for cassette
tary “Cassette: A Documentary tapes among young people in re-
Mixtape.” cent years. “People prefer a
The pocket-size invention worse quality of sound, out of
eventually made recorded music nostalgia,” he said. As for himself,
portable—and practically un- he told Time magazine in 2013, “I
avoidable—via the Sony Walk- like when something new comes.”
man, boom boxes and other de- Mr. Ottens died March 6 in Du-
vices. It allowed obscure bands to izel, the Netherlands. He was 94.
record and distribute their own —James R. Hagerty
D AV I D M I N T Z
1931 — 2021
A
ndreas Apostolopoulos was
an obscure Toronto-based
investor in industrial real
estate until 2009. Then he bought
a domed stadium that no one else
seemed to want.
The Silverdome in Pontiac,
Mich., was the former home of the
Detroit Lions football team. Mr.
Apostolopoulos’s winning bid at an
auction—made by telephone, be-
fore he had seen the property—
was $583,000, less than many peo-
ple pay for a suburban bungalow.
That gave him a stadium built in
the mid-1970s on a 127-acre plot
for $55.7 million.
Mr. Apostolopoulos was sur-
prised no one outbid him. “It’s
something different,” he said of
his prize.
Elvis Presley, the Rolling Stones
and the Who had performed at the
stadium. John Paul II celebrated a
stadium. Amazon.com Inc. now is
redeveloping the site as a distribu-
tion center. Mr. Apostolopoulos’s
three sons, who head Triple Group,
say their company’s investment in
fice cleaner. He launched his own
company providing office-cleaning
services. Unhappy with the cost of
plastic garbage bags, he went into
business manufacturing those.
When he began investing in real
estate, his approach was to find a
vacant factory or warehouse in a
distressed area and subdivide it
for use by various tenants. He built
up a portfolio of properties in Can-
ada, Greece, Australia and the U.S.
Mr. Apostolopoulos knew there
would be heavy costs in trying to
revive the Silverdome. “It’s not
what you pay for the property,” he
told The Wall Street Journal
shortly after buying the stadium.
“It’s what you’re going to have to
spend to fix it. It will take time
and a lot of money.”
He liked the location, near the
junction of two freeways, about 30
miles north of downtown Detroit.

New York Deli Owner Mass there in 1987. After the Lions
moved to a new stadium in 2002,
however, the city of Pontiac failed
the Silverdome has been profit-
able.
Now the company is preparing
When he arrived to inspect his
new property, he also liked the De-
troit area, where a severely de-

Made Tofu Ice Cream to find new tenants and couldn’t

afford the upkeep.
Mr. Apostolopoulos, known as
Andy, died Feb. 15 at his home in
to open a casino, hotel and enter-
tainment center called DLive in
Pickering, Ontario, near Toronto,
pressed economy had slashed real-
estate prices.
In 2012, he bought the Penob-
that the family describes as the scot Building, Detroit’s third-tallest

W
hen David Mintz decided
to make ice cream out of
tofu, he said, “people
thought I was nuts.”
It was the 1970s, and the
Mintz persisted and in 1981 fi-
nally introduced his nondairy ice
cream, dubbed Tofutti.
Forty years later, his company,
Tofutti Brands Inc., in Cranford,
Richmond Hill, Ontario, of what
his family described as natural
causes unrelated to Covid-19. He
was 68.
One of his initial ideas for reviv-
start of a “mini Las Vegas.” It
marks the most glamorous project
ever launched by Mr. Apostolopou-
los.
office tower, for $5 million. The
price came to $5 a square foot,
compared with an average of $200
a square foot for office buildings
nationwide at the time, according

Brooklyn-born Mr. Mintz owned
New York catering services. Many
of his customers were, like him,
Orthodox Jews who avoided eat-
ing dairy products and meat in
the same meal. He wanted to
serve them a cold dessert that
would mimic real ice cream. “I
had no technical background,” he
told the Chicago Sun-Times later,
“and food manufacturers kept
telling me it couldn’t be done.”
The challenge became such an
obsession that he had trouble
sleeping at night. One of his ex-
perimental mixtures exploded,
splattering the ceiling. Yet Mr.
N.J., is still making the product,
now competing in a crowded
market for imitation dairy foods.
The company also produces other
foods appealing to vegans, people
who are lactose intolerant and
those with religious eating re-
strictions.
Mr. Mintz died Feb. 24 in a
hospital near his home in Tenafly,
N.J. He was 89 years old.
He enjoyed tinkering with tex-
tures and flavors. “I like a pineap-
ple-sweet-potato Tofutti,” he told
the New York Times in 1984, “but
the public may not be ready.”
—James R. Hagerty
ing the Silverdome, bringing in a
professional soccer franchise,
didn’t pan out. Mr. Apostolopou-
los’s Triple Group managed to at-
tract boxing matches and monster
truck shows to the property, but
those weren’t enough to keep an
80,000-seat stadium full.
After a winter storm in 2013
shredded the inflatable canvas
roof, the owners arranged for an
auction of stadium contents, in-
cluding pretzel warmers, copper
wiring and urinals. That raised
about $500,000.
In 2017, Triple Group paid sev-
eral million dollars to demolish the
T
he son of a cafe owner, he
was born Sept. 25, 1952, in
Messini, Greece. Around age
11, he quit school. “I’m very good
at math,” he told the Toronto Star
in 2012. “On my school books
there were times tables. I thought,
‘That’s all I need to know.’ ”
He did odd jobs for a few years
and then, following the example of
an older sister, moved to Toronto
in 1969, at age 17. Within three
days, he started work at a chicken-
processing plant, where he learned
to take apart chickens destined for
Kentucky Fried Chicken frying vats.
His other early jobs in Canada
to Real Capital Analytics. The
building was about half empty and
needed major work.
“Detroit’s going to be coming up
again,” he said then. “I think the
city is already bankrupt. I don’t
think it could get any worse than it
is.”
Mr. Apostolopoulos is survived
by his wife, Joanna, along with
three sons, five grandchildren, a
sister and three brothers.
“Buy bricks, not paper,” he ad-
vised his sons.
 Read in-depth profiles at
WSJ.com/news/types/obituaries

WORLD NEWS

Covid-19 Spanish Police Seize Narco-Submarine Built to Carry Drugs

Spanish police said they had

Deaths seized a 30-foot-long narco-sub-

marine that could carry 2.2 tons
of narcotics, a sign of the

Down in lengths cartels are going to

transport illegal drugs to the
booming European market.

Canadian Police said Friday that they

discovered the narco-sub in Ma-
laga on Spain’s Costa del Sol

Facilities last month as part of an inter-

national police operation that led
to the arrest of 52 people and
BY PAUL VIEIRA seizure of more than 400 kilos
of cocaine, along with other ille-
OTTAWA—Canada’s nursing gal drugs and cash.
homes were among the hard- The vessel was made of fi-
est hit in the world at the berglass and plywood, and pow-
start of the pandemic. But now ered by two 200-horsepower en-
early data show that transmis- gines, although it had never
sion and deaths from the virus sailed, police said. Narco-subs
are dropping sharply. are semisubmersibles that float
Despite the slow pace of mostly below the waterline and
Canada’s overall vaccine roll- have long ferried cocaine from
out, health officials have Colombia to Central America.
pushed ahead with inocula- The narco-sub was most
tions in the country’s nursing likely intended to transport co-
homes; about 85% of adults caine ashore from a larger ves-
POLICE NACIONAL/ASSOCIATED PRESS

there have received at least sel that would have brought a

one dose of a Covid-19 vaccine, shipment across the Atlantic
according to the Public Health Ocean, Spanish police said.
Agency of Canada. Nearly a The U.S. Drug Enforcement
third have gotten two doses. Administration has said Europe
Data released this week from may have surpassed the U.S. as
Ontario, Canada’s most-popu- the world’s largest cocaine mar-
lous province, indicate the rela- ket.
tive risk of death from Covid-19 —James Marson
among nursing-home popula-

tions has fallen by 96%. Analy-
ses from other regions of the
country suggest a similar trend.
At Ontario facilities, the rel-
ative risk of Covid-19 infection
fell 89% among residents and
79% among healthcare workers.
The findings were based on
data as of Feb. 23, at which
time 92% of nursing-home res-
idents had received at least
one dose of a shot, versus 55%
among nursing-home staff.
The authors measured how
much the treatment reduced
the risk of bad outcomes rela-
tive to a group of unvacci-
nated adults aged 70 years or
older who live in their own
homes in the community.
Dr. Samir Sinha, head of ge-
riatrics at the University
Health Network group of hos-
pitals in Toronto and co-chair-
man of Ryerson University’s
aging institute, said the num-
ber of Covid-19 outbreaks at
the country’s 5,800 nursing
homes has plummeted by 70%
since early January.
FRANCE
OECD Selects New
Secretary-General
The Organization for Eco-
nomic Cooperation and Develop-
ment chose former Australian fi-
nance minister Mathias Cormann
to be its next secretary-general,
as it seeks to shape the global
economic recovery.
The OECD’s 38 member na-
tions agreed to select Mr. Cor-
mann ahead of the European
Union’s former top trade official
Cecilia Malmström of Sweden.
The pair had emerged as the
leading contenders from an ini-
tial lineup of 10 candidates, in-
cluding six from Europe.
Mr. Cormann will begin a five-
year term as secretary-general
of the Paris-based research body
on June 1, succeeding Ángel Gur-
ria who held the role since 2006.
The OECD provides policy ad-
vice to its member governments,
and is a longtime advocate for
free trade and a more open
global economy as a path to
prosperity.
Earlier this week, the OECD
forecast a sharper rebound in
the world economy, predicting it
will reach pre-pandemic levels of
output by the middle of this year,
six months earlier than it ex-
pected when it last updated the
outlook. It now sees global out-
put increasing by 5.6% in 2021,
having declined by 3.4% in 2020.
—David Winning
MYANMAR
Citizens in U.S. Get
Protection Status
The Biden administration
granted temporary legal authori-
zation to Myanmar citizens liv-
WORLD WATCH
ing in the U.S. without permis-
sion, its latest response to the
coup that ousted the country’s
elected civilian leaders.
The designation of temporary
protected status, which lasts for
18 months and can be renewed,
offers U.S. work permits and tem-
porary protection against deporta-
tion for Myanmar citizens and re-
cent residents of the country.
The Department of Homeland
Security didn’t respond to a ques-
tion about how many people could
benefit from the new status.
Myanmar’s military seized
control of the government Feb.
1, detaining civilian leader Aung
San Suu Kyi and senior mem-
bers of her National League for
Democracy party.
Since then a protest move-
ment has erupted, and the mili-
tary has used violence to put
down dissent, leaving dozens of
people dead in crackdowns.
In Myanmar, the Associated says killed nearly 400,000 peo-
Press reported that police fired ple. A coalition government
rubber bullets and tear gas at formed last year between Presi-
protesters in the country’s two dent Salva Kiir and opposition
largest cities and elsewhere Fri- leader Riek Machar is imple-
day, as authorities continued their menting a peace deal behind
harsh response to opponents. schedule, while deadly violence
—William Mauldin continues in parts of the country.
The ICRC’s Robert Mardini
SOUTH SUDAN called it “one of the most com-
plex humanitarian crises any-
Red Cross Warns of where.” He said “now alarmingly
Humanitarian Crisis we see severe food shortages
and a largely unquantifiable
The director-general of the In- prevalence of Covid-19 which are
ternational Committee of the making an already catastrophic
Red Cross warned that South situation even worse.”
Sudan is “a forgotten conflict” While hostilities between the
facing a “humanitarian crisis” main parties may have ceased or
made worse by the pandemic, been reduced, Mr. Mardini said
while the U.N. chief cautioned that “fighting with smaller par-
that 60% of people in the nation ties and splinter groups and be-
are “increasingly hungry.” tween communities is unfortu-
South Sudan has been strug- nately continuing to cause death,
gling to recover from five years destruction and displacement.”
of war that at least one study —Associated Press
A10 | Saturday/Sunday, March 13 - 14, 2021
Greensill
Detoured to
Risky Loans
Continued from Page One
Suisse supply-chain funds that
invested in Greensill’s loans no
longer have access to $10 bil-
lion in cash.
Behind Mr. Greensill’s fail-
ure: The business went beyond
the scope of what it initially set
out to do. Many of Greensill’s
loans went to a small circle of
borrowers close to Mr. Green-
sill, as well as acquaintances
and his biggest outside backers.
A Wall Street Journal review
of internal Greensill records, in-
cluding board minutes and
emails, along with interviews
with more than a dozen people
familiar with Greensill’s busi-
ness, reveals how the company
obscured its riskier loans be-
hind a safe but barely profit-
able supply-chain finance busi-
ness.
Greensill took on bigger,
riskier long-term loans. In
some cases, the loans were
given other names before they
were sold on to investors in the
Credit Suisse funds, obscuring
who the borrower was or the
type of loan, the Journal found.
Documents indicate an ac-
quaintance borrowed $30 mil-
lion to invest in a New York
skyscraper development. Mr.
Greensill got into aircraft leas-
ing, and after getting big slugs
of cash from SoftBank and Gen-
eral Atlantic, he lent money
back to them.
Mr. Greensill didn’t respond
to requests for comment for
this article.
Mr. Greensill found out last
September that an insurance
policy key to the survival of the
business was imperiled and
could expire March 1, according
to court documents. The expi-
ration triggered the firm’s col-
lapse.
Regulators have taken over
supervision of the German bank
and referred a criminal com-
plaint to prosecutors there. The
regulators said in a written
statement that a special audit
turned up suspicious account-
ing related to Mr. Greensill’s
biggest client, U.K. steel mag-
nate Sanjeev Gupta.
Greensill’s insolvency pro-
cess in the U.K. started this
week. A deal for Apollo Global
Management Inc. to take over
its core business stalled. Green-
sill, which said it was a finan-
cial-technology leader, had re-
lied on a third-party technology
platform.
Credit Suisse suspended
three executives who oversaw
the bank’s Greensill funds.
Tokio Marine, which provided
the insurance, suspects internal
wrongdoing related to the poli-
cies it provided to Greensill cli-
ents, court filings indicate.
SoftBank, which put close to
$2 billion into Greensill, includ-
ing $400 million at the end of
last year, plans to write down
the entire investment, the
Journal has reported.
Mr. Greensill set up Greensill
Capital in 2011, with backing
from former colleagues at Mor-
gan Stanley, and used the fam-
ily farm as collateral. The idea
would be to drum up the same
type of business he did at Mor-
gan Stanley and Citigroup, but
expand the client base and use
technology to digitize the piles
of paper invoices that clog up
deals.
Supply-chain finance is a
low-margin business. Big firms
have lots of bills to pay to sup-
pliers who sell them the raw
Dentists
Are Newly
Popular
Continued from Page One
else are you going to do with a
week off work than a trip to
the dentist?” she said.
It’s the U.K.’s third national
lockdown. Pubs, movies and
shopping malls are a distant
dream. Apart from schools,
which just reopened, residents
are supposed to stay local and
limit interactions with others.
Medical visits are an excep-
tion. Dental clinics reopened
in June after the first lock-
down created a backlog.
Dentists, who have tradi-
tionally struck fear and loath-
ing into the hearts of their cli-
ents, are taking on
unimaginable appeal as stay-
ing at home hits a nerve.
Edward Lynch, a dentistry
materials and services that go
into their products. Banks front
the payment, take a cut and
collect what’s due from the
company down the road. It is
considered short-term, usually
less than 120 days, and ex-
tremely safe.
The big banks do it at great
scale and often provide supply-
chain finance to top clients be-
cause of the revenue they can
earn from selling other ser-
vices.
A new way
Mr. Greensill saw a new way
to finance the deals. He would
package the loans into securi-
ties and sell them to investors.
He also bought a little bank in
Bremen, Germany, for about
$20 million. Instead of using
the bank to hold the loans, it
sold them on to investors, too.
The bank, he said in the 2019
interview, was like a ware-
house.
A big early buyer of his
notes was GAM Holding AG, a
Swiss asset manager that runs
hedge funds and other invest-
ments. Its investment funds
would serve as a kind of off-
balance-sheet financing tool for
Greensill’s clients. A risk was
that if the funds ever ran into
trouble, Greensill would be un-
able to fund its deals.
Mr. Greensill signed up some
big, credit-rated companies. To
wrest those customers from big
banks, Greensill had to offer
competitive terms that didn’t
professor who practices part-
time in East Dulwich, London,
said one woman who came in
for a cleaning begged for a fol-
low-up, something he hasn’t
seen in his nearly 40-year ca-
reer.
Patients say the appoint-
ments help fill an eternally
blank calendar. Some use trips
to the dentist as an excuse to
have a picnic or interact with
someone, anyone, outside
their household.
Susan Kennard, a self-de-
scribed spiritual scientist in
Bexhill-on-Sea in the south of
England, usually takes her
children to continental Europe
for their school vacation. Last
year they explored the island
of Corfu in Greece. This year
they saw a dentist in Brighton.
Ms. Kennard, 51, packed
Marmite sandwiches for the
one-hour car ride to add to the
festivities. Her nearly 12-year-
old son needed three baby
teeth removed that had
crowded others.
She enjoyed “having some-
thing different to look forward
FROM PAGE ONE
make it much money, according
to people familiar with Green-
sill’s business.
To boost margins, he turned
to deals that weren’t classic
supply-chain finance.
Among the Greensill assets
that ended up in GAM funds:
lease payments for a Russian-
owned cargo plane and a loan
to an acquaintance of Mr.
Greensill’s for a stake in a New
York skyscraper development,
according to a subsequent re-
port that GAM commissioned.
Several loans went to a for-
mer Greensill shareholder, Mr.
The report called
the skyscraper loan
“little more than
a ‘crapshoot.’ ”
Gupta, the report said. These
include about $900 million
backed by cash flows from pro-
jected government subsidies
tied to experimental biofuel
generators.
A whistleblower in 2017 al-
leged to management that the
GAM portfolio manager had cut
corners and misvalued the
Greensill assets. In 2018, GAM
suspended the manager and
wound down the fund. Of the
$2 billion of assets GAM
bought from Greensill, none of
them looked like traditional
supply-chain finance assets,
to that’s still within the rules,”
Ms. Kennard said.
Alastair Campbell, a top ad-
viser to former U.K. Prime
Minister Tony Blair, tweeted
recently about getting two fill-
ings fixed, identifying the ex-
perience as “simple pleasures
in lockdown life.”
In neighboring Ireland,
where nonessential travel is
forbidden, some discovered
that dentists held the key to
their escape. Irish media re-
cently chronicled people using
dentist appointments abroad
as cover to flee to places like
the Canary Island of Tenerife.
Dr. Alexis Zander, a dentist
in London’s Putney area, said
she has seen an uptick since
January in the demand for
cosmetic or orthodontic
touch-ups.
“People are looking at
themselves all day a lot more
closely and noticing their
teeth, hair and skin. But
they’re not allowed to do any-
thing about hair and skin at
the moment,” she said. Lock-
down makes it a good time to
* ***** THE WALL STREET JOURNAL.
names from Bundaberg, where
Mr. Greensill grew up.
Other loans went to Green-
sill’s biggest backers. A loan for
$435 million made to a Soft-
Bank Vision Fund company, Ka-
terra, was called Fairymead.
General Atlantic took a $350
million loan from Greensill.
Greensill put part of it in the
Credit Suisse funds, but it was
obscured to investors because
it was classified under the
name of another company.
FROM TOP: IAN TUTTLE/SHUTTERSTOCK; RADIM KOBLÍÛKA
In early 2020, cracks started
to appear. At a board meeting,
a Vision Fund representative
noted that other Vision Fund
companies were providing
much of the new lending, peo-
ple familiar with the meeting
said. A spokeswoman for Soft-
Bank denied that.
Then when stock markets
declined in March, investors in
the Credit Suisse funds called
in their investments.
Mr. Greensill dialed Soft-
Bank’s billionaire boss,
Masayoshi Son, who agreed to
than on a bank checking ac- make an emergency $1.5 billion
count. investment into the funds. The
The funds were given an ex- investment wasn’t disclosed to
tra layer of protection. Trade- the Credit Suisse investors, ac-
credit insurance taken out by cording to people familiar with
Greensill would pay out in case the funds.
of a default by some of the cli- Greensill ramped up lending
ents. This insurance gave the to SoftBank clients, all startups
funds a higher credit rating, that generated losses. In April
something professional inves- 2020, four Vision Fund startups
tors wanted. were among the top clients of
Some of the notes in the the largest Credit Suisse fund,
Credit Suisse funds financed receiving the equivalent of
dozens of credit-rated borrow- about $800 million in financ-
Top, Greensill Capital founder ers and government agencies. ing. In some cases, the loans
Lex Greensill; a Piaggio P-180 But returns on these clients, were for much longer periods
Avanti, one of four Greensill which had broad access to than the typical terms of sup-
planes; Left, Mr. Greensill other banks, were small. ply-chain finance deals.
accepts the British Empire Credit Suisse fund managers
medal from Prince Charles in rarely rejected the notes Green-
2017; Bottom, British-Indian sill offered, according to people Concern grows
steel magnate Sanjeev Gupta. familiar with the funds. In June, executives at Credit
There was a loan to a small Suisse launched a review of the
recycling facility; a corporate- funds after becoming con-
security business run by former cerned about SoftBank’s role as
BRENDON THORNE/BLOOMBERG NEWS
special-forces operatives; and a an investor in Greensill and an
business that provided modular investor in the funds, according
buildings to hospitals. None of to the people familiar with the
these businesses had more than funds, while the funds were
a few million dollars in annual providing loans to companies
revenue, according to their fil- in SoftBank’s Vision Fund.
ings. Ultimately, SoftBank with-
Most of Greensill’s reve- drew its investment, and Credit
nue—more than 90% some Suisse disclosed to investors
quarters—was coming from its how much of the funds were
top five clients, according to going to Vision Fund borrow-
said the firm’s report, which documents reviewed by the ers.
was reviewed by the Journal. Journal. In July, Greensill’s main
The report called the New York Among them was Mr. Gupta, credit-insurance provider,
skyscraper loan “little more the U.K. industrialist who had Tokio Marine, informed Green-
than a ‘crapshoot.’ ” The port- been buying unwanted steel sill that it was likely to drop
folio manager has denied foundries in a dozen countries. coverage, according to docu-
wrongdoing. By September 2019, Green- ments filed in an Australian
The fallout didn’t seem to sill’s lending facilities to Mr. court case.
damage Greensill. The world Gupta’s GFG Alliance hit about At midyear, Greensill’s reve-
was flush with venture capital $7.4 billion, a Greensill docu- nue was under $200 million,
looking for exciting financial- ment reviewed by the Journal less than a quarter of Mr.
technology businesses. U.S. pri- shows. Much of it wasn’t tradi- Greensill’s fast growth target
vate-equity firm General Atlan- tional supply-chain finance at- for the year, according to board
tic, which seeks out high- tached to GFG’s short-term bills documents reviewed by the
growth companies, invested with suppliers, the document Journal.
$250 million in Greensill in indicates. Greensill turned to a Publicly, Mr. Greensill put on
2018. category of loans called “future a brave face. He said he was
A year later, SoftBank’s $100 receivables,” based on projec- raising fresh capital—the Jour-
billion Vision Fund injected $1.5 tions of what the client’s busi- nal reported about $1 billion—
billion into Greensill, valuing ness might look like over the to expand the business. He said
the startup at $4 billion. next five years. he would add more indepen-
Colleagues described Mr. Future receivables is a legiti- dent advisers and jettison the
Greensill as charming but mate lending practice normally jets.
straight-laced. During trips on used to finance guaranteed, The Credit Suisse funds kept
the company jets, tea was pre- long-term, contractual pay- taking in new money in the last
ferred over alcohol. He kept a ments, such as for government quarter of the year.
photo in Greensill’s office of infrastructure projects. By February, investors
Prince Charles bestowing upon Greensill made $850 million weren’t willing to put more
him a Commander of the Brit- in loans, some of them future into Greensill. The insurance
ish Empire medal from 2017. receivables, to another top cli- deadline was nearing. Greensill,
The GAM trouble turned out ent, Bluestone Resources Inc., a unable to secure new coverage,
to be a temporary setback. coal-mining company owned by sued Tokio Marine and related
Credit Suisse had set up a rival West Virginia Gov. Jim Justice. insurers in Australian court in
supply-chain finance fund with Both the GFG and Bluestone a last-ditch attempt.
Greensill in April 2017, giving it future-receivables loans were A judge threw out the re-
an even bigger source of off- financed out of the Credit quest. Credit Suisse froze the
balance-sheet financing. Suisse funds. investment funds and said
Credit Suisse pitched the Investors in the funds some assets in the funds are
funds to investors as alterna- wouldn’t have known the full “currently subject to consider-
tives to other liquid diversified extent of the lending. On dis- able uncertainties with respect
investments, such as money- closures sent to investors, some to their accurate valuation,” ac-
market funds, which also make of the loans were housed in cording to a notice the bank
short-term loans to companies. wrappers named Rasmussen, sent to investors. Within days,
Some of the funds aimed to of- Seaview or Rehbein, board doc- Greensill had filed for insol-
fer returns just barely more uments indicate, all street vency.
from silver.
“All my flatmates said,
‘what if you get a role on Net-
flix and open your mouth and
all you can see is silver?’”
Despite the outlay, Mr.
Salter said going to the dentist
was the highlight of his week.
He plans to pay for the treat-
ments using savings from can-
celed vacations and fewer
clothing purchases.
“I should have been a den-
tist, not a dancer,” he joked.
The pandemic shows it is
GEMMA SMITH
never too late to focus on
pearly whites. One 101-year-
old in Suffolk, chaperoned by
his 81-year-old nephew, re-
Gemma Smith chose this outfit especially for the dentist. cently went to a clinic for a
new patient checkup.
embark on dental work, which Northwest London, is bracing “I kind of got the impres-
patients can hide while at himself for a list of proce- sion they’d sprung him from
home or behind a mask when dures. the care home and taken him
outside, she added. “I had my front teeth on an outing for the day,” said
Dental costs can add up, bonded, and it’s a hot mess, his dentist, Virginia Stickland.
but cooking at home and skip- and I had to get that redone,” “They were obviously having a
ping vacations has resulted in he said. He estimates he will good time and a giggle.”
extra discretionary income for spend £1,500, equivalent to The patient’s nine remain-
some. around $2,100, for four or five ing teeth were in perfect con-
Sam Salter, a 26-year-old visits, including changing the dition, she said. He is due back
dancer and aspiring actor in color of one filing to white in six months.
THE WALL STREET JOURNAL.
THE WEEKEND INTERVIEW with Nachman Ash | By Tunku Varadarajan
How Israel Became the World Vaccine Leader
M
ore than 55% of Israe-
lis over 16 have been
fully vaccinated
against Covid-19 in
the 12 weeks since
the first jab was administered to a
wincing Prime Minister Benjamin
Netanyahu on national TV. That’s
the world’s best immunization rate
and roughly four times the U.S.
rate.
To find out how the Jewish
state has become such an over-
achiever, I interview its national
Covid-19 coordinator, Nachman
Ash. Dr. Ash, 60, began his medi-
cal career in 1987 as a combat
physician in the Israel Defense
Forces. Before retiring from the
service, he rose to the rank of
brigadier general and the position
of IDF surgeon general. Seated in
his spartan office in Lod, south of
Ben Gurion International Airport,
he tells me he’s fighting a “24/7
war.” His current job is “the most
intensive” he’s ever had, “much
harder” than being chief medical
officer of the Israeli army, even in
wartime.
The country made a deal
with Pfizer: enough shots
for everyone in exchange
for data on the results.
Dr. Ash is Israel’s second Covid
czar. He took up the post on Nov.
12, after his less diplomatic prede-
cessor quit amid clashes with Mr.
Netanyahu and tussles with (fre-
quently recalcitrant) ultra-Ortho-
dox Jews, who chafed against
lockdowns and other social re-
strictions.
Like all good officers, he’s
proud of his victories but quick to
credit others. He ascribes Israel’s
vaccination successes to its politi-
cal leaders, who showed foresight
in concluding early deals to stock-
pile the Covid vaccine. Officials
had “direct discussions” with
Pfizer, in which they offered the
company a scientific quid pro quo.
Israel got the shots early, and in
the quantities it needed, and in ex-
change Pfizer received access to
Submission Is on Exhibit at the Indianapolis Museum of Art
Indianapolis
“Battle Between Car-
nival and Lent” is a
17th-century oil
painting by Jan
Miense Molenaer in
the collection of the
CROSS
COUNTRY Indianapolis Mu-
seum of Art. “Carni-
By Daniel
val is personified by
Lee
Dutch peasants who
wield a large sau-
sage, skewered birds, a beer tankard,
and assorted cooking implements as
weapons,” the museum says of the in-
tentionally ridiculous scene. “Lent is
embodied by a mob of clerics, includ-
ing a monk who swings a bundle of
dried codfish.”
A few weeks into this Lenten sea-
son no one at the museum or New-
fields, its umbrella organization, has
been hit with a codfish. Still, they
might prefer a codfish to the bile
hurled at them in response to a re-
cent online job description referenc-
ing the museum’s “traditional, core,
white art audience.” The outrage
came even though the same para-
graph promised “increased invest-
ment in works of art by women, peo-
ple of color, indigenous, LGBTQ+ and
other under-represented artists.”
No matter. Angry staffers wrote an
open letter. They said the posting
“centered whiteness,” which nullified
any supposed work toward better di-
versity in workforce, acquisitions and
exhibits: “We will not stand for per-
My Fellow Democrats, Let Earmarks Stay in the Dustbin of History
By Katie Porter
E
very member of Congress owes
it to the public to be a good
steward of taxpayer dollars.
Accordingly, a decade ago, Congress
halted the process of “earmarking”
legislation. It worked as you might
imagine: Members of Congress would
figuratively fold the corner of a page
in a spending bill to mark the spot
where they would insert funding for
hand-picked projects to benefit their
districts, not the entire country.
House leaders, however, announced
last month that they are bringing ear-
marks back. While there are new rules
to accompany the process and a new
branding effort, pork-barrel spending
should remain banned. I refuse to par-
ticipate in this process.
Normally, Congress determines
funding levels for broad priorities,
like the Highway Trust Fund. The
* * * *
the results of the vaccinations,
tabulated by a country with a
first-rate medical system and a
reputation for statistical and sci-
entific integrity. Dr. Ash calls it “a
win-win deal” and believes Pfizer
would say the same.
The results match those of ear-
lier, much smaller clinical trials.
“We’re seeing around a 95% effec-
tiveness for preventing disease,”
Dr. Ash says. “So in real-life data
analysis, the results are as good as
the research that Pfizer had done.”
Widespread vaccination has
curbed infection rates and im-
proved morale in a gregarious
country that has endured three
rigorous lockdowns in the past
year. The last one, much-hated by
KEN FALLIN
Israelis, ran from Jan. 8 to Feb. 7,
2021. Citizens were confined to
within 1,000 yards of their homes.
Schools were shut.
Dr. Ash doesn’t apologize for
the hardship. “I believe that each
of the three times we had to use
the lockdowns, it was absolutely
necessary.” He disagrees vehe-
mently with the Great Barrington
Declaration, in which a group of
epidemiologists advocate “focused
protection” of the vulnerable and
an end to lockdowns.
“No, no, no. I think that’s a very
dangerous way of dealing with the
pandemic,” Dr. Ash says. “They be-
lieve in stopping the pandemic by
what I’d call ‘natural herd immu-
nity,’ which you achieve by allow-
ing people to be infected. But this
is wrong, because we will lose a
lot of life.” An adamant commit-
ment to protect its citizens’ lives
has been a hallmark of Israel’s
civic compact since its creation.
The same aversion to loss of life
that marks Israel’s civil defense
against Hezbollah’s rockets can be
seen in its cautiously incremental
approach to resuming normal life
amid the pandemic. The country is
betting big on vaccinations. “Once
around 80% of the population of
Israel is vaccinated,” he says,
“we’ll be close to herd immunity.”
Dr. Ash talks me through Is-
rael’s vaccination methods—and
numbers—with a quiet satisfac-
tion. “We vaccinated those at risk
first, but not in slots that were
too narrow.” Israel started in De-
formative measures, social media
apologies, disingenuous recants of
statements, or blame-shifting to third
party vendors.”
Newfields capitulated in a gar-
ment-rending mea culpa: “We are
sorry. We have made mistakes. We
have let you down.” The organization
vowed to acquire more works by art-
ists of color, welcome activists’ su-
pervision of its leadership, submit to
more racial sensitivity training, and
offer free admission to residents of
nearby, largely African-American
neighborhoods. Then the organiza-
tion’s president fell on his sword.
It was all very perplexing to long-
time patrons of the beautiful and ex-
pertly curated museum and its sev-
eral associated facilities on parklike
grounds at 38th Street and Michigan
Road, the old Lilly estate. It isn’t as
though there have been no efforts at
multiculturalism. An exhibit called
“DRIP: Indy’s #BlackLivesMatter
Street Mural,” was planned for April.
It’s up in the air now. Two African-
American guest curators announced
they would withdraw in protest of
the job-search language.
Recent exhibitions included “Sam-
uel Levi Jones: Left of Center,” spot-
lighting an African-American artist
who explores “the duplicitous and
oppressive nature of American power
structures, particularly those that
substantiate our education system,
the criminal justice system and
healthcare, as well as the American
agency that administers that pool of
funding then determines how exactly
to allocate it. Projects are given pri-
ority based on the overseeing
agency’s determination of need.
The division in responsibility be-
tween the legislative and executive
branches maintains a degree of neu-
trality in federal spending. But ear-
marking deviates from this process.
Instead of a neutral government
agency, individual lawmakers, facing
re-election pressures, divert millions
of dollars for specific projects, often
based in their own districts. Inevitably,
this invites waste, fraud and abuse.
Earmarks from members of both
parties have misused tax dollars and
led to corruption. Former Rep. Duke
Cunningham (R., Calif.) took $2.4 mil-
lion in bribes, then used his position
to earmark tax dollars for projects
that benefited the defense contractors
that paid him. In 2006 he was sen-
OPINION
cember by offering vaccines to ev-
eryone over 60—the age limit in
most U.S. states is 65—as well as
to anyone with comorbidities.
When the number of over-60s be-
ing vaccinated plateaued, “we
opened it up to those 50 and
above.”
Next, Israel extended the vac-
cine to those between 16 and 18.
“We wanted them to be vaccinated
before a return to school, once the
lockdown ended,” Dr. Ash says.
Children younger than 16 are ex-
cluded because the U.S. Food and
Drug Administration—whose regu-
lations Israel is adhering to—
hasn’t approved the Pfizer-BioN-
tech vaccine for that age group.
A
fter the teenagers, vaccina-
tion was thrown open to
nearly all comers. “We’re not
yet vaccinating anyone who has
had Covid and has recovered from
it,” Dr. Ash notes—though they
will soon get one shot to bolster
their natural immunity. As of Fri-
day, Dr. Ash’s spokeswoman re-
ports, 3.1 million Israelis have re-
ceived both shots and 5.1 million
have received the first shot. For
Israelis 50 and over, the full-vacci-
nation rate is 86%. When you ex-
clude the ineligible—children and
the 738,000 people with immunity
from previous infections—from
the denominator, you end up with
historical narrative.” There was also
“Sensual/Sexual/Social,” a collection
of images by the boundary-pushing
midcentury photographer George
Platt Lynes, and “Hard Truths: The
Art of Thornton Dial,” featuring an
African-American outsider artist
from the American South.
A progressive cultural
institution issues a
groveling mea culpa for a
poorly worded job posting.
Nor is the museum a dusty store-
house of third-tier European old mas-
ters and Chinese teapots. Modern and
postmodern works are well repre-
sented, and below the facility’s hilltop
site there’s a lovely 100-acre wooded
area along the White River devoted to
nature and contemporary installa-
tions. Hoosiers may giggle at the
quirky features that have appeared—a
giant plastic skeleton lying supine on
the grass, a floating ship meant to
dramatize climate change, a basket-
ball court crowded with tubular steel
arches—but they enjoy the trails.
If the exhibits weren’t enough, the
museum’s 48-page 2018-19 annual re-
port was titled “Inclusive Experi-
ences,” with chapter headings like
“Newfield’s Partners for Impact,”
“Exploring the Unconventional,” and
tenced to eight years in prison. On the
other side of the aisle, former Rep.
John Murtha (D., Pa.) directed ear-
marks to defense contractors that
used a former staffer’s lobbying firm
and to other campaign contributors.
Citizens for Responsibility and Ethics
in Washington named him one of the
“most corrupt members of Congress.”
House leaders are wrong
to resurrect a process that
invited corruption.
Recognizing a disturbing trend,
Republican and Democratic leaders
came together to shut the door on
earmarks. In 2010 then-House Repub-
lican Leader John Boehner wrote in
these pages, “Earmarks have become
a symbol of a broken Washington, and
Saturday/Sunday, March 13 - 14, 2021 | A11
a full-vaccination rate better than
80% for all ages 16 and older.
Vaccines have been adminis-
tered through Kupat Holim—He-
brew for “sick funds”—the four in-
surance organizations that are the
mainstay of Israeli healthcare. Ev-
ery citizen is required by law to
sign up with one of the four, and
Dr. Ash was director of the Health
Division at Maccabi Healthcare
Services, the second-largest, be-
fore he became Covid czar. There
are clinics even in the smallest
towns. “Every Kupat Holim,” Dr.
Ash says, “is vaccinating its peo-
ple.” This is an aspect of vaccina-
tion delivery that would be impos-
sible to replicate in the U.S., with
its hodgepodge of unconnected
medical providers and insurers.
What the two countries have in
common is an observable pattern
of Covid-vaccine skeptics. In Is-
rael, three groups stand out for
their susceptibility to what Dr. Ash
calls “fake news” about the vac-
cine: Arabs, immigrants from Rus-
sia and young women. At the re-
quest of the Israel government,
Facebook has taken down “deliber-
ately mendacious” Hebrew-lan-
guage content asserting that the
vaccine was a poison designed to
cull the population and implant
tracking chips in bodies. “Some
young women,” he adds, “are
afraid they risk losing their fertil-
“Enhancing Inclusivity Through Mas-
ter Plan Projects.” It invited support-
ers to “discover how Newfields
brought inclusivity to every season.”
The museum is clearly on board
with the diversity mission, so it’s odd
to see its leadership confessing so ea-
gerly to error. But there they are,
prostrate with regret over shortcom-
ings beyond the mere use of the word
“white.” In a letter posted on the
Newfields website, the museum
board wrote: “We are ashamed of
Newfields’ leadership and of our-
selves. We have ignored, excluded,
and disappointed members of our
community and staff. We pledge to do
better.”
The contrition suits the Lenten
season, as there’s a quasireligious
character to the whole episode—sin
committed, discovered, condemned
and confessed, a willing self-abase-
ment before priestly authority, the
longing for absolution. But like medi-
eval Christians caught in a dysfunc-
tional power dynamic with a domi-
nating church hierarchy, would-be
woke institutions like the Indianapo-
lis Museum of Art find themselves re-
peatedly being slapped with a dried
codfish. They are trapped in codepen-
dency, addicted to the approval of
people who are addicted to the power
of withholding it.
The result has been a continuing
upward spiral of demands for change.
Efforts that were once acceptable—
mission statements, inclusive initia-
an entire lobbying industry has been
created around them.” In his 2011
State of the Union address, President
Obama announced that he would veto
any bill containing earmarks: “The
American people deserve to know
that special interests aren’t larding
up legislation with pet projects.”
It is disappointing that the House
has now gone back and unlocked the
door to a system with a history of
corruption and backroom deals that
waste tax dollars.
Proponents see earmarks as op-
portunities for bipartisanship; mem-
bers in the minority might support
legislation if it includes something
for them. But few Americans support
wasting their tax dollars on lawmak-
ers’ pet projects. The solution to
Washington gridlock isn’t misdi-
rected spending; it’s an end to the
dark money that encourages politi-
cians to listen to donors rather than
ity. This is baseless.”
But the government might have
turned a corner with another
group—the ultra-Orthodox—
who’ve also been resistant to the
state’s direction. “These groups
are influenced by their rabbis,” Dr.
Ash says, “and we have had good
discussions with the rabbis about
the vaccinations. They are encour-
aging people to get vaccinated, so
we’re now doing pretty well with
them.” The key is to persuade
leaders of tight-knit communities
that vaccination makes sense.
“There is no other way, whether
with the ultra-Orthodox groups or
the Arabs,” though with the latter
group, the divide isn’t religious:
“We work with mayors and local
leaders. They can get the message
across to their people much better
than I can do.”
One way of overcoming resis-
tance to the vaccine, he says, is
with the inducement of a Green
Pass. Israelis can download an
app that verifies they’ve been
vaccinated or have recovered
from Covid. This enables pass-
holders to enter gyms, hotels,
concert venues and other spaces
that are off-limits to those who
aren’t immune.
W
hat about the Palestin-
ians? Israel’s critics argue
it hasn’t done enough for
them. Dr. Ash responds that the
Palestinian Authority has its own
vaccine contracts and is a part of
the World Health Organization’s
Covax initiative for low- and mid-
dle-income countries, but he also
points to a pattern of contacts be-
tween his team and administrators
in the Palestinian territories.
Israelis and Palestinians, he
adds, “share a very small territory,
with many interconnections.”
Many Arab Israelis go back and
forth to the West Bank, and Pales-
tinians come to Israel to work. “So
the disease links us, definitely, and
they will be vaccinated. Not just
for their sake, but also for ours.”
Mr. Varadarajan, a Journal
contributor, is a fellow at the
American Enterprise Institute and
at New York University’s Classical
Liberal Institute.
tives, affirmative action—are now
considered merely “performative,”
posturing with no real change. Now
required are structural alterations
giving the most active of the activists
outright policy oversight.
The museum is frantically signaling
its submission to the new regime, but
there is no reason to believe its future
conciliatory offerings will be any more
permanently acceptable than those
made previously. And this isn’t unique
to Indianapolis. Critical Race Theory
spreads like kudzu on a Georgia hill-
side: The New York Times Magazine’s
1619 Project brings racist complicity
to school curricula; large corporations
train their employees to be hyper-con-
scious of racial differences rather than
color-blind; and this week Georgetown
Law School fired an adjunct professor
for expressing “angst” over how many
of her black students get low grades.
Another professor was put on admin-
istrative leave for nodding.
Racism has been redefined from an
individual choice of evil to an original
sin that stains the cultural soul. It
can’t be expiated by good works.
Rather, grace is bestowed by a racial-
equity clerisy that undercuts its own
power by doing so. In medieval times
such a power imbalance resulted in a
long and painful Reformation. The
time has come to nail a new set of
theses to this secular orthodoxy’s
door.
Mr. Lee is an Indiana writer.
the people we represent.
As a Democrat representing a dis-
trict with many Republicans, I hear
from people across the spectrum who
believe in oversight. Strong account-
ability for how taxpayer dollars are
spent is one of the most bipartisan
issues outside Washington.
Leaders of both parties should
commit to abandoning earmarks per-
manently. This won’t solve all our
problems, but it’s an important start.
Until it happens, rank-and-file mem-
bers of both parties will need the
courage to stand up for accountabil-
ity and transparency.
I cannot in good conscience partic-
ipate in politically motivated ear-
marking that puts an elected official’s
interest over the national interest.
Neither should my colleagues.
Ms. Porter, a Democrat, represents
California’s 45th Congressional District.
A12 | Saturday/Sunday, March 13 - 14, 2021 * ****** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Semiconductor Shortage Why Authoritarian China Loves Woke U.S.

A
global computer chip shortage has con- ing—namely, to Samsung and Taiwan Semicon- Regarding your editorial “The Woke sion. At least Germany in the 1930s
strained worldwide production of goods ductor Manufacturing Company (TSMC). Chinese Communist Party” (March 8): never critiqued the U.S. for its anti-
You can’t blame China for exploiting Semitism. Please wake us when the
from iPhones to Sony PlayStations to Intel—among the last remaining large U.S.
divisions and self-doubt in its primary woke nightmare is over.
Ford trucks. President Biden integrated chip companies—is competitor for global supremacy. R. RILEY WILLIAMS
has called for $37 billion from Do we really want under pressure from investors China was a half-century ahead of the Sarasota, Fla.
Congress to boost U.S. semi- government getting to farm out more production U.S. in its Great Awokening and Cul-
conductor manufacturing, but and focus on design where it tural Revolution. Disastrous Commu- It is true that, unlike us in the West
government industrial policy into the chip business? has lost a competitive edge. nist Party policies led to a 1959 famine who think in terms of years and even
isn’t needed to correct this China, Taiwan, Japan and that resulted in 30 million deaths months, the Chinese Communist Party
supply-demand problem. South Korea account for about (4.5% of the population). That famine thinks in terms of decades. In this vein,
A new executive order mandates a 100-day 75% of chip manufacturing capacity in part due may have been a catalyst for a subse- China appears to buy into the left’s
review of supply chains for semiconductors and to their skilled workforce, geographic supply- quent purge of people of privilege criticism of America, but this is an ex-
three other “critical” products including elec- chain synergies and government subsidies. who were deemed responsible for ample of China’s long-range planning:
China’s systemic economic injustices. If America’s political left establishes
tric-car batteries. “Resilient, diverse, and se- While U.S. companies make up nearly half of
In the next few decades, China’s Com- dominance over government and cul-
cure supply chains are going to help revitalize global chip sales, America accounts for only 12% munist Party re-engineered the na- ture, we may at some point find
our domestic manufacturing capacity and cre- of global chip manufacturing. America’s com- tion’s culture, consolidated power in China’s repressive political system less
ate good-paying jobs, not $15 an hour—which parative chip advantage is engineering, and the state, rejected any elements of de- objectionable. The left already sees di-
is what we need to do someday,” Mr. Biden said. those jobs are high-paying. mocracy and finally embraced aspects verging views not just as errors of
Secure and resilient supply chains are impor- Some defense experts understandably worry of capitalism that could exist in a judgment but as moral deprivation. Is
tant, but the President is trying to exploit do- that China will absorb Taiwan and impose an command-and-control system. Amer- that so far from putting obstruction-
mestic manufacturing problems to promote in- embargo on TSMC chips, which are used in U.S. ica’s Progressive Awokening occurred ists in indoctrination camps (for their
dustrial policy as Donald Trump did with steel fighter jets. China has set a goal of dominating in fits and starts until the 2020 pan- own good)? They cannot allow the hir-
and aluminum tariffs. semiconductor manufacturing—it now makes demic opened the floodgates for the ing of people tinged with any associa-
types of advances in “equity” (via re- tion with President Trump. “Truth”
The economic backdrop for Mr. Biden’s order about 15%—and producing 70% of its own sup-
distribution) that China achieved in must triumph over “lies.” And the lat-
is a chip shortage that has idled auto plants in ply by 2025. But it is still years behind. the 1960s and ’70s. ter cannot be allowed to find expres-
the U.S. and abroad. Cars have become like The Trump Administration last spring used Self-loathing is a more apt descrip- sion in the media. Certain ideas must
smartphones on wheels and can include thou- soft power and promised subsidies to persuade tion of what many progressives feel be inculcated in our children at the
sands of chips—electric vehicles even more. IHS TSMC to build a $12 billion plant in Arizona. about our unjust and racist country very start. And later, left-leaning pro-
Markit recently projected the shortage will af- Congress last year authorized incentives in the that you judge to be among the most fessors at universities must teach
fect global production of a million vehicles in National Defense Authorization Act without ap- diverse and tolerant nations on the “right things” to our future leaders.
the first quarter. propriating funds. And now Mr. Biden is lobby- planet. China, by contrast, is a police We must cherish our liberty.
Governments helped create the chip short- ing Congress for $37 billion. state with one of the least racially di- JACK KACZOROWSKI
age, starting with their lockdowns last spring. But new plants are expensive, one reason verse populations on the planet. Judg- Los Angeles
Auto makers reduced orders for new chips as manufacturing has consolidated. Twenty years ing by China’s treatment of Hong
Kong’s protesters, anything akin to the We would do well to recall Winston
car purchases plunged. They didn’t anticipate ago a chip plant cost $1 billion. TSMC is con-
Black Lives Matter protests in America Churchill’s words: “Of this I am quite
how demand for cars would rebound, fueled by structing a nearly $20 billion foundry in south- last year would have resulted in many sure, that if we open a quarrel between
trillions of dollars in government spending and ern Taiwan. Samsung, which manufactures deaths and imprisonments had they the past and the present, we shall find
near-zero interest rates. Germany and China some chips in the Austin region, is seeking sub- taken place in China. It is a hoot that that we have lost our future.”
also increased electric-vehicle subsidies. sidies from some states for a $17 billion woke China can lecture unwoke Amer- JOHN M. MARMORA
Meantime, manufacturers pivoted to more foundry. Europe’s leaders have also dangled ica about social injustice and repres- Spring Lake, N.J.
profitable chips that power laptops, consumer tens of billions of dollars to boost their domes-
electronics and data centers. Demand for these tic industries. This could soon become an ex-
chips has surged amid the pandemic and will pensive bidding war.
grow in the 5G era, which will enable artificial If U.S. semiconductor firms that farm out Encryption Isn’t Main Data-Security Threat
intelligence and the Internet of Things. chip production are worried about their supply
Regarding David C. Gompert’s “Ef- puting weaponization. You must un-
So foundries worldwide are scrambling to chains, they and the U.S. government can prod
fective Cybersecurity Needs Quantum derstand cyberattack options to coun-
fulfill orders, and auto makers are a low prior- TSMC and Samsung to diversify their manufac- Communication” (op-ed, March 8): ter cyberattack threats.
ity. U.S., Japanese and European auto makers turing base. U.S. companies have significant The quantum internet or quantum key JERRY LUCAS
have sought help from their governments to clout as the world depends on them for cutting- distribution (QKD) network wouldn’t President
procure more chips. These supply-chain prob- edge chip designs. The U.S. accounts for 50% of have prevented the recent Solar- Intelligence Support Systems
lems should ease this summer, but semiconduc- chip manufacturing equipment and 52% of intel- Winds hack or any of the other $6 McLean, Va.
tor firms are using the scramble for chips to lectual property design. trillion network hacks a year refer-
lobby Washington to support domestic manu- But direct U.S. government support for in- enced, due to a failure of today’s Effective cybersecurity will come
facturing. This isn’t necessary. dustry outside of war or other emergency is a communications encryption. from effective market incentives to
Silicon Valley companies used to design and slippery slope. It invites political mediation that QKD networks already are commer- persuade companies to invest in pro-
cially available in China, the U.S., ducing less vulnerable software and
manufacture their own chips. But most leading leads to the misallocation of resources and in-
South Korea and Europe. They are not systems. The technology is here to do
U.S. semiconductor companies like Nvidia and vesting mistakes. The U.S. government can help extensively used because a facility that. The incentives are not.
Qualcomm have sought to focus on their to ensure adequate chip supply without getting needs access to a special purpose, op- CARL E. LANDWEHR
strength in design and outsource manufactur- into the chip business. tical-fiber network or quantum satel- New Buffalo, Mich.
lite. Such a cybersecurity solution op-
tion offers nothing for a smartphone Mr. Gompert rightfully extols the
Braun for the States user or virtually any other digital de- virtues of quantum cryptography as

T
vice used by everyday consumers or important to assure future security of
he Democratic sneak attack on states based on unemployment, now they are trying office workers. the internet, but “attacking the
that run sound fiscal policies is finding to use it as a back door to ban states from cut- Realistically, the consumer or ev- crypto” is rarely where hackers look
a note of resistance. Indiana Senator ting taxes. My bill would make sure they don’t eryday business email user has noth- these days. They focus on much more
ing to fear about quantum computers mundane vulnerabilities such as poor
Mike Braun read our editorial get away with it.”
breaking their encrypted communica- password and authentication manage-
this week and has introduced A GOP Senator resists National Democrats used tions. There are over four billion ment, bad user account-privilege
legislation that would remove the Democratic ban their spending bill to give email users sending or receiving 300 management, unpatched systems,
the language that Democrats more money to states, largely billion encrypted emails a day. Even poor software-development practices
put into their $1.9 trillion on state tax cuts. Democratic, that locked down with a full-scale quantum computer, (attack the implementation of the
spending bill at the last min- their economies the longest. my estimate is the best a team of ex- crypto, not the crypto algorithms
ute to ban state tax cuts Then they told states with bet- tremely talented cryptographers themselves) and social engineering to
through 2024. ter economies that they can’t cut taxes if they would be able to decrypt a day would convince people to let malware into
“Democrats are trying to ban states from also accept their share of the $1.9 trillion. likely be several hundred emails. their environment. These are far sim-
cutting taxes with a sneaky amendment to the This is a great issue for Republicans. Wash- So, what should the U.S. govern- pler targets to exploit and, arguably,
$1.9 trillion so-called COVID relief package,” ington imperialism won’t go over well in many ment be funding in the quantum-com- harder to deal with than the vagaries
puting area? It should support the of quantum physics. Bear in mind that
said Mr. Braun in a press release Thursday. “Not states, and GOP Governors and Senators ought
understanding of quantum-computing these are also considerations that will
only did this blue state bailout bill penalize to make voters aware that the Biden-Pelosi warfare tools capable of launching a make the so-called “smart electric
states for reopening by calculating state funds Democrats want to run their states too. cyberattack on our nation’s infra- grid” equally vulnerable to disruption.
structure, including cellular communi- RICHARD A. GUIDA, P.E., CISSP
cations, financial services as well as Gainesville, Va.
Democrats Move on Iowa’s Second District everyday government services. This Mr. Guida is a retired vice presi-

D
would be the equivalent of a nuclear dent for world-wide information secu-
emocrats have been talking a lot these crats. The precursor to the Committee on House bomb attack, only with quantum-com- rity at Johnson & Johnson.
past few weeks about the sanctity of Administration had held that results are “pre-
election results, but their principles on sumed to be correct until they are impeached
that score may be malleable by proof of irregularity and Iconoclasm’s Nasty and Destructive Return
based on who wins. This week The House takes the fraud.” Regarding Harold Holzer’s “Monu- one favored, no one singled out—
a House committee took the first step toward But now the committee mental Error in the Making” (Master- made his images not only appear fair
first step in what looks like an seems intent on a third count piece, March 6) on Daniel Chester to multiple viewers but informative
effort to unseat the Republi- overturning an election. of ballots, this time with Dem- French’s statue of “The Republic”: De- about the larger human condition.
can Member for Iowa’s 2nd ocrats in Washington making spite the wide-ranging call for diver- This enlightened notion that we are
Congressional district and in- the rules. It asked the two par- sity, is iconoclasm rearing its Medusa in it together, or not all, if things are
stall a Democrat instead. ties to list any ballots they think should have head? The destruction of sculpture to work out as a society or nation
GOP Rep. Mariannette Miller-Meeks won the been included or excluded. That invites Ms. for political, ideological and theologi- might give the new iconoclasts pause.
November race by 47 votes in the first count Hart’s lawyers to introduce more ballot claims cal reasons goes back to the phara- Instead of demolition, why not strug-
and six votes after lawyers wrangled over bal- they think will favor their side, and forces Ms. onic revisions of ancient Egypt to the gle to create new monuments that
purist-inspired devastations inflicted configure contemporary ideals, con-
lots in a recount. Democrat Rita Hart wants the Miller-Meeks to do the same though she is al-
by the Taliban—not forgetting the victions, concerns to open a conver-
House to use its constitutional authority as ready a legally elected Representative. toppled saints of the European Refor- sation with—not eradicate—the tan-
“judge of the elections” of its Members to im- Ms. Hart’s attorneys had the chance to take mation or the overthrown images of gible remains of the past still
pose another recount and reverse the outcome. complaints before a five-judge contest court in generals, statesmen and kings during standing.
The last time the House reversed a state-cer- Iowa that could have applied state law on issues the French Revolution. And these acts BARBARA MARIA STAFFORD
tified election result was in Indiana’s “bloody like ballot signatures and seals. If House Demo- of ruination are only for starters. Atlanta
eighth” congressional district in 1985, and the crats wanted to avoid inserting themselves into What should we make of the pull-
last time it replaced a sitting Member with his an after-the-vote-is-counted election dispute, ing down of statues because they
opponent was in 1938. In both cases the House they would have said merely that the state pro- don’t correspond to the current his- Pepper ...
was under Democratic control. cess had to be respected. torical moment in the misconception
that diversity contains only certain
And Salt
Ms. Hart’s brief to the Committee on House That imperative ought to have been especially
aggrieved groups and not the motley THE WALL STREET JOURNAL
Administration claims that 22 ballots should evident after Jan. 6. But Speaker Nancy Pelosi
rest of us? History repeatedly demon-
have been counted but weren’t. Ms. Miller- said Thursday that a full House vote reversing strates that it’s very easy to tear
Meeks replied that the challenge should be dis- the outcome was a possibility. Democrats may down and leave rubble where many
missed because Ms. Hart declined in December not have the large majorities they had in 1985 others—not necessarily you or I—
to raise her complaints in a special Iowa court and 1938, but their current narrow majority is continue to find meaning.
designed to resolve contested elections. united, willful and determined. Honoré Daumier, the great French
On Wednesday the committee’s Democratic The party is on the precipice of creating a graphic satirist, defined the success-
majority sided with Ms. Hart and “tabled” Ms. precedent, for the first time in a generation, ful caricature as making no excep-
Miller-Meeks’s motion to dismiss. Remarks from that a partisan majority in Congress can disre- tions, no sparing of certain sacred
the committee chair, Rep. Zoe Lofgren of Califor- gard state officials and redo a close election cows. His view of the necessity of in-
cluding everyone in his critiques—no
nia, suggest Democrats are prepared to see the count according to its own preferences. All
process through to their desired outcome. their high-minded talk about respecting the
Letters intended for publication should
Ms. Lofgren said “the American people de- voters seems to apply only when Donald Trump be emailed to wsj.ltrs@wsj.com. Please
serve to know who actually won this election,” is challenging the results. This blatant Demo- include your city, state and telephone
as if the outcome had not already been certified cratic power play would inspire more partisan number. All letters are subject to
by a 5-0 vote of Iowa’s state elections board bitterness—and further erode voter faith in editing, and unpublished letters cannot “All this spinning—shouldn’t it be
be acknowledged.
composed of three Republicans and two Demo- elections. charging our phones or something?”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 13 - 14, 2021 | A13

OPINION

Why We Care About the Royal Family Feud

son, Archie—the “first member of Why should an American care
color in this family”—was treated about any of this? I suppose we
differently and denied things due shouldn’t. In a practical way we’re
him because he was biracial. There interested in the royal family be-
DECLARATIONS were “concerns and conversations cause we don’t have one, don’t want
By Peggy Noonan about how dark his skin might be one, and think it’s great that you do.

W
when he’s born.” She wouldn’t say We get the benefits—the pictures of
hat just happened? who was involved. “I think that clothes and castles, the horses and
That wasn’t just a would be very damaging to them.” military outfits, the stories of back-
high-charged celebrity So she knew the power of the charge stairs and love affairs—and you pay
interview that every- she was bringing. Harry, asked about the bills.
one talked about and it, said, “That conversation I’m never But I think there’s something
then it went away. Oprah Winfrey’s going to share, but at the time—at deeper, more mystical in our inter-
conversation last weekend with the the time it was awkward. I was a bit est, a sense that however messy the
duke and duchess of Sussex will re- shocked.” His refusal to name the monarchy, it embodies a nation, the
verberate and last. It was history, a person with whom he had the con- one we long ago came from and

JOHN STILLWELL/POOL VIA REUTERS

full-bore assault on an institution,
the British monarchy, that has en-
dured more than 1,000 years.
Harry and Meghan famously lev-
eled two big charges, that the House
of Windsor is racist and that it is
weak. Previous incarnations of criti-
cism painted it as invincible—the
sharp-elbowed courtiers, the cold-
hearted family, they can crush you
The British monarchy has
endured for more than a
millennium, and the queen
is a symbol of stability.
like a bug. No, Harry said, they are
the bugs, trapped in fear of the tab-
loids that control whether they’ll
keep the throne. “There is a level of
control by fear that has existed for
generations. I mean generations,” he
said. “My father and my brother”—
Prince Charles and Prince William—
“they are trapped. They don’t get to
leave. And I have huge compassion
for that.” That must be a comfort to
them.
No immediate-family heir to the
British throne has ever talked like
this. You are made quite vulnera-
ble when people suddenly see you
as weak. What remains of your
mystique is lessened when you’re
seen as just another group of
frightened persons.
Meghan charged that her infant
versation didn’t limit guilt but dis- broke with. The high purpose of
persed it. monarchy is to lend its mystique and
The queen’s response was a small authority to the ideas of stability
masterpiece of blandness that and continuance.
sucked the heat from the moment: Henry VIII, Mad King George, Vic-
Accusations of racism are “concern- toria—these names still echo. It is
ing” and will be “taken very seri- rare and wonderful when you can
ously,” but “recollections may vary.” say of a small old woman entering a
This is a story that will evolve for large reception area, “England has
some time. Some observations: Meghan Markle, Prince Harry and Queen Elizabeth in 2018. entered the room.” Someday Eliza-
Public life has gotten extremely, beth II will leave us and the world
unrelentingly performative. Have the royals is what you read in fairy rescuing,” she said. This was per- will honestly mourn, not only be-
you noticed you keep hearing that tales.” Actually, no. When Princess haps meant to underscore the idea cause of what she represented but
word? It means everyone is always Diana died in 1997 it was a world- that she rescued Harry from his because she was old-style. She per-
performing—the politician, the news wide, epic drama. Diana was raised charnel house of a family. formed but wasn’t performative. She
anchor, the angry activist. This gives to heroic status, the people’s prin- She is good at underscoring. She was appropriately, heroically con-
natural actors an edge, and leaves cess, roughly treated by royals who watches “The Little Mermaid” and tained, didn’t share her emotions be-
those who aren’t by nature actors at didn’t deserve her. Her funeral was comes up with a handy metaphor for cause after all it wasn’t about her, it
a disadvantage. Meghan was a pro- watched by 2.5 billion people. her journey: “And I went, ‘Oh my was about a kingdom, united. You
fessional actress. Meghan Markle, home in California, God! She falls in love with the prince could rely on her to love her country
Both Meghan and Harry speak a was 16, presumably loved media, and and because of that, she has to lose and commonwealth; she was born
kind of woke-corporate communica- went on to study acting. Is it believ- her voice.’ . . . But by the end, she and raised to love them. And so she
tions language that is smooth and able she didn’t know this story, fol- gets her voice back.” has been for the world a constant.
calming but also slippery and low it, see who had the starring This is performative to the nth And in this world, a constant is a
opaque. You can never quite get your role? degree. valuable thing.
hands around the thought as you As I watched I got the sense she They have a foundation and a me- I keep thinking of the special pre-
grab for meaning. knew more history than she said, dia-content company called Arche- dicament she and her family are in.
They spoke a great deal about that perhaps on some level she well. Asked about the latter, she Diana did them a lot of damage in
their pain—it is a subject that ani- wanted to be Princess Diana, only said, “Life is about storytelling. her life, and her death, but their
mates them—but they seemed also she wanted not to die. About the stories we tell ourselves, feelings about her were mixed. She
to wield that pain as a weapon in a She sees herself as a moral in- what we’re told, and what we buy wasn’t born into the family, she was
way that left you wondering if pain structor, an ethical leader. She and into.” Well, that’s part of what life is. a thing that happened to the family.
is really the word for what they ex- Harry were originally “aligned” by “For us to be able to have storytell- But Harry—Harry they would have
perienced, as opposed to anger fol- their “cause-driven work”: “I’ve al- ing through a truthful lens, that is loved, as brother and son and grand-
lowed by cool desire for revenge. ways been outspoken, especially hopefully uplifting, is going to be son. They would miss him. And now
Some of what was said beggared about women’s rights.” She wishes great knowing how many people that he has done great damage to every-
belief. Meghan claimed that going in to “live authentically,” “just getting can land with.” Can land with? That thing they are and represent.
she didn’t really have any idea what down to basics.” This apparently in- is practiced show-people talk. She The old queen must be grieving.
the royal family was, didn’t Google volves rescue chickens. She and wishes to “give a voice” to those Not that she’d say it, or share the
or do any research. “As Americans Harry spirited them from a factory who “underrepresented, and aren’t wound. There’s something so admi-
especially what you do know about farm. “Well, you know, I just love really heard.” rable in that.

Dr. Seuss, Meet the Sanitized Sleuths Known as the Hardy Boys
By Marilyn Greenwald changes. Hardy Boys ghostwriter in the rewrites were words like young minds, or are they being essary. But changing the tenor and

T
he recent decision by the es-
tate of Theodor “Dr. Seuss”
Geisel to pull six of his books
because of crude stereotypical por-
trayals has exploded in the news.
Some claim that the action repre-
sents the worst of cancel culture,
while others praise the decision be-
cause they believe the depictions
can promote racial insensitivity.
But Geisel’s heirs aren’t the first
to confront the sanctity of chil-
dren’s literature and whether books
should ever be altered for changing
times. In 1959 and 1960, some of
the world’s most beloved fictional
The detective novels got
a rewrite in 1959. Was it
a needed scrubbing or a
sign of cancel culture?
characters—Nancy Drew, Frank and
Joe Hardy, Tom Swift and others—
received a face-lift as publishers
grappled with a similar challenge.
In 1959, series fiction published by
the Stratemeyer Syndicate under-
went a multiyear rewrite, ostensi-
bly to eliminate racial and ethnic
stereotypes and to conform to mod-
ern times.
Those extensive changes weren’t
publicized and remained unknown
for years to unsuspecting readers,
including parents, who assumed
their children were reading the
same books they read decades ago
as kids. The “updating,” as the pub-
lishers called it, was a secret wor-
thy of the talents of the Hardys or
Ms. Drew.
Even the author of the first
group of Hardy Boys books, the
man behind the pen name Franklin
W. Dixon, wasn’t aware of the
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
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Jason Anders, Chief News Editor; Louise Story, Chief
News Strategist, Product & Technology Officer
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Leslie McFarlane was told about “sibilant,” “ostensible” and “expos-
the changes by a Toronto reporter tulate.” An inveterate reader, Mc-
more than three decades after he Farlane also threw in a few refer-
wrote most of the books. ences to Shakespeare and Dickens
McFarlane had moved on to be- in his Hardy Boys books—allusions
come a successful writer and film that were ditched in the rewrites.
producer, but he was shocked by Like many critics of children’s
many of the changes. McFarlane literature, McFarlane believed that
didn’t mind that the revisions elim- most of the changes robbed the
inated the description of a Chinese books of their personality, turning
character as having “an evil yellow them into shadows of their former
face,” nor did he care that crimi- selves. “They were gutted,” he said
nals were no longer described rou- in a 1973 interview.
tinely as “dark” or “swarthy,” often The changes made by the Strate-
with foreign accents. He and his meyer Syndicate exemplify the
fellow ghostwriters were equal-op- challenges inherent in modifying
portunity xenophobes: Cops were classic works of literature, espe-
usually Irish, Italians ran fruit cially for children. Are the changes
stands, and Scots swept floors. An- being made for the benefit of the
other revision deleted the comment
of a black character who speaks in
an odd dialect while resting his feet
on a train seat: “Ah pays mah fare,
an’ Ah puts mah shoes where Ah
Cuomo and the Covid Death Count
please,” he says. New York, Pennsyl-
But as part of the revisions, the vania, Michigan
books were shortened considerably and New Jersey
and many literary allusions and pic- erred gravely by di-
turesque descriptions were re- recting nursing
moved. Also new: Authority figures, homes to receive
especially policemen, were por- recovering Covid
BUSINESS
trayed as people to be respected patients, but the
WORLD
and admired at all times. This is bigger mistake was
By Holman W.
particularly evident in the case of sending caregivers
Jenkins, Jr.
Hardy Boys characters Collig and home rather than
Smuff, bumbling detectives who in quarantining them
the original were routinely outwit- between shifts. The workers—not
ted by Frank and Joe when it came the infected patients from hospi-
to solving cases. In the revisions, tals—were the real (unwitting) chan-
the cops were respectable, helpful nel for thousands of deaths thanks
and competent, a change that rat- to Covid’s nasty capacity for asymp-
tled McFarlane, who was particu- tomatic spread.
larly proud of the silly Keystone This error was part of a larger
Kops-like figures he created. He be- one, trying to minimize Covid’s im-
lieved that most of his readers en- pact by controlling everyone’s be-
joyed irreverence and humor. havior rather than pouring resources
McFarlane was of the conviction into protecting the most vulnerable.
that children read series fiction to Even the Albany think tank that
be challenged. He often said in in- did much to reveal New York’s nurs-
terviews that he wanted to send ing-home scandal, the Empire Center
boys and girls to dictionaries. Gone for Public Policy, doesn’t claim the
March 25, 2020, directive contrib-
uted more than a single-digit per-
centage to the state’s 15,000 nursing-
home deaths, never mind careless
Robert Thomson
Chief Executive Officer, News Corp
polemics in the media implying it
Almar Latour
caused all 15,000.
Chief Executive Officer and Publisher Gov. Andrew Cuomo’s ignominy
DOW JONES MANAGEMENT: was earned the old-fashioned way,
Ramin Beheshti, Chief Technology Officer; through the coverup. What’s more,
Kamilah Mitchell-Thomas, Chief People Officer; someone insensitive to current
Edward Roussel, Chief Innovation Officer; minefields might notice that the sex-
Christina Van Tassell, Chief Financial Officer
ual allegations started to be taken
seriously only after he was blowing
OPERATING EXECUTIVES:
Jason P. Conti, General Counsel; up. Some might even wonder if Mr.
Frank Filippo, Print Products & Services; Cuomo’s heavy-handed way of let-
Kristin Heitmann, Chief Commercial Officer; ting women know of his sexual avail-
Nancy McNeill, Corporate Sales; ability became ingrained because it
Thomas San Filippo, Customer Service; didn’t always fail.
Josh Stinchcomb, Advertising Sales;
Judging from my emails, many
Suzi Watford, Chief Marketing Officer;
Jonathan Wright, International
readers sighed at coverage of
America’s 500,000th Covid death, a
Professional Information Business: tragedy unrelated to the Vietnam
Ingrid Verschuren, Deputy Head War, any number of jumbo jet
crashes, or how many buses parked
end to end would reach from Phila-
delphia to New York (a comparison
“dumbed down” to draw more read-
ers? Or are they made for the eco-
nomic benefit of publishers who
want to be “safe” and avoid contro-
versy that might put a dent in
sales?
In the case of the Hardy Boys,
Nancy Drew and other Stratemeyer
characters, it might have been all
these reasons. First written in the
early 20th century, the content of
the books did reflect the casual
prejudices of the era. But literary
“cancel culture” also exists, in chil-
dren’s literature in particular.
Harsh stereotypical portrayals in
books may reinforce racism and
sexism in young readers, and alter-
ing texts to avoid that may be nec-
cited by the Washington Post).
Far from the cable studios, hap-
pily, researchers are seeking a more
serious understanding of the pan-
demic’s toll. One study finds that
those who died of Covid-19 lost on
average 9.3 years of life, equal to the
remaining life expectancy of a 78-
year-old.
The highest-cost deaths, it fol-
lows, were likely those not directly
caused by the illness. In separate
studies, U.S. government and Vir-
ginia Commonwealth University re-
searchers say a third of “excess
deaths” might fall into this cate-
gory—delayed medical care, unem-
ployment stress, substance abuse,
suicide, depression, etc. One study
looked at the effect of unemploy-
ment and predicted 30,231 additional
deaths over a 12-month period.
Nursing-home fatalities
are not well-reported,
but which coronavirus-
related deaths are?
What does this mean? Suppose
half of these were unrecognized
Covid deaths. Even so, the remaining
half—accounting for 15% of excess
deaths—would have to be no youn-
ger than 53 on average for fully one-
third of the years lost in the pan-
demic to have been lost by
somebody who didn’t die of Covid.
Lesson: The world is complicated.
In Japan, Covid seems to have led to
a decline in deaths overall, thanks to
fewer respiratory infections due to
social distancing (a Covid outcome
foreshadowed in this column more
than a year ago).
Mr. Cuomo is being undone by his
own presidential ambition. He
stacked his chips recklessly on his
Covid response: The unscripted TV
briefings. The on-air antics with his
personality of the work of the art-
ist is another issue, as is encourag-
ing bland, colorless work because it
may be easier or safer to market.
It is one thing to eliminate of-
fensive or crude content that might
instill offensive views in children.
But all changes should be made
with a light hand and after much
thought. McFarlane wrote his last
Hardy Boys book in 1947, but his
understanding of his audience
holds: Readers are a logical and
perceptive group who know when
they are being condescended to.
Ms. Greenwald is a professor
emerita of journalism at Ohio
University.
CNN brother. His quickie book pro-
claiming victory while his state’s
ragged response was still unfolding.
These all had the potential to blow
up in his face and now have.
If Donald Trump hadn’t been presi-
dent, Mr. Cuomo might already have
been gone thanks to a 2018 bid-rig-
ging-and-bribery scandal that engulfed
two of his closest associates.
My one conversation with Mr.
Cuomo took place 21 years ago when
he was Bill Clinton’s housing and ur-
ban development secretary. He
called to promote, in the sarcastic,
overconfident, streetwise tone he af-
fected, an initiative to pay public-
housing residents to surrender their
guns. I pointed out housing projects
weren’t dangerous because people
had guns, people had guns because
housing projects were dangerous.
Guess what—he dropped the tone for
a moment and agreed.
Such moments are always wel-
come from public officials and now
journalists might want to drop their
own act. In a career that lasts 40
years, a reporter should expect a
158% chance of covering a pan-
demic as bad as 1968’s and a 39%
chance of covering one as bad as
1918’s or 2020’s—i.e., he or she
should be able to understand the
emergence of a novel communicable
disease on its own terms without
resort to absurd analogies or hy-
perbolic death attributions as seen
in some reporting on New York’s
nursing-home disaster.
Unfortunately algorithm-based re-
porting is about 150 years older than
Twitter or Facebook. If it bleeds, it
leads. Play up the local angle. Exag-
gerate the importance of whatever is
being reported. It feels good to feel
bad—so accentuate the negative.
The bad news is that artificial in-
telligence can do these algorithms
better than we can. To survive, we in
the media might have to become
what we’ve always pretended to be—
factual and analytical.
A14 | Saturday/Sunday, March 13 - 14, 2021 * *** THE WALL STREET JOURNAL.

SPORTS
Virginia, top, and Kansas, below, were
forced to drop out of their respective
conference tournaments on Friday
after members of their travel parties
tested positive for Covid-19.

nett, “We are exhausting all op-

tions to participate in the NCAA
tournament.”
A similar scene played out in
the Big 12 Conference hours later
when officials announced that No.
11 Kansas would not play its
planned semifinal game against
No. 13 Texas due to “a positive
test, subsequent quarantining, and
contact tracing” in the Jayhawks’
party. Kansas will remain in Kan-
sas City, Mo., for an indeterminate
amount of time to “prepare for the
NCAA Tournament,” according to a
university spokesperson.
Kansas’ forfeit means the Big 12
championship will pit Texas
against the winner of Baylor vs.
Oklahoma State.
“We have followed the daily
testing and additional protocols
that have been set up for us, un-
fortunately we caught a bad break
at the wrong time,” said Kansas
coach Bill Self. “I look forward to
preparing my team in probably a
unique way for next week’s NCAA
tournament.”
The timing of the positive tests
presents a major dilemma for both
the teams and the NCAA, however.
Health protocols vary slightly be-

Kansas, Virginia Hit by Positive Tests

tween the ACC and Big 12 confer-
ences, though both require close
contacts of an infected individual
to quarantine for at least 10 days
prior to rejoining team activities.
The aspirations of both teams in next week’s NCAA tournament are now in doubt Neither Kansas nor Virginia has
said whether an athlete registered
a positive result or how many peo-
BY LAINE HIGGINS ple affiliated with the programs

T
have entered quarantine, making it
he fragile nature of hard to predict whether the teams
staging March Madness will satisfy the NCAA’s health pro-
during the pandemic tocols. That makes it unclear
came into clear focus whether Virginia or Kansas will
on Friday when two have enough healthy athletes to be
Top 20 powerhouses—Virginia and eligible for a March Madness bid.
Kansas—dropped out of their re- NCAA senior vice president of
spective conference tournaments basketball Dan Gavitt said earlier
after members of their travel par- this month that teams need only
ties tested positive for Covid-19. five players—the minimum num-
The aspirations of both teams in ber needed to field a basketball
the upcoming NCAA tournament team—to continue advancing
are now in doubt. A third college through the tournament. He did
basketball blue blood, Duke, not specify if there is a minimum
dropped out of the Atlantic Coast threshold teams must meet by Se-
Conference tournament on Thurs- lection Sunday.
day and declared its season over. “We wrestled with contingen-
But while Duke was likely to cies, and thought it was fairest for
miss the tournament for the first a team that earned its way, that
time since 1995 anyway, Kansas even if it was compromised, they
and Virginia are considered sure should have the opportunity to
bets to be invited. Conference play rather than be replaced,”
championship tournaments con- Gavitt said.
FROM TOP: NELL REDMOND/REUTERS, JAMIE SQUIRE/GETTY IMAGES

tinue until Sunday and other The NCAA outlined a procedure

teams could face similar problems. for replacing any team that suffers
Teams must notify the NCAA by an outbreak after Selection Sunday
11 p.m. ET on Saturday if they are but prior to March 16 at 6 p.m. ET.
“unable to meet the medical proto- Beyond that point any team ineli-
cols and participate in its [sic] gible to play must forfeit.
first game of the championship which some of the nation’s top nounced that a member of the “We went from an exhilarating The NCAA will require any “Tier
(March 18, 19 or 20).” That leaves teams could be eliminated by the Cavaliers’ 34-person travel party game-winning shot to beat Syra- 1 personnel”—players, coaches and
Virginia and Kansas a little more pandemic before the opening tip. had tested positive in the round of cuse to a gut punch regarding the trainers—to register seven consec-
than a day to complete their con- This year’s chaos comes a year af- Covid-19 tests administered after positive Covid-19 test within our utive days of negative Covid-19
tact tracing and determine ter the NCAA called off the 2020 the team’s thrilling 72-69 victory program,” said Virginia coach tests before entering the semi-
whether they have enough players tournament due to the then- over Syracuse in the quarterfinals Tony Bennett in a statement. bubbled tournament in Indianapo-
to accept a March Madness bid. emerging threat of the coronavirus on Thursday. Virginia’s semifinal Due to the 2020 NCAA tourna- lis. To satisfy this requirement,
They’ll need only five, according to pandemic. opponent, Georgia Tech, will play ment’s cancellation, Virginia re- conferences poised to send multi-
NCAA protocols instituted just for No. 16 Virginia was the first the winner of the game between mains the defending national ple teams to the tournament have
this year. team to be sidelined by the coro- North Carolina and Florida State champions in men’s basketball af- been testing their athletes every
It sets up a Selection Sunday in navirus on Friday. The ACC an- on Saturday. ter its victory in 2019. Said Ben- day this week.

Weather

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

C
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Edmonton

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Calgary
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Ohtani Makes Two-Way Pitch
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ing him to undergo surgery
70s l d
Orlando
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that kept him off the mound Shohei Ohtani still has hopes of being a two-way player.
Anchorage
A h 0s
10s Miami
Showers Flurries for all of 2019. That season
20s 70s ended prematurely because of with both roles, in the hopes average and an .883 OPS. He
30s 40s 60s Ice a procedure on his knee that of showing it can, in fact, be would provide even more
sapped him of strength and done. He might not get an- value by adding pitching to
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
confidence at the plate. other chance. that sort of offensive produc-
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 56 42 r 46 36 r Frankfurt 51 36 r 49 37 c Meanwhile, his attempt at a “Everything is going ac- tion, but he does the Angels
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice comeback to the rotation in cording to plan, and he’s do- no good on the sideline. A
Orlando 82 57 s 83 60 s Geneva 52 35 c 44 37 sh
Today Tomorrow Havana 84 62 pc 87 64 s
City Hi Lo W Hi Lo W
Philadelphia 51 38 s 58 28 s 2020 lasted all of two outings ing both,” Nez Balelo, Ohtani’s one-way player in the lineup
Phoenix 62 45 pc 71 49 s Hong Kong 75 67 s 75 68 s
Anchorage 14 1 s 18 13 c Pittsburgh 47 32 s 50 20 pc Istanbul 53 44 pc 58 47 pc before more arm trouble agent at Creative Artists gives the Angels more than a
Atlanta 77 53 pc 79 58 pc Portland, Maine 41 27 s 40 11 pc Jakarta 88 75 c 88 75 sh dashed those hopes. Agency, said recently. two-way player on the injured
Austin 81 55 c 75 46 r Portland, Ore. 63 43 pc 53 37 r Jerusalem 60 43 s 64 51 c It resulted in a disastrous After the Angels shut him list.
Baltimore 56 37 s 63 28 pc Sacramento 65 42 s 59 39 r Johannesburg 81 59 s 81 57 s
Boise 56 32 s 63 40 s St. Louis 55 45 r 53 45 r London 48 41 sh 51 44 c
2020 campaign in which down last August, Ohtani ap- That likely explains why
Boston 45 32 s 45 16 s Salt Lake City 47 34 c 54 39 s Madrid 62 35 s 61 36 s Ohtani failed at both aspects peared to acknowledge that Ohtani said last summer that
Burlington 36 29 c 35 8 c San Francisco 58 48 pc 59 46 r Manila 90 79 c 90 78 pc of his game. He hit just .190 the team could ultimately ask he would “listen” if the An-
Charlotte 63 49 c 64 50 sh Santa Fe 46 26 pc 49 26 sh Melbourne 79 52 t 63 49 pc
Chicago 56 37 pc 48 30 c Seattle 59 42 pc 52 37 r Mexico City 80 55 pc 80 54 pc
with a .657 OPS in 175 plate him to give up his two-way gels instructed him to focus
Cleveland 43 35 s 46 23 pc Sioux Falls 55 39 s 45 29 r Milan 59 40 pc 57 35 c appearances. He surrendered aspirations if he continues to solely on hitting or pitching.
Dallas 75 56 c 72 53 r Wash., D.C. 57 41 pc 64 33 s Moscow 32 30 sn 40 36 c seven earned runs and walked struggle with his health. The For now, the Angels remain
Denver 34 29 sn 33 22 sn Mumbai 96 79 pc 96 79 pc
eight batters in 12/3 innings. Angels desperately need him. committed to Ohtani doing
Detroit
Honolulu
50 34 pc 51 23 pc
78 68 sh 78 67 sh
International Paris
Rio de Janeiro
52
84
40 r
76 t
52 43 pc
85 75 t The injuries confirmed the in- Despite having superstar out- both, sticking to their prom-
Houston 80 67 pc 71 51 t Today Tomorrow Riyadh 80 50 s 83 57 s dustry’s worst fears about fielder Mike Trout on the ros- ise when he chose to sign
Indianapolis 54 37 pc 52 32 c City Hi Lo W Hi Lo W Rome 62 47 pc 61 40 pc
Kansas City 54 46 r 53 42 r Amsterdam 46 41 r 47 41 pc San Juan 84 72 sh 84 72 pc
Ohtani and raised questions ter, they haven’t won a play- with them three years ago.
Las Vegas 62 43 pc 68 49 s Athens 64 51 pc 65 52 pc Seoul 57 38 pc 54 37 c about the viability of the two- off series since 2009, unable “If the possibility is there, I
Little Rock 72 58 c 72 48 t Baghdad 68 45 s 74 51 s Shanghai 62 46 c 65 54 s way player experiment. to capitalize on a once-in-a- still want to try it,” Ohtani
Los Angeles 62 49 s 63 50 pc Bangkok 96 78 pc 96 79 s Singapore 89 77 t 88 77 t That makes 2021 a crucial generation player. said last summer. “The Angels
Miami 80 68 pc 81 69 pc Beijing 58 44 pc 59 45 c Sydney 85 68 s 69 62 r
Milwaukee 56 37 s 44 29 pc Berlin 48 39 r 45 35 sh Taipei City 70 62 c 76 61 pc year for the 26-year-old Ohtani has already demon- signed me thinking I’m going
Minneapolis 58 37 s 51 27 pc Brussels 49 38 r 48 41 pc Tokyo 61 52 r 63 49 s Ohtani, the man often cited as strated his worth as a hitter. to be a two-way player. I just
Nashville 56 52 r 69 55 c Buenos Aires 79 69 s 83 71 s Toronto 41 32 s 38 15 pc the most talented all-around In 2018 and 2019, Ohtani need to get healthy, back on
New Orleans 78 65 pc 78 68 t Dubai 88 67 s 81 64 s Vancouver 53 43 c 51 37 sh
New York City 49 38 s 50 24 s Dublin 46 39 sh 50 43 r Warsaw 48 39 sh 48 35 sh baseball player in the world. blasted 40 home runs in 710 the mound and try to accom-
Oklahoma City 68 48 c 67 43 pc Edinburgh 46 38 sh 47 37 sh Zurich 54 35 r 43 35 sh He intends to push forward at-bats, posting a .286 batting plish it.”
 BUSINESS | FINANCE
DJIA 32778.64 À 293.05 0.9%
|
Turning Points
Marissa Mayer on
making the big
decisions B4

TECHNOLOGY | MANAGEMENT
NASDAQ 13319.86 g 0.6%
EXCHANGE
STOXX 600 g 0.3%
THE WALL STREET JOURNAL.
10-YR. TREAS. g 31/32 , yield 1.634%
* * * *

OIL $65.61 g $0.41

Bitter Pill
Drug companies
are losing their
pricing power B14

Saturday/Sunday, March 13 - 14, 2021 | B1

GOLD $1,719.50 g $2.80 EURO $1.1955 YEN 109.03

Dow Has
Best Week
FROM TOP LEFT: ARMANDO L. SANCHEZ/TNS/ZUMA PRESS; CHARLES REX ARBOGAST/AP; PATRICK T. FALLON/AFP/GETTY IMAGES; RICARDO B. BRAZZIELL/AP

In Months
Average rises 4.1% for the
week; Nasdaq gains 3.1%
BY GUNJAN BANERJI
AND ANNA HIRTENSTEIN

The Dow Jones Industrial Average

rose for the sixth consecutive ses-
sion and set a record, boosted by
signs that the domestic economy is
revving up.
The blue-chip gauge added 293.05
points, or 0.9%, to 32778.64, finish-
ing its best week since November.
The S&P 500 edged lower for much
of the session before turning higher
and gaining 4 points, or 0.1%, to
3943.34, also a fresh high. The Nas-
daq Composite lost 78.81 points, or
0.6%, to 13319.86.
The Dow and S&P 500 gained 4.1%
and 2.6%, respectively, this week. The
Nasdaq added 3.1% for the week, snap-
ping a three-week streak of losses. It
is still off 5.5% from Feb. 12’s record.
Stocks have broadly rallied this
week, as everything from financials
companies to Tesla and GameStop
have advanced. After an extended
stretch of volatility that briefly erased
the tech-heavy Nasdaq’s gains for the
year, stocks regained their footing and
notched fresh highs.
There was a flurry of news that
Clockwise from top left: Shoppers in a soon-to-close Macy’s flagship in Chicago; lipstick samples covered in plastic at an Ulta Beauty store; boosted the outlook for the domestic
curbside pickup on Black Friday at a Best Buy last year; a shopper browses at clothing store Hemline Austin in Austin, Texas, on Wednesday. economy. President Biden signed the
$1.9 trillion fiscal stimulus package on
Thursday. He also said every adult in

ATTENTION SHOPPERS!
the U.S. will be eligible to get a vac-
cine by May 1.

We’ll Never Buy

Meanwhile, new data showed that
Please turn to page B13

 Government bond yields continue to

climb...........................................................B13

The Same Again

The pandemic accelerated our acceptance of everything from curbside pickup
Ant Group
CEO Resigns
Amid Firm’s
to virtual fitting rooms. Which of these changes will last?
Revamping
BY SUZANNE KAPNER Chairman to assume

C
ovid-19 changed the way
we shop. The big question now is
which of the new habits will stick
once the pandemic recedes.
Instead of lining up on Black
Friday for a bargain-priced TV,
shoppers ordered from home and
picked up curbside. Even those who rarely
bought online before the pandemic relied on
the internet to bring them everything from
groceries to pajamas to fake eyelashes.
THE ROAD AHEAD FOR RETAIL
STORES MAKE THEIR OWN RULES
With the end of the mask mandate in Texas,
businesses craft a patchwork of guidelines B7
“Consumers found some of the experiences
forced by Covid to be convenient,” said Stefan
Larsson, chief executive of PVH Corp., which
owns Tommy Hilfiger, Calvin Klein and other
brands. “Anything that they perceive as mak-
ing their life easier will be here to stay.”
Some retailers won’t be around to find out.
Weaker players such as Lord & Taylor and J.C.
Penney Co. filed for bankruptcy protection and
closed hundreds of stores, while big compa-
nies such as Walmart Inc., Target Corp., Ama-
TRADE SHOWS PLOT A RETURN
The $11 billion industry lost a year during
Covid. Now, it’s betting on a comeback B7
zon.com Inc. and Home Depot Inc. consoli-
dated their power.
Those that survived are now experimenting
with new ways of doing business. They are
streaming virtual shopping events and allow-
ing consumers to book online consultations.
They are doing away with traditional cashiers
and rolling out contactless payment systems.
They are using their stores as warehouses that
deliver packages to customers directly.
Please turn to page B6
SMALL BUSINESS STRIKES BACK
Mom-and-pop stores find a way
to do battle with Amazon B8
position vacated by Hu
BY JING YANG
Ant Group Co. Chief Executive Si-
mon Hu resigned, the company said
Friday, amid heightened scrutiny
over the Chinese financial-technol-
ogy behemoth.
The departure of Mr. Hu, one of
Ant’s two top executives, comes at a
time when the fintech affiliate of
Alibaba Group Holding Ltd. is re-
vamping its entire business, follow-
ing the abrupt cancellation of its
blockbuster initial public offering
late last year, and as Chinese author-
ities have stepped up pressure more
broadly on the country’s technology
giants.
“The Ant Group Board of Direc-
tors has accepted Mr. Simon Hu’s
resignation request, due to personal
reasons,” Ant said. “We are thankful
to Simon for the efforts he made at
our company.”
Chairman Eric Jing will take up
the CEO role, in addition to his cur-
rent position—a dual role he had
held before Mr. Hu became CEO in
Please turn to page B2

Coffee With a
Shot of Politics
Some companies find success courting
like-minded buyers; ‘I know who my customer is.’

BY ZUSHA ELINSON

B
lack Rifle Coffee Co. says from political debate, Black Rifle is
LINDSAY D’ADDATO FOR THE WALL STREET JOURNAL

its AK-47 Espresso Blend a prime example of the way some

“is here to conquer your
taste buds.” Its extra-
dark Murdered Out roast
“will fuel your midnight
ops or your morning commute.” An-
other of the six-year-old company’s
blends promises to “keep your free-
dom engine running.”
With firearms-themed branding,
unabashed support for police and
the military and an irreverent
founder who hasn’t shied away
businesses are capitalizing on po-
litically engaged consumers’ hy-
perpartisan shopping habits.
“I know who my customer is. I
know who I’m trying to serve cof-
fee to. I know who my customer
isn’t,” said Evan Hafer, the com-
pany’s 44-year-old founder and
chief executive. “I don’t need to be
everything to all people.”
Salt Lake City-based Black Rifle
Please turn to page B2
B2 | Saturday/Sunday, March 13 - 14, 2021
DICK’S SPORTING GOODS INC.
 The late stages of the pan-
demic will test the stamina
DKS ofretailer
Dick’s Sporting Goods. The
said Tuesday that it
6.3% expects sales to ease this
year after last year’s growth,
fueled by strong demand for at-home
fitness equipment. Like other retailers,
Dick’s strengthened its e-commerce op-
eration last year to reach shoppers ad-
justing to new work and lifestyle pat-
terns. Now, the company faces the
challenge of maintaining momentum
and building on last year’s gains. Other
retail chains like Walmart Inc. have also
said they believe growth will slow. Dick’s
shares lost 6.3% Tuesday.
GAMESTOP CORP.
 Online trading mobs drove up
GameStop’s value. Now the
GME retailer faces pressure to turn
itself around. GameStop said
41% Monday that its board
formed a committee dedi-
cated to transforming the videogame
company led by Chewy Inc. co-founder
Ryan Cohen. Last year, Mr. Cohen
bought a large stake in GameStop and
started pushing the company to revamp
its business model. The company has
struggled in recent years, facing compe-
tition from Amazon.com Inc. and other
large online retailers as well as chang-
ing gaming habits. GameStop shares
soared 41% Monday.
Coffee Brand
Markets to the
Like-Minded
Continued from page B1
said its revenue nearly doubled in
2020 to $163 million, 70% of it
from e-commerce. In 2015, its rev-
enue was $1 million. The company
said it is profitable but didn’t pro-
vide further details. Of its 450 cur-
rent employees, 55% are military
veterans.
Justin Cheung buys Black Rifle’s
Silencer Smooth blend because he
prefers a light roast—and because
the company’s message resonates
with him, including its promise a
few years ago to hire a huge num-
ber of veterans.
“I do feel better about my pur-
chase knowing that they stand for
things I believe in,” said Mr. Che-
ung, a Southern California-based
wine buyer who describes himself
as a constitutional conservative.
Big American firms historically
sought to stay above the partisan
fray, an approach summarized by
basketball legend Michael Jordan,
who famously proclaimed: “Repub-
licans buy sneakers too.” Now
more consumers want CEOs to
take a stand. In 2019, 60% of
American consumers would make
a decision about whether to buy or
boycott a company’s product
based on its stand on societal is-
sues, according to a survey by
public-relations firm Edelman—up
from 47% in 2017.
MyPillow Inc. CEO Mike Lindell,
an outspoken supporter of former
President Donald Trump, was sued
last month by Dominion Voting
Systems for defamation over his
claims about election fraud. In the
suit, Dominion said MyPillow’s
“defamatory marketing cam-
paign—with promo codes like
‘FightforTrump,’ ‘45,’ ‘Proof,’ and
‘QAnon’—has increased MyPillow
sales by 30-40%.”
Mr. Lindell denied the allegations
in the lawsuit and said that his sup-
port for Mr. Trump hasn’t affected
his business one way or the other,
Mr. Hafer prepares his morning coffee at Black Rifle’s headquarters.
THE SCORE
THE BUSINESS WEEK IN 7 STOCKS
PERFORMANCE OF ENTERTAINMENT COMPANIES
Source: FactSet
30%
ViacomCBS
20
10
0 into the company’s corporate operations.
Apple
–10
Mon. Tues. Wed. Thurs. Fri.
VIACOMCBS INC.
 A new British invasion is generating a princely
sum for some American companies. Some 17.1 mil-
VIAC lion viewers tuned in on March 7 to Oprah Win-
13% frey’s interview with Prince Harry and Duchess of
Sussex Meghan Markle on the ViacomCBS-owned CBS net-
work, which paid at least $7 million to air it. Ms. Winfrey
and Prince Harry are also creating a mental-health special
for Apple TV+. ViacomCBS shares rose 13% Monday.
Black Rifle Coffee CEO Evan Hafer, left, and co-CEO Tom Davin enjoy an archery break outside the office.
but that Dominion’s suit has hurt it. house, a small roaster that also
Meantime, Parkland massacre targets right-wing buyers, Stocking
survivor and gun-control activist Mill Coffee, praised the accused
David Hogg said he is launching a killer on Twitter and offered him
competing firm called Good Pillow, one of its own T-shirts.
promising union-made, environ- “In an increasingly divided coun-
mentally friendly products. try where people are feeling one
Playing politics can have its pit- away or the other, taking a stand
falls. Kyle Rittenhouse, charged can build a lot of brand loyalty,”
when he was 17 years old with kill- said Nicholas Guy, a spokesman for
ing two people at a Black Lives Virginia-based Stocking Mill, whose
Matter protest in Kenosha, Wis., motto is “Arrive Violently.”
was photographed wearing a Black Mr. Rittenhouse has pleaded not
Rifle Coffee T-shirt when he was guilty.
released on bond in November. Mr. Hafer said in an interview
One of the best-known photos that as he has increasingly focused
from the Jan. 6 Capitol riot on military veterans’ issues, he has
showed a man in tactical gear and been trying to move Black Rifle
a Black Rifle Coffee hat leaping beyond being affiliated with a par-
over a railing with a handful of ticular political party.
plastic handcuffs. “I’ve got an incredible opportu-
Mr. Hafer has sought to distance nity to affect veterans’ lives for
Black Rifle from such incidents, an- the better, and I’m not going to
gering some fans in the process. squander it in the gutter of parti-
After he said in a video that the san politics,” said the former
company had no ties to Mr. Ritten- Green Beret. “If we’ve done it in
the past, it’s probably just based
on you know, I was carrying a rifle
five years ago, I’m not a sophisti-
cated businessman.”
Mr. Hafer said he began roast-
ing coffee on a tour of duty in Iraq
in 2006 and later got the idea for
the company while working for a
Central Intelligence Agency con-
tractor, training former special
forces soldiers. He named it after
his service rifle, which was usually
by his side while roasting coffee
between training sessions. “Black
rifle” is a phrase used to describe
military weapons like M16s and
their civilian counterparts, AR-15
style rifles, which have become a
potent symbol in the gun-rights
fight in America.
“It dawned on me later, like ‘Oh
this is going to piss people off,’ ”
he recalled. “And I just kind of em-
braced it.”
The company’s roasts are
named for various firearms, politi-
cal stances (“Thin Blue Line”) and
jokes about coffee snobbery (“F—
Hipster Coffee”). To market the
brand, the company posts over-
the-top YouTube videos that poke
fun at liberals, but also at macho
gun guys.
Its following grew by plan and
happenstance. In 2017, when Star-
bucks Corp. promised to hire
* *** THE WALL STREET JOURNAL.
GENERAL ELECTRIC CO. AMC ENTERTAINMENT
HOLDINGS INC.
 The lights are going out at GE
Capital. General Electric on
 The curtain is rising again at
GE Wednesday agreed to com- U.S. movie theaters. AMC, the
bine GE Capital Aviation Ser-
5.4% vices, the jet-leasing unit of AMC world’s largest cinema chain,
has reopened many of its
the once-sprawling lender, 4.4% theaters in recent weeks af-
with rival AerCap Holdings AER in a deal ter a winter surge of Covid-19
worth more than $30 billion. Chief Exec- cases prompted closures at the end of
utive Larry Culp, who said the deal sim- 2020. Roughly 527 out of 589 domestic
plifies the industrial giant, will use the theaters were open as of March 5, and
proceeds to shed debts that have hung expects new films and vaccine distribu-
over GE since the 2008-09 financial cri- tion to bring better results this year.
sis. The remainder of GE Capital, a legacy AMC on Wednesday reported an annual
insurance business and a small equip- loss of $4.59 billion for 2020; the com-
ment-leasing operation, will be folded pany has been able to avoid bankruptcy
thanks to new money from investors.
GE shares fell 5.4% Wednesday. AMC shares rose 4.4% Thursday.
STITCH FIX INC. AMAZON.COM INC.
 Stitch Fix is all tangled up
because of problems at the  Amazon won’t sell books
framing LGBTQ+ identities as
SFIX post office. The online fashion
retailer on Monday reported
AMZN mental illnesses. The com-
pany stated its policy on
28% underwhelming results for 0.8% Thursday in a letter to sev-
the holiday quarter that the
company largely attributed to shipping
eral Republican senators who
wrote to Amazon asking why a three-
delays. Stitch Fix ships clothes to cus-
tomers who can keep what they want
year-old book about transgender issues
by a conservative scholar was no longer
and return the rest, and the U.S. Postal available for purchase. In the letter Am-
Service is its main carrier. The USPS azon also said it provides customers
struggled to manage surging package “with access to a variety of viewpoints,
volumes during the pandemic as con- including books that some customers
sumers turned to online shopping while may find objectionable” but reserves the
FedEx Corp. and United Parcel Service right not to sell certain content. Amazon
Inc. limited packages they accepted. shares fell 0.8% Friday.
Stitch Fix shares fell 28% Tuesday. —Francesca Fontana
Ant CEO
Quits Amid
Revamping
Continued from page B1
December 2019.
Mr. Jing said in an internal
memo that Mr. Hu will devote his
efforts to philanthropic work, and
will be fully responsible for phi-
lanthropy and social responsibil-
ity at both Ant and Alibaba, ac-
cording to people who saw the
memo.
Ant is controlled by Jack Ma,
LINDSAY D’ADDATO FOR THE WALL STREET JOURNAL(2)
the billionaire founder of Alibaba.
In November, Chinese authori-
ties called off a two-part stock
offering by Ant in Hong Kong and
Shanghai, which would have been
the world’s largest IPO. Mr. Hu
was among senior Ant executives
summoned to a regulatory meet-
ing the day before the IPO was
scuttled.
More recently, Mr. Hu, an Ali-
baba veteran, had been spear-
heading an internal team that
worked with regulators on how
to rectify its businesses. Follow-
ing his departure, Mr. Jing will
head up the working group, ac-
10,000 refugees in response to Mr. cording to a person familiar with
Trump’s executive order barring the matter.
more of them from entering the In January, The Wall Street
country, Mr. Hafer grabbed head- Journal reported that Ant was
lines by vowing to hire 10,000 vet- planning to turn itself into a fi-
erans. Later that year, after Keurig nancial holding company over-
dropped its sponsorship of Sean seen by China’s central bank—a
Hannity’s show over comments the drastic turn for a company that
Fox News commentator made got its start in digital payments,
about sexual-abuse allegations but which has tried to reposition
against then-Alabama Sen. Roy itself as an internet-technology
Moore, Mr. Hannity and Donald company.
Trump Jr. promoted Black Rifle Mr. Hu in 2005 joined Alipay,
Coffee on Twitter. the payments business around
Mr. Hafer said the spike in sales which Ant was later built, after a
in 2020 was helped by his com- career with Chinese state-owned
pany’s direct-to-consumer and banks. He founded AliFinance,
subscription model that appealed one of the predecessor busi-
to coffee drinkers stuck at home
during the pandemic. But the com-
pany wants to expand its nascent Chairman Eric Jing
retail operation, too. In addition to
a small shop at its headquarters in will take up the CEO
Salt Lake City, the company cur- role, in addition to his
rently has one location in San An-
tonio, with two more set to open current position.
this spring in Dallas and Clarks-
ville, Tenn.
Still, there is likely a limit to its nesses of Ant, and held various
growth prospects. Tom Davin, the senior roles at Alibaba including
former CEO of Panda Restaurant president of Alibaba Cloud, be-
Group Inc. who was brought on as fore taking up the CEO role at
Black Rifle’s co-CEO in 2019, said Ant.
the company is targeting a specific Mr. Jing first became Ant’s
segment of the population: military CEO in October 2016. Facing dis-
members and their families, first content among employees, Mr.
responders, sportsmen and gun en- Jing recently told staff Ant would
thusiasts. “We’re not going for the eventually go public and that it
entire coffee market,” he said. would look for ways to help
“We’re going for roughly half.” workers monetize some of their
In doing so, Black Rifle Coffee, shares.
whose 12-oz. bags sell for around
$13 to $15, is engaging in a little
snobbery of its own. Many of its
customers drank bargain brands
like Folgers beforehand, said Mr.
Davin. “We think we’re maybe
moving people up the coffee-con-
sumption chain,” he said.
Mark Lamprecht, 50, said he
bought his first bag this past Val-
entine’s Day at a gun range where
he had gone shooting with his
wife. The Atlanta-area financial
adviser said he liked the com-
JASON LEE/REUTERS
pany’s support for law enforce-
ment and the military. The $15 he
spent on a bag of Blackbeard’s De-
light dark roast represented some-
thing of a splurge for him. “That’s
definitely more expensive than the Simon Hu will devote his efforts
$6.50 a pound at Costco,” he said. to philanthropic work.
THE WALL STREET JOURNAL.
Short Seller
Trains Sights
On Lordstown
BY BEN FOLDY
AND MIKE COLIAS
A new report by short
seller Hindenburg Research
took aim at electric-truck
startup Lordstown Motors
Corp., saying the company
misled investors about the
strength of its truck preorders
and the progress it is making
toward putting its first model
into production.
Lordstown Motors Chief Ex-
ecutive Steve Burns said the
report contained half-truths
and lies, and that the short
seller has a motivation to hurt
the stock before the company
reports its first quarterly up-
date as a publicly traded en-
tity next week.
The Wall Street Journal
hasn’t been able to verify inde-
pendently the accusations.
The startup is named for
the Ohio town where the com-
pany purchased a dormant for-
mer General Motors Co. plant
in 2019. GM acquired a small
stake in the electric-vehicle
startup. A GM spokesman de-
clined to comment.
Shares of the company fell
16.5% Friday following the re-
port. Hindenburg—which last
year targeted another electric-
truck startup, Nikola Corp.—
disclosed that it holds a short
position in Lordstown Motors,
meaning it stands to profit
from declines in the stock.
The New York-based re-
search firm, led by Nathan An-
derson, described Lordstown
Motors’ order book as a “mi-
rage” and said the startup
paid an outside consulting
group to generate preorders
for its truck in advance of a
deal to go public in 2020. The
report cited documents and
conversations that the firm
said it had with former em-
ployees and business partners.
Mr. Burns confirmed the
company paid consultants to
Pregnancy Threatens
Delay of Theranos Trial
BY SARA RANDAZZO
Theranos founder Elizabeth
Holmes’s criminal trial is al-
most certainly headed for an-
other delay after her lawyers
and prosecutors revealed in a
Friday court filing that she is
pregnant and due to give birth
in July.
Ms. Holmes had been slated
to begin trial July 13, a date
that is no longer feasible, law-
yers said in the filing in U.S.
District Court in San Jose, Ca-
lif. In light of her pregnancy,
the two sides asked a federal
judge on Friday to move the
beginning of jury selection to
Aug. 31.
Ms. Holmes is accused of
defrauding investors and pa-
tients about Theranos’s tech-
nology, which purported to use
just a few drops of blood from
a finger prick to test for a vari-
AT&T, Verizon Vow to Boost Sales Before 5G Debt Comes Due
BY DREW FITZGERALD
Cellphone carriers that spent
years promoting their blue-
prints for new fifth-generation
wireless networks devoted the
past week to explaining how
they plan to pay for them.
AT&T Inc. and Verizon
Communications Inc. said they
would spend billions of dollars
more in the coming years on
cellular-tower equipment, fiber-
optic lines and other infrastruc-
ture to use new wireless spec-
trum licenses they acquired
through a federal government
auction. T-Mobile US Inc. said
it would put the new licenses to
use without increasing its capi-
tal budget.
AT&T reassured investors
Friday that it wouldn’t need to
slash its $15 billion annual divi-
dend this year to pay its tab.
Verizon, meanwhile, on Thurs-
day launched a $25 billion bond
sale to spread the costs over
several years.
The plans, detailed in a se-
ries of online investor events
this past week, will add more
obligations to an already debt-
* * * * * *
generate preorders that were
understood to be nonbinding
as a way to assess market de-
mand, but denied it misrepre-
sented its preorder book.
“We are not stating these
are orders and have never
stated that,” he said.
Lordstown Motors listed
last year through a deal with
special-purpose acquisition
company, or SPAC. The com-
pany has yet to sell a vehicle.
It is targeting the commercial-
truck market, vehicles typi-
cally used by fleet operators.
Lordstown Motors and Mr.
Burns have regularly pointed
to its preorder book to under-
score the strength of demand
for its forthcoming commercial
pickup truck. “Most of them
are signed by the CEOs of
these large firms,” Mr. Burns
said of the preorders in a
CNBC interview in November.
“They’re very serious orders.”
In a regulatory disclosure in
December, Lordstown Motors
said it didn’t have any current
customers or pending orders,
and there was no assurance
the nonbinding preorders
would be converted to sales.
In January, the company said
the more than 100,000 reser-
vations for its Endurance
truck were nonbinding.
Hindenburg said the orders
weren’t only nonbinding but
also “largely fictitious” and
didn’t represent “genuine de-
mand.” Some preorders for
1,000 or more trucks came
from businesses that didn’t
operate commercial fleets, the
report said. Some companies
told the firm they didn’t have
the means or intention to buy
the trucks on preorder, the re-
port said.
Mr. Burns said the company
is confident there is demand
for its trucks and the preor-
ders were a way to gauge in-
terest as it preps the factory
to build for certain volumes.
ety of health conditions. Prose-
cutors brought charges against
her and the company’s former
chief operating officer, Ramesh
“Sunny” Balwani, in June 2018.
Ms. Holmes has been scheduled
to go on trial first, with the
date repeatedly being delayed
because of the pandemic.
Both former executives have
pleaded not guilty. Ms. Holmes
has sparred with the govern-
ment over what jurors can see
at trial.
The now-defunct blood test-
ing company came under pub-
lic pressure in late 2015, after
The Wall Street Journal re-
vealed that the company ran
few tests on its proprietary
machines, which produced un-
reliable results, and instead
performed most tests with
commercial analyzers that it
bought from other companies
and sometimes altered.
laden wireless sector. The Fed-
eral Communications Commis-
sion earlier this year sold $81
billion of C-band spectrum li-
censes, a coveted swath of ra-
dio frequencies already used in
other countries to carry 5G
data. Analysts expect the auc-
tion winners to spend another
$14 billion to help move current
C-band satellite users into
nearby spectrum bands to clear
the sold-off licenses for cellular
service.
Verizon, which committed
more than $53 billion to the C-
band licenses including clearing
costs, said its capital spending
will increase by $10 billion over
the next three years as it wires
more cell towers to transmit
the new signals. AT&T said it
plans to devote about $6 billion
to $8 billion of its capital
spending toward activating its
C-band airwaves, mostly be-
tween 2022 and 2024. The plan
adds to a nearly $28 billion bill,
including clearing costs, for the
spectrum purchase.
“We’re not here just to pre-
serve a base of customers,” said
Jeff McElfresh, the chief of
BUSINESS NEWS
Virgin Orbit is shopping for a SPAC merger partner that could take it public with a value ranging from $2.5 billion to over $3 billion.
Branson Explores a SPAC Listing
For His Satellite-Launching Startup
BY ALISTAIR MACDONALD
AND BEN DUMMETT
LONDON—Richard Bran-
son’s Virgin Orbit has hired
bankers to help it go public
this year through a special-
purpose acquisition company,
aiming for a valuation for the
satellite launching startup of
around $3 billion, according to
people familiar with the mat-
ter.
The move represents the
latest effort by Mr. Branson to
take advantage of a recent
boom in similar, blank-check
listings. His Virgin Group has
played on both sides of the
SPAC craze: In 2019, he listed
his space-tourism company,
Virgin Galactic Holdings Inc.,
by merging it with a SPAC, es-
ADM Settles Peanut Price-Fixing Suit
BY JACOB BUNGE
Agricultural company Ar-
cher Daniels Midland Co. said
it would pay $45 million to
settle price-fixing allegations
leveled at its peanut-process-
ing division.
The settlement by the Chi-
cago-based company aims to
resolve a civil lawsuit filed by
nearly 12,000 U.S. peanut
farmers, who accused the na-
tion’s top peanut processors of
colluding to hold down prices
paid to growers.
Farmers alleged that ADM’s
Golden Peanut division coordi-
nated with two other proces-
sors to report faulty supply
and pricing data, keeping
prices for farmers low for the
past six years.
ADM denies any wrongdo-
ing in the case, a spokes-
woman said, and settled the
lawsuit rather than spending
more time and money fighting
it. “ADM has been building
strong relationships with
farmers since the company’s
inception in 1902, and we con-
tinue to make farmers the cen-
ter of our business,” she said.
The U.S. peanut sector gen-
erally has been enjoying a
boom period. More peanut
butter spread on sandwiches
during at-home lunches helped
HBO With Ads Set
To Launch in June
AT&T Inc. said a long-planned
version of its HBO Max stream-
ing service supported by ads will
launch in June, attaching com-
mercials to a brand that for de-
cades stood for premium content
without interruption.
Company executives wary of
alienating their existing customer
base said Friday that the ads
won’t affect “HBO Originals” like
“The Sopranos” and “Game of
AT&T’s telecom division, its
largest in terms of revenue and
earnings. “We’re No. 3 in the
marketplace. We’ve got a great
network. We’re going to con-
tinue to invest in that network,
and you’ll see us continue to
grow.”
The carriers plan to pay for
the spectrum splurge through
increased revenue. Verizon said
its core revenue base will grow
by more than 2% this year and
sentially a pool of money with
a stock-market listing.
Then in February, a Virgin-
backed blank check company
said it would merge with
23andMe Inc. in a deal that
valued the genetic-testing
company at $3.5 billion, in-
cluding debt.
Mr. Branson’s two U.S.
space companies—Virgin Orbit
and Virgin Galactic—have
been bright spots in an empire
otherwise hobbled by the pan-
demic. The spread of the new
coronavirus and resulting
lockdowns around the world
have hit the airline, tourism
and gym businesses that are
at the core of Virgin Group.
Virgin Orbit has hired
Credit Suisse Group AG and Li-
onTree LLC, and is shopping
Farmers alleged that ADM’s peanut division and two other processors coordinated on pricing data.
drive peanut consumption in
2020 to a record 7.6 pounds
per capita, according to the
National Peanut Board, an in-
dustry group.
Peanut farmers alleged in
the suit that the same indus-
try that pumps the legumes
into candy and jars is working
against them. Their dispute
over the $1.3 billion U.S. pea-
nut-growing industry is one of
several legal battles and inves-
tigations centered on big agri-
cultural companies’ influence
over the U.S. food system.
The two largest U.S. peanut
processors, Birdsong Peanuts
Thrones” that have long given
the premium service its cachet.
But they said there is pent-up
demand from marketers seeking
to reach the HBO Max audience,
pointing Friday to $80 million in
upfront commitments from ad-
vertisers for the new version of
the service.
“Advertising, when executed
thoughtfully and elegantly, is a
powerful way to lower prices for
everyone,” said WarnerMedia
Chief Executive Jason Kilar, who
previously led rival streaming
service Hulu.
The telecom giant has yet to
more than 3% over the follow-
ing two years. The company
predicted its customers will up-
grade to more expensive unlim-
ited-data wireless plans sup-
ported by the high-capacity 5G
network. Executives also high-
lighted future opportunities
from cloud-computing custom-
ers and business users.
AT&T affirmed its 2021 fi-
nancial projections, which
called for total revenue growth
Saturday/Sunday, March 13 - 14, 2021 | B3
for a SPAC merger partner
that could take it public with a
value ranging from $2.5 billion
to over $3 billion, according to
people familiar with the mat-
ter.
Mr. Branson’s company
owns 80% of Virgin Orbit, with
Mubadala Investment Co., the
United Arab Emirates sover-
eign-wealth fund, owning the
rest. The targeted valuation
would mark a significant jump
from the $1 billion the rocket
startup had been aiming for
last year, from a previously
planned private fundraising.
The company still hasn’t ruled
out a private fundraising but
is now focused on a SPAC,
these people said.
Reaching the target valua-
tion is far from guaranteed.
and ADM’s Golden Peanut unit,
together handle 80% to 90% of
the country’s peanuts, and a
third company, Olam Interna-
tional, handles about 10%, ac-
cording to the farmers’ law-
suit, filed in federal court in
Virginia. Birdsong and Olam
struck separate settlement
deals in the civil litigation in
late 2020, agreeing to pay a
combined $58 million. Neither
company admitted wrongdo-
ing in the matter.
Golden Peanut, Birdsong
and Olam denied in court fil-
ings last year that they re-
ported inaccurate pricing and
disclose the price of the new ser-
vice, which is expected to cost
less than the $15 monthly price
of ad-free HBO Max so that it
can appeal to a wider pool of po-
tential customers.
HBO gained a reputation for
critically praised TV series sold
through cable providers. Its on-
line cousin went to market last
year with a cache of added con-
tent from Warner Bros. studios
and new licensing deals. The ser-
vice was designed to adapt the
brand for a streaming-media
boom dominated by cheaper ser-
vices like Netflix and Disney+.
around 1% and stable adjusted
earnings compared with 2020.
The Dallas company also re-
peated its commitment to
shareholder dividends, which
cost about $15 billion last year,
and forecast subscriber growth
for its HBO business.
T-Mobile staked its business
plan on adding more cellphone
customers, largely at rivals’ ex-
pense. The all-wireless com-
pany said it has room to grow
MATT HARTMAN/ASSOCIATED PRESS
Virgin Orbit still has to reach
an agreement with a specific
SPAC to do a deal, and then
secure the additional outside
investment that usually comes
alongside a SPAC merger.
Virgin Orbit is seeking a
higher valuation after a suc-
cessful January test launch of
one of its satellite-carrying
rockets. That flight lifted
the company into a small
group of small-satellite launch
providers able to offer flight-
proven hardware.
The Southern California-
based company uses a launch
method unique from its com-
petitors. A converted jumbo
jet releases a rocket, which
then fires up and carries its
payload of small satellites into
orbit.
EDWIN REMSBERG/VWPICS/UNIVERSAL/GETTY IMAGES
inventory data or quoted un-
fair prices for farmers’ pea-
nuts. The companies rejected
the collusion allegations, say-
ing that market forces drove
peanut prices.
“I’m glad that somebody
had to take some responsibil-
ity,” said Jason Autry, a plain-
tiff in the lawsuit who started
farming peanuts in Georgia in
2010. Mr. Autry said he filed
for bankruptcy in 2016 after
losing about $300,000 on his
last peanut crop and gave up
farming after that. He said
persistently low prices were a
big factor.
in mostly rural areas once dom-
inated by AT&T and Verizon.
All three companies also
pledged to use their cellphone
infrastructure to beam internet
service to home-broadband cus-
tomers, albeit to varying de-
grees.
T-Mobile promised to serve
7 million to 8 million home-in-
ternet customers within five
years, focusing its offers on ar-
eas that lack competition for
broadband-level speeds. Veri-
zon said its fixed-wireless will
cover 30 million households in
the coming years but didn’t de-
tail its expectations for total
subscribers.
AT&T said it would use C-
band frequencies to connect
households in some far-flung
areas where fiber is too expen-
sive to build. But its division
leaders said the company’s air-
waves will mostly serve mobile
devices because of the rela-
tively large data loads that big-
screen televisions and other
household devices demand.
 Heard on the Street: Ma Bell
juggles its bills........................ B14
 B4 | Saturday/Sunday, March 13 - 14, 2021
What It Will Take to Lift the Flying Car
The history of electric taxis and airlines offers clues about Silicon Valley’s plans to shuttle people around in airborne taxis
In the 1962-63 ani-
mated television se-
ries “The Jetsons,”
people in the year
2062 zoomed around
in “aerocars” that
could take off
straight up, exceed 2,500 mph and
fold into a briefcase with a touch
of the finger.
Today, 2062 is only 41 years in
the future, and Silicon Valley is
obsessed with the latest incarna-
tion of the aerocar: electric verti-
cal-takeoff-and-landing aircraft.
These helicopter-like vehicles
could be used to alleviate conges-
tion at airports and in traffic-
choked regions.
Companies are raising billions
of dollars to develop these air
taxis. Will they ever take off?
The history of transportation
over the past two centuries is a
chronicle of astonishing advance-
ment. (Until the 1860s, it could
take more than six months to get
from the East Coast to the West
Coast of the U.S.) That progress,
however, has been full of false
starts, stalls and surprises. The
funders of radical new transporta-
tion technologies have often been
wiped out. Because history is writ-
ten by the winners, it’s important
to remember the lessons of the
losers, too.
Today’s transportation innova-
tors already sound like winners. In
recent weeks, air-taxi companies
Archer Aviation Inc. and Joby Avia-
tion have announced that they will
go public by merging with special-
purpose acquisition companies, or
SPACs. These are firms whose stock
already trades on an exchange
while they look for businesses to
buy. Others are sure to follow.
Those merger plans value Ar-
cher at $3.8 billion and Joby at
$6.6 billion, even though neither
company has any revenues and de-
veloping and delivering their air-
craft could take years. Yet they
have big backers, ranging from
United Airlines Holdings Inc. to
Toyota Motor Corp. and the U.S.
Air Force.
Taxi companies using radical
new technologies and promising to
transform transportation have
arisen before.
In 1897, what became known as
the Electric Vehicle Co. began op-
erating battery-powered taxicabs
in New York City. In the U.K., the
London Electrical Cab Co. also be-
gan service that year. In 1899, the
Cie. Française des Voitures Élec-
tromobiles got under way in Paris.
The electric taxis offered some
great advantages over the horse-
drawn cabs they sought to replace.
They were clean and quiet and, be-
PERSONAL BOARD OF DIRECTORS
The trusted advisers of top business leaders
Marissa Mayer
Co-founder and CEO, Sunshine Products Inc.
KATIE THOMPSON FOR THE WALL STREET JOURNAL
BACK IN BUSINESS | JASON ZWEIG
Battery-powered taxicabs appeared in New York and London, above, in
the late 1800s. Freddie Laker, right, launched the Skytrain airline in 1977.
cause they were so innovative,
they appealed to the wealthy and
fashionable.
In New York, the electric-taxi
business boomed. In June 1898
alone, nearly 1,600 customers
traveled a total of 4,400 miles, ac-
cording to business historian and
management professor David
Kirsch of the University of Mary-
land. They paid 30 cents a mile,
more than $9.75 in today’s money.
(Horse-drawn cabs charged 50
cents a mile.)
Industries leap forward
when products fulfill
needs customers didn’t
even know they had.
In 1899, the Electric Vehicle Co.
had about 45 cabs in service, aver-
aging 27 miles of trips per day,
and a financing rush was on. A ri-
val, the General Carriage Co.,
sought to raise $20 million in cap-
ital (about $650 million today).
The New York Central railroad said
it would launch a service with 100
electric taxis based at Grand Cen-
tral Terminal.
That year, estimates of demand
EXCHANGE
for electric taxis quickly ratcheted
up from 1,600 to 2,000 to 12,000.
To shuttle passengers to New
York’s booming Metropolitan
Street Railway trolley system,
which covered 232 miles in Man-
hattan, 1,500 battery-powered
taxis would be needed. The Elec-
tric Vehicle Co.’s parent ordered as
many as 850 “electromobiles”
from its manufacturing affiliate in
Hartford, Conn.
In seven weeks that spring, the
share price of the New York elec-
tric taxi company nearly tripled.
Then the surge began to fade as
overexpansion took its toll. Short
battery life doomed the London
and Paris firms in a year or two. In
1902, the General Carriage Co. col-
lapsed after its stock shot from
87.5 cents to $20.50 and fell back
again. Most of the electric-taxi
services in smaller U.S. cities
never got traction.
Above all, Henry Ford sup-
planted the electric car by chang-
ing the idea of what automobiles
were for.
Electric taxis were the natural
offshoot of the 19th-century model
of transportation, exemplified by
steamboats and railroads: central-
ized services that charged fixed
prices to serve fixed routes on
fixed schedules. Consumers who
Marissa Mayer, the former
chief executive of Yahoo Inc.,
defied the pandemic in
November to launch the
first app from Sunshine Prod-
ucts Inc., a tech startup she
co-founded in 2018 after leav-
ing Yahoo. Its Sunshine Con-
tacts app automatically orga-
nizes and improves iPhone
address books.
Ms. Mayer, 45, envisions a
bright future for Sunshine,
based in Palo Alto, Calif., be-
cause its planned products
will simplify mundane tasks.
Her optimism partly reflects
supportive and candid feed-
back from mentors—though “I
didn’t necessarily always like
what they had to say.’’
Ms. Mayer was on the
tech-exec fast track early. She
fielded 14 job offers in spring
1999 while completing her
Stanford University master’s
degree in computer science.
She accepted one from
Google, figuring the leaders of
the fledgling search engine
could teach her a lot even if
they failed. Ms. Mayer was its
20th employee. She advanced
to an executive role by 2003.
Later, during Ms. Mayer’s
five-year command at Yahoo,
its market capitalization in-
creased $33 billion. Yet she
couldn’t revitalize a company
that had struggled with high
executive turnover and ad-
revenue declines. Yahoo sold
its core business to Verizon
Communications Inc. in 2017.
Here are four of Ms.
Mayer’s most trusted advisers.
—Joann S. Lublin
* *** THE WALL STREET JOURNAL.
power and range of gasoline en-
gines helped, but Ford’s biggest
weapon was low price: He intro-
FROM TOP: ENGLISH HERITAGE/HERITAGE IMAGES/GETTY IMAGES; PHILIP TOWNSEND/HULTON ARCHIVE/GETTY IMAGES
duced his Model T in 1908 at $850,
roughly one-third of what electric
cars cost at the time. Suddenly
millions of people could own a
product that gave them a sense of
control over time and space.
Decades later, Sir Freddie Laker
adopted a similar approach. Air
travel had long been limited
mainly to the wealthy and to busi-
ness travelers when, in 1977, he
launched his Skytrain, a bargain-
priced, no-reservations and no-
frills airline linking the U.K. to the
U.S. People stood in line for hours,
sometimes days, in what they
called “Queue Gardens” to snag
tickets at one-half to one-third of
competitors’ fares.
Laker’s innovation helped force
governments to deregulate the
airline industry, slashing airfares
across the board just as the global
economy was about to boom. In
1976, 137 million middle-class peo-
ple world-wide had traveled by
air. By 1981, that number hit 212
million; a decade later, it reached
583 million.
Technologies and industries of-
ten take leaps forward
when products and ser-
vices can be put to sur-
prising new uses, en-
abling customers to
fulfill needs—or aspira-
tions—they didn’t even
know they had.
Radio, developed to
assist navigation, be-
came the indispensable
musical accompaniment
to people’s lives. The
airplane, in its early de-
cades, was used far
more for delivering mail
and shipping goods than
for carrying passengers.
The mobile phone, orig-
inally designed for peo-
ple to talk with, has be-
come the all-in-one
wristwatch, camera, ste-
reo, movie theater, road
map and encyclopedia
we all carry in our
accepted that as the status quo pockets and purses.
would rather pay others to drive Endless commutes in torturous
them than to drive themselves. traffic jams have made travel
Instead, Ford got consumers to something millions of people
think of transportation not as a dread. Perhaps—if all the technol-
service someone else offered but ogy works and every bureaucracy
as a product they could own and cooperates—air taxis can someday
operate themselves. That enabled reinvest travel with the sense of
people to go anywhere they wanted novelty and freedom it once had.
whenever they wished. Transporta- Success might depend on what
tion no longer had to be rigid; it the technology can deliver soon. It
could offer freedom. Traveling was might depend even more on
usually still a necessity, but it whether the technology can de-
could also fulfill an aspiration. liver what people don’t know they
Huge improvements in the will want later.
Ms. Taylor has counseled Ms. Mayer about
professional moves since 2004. The most
critical? Whether to join Yahoo while expect-
ing her first child. Ms. Taylor was among the few
people aware of Ms. Mayer’s pregnancy when Ya-
hoo offered the top spot in 2012. “I didn’t know if
I could be a first-time CEO and a first-time mom
at the same time,’’ Ms. Mayer notes. Ms. Taylor in-
Maureen Taylor sisted that she could. “Love and family don’t take
CEO and co-founder of away from being a leader,’’ Ms. Taylor remembers
SNP Communications reassuring her. “And being a good leader doesn’t
take away from love and family.’’
During Ms. Mayer’s first month at Yahoo,
Mr. Schmidt offered her sage advice about
being an effective leader, explaining that a
chief executive must only make a few crucial deci-
sions. “But there are times you weigh in and push
very hard for a specific thing,’’ he recalls telling her.
“This is what CEOs must get right.” Ms. Mayer
says she initially resisted his strategy but gradu-
Eric Schmidt ally began asking herself if she could delegate cru-
Former chairman & CEO cial decisions to her associates. She now realizes
of Google Inc. and former that only a few of her Yahoo decisions “really mat-
chairman of Alphabet Inc. tered in terms of the course of the company.’’
Mr. Webb, a former eBay Inc. executive who
was named Yahoo chairman in 2013, says
the best advice he offered Ms. Mayer was
that she should thoroughly explore important is-
sues with her fellow directors “even when you
know what needs to be done.’’ As she weighed her
next move after her Yahoo stint, Mr. Webb sug-
gested she “chart her own course and do so totally
Maynard Webb on her own terms.’’ Ms. Mayer says that meant
A founder of Webb Invest- finding a strong co-founder—Enrique Muñoz Torres,
ment Network and former a Yahoo exec she knew from Google—and involving
Yahoo Inc. chairman employees in crafting their venture’s direction.
The two executives have been good friends
since they crashed a mutual acquaintance’s
honeymoon in Venice 15 years ago. Ms.
Leary subsequently helped found Nextdoor, a
neighborhood social network. In April 2020, she
became a venture partner at Unusual Ventures, an
early-stage venture-capital firm. Ms. Mayer was
the first person whom she backed as an Unusual
Sarah Leary Ventures investor. She urged Ms. Mayer to quickly
A venture partner at Un- “get into the market with something even if it’s
usual Ventures and a co- rough.’’ Ms. Mayer did so—by introducing Sunshine
founder of Nextdoor Inc. Contacts sooner and postponing certain features.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 13 - 14, 2021 | B5

WEEKEND INVESTOR

Read This Before

You Refinance
As mortgage rates rise, homeowners have new
questions to consider before applying for a refi

BY JULIA CARPENTER Jennings, chief executive of Clos-

Mortgage rates are on the rise
after nearly a year of record lows,
providing a nudge to homeowners
who want to refinance but didn’t
get around to it yet.
Does it still make sense to call up
your lender and file an application?
ingCorp.
In some cases lenders are waiv-
ing appraisals—and the associated
costs—due to concerns about so-
cial distancing. Ask your lender
about the research process to en-
sure this doesn’t lead to an under-
estimate of the home’s true value.

BING GUAN/BLOOMBERG NEWS

There is time to figure it out. Here
are some questions to consider:
 What rate makes sense for me?
First, find the difference between your
current mortgage rate and the poten-
tial savings of a refinance offer. The
rate for a refi will vary based on the
particular homeowner. Lenders con-
sider credit history, income and home
equity when evaluating applications.
The average rate on a 30-year
mortgage rose to 3.05% for the
week of March 11, according to
Freddie Mac. While that is higher
than historic lows reached last
summer, homeowners with inter-
est rates above 4% could still ben-
efit from refinancing.
Consider how many months it
would take for you to recoup the
costs of closing on a refi, along
with how long you’ll be staying at
this home. If you can recoup clos-
ing costs within two years and
plan to stay in your house for lon-
ger, the savings on interest means
the math will likely work out in
your favor.
 What if closing costs are too
high?
If the potential savings from a new
mortgage won’t recoup the closing
costs—like title insurance, state
taxes, appraisal fees and more—it
may not make sense to refinance
just yet.
The national average for associ-
ated refinancing fees is nearly
$3,400 with taxes, according to
ClosingCorp, a firm providing resi-
dential real-estate data. This num-
ber hasn’t significantly changed as
a result of the pandemic, said Bob
I have an adjustable-rate mort-
gage. Should I switch to a fixed
rate?
Those with adjustable-rate mort-
gages might be looking to refinance
to a fixed-rate mortgage so they
can lock in these ultra-low rates.
As you consider moving from an
ARM to a FRM, first check where
the loan is in terms of its adjust-
ment cycle, and consider how of-
ten your rate adjusts. Most do so
only every six or 12 months, which
gives some homeowners more flex-
ibility when it comes to exploring
refinancing and saving up for the
potential closing costs.
“A lot of borrowers don’t want
the uncertainty,” said Malcolm
Hollensteiner, head of mortgage
production at Sandy Spring Bank
in Olney, Md.
Because rates have stayed so
low and aren’t expected to sky-
rocket overnight, some home-
owners might decide to forgo the
associated costs of refinancing.
 I have a 30-year fixed-rate mort-
gage. Should I shorten it to 15
years?
Many homeowners are considering
changing the term of their loan
from a 30-year fixed-rate mortgage
to a 15-year loan, according to Mr.
Hollensteiner at Sandy Spring Bank.
That won’t reduce your
monthly payment but doing it
now may mean “that payment
isn’t going to be much higher
than what they’re paying today,”
he said. “So if they can save 12
years off the loan, it’s a huge in-
terest savings over time.”
If the potential savings from a new mortgage won’t recoup the closing costs it may not make sense to refinance yet.
 How will the equity I have in my
house affect the situation?
The difference between the value
of your home and the remaining
mortgage balance is the equity you
have in the home—and a key num-
ber to have in mind as you pursue
refinancing.
Those who may want to refi-
nance in order to eliminate private
mortgage insurance must have
home equity worth 20% the value
of the home.
Mr. Hollensteiner said some
homeowners could benefit from a
reappraisal that shows how the
booming housing market increased
home values. Some homeowners
might find they have more equity
to draw from than they previously
thought.
 Should I consider a cash-out refi?
Cash-out refis let borrowers es-
sentially swap their current
mortgage with a fresh one that
has a higher balance and, poten-
tially, a lower interest rate. That
allows a homeowner to pay off
the old mortgage and still have
cash left over.
The difference between your
mortgage balance and your home
value then goes to your bank ac-
count, which some homeowners
use for home improvements (in-
creasingly popular as many are
spending more time at home),
debt obligations or other financial
goals and responsibilities. Cash-
out refis have now hit their high-
est levels since the financial crisis.
‘I don’t want people to
rush, and I don’t want
them to chase a bottom
or chase a rate.’
Ask yourself what you would do
with the money. It might make
sense if you finish home improve-
ments that increase the resale
value of your house. Or, if you pay
down debt and boost your credit
score. But if the extra money
won’t go to good use, consider a
refinancing option that lowers
your payments and shortens the
life of the loan.
 How do mortgage points affect
a refi?
When lenders talk about mort-
gage points, think of them as
“prepaid interest,” said Shant
Banosian, loan officer at mort-
gage lender Guaranteed Rate.
They are extra costs tacked onto
the front of the loan in order to
lock in a lower rate.
This increases the closing costs,
but could be worth it if your No. 1
goal is to secure a lower rate and
save on overall interest. “If some-
one is going to be in their house
for 30 years and it takes two years
to recoup these costs, why
wouldn’t you want to save money
for 28 years?” he said.
 How quickly do I need to act?
Some three million homeowners
are expected to refinance their
mortgages this month, according
to forecast data from Black Knight
Inc. But make sure a refi decision
is right for you. Remember—rates
could always drop again in the fu-
ture.
“I don’t want people to rush,
and I don’t want them to chase a
bottom or chase a rate,” said Gor-
don Miller, president of Miller
Lending Group. “Do the math. If I
had a nickel for every time some-
one said, ‘We’ll never see rates
this low again,’ I would’ve retired
after three years.”

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B6 | Saturday/Sunday, March 13 - 14, 2021
A New Future
For Retail
After Covid
Continued from page B1
Some executives and consumers
are confident these new ap-
proaches will stick. They say they
don’t expect a return to the Black
Friday frenzy of holidays past, nor
do they expect discounting to be-
come as widespread as it was be-
fore the pandemic. But they do ex-
pect malls will make a comeback
once the virus is under control.
Not everyone agrees with these
predictions.
What follows is a debate about
the future of shopping, and
whether the trends that emerged
in the past year are here to stay.
Holiday shopping won’t be
the same
Black Friday will still be a big
shopping event in the future, but
Covid-19 showed us the insanity of
lining up in the early hours of the
morning for single-day door-bust-
ers such as big screen TVs and air
fryers.
Prepare instead for big holiday
promotions to start earlier and
last longer as a way of stretching
out the season. Last year Amazon
moved its Prime Day to October
from July, and other chains from
Walmart to Bed Bath & Beyond
Inc. dangled holiday discounts be-
fore Halloween that in past years
wouldn’t have been available until
late November.
A longer holiday season “makes
everything work so much more effi-
ciently,” said Joanne Crevoiserat,
CEO of Tapestry Inc., which owns
Coach and Kate Spade.
This doesn’t mean that holiday
shipping delays will disappear. Ex-
ecutives said slower deliveries are
still likely because they expect e-
commerce spending to remain ele-
vated even as the pandemic recedes.
Some shoppers, burned by de-
lays last year, said they learned
their lesson. “This year, I plan to
shop earlier,” said Annie Ray, a 29-
year-old digital marketing special-
ist in St. Louis. The Christmas
presents she purchased last year
didn’t arrive at the homes of her
friends and family until after the
holiday.
Malls will be back—with a
new look
Retailers from Macy’s Inc. to
Coach are betting their mall stores
will make a comeback even though
many more shopping centers could
still turn out their lights. A quar-
ter of the nation’s malls will close
by 2023, according to Deborah
Weinswig, chief executive of retail
and technology research and advi-
sory firm Coresight Research.
To survive, U.S. malls need to
make dramatic changes and bor-
row from what works elsewhere.
In China, malls have become stu-
dios for live-stream shopping and
other events, Ms. Weinswig said.
Roughly 40% of mall square foot-
age in China is devoted to food
and beverage, compared with 11%
in the U.S., according to Ms.
Weinswig.
“Going to a mall should be
about getting out with your family
and having fun, not about buying a
blue button-down shirt,” Ms.
Weinswig said.
Mall owners need to invest in
theme parks and other attractions
to woo shoppers, said Cowen Inc.
analyst Oliver Chen, even though
some of these additions sat empty
during 2020. “There will be pent-
up demand for experiences and
that will include a trip to the
mall,” he said.
This doesn’t mean that weaker
malls with high vacancy rates will
have an easy time. “We have a
Survival of the Fittest
The coronavirus pandemic put the retail industry to the test as stores closed, malls shut down and customers
migrated online. Some companies adapted better to the new reality.
Estimated foot traffic at U.S. malls,
change from a year earlier
%
Feb. 2020
10.1%
 Expect more attempts to retrofit
–
–
–7
April 2020
– -95.9%

*Includes hobby, music and book stores
Note: Foot traffic based on anonymized location data from a panel of 30 million devices to estimate visits to 20+ malls across the country in urban and suburban locations.
Sources: Placer.ai (foot traffic); Green Street (brick-and-mortar sales); McKinsey & Co. survey of 50 retail professionals about retailers with which they are familiar conducted
June 30–July 7, 2020 (e-commerce share)
FROM TOP: DUSTIN CHAMBERS/BLOOMBERG NEWS; TED SHAFFREY/ASSOCIATED PRESS
Retailers expect to rely less on discounts, top, while blurring boundaries between physical and virtual shopping.
Some said stores will still double as fulfillment centers because it's cheaper. Target said it costs 40% less to
ship orders that begin at one of its stores, below, compared with the expense of shipping from its warehouses.
mall in my town that was always
kind of a dead mall and I don’t see
it making a comeback,” said Daniel
Robbins, the 37-year-old owner of
a podcast network who lives in
Mission Viejo, Calif.
Retailers will rely less on
discounts
Discounting became less prevalent
during the pandemic as retailers
reduced inventory and offered cus-
tomers less variety of everything
from can openers to towels.
Some big retailers do not expect
this to change. In fact they are us-
U.S. retail sales in select categories of brick-and-mortar stores,
change from a year earlier
Sporting and leisure*
Furniture / home furnishing
General merchandise
Apparel
–30%
Estimated e-commerce as a share of total retail revenue
in North America, by select category
Feb. 2021
-38.1%
Apparel (mass market)
Sporting and leisure goods
General and mass merchandise
Home improvement / DIY
’
0%
Kara Dapena/THE WALL STREET JOURNAL
EXCHANGE
ing data to sell more items at full
price by personalizing promotions
rather than offering broad deals to
everyone. Macy’s, for instance, is
tailoring its promotions based on a
customer’s location and buying
habits.
“We’re trying to minimize the un-
necessary promotions and mark-
downs,” Adrian Mitchell, Macy’s fi-
nance chief, told analysts in
February.
Gap Inc. also uses past purchas-
ing and browsing history to per-
sonalize product recommenda-
tions. “Showing the right products
2020 4Q 2020
–20 –10 0 10
Expected
Pre-Covid-19 post-Covid-19
10 20 30 40
* ***
to the right people at the right
time helps you discount less,” said
John Strain, Gap’s chief digital and
technology officer. “The better you
know someone, the better you can
target what they want.”
Some executives don’t think re-
tailers can maintain that discipline
once the economy opens up and
consumer demand snaps back. “If
we get back to a more normal situ-
ation, retailers will get exuberant
and buy too much and have to
mark down,” said Stephen Sadove,
the former CEO of Saks.
A store is no longer just a
store
Stores morphed into Amazon-style
fulfillment centers during the pan-
demic as retailers looked for
places to pack online orders.
One reason that won’t change
once the economy reopens: It is
cheaper. Target said it costs on av-
erage 40% less to ship orders that
it fulfills from its stores, compared
with the expense of shipping from
its warehouses.
stores so consumers feel comfort-
able returning, such as contactless
checkout and virtual makeup try-
ons. Roughly 80% of women said
20
they wouldn’t feel comfortable
testing beauty products in stores
even after they are vaccinated
against Covid-19, according to a
survey from analytics company
First Insight.
Major chains closed about 8,700
stores in 2020 after shuttering
9,800 in 2019, according to Core-
sight. Retailers will continue to
purge underperforming locations
while negotiating lower rents from
landlords to make the remaining
50
spaces more viable.
Mr. Robbins, the California resi-
dent, said he was in an H&M store
in Las Vegas last month that had a
THE WALL STREET JOURNAL.
DJ. “People were hanging out and
having fun,” he said. “The longer
you stay, the more likely you are
to buy something.” He said he
bought a pair of jeans and his wife
bought some dresses.
Curbside won’t get kicked to
the curb
Picking up everything from food to
furniture at a store’s curbside be-
came a regular habit for many
consumers during the pandemic.
Now there is no going back, retail
executives and shoppers said.
For consumers, it is about con-
venience. “It makes things so
much easier,” said Alicia Butler, a
39-year-old editor for a health
website who lives in Ellington,
Conn. “I can just grab my stuff
without having to spend a lot of
time in the store.” For retailers, it
is a money saver. “It frees up the
retailer from the last mile, which
is an expensive part of the ship-
ping cost,” said Cowen’s Mr. Chen.
Target estimates that it costs an
average of 90% less when shoppers
pick up their orders curbside or in
stores, compared with shipping
from a warehouse. John Mulligan,
Target’s operations chief, told ana-
lysts in August that customers
who try curbside pickup are more
likely to increase their overall
spending with the chain.
There is a downside. Retailers
lose out on impulse purchases
when shoppers don’t come into
stores. So expect to see more up-
selling curbside, said Renee Har-
wood, a retail adviser to RingCen-
tral Inc., a communications
platform that helps retailers with
their curbside approach. When the
employee delivers a package to the
customer’s car, “he or she might
say: ‘We have a matching jacket
for that, would you like to see
it?’ ”
Shopping will become a
virtual reality
As e-commerce proliferates, the
barriers separating physical and
online shopping experiences will
blur. Chains are adding virtual fit-
ting rooms, hosting live-stream
shopping events and allowing shop-
pers to make virtual appointments
with sales associates and stylists.
Coach has added videos to its web-
site that help shoppers see how a
bag looks on a person’s body, Tap-
estry’s Ms. Crevoiserat said.
“We’re looking at adding virtual
beauty advisers, skin-care diagnos-
tic tools, virtual reality, and live-
stream shopping,” said Matt Baer,
Macy’s chief digital officer.
E-commerce accounted for
21.2% of retail sales, excluding au-
tos and gas, at the end of 2020,
compared with 18% at the end of
2019, according to research firm
IHS Markit. In categories such as
apparel and sporting and leisure
goods, the ratio is nearly 40%, ac-
cording to a report prepared by
McKinsey & Co. for the trade
group Retail Industry Leaders As-
sociation.
Customers who want to sur-
round themselves with a commu-
nity when they shop can turn to In-
stagram and TikTok. More than one
in three shoppers made a purchase
on social media in the past year,
according to a survey in November
by Bazaarvoice, which provides
software that lets retailers collect
and display user-generated content.
“An important aspect of shop-
ping for some people is that social
element, going with your friends to
the mall,” said Mike Karanikolas,
co-CEO of online clothing retailer
Revolve Group Inc., which has
more than 4.5 million Instagram
followers. “Shopping on Instagram
can provide that element.”
THE WALL STREET JOURNAL.
No Shoes, No Mask, No Service?
Businesses start to draft their own rules on face coverings as governments back off
Getting a beer at
Hills & Dales Ice
House in San Antonio
doesn’t require wear-
ing a mask. But get-
ting a coffee at the
McDonald’s franchise
located a third-of-a-mile away still
does. At Scout & Molly’s women’s
wear boutique 20 minutes south,
masks are recommended but not
required. Heading to lunch for su-
shi at Piranha Izakaya next door,
though, means putting one on until
seated at the table.
As Covid-19 restrictions loosen
in several states, the shopping pla-
zas and small businesses of Texas
tell corporate America—and its
consumers—what to expect as the
country reopens. We have months
of inconsistency ahead of us that
could put major firms in a political
hot seat and turn smaller opera-
tors into amateur epidemiologists,
determining when it’s safe to shop
and dine without restriction.
In states like Texas, where lead-
ers are calling for a 100% return to
normalcy, that has meant poten-
tially maintaining guidelines that
are stricter than those endorsed
by the governor.
Get used to it: A patchwork of
reactions at businesses large and
small will likely define the Ameri-
can consumer experience over the
next several months. Best Buy,
Target and other major firms have
responded by reinforcing Covid-19
rules already in place, while other
executives have said the masks can
come off. The commercial, rather
The Trade Show
Plots Its Comeback
Dig out your lanyard. The $11 billion industry is
slowly coming to life after a lost year.
BY DAVE SEBASTIAN
J
ust a year ago, a crowd of
5,000 people wandering an
Orlando, Fla.-area exhibi-
tion hall would have been
considered tiny in trade-
show terms. This year, it
was deemed a good start.
The occasion was a joint event
held last month by three apparel-in-
dustry trade shows that relocated
to Orlando from their usual home in
Las Vegas. In early 2020, the shows
drew about 55,000 total attendees.
But the goal of this year’s gather-
ing, organizers say, was to figure
out how conference-going can work
in a pandemic.
Masks, temperature checks and
Covid-19 tests were mandatory.
Booths were spaced out, aisles had
no carpets and floor markings re-
minding attendees to keep their dis-
tance were ubiquitous. Hand sani-
tizers were swag mainstays. “No
hugs or handshakes this year,” an
event website read.
The roughly $11 billion U.S. trade-
show and exhibition industry is slowly
coming back to life after a largely lost
year due to coronavirus. Many ques-
tions now face organizers and the
businesses that rely on lanyard-clad
masses: How quickly can shows,
which require months of planning,
come back on the calendar? Are at-
tendees ready to crowd into expo
halls and hotel bars with strangers
again? And, after a year of remote
networking, do they feel they need to?
Some of the biggest shows are
* * * *
ON BUSINESS | ERICH SCHWARTZEL
than the political, arena could very
well determine how much our lives
look like a return to normal in the
coming months.
This week has marked the one-
year anniversary of the Covid-19
pandemic hitting home for most
Americans, the span of a few days
when the National Basketball As-
sociation stopped playing games,
overseas flights were restricted
and Tom Hanks got sick.
It all happened very fast—one
day we could go to the bar, the
next most of us couldn’t even go
to the playground. The reopening,
though, will be slow and halting, a
pace at odds with a desire among
some business owners to get back
to some kind of normal as soon as
possible.
Few business owners can afford
to alienate customers venturing
back into the store. Yet executives
and smaller operators alike also
have to consider federal mandates
that they provide a safe working
environment for employees.
“I can’t say no to potential busi-
ness,” said Sarah Meyer, co-owner
of Scout & Molly’s, a boutique
where masks are recommended
(and even provided) but not re-
quired. She and her employees all
wear them.
After a tough year of falling
sales, she must balance expecta-
tions of consumers who might
leave if a mask is mandatory, as
well as those who might spend
their money elsewhere if it is not.
The empty storefront of a shut-
tered Blue Mercury location once
planning to resume in person, with
options for tuning in virtually. Mo-
bile World Congress, which hosted
more than 109,000 attendees in
Barcelona in 2019, will return with
a hybrid option in June after scrap-
ping the event in 2020. CES, the
world’s largest tech show, went vir-
tual this year and expects to return
with a hybrid option in Las Vegas in
January 2022.
In the U.S., the federal Centers
for Disease Control and Prevention
currently discourages large events
and gatherings, citing “extremely
high” cases of Covid-19 across the
country.
The joint gathering of apparel
shows in Orlando was a “pilot” to
test the effectiveness of precaution-
ary measures at a smaller scale,
said Douglas Emslie, group chief ex-
ecutive of Tarsus Group PLC, the
organizer of one of the three shows,
called Offprice. The other two were
Womenswear in Nevada and Magic
Pop-Up.
“This was not an event where we
made any profit at all,” Mr. Emslie
said. “This was an investment for
the industry to prove that we can
run these events.”
Eighteen attendees who took an
on-site Covid-19 test outside the ex-
hibition hall tested positive and im-
mediately left the venue, organizers
said. They said they haven’t re-
ceived reports of positive cases af-
ter the event.
Attendees and organizers alike
EXCHANGE
housed in the same shopping de-
velopment as her store reminds
her of what is at stake for her in-
dependent business.
All of her customers have fol-
lowed the store’s recommendation,
Ms. Meyer said Thursday, but her
experience highlights the surreal
world business owners find them-
selves in, particularly in states like
Texas, where Gov. Greg Abbott’s
charge has shined a light on the
complicated path forward for na-
tional businesses due to its ex-
tremity.
“I just announced that Texas is
OPEN 100%,” the governor wrote
on Twitter March 2. “EVERY-
THING.”
Texas’s seven-day average of
new Covid-19 cases has trended
downward in recent weeks, though
critics of the governor’s plan have
Few business owners can
afford to alienate
customers venturing
back into the store.
said it could cause a new spike.
The state registered more than
3,000 new cases on Wednesday.
Following Mr. Abbott’s decision,
other states with restrictions still
in place, such as West Virginia, Al-
abama and Mississippi, announced
loosened guidelines. Others like
Florida and Georgia were already
operating without statewide mask
A woman browses clothing at a joint event held last month by three apparel-industry trade shows.
understood the risks of an in-per-
son event, Mr. Emslie said.
“The intention was never to cre-
ate a bubble that was there consis-
tently for the three days,” Mr.
Emslie said. “This is about risk
management, and it was never go-
ing to be 100%, and we never pre-
sented it to our attendees that it
was going to be 100%.”
One attendee, Steven Gasparovic
of B&S Activewear LLC, said going
to the show was a quick way for the
firm to strike 15 sales in a three-day
period—even if it required spraying
sanitizer on every piece of fabric af-
ter a visitor touched it.
The cost of sending out samples
to potential customers is “astro-
nomical, comparatively speaking, to
being in a venue where they’re
coming to you,” said Mr. Gasp-
arovic, the clothing wholesaler’s di-
rector of U.S. operations.
The chance to rub elbows with
far-flung clients and prospects is
also what makes restarting trade
Saturday/Sunday, March 13 - 14, 2021 | B7
mandates in place.
Even those that have moved
most conservatively, such as Cali-
fornia, outlined last week a path
forward that will allow long-shut-
tered theme parks and movie the-
aters to reopen. (In one example of
how businesses have needed to re-
spond according to differing guide-
lines, Walt Disney Co. will be able
to open its Disneyland location in
Southern California in late April—
nearly 10 months after Walt Dis-
ney World in Orlando, Fla., did.)
Many major nationwide compa-
nies, such as Target, CVS Health
and Starbucks, are maintaining
one-size-fits-all rules that keep
protocol consistent regardless of
the state. That allows the compa-
nies to avoid consumers accusing
it of requiring a mask in some
stores while maintaining it’s safe
to go maskless in others just over
the border.
The Business Roundtable, whose
members include the chief execu-
tives of American Airlines, Citi-
group and Levi Strauss, has previ-
ously endorsed uniformity of
protocol, praising President Bi-
den’s mask mandate for federal
employees. “We encourage compa-
nies and individuals to adopt this
practice as well to protect their
families, colleagues and commu-
nity members,” the group said in
January.
This is not the first time the pri-
vate sector has set rules ahead of or
at odds with officials. Industrywide
adoption of smoking bans by U.S.
airlines took cigarettes out of the
shows and conferences risky. In
February 2020, before scientists
had devoted significant resources to
understanding how the virus could
be transmitted, an international
meeting of Biogen Inc. managers
held in Boston spread Covid-19 to
thousands of people as far away as
Michigan, Virginia and Australia,
according to researchers who con-
ducted a genetic analysis.
But even an additional year’s
worth of knowledge about the virus
is no guarantee of safety. Abun-
dance 360, a gathering of executives
held this January in Culver City, Ca-
lif., led to 24 positive cases, or
roughly a quarter of people at the
event, including participants and
staff, according to Peter Diamandis,
who led the conference.
Mr. Diamandis, who was among
those who tested positive, wrote in
a blog post that he sought to create
an “immunity bubble” by requiring
attendees to take Covid-19 tests
three days before the event and
FROM LEFT: MARK FELIX/AFP/GETTY IMAGES; GO NAKAMURA/BLOOMBERG NEWS
With the end of the official mask
mandate in Texas, shops and
eating establishments are taking
varied approaches. Left, a masked
employee cleans at a Houston
brew pub. In nearby Pearland, a
restaurant employee goes without.
cabin. In the years before the legal-
ization of same-sex marriage, many
businesses already offered benefits
to employees’ partners—and when
the Supreme Court weighed in on
the matter in 2015, nearly 400 com-
panies filed a brief calling for the
legalization, including Google, Gold-
man Sachs and Aetna.
Despite what some governors
say, it’s every business owner’s
right to define a mask mandate,
said Richard D. Landau, a principal
specializing in employment law at
Jackson Lewis law firm. Think of it
as a pandemic-specific update to
“No Shoes, No Shirt, No Service.”
What’s more, business owners
have a responsibility, enforced at
the federal level, to maintain a safe
working environment for their em-
ployees. Many have determined
that means requiring customers to
wear a mask—often, with the en-
couragement of their workers. Af-
ter H-E-B, a San Antonio-based gro-
cery store chain that has seen
altercations break out in its aisles
over mask policy, said it would
merely “urge” customers to wear
masks, a group of workers and sup-
porters called on the company to
go further and “enforce CDC guide-
lines within their walls.” The chain
then announced it was keeping the
mask mandate it had in place be-
fore the governor’s decision.
“If the state has mandated the
mask, that made it much easier on
the business,” Mr. Landau told me,
since the owner can lean on the
guidance of the governor to ex-
plain her policy. “The difficulty
arises where the state or county
has stepped away.”
Corporate America will have a
major say, then, in how America
reopens.
ORANGE COUNTY CONVENTION CENTER
upon arrival. Organizers then tested
attendees every morning during the
four-day event, he said. Los Angeles
County currently limits private
gatherings to three households and
up to 15 people.
“I thought five physicians and
452 tests and my entire safety team
could maintain safety,” said Mr. Dia-
mandis, the founder of the non-
profit XPrize Foundation, which
gives out prizes for innovative proj-
ects. “I was wrong.”
Hospitality-industry executives
say business travel could pick up in
the second half of 2021, but trade
shows aren’t expected to rebound
to pre-Covid levels until about
2023.
Even professionals ready to hit
the trade-show circuit again may be
held back by corporate compliance
departments. Facebook Inc., Sony
Corp. and Ericsson AB are among
the companies that have said they
won’t be sending representatives to
this year’s Mobile World Congress.
 B8 | Saturday/Sunday, March 13 - 14, 2021
KEYWORDS | CHRISTOPHER MIMS
Shopify Offers Retailers Lower
Fees, More Leeway Than Amazon
Forced by the pandemic to embrace e-commerce, merchants want more control
In a world in
which e-commerce
has become a neces-
sity for nearly every
retailer, it can seem
they have only two
options: List their
goods on marketplaces run by gi-
ant companies, or sell to consum-
ers directly, hoping they’ll make
more on each transaction despite
fewer sales. In other words, either
join a dominant marketplace like
eBay, Walmart or Amazon—which
by itself represents 38% of U.S. on-
line sales, according to Digital
Commerce 360—or hope they can
find customers through advertis-
ing and word of mouth.
For many small- and medium-
size sellers, a third option has
emerged, embodied by the rising
star of e-commerce, Shopify. This
approach gives merchants access
to cloud-based third-party services
such as payments and fulfillment,
but lets them maintain more con-
trol of their branding and cus-
tomer relationships than the big-
gest marketplaces offer. Shoppers
might not even know they’re buy-
ing something from a Shopify-
powered retailer, and that’s the
FROM LEFT: SCOTT STEMKE; MATERIAL
Eunice Byun says her company, Material, never intends to sell its
kitchenware, shown at right, on Amazon. ‘The whole of the customer
experience is so important to us,’ she says.
Nissan’s Unlikely CEO
Once the long-shot candidate, he is trying to restore company morale in the
post-Ghosn era. ‘We had to remind ourselves about our culture,’ he says.
M
akoto Uchida was
the dark horse in
the race to be Nis-
san Motor Co.’s lat-
est chief executive
officer.
When Carlos Ghosn ruled the
Japanese auto maker, few saw Mr.
Uchida on the shortlist of future
Nissan leaders. Then came Mr.
Ghosn’s arrest in November 2018
and, less than a year later, the
ouster of his successor. People fa-
miliar with the deliberations said
the top contenders at that point
couldn’t win a majority of Nissan’s
fractious board, which includes di-
rectors affiliated with alliance part-
ner Renault SA. So the call unex-
pectedly went to Mr. Uchida, then
head of Nissan’s China business.
His tenure so far has been
bumpy: Soon after Mr. Uchida took
the helm, Mr. Ghosn fled Japan to
Lebanon. (Mr. Ghosn has said he is
innocent of the charges of financial
misconduct against him.) Nissan is
a co-defendant with Mr. Ghosn and
another former Nissan executive,
Greg Kelly, in a criminal trial, in
which infighting between Nissan
and Renault executives has been
aired in public. U.S. sales of Nissan
cars, meanwhile, fell 33% in 2020,
and combined losses in the current
fiscal year and the previous one are
set to top $10 billion.
Mr. Uchida, 54 years old, said the
car maker is on track to return to
profitability in the next few years,
in part because of plans to divide
world markets and cut duplicate
spending with Renault and its other
alliance partner, Mitsubishi Motors
Corp. A new model lineup is in the
works. The price of Nissan’s shares
is down 10% since Mr. Uchida took
point.
In addition to making goods
available on sellers’ own sites,
these software companies—which
include BigCommerce and others—
can perform the laborious task of
listing merchandise on the giants’
marketplaces. By becoming hubs
for managing sales through multi-
ple channels, including social-me-
dia platforms, they represent real
competition for Amazon and its
ilk, potentially giving merchants
more leverage when dealing with
those entrenched giants.
Growing pie, more slices
In 2020, e-commerce spending
grew 44% compared with 2019, or
about three times as fast as its av-
erage annual growth rate over the
past decade, according to Digital
Commerce 360.
While much of the growth of e-
commerce outside of Amazon was
due to other big retailers upping
their online game, it is also due to
smaller retailers finding their own
ways to reach shoppers directly.
At 14-year-old Shopify, by far
the largest provider of software
and services for merchants who
set up their own online stores, rev-
BOSS TALK | MAKOTO UCHIDA
the helm in December 2019, though
it has nearly doubled since hitting a
2020 low of 316 yen, equivalent to
$2.91, in April. The stock price
closed at ¥605.5 in Tokyo on Friday.
The Wall Street Journal spoke
with Mr. Uchida by video from his
office. Here are edited excerpts:
WSJ: It’s a little more than a year
since you became CEO. What was
Makoto Uchida, photographed in July with the Ariya, Nissan’s new electric SUV.
EXCHANGE
enue grew 86% in 2020, to $2.9
billion. It now has more than 1.7
million sellers using its platform,
and offers services ranging from
financing to payment services.
Shopify’s primary offering is a
cloud-based service that makes it
easy to build and operate a web
store.
Shopify has expanded its offer-
ings to include warehousing, ful-
fillment and small business loans.
One seller using Shopify’s soft-
ware is Eunice Byun, co-founder
and chief executive of Material, a
New York-based seller of its own
high-end kitchenware. Material has
never sold its goods on Amazon,
and has no plans to, says Ms.
Byun, whose full-time staff con-
sists of just three other people.
For sellers, being on Amazon
means giving up vital customer
data like email addresses, and ced-
ing control over returns and com-
plaints to Amazon, both nonstart-
your mind-set taking the job?
Mr. Uchida: The company’s situation
at that time was quite tough in
terms of the brand reputation, em-
ployee motivation. I had in my mind
that maybe some people might say
it was too early—a senior vice presi-
dent becoming the CEO of this huge
company. But I was determined
that, if I had to take this job, I had
to deliver.
* *** THE WALL STREET JOURNAL.
ers for Material. “The whole of the fierce competitor with Amazon.
customer experience is so impor- Yet Shopify offers the same sort of
tant to us as a company,” says Ms. direct integrations with the big-
Byun. gest online marketplaces that Big-
“In 2020 alone, Amazon in- Commerce does.
vested over $18 billion to help sell- “We view our role as leveling
ing partners grow their businesses the playing fields so that retailers
and reach more customers,” said can, rather than rent customers
an Amazon spokeswoman. “Ama- from these platforms, own the re-
zon provides a wide range of tools lationship with customers,” says
to help selling partners create cus- Shopify President Harley Finkel-
tomer loyalty.” stein.
Shopify charges each of its cus- Shopify Capital has lent small
tomers a flat monthly fee of be- businesses $1.7 billion since it be-
tween $30 and $2,000, depending gan. Shopify is building its own
on features, and an additional 0.5% nationwide network of fulfillment
to 2% of each transaction if they warehouses to compete directly
use a payments processor other with Amazon’s own juggernaut lo-
than Shopify’s own. gistics operation. Shopify has its
Neil Bruce is head of online for own way to accept payments, akin
Toolstop, the online storefront for to PayPal or Apple Pay, intended to
a 56-year-old, family-run hardware make one-click checkout possible
store and wholesaler based in on any merchant that uses it.
Glasgow, Scotland. For every sale Shopify’s payments service makes
his company makes on Amazon, he up the majority of its revenue.
pays fees that average 14% of an Herein lies the irony of painting
item’s price, he says. Amazon as the Goliath to the Da-
Mr. Bruce’s website is powered vid of independent online retailers,
by BigCommerce, a publicly listed, as Shopify so often does: Collec-
Austin-based Shopify competitor. tively, the world of e-commerce
BigCommerce has a similar pricing outside of Amazon is still bigger
structure to Shopify’s. When Tool- than Amazon. And Shopify, which
stop adds items to its own Big- is fast becoming the glue that
Commerce-powered site, it can binds 1.7 million of these retailers
choose to automatically list them together and would like to be
on Amazon. viewed as their champion, is itself
“The vast majority of businesses a growing giant. Shopify has a val-
need to look at the marketplaces, uation around $130 billion, and
like Amazon, as an opportunity dwarfs its next-largest competitor,
and not as a competitor,” says Big- BigCommerce, which is currently
Commerce CEO Brent Bellm. valued at about $4 billion.
Shopify portrays itself as a As it strives to become a one-
stop shop for merchants who wish
to sell online, it’s apparent that
Shopify’s million-headed hydra is
already giving Amazon heartburn.
The Seattle-based tech giant has
even established a secret team,
called “Project Santos,” to create
its own version of some parts of
Shopify, The Wall Street Journal
reported in December.
I asked Shopify’s Mr. Finkelstein
if the company’s warm and ever-
more-comprehensive embrace
could someday become a web that
entraps merchants in toxic co-de-
pendency, just as Amazon’s mar-
ketplace has driven many mer-
chants to distraction with rising
fees and increasingly strict rules.
“Our business model is, we are
only successful if our merchants
are,” he says.
“Amazon is so difficult to deal
with,” laments Mr. Bruce of Tool-
stop, whose company used to be a
wholesale supplier to Amazon’s
own retail operation, but now opts
only to list its wares as a third
party on the company’s market-
place.
“Amazon made their own rules,
and would fine you at the drop of
a hat if you were perceived to be
doing something wrong,” he said.
“We decided we’ll never win this
game when Amazon is in charge.”
WSJ: What are the challenges of SUV]. Then we went to the Z sports
managing a company shaken by the car prototype [a redesigned version
arrest of Carlos Ghosn? of the Nissan Z sports car launched
Mr. Uchida: We had to remind our- a half-century ago], which has a
selves about our culture. We had an manual transmission. Not many peo-
atmosphere where we weren’t able ple are going to launch a car with
to speak out and put the facts on manual transmission. But it has a lot
the table. When I joined Nissan of meaning for the Nissan people—it
nearly 20 years ago, I loved the is our history. People started to feel
three words the company taught motivated after seeing the cars.
me: transparency, respect and trust.
But has it really been demonstrated WSJ: How much have you been able
recently? It probably hasn’t. to meet employees face to face?
Mr. Uchida: My first month, I went
WSJ: How have you gone about to all our factories, all our technical
boosting employee morale? centers in Japan. Last January, I
Mr. Uchida: If you’re in an automo- went to the U.S., and to Europe the
tive company and employees don’t following month. Unfortunately,
see the cars, they become insecure. Covid started in March, so I couldn’t
They see all the numbers—the fixed- travel after that. The Covid situation
cost reductions, the investments. helped me to be closer to employ-
We had to take an impairment ees, because of our roundtables con-
charge. nected through Teams or Zoom. You
So we showed a video called “A to feel like you are one on one. I had
Z”—of Nissan’s new cars. We started 1,000 people connected at one time,
with our Ariya [Nissan’s new electric but through my screen they can
even hear my breath.
WSJ: A lot of the criticisms about
Nissan’s management have been di-
rected at you personally. They ques-
tion your ability to lead, or say
you’re not a great communicator.
Mr. Uchida: Yeah, I think the word
was “invisible.”
WSJ: Do you feel like you have
something to prove?
Mr. Uchida: Of course. That is one of
the reasons I said in front of the
general shareholders meeting last
year: If Nissan can’t turn around,
please fire me.
I do understand what people are
saying. But I am serious about mak-
ing this company into what Nissan
was. The Nissan of the past two
years was not Nissan.
WSJ: How do you respond to the
comparisons to Carlos Ghosn?
NORIKO HAYASHI/BLOOMBERG NEWS
Within a year of his arrival at Nis-
san in 1999, the company was mak-
ing money again.
Mr. Uchida: I won’t talk about Carlos
Ghosn, but I can talk about what is
different. If you look at the industry
back in 1999, it was in a period of
growth. Today, the industry is dra-
matically changing. I have to dem-
onstrate steady growth, and it has
to be on a strong foundation.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 13 - 14, 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
32778.64 Trailing P/E ratio 33.35 18.02 3943.34 Trailing P/E ratio * 45.02 18.90 13319.86 Trailing P/E ratio *† 37.25 22.75 commodities performed around the world for the week.
s 293.05 P/E estimate * 21.27 14.08 s 4.00 P/E estimate * 22.34 15.12 t 78.81 P/E estimate *† 28.01 18.63
Stock Currency, Commodity, Exchange-
Dividend yield 1.81 2.82 Dividend yield * 1.49 2.35 or 0.59% Dividend yield *† 0.78 1.15
or 0.90% or 0.10% index vs. U.S. dollar traded in U.S.* traded fund
All-time high:
All-time high Current divisor All-time high S&P SmallCap 600 7.34%
14095.47, 02/12/21
32778.64, 03/12/21 0.15198707565833 3943.34, 03/12/21 Russell 2000 7.32
Session high
S&P 500 Consumer Discr 5.74
DOWN UP 33000 4100 14400 S&P 500 Real Estate 5.71
t

Session open Close

S&P MidCap 400 5.31
Close Open
t

32000 4000 13800 FTSE MIB 5.00

Session low Lean hogs 4.85
13200 CAC-40 4.56
31000 3900
S&P 500 Utilities 4.41
S&P 500 Materials 4.39
30000 3800 12600
IBEX 35 4.32
65-day moving average DAX 4.18
65-day moving average 12000
29000 3700 Nymex RBOB gasoline 4.13
65-day moving average Euro Stoxx 4.12
28000 3600 11400 Dow Jones Industrial Average 4.07
Bars measure the point change from session's open Dow Jones Transportation Average 3.88
27000 3500 10800 S&P 500 Industrials 3.57
Jan. Feb. Mar. Jan. Feb. Mar. Jan. Feb. Mar. Stoxx Europe 600 3.52
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index S&P 500 Financials 3.17
Nasdaq Composite 3.09
IPC All-Share 3.08
Major U.S. Stock-Market Indexes Trading Diary South African rand 3.03
Latest 52-Week % chg Volume, Advancers, Decliners Nikkei 225 2.96
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. Mexico peso 2.84
Dow Jones Total volume* 942,924,243 33,030,008 S&P 500 2.64
Industrial Average 32793.32 32462.40 32778.64 293.05 0.90 32778.64 18591.93 41.4 7.1 9.2 Adv. volume* 637,415,489 21,514,016 S&P/TSX Comp 2.56
Transportation Avg 14183.99 14034.41 14156.69 133.97 0.96 14156.69 6703.63 78.3 13.2 9.8 Decl. volume* 287,372,124 10,998,449 Comex silver 2.47
Utility Average 847.38 834.90 844.88 10.61 1.27 917.38 610.89 10.8 -2.3 7.8 Issues traded 3,358 282 S&P 500 Consumer Staples 2.15
Total Stock Market 41678.90 41315.97 41665.73 61.94 0.15 41733.23 22462.76 52.7 6.2 13.1 Advances 1,845 161 Nasdaq-100 2.12
Barron's 400 971.70 962.03 971.45 6.13 971.45 455.11 75.1 14.0 9.4 Declines 1,412 106 FTSE 100 1.97
0.63
Unchanged 101 15 S&P 500 Information Tech 1.86
Nasdaq Stock Market New highs 485 16 Russian ruble 1.48
Nasdaq Composite 13324.69 13158.72 13319.86 -78.81 -0.59 14095.47 6860.67 69.1 3.3 20.6 New lows 13 0 Norwegian krone 1.46
Nasdaq-100 12943.58 12778.13 12937.29 -115.61 -0.89 13807.70 6994.29 61.8 0.4 22.0 Closing Arms† 0.62 0.62 Canada dollar 1.44
Block trades* 5,341 229 Comex copper 1.43
S&P
Nasdaq NYSE Arca
S&P 500 Health Care 1.31
500 Index 3944.99 3915.21 3943.34 4.00 0.10 3943.34 2237.40 45.5 5.0 12.3
Comex gold 1.27
MidCap 400 2647.00 2615.24 2646.34 25.22 0.96 2646.34 1218.55 71.1 14.7 10.7 Total volume*5,466,415,771 220,030,169
Nymex ULSD 1.21
SmallCap 600 1399.31 1383.22 1397.66 12.01 0.87 1397.66 595.67 92.5 24.9 12.8 Adv. volume*3,036,351,083 106,495,154
S&P 500 Energy 1.08
Decl. volume*2,102,219,668 111,899,344
Other Indexes Australian dollar 1.03
Issues traded 4,200 1,491
Russell 2000 2354.20 2325.65 2352.79 14.25 0.61 2352.79 991.16 94.4 19.1 13.7 Kospi Composite 0.93
Advances 2,175 752
NYSE Composite 15717.81 15607.80 15715.21 67.20 0.43 15715.21 8777.38 44.8 8.2 6.8 S&P/ASX 200 0.83
Declines 1,897 716
Value Line 657.03 650.67 4.21 0.65 656.84 305.71 15.5
S&P BSE Sensex 0.77
656.84 71.7 4.9 Unchanged 128 23
S&P 500 Telecom Svcs 0.71
NYSE Arca Biotech 5553.28 5442.47 5547.85 -5.43 -0.10 6319.77 3855.67 27.7 -3.3 4.2 New highs 492 318
Indian rupee 0.68
NYSE Arca Pharma 687.90 683.29 687.25 0.41 0.06 725.03 494.36 17.9 -0.3 7.8 New lows 24 41
UK pound 0.60
KBW Bank 123.90 122.52 123.35 2.11 1.74 123.35 56.19 65.5 26.0 2.2 Closing Arms† 0.79 0.94
Euro area euro 0.35
PHLX§ Gold/Silver 140.02 135.36 139.73 0.59 0.43 161.14 70.12 98.9 -3.1 20.6 Block trades* 29,846 1,096
iShNatlMuniBd 0.28
PHLX§ Oil Service 63.40 61.64 62.63 -0.01 -0.01 63.89 21.47 131.2 41.3 -23.5 * Primary market NYSE, NYSE American NYSE Arca only. Swiss franc 0.14
PHLX§ Semiconductor 2970.11 2924.34 2965.09 -32.04 -1.07 3238.92 1286.84 92.0 6.1 27.0 †(TRIN) A comparison of the number of advancing and declining
Bloomberg Commodity Index 0.12
issues with the volume of shares rising and falling. An
Cboe Volatility 22.99 20.63 20.69 -1.22 -5.57 82.69 19.97 -64.2 -9.1 9.5 -0.01 iSh 1-3 Treasury
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -0.06 VangdTotIntlBd
-0.13 iShJPMUSEmgBd
-0.18 iSh TIPS Bond
International Stock Indexes Percentage Gainers... -0.18 Chinese yuan
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -0.18 iShiBoxx$HYCp
World MSCI ACWI 674.47 –0.06 4.4 -0.35 WSJ Dollar Index
–0.39 NLS Pharmaceutics NLSP 5.85 3.03 107.45 7.35 2.06 ...
MSCI ACWI ex-USA 339.87 –0.71 –0.21 4.1 Entera Bio ENTX 6.90 2.86 70.79 10.16 1.00 177.1
-0.47 iSh 7-10 Treasury
MSCI World 2807.21 1.14 0.04 4.4 Seelos Therapeutics SEEL 4.75 1.71 56.25 5.89 0.42 733.3 -0.53 VangdTotalBd
MSCI Emerging Markets 1348.20 –9.40 –0.69 4.4 Second Sight Medical Prod EYES 15.20 4.00 35.71 20.00 0.69 396.7 -0.59 Indonesian rupiah
0.07 Ebang International EBON 10.40 2.71 35.24 14.95 3.80 ... -0.59 Japanese yen
Americas MSCI AC Americas 1535.65 1.05 4.6
0.04 Prometheus Biosciences RXDX 25.29 6.29 33.11 26.44 19.00 -6.2 -0.73 Nymex crude
Canada S&P/TSX Comp 18851.32 6.75 8.1
Latin Amer. MSCI EM Latin America 2306.19 –0.73 –5.9 Aemetis AMTX 20.83 4.21 25.33 21.43 0.37 3383.3 -0.73 South Korean won
–16.85
Brazil Sao Paulo Bovespa 114160.40 –823.36 –0.72 –4.1 PlayAGS AGS 9.26 1.75 23.30 9.29 0.70 129.8 -0.81 iShiBoxx$InvGrdCp
Chile Santiago IPSA 3344.59 8.29 0.25 17.0 CLPS CLPS 5.47 1.03 23.20 19.78 1.65 192.5 -0.90 Sao Paulo Bovespa
Mexico S&P/BMV IPC 47769.87 96.05 0.20 8.4 Kubient KBNT 8.49 1.56 22.51 16.26 2.10 ... -1.23 Hang Seng
Aridis Pharmaceuticals ARDS 7.72 1.35 21.19 10.18 3.80 47.0 -1.29 Soybeans
EMEA Stoxx Europe 600 423.08 –1.09 –0.26 6.0
Perpetua Resources PPTA 7.81 1.31 20.15 15.50 1.65 212.4 -1.40 Shanghai Composite
Eurozone Euro Stoxx 424.56 –1.00 –0.24 6.8
0.58 J.Jill JILL 5.07 0.83 19.58 8.67 1.55 69.0 -2.05 iSh 20+ Treasury
Belgium Bel-20 3864.84 22.41 6.7
Yield10 Bioscience YTEN 16.34 2.67 19.53 23.49 3.50 250.6 -2.27 Corn
Denmark OMX Copenhagen 20 1434.78 –16.74 –1.15 –2.1
Oncternal Therapeutics ONCT 7.57 1.20 18.84 8.65 1.49 134.7 -3.40 Wheat
France CAC 40 6046.55 12.79 0.21 8.9
Germany DAX 14502.39 –67.00 –0.46 5.7 Percentage Losers -3.74
*Continuous front-month contracts
Nymex natural gas
Israel Tel Aviv 1596.81 … Closed 6.5 Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg
Italy FTSE MIB 24113.22 –8.15 –0.03 8.5 Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Netherlands AEX 677.41 –6.30 –0.92 8.5 Timber Pharmaceuticals TMBR 2.48 -1.07 -30.14 10.44 0.67 -28.5 THE WALL STREET JOURNAL
Russia RTS Index 1519.50 14.28 0.95 9.5 Marker Therapeutics MRKR 1.94 -0.59 -23.32 3.77 1.32 19.0
IMPAC Mortgage Holdings IMH 2.33 -0.66 -22.07 6.19 1.10 -52.1 Methodology
South Africa FTSE/JSE All-Share 68209.86 –565.20 –0.82 14.8
Spain 0.60 Evoke Pharma EVOK 2.45 -0.65 -20.97 6.06 0.79 157.9 Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
IBEX 35 8644.50 51.50 7.1 reflect total returns). Commodities are represented by the continuous front-month
Poshmark POSH 47.63 -11.83 -19.90 104.98 44.11 ...
Sweden OMX Stockholm 864.21 –1.72 –0.20 12.5 futures contract. Bond exchange-traded fund performance may diverge from that of
Switzerland Swiss Market 10839.93 –43.30 –0.40 1.3 Lordstown Motors RIDE 14.78 -2.93 -16.54 31.80 9.50 47.8 their underlying index. Bond categories are represented by the following ETFs: U.S.
Medalist Diversified REIT MDRR 2.34 -0.43 -15.52 6.13 1.03 30.7 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
Turkey BIST 100 1557.39 0.90 0.06 5.5 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
U.K. FTSE 100 6761.47 24.51 0.36 4.7 Vir Biotechnology VIR 52.82 -9.01 -14.57 141.01 25.31 21.0 Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
U.K. FTSE 250 21506.47 –26.63 –0.12 5.0 MediciNova MNOV 6.03 -0.99 -14.10 13.25 2.82 49.6 iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
First High-School Edu ADR FHS 7.58 -1.22 -13.86 9.90 7.57 ... Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Asia-Pacific MSCI AC Asia Pacific 207.79 –0.21 –0.10 3.9 Bonds: iShares National Muni; International Bonds: Vanguard Total International;
0.79 Ammo POWW 5.86 -0.92 -13.57 9.95 1.00 376.4 Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
Australia S&P/ASX 200 6766.80 52.88 2.7
0.47
Cango ADR CANG 9.45 -1.40 -12.90 19.60 4.20 53.9
China Shanghai Composite 3453.08 16.25 –0.6
China Green Agriculture CGA 5.10 -0.73 -12.52 6.93 1.77 137.2
Hong Kong Hang Seng 28739.72 –645.89 –2.20 5.5
FinVolution Group ADR FINV 8.60 -1.17 -11.98 10.61 1.22 415.0
See an expanded year-to-date and current quarter
India S&P BSE Sensex 50792.08 –487.43 –0.95 6.4
1.73
Jounce Therapeutics JNCE 12.25 -1.62 -11.68 14.84 2.85 245.1 list of selected global stock indexes, bond ETFs, currencies
Japan Nikkei Stock Avg 29717.83 506.19 8.3
Singapore Straits Times 3095.22 –10.79 –0.35 8.8 Most Active Stocks and commodities at
South Korea Kospi 3054.39 40.69 1.35 6.3 Company Symbol
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High Low wsj.com/graphics/track-the-markets
Taiwan TAIEX 16255.18 75.62 0.47 10.3
Seelos Therapeutics SEEL 309,317 9036.0 4.75 56.25 5.89 0.42
Thailand SET 1568.19 –6.94 –0.44 8.2
Sundial Growers SNDL 242,467 -53.4 1.42 0.00 3.96 0.14
Sources: FactSet; Dow Jones Market Data
NLS Pharmaceutics NLSP 165,529 42544.0 5.85 107.45 7.35 2.06 Currencies
Get real-time U.S. stock quotes and
WSJ
General Electric GE 133,617 54.1 12.58 2.53 14.42 5.48
track most-active stocks, new highs/lows Ebang International EBON 125,448 752.1 10.40 35.24 14.95 3.80 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 .00004337 23057 –0.1
Argentina peso .0110 90.7723 7.9 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1801 5.5522 6.9 Czech Rep. koruna .04566 21.901 2.0

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .8015 1.2477 –2.0 Denmark krone .1607 6.2213 2.1
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001381 724.10 1.9 Euro area euro 1.1955 .8365 2.2
Colombiapeso .000280 3576.00 4.5 Hungary forint .003256 307.17 3.4
A consumer rate against its Money Market/Savings Accts Ecuador US dollar Iceland krona
1 1 unch .007787 128.42 0.5
benchmark over the past year 2.50% Mexico peso .0482 20.7256 4.2 Norway krone .1186 8.4335 –1.7
Bankrate.com avg†: 0.10% Tradeweb ICE 10%
Uruguay peso .02254 44.3750 4.8 Poland zloty .2608 3.8339 2.7
t

Colorado Federal Savings Bank 0.45% Friday Close 2.00

s Asia-Pacific Russia ruble .01365 73.260 –1.0
Federal-funds 0.80% Greenwood Village, CO 877-484-2372 5
Sweden krona .1179 8.4828 3.1
t

target rate 1.50 Euro Australian dollar .7763 1.2882 –0.9

VirtualBank 0.45% Switzerland franc 1.0756 .9297 5.1
0 China yuan .1536 6.5085 –0.4
0.60 1.00 Turkey lira .1322 7.5623 1.7
Miami, FL 877-998-2265 Hong Kong dollar .1288 7.7628 0.1
s Ukraine hryvnia .0359 27.8500 –1.8
Money market One year ago Yen India rupee .01376 72.690 –0.5
0.40 BankDirect 0.50% 0.50 –5 UK pound 1.3919 .7184 –1.8
account yields t s Indonesia rupiah .0000695 14385 2.4
Richardson, TX 877-839-2737 WSJ Dollar Index Middle East/Africa
t 0.00 Japan yen .009172 109.03 5.5
0.20 First Internet Bank of Indiana 0.50% –10 Kazakhstan tenge .002387 418.93 –0.6 Bahrain dinar 2.6518 .3771 0.02
Indianapolis, IN 888-873-3424 1 3 6 1 2 3 5 7 10 20 30 2020 2021 Macau pataca .1250 7.9970 0.1 Egypt pound .0637 15.6981 –0.3
0.00 month(s) years Malaysia ringgit .2428 4.1180 2.4 Israel shekel .3009 3.3237 3.4
AM J J A S ON D J F M TAB Bank 0.50%
maturity New Zealand dollar .7177 1.3933 0.1 Kuwait dinar 3.3078 .3023 –0.6
2020 2021 Ogden, UT 800-355-3063 Pakistan rupee .00636 157.117 –2.0 Oman sul rial 2.5972 .3850 0.01
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0207 48.393 0.8 Qatar rial .2746 3.641 ...
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7439 1.3443 1.7 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 .0008799 1136.49 4.7 South Africa rand .0669 14.9484 1.7
Sri Lanka rupee .0050914 196.41 6.0
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.25 -1.25 Yield (%) 52-Week Total Return (%) Taiwan dollar .03550 28.166 0.3 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 4.25 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03261 30.670 2.1 WSJ Dollar Index 86.47 0.27 0.32 1.73
Libor, 3-month 0.19 0.19 0.18 l 1.45 -1.92
U.S. Treasury, Barclays 2355.580 0.960 0.920 1.080 0.400 –2.997 4.448 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.10 0.08 0.08 l 0.44 -0.20
0.45 l -1.17 U.S. Treasury Long, Barclays 4082.180 2.320 2.210 2.320 1.090 –14.199 6.965
Five-year CD, annual yield
30-year mortgage, fixed† 3.24
0.45
3.27
0.45
2.83 l
1.15
4.22 -1.22 Aggregate, Barclays 2212.330 1.550 1.510 2.310 1.020 0.896 4.895
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 2.47 2.53 2.32 l 3.43 -1.45
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Barclays 2211.580 1.660 1.660 2.690 0.930 1.671 4.020
Jumbo mortgages, $548,250-plus† 3.27 3.29 2.85 l 4.36 -1.48 DJ Commodity 825.48 -2.48 -0.30 836.48 433.70 62.58 12.83
High Yield 100, ICE BofA 3322.907 3.962 3.900 10.740 3.261 15.669 5.368
Five-year adj mortgage (ARM)† 3.19 3.21 2.85 l 3.67 -1.19 Refinitiv/CC CRB Index 193.79 -0.75 -0.39 195.13 106.29 37.60 15.49
New-car loan, 48-month 4.03 4.03 4.02 l 4.45 0.49 Muni Master, ICE BofA 593.288 0.950 1.011 3.441 0.725 5.736 4.852 Crude oil, $ per barrel 65.61 -0.41 -0.62 66.09 -37.63 106.78 35.22
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 890.437 4.976 4.956 7.480 4.295 9.276 4.031 Natural gas, $/MMBtu 2.600 -0.068 -2.55 3.354 1.482 39.11 2.40
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. 1719.50 -2.80 -0.16 2051.50 1477.30 13.45 -9.17
B10 | Saturday/Sunday, March 13 - 14, 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 Rough Rice (CBT)-2,000 cwt.; $ per cwt. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Euro (CME)-€125,000; $ per €
March 12.78 .01 18 March 99.9300 99.9325 99.9300 99.9300 113,042 March 1.1985 1.1989 1.1910 1.1950 –.0034 215,748
Contract Open April 99.9300 99.9350 s 99.9300 99.9300 158,044 June 1.2008 1.2012 1.1934 1.1973 –.0034 568,044
May 13.00 13.01 12.97 12.99 –.03 8,518
Open High hi lo Low Settle Chg interest 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Wheat (CBT)-5,000 bu.; cents per bu.
Copper-High (CMX)-25,000 lbs.; $ per lb. March 631.75 –4.50 15 March 91-085 –28.0 86,675 Index Futures
March 4.1410 4.1515 4.0720 4.1455 0.0025 3,186 May 643.75 645.75 637.50 638.50 –4.00 179,209 June 90-235 –29.5 99,023
May 4.1440 4.1495 4.0665 4.1400 0.0010 148,976 Wheat (KC)-5,000 bu.; cents per bu. Eurodollar (CME)-$1,000,000; pts of 100% Mini DJ Industrial Average (CBT)-$5 x index
Gold (CMX)-100 troy oz.; $ per troy oz. March 595.00 –.75 18 March 99.8150 99.8175 99.8100 99.8125 –.0025 1,021,762 March 32494 32822 s 32389 32772 293 83,661
March 1715.90 1719.20 1699.00 1719.50 –2.80 309 May 604.25 609.50 600.50 603.50 –.75 102,066 June 99.8350 99.8400 99.8300 99.8350 … 1,151,756 June 32388 32715 s 32279 32665 297 16,556
April 1720.50 1726.10 1696.60 1719.80 –2.80 227,181 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 99.7650 99.7650 t 99.7500 99.7550 –.0100 966,684 S&P 500 Index (CME)-$250 x index
May 1721.30 1725.20 1698.70 1721.20 –2.70 257 March 135.000 136.925 134.900 136.350 1.100 2,639 March'23 99.4800 99.4850 99.4400 99.4500 –.0450 1,035,981 March 3942.20 5.50 29,414
June 1722.60 1728.20 1699.40 1722.40 –2.80 183,063 May 146.175 148.800 s 145.950 148.375 1.975 15,699 June … 3932.80 5.50 44
Aug 1726.30 1728.60 1701.60 1724.30 –2.90 29,684 Cattle-Live (CME)-40,000 lbs.; cents per lb. Currency Futures Mini S&P 500 (CME)-$50 x index
Oct 1725.00 1730.40 1703.40 1726.10 –3.00 9,015 April 118.450 119.775 118.400 119.000 .475 74,822 March 3937.50 3947.50 3910.25 3942.25 5.50 2,264,419
Palladium (NYM) - 50 troy oz.; $ per troy oz. June 119.600 121.050 119.475 120.425 .750 123,471 Japanese Yen (CME)-¥12,500,000; $ per 100¥ June 3928.00 3938.50 3900.75 3932.75 5.50 585,903
March 2356.60 19.10 6 March .9213 .9216 t .9139 .9169 –.0052 78,338 Mini S&P Midcap 400 (CME)-$100 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
June 2335.50 2368.00 2314.50 2360.70 19.10 9,218 June .9224 .9225 .9169 .9177 –.0052 135,892 March 2623.60 2649.80 s 2608.60 2644.70 24.30 43,824
April 91.325 91.500 90.750 91.400 –.100 55,159
Platinum (NYM)-50 troy oz.; $ per troy oz. June 99.125 99.400 s 98.325 99.000 –.125 83,734 Canadian Dollar (CME)-CAD 100,000; $ per CAD June 2618.50 2645.20 s 2604.60 2640.30 24.20 5,253
March 1204.20 1204.20 1203.50 1199.10 –2.00 1 March .7979 .8024 s .7954 .8022 .0047 44,631 Mini Nasdaq 100 (CME)-$20 x index
April 1202.90 1214.60 1172.00 1200.30 –2.00 48,025
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
June .7978 .8026 s .7955 .8023 .0046 133,658 March 13055.00 13095.00 12768.25 12933.50 –114.75 202,474
March 972.00 1008.10 972.00 1008.10 36.10 60
Silver (CMX)-5,000 troy oz.; $ per troy oz. British Pound (CME)-£62,500; $ per £ June 13048.75 13086.75 12760.00 12924.25 –114.75 42,680
26.145 26.200 25.460 25.880 –0.282 1,148 May 867.30 876.00 851.10 867.10 –4.90 2,075
March
Milk (CME)-200,000 lbs., cents per lb. March 1.3981 1.4004 1.3864 1.3923 –.0065 50,502 Mini Russell 2000 (CME)-$50 x index
May 26.195 26.235 25.425 25.911 –0.282 125,447 June 1.3996 1.4009 1.3867 1.3927 –.0065 137,590 March 2338.80 2356.00 s 2327.50 2351.30 16.60 497,327
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 16.38 16.38 16.33 16.36 –.01 3,949
Swiss Franc (CME)-CHF 125,000; $ per CHF June 2335.10 2353.60 s 2325.00 2348.90 16.90 65,180
April 65.96 66.24 65.41 65.61 –0.41 198,494 April 18.09 18.29 17.64 17.71 –.38 3,337 Mini Russell 1000 (CME)-$50 x index
March 1.0830 1.0830 1.0724 1.0758 –.0061 28,704
May 65.95 66.22 65.40 65.64 –0.36 366,290 Cocoa (ICE-US)-10 metric tons; $ per ton. March 2228.90 2.30 10,185
June 1.0842 1.0847 1.0750 1.0785 –.0062 32,735
June 65.61 65.86 65.06 65.36 –0.30 355,427 March 2,574 2,574 2,574 2,574 –179 157 June 2225.10 2.50 55
May 2,580 2,584 2,553 2,570 –23 91,595
Australian Dollar (CME)-AUD 100,000; $ per AUD
July 65.03 65.27 64.52 64.84 –0.27 185,614 March .7786 .7801 .7725 .7758 –.0030 30,205 U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 61.58 61.76 61.16 61.46 –0.18 314,550 Coffee (ICE-US)-37,500 lbs.; cents per lb. March 91.43 91.97 91.41 91.68 .26 21,512
June .7788 .7804 .7727 .7760 –.0031 119,761
Dec'22 56.36 56.61 56.16 56.41 –0.11 132,048 March 132.45 132.45 132.45 132.45 .65 24 June 91.42 91.96 91.38 91.68 .26 24,775
Mexican Peso (CME)-MXN 500,000; $ per MXN
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 132.35 133.45 131.00 133.00 .65 109,048
March .04847 .04860 .04778 .04830 –.00010 61,848
April 1.9594 1.9801 1.9494 1.9675 .0081 92,747 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June .04799 .04813 .04732 .04785 –.00010 105,946 Source: FactSet
May 1.9585 1.9750 1.9475 1.9638 .0058 93,734 May 16.29 16.30 16.07 16.13 –.23 384,538
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. July 15.84 15.84 15.62 15.72 –.17 217,691
April 2.1356 2.1599 s 2.1267 2.1500 .0120 95,428 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
May 2.1288 2.1433 s 2.1137
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
2.1348 .0075 118,649 May
July
30.45
30.50
30.45 s
30.50 s
30.45
30.50
30.45
30.45 –.05
… 2,103
2,813
Bonds | wsj.com/market-data/bonds/benchmarks Global Government Bonds will appear in Monday’s edition
April 2.669 2.693 2.584 2.600 –.068 125,933 Cotton (ICE-US)-50,000 lbs.; cents per lb.
May 2.703 2.727 2.619 2.636 –.067 225,225 May 88.35 88.49 85.95 87.56 –.79 99,581 Corporate Debt
June 2.760 2.782 2.678 2.695 –.065 91,764 Dec 84.75 84.90 82.97 84.20 –.69 65,735
July 2.820 2.838 2.736 2.752 –.065 85,620 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Sept 2.830 2.847 2.741 2.761 –.066 102,625 May 115.50 116.00 114.85 115.55 .40 10,216 expectations
Oct 2.843 2.856 2.755 2.775 –.065 129,865 July 118.10 118.45 117.35 118.05 .20 1,146
Investment-grade spreads that tightened the most…
Spread*, in basis points
Agriculture Futures Interest Rate Futures Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Corn (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% –23 72
March 545.00 551.50 544.50 549.25 –5.75 158 March 183-300 –4-08.0 8,188
Cooperatieve Rabobank RABOBK 5.250 3.01 May 24, ’41 65
May 537.50 540.50 531.00 539.00 .50 711,911 June 185-250 186-090 182-030 182-080 –4-08.0 1,148,506 PACCAR Financial … 0.800 0.38 June 8, ’23 23 –9 n.a.
Oats (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Caterpillar Financial Services … 0.650 0.35 July 7, ’23 20 –8 28
March 381.75 … 4 March 157-040 –2-10.0 1,558 –7
Mizuho Financial MIZUHO 3.663 1.69 Feb. 28, ’27 85 78
May 382.75 385.75 375.50 377.50 –7.00 3,415 June 157-160 157-240 155-120 155-180 –2-11.0 1,209,238
Soybeans (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Toyota Motor Credit TOYOTA 1.150 1.55 Aug. 13, ’27 71 –7 73
March 1425.00 1425.00 1395.75 1415.75 .25 26 March 132-290 –26.0 45,989 Apple AAPL 2.500 0.95 Feb. 9, ’25 11 –6 14
May 1413.75 1417.75 1392.25 1413.25 –.25 342,592 June 132-150 132-180 131-230 131-250 –26.5 3,611,319
Soybean Meal (CBT)-100 tons; $ per ton. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Vodafone VOD 3.750 0.71 Jan. 16, ’24 38 –6 33
March 397.10 t 395.90
405.00 396.30 –5.70 33 March 124-057 –9.0 17,459 Westpac Banking WSTP 2.000 0.71 Jan. 16, ’25 –12 –6 n.a.
May 404.80 t 395.80
406.20 400.70 –4.10 174,689 June 123-302 124-000 123-195 123-220 –10.2 3,418,998
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% …And spreads that widened the most
March 56.89 .43 24 March 110-131 110-137 110-131 110-137 –.5 38,691
May 54.80 55.59 s 53.95 55.36 .75 198,759 June 110-128 110-131 110-113 110-121 –.9 2,331,038 Cenovus Energy CVECN 6.750 4.74 Nov. 15, ’39 235 12 228
BPCE BPCEGP 4.625 1.34 July 11, ’24 102 11 n.a.
Walt Disney DIS 3.350 1.20 March 24, ’25 35 10 31
Exchange-Traded Portfolios | WSJ.com/ETFresearch Coca–Cola KO 1.750 0.66 Sept. 6, ’24 34 10 n.a.
Johnson & Johnson JNJ 4.500 2.90 Sept. 1, ’40 52 9 n.a.
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Bank of America BAC 4.450 1.86 March 3, ’26 102 8 90
iShRussell2000Gwth IWO 316.67 –0.06 10.5 ENEL Finance International ENELIM 2.650 1.10 Sept. 10, ’24 78 8 n.a.
Friday, March 12, 2021 Closing Chg YTD
ETF Symbol Price (%) (%) iShRussell2000 IWM 233.59 0.59 19.1 Lloyds Banking LLOYDS 4.550 2.38 Aug. 16, ’28 76 8 n.a.
Closing Chg YTD iShRussell2000Val IWN 169.53 1.40 28.7
ETF Symbol Price (%) (%) iShESGAwareUSA ESGU 90.56 0.15 5.3
ARKInnovationETF ARKK 126.68 –1.55 1.8 iShEdgeMSCIMinUSA USMV 68.13 0.47 0.4
iShRussellMid-Cap
iShRussellMCValue
IWR
IWS
74.79
110.79
0.50 9.1
0.94 14.3
High-yield issues with the biggest price increases…
CommSvsSPDR XLC 74.69 –0.28 10.7 iShEdgeMSCIUSAMom MTUM 160.96 –0.91 –0.2 iShS&P500Growth IVW 64.16 –0.54 0.5 Bond Price as % of face value
iShEdgeMSCIUSAQual QUAL 120.67 –0.11 3.8 iShS&P500Value IVE 141.87 0.92 10.8 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
CnsmrDiscSelSector XLY 166.77 0.29 3.7
iShGoldTr IAU 16.44 0.06 –9.3 iShShortTreaBd SHV 110.51 ... –0.0
EnSelectSectorSPDR XLE 53.57 0.21 41.3
24.03 –0.91 –2.2
Transocean RIG 6.800 14.59 March 15, ’38 51.500 1.00 47.500
FinSelSectorSPDR XLF 34.77 1.02 17.9 iShiBoxx$InvGrCpBd LQD 128.71 –1.15 –6.8 iShSilver SLV
HealthCareSelSect XLV 114.60 0.22 1.0 iShiBoxx$HYCpBd HYG 86.46 –0.28 –1.0 iShTIPSBondETF TIP 125.03 –0.79 –2.1 Teva Pharmaceutical Finance Netherlands … 2.800 3.29 July 21, ’23 98.905 0.41 97.850
108.46 –1.26 –6.4 iSh1-3YTreasuryBd SHY 86.25 –0.01 –0.2 0.38 95.750
IndSelSectorSPDR XLI 96.77 1.34 9.3 iShJPMUSDEmgBd EMB American Airlines AAL 5.000 6.63 June 1, ’22 98.125
InvscQQQI QQQ 315.46 –0.81 0.5 iShMBSETF MBB 108.72 –0.24 –1.3 iSh7-10YTreasuryBd IEF 113.88 –0.72 –5.1
141.60 11.0 iShMSCI ACWI ACWI 95.17 –0.19 4.9 iSh20+YTreasuryBd TLT 136.06 –2.12 –13.7 Sprint S 7.875 2.14 Sept. 15, ’23 113.875 0.13 114.000
InvscS&P500EW RSP 0.76
76.28 0.25 4.6 iShRussellMCGrowth IWP 102.52 –0.43 –0.1
iShCoreDivGrowth DGRO 47.56 0.74 6.1 iShMSCI EAFE EFA
iShUSTreasuryBdETF GOVT 26.21 –0.63 –3.8
United Airlines Holdings UAL 5.000 4.11 Feb. 1, ’24 102.375 0.13 102.750
iShCoreMSCIEAFE IEFA 72.54 0.30 5.0 iShMSCI EAFE SC SCZ 72.41 0.32 5.9
iShCoreMSCIEM IEMG 65.07 –1.72 4.9 iShMSCIEmgMarkets EEM 53.99 –1.78 4.5 JPM UltShtIncm JPST 50.72 –0.02 –0.1 Seagate HDD Cayman … 4.750 1.40 June 1, ’23 107.256 0.07 106.875
PIMCOEnhShMaturity MINT 101.98 ... –0.1 0.07
iShCoreMSCITotInt IXUS 70.85 –0.23 5.4 iShMSCIJapan EWJ 68.94 1.32 2.0 ADT Security ADT 4.875 4.70 July 15, ’32 101.500 101.000
iShNatlMuniBd 115.82 –0.40 –1.2 SPDRBloomBar1-3MTB BIL 91.50 –0.01 –0.0
iShCoreS&P500 IVV 395.61 0.16 5.4 MUB
0.03
54.59 –0.15 –1.1 SPDR Gold GLD 161.49 –0.02 –9.5 Ball BLL 5.250 1.98 July 1, ’25 113.405 112.450
iShCoreS&P MC IJH 264.30 0.92 15.0 iSh1-5YIGCorpBd IGSB
37.96 –1.4 SchwabIntEquity SCHF 37.83 0.27 5.1
iShCoreS&P SC IJR 115.01 0.97 25.1 iShPfd&Incm PFF –0.32
iShS&PTotlUSStkMkt ITOT 91.95 0.22 6.6 iShRussell1000Gwth IWF 240.99 –0.55 –0.1
SchwabUS BrdMkt SCHB 96.90 0.21 6.5 …And with the biggest price decreases
SchwabUS Div SCHD 72.55 0.93 13.1
iShCoreUSAggBd AGG 113.79 –0.57 –3.7 iShRussell1000 IWB 223.51 0.11 5.5
SchwabUS LC SCHX 95.92 0.20 5.5 Sealed Air SEE 6.875 4.16 July 15, ’33 126.000 –2.13 n.a.
iShSelectDividend DVY 115.07 1.59 19.6 iShRussell1000Val IWD 152.30 0.85 11.4
SchwabUS LC Grw SCHG 129.21 –0.62 0.6 –1.50
Embarq … 7.995 6.29 June 1, ’36 116.500 117.250
SchwabUS SC SCHA 104.63 0.70 17.6
Schwab US TIPs SCHP 60.91 –0.68 –1.9 Sprint Capital … 8.750 3.62 March 15, ’32 146.250 –1.44 148.020
Borrowing Benchmarks | WSJ.com/bonds SPDR DJIA Tr
SPDR S&PMdCpTr
DIA
MDY
328.31
482.53
0.92 7.4
0.92 14.9
Continental Resources CLR 5.750 3.94 Jan. 15, ’31 114.020 –1.23 114.750
SPDR S&P 500 SPY 394.06 0.13 5.4 Ford Motor F 7.450 4.28 July 16, ’31 126.261 –0.84 127.750
SPDR S&P Div SDY 119.04 1.27 12.4
Money Rates March 12, 2021 TechSelectSector XLK 131.41 –0.72 1.1
Liberty Interactive … 8.250 6.01 Feb. 1, ’30 115.250 –0.78
–0.75
114.250
VanEckGoldMiner GDX 33.08 0.09 –8.2 Commonwealth Bank of Australia CBAAU 2.688 2.91 March 11, ’31 98.116 n.a.
Key annual interest rates paid to borrow or lend money in U.S. and VangdInfoTech VGT 356.95 –0.73 0.9
VangdSC Val VBR 171.46 1.19 20.6 *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.
international markets. Rates below are a guide to general levels but VangdSC Grwth VBK 283.11 0.10 5.8 Note: Data are for the most active issue of bonds with maturities of two years or more
don’t always represent actual transactions. VangdExtMkt VXF 184.46 0.41 12.0 Source: MarketAxess
VangdDivApp VIG 144.65 0.52 2.5
Week —52-WEEK— VangdFTSEDevMk VEA 49.59 0.24 5.0
Inflation Latest ago High Low 52.87 –1.77 5.5
Feb. index Chg From (%)
VangdFTSE EM
VangdFTSE Europe
VWO
VGK 63.64 –0.06 5.6 Dividend Changes
level Jan. '21 Feb. '20 Switzerland 0.00 0.00 0.50 0.00 VangdFTSEAWxUS VEU 61.30 –0.33 5.0
Britain 0.10 0.10 0.75 0.10 VangdGrowth VUG 255.13 –0.62 0.7 Dividend announcements from March 12.
Australia 0.10 0.10 0.50 0.10 VangdHlthCr VHT 227.18 0.17 1.5
U.S. consumer price index VangdHiDiv VYM 101.10 0.88 10.5 Amount Payable / Amount Payable /
All items 263.014 0.55 1.7 Secondary market VangdIntermBd BIV 88.95 –0.57 –4.2 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Core 270.696 0.35 1.3 VangdIntrCorpBd VCIT 92.93 –0.62 –4.3 Cango ADR CANG 2.4 1.00 Apr08 /Mar22
VangdLC VV 184.76 0.06 5.1 Increased
Fannie Mae GeoPark GPRK 0.7 .0205 Q Apr13 /Mar31
International rates VangdMC VO 223.71 0.47 8.2 CSG Systems Intl CSGS 2.0 .25 /.235 Q Mar30 /Mar22
30-year mortgage yields VangdMC Val VOE 137.05 1.17 15.2 Hill Rom Holdings HRC 0.9 .24 /.22 Q Mar31 /Mar22 Johnson Controls Intl JCI 1.7 .27 Q Apr16 /Mar22
30 days 2.456 2.485 3.017 1.751 VangdMBS VMBS 53.49 –0.17 –1.1 Kadant KAI 0.6 .25 /.24 Q May12 /Apr14 Pearson ADR PSO 2.3 .18851 SA May12 /Mar26
Week 52-Week
Latest ago High Low 60 days 2.505 2.534 3.081 1.804
VangdRealEst VNQ 91.62 1.68 7.9
Oracle ORCL 1.9 .32 /.24 Q Apr22 /Apr08 Stellantis STLA ... .11571 Mar22 /Mar16
VangdS&P500ETF VOO 362.36 0.14 5.4 TE Connectivity TEL 1.5 .50 Q Jun04 /May21
Notes on data: VangdST Bond BSV 82.18 –0.10 –0.9
Redwood Trust RWT 6.0 .16 /.14 Q Mar31 /Mar24
Prime rates TE Connectivity TEL 1.5 .50 Q Sep03 /Aug20
U.S. prime rate is the base rate on corporate VangdSTCpBd VCSH 82.31 –0.17 –1.1 Stocks WPP ADR WPP 1.0 .97769 SA Jul09 /Jun11
U.S. 3.25 3.25 4.25 3.25 loans posted by at least 70% of the 10 largest VangdSC VB 221.23 0.64 13.6
Allied Motion Techs AMOT 3:2 /May03
Canada 2.45 2.45 3.45 2.45 U.S. banks, and is effective March 16, 2020. VangdTotalBd BND 84.65 –0.60 –4.0 Special
Other prime rates aren’t directly comparable; VangdTotIntlBd BNDX 57.12 –0.39 –2.4 Home Federal Bancorp LA HFBL 2:1 /Apr01
Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location. VangdTotIntlStk VXUS 63.31 –0.31 5.2 Nature's Sunshine NATR ... 1.00 Apr09 /Mar29
Complete Money Rates table appears Monday VangdTotalStk VTI 207.40 0.20 6.6 Foreign
Policy Rates through Friday. VangdTotlWrld VT 97.83 0.01 5.7 AEGON 6.2996% Fltg Perp. AEB 4.0 .25556 Q Jun15 /Jun01 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 131.79 0.91 10.8 Assrd Grty Mun Hldg 6.25% AGOpE 6.0 .39063 Q May01 /Apr16 S2:1: stock split and ratio; SO: spin-off.

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
DraftKings DKNG 74.09 0.2 FoxB FOX 40.39 1.5 IntegerHoldings ITGR 96.19 ... MistrasGroup MG 10.82 3.8 PiperSandler PIPR 124.03 1.6 ServisFirstBcshs SFBS 59.30 3.2 UMB Fin UMBF 97.24 2.6
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE DriveShackPfdB DSpB 23.82 10.8 FranklinElec FELE 79.98 0.7 Interface TILE 14.19 3.5 MitsubishiUFJ MUFG 5.58 0.7 PlayAGS AGS 9.29 23.3 ShoeCarnival SCVL 56.70 1.8 UMH Prop UMH 19.51 2.3
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low DriveShackPfdC DSpC 22.77 12.4 FullerHB FUL 61.47 2.2 IntlBcshs IBOC 53.06 0.5 ModineMfg MOD 16.08 1.9 Plexus PLXS 91.19 0.6 ShoreBancshares SHBI 18.00 0.4 US Ecology ECOL 45.14 3.1
DriveShackPfdD DSpD 23.13 15.7 FultonFin FULT 17.95 3.1 IntlGameTech IGT 19.92 1.6 Moelis MC 58.04 -0.9 PlymouthIndREIT PLYM 16.88 0.6 Shyft SHYF 40.95 5.7 US Foods USFD 41.23 0.1
in the latest session. % CHG-Daily percentage change from the previous trading session. Dropbox DBX 27.38 6.3 Funko FNKO 18.63 15.9 Interpublic IPG 29.80 1.1 Monro MNRO 71.66 4.9 Polaris PII 137.76 0.3 SierraBancorp BSRR 29.42 ... US Xpress USX 11.44 1.9
Ducommun DCO 62.57 2.3 GAMCO Investors GBL 21.33 -2.4 IntrepidPotash IPI 38.39 5.2 Moog A MOG.A 86.75 1.8 Popular BPOP 74.61 1.0 SifcoInd SIF 12.95 15.5 Umpqua UMPQ 18.70 2.2
Friday, March 12, 2021 DycomInds DY 101.13 4.4 GATX GATX 101.34 1.6 Intricon IIN 27.66 1.4 MorganStanley MS 85.08 1.3 PortmanRidge PTMN 2.20 5.3 SignatureBank SBNY 244.91 1.9 Unifi UFI 30.94 0.8
elfBeauty ELF 29.10 -0.4 GMS GMS 44.77 1.7 Investar ISTR 22.45 ... MuellerIndustries MLI 44.94 1.0 Potbelly PBPB 6.20 1.9 SignetJewelers SIG 59.39 0.3 UnionBankshares UNB 30.44 1.7
52-Wk % 52-Wk % 52-Wk % EMCOR EME 115.59 2.5 GP Strategies GPX 17.53 2.0 InvestorsBancorp ISBC 15.05 2.8 MuellerWater MWA 14.21 3.6 PowellIndustries POWL 36.54 1.0 SilverbackTherap SBTX 56.88 14.1 Unisys UIS 27.71 -0.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ENI E 24.99 1.6 GabelliUtilityRt GUTrw 0.31 1.7 IturanLocation ITRN 23.70 3.4 NBT Bancorp NBTB 42.79 1.9 PrecisionDrilling PDS 28.82 -1.9 SimmonsFirstNat SFNC 33.43 0.5 UnitedAirlines UAL 56.44 4.1
EPR PropPfdG EPRpG 25.01 1.7 Gap GPS 30.92 3.2 J Alexander's JAX 9.38 4.4 NI NODK 19.64 2.3 PrefApartment APTS 10.90 4.7 SinclairBroadcast SBGI 39.60 -0.3 UnitedBkshrsWV UBSI 41.43 1.6
BancFirst BANF 77.38 5.0 CathayGenBncp CATY 44.94 3.0 EVO Payments EVOP 30.41 6.3 GeminiTherap GMTX 18.05 4.9 Joann JOAN 12.80 2.1 NLS Pharm NLSP 7.35 107.4 PreferredBankLA PFBC 67.49 1.4 SmartFinancial SMBK 23.96 2.3 UtdCmtyBks UCBI 36.59 2.5
Highs Bladex
BancorpSouth BXS
BLX 16.92
34.98
-0.4
4.1
CECO Env
CedarRealty
CECE
CDR
9.40
16.93
-0.9
2.6
EagleBancorp EGBN
EastWestBncp EWBC
57.85 1.8
78.53 1.4
GeneralDynamics GD
GeneralMotors GM
176.61
59.62
2.1
5.2
JPMorganChase JPM 157.63
j2Global JCOM 120.71
1.2
1.5
NLS Pharm Wt NLSPW
NN NNBR
2.18 122.9
8.20 10.1
PremierFinBncp PFBI
PremierFinl PFC
18.49
35.90
1.6
0.1
SmithAO
SolGelTech
AOS
SLGL
65.83
12.78
-0.9
10.8
UnitedFire UFCS
UnitedNatFoods UNFI
35.77
40.70
1.6
-0.2
AAR AIR 45.49 -1.8 BankFirst BFC 77.00 0.9 CedarRealtyPfB CDRpB 26.50 0.5 EasternBankshares EBC 19.31 1.5 Gentherm THRM 79.89 0.3 Jabil JBL 48.60 1.5 NatlBankHoldings NBHC 43.21 0.6 Primerica PRI 154.23 1.2 SoteraHealth SHC 29.32 2.3 US Bancorp USB 54.72 2.4
AECOM ACM 62.82 3.1 BankOZK OZK 45.50 2.4 Cemex CX 7.59 -1.2 EchoGlobalLog ECHO 33.18 -0.1 GermanAmerBncp GABC 48.90 4.7 JackintheBox JACK 106.93 2.8 NatlCineMedia NCMI 6.00 7.7 PrimorisSvcs PRIM 41.20 1.5 SotherlyHotelsPfB SOHOB 20.71 -0.5 USGasolineFd UGA 34.68 0.5
Aflac AFL 51.93 1.6 BankofAmerica BAC 38.18 1.9 CenovusEnergyWt CVE.WS 4.60 3.6 ElancoAnimal ELAN 34.43 0.4 GigaMedia GIGM 4.32 15.9 JefferiesFin JEF 33.08 3.1 NatlHealthInv NHI 76.22 3.0 PrincipalFin PFG 61.95 0.7 SoundFinBancorp SFBC 39.91 -0.6 US12moOilFd USL 22.90 -0.4
AMC Networks AMCX 78.99 6.8 BankofButterfield NTB 40.60 3.6 CentralGarden CENT 53.09 1.0 EllingtonFin EFC 16.89 1.1 GlacierBancorp GBCI 66.66 3.0 JohnsonControls JCI 61.91 1.2 Navient NAVI 13.70 0.7 PriorityIncmPfdC PRIFpC 25.66 2.2 SouthPlainsFin SPFI 25.08 -0.9 UnityBancorp UNTY 22.98 3.6
AZZ AZZ 56.74 2.3 BankofCommerce BOCH 13.06 1.2 CentralGardenA CENTA 48.06 1.3 Embraer ERJ 10.46 3.8 GladstoneComm GOOD 20.46 2.6 KBR KBR 34.68 -1.1 NaviosMaritime NMCI 8.74 4.8 ProAssurance PRA 28.65 1.7 SouthState SSB 93.26 1.7 Universal UVV 57.90 1.3
Abercrombie&Fitch ANF 34.27 3.3 BankofHawaii BOH 96.23 0.9 CentralPacFin CPF 27.38 2.0 EmeraldHldg EEX 6.90 7.0 GladstoneInvt GAIN 12.58 1.1 KT KT 11.99 0.1 NaviosMaritime NMM 22.49 5.2 PrometheusBio RXDX 26.44 33.1 SouthernFirstBcsh SFST 56.42 2.1 UnivLogistics ULH 26.78 0.2
AcadiaHealthcare ACHC 59.82 1.5 BankofMontreal BMO 88.37 0.9 CenturyBancorpA CNBKA 102.65 0.6 EmpireStateRealES ESBA 12.08 0.7 GlobalPtnrs GLP 23.13 3.3 KearnyFinancial KRNY 13.34 1.5 Nelnet NNI 78.36 -0.4 ProsperityBcshs PB 80.54 3.0 SouthsideBcshs SBSI 41.99 0.9 UnivestFin UVSP 30.14 1.9
AcadiaRealty AKR 21.18 3.5 BankNY Mellon BK 46.90 2.0 CenturyCasinos CNTY 10.20 9.4 EmpireStateRealty ESRT 12.11 0.6 GoldRoyalty GROY 5.00 5.9 KennedyWilson KW 20.79 0.9 Nesco NSCO 9.00 4.2 ProvidentBncp PVBC 14.94 0.6 SouthwestAir LUV 61.16 4.4 UraniumEner UEC 2.70 11.6
AcmeUnited ACU 42.00 0.6 BkNovaScotia BNS 63.88 0.6 ChampionX CHX 25.59 0.3 Enbridge ENB 36.56 0.2 GoldenEnt GDEN 29.12 11.3 KilroyRealty KRC 70.54 0.9 NescoWt NSCO.WS 1.68 1.9 ProvidentFinSvcs PFS 24.20 1.2 SpiritAeroSys SPR 52.05 3.2 UrstadtBiddle UBP 15.46 -0.3
AcuityBrands AYI 141.85 4.3 BankUnited BKU 50.71 1.9 ChathamLodging CLDT 14.57 0.6 EncoreWire WIRE 71.54 1.6 GoldenOcean GOGL 7.25 1.9 KimballElec KE 27.39 3.2 NewFrontierWt NFH.WS 2.95 5.0 PrudentialFin PRU 94.85 1.6 SpiritAirlines SAVE 39.46 5.8 UrstadtProp A UBA 18.23 3.8
Adecoagro AGRO 9.24 0.1 Banner BANR 60.42 2.5 Cheesecake CAKE 61.96 7.1 EnergyRecovery ERII 19.84 2.3 GoldmanSachs GS 350.00 2.0 KimballIntl B KBAL 14.48 2.9 NewJerseyRscs NJR 41.67 1.9 PzenaInvtMgmt PZN 12.01 -1.1 Sprott SII 45.50 1.4 VSE VSEC 44.27 0.8
Adient ADNT 47.98 17.7 Barclays BCS 10.10 4.2 ChefsWarehouse CHEF 34.48 2.8 EnerTransferPfdD ETPpD 23.43 ... GoodTimesRest GTIM 4.36 -2.0 Kirby KEX 68.89 1.7 NewMtnFin NMFC 13.13 0.9 QAD A QADA 76.11 -3.4 Stantec STN 42.15 1.0 VailResorts MTN 333.95 3.1
AdvanceAuto AAP 179.75 3.4 Barnes&NobleEduc BNED 9.30 -0.8 ChemungFinl CHMG 45.00 -4.0 EnerTransferPfC ETPpC 22.76 -0.2 GoresTechPtrsII GTPBU 10.14 1.0 Knoll KNL 18.79 1.9 NY Mortgage NYMT 4.73 1.6 QCR Holdings QCRH 49.49 -0.1 StarBulkCarriers SBLK 16.40 1.5 ValleyNatlBncp VLY 14.09 2.8
Aegion AEGN 29.56 12.4 BarnesGroup B 57.64 2.4 CheniereEnergy LNG 75.29 1.4 EnerpacTool EPAC 27.31 2.4 GoresTechPtrs GTPAU 10.50 2.0 KnotOffshore KNOP 18.40 2.2 NewYorkMtgPfdE NYMTM 24.64 0.2 QuantaServices PWR 88.71 1.4 StarwoodProp STWD 24.52 1.8 ValmontInds VMI 248.95 1.1
Aemetis AMTX 21.43 25.3 BassettFurniture BSET 28.10 5.9 CheniereEnerPtrs CQP 44.20 -0.6 Enerplus ERF 5.75 -0.4 GrafTechIntl EAF 13.10 -0.5 Kohl's KSS 60.95 5.6 NewHoldInvtWt NHICW 2.18 3.6 QuestResource QRHC 3.98 11.8 StateStreet STT 85.78 0.3 VectorGroup VGR 15.30 -1.3
AerCap AER 61.52 5.4 BeaconRoof BECN 54.40 1.3 Chevron CVX 112.70 0.3 EnerSys ENS 101.54 2.9 GraniteConstr GVA 40.75 1.3 KontoorBrands KTB 53.43 3.4 NewsCorp A NWSA 26.23 1.9 QuotientTech QUOT 16.44 7.2 SteelDynamics STLD 49.90 1.0 Veritex VBTX 33.06 3.4
AeriePharm AERI 21.12 2.6 BelFuse B BELFB 23.00 3.6 Chico'sFas CHS 3.63 0.9 EnovaIntl ENVA 41.06 1.4 GrayTelevision A GTN.A 19.52 5.2 L Brands LB 61.43 8.9 NewsCorp B NWS 25.03 1.7 RBB Bancorp RBB 23.00 1.8 SteelPartners SPLP 14.35 2.2 VermilionEnergy VET 8.79 3.1
AffinityBncshs AFBI 11.57 0.3 BenchmarkElec BHE 31.76 0.4 Cigna CI 243.90 1.8 EnPro NPO 95.17 0.4 GrayTelevision GTN 20.93 1.3 LCNB LCNB 19.99 2.7 NewtekBusSvcs NEWT 27.38 1.5 REV REVG 20.39 15.5 ViacomCBS A VIACA 95.20 10.1
Steelcase SCS 16.71 2.8
AirLease AL 52.96 -0.1 Berkley WRB 77.31 0.8 CincinnatiBncp CNNB 12.77 0.2 EnstarGroup ESGR 269.12 0.6 GreatAjax AJX 12.73 1.8 LGL Group LGL 14.14 7.0 NexstarMedia NXST 157.34 0.8 RLI RLI 117.48 1.7 ViacomCBS B VIAC 95.27 10.3
SterlingBancorp STL 24.98 2.7
AlamoGroup ALG 164.96 1.8 BerkshireHills BHLB 24.86 2.0 CircorIntl CIR 40.84 6.4 EnteraBio ENTX 10.16 70.8 GreatAjaxNts24 AJXA 25.79 0.4 LPL Financial LPLA 144.90 0.7 NobleMidstream NBLX 15.63 0.5 RLJ Lodging RLJ 17.05 2.2 VickersVantIWt VCKAW 0.72 14.7
SterlingBancorp SBT 5.93 0.2
AlerusFinancial ALRS 33.89 0.9 BigLots BIG 69.45 3.2 CitiTrends CTRN 86.61 5.2 EnteraBioWt ENTXW 1.80 123.3 GreatSouthernBncp GSBC 60.55 1.0 LakelandBcp LBAI 18.60 1.7 NorthernGenII NGAB 10.30 1.0 RPTRealty RPT 12.89 2.2 VictoryCapital VCTR 26.19 2.7
AllegianceBcshs ABTX 43.34 3.1
StevenMadden SHOO 40.49 -1.6
BiglariA BH.A 773.50 0.6 Citigroup C 75.25 2.6 EnterpriseFinSvcs EFSC 51.69 3.9 GreatWesternBncp GWB 33.74 0.6 LakelandFin LKFN 77.05 1.0 NorthernTrust NTRS 103.90 0.7 RPTRealty7.25%PfdD RPTpD 55.89 1.1 VinceHolding VNCE 10.00 1.5
StifelFinancial SF 67.92 1.8
AllianceData ADS 111.68 1.3 BioAtla BCAB 68.49 6.9 Citizens&Northern CZNC 24.99 1.2 Entravision EVC 4.39 10.0 GreenSky GSKY 7.40 0.2 Lands'End LE 36.50 -0.8 NorthfieldBanc NFBK 16.32 2.8 RYBEducation RYB 5.91 18.2 Vodafone VOD 18.88 1.7
ALLY 46.40 -0.1
StockYardsBncp SYBT 56.00 0.2
AllyFinancial BlkRkTCPCap TCPC 14.40 3.4 CtznCmntyBcp CZWI 12.48 2.5 Equinor EQNR 20.81 1.2 Greif A GEF 59.39 2.1 LaredoPetrol LPI 42.69 4.3 NorthrimBanCorp NRIM 48.19 2.6 RadianGroup RDN 23.45 1.1 VornadoRealty VNO 49.50 2.0
AltaEquipment ALTG 11.78 1.3 75.27 1.1 7.06 2.5
StratimCloud SCAQU 10.01 ...
Blackstone BX Citizens CIA Equitable EQH 32.34 1.5 Greif B GEF.B 60.67 3.3 LawsonProducts LAWS 60.79 2.0 Nucor NUE 70.08 2.8 Rafael RFL 52.87 11.0 WabashNational WNC 20.55 0.9
SumitomoMits SMFG 7.40 1.1
Altabancorp ALTA 39.49 -0.6 BlockHR HRB 21.23 1.9 CityHolding CHCO 88.49 1.9 EssexProp ESS 288.07 3.9 GrindrodShipping GRIN 7.50 6.3 Lear LEA 188.88 1.5 NuSTAR PfdA NSpA 22.24 0.2 RaytheonTech RTX 78.87 1.9 Walker&Dunlop WD 110.00 -2.2
MO 48.81 1.8 SummitFin SMMF 27.25 -0.6
Altria BloominBrands BLMN 28.55 5.5 CivistaBcshrs CIVB 23.94 1.2 EthanAllen ETH 28.91 2.8 Group1Auto GPI 175.04 0.8 LendingClub LC 15.36 18.0 NuSTARLogNts NSS 24.30 0.3 ReadyCapital RC 15.13 6.7 WashingtonFederal WAFD 33.89 3.7
AltusMidstream ALTM 59.73 3.0 SunCokeEnergy SXC 7.55 1.1
BluegreenVac BVH 19.61 1.8 ClassAccelA CLAS 9.97 -0.6 EvansBancorp EVBN 36.20 2.3 GuarantyBcshrs GNTY 35.04 -0.1 LeviStrauss LEVI 25.25 2.7 Nutrien NTR 58.73 -0.2 ReadyCapNts081523 RCA 26.00 0.6 WashTrBcp WASH 55.07 1.1
DOX 80.26 1.1 SuncorEnergy SU 23.63 2.3
Amdocs BlueknightEner BKEP 3.38 -1.6 ClearOne CLRO 4.28 9.5 Eventbrite EB 24.70 -0.5 Guess GES 28.30 1.3 LibertyLatAmC LILAK 14.58 4.8 NuvationBioWt NUVB.WS 4.21 -2.5 RedLionHotels RLH 3.50 0.3 WebsterFin WBS 62.60 2.8
AmerantBancorpB AMTBB 15.90 6.5 BlueknightEnPtrsA BKEPP 8.18 4.4 ClearSignTech CLIR 5.15 7.5 SuperMicroComp SMCI 36.63 1.8
EvercoreA EVR 140.99 4.1 H&E Equipment HEES 37.01 1.5 LibertyFormOne A FWONA 42.39 -0.4 nVentElectric NVT 29.45 3.3 RedRiverBcshs RRBI 65.07 2.9 Surmodics SRDX 55.99 ... WeingartenRealty WRI 27.52 1.5
Amerco UHAL 621.89 2.3 Boeing BA 269.72 6.8 CocaColaCon COKE 296.41 2.1 EverestRe RE 254.17 1.4 HBT Finl HBT 18.44 0.6 LibertyTripAdvA LTRPA 6.95 0.9 OFGBancorp OFG 23.24 1.5 RedRockResorts RRR 35.42 0.2 WeisMarkets WMK 59.70 1.1
AmerAirlines AAL 23.54 5.5 BostonPrivFin BPFH 15.08 -0.5 ColfaxUn CFXA 205.31 3.2 SynchronyFin SYF 43.24 0.1
ExlService EXLS 90.59 -1.5 HNI HNI 42.91 4.0 LifeStorage LSI 87.45 2.2 OFGBancorpPfB OFGpB 25.90 1.6 RegalBeloit RBC 153.15 2.7 WellsFargo WFC 40.02 2.8
AmericanAxle AXL 12.92 7.9 Box BOX 23.12 2.4 ColonnadeAcqnII CLAA.U 10.08 0.4 Synnex SNX 102.84 2.2
Expedia EXPE 176.25 2.1 HP HPQ 30.83 -0.2 LincolnNational LNC 63.14 1.8 OaktreeSpec OCSL 6.33 1.5 RegionalMgmt RM 38.22 0.5 WesBanco WSBC 37.41 2.3
AmericanFin AFG 118.11 1.7 BoydGaming BYD 66.17 -2.5 ColonyCapital CLNY 6.97 2.5 SynovusFin SNV 49.68 2.2
ExpeditorsIntl EXPD 100.67 1.4 HackettGroup HCKT 17.48 1.5 Lindsay LNN 170.28 2.1 OceanFirstFin OCFC 25.03 2.3 RegulusTherap RGLS 2.32 17.4 WescoIntl WCC 93.25 0.8
AIG AIG 48.92 0.9 Brady BRC 57.85 2.3 ColonyCapPfdG CLNYpG 25.36 0.1 Sysco SYY 83.45 2.9
ExtraSpaceSt EXR 131.81 2.6 HancockWhitney HWC 45.62 1.7 LionsGate B LGF.B 16.09 2.6 OldDomFreight ODFL 235.16 1.8 RelianceSteel RS 154.09 1.2 WestBancorp WTBA 26.78 1.9
AmNtlBcsh AMNB 36.50 1.9 BraemarHtlsPfd BHRpB 19.99 11.6 ColumbiaBanking COLB 50.68 2.2 TCF Financial TCF 49.50 2.0
FB Financial FBK 49.62 2.4 HanmiFinancial HAFC 21.82 2.9 LionsGate A LGF.A 18.70 2.9 OldNatlBncp ONB 20.99 2.3 ReliantBancorp RBNC 27.00 3.8 WestamericaBncp WABC 66.85 1.4
AmericanNatl ANAT 103.87 2.1 BrighthouseFin BHF 45.34 0.7 ColumbiaFin CLBK 17.94 1.9 TCG BDC CGBD 13.45 1.1
FNB FNB 13.45 2.8 HanoverIns THG 129.60 1.2 LiveOakBcshs LOB 63.43 0.7 OldPointFinl OPOF 22.70 2.3 RenalytixAI RNLX 31.25 2.3 WestNewEngBncp WNEB 9.24 1.3
AmerVanguard AVD 22.49 1.7 BrightView BV 17.89 2.9 ColumbusMcKinn CMCO 57.06 1.4 Tapestry TPR 45.00 1.2
FS KKR Cap FSK 20.71 1.2 HarborOneBncp HONE 14.20 2.4 Loews L 51.61 2.7 OldRepublic ORI 22.27 2.0 Renasant RNST 46.09 2.7 WhitestoneREIT WSR 10.39 1.7
AmericanWoodmark AMWD 108.81 0.5 BrinkerIntl EAT 76.38 4.2 CommerceBcshrs CBSH 81.18 2.2 FtacParnassus FTPAU 10.35 2.1 39.73 3.5 LongboardPharm LBPH 17.60 4.1 29.85 0.9 64.16 3.1 Tecnoglass TGLS 9.99 1.0
Hawkins HWKN OlympicSteel ZEUS Rent-A-Center RCII WilliamsIndlSvcs WLMS 3.95 0.8
AmerCarMart CRMT 163.99 2.5 BrookdaleSrLiving BKD 6.58 3.9 CommVehicle CVGI 10.68 -0.7 FTSI 26.00 5.1 HAYN 33.78 1.1 LORL 50.85 2.0 OMC 77.94 1.9 RepublicBcpKYA RBCAA 47.15 1.9 TeekayLNG un TGP 14.59 1.0
FTS Intl HaynesIntl LoralSpace Omnicom WintrustFin WTFC 83.47 3.1
AmerisBancorp ABCB 55.96 2.4 BrookfieldInfr BIPC 76.64 1.1 CommScope COMM 17.08 1.3 Fabrinet FN 93.25 1.0 Hayward HAYW 17.75 ... LouisianaPacific LPX 52.59 1.1 OneLiberty OLP 24.32 0.7 ResourcesConnect RGP 14.56 1.3 Teleflex TFX 425.30 2.1 WolverineWwide WWW 40.83 1.7
AmplitechWt AMPGW 6.00 8.9 BrooklineBcp BRKL 16.44 1.9 CommBkSys CBU 82.53 3.1 FarmlandPtrs FPI 14.85 0.8 HeartlandFinUSA HTLF 53.74 1.7 LunaInnov LUNA 13.05 -2.7 OneWaterMarine ONEW 42.38 0.6 Rexnord RXN 51.54 0.3 Tele&DataPfdUU TDSpU 25.48 0.6 WorthingtonInds WOR 74.48 -0.5
Amrep AXR 10.31 18.3 Brunswick BC 104.99 -0.5 CommunityBkrs ESXB 8.64 0.5 FedAgriMtg C AGM 99.81 2.8 Heidrick&Strug HSII 39.57 -0.1 Luxfer LXFR 21.99 2.7 Oppenheimer A OPY 43.89 0.5 RichmondMutBncp RMBI 14.46 0.8 TempurSealy TPX 38.15 2.5 WyndhamHtls WH 69.58 0.5
AmtechSystems ASYS 12.87 4.4 Bunge BG 82.33 -0.8 CommunityHlthSys CYH 11.55 14.6 FedAgriMtg A AGM.A 84.01 5.0 HeliosTechnologies HLIO 74.75 1.4 Lyft LYFT 66.90 5.8 OptionCare OPCH 20.99 -3.4 RingEnergy REI 3.12 ... Tenaris TS 23.81 -0.3 XeniaHotels XHR 21.00 1.8
Andersons ANDE 30.83 0.8 BurgundyTechWt BTAQW 1.54 1.4 CmntyTrBcp CTBI 47.53 1.5 FederalRealty FRT 110.61 1.6 HemisphereMedia HMTV 14.44 -0.1 MDU Rscs MDU 31.57 1.8 OrchidIslandCap ORC 5.92 0.9 RockyBrands RCKY 48.77 1.1 Tennant TNC 82.54 1.2 XenonPharms XENE 21.94 -3.6
AngioDynamics ANGO 23.00 0.9 BurlingtonStrs BURL 311.74 2.9 ComputerTask CTG 9.95 4.2 FederalSignal FSS 39.78 2.2 HercHoldings HRI 101.38 2.0 MRC Global MRC 10.00 0.6 Organogenesis ORGO 17.83 4.8 Rogers ROG 196.05 0.5 Tenneco TEN 12.98 5.0 Xperi XPER 24.25 0.6
AnixaBiosci ANIX 6.85 13.6 BusFirstBcshs BFST 24.33 0.3 ConcretePumping BBCP 7.29 9.4 Ferguson FERG 125.06 -0.3 HeritageCommerce HTBK 10.90 2.1 MSC Industrial MSM 91.49 2.3 Orgenesis ORGS 8.30 1.3 RossAcqnII ROSS.U 10.10 0.5 TerritBanc TBNK 28.65 0.6 Yellow YELL 10.20 -1.4
AnnalyCap NLY 8.78 1.5 BylineBancorp BY 22.15 0.4 ConnectOneBncp CNOB 28.24 -0.5 FifthThirdBncp FITB 39.26 2.8 HeritageFin HFWA 30.86 2.5 MVB Financial MVBF 36.64 0.4 OrionEngCarbons OEC 21.05 3.0 RoyalBkCanada RY 93.41 0.7 TetraTech TTI 2.99 4.9 Yelp YELP 42.42 0.9
AnworthMtg ANH 3.13 6.1 CBIZ CBZ 34.13 2.5 Constellium CSTM 17.08 0.3 FinInstitutions FISI 32.40 0.9 HershaHospitality HT 12.24 3.8 MYR Group MYRG 73.86 5.5 OrionGroup ORN 6.65 2.8 RoyalDutchA RDS.A 44.50 1.0 TexasCapBcshs TCBI 90.86 2.6 ZimIntShipping ZIM 25.39 8.1
AptIncmREIT AIRC 44.44 2.6 CBTX CBTX 32.21 -1.3 Cooper-Standard CPS 47.36 8.8 FinTechEvol FTEV.U 10.15 -0.1 HershaHospPfdD HTpD 25.49 -0.4 Macatawa MCBC 10.66 2.2 OwensCorning OC 88.06 2.5 RoyalDutchB RDS.B 42.29 0.9 TexasPacLand TPL 1498.19 1.6 ZionsBancorp ZION 59.37 2.7
APi Group APG 20.52 2.0 CF Acqn VIII CFFEU 10.09 0.1 Core-Mark CORE 40.26 0.8 FirstBancorpNC FBNC 48.83 1.6 HewlettPackard HPE 15.96 2.0 MagnaChipSem MX 23.44 3.3 OxfordIndustries OXM 93.48 3.7 RubiusTherap RUBY 17.20 3.4 TexasRoadhouse TXRH 97.91 2.1
ApogeeEnt
ApolloComRlEst ARI
APOG 42.70
14.74
2.0
2.3
CF Industries CF
CHS PfdB CHSCO
51.24
29.10
-2.5
...
CorePoint
Corning
CPLG
GLW
10.28
40.94
-0.9
1.9
FirstBanCorp FBP
FirstBancshares FBMS
12.37 2.2
38.32 ...
Hexcel
Hilltop
HXL
HTH
59.44
39.60
1.8
2.0
MagnoliaOil MGY 13.35
MaidenHldgsPfdA MHpA 14.40
-3.0
-0.1
OxfordLanePfd2027 OXLCP
OxfordSquare OXSQ
24.28 -0.6
4.31 2.9
RushEnt B
RushEnt A
RUSHB
RUSHA
46.29
50.37
2.3
2.9
Textron
TheBancorp
TXT 55.70
TBBK 24.52
3.5
-1.2 Lows
ApolloInv AINV 14.73 0.8 CIT Group CIT 53.95 2.1 Coty COTY 9.03 1.4 FirstBank FRBA 13.20 7.2 HinghamSvg HIFS 296.97 1.7 MainStreetCap MAIN 38.57 1.5 PBF Energy PBF 18.78 3.0 RuthsHospitality RUTH 26.53 2.5 ThorIndustries THO 141.17 1.5 BoaAcqn BOAS.U 9.95 -0.2
ApolloMedical AMEH 27.81 2.3 CNA Fin CNA 46.72 1.2 CovenantLogist CVLG 21.63 1.0 FirstBusey BUSE 26.74 2.0 HollyEnergy HEP 19.70 1.3 MalibuBoats MBUU 89.94 0.4 PBF Logistics PBFX 14.54 2.7 RyderSystem R 79.90 -2.0 Tilly's TLYS 13.14 8.9 CentricusAcqn CENHU 9.95 -0.4
ArcelorMittal MT 27.17 0.6 CNB FinPA CCNE 26.85 1.5 CrackerBarrel CBRL 172.85 2.0 FirstCitizBcshA FCNCA 875.60 1.9 HomeBancorp HBCP 39.24 -1.8 MalvernBancorp MLVF 19.38 1.7 PCB Bancorp PCB 16.43 0.1 S&T Bancorp STBA 35.20 2.7 TimberlandBncp TSBK 30.56 0.6 Coupang CPNG 46.25 -1.6
ArcelorMittalNts MTCN 63.81 0.6 CNO Financial CNO 26.47 -0.3 Crane CR 93.66 1.9 FirstCmwlthFin FCF 15.56 2.1 HomeBancShares HOMB 28.65 1.5 Manitowoc MTW 20.99 6.7 PCSB Fin PCSB 17.98 -1.0 SITE Centers SITC 14.26 2.3 TimkenSteel TMST 12.13 2.2 D&ZMedia DNZ.U 9.98 -0.2
ArchCapital ACGL 37.67 1.7 CNX Resources CNX 15.27 -1.0 Crawford A CRD.A 10.90 0.7 FstCmntyBcsh FCBC 30.32 2.4 HomeStreet HMST 52.46 -0.4 Manpower MAN 104.24 1.5 PDLCommBncp PDLB 12.98 0.5 SITECtrsPfdA SITCpA 25.74 0.1 TompkinsFin TMP 92.80 1.7 DigitalTransform DTOCU 9.93 ...
Arconic ARNC 31.85 -3.5 CTO Realty CTO 56.90 -0.1 CrescentPoint CPG 4.66 0.7 FirstFinBncpOH FFBC 26.55 3.6 HookerFurniture HOFT 39.95 -0.6 ManulifeFin MFC 21.86 0.6 PGT Innovations PGTI 26.83 0.2 SLGreenRealty SLG 77.76 3.1 TorontoDomBk TD 65.50 0.9 EQ Health EQHA.U 9.95 ...
AresCommRealEst ACRE 14.91 1.2 CVB Fin CVBF 25.00 2.2 CrossCtyHlthcr CCRN 13.58 1.5 FirstFinBkshs FFIN 51.30 2.5 HopeBancorp HOPE 16.26 4.3 Marcus MCS 23.68 1.8 PNC Fin PNC 181.53 2.5 SLM SLM 17.54 -1.3 Total TOT 50.41 1.3 EmpowermentI EPWR.U 10.05 0.5
AresMgmt ARES 55.54 0.8 CVR Partners UAN 30.13 5.3 CrossTimbers CRT 10.58 -2.5 FirstFinIN THFF 47.00 1.6 HorizonBancorp HBNC 20.17 0.2 Markel MKL 1165.00 2.0 PSBusinessParks PSB 157.47 3.8 SPX SPXC 60.90 1.5 TowneBank TOWN 32.70 1.6 Empower&IncA EPWR 9.67 0.2
Argan AGX 55.37 1.5 CadenceBancorp CADE 23.84 2.0 Cullen/Frost CFR 117.38 2.7 FirstFoundation FFWM 25.53 -0.2 HoughtonMifflin HMHC 7.20 3.5 MasoniteIntl DOOR 120.06 0.2 PacificMercBncp PMBC 8.24 1.4 SPX FLOW FLOW 70.00 1.2 TractorSupply TSCO 174.18 0.5 Epizyme EPZM 8.76 1.0
ArgoGroup ARGO 52.75 -0.1 Caleres CAL 19.05 2.9 Cummins CMI 274.48 1.5 FirstHorizon FHN 17.76 2.9 HovnanianPfdA HOVNP 18.02 -0.3 MasTec MTZ 98.98 3.1 PacificPremBncp PPBI 47.15 1.6 SVB Fin SIVB 560.15 -0.6 Transcat TRNS 49.50 -0.2 First HS Educ FHS 7.57 -13.9
ArmstrongWorld AWI 95.43 1.9 CalumetSpecialty CLMT 5.18 0.2 CumulusMedia CMLS 11.65 2.8 FirstInternetBncp INBK 38.87 2.2 HubGroup HUBG 68.44 3.0 MasterCraftBoat MCFT 32.25 1.2 PacWestBancorp PACW 40.77 1.8 SachemCapital SACH 4.85 1.9 TransGlobeEner TGA 1.81 -2.9 FortressCapWt FCAX.WS 1.10 -7.7
ArrowFinancial AROW 36.48 0.3 CamdenNational CAC 49.66 2.1 CurtissWright CW 123.92 3.4 FirstInterBanc FIBK 51.00 2.0 HudsonGlobal HSON 17.15 4.0 MatthewsIntl MATW 42.51 0.9 ParPacific PARR 20.18 -0.4 SafeBulkersPfdD SBpD 23.09 0.5 Travelers TRV 159.04 1.4 GlbPtrII A GPAC 9.80 -1.3
ArtesianRscs A ARTNA 42.40 4.8 Camtek CAMT 32.50 10.6 DCP Midstream DCP 26.44 1.9 FirstMerchants FRME 50.65 1.9 Hurco HURC 38.83 3.8 MayvilleEngg MEC 17.45 8.8 ParamountGroup PGRE 10.54 1.4 SafeBulkersPfdC SBpC 23.49 1.1 Travelzoo TZOO 16.07 6.7 Hayward HAYW 16.62 ...
AsburyAutomotive ABG 191.80 1.7 Canaan CAN 39.10 -4.9 Daktronics DAKT 7.23 5.2 FirstMidBcshs FMBH 43.48 3.8 ICF Intl ICFI 92.86 2.8 McGrathRent MGRC 81.14 1.9 ParkAerospace PKE 15.57 0.4 SalemMedia SALM 3.95 10.5 TrecoraResources TREC 8.35 -0.2 IberePharm IBER.U 9.95 -1.5
AshlandGlobal ASH 90.78 2.9 CIBC CM 99.88 0.9 Dana DAN 27.15 3.2 FirstMidwestBncp FMBI 24.04 3.2 ICL Group ICL 6.13 -1.0 McKesson MCK 187.68 2.4 ParkHotels PK 23.12 0.5 SandersonFarms SAFM 167.41 0.3 TriCoBancshares TCBK 51.44 2.3 Joann JOAN 11.49 2.1
AssociatedBanc ASB 23.14 3.7 CapitalOne COF 134.70 0.3 Danaos DAC 49.56 -2.3 FirstLongIsland FLIC 21.25 1.9 IDT IDT 22.27 3.2 MeaTech3D MITC 10.49 -2.9 ParkNational PRK 140.99 0.9 SandySpringBncp SASR 44.28 1.9 TriNet TNET 87.60 2.7 KL Acqn Wt KLAQW 0.90 -4.3
AstecIndustries ASTE 77.38 2.9 CapitalaFinNts22 CPTAG 24.54 0.2 Darden DRI 145.83 3.1 FirstSavingsFin FSFG 69.92 1.4 Invesco IVZ 25.72 1.5 MediaAlpha MAX 70.33 -0.6 PeapackGladFinl PGC 31.48 0.4 Sanmina SANM 40.09 1.4 Trip.com TCOM 43.98 4.8 LightJumpA LJAQ 9.73 -0.5
Astronics ATRO 18.58 6.8 CapitolFedFin CFFN 14.36 2.2 Deere DE 370.76 1.4 1stSource SRCE 50.38 1.7 ITT ITT 89.17 1.8 MercantileBank MBWM 34.47 2.0 PebblebrookHotel PEB 25.56 -1.4 SantanderCons SC 27.98 0.1 TripAdvisor TRIP 59.87 8.1 LongboardPharm LBPH 15.50 4.1
AtHomeGroup HOME 30.20 2.4 Capri CPRI 54.89 -0.4 Denny's DENN 20.02 5.5 FirstWesternFin MYFW 23.49 2.1 iHeartMedia IHRT 16.62 3.4 MerchantsBancorp MBIN 43.98 2.1 PembinaPipeline PBA 30.95 0.7 Sasol SSL 15.36 1.3 Triple-S Mgmt GTS 28.80 2.1 MDH Acqn MDH.U 9.95 -0.1
AtlCapitalBcshs ACBI 25.83 0.4 CapStarFin CSTR 17.90 1.5 DesignerBrands DBI 15.79 6.6 FivePoint FPH 7.20 2.6 ImperialOil IMO 26.21 1.1 Meredith MDP 37.50 2.0 PennNational PENN 132.76 -0.4 SaulCentersPfdE BFSpE 25.06 -1.4 TriStateCapital TSC 26.42 0.9 MeaTech3D MITC 7.84 -2.9
AtlUnionBkshs AUB 41.32 2.9 CapsteadMtg CMO 6.48 -0.2 Despegar.com DESP 15.55 3.7 Flagstar FBC 51.58 1.3 IndepRealty IRT 15.16 2.4 MeridianBancorp EBSB 19.55 1.7 PennantPark PNNT 6.10 2.2 SchnitzerSteel SCHN 46.86 -3.0 TriStateCapPfA TSCAP 27.90 0.8 Playtika PLTK 25.80 -5.9
Autoliv ALV 98.60 1.3 CapsteadMtgPfdE CMOpE 25.47 0.8 DiamndrckHspty DRH 10.92 1.4 Fluor FLR 23.30 10.9 IndependentBank INDB 99.85 1.4 MesabiTrust MSB 30.00 1.1 PenskeAuto PAG 85.52 0.7 SchwabC SCHW 68.21 1.9 TriumphGroup TGI 18.92 4.1 ProvidentAcqn PAQCU 10.23 0.7
Avient AVNT 50.35 2.2 CareTrustREIT CTRE 23.92 3.5 DieboldNixdorf DBD 16.95 0.7 FlushingFin FFIC 24.72 1.4 IndepBankMI IBCP 24.59 2.9 MetaFinancial CASH 47.66 2.6 PeoplesBncpOH PEBO 36.75 1.4 SchweitzerMaud SWM 50.79 1.1 TrueBlue TBI 22.89 1.2 ProvidentAcqnA PAQC 9.74 -0.6
AvisBudget CAR 69.19 2.7 Carlisle CSL 160.09 0.8 DimeCommBcshs DCOM 33.32 2.3 FootLocker FL 58.23 1.8 IndependentBank IBTX 80.71 1.4 MethodeElec MEI 46.25 2.3 PeoplesFinSvcs PFIS 47.34 2.4 SeacoastBkgFL SBCF 40.93 2.1 TrustcoBank TRST 7.95 1.4 Root ROOT 10.91 -6.4
AxosFinancial AX 52.50 1.8 CarpenterTech CRS 48.06 -1.6 DiscoverFinSvcs DFS 104.49 ... FordMotor F 13.43 4.4 InfoSvcsGrp III 4.44 13.6 MetropolitanBk MCB 53.00 0.4 PerformanceFood PFGC 59.85 3.6 SeelosTherap SEEL 5.89 56.3 Trustmark TRMK 35.55 3.6 RossAcqnII ROSS.U 9.95 0.5
BGSF BGSF 16.49 4.4 Cars.com CARS 15.19 3.0 DiscoveryA DISCA 71.93 6.2 ForestRoad II FRXB.U 10.59 3.3 InglesMarkets IMKTA 63.11 2.1 Middleby MIDD 172.95 -0.3 PermianBasin PBT 4.70 0.6 SelectBancorp SLCT 12.60 1.0 TsakosEnergyPfdF TNPpF 23.24 0.7 SandbridgeX2 SBII.U 9.95 0.1
BJsRestaurants BJRI 61.56 4.9 CarterBkshrs CARE 14.94 -0.8 DiscoveryC DISCK 60.10 5.0 Fortinet FTNT 188.92 0.4 Innodata INOD 8.78 6.3 MidlandStBncp MSBI 30.32 -0.6 Phenixfin PFX 33.12 0.6 SelectiveIns SIGI 77.11 ... TutorPerini TPC 20.24 2.0 StratimCloud SCAQU 9.93 ...
BOK Fin BOKF 97.89 2.6 CasellaWaste CWST 64.84 1.7 DonnelleyFin DFIN 30.24 2.3 ForwardAir FWRD 93.53 1.3 InnovAge INNV 26.82 -0.2 MidWestOneFin MOFG 32.99 2.6 PilgrimPride PPC 25.73 1.4 SensataTechs ST 62.99 1.6 TysonFoods TSN 75.99 2.1 VPC Impact II VPCBU 9.80 -0.5
BRT Apartments BRT 21.70 2.7 CassInfoSys CASS 48.55 -0.1 DouglasDynamics PLOW 51.44 2.5 FosterLB FSTR 19.47 1.1 InsightEnt NSIT 99.25 0.3 MillerHerman MLHR 42.89 1.1 PinnacleFinPtrs PNFP 92.89 1.0 SequentialBrands SQBG 28.76 8.2 UDR UDR 45.21 3.6 VPCImpactIII VPCC.U 9.90 -0.3
BancCalifornia BANC 21.40 2.0 Caterpillar CAT 229.02 4.2 Dover DOV 136.05 1.5 FoxA FOXA 43.01 2.2 InsteelInds IIIN 38.96 2.8 MineralsTechs MTX 80.31 1.5 PioneerNatRscs PXD 166.82 0.6 SeritageGrwPfdA SRGpA 24.70 -6.0 UFP Inds UFPI 72.06 2.8 VinciPartnersInvt VINP 14.26 -2.5
THE WALL STREET JOURNAL. * * * * * Saturday/Sunday, March 13 - 14, 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. -3.42 201.75 52.51 Five9 FIVN ... dd 168.44 -2.36 0.76 120.97 74.33 Marsh&McLen MMC 1.6 30 117.89 -0.31 s 27.55 68.21 28.00 SchwabC SCHW 1.1 32 67.65 1.24
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 25.00 336.00 20.42 FiverrIntl FVRR ... dd 243.88 -1.99 21.08 353.56 135.08 MartinMarietta MLM 0.7 30 343.83 3.05 12.37 250.00 76.50 ScottsMiracleGro SMG 1.1 26 223.77 3.44
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. 4.04 292.70 168.51 FleetCorTech FLT ... 35 283.86 0.19 -0.80 55.70 16.45 MarvellTech MRVL 0.5 dd 47.16 0.86 18.06 285.00 35.61 Sea SE ... dd 234.99 -1.80
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those 0.72 20.04 5.36 Flex FLEX ... 22 18.11 -0.17 3.48 60.16 27.04 Masco MAS 1.0 23 56.84 -0.21 23.52 78.00 39.02 Seagate STX 3.5 20 76.78 -0.47
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 1.37 108.54 24.36 Floor&Decor FND ... 51 94.12 -1.01 -14.15 284.86 143.90 Masimo MASI ... 56 230.40 -2.59 -13.94 213.94 90.57 Seagen SGEN ... 46 150.73 -2.36
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. -2.32 79.62 52.91 FomentoEconMex FMX 1.9 dd 74.01 -1.62 7.22 389.50 199.99 Mastercard MA 0.5 60 382.71 -1.67 1.05 137.47 88.00 SempraEnergy SRE 3.4 10 128.75 1.84
s 52.10 13.43 3.96 FordMotor F 0.0 dd 13.37 0.56 1.45 174.68 87.56 MatchGroup MTCH ... ... 153.38 -1.97 s 19.13 62.99 18.25 SensataTechs ST ... 61 62.83 0.97
s 26.81 188.92 70.20 Fortinet FTNT ... 65 188.35 0.82 -0.76 98.44 41.93 MaximIntProducts MXIM 0.0 33 87.98 -1.19 -11.12 598.37 238.93 ServiceNow NOW ...830 489.22 -13.65
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 3.01 43.49 28.59 Fortis FTS 3.8 22 42.05 0.49 42.48 24.60 14.80 McAfee MCFE 1.5 dd 23.78 0.14 9.17 19.31 12.20 ShawComm B SJR 4.9 19 19.17 0.21
s-New 52-week high. standards vj-In bankruptcy or receivership or -4.56 74.25 31.20 Fortive FTV 0.4 16 67.59 -0.59 -9.19 105.53 56.11 McCormick MKC 1.6 31 86.81 0.99 -3.64 758.00 325.43 SherwinWilliams SHW 0.9 32 708.13 4.13
t-New 52-week low. lf-Late filing being reorganized under the 4.46 93.40 33.90 FortBrandsHome FBHS 1.2 23 89.54 0.09 -10.11 105.50 56.56 McCormickVtg MKC.V 1.6 31 85.91 -0.45 3.63 32.28 17.09 ShinhanFin SHG 3.7 5 30.84 -0.44
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities s 38.50 40.38 19.13 FoxB FOX 1.1 16 40.00 0.59 -1.04 231.91 124.23 McDonalds MCD 2.4 34 212.34 0.77 0.77 1499.75 305.30 Shopify SHOP ...449 1140.63 -1.61
four quarters. requirements. assumed by such companies. s 46.91 43.01 19.81 FoxA FOXA 1.1 17 42.78 0.94 s 7.84 187.68 112.60 McKesson MCK 0.9 dd 187.55 4.42 14.16 20.40 3.50 Sibanye-Stillwater SBSW 4.3 7 18.14 -0.99
FD-First day of trading. t-NYSE bankruptcy -3.80 166.11 77.18 Franco-Nevada FNV 0.9 71 120.57 1.88 0.69 22.75 12.35 MedicalProp MPW 5.1 27 21.94 0.72 s 78.60 244.91 68.98 SignatureBank SBNY 0.9 24 241.63 4.58
15.37 29.68 14.91 FranklinRscs BEN 3.9 18 28.83 0.04 1.43 120.53 72.13 Medtronic MDT 2.0 56 118.81 0.71 38.19 121.31 42.25 SimonProperty SPG 4.4 30 117.85 2.01
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. 43.81 39.10 4.82 FreeportMcM FCX 0.0 94 37.42 -0.05 12.29 23.65 10.81 MelcoResorts MLCO 0.0 dd 20.83 -0.49 -3.30 8.14 4.11 SiriusXM SIRI 1.0287 6.16 0.02
-12.13 46.55 29.17 FreseniusMed FMS 1.4 16 36.52 -0.09 -7.47 2020.00 422.22 MercadoLibre MELI ... dd 1550.15 -20.63 46.60 46.30 9.81 Skillz SKLZ ... dd 29.32 1.54
Friday, March 12, 2021 YTD 52-Week Yld Net 248.61 204.25 8.16 Futu FUTU ...191 159.49 -1.02 -8.80 87.80 65.25 Merck MRK 3.5 27 74.60 0.62 12.71 195.82 67.90 Skyworks SWKS 1.2 27 172.31 -1.44
% Chg Hi Lo Stock Sym % PE Last Chg 30.12 62.05 22.85 MetLife MET 3.0 11 61.09 1.08 -3.48 44.57 15.10 SlackTech WORK ... dd 40.77 -0.33
YTD 52-Week Yld Net GHI -6.34 1271.67 579.40 MettlerToledo MTD ... 43 1067.38 -13.24 -3.54 85.43 30.91 Smartsheet SMAR ... dd 66.84 -1.07
34.01 32.64 6.71 CanNaturalRes CNQ 4.6 dd 32.23 0.12 6.76 166.67 53.15 MicrochipTech MCHP 1.1116 147.45 -0.76 s 17.44 65.83 33.80 SmithAO AOS 1.6 30 64.38 -0.60
% Chg Hi Lo Stock Sym % PE Last Chg 7.60 379.00 173.26 CanPacRlwy CP 0.8 28 373.05 -0.54 -2.63 116.76 43.27 GDS Holdings GDS ... dd 91.18 -2.32 16.75 95.75 31.13 MicronTech MU ... 33 87.77 -1.54 -6.71 46.10 26.07 Smith&Nephew SNN 1.9 38 39.34 0.17
13.85 34.47 11.92 GFLEnvironmental GFL 0.1 dd 33.22 0.07
ABC 11.85 24.22 15.46 Canon
38.80 56.50 9.00 CanopyGrowth CGC
CAJ 2.9 40 21.71
... dd 34.20
-0.20
-0.08 64.15 149.05 27.06 GSXTechedu GSX ... dd 84.88 2.83
5.99 246.13 132.52 Microsoft
11.91 142.98 82.00 MidAmApt
MSFT
MAA
1.0 35 235.75
2.9 65 141.78
-1.38
5.23
5.05 131.69 91.88 Smucker
25.20 73.59 7.89 Snap
SJM
SNAP
3.0 14 121.44
... dd 62.69
1.19
3.07
10.12 31.14 14.71 ABB ABB 2.3 13 30.79 -0.10 s 34.09 134.70 38.00 CapitalOne COF 1.2 26 132.55 0.45 1.97 129.12 65.09 Gallagher AJG 1.5 30 126.15 1.71 s 31.67 172.95 41.73 Middleby MIDD ... 45 169.75 -0.53 27.00 221.59 90.72 SnapOn SNA 2.3 19 217.35 2.55
s 25.95 62.82 21.76 AECOM ACM ... dd 62.70 1.89 7.08 59.46 39.05 CardinalHealth CAH 3.4 12 57.35 1.63 1303.93 483.00 2.57 GameStop GME 0.0 dd 264.50 4.50 -13.50 249.42 66.01 MiratiTherap MRTX ... dd 189.99 -4.94 -18.27 429.00 208.55 Snowflake SNOW ... dd 230.00 -7.81
21.06 29.07 8.11 AES AES 2.1468 28.45 0.27 s 1.95 160.09 97.55 Carlisle CSL 1.3 27 159.22 1.21 1.32 45.75 13.04 Gaming&Leisure GLPI 6.1 19 42.96 0.60 s 25.06 5.58 3.32 MitsubishiUFJ MUFG 3.5 14 5.54 0.04 16.11 60.74 15.20 SOQUIMICH SQM 0.8 91 57.00 -0.71
s 16.57 51.93 23.07 Aflac AFL 2.5 8 51.84 0.83 16.28 37.81 15.21 Carlyle CG 2.7 40 36.56 -0.22 s 52.60 30.92 5.26 Gap GPS 3.1 dd 30.81 0.96 17.65 3.10 1.96 MizuhoFin MFG 3.6 2 3.00 0.02 -8.66 377.00 67.02 SolarEdgeTech SEDG ...110 291.48 -3.75
34.31 139.62 35.33 AGCO AGCO 0.5 25 138.46 2.04 41.60 136.34 37.59 CarMax KMX ... 29 133.76 0.79 6.52 133.43 61.04 Garmin GRMN 1.9 25 127.46 0.35 -2.46 9.81 6.20 MobileTeleSys MBT 7.4 9 8.73 0.10 3.42 118.50 50.94 Sony SNE 0.3 13 104.56 1.36
5.58 16.73 6.25 AGNC Invt AGNC 8.7 dd 16.47 0.16 31.39 29.59 7.80 Carnival CCL 0.0 dd 28.46 0.99 16.62 191.66 76.91 Gartner IT ... 63 186.82 0.59 31.13 189.26 19.31 Moderna MRNA ... dd 136.99 -3.48 -2.59 64.93 41.96 Southern SO 4.3 20 59.84 0.56
-12.90 413.19 203.71 Ansys ANSS ... 64 316.88 -5.76 28.28 25.16 7.08 Carnival CUK 0.0 dd 24.04 0.74 44.80 364.00 75.50 Generac GNRC ... 60 329.30 -2.46 34.12 192.57 56.62 MohawkInds MHK ... 26 189.04 3.26 19.76 83.15 23.43 SoCopper SCCO 3.1 38 77.99 -0.22
49.61 23.85 3.80 APA APA 0.5 dd 21.23 -0.66 4.96 41.94 11.50 CarrierGlobal CARR 1.2 18 39.59 0.36 s 18.46 176.61 100.55 GeneralDynamics GD 2.7 16 176.29 3.62 9.31 246.72 102.85 MolinaHealthcare MOH ... 21 232.49 3.40 s 30.94 61.16 22.46 SouthwestAir LUV 0.0 dd 61.03 2.56
28.42 9.00 3.17 ASETech ASX 1.2 17 7.50 -0.12 19.68 323.39 22.16 Carvana CVNA ... dd 286.69 9.65 16.48 14.41 5.48 GeneralElec GE 0.3 22 12.58 0.31 -20.22 65.53 43.75 MolsonCoorsA TAP.A 0.0 dd 50.02 -4.98 -20.00 225.89 93.92 Splunk SPLK ... dd 135.92 -2.27
10.23 608.71 191.25 ASML ASML 0.5 55 537.63 -6.77 1.62 127.68 31.04 Catalent CTLT ... 59 105.76 -0.50 -0.09 66.14 46.88 GeneralMills GIS 3.5 15 58.75 0.62 3.19 56.10 32.11 MolsonCoorsB TAP 0.0 dd 46.63 0.65 -11.05 387.44 109.18 Spotify SPOT ... dd 279.89 -7.07
3.65 34.61 26.08 AT&T T 7.0 dd 29.81 0.27 s 25.81 229.02 88.50 Caterpillar CAT 1.8 42 229.00 9.24 s 42.32 59.62 14.32 GeneralMotors GM 0.0 14 59.26 2.93 -2.74 60.00 41.19 Mondelez MDLZ 2.2 23 56.87 0.60 11.24 283.19 32.33 Square SQ ...620 242.11 0.39
6.59 128.54 61.61 AbbottLabs ABT 1.5 47 116.71 -0.81 13.90 152.60 52.70 Celanese CE 1.8 9 148.00 1.00 -19.11 44.83 16.24 Genmab GMAB ... 30 32.89 -0.21 -10.86 428.96 93.81 MongoDB MDB ... dd 320.06 -7.20 6.66 195.00 70.00 StanleyBlackDck SWK 1.5 25 190.46 -1.52
1.00 113.41 62.55 AbbVie ABBV 4.8 38 108.22 0.35 s 41.01 7.59 1.55 Cemex CX 0.0 dd 7.29 -0.09 9.11 37.75 19.48 Gentex GNTX 1.3 26 37.02 0.20 -9.62 406.75 130.12 MonolithicPower MPWR 0.7 95 331.00 -6.60 0.78 110.47 50.02 Starbucks SBUX 1.7194 107.81 0.49
-9.19 71.91 26.16 AbCelleraBio ABCL ... ... 36.54 0.54 40.40 8.57 1.41 CenovusEnergy CVE 0.6 dd 8.48 0.05 14.10 118.84 49.68 GenuineParts GPC 2.8 92 114.59 1.02 -3.83 95.11 50.06 MonsterBev MNST ... 34 88.94 -0.41 s 15.14 85.78 42.10 StateStreet STT 2.5 13 83.80 0.22
-6.37 387.40 119.01 Abiomed ABMD ... 69 303.55 -0.82 4.78 74.70 43.96 Centene CNC ... 20 62.90 1.01 5.66 85.97 56.56 GileadSciences GILD 4.6788 61.56 -0.82 0.48 305.95 164.19 Moody's MCO 0.9 31 291.64 0.11 s 33.41 49.90 14.98 SteelDynamics STLD 2.1 19 49.19 0.48
1.43 271.18 137.15 Accenture ACN 1.3 33 264.95 -1.42 1.52 25.39 11.58 CenterPointEner CNP 2.9 dd 21.97 0.68 -3.42 43.18 31.43 GSK GSK 5.9 12 35.54 -0.01 s 23.07 85.08 27.20 MorganStanley MS 1.7 13 84.34 1.09 2.32 19.50 6.00 Stellantis STLA 0.0 dd 18.51 0.20
0.20 104.53 50.51 ActivisionBliz ATVI 0.5 33 93.03 0.09 -17.60 7.75 2.96 CentraisElBras EBR ... 7 5.76 ... -0.17 215.70 105.54 GlobalPayments GPN 0.4111 215.06 5.20 5.44 255.75 102.59 Morningstar MORN 0.5 47 244.16 0.17 -2.90 203.91 105.69 Steris STE 0.9 37 184.05 2.50
-11.16 536.88 255.13 Adobe ADBE ... 41 444.30 -6.76 -18.22 111.93 38.40 CeridianHCM CDAY ... dd 87.15 -0.91 -3.11 244.72 70.83 Globant GLOB ...155 210.84 -7.37 44.29 34.11 6.50 Mosaic MOS 0.6 19 33.20 -0.25 -3.69 43.02 14.67 STMicroelec STM 0.4 30 35.75 -0.37
s 14.01 179.75 71.33 AdvanceAuto AAP 0.6 25 179.58 5.94 -9.20 84.20 53.08 Cerner CERN 1.2 28 71.26 0.18 6.77 101.80 56.74 GlobeLife GL 0.7 15 101.39 1.54 5.32 184.88 120.77 MotorolaSol MSI 1.6 33 179.11 1.29 -14.45 95.12 17.72 StoneCo STNE ...120 71.79 -4.62
-11.62 99.23 36.75 AdvMicroDevices AMD ... 40 81.05 -0.18 -30.54 49.48 9.38 ChargePoint CHPT -12.71 93.75 40.25 GoDaddy GDDY ... dd 72.41 -2.81 -19.27 288.73 110.59 NICE NICE ... 76 228.90 -3.92 -1.75 250.02 124.54 Stryker SYK 1.0 57 240.76 1.50
... dd 27.84 -2.59
26.33 5.11 1.80 Aegon AEG 2.4277 4.99 0.05 14.78 303.79 95.58 CharlesRiverLabs CRL ... 40 286.79 1.79 0.54 14.90 3.79 GoldFields GFI 2.7 33 9.32 -0.15 -6.65 66.99 2.11 NIO NIO ... dd 45.50 -0.53 s 19.61 7.40 4.49 SumitomoMits SMFG 4.1 10 7.38 0.08
... 146.90 70.05 AffirmHldgs AFRM ... ... 79.57 -1.68 -5.65 681.71 345.67 CharterComms CHTR ... 41 624.15 -0.08 s 32.27 350.00 130.85 GoldmanSachs GS 1.4 14 348.81 6.71 10.52 43.54 19.54 NRG Energy NRG 3.1 20 41.50 -1.04 -2.76 157.70 95.34 SunComms SUI 2.2110 147.75 3.78
2.49 136.98 61.13 AgilentTechs A 0.6 47 121.44 -0.39 -13.36 139.26 82.41 CheckPoint CHKP ... 19 115.15 -0.08 -3.20 64.22 33.51 GoodRx GDRX ... dd 39.05 -4.54 11.25 4832.80 2043.01 NVR NVR ... 20 4538.83 -45.91 16.33 51.99 24.37 SunLifeFinancial SLF 3.3 17 51.72 0.16
-16.17 89.23 31.00 AgnicoEagle AEM 2.4 28 59.11 0.14 -1.25 115.21 25.89 Chegg CHGG ... dd 89.20 0.02 -4.17 76.98 38.43 Graco GGG 1.1 36 69.33 1.79 15.38 200.19 58.41 NXP Semi NXPI 1.21126 183.47 -4.47 s 40.23 23.63 9.61 SuncorEnergy SU 2.8 dd 23.53 0.52
0.01 327.89 167.43 AirProducts APD 2.2 32 273.26 0.57 s 25.17 75.29 27.06 CheniereEnergy LNG ... dd 75.14 1.07 -3.26 427.90 200.61 Grainger GWW 1.5 31 395.01 8.34 8.80 149.54 71.66 Nasdaq NDAQ 1.4 26 144.42 0.32 -10.22 100.93 7.83 SunRun RUN ... dd 62.29 -1.17
40.83 219.94 121.50 Airbnb ABNB ... dd 206.74 8.87 s 22.95 44.20 17.75 CheniereEnerPtrs CQP 6.0 20 43.34 -0.27 -12.80 21.88 13.40 Grifols GRFS 1.9 14 16.08 0.06 4.54 127.19 16.87 Natera NTRA ... dd 104.04 0.06 19.32 14.45 4.43 Suzano SUZ 0.0 dd 13.34 -0.07
-7.09 124.91 75.18 AkamaiTech AKAM ... 29 97.55 0.60 s 32.10 112.70 51.60 Chevron CVX 4.6 dd 111.56 0.37 10.92 181.07 55.90 GuardantHealth GH ... dd 142.96 -1.98 -0.19 63.78 44.29 NationalGrid NGG 5.3 22 58.92 0.30 s 23.02 43.24 12.15 SynchronyFin SYF 2.1 19 42.70 0.04
6.62 188.35 48.89 Albemarle ALB 1.0 45 157.28 -3.99 -4.77 120.00 22.75 Chewy CHWY ... dd 85.60 -1.67 -18.53 134.22 71.64 Guidewire GWRE ... dd 104.88 -1.05 -12.80 20.68 7.93 Natura&Co NTCO 0.0 dd 17.44 -0.21 -11.49 300.91 104.90 Synopsys SNPS ... 50 229.45 -4.81
4.49 20.62 12.91 Albertsons ACI 2.2 10 18.37 0.15 10.41 24.47 15.80 ChinaEastrnAir CEA ... dd 23.75 0.31 15.18 194.01 58.38 HCA Healthcare HCA 1.0 17 189.43 4.20 17.92 5.36 2.34 NatWest NWG 1.5 dd 5.33 0.14 s 12.31 83.45 26.00 Sysco SYY 2.2 dd 83.40 2.37
3.93 76.26 39.37 Alcon ALC ... dd 68.57 -0.49 -3.35 13.63 8.27 ChinaLifeIns LFC 4.2 9 10.69 -0.08 11.78 84.70 29.50 HDFC Bank HDB 0.0 36 80.77 -2.98 1.99 71.67 34.66 NetApp NTAP 2.8 26 67.56 -0.42
-8.26 179.79 109.22 AlexandriaRlEst ARE 2.7 28 163.50 1.51 25.76 58.40 38.18 ChinaPetrol SNP 5.9 12 56.09 0.01 s 23.14 30.83 12.54 HP
14.78 31.59 17.95 HSBC
HPQ 2.6 13 30.28
HSBC 2.5 31 29.74
-0.06
0.16
12.72 134.33 53.17 NetEase NTES 0.7 43 107.95 -0.44 TUV
-2.98 162.60 72.67 AlexionPharm ALXN ... 56 151.59 0.14 22.02 37.94 18.45 ChinaSoAirlines ZNH 0.0 dd 36.18 0.42 -4.20 593.29 290.25 Netflix NFLX ... 85 518.02 -5.04
27.09 24.74 4.25 Halliburton HAL 0.7 dd 24.02 0.18 1.26 136.26 72.14 Neurocrine NBIX ... 23 97.06 2.48 -1.83 90.96 45.15 TAL Education TAL ... dd 70.20 1.67
-0.37 319.32 169.95 Alibaba BABA ... 27 231.87 -8.93 4.80 1564.91 415.00 Chipotle CMG ...116 1453.24 -8.82
13.21 55.87 19.04 HartfordFinl HIG 2.5 12 55.45 1.04 -5.06 19.97 10.20 NewOrientalEduc EDU ...7350 17.64 0.77 14.69 49.95 32.37 TC Energy TRP 5.9 13 46.70 0.14
0.39 634.46 127.88 AlignTech ALGN ... 24 536.44 -7.56 13.73 176.40 87.35 Chubb CB 1.8 22 175.05 3.44 8.38 135.53 48.62 TE Connectivity TEL 1.5378 131.21 -0.45
7.00 663.56 426.87 Alleghany Y 0.0 90 645.93 7.74 2.05 40.25 34.46 ChunghwaTel CHT 2.8 27 39.41 -0.06 1.44 101.24 41.33 Hasbro HAS 2.9 59 94.89 0.01 -2.09 58.73 26.13 NYTimes A NYT 0.6 85 50.69 -0.65
5.06 33.12 18.63 HealthpeakProp PEAK 3.8 40 31.76 0.63 19.64 26.89 10.44 NewellBrands NWL 3.6 dd 25.40 0.45 7.78 21.61 13.54 Telus TU 4.6 30 21.34 0.17
0.78 121.33 77.37 Allegion ALLE 1.2 35 117.29 2.29 -4.96 98.96 47.98 Church&Dwight CHD 1.2 27 82.90 1.40 -2.12 71.06 32.72 TJX TJX 1.61094 66.84 0.76
-0.80 58.10 37.66 AlliantEnergy 30.57 258.32 52.90 ChurchillDowns CHDN 0.2 dd 254.33 2.13 -1.28 141.31 52.01 Heico HEI 0.1 68 130.70 4.52 -1.50 72.22 33.00 Newmont NEM 3.7 17 58.99 0.54
LNT 3.1 21 51.12 1.13 3.43 124.90 51.78 Heico A HEI.A 0.1 63 121.08 3.33 -5.73 135.54 63.50 T-MobileUS TMUS ... 46 127.12 1.13
5.29 116.67 64.13 Allstate ALL 2.8 7 115.74 1.98 2.82 61.52 30.58 Ciena CIEN ... 24 54.34 1.08 s 40.29 25.03 7.88 NewsCorp B NWS 0.8 dd 24.93 0.42
0.49 74.89 41.85 HenrySchein HSIC ... 24 67.19 1.31 s 45.85 26.23 7.90 NewsCorp A NWSA 0.8 dd 26.21 0.48 14.75 179.62 82.51 TRowePrice TROW 2.5 17 173.72 -0.43
s 27.85 46.40 10.22 AllyFinancial ALLY 1.7 16 45.59 -0.05 s 16.95 243.90 118.50 Cigna CI 1.6 11 243.46 4.35
0.07 155.49 109.88 Hershey HSY 2.1 25 152.44 0.54 -1.92 87.69 43.70 NextEraEnergy NEE 2.0 51 75.67 0.81 8.49 142.19 42.70 TaiwanSemi TSM 1.2 35 118.30 -2.28
9.41 178.41 84.97 AlnylamPharm ALNY ... dd 142.20 -0.78 23.17 108.39 46.07 CincinnatiFin CINF 2.3 14 107.61 2.87 -18.07 214.91 100.00 TakeTwoSoftware TTWO ... 40 170.25 -0.36
16.97 2145.14 1008.87 Alphabet A GOOGL ... 36 2050.00 -50.54 1.37 369.20 154.33 Cintas CTAS 0.8 40 358.29 -1.75 37.32 76.24 26.06 Hess HES 1.4 dd 72.49 -0.70 25.25 26.54 11.62 NielsenHoldings NLSN 0.9 dd 26.14 0.08
s 33.42 15.96 7.43 HewlettPackard HPE 3.0 dd 15.81 0.31 -0.72 147.95 60.00 Nike NKE 0.8 80 140.45 -0.74 1.32 20.00 12.43 TakedaPharm TAK 3.8 34 18.44 -0.09
17.70 2152.68 1013.54 Alphabet C GOOG ... 36 2061.92 -52.85 9.09 49.34 32.40 CiscoSystems CSCO 3.0 20 48.82 0.02 s 43.53 45.00 10.18 Tapestry TPR 0.0 dd 44.61 0.54
-9.16 38.30 15.96 AlticeUSA ATUS ... 44 34.40 0.20 s 21.93 75.25 32.00 Citigroup C 2.7 15 75.18 1.87 10.88 45.89 25.10 HighwoodsProp HIW 4.4 13 43.94 1.15 -1.70 27.24 19.56 NiSource NI 3.9 dd 22.55 0.35
13.34 128.16 44.30 Hilton HLT 0.0 dd 126.10 1.44 7.93 9.79 2.34 Nokia NOK 0.0 dd 4.22 0.12 1.97 199.96 90.17 Target TGT 1.5 21 180.01 0.69
s 18.66 48.80 30.95 Altria MO 7.1 20 48.65 0.85 27.18 46.97 14.12 CitizensFin CFG 3.4 21 45.48 0.85 74.37 23.70 3.92 TataMotors TTM ... dd 21.97 -0.50
51.04 13.73 4.60 AlumofChina ACH ...126 13.11 -0.61 2.60 173.56 104.75 CitrixSystems CTXS 1.1 33 133.48 -1.73 -2.81 85.00 26.49 Hologic HOLX ... 13 70.78 -0.25 16.89 6.36 3.55 NomuraHoldings NMR 3.4 8 6.23 0.01
2.82 292.95 140.63 HomeDepot HD 2.4 23 273.10 4.25 0.38 216.87 96.45 Nordson NDSN 0.8 43 201.71 0.84 24.68 23.93 5.60 TeckRscsB TECK 0.7 dd 22.63 -0.15
-5.14 3552.25 1626.03 Amazon.com AMZN ... 74 3089.49 -24.10 -19.49 33.55 15.00 Clarivate CLVT ... dd 23.92 0.99 -1.01 308.00 102.01 TeladocHealth TDOC ... dd 197.95 -0.82
-10.13 3.20 1.90 Ambev ABEV ... 20 2.75 ... 20.47 18.77 2.63 Cleveland-Cliffs CLF 0.0 dd 17.54 0.64 5.38 30.21 19.38 HondaMotor HMC 2.2 13 29.77 0.10 10.03 264.86 112.62 NorfolkSouthern NSC 1.5 33 261.44 0.69
0.79 216.70 101.08 Honeywell HON 1.7 32 214.38 1.88 s 9.92 103.90 60.67 NorthernTrust NTRS 2.7 19 102.38 0.69 0.78 413.31 195.34 TeledyneTech TDY ... 37 395.04 4.18
... 12.40 5.80 Amcor AMCR 4.0 24 11.77 0.04 -6.40 239.87 156.68 Clorox CLX 2.3 20 188.99 2.19 s 2.90 425.30 221.27 Teleflex TFX 0.3 60 423.50 8.79
s 12.69 80.26 44.05 Amdocs DOX 1.8 16 79.93 0.84 0.41 95.77 15.05 Cloudflare NET ... dd 76.30 -0.31 25.47 96.54 23.81 HorizonTherap HZNP ... 56 91.78 1.39 -0.96 357.12 263.31 NorthropGrum NOC 1.9 16 301.79 2.38
3.93 52.97 39.30 HormelFoods HRL 2.0 30 48.44 0.69 3.37 24.40 15.12 NortonLifeLock NLOK 2.3 dd 21.48 0.08 12.80 15.31 6.15 Ericsson ERIC 1.0 23 13.48 0.05
-9.21 325.12 132.95 Amedisys AMED ... 48 266.30 4.46 -8.17 54.93 36.27 Coca-Cola KO 3.3 28 50.36 -0.10 -7.23 11.82 7.08 TelefonicaBras VIV 8.5 14 8.21 0.18
s 36.32 621.89 222.34 Amerco UHAL 0.0 18 618.83 13.84 8.99 54.55 28.35 Coca-Cola Euro CCEP 3.7 43 54.31 0.92 17.08 85.00 25.51 DR Horton DHI 1.0 11 80.69 -2.62 20.84 34.48 7.03 NorwegCruise NCLH ... dd 30.73 0.47
17.77 17.43 7.86 HostHotels HST 0.0 dd 17.23 0.30 -10.91 98.52 69.18 Novartis NVS 2.5 24 84.13 -0.61 20.79 5.69 3.22 Telefonica TEF 6.6 17 4.88 0.06
-0.97 86.90 58.74 Ameren AEE 2.8 22 77.30 1.23 1.06 101.82 36.51 Cognex CGNX 0.3 82 81.14 0.90 2.08 25.62 16.06 TelekmIndonesia TLK 2.5 18 24.01 0.07
-8.18 15.87 10.41 AmericaMovil A AMOV 2.6 22 13.42 -0.09 -5.10 82.73 40.01 CognizantTech CTSH 1.2 30 77.77 0.23 10.55 32.47 8.72 HowmetAerospace HWM 0.0 54 31.55 -0.08 81.84 331.68 6.77 Novavax NVAX ... dd 202.77 15.14
-2.15 19.64 11.69 HuanengPower HNP 4.8 7 14.10 0.38 1.66 75.86 49.24 NovoNordisk NVO 1.5 26 71.01 -0.86 13.01 201.70 48.78 10xGenomics TXG ... dd 160.02 -4.61
-6.26 15.24 10.12 AmericaMovil AMX 2.6 22 13.63 0.10 -11.69 86.41 58.49 ColgatePalm CL 2.3 24 75.51 0.24 s 47.21 23.81 8.86 Tenaris TS 0.6 dd 23.48 -0.08
s 48.19 23.54 8.25 AmerAirlines AAL 0.0 dd 23.37 1.22 8.95 57.70 31.70 Comcast A CMCSA 1.8 25 57.09 0.20 26.27 64.53 25.01 Huazhu HTHT ... dd 56.86 0.45 -20.08 194.75 53.40 Novocure NVCR ...761 138.29 0.13
19.57 190.79 85.62 Hubbell HUBB 2.1 29 187.48 2.90 0.36 51.62 13.51 NuanceComms NUAN ... dd 44.25 -0.16 37.68 29.01 9.22 TencentMusic TME ... 78 26.49 -1.29
-2.68 95.77 65.14 AEP AEP 3.7 18 81.04 1.04 27.28 73.73 24.28 Comerica CMA 3.8 22 71.10 1.28 -5.89 147.90 42.87 Teradyne TER 0.4 26 112.83 -1.03
22.85 151.46 67.00 AmerExpress AXP 1.2 39 148.54 0.79 s 22.86 81.18 43.34 CommerceBcshrs CBSH 1.3 28 80.72 1.71 21.56 547.47 90.83 HubSpot HUBS ... dd 481.90 3.86 s 31.15 70.08 27.52 Nucor NUE 2.3 30 69.76 1.93
-0.91 474.70 208.25 Humana HUM 0.7 16 406.53 5.12 s 21.32 58.73 23.85 Nutrien NTR 3.1 72 58.43 -0.11 -1.69 900.40 70.10 Tesla TSLA ...1104 693.73 -5.87
s 34.41 118.11 44.01 AmericanFin AFG 1.7 14 117.77 1.96 12.94 7.24 1.02 CiaSiderurgica SID ... 45 6.72 0.02 11.81 13.30 6.25 TevaPharm
7.33 32.54 17.50 AmHomes4Rent AMH 1.2117 32.20 1.03 19.16 164.30 75.29 JBHunt JBHT 0.7 34 162.83 3.54 -1.52 614.90 180.68 NVIDIA NVDA 0.1 75 514.24 -5.50 TEVA ... dd 10.79 -0.24
2.26 39.34 22.83 ConagraBrands CAG 3.0 16 37.08 0.58 5.75 181.80 93.09 TexasInstruments TXN 2.4 29 173.57 -1.38
s 27.95 48.92 16.07 AIG AIG 2.6 dd 48.44 0.43 48.01 61.14 20.84 ConocoPhillips COP 2.9 dd 59.19 -0.64 32.22 16.83 6.82 HuntingtonBcshs HBAN 3.6 24 16.70 0.38
-4.13 272.20 174.32 AmerTowerREIT AMT 2.1 57 215.20 1.30 -1.84 94.63 62.03 ConEd ED 4.4 22 70.94 1.12 16.36 92.22 24.02 HyattHotels H
27.20 266.00 100.22 IAC/InterActive IAC
0.0 dd 86.40
... ... 240.85
0.15
-6.16
OPQ s 97.66 1498.19 295.05 TexasPacLand TPL
s 13.93 55.70 20.26 Textron TXT
0.8 55 1437.00
0.1 41 55.06
22.05
1.84
-9.34 172.56 92.00 AmerWaterWorks AWK 1.6 36 139.13 2.09 4.72 242.62 104.28 ConstBrands A STZ 1.3 25 229.39 0.78 34.45 51.66 12.16 ONEOK OKE 7.2 38 51.60 1.20 -3.28 532.57 250.21 ThermoFisherSci TMO 0.2 28 450.49 -10.03
-4.45 41.29 23.30 AmericoldRealty COLD 2.4297 35.67 1.07 2.19 32.85 15.06 ContextLogic WISH ... ... 18.64 -0.47 13.26 18.47 6.86 ICICI Bank IBN 0.0 29 16.83 -0.61
-0.42 573.99 168.65 IdexxLab IDXX ... 74 497.75 -5.19 6.64 496.61 251.51 OReillyAuto ORLY ... 20 482.64 8.29 7.11 89.97 52.23 ThomsonReuters TRI 1.8 39 87.71 0.43
16.03 233.91 80.01 Ameriprise AMP 1.8 19 225.49 -1.05 83.44 32.39 6.90 ContinentalRscs CLR 0.0 dd 29.90 -1.08 -7.60 66.31 34.98 OakStreetHealth OSH 5.80 187.27 114.04 3M MMM 3.2 20 184.92 0.35
5.23 101.45 44.81 IHS Markit INFO 0.8 44 94.53 0.09 ... dd 56.51 0.96
15.51 113.56 72.06 AmerisourceBrgn ABC 1.6 dd 112.92 3.06 3.60 401.92 236.68 Cooper COO 0.0 8 376.39 -3.23 76.95 32.52 8.52 OccidentalPetrol OXY 0.1 dd 30.63 -0.35 7.22 103.27 52.07 Toro TTC 1.0 34 101.69 1.52
0.52 125.81 54.82 Ametek AME 0.7 32 121.57 -0.14 -13.60 130.96 55.69 Copart CPRT ... 37 109.95 -0.37 27.54 12.55 4.52 ING Groep ING 1.0 ... 12.04 0.20
s 47.50 25.72 6.38 Invesco IVZ 2.4 23 25.71 0.38 -10.72 294.00 88.66 Okta OKTA ... dd 227.00 -12.21 s 16.06 65.50 33.74 TorontoDomBk TD 3.9 13 65.48 0.59
0.19 276.69 177.05 Amgen AMGN 3.1 19 230.36 -0.81 s 13.19 40.94 17.44 Corning GLW 2.4 85 40.75 0.75 s 19.79 235.16 105.80 OldDomFreight ODFL 0.3 41 233.81 4.14 s 19.92 50.41 22.13 Total TOT ... dd 50.26 0.63
-1.98 69.10 31.52 Amphenol APH 0.9 33 64.09 0.17 21.13 47.67 20.38 Corteva CTVA 1.1 52 46.90 0.04 -5.80 262.55 98.04 IPG Photonics IPGP ... 71 210.81 -3.58
4.26 199.99 81.79 IQVIA IQV ...131 186.81 -2.56 3.25 39.18 13.33 OmegaHealthcare OHI 7.1 56 37.50 0.44 -2.61 163.37 108.01 ToyotaMotor TM 2.5 15 150.53 0.17
1.23 164.40 79.08 AnalogDevices ADI 1.8 40 149.54 -1.49 -11.44 952.76 500.24 CoStar CSGP ...137 818.55 1.26 s 24.71 77.94 44.50 Omnicom OMC 3.6 18 77.78 1.44 s 21.64 174.18 63.89 TractorSupply TSCO 1.2 27 171.00 0.77
-17.48 86.17 26.04 Anaplan PLAN ... dd 59.29 -0.94 -12.11 393.15 278.27 Costco COST 0.8 34 331.14 2.49 20.07 69.10 34.00 IcahnEnterprises IEP 13.1 dd 60.84 -0.02
-6.51 223.62 104.28 Icon ICLR ... 29 182.28 1.59 17.60 42.38 8.17 ON Semi ON ... 70 38.49 -0.31 -6.21 972.80 136.00 TradeDesk TTD ...153 751.22 -5.28
-0.27 38.50 12.66 AngloGoldAsh AU 2.1 10 22.56 -0.25 -18.12 377.04 106.26 CoupaSoftware COUP ... dd 277.51 -10.64 4.73 49.99 29.11 OpenText OTEX 1.7144 47.61 -0.29 18.75 74.81 33.23 Tradeweb TW 0.4 84 74.16 -0.08
-10.07 72.41 32.58 AB InBev BUD 1.7 dd 62.87 0.50 t ... 69.00 46.25 Coupang CPNG ... ... 48.47 -0.78 0.08 211.71 104.56 IDEX IEX 1.0 40 199.35 0.32
5.94 224.69 115.94 IllinoisToolWks ITW 2.1 33 216.00 2.95 19.01 39.24 10.55 OpendoorTech OPEN ... dd 27.05 0.73 12.76 165.86 70.00 TraneTech TT 1.4 47 163.68 0.74
s 3.43 8.78 3.51 AnnalyCap NLY 10.4 dd 8.74 0.13 -7.38 174.83 110.47 Credicorp BAP 5.7133 151.91 -1.08 3.82 73.62 41.26 Oracle ORCL 1.9 16 67.16 -0.25 0.17 625.05 200.06 TransDigm TDG 0.0 91 619.89 22.60
6.42 344.17 171.03 Anthem ANTM 1.3 19 341.72 6.70 0.39 14.95 6.47 CreditSuisse 9.49 555.77 196.78 Illumina ILMN ... 91 405.12 -7.77
CS 0.9 12 12.85 -0.44 s 35.79 26.21 7.04 ImperialOil IMO 2.7 dd 25.84 0.29 3.88 13.03 9.93 Orange ORAN 4.3 6 12.32 0.06 -11.25 102.80 52.50 TransUnion TRU 0.3 49 88.06 0.16
7.92 235.88 143.93 Aon AON 0.8 27 228.00 ... 3.97 129.90 27.77 Cree CREE ... dd 110.10 -1.05 10.80 89.01 52.65 Orix IX 3.6 11 85.68 1.12 s 12.04 159.03 76.99 Travelers TRV 2.2 15 157.27 2.18
-1.84 55.38 19.46 ApolloGlbMgmt APO 4.2143 48.08 0.25 -9.16 110.36 62.48 Incyte INCY ... dd 79.01 -0.47
-6.05 251.28 31.95 CrowdStrike CRWD ... dd 199.00 -6.80 ... 37.00 30.50 OscarHealth OSCR ... ... 35.32 -0.67 14.86 107.64 28.11 Trex TREX ... 64 96.16 -0.05
7.27 260.00 29.07 Appian APPN ... dd 173.88 -0.04 11.56 19.16 6.76 Infosys INFY 1.3 32 18.91 -0.17
-0.32 180.00 114.18 CrownCastle CCI 3.4 68 158.68 4.27 -2.29 68.21 38.00 OtisWorldwide OTIS 1.2 32 66.00 -1.30 10.63 77.69 20.01 Trimble TRMB ... 48 73.87 -0.36
-8.79 145.09 53.15 Apple AAPL 0.7 33 121.03 -0.93 8.87 51.61 17.01 IngersollRand IR ... dd 49.60 0.58
-4.19 101.95 42.97 CrownHoldings CCK 0.8 22 96.00 -1.34 s 16.17 88.06 28.56 OwensCorning OC 1.2 dd 88.01 2.15 s 28.61 43.98 20.10 Trip.com TCOM ... dd 43.38 1.97
32.43 124.50 36.64 ApplMaterials AMAT 0.8 27 114.29 -2.90 s 20.62 274.48 101.03 Cummins 1.57 182.22 55.72 Inphi IPHI ... dd 162.99 1.00
CMI 2.0 23 273.92 4.12
2.44 298.43 121.00 Insulet PODD ...2606 261.88 2.12 36.22 68.77 38.09 OzonHoldings OZON ... ... 56.41 1.14 25.02 61.26 24.01 TruistFinl TFC 3.0 19 59.92 1.01
2.83 144.76 79.84 Aptargroup ATR 1.0 44 140.77 1.39 8.29 151.80 36.15 CureVac CVAC ... ... 87.79 1.19 -7.62 13.34 6.25 PG&E PCG ... dd 11.51 0.06 9.02 457.30 68.06 Twilio TWLO ... dd 369.03 -5.22
15.82 160.14 29.22 Aptiv APTV 0.0 22 150.90 -1.61 26.25 65.11 43.61 Intel INTC 2.2 13 62.90 -0.41
s 21.75 181.53 79.41 PNC Fin PNC 2.5 11 181.41 4.48 25.76 80.75 20.00 Twitter TWTR ... dd 68.10 -0.36
9.98 42.84 9.65 Aramark
s 17.64 27.17 6.64 ArcelorMittal
ARMK 1.0 dd 42.32 0.69 DEF 29.48 80.57 33.70 InteractiveBrkrs IBKR 0.5 33 78.88
0.03 119.02 63.51 ICE ICE 1.1 31 115.32
0.07
0.12 7.49 70.58 26.27 POSCO PKX 1.9 15 66.98 -0.20 -5.66 479.79 247.22 TylerTech TYL ... 88 411.82 -0.05
MT 0.0 dd 26.94 0.17 11.21 75.20 25.39 InterContinentl IHG 0.0 dd 72.42 0.24 4.76 38.76 10.61 PPD PPD ...106 35.85 -0.68 s 17.18 75.99 42.57 TysonFoods TSN 2.4 14 75.51 1.53
s 4.30 37.67 20.93 ArchCapital ACGL ... 11 37.62 0.63 15.24 37.89 17.09 DISH Network DISH ... 12 37.27 1.36
4.90 135.60 71.21 DTE Energy DTE 3.4 18 127.36 2.54 1.37 135.88 90.56 IBM IBM 5.1 20 127.61 0.47 0.75 153.81 69.77 PPG Ind PPG 1.5 33 145.30 -0.77 9.34 16.20 7.48 UBS Group UBS 2.4 9 15.45 0.02
15.55 59.12 28.92 ArcherDaniels ADM 2.5 19 58.25 -0.34 -1.74 30.94 18.12 PPL PPL 6.0 15 27.71 0.50 s 17.49 45.21 29.20 UDR UDR 3.2222 45.15 1.55
s 17.41 55.54 20.20 AresMgmt ARES 3.4 72 55.24 0.44 -3.36 248.86 119.60 Danaher DHR 0.4 44 214.68 -4.54 23.89 143.09 92.14 IntlFlavors IFF 2.3 42 134.84 -1.03
s 22.07 145.83 26.15 Darden DRI 0.9 dd 145.41 4.37 8.65 56.98 26.38 IntlPaper IP 3.8 44 54.02 0.11 16.91 155.00 58.67 PRA HealthSci PRAH ... 48 146.65 1.13 16.36 41.22 21.75 UGI UGI 3.2 14 40.68 0.63
5.63 382.15 103.75 arGEN-X ARGX ... dd 310.66 -1.49 10.52 147.67 43.90 PTC PTC ...130 132.19 -3.65 s 21.37 41.23 8.32 US Foods USFD ... dd 40.43 0.03
-3.77 326.60 156.63 AristaNetworks ANET ... 35 279.61 4.03 36.51 79.48 10.25 DarlingIngred DAR ... 44 78.74 0.58 s 25.89 29.80 11.63 Interpublic IPG 3.6 33 29.61 0.32
-15.68 119.43 28.88 Datadog DDOG ... dd 83.00 -3.24 4.24 423.74 187.68 Intuit INTU 0.6 60 395.95 -3.22 12.37 103.19 49.11 Paccar PCAR 1.3 26 96.95 -0.80 -36.79 14.38 7.24 UWM UWMC 4.8 dd 8.30 -0.35
15.58 162.56 73.07 AspenTech AZPN ... 34 150.54 -0.79 -0.50 148.14 72.75 PackagingCpAm PKG 2.9 28 137.22 -1.74 18.33 64.05 13.71 Uber UBER ... dd 60.35 1.40
-3.14 64.94 36.15 AstraZeneca AZN 2.8 40 48.42 -0.25 -7.63 125.28 62.20 DaVita DVA ... 17 108.44 0.76 -10.28 826.81 360.50 IntuitiveSurgical ISRG ... 83 733.99 1.99
14.46 340.57 78.70 DeckersOutdoor DECK ... 26 328.26 1.12 2.13 61.59 7.42 Invitae NVTA ... dd 42.70 -0.22 -9.04 62.83 13.58 PagSeguroDig PAGS ... 67 51.74 -0.46 20.75 362.89 110.01 Ubiquiti UI 0.5 42 336.29 0.06
16.23 55.39 13.37 Athene ATH ... 7 50.14 -0.66 14.31 45.00 8.90 PalantirTech PLTR ... dd 26.92 0.19 10.79 351.00 124.05 UltaBeauty ULTA
s 37.33 370.76 106.14 Deere DE 1.0 34 369.49 5.03 3.84 31.23 15.64 InvitatHomes INVH 2.2111 30.84 1.13 ...103 318.15 -29.35
-1.97 262.40 110.01 Atlassian TEAM ... dd 229.26 -6.54 -3.62 403.00 125.47 PaloAltoNtwks PANW ... dd 342.53 -1.84 -8.29 179.65 31.99 UltragenyxPharm RARE ... dd 126.95 0.10
-4.20 111.34 77.92 AtmosEnergy ATO 2.7 18 91.42 1.54 21.19 89.47 25.51 DellTechC DELL ... 21 88.82 0.20 51.26 28.22 14.51 iQIYI IQ ... dd 26.44 -1.25
23.92 50.20 17.51 DeltaAir DAL 0.0 dd 49.83 1.51 25.07 41.32 21.00 IronMountain IRM 6.7 31 36.87 0.48 14.74 313.79 93.00 ParkerHannifin PH 1.1 28 312.56 4.29 36.17 23.73 7.15 UnderArmour A UAA ... dd 23.38 0.56
-12.19 321.13 125.38 Autodesk ADSK ... 49 268.11 -6.25 2.22 99.95 47.87 Paychex PAYX 2.6 32 95.25 0.09 30.71 19.72 6.37 UnderArmour C UA ... dd 19.45 0.41
-3.76 147.67 59.54 Autohome ATHM 1.7 23 95.87 -4.13 20.09 62.97 31.57 DentsplySirona XRAY 0.6 dd 62.88 0.61 -20.20 6.37 3.48 ItauUnibanco ITUB 1.6 13 4.86 -0.06
16.70 13.37 4.99 DeutscheBank DB 0.0 dd 12.72 0.18 -15.02 471.08 163.42 PaycomSoftware PAYC ...156 384.30 -5.54 -8.66 63.89 44.06 Unilever UL 3.4 23 55.13 0.54
s 6.99 98.60 38.16 Autoliv ALV 0.0 46 98.54 1.22
3.73 184.59 103.11 ADP ADP 2.0 32 182.77 1.21 53.38 26.13 4.70 DevonEnergy DVN 1.8 dd 24.25 -0.09 JKL -11.10 218.34 66.98 Paylocity
6.90 309.14 82.07 PayPal
PCTY
PYPL
...153 183.06
... 71 250.35
-3.37
-3.48
2.82 221.28 105.08 UnionPacific
s 30.15 56.44 17.80 UnitedAirlines UAL
UNP 1.8 27 214.09
... dd 56.29
-0.43
2.23
8.44 1297.82 684.91 AutoZone AZO ... 16 1285.52 23.59 -3.24 456.23 182.07 DexCom DXCM ... 74 357.73 -9.05
-4.41 108.29 32.70 JD.com JD ... 18 84.02 -5.99 24.51 11.90 5.08 Pearson PSO 2.3 21 11.43 0.03 4.15 11.28 2.10 UnitedMicro UMC 1.1 22 8.78 -0.04
-11.04 185.37 55.50 Avalara AVLR ... dd 146.68 -0.82 5.62 170.37 100.52 Diageo DEO 2.2 66 167.73 0.69
47.16 148.88 41.33 Joyy YY 0.7 7 117.70 -9.89 -7.40 148.80 38.01 Pegasystems PEGA 0.1 dd 123.40 -0.79 -0.42 178.01 85.50 UPS B UPS 2.4102 167.69 0.45
18.74 193.93 118.17 Avalonbay AVB 3.3 32 190.49 4.17 69.44 88.75 14.55 DiamondbkEner FANG 2.0 dd 82.01 -2.03 s 22.89 157.63 76.91 JPMorganChase JPM 2.3 18 156.15 1.83
-3.81 165.49 105.00 DigitalRealty DLR 3.5119 134.19 0.50 -26.48 171.09 17.70 Peloton PTON ...244 111.55 -6.10 37.06 321.94 58.85 UnitedRentals URI ... 26 317.86 7.08
6.27 56.20 35.62 Avangrid AGR 3.6 26 48.30 1.26 -6.98 200.98 123.64 JackHenry JKHY 1.2 39 150.69 2.03 s 29.67 30.95 10.58 PembinaPipeline PBA 6.5 dd 30.68 0.21 s 17.28 54.72 28.36 US Bancorp USB 3.1 18 54.64 1.29
0.67 31.05 6.66 Avantor AVTR ...322 28.34 0.19 s 12.97 104.49 23.25 DiscoverFinSvcs DFS 1.7 29 102.27 ... 16.06 127.00 59.29 JacobsEngg J 0.7 37 126.46 1.40 s 51.06 132.76 3.75 PennNational PENN ... dd 130.47 -0.50 1.52 367.95 187.72 UnitedHealth UNH 1.4 22 356.02 4.17
16.56 186.77 76.96 AveryDennison AVY 1.4 27 180.79 1.51 131.17 103.00 24.80 DiscoveryB DISCB ... 42 74.90 6.45 2.46 32.49 8.98 JamesHardie
s 136.29 71.93 17.12 DiscoveryA DISCA ... 40 71.10 4.13 JHX 0.0 78 30.39 0.71 12.11 61.00 22.01 Pentair PNR 1.3 28 59.52 -0.60 -31.13 174.94 65.11 UnitySoftware U ... ... 105.70 -0.90
24.26 212.37 50.05 AxonEnterprise AXON ... dd 152.26 -0.50 1.50 178.64 86.88 JazzPharma JAZZ ... 40 167.52 2.48 59.28 314.22 121.80 Penumbra PEN ... dd 278.74 4.06 -3.42 262.77 105.11 UnivDisplay OLED 0.4 79 221.94 0.03
6.05 46.40 31.66 BCE BCE 6.0 22 45.39 0.10 s 127.95 60.10 15.43 DiscoveryC DISCK ... 33 59.70 2.84 1.41 173.65 109.16 J&J JNJ 2.5 29 159.60 0.46 -10.29 148.77 101.42 PepsiCo PEP 3.1 26 133.04 -0.18 0.03 143.84 65.20 UniversalHealthB UHS 0.6 12 137.54 4.81
14.14 81.82 30.06 BHP Group BHP 4.2 27 74.58 0.48 8.82 203.02 79.07 Disney DIS 0.0 dd 197.16 0.41 s 32.67 61.91 22.77 JohnsonControls JCI 1.7 49 61.81 0.72
-5.38 290.23 65.61 DocuSign DOCU -14.22 162.70 62.91 PerkinElmer PKI 0.2 19 123.10 -3.14 3.78 40.66 17.77 VEREIT VER 4.7 54 39.22 0.44
14.99 67.03 23.87 BHP Group BBL 5.1 22 60.98 -0.06 ... dd 210.34 -14.88 18.49 186.18 78.29 JonesLang JLL 0.0 23 175.80 0.54
1.89 101.52 44.68 DolbyLab DLB 0.9 32 98.97 0.59 25.94 41.20 27.68 PetroChina PTR 4.2 27 38.69 -0.56 -7.40 89.68 45.07 VF VFC 2.5 dd 79.09 -0.41
31.38 28.57 14.74 BP BP 5.8 dd 26.96 0.31 12.84 27.83 15.20 JuniperNetworks JNPR 3.1 33 25.40 0.15 -27.69 11.89 4.01 PetroleoBrasil PBR 1.2 dd 8.12 -0.13 11.84 29.87 9.85 VICI Prop VICI 4.6 17 28.52 -0.04
22.20 354.82 82.00 Baidu BIDU ... 1 264.25 -8.13 -8.72 225.25 125.00 DollarGeneral DG 0.8 19 191.96 2.29
0.53 115.45 60.20 DollarTree DLTR ... 19 108.61 0.04
12.12 45.73 20.93 KB Fin KB 3.3 6 44.40 -0.76 -24.95 11.72 4.16 PetroleoBrasilA PBR.A 2.0 dd 8.30 -0.08 s 12.92 333.95 129.52 VailResorts MTN 0.0 dd 315.00 9.52
16.88 25.64 9.12 BakerHughes BKR 3.0 dd 24.37 0.21 -4.19 79.40 31.79 KE Holdings BEKE ... dd 58.96 -0.50 -5.08 43.08 26.41 Pfizer PFE 4.5 20 34.94 0.23 5.13 19.00 6.49 Vale VALE ... 18 17.62 -0.40
-9.17 102.76 51.26 Ball BLL 0.7 48 84.64 1.11 -2.21 87.34 57.79 DominionEner D 3.4 dd 73.54 1.11 19.61 49.29 15.55 KKR KKR 1.1 15 48.43 0.22
-5.83 435.58 275.22 Domino's DPZ 1.0 29 361.11 3.68 5.95 88.19 56.01 PhilipMorris PM 5.5 17 87.72 1.09 45.70 84.39 31.00 ValeroEnergy VLO 4.8 dd 82.42 -0.06
16.60 5.86 2.49 BancoBilbaoViz BBVA 4.0 dd 5.76 0.13 13.66 342.21 110.19 KLA KLAC 1.2 34 294.27 -2.09 26.77 90.59 40.04 Phillips66 PSX 4.1 dd 88.66 0.93 0.69 176.50 89.62 VarianMed VAR ... 58 176.22 -0.08
-12.58 4.90 2.58 BancoBradesco BBDO 2.2 11 4.03 -0.03 -0.50 256.09 130.00 DoorDash DASH ... dd 142.03 -2.94 5.59 223.59 92.86 KSCitySouthern KSU 1.0 33 215.55 0.69
s 7.59 136.05 62.95 Dover DOV 1.5 29 135.83 1.97 -9.35 212.60 30.20 Pinduoduo PDD ... dd 161.06 -1.34 41.46 12.91 3.24 Vedanta VEDL 5.0 dd 12.42 -0.43
20.66 24.89 12.50 BancodeChile BCH 2.5 21 24.59 -0.28 -2.56 72.88 52.66 Kellogg K 3.8 17 60.64 1.38 -2.03 91.88 60.05 PinnacleWest PNW 4.2 16 78.33 1.55 -5.32 325.54 118.11 VeevaSystems VEEV ...109 257.77 -3.50
-17.94 8.95 3.69 BancSanBrasil BSBR 2.4 ... 7.09 -0.08 15.93 65.27 21.95 Dow DOW 4.4 39 64.34 0.02 4.28 34.05 18.98 KeurigDrPepper KDP 1.8 36 33.37 0.07
-14.53 73.50 33.33 DrReddy'sLab RDY 0.5 35 60.93 -0.67 8.88 89.90 10.10 Pinterest PINS ... dd 71.75 -0.13 15.31 58.10 13.35 Ventas VTR 3.2 63 56.55 0.32
34.44 25.75 11.43 BcoSantChile BSAC 2.5 18 25.53 -0.18 29.74 21.81 7.45 KeyCorp KEY 3.5 17 21.29 0.19 s 45.43 166.82 48.62 PioneerNatRscs PXD 1.4 dd 165.63 1.05 -13.08 221.30 148.77 VeriSign VRSN ... 27 188.10 -3.92
18.03 3.70 1.71 BancoSantander SAN 2.5 dd 3.60 0.09 s 54.10 74.09 10.90 DraftKings DKNG ... dd 71.75 0.14 2.97 155.50 77.93 KeysightTechs KEYS ... 40 136.01 -0.23
s 21.95 27.38 14.80 Dropbox 17.48 12.35 3.00 PlainsAllAmPipe PAA 7.4 dd 9.68 0.04 -17.26 210.66 116.61 VeriskAnalytics VRSK 0.7 40 171.76 -1.16
-14.41 42.00 16.27 BanColombia CIB 3.2169 34.39 -0.15 DBX ... dd 27.06 1.61 -1.01 160.16 110.66 KimberlyClark KMB 3.4 19 133.47 0.92 t ... 36.06 25.80 Playtika PLTK ...112 26.10 -1.64 -5.31 61.95 48.84 Verizon VZ 4.5 13 55.63 0.12
s 25.17 38.18 17.95 BankofAmerica BAC 1.9 20 37.94 0.70 -0.17 98.88 62.13 DukeEnergy DUK 4.2 53 91.40 0.71 31.18 19.73 7.45 KimcoRealty KIM 3.5 9 19.69 0.34
1.90 43.45 25.19 DukeRealty DRE 2.5 51 40.73 0.91 39.34 75.49 2.53 PlugPower PLUG ... dd 47.25 -0.91 -9.31 306.08 197.47 VertxPharm VRTX ... 21 214.33 -0.82
s 16.19 88.37 38.31 BankofMontreal BMO 3.8 14 88.34 0.75 19.60 17.97 9.42 KinderMorgan KMI 6.4352 16.35 0.15 s 43.89 137.76 37.35 Polaris PII 1.8 72 137.10 0.42 s 154.80 95.27 10.10 ViacomCBS B VIAC 1.0 24 94.94 8.90
s 9.94 46.90 26.40 BankNY Mellon BK 2.7 12 46.66 0.93 -8.92 29.55 21.34 Dun&Bradstreet DNB ... dd 22.68 0.29
8.37 87.27 28.33 DuPont DD 1.6 dd 77.06 0.17
20.51 74.67 17.01 KingsoftCloud KC ... dd 52.48 -2.83 -8.07 401.29 160.35 Pool POOL 0.7 38 342.44 -4.40 s 150.56 95.20 13.12 ViacomCBS A VIACA 1.0 24 94.76 8.73
s 17.71 63.88 31.94 BkNovaScotia BNS 4.5 16 63.61 0.35 -8.31 10.31 2.72 KinrossGold KGC 1.8 6 6.73 -0.08 s 24.07 61.95 23.31 PrincipalFin PFG 3.6 12 61.55 0.45 -23.37 19.24 12.75 Viatris VTRS ... dd 14.36 0.26
s 26.41 10.10 3.41 Barclays BCS 0.5 ... 10.10 0.41 21.93 56.77 17.10 Dynatrace DT ...157 52.76 -1.35 -16.36 57.69 18.02 KirklandLakeGold KL 2.2 12 34.52 -0.13
s 21.17 24.99 12.10 ENI E 3.4 dd 24.96 0.39 -7.91 146.92 94.34 Procter&Gamble PG 2.5 24 128.14 1.23 50.12 42.59 12.60 Vipshop VIPS ... 34 42.20 -0.21
-10.80 31.22 12.65 BarrickGold GOLD 1.6 16 20.32 0.01 s 48.59 60.95 10.89 Kohl's KSS 1.7 dd 60.46 3.20 -5.91 102.05 62.18 Progressive PGR 0.4 10 93.04 0.25 45.60 62.80 9.06 VirginGalactic SPCE ... dd 34.55 0.97
60.29 34.80 11.15 BauschHealth BHC ... dd 33.34 -1.04 50.39 77.14 27.00 EOG Rscs EOG 2.2 dd 75.00 -0.31 4.04 58.41 29.89 KoninklijkePhil PHG 1.8 37 56.36 -0.42
1.62 402.62 151.97 EPAM Systems EPAM ... 65 364.15 -1.87 1.64 112.37 59.82 Prologis PLD 2.5 52 101.29 1.73 2.57 228.23 133.93 Visa V 0.6 48 224.36 -1.79
-2.84 95.19 69.10 BaxterIntl BAX 1.3 37 77.96 0.22 -16.14 12.98 6.28 KoreaElcPwr KEP ... 8 10.29 0.06 s 20.24 94.85 38.62 PrudentialFin PRU 4.9 dd 93.87 1.46 -6.41 24.20 11.30 Vistra VST 3.3 14 18.40 -0.41
-4.79 284.97 197.75 BectonDicknsn BDX 1.4 46 238.24 0.04 s 53.72 78.53 22.55 EastWestBncp EWBC 1.7 20 77.95 1.10 9.95 39.71 19.99 KraftHeinz KHC 4.2134 38.11 -0.36
16.99 119.01 34.44 EastmanChem EMN 2.4 33 117.32 -0.01 16.87 43.28 15.68 Prudential PUK 0.7 26 43.16 0.64 5.63 161.95 86.00 VMware VMW ... 30 148.16 0.62
24.50 388.97 118.55 BeiGene BGNE ... dd 321.70 0.47 11.65 42.99 27.33 Kroger KR 2.0 11 35.46 0.52 -1.05 62.15 34.75 PublicServiceEnt PEG 3.5 15 57.69 0.91 s 14.50 18.88 11.46 Vodafone VOD 5.6 19 18.87 0.32
15.60 54.62 27.00 BentleySystems BSY 0.3 ... 46.83 2.03 17.17 141.37 56.41 Eaton ETN 2.2 40 140.77 1.56 s 63.51 61.43 8.00 L Brands LB 0.0 21 60.81 4.96 5.25 246.52 155.37 PublicStorage PSA 3.3 39 243.05 4.44 s 31.33 49.50 27.64 VornadoRealty VNO 4.3 dd 49.04 0.98
s 15.33 77.31 43.05 Berkley WRB 0.6 27 76.60 0.60 11.04 64.85 26.02 eBay EBAY 1.3 7 55.80 -0.44 21.98 43.97 13.31 LKQ LKQ ... 21 42.98 0.41
-0.76 231.36 124.60 Ecolab ECL 0.9 dd 214.72 0.32 11.15 50.23 17.12 PulteGroup PHM 1.2 9 47.93 -0.32 15.93 175.02 65.56 VulcanMatls VMC 0.9 39 171.94 0.01
13.48 407750 239440 BerkHathwy A BRK.A ... 14 394701 -1698.00 s 37.60 144.90 32.01 LPL Financial LPLA 0.7 24 143.41 1.03 -8.63 59.00 36.16 Qiagen QGEN ... 32 48.29 -0.29
12.14 267.50 159.50 BerkHathwy B BRK.B ... 14 260.02 -0.89
11.22 124.89 48.10 BestBuy BBY 2.5 16 110.99 2.41
2.79 14.47 6.28 Ecopetrol
-7.32 66.68 43.63 EdisonInt
EC
EIX
6.0 60 13.27
4.6 29 58.22
-0.15
0.71
1.59 209.77 142.01 L3HarrisTech LHX 2.1 37 192.02 3.77 3.80 191.82 67.54 Qorvo QRVO ... 41 172.59 -2.36 WXYZ
17.27 252.45 98.02 LabCpAm LH ... 15 238.71 1.42 -14.68 167.94 58.00 Qualcomm QCOM 2.0 22 129.98 -1.76
13.96 221.00 48.18 BeyondMeat BYND ... dd 142.45 -0.36 -10.04 92.08 51.51 EdwardsLife EW ... 63 82.07 -0.90 11.13 603.60 181.38 LamResearch LRCX 1.0 26 524.82 -10.57 -3.85 109.53 68.01 WEC Energy WEC 3.1 23 88.49 1.63
s 11.74 34.43 15.17 ElancoAnimal ELAN ... dd 34.27 0.14 ... 57.28 31.65 QualtricsIntl XM ... dd 37.83 1.88
28.31 157.66 19.25 Bilibili BILI ... dd 109.99 -0.45 14.95 97.18 30.89 LamarAdv LAMR 3.1 40 95.66 1.36 s 23.08 88.71 23.77 QuantaServices PWR 0.3 29 88.64 1.23 8.62 234.64 71.12 WEX WEX ... dd 221.08 2.76
17.51 195.95 23.61 Bill.com BILL ... dd 160.40 5.09 -20.43 176.49 39.01 Elastic ESTC ... dd 116.28 -2.39 2.51 86.41 39.06 LambWeston LW 1.2 40 80.72 0.18 -1.87 76.12 38.62 W.P.Carey WPC 6.0 27 69.26 1.24
-30.95 132.73 9.74 QuantumScape QS ... ... 58.31 0.11
21.28 414.99 155.17 Bio-Techne TECH 0.3 88 385.12 -2.89 -9.13 150.30 85.69 ElectronicArts EA 0.5 32 130.49 -0.85 4.78 66.77 33.30 LasVegasSands LVS 0.0 dd 62.45 -0.71 16.97 64.43 27.18 WPP WPP 1.0 dd 63.26 -0.58
2.27 134.71 73.02 QuestDiag DGX 2.0 12 121.87 0.01
-3.94 689.00 309.38 Bio-RadLab A BIO ... 4 559.98 -8.92 14.72 93.38 37.75 EmersonElec EMR 2.2 27 92.20 0.89 s 18.69 188.88 63.20 Lear LEA 0.5 73 188.76 2.78 6.67 84.32 35.07 Wabtec WAB 0.6 36 78.08 0.72
s 13.82 36.56 22.57 Enbridge
8.69 363.92 223.25 Biogen BIIB ... 11 266.13 -1.31
-12.45 131.94 68.25 BioMarinPharm BMRN ... 18 76.77 -0.64 1.09 8.94 5.21 EnelAmericas ENIA
ENB 7.2 33 36.41
5.5 15 8.31
0.07
-0.01
-9.69 113.75 68.00 Leidos LDOS 1.4 22 94.93 0.64 RS 33.43 55.49 33.36 WalgreensBoots WBA
-6.96 153.66 102.00 Walmart WMT
3.5 dd 53.21
1.6 28 134.12
1.69
1.99
16.09 76.70 18.87 Lennar B LEN.B 1.4 9 71.05 -2.57
26.69 131.00 29.19 BioNTech BNTX ... ... 103.28 0.68 37.22 9.55 3.75 EnergyTransfer ET 7.2 dd 8.48 0.12 15.32 95.72 25.42 Lennar A LEN 1.1 11 87.91 -3.08 -1.38 26.08 16.81 RELX RELX 2.7 30 24.32 0.02 -11.16 39.61 25.61 WarnerMusic WMG 1.4 dd 33.75 -1.53
-12.61 97.19 50.01 BlackKnight BKI ... 47 77.21 -0.42 -6.13 229.04 21.49 EnphaseEnergy ENPH ...183 164.71 -0.63 8.50 319.77 163.40 LennoxIntl LII 1.0 32 297.25 4.63 5.47 524.22 73.14 RH RH ... 60 471.99 -2.33 0.42 111.04 70.87 WasteConnections WCN 0.8133 103.00 0.80
-0.74 788.00 323.98 BlackRock BLK 2.3 22 716.19 -5.93 6.74 114.00 38.12 Entegris ENTG 0.3 47 102.58 -2.08 s 25.20 25.25 9.09 LeviStrauss LEVI 0.5 dd 25.14 0.66 ... 35.00 13.70 RLX Tech RLX ... ... 17.35 -1.45 3.27 125.56 85.34 WasteMgt WM 1.9 35 121.79 1.79
s 15.48 75.27 33.00 Blackstone BX 1.2 52 74.84 0.83 -4.09 113.36 75.19 Entergy ETR 4.0 14 95.76 2.41 -10.89 47.70 14.31 LiAuto LI ... dd 25.69 -0.33 -3.64 98.35 42.85 RPM RPM 1.7 26 87.48 0.60 8.65 299.06 154.39 Waters WAT ... 32 268.83 -4.25
s 25.75 269.72 89.00 Boeing BA 0.0 dd 269.19 17.19 19.70 23.58 10.27 EnterpriseProd EPD 7.7 14 23.45 0.15 -5.48 162.25 80.14 LibertyBroadbandA LBRDA 0.0 69 148.94 0.22 19.51 129.75 59.82 RalphLauren RL 0.0 dd 123.98 2.23 9.49 265.18 132.97 Watsco WSO 2.9 36 248.06 2.38
7.80 2450.26 1107.29 BookingHldgs BKNG ...1674 2401.04 38.98 -11.57 196.47 103.01 Equifax EFX 0.9 41 170.53 -0.19 -3.13 165.23 86.20 LibertyBroadbandC LBRDK ... 71 153.41 1.16 25.17 124.02 54.21 RaymondJames RJF 1.3 19 119.75 1.99 40.06 369.00 21.70 Wayfair W ...297 316.26 -3.73
-9.90 100.26 54.37 BoozAllen BAH 1.9 20 78.55 -0.24 -6.47 839.77 477.87 Equinix EQIX 1.7159 668.00 13.41 6.11 26.66 15.31 LibertyGlobal A LBTYA ... dd 25.70 0.09 s 9.80 78.87 40.71 RaytheonTech RTX 2.4 dd 78.52 1.47 27.13 63.55 28.93 Weibo WB ... 32 52.11 -0.84
30.25 50.53 17.00 BorgWarner BWA 1.4 23 50.33 1.18 s 25.94 20.81 8.41 Equinor EQNR 2.1 dd 20.68 0.24 4.45 58.31 15.98 LibertyGlobal B LBTYB -0.13 89.20 36.91 RealPage RP ...192 87.13 -0.12 s 32.44 40.02 20.76 WellsFargo WFC 1.0 98 39.97 1.09
s 26.10 32.34 9.89 Equitable ... dd 25.62 1.47
9.22 1236.57 290.02 BostonBeer SAM ... 70 1086.01 -31.75 EQH 2.1 dd 32.27 0.47 7.53 26.43 14.36 LibertyGlobal C LBTYK ... dd 25.43 0.16 1.22 72.11 38.00 RealtyIncome O 4.5 55 62.93 1.11 14.70 76.00 24.27 Welltower WELL 3.3 dd 74.12 0.75
14.87 118.24 69.69 BostonProps BXP 3.6 20 108.59 1.30 -1.66 68.52 41.97 EquityLife ELS 2.2 50 62.31 1.19 s 8.92 42.39 16.87 LibertyFormOne A FWONA ... dd 41.38 -0.15 29.74 60.15 31.80 RegencyCtrs REG 4.0226 59.15 0.76 -3.24 312.12 124.53 WestPharmSvcs WST 0.2 60 274.12 1.23
8.07 42.37 24.10 BostonSci BSX ... dd 38.85 0.20 23.89 74.22 45.42 EquityResdntl EQR 3.3 32 73.44 1.83 9.04 47.91 18.31 LibertyFormOne C FWONK ... dd 46.45 -0.13 -2.41 664.64 418.01 RegenPharm REGN ... 15 471.46 1.50 64.60 100.00 20.90 WestAllianceBcp WAL 1.0 20 98.68 1.76
-0.24 73.50 14.23 BridgeBioPharma BBIO ... dd 70.94 -0.28 -6.34 266.77 130.20 ErieIndemnity A ERIE 1.8 28 230.03 -2.63 29.27 34.99 13.59 LibertyBraves A BATRA ... dd 32.15 -0.01 35.61 22.61 6.94 RegionsFin RF 2.8 21 21.86 0.42 23.61 72.98 27.40 WesternDigital WDC 0.0124 68.47 -0.22
-1.96 182.49 64.23 BrightHorizons BFAM ...372 169.60 -1.24 -8.01 48.89 30.40 EssentialUtil WTRG 2.3 39 43.50 1.12 25.64 31.76 13.20 LibertyBraves C BATRK ... dd 31.26 -0.12 11.33 131.17 55.39 ReinsGrp RGA 2.2 21 129.03 0.02 12.58 25.73 17.39 WesternUnion WU 3.8 14 24.70 0.29
-2.24 67.16 45.76 BristolMyers BMY 3.2 dd 60.64 0.29 s 21.24 288.07 175.81 EssexProp ESS 2.9 33 287.84 10.73 4.21 46.93 22.63 LibertySirius C LSXMK ... 55 45.34 -0.11 s 27.62 154.09 70.57 RelianceSteel RS 1.8 27 152.83 1.76 15.98 97.25 28.99 WestlakeChem WLK 1.1 37 94.64 -0.52
-0.08 41.58 27.32 BritishAmTob BTI 7.9 10 37.46 0.41 8.65 298.31 137.01 EsteeLauder EL 0.7116 289.21 -2.43 5.46 46.72 22.54 LibertySirius A LSXMA ... 55 45.55 -0.02 0.02 201.29 113.27 RenaissanceRe RNR 0.9 11 165.86 3.89 27.92 19.44 7.98 WestpacBanking WBK 1.2 45 19.06 -0.05
3.04 495.14 155.67 Broadcom AVGO 3.2 52 451.17 -2.52 24.30 251.86 29.95 Etsy ETSY ... 84 221.14 0.30 -1.80 82.53 8.17 LightspeedPos LSPD ... dd 69.12 4.58 1.60 228.84 78.41 Repligen RGEN ...175 194.70 0.62 18.47 54.00 21.50 WestRock WRK 1.6 dd 51.57 0.18
-5.97 158.36 81.90 BroadridgeFinl BR 1.6 33 144.06 0.15 9.01 167.71 61.27 EuronetWorldwide EEFT ... dd 157.98 -3.66 23.24 218.00 117.06 EliLilly LLY 1.6 31 208.08 2.87 -0.12 103.79 65.37 RepublicSvcs RSG 1.8 32 96.18 0.98 7.10 36.22 13.10 Weyerhaeuser WY 1.9 34 35.91 0.24
5.52 44.24 21.57 BrookfieldMgt BAM 1.2 dd 43.55 0.35 s 8.00 254.16 157.32 EverestRe RE 2.5 20 252.82 3.40 s 24.83 63.14 16.11 LincolnNational LNC 2.7 25 62.80 1.09 -12.91 224.43 108.85 ResMed RMD 0.8 39 185.12 -1.59 -6.01 57.89 18.66 WheatonPrecMet WPM 1.2 41 39.23 1.07
7.69 54.74 23.22 BrookfieldInfr BIP 3.8167 53.20 0.46 3.91 65.43 42.01 Evergy EVRG 3.7 21 57.68 0.92 1.89 274.57 146.71 Linde LIN 1.6 57 268.50 1.13 3.89 65.73 25.08 RestaurantBrands QSR 3.3 40 63.49 -0.26 15.15 214.68 64.00 Whirlpool WHR 2.4 12 207.84 2.24
21.42 18.78 7.15 BrookfieldPropREIT BPYU 7.3 dd 18.14 0.34 -5.10 96.66 60.69 EversourceEner ES 2.9 23 82.10 1.27 35.28 412.95 55.74 LithiaMotors LAD 0.3 21 395.92 -2.36 -9.27 449.00 134.85 RingCentral RNG ... dd 343.84 -4.99 19.35 24.69 8.41 Williams WMB 6.9140 23.93 0.03
-22.07 63.31 26.89 BrookfieldRenew BEPC 2.6 ... 45.41 -0.03 -3.04 159.54 35.25 ExactSciences EXAS ... dd 128.46 -3.07 19.60 94.63 21.70 LiveNationEnt LYV ... dd 87.88 -0.90 8.04 92.85 35.35 RioTinto RIO 5.7 13 81.27 -1.23 32.64 151.16 26.01 Williams-Sonoma WSM 1.6 20 135.08 0.62
-1.24 48.76 30.70 Brown&Brown BRO 0.8 28 46.82 0.41 0.88 46.02 29.28 Exelon EXC 3.6 21 42.59 0.56 17.35 2.30 1.17 LloydsBanking LYG 1.4 36 2.30 0.06 25.53 83.50 32.38 RobertHalf RHI 1.9 29 78.43 1.09 5.73 232.34 143.34 WillisTowers WLTW 1.3 29 222.76 0.55
-9.47 83.40 44.68 Brown-Forman B BF.B 1.0 38 71.91 0.26 s 31.87 176.25 40.76 Expedia EXPE 0.0 dd 174.59 3.51 -4.17 417.62 266.11 LockheedMartin LMT 3.1 14 340.19 0.46 ... 77.78 60.50 Roblox RBLX ... dd 69.70 -4.20 15.75 6.76 2.52 Wipro WIT 0.2 27 6.54 -0.19
-9.57 83.01 41.03 Brown-Forman A BF.A 1.1 35 66.44 0.02 s 5.60 100.67 52.55 ExpeditorsIntl EXPD 1.0 25 100.44 1.40 s 14.55 51.61 27.32 Loews L 0.5 dd 51.57 1.36 23.69 43.00 17.50 RocketCos. RKT 0.0 1 25.01 -0.82 20.11 362.07 76.81 Wix.com WIX ... dd 300.22 -3.45
13.41 69.92 30.78 Bruker BRKR 0.3 60 61.39 -0.33 s 13.68 131.81 72.70 ExtraSpaceSt EXR 3.0 36 131.71 3.36 1.82 120.24 31.37 LogitechIntl LOGI 0.9 18 98.96 -1.56 5.75 268.91 115.38 Rockwell ROK 1.6 24 265.24 0.99 5.48 282.77 107.75 Workday WDAY ... dd 252.73 -4.54
14.53 47.49 9.00 BuildersFirstSrc BLDR ... 18 46.74 -0.31 50.34 62.55 30.11 ExxonMobil XOM 5.6 dd 61.97 0.66 6.88 180.67 60.00 Lowe's LOW 1.4 22 171.55 0.80 2.45 49.34 32.20 RogersComm B RCI 3.3 20 47.73 0.61 21.47 142.61 35.84 WynnResorts WYNN 0.0 dd 137.05 -0.87
s 23.18 82.33 29.00 Bunge BG 2.5 11 80.78 -0.68 11.50 213.80 79.78 F5Networks FFIV ... 41 196.18 1.10 7.39 20.17 11.56 LufaxHolding LU ... 20 15.25 -0.55 8.42 486.72 58.22 Roku ROKU ... dd 359.96 -3.38 2.52 52.94 15.50 XP XP ... 59 40.67 -0.27
s 19.10 311.74 105.67 BurlingtonStrs BURL ... dd 311.51 8.71 -4.19 123.66 56.77 FMC FMC 1.7 26 110.11 1.40 -12.05 399.90 128.84 lululemon LULU ... 72 306.08 -4.26 -15.43 43.00 20.48 Rollins ROL 1.0 62 33.04 -0.21 4.84 128.57 38.47 XPO Logistics XPO ...256 124.97 2.70
26.40 82.05 29.17 CBRE Group CBRE ... 36 79.28 0.72 -1.74 304.67 137.10 Facebook FB ... 27 268.40 -5.48 43.90 16.60 8.16 LumenTech LUMN 7.1 dd 14.03 0.43 -10.37 455.72 240.00 RoperTech ROP 0.6 43 386.37 -1.07 -6.88 76.44 46.58 XcelEnergy XEL 2.9 22 62.08 0.68
21.45 162.73 73.39 CDW CDW 1.0 29 160.06 0.07 -6.50 363.64 195.22 FactSet FDS 1.0 32 310.90 -1.84 s 35.09 66.90 14.56 Lyft LYFT ... dd 66.37 3.65 -0.15 127.08 56.30 RossStores ROST 0.9524 122.62 1.75 -11.51 154.93 68.00 Xilinx XLNX 0.0 50 125.45 -0.64
s 27.25 51.24 19.73 CF Industries CF 2.4 33 49.26 -1.28 -9.14 530.95 177.65 FairIsaac FICO ... 52 464.33 -4.76 18.62 110.97 33.71 LyondellBasell LYB 3.9 26 108.73 -0.77 s 13.78 93.41 49.55 RoyalBkCanada RY 3.7 15 93.37 0.63 -17.93 74.49 10.00 XPeng XPEV ... dd 35.15 0.34
1.50 81.51 46.32 CGI GIB ... 24 80.50 -0.21 -6.75 73.87 5.99 Farfetch FTCH ... dd 59.50 -0.34 20.79 99.24 19.25 RoyalCaribbean RCL 0.0 dd 90.22 2.23 0.08 108.84 54.62 Xylem XYL 1.1 73 101.87 0.81
2.18 106.75 56.94 CH Robinson
14.89 216.75 131.80 CME Group
CHRW 2.1 26 95.92 1.39
CME 1.7 36 209.15 3.54
-3.44 51.89 26.71 Fastenal
-13.98 136.50 10.63 Fastly
FAST
FSLY
2.4 32 47.15
... dd 75.16
0.78
-0.28
MN s 26.21 44.50 21.25 RoyalDutchA
s 25.29 42.29 19.19 RoyalDutchB
RDS.A
RDS.B
2.5 dd 44.35
3.1 dd 42.11
0.42
0.39
-2.56 74.32 27.93 Yandex
-7.59 25.47 15.17 YatsenHolding YSG
YNDX ... 69 67.80
... dd 15.71
1.02
-0.74
-5.69 67.98 46.03 CMS Energy CMS 3.0 22 57.54 0.78 3.37 121.16 16.75 FateTherap FATE ... dd 93.99 -3.67 23.77 164.72 85.09 M&T Bank MTB 2.8 16 157.56 1.99 -6.25 56.50 34.80 RoyaltyPharma RPRX 1.4 18 46.92 -0.28 -3.45 110.66 54.95 YumBrands YUM 1.9 36 104.81 0.18
s 18.79 46.72 25.18 CNA Fin CNA 3.3 18 46.28 0.56 s 29.66 110.61 64.11 FederalRealty FRT 3.8 68 110.37 1.70 6.36 34.15 11.43 MGMGrowthProp MGP 5.9 60 33.29 0.61 0.29 118.17 44.44 Ryanair RYAAY ... dd 110.30 -0.11 7.16 64.64 38.33 YumChina YUMC 0.8 31 61.18 -0.47
19.47 15.87 5.06 CNH Indl CNHI 0.0 dd 15.34 -0.20 4.08 305.66 88.69 FedEx FDX 1.0 18 270.20 1.71 23.71 40.49 5.90 MGM Resorts MGM 0.0 dd 38.98 -0.21 -5.04 169.30 90.89 SAP SAP 1.0 25 123.82 -3.03 13.41 38.99 23.00 ZTO Express ZTO 0.0 36 33.07 -0.03
14.30 48.70 17.73 CRH CRH 1.8 34 48.67 0.42 s 5.18 125.06 44.43 Ferguson FERG ... 29 124.64 -0.36 10.44 192.30 66.87 MKS Instrum MKSI 0.5 26 166.16 -3.50 5.13 379.87 186.06 S&P Global SPGI 0.9 36 345.61 0.47 6.17 193.54 43.06 ZaiLab ZLAB ... dd 143.69 -4.97
-14.70 220.20 32.30 CRISPR Therap CRSP ... dd 130.61 -3.27 -14.69 233.66 127.73 Ferrari RACE 0.0 52 195.81 -1.01 21.71 26.73 6.87 MPLX MPLX 10.4 dd 26.35 0.02 -7.48 328.37 205.20 SBA Comm SBAC 0.91281 261.02 2.39 23.03 516.78 150.06 ZebraTech ZBRA ... 51 472.85 -7.90
3.42 97.54 46.81 CSX CSX 1.2 26 93.85 0.03 6.86 41.87 19.00 FidNatlFin FNF 3.4 9 41.77 0.77 -6.72 455.81 218.65 MSCI MSCI 0.7 58 416.53 6.47 4.91 62.45 35.41 SEI Investments SEIC 1.2 20 60.29 0.77 -5.76 166.60 50.23 Zendesk ZEN ... dd 134.87 -1.41
-35.14 183.90 77.00 C3.ai AI ... ... 90.00 3.53 3.41 156.72 91.68 FidNatlInfo FIS 1.1584 146.29 1.23 6.93 49.91 22.02 MagellanMid MMP 9.1 13 45.38 0.28 2.12 27.30 14.07 SK Telecom SKM 2.9 18 25.00 -0.02 16.11 208.11 20.04 Zillow C Z ... dd 150.71 -6.55
8.23 77.23 52.04 CVS Health CVS 2.7 14 73.92 1.57 s 41.78 39.26 11.10 FifthThirdBncp FITB 2.8 21 39.09 1.08 31.24 93.50 22.75 MagnaIntl MGA 1.9 37 92.92 1.26 -5.97 74.00 29.51 SS&C Tech SSNC 0.9 29 68.41 -0.04 15.37 212.40 18.65 Zillow A ZG ... dd 156.83 -4.27
-16.25 2326.80 1031.39 CableOne CABO 0.5 36 1865.68 49.60 s 49.92 875.60 276.08 FirstCitizBcshA FCNCA 0.2 18 860.94 15.96 s 22.28 21.86 8.62 ManulifeFin MFC 4.0 10 21.79 0.13 -0.56 35.72 13.00 StoreCapital STOR 4.3 40 33.79 0.37 5.89 170.05 74.37 ZimmerBiomet ZBH 0.6 dd 163.16 2.86
-7.84 149.08 51.39 CadenceDesign CDNS ... 60 125.74 -4.39 s 38.32 17.76 6.27 FirstHorizon FHN 3.4 11 17.65 0.50 82.91 13.29 3.02 MarathonOil MRO 1.0 dd 12.20 -0.31 s 41.45 560.15 127.39 SVB Fin SIVB ... 24 548.57 -3.06 s 35.96 59.37 23.58 ZionsBancorp ZION 2.3 19 59.06 1.57
35.48 103.65 6.02 CaesarsEnt CZR ... dd 100.62 -0.13 18.53 180.35 70.06 FirstRepBank FRC 0.5 30 174.16 3.16 39.63 59.93 15.26 MarathonPetrol MPC 4.0 dd 57.75 -0.25 -4.64 284.50 115.29 Salesforce.com CRM ... 48 212.21 -3.74 -7.81 176.64 90.14 Zoetis ZTS 0.7 45 152.57 0.21
6.70 110.00 62.48 CamdenProperty CPT 3.1 86 106.61 2.56 -17.16 112.50 28.47 FirstSolar FSLR ... 22 81.95 0.93 28.52 40.24 23.62 MaravaiLifeSci MRVI ... ... 36.05 -0.47 -1.19 55.00 37.62 Sanofi SNY 2.4 9 48.01 0.17 2.69 588.84 102.00 ZoomVideo ZM ...154 346.39 -8.78
-0.81 57.54 40.70 CampbellSoup CPB 3.1 18 47.96 0.52 14.11 46.36 22.85 FirstEnergy FE 4.5 19 34.93 0.28 s 11.84 1165.00 710.52 Markel MKL ... 21 1155.63 22.67 s 24.39 27.98 9.74 SantanderCons SC 3.2 9 27.39 0.02 0.23 64.40 30.83 ZoomInfoTech ZI ... dd 48.34 -0.39
s 16.77 99.88 46.45 CIBC CM 4.7 14 99.80 0.87 9.02 126.25 73.50 Fiserv FISV ... 89 124.13 0.02 -9.04 606.45 275.50 MarketAxess MKTX 0.5 66 518.97 -4.85 s 73.02 15.36 1.25 Sasol SSL 0.0 dd 15.33 0.19 -7.56 230.88 36.67 Zscaler ZS ... dd 184.61 -4.26
5.32 116.16 65.13 CanNtlRlwy CNI 1.7 31 115.69 0.42 9.04 201.48 47.53 FiveBelow FIVE ... 98 190.80 -0.89 13.86 159.98 46.56 Marriott MAR 0.0 dd 150.20 1.37 32.89 30.41 11.87 Schlumberger SLB 1.7 dd 29.01 -0.39 2.94 12.32 5.65 Zynga ZNGA ... dd 10.16 -0.05

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
Fidelity LowP r 55.26 +0.39 13.6 JPMorgan I Class Income NA ... NA ExtndAdml 140.02 +0.51 12.2 VANGUARD FDS IdxIntl 20.33 -0.06 4.8
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. 500IdxInstPrem137.11 +0.17 5.3 Magin 12.93 -0.05 -0.9 CoreBond NA ... NA PIMCO Funds Instl GNMAAdml 10.65 -0.01 -0.7 DivdGro 33.97 +0.17 2.2 MdCpGrAdml 92.64 -0.29 1.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Contrafund K6 19.09 -0.12 1.1 NASDAQ r 167.38 -0.97 3.5 EqInc NA ... NA IncomeFd NA ... NA GrwthAdml 131.35 -0.76 0.7 INSTTRF2020 26.65 -0.05 1.5 SmValAdml 73.64 +0.82 20.6
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, ExtMktIdxInstPre 93.67 +0.35 12.2 OTC 18.13 -0.15 3.5 JPMorgan R Class Price Funds HlthCareAdml r 90.53 +0.15 -0.5 INSTTRF2025 28.04 -0.05 2.1 TotBd2 11.01 -0.06 -3.6
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r FidSerToMarket 13.75 +0.02 6.5 Puritn 27.34 -0.01 5.1 CoreBond NA ... NA BlChip 167.42 -1.55 1.1 HYCorAdml r 5.92 -0.01 -0.1 INSTTRF2030 28.92 -0.04 2.8 TotIntlInstIdx r136.00 -0.40 4.8
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not IntlIdxInstPrem 47.41 ... 3.9 SrsEmrgMkt 26.12 -0.37 4.6 Lord Abbett A DivGro 62.21 +0.24 3.7 InfProAd 27.82 -0.20 -1.8 INSTTRF2035 29.73 -0.04 3.5 TotItlInstPlId r136.03 -0.40 4.8
available due to incomplete price, performance or cost data. NE-Not released by Lipper; MidCpInxInstPrem 29.47 +0.15 9.1 SrsGlobal 14.99 -0.06 4.5 ShtDurIncmA p 4.21 ... 0.5 EqInc 35.44 +0.34 13.4 IntlGrAdml 161.85 -2.03 1.0 INSTTRF2040 30.57 -0.03 4.2 TotSt 100.88 +0.18 6.5
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. SAIUSLgCpIndxFd 20.68 +0.03 5.3 SrsGroCoRetail 23.53 -0.13 3.3 Lord Abbett F Growth 100.17 -0.57 3.3 ITBondAdml 12.07 -0.06 -3.8 INSTTRF2045 31.33 -0.02 4.8 VANGUARD INSTL FDS
SeriesBondFd 10.37 -0.06 -3.5 SrsIntlGrw 17.76 -0.10 -0.1 ShtDurIncm 4.20 -0.01 0.3 HelSci 99.33 -0.05 0.5 ITIGradeAdml 10.08 -0.05 -3.3 INSTTRF2050 31.44 -0.02 4.9 BalInst 45.43 -0.05 2.4
SeriesOverseas 12.58 -0.05 1.5 SrsIntlVal 10.92 +0.05 8.2 Metropolitan West LgCapGow I 64.07 -0.33 4.7 LTGradeAdml 10.53 -0.16-10.1 INSTTRF2055 31.52 -0.02 4.9 DevMktsIndInst 15.95 +0.02 4.6
Friday, March 12, 2021 SmCpIdxInstPrem 29.81 +0.18 19.3 TotalBond 10.97 -0.06 -2.7 TotRetBdI NA ... NA MidCap 116.70 +0.24 3.2 MidCpAdml 276.88 +1.17 8.0 IntlGr 50.87 -0.64 1.0 DevMktsInxInst 24.93 +0.04 4.6
Net YTD Net YTD Net YTD TMktIdxInstPrem114.77 +0.19 6.5 Fidelity SAI TRBdPlan NA ... NA NHoriz 81.62 -0.40 -0.8 MuHYAdml 11.94 -0.01 0.4 IntlVal 43.03 ... 6.9 ExtndInst 140.01 +0.51 12.2
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret USBdIdxInstPrem 11.97 -0.07 -3.5 TotalBd 10.43 -0.05 -2.6 MFS Funds Class I R2020 23.48 -0.03 3.2 MuIntAdml 14.76 -0.01 -0.2 LifeCon 22.76 -0.07 0.4 GrwthInst 131.35 -0.76 0.7
American Century Inv Baird Funds EmMktCorEq 25.74 -0.21 6.1 Fidelity Advisor I Fidelity Selects Growth I 160.86 -1.39 -0.6 R2025 20.12 -0.02 3.9 MuLTAdml 12.14 -0.01 -0.2 LifeGro 41.87 -0.04 4.1 InPrSeIn 11.34 -0.08 -1.7
Ultra 76.28 -0.58 0.4 AggBdInst 11.35 -0.06 -3.3 IntlCoreEq 15.57 +0.02 6.9 NwInsghtI 37.61 -0.22 2.1 Softwr r 27.58 -0.22 1.7 ValueI 48.54 +0.22 7.6 R2030 29.76 -0.03 4.6 MuLtdAdml 11.24 ... 0.1 LifeMod 32.34 -0.06 2.2 InstIdx 349.15 +0.45 5.3
American Funds Cl A CorBdInst 11.73 -0.06 -3.0 IntSmCo 21.66 ... 6.8 Fidelity Freedom Tech r 27.83 -0.14 3.6 MFS Funds Instl R2035 22.37 -0.02 5.3 MuShtAdml 15.94 ... 0.1 PrmcpCor 32.33 +0.11 11.6 InstPlus 349.17 +0.44 5.3
AmcpA p 40.88 -0.15 4.5 BlackRock Funds IntSmVa 20.99 ... 9.7 FF2020 17.61 -0.05 2.6 First Eagle Funds IntlEq 31.18 -0.09 1.8 R2040 32.26 -0.02 6.0 PrmcpAdml r168.59 +0.09 9.6 STAR 31.98 -0.07 2.9 InstTStPlus 78.79 +0.14 6.5
AMutlA p 47.45 +0.21 6.4 HiYBlk 7.77 -0.02 0.6 TAUSCoreEq2 25.38 +0.10 10.4 FF2025 15.94 -0.04 3.2 GlbA 64.09 +0.25 4.6 Nuveen Cl I PRIMECAP Odyssey Fds RealEstatAdml129.90 +2.22 7.9 TgtRe2015 15.81 -0.04 0.5 MidCpInst 61.17 +0.26 8.0
BalA p 31.13 +0.01 3.1 HiYldBd Inst 7.77 -0.01 0.7 US CoreEq1 32.49 +0.12 9.5 FF2030 20.02 -0.06 3.8 Franklin A1 HYMunBd 17.89 ... 2.5 AggGrowth r 58.50 +0.09 9.0 SmCapAdml 106.09 +0.68 13.8 TgtRe2020 34.80 -0.08 1.5 MidCpIstPl 301.66 +1.27 8.0
BondA p 13.35 -0.06 -3.0 BlackRock Funds A US CoreEq2 29.96 +0.12 11.1 FF2035 17.46 -0.04 5.4 CA TF A1 p 7.73 -0.01 -0.6 Old Westbury Fds Schwab Funds SmGthAdml 99.62 +0.02 6.0 TgtRe2025 22.00 -0.04 2.1 SmCapInst 106.09 +0.68 13.8
CapIBA p 65.85 +0.09 4.5 GlblAlloc p 22.15 +0.06 2.9 US Small 47.45 +0.42 23.5 FF2040 12.51 -0.02 6.5 IncomeA1 p 2.42 +0.01 6.5 LrgCpStr 17.75 -0.07 3.6 1000 Inv r 88.00 +0.11 5.3 STBondAdml 10.78 -0.01 -0.6 TgtRe2030 41.68 -0.07 2.8 STIGradeInst 10.94 -0.01 -0.5
CapWGrA 62.03 -0.10 4.4 BlackRock Funds Inst US SmCpVal 45.65 +0.48 32.6 Freedom2025 K 15.92 -0.04 3.2 FrankTemp/Frank Adv Parnassus Fds S&P Sel 60.48 +0.08 5.3 STIGradeAdml 10.94 -0.01 -0.5 TgtRe2035 26.10 -0.03 3.5 STIPSIxins 25.88 -0.03 1.0
EupacA p 70.13 -0.49 1.1 StratIncOpptyIns 10.36 -0.02 0.4 US TgdVal 30.73 +0.32 30.3 Freedom2030 K 20.01 -0.05 3.9 IncomeAdv 2.40 +0.01 6.6 ParnEqFd 56.10 -0.06 4.6 TSM Sel r 70.81 +0.12 6.5 TotBdAdml 11.17 -0.06 -3.5 TgtRe2040 46.11 -0.04 4.2 TotBdInst 11.17 -0.06 -3.5
FdInvA p 73.25 -0.02 5.9 Bridge Builder Trust USLgVa 43.47 +0.37 15.8 Freedom2035 K 17.44 -0.03 5.4 FrankTemp/Franklin A PGIM Funds Cl Z TIAA/CREF Funds TotIntBdIdxAdm 22.85 -0.06 -2.2 TgtRe2045 29.55 -0.02 4.8 TotBdInst2 11.01 -0.06 -3.6
GwthA p 69.67 -0.26 3.2 CoreBond 10.41 -0.05 -3.2 Dodge & Cox Freedom2040 K 12.51 -0.01 6.5 Growth A p 136.82 -0.60 1.0 HighYield 5.53 -0.01 1.3 EqIdxInst 29.56 +0.05 6.4 TotIntlAdmIdx r 34.01 -0.10 4.8 TgtRe2050 47.68 -0.03 4.9 TotBdInstPl 11.17 -0.06 -3.5
HI TrA p 10.26 -0.02 2.2 CorePlusBond 10.28 -0.05 -2.7 Balanced 112.90 +0.33 10.9 Fidelity Invest RisDv A p 82.14 +0.14 2.4 TotalReturnBond NA ... NA VANGUARD ADMIRAL TotStAdml 100.92 +0.18 6.5 TgtRet2055 51.77 -0.02 4.9 TotIntBdIdxInst 34.29 -0.09 -2.2
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IncoA p 24.82 +0.08 5.4 LargeCapGrowth 21.08 -0.09 2.5 Intl Stk 47.63 -0.12 9.0 BluCh 170.31 -0.67 4.4 TotRtnBdFdClInst 28.48 -0.19 -3.6 AllAsset 12.85 ... 6.9 BalAdml 45.43 -0.04 2.5 TxMIn r 15.93 +0.03 4.6 TotIntBdIxInv 11.43 -0.03 -2.2 ValueInst 51.39 +0.45 10.7
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NwWrldA 89.96 -0.75 2.3 DivIncom I 27.45 +0.15 6.4 CoreFxdIncmI NA ... NA CpInc r 11.08 -0.03 4.0 Harding Loevner TotRt 10.24 -0.05 -3.0 DivAppIdxAdm 39.24 +0.19 2.3 WdsrllAdml 76.19 +0.28 10.9 Welltn 45.43 -0.05 2.4 Western Asset
SmCpA p 83.77 -0.23 5.3 Dimensional Fds TotRetBdI 10.52 -0.03 -1.2 GroCo 33.84 -0.21 3.0 IntlEq 28.89 -0.23 1.7 PIMCO Funds A EMAdmr 43.83 -0.69 5.2 WellsIAdml 69.00 -0.01 0.5 WndsrII 42.94 +0.16 10.9 CoreBondI NA ... NA
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B12 | Saturday/Sunday, March 13 - 14, 2021
Two Ford Heirs Are Nominated for Board
Their appointments
would extend a history
of family oversight at
the auto maker
BY MIKE COLIAS
Ford Motor Co. has nomi-
nated a pair of fifth-genera-
tion descendants of founder
Henry Ford to its board, deep-
ening the family’s involvement
in the auto maker’s corporate
governance.
The company said Alexan-
dra Ford English, 33 years old,
and Henry Ford III, 40, will
stand for election at Ford’s an-
nual shareholders meeting in
May. Both are great-great-
grandchildren of Henry Ford,
who founded the company
around the turn of the last
century. Ms. Ford English is
the daughter of current Execu-
tive Chairman Bill Ford.
If the two are elected, three
China Fines Tech Firms
For Lax Deal Reporting
BY STEPHANIE YANG
AND JING YANG
China’s antitrust regulator
fined a dozen companies, in-
cluding Tencent Holdings
Ltd. and Baidu Inc., over a
number of past investment
deals, the latest sign of Bei-
jing’s broad crackdown on the
internet sector.
China’s State Administra-
tion for Market Regulation
said Friday that the 12 compa-
nies didn’t properly report
past deals and fined them
each 500,000 yuan, equivalent
to about $77,000. Though the
fine is relatively small given
the size of the companies be-
ing punished, antitrust experts
said the move serves as the
latest reminder that authori-
ties are intensifying scrutiny
over China’s powerful technol-
ogy giants.
Friday’s announcement fol-
lows a wave of fines and in-
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
BOATING
of the company’s 14 board
seats will be occupied by Ford
family members. Currently
there are two descendants of
the founder on the board, Mr.
Ford and his 72-year-old
cousin, Edsel Ford II, who will
retire from the board this
spring, the company said.
Their appointments would
extend a history of family
oversight at the 118-year-old
auto maker. Ms. Ford English’s
63-year-old father has served
as executive chairman since
2006, and was chief executive
officer and chairman before
that.
Edsel Ford II, who is the fa-
ther of Henry Ford III, has
been a director since the late
1980s. Elena Ford, a great-
great granddaughter of the
founder, is Ford’s chief cus-
tomer-experience officer.
In an interview, Bill Ford
said the company’s family ties
provide a long-term perspec-
tive that benefits shareholders
vestigations into alleged mo-
nopolistic practices, including
a continuing probe into Ali-
baba Group Holding Ltd.,
China’s biggest e-commerce
company, over whether it
abused its dominant market
position.
They also follow similar
fines imposed on Tencent and
Alibaba in December for fail-
ing to properly report past ac-
quisitions. Observers had
viewed those previous penal-
ties as a sign that Chinese reg-
ulators were tightening con-
trol over tech companies with
offshore corporate structures,
and plugging loopholes that
allowed Chinese tech giants to
pursue investments without
regulatory oversight.
Many Chinese tech compa-
nies are registered in offshore
tax havens to receive funding
from foreign investors. Such a
structure, known as a variable
interest entity, has been a gray
ADVERTISEMENT
BUSINESS & FINANCE
Alexandra Ford English, 33 years old, and Henry Ford III, 40, will
stand for election at Ford’s annual shareholders meeting in May.
and employees. He cited the
2008-09 financial crisis, when
the company avoided bank-
ruptcy by mortgaging most of
its assets, including its blue
Ford logo, while rivals General
Motors Co. and Chrysler un-
derwent government-led re-
structurings.
“The family involvement in
the company has produced
area under Chinese law. Until
recently it was unclear if anti-
trust regulations applied to
companies structured this way.
In recent months, as China
stepped up efforts in taming
big tech platforms, authorities
moved to plug this loophole by
bringing enforcement actions
retroactively. Since then, some
companies have been report-
ing past deals to authorities,
people familiar with the mat-
ter said.
China’s antitrust law stipu-
lates that regulators could
break up companies or assets
retroactively if deals are found
to have restricted competition.
For the 12 fined companies,
regulators didn’t find that
they eliminated competition.
Those fined Friday included
an Alibaba-controlled store-
and mall-operator called In-
time Retail (Group) Co., an in-
vestment branch of JD.com
Inc., Chengdu Meigengmei In-
COMMERCIAL REAL ESTATE
 
* *** THE WALL STREET JOURNAL.
centage of the Class B shares in
recent years, totaling about
20% as of February 2020, ac-
cording to regulatory filings.
Mr. Ford said he continues
to add to his stake because he
is confident in the company’s
THE FORD MOTOR COMPANY (2)
future. “All the different busi-
ness opportunities that lay in
front of us are really compel-
ling,” he said.
Charles Elson, a University
of Delaware finance professor
who specializes in corporate
governance, said it would be
unusual for three family mem-
bers to serve on the board for
a large public company, even
real and tangible results,” Mr. one with a dual-class voting
Ford said. “The family has structure.
been very willing to take “It means more influence
short-term pain, like no divi- and more voice for the family,
dends, to get us through tough assuming those directors vote
times.” together,” Mr. Elson said.
The Ford family’s supervot- Nell Minow, vice chair at
ing Class B shares give it 40% advisory firm ValueEdge Advi-
voting power and effective con- sors and a longtime advocate
trol over the company. Bill Ford for shareholder rights, said
has amassed a growing per- adding two Ford employees to
The 12 companies didn’t properly report past deals and were each fined about $77,000.
formation Technology Co.—an also fined for failing to report
investment company con- a joint venture that they had
trolled by delivery giant formed in Japan in 2018, the
Meituan—as well as a subsid- regulator said. Didi and Soft-
iary of ByteDance Ltd., owner Bank declined to comment.
of the popular app TikTok. Tencent said it would “con-
Chinese ride-hailing giant tinue to adapt to changes in the
Didi Chuxing Technology Co. regulatory environment and
and Japanese tech investor will seek to ensure full compli-
SoftBank Group Corp. were ance.” ByteDance said the joint
Crypto Investor Won Record
Auction of Beeple Digital Art
BY KELLY CROW world’s biggest collection of
the board would run counter
to the corporate trend of hav-
ing a higher concentration of
independent directors.
Ford shares have rallied
since tumbling at the onset of
the Covid-19 pandemic last
year, when investors fled from
the auto sector amid factory
and supply-chain disruptions.
Its stock price is up 52% this
year and has tripled since
March 2020.
Ford CEO Jim Farley took
over in October, tasked with
rejuvenating a company that
has seen operating profit fall
for five consecutive years. Mr.
Farley has emphasized fixing
Ford’s nagging quality prob-
lems and pushing further into
offering digital services.
Mr. Ford said that the com-
pany’s 11 independent direc-
tors oversaw the vetting of the
two younger Ford’s during the
nomination process, and that
he and Edsel Ford II weren’t
involved.
QILAI SHEN/BLOOMBERG NEWS
venture established by its unit
involved in the fined deals was
never in operation and had
been canceled in January. Ali-
baba, Baidu, JD, Meituan and
TAL didn’t respond to requests
to comment.
—Yifan Wang
and Raffaele Huang
contributed to this article.
dour said. “All we did was to


  AND CAITLIN OSTROFF tokenized collectibles and art, tokenize that sense of owner-
 

     worth nearly $120 million ship into something real. It’s
     


  Christie’s said that a cryp- combined, with Beeple serving like owning a share of the Mu-
  
     tocurrency investor based in as its star. Four months ago, seum of Modern Art.”
   !  
  
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    Singapore called Metakovan the fund paid $2.2 million for Hong Kong-based collector
&'()))*
 (+$',)(%( won Beeple’s $69 million digi- a different set of 20 Beeple and cryptocurrency investor
tal collage at auction—a sale works on the online market- Jehan Chu said he is game for
that smashed records in mar- place Nifty Gateway. the world the collectors are
  kets for both art and nonfun- “Art has become really im- building online. Mr. Chu, who
  
 



 
 gible tokens, or NFTs. portant to us lately, and Bee- used to work for Sotheby’s,
  
 
  Metakovan’s identity ple represents creating for the bought some of Metapurse’s
    ! " couldn’t be determined, but he sake of creating,” Twobadour B.20 tokens and thinks Beeple
 
 
 #$%& '
()*%& 
 is widely known in cryptocur-
rency circles. A spokesman for
said, adding that the dura-
tional element of Beeple’s “Ev-
will become “emblematic of a
new digital-art movement.”
  
  

          him, who goes by Twobadour, erydays” series was key to the The incoming generation of

   
    confirmed the purchase in a artist’s appeal. The artist, NFT artists arrive with built-in

  
 
  
 NOTICE OF SALE phone interview with The Wall whose real name is Mike Win- audiences who already collect
Street Journal. kelmann, is known for com- their work and are steered by
Metakovan is the founder of pleting a new work each day their own tastes, Mr. Chu said.
   
 
 
 Such collectors also set their
Metapurse, a crypto-based in- for the past 13 years and
 
 

 
vestment firm. Twobadour counting. “I can’t think of any- own price levels whether or
 
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#$  % & said that their fund outbid thing I’ve done every day for not the traditional art scene
'(& dozens of rivals over the that long,” Twobadour added. joins in—a phenomenon not

&!)*(+)+%)!),,, course of the 15-day online seen since the advent of street
ANNOUNCEMENTS BUSINESS OPPORTUNITIES
 (+ contest to win Beeple’s pixe- art, he said.
lated amalgamation of irrever- “We’re putting dents into
ent drawings and fantastical
Singapore-based the staid art world,” Mr. Chu
  PUBLIC NOTICES landscapes that the artist
combined into a single collage
investor called said. “The art world thinks of
these guys as rejects or
 
    


called “Everydays: The First
Metakovan outbid punchlines, but I expect the
 
 
  
     
 


 
    

5000 Days.” rivals for collage. art world to catch up soon.”
Metakovan, who acts as the Next week, Mr. Chu said top
 
 

  
 
    
  
  fund’s financier, paid for it curators including Hans Ulrich
 
   
  
  
  ! "#"   !"$$ !  with about 42,329 of the cryp- Obrist, the artistic director of
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 tocurrency ether. Metapurse has been able to London’s Serpentine Galleries,
(  % 
  
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The Metapurse founder is scoop up Beeple’s works at will join a conversation on the
  
    
  
  
  

 
  
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 relatively unknown in blue- such high prices because Clubhouse app with himself
 
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BUSINESS OPPORTUNITIES   
  
  
    
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chip art circles, but with the Metakovan was an early inves- and Beeple—a perceived chris-
new Beeple purchase he has tor in cryptocurrencies, start- tening move for the art cogno-
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 suddenly joined the rarefied ing around 2013, Twobadour scenti that digital art is head-
  
   3
    2
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 ranks of top collectors. He has said. Money from those and ing mainstream.


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also stirred up a frenzy in subsequent investments has The Beeple sale also caught

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THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, March 13 - 14, 2021 | B13

MARKETS

Companies
Daily volume of Libor-benchmarked Average daily volume for SOFR Benchmark
futures and options trading* futures trading, monthly† short-term rates‡
12 million contracts 120 thousand contracts 1.6%

Can’t Kick
Eurodollar futures Eurodollar options 1.4
10 100
1.2 Three-month
average SOFR
8 80

Libor Habit
1.0 Three-month
Libor
6 60 0.8

Regulators are pressuring scheduled to abandon the rate
Wall Street to do away with at the end of this year after it
the London interbank offered fell into disrepute a decade
rate by year-end. Companies ago following a manipulation
are still making the switch. scandal.
The Fed warned banks
By Julia-Ambra Tuesday that they could face
Verlaine, Mark Maurer regulatory consequences if ro-
and Anna Hirtenstein bust plans aren’t in place to
move away from the bench-
Chief financial officers at mark before Dec. 31. That is
major U.S. companies such as when it expires for some
Motorola Solutions Inc. and shorter-dated dollar rates.
Ralph Lauren Corp. said they The U.K. regulator in charge
are working on issues includ- of overseeing Libor, the Finan-
ing choosing between alterna- cial Conduct Authority, said
tives to the troubled borrow- March 5 that Libor would
ing benchmark, used for cease for sterling, the euro,
decades to help set rates on Swiss franc and yen at the end
corporate debt, and discussing of the year, building on its
the timing and financial impli- mandate that market partici-
cations. pants transition to other
Jason Winkler, Motorola’s benchmark rates. The remain-
finance chief, said the commu- ing dollar rates will end after
nications-equipment provider June 30, 2023.
plans to use the replacement The use of Libor is still
preferred by the Federal Re- strong in the futures and op-
serve—the Secured Overnight tions markets, data from CME
Financing Rate, or SOFR. But Group showed. Daily trading
without any immediate finan- volume reached the highest
cial arrangements in need of level for Eurodollar futures,
adjustment, the company was which use Libor as a bench-
still gauging when to transi- mark, since 2014 on Feb. 25 at
tion to the new rate. 10.7 million contracts and av-
“We’re working through it eraged three million daily for
like many other companies the month. By comparison, av-
and evaluating our choices,” erage daily volume for SOFR
Mr. Winkler said. futures in February was
Libor is a key reference rate 122,872 contracts.
for corporate borrowing, un- “Examiners should consider
derpinning trillions of dollars issuing supervisory findings
in financial contracts ranging and other supervisory actions
from loans to interest-rate if a firm is not ready to stop
swaps. But financial firms and issuing Libor-based contracts
regulators world-wide are by Dec. 31, 2021,” said Michael
4 40
2 20
0 0
2019 ’20
Sources: CME Group (volume); FactSet, ICE Benchmark Administration (rates)
Gibson, a director in the divi-
sion of supervision and regula-
tion at the Fed.
CFOs said they have been
examining contracts linked to
Libor and are discussing re-
placement options with lend-
ers who bankroll them to fund
operations or other expenses.
Many corporations’ credit
lines and loans have interest
rates based off Libor. If they
don’t change over, or other-
wise prepare, legal fallbacks in
their contracts could raise
their debt payments.
Banks have put resources
and cash into programs to
transition to SOFR, which is
based on the cost of transac-
tions in the market where fi-
nancial companies borrow
cash overnight using U.S. gov-
ernment debt as collateral.
That was developed by a com-
mittee of major banks, insur-
ers and asset managers that
has joined the Fed in rallying
users of Libor to adopt SOFR.
One factor they cite: its re-
silience during the coronavirus
pandemic, when swings in the
bond market forced Fed inter-
vention.
The SOFR rate, which is
published by the Federal Re-
’21 2019 ’20
serve Bank of New York, has in
recent months stayed within a
range close to zero.
SOFR-linked debt has
picked up over the past year
as more companies use the
rate. Debt tied to the new rate
totaled over $900 billion
through February, up from
$64.9 billion in February 2019,
according to data from the
CME Group and Bloomberg.
Housing-finance firms Fannie
Market participants
need to transition to
other benchmark
borrowing rates.
Mae and Freddie Mac boosted
the benchmark’s reputation as
the preferred rate last year
when they said they would
stop accepting adjustable-rate
mortgages tied to Libor in fa-
vor of mortgages tied to SOFR.
Alternatives to SOFR in-
clude Ameribor, a rate set on
the American Financial Ex-
change, where banks lend to
each other through mutual
’21 2019 ’20 ’21
*As of March 4 †As of February ‡As of Thursday
lines of credit. Launched by
Richard Sandor, who helped
create futures markets in the
1970s, the rate is favored by
some small and medium-size
banks because it is sensitive to
their funding costs.
Jane Nielsen, Ralph Lau-
ren’s CFO, said the New York-
based fashion retailer has a
credit line pegged to Libor
that it plans to keep in place
in the event of future liquidity
needs. The company has held
preliminary discussions with
its consortium of banks about
selecting the right benchmark,
she said.
“We’re waiting for some of
the dust to settle before we
focus on what the benchmark
will be,” Ms. Nielsen said.
One of the biggest hurdles
holding up the transition: so-
called tough legacy contracts.
These include floating-rate
notes that require holders to
agree on a new reference rate.
Reaching such agreements can
be hard, according to lawyers
at companies advising banks
and companies.
To minimize the disruption,
regulators have tried to make
the new benchmark rate as
similar to Libor as possible.
0.6
0.4
0.2
0
March 2020 Jan. ’21
This was done by adding a
premium to bring it closer to
Libor’s level, which is then
used as a fallback rate. Law-
yers are working to update
contracts to take into account
the change.
The U.S. is running behind
the U.K. and Europe, where in-
vestment firms and companies
have been faster to transition
to alternative rates. Smaller
markets and clearer guidance
from regulators prompted
more investors to make the
switch and resulted in higher
trading activity in markets
linked to the new benchmarks,
analysts said.
Since 2019, floating-rate
covered-bond issuances and
securitizations have largely
used the Sterling Overnight
Index Average, or Sonia, in-
stead of Libor, according to
S&P Global.
John Wraith, head of U.K.
rate strategy at UBS, said
about half the transactions he
is aware of have been bench-
marking Sonia, a U.K. alterna-
tive reference rate.
“People are quoting swaps
in the U.K. using Sonia,” said
Mr. Wraith. “This will now ac-
celerate.”

Texas Grid Operator Discussed Financing Treasury

BY ALEXANDER GLADSTONE cover the shortfall and stabi-
Yields
AND ANDREW SCURRIA

The Texas grid operator has

lize the state energy market,
the people familiar with the
matter said. The discussions
Continue
held talks with financial insti-
tutions including Goldman
Sachs Group Inc. about poten-
are fluid and Ercot might not
pursue such a deal, the people
said.
To Climb
tial financing options to ad- The CPS lawsuit seeks an
dress a more than $3 billion injunction preventing Ercot BY SAM GOLDFARB
shortfall in electricity pay- from tapping the utility’s
ments as some market partici- credit to help fill the shortfall. Selling in U.S. government
ANDY JACOBSOHN FOR THE WALL STREET JOURNAL

pants balk at paying their “We are not alone,” San An- bonds picked up steam again
share, according to people fa- tonio Mayor Ron Nirenberg Friday, propelling yields past
miliar with the matter. said. “What this represents is recent highs and putting an
The Electric Reliability a collapse of the Texas energy end to several sessions of rela-
Council of Texas has held pre- market.” tive stability.
liminary discussions with in- The northern Texas city of The yield on the benchmark
vestment bankers from Gold- Denton has filed a similar law- 10-year U.S. Treasury note set-
man Sachs about measures, suit alleging that Ercot had tled at 1.634%, its highest level
such as a potential credit facil- mounted an “illegal and uncon- since February 2020, com-
ity, that would cover amounts stitutional raid” on cities that pared with 1.525% Thursday.
that electricity buyers haven’t operate municipal utilities. In Yields, which rise when
paid for after last month’s en- court papers, Ercot has said its bond prices fall, climbed
ergy crisis, these people said. protocols are meant to keep steadily overnight despite no
Ercot, which acts as the The Electric Reliability Council of Texas, or Ercot, it was short nearly $3.1 billion in required payments. the state’s energy market obvious catalyst.
payment clearinghouse for afloat in the event of difficul- In notes to clients, some
electricity buyers and sellers, operator from trying to recoup cussions with a number of chasing electricity. CPS said ties collecting from purchasers. said that President Biden’s
has issued large bills for from CPS the costs that other companies in the financial Ercot was attempting to place For a brief period last prime-time speech on Thurs-
power purchased as a winter energy retailers haven’t paid. markets to discuss options,” the “inequitable burden” of its month, Ercot ordered prices to day night might have made in-
freeze swept the state, spiking Ercot let power prices soar the spokeswoman said. own failures on CPS and its go to the maximum level of vestors more optimistic about
energy prices. Some municipal when last month’s winter CPS, which ran up $1.1 bil- customers. $9,000 a megawatt-hour, com- the economic out-
utilities, electric cooperatives storm swept Texas, as demand lion in costs buying electricity Ercot declined to comment pared with the average price CREDIT look. In the ad-
and electricity retailers have for electricity spiked and some and natural gas last month, on the lawsuit, filed in Bexar of roughly $22 a megawatt- MARKETS dress, Mr. Biden
disputed the bills, while others power generators couldn’t said Ercot’s “extreme confisca- County District Court. hour in 2020. The move was directed states to
have declared bankruptcy or function due to fuel shortages tory prices have caused many “We are fighting to protect intended to spur generators to make all American adults eli-
signaled they might seek court and frozen equipment. providers within the Ercot sys- our customers from the finan- produce more power, but gible to receive a vaccine by
protection. An Ercot spokeswoman said tem to become insolvent,” with cial impacts of the systemic many of them had frozen May 1 and said families and
Ercot said Thursday it was Friday that when emergency as many as 22 market partici- failure of the Ercot market and equipment or were unable to friends would likely be able to
short nearly $3.1 billion in re- conditions ended, “we saw pants at risk of failing. the outrageous and unlawful access fuel and couldn’t gener- gather in small groups to cele-
quired payments, having previ- market participants reporting When market participants costs associated with that fail- ate electricity for any price. brate Independence Day.
ously said it was short $2.1 bil- financial distress and we can’t settle their bills, Ercot ure,” CPS President and CEO So far, invoices stemming Some analysts also attri-
lion. On Friday, San Antonio’s wanted to understand a wide normally spreads the cost Paula Gold-Williams said. from the winter storm have buted the move at least in
public power utility CPS En- range of potential options for among the remaining electric Goldman and other institu- caused two major bankruptcy part to “supply indigestion”
ergy filed a lawsuit against Er- state leaders.” retailers, municipal power tions have floated the idea of filings from energy players in after the U.S. Treasury sold
cot, seeking to prevent the grid “We had preliminary dis- companies and others pur- arranging a credit facility to the state. $120 billion of three-year
notes, 10-year notes and 30-
year bonds over the previous

Blue-Chip harder than most people ex-

pect.”
The latest leg of the stock
Index performance this week
4% Dow Jones
cines are going to create a sus-
tainable reopening. That is
what the market is reacting to,”
three days. Though demand
for those auctions was reason-
ably strong, large auctions can

Gauge Hits rally has coincided with a sharp Industrial said David Stubbs, global head sometimes cause aftershocks
Average
fall in government bond prices. 3 of investment strategy at J.P. if investors feel satisfied with
On Friday, money managers Nasdaq Morgan Private Bank. “You’re what they just bought at the

New High
again fled government bonds as
their appetite for the safest as-
sets waned, sending the yield
on the 10-year Treasury note
Continued from page B1 higher for the sixth consecutive
consumers are growing more week—the longest winning
optimistic as well. Consumer streak since December 2016.
sentiment in the U.S. increased The yield on the 10-year Trea-
in early March as more Ameri- sury note rose to 1.634% on Fri-
cans have been vaccinated and day, its highest level in more
job and income than a year, from 1.525% the
FRIDAY’S prospects have prior session.
MARKETS brightened. The Investors have also been
preliminary esti- forced to contend with a flood
mate of the index of consumer of new bonds entering the mar-
sentiment compiled by the Uni- ket, as the government funds
versity of Michigan jumped to trillions of dollars in coronavi-
the highest since March 2020 rus relief legislation, and Fri-
and beat expectations. day’s wave of selling was the
“I expect a very robust re- second in two months to come
covery here in the short term,” after successive 3-year, 10-year
said Dev Kantesaria, a manag- and 30-year debt auctions.
ing partner at Valley Forge Cap- Rising yields are seen as one
ital Management. “I think it’s factor behind the recent weak-
going to happen faster and ness in technology shares, be-
Composite
seeing a rapid reassessment of
2 S&P 500
the macro environment.”
Many investors say they are
1 bracing for greater turbulence
ahead as government bond
prices continue to fall and
0 yields rise, weighing on tech
stocks.
–1 In corporate news, shares of
electric-truck startup Lords-
town Motors dropped sharply,
–2 falling $2.93, or 17%, to $14.78
after short seller Hindenburg
–3 Research took aim at the com-
pany, saying it misled investors
Monday Friday
about its preorders and prog-
Source: FactSet ress toward producing its first
model.
cause many investors use the though, can help banks by mak- Tesla, which had logged a
10-year yield as a discount rate ing their lending activity more steep decline in recent weeks,
in formulas to value stocks, and profitable and generally reflect rebounded and was one of the
many technology companies are expectations for faster eco- S&P 500’s best performers this
expected to make a greater pro- nomic growth, which should week, gaining 16%.
portion of their profits further also help most businesses. —Sam Goldfarb
in the future. Higher yields, “The bigger picture is, vac- contributed to this article.
sales and are hesitant to buy
more.
Yields started rising sharply
a month ago after the same
series of auctions, heightening
concerns that a flood of new
debt could exacerbate pres-
sure on the market caused by
expectations for a strong eco-
nomic rebound and eventual
interest-rate increases from
the Federal Reserve. Some
traders say the market might
also be more vulnerable on
Fridays, with investors ner-
vous about buying Treasurys
ahead of the weekend.
As yields rose Friday, trad-
ers were watching to see if the
10-year yield would rise above
1.626%, its recent intraday
high set a week earlier. It
breached that level in the mid-
morning, leading to a brief
spurt of more selling.
 B14 | Saturday/Sunday, March 13 - 14, 2021
Pharma Giants
Are Getting Their
Pennies Pinched
The ability of drug companies to name their own price is
vanishing as middlemen increasingly call the shots
The pharmaceutical industry’s
reputation as an omnipotent mar-
ket force is increasingly out of
date. Washington, D.C., hasn’t yet
caught on, but Mr. Market is in on
the secret.
Drug companies do have wide
freedom to set their own sticker
prices for their products in the lu-
crative U.S. market. That hardly
means they have carte blanche. To
actually sell medication, a drug-
maker needs to persuade public
and private health plans to place
their product on the plan’s formu-
lary, which is a list of drugs the
plan is willing to purchase. That
means paying middlemen rebates
and discounts to choose their drug
over rival treatments. Failure to
secure favorable formulary access
could mean low sales even for a
Squeezed
Merck’s annual average U.S. drug
prices, change from a year earlier
List price Net price
12%
10
8 just 0.2% in 2020 and that the av-
6 “To secure that formulary posi-
4 year,” said Adam Gluck, Sanofi’s
2 an interview. The company says
0 insulin products is up 141% since
-2
2010 '15
Source: the company
FROM TOP: GETTY IMAGES; DADO RUVIC/REUTERS
Amid the pandemic, household net worth rose sharply in 2020.
The Crisis Has Left
Our Wallets Fatter
One thing that has made the
Covid-19 crisis a lot different from
past recessions: At least in aggre-
gate, the balance sheets of both
households and businesses have
weathered it well.
In its quarterly release on U.S.
financial accounts, the Federal Re-
serve on Thursday reported that
household net worth—the value of
Americans’ total assets minus
their liabilities—swelled to $122.9
trillion in the fourth quarter from
$116.2 trillion in the third quarter
and $111.4 trillion at the end of
2019. That contrasts with the last
recession, when household net
worth fell sharply and then took
years to recover.
The difference was driven by
what happened with asset values.
Stocks have done unusually well,
and home values, spurred by his-
torically low mortgage rates and
urbanites flocking to the suburbs,
have risen. That isn’t all, though.
Money held in savings, checking
accounts and other cash equiva-
lents rose by $2.8 trillion, or 21%,
in the fourth quarter from a year
earlier. That is a reflection of
how incomes, supplemented by
the fiscal support the government
poured into the economy, climbed
even as people spent less.
Meanwhile, companies bor-
rowed more. Loans and debt se-
curities outstanding by nonfinan-
cial, noncorporate businesses
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
highly effective and safe medica-
tion.
Those middlemen argue that the
rebates and discounts, coupled
with their bulk buying power, help
keep insurance premiums low.
Other providers of essential ser-
vices, like drug wholesalers that
deliver medication to pharmacies,
hospitals and other healthcare
sites, also get paid as a share of a
drug’s list price. As a result, a
drug’s sticker price doesn’t typi-
cally reflect how much revenue the
manufacturer gets when a pre-
scription is filled. The net price
that the manufacturer actually re-
alizes as revenue is a carefully
guarded trade secret. As for what
a patient with insurance pays out
of pocket, Americans already know
that the differences can be big and
baffling. The decision depends on
the design of the insurance plan.
No one should worry about
drugmakers being able to make
ends meet, but their lives are get-
ting harder. Data released last
month by drugmakers themselves
show that their ability to raise
prices is waning. French pharma-
ceutical giant Sanofi said that its
average U.S. gross price rose by
erage net price it realized fell 7.8%.
tion costs us more and more every
head of U.S. corporate affairs, in
that the average list price for its
2012 but that the net price is
down 53% over that same period.
It isn’t just Sanofi facing this
'20
dynamic. Merck & Co. said last
month that its average U.S. sticker
increased by $1 trillion to $11.1
trillion at the end of last year
from a year earlier. But they also
shifted borrowing toward more
long-term debt, taking advantage
of low interest rates. And much
of what they borrowed effectively
went into the bank—their money
held in currency, domestic sav-
ings and checking accounts and
money-market funds rose by
$849 billion.
On the whole, companies were
able to use last year’s easy financ-
ing environment to their advan-
tage. That wasn’t something they
were able to do when the financial
crisis struck, or following the dot-
com bust, which really battered
corporate finances.
These numbers obscure some
important problems. We know, for
example, that the finances of many
rich people got even stronger over
the past year and that those gains
in prosperity mask the distress
some poorer Americans experi-
enced. Similarly, large companies
have been able to weather the cri-
sis in ways many smaller busi-
nesses couldn’t.
Still, the balance sheets of both
households and businesses are in
far better shape than one might
have expected when the Covid-19
crisis began. That could make the
recovery that comes as the pan-
demic eases more robust.
—Justin Lahart
ON
THE
price rose 3.1% in 2020 even as its
average net price fell slightly. That
is a sea change from recent years:
In both 2015 and 2016 Merck’s av-
erage list price rose by about 10%
while the net price realized by the
drug giant rose by 5.5%. Nearly
half of Merck’s gross sales went
out the door to third parties as
discounts last year. A decade ago,
that tally was around 27%. Other
drugmakers like Bristol Myers
Squibb report similarly high
spreads between gross and net
sales.
The data should put the indus-
try in relatively good standing
with Washington—especially after
the industry proved able to de-
velop and manufacture Covid-19
vaccines in record time. After all,
the high cost of healthcare is a
perpetual issue in U.S. politics, and
drugmakers have historically been
a popular target. While President
OVERHEARD
Cryptocurrency miners love
graphics cards and computer
chips. Chip makers aren’t re-
turning the love.
Prices of bitcoin and ether
have rallied more than tenfold
in the past year. That could
translate into big sales for chip
companies powering the cryp-
tocurrency mining rigs.
But the global chip shortage
means semiconductor found-
ries like Taiwan Semiconductor
Manufacturing Co. are already
scrambling to fill other orders.
They are also cautious about
adding new capacity given how
finicky crypto demand has
proven to be. Bernstein esti-
mates that crypto will contrib-
ute only about 1% TSMC’s rev-
enue this year, versus around
10% in the first half of 2018
during the last crypto boom.
Makers of graphics cards
are also skeptical. Nvidia said
last month it would tweak its
cards to limit their capacity for
crypto mining, and introduce
separate hardware for miners.
After the last crypto boom fiz-
zled out two years ago, miners
flooded the market with used
graphic cards, hurting Nvidia
and its rival AMD.
Crypto has proven to be a
fickle suitor for chip makers in
the past. No surprise it’s get-
ting the cold shoulder this time.
Cryptocurrency miners and
chipmakers don’t always see
eye to eye.
* ***
Biden has focused on other priori-
ties early in his term, he vowed
during his campaign to address
high prescription drug prices.
Don’t expect that to take the
heat off the industry completely:
Lawmakers may not have figured
out that drugmakers’ pricing
power is on the wane, and politi-
cians aren’t ones for nuanced ar-
guments in any case. Wall Street
seems to have cracked the code, at
least. The stock market as a whole
is ebullient, but Sanofi, Merck and
Bristol Myers Squibb all have
share prices well below their re-
cord highs. A broad index of phar-
maceutical stocks has underper-
formed the S&P 500 by 6
percentage points so far this year.
No matter how lucrative a busi-
ness might be, investors tend to
focus on the future. While big
drugmakers generate huge
amounts of cash flow, it can be a
AT&T’s Big Ambitions
And Bigger Bills
Ma Bell promises to keep its dividend while facing
investment demands in 5G and streaming
If nothing else, AT&T’s past few
years in show business seem to
have taught it to keep the spotlight
on the positive.
AT&T’s virtual analyst meeting on
Friday was a closely watched affair.
The company’s growing debt load—
made worse by eye-popping sums
spent by it and rival Verizon on the
government’s latest auctions of wire-
less spectrum—gave rise to worries
about its ability to invest in its busi-
ness while also paying its crucial
dividend.
AT&T currently has the fourth-
highest dividend yield on the S&P
500, at 7%. Its net debt of $173.2 bil-
lion is also the highest of its telecom-
munications peers, according to S&P
Global Market Intelligence.
The company soothed some wor-
ries Friday. AT&T said it would main-
tain its current dividend payout ratio
of a little over 50% of free cash flow.
But it is unlikely to go any higher, at
least until the company reaches its
target ratio of 2.4 times net debt-to-
adjusted earnings before interest,
taxes, depreciation and amortization,
expected in 2024.
Another piece of good news came
in its new long-term subscriber tar-
gets for HBO Max, which are 64%
higher at the midpoint than the com-
pany projected in late 2019 before the
launch of the service. AT&T’s shares
ticked up 1% by Friday afternoon.
But the stock is still a significant
laggard relative to peers and the
broader market over the longer term.
The company’s ambitions to become
an entertainment and communica-
tions powerhouse have been costly
endeavors. And the entertainment
world has shifted significantly since
AT&T announced its acquisition of
what was once Time Warner in Octo-
ber 2016, with studios now expected
to have their own streaming outlets
to compete with Netflix.
Those streaming services are
growing fast and cannibalizing more
profitable cable TV operations. Mof-
fettNathanson analysts estimate that
AT&T has lost premium TV subscrib-
ers every quarter since 2016, with
THE WALL STREET JOURNAL.
SIUNG TJIA/WSJ, PILLS: GETTY IMAGES
challenge to grow sales and prof-
its. Drug development is an expen-
sive and difficult art and the vast
majority of drugs under develop-
ment fail to reach the market.
Even the greatest successes even-
tually stop selling at high prices,
either because of patent expira-
tions or the arrival of a newer,
better medication. In recent years,
big drug companies have had to
resort to expensive biotechnology
acquisitions to build their pipe-
lines. With more and more dollars
needed to move the needle, the re-
sult has been an industry rife with
slow-growing top lines and valua-
tions stuck in neutral.
Now that picture has darkened
further as big drugmakers’ ability
to name their price in their best
and biggest market is fading away.
At least their public image is on
the mend.
—Charley Grant
Call Boxed
Total share price and index return *
100%
75
S&P 500
50
25
Verizon
0 AT&T
–25
2017 ’18 ’19 ’20 ’21
*Since date of AT&T's Time Warner deal announcement
Source: FactSet
the rate of decline hitting 15.3% in
the fourth quarter. Including divi-
dends, AT&T’s stock has generated a
total return of 2.3% since the War-
ner acquisition was announced, ac-
cording to FactSet. The S&P 500 has
posted a total return of just over
100% in that time.
A new lower-priced, ad-supported
version of HBO Max will launch this
year, and WarnerMedia Chief Execu-
tive Jason Kilar said Friday he ex-
pects the HBO business to be gener-
ating about $15 billion in annual
revenue by 2025, compared with $6.8
billion last year.
That will still amount to less than
9% of AT&T’s total projected revenue
for that year, according to consensus
estimates from Visible Alpha. Mr.
Kilar added that the streaming busi-
ness will only be breaking even that
year, due to the required investments
in necessary content. That is in addi-
tion to another $6 billion to $8 bil-
lion AT&T said it would expend to
build up the 5G networks secured by
the $27.4 billion it committed to in
the recent C-band auction.
Ma Bell has ended up with an ex-
pensive family. —Dan Gallagher
 CULTURE | SCIENCE |
Coming Home
For many young people,
moving back to a small
town is a mission C5

POLITICS | HUMOR
REVIEW THE WALL STREET JOURNAL. * * * *
One Tough Bluebonnet
Lady Bird Johnson
and the Great Society
Books C7

Saturday/Sunday, March 13 - 14, 2021 | C1

America’s ILLUSTRATION BY SEAN MCCABE; PHOTOS: ASSOCIATED PRESS; GETTY IMAGES; EVERETT COLLECTION
Five years ago, when Bob Stephen Sondheim in 1985 (center) with
Dylan became the first American to receive scenes from his shows. Clockwise from
the Nobel Prize for literature in a quarter- top right: the Broadway cast of ‘Into the
century, there was some debate about
whether he was an appropriate choice for an
honor traditionally given to novelists and
poets. But now that the precedent exists, the
Greatest Woods’ (1987); Emily Blunt in the 2014
film of ‘Into the Woods’; Patti LuPone in
‘Company’ (2018); Imelda Staunton in
‘Follies’ (2017); Angela Lansbury and Ken

next songwriter who should be on the Swed-
ish Academy’s list is clear. The Nobel should
go to Stephen Sondheim, one of the greatest
living American writers in any genre.
Sondheim, who turns 91 this month, can
hardly be called underrated. The musicals he
has written, as a lyricist, composer or both,
include some of the most beloved in the rep-
ertoire: “West Side Story,” “Gypsy,” “Com-
pany” and “Into the Woods,” to name just a
few. He has won eight Tonys, six Grammys,
an Oscar and a Pulitzer Prize; there are the-
aters named for him on Broadway and in
London’s West End.
Living Writer
Jennings in ‘Sweeney Todd’ (1979); Len
Cariou in ‘Sweeney Todd’ (1979).
But as a serious artist working in a popu-
lar form, Sondheim has always occupied an
unusual niche in American culture. His shows
Stephen Sondheim, the legendary composer have never been as commercially successful
and lyricist who turns 91 this month, brought the as Broadway megahits like “The Phantom of
the Opera” or “The Lion King.” That’s be-
complexity of literature to musical theater. cause the Broadway musical thrives on sto-
ries that are brightly colored and larger than
By Adam Kirsch life, while Sondheim is drawn to complex
emotions and adult situations that require
Please turn to the next page

When Intentions quet told his staff in discussing the in-

Don’t Matter
As recent controversies show, moral judgment
requires asking if people deserve punishment for
harms they inflict without meaning to.
BY PAUL BLOOM
A JOURNALIST AT THE NEW YORKER
was fired for exposing himself in a
Zoom call; another lost his job at the
New York Times for quoting a racial
slur; an employee of the centrist Nis-
kanen Center in Washington was fired
for tweeting a joke about Mike Pence
being lynched; an actress was re-
moved from the cast of “The Mandalo-
rian” for allegedly anti-Semitic posts
JON KRAUSE
cident there, “Of course, intent matters
when we are talking about language in
journalism.” And Times columnist Bret
Stephens—in a piece rejected by his
own paper but then published in the
New York Post—wrote, “Every serious
moral philosophy, every decent legal
system and every ethical organization
cares deeply about intention…It’s an el-
ementary aspect of parenting, friend-
ship, courtship and marriage. A hall-
truth. Were they treated unjustly? mark of injustice is indifference to
Many think the answer is obvious. intention. Most of what is cruel, intoler-
We shouldn’t blame people for acci- ant, stupid and misjudged in life stems
dents, for mistakes and from that indifference.”
for actions that they This rings true for
didn’t know were wrong Intentions many people, and I think
at the time. Discussing it’s sometimes right. But
such cases, the conserva- are hard to as a general claim, many
tive commentator Ben infer and easy philosophers, legal schol-
Shapiro says that anti- ars and moral psycholo-
Semitism, like racism, to lie about, gists will tell you that it’s
“requires intent.” After while mistaken. There are all

on Instagram. In all of these cases, the an initial claim to the

accused parties denied malicious in- contrary, New York outcomes can sorts of cases where we
ignore intention, or at
tent. Suppose they were telling the Times editor Dean Ba- be observed. Please turn to page C4

Inside
THE MIDDLE EAST WEEKEND WORD ON
Recovery CONFIDENTIAL THE STREET

After 10 brutal years of

war in Syria, a revolution Road How WNBA chief ‘Stimulus’
that began with peaceful Jason Gay tries to Cathy Engelbert started as a
demonstrations during chart the long course steered the league term for a cattle
back from lockdowns.
the Arab Spring has It won’t be like flipping through the prod, not fiscal
ended in failure. C3 a switch. C6 pandemic. C6 measures. C3
C2 | Saturday/Sunday, March 13 - 14, 2021
Stephen Sondheim’s
Art for Grown-Ups
Continued from the prior page
shades of gray and sometimes turn
dark. “There is a tonic in the things
men do not wish to hear, it’s been
said. But not much money,” Sond-
heim wrote in the introduction to
“Look, I Made a Hat,” the first vol-
ume of his collected lyrics.
Modern literature is full of diffi-
cult, challenging artists who toiled in
obscurity until the public caught up
with them and made them famous.
Sondheim presents the much rarer
case of an artist who started out at
the heart of the establishment and
moved away from it as his work be-
came more ambitious and complex.
The first Broadway show he helped
to create, in 1957, was “West Side
Story,” writing the lyrics for Leonard
Bernstein’s music. Two years later,
His real peers
are the
novelists and
essayists of
the period, who
were drawn
to urbane
skepticism and
disillusionment.
he wrote the lyrics for “Gypsy,”
with a score by Jule Styne. More
than 60 years later, these are still
considered two of the greatest
musicals ever written. As a lyri-
cist, Sondheim had achieved more
by the age of 30 than most writ-
ers do in a lifetime.
But it was always his ambition
to write music as well as lyrics,
and it took another decade of hits
and misses before he created the
first show that sounds like Sond-
heim. “Company,” in 1970, kicked
off a quarter-century in which he
wrote 10 outstanding musicals,
collaborating with the directors
Hal Prince and James Lapine as
well as a variety of book writers.
The subjects of these shows range
widely, from the American open-
ing of Japan in the 19th century in
“Pacific Overtures” to the travails
of former showgirls entering mid-
dle age in “Follies.”
What unifies them is a musical
and lyrical sensibility that is es-
sentially literary. Sondheim’s real
peers are the novelists and essay-
ists of the period, who were
drawn to urbane skepticism and
disillusionment. Joan Didion’s in-
fluential essay collection “Slouch-
ing Toward Bethlehem,” with its
atmosphere of alienation and en-
nui, and John Updike’s novel
“Couples,” a frank look at adultery
in a respectable New England
town, both appeared in 1968.
“Company” belongs to the same
world, defined by a sexual revolu-
tion that was transforming mar-
riage and relationships.
The main character, Bobby, is
an early example of a type that
has since become common: a no-
longer-young man who flees commit-
ment, paralyzed by his wide-open ro-
mantic options. The music in
“Company” is angular and synco-
pated, the lyrics sharp and neu-
rotic—as in “Getting Married Today,”
a rapid-fire patter-song by a woman
panicking on her way to the altar: “A
wedding. What’s a wedding? It’s a
prehistoric ritual/Where everybody
promises fidelity forever,/Which is
maybe the most horrifying word I
ever heard.” There is no continuous
plot, only a series of bittersweet vi-
gnettes—based on a group of short
plays by George Furth—about the
bachelor Bobby and the men and
women he calls “these good and
crazy people, my married friends.”
The show also thrums with the
dark energy of New York City at a
turning point. Sondheim, a lifelong
New Yorker, started his career in a
confident postwar city that had
taken over from Paris as the cultural
capital of the free world. His later
work registers the contrast between
that early Cold War New York and
the city of the 1960s and 70s, when
it became a byword for urban dys-
function. Both faces are visible in
“Another Hundred People” from
“Company,” which contrasts the con-
stant stream of hopeful arrivals with
the decrepitude they find: “Or they
find each other in the crowded
streets and the guarded parks/By the
rusty fountains and the dusty trees
with the battered barks/And they
walk together past the postered
walls with the crude remarks.”
“Company” won the Tony for Best
Musical, but many reviewers didn’t
know what to make of it. “I didn’t
like the show. I admired it…but that
is another matter. I left ‘Company’
feeling rather cool and queasy,”
wrote the New York Times’s critic
Walter Kerr. In “Look I Made a Hat,”
Sondheim observes that “‘cold’ is an
adjective that frequently crops up in
complaint about the songs I’ve writ-
ten…and it all began with ‘Com-
pany.’”
The complaint is easy to under-
stand if you judge “Company”
REVIEW
against brassy comedies like “Hello,
Dolly” or wholesome, inspiring fare
like “The Sound of Music.” For that
matter, Sondheim was just as remote
from the Age of Aquarius sensibility
that was making its way onto Broad-
way in shows like “Hair” and “Jesus
Christ Superstar.” It’s not that he is
emotionless: There are Sondheim
songs that can make just about any-
one laugh or cry. But even in those
songs there’s a reflective, self-con-
scious mind at work, in a way that’s
more characteristic of novels than
musical theater.
Characters in musicals usually
break out in song to tell us, in no un-
certain terms, who they are and
what they want. In “Funny Girl,”
Fanny Brice defines her entire per-
sonality when she sings, “I’m the
greatest star/I am by far/But no one
knows it/That’s why I was born/I’ll
blow my horn.” Nellie Forbush does
the same in “South Pacific,” an-
* ***
nouncing that she’s a “cockeyed opti-
mist”: “I could say life is just a bowl
of Jello/And appear more intelligent
and smart,/But I’m stuck like a dope/
With a thing called hope,/And I can’t
get it out of my heart!”
Sondheim’s characters often end
up acting like dopes, too, but they do
it in the way we do in real life: with-
out realizing it, betrayed by their in-
grained habits and unacknowledged
motives. A good example is “Send in
the Clowns,” from the 1973 show “A
Little Night Music,” which is proba-
bly Sondheim’s best-known song—a
hit for both Frank Sinatra and
Judy Collins. In the show, it is
sung by Desiree, an older woman
whose marriage proposal has
just been rejected by Frederik,
her former lover, who is now in
love with someone younger.
In a different show, Desiree
would sing a sad song about un-
requited love, like Fantine in the
“Les Misérables” tear-jerker, “On
My Own.” Instead, Sondheim has
her downplay the whole thing as
a faux pas, as befits a woman of
the world: “Don’t you love
farce?/My fault, I fear/I thought
that you’d want what I want/
Sorry, my dear!/But where are
the clowns/Send in the clowns/
Don’t bother, they’re here.”
Only Desiree’s indirect com-
parison of herself to a circus
clown reveals the self-contempt
beneath her proud front. Sond-
heim’s sense that we reveal our-
selves in what we don’t say and
do—that slips and silences can
be as important as full-throated
declarations—is another thing
that he shares with writers of
his generation, like the poets
Robert Lowell and John Berry-
man, who were profoundly in-
fluenced by Freud and psycho-
analysis.
Sondheim’s irony turns pitch-
black in “Sweeney Todd” (1979),
based on a 19th-century tale
about a London barber who kills
his customers. Here the best lit-
erary comparison may be Saul
Bellow’s 1970 novel “Mr. Sam-
mler’s Planet,” a brilliantly mis-
anthropic book whose title char-
acter, a Holocaust survivor, rails
against an age of nihilism and
urban decay. While “Sweeney
Todd” is set in a time before the
Holocaust and the atomic bomb, it
unmistakably belongs to the world
they created.
The show begins with a piercing
factory whistle that seems to be
sounding an alarm for a world on
fire. Soon Sweeney is singing his
first song, “No Place Like London”:
“There’s a hole in the world like a
great black pit/And the vermin of the
world inhabit it/And its morals aren’t
worth what a pig can spit/And it
goes by the name of London.” Mur-
der and cannibalism follow, with
Sondheim’s trademark wit on display
in a song about how different kinds
of people would taste if eaten in a
pie: “Well, then, if you’re British and
loyal,/You might enjoy Royal Ma-
rine!/Anyway, it’s clean.”
The Grand Guignol element of
“Sweeney Todd” is deliberately over
the top, yet at heart it is an intensely
moral story about how, in the words
of the poet W.H. Auden, “those to
whom evil is done/do evil in return.”
Sweeney, we learn, is out for revenge
on Judge Turpin, who had him de-
ported to Australia, raped his wife
and is now moving in on his defense-
less daughter. In a world where the
poor and powerless have no way of
protecting those they love, Sondheim
wrings an awful pathos from the
Above: The poster for the original
1971 production of Sondheim’s
‘Follies.’ Left: Sondheim (third
from left) at the opening night of
the 2008 revival of ‘Gypsy.’
THE WALL STREET JOURNAL.
Little Red meets the Wolf in a
2016 production of Sondheim’s
’Into the Woods.’
simple melody and lyrics of the song
“Not While I’m Around”: “Demons
will charm you with a smile/For a
while, but in time/Nothing can harm
you/Not while I’m around.”
If Sondheim’s combination of ir-
reverence and moralism is typical of
his literary generation, so too is his
playfulness with genre. Starting in
the 1960s, American writers like
Kurt Vonnegut and John Barth ex-
perimented with “metafiction”—sto-
ries that acknowledge they are sto-
ries, playing knowingly with their
own conventions. Some of Sond-
heim’s best shows are also con-
structed to emphasize that what
we’re seeing on stage isn’t “really”
happening. “Follies” (1971) uses pairs
of actors to portray the same charac-
ters at different stages of life, allow-
ing the disillusioned middle-aged
versions to confront the young, inno-
cent ones. “Merrily We Roll Along”
(1981) moves backward in time,
starting in the present and following
the main characters back to their
high school days in the 1950s.
But the best and subtlest example
is “Into the Woods” (1986), which
weaves together several classic fairy
tales. Jack and the Beanstalk, Little
Red Riding Hood and Cinderella are
all characters in the show, which has
made it a favorite for school perfor-
mances. But Sondheim turns these
stories inside out, exposing their
coded psychological insights in a
way that makes them feel very
grown-up. When Cinderella leaves
her shoe behind at the ball, for in-
stance, it becomes a kind of Freudian
slip, a subconscious expression of
her desire to be found by the Prince:
“I know what my decision is/Which
is not to decide/I’ll just leave him a
clue/For example, a shoe.”
Sondheim shows
us to ourselves
as we are—
self-destructive,
conflicted
and vain, but
also capable of
insight,
forgiveness and
laughter.
All the familiar stories are
wrapped up by the end of Act I,
which concludes with the charac-
ters singing the traditional fairy-
tale formula, “Ever After.” But then
comes Act II, which asks a question
that fairy tales never do: What hap-
pens when we get the things we
FROM TOP: ALASTAIR MUIR/SHUTTERSTOCK; DAVID EDWARD BYRD; WALTER MCBRIDE/CORBIS/GETTY IMAGES
want? Sondheim’s answer is that
we begin to want other things, so
our problems start all over again.
Cinderella and the Prince are bored
with each other, and the Prince is
now chasing after Sleeping Beauty.
The giant who Jack killed left be-
hind a giantess, who comes to earth
seeking revenge.
The truth about life, Sondheim
suggests, is that there is no happily
ever after. There is rarely even the
kind of grand, tragic ending we get
in “West Side Story,” his first show,
which is based on “Romeo and Ju-
liet.” For all Sondheim’s narrative in-
ventions, he is the great realist of
musical theater, a writer who shows
us to ourselves as we are—self-de-
structive, conflicted and vain, but
also capable of insight, forgiveness
and laughter. No matter how differ-
ent the world is 91 years from now,
that much will still be true—which is
why we’ll still be listening to Ste-
phen Sondheim.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 13 - 14, 2021 | C3

REVIEW
BY CHRISTIAN C. SAHNER

A
decade ago this month,
the Syrian civil war be-
gan when a group of
teenagers—inspired by
the Arab Spring then
sweeping across the Middle East—
scribbled graffiti on a school wall in
the southern city of Deraa. Address-
ing Syria’s dictator, the former oph-
thalmologist Bashar al-Assad, they
wrote, “Your turn has come, doc-
tor!” The boys were arrested and
tortured, sparking protests across
the country, especially in its capital,
Damascus.
Initially, the uprising revolved
around peaceful, pro-democracy
demonstrations against the fearsome
Assad dictatorship, which had ruled
Syria since the 1970s. But the regime
quickly turned its weapons against
the protesters, and some took up
arms in response.
The rebel groups that showed the
greatest prowess on the battlefield
were jihadists, including offshoots of
al Qaeda and, later, Islamic State.
Many experts say that this was Mr.
Assad’s plan all along. His regime’s

MUZAFFAR SALMAN/ASSOCIATED PRESS

ruthless scorched-earth strategy—
leveling whole cities, poisoning
neighborhoods with nerve gas and
mutilating civilians with barrel
bombs—drove much of the initially
peaceful opposition into the arms of
violent fundamentalists, which dis-
credited the revolution and gave Mr.
Assad a justification for his brutal

The Failure of the

crackdown.
Since 2011, according to the Syr-
ian Observatory for Human Rights, opinion and international law more
nearly 600,000 Syrians have died than conventional military objec-
(largely at the hands of Mr. Assad’s tives.” The Algerian rebels managed

forces and allies), and the U.N. says
that 5.6 million have fled abroad—
nearly a quarter of Syria’s prewar
population. The country today is
consumed by poverty, disease and
economic ruin. A decade later, Syria
bears little resemblance to the coun-
try I was fortunate to live in during
the years before the war.
Like many Syria watchers and his-
torians, I have asked myself whether
any of the tragedy was predictable.
Aspects of it were. The horrors in
Syria since 2011 are reminiscent of
the ferocious intercommunal vio-
lence that engulfed Iraq and Leba-
non (Syria’s neighbors to the east
and west) from the 1970s to the
early 2000s. All three were Arab
states concocted by imperial powers
in the wake of the world wars, in
which ethnic and religious minori-
ties clung jealously to power and
used sectarianism as a weapon for
dividing and ruling their mixed pop-
ulations. Oppression, violence and
war followed.
Still, looking back to 2011, what
has surprised me the most about the
course of the conflict has been the
utter failure of the Syrian revolution
to achieve its original goal of over-
throwing and replacing the Assad re-
gime. At the beginning of the war, I
was convinced that Mr. Assad would
eventually go. So were many in the
West, including the Obama adminis-
tration. Today that seems naive, but
in 2011, the world had just witnessed
the swift overthrow of Tunisia’s Zine
El Abidine Ben Ali after 24 years in
power and then the even more stun-
ning overthrow of Egypt’s Hosni
Mubarak after three decades of au-
tocratic rule.
At moments over the past decade,
the Syrian regime did face risks to
Syrian Revolution
to persuade key countries, including
the U.S. and others across the Mid-
dle East, Europe and the Soviet bloc,
to recognize them—and not France—
as Algeria’s legitimate representa-
tives before the war was actually
over.
After 10 years of civil war, the rebellion against Assad’s ruthless regime Syria’s revolutionaries never en-
couldn’t bridge the nation’s divides or rally serious help from the West. joyed such diplomatic success. They
did persuade the U.S. and other im-
portant countries to declare that Mr.
its survival—for example, when rebel also more homogenous, overwhelm- thereby expanding his base beyond Assad had to go, but these powers
militias were besieging Damascus in ingly Arab and Sunni, while Syria is the pious masses. never did much to actually attempt
2012-13, or when President Barack a volatile mix of Arabs, Kurds, Sun- Unlike the shah, Mr. Assad has to topple him. In contrast, the Assad
Obama nearly bombed government nis, Alawites, Christians and others. kept just enough friends to help him regime has benefited from the un-
targets after the Assad regime’s no- Tunisia’s revolution took place cling to power, especially when as- flinching support of Iran and Russia
torious 2013 chemical attack on ci- within a country that hadn’t been sisted by ample weaponry in both the military and
vilians in the Damascus suburbs. But ruled along ethnic or religious lines, and cash. Important fac- Anti-Assad diplomatic arenas, which
these moments passed, and with in which it was easier to rally a wide tions have remained com- protesters proved the key factor in Mr.
them the regime’s resolve to survive cross-section of society to the revo- mitted to the regime, in- outside Assad’s survival.
only grew stronger. So did the will of lutionary cause. Syria, by contrast, cluding Mr. Assad’s Alawite the Umayyad A decade later, what
Syria’s most powerful international has been run as a largely Alawite sect (some 15% of Syria’s Mosque should—or can—be done
backers, Iran and Rus- dictatorship for de- population) and other reli- in Damascus, about Syria? Idlib province
sia, who came to Mr. cades, with the Assad gious minorities (including March 25, and the Kurdish territories
Assad’s rescue with Iran and family at its helm. Christians, Druze and oth- 2011. in the north remain beyond
soldiers, jet fighters Given Syria’s en- ers, making up some 10%). the regime’s reach. But the
and materiel. Thanks
Russia trenched communal Significant numbers of Syrian Sunnis bitter truth is that, for all intents
to them, he now con- came divisions, it proved have also sided with Mr. Assad, es- and purposes, Mr. Assad has won the
trols roughly 70% of to Assad’s much harder to forge pecially in big cities, grudgingly sup- war, and the Syrian revolution has
the country’s territory. a revolutionary mes- porting him as an alternative to the failed. He has won by devastating his
One way to better rescue with sage that could appeal jihadists in the opposition. Crucially, country and butchering his own peo-
understand the failure soldiers to many different Syria’s army has remained loyal to ple, but he has won all the same. At
of the Syrian revolu- groups. Mr. Assad (although it is now in- this point, the only thing that one
tion is to contrast it and jet Another example is creasingly reliant not just on Alawite can hope for—and for the U.S. and
with examples of suc- fighters. the Iranian revolution officers but on Alawite front-line its partners to urgently work to-
cessful revolutions in of 1978-79, which led troops), something that didn’t hap- ward—is a political settlement that
recent Middle Eastern to the overthrow of pen with the national armies in Iran stabilizes the country and holds out
history. What condi- Shah Mohammad or Tunisia. some prospect of curbing the worst
tions in those countries enabled rad- Reza Pahlavi and the birth of the Is- A final example is Algeria, whose excesses of Mr. Assad’s regime and
ical, enduring political change—and lamic Republic. One reason for the revolution took the form of an ago- its ruthless enablers.
didn’t exist in Syria? revolution’s success was that the nizing war of independence from
One example is the Tunisian revo- shah had alienated virtually every France in 1954-62. As the Columbia Dr. Sahner is an associate
lution of 2010-11, the Arab Spring’s major constituency in Iranian soci- University historian Matthew Con- professor of Islamic history at the
lone success story. Tunisia is a much ety, from intellectuals and mer- nelly has argued, Algeria’s revolu- University of Oxford and the
smaller country than Syria (with a chants to clerics, students and the tionaries won mainly because of author of “Among the Ruins: Syria
population of 11 million in 2011, com- urban poor. These groups united be- their diplomatic skills, which en- Past and Present” (Oxford
pared with Syria’s 21 million). It is hind Ayatollah Ruhollah Khomeini, abled them to fight “over world University Press).

A Jolt to the System, were of special

interest for
measures designed to “prime the
pump” of an ailing economy

Both Economic their pur-

And Psychological
WORD ON
THE STREET
IN THE NEWS about the $1.9
BEN
trillion coronavirus-aid bill ap-
ZIMMER
proved by Congress this week,
one word in particular has been
associated with the ambitious
plan: “stimulus.”
Yet in the more than 100,000
words of the American Rescue
Plan Act of 2021 that President
Biden has signed, “stimulus”
does not appear once. “Relief”
and “recovery” are the favored
the incoming
Obama admin-
istration and al-
lies on Capitol
Hill branded their effort to
bounce back from the recession
an “economic recovery plan”
rather than a “stimulus pack-
age.” As White House chief of
staff Rahm Emanuel said at the
time, “‘Stimulus’ is Washington
talk, and ‘economic recovery’ is
how the American people think
lus…The measure was passed to
replace money lost in the col-
lapse of the economy, rather
than to stimulate demand.”
The origins of the contentious
word lie in ancient Latin, where
“stimulus” originally referred to
a long stick with a pointed end
ported stimu-
lative powers.)
through aggressive government
spending and temporary tax re-
ductions. The expression “stimu-
Eventually,
“stimulus” was
lus package” came into use in
the mid-1970s for governmental
generalized for efforts to encourage growth.
anything that When President Ford faced a re-
rouses activity, cession in early 1975, Baltimore
including the Sun columnist Art Pine re-
economic vari- marked that “while the White
ety. In his 1815 House and Congress can argue
“Treatise on Fi- all they want about the size of
nance,” the Scottish writer David any stimulus package, it is the
Laurie argued that lowering tar- Fed that ultimately will deter-
iffs on commodities could pro- mine the pace of revival.”
vide “a powerful stimulus to the The stimulus packages of the
order of industry.” 2007-09 recession included re-
In the late 19th century, psy- bates sent directly to individuals
chologists latched on to the term and businesses, and such “stim-
to refer to something that ulus checks” have been a key

[Stimulus]
terms. Even the $1,400 pay-
ments promised to taxpayers,
commonly known as “stimulus
checks,” are officially called “re-
covery rebates.”
of it.”
Then as now, “recovery” and
“relief” may be more politically
marketable than “stimulus.”
Moreover, many have argued
that “stimulus” is especially in-
apt for legislation during the
past year addressing the eco-
nomic fallout of the pandemic.
When the first such bill was en-
acted, the Cares Act of March
used for prodding cattle and
other livestock. The related verb
“stimulare” meaning “to goad”
gave rise to the English word
“stimulate.”
Both “stimulate” and “stimu-
lus” made their way into the
English lexicon in the 17th cen-
tury, chiefly used in medical cir-
cles where Latinate lingo was all
the rage. Physiologists of the day
evokes a sensory or behavioral
response. The school of thought
known as behaviorism, as ad-
vanced by the likes of B.F. Skin-
ner and Ivan Pavlov, reduced be-
havior to a series of reflexive
reactions to stimuli. Pavlov fa-
mously demonstrated that dogs
could be conditioned to salivate
in response to a stimulus like a
ringing bell because they associ-
feature of Covid-era legislation
as well. The two payouts in
2020 as well as the $1,400
checks coming soon have been
affectionately dubbed “stim-
mies” in various online memes.
(That usage dates back to a run-
ning joke in 2013 on the show
“Arrested Development.”) Even
if politicians would prefer talk-
ing about “relief” and “recov-
JAMES YANG

Lawmakers’ studious avoid- 2020, the Associated Press’s used “stimulus” for something ated it with receiving food. ery,” those awaiting their checks
ance of the word “stimulus” is style guide advised journalists, that produces nervous or mus- Economists have embraced may find “stimulus” just a bit
reminiscent of late 2008, when “Do not refer to it as a stimu- cular excitation. (Aphrodisiacs the term “stimulus” for fiscal more stimulating.
 C4 | Saturday/Sunday, March 13 - 14, 2021
EVERYDAY PHYSICS
EUGENIA CHENG
Curing
Procrastination
With Calculus
LIKE MANY PEOPLE,
I’m on an ongoing
quest to learn to pro-
crastinate less. One of
my main issues is
when I anticipate that a task is go-
ing to feel painful. I don’t want to
start it, as I don’t want to induce
that pain.
I’ve found that an unlikely but
effective way to get over this is to
use ideas from calculus. This is an
important field of mathematics
that was developed for the rigor-
ous study of things that are contin-
uously changing. To understand
something that changes over time,
we need to think about not just the
quantity at any given moment but
the rate at which the quantity is
changing, the rate at which that
rate is changing and so on.
For instance, to understand the
trajectory of an airplane moving
through the sky, we need to think
not just about where it is now but
the rate at which it’s moving, oth-
erwise known as speed, and the
rate at which the speed itself is
changing, otherwise known as ac-
celeration. Finding the rate at
which something changes is called
differentiation.
Another important principle in
calculus involves finding a total of
something over time. If a plane is
flying at a constant speed, it’s
quite easy to work out how far it
TOMASZ WALENTA
will go in a given time, but if the
speed keeps changing, it’s trickier
to calculate the total distance. In
calculus, this is called integration.
Calculus is at the root of almost
every aspect of modern life, not
least because it’s fundamental to
understanding electricity. Calcula-
tions in engineering and medicine
typically require calculus as well,
since nothing going on in those
fields is static. But I’ve realized
that it applies to my procrastina-
tion problem too.
The problem, as I now see it, is
that I was thinking about my cur-
rent pain level in isolation, rather
than my total pain over time. If I
think about the total pain that will
accumulate until I finish an un-
pleasant task, the amount isn’t in-
creased by starting, though it can
feel that way. On the contrary, the
total pain is increased by procrasti-
nating, since the stress of not hav-
ing done the task hangs over me.
The only way to decrease the total
remaining pain is to start working
at the task, so that some of the
pain is in the past.
You might have noticed that I’ve
considered a total (integration) and
also a rate of change (differentia-
tion). The “fundamental theorem of
calculus” essentially tells us that
integration and differentiation are
inverse processes. If you have a
quantity that changes over time,
the rate at which the total changes
depends on whatever the quantity
is right now. To use the airplane
example, if you’re on a flight and
thinking about the total distance
left to go, the rate at which it
changes each minute is just the
distance you travel in that minute.
In terms of procrastination, this
means that the amount of future
pain decreases by my current pain
level. Thinking about it this way al-
lows me to see current pain as a
good thing, since it’s being sub-
tracted from the future total. Part
of the helpful process for me is
first imagining the sum of all the
remaining pain and then imagining
it decreasing—that is, both the in-
tegration and the differentiation
steps.
Math sometimes seems to com-
plicate things, but the aim in the
end is to simplify them. And I hon-
estly haven't encountered another
approach that helps me as much as
this for tackling procrastination.
The Problem of
Judging by Intent
Continued from page C1
least don’t see good intention as
fully exculpatory—and we are
right to do so. By thinking hard
about what goes into a moral
judgment, we will find ourselves
in a better position to debate the
merits of any particular case.
There are two main consider-
ations that we take into account
when something has done
wrong—the intent of the actor
and the outcome of the action. To
take the sort of example used in
psychological research, Mrs.
Smith thinks your child is allergic
to peanuts, makes him a peanut
butter and jelly sandwich with
homicidal intent, and gleefully
watches him die. This is murder.
But what if she’s mistaken and
your child has no such allergy?
She watches with surprise as he
says thank you and runs off to
play. This is bad intent without a
bad outcome. It’s awful but not as
awful as murder.
Now imagine a third scenario
in which Mrs. Smith is unaware of
the allergy and kills your child by
mistake. Here we have a bad out-
come without bad intent. But she
would presumably be racked with
guilt—and should be—and might
still be charged with a criminal of-
fense. To take a milder case, if you
spill your coffee on my laptop, it
matters a lot to me whether you
did it on purpose. But even if it
was a totally unavoidable acci-
dent, you should apologize and
perhaps offer to help pay for the
repair. Outcomes matter even in
the absence of intentions.
There is a logic to this: Inten-
tions are hard to infer and easy to
lie about. Outcomes are observ-
able by third parties and can form
the basis of impartial judgment.
And outcomes—the death of a
child, a ruined laptop—are what
matter. Indeed, it’s likely that we
worry so much about intentions
only because they are clues to fu-
ture outcomes. If you intended to
knock over my coffee, it raises the
chances that you might do it
again—or worse—in the future.
But even in the absence of malice,
we should attend to bad out-
comes. If you get sick from under-
cooked meat at a restaurant, you
probably don’t want to return, re-
gardless of the chef’s good inten-
tions.
So it’s not surprising that out-
come-focus is a natural default. In
studies that have been replicated
numerous times, the developmen-
tal psychologist Jean Piaget found
that younger children weigh out-
come more than intent. For in-
stance, if you tell 4-year-olds
about someone who accidentally
breaks 15 cups and someone else
who purposefully breaks one,
they’ll say, unlike adults, that the
first child is naughtier.
Then there are cross-cultural
differences. In his recent book,
“The WEIRDest People in the
World,” the Harvard evolutionary
Marlon Brando as mob boss
Vito Corleone in ‘The
Godfather,’ for whom fairness
matters less than deterrence.
REVIEW
biologist Joseph Henrich re-
views cross-cultural studies
where people from around
the world are given scenar-
ios involving different viola-
tions, such as theft, poison-
ing and battery. In some
cases, the violations were
intentional; in others, they
were accidents. These stud-
ies find that people in other
cultures care less than
Americans do about
whether or not the acts
were done on purpose, at
least when it came to judg-
ing the actions of strangers.
As Dr. Henrich notes, “In-
tentions, beliefs and
personal dispositions
are so central to
[Western] moral
judgments that the idea
that people in other societ-
ies judge others based
Studies find
that people
in other
cultures care
less than
Americans do
about
whether or
not acts were
done on
purpose.
mostly or entirely on what they
did—the outcome—violates their
strong intuition that mental states
are primary. But putting relatively
little importance on mental states
is probably how most people
would have made moral judg-
ments of strangers over most of
the last 10 millennia.”
We shouldn’t find this too ex-
otic. Even in American law, inten-
tion is often ignored. You can get
a ticket for speeding even if you
sincerely believe that you were
driving under the limit. In some
states, you can go to prison for
statutory rape even if you were
deceived about the person’s age.
This sort of “strict liability” is
even more common outside of
criminal law. If a company makes
a vaccine, for instance, it is re-
sponsible for any negative side ef-
fects, regardless of their intent,
caution, due diligence or anything
else. Someone has to carry the
risk, after all.
Why are we concerned about
intention in some cases but not
others? One consideration is de-
terrence. If I know that I’m going
to be punished even for innocent
mistakes, I’ll be more cautious. A
second consideration involves in-
tuitions about what matters the
most. Are you most concerned
about miscreants getting away
with bad acts? Then focus on out-
comes and increase the risk of
punishing the innocent. Worried
about unjust punishment? Then
let people off if they can make a
* ***
convincing case that their act was
accidental, accepting that this
means that some guilty actors will
get away.
Typically, the law is more con-
cerned about false imprisonment,
as reflected in the English jurist
William Blackstone’s dictum, “Bet-
ter that 10 guilty persons escape,
than that one innocent suffer.” (In
other formulations, the ratio is
100:1 or even higher.) But the ra-
tio should shift if the penalty is
less severe. We don’t have to
think like Blackstone when it
comes to traffic tickets or cases
outside the law—I have colleagues
who believe that it’s better that 10
innocent students suffer than one
plagiarist go free.
And the ratio might shift if the
punisher is especially concerned
with deterrence. Take the scene in
“The Godfather” where Vito Cor-
leone is in intense negotiations
with other mobsters, and he says
that if anything were to happen to
his son—accidentally killed by a
police officer, hangs himself in his
cell, struck by lightning, plane
falls from the sky—he will take
vengeance on the other men in
the room. This threat reflects the
For people we
care about,
we are
sensitive to
purpose and
inclined
to give second
chances.
great value he puts on the safety
of his son and the relatively low
concern he has about fairness to-
ward the other mob leaders. And
it nicely aligns everyone’s incen-
tives.
For certain types of violations,
we are particularly prone to ig-
nore intention. In an intriguing
series of studies, the neuroscien-
tists Liane Young and Rebecca
THE WALL STREET JOURNAL.
Saxe found that accidental taboo
acts, such as incest, are treated al-
most as harshly as intentional
ones. You might forgive Oedipus
for bumping into the table and
soaking your laptop with coffee,
but he doesn’t get as much of a
pass for accidentally sleeping with
his mother.
The morality of taboo turns
out to be distinct in all sorts of
ways from the morality of harm
to people and property. It devel-
ops differently in children; it rests
on different brain areas. Even the
most progressive and well-edu-
cated individuals are subject to
the psychology of taboo, of draw-
ing lines that separate the pure
from the impure. It is no accident
that many of the cases in which
such individuals dismiss people’s
intentions have to do with sex
and race.
In the end, there is nothing so
surprising about our occasional
dismissal of intent. It fits our psy-
chological propensities, and in
some circumstances, it can make
the world better.
Yet I agree with Bret Stephens
about the cruelty of ignoring in-
tention. The law can be, and often
should be, utilitarian; it can ignore
intent in cases where a focus on
outcome is more efficient and bet-
ter satisfies certain goals. But
punishment and shaming in every-
day life involve different consider-
ations, and there is more room for
kindness and generosity.
We take intention into account,
after all, for people we care
about. For them, we are sensitive
to nuance and purpose and in-
clined to give second chances.
Zero-tolerance is something we
reserve for strangers and ene-
mies, either personal or political.
Part of this might just be a desire
to harm them, a delight in seeing
them fired and humiliated. But
deeper considerations are also at
work. We don’t trust those we
don’t like, and so we dismiss their
stated intentions; we are more
comfortable thinking of their suf-
fering as instrumental, helping us
to satisfy broader goals of deter-
rence; we find it easier in such
cases to be swayed by the psy-
chology of taboo.
And so, in the end, the
argument for caring about
intention is an argument
for charity—for treating a
stranger or even an en-
emy like someone we care
about. It is possible that
even here outcome will
trump intent, particularly
if someone is guilty of a
string of past offenses.
But charity should incline
us to be more willing to
take other considerations
into account. And there
might even be some self-
ish advantage in contrib-
uting to a culture of
FROM TOP: ILLUSTRATION BY JON KRAUSE; PHOTO: EVERETT COLLECTION
greater kindness. If you
are the one to make an
awful mistake, you might
have a chance to redeem
yourself by explaining
that the harm you caused
was truly not what you
wished for.
Dr. Bloom is the Brooks
and Suzanne Ragen
Professor of Psychology
at Yale University and
the author, most
recently, of “Against
Empathy: The Case for
Rational Compassion.”
 THE WALL STREET JOURNAL.
FROM TOP: JENN ACKERMAN FOR THE WALL STREET JOURNAL; BLACK FARMERS’ NETWORK
Small-Town Natives
Are Moving Back Home
BY GRACE OLMSTEAD
M
y great-grandfa-
ther, who died in
2007, stayed in
the same little
Idaho farm town
for all 96 years of his life. Even as
his siblings left the farm and trav-
eled the world, “Grandpa Dad,” as
we called him, turned down op-
portunities for adventure and big-
ger paychecks. But he had some-
thing that many people who have
left their hometowns behind, like
me, would like to regain: roots.
Over the past few years, a
growing number of Americans
have been moving back to the
small towns and rural communi-
ties they were once encouraged to
leave. Thanks in part to the
Covid-19 pandemic, 52% of adults
age 18 to 29 lived with their par-
ents in 2020, the largest share
since the Great Depression, ac-
cording to the Pew Research Cen-
ter. Meanwhile, Census Bureau
data indicate that large metro ar-
eas have seen declining growth
and in some instances population
losses since 2010.
Many people move home to
help out with family businesses,
support aging loved ones or share
the joys of small-town life with
their kids. I left Fruitland, Idaho,
for college on the East Coast in
2009 and now live in northern
Virginia. While writing a book
about the farm community where
I grew up, however, I dis-
covered many people who
have chosen to move back
home as part of a larger
mission. They are fighting
rural poverty, restoring
broken food economies and
bringing health back to ne-
glected soil. Their vision of
success has less to do with
financial prosperity or per-
sonal comfort than with the
more demanding values of
stewardship, investment
and care.
When Benya Kraus, cur-
rently in her 20s, graduated
from Tufts University in
2018, she chose to move
back to rural Minnesota,
where her father’s family
had farmed for six genera-
tions. “When I went to col-
lege, I studied international rela-
tions and assumed I’d move to
and float between big cities the
rest of my life,” Ms. Kraus told
the Center on Rural Innovation, a
civic organization focused on in-
creasing tech jobs and closing the
opportunity gap in rural America.
“Then, a tough family situation
diverted a D.C. internship and
brought me back to Waseca. I saw
the community planning ahead to
2030, saw the town’s creativity,
saw the dynamism of entrepre-
neurial new immigrant-owned
businesses on Main Street. I got
hooked on this new side of
Waseca I hadn’t seen before.”
Inspired by her experience, Ms.
Kraus co-founded Lead For Amer-
ica, an organization that helps
other “Hometown Fellows” return
to a place they know and love, and
work to build up their commu-
* * * *
REVIEW
For many young people, returning to
the struggling communities where they
grew up means exchanging prosperity
for a more rooted life.
nity’s civic institutions over the our neighbors, that we find inspi-
course of a two-year placement. ration in the way an enormous
With the help of Lead For Amer- country sunset touches the entire
ica, fellows find work in local gov- horizon, that we practice
ernment or with community non- humility in knowing the Benya Kraus,
profits in counties, towns and history of the people who co-founder
cities “where the challenges are shepherded this land be- of Lead for
outpacing the resources available,” fore us.” America,
according to the organization’s Sarah Smarsh also in Waseca,
website. The organization offers wants more people to see Minn.,
participants a stipend to cover rural America as a place March 11
their living and housing ex- worth loving. After writ-
penses—money raised principally ing “Heartland,” a 2018 memoir
through donations from founda- about her experiences growing up
tions and individual donors in the in rural Kansas, she launched a
places where the fellows live and podcast, “The Homecomers,” to
work. Although the fellowship it- highlight those who, like her, have
self only lasts two years, Lead For chosen to remain in quieter cor-
America asks their fellows to com- ners of the country or return to
mit to serving their community for them.
an additional two out of the ensu- One homecomer is Dr. Veronica
Womack, a professor of political
science and public administration
‘It matters at Georgia College in Milled-
geville, Ga. She chose to remain in
that we the rural Black Belt—a crescent-
know things shaped collection of counties ex-
specific to tending across the South—to
serve as an advocate for the re-
the place we gion’s lands, history and people.
live.’ Author of the book “Abandon-
ment in Dixie: Underdevelopment
BENYA KRAUS in the Black Belt,” she founded
the Black Farmers’ Network, an
ing five years, because Dr. Veronica online hub for rural Af-
they believe that “to en- Womack, rican-American farmers
act transformational founder of to “share stories, prod-
change, leaders must Black ucts and services in a
make a long-term com- Farmers’ now digital-driven econ-
mitment to the places Network, in omy.”
they serve.” Dooly County, Another homecomer
As a “Hometown Fel- Ga., 2018. is Elaine McMillion Shel-
low” in 2019, Tarin Den- don, a coal miner’s
ney returned to Redmond, Ore., daughter who has chosen to invest
where he worked on affordable her filmmaking talents in the Ap-
housing, urban renewal and com- palachian region where she grew
munity building projects. In 2020, up. Her Emmy-winning and Oscar-
Miranda Page worked with Lead nominated film “Heroin(e)” high-
For America to address food inse- lighted the lives of three women
curities and environmental dis- fighting the opioid epidemic in
parities in her home region of Huntington, W. Va., while her Net-
southeastern Wisconsin, while Ar- flix film “Recovery Boys” profiled
aceli Gonzales worked with Ar- four men seeking to recover from
kansas United to advocate for her opioid addiction at a farming-
state’s immigrant community. based rehab center in Aurora, W.
“It matters that we know things Va. Ms. Smarsh calls homecomers
specific to the place we live,” Ms. like Dr. Womack and Ms. Sheldon
Kraus has written, “that we know “heroes of the American odyssey—
Saturday/Sunday, March 13 - 14, 2021 | C5
seeing value where others see
lack, returning with the elixir of
hard-won social capital to help
solve the troubles of home.”
Moving to a small town after
becoming accustomed to city life
isn’t always easy. Jobs are
scarcer, and many community or-
ganizations in rural areas need re-
newal and support. I’ve inter-
viewed young people
who struggle with rural
America’s tendencies to-
ward small-town gossip
and insularity. “Everyone
knows everyone’s busi-
ness,” one rural high
school graduate told me.
“I want to get away from
the drama.”
Others—especially those who
leave home for more left-leaning
universities or urban centers—
may feel estranged from the polit-
ical, social or religious beliefs of
their rural cohorts. Ideas of a
deep urban-rural divide are often
exaggerated, based on stereotypes
of race and class that discount
both the diversity of rural Amer-
ica and the economic anxieties of
many urban communities. Still,
there is no denying that the U.S.
is politically polarized along geo-
graphic lines.
That’s where homecomers and
those who share their values can
help. Without them, America’s di-
visions will grow more marked as
we divide into red and blue, into
“winner-take-all cities” and de-
pleted rural areas. Amer-
ica’s small towns and cities
need faithful volunteers—
people willing to plant
trees and clean up side-
walks, to use their entre-
preneurial skills and pas-
sions to preserve prairies
and forests, farmlands and
abandoned Main Streets.
Such needs can be seen and
addressed only by atten-
tive, engaged locals,
whether new or old—those
who have chosen to be
rooted.
Returning home isn’t
just beneficial to environ-
mental renewal or civic
health. It’s good for the re-
turners, too. As the philoso-
pher Simone Weil once
wrote, “To be rooted is per-
haps the most important and
least recognized need of the hu-
man soul.” We grow roots, she
added, through “real, active and
natural participation in the life of
a community.”
The hardships of 2020 have re-
minded me how much I miss be-
ing close to family and how much
I want to invest in the land and
community that raised me. The
farmer, poet and essayist Wendell
Berry got it right: “No matter how
much one may love the world as a
whole, one can live fully in it only
by living responsibly in some
small part of it.”
This essay is adapted from Ms.
Olmstead’s new book “Uprooted:
Recovering the Legacy of the
Places We’ve Left Behind,”
which will be published by Sen-
tinel on March 16.
HISTORICALLY SPEAKING
AMANDA FOREMAN
Standardized
Tests, Ancient
and Modern
LAST MONTH, the Uni-
versity of Texas at Aus-
tin joined the growing
list of colleges that
have made standardized
test scores optional for another
year due to the pandemic. Last year,
applicants were quick to take up the
offer: Only 44% of high-school stu-
dents who applied to college using
the Common Application submitted
SAT or ACT scores in 2020-21, com-
pared with 77% the previous year.
Nobody relishes taking exams,
yet every culture expects some kind
of proof of educational attainment
from its young. To enter Plato’s
Academy in ancient Athens, a pro-
spective student had to solve math-
ematical problems. Would-be doc-
tors at one of the many medical
schools in Ephesus had to partici-
pate in a two-day competition that
tested their knowledge as well as
their surgical skills.
On the other side of the world,
the Incas of Peru were no less de-
manding. Entry into the nobility re-
quired four years of rigorous in-
struction in the Quechua language,
religion and history. At the end of
the course students underwent a
harsh examination lasting several
days that tested their physical and
mental endurance.
It was the Chinese who invented
the written examination, as a means
of improving the quality of imperial
civil servants. During the reign of
Empress Wu Zetian, China’s only fe-
male ruler, in the 7th century, the
exam became a national rite of pas-
sage for the intelligentsia. Despite
its burdensome academic require-
ments, several hundred thousand
candidates took it every year. A geo-
graphical quota system was eventu-
ally introduced to prevent the
THOMAS FUCHS
richer regions of China from domi-
nating.
Over the centuries, all that cram-
ming for one exam stifled innova-
tion and encouraged conformity.
Still, the meritocratic nature of the
Chinese imperial exam greatly im-
pressed educational reformers in
the West. In 1702, Trinity College,
Cambridge became the first institu-
tion to require students to take ex-
ams in writing rather than orally. By
the end of the 19th century, exams
to enter a college or earn a degree
had become a fixture in most Euro-
pean countries.
In the U.S., the reformer Horace
Mann introduced standardized test-
ing in Boston schools in the 1840s,
hoping to raise the level of teaching
and ensure that all citizens would
have equal access to a good educa-
tion. The College Board, a nonprofit
organization founded by a group of
colleges and high schools in 1899,
established the first standardized
test for university applicants.
Not every institution that ad-
opted standardized testing had no-
ble aims, however. The U.S. Army
had experimented with multiple-
choice intelligence tastes during
World War I and found them use-
less as a predictive tool. But in the
early 1920s, the president of Colum-
bia University, Nicholas M. Butler,
adopted the Thorndike Tests for
Mental Alertness as part of the ad-
missions process, believing it would
limit the number of Jewish stu-
dents.
The College Board adopted the
SAT, a multiple-choice aptitude test,
in 1926, as a fair and inclusive alter-
native to written exams, which were
thought to be biased against poorer
students. In the 1960s, civil rights
activists began to argue that stan-
dardized tests like the SAT and ACT
were biased against minority stu-
dents, but despite the mounting
criticisms, the tests seemed like a
permanent part of American educa-
tion—until now.
 C6 | Saturday/Sunday, March 13 - 14, 2021 * *** THE WALL STREET JOURNAL.

REVIEW
CEO, J. Michael Cook, launched an
initiative for the “retention and ad-
vancement” of women in the hopes of
raising Deloitte’s share of female
partners above 5%. “There was a cul-
tural shift at the time that made a big
impact on me,” she says. The firm be-
gan offering 16-week paid family
leave while she was CEO.
Within her first week as commis-
sioner, Ms. Engelbert met with the
players’ union to discuss protections
and rights. The league’s relatively low
pay encourages around half of the
players to seek work in China, Russia,
Turkey and elsewhere in the offsea-
son. Breanna Stewart, a Seattle Storm
forward who won her second WNBA
Finals MVP award in 2020, sat out
the 2019 season after she tore a ten-
don while playing in Hungary.
“If you’re going to support work-
ing women, you’ve got to have bene-
fits like what I was fortunate to have
at Deloitte,” she says. The league
went into its 2020 season with an
eight-year deal that boosted the aver-
age league salary to nearly $130,000
(pushing it above six figures for the
first time) and tripled the compensa-
tion for top players. The contract in-
cludes fully paid parental leave, more
child-care support and a 50-50 reve-
nue-sharing model based on revenue
growth. Veteran players who may

‘It would’ve
been existential
to be out of the
sports landscape
for 20 months.’

have delayed childbearing can also

get up to $60,000 for costs related to
GUERIN BLASK FOR THE WALL STREET JOURNAL

adoption, surrogacy, egg freezing or

fertility treatment.
Ms. Engelbert is now working on a
revenue model that will pay for these
costly benefits. She says that the in-
vestments will pay off. “If you want
to solve your sales and marketing is-
sues, if you want to build household
names, you need the players moti-
vated to help you market the league,”
she says.
Another key ingredient in earning

L
the players’ support last summer was
ast March, Cathy Engel- WEEKEND CONFIDENTIAL | EMILY BOBROW the decision to dedicate the 2020 sea-

bert saw that her first
full season as commis-
sioner of the Women’s
National Basketball As-
sociation wouldn’t go as planned.
The pandemic promised to upend the
league’s draft and game schedule,
but missing a season threatened to
alienate sponsors and fans. “It
would’ve been existential to be out of
the sports landscape for 20 months,”
she says.
Ms. Engelbert says that her 33
years at Deloitte LLP, including a
four-year term as CEO, helped pre-
pare her for such uncertainty. Having
worked at the accounting firm during
the savings-and-loan crisis of the
1980s and ’90s, the dot-com bubble
and the 2008-09 financial meltdown,
she honed a knack for meeting un-
knowns with scenario plans. As the
pandemic began, she mapped several
ways forward and settled on putting
all the players and staffers in a “bub-
ble” at the IMG Academy sports com-
plex in Bradenton, Fla., where the
games would be played without fans.
“I said, ‘Follow the science,’” Ms.
Engelbert, 56, says over the phone
from her home in Berkeley Heights,
N.J. For nearly 100 days, more than
Cathy Engelbert
In her first full season running the WNBA, she steered the league
through the pandemic—and into a ‘Wubble.’
300 people, including coaches and
referees, submitted to strict protocols
on testing, tracing and isolating in
what was affectionately known as the
“Wubble.” This allowed the 12-team
league to play a truncated season of
22 games without incident.
“My next career could be in infec-
tious disease because I learned so
much about how the virus presents
itself,” Ms. Engelbert says. Players
could have young children with them,
and some had partners, but most of
the athletes quarantined with their
teams on their own. The sacrifice
paid off. The WNBA’s average regular-
season ratings across all networks
were up 68% from 2019, and mer-
chandise sales were up 50%.
Though the league hopes to have
teams play in their arenas for its 25th
season this summer, Ms. Engelbert
doesn’t rule out the possibility of an-
other Wubble. “It was hard,” she says.
“But it was worth it.”
This is an unexpected second act
for Ms. Engelbert, who began leading
the WNBA in July 2019 after her term
as Deloitte’s CEO ended. The job
suited her love of the sport—she cap-
tained both the basketball and la-
crosse teams at Lehigh University—
and her desire to invest in the next
generation of female leaders.
Ms. Engelbert is the fifth boss of
the WNBA but the first to be called
commissioner. The title change came
from Adam Silver, the head of the Na-
tional Basketball Association (which
partly owns the WNBA), whom Ms.
Engelbert commends for ensuring
that the women’s league is recognized
as a professional sports organization.
“It’s a seat at the table that you don’t
get with other titles,” she says.
She brings to the job a keen sense
of the professional challenges that
women face. As a senior manager at
Deloitte, where she began working af-
ter graduating from college in 1986,
she admits that she “almost gave it
all up” when she became pregnant
with her first child in 1997. “I thought
there is no way I can do this all,” she
recalls. She stuck around after two
male supervisors praised her poten-
tial and convinced her that the jug-
gling act was possible; she had a sec-
ond child a few years later.
In the early 1990s, the company’s
son to an array of social-justice is-
sues, particularly criminal-justice re-
form. In a historically outspoken
league in which nearly eight of 10
players are people of color, many in
the WNBA thought the police killings
of George Floyd, Breonna Taylor and
others demanded special attention.
“The emotions were so raw,” says Ms.
Engelbert. “It became bigger than
basketball.”
Players who were fined for their
political protests a few years ago
were suddenly staging walkouts and
playing on courts emblazoned with
the words “Black Lives Matter.” After
a white police officer shot a Black
man named Jacob Blake seven times
in the back in August in Kenosha,
Wis., the entire league came together
for a candlelight vigil. “I couldn’t be
prouder of how they showed up,”
says Ms. Engelbert.
In conversation, she is quick to de-
flect praise and promote others—a
leadership style that she says she cul-
tivated on courts and fields. As a
point guard in basketball, she wasn’t
a high scorer, but she ran the offense
and reveled in assists. Great leaders
“understand how to surround them-
selves with great people,” she says.

As a Window of strength. I’m

hopeful that a
getting out in the world, going
on an airplane, heading back to

Opens, a Plea for year sequestered

will turn us into
more empathetic
the office, resuming the old,
hectic patterns we’d taken for
granted. I would be thrilled to

JASON Patience and Grace listeners, over-

GAY
THIS COLUMN IS for people
like me, who didn’t write the
Great American Novel during
these past 12 months, or even
10 pages of a mediocre one, or
attempt to build a castle from
A sobering Popsicle sticks, or bother to
teach the dog a word of con-
anniversary versational French. I’m assum-
coincides ing this is almost all of us, be-
with cause those sorts of
achievements are hard to pull
guarded off in any year, and this past
optimism year has been stressful and
about scattered, and on most days,
it’s felt like a sizable human ac-
the road complishment to pull on slacks
ahead. and plod to the grocery store.
We’re lumbering toward the
wind-down. At least that’s the
hope. We aren’t close to out of
it, but we appear to be improv-
good, maybe not
as good as epide-
miologists would
like, certainly not
good enough to
burn the face masks and stroll
into a crowded mall slapping
high-fives with strangers. Still,
it’s enough to produce a twinge
of optimism. The slightest hint
of confidence feels like a sun-
beam, and I’m grateful to every
person who’s out there working
hard to get the rest of us all
back on track. There’s human
magic everywhere.
Honestly, I’ve found these
past couple of months the
hardest, and I don’t think I am
alone. December, January and
February felt like a slow march
through sludge. I lost a friend
cer—and now we’ve lost her,
too. The winter was colder and
drearier than expected, and the
kids were in remote school,
then in person, then remote,
then in person, and the whole
routine grew exasperating, to
the point that lifting out of bed
felt like an Olympic vault. I get
a little embarrassed saying this,
because others have lost so
much. I know I’m profoundly
lucky, in every way.
I think it’s OK to talk about
this. We should feel comfort-
able acknowledging vulnerabil-
ity, conceding our doubts. Ad-
powering the
judgment econ-
omy, which is still
in full, cruel bore.
How hard is it to
listen? It’s a small
thing, but some
of the reaction to Meghan
Markle’s interview the other
day came off as callously pre-
sumptive—a crackle of critics,
scrambling to pooh-pooh as
privileged the opinion of
someone telling the public
she’s in pain.
Nobody has to obsess about
the royals, of course. But I
think we can do better.
A little humility is advisable,
because a little humility is al-
ways advisable. This crisis is
still throwing punches, after
the bell, and we aren’t going to
simply leap off the canvas. The
get there. Sign me up for all of
it. Nothing would make me
happier than being safely
stuffed on a plane full of sun-
burned people, coming back
from somewhere fun. Even if it
lands at LaGuardia.
Still: It’s not going to be in-
stant. It’s not going to feel like
flipping a switch. Hidden trau-
mas abound. I presume we’re
all a little different now. How
can we not be? This past year
has challenged everyone in un-
foreseen ways, and a lot of us
are just coming to terms with
it. There are probably changes
still imperceptible. Hopefully,
some of the change is for good.
How lovely would it be if we all
got a little more forgiving of
each other, and of ourselves,
too? How beautiful would it be
if we all became better neigh-
bors? Patience remains impor-
ZOHAR LAZAR

ing—the vaccines are out there, too young, and then a close mitting struggle doesn’t make news is full of hopeful predic- tant. So does grace. The road
and the news about infection family member got sick—in you a whiner; it’s quite the op- tions about recovery—when may be opening up, but the
and hospitalization rates are both cases, not Covid, but can- posite, it’s a ferocious display we’re going to feel better about road remains long.
 BOOKS
Beyond Imagining A Violent Solution
Alan Lightman To Every Problem
on nothingness Murder in ancient
and infinity C11 Rome C12

READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 13 - 14, 2021 | C7

Justice to Mrs. Johnson

Behind the gracious first-lady facade, Lady Bird was LBJ’s most trusted adviser and most effective advocate
Lady Bird Johnson
By Julia Sweig
Random House, 533 pages, $32
BY JUDITH MARTIN

A
MINOR SPORT during
the Johnson administra-
tion was watching Lady
Bird Johnson’s face when
the president was ram-
bling on, whether at a podium or a
party. Her smiling gaze would be
hardly different from the standard
adoring-political-wife look, which she
had perfected.
But Lyndon Johnson knew the dif-
ference. He soon shut up.
We reporters who covered social
events at the White House had also
seen her coolly send an aide upstairs
ROBERT KNUDSEN/THE LYNDON BAINES JOHNSON PRESIDENTIAL LIBRARY

toward the close of a state dinner, with

the message that the president (and
whichever junior official’s young wife
was with him) should return to the
party to say goodbye to his guests.
He would do so.
So perhaps Lady Bird Johnson was
not the totally uncritical and subser-
vient wife she was generally assumed
to be. And perhaps planting flowers, in
her “Beautification Project”—for which
Washingtonians continue to be annu-
ally grateful—was not her only political
or civic contribution. Yet such pre-
sumptions have persisted in the copi-
ous histories of that administration,
prompting Julia Sweig to correct the
record by writing “Lady Bird Johnson: MAKING MEMORIES Lady Bird Johnson recording an audio diary of events in the White House, 1968.
Hiding in Plain Sight.”
Mrs. Johnson tried to be visible of self-doubt are mentioned but not ception that his running was a given. son keenly felt aware of his restric- newal (in contrast to the slum-leveling
to the future. She recorded a lengthy explored. The author quotes her sub- “I’m probably the only living person tions as president. Tellingly, Mrs. that had been gentrifying neighbor-
diary, expressing the hope that her ject’s writing, including texts for who would attest, believe, swear that Johnson responded to his bemoaning hoods by displacing inhabitants). Her
children, grandchildren, and, she speeches, but no attempt is made to he never wanted to be president,” she the limitations of the highest office efforts went into maintaining national
added, the entire nation, could see reproduce the colorful Southern way says in her diary. While acknowledging with “Who do you think you are— parks and local ones, desegregating
what she had seen. She did not explic- that Lady Bird Johnson actually talked, that either decision would lead to pain- majority leader?” them as recreational facilities for the
itly add the hope that they could also which was of the “see y’all real soon ful criticism, she describes the bore- She was a stalwart campaigner for poor. She fought to block the upheaval
see what she had done. if the Lord be willing and the creek dom, frustration and envy he would the causes of her husband’s adminis- of building highways through cities,
Perhaps the diary was too lengthy. don’t rise” variety. feel in early retirement. “You may look tration, determined to minimize the and to remove such blight as prolifer-
An 800-page excerpt, published in The well-known scandals of the time alienation of the South, where she was ating billboards and visible junkyards.
1970, was hardly noticed. Ms. Sweig, are not dismissed, but they are men- sometimes cheered, sometimes spat She enlisted allies, such as landscape
a senior research fellow at the LBJ tioned in an offhand, dignified way. Yes, she was a proper upon. Her approach was always to soft- architect Lawrence Halprin, architects
School of Public Affairs at the Univer- Rather, the intention is to set the pedal differences, even the gaping ones Nathaniel Owings and Victor Gruen,
sity of Texas, twice refers to the text as record straight; to give the woman lady who wanted to make between the Southern segregationists and muckraking writer Jane Jacobs.
“eye-glazing,” although she valiantly her due. Finally. In the reams written things pretty—but also of her background and the civil-rights And she leaned on politicians, notably
plowed through it all, in order to make about the Johnson administration, Mrs. agenda she supported. Lady Bird John- Secretary of the Interior Stewart
a case for a separate legacy. Unfortu- Johnson has generally been portrayed
far more than that. son was not without her own ambition. Udall—and her husband, who pushed
nately, she also picked up the diary’s as a nice lady who planted flowers, It is now an accepted idea that pres- through the legislation she needed,
approach, which—in contrast to Presi- faithfully loyal to her husband, which idents’ wives should have their own which became known as “Lady Bird’s
dent Johnson’s “tendency to over- is more than he was to her. around for a scape-goat,” she con- first-lady causes. Although Eleanor Bill.”
share”—was to reveal Mrs. Johnson’s Yet we find that Lady Bird was his cludes. “I do not want to be it. You may Roosevelt was active politically, and To make Mrs. Johnson’s cause palat-
experience without revealing herself. most effective political adviser in re- drink too much for lack of a higher Jacqueline Kennedy extended the able, the administration gave it the
“Lady Bird Johnson: Hiding in Plain gard to his career moves. Lyndon John- calling.” That he would not run again housekeeping duties to refurbishing gentle name of “beautification.” She
Sight” is not a biography. Ms. Sweig son did not just talk things over with in 1968 surprised the nation, but she the White House, it was Mrs. Johnson’s lived to regret this: “I’ll never forgive
refrains from probing Mrs. Johnson’s his wife: He asked her to prepare posi- had long agreed that it was the time work that led to the expectation that Lyndon’s boys for turning my environ-
psyche. She briefly summarizes her tion papers listing the pros and cons to leave. the president’s wife should have a mental agenda into a beautification
subject’s early life in Texas before 1934, of his choices. One document, which Still, the public perception that he “project,” meaning a domain of her project,” Ms. Sweig quotes her as say-
when, at age 21, she met and married Ms. Sweig reproduces in the book, con- craved power was not wrong. The own, preferably a nurturing one. ing. “But I went ahead and talked about
the future president, who at that time siders whether he should try to retain truth was that, having had great She became an active environmen- wildflowers so as not to scare anybody,
had been elected to no public office. his inherited presidency by running in power in Congress, and then having talist and conservationist, concerned because I knew if the people came to
Mrs. Johnson’s periodic professions 1964 and contradicts the general per- been sidelined as vice president, John- with community-sanctioned urban re- Please turn to page C9

advancing reason, happiness, progress
Let’s Be and liberty. For decades, however,
a guerrilla war against the Enlighten-
deprecate it. On the other hand, the
goals and aspirations of the Enlighten-
ment are perennially relevant and
but also expand human happiness.
Mr. Robertson objects to the com-
mon description of the Enlightenment
movement, but also as a sea change in
sensibility, in which people became
more attuned to other people’s feelings,

Reasonable, ment has been waged by academic

postmodernists and more than a hand-
ful of public intellectuals. They view it,
And Humane and its “universalist” aspirations, as an
engine of Western cultural domination,
empire, racial hierarchy and predatory
The Enlightenment global capitalism.
By Ritchie Robertson The dishonoring of Hume, and
attacks on other Enlightenment lumi-
Harper, 984 pages, $45
naries such as Jefferson and Kant, indi-
BY JEFFREY COLLINS cate that the case against the Enlight-
must continue to nourish and inspire
us. This tension, between the objec-
tives of the historian and the advocate,
runs throughout Mr. Robertson’s book,
lending it both interest and partiality.
To be sure, Mr. Robertson is no har-
rumphing apologist. A professor of
German literature at Oxford University,
he is splendidly erudite. Generally ad-
miring of the intellectuals he styles
(somewhat unhappily) the “Enlight-
as an “age of reason.” Reason, after all,
can be coldly calculating. It might pur-
and more concerned for what we would
call humane, or humanitarian values.”
sue truth but little regard happiness. This argument, if not overly origi-
nal, is sound. Sentimentalist readings
of the Enlightenment often begin with
the now largely forgotten third earl of
Shaftesbury, a melancholic aristocrat
and writer tutored in his youth by none
other than John Locke. Shaftesbury
was repelled by the icy philosophies
of Locke and Hobbes, which

D
enment has escaped the faculty lounge eners,” he nevertheless surveys assumed (in his view) the pre-emi-
AVID HUME, the pre- and is now in the streets. This turbu- their failures with a clear eye. nence of self-interest in social life.
eminent Enlightenment lent context will inevitably frame any A distressing chapter of his book Rejecting this calculating egoism,
philosopher, was born modern history of the Enlightenment, does indeed document the racial but unable to accept traditional
in Edinburgh in 1711. and so it is with Ritchie Robertson’s views of Hume and Kant, which, accounts of innate ethical knowl-
There he lived for though only sporadically ex- edge, Shaftesbury attributed
many years, and there he died, perhaps pressed, were mean, ignorant human kindness and sociability
the most famous Scot in history. It was What the great thinkers and obdurate. Another long to sentiment. Sympathy for our
thus international news last year when section presents the pervasive fellow humans plugged the holes
Edinburgh University—where Hume
argued for was not cold misogyny of the period. “It is that science had blown in the
studied—stripped his name from a reason but reason alloyed remarkable,” he writes, “how moral verities of orthodox theol-
campus building. The move was with sentiment, a change many prominent male Enlighten- ogy and natural law.
demanded by a public petition that ers enjoyed the company of intelli- Mr. Robertson’s major theme
condemned Hume as a “man who in sensibility. gent women, and appreciated their is this sentimental turn, which he
championed white supremacy.” While accomplishments without drawing traces through the many social and
the search for a presentable honoree the seemingly obvious conclusion intellectual dimensions of the Enlight-
continues, the building will be known “The Enlightenment: The Pursuit of that women should be equipped for a enment. He charts it through literature
as “40 George Square,” temporarily Happiness, 1680-1790.” Mr. Robertson’s larger public role.” In his chapter on and offers discerning readings of senti-
adding to the glory of King George III, study is part of a growing rearguard the political thought of the enlightened mental novels by Rousseau, Richardson
whose views on race apparently com- action. He is determined, alongside philosophers, Mr. Robertson concedes BRIDGEMAN and Goethe. (Among the strengths of
IMAGES
mand less attention. colleagues such as Jonathan Israel and that they were broadly antidemocratic this book is its use of literature and
Among the many questions raised Anthony Pagden, both to defend the and often sycophantic in the presence DARING TO FEEL Jean-Jacques its author’s vast knowledge of German
by the Hume affair is this: In the Enlightenment on its own terms and of kings and czars. Rousseau (1712-1778). letters in particular.) He uses the senti-
21st century, what kind of historical to promote its “particularly urgent On the whole, however, Mr. Robert- mental revolution to explain important
monument is the Enlightenment it- message for our time.” son comes to the Enlightenment not There was plenty of “reason” to be reformist causes, such as the suppres-
self? Can its lofty reputation survive Such a project requires a delicate to bury but to praise. He interprets it found among the medieval scholastics, sion of cruelty to animals, penal reform
as its major thinkers are heaped on balance. On the one hand, Mr. Robert- as a grand intellectual and political for instance, or in the spiritless mecha- and new models of education. A “feel-
our new bonfire of the vanities? son rejects presentism. The Enlighten- program, offering a “science” of society nism of Descartes. What the Enlight- ing” for humanity in all its diversity,
Few intellectual movements were ment era was “a very different world modeled on the elegant physical laws eners offered was reason alloyed with among figures such as Diderot and
as effective as the Enlightenment at from ours,” and we shouldn’t use “our of Newton. “Social science” would sentiment. “In this book,” writes Mr. Burke, informed powerful critiques of
self-promotion, and in most textbook present-day perspective”—or “boo- serve as an instrument of human Robertson, “I try to present the Enlight- European empire. Even Adam Smith—
accounts it is still commended for words” such as “Eurocentrism”—to improvement. It would expose truth enment not only as an intellectual Please turn to page C8
C8 | Saturday/Sunday, March 13 - 14, 2021 * *** THE WALL STREET JOURNAL.

BOOKS
‘We can only see a short distance ahead, but we can see plenty there that needs to be done.’ —A L A N T U R I N G

FIVE BEST ON BRITISH INTELLIGENCE AT WORK

John R. Ferris
The author, most recently, of ‘Behind the Enigma.’

Fortitude But it was no use, he could

By Roger Hesketh (1999) not make it. We heard

1
him the whole way down
Roger Hesketh led until he fell below
the British deception reception range. I went
campaign, Fortitude, outside and was sick.”
during the Battle of Clayton became a
Normandy. Citing Aesop, commissioned officer,
who wrote “The fly sat though she served only
upon the axle-tree of the on the staff rather than
chariot-wheel and said, the line. She believed
‘What a dust do I raise,’ ” women should receive
Hesketh knew how easily no command positions
the effect of deception because of the likelihood
might be distorted. men would challenge their
Nonetheless, the kind authority. She slapped the
in operation for D-Day— face of one male superior
disinformation transmitted who had become hysterical
through German spies under air attack, but she
under British control— escaped court martial
undermined the enemy thanks to the high regard
before and during the in which she was held
attack. Germans believed by her superiors.
that the assault on
Normandy was a feint,
to aid a main attack The Hut Six Story:
100 miles farther north. Breaking the
Allied intelligence had Enigma Codes
uncovered the truth about By Gordon Welchman (1982)

5
the enemy’s strength:
German forces in Western During World
Europe might be strong War II, Gordon
enough to overcome the Welchman ranked
ALAMY

Allied invaders, but the alongside Alan

same wasn’t true of SIGINT Dials from Alan Turing and Gordon Welchman’s Bombe machine at Bletchley Park, used to crack Germany’s Enigma code. Turing in breaking German
German strength in cryptographic machines.
Normandy itself. Deception and intelligence he often dug a penknife into his wooden leg. unsuccessfully to ban—that sank Britain’s Welchman became the head of Hut Six,
played a crucial role in the victory to come A later member of MI6, Kim Philby—a double hopes of keeping its intelligence secrets. in charge of decrypting German army and
as dawn broke on June 6, 1944. agent serving the Soviet Union—would drive a air-force codes for Ultra, Britain’s top
different kind of knife into the service, though signals-intelligence project. When, in the
with less effect than legend would have it. The Enemy Is Listening 1970s, others in the field wrote about their
The Secret History of MI6, By Aileen Clayton (1980) experiences with Ultra, Welchman followed

4
1909-1949 suit, appalling British intelligence. He lost
By Keith Jeffery (2010) Spycatcher Aileen Clayton, a young middle-class his security clearances, ending his career as a

2
By Peter Wright (1987) Englishwoman, had a grasp of technical adviser to U.S. intelligence agencies.

Keith Jeffery makes the official
history of MI6—home to James Bond
and George Smiley—as exciting as
fiction in this spirited and detailed
assessment. Between the two world wars
the organization’s performance had been
mediocre, and when World War II began it
verged on the catastrophic. Among other
causes, German and Soviet intelligence had
crippled MI6’s European networks, along
with its credibility. Nonetheless, the agency
slowly restored its reliability on both counts.
The great strength of this history lies in its
story of the people involved. Capt. Mansfield
Cumming, the first chief of MI6, loved
disguises, sword canes and pornography.
He drove around headquarters on a scooter:
Surgeons had amputated one of his legs
after a driving accident. To impress visitors,
3
Peter Wright came from a family of
intelligence officers. After World War II
he joined the technical branch of MI5
and led electronic surveillance of
foreign embassies until 1960, when he was
caught up in the fever of conspiracy theories
sweeping through Western intelligence
agencies of the time. Wright was convinced,
among other delusions, that a former head
of MI5 was a Soviet mole, and that the same
was true of the prime minister himself,
Harold Wilson. Wilson, suffering the early
effects of Alzheimer’s disease, in turn believed
that British intelligence was seeking to
destroy him, and he so informed the press.
Wright would, in due course, see his pension
cut, after which he wrote a bestselling memoir
—a work Margaret Thatcher attempted
colloquial German that enabled her,
when the war began, to intercept
and report on the radio communications of
German air crews for the RAF. The service
employed many émigrés, especially Jews,
for the task. “One of the girls even went so
far as to think she could recognize the voice
of a pre-war boy-friend.” Clayton reports on
the intercept personnel and their relationship
with their targets. There was the German
pilot who had chattered away: “You English
listening station, can you hear me?” He would
cheerfully ask, “Would you like me to drop a
bomb on you?” But, Clayton reports, “he was
shot down in flames. He was unable to get
out and we listened to him as he screamed
and screamed for his mother and cursed the
Fuehrer. I found myself praying, ‘Get out, bale
[sic] out—oh please dear God get him out.’
Still, he wrote the best of Ultra memoirs—
a work that illuminates the creative anarchy
and the decisions that made Bletchley the
greatest signals-intelligence agency ever
known. When Turing conceived of a machine
that could break the Enigma code, he and
Welchman took the idea to the heads of
British signals intelligence, who immediately
financed the expensive and unproven device.
Welchman next convinced Bletchley to build
a unit fit to handle the product. When these
machines swelled in number, while shortages
of labor threatened Bletchley’s success,
Turing, Welchman and a few colleagues—
little fish in the bureaucracy—directly asked
Winston Churchill for help. The reply came
quickly: “Action this day. Make sure they
have all they want on extreme priority
and report to me that this has been done.”

The “watchmaker God” and a Bible reduced

to a “cultural object.”
But Mr. Robertson also seems to
book. The study is simply massive, of the Enlightenment were not com- Voltaire was the exemplary speci-
nearly a 1,000 pages. Though well prehensive philosophies. Unlike the men of this emerging literary species.
written, it will be difficult for readers “system builders” of earlier centuries, His letters, books and pamphlets num-

Enlightenment share the antipathy that many of his

heroes displayed for more orthodox,
to endure from beginning to end. the leading Enlightenment writers bered in the thousands, but the vast
As is now fashionable, Mr. majority proved ephem-

‘Style’
Continued from page C7
often misremembered as a pitiless
capitalist—made feeling central to
sociability in his “Theory of Moral
Sentiments” (1759). According to
Smith, as Mr. Robertson puts it, social
and economic life was not powered
by “cold calculations” but by “desire,
revealed religion. He quotes at unjusti-
fiable length Voltaire’s rather gauche
scriptural criticism, in which he typi-
cally offered simplistic, literal readings
of the Bible and mocked the results.
Mr. Robertson is also perhaps too im-
pressed by Hume’s overestimated at-
tack on miracles. Hume was something
of a situational skeptic. He insisted that
scientific “laws of nature” were based
on incomplete observations and thus
Robertson has expanded eral. A few works endure,
the Enlightenment beyond such as his satiric novel
its traditional dates (ca. “Candide” (1759) and
1720-89), moving its start- his “Philosophical Letters”
ing point back into the late (1734), but we mostly re-
17th century, and he offers member Voltaire for his
background that stretches glittering celebrity and his
centuries earlier. Torn be- epigrams (“crush the infa-
tween defining the “En- mous thing,” meaning in-
lightenment” as an intel- stitutional religion). Even
lectual movement or a Hume, who did write seri-
chronological period, he ous philosophy, was chiefly
CHARLES-NICOLAS COCHIN, II/LEBRECHT AUTHORS/BRIDGEMAN IMAGES

which had to be properly channelled
in order to produce happiness.”
The postmodernist attacks on the
Enlightenment as coercive, discipli-
narian and hierarchical, Mr. Robertson
claims, ignore its softer dimension,
its humane sympathy and its concern
to ameliorate suffering. Kant defined
Enlightenment as “daring to know.”
Mr. Robertson might rewrite this
as “daring to feel.” Indeed, the frosty
figure of Kant is something of an anti-
hero in this book.
A second theme pursued at length
by Mr. Robertson is the complex inter-
action of the Enlightenment and reli-
gion, a subject to which he dedicates
hundreds of pages. His treatment is
double-edged. He rightly rejects the
old skeptical, “neo-pagan” reading of
the Enlightenment as unrelentingly
irreligious or atheistic. “More recent
research,” he writes, “has emphasized
that the Enlightenment took place not
only against but also within the major
Churches.” In this vein, he documents
“Enlightened” Christians and Jews,
including some priests and even one
pope (the polymath Benedict XIV,
described by Horace Walpole as “a man
whom neither intellect nor power
could corrupt”). Mr. Robertson clearly
sympathizes with deistic efforts to bal-
ance faith and reason, which usually
produced a distant and decorous
Kant famously defined
Enlightenment as ‘daring
to know.’ This revisionist
history might rephrase it
as ‘daring to feel.’
were only probable. The sun might not
rise on my 10,000th day alive, he pro-
posed, thus seeming to suggest the
possibility of miraculous events (or at
least to counsel skepticism about their
impossibility). But Hume then rejected
belief in miracles because they suppos-
edly violate exactly those objective and
exceptionless regularities of nature
that he had already disallowed.
“Thinkers of the late Enlighten-
ment,” Mr. Robertson writes, “were
increasingly convinced that religious
doctrine had to conform to their
emotional intuitions.” Those intuitions
usually commended a staid deism and
scorn for those whose beliefs extended
any further. Enlightenment sentiment
was constrained by an ethic of man-
nered politeness and responded coldly
to religious feelings that were overly
enthusiastic or otherworldly.
These themes of ethical sentiment
and rational religion dominate but
don’t reliably focus Mr. Robertson’s
offers chapters on social famous among contempo-
and economic history that raries for his “Essays” and
are only tenuously rele- his bestselling “History of
vant. (“The Enlightenment England.” It is telling that
scarcely affected medical the greatest literary pro-
treatment,” we are told dur- duction of the Enlighten-
ing a tangent on the topic.) ment was a massive refer-
For stretches, the book ence work. Between 1751
reads like a general history and 1772, the “Ency-
of 18th-century Europe. clopédie” of Diderot (and
Though overly voluble colleagues) retailed the
at times, Mr. Robertson is latest thinking of the best
a splendid writer, astound- sort, conveniently arranged
ingly versed in European alphabetically.
letters and gifted at vividly We might consider this
sketching the views of the the central paradox of the
“Enlighteners.” He has pro- Enlightenment. Often char-
duced a book that will work IT STANDS TO REASON The frontispiece to the Ency- acterized as a great philo-
best when sampled, with clopédie, edited by Denis Diderot et al., showing Science, the sophical movement, it is
each chapter read as a free- Arts and the Professions encircling the central figure of Truth. better understood as a style,
standing essay. We might a set of shifting public
say of this book what Mr. Robertson wrote for a growing audience of book habits and attitudes. Mr. Robertson,
himself says of one of the most popular buyers in a public sphere. The coin armed with a prodigious knowledge of
books of the Enlightenment, the Abbé of this new intellectual realm was the Enlightenment’s literary output, has
Raynal’s anti-imperialist “Histoire des the philosophical novel, the essay or captured the tone and spirit of this
deux Indes” (1770): “Such popularity the history. With some exceptions, milieu. Whether, in the face of critics
may seem surprising, since the Histoire the typical Enlightenment philosophe either religiously orthodox or politically
covered 4,353 pages. But its reader- was an intellectual generalist, more woke, he has produced a case for the
friendly division into short chapters a social or political critic than any- intellectual relevance of the Enlighten-
means you can dip in and out of it thing else. His or her philosophical ment is an open question. Individual
while retaining a sense of its enormous opinions were often cribbed from readers will, one might mischievously
sweep.” past authorities (particularly from suggest, feel differently about that.
In this sense, Mr. Robertson has Locke and Newton), repackaged, and
written a fitting tribute to his topic. then applied to new political or social Mr. Collins is a professor of history at
The quintessential literary productions questions. Queen’s University in Kingston, Ontario.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 13 - 14, 2021 | C9

BOOKS
‘Seeke and make peace if possible with all men.’ —ROGER WILLIAMS OF RHODE ISLAND

Returning to the Sources

Terror to the Wicked anthropology textbooks. She refers to the
By Tobey Pearl “Maquas tribesmen” mentioned in one English
source without realizing that this is an early
Pantheon, 264 pages, $29
name that English colonists used for the
BY KATHLEEN DUVAL Mohawks. She has learned interesting and

S
TARTING IN 1636, New England
was embroiled in a conflict that
came to be known as the Pequot
War. It was a war started and led
by Native enemies of the Pequots,
who like them were Algonquins—part of a
large linguistic group of separate peoples
stretching from southeastern Canada to the
Carolinas. Before the war, the Pequots had
established themselves as powerful middle-
men in regional trade. Algonquins along the
lower Connecticut River, where it empties into
Long Island Sound, manufactured shells into
wampum, beads that served as the region’s cur-
rency. They sold it to Pequot traders, who sold
it on to Native and Dutch customers in return
for guns, ammunition and other European goods
imported through New Netherland. The conflict
began after some wampum manufacturers
attempted to bypass their Pequot middlemen.
War broke out between the Pequots and the
Dutch—and then spread, as the Narragansetts
and Mohegans joined the anti-Pequot side and
pulled their English allies onto that side as well.
In “Terror to the Wicked: America’s First
Trial by Jury That Ended a War and Helped
to Form a Nation,” Tobey Pearl clearly shows
New England’s Native context, and for that
the lawyer and first-time author deserves
credit. The 17th-century English knew
that what they called “New England”
was a Native place. Colonists’ survival
depended on cultivating Native allies, fight-
ing Native enemies (usually the enemies
of their allies) and knowing the differ-
ence. Yet their descendants would erase
Native Americans from the story or make
them into bit players, who showed up to
feed Pilgrims and then quickly died off.
Ms. Pearl’s account focuses on a 1638
trial in Plymouth that reveals how New
England’s Native neighbors shaped colo-
nists’ decisions and actions. The Pequot
War had ended in defeat for the Pequots,
and several indentured servants were
on the run when they encountered a
Nipmuc trader, whom they robbed and
killed. The Nipmucs were under the protec-
tion of New England’s Native allies, so this
killing threatened to bring retribution down on
the English—who also feared that neighboring
New Netherland, New France and the powerful
Mohawks of the Haudenosaunee (Iroquois)
League might take advantage of the division
to launch their own invasions of New England.
How the English dealt with the murderers,
Ms. Pearl suggests, would determine the fate
of their colonies.
Admirably, Ms. Pearl draws on sources
that include linguistic evidence from Native
scholars, which she uses to eloquently explain
that the name by which New Englanders
referred to the Nipmuc victim, Penowanyan-
quis, probably means “stranger” and may have
been how he identified himself after he was
attacked, not a name he went by at home.
Native languages and identities are vital for
understanding both 17th-century history and
the continuing relevance of this history.
The Nipmuc Nation today is recognized by
Massachusetts but, despite its long-documented
history, does not have federal recognition.
Yet “Terror to the Wicked” is a dissonant
work. The author seems to have been drawn
to the events because they constituted the
continent’s “first fully developed, documented
RIGHTS FOR THE ACCUSED
Gov. William Bradford’s 1623 order mandating
the use of jury trials in Plymouth Colony.
jury trial.” And though she narrates the trial
well and integrates an awareness of Native
importance, the book’s portrayal of 17th-
century history is surprisingly thin. The title
absurdly claims that this 1638 trial “Helped
to Form a Nation.” In fact, New England’s
Separatists and Puritans would have seen the
United States that late 18th-century colonists
created well over a century later as antithetical
to their ideal society. Ms. Pearl shows us
indentured servants mortally pitted against
masters, yet makes the jarringly anachronistic
claim that “our experiment persists in part
because every American settler fled political
systems marred by limited freedoms and
shortchanged dreams and joined in the fight
for democracy.”
Similarly, even though Ms. Pearl knows
Native New Englanders today, she can’t resist
AN LEFEVRE/
PANTHEON
the trope of the doomed and vanishing Indian.
She writes of the Narragansetts: “the count-
down to the death and destruction of their
people began,” even though they had just
won the Pequot War and today are a federally
recognized tribe who have regained a portion
of their traditional lands. The book describes
Penowanyanquis as born “in one of the final
places not yet touched by colonists” and there-
fore “a member of a unique group that would
soon disappear to history—pre-contact Eastern
Woodland American Indians.” In fact, the
Nipmucs had traded indirectly with New
Netherland since before the Pilgrims came,
and parts of the Eastern Woodlands would
be affected by Europeans far more slowly
than Penowanyanquis’s people in what’s
now central Massachusetts.
Oddly, throughout the book, Ms. Pearl uses
the terms “tribesman” and “tribeswoman,”
words rarely seen since early 20th-century
accurate details from re-enactors, such as
that Algonquins hollowed out tree burls to
use as bowls, yet in describing those as the
precursors to kettles, she fails to explain that
most Algonquin cookware was pottery.
At one point, Ms. Pearl draws on Ohio
State University professor Margaret Ellen
Newell’s “Brethren by Nature: New England
Indians, Colonists, and the Origins of
American Slavery” but confuses details,
calling “La Leyenda Negra” a book that was
“widely distributed and read among the
English populace.” It was actually a com-
mon legend (“leyenda”) that English people
created to imagine themselves kinder to
Indians than Spaniards were. Even small
errors in an authoritative book of non-
fiction cause the next author who also
doesn’t bother to check notes to repeat
and compound the errors.
The 17th-century English
knew that what they called
‘New England’ was a Native
place. Survival depended
on cultivating Native allies.
A quick look at Ms. Newell’s citations
would have shown Ms. Pearl that “La Ley-
enda Negra” wasn’t a book. It also would
have pointed toward many more primary
and secondary sources that she could have
used to fill out the reader’s understanding
of this time and place. Amherst College
professor Lisa Brooks’s writings and digital
history projects could have illuminated the
region’s human geography. UNC military
historian Wayne E. Lee could have cleared
up the niceties of English and Algonquin
fighting. The books of University of Minne-
sota historian Jean M. O’Brien could have
helped connect Native communities of the
past to the present, and works by Mary Beth
Norton, Neal Salisbury, Michael Oberg, Mark
Peterson and Andrew Lipman could have
provided deep context of the long history
of New England’s colonists and Indians.
Some of these scholars write for academic
audiences, but translating academic books and
articles into readable prose is part of the work
of popular historians. And many relevant
books are very accessible, including Daniel K.
Richter’s “Facing East From Indian Country”
and New Yorker writer and Harvard professor
Jill Lepore’s “The Name of War.”
One doesn’t need a Ph.D. to write a truthful
history book. But nonacademic authors who
write history books should know what histo-
rians have uncovered about their subjects.
Doris Kearns Goodwin and Nathaniel Philbrick
understand the time periods about which they
write; they read deeply in both primary sources
and academic histories. Their best works make
new arguments that, in turn, influence academic
conversations. Good popular-history writers
translate cutting-edge but hard-to-read history
for smart, educated readers. We need more
such writers, readers—and books.
Ms. DuVal, a professor at the University of
North Carolina at Chapel Hill, is the author
of “Independence Lost: Lives on the Edge
of the American Revolution.”

The 1967 as the “Year of Youth for Natural

Beauty and Conservation,” Ms. Sweig
suggests, was seen as particularly
the physical setting of life in
our country. As you may
know, my concern has been
corded having an enjoy-
able breakfast with the
guest.

Unflappable offensive, since American youth were

abroad, dying at war.
expressed in an effort called
‘beautification.’ I think you
Although she noticed
that the contempt the

Mrs. Johnson
Continued from page C7
love wildflowers they’d have to eventu-
ally care about the land that grew ’em.”
The term had an honorable pedi-
gree. Pierre Charles L’Enfant, who
designed Washington, wrote of beauti-
fying it; Frederick Law Olmsted used
the term “City Beautiful” for his move-
In addition, the author writes, as the
civil rights movement grew into mas-
sive protests, “the word beautification,
despite two years of effort to undo its
visceral connotations, still telegraphed
white derision of black spaces and a
painfully superficial, gilded do-gooder
faith in the artifice of liberal reform.”
The first lady’s much-
also know what lies beneath Kennedys had held for
that rather inadequate word. the then-vice president
. . . For ‘beautification,’ to my continued, with Robert
mind, is far more than a Kennedy being sullen at
matter of cosmetics. To me, the passage of his late
it describes the whole effort brother’s civil-rights bill,
to bring the natural world she went out of her way
and the man-made world to show sensitivity and
into harmony; to bring order, graciousness to Jacque-
usefulness, and delight to our line Kennedy.
whole environment. And that When two Johnson
of course only begins with loyalists caused explosive
BETTMANN ARCHIVE/GETTY IMAGES

ment transforming American cities;

and the National Parks Commission
was launched with the intention of
beautifying what had been industrial
squalor. At her 1965 White House Con-
ference on Natural Beauty, chaired by
Laurance Rockefeller, most of the 800
participants were men. Nevertheless,
beautification came to be considered
girly, and therefore trivial.
Then it was accused of being a
grotesque attempt to smear cosmetics
over the horrors of the Vietnam War.
The Johnson domestic accomplish-
ments—including the Civil Rights Act,
the Voting Rights Act, Medicare and
Medicaid—were overshadowed by the
war. It did not matter how ladylike and
discreet Mrs. Johnson had always been
in advancing a benevolent domestic
agenda; she was tarred with the ex-
treme antagonism toward the presi-
dent. The presidential proclamation of
derided ‘beautification’
program is now recognized
as a stealthy form of
environmentalism.
Marches, assassinations (of Martin Lu-
ther King Jr. and Robert F. Kennedy)
and riots followed. Lady Bird “couldn’t
fathom how nonviolent mobilizations, or
how legislation her husband had passed,
laws and policies that she had cam-
paigned for and promoted, had somehow
opened the door to the violence and
racial animus engulfing the country.”
At a convention of the American In-
stitute of Architects in 1968, Ms. Sweig
concludes, Lady Bird “fully departed
from euphemism in setting forth her
environmental values and vision,” say-
ing “I am one of millions of Americans
who are troubled—and hopeful—about
trees and flowers and land- and politically damaging
scaping.” Environmentalism scandals—Bobby Baker’s
would in time become a financial and Walter Jen-
major cause, particularly en- kins’s sexual—she only
gaging America’s youth. Mrs. commiserated with them.
Johnson had been doing the And so she has been
right thing at the wrong pegged as a long-suffer-
time. ing but always nice lady
As a correction of history, BLOOMING Lady Bird Johnson inspects Washington’s who only wanted to make
and validation of effort, this blossoms with the National Park Service, 1968. things pretty, but was
is a worthy book. But there is caught up in tumultuous
not a juicy word in it about surely one Ms. Sweig explains. “Instead, she ex- times she did not understand.
of the most colorful administrations of plained his ferocity and sensitivity as Now she has her wish, to be on the
modern times. two inseparable facets of his total be- record in a way that should be accept-
How Mrs. Johnson managed to re- ing and pushed herself to compensate able to her descendants, who presum-
main calm and discreet while dealing for the former by demonstrating more ably do not want to hear about the
with her husband’s volatile and erratic than her share of the latter.” trials of being married to Lyndon
moods, his flagrant infidelities, his When her husband not only invited Baines Johnson.
financial shenanigans, his drinking, and one of his former mistresses, actress
his occasional public cruelty directed at and congresswoman Helen Gahagan Ms. Martin’s most recent books are
her is not to be found here. She “could Douglas, to stay at the White House “Miss Manners’ Guide to Contagious
not bring herself to record a negative but also gave her a nightgown and robe Etiquette” and “Minding Miss Man-
word about her husband’s bad temper,” belonging to his wife, Lady Bird re- ners in an Era of Fake Etiquette.”
C10 | Saturday/Sunday, March 13 - 14, 2021 * *** THE WALL STREET JOURNAL.

BOOKS
‘Art consists in making others feel what the artist feels.’ —FER NA N D O PESS OA

Windows on Dreamland
MYSTERIES
TOM NOLAN

Stories With Pictures melancholy, elegiac but defiant
By Antonio Tabucchi
Archipelago, 212 pages, $22
spirit of Pessoa. That spirit suf-
fuses the novel that made his
name far beyond Italy and Portu-
BY BOYD TONKIN gal, “Pereira Maintains” (1994).
fragile, but if they become art
they don’t fear time.” That
thought could almost serve as
motto to this book. Tabucchi also
recalls that he wanted to write
stories triggered through images,
Reporting
like the moonlit journey through
a Japanese-style snowscape after
Benati’s “Night Snow.” Some are
The Rise
evocative essays on artists whom Of Nazism

W
In 1938, under the Salazar dicta- a catalog essay for dos Santos, Tabucchi admires, such as the
OODEN blinds torship, an aging literary journ- but his friend departed too soon: “slightly crazy letter” to painter
open onto a alist in Lisbon breaks with his “Sometimes, almost always, death Piero Pizzi Cannella which con- ENGLISH NOVELIST David
bright terrace aesthete’s detachment to dare is quicker than we are.” cludes that “if art is something Downing pleased readers and
latticed with a small act of heroism. “Pereira To offset this Pessoa-like strain of a game, it’s also something impressed critics with his
cracked tiles. Maintains” fast became the of melancholia, “Stories With that keeps us from dying.” And “Station” series featuring John
At the edge rises a stone balus- sort of unassuming treasure that Pictures” blazes with a love of some pieces blend memoir, Russell, an Anglo-American
trade whose posts cast shadows writers themselves cherish and color, light and the ineffable glory reverie and aesthetics into hybrid journalist in Berlin during and
from the unseen sun. Beyond, promote. For the novelist Mohsin of the visible world. Prompted forms. In “Dreaming With Da- after World War II. The tena-
two lazy clouds float in a sky of Hamid, for instance, it “holds a by Davide Benati’s incandescent costa,” the author dreams of a cious Russell, across six books
powder blue. We imag- trip to the native Azores published between 2007 and
ine, but can’t glimpse, of António Dacosta, 2013, was forced to perform covert work for
the calm sea below. This who sees visions of rival intelligence agencies while trying to
painting by Giuseppe angelic creatures and follow his own moral compass as best he could.
Modica prefaces a short paints them “in a state Mr. Downing’s “Wedding Station” (Soho
tale by Antonio Tabuc- of ecstasy.” Crime, 325 pages, $27.95) is a tensely satisfy-
chi, one of the 30 prose Dacosta himself had ing prequel to the main series. Set in 1933, the
pieces attached to works spearheaded the sur- book finds Russell covering the crime beat for
by modern Italian and realist movement in a liberal Berlin daily. But the crime that kicks
Portuguese artists in Portugal. A surrealist off the action here is the burning of the German
“Stories With Pictures.” fascination with the Reichstag—after which the Nazis implement a
The story, “Bernardo relationship of art and crackdown. The transgressions the reporter
Soares on Holiday,” tells dream threads through must investigate (or ignore) are now more
ARTISTS RIGHTS SOCIETY (ARS), NEW YORK/ADAGP, PARIS

of a Lisbon accountant’s these stories. Even if likely to be the government’s. “It’s the end of
trip on the fine Christ- Tabucchi’s prose often any judicial oversight,” Russell’s editor says.
mas Eve of 1934. He will glides into a spell- “Now they can do whatever
travel not to “the golden bound space of contem- THIS WEEK they want.” Russell, the
domes of Samarkand,” plative wonder, he re- father of a young son by
as he always wished, but jects the idea that we Wedding his estranged German wife,
just along the coast to must choose between Station needs to keep his job in
Cascais. There, he plans illusion and reality. Art, By David order to stay in the country.
to improve his writing, though his lens, escapes Downing The challenge will be to pro-
to refine his “palette of “the binary universe to duce plausible copy without
words” in order to evoke which Nature compels angering the authorities.
“a dawn and a sunset us.” We don’t need to He’s assigned to cover the grisly murder of a
over the sea.” Never opt for Euclid (logic) or 17-year-old “line boy” at a homosexual cabaret.
mind the domes of Sa- Freud (fantasy). Art’s The police theorize the victim was killed by
markand. For the “final OPENING MOVE Detail of ‘La partie d’echecs’ (1943) by Maria Helena Viera da Silva. “third state” may strike his male roommate, who has disappeared.
Christmas” of a dying “a balance between But wouldn’t it make as much sense, Russell
man, this modest craft will do. heroin-like attraction” and con- watercolor “Flames,” a story the illusoriness of the dream and wonders, to investigate the SA officer so
That poignant sketch gives the jures “out of its small hat a vast about the death of the Greek phi- the evidence of reality.” coincidentally present near the scene of
reader not only this gently radiant and touching sense of the hu- losopher Empedocles depicts the Writers have sought to match the crime?
book in miniature, but much of its mane.” Tabucchi himself may have expiring body of the sage as it or outdo the visual arts ever since Another death soon demands the reporter’s
author’s career. Born in Tuscany, shared his idol’s sardonic distance breathes out “a joyful song com- Homer conjured the decorated attention: the hit-and-run killing of a genealo-
Tabucchi discovered a spiritual posed from tormented notes.” So shield of Achilles in the Iliad. This gist. With Hitler in power, “checking one’s
home, and a literary vocation, do many of these pieces. Tabucchi conversion of pictorial into verbal racial purity has become a growth industry,”
when in his 20s he encountered Drawing on works of delights in the ravishments of effects, known as “ekphrasis,” still Russell observes. Was this road accident in
the work of the Portuguese writer
Fernando Pessoa. Educated in
visual art, Tabucchi’s color, light and shadow, and he
can summon them in virtuoso
appeals—recent examples range
from Teju Cole’s volume of texts
fact murder? Was the genealogist perhaps
using his research to blackmail one or more
South Africa, Pessoa spent his un- short pieces occupy prose. One tour de force, “The to accompany his photographs, susceptible Nazis?
eventful adult life as a commercial a space between Heirs Are Grateful,” transforms “Blind Spot,” to Karl Ove Knaus- “Wedding Station” takes the form of a
translator in Lisbon, until his the palette used by the Portu- gaard’s fantasia on motifs of Ed- journalistic procedural, as Russell follows
death at age 47 in 1935. In that illusion and reality. guese abstract expressionist vard Munch, “So Much Longing in whatever leads present themselves, in search
becalmed city, during Portugal’s painter Maria Helena Vieira da So Little Space.” Tabucchi’s own of truths that may or may not ever see print.
late-imperial twilight, he wrote Silva into a prismatic array of ekphrastic prose, he writes, leads The dead genealogist’s American widow gives
poems, essays and the unclassi- from events. But he too could short narratives in varied moods, us into “that hypothetical else- Russell a coded notebook that seems to hold
fiable prose pieces gathered in stand up for principle: Later, from the high-flying ecstasy of where that the painter didn’t revelatory secrets. Two friends of the murdered
his masterpiece, “The Book of he spoke out strongly against “cerulean blue” to the nostalgic paint.” It returns us as well to the cabaret worker entrust him with the victim’s
Disquiet.” “Bernardo Soares,” one the corrupt populism of Silvio honeyed sweetness of “deep burnt workshop, and imagination, of an journal. All this is dangerous enough, but the
of the semi-autobiographical char- Berlusconi. sienna.” This prose rainbow epito- author who with his quiet fervor peril multiplies when Russell agrees to hide
acters that Pessoa invented, is the Tabucchi died, at 68, in 2012. mizes the “splendid synesthesia,” put dreams and reality in dia- an acquaintance who, having just shot to death
supposed author of that work. “Stories With Pictures” was one the creative fusion of one sense logue. If Tabucchi’s terrace looks two Nazis come to arrest her, shows up one
Writers often take early inspi- of his final published works. Al- with another, that Tabucchi pur- out into art’s wide blue yonder, it night at his door.
ration from their chosen ances- though it collects writings from sues here. also frames a mirror to the soul. Mr. Downing excels at dramatizing the
tors. Much rarer is the lifelong various phases of his career, a Each short item, translated anxiety and dread pervading a society whose
tribute that Tabucchi—who di- valedictory note often sounds. The with a glowing verbal palette Mr. Tonkin, a former literary civil liberties are being daily eroded. And his
vided each year between univer- final item, a tribute to the graphic of her own by Elizabeth Harris, editor of the Independent, is protagonist, mixed motives and all, displays
sity teaching in Italy and resi- artist Bartolomeu Cid dos Santos, responds to a single artwork via the author of “The 100 Best the personal integrity of a man unwilling to
dence in Lisbon—paid to the reminds us that “utopias are different forms. Some are short Novels in Translation.” save himself from evil beasts by becoming one.

Born Again Into Her Native Tongue

THE PROBLEM of translating U.S. for their father’s work. be added that it doesn’t apply cultural preoccupation with Fosse, contains volumes III
Minae Mizumura’s 1995 novel Their conversation and the to Ms. Carpenter’s other apocalypses, or as she puts it, through V of the Norwegian’s
“Shishōsetsu From Left to narrator’s reflections rove into translations of Ms. Mizumura, the feeling that “ends came and self-described “septology,”
Right” begins with the bilingual the past while glancing tenta- especially of “A True Novel,” came and they did not end.” following “The Other Name”
title. Shishōsetsu is a form of tively into the future, because a sweeping and immersive Its difficult heroine is from last year. In rural Norway,
fictionalized autobiography that the narrator has decided that Japanese update on “Wuthering Dorothy, an overqualified a reclusive, ascetic painter
has long been popular in Japan. she will return to Japan and Heights.”) Americans are prone adjunct literature professor named Asle continues to con-
“From left to right” refers to take up fiction-writing. Nanae to the complacent expectation who is enduring the prolonged template his newest work, in
the printed text. Ms. Mizumura, is surprised that her sister that every book of worth will aftereffects of a miscarriage. which two thickly applied lines
who has divided her life be- plans to write in Japanese, eventually be delivered to their The “blight” in her womb, intersect in a way that resem-
FICTION tween her native Japan and which she has never done as her doctor calls it, reminds bles St. Andrew’s cross. In the
SAM SACKS the United States, liberally before. But distance has bred THIS WEEK her all too readily of her barren hospital in the neighboring city,
mixes English with Japanese; a kind of obsession with her career prospects and of the another man named Asle, also
to accommodate the English native country and its literature. An I-Novel imperiled future of life on a painter, is treated for exposure
words, therefore, she upended “In my case,” she says, “it was By Minae Mizumura Earth in general. after drunkenly passing out in
the usual vertical presentation a desire to be born once again It’s a powerful metaphor, the snow. The sum of the action
of Japanese writing and into my language so as to ap- The Life of the Mind if fairly on the nose, and is Asle’s trip to the city to drop
published the book horizontally. preciate and explore it anew.” By Christine Smallwood there are moments when the off paintings with his gallerist
An It’s easy to see why Juliet This is fascinating, but the ax-grinding in “The Life of and visit his namesake. Regu-
English- Winters Carpenter would trouble is obvious. The friction I Is Another: the Mind” is too predictable. larly the narration blends into
speaking call translating the novel a that results from imposing Septology III-V Ms. Smallwood’s streak of dry, his memories as a young man
“seemingly impossible task” a dual-language text onto a By Jon Fosse dark humor does much to dis- leaving home and taking up
Japanese and why the temptation to story about choosing between pel any restlessness, however, painting. A haunting sense of
novelist try would nevertheless prove languages has been lost in and the vignettes include some doubling recurs, not only with
reclaims irresistible. The version she has “An I-Novel.” In fact, the book’s doorsteps. It is good to be re- superb glancing satires of the second Asle but with a lost
produced is called “An I-Novel” untranslatability is a feature minded that some experiences academia and the psychiatric love named Ales who persists
her (Columbia University Press, rather than a bug. In her 2014 are closed to us unless we racket. But it’s the miscarriage, in a ghostly form in his work.
linguistic 325 pages, $20), and to indi- nonfiction work “The Fall work for them. treated not as a literary device What is even more palpable
birth- cate the phrases that are in of Language in the Age of In the U.S. the I-Novel, but as a fact in itself, that in this book is the way that
English in the original she English,” Ms. Mizumura writes usually called autofiction, has occasions the best passages. the writing is meant to repli-
right. has used different typefaces. that she intended the novel become popular as a means In one breathtaking scene set cate the pulse and repetitive
The oscillations speak to the to comment on the “linguistic of describing the plights of during an OB-GYN appoint- phrasing of liturgical prayer.
“in-between status” of both asymmetry” that obtains different identity groups. But ment, Dorothy is mesmerized Asle is a Catholic convert and,
the book and its autobio- throughout the world. Readers some writers, like Teju Cole by a sonogram of her empty in Damion Searls’s liquid trans-
graphical narrator. in Japan—or India, or France, and Ben Lerner, have used auto- womb. (“She was too shallow lation, his thoughts are ren-
The story, set over a single or Brazil—could be reasonably biography as source material to to have an interior this deep,” dered in long run-on sentences
day in the small American assumed to understand most explore variations on a theme, she thinks.) And a bracing whose metronomic cadences
college town where the narrator of the English that appears. as one might in a collection penultimate chapter that takes conjure the intake and outtake
is completing her Ph.D., is very Only native English-speakers of essays or a suite of poems. a hard, ambivalent look at of breath, or the reflexive mo-
much about negotiating that are left out, since a bilingual Christine Smallwood’s excellent another kind of termination— tions of fingers telling a rosary.
linguistic schizophrenia. During book cannot be reproduced debut, “The Life of the Mind” a friend’s abortion—leaves the These unique books ask you to
a phone call with her sister, for monolingual societies. (Hogarth, 229 pages, $27), novel in an aptly unsettling engage with the senses rather
Nanae, the narrator realizes As translating failures go, is this kind of book, linking place of “nonconclusion.” than the mind, and their aim is
that it is the 20th anniversary then, this one is healthy and episodes—some comic, some “I Is Another” (Transit, to bring about the momentary
of the day they moved to the instructive. (And it ought to macabre—that delve into the 247 pages, $17.95), by Jon dissolution of the self.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 13 - 14, 2021 | C11

BOOKS
‘Man is equally incapable of seeing the Nothing from which he was made, and the Infinite in which he is swallowed up.’ —B LAIS E PA S C AL

All and Nothing

Probable Impossibilities
By Alan Lightman
Pantheon, 197 pages, $25
BY ANDREW CRUMEY

A
LAN LIGHTMAN came to
prominence in the 1990s with
“Einstein’s Dreams,” a novel
that drew on his expertise as a
theoretical physicist and showed
his gift for elegant prose. Since then, he has
produced a steady stream of fiction and
nonfiction that bridges science, philosophy
and the humanities. His latest collection of
essays, “Probable Impossibilities: Musings on
Beginnings and Endings,” maintains that
syncretic spirit, tackling big questions like
the origin of the universe and the nature of
consciousness, always in an entertaining and
easily digestible way.
Mr. Lightman certainly has a head for
figures. In one essay, he describes a man
seeing a woman’s smile: “Light reflected from
her body instantly enters the pupils of his
eyes, at the rate of ten trillion particles of
light per second.” The number is no throw-
away guess—an endnote explains the author’s
calculation, with assumptions about the
brightness of the light, the distance between
the people and so on.
NASA/WIREIMAGE

He is not always so precise. “Of course,

one would expect most quantum cosmologists
to be atheists, like the majority of scientists,”
he writes, but offers no data to back it up.
He does, however, report that “a 2013 Harris
poll found that 74 percent of Americans
surveyed believe in God, and 72 percent
believe in miracles.” The implication seems
to be that most Americans aren’t scientifically
minded, though Mr. Lightman did find a
prominent Harvard scientist, Owen Gingerich,
who belongs to the 72%. It prompts him
to make another arbitrary guess: “I would
estimate that something like 3 to 5 percent
of all scientists share Gingerich’s view.”
Quantifying belief is harder than counting
light particles.
Mr. Lightman can see the dilemma.
He describes himself as “a scientist and a
materialist,” then adds: “All of that said, I still
consider myself a spiritual person.” We may
be no more than a collection of atoms destined
to disperse, but our awareness of existing is
something that still defies explanation.
The author recalls meeting Robert
Desimone, an MIT neuroscientist investigating
how we are able to pay attention to certain
things we see or hear while letting others
sink unnoticed. The answer seems to lie in
“the synchronized firing of a group of neurons,
whose rhythmic electrical activity rises above
the background chatter of the vast neuronal
crowd.” But what makes one group win rather
than another? “We don’t understand the
answer to that yet,” Mr. Desimone says.
The author then raises an even bigger
question. “How does a gooey mass of blood,
bones, and gelatinous tissue become a sentient
being? . . . How does it develop a self, an ego,
an ‘I’?” Mr. Desimone responds dismissively,
saying further research on “the detailed
mechanisms in the brain” will make the
problem of consciousness “fade away into
irrelevancy and abstraction.”
DYING LIGHT A composite picture of the Helix Nebula, 650 light years away.
A similar evasiveness crops up when
Mr. Lightman asks several cosmologists what
caused the big bang. He quotes Sean Carroll,
a Caltech physics professor and notable science
popularizer in his own right, who says, “in
everyday life we talk about cause and effect.
But there is no reason to apply that thinking to
the universe as a whole. I do not feel in any way
unsatisfied by just saying ‘that’s the way it is.’”
Most colorful among the cosmologists
is Russian-born Andrei Linde of Stanford
University, famous for developing the theory
of “eternal chaotic inflation,” where multiple
universes swell like bubbles in an endless
foam. He is now in his early 70s, like Mr.
Lightman, who observes, “Linde does not have
a small opinion of himself.” His latest passion
is photography. “I can produce things that are
better than what I see in museums. You see,
I am now talking like an arrogant American.”
Or should that be arrogant quantum cosmol-
ogist? Mr. Lightman asks him if he believes
the universe is truly infinite. “Do you think
dinosaurs truly existed?” Mr. Linde replies.
Well, fossils are one thing; infinity is harder
to grasp, unless you see the universe as a
mathematical theory rather than actual stuff.
Mr. Lightman shows greater humility than
some of his interlocutors, being prepared to
admit that certain problems may forever be
beyond human understanding. He cites the
philosopher Colin McGinn’s argument that “it
is impossible to understand the phenomenon
of consciousness because we cannot get
outside of our minds to discuss it.” Nor can
we get outside the universe, and with only
one example to study, it’s hard to see if the
existence could ever be proved of other,
intrinsically unreachable versions within a
wider multiverse.
On the other hand, humanity has only
had a few thousand years to mull over these
questions, often simply coming up with new
ways of saying the same things. Mr. Lightman
writes approvingly of the Roman poet
Lucretius, who believed the universe consists
From the origin of the universe
to the nature of consciousness,
a theoretical physicist tackles
the big questions as both a
scientist and a humanist.
of atoms perpetually rearranging themselves
within an infinite void, following natural laws
without the intervention of gods. The same
combinations would inevitably recur, along
with subtly altered ones, making Lucretius’
contemporary, the statesman Cicero, ask if
there were countless worlds with “persons
in exactly similar spots with our names, our
honors, our achievements, our minds, our
shapes, our ages, discussing the very same
subject?”
One of the best pieces in Mr. Lightman’s
consistently thought-provoking book describes
a journey to Memphis following the death
of his last surviving parent, “to see one final
time the house where we all lived.” After a gap
of two years, there are still plenty of familiar
sights on the way to the house that has
already been sold. But when he gets there,
something is wrong. “There’s a hole in space
where the house used to be.” It’s been
demolished, and workers ignore him as they
landscape the bare ground. “I look at the men
and imagine that I can see right through them
as I see through the slab of air where the
house used to be.” It’s a moving meditation
on mortality, the passage of time and the
inevitability of change. “These guys have no
conception of what was once here. . . . They
have their own cabinets of memories.”
This is the humanist side to balance the
scientific one. The materialist Alan Lightman
sees no contradiction in also being spiritual,
though the term needs clarification. “By
spirituality, I mean belief in things that are
larger than myself, appreciation of beauty,
commitment to certain rules of moral
behavior, such as the Golden Rule. Spirituality
does not require belief in miracles.” What he
does believe in is “what one might call the
Central Doctrine of Science: All properties and
events in the physical universe are governed
by laws, and those laws hold true at every
time and every place in the physical universe.
. . . Philosophers debate about whether the
‘laws of nature’ are mere descriptions of
nature or necessities of nature, the latter being
rules that nature must obey without exception.
The Central Doctrine of Science, and the
view of most scientists, is that the laws are
necessities.” I don’t know if Mr. Lightman
did a poll on that one, but it’s probably true.
And it does leave us wondering why the
universe is so admirably law-abiding.
Mr. Crumey is the author, most recently,
of “The Great Chain of Unbeing.”

Filling In the Contours of the Prehistoric Past

AS CATNIP IS to cats, so are takes young readers from the Kids, 240 pages, $24.95), out the reader will notice that the children’s books has lost one of
dinosaurs to children: a source pre-dinosaur Permian Period next month. Here is the great book’s pale brown pages are its most playful practitioners
of endless enthrallment. (beginning 300 million years carnivore Megalosaurus glaring themselves crosshatched, like of language. Born in Brooklyn
For readers ages 7-14, ago) through to the aftermath out of amber eyes and stalking graph paper that has been in 1929 and raised on folk and
paleontologist Steve Brusatte of mass extinction in the Paleo- through a rust-red landscape. dipped in tea. fairy tales and the “Oz” books
offers a sparkling account of gene Period (60 million years Here is the nimble hunter of L. Frank Baum, Juster
his trade and its discoveries ago). On the way, he introduces Australovenator crunching the THIS WEEK delighted in words. The most
in “The Age of Dinosaurs” us to fossil hunters past and neck of a hapless herbivore. celebrated of his 12 books,
(Quill Tree, 240 pages, present whose diligence and Yang Yang’s chatty and The Age of Dinosaurs “The Phantom Tollbooth,” illus-
$16.99), an adaptation of his scholarship are putting flesh, enthusiastic text brings a By Steve Brusatte trated by his then-housemate
CHILDREN’S 2018 bestseller, “The Rise and as it were, on the bony con- measure of levity to scenes of Jules Feiffer, has thrilled and
BOOKS Fall of the Dinosaurs.” tours of the prehistoric past. thrilling menace. At one point, Fossils From Lost Worlds confused young readers since
MEGHAN This book begins, as the orig- In the expansive illustrated she assures readers ages 5-12 By Damien Laverdunt 1961 with its cascading puns,
COX GURDON inal did, with the author’s trip pages of “Fossils From Lost that “the dinosaurs co-existed Illustrated by Hélène Rajcak comical homophones, and
to northeastern China to inspect Worlds” (Gecko, 72 pages, with many other creatures, so idioms and metaphors come
the freshly disinterred fossil of $29.99), Damien Laverdunt they were not lonely.” The Secrets of Dinosaurs to life. In one scene, the book’s
a winged, hollow-boned takes readers ages 6-12 *** By Yang Yang protagonist, Milo, finds himself
creature that he through the eons Devotees like to say that a Illustrated by Zhao Chuang dazzled by the options available
and a Chinese by way of person is never too old to enjoy at a word market in the
colleague would individual picture books. A person may The Lost Soul magical city of Dictionopolis:
For name Zhenyu- creatures, be too young, however. Only By Olga Tokarczuk “Finally he chose three which
young anlong. The including a an older reader is likely to ap- Illustrated by Joanna Concejo looked particularly good to
dragonish Cambrian preciate the subtleties of “The him—‘quagmire,’ ‘flabbergast,’
dino- animal, a Period sea Lost Soul” (Seven Stories, Norton Juster and ‘upholstery.’ He had no
lovers, cousin of worm, a 46 pages, $22.95), a picture 1929-2021 idea what they meant, but they
three the famed Jurassic book by Olga Tokarczuk, looked very grand and elegant.”
guides Velociraptor, colossus and winner of the 2018 Nobel Prize The villain of Juster’s 2010
is one of some a rhino-like in Literature. “Once upon a time On his doctor’s advice, the picture book “The Odious
to the 15 dinosaurs that behemoth that there was a man who worked man retreats to a secluded Ogre,” having accidentally
age of Mr. Brusatte, at age once nibbled leaves very hard and very quickly, and cottage so that his soul can swallowed a dictionary “while
reptiles 36, has identified so far. GECKO in South Asia. The sub- who had left his soul far behind catch up with him. Wordless consuming [a] librarian,” is not
That a relatively young dued palette and inky lines of him long ago,” we read of a monochrome illustrations content to describe himself
and the scientist has uncovered so Hélène Rajcak’s pictures (see man who, in a delicate drawing show the quiet unfolding of merely as “invulnerable”
thrills many ancient creatures speaks above) give the book a stylish by Joanna Concejo, sits alone emptiness and waiting: untrav- but also as “impregnable,
of fossil to the dynamism of modern feel, while its lively, graphic- with an espresso, impassive in eled paths, unoccupied park insuperable, indefatigable,
paleontology. “A new species novel-style layout conveys his business suit. “He slept, ate, benches, a lone child in a cafe. insurmountable.” That book
hunting. of dinosaur is currently being a sense of humor about worked, drove a car, and even Slowly the wintry color scheme happens also to have been
found, on average, once a dinosaurs, fossils and the work played tennis. But sometimes begins to admit more and more illustrated by his old house-
week,” Mr. Brusatte writes of those who study them. he felt as if the world around splashes of green as the man’s mate. “His singular quality was
in one of the book’s many There’s a more traditional him were flat, as if he were soul—the child from the cafe— being mischievous,” Mr. Feiffer
startling revelations. aura of ferocity in Zhao moving across a smooth page makes its way back to him. said in a statement this week.
Over 14 short chapters, each Chuang’s glossy, dramatic in a math exercise book, *** “He saw humor as turning
enlivened by photographs and portraits for “The Secrets of entirely covered in evenly With the death of Norton everything on its head.”
informational insets, the author Dinosaurs” (Brown Books spaced squares.” At this point Juster at 91, the world of Norton Juster, R.I.P.
C12 | Saturday/Sunday, March 13 - 14, 2021 * *** THE WALL STREET JOURNAL.

BOOKS
‘Which death is preferable to every other? The unexpected.’ —JULIU S C AESAR

Bloodsport in Togas
A Fatal Thing Happened
on the Way to the Forum
By Emma Southon
Abrams Press, 339 pages, $27
BY JAMES ROMM

A
SCENE FROM HBO’s
series “Rome” came to
mind as I read Emma
Southon’s study of Ro-
man murder, “A Fatal
Thing Happened on the Way to the
Forum.” In this scene, Atia, a wealthy
noblewoman related to Julius Caesar,
is entertaining two soldiers serving
in Caesar’s army. The conversation
comes to an awkward pause, and Atia
smooths things over by offering food
to her guests: “More tench? A dor-
mouse, perhaps?”
We discover at that moment that
the Romans, who inhabit a world so
seemingly familiar, actually ate mice.
Indeed, they fattened their dormice up
in perforated clay jars called gliraria
(“mouseries”), to make them extra
plump. Many gliraria survive; each had
internal risers for the mouse to run
PETER MACDIARMID/GETTY IMAGES

and climb on and little feeding pans

into which nuts could be poured
through a tiny chute.
We can imagine a kinswoman of
Caesar, or even Caesar himself, keep-
ing track of gliraria in the kitchen pan-
try, sequencing them by readiness
dates like a modern cook lining up
jars of bean sprouts. It’s a picture that HEAD GAMES Detail of a fresco restored from the ruins of Pompeii, Italy.
humanizes the Romans while also
making them strange and somewhat disappearing down, seemingly infi- tom—slaves, non-Romans, condemned mous—were so hard to detect that movies set in American high schools.”)
comical. Their world seems like our nitely, swirling in concentric circles, criminals—could be required to die for even an old man who died in his bed When she dismisses things she
own but then, when a dormouse is into a horror throat.” Super-gross, the gratification of those higher up, might be ruled a homicide. Beset by dislikes, her snap judgments can feel
offered as a snack, becomes almost one might say (a locution employed by whether in private homes like Pollio’s such ambiguities, the Roman state facile, as when she declares Roman
carnivalesque. Ms. Southon elsewhere). or, notoriously, in the gory shows took no responsibility for charging Stoicism “a tedious philosophy” and
Ms. Southon likes to dwell on such The lamprey stars in one of this at the Colosseum. murderers but left it up to the victim’s says of the Stoics, “they’re dreadful.”
quirky and quotidian things in her sur- book’s many fascinating vignettes of At the apex of the pyramid, the kin to start legal proceedings. But readers will easily forgive such
vey of killings, both public and private, violence and mayhem—or the threat of emperor could take lives nearly at If Ms. Southon’s ambit is wide, excesses when there’s so much fun to
in ancient Rome. She has a rare gift for it. A slave belonging to Vedius Pollio, will, but he was also subject to mur- the quality of her voice draws us on be had. For fun is what Ms. Southon
immersing herself in the world of the while serving at a banquet in honor of der himself at the hands of his family, wherever she goes. It’s an intimate, is all about. Her writing gives the
Romans and embracing its strangeness the senate or the army. The killing personal voice, as though your smart- impression that she’s having the
while keeping the door of critical of Julius Caesar in 44 B.C. (inevitably est, most talkative friend had stopped time of her life and wants to bring us,
distance ajar. She is always alert to One man fed his enemies one of this book’s set pieces) provided by for a drink. She addresses her read- her besties, along for the ride.
piquant and surprising details. Who the template: For the next 500 years, ers directly, shares confidences and What do we learn by the journey’s
knew that the Romans crucified dogs
to carnivorous eels. the Roman regime was a dictatorship whispers sardonic asides in parenthe- end? At the core of the book stands
every year, in a rite called supplicia Slaves and caesars were constrained by assassination. Nearly ses. She giggles with glee when a the idea that “murder is a construct,
canum? “Try not to think about the especially susceptible half of the men who ruled during Roman name sounds “silly” or “funny” defined by those with power,” a truth
logistics too hard,” Ms. Southon com- that span, according to figures Ms. and rolls her eyes at topics, like Roman Ms. Southon also explored in “Agrip-
ments, though clearly she has. to premature death. Southon cites, died at their enemies’ agrarian laws, with which she admits pina,” her 2019 biography of Nero’s
“A Fatal Thing” has no dormice but hands, while another 9% were forced she is bored. mother. Agrippina was brutally killed,
does take an interest in lampreys, into suicide. Those left cold by the sober tones on her son’s orders, in an act that
another creature that Romans bizarrely Emperor Augustus, dropped and broke Murder is Ms. Southon’s main of scholarship will find this voice liber- shocked Rome. Yet when Nero claimed
considered a delicacy. Wealthy men a crystal goblet. Pollio, enraged, thread, but the topic gives her latitude. ating and intoxicating. Its energy is that he had stopped an attempted
like Vedius Pollio, a cruel freedman of ordered the man to be thrown in the Gladiators stride across her stage, boundless and its range immense. coup, the senate celebrated his deed
the first century B.C., raised them in lamprey pool, a gruesome means of including Spiculus, the heartthrob of Salty slang terms like “shanking” (for as a pious service to the state.
ponds for the table—though Pollio’s execution to rival the shark tanks of his age, who ended up a dependent stabbing) and “shagging” (for . . . you At a moment when the study of
eels were not solely meant for con- James Bond villains. Augustus, horri- of Nero. Witches appear as well, in- know) are not out of bounds, nor is the classics struggles to escape its starchy,
sumption. They also served as a fiend- fied, had his own slaves commence cluding Locusta, another of Nero’s f-bomb, as seen above. Such colloqui- imperialist legacy, Ms. Southon’s
ish means of disposing of those he breaking goblets, thus shaming Pollio creatures, who ran a kind of poisoner’s alisms might seem puerile did they cheeky enthusiasm feels like the path
disliked, making them worthy fodder into clemency. training school. Emperors loom large, not come from a trained expert, and of salvation. She finds plenty wrong
for Ms. Southon’s investigation. Though no murder transpires, the and empresses too. The ever-fascinat- this author most certainly is one. with the Romans yet still discovers,
In case you’re not familiar with the story demonstrates that slaves (here ing Livia, wife of Augustus, is here Not all of Ms. Southon’s authorial at every turn, something exciting and
lamprey, this book provides a descrip- called “enslaved persons,” an increas- absolved of the deaths of her hus- gambits are winners. She frequently strange. She gives us leave to enjoy
tion. “They are also a f—ing horror ingly prevalent usage) could be snuffed band’s most promising heirs, though deploys pop-culture analogies to help them without the need to admire
movie come to life,” Ms. Southon out at will by Roman grandees, though Romans were quick to suspect her. her readers relate, and these can seem them. Another dormouse, anyone?
writes, in a style rather rare in the legal protections were gradually put in Livia’s case is complex because simplistic or trivializing. (“The key to
annals of classical studies. “They can place. The right to take life, as Ms. murder was often hard to define for understanding Titus and Domitian,” Mr. Romm is the author of “The
be over three feet long, and they have Southon explores in a number of social the Romans; nearly every premature she writes, of brothers who ruled Sacred Band: Three Hundred Theban
huge, perfectly round, jawless mouths contexts, helped define one’s place in death was deemed a murder. Poison or Rome in succession, “is to imagine Lovers Fighting to Save Greek
. . . full of dozens of sharp little teeth the Roman hierarchy. Those at the bot- magic—the two were nearly synony- them as stock characters in 1990s teen Freedom,” to be published in June.

Bestselling Books | Week Ended March 6

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPDBookScan gathers point-of-sale bookdata
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan16,000locationsacross theU.S.,
representing about85%ofthenation’sbooksales.
Beyond Order 1 New Believe It 6 1 The Cat in the Hat 1 6 Fox in Socks 6 10 Print-book dataproviders includeallmajorbooksellers,
Jordan B. Peterson/Portfolio Jamie Kern Lima/Gallery Dr. Seuss/Random House Young Readers Dr. Seuss/Random House Young Readers webretailersandfoodstores. E-bookdataproviders
includeallmajore-bookretailers.Freee-booksand
There’s No Place Like Space 2 — Atomic Habits 7 3 Green Eggs and Ham 2 3 The Dangerous Gift 7 New thosesellingforlessthan99centsareexcluded.
Tish Rabe/Random House Young Readers James Clear/Avery Dr. Seuss/Random House Young Readers Tui T. Sutherland/Scholastic Thefiction andnonfiction combinedlistsinclude
aggregated salesforallbookformats (exceptaudio
How to Avoid a Climate Disaster 3 — Oh Say Can You Say Di-no-saur? 8 — 3
One Fish, Two Fish, Red Fish, Blue Fish 5 Dr. Seuss’s ABC 8 — books,bundles, boxedsetsandforeign
Bill Gates/Knopf Bonnie Worth/Random House Young Readers Dr. Seuss/Random House Young Readers Dr. Seuss/Random House Young Readers language editions) andfeaturea
combination ofadult,youngadultand
Seuss-isms! 4 — Dusk, Night, Dawn 9 New Life After Death 4 New The Boy, the Mole, the Fox and... 9 1 juvenile titles. Thehardcover fiction
Dr. Seuss/Random House Young Readers Anne Lamott/Riverhead Sister Souljah/Atria Charlie Mackesy/HarperOne andnonfiction listsalsoencompass a
mixofadult, youngadultandjuveniletitleswhilethe
Professional Troublemaker 5 New Just as I Am 10 6 Oh, the Places You’ll Go! 5 8 What Pet Should I Get? 10 — businesslistfeatures onlyadulthardcover titles.
Luvvie Ajayi Jones/Penguin Life Cicely Tyson/Harper Dr. Seuss/Random House Young Readers Dr. Seuss/Random House Young Readers 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

Beyond Order 1 New Beyond Order 1 New Later 1 New The Cat in the Hat 1 — Atomic Habits 1 1
Jordan B. Peterson/Portfolio Jordan B. Peterson/Portfolio Stephen King/Hard Case Crime Dr. Seuss/Random House Young Readers James Clear/Avery
Unhackable 2 — Seuss-isms! 2 — Dark Sky 2 New Life After Death 2 New Think Again 2 2
Kary Oberbrunner/Ethos Collective Dr. Seuss/Random House Young Readers C.J. Box/Putnam Sister Souljah/Atria Adam Grant/Viking
Saveur 3 New How to Avoid a Climate Disaster 3 — The Four Winds 3 1 Green Eggs and Ham 3 9 Get Hired Now! 3 New
Editors, Saveur Magazine/Weldon Owen Bill Gates/Knopf Kristin Hannah/St. Martin’s Dr. Seuss/Random House Young Readers Ian Siegel/Wiley
I Escaped From Auschwitz 4 — There’s No Place Like Space 4 — Life After Death 4 New 4
One Fish, Two Fish, Red Fish, Blue Fish — Dare to Lead 4 3
Rudolf Vrba/Racehorse Tish Rabe/Random House Young Readers Sister Souljah/Atria Dr. Seuss/Random House Young Readers Brené Brown/Random House
Nomadland 5 5 Atomic Habits 5 3 The Affair 5 New Fox in Socks 5 — StrengthsFinder 2.0 5 4
Jessica Bruder/Norton James Clear/Avery Danielle Steel/Delacorte Dr. Seuss/Random House Young Readers Tom Rath/Gallup
Between Heaven and the Real World 6 — Professional Troublemaker 6 New Lightning Game 6 New Oh, the Places You’ll Go! 6 — Extreme Ownership 6 5
Steven Curtis Chapman/Fleming H. Revell Luvvie Ajayi Jones/Penguin Life Christine Feehan/Berkley Dr. Seuss/Random House Young Readers Jocko Willink & Leif Babin/St. Martin’s
How to Avoid a Climate Disaster 7 3 The Home Edit Workbook 7 New Trusting Taylor 7 New Dark Sky 7 New A World Without Email 7 New
Bill Gates/Knopf Clea Shearer & Joanna Teplin/Clarkson Potter Susan Stoker/Montlake C.J. Box/Putnam Cal Newport/Portfolio
The Bible: A Biography 8 — Dusk, Night, Dawn 8 New Big Summer 8 — Dr. Seuss’s ABC 8 — Total Money Makeover 8 6
Karen Armstrong/Grove Anne Lamott/Riverhead Jennifer Weiner/Atria Dr. Seuss/Random House Young Readers Dave Ramsey/Thomas Nelson
Mindset 9 — The Four Agreements 9 5 Klara and the Sun 9 New The Dangerous Gift 9 New The Daily Stoic 9 8
Carol S. Dweck/Random House Don Miguel Ruiz/Amber-Allen Kazuo Ishiguro/Knopf Tui T. Sutherland/Scholastic Ryan Holiday & Stephen Hanselman/Portfolio
Thinking, Fast and Slow 10 — Oh Say Can You Seed? 10 — Billionaire Unexpected~Jax 10 New The Four Winds 10 2 The Five Dysfunctions of a Team 10 —
Daniel Kahneman/Farrar, Straus & Giroux Bonnie Worth/Random House Young Readers J.S. Scott/Golden Unicorn Kristin Hannah/St. Martin’s Patrick M. Lencioni/Jossey-Bass
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 13 - 14, 2021 | C13

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

1. Marcia Fudge
D. Masochists who Cell Blocks Cell Blocks

was sworn in as fetishize negative in- Divide the grid
the new chief—of terest rates into square or
what federal rectangular blocks,
For previous
agency? each containing
6. Trappist breweries weeks’ puzzles,
one digit only.
have run into a seri- Every block must and to discuss

A. Environme- strategies with
ous shortage—of contain the number
ntal Protection other solvers, go
what? of cells indicated by
Agency to WSJ.com/
the digit inside it.

B. Department of puzzles.

A. Monks
Housing and Urban Develop-

B. Hops Killer Sudoku
ment

C. Bottles Level 3 Suko

C. Department of Defense

D. Faith

D. Department of Commerce

7. T-Mobile will automatically

2. NFT is trending. What does it
enroll its phone subscribers—in
stand for? What does it mean?
what?

A. Not for Twitter (keep pri- Killer Sudoku Level 4

A. The Marine Corps
vate) As with standard

B. An annual Powerball draw-

B. Non-fungible token (a digi- Sudoku, ill the
ing grid so that every
tal identifier of uniqueness)

C. An ad program informed by column, every row

C. Non far toccare (friends
their online activity and every 3x3 box That Bugs Me
without benefits)

D. Insurance covering loss or contains the digits

D. National Freckle Telethon G O O S H E R A O H A R A P A B S T
theft of phones 1 to 9. Each set of U R L T A M E R T A P A S E N E R O
(a viral mock fundraiser)
cells joined by F E D E D I C T C R I C K E T T E AM
F L E AM A R K E T P A E S A N O S
8. Greensill Capital filed for in- dotted lines must A S S I S T O R E G O N T A N K E D
3. President Biden signed a $1.9 add up to the W E T S U N I S O N C L E M E N C Y
solvency protection. What kind
trillion stimulus bill. Name the target number in L O O N A L G B L A R E E O N
of financing did it do? C A T E R P I L L A R B R O WS D E L E
only Democrat in the House to its top-left corner.
A S H B I T E A L I G N M U S E S
vote against the final draft. Within each set T I E P I N S P A Y E D S L I P

A. Debtor in possession
of cells joined by O F N O T E S O L A G O O N E D G E

B. Supply chain finance K E D S L I S T E N W I D E L Y

A. Jason Crow of Colorado dotted lines, a digit

C. Viatical settlements S O WE R P O I N T L E T O C U R

B. Josh Harder of California cannot be repeated.

D. Margin lending A F A R B U T T E R F L Y B A N D A G E

C. Jim Himes of Connecticut G U S C U R I E A L A A R S E

D. Jared Golden of Maine A S P H A L T S K N O B B Y V E T O
9. Vigilant Solutions is a leading Suko S E W I N G S E D U C E C A I M A N
A N N U A L L Y R O A C H C L I P S
vendor of data from license Place the numbers S P I D E R V E I N S A R O A R G O P
4. What substance are re-
plate scanning. How many U.S. 1 to 9 in the spaces L O S E R I N T E L T U T S I R U E
searchers studying to improve R E T R Y S A S S Y S P E E D E T C
plate scans does it have? so that the number
group therapy?
in each circle is equal

A. More than 90 million to the sum of the Alternation

A. Deodorant

B. More than 900 million four surrounding B L E A T P A S S E N G

B. Coffee
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

C. More than 9 billion spaces, and

C. Cannabis

D. More than 90 billion each color total T E R B A L S A M R E E

D. Psychedelic drugs is correct. E A L M O S T T H E A R
E S I N E R R O R R L W
5. Who said it plans to speed up
W E O T H C O O G E M E
FROM TOP: MIKE SEGAR/REUTERS; ISTOCK

bond purchases?
T E T O E R E L U A L S

A. The European Central Bank D R T L C L A R E P I T

B. The Deutsche Bundesbank E T N C H C N A S P F B

C. The California Public Em-
ployees’ Retirement System D D I E L B A T T L E E
U A O P R O F D E I O R
L E D P M I R P I P F L
Answers are listed below the
crossword solutions at right. L O C M A E T G O D N I

Answers to News Quiz: 1.B, 2.B, 3.D, 4.D, 5.A, 6.A, 7.C, 8.B, 9.C
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 42 Cry of dismay 1 C2 I3 M4 R5 A 6 U7 N8 H 9 X 10 Z 11 P 12 D 13 B 14 Q 15 F 16 E 17 S 18 K 19 G 20 O 21 Y

18 19 20 21 22 43 Wild org.
22 T 23 W 24 A 25 C 26 L 27 V 28 J 29 U 30 H 31 I 32 D 33 Z 34 W 35 M 36 N 37 K 38 R 39 P 40 T
44 Do some
23 24 25 macramé 41 A 42 E 43 L 44 X 45 Q 46 O 47 U 48 V 49 J 50 I 51 D 52 W 53 Y 54 Z 55 B 56 F 57 H 58 M 59 A 60 S

26 27 28 29 45 Brings down
61 K 62 T 63 E 64 N 65 L 66 X 67 P 68 J 69 F 70 B 71 U 72 R 73 M 74 Q 75 Y 76 X 77 S 78 H 79 A 80 D
30 31 32 33 34 35 36 37 49 Railroad porters
81 E 82 I 83 W 84 G 85 C 86 R 87 Q 88 V 89 B 90 T 91 L 92 N 93 Y 94 U 95 O 96 P 97 C 98 D 99 H
52 Busy business on
38 39 40 41 St. Patrick’s Day
100 S 101 W 102 M 103 A 104 E 105 Z 106 F 107 L 108 H 109 X 110 I 111 N 112 C 113 O 114 R 115 G 116 T 117 D 118 K
42 43 44 45 46 53 Away from shore
54 Hardy title 119 S 120 Y 121 V 122 Q 123 B 124 N 125 E 126 U 127 X 128 F 129 P 130 I 131 G 132 S 133 H 134 J 135 Z 136 O 137 D 138 E
47 48 49 50 51 52 53 54
character
139 V 140 F 141 C 142 U 143 X 144 T 145 K 146 A 147 R 148 P 149 B 150 D 151 Y 152 M 153 Q 154 Z 155 U 156 X 157 F
55 56 57 58 59 60 61 57 Yet, to Yeats
58 Objective 158 G 159 J 160 I 161 N 162 L 163 O 164 Q 165 H 166 V 167 T 168 P 169 R 170 B 171 N 172 Y 173 K 174 E 175 F 176 W 177 S
62 63 64 65 66 67

68 69 70 71 72 73
60 Philosopher 178 O 179 C 180 M 181 G 182 V 183 D 184 U 185 J 186 L 187 N 188 A 189 W 190 T 191 X 192 Q 193 Y 194 P 195 K 196 Z
Simone
74 75 76 77 78 61 Mandlikova of 197 E 198 M 199 I 200 F 201 O 202 R 203 Y 204 L 205 H 206 Q 207 U 208 K 209 P 210 G 211 V 212 A 213 B 214 I

79 80 81 82 83 84 85 tennis

86 87 88 89 90 91 92
63 Escalation Acrostic | by Mike Shenk
64 In ___ (stuck)
93 94 95 96 97 98
To solve, write the answers to the clues on the M. Force into a tight ____ ____ ____ ____ ____ ____ ____ ____
66 “You wish!” space 102 152 198 180 35 58 3 73
numbered dashes. Then transfer each letter to the
99 100 101 102 103 68 Obsessed correspondingly numbered square in the grid to spell
mariner N. R&B singer whose ____ ____ ____ ____ ____ ____ ____ ____ ____
104 105 106 107 108 109 110 a quotation reading from left to right. Black squares 1966 “Working in 171 36 111 64 161 7 92 187 124
69 Matching separate words in the quotation. Work back and the Coal Mine” was
111 112 113 114 115 71 Public perception forth between the word list and the grid to complete a Top Ten hit
116 117 118 119 120 121 122 123
of an event, the puzzle. When you’re finished, the initial letters of (2 wds.)
politically the answers in the word list will spell the author’s
124 125 126 72 Have a go name and the source of the quotation. O. Ghost town located ____ ____ ____ ____ ____ ____ ____ ____
20 95 201 46 178 136 113 163
roughly halfway
127 128 129 130 75 Tear, e.g.
A. Stiff-tailed ____ ____ ____ ____ ____ ____ ____ ____ ____ between Anchorage
78 Unqualified American 5 24 212 188 59 79 41 103 146
and Nome
I See Right Through You | by Mike Shenk 80 “Golden Boy” woodpecker
playwright P. Gull whose loud call ____ ____ ____ ____ ____ ____ ____ ____ ____
11 67 96 148 39 168 194 129 209
Across 51 Arbitrary order 104 Dahl of 1954’s 7 Petition
82 Cross bearer, B. Gilbert and Sullivan ____ ____ ____ ____ ____ ____ ____ ____ resembles its name
“Bengal Brigade” 89 213 170 70 13 55 149 123
1 Account that 55 “In the Magic 8 Foxtrot preceder perhaps operetta whose
Mirror” painter 105 Clairvoyants title character has Q. Main ingredient in ____ ____ ____ ____ ____ ____ ____ ____ ____
might earn 9 “Futurama” 84 Graynor of “I’m meringue (2 wds.) 192 74 14 87 122 153 164 45 206
interest been banished from
56 Anesthetize 107 Have a hunch spaceship captain Dying Up Here” fairyland
5 Staggering 59 Board supporter 108 Dine after dark 10 Open up 85 Spy novel writer R. 1860s novel whose ____ ____ ____ ____ ____ ____ ____ ____
202 38 147 72 4 169 114 86
10 Eclipses Deighton C. Site of McKinley’s title is an ironic
62 Certain 111 Gas, e.g. 11 Corn unit ____ ____ ____ ____ ____ ____ ____
1901 assassination 1 85 179 112 141 25 97 reference to Prince
15 Course number something 112 Chopsticks 12 Eclipse 88 Tubular
and Theodore Myshkin (2 wds.)
18 Conspicuous 65 Wasn’t caught by source participant instrument
Roosevelt’s S. River that’s home ____ ____ ____ ____ ____ ____ ____
20 Gymnast 67 Sweethearts 114 “Invasion had 13 Hex- halved 91 Peak subsequent 100 60 119 177 132 17 77
Hernandez come to the to the black spot
68 Extend an 14 Gluttony, e.g. 92 Vectors’ swearing-in
town of ___” piranha and the
22 Moody music invitation to counterparts
(opening words 15 “Know Your cardinal tetra
23 Subject 70 Window cover Power: A 94 Carnival rides D. Ingredient of a ____ ____ ____ ____ ____ ____ ____ ____ ____
of a 1944 novel) matador, kamikaze 51 12 32 150 137 117 183 98 80
discussed on made from Message to 95 Court feat T. Unexpectedly or ____ ____ ____ ____ ____ ____ ____ ____
“Today,” say? transparent 116 Steady drone America’s or gimlet (2 wds.) accidentally (2 wds.) 116 167 90 144 190 22 40 62
96 Milk carton
25 Stripling plastic? 117 Meddling while Daughters” marking E. Singer whose ____ ____ ____ ____ ____ ____ ____ ____ ____ U. Supporting Actor ____ ____ ____ ____ ____ ____ ____ ____
73 Stockholm-based carving some writer Nancy 16 174 125 138 104 42 197 63 81 94 155 126 6 184 47 207 142
26 “Someone Like ancient 98 “Take a shot!” “At Last” is in the Oscar nominee for
You” singer carrier 16 Blows away Grammy Hall of
inscriptions? 99 Deep cuts “Training Day” and ____ ____
27 Functions 74 Robber’s 17 Porcupine or Fame (2 wds.) “Boyhood” (2 wds.) 71 29
demand 124 Historian’s focus prairie dog 100 Maestro
28 Hard stuff 125 Exactly right Toscanini F. Sam Cooke’s debut ____ ____ ____ ____ ____ ____ ____ ____ ____ V. Birthstone for ____ ____ ____ ____ ____ ____ ____ ____
76 Usher, at times 19 Item in a picnic 106 56 175 140 200 128 15 69 157 48 182 166 121 88 139 211 27
30 Unfamiliar, 126 It consists of 101 Altiplano animals single, which hit #1 February
77 Trellis piece cooler
perhaps Alnitak, Alnilam 102 The Emerald Isle in late 1957 (3 wds.)
79 Cupid figure in a 21 Ninth-century W. City of southwest ____ ____ ____ ____ ____ ____ ____
31 Either side of a and Mintaka 106 Squelched 83 176 52 23 34 101 189
painting king of Wessex G. Reigning royal ____ ____ ____ ____ ____ ____ ____ England on the
leaf
81 Florist’s bunches 127 Desperate 24 German luxury 108 Less ridiculous house since 1917 181 158 131 115 19 84 210 Avon River
34 Destructive crime transmission
83 Iridescent gem auto, informally 109 Cry from the
37 “Call Me Maybe” 128 Detail map, often 29 Chooses H. Turn in, informally ____ ____ ____ ____ ____ ____ ____ ____ ____ X. Unofficial slogan ____ ____ ____ ____ ____ ____ ____ ____ ____
defeated of Hillary Clinton’s 109 9 143 127 191 156 76 44 66
singer Carly Rae 86 O’Rourke from (3 wds.) 108 78 133 30 99 8 165 205 57
El Paso 129 They’re on staff 32 1958 Pulitzer 110 Amanda Gorman 2016 campaign
38 Baseball T sleeve and others
87 Romantic 130 Square root of winner James I. Evidentiary ____ ____ ____ ____ ____ ____ ____ ____ ____ (3 wds.)
style
promise nueve 33 Pineal or pituitary 113 He succeeded statement, from 130 50 160 31 110 82 199 2 214
40 Party hat Y. Dining hall in a ____ ____ ____ ____ ____ ____ ____ ____ ____
designer? 89 “Chain Gang” Down 35 Responsibility
Claudius the Latin for “he
seminary 172 53 120 93 75 203 21 193 151
singer Cooke 1 Saturn’s largest 115 Outstanding has sworn”
42 One of those 36 Dark times in the
moon amount Z. Salt lake that’s the ____ ____ ____ ____ ____ ____ ____
people who play 90 Stock holder? ad biz J. Enemy organization ____ ____ ____ ____ ____ ____ 154 33 10 196 54 135 105
with their food? 2 Battery 118 Big media agcy. 49 134 159 185 68 28 world’s lowest body
93 Vaccine trial 37 Sister of Marcia in “The Man from of water (2 wds.)
46 The X-Men, e.g. component component and Cindy Brady 119 Nantes negation U.N.C.L.E.”
3 Surname of an 120 “___ been real!” Get the solutions to this week’s Journal Weekend
s

47 Yellow 97 Room on a 38 Houston sch.

Vulcan starship? animated skunk 121 Cedar Rapids K. Virtually; ____ ____ ____ ____ ____ ____ ____ ____
Puzzles in next Saturday’s Wall Street Journal.
48 In accordance 39 Kathmandu functioning (2 wds.) 18 195 145 61 208 173 37 118
with 99 Material for un 4 Profoundly bad crowd college Solve crosswords and acrostics online, get pointers
50 Division of the sculpteur? 5 Hoo-ha 41 Second-largest 122 Adversary L. Building with many ____ ____ ____ ____ ____ ____ ____ ____ on solving cryptic puzzles and discuss all of the
Brunei dollar 103 Routine 6 Field marshal? country 123 Print measures levels, perhaps? 186 204 162 26 107 91 65 43
puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, March 13 - 14, 2021
The Beauty of
Neighbors and
Neighborhoods
For half a century, Alice Neel paid ‘fierce, radical’
attention to the streets and people of New York City.
BY SUSAN DELSON
B
y the time fame came
to Alice Neel
(1900-84), she was a
white-haired grand-
mother with a twin-
kling eye and a flair for unexpected
candor, making her one of the rare
artists to score repeat appearances
on Johnny Carson’s “Tonight Show.”
But that beguiling old-lady persona
sprang from an intense, at times tu-
multuous life and a profound com-
mitment to depicting, with unblink-
ing honesty, the people and places
of her time.
Opening March 22 at the Metro-
politan Museum of Art, “Alice Neel:
People Come First,” the artist’s first
New York museum retrospective in
20 years, features more than 100 of
Neel’s paintings, drawings and wa-
tercolors, from streetscapes and
still lifes to the incisive portraits
she called “pictures of people.” The
show highlights “what a fierce, radi-
MASTERPIECE | ‘DIARY OF A PROVINCIAL LADY’ (1930), BY E.M. DELAFIELD
Private
Made Public
BY JOANNE KAUFMAN
STUCK INSIDE DURING the pan-
demic, many have begun keeping a
journal, viewing the activity as a
means of self-expression and a way
of documenting—and processing—a
singular time.
They will find inspiration and
much more in “Diary of a Provincial
Lady,” a semi-autobiographical 1930
novel by the English author, play-
wright and screenwriter E.M. Dela-
field (1890-1943).
The unpretentiously enchanting
“Diary,” which began as a column in
the now-defunct weekly political and
literary magazine Time and Tide,
charts the life and times (the early
1930s) and the many tempests in a
tea cup of an upper-middle-class
woman in an English village. The
book’s great success launched three
sequels: “The Provincial Lady Goes
Further” (1932), “The Provincial
Lady in America” (1934) and “The
Provincial Lady in Wartime”(1940).
These days, few are consumed
with the servant problem that so
daunted Delafield’s heroine. Fewer
still feel obliged to kowtow, as she
did, to the local aristocracy. But
readers will identify fully with
pretty much everything else in her
acutely observed chronicle: the anxi-
eties, social and otherwise; those
endless internal debates about the
advisability of speaking her mind
ICONS
cal artist she was,” said exhibition
co-curator Randall Griffey, in both
style and choice of subjects.
That fierceness is evident in the
first work in the show, “Margaret
Evans Pregnant” (1978). With a
rounded abdomen defined in yellow,
pink, purple and green, Evans’s na-
ked figure gazes out at the viewer,
dignified and imperturbable. Neel
pays scrupulous attention to details
other artists might gloss over—
swollen veins, enlarged nipples,
mottled legs. Her depictions of
women in late pregnancy have few
precedents in art history, said exhi-
bition co-curator Kelly Baum. “She
loved the challenge of representing
the nude body,” said Ms. Baum,
even at its most ungainly. “She was
a connoisseur of imperfection.”
Neel’s relationship with New
York, where she lived from the
1930s until the end of her life, is the
focus of the show’s first section.
“Her paintings were neighborhood-
specific, hyper-localized,” said Ms.
(she generally—rue-
fully—opts for si-
lence); the daily
struggles to come
to terms with her
limitations and
her world.
The provincial lady of
the title, whose first
name—shades of Daphne du
Maurier’s “Rebecca”—we never
learn, has a hilariously remote
and often clueless husband,
Robert, a land agent,
and two children,
Robin and Vicky, who
puzzle and charm and
vex her by turns. She
lives in slight dread of
people learning how
“foolish” she is about
Robin: She gets weepy
when it’s time for him
to return to boarding
school.
She is similarly fearful of
her bullying cook, driven quite mad
by her daughter’s histrionic French
governess, and is in frequent receipt
of dunning notices from tradesmen
and increasingly less friendly com-
muniqués from the bank that she is
yet again overdrawn. This necessi-
tates yet another embarrassing visit
to the pawnbroker in the next town
to drop off her great-aunt’s diamond
ring.
In the later “Diary” installments,
REVIEW
Baum, and they evolved
in response to her sur-
roundings. Living in
Greenwich Village in the
1930s, Neel’s brushwork
was tight and self-effac-
ing, reflecting the social
realism of the era and her
Communist politics at a
time when the neighbor-
hood was “the center of
Communist activity in the
city, if not the country,”
Ms. Baum noted.
When she moved to
Spanish Harlem in 1938,
her style loosened and
her deeply felt humanism
was expressed in paint-
ings of friends, neighbors
and kids on the block.
“Dominican Boys on 108th
Street” (1955) catches its
subjects’ swagger along
with their round-cheeked innocence;
“Mercedes Arroyo” (1952) portrays
the Puerto Rican educator-activist
gazing upward through
thoughtful eyes.
From the start, Neel’s
home was her studio and vice
versa, as she tried to navi-
gate the competing demands
of motherhood and creative
ambition that she called “the
awful dichotomy.” In her rail-
road-style apartment on East
108th Street, sitters posed on
furniture that reappeared
from one painting to the
next. The show’s section on
“Home” includes glimpses of
domestic life, as well as inti-
mate, at times erotic
sketches of Neel and various
partners. The odd perspec-
tive taken in the pastel “José
Asleep” (1938) makes it seem
as if the viewer were sitting
Alice Neel,
‘Dominican Boys on
108th Street’ (1955).
the provincial lady, now the author
of a bestseller, goes to London,
where she mixes uneasily with the
smart set, and travels to the U.S.,
where she proves herself to be a
dry-witted Depression-era de
Tocqueville.
Novels written as discursive jour-
nal jottings tend to lack something
in the way of plot development or
any particular forward motion. It’s
true that readers can pick up “Diary
* ***
on the bed with him, heightening
the sense of intimacy. In other
works, Mr. Griffey observed, “her
perspective on the male nude is re-
liably irreverent.”
Forced to move after 24 years in
Spanish Harlem, Neel landed across
town in an eight-room apartment
on West 107th Street. With a bigger,
sunnier living room as her studio,
her canvases got larger and her pal-
ette brightened, as in the
streetscape “View From the Artist’s
Window” (1978). She began experi-
menting with an “unfinished” aes-
thetic, leaving large swaths of the
canvas unpainted, barely painted or
merely sketched in. For Neel, retain-
ing those traces of her process—
“thoughts left visible,” as Ms. Baum
put it—made her art distinctly mod-
ern.
In the 1960s Neel began to make
portraits of pregnant women. Her
daughter-in-law Nancy is portrayed
in “Pregnant Woman” (1971), in
which barely half of the primed can-
vas is actually painted. The show’s
closing section explores Neel’s ex-
periments with abstraction, espe-
of a Provincial Lady” at, say,
Oct. 17 and quickly get their
bearings despite having
skipped over several months of
entries about awkward dinner
parties, the inconveniently fe-
cund family cat and poor
showings on the tennis court.
But whatever the limitations
of the genre, in Delafield’s skilled
hands the whole thing hums. The
material—accounts of village life
and domestic travails—is perfectly
suited to the form, and Delafield, a
natural satirist with a spot-on so-
cial sense and a great talent for
dialogue, is brilliant at using that
form.
She is no less skilled
with a running joke—the
book that everyone but
the provincial lady
seems to have read,
the art exhibition
that everyone but
the provincial lady
seems to have
viewed, the scandal
that everyone but
the provincial lady
knows all about.
Because Delafield
also has a gift for
vivid character
sketches, the diary feels fully inhab-
ited and animated. There’s “our
vicar’s wife” who is always in a
hurry but somehow always has time
to stop and talk (and talk). There’s
the insufferably condescending vil-
lage queen bee, Lady Boxe, who is
close kin to Lady Catherine de
Bourgh in “Pride and Prejudice.”
“I’ve seated you next to Sir Wil-
liam,” she tells the provincial lady at
a dinner to honor the author of the
THE WALL STREET JOURNAL.
Alice Neel’s ‘View from the Artist’s
Window’ (1978) portrays
Manhattan’s Upper West Side.
cially in combination with figura-
tion—a hybrid approach that saw
background elements depicted in
“passages of brushwork, of color,
that are meaningful in and of them-
selves,” said Ms. Baum.
As she gained acclaim in New
York cultural circles, Neel began to
paint prominent subjects like Andy
Warhol—unexpectedly fragile after
the 1968 attempt on his life—and
the feminist art historian Linda No-
chlin, tense with the struggle to
control her restless young daughter.
Neel also painted gay couples like
“Geoffrey Hendricks and Brian”
(1978), at times inserting sly clues
to their sexual identities—in this
© THE ESTATE OF ALICE NEEL
case, a fruit bowl with exuberant,
phallic bananas. “For her, sexuality
was a part of the human experience
writ large,” said Ms. Baum. “And
she was committed to representing
the human experience in all its com-
plexity and diversity.”
new literary sensation “Symphony in
Three Sexes.” “He’s interested in
water-supplies, you know, and I
thought you’d like to talk to him
about local conditions.” Even the
characters who make only brief ap-
pearances, among them “the mili-
tary man” and “the boy,” are quickly
made indelible.
The most fully realized of the
group is the provincial lady herself.
She lays everything out in the diary,
which is full of parenthetical asides,
memos to self, bits of overheard
conversations and home truths. “Am
delighted to look at Stonehenge,”
she writes at one point. “But am
practically certain, from past experi-
ence, that neither Stonehenge nor
any other monument, however large
and ancient, will really cause actual
present difficulties to vanish into in-
stant nothingness. (Note: Theory
one thing, real life quite another. Do
not say anything of this aloud.)”
You get a sense of the provincial
lady’s milieu, yes—but, more impor-
tant, of her interior landscape: how
she thinks, how she perceives her
world, what she’s guilty of, what
keeps her up at night. You are privy
to her worries about not measuring
up whether in the drawing room, on
the tennis court, at the dinner party,
the garden party, the night club, the
lectern. You get not just her weather
but her climate; it’s impossible not
to relate to the humanness of it all.
This is what propels the books
forward, what keeps them from feel-
ing dated. And this, finally, is what
CHRISTOPHER SERRA
makes readers see that the provin-
cial lady isn’t provincial at all.
Ms. Kaufman writes on culture and
the arts for the Journal.
 OFF DUTY
Take a Cork Escape
Out of It! Clauses
Lettie Teague on Covid-era
a wine lover’s obstacles the
most trusted Caribbean-bound
tools D8 must navigate D7
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 13 - 14, 2021 | D1

The
Insider’s
Replace this
drab, generic
backpack
Way to
Fill Your
with Prada’s
cult-object
version on
D2.

Wardrobe A slingback is
sweet but the
cognoscenti
Among men and women in the know, favor Maison
the following 8 fashion items—from a Margiela’s
cloven-toed
deeply French cardigan to a bag that boots on D2.
defies luxury clichés—have
earned cult status

BY FIORELLA VALDESOLO good taste. “The creep factor is key,” said Jessica Glasscock, a we’re recommending here. Priciness, for instance, is not their

W
HAT DEFINES a cult fashion item? A degree
of collective fascination, obviously, and—of-
ten—a curiosity about what inspires that
magnetic pull. The “why” matters as much as
the “what,” and a big part of the cult-status
equation these days is the scarcity model: Unavailability drives
desirability. So does a certain insider awareness that gradually
spreads until the sweater or shoe in question has amassed a
community of believers who mutually reinforce each other’s
fashion historian and professor at New York’s Parsons School of
Design. “One of the consistent elements of a cult fashion item is
it seems like a secret and then it seems inevitable.”
“Cult fashion items take on multiple meanings depending on
who wears them and can be the passport between disparate fash-
ion cultures,” Ms. Glasscock added. Consider the unisex Shopping
Bag, often referred to as the Bushwick Birkin, from New York
brand Telfar: You’ll find one on the arms of rapper A$AP Ferg,
model Bella Hadid and media power-players like Oprah.
Common threads contribute to the cult-ism of the items
main claim to fame, though some are expensive. Their relative
timelessness will help them survive the spin cycle of passing
trends (we’re fairly certain). A few command attention while
others epitomize subtlety, but all will make you feel like you’re
part of some exclusive club. And, importantly, each boasts a
strong origin story. “The most iconic fashion pieces have a nar-
rative,” said Ms. Glasscock, “a story that people want to be a
part of and to embellish.” Here, eight essential cult unisex fash-
ion items you should at least know about—or, if you’re so in-
clined, add to your wardrobe.

Instant Heirloom Triple Threat

Patchworked from upcycled Born in 1924, Cartier’s Trinity
fabrics, Bode’s quilted jackets Ring is an enduring—and
are a one-of-a-kind statement symbolically loaded—classic

History Emily Adams Bode, History Designed by Louis

who launched her brand in
2016, started by creating be-
spoke one-offs and graduated
to showing at New York Men’s
Fashion Week in 2017, the first
female designer to do so. Us-
ing repurposed fabrics, she ap-
plies the female-centered tra-
dition of quilting to classically
masculine silhouettes like her
signature boxy jacket, a riff on
a 1940s French chore coat she
bought while in college in
Paris. Her considered approach
to Americana earned Ms. Bode
the CFDA/Vogue Fashion
Fund’s Emerging Designer of
the Year award in 2019.
Selling Points Mac Huelster, a
New York stylist, said Bode’s
LUCY HAN (ILLUSTRATIONS)
Jacket, $1,554, bodenewyork.com
sponsible scale with artisans
instead of giant factories,” said
Mr. Huelster. Just as impres-
sive, he said, is that each
Fans Jay-Z, Harry Styles,
Bella Hadid
Cult Moment In January of
2020, when people used to go
Cartier, the brand released
this deceptively simple and
elegant ring in 1924. The tra-
ditional version combines
three bands—one each in
18kt white, yellow and pink
gold—which intertwine and
symbolize love, fidelity and
friendship. French poet and
artist Jean Cocteau, a friend
of Mr. Cartier’s at the time,
so loved the piece’s interlock-
ing design that he was
known to wear two Trinity
Rings on his left pinkie. Ring, from $970, cartier.com
Though nearly a century old,
the ring still feels utterly match any other piece of [piece] but don’t have a lim-
modern. “It’s a testament to jewelry,” said jewelry histo- itless budget, it’s a nice op-
how the most simplistic of rian Anna Rasche, who noted tion.”
forms can be the most en- that the ring’s romantic sym- Fans Princess Diana, Grace

conscious designs—the signa-
ture jacket is handmade in
New York from a vast array of
upcycled textiles—are a neces-
sary step forward. “Emily does
a great job of working at a re-
jacket is unique. “Taking an old
quilt…and turning it into a
one-of-a-kind garment is spe-
cial…especially nowadays when
everything moves so fast and
is mass produced.”
out, musician Zayn Malik was
snapped in a patched Bode
jacket while in New York with
girlfriend Gigi Hadid. The star-
tlingly chic couple’s image
shot around the internet.
during and iconic,” said
Daphne Lingon, head of jew-
elry at Christie’s Americas.
Selling Points “The rose,
white and yellow gold of the
classic model means it can
bolism makes it a popular
wedding band. “It’s also one
of Cartier’s more accessibly
priced items, so for those
who want the prestige of
wearing a heritage-house
Kelly, Gary Cooper
Cult Moment What’s that on
actress Romy Schneider’s
hand in the famed 1962 Ital-
ian comedy “Boccaccio ’70?”
A Cartier Trinity ring.

FOR MORE CULT-FASHION FINDS, TURN TO D2

Inside

QUIET NOW STREETWEAR ON THE GREENS SAINTLY FEAST MAN’S BEST INSTAGRAM FODDER
The new trend in home gardens— Golf style is getting more No, not the corned beef of March 17. These The controversial question of pet
landscaping to calm anxiety D10 of-the-moment D3 St. Joseph’s Day recipes skew Sicilian D9 social-media accounts D4
 D2 | Saturday/Sunday, March 13 - 14, 2021 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

Cult Fashion Essentials for the Aspiring Style Savant
Snap Into It with the brand for 23 Devil May Wear Outfit on the “Sex and
The Le Classique years. “Also, it’s low With their cloven toes, the City” Instagram
snap cardigan by maintenance,” she Maison Margiela’s account and podcast.
Agnès B. is the ne said, adding that it Tabi shoes are as un- “They’re great for days
plus ultra of effort- appeals to shoppers missable as they are that you can’t be
less French dressing. in their 20s and their comfortable. bothered to put to-
80s. The pared-down gether an outfit. You
History Designer Ag- cardi can be thrown History The dramatic can wear a button-
nès Troublé’s favorite in the washing ma- split-toed footwear down and a pair of
old sweatshirt in- chine and plays well debuted at Belgian de- jeans and trick people
spired her brand’s sig- with everything in signer Martin Mar- into believing you
nature, snap-front your closet. giela’s first runway made an effort,” she
cardigan in 1979. Fans Yoko Ono, Hel- show, in 1988 (for said. “Tabis do most of
Frustrated by the ena Bonham Carter, which the soles were the work for you.”
need to pull the Natalie Portman painted bright red). It Fans Cody Fern,
sweatshirt over her Cult Moment When takes its cues from Rihanna, Jin of BTS
head, she sliced it Cardigan, $195, agnesb.us announcing her preg- ancient Japanese Tabi Boots, $980, maisonmargiela.com Cult Moment Cotton
down the front and nancy on Instagram, socks, designed to ac- candy-colored Tabis
an idea was born. bies. More than 500 of this global best- Chlöe Sevigny posted commodate thong hoof-like shape for the Tabi. were immortalized on
Made at the same colors have been pro- seller. “The comfort a picture of herself sandals. Margiela’s flats, mules and, most Selling Points The the feet of one of the
factory in Troyes, duced since 1979. factor is huge,” said taken by Jim Jar- original Tabi was a recently, sneakers. A shoes are extremely shoe’s most famous
France, since their de- Selling Points Over Maggie Nathan, the musch in an unbut- boot, but over the collaboration with (and perhaps improba- loyalists when Glen
but, the cardigans are the past 40 years, manager of New toned version of the years the brand, now Reebok fuses the bly) comfortable, said Luchford snapped a
available for women, the brand has made York’s Agnès B. Soho cardigan and tagged designed by John Gal- sneaker brand’s classic Chelsea Fairless, co- photo of Bjork putting
men, children and ba- more than 2 million boutique, who’s been it, “baby on board.” liano, has used the Instapump Fury with creator of the Every on a pair in 1995.

Pack Perfect main in high demand. A Bag From Hermès Birkins start
Prada’s Nylon Vela “We’ve seen the aver- Brooklyn in the 5 figures.) Re-
Backpack is the epit- age sale price of vin- The Telfar Shopping cent convert Oprah
ome of under-the-ra- tage Prada rise 27% Bag has a democratic named the bag one of
dar, anti-luxury luxury. year over year…and we appeal. her Favorite Things of
don’t expect that to 2020.
History Released in slow…soon,” she said, History New York de- Fans FKA Twigs, Ash-
1984, the resolutely positing that the gorp- signer Telfar Clemens ton Sanders, Solange
simple black Vela core trend and a desire released the unisex Knowles
backpack—crafted for functional bags Shopping Bag—a ve- Cult Moment New
from a water-resis- have helped sustain gan leather tote with York Congressional
tant nylon and the Vela’s popularity. a boldly embossed Rep. Alexandria Oca-
trimmed in leather— Fans Ashley Olsen, logo—in 2014. But it sio-Cortez was first
was a palate cleanser Scarlett Johansson, wasn’t until 2018, af- spotted carrying her
during the over-the- Priyanka Chopra ter he won the luca- oxblood Telfar to the
top ’80s. By the Cult Moment The trive 2017 CFDA/ Capitol last August.
1990s, its popularity Backpack, from $1,390, prada.com backpack was na- Vogue Fashion Fund Bag, from $150, telfar.net AOC sung the brand’s
reached a fever pitch. mechecked in the award, that he was praises on Instagram,
“It was a success not the historian. Proof of anomaly in the luxury ’90s film “10 Things I able to scale up pro- Year at last Septem- est price reflects Tel- writing: “Fun fact:
only because of…its its icon status? The accessory category. Hate About You.” “I duction of the bag, ber’s CFDA Awards far’s commitment to @telfarglobal is now
high-status minimal- bag was featured in Prada has released a like my Skechers, but which comes in a and, in January, the making an everyday known as a globally
ism, but also because MoMA’s 2017 exhibit similar pack made of I love my Prada back- rainbow of hues and bags were crowned bag for everyone. Af- celebrated designer,
techno-fashionable “Items: Is Fashion regenerated nylon but, pack,” Larisa Oleynik’s three sizes. Accolades the Fashion Design of fordable compared to but did you know this
kids of the 1990s em- Modern?” according to Sasha character Bianca for the brand con- 2020 by the British most designer bags, Black, LGBTQ+ de-
braced its sleek, Selling Points That Skoda, head of chirps to her friend tinue to roll in: Telfar Design Museum. the largest “Bushwick signer and founder got
space-age appeal,” the Vela is made from women’s at the Real- Chastity, played by was named Accesso- Selling Points The Birkin” tops out at their start in LEFRAK
said Ms. Glasscock, nylon makes it an Real, original Velas re- Gabrielle Union. ries Designer of the tote’s relatively mod- $257. (Many classic CITY, QUEENS?”

Investment The top of the shoe Suiting For logo-free subtlety, but
Pennies alone is crafted from Softies the vast range of vi-
75 years after their five pieces of leather, Logo-free and vividly brant colors has ce-
launch, J.M. Weston’s and a pair of 180s monochromatic, mented its appeal. In
180 Loafers are still takes two months to Entireworld sweat- the past two years,
the pinnacle of tradi- make. According to Mr. suits combine cozi- the brand has re-
tionalism. Porter style director ness and a cool factor. leased over 50
Olie Arnold, for whom shades.
History Though this they remain a go-to History Entireworld’s Fans Selena Gomez,
French footwear brand summer shoe, their colorful coordinated Selma Blair, Eva Chen
has been based in Li- charm is timeless. sweatsuits were in- Cult Moment Last
moges since 1891, its “They’re an investment spired by an obscure, March while shelter-
name refers to the classic in both style wordless French chil- ing in place, “SNL” and
Massachusetts town and craft.” dren’s film from 1983 “Shrill” actress Aidy
(Weston) where the Fans Vincent Cassel, called “La Petite Bryant clad herself in
founder’s son, Eugène Ludivine Sagnier, Bande.” Launched in a mustard Entire-
Blanchard, studied J.M. Weston Shoes, from $885, mrporter.com Jacques Chirac 2018 by Scott Stern- Sweatshirt, $88, Pants, $88, theentireworld.com world sweatsuit and
shoemaking at the Cult Moment A group berg, formerly of Band posted an encourag-
turn of the century. cause of the 180 man- timeless penny loafers of bourgeois French of Outsiders, Entire- Selling Points The to be light but cozy... ing selfie from her
The 180 Loafer, with ual operations it takes via collaborations with mods known as the world has mastered its sweatsuit’s blend of and also loose and bedroom. In the cap-
its durable Goodyear to make each pair. edgy brands like Bande du Drugstore irreverent but stylish organic Japanese drapey,” said Mr. tion, she cited “mono-
welt and signature Selling Points Olivier Japan’s Yohei Fukuda, gave the loafers their take on casual wear, French terry and recy- Sternberg. Some, like chromatic dressing”
gull-shaped cutout, Saillard, J.M. Weston’s but the method by “it” status in 1960s which has proven pop- cled polyester gives it New York stylist as one of her quaran-
LUCY HAN

dates back to 1946 and artistic director, contin- which they’re produced Paris; they would wear ular in the Work From a lived-in feel. “We Doria Santlofer, ap- tine coping mecha-
earned its moniker be- ues to modernize the has never changed. the shoes sans socks. Home Era. developed the fabric preciate the suit’s nisms.

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THE WALL STREET JOURNAL.
NEW WAYS TO DRESS FOR THE FAIRWAY From left: The rapper Macklemore modeling his new modish golf label Bogey Boys; a retro polo by Malbon, a streetwear-inspired
label out of Los Angeles; a sweatshirt-based look by Arizona brand Devereux.
ON TREND / JACOB GALLAGHER
How Streetwear Infiltrated
Once-Stuffy Golf Style
WITH A 30 HANDICAP, George Hal-
awa of Los Angeles will concede
he’s not the world’s best golfer.
Still, he loves the game—so much
that last year he launched the Dou-
ble Bogey Club, a golf-inspired
clothing label. So far, he’s released
logo bucket hats and caps. In the
months to come, he’ll offer clothes
like nylon anoraks that are, as he
put it, “geared toward a streetwear
vibe.” Mr. Halawa’s own golf style
reflects a modern, come-as-you-are
approach—he often hits the links in
a polo shirt and sweatpants.
Like a number of zesty brands,
the Double Bogey Club is twisting
golf fashion away from its clichéd
tackiness. These labels, including Ar-
izona’s Devereux, Whim Golf in Chi-
cago, Metalwood Studio out of Cali-
fornia and Seattle-based Bogey Boys,
offer both of-the-moment streetwear
and natty throwback gear. Conspicu-
ously color-blocked outerwear and
logo hoodies mix comfortably with
retro cardigans and pressed slacks
that echo the style of midcentury
champs like Gary Player, Arnold
Palmer and Chi-Chi Rodríguez.
At the forefront of this refresh
was Malbon Golf, a Los Angeles-
based outfit that emerged in 2017,
co-founded by Erica and Stephen
Malbon. Mr. Malbon, who founded
* * * *
the independent media company
Frank151, and his wife noticed that
peers such as retired skateboarders
and on-the-pulse media types were
discovering golf. At the time, Ms.
Malbon said, “There really wasn’t
any kind of brand speaking to people
who were interested in golf, but also
loved sneakers or loved fashion or
music.” Malbon Golf’s bestselling
logo sweatshirt, Champion mesh
shorts and rugby-esque pullovers ca-
tered to this crowd.
In the years leading up to Mal-
bon’s founding, golf garments had
evolved into something slick and
athletic. As late as the early ’90s,
hefty players in flaccid khakis like
John Daly were winning tours. But
as link kingpin Tiger Woods and his
competitors began bulking up to bet-
ter their game, the look changed. Mr.
Woods began taking the trophies in
bicep-hugging mock-neck Nike T-
shirts. And by the early 2000s, coun-
try club pro shops were stocking
moisture-wicking polos and sweat-
resistant slacks. For the weekend
golfer, the newfound emphasis on
athleticism was overkill. “You don’t
want to look exactly like a PGA Tour
pro when you don’t play like a PGA
Tour pro,” said Drew Westphal, 33, a
social media consultant and long-
time golfer in Milwaukee, Wis.
STYLE & FASHION
Mr. Westphal is one of a number
of youngish golfers smitten by the
modish style of 1960s “old guard”
players like Mr. Palmer and Mr.
Player. “They would wear a nice
cardigan, a long-sleeved button-
down shirt and pleated trousers,”
said Mr. Westphal. Today, he hits
the course in taut Uniqlo polos and
dressy trousers. He often comple-
ments his get-up with a logo hat
from cheeky-upstart golf label Pub-
lic Drip or a tie-dye T-shirt from
Online Ceramics, adopting a thor-
He believed dress codes
kept young men who
aren’t white off courses.
oughly modern style mishmash.
Even so, many upstart brands
fully embody a traddy look. Whim
Golf, a Chicago-based brand, sells
tapered single-pleated trousers and
zip-neck polo shirts in pastel tones.
Founders Will Gisel and Colin Hea-
berg—friends and hobbyist golf-
ers—took inspiration in part from
’60s golfers who shot 18 in “stuff
they could wear to a dinner party,”
Saturday/Sunday, March 13 - 14, 2021 | D3
said Mr. Gisel. Whim, with its golf-
inspired but not performance-
driven clothes, has broken through
to the broader fashion industry. It
is carried at boutiques like C.H.C.M.
in New York and Notre Shop in Chi-
cago. The founders speculate that
half their customers don’t golf at
all.
The brand that’s perhaps best
positioned to transcend the insular
golf world and garner mainstream
sales is Bogey Boys, founded by the
Grammy-winning rapper Macklem-
ore. Born Benjamin Haggerty, he
caught the golf bug in 2018 and
now golfs as many as four days a
week. His course style is madcap
enough to give Bill Murray’s “Cad-
dyshack” character a run for his
money. He played the 2021 AT&T
Every Shot Counts Charity Chal-
lenge at Pebble Beach in a tartan
jacket-and-trouser combo worn
over a leopard sweater vest. In an
interview, Macklemore said that his
“fashion sense is a little bit more
extreme than the average golfer,”
and that he dials down the look of
his own wardrobe a few notches to
create Bogey Boys’ clothing.
To research ideas for the line,
Macklemore purchased vintage Golf
Digest magazines from the ’60s, ’70s
and ’80s. The result: retro-tinged
pieces like a pinstriped baby-blue
cardigan, emerald-green trousers and
a V-necked windbreaker with zip-off
sleeves.
The liberal, even fun approach to
golf style that brands like Bogey
Boys and Whim have taken appeals
to golfers like Jacob Suarez, 27, a
PGA-certified instructor in Phoenix.
Growing up, Mr. Suarez abhorred the
khaki-and-polo dress code imposed
by many golf clubs. He would rather
have teed up in his skate shoes and
jeans. He believed conformist dress
codes kept players like him—young
men who aren’t white—off the
course. Today, many courses have
relaxed their codes just as nascent
brands are expanding into golf fash-
ion. At many clubs, a hoodie is now
as course-appropriate as a pressed
polo. Mr. Suarez regularly plays in
Patagonia fleeces, Dickies trousers
and Jordan sneakers. Said Mr. Su-
arez, “Golf attire is just whatever
you wear when you play golf. There
shouldn’t be a specific code for it.”
GAMECHANGER From left: Arnold
Palmer playing a 1971 championship
GETTY IMAGES
in roomy slacks; Tiger Woods
celebrating his 2005 Masters
victory in a taut T-shirt.
 D4 | Saturday/Sunday, March 13 - 14, 2021 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS

OOMPH THERE IT IS In Competition trim, the M4
Boasting a 473 hp, torque-rich gets a big bump in horsepower and
3.0-liter engine, the M4 is torque (30 hp and 73 lb-ft), enough
BMW’s brawniest coupe. to shave three-tenths off the M4
Coupe’s 0-60 mph acceleration. Be-
tween the added firepower and
more rapid shifting, the M4 Com-
petition will walk away from its
counterpart within a couple of laps
on any road course. If trouncing
your friends at the local BMW club

If trouncing your friends

at the BMW club track
event is your personal
god, you’ll want the M4
Competition Coupe.

track event is your personal god,

you will want the M4 Competition.
The sole advantage and argu-
ment in favor of the M4 Coupe is
that it is more fun. But what does
fun even mean in this context? Is it
fun making the car payment?
Clutching and de-clutching a zillion
times in stop-and-roll traffic? Keep-
BMW

ing a lawyer on retainer?

I will tell you. Fun means show-
RUMBLE SEAT / DAN NEIL ing off. Example: the stick shift
makes it easy to pop the M4’s
clutch, pin the throttle and perform

BMW M4 Coupe: Light, lurid, ground-loop burnouts in an

open lot, disappearing in a fog bank
of tire smoke to the delight of
neighborhood children. Fun.

Springy, Powered Up for Fun Cruising: It’s actually tricky to rev

IT’S THE 2021 BMW M4 Coupe, la-
dies and gentlemen, and my mate-
rialistic heart is full. Oh, to be a
powder snorted into those flaring
nostrils. I admit I am not a good
moral compass.
The product of the ’Werk’s house
of tuning, the BMW M division, the
new M4 Coupe’s temptations grow
out of its rare six-speed manual
transmission—with three pedals in
the footwell and everything. The
stick-shift is standard equipment in
both the M4 Coupe and its mechan-
ical twin, M3 Sedan, paired with a
passionate, torque-rich 3.0-liter
twin-turbo inline six (473 hp), and
rear-wheel drive with a mechanical
limited-slip differential.
What is your idea of heaven? If
you’re a trout fisherman, maybe it’s
an endless fall day in British Co-
lumbia. You are standing in a sil-
ver-braided stream, your fly line
rolling in perfect sine waves
through the air. For a few thousand
devoted sensualists, the rear-drive
M4 Coupe with a six-speed repre-
sents Paradise on Pirellis.
Later this year BMW will offer
the M3 and M4 Competition cars
with all-wheel drive (xDrive), includ-
ing rear-active differential. For now,
the one in front of my house
($97,545, as tested) will do nicely.
It’s been 33 years since the first
M3 hit U.S. shores, the now highly
collectible E30 series. I imprinted on
the next generation, the E36 series
M3 Coupe, which to this day defines
the sensations I crave from BMWs. I
like them light and reactive, firmly
2021 BMW M4 COUPE
sprung, with hard, close-fitting
seats. A generation of heavier and
horsier performance cars from Mu-
nich in this century have awed me
but never sparked much desire.
The new M4 Coupe’s relative
lightness (3,830 pounds) and rigid-
ity feel like old times. What a yar lit-
tle vessel this is. The front and rear
structures are webbed with elabo-
rate aluminum bracing. The M-spe-
cific double-joint spring-strut front
and five-link rear suspension is
flinty, summoning neck-bending lev-
els of lateral grip you can just rather
casually lay on, steering from corner
to corner, in excess of 1 G.
All that plus a manual transmis-
sion. It’s fascinating to feel these
primitive levers again, in hand and
underfoot. BMW went to no small
trouble to make this six-speed
manual feel authentic: the shape of
the shifter grip, the springiness of
the clutch pedal return, the can’t-
be-rushed shift gates, the just-so
pedal positions, perfect for heel-
and-toe downshifting (kids, ask
your parents).
Only a handful of models still of-
fer stick shifts, including Ford Mus-
tang, a couple Porsches and BMWs.
And for good reason: They are obso-
lete. Hell, they are practically steam-
punk. All things being equal, manual
gear-swappers are slower to upshift
or downshift than their computer-
managed successors; they are lim-
Base Price $72,795
Price, as tested $97,545
Powertrain 3.0-liter twin-turbo-
charged inline six-cylinder, with elec-
tronically controlled waste gates and
variable valve timing; six-speed man-
ual transmission with selectable au-
tomatic rev-matching; rear-wheel
drive with limited slip differential
Power/torque 473 at 6,250 rpm/406
lb-ft of torque at 2,650-6,130 rpm.
Length/width/height/wheelbase
189.1/81.9 (w/mirrors) 54.8/112.5
inches
Curb weight 3,830 pounds
0 to 60 mph 4.1 seconds
EPA fuel economy 16/23/19 mpg
Trunk capacity 12 cubic feet
ited in torque capacity by their sin-
gle clutch disc. They are less durable
(single clutch again); and they are
less fuel efficient in EPA mileage
testing, which helped drive them off
the mass market in the 1990s.
It may surprise some that, for all
the gear-stirring heroics, a manu-
ally shifted car will inevitably be a
tick or two behind its robotically
shifted equivalent. BMW handily il-
lustrates this fact by offering the
manual transmission only in the M3
Sedan and M4 Coupe. The M4 Com-
petition Coupe—see what they did
there?—is kitted with a torque-con-
verter-based eight-speed automatic,
equipped with column-mounted
paddle shifters for playtime.
up the engine of an exotic car with a
dual-clutch transmission while it’s
moving slowly, as you might want to
if you were a total dork on a Satur-
day night being goaded on by your
fellow dorks. With the M4, it’s as
easy as the hokey-pokey: Put both
feet in—the clutch and gas pedal—
and shake ’em all about. The M4
Coupe has a two-stage exhaust sys-
tem, which darkens and widens the
exhaust note on command. There is
also a button—the hospital zone
switch, I suppose—with which you
can temporarily shush the exhaust.
Drifting: The M4 Coupe has
many traction, shifting and stabil-
ity enhancements tied into the so-
phisticated network of chassis con-
trol, e-braking and e-steering.
These well-intended driver’s aids
can be gradually deactivated un-
til—after acknowledging the driver
really wants to go there—they are
off. With these degrees of freedom
restored, the M4 Coupe can get,
and stay, pretty crossed up, sliding
around, clawing sideways with the
power on. And if your sliding mo-
mentum falls off, a little kick in
the clutch will get it going (side-
ways) again. That is also fun.
As typical with M-prepared cars,
the M4 Coupe has some auto-di-
dacticism built in. One such teach-
ing aid is the optional M Drive Pro-
fessional system ($900), offering
no fewer than 10 levels of traction
intervention, which can be dialed
in through the iDrive controller in
the center console. The idea is that
owners can use the system to prac-
tice drifting and power slides dur-
ing their regular track days
The M4 Coupe: For connoisseurs
of BMW, a river runs through it.

AFTER ALEXIS SCHEINMAN
YES brought home a Samoyed puppy
named Ollie, she started blowing
up her group chats with fluff-ball photos.
She sent so many that her best friend
staged an intervention: Make Ollie his own
Instagram account, the friend begged, so
that she and the rest of Alexis’s circle could
“like” photos at their leisure rather than
feeling obligated to respond to every text.
“Getting a puppy was like having a
baby,” said Ms. Scheinman, a Boston MBA
student. She leaned on Ollie’s Instagram
fan base for support while growing @ol-
lie_the_samoyed to over 48,600 followers,
posing questions like, “Do we need to go to
the [pet] hospital for this?” she said. She
went to the accounts of older dogs for
guidance on how their owners had ad-
dressed similar situations.
Beyond letting you tap into a community
willing to serve as a focus group, some pet
accounts actually yield profit. The pet so-
cial-media universe has grown substantially
over the last decade, said Loni Edwards,
founder of pet-focused marketing firm the
Dog Agency, who started her own dog’s ac-
count in 2013. Some of her four-legged cli-
ents have millions of followers and up to a
50% engagement rate on posts, leading to
lucrative sponsored-content deals that can
net owners up to six figures a year.
For Krissy Ellis, however, posting content
of her duck “Munchkin” on @dunkin.ducks
is about spreading joy and educating others
OLA NIEPSUJ
THAT’S DEBATABLE NOT ONCE during the five years
NO that Courtney Koelbel, a Hill
staffer in Washington, D.C., has
Should Pets Get Their Own Instagram? been a cat mom to Regulus has she consid-
ered making him his own social-media feed.
“Having an Instagram account for your pet
We know you love your new pandemic puppy. But does his every is just silly,” she said.
Although Ms. Koelbel, 27, scrolls through
wriggle and yawn merit a social-media post? Here, both sides. feline-focused accounts on occasion, she
finds it off-putting when humans create
voices and craft elaborate story lines for
their pets. “You don’t actually know what
your pet was thinking,” she said.
Instagram is overflowing with pet posts—
#catsofinstagram has over 157 million tags
and #dogsofinstagram has over 229 mil-
lion—but some people we spoke to consider
the idea of sharing their pet’s foibles and
antics embarrassing, while others don’t
want the commitment an account exacts.
Sally Marvi, 28, a teacher in Bayonne,
N.J., has posted about her dog on her own
account, but resists creating a separate one
or encouraging others by liking their posts.
She feels pet accounts are another manifes-
tation of the narcissism embodied by selfies.
“It’s, like, ‘Instead I am going to…pretend
my dog talks,’” she mocked. Her message:
“Please don’t do it.”
Others give it a shot, setting up their pet
with his own profile page and photo strat-
egy, only to find that disseminating Yappy’s
personal brand sucks up hours. Kira Patter-
son, 31, created an account for her yellow
Labrador retriever, Yellar, pledging to post

on the commitment of owning a pet. “Ducks every day for a year. Then, “I got busy with
poop every 15 minutes,” she said. “It isn’t as life,” she said. “I think it lasted a few days.”
fun as it looks on Instagram.” —Haley Velasco

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.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 13 - 14, 2021 | D5
D6 | Saturday/Sunday, March 13 - 14, 2021 * *** THE WALL STREET JOURNAL.

READING & RETREATING

BRIDGE THE GAP The view from Berlin The Drink
Cathedral over the River Spree. To sample the BERLINER WEISSE
city from a distance, tuck into our advice, below.

Legend has it that Napo-

leon’s soldiers called the
beer brewed in Berlin,
“the Champagne of the
North.” A wheat beer
that’s low in alcohol and
refreshingly tart, Berliner
Weisse is typically or-
dered rot—that is, turned
WISH YOU WERE THERE / BERLIN bright red with a squirt of
raspberry syrup—or
grün—green with wood-

A Stroll Around the Bloc

ruff, a forest herb that
imparts a faint apple
taste with notes of hay
and lemon grass. In re-
cent years, brewers have
taken to making their
own variations on the
You needn’t hop on a plane to explore the capital of cool. Here, Berliners offer up ways to mentally teleport there style. A few favorites:

Lemke Berlin belongs in

BY MATTHEW KRONSBERG delayed airport and events surrounding the 60th Since Berliners practically live outdoors in the the top tier of Berlin’s

T
HE CLOSEST many of us got to the Ger-
man capital over the past year was
streaming TV series like Tom Tykwer’s
escapist “Babylon Berlin,” set during the
Weimar era, or Anna and Joerg Winger ’s Cold War
thriller “Deutschland 89.” In real life, the city was
frustratingly off-limits. Though Germany will soon
start loosening its lockdown, limits on American
visits remain stringent. The newly opened, much-
anniversary of the Wall’s construction are just a warm months, summer might be an ideal time to burgeoning microbrewery
few reasons to hope this compelling destination plan a visit. And in August, the Mies van der Rohe- scene. Rather than rely-
becomes a viable one soon. But transportation and designed Neue Nationalgalerie is scheduled to re- ing on after-the-fact syr-
history buffs aren’t the only impatient ones. Fans open after a multiyear renovation. But if the Covid ups, their Waldmeister is
of innovation and experimentation also want to get pandemic seals borders for months to come, don’t conditioned on woodruff,
back to Berlin, known for driving cutting-edge art, lose heart: Since generations of artists, authors, while the Himbeer is fer-
music and nightlife scenes. As one of Europe’s most musicians and filmmakers have found inspiration mented with raspberries.
multicultural cities, it’s also a fine place to chow in this historically dense, culturally indulgent city, Both the colors and the
down, with local grub nimbly ranging from brat- there’s no shortage of material to let you taste the flavors of these tradi-
wurst to baklava. town from the constraints of your home. tional brews hew to what
nature intended. bunited-
int-ny.square.site

The Reads FACT, FICTION AND FAMILY The Tastes URSULA HEINZELMANN, AUTHOR OF ‘BEYOND BRATWURST: Grimm Artisanal Ales
A HISTORY OF FOOD IN GERMANY,’ ROUNDS UP ICONIC BERLIN BITES venture beyond the tradi-
Laurel Kratochvila, co- ‘Stasiland,’ by tional flavorings that
owner of Shakespeare & Anna Funder | characterize Berliner
Sons bookstore in “A collection of Weisse. Their Little Thief
Friedrichshain suggests stories about beer (pictured above) is
building your Berlin everyday peo- steeped on the skins of
bookshelf with these ple of East Ber- Merlot grapes, while Color
selections: lin who in- Field gets its hazy pink
formed, collaborated or were color from rosehips,
‘The Berlin destroyed by the State Secu- hibiscus and camomile.
Stories,’ by rity Ministry, ‘Stasiland’ is grimmales.com
Christopher subtle and frightening.”
Isherwood The Bruery in Placentia,
“Isherwood ‘The Family Carnovsky,’ by THE TOP DOG THE STELLAR SANDWICH THE GREAT GRAIN Calif., has made a name
makes early Israel Joshua Singer CURRYWURST DÖNER KEBAP ROGGENBROT for itself with intensely
1930s queer “Written in Yiddish by the “Dating back to the immedi- “Berlin’s history has always “Berlin traditionally is the flavored, often sour beers.
Berlin sound grand—until it older brother of Isaac Bashe- ate post-WWII years, full of been marked by immigrants, epicenter of rye, as most The Passion Fruit release
wasn’t. Broke strivers and vis Singer, this novel sees ruins and rubble, the including, for over half a cen- soils near here are too poor in their Frucht series is
millionaires cross paths in three generations through ketchup-doused bratwurst tury, a strong Turkish com- to grow wheat. Real Berlin downright puckery. Sip
nightclubs and on beaches. WWI and into the rise of Na- buried under a generous munity. Döner Kebap, the bread—or roggenbrot—is this on a warm day under
Sex and adventure are had, zism. It’s as much an ode to layer of curry powder has be- spit-roasted meat served acidity-driven, savory stuff. A a maple tree and it’s al-
all while the Nazi specter the landscape of a Berlin come the city’s unassuming in flatbread with sauces, new generation of bakers most as good as being
looms, about to put an end long destroyed as it is a culinary emblem. For top is their specialty and has uses regionally grown and unter der linden.
to it all.” story of belonging.” organic quality currywurst taken the city by storm. ground flour, and Domberger thebruery.com— M.K.
go to Witty’s.” It’s everywhere. is the name to remember.”

On Screen FILMS THAT CAPTURE THE SPIRIT OF THE

Atari Teenage Riot CITY, FROM SCREWBALL COMEDIES TO SPY THRILLERS

“ Everything was always very tidy. Berlin-based filmmaker Anna

Winger, co-creator of the
Then my family noticed how
ALAMY (BERLIN, DONER KEBAB); SHUTTERSTOCK (CURRYWURST); GETTY (ATARI TEENAGE RIOT); MARIANNE RENNELLA (RYE BREAD); EVERETT COLLECTION (FILM STILLS)

miniseries ‘Unorthodox’ and

disorganized I had become.” the ‘Deutschland’ trilogy, on a
—Theresa, living with Alzheimer’s few of her favorite depictions
of her adopted city:

‘One, Two, Three’ (1961) |

“Billy Wilder’s hilarious com-
edy—starring James Cagney
as a Coca-Cola executive—
provides a window into the
early days of the divided
city. Wilder started out as a
The Music ALBUMS THAT OFFER A SAMPLING OF director in Weimar Berlin
BERLIN’S BREADTH OF MUSICAL INFLUENCES and returned years later to ‘The Lives of Others’
make this film, only to have
‘Lotte Lenya Sings served not just as was East Berlin’s the Berlin Wall go up—not veilling in East Berlin in
Kurt Weill’ (1955) | a respite from the Royal Playhouse, just during his production, the 1980s.” Streaming on
No music conjures temptations of Los for a monumental but through it, along the multiple platforms
Berlin during the Angeles, but as a production of Bee- Brandenburg Gate.” DVD
Weimar Republic constant inspira- thoven’s Ninth from kinolorber.com ‘Oma & Bella’ (2012) | “Al-
like Kurt Weill’s col- tion. Mr. Pop re- Symphony. exa Karolinski’s documentary
laborations with portedly wrote ‘The Lives of Others’ (2006) about her grandmother and
Bertolt Brecht. For much of “The Pas- Atari Teenage | “Of all the Berlin film clas- her grandmother’s best
When something feels different, definitive rendi- senger” aboard the Riot ‘Delete Your- sics, this is my favorite. It’s friend—Holocaust survivors
tions of their work, S-Bahn, Berlin’s self!’ (1995) | Put about a Stasi spy who falls in from Poland who settled in
it could be Alzheimer’s.
look to Lotte Le- commuter train. thrashing guitars, love with the artists he’s sur- Charlottenburg after the
Now is the time to talk. nya, Weill’s former industrial dance war—shows how these two
wife. This collec- ‘Bernstein in Ber- beats, videogame widows in their 80s stay
tion was recorded lin: Ode to Free- sounds and leftist connected to their shared
during Lenya’s re- dom’ (1989) | On politics into a Vita- history through food.”
Visit

alz.org/ourstories
turn to Germany Christmas Day, mix, and out spills Streaming on Amazon Prime
20 years after flee- 1989, six weeks af- what group co-
ing the Nazis. ter the fall of the founder Alec Em- ‘The Most Beautiful Girl in
to learn more Berlin Wall, Leon- pire called “digital the World’ (2018) | “Aron
Iggy Pop ‘Lust for ard Bernstein hard-core.” Songs Lehmann’s rom-com is set
Life’ (1977) | Dur- gathered musi- like Hetzjagd Auf during a high-school class trip
ing Iggy Pop and cians and singers Nazis! (”Hunt to Berlin, in which the stu-
David Bowie’s ‘70s from both sides of Down the Nazis!) dents sneak out to attend rap
residency in West the crumbling Iron capture the energy Director Billy Wilder on the battles in local clubs.” Blu-ray
Berlin, the city Curtain, at what of the era.—M.K. set of ‘One, Two, Three.’ DVD from Amazon
THE WALL STREET JOURNAL.
A Caribbean Jaunt? Not So Fast
Most of the region’s islands are open to U.S. visitors now, but you’ll have to navigate a multitude of
Covid obstacles before you can flop down on the beach. Here’s the advice you need.
BY HALEY VELASCO
I
n mid-February, when
a cold snap set in
across much of Amer-
ica, Tami Irons, a sys-
tem administrator at a
hospital network in Paines-
ville, Ohio, chased the sun to
St. John, the smallest and
lushest of the U.S. Virgin Is-
lands. She and her husband
have been vacationing on St.
John annually since 2005, and
not even the continuing pan-
demic was going to stop them.
“Getting out of the snow and
the cold always makes us
breathe a little better,” said
Ms. Irons.
But this year, even though
she booked a private villa that
could be canceled anytime,
the weeks leading up to the
flight proved unnerving. St.
John—as well as neighboring
St. Thomas and St. Croix—re-
quire all arrivals to show
Bermuda is even more fastidious:
Visitors must wear a ‘Traveler Wristband’
for the first 14 days of their stay.
proof of a negative result from
a PCR test taken within five
days of landing. The couple
made appointments at a medi-
cal clinic, then waited ner-
vously for the all-clear. Re-
ports of other islands
implementing curfews or, in
the case of St. Barts, suddenly
banning visitors triggered
even more unease. “I did not
stop worrying about the trip
until I was on that plane,” said
Ms. Irons. “Anything could
have happened.”
To pandemic-beleaguered
sunseekers craving sand, sea
and warmth this spring, the
Caribbean might seem like the
promised land. And, indeed,
most Caribbean islands wel-
come American tourists, but
the many entry requirements
vary widely and are constantly
in flux. “Anybody traveling
has to realize that this is
fluid,” said Michele Rishty, a
travel consultant in Bedmin-
ster, N.J., who frequently
books Caribbean vacations.
“Every day it changes.”
Until it changes again,
here’s a snapshot of the hur-
dles you’re likely to face, and
guidance on which islands
are the easiest—or most
challenging—to visit.
A recent view of Magens Bay in St. Thomas, U.S. Virgin Islands.
* * * *
ADVENTURE & TRAVEL
There Will Be Tests
In most of the region’s coun-
tries and dependent territo-
ries, you’ll need to show
proof of a recent negative
Covid-19 test even before you
set your sandaled foot on the
tarmac. How soon before
your trip you must take the
Covid-19 test varies by coun-
try. If you’re going to the U.S.
Virgin Islands, you only need
to take that one test. But if
you’re heading to any other
islands—outside the U.S.—
you’ll need proof of a nega-
tive viral test to get back to
the mainland. Many of the
hotel resorts are starting to
offer on-site testing for that
express purpose.
Some destinations, includ-
ing Anguilla, the Bahamas
and Jamaica, insist on a sec-
ond Covid test after arrival.
Bermuda is even more fastidi-
ous: Visitors must wear a
“Traveler Wristband” for the
first 14 days of their stay, un-
dergo twice-daily tempera-
ture checks and submit to ad-
ditional Covid-19 tests on the
fourth, eighth and 14th days
of their stay.
By comparison, the Domin-
ican Republic’s testing proto-
cols are far more relaxed. In-
stead of requiring visitors to
show documentation of a
negative Covid-19 test before
arrival, local authorities ran-
domly administer rapid tests
to a small percentage—be-
tween 3% and 15%—of incom-
ing passengers.
What if you’ve already
been fully vaccinated against
Covid-19? For now, inocula-
tion won’t get you out of the
testing requirements.
A Paper Trail
Most islands also ask visitors
to fill out a health question-
naire before or after arrival.
And some, such as Bermuda
and Turks and Caicos, also
ask tourists to come armed
with health insurance—or buy
it there—that will cover them
should they fall ill while on
vacation.
Kristi Mackedanz, a travel
adviser at KM Travel Designs
in St. Petersburg, Fla., advises
Saturday/Sunday, March 13 - 14, 2021 | D7
partment also issued a level-
four travel advisory to the en-
tire French West Indies,
advising Americans to steer
clear due to “Covid-related
conditions.” The Cayman Is-
lands are also currently verbo-
ten to tourists, with the excep-
tion of homeowners, students,
relatives and other specially
prospective travelers to check approved visitors.
tourism board websites for
insurance requirements and After All That, Is Life
associated costs. From there, Really a Beach?
she says, pore over the poli- Once you get past the hur-
cies to make sure they cover dles, the islands feel relatively
ALEX ASFOUR (ILLUSTRATION); SHUTTERSTOCK (DOMINICAN REPUBLIC); GABBY JONES (USVI)
you if you do test positive normal, said Ms. Rishty,
and need to quarantine on though with far fewer tourists
the island for 10 days to two and half empty hotels. Adam
weeks. “Every destination is Stewart, executive chairman
just so different,” she warned. of Sandals Resorts Interna-
tional, said occupancy at the
Track and Shield 11 all-inclusive Sandals Re-
Among the islands that en- sorts currently open hovered
force more rigorous travel re- PIGEONS OF PARADISE Santo Domingo, Dominican Republic, between 55% and 65% last
strictions, Barbados tops the one of the more accessible Caribbean countries this winter. month, down from 83% last
list, according to Tara McCoy, year at the same time.
a travel adviser from Colum- also noted the islandwide Forbidden Fruit Ms. McCoy who spent five
bia, S.C., who spent a few days mask mandate for tourists. “If In February, as the new vari- days on Jamaica in February,
on the British Commonwealth you are anti-mask…it will be ants of the coronavirus were welcomed the slower pace.
island in December. After a very difficult for you in An- taking hold in Europe, the “It was easy, comfortable
notable spike in cases just af- guilla. All of our guests are re- French government closed its and sunny,” she said, adding
ter the Christmas holiday, the quired to be masked up.” overseas territories—includ- that the Covid-19 restrictions
local government issued a St. Kitts and Nevis, Gre- ing the Caribbean islands of were similar to those in the
curfew (lights out at 7 p.m.) nada, Jamaica and St. Lucia Guadeloupe, Martinique and U.S. “It was really no differ-
and tightened other Covid-in- all restrict tourists to certain Saint Barthélemy—to all tour- ent than here in South Caro-
spired rules. “One by one, the areas. The latter employs a 7 ists from non-European Union lina. Mask-wearing and so-
requirements for traveling p.m. nightly curfew. countries. The U.S. State De- cial distancing.”
there got stricter,” said Ms.
McCoy. How strict? The tour-
ism website (visitbarba-
dos.org) specifies the exact
type of Covid test needed to
enter the country. Before
travel, visitors are instructed
to download an app to their
phones; as soon as they ar-
rive, they’re given an elec-
tronic wristband that tracks
their movement. The first five
days on the island must be
spent in the confines of a re-
sort or vacation rental—stray-
ing too far incurs hefty fines.
On the fifth day, travelers are
retested and only if they get
the green light are they free
to explore the island. The
British Virgin Islands have a
similar tracking device system
in place, with a mandatory
four-day quarantine.
Anguilla’s house rules are
equally stringent. Visitors
must present negative results
from a PCR test completed
three to five days before ar-
rival, then take a second one
after arrival. Vacationers
staying less than two weeks
can only stay in government-
approved hotels and villas, as
well as go to approved restau-
rants and on specified activi-
ties and excursions. Quincia
Gumbs-Marie, the honorable
parliamentary secretary of
tourism, describes this tour-
The Early Bird gets the Poplin.
ism bubble as “a bunch of
businesses who become certi-
fied and undergo training on
how to maintain our safety
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 D8 | Saturday/Sunday, March 13 - 14, 2021 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

ON WINE / LETTIE TEAGUE

The Right Tools for the Job

BACK WHEN WE were having din-
ners at other people’s homes, any
time I saw my host struggling with
a less-than-desirable corkscrew, I
felt duty-bound to provide an al-
ternative. Take, for example, my
friends Tom and Sue: When I first
met them, they were opening wine
bottles with one of those two-le- 3
ver, butterfly-type corkscrews that
rip up corks as often as they re-
move them. The next time we met,
1
I brought them a much better tool,
the Richartz waiter’s corkscrew. A
decade or so later, Tom and Sue
still use it.
I’ve been thinking a lot lately
about this essential wine tool. At
home I use three different Laguiole
waiter’s corkscrews, one of which
has Robert M. Parker, Jr.’s name en-
graved on the lever. (The wine critic
gave it to me when I visited his
house in Maryland, years ago.) And
while these corkscrews have unfail- 4
ingly and easily opened hundreds of
bottles, I wondered if I shouldn’t 2
give a new one a try. Perhaps I was
missing an even better device?
Marilynn Gelfman Karp, a world-
class corkscrew collector—aka helix-
ophile—was one of my inspirations.
There are 700 corkscrews in the
Karp collection, the basis for “Un-
corked: A Corkscrew Collection” OPEN SEASON / CORKSCREWS FOR EVERY STYLE OF OENOPHILE
(Abbeville Press), co-authored by
Ms. Karp and Jeremy Franklin 1. For the Traditionalist 2. For the Gadget Geek 3. For the Budget Buyer 4. For the Collector
Brooke. Ms. Karp began collecting in Laguiole en Aubrac Oster Silver Electric Wine Twister Easy-Turn Belwares Ah So Wine Opener
1963 when she bought a cheap plas- Olivewood Waiters Corkscrew Opener Corkscrew This two-prong device is the best
tic corkscrew from the gadget aisle From the famed French cutlery You just press a button to remove A corkscrew that lives up to its tool for gently extracting delicate
of a grocery store. Her first “seri- company, the Laguiole corkscrew the cork. This is as much a fun toy name: It doesn’t get easier than (possibly crumbling) corks from
ous” tool came a year later, when is practical, durable and beautiful as it is a corkscrew. $20, this. A blessedly simple design, and bottles with considerable age on
she purchased a Zig-Zag corkscrew, too. $250, williams-sonoma.com bedbathandbeyond.com cheap, too. $13, truebrands.com them. $18, belwares.com
a French design from the 1920s with
a frame that expands like an accor-
dion to extract the cork. “It piqued my sights on more plebeian and above) or a cheap Pulltap’s cork- high and low to find a corkscrew,” tried it, long ago, he reminded me,
my curiosity as it was so beautiful, practical tools. Before I went shop- screw. “Always make sure to screw he wrote in an email. He now “You said you hated it.” I tried again
yet so over-complex for a seemingly ping, I asked a few wine profession- the helix all the way through the keeps a corkscrew in his car, just in and felt the same way. It was awk-
simple job,” she wrote in an email. als about their corkscrews of choice. cork,” he advised. “I often see wait- case. He also sent me a photograph ward and heavy.
“It was the Rube Goldberg of cork Most sommeliers I know favor a ers start to pull with a quarter of of a fish-shape corkscrew that he The last wine opener I tried, the
removal.” simple style of corkscrew called a the helix still exposed—a good way loves but doesn’t use very much. Oster Silver Electric Wine Opener
I learned from Ms. Karp’s book wine key (or sommelier’s knife, or to break a cork.” For wines over a The fish corkscrew was amusing ($20; see #2 above), was certainly
that the first corkscrew patent was waiter’s friend), a tool similar to a decade old whose corks might need but also looked a lot like the cork- easy to use: A single switch moves
awarded to Englishman Samuel pocket knife with a folding cork- a bit of coaxing, he uses the Du- chewing levered corkscrew my the mechanism up and down. It did
Henshall in 1795, for a device that screw as well as a lever that rand, with a two-prong design that friends Tom and Sue once used. require recharging, and the sound it
looks much like today’s simple T- perches on the lip of the bottle to grips the outside of the cork. And the $125 Durand corkscrew fa- made set our Corgis barking. But
shape pull corkscrew. I was sur- aid in pulling the cork and a small vored by Mr. Ramey seemed a bit my gadget-loving husband found
prised to discover that folding cork- blade for cutting foil. Luke Tousley pricey. Instead, I bought another this electric model fun.
screws were produced as early as of Troubadour Wine Bar in Minne- two-prong model, the Belwares Ah Pleased as I was to find these
the 1880s. Ms. Karp owns many apolis told me he relies on a cheap
I asked a few wine So Wine Opener ($18; see #4 easy-to-use and inexpensive op-
covetable examples, including one Truetap wine key, which costs $5— professionals about their above). It came in a cute box and tions, my dalliance with other wine
shaped like a mermaid and another even less when it’s purchased in corkscrews of choice. proved invaluable for extracting a openers only made me value my
whose levers are shaped like legs, bulk. “They rarely break and they’re cork stuck in the neck of a bottle. trusty Laguioles all the more.
complete with pink and white cellu- rather inexpensive,” he noted, im- I also bought a Twister Easy- Which got me wondering: Had I
loid stockings and steel boots. portant qualities when you open up Turn Corkscrew ($13; see #3 even thanked Mr. Parker for the one
I wondered if Ms. Karp, with so to 90 bottles in an evening, as Mr. Just for fun, I reached out to a above), whose design is similar to he’d gifted me? I couldn’t recall, so
many corkscrews to choose from, Tousley has often done on busy winemaker from New Zealand, the the popular Screwpull corkscrew I wrote him a note. Mr. Parker
uses a different one each time or (pre-Covid) nights. country where virtually every bot- created in 1979. Simple to use as seemed surprised to hear that I still
tends to rely on a single device? She Sommelier turned winemaker tle has a screw cap. “Do you even well as inexpensive, the Twister im- had it, and that it had not worn
referred me to page 156 of her book, André Hueston Mack of Maison own a corkscrew?” I asked Alastair mediately went into the pile of wine out. “Are you opening enough bot-
where I found a photograph of her Noir Wines, an Oregon wine com- Maling, chief group winemaker/ openers I continue to accumulate to tles of wine?” he asked. “If you do
SERGE BLOCH (ILLUSTRATION)

go-to tool: the 1898 English nickel-
plated cast steel corkscrew that she
keeps on her dining room side-
board, a beautiful and quite sub-
stantial contraption.
Having no inclination to buy
something so fancy or so large, I set
pany, admires the durability of the
Cartailler Deluc wine key. He uses a
stainless steel model that runs
about $30. Winery owner David
Ramey of Ramey Wine Cellars in
Healdsburg, Calif., also uses this
style of tool—a Laguiole (see #1
head of viticulture for Foley Wines.
Mr. Maling said he has a couple
corkscrews, but he admitted it’s
hard to find one in a typical New
Zealand home. “I know from occa-
sions when I have taken a bottle
with a cork, and we’ve had to hunt
hand out to friends once we start
gathering again.
The much bigger and more ex-
pensive Rabbit runs about $50 for
the basic model. I didn’t buy one be-
cause it turned out my husband had
one hidden away. Of the one time I
wear your model out, let me know.”
Clearly Mr. Parker shares my feel-
ing that it’s not just good bottles
that are best shared with friends,
but good corkscrews as well.
 Email Lettie at wine@wsj.com.

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

Chicken Enchiladas Verdes

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

“MY MOTHER MAKES them, and my aunt. ded, the meat simmers with sautéed onions
My grandmother made them,” chef Diana and a bit of broth. Ms. Davila warms the tor-
Davila said of enchiladas verdes, her first tillas on a comal (griddle) or in a skillet until
Slow Food Fast recipe. Cloaked in a bright they’re soft and foldable. You can also
tomatillo salsa, corn tortillas wrap a filling quickly warm a stack of tortillas, wrapped in
of shredded chicken, sautéed onions and a kitchen towel, in the microwave.
cotija cheese. Ms. Davila tops hers with a “The salsa ties everything together,” Ms.
The Chef watercress salad and a dollop of sour cream. Davila said. “When it meets the chicken,
Diana Davila If you use rotisserie chicken, this meal cheese and sour cream you get an incredible
comes together especially fast. Once shred- richness.” —Kitty Greenwald
Her Restaurant
Mi Tocaya Antojería, Total Time 30 minutes 1. Set a large pan over me- into a clean pot and simmer
Chicago Serves 4 dium-high heat and swirl in over medium-high heat until
1/
4 cup sunflower oil sunflower oil. Add half the salsa tightens, about 5 min-
What She’s 11/2 medium white onions, sliced onions, season with utes. Season with salt and
Known For thinly sliced salt and pepper, and sauté lime juice to taste.
Authentic Mexican Salt and freshly ground until translucent, 3-5 minutes. 3. Make the salad: Toss to-
cooking—traditional black pepper Add garlic and sauté until ar- gether remaining onions, wa-
dishes and regional 2 cloves sliced garlic omatic, 1 minute. Stir in tercress, cilantro leaves and
classics as well as 2 pounds roasted or poached chicken and pour in 1/2 cup stems, and remaining cheese.
her own creations— chicken, shredded broth. Cook until broth mostly Toss in zest of 1 lime, enough
served with warmth 11/2 cup chicken broth cooks off, 10 minutes. Stir in 1 lime juice and olive oil to
and hospitality 11/2 ounces cotija cheese, ounce crumbled cheese. lightly coat, and salt to taste.
crumbled 2. Meanwhile, make the salsa: 4. Assemble the enchiladas:
6 tomatillos, husks removed In a small pot over medium- Working with one warm torti-
1 serrano chile, stemmed high heat, combine 1 cup lla at a time, place a scant
1/
and halved broth and tomatillos, bring to 4 cup chicken filling in the

1 bunch cilantro, chopped,
plus leaves and thin stems
from 1/2 bunch
2 limes
1 bunch watercress, chopped
Extra-virgin olive oil
12 (6-inch) corn tortillas,
warmed until pliable
Sour cream, to serve
a simmer and cook until
tomatillos soften, 10 minutes.
Transfer tomatillos to a
blender, reserving cooking liq-
uid. Add chile and chopped ci-
lantro to blender and purée
until smooth. Loosen with
splashes of tomatillo cooking
liquid as needed. Pour salsa
center. Fold tortilla over filling,
and shingle filled enchiladas
onto a serving platter or
plate. Ladle hot salsa over en-
chiladas until it smothers
them and pools around them.
Garnish with salad and serve
with sour cream alongside or GREEN LIGHT Tomatillos have a nice, bright acidity that gives the
dolloped on top. salsa verde its invigorating punch.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 13 - 14, 2021 | D9

EATING & DRINKING

NOODLING AROUND
BY KATHLEEN SQUIRES

A
Though it’s called
pasta Milanese, this
S AN Irish/Italian
bucatini garnished
American growing up
with breadcrumbs is
in northern New Jer-
actually a Sicilian
sey, I viewed March as
specialty.
a month of dueling
saints: Patrick and Joseph. A Sun-
day-sauce type of family, we en-
dured corned beef and cabbage only
once a year; the foods of Sicily were
much more prominent on our table.
Many people around the world

CHELSEA KYLE FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES, PROP STYLING BY VANESSA VAZQUEZ
know St. Joseph as the humble car-
penter who was Christ’s father on
earth. In Sicily, he is the patron saint
credited with ending famine during
a drought in the Middle Ages, bring-
ing rain and making the land once
again productive. The populace, in
gratitude for their answered
prayers, promised to honor him
each year with an abundant feast.
Observant Sicilians festoon altars
with food in their homes as well as
in churches, schools and public
spaces. Each offering holds symbolic
significance. Loaves of bread take
the shape of wreaths, hearts, crosses
and even carpenter’s tools. Mounds
of dried fava beans—remembered as

‘It’s a wonderful holiday

about being connected,
people coming together,
cooking, laughing
and eating.’

the first crop to return after Joseph

brought the rains—represent abun-
dance, resilience and hope. Foods
such as artichokes, chickpeas, fen-
nel, citrus, figs, tomatoes and car-
doons reflect Sicily’s bounty. And
there’s always a vast spread of pas-
tries—zeppole, cannoli, cookies and
cakes. (St. Joseph also happens to be
the patron saint of pastry chefs.)
Another important part of the
day is feeding the hungry by bring-
ing food to and volunteering at
churches, shelters, nursing homes
and soup kitchens. At home, the fes-
tive spread includes foods featured
on the altar, pastas and fish (never
meat, as this is the Lenten season).
In the U.S., nowhere is this saint’s
day celebrated more elaborately
than in New Orleans, a hub of Sicil-
ian immigration in the late 19th and
early 20th centuries. My own inter-
est in the holiday was reignited after
a St. Joseph’s Day visit to the res-
taurant Avo, in the city’s Uptown
neighborhood, where I was de-
lighted to find a painstakingly as-
sembled altar as well as a lavish St.
Joseph’s feast cooked by one of the
city’s most talented chefs.
Avo’s chef/owner, Nick Lama, is a
third-generation Sicilian American
who started presenting a feast at
the restaurant in 2016, the year after
it opened. His mother, Lisa Saia,
takes charge of the altar each year.
“I have celebrated this my whole
life,” she told me. “It’s a wonderful
holiday about being connected, peo-
ple coming together, cooking, laugh-
ing and eating. But there’s also the
tradition of feeding the hungry and
taking care of the community.”
A Transcendent Plate of Pasta
Close on the heels of the annual corned-beef-and-cabbage party that is St. Patrick’s Day, there’s
another, arguably tastier saintly feast to celebrate. This year it’s looking more appealing than ever.
Each year on March 19, Mr.
Lama opens the restaurant early to
allow neighbors to visit the altar
and enjoy a buffet with salads,
stuffed artichokes, pasta, cookies
and sweets. At night, he offers a
menu dedicated to the feast, high-
lighting Sicilian ingredients in
dishes such as snapper with fava
beans, chickpeas, wild mushrooms
and olive tapenade. The menu
changes year to year, but one item
is sacrosanct: Pasta Milanese,
despite its name, is Sicilian
through and through. Also known
as pasta con le sarde, the signa-
ture dish of St. Joseph’s feast con-
sists of bucatini topped with sar-
dines or anchovies and a sauce of
tomatoes, onions and fennel, with
a sprinkle of toasted breadcrumbs
to symbolize the sawdust of St.
Joseph’s workshop.
In years past, over 200 people
visited Avo’s altar during the day
and the restaurant was filled to ca-
pacity at night. This year Mr. Lama
will host an intimate group at the al-
tar and serve diners at limited ca-
pacity due to Covid-19 restrictions.
And those who plan to celebrate
at home have a handy new guide
just in time for the holiday: “Cele-
Pasta Milanese diced 1. Heat olive oil in a large third, 3-5 minutes.
“I love this pasta because 1 bulb fennel, finely skillet over medium heat. 5. Either crush tomatoes
all the ingredients speak diced Add anchovies and cook by hand or pass through
to Sicily,” said chef Nick 6 cloves garlic, minced until lightly browned, 1 a food mill, and add to
Lama of Avo restaurant 1 teaspoon toasted minute. pot. Simmer sauce, stir-
in New Orleans. Red pep- ground fennel seed 2. Add onions, fennel and ring often, until thickened,
per provides punch, while 1 teaspoon red pepper garlic, and sweat until 45 minutes. Taste and
the sweet tomatoes, fra- flakes lightly golden, about 10 add salt as needed.
grant fennel and salty an- 1 teaspoon freshly minutes. 6. As sauce finishes cook-
chovies balance harmoni- ground black pepper 3. Add fennel seed, black ing, boil pasta according
ously. Breadcrumbs add a 1/
4 cup white wine pepper, red pepper flakes to package instructions
delightful crunch. 1 (28-ounce) can whole and a few pinches of salt. until al dente. Drain pasta
Total Time: 1 hour peeled San Marzano Cook until fragrant, 1 min- and toss with sauce. Fin-
Serves: 6 tomatoes ute. ish pasta with a sprinkle
1 pound bucatini or 4. Deglaze pan with of toasted Italian bread-
1/
4cup extra-virgin spaghetti white wine, scraping up crumbs and serve.
olive oil 1 cup toasted any browned bits from —Adapted from Nick
4 anchovy fillets, minced breadcrumbs the bottom, and cook un- Lama, of Avo, New
1 yellow onion, finely Sea salt til liquid reduces by one Orleans
brating With St. Joseph Altars: The 1984 World’s Fair in New Orleans to The faithful call on St. Joseph to
History, Recipes, and Symbols of a a permanent display in New Or- intercede during plague times, too.
New Orleans Tradition,” by Sandra leans’s Southern Museum of Food A feast and a prayer certainly can’t
Scalise Juneau (March 10, LSU and Beverage. hurt. “People are really missing a
Press). The book features 60 recipes In researching the book, Ms. Ju- sense of community and connecting
for traditional feast foods. A long- neau has noticed a renewed interest in person as there is such isolation
time lecturer on the subject, Ms. Ju- in St. Joseph’s Day across the U.S. these days,” said Mr. Lama. “Some-
neau is perhaps St. Joseph’s Day’s “Post-Katrina, when people left, thing like a St. Joseph’s Day celebra-
top preservationist, having curated they brought their food traditions tion is a reprieve and a reminder for
displays everywhere from the Hall- with them, spreading this tradition people to work together as a com-
mark Gallery in New York City to the beyond our borders,” she said. munity for the common good.”

A LITTLE SOMETHING SWEET

Tunisian Orange-Almond Cake
Total Time: 1 hour Serves: 6

When Life Gives You Lemons—And Stale Bread For the cake:
Unsalted butter, for greasing pan
11/3 cups white breadcrumbs
Make this citrusy, cinnamon-spiced cake that uses breadcrumbs in place of flour 1 cup almond flour
1 cup granulated sugar
11/2 teaspoons baking powder
THERE ARE SO many many varieties in syrup- 1 cup minus 2 tablespoons grapeseed,
things to love about this soaked cakes like this canola or other neutral oil
cake. It has a sunny, cit- one.” The classic North 4 large eggs
rusy flavor and moist, African pairing of orange Finely grated zest of 1 large orange
textured crumb. It uses and cinnamon warms up and 1/2 lemon
up leftover breadcrumbs the flavor. For the syrup:
in place of flour, which In place of the tradi-
CHELSEA KYLE FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES, PROP STYLING BY VANESSA VAZQUEZ

Juice of the above orange

makes it feel kind of tional semolina, crumbs Juice of the above 1/2 lemon
thrifty. The pan goes into from most any white 1/
3 cup granulated sugar

a cold oven—no need to bread will work in this 4 cloves

preheat. And the oil in
the batter keeps the cake
moist for several days af-
ter baking. In fact, while
excellent the day it’s
made, this cake is even
better the next day, once
the flavors have become
well acquainted.
I first discovered this
cake at the Ballymaloe
Cookery School in Ire-
land. Ballymaloe’s Darina
Allen credits the British
writer Sophie Grigson
with bringing it to the
U.K. “In Tunisia, this
would most likely be
made with crumbs from
semolina bread,” Ms. Al-
len explained. “Right
now, we’re making it at
the school with blood or-
anges. Tunisia has won-
derful oranges and uses
cake, but they should be 1 cinnamon stick, broken in two
made at home. Anything
too fine, such as panko or 1. Butter an 8-inch springform pan and line
other store-bought the bottom with a round of parchment.
crumbs, will not provide 2. In a mixing bowl, combine breadcrumbs,
enough texture. Use bread almond flour, sugar and baking powder. In a
that’s a day or two old small bowl, thoroughly whisk together oil
and simply blitz hunks and eggs, then pour into dry ingredients.
of it in a food processor Add zests. Whisk batter to thoroughly com-
until you have crumbs bine. Pour into prepared cake pan.
that are roughly the size 3. Set pan in cold oven and set to 350 de-
of olive pits. grees. Bake until cake is golden brown and a
This is delicious paired knife comes out clean, 45-60 minutes. Let
with a soothing herbal in- cool in pan on a rack 10 minutes, then flip
fusion, such as a mint or and unmold cake onto rack.
chamomile tea. With a 4. Make the syrup: In a small saucepan,
cake as moist as this one, combine all ingredients. Cook over low heat
there’s no need for until slightly reduced, 10 minutes.
whipped cream or ice- 5. Use a sharp knife to prick surface of cake
cream. But if you manage about two dozen times. Pour syrup over
to save a slice for break- cake in a slow, steady stream until it has all
POUR FORM After baking,
fast, try it with a dollop of been absorbed. You can leave the cloves and
the cake gets a good soaking
plain yogurt, drizzled with cinnamon on for decoration or discard.
with a spiced citrus syrup.
a little honey. —Adapted from Ballymaloe Cookery School
—Aleksandra Crapanzano
 D10 | Saturday/Sunday, March 13 - 14, 2021
In Search
Of Outer
Calm
As we enter our second spring
of the pandemic, ‘the quiet
garden’ is trending. Here’s how
to achieve your kind of hush.
BY YELENA MOROZ ALPERT
W
hispering grasses, the
plashing of a fountain, the
hypnotizing crunch of
gravel underfoot—Japanese
priests have nurtured con-
templative plots for centuries. Now house-
bound Americans seeking distraction and es-
cape are establishing home gardens that evoke
some of that Eastern horticulture wisdom.
At Soothing Company, a St. George, Utah,
retailer that specializes in outdoor décor,
year-over-year sales in home fountains bur-
bled up 35% in 2020. And when Burpee, a
plant and seed purveyor in Warminster,
Penn., drilled down into the 30% growth in
sales it experienced from 2019 to 2020, a pat-
tern emerged: Buyers sought plants that ex-
ude calm. Sales spiked for ornamental grasses
and for flowers in historically less-popular
colors like white and pale blue. Burpee de-
clared “quiet gardens” a trend for 2021.
What differentiates an oasis of calm from a
typical backyard? A more immersive experi-
ence. “Your attention is occupied by sights,
sounds, smells, textures—and the more multi-
sensory you make something, the less likely
you are to think about work,” said Giulia Poe-
rio, Ph.D., a psychology researcher who fo-
cuses on emotion and well-being at England’s
University of Essex. Here’s how to build your
botanical chill pill.
Turn Down the Colors
Loud hues don’t cultivate serenity. “Reds, or-
anges and yellow are hot colors that stir pas-
sion,” said New York landscape architect Ed-
mund Hollander, who recommends mining the
other end of the spectrum for tranquility.
“The gradation of blues into greens is almost
the colors of a stream, with whites and
creams representing movement, if you will.”
Avoid Wide Open Space
“When a view is partially screened, you estab-
lish a sense of perspective and discovery,” said
Los Angeles landscape architect Patricia
Benner. Designer John Sharp, a fellow Ange-
leno, favors trails that wind through the land-
scape. He introduces structure with plants like
OF A PEACE / FIVE OUTDOOR DECORATIVE ELEMENTS THAT ADHERE TO THE QUIET GARDEN AESTHETIC
Dash & Albert Veranda Natural Gartner Teak Lounge Chair,
Indoor/Outdoor Rug, $1,042 for 5
feet by 8 feet, annieselke.com
AGATA WIERZBICKA
OUTSIDE LOOKING IN While owls and squirrels are still stuck with bare trees, you can ‘force’
branches you bring inside to blossom early (from left: rhododendron, lilac and magnolia).
DESIGN & DECORATING
I’LL TAKE A YARD In the Silver Lake neighborhood of Los Angeles, designer John Sharp outfitted a multi-level backyard with greenery
intermingled with low-contrast purple blooms and spread out pea-gravel—which adds texture and a soothing crunch.
spiring Italian cypress trees or voluminous
Mexican bush sage, and he softens hard
edges—fencing, walls, sheds, staircases—with
greenery. Mr. Hollander stresses the concept
of journey. “You can’t come out of the house
and be in that space. You have to go some-
where, even if it’s only three steps.”
‘The soft rustle of bamboo
adds soothing sounds to the
garden, similar to a fountain.’
Feed on Grasses
“If you’re sitting in a chair next to taller
plants, you feel protected,” said George Ball,
chairman of Burpee. Lanky ornamental
grasses can guard you well and also dance lan-
guorously in the wind. “The kinetic quality of
grasses can create a diaphanous haze that is
lovely to behold,” said Ms. Benner. Juli Risner,
co-owner of Grounded, a retail store and land-
scape architecture firm in Encinitas, Calif.,
loves the aural quality of clumping bamboo
when it’s animated by a breeze. “The soft rus-
Bover Garota P/01
$999, Outdoor Table Lamp, $1,604,
cb2.com 2modern.com
* ***
tle adds soothing sounds to the garden, simi-
lar to a fountain.”
Speaking of Fountains...
“Nothing creates a greater sense of peace
than the sound of water,” said Mr. Hol-
lander. For his part, Mr. Sharp looks for
fountains that echo a home’s aesthetic—
pairing, say, a high stone fountain adorned
with Spanish ceramic tiles with a Mission
Revival residence. Similarly, under a canopy
of river birch on a terrace outside a Manhat-
tan apartment, Mr. Hollander placed a pair
of weathered-zinc bowl fountains that are
minimalist enough to reflect the clean lines
of the home’s interior.
Opt for Organic Furniture
Reject cold metals and synthetic materials.
Rattan, wood and cane let you underline
the earthy theme of the quiet garden. Chi-
cago interior designer Amanda Norcross,
co-owner of Norcross + Scott, relies on
open-weave materials like wicker that can
offset the rigidity of decking and stone.
Woven furniture also brings “this subcon-
scious connection to the maker,” she said.
“It has a life to it.”
Peter Calaboyias Vintage Mid-
Century Brutalist Metal Sculpture,
$1,999, chairish.com
Force of Nature
Who isn’t itching for spring to arrive already? Get a jump on the
season by bringing branches indoors and coaxing them to flower.
IF THERE WAS EVER a time we needed to
hasten the triumphant arrival of spring,
2021 is it.
This year calls for something unexpected:
the thrill of “forcing” branches brought in-
side to blossom with big, blowzy flowers—
lilacs, say, or magnolias, or even rhododen-
drons—while it’s still wintry outside.
“When these kind of flowers bloom indoors,
it’s like ‘Whoa,’” said Jane Godshalk, floral-de-
sign instructor at Longwood Gardens in Ken-
nett Square, Penn. “For us in the east, or any-
where that it’s still cold and damp? It’s a
rebirth.”
Although it’s a little trickier to coax
large-flowered plants to bloom indoors than
the usual suspects like cherry blossoms
from Trader Joe’s, this DIY floral project is
easy enough for a beginner, horticulturalists
and florists say.
How to do it? Grab a sharp pair of prun-
ers and head to the garden (or your neigh-
bor’s, with permission). Cut branches that
are at least 12 inches long and already form-
ing visible flower buds. “For rhododendrons
and other plants with very large flowers,
the bigger the bud, the better the chance of
success,” said Michael Reid, professor emer-
THE WALL STREET JOURNAL.
SEAN HAZEN
Take Art to Heart
Some hard lines, especially those of sculp-
tures, complement quietude. “Contrasting the
natural forms found in gardens with con-
trolled elements of structure is important,”
said Mr. Sharp. He’s fond of rust-colored to-
tem-like pieces, sometimes placed on a coffee
table or along a path. “Creating a juxtaposing
line creates an unexpected dimensional layer.”
Mr. Sharp extends the definition of sculpture
to strongly defined plants such as the colum-
nar silver-torch cactus.
Hear Every Step
“I love the textural quality that gravel brings,”
said Ms. Benner, who lays it down on walk-
ways and patios. “It is a softer way to hard-
scape.” Loose, organic edges let the green
weave in and out. The quiet crunch underfoot
adds to the meditative effect.
Working with an existing deck or terrace?
Knobby knotted outdoor rugs can create the il-
lusion of earth beneath your feet. Ms. Nor-
cross sees no need to fret about the carpet’s
size. “Identify a seating group and let [the
rug] float in front, not under any legs.” If your
quest for backyard Zen goes well, you might
be fretting a lot less in general.
Modern Slate Box Fountain,
$1,820,
chairish.com
itus at the University of California, Davis.
Once you get them indoors where the
temperature is much warmer, the branches
will be inclined to bloom from one to four
weeks earlier than they would if left out-
doors. But they’ll need help.
First, put them in warm water in a big,
sturdy vase or urn that won’t topple under
their weight. Next, “you’ll need to replace
the starch that was stored in their trunk
and roots,” Prof. Reid said. To mimic the
boost the plants get from converting starch
to sugar, he recommends mixing a solution
of one cup of 7-Up and ¼ teaspoon of bleach
per 2½ cups of water. “The 7-Up also con-
tains citric acid, which helps the water to
flow more freely up the stems,” he said,
“and the bleach kills bacteria.”
As for smashing the tips of woody stems
to promote water uptake, that once-advised
practice actually speeds bacteria growth and
can lead to an untimely demise. Besides, if
you want to use a clear vase so you can see
the stems, “you don’t want to see any
smashed bits,” said Todd Carr, co-owner of
Hort and Pott, a floral design studio in Oak
Hill, N.Y. Place them in direct or indirect sun-
light, and enjoy the show. —Michelle Slatalla
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 13 - 14, 2021 | D11

DESIGN & DECORATING

CIRCLE GAME Fashion designer
Raquel Allegra took cues from her
home’s architecture and layered in
lots of rounded furniture.

KATE RUSSELL FOR THE WALL STREET JOURNAL

LIVING IN THE ROUND
HOUSE TOUR Los Angeles fashion designer
Raquel Allegra furnished this
24-room house in Taos, N.M.,

Brand New almost entirely from second-

hand sources. One way she
avoided a junk-shop look was
by taking cues from the home’s

Is Overrated architecture—echoing, for in-

stance, the rounded arches of
the living room with blobby,
no-provenance leather seats
that a friend found on Craigs-
list. “I’m not really a fan of in-
How a clothing designer fashioned a teriors that take themselves
first-rate interior out of a truckload of too seriously,” she said. “The
faded aqua of the leather felt
secondhand finds just punk enough to play off
the elegance of the room.”
Sconces, stools, a smoked-glass
BY KRISTEN BATEMAN

A
cocktail table and a Nelson
Bubble Lamp pendant from OUTSIDE-IN BATH
LITTLE OVER A year ago, when Raquel
Herman Miller carry on the cir- In the main bathroom, even some of the plants are hand-me-downs, left behind by the
Allegra decided to buy an 8,000-square-
cle theme, while a long, previous owner. Ms. Allegra admitted that she incorporated greenery not only to cre-
foot second home in Taos, N.M., the fash-
straight, traditional Southwest ate an almost tropical bathing experience but to tide her over until she can remodel
ion designer was set on decorating it al-
“banco,” or bench, introduces a the space. “The plants help distract me from the parts of the bathroom that await be-
most exclusively with previously owned
welcome contrasting shape. ing reimagined,” she said.
pieces. “There’s just so much available in the world,”
she said, “and they’ve had a life before they came to
me, which is important to me.” So began a wide-rang-
ADOBE CUES
ing hunt: on Craigslist, on the Nextdoor app and at
Ms. Allegra scored the dining
shops near her home in the Topanga neighborhood of
room’s chairs, made of “good
Los Angeles. “I got my friends in a van and filled it up
old-fashioned pleather,” via
and sent it all out to Taos.”
Craigslist. The $12-a-piece
How did Ms. Allegra pull off a cohesive decorating
seats originally outfitted a
scheme for a structure nearly 1,000 miles away? “All
cruise ship, and their horseshoe
throughout the house, the walls are this really soft, al-
shape jibes with the arches in
most dirty peach color,” she said. “As I was looking for
the home’s thick plaster walls.
things, anything that had that call-out toward peach felt
Striped fabric covers the pil-
like it would work in the house.” The result: a collection
lows, chiming the rhythm of
of pieces in harmonious browns and creams—plus con-
the ceiling beams, while a bell-
trasting greens, which “call out” more energetically to
shaped Murano-glass pendant
the rosy adobe walls. Here, her strategies room by room.
lamp from the L.A. outpost of
Olde Good Things offsets the
dark, blocky copper table. “The
masculine-feminine balance is
important to me,” she said, as
are metaphysical properties of
materials. “When I found [the
table], my mind rushed with
the healing properties of cop-
per and how grounding it
would feel to gather around it.”

BALANCED BEDROOM
Various greens pop in the
main bedroom in the
form of the plant’s chlo-
rophyll, the deep-olive
Chesterfield sofa, the pa-
tina of the copper coffee
table in front of it
(bought for $100 at an
estate sale) and, of
course, the chaise found
at Shop NFS (short for
“Not for sale”) in L.A. “It
is quite literally a chaise
in the shape of a big
green foot, with alumi-
num cast feet that are
SCRAPED-TOGETHER SCULLERY also ‘feet,’ ” said Ms. Al-
Ms. Allegra also seeks a balance of classic and handcrafted, she legra. “Even the toes and
said. In the kitchen, she juxtaposed a vintage Turkish Oushak toenails are stitched into
rug with handmade bowls as well as the simple cabinet door the canvas uphol-
that hides the dishwasher (center). “In the spirit of what I plan stery.” The rest of the
to do with [the kitchen] in its next incarnation, I commissioned room relies on neutrals,
a talented artist and friend to carve a door,” she said. Once though not boringly. The
again, houseplants bring in green as does as a weathered, black and white rug is
painted chair at a big, old French farmer table. When it comes not merely striped, it’s
to secondhand buys, said Ms. Allegra, the real value is in the patterned with vertigi-
large pieces, which can be very costly if purchased new. nous concentric squares.
D12 | Saturday/Sunday, March 13 - 14, 2021 * *** THE WALL STREET JOURNAL.

TOWARDS A DREAM