WSJ
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
What’s
News
World-Wide
U .S. airline-passenger
numbers are forecast to
average as many as two mil-
lion a day through the Memo-
rial Day holiday, testing the
ability of airlines and airports
to handle infrequent and, in
some cases, unruly, fliers. A1
 Biden’s $6 trillion budget
proposal unveiled Friday
charts his vision of an ex-
pansive federal government
role in the economy and
the lives of Americans. A4
 Senate Republicans
blocked the creation of a
commission to investigate the
Jan. 6 assault on the U.S. Cap-
itol, after GOP leaders urged
colleagues to reject it. A5
 Covid-19 cases during In-
dia’s recent surge have been
more severe, with people
younger than 50 getting
sicker, compared with a
wave last fall, doctors say. A1
 U.S. employers could
require all workers physi-
cally entering a workplace
to be vaccinated against
Covid-19, the EEOC said. A3
 Russia-linked hackers be-
hind the SolarWinds cyberat-
tack launched a phishing
attack targeting email ac-
counts at over 150 organi-
zations, Microsoft said. A3
Business & Finance
 A pathbreaking pill for
lung cancer from Amgen
was approved by the FDA,
adding a new potential
blockbuster to the company’s
aging stable of drugs. A1
 Americans continue to
venture out to buy services
they went without for over
a year, a shift that is adding
fuel to the recovery and
stirring higher inflation. A1
 Boeing has halted de-
liveries of its 787 Dream-
liners, adding fresh delays
for customers following a
recent suspension in hand-
ing over the aircraft due to
production problems. B1
 Many of the world’s
biggest investment firms
helped elect directors pro-
posed by an upstart envi-
ronmental-activist fund to
Exxon Mobil’s board. B1
 The S&P 500 and Dow
clinched gains for the
month of May, while the
Nasdaq logged a decline. B11
 Soccer superstar Neymar
lashed out at Nike, question-
ing how the company handled
a Nike employee’s allegation
of a sexual assault and disput-
ing its reason for why he and
the firm parted ways. B3
NOONAN
Defund the Police?
No, Fund Them
Better A15
NOTICE TO READERS
WSJ.com and WSJ mobile
apps will publish throughout
the weekend. The Wall
Street Journal print edition
won’t appear Monday,
Memorial Day, but a daily
edition will be available in
WSJ iPad and Android apps.
CONTENTS
Books.................... C5-16
Business News...... B3
Food............................ D11
Heard on Street...B12
Obituaries................. A9
Opinion.............. A13-15
s 2021 Dow Jones & Company, Inc.
All Rights Reserved
14 Ways to
Look Forward
To Summer
OFF DUTY
THE WALL STREET JOURNAL WEEKEND
* * * * * * SATURDAY/SUNDAY, MAY 29 - 30, 2021 ~ VOL. CCLXXVII NO. 125 WSJ.com HHHH $5.00
Amgen’s
Lung
Cancer
Pill Wins
Approval
FDA signs off on drug
DAVID DEGNER FOR THE WALL STREET JOURNAL
meant to work against
a genetic mutation;
cost: $17,900 a month
BY JOSEPH WALKER
A pathbreaking pill for lung
cancer from Amgen Inc. was
approved by the U.S. Food and
.
Drug Administration, adding a
new potential blockbuster to
ly
Lance Cpl. Walter O’Haire poses with his mother and godmother before shipping off to Iraq, where he was killed by a sniper. the biotech giant’s aging sta-
ble of drugs.
One Last Mission: To Rescue
The drug, called Lumakras,
on was approved Friday to treat a
portion of lung cancer patients
with a particular genetic mu-
A Fallen Marine’s Purple Heart
tation who have already tried
other therapies. The mutation,
us ,
known as KRAS, is among the
l
most common found in can-
e
al a
cers, but researchers struggled
for so many years to find a
medicine that can treat it that
ci on
Members of Walter O’Haire’s old unit, including a Journal reporter, save medals from auction the mutation came to be con-
sidered “undruggable.”
BY BEN KESLING where I was a young lieutenant, the Massachusetts on Mother’s Day and he The FDA’s approval, which
first and only death in our unit during was buried on his 21st birthday. His has sped through clinical trials
I remember the day Lance Corporal a seven-month deployment in Iraq. At mom got his medals, including a post- since the first encouraging re-
er s
Walter O’Haire was killed in Fallujah. the memorial service on base a few humous Purple Heart, packaged in a sults in 2019, is a validation
Known as Gator to his friends, Lance days later, the company first sergeant, handmade display case. for Amgen’s drug-discovery
m er
Cpl. O’Haire was on a rooftop with his equipped with a voice like a force of After a few more years in the Ma- capabilities, analysts say, and
squad on a sweltering May afternoon nature, boomed out the formal roll rines, I left the service as a captain and a landmark in harnessing ge-
in 2007, watching over fellow Marines call. He ritualistically demanded Lance became a journalist covering veterans netic discoveries to find new
on the street below when a sniper hit Cpl. Walter O’Haire respond. Three and the Pentagon. My own medals were drugs for hard-to-treat can-
him about 2 inches below the back of times he called his name, and three stored away in a box at home, and my cers and other diseases.
m rp
his helmet. times he was met with silence. ribbons remain pinned on my old dress Amgen is among the drug-
It was a blow to Golf Company, Gator’s body arrived back home in Please turn to page A10 Please turn to page A6
INSIDE
In India, U.S. Spending Boost
co Fo
Young Are
Hit Hard Adds Fuel to Growth
By Covid BY JOSH MITCHELL
Americans continue to ven-
again. Spending on services,
which account for the bulk of
all consumer purchases, rose
Household finances
$25 trillion
Income
ture back out into public to 1.1% last month; spending on
20
EXCHANGE
n-
BY SHEFALI ANAND buy services they went with- goods fell 0.6%.
AND SURYATAPA BHATTACHARYA Can food-delivery out for more than a year—a The higher spending is being
shift that is adding fuel to the fueled by rising vaccination 15
NEW DELHI—Covid-19
apps finally deliver economic recovery and stir- rates, falling business restric-
a profit? B1
no
cases during India’s recent ring higher inflation. tions and ample household sav- 10 Consumer
surge have been more severe, Consumer spending, the ings, much of it from the federal spending
with people younger than 50 biggest source of economic de- government. States and cities 5
getting sicker, compared with mand in the U.S., rose 0.5% continue to lift restrictions on
a previous wave last fall, ac- last month after surging in businesses such as restaurants,
cording to doctors in hard-hit March, the Commerce Depart- gyms and concert venues, and 0
areas. ment said Friday. customers are returning. 2015 ’17 ’19 ’21
While a number of factors The report offered mostly “The U.S. consumer has an
might have contributed, in- positive signs about the direc- itch to spend, the means to do Consumer spending
cluding treatment delays and tion of the economy’s path out so and fewer health reasons Services
inadequate access to hospital of the pandemic-induced down- not to indulge,” said Gregory $10 trillion
beds or oxygen, physicians in- turn. After months of buying Daco, chief U.S. economist for
terviewed by The Wall Street goods from the safety of their Oxford Economics. 5 Goods
Journal in India said they have homes, Americans are increas- Americans are well-posi-
seen so many patients suffer REVIEW ingly comfortable enough to go tioned to continue spending 0
serious symptoms so quickly The Tulsa Race out in public and buy things in Please turn to page A2
2015 ’17 ’19 ’21
that they believe the disease person, a shift that economists
Massacre,
there is becoming more viru-
100 years later. C1-4
say is crucial to getting the  Heard on the Street: Fed looks Note: Seasonally adjusted at annual rates
lent. economy running at full speed on as inflation takes toll..... B12 Source: Commerce Department
“The dreaded cytokine
storm, which would appear af-
Crowds Are Back, so Get Ready
ter a week in the last wave, is
striking within the initial
three to five days,” said Kunal
To Share Times Square Again
Surge in Fliers to Test
Sarkar at Medica Superspe-
cialty Hospital in Kolkata, re-
ferring to the immune-system
i i i Airports and Carriers
overreaction that can be fatal. Release from pandemic seclusion comes
A number of Indian doctors BY DOUG CAMERON and mountains picked up in
said those hospitalized in the with resurgence of city’s annoyances March and accelerated in re-
surge have required more oxy- U.S. airline-passenger num- cent weeks, airline executives
gen than Covid-19 patients bers are forecast to average as said at an industry conference
previously needed. They de- BY CHARLES PASSY New Yorker next to him knew many as two million a day this week.
scribed seeing faster-spread- it. “New York is coming back through the Memorial Day hol- “The surge in travel is just
ing lung damage and faster- During New York City’s to New York,” his daughter, iday, testing the ability of air- now starting to happen,” said
Sports........................ A12
Style & Fashion D2-3 dropping oxygen levels among lockdown, Richard Gowan, a Ivy Barrette-Gowan, re- lines and airports to handle Frontier Airlines’ chief execu-
Travel...................... D4-6 relatively young patients, and 42-year-old resident of Brook- marked. infrequent and, in some cases, tive, Barry Biffle. “Memorial
U.S. News............ A2-6 longer recovery times. lyn, N.Y., took sol- New York City, unruly, fliers. Day is going to be big; the
Weather................... A12
Wknd Investor....... B6
Covid-19 patients at all age ace in the fact that like most of Amer- While domestic air-travel Fourth of July is going to be
World News....... A7-8 levels have had increased oxy- the streets were ica, is reopening. numbers last Christmas were crazy.”
gen needs, doctors said, but blissfully quiet. That means a joy- half those in 2019, recent Many holiday-weekend
they were especially surprised “You felt like you ous release from Transportation Security Ad- travelers are infrequent fliers,
> to see this in younger patients. could hear the birds seclusion back into ministration counts have them and now some are coming
Epidemiologists cautioned singing,” he recalls. public spaces—and now hovering around 90% of back after more than a year of
that what Indian doctors are When he was re- all the crowds, pre-pandemic levels. The TSA staying close to home. Ameri-
Please turn to page A8 cently on a bus Welcome back noise and annoy- screened 1.9 million passengers can Airlines Group Inc., the
stuck in a traffic ances that come last Sunday, a 14-month high. world’s largest carrier, said a
 Pandemic crisis crushes India jam, he realized those days with the return. For big city Bookings from leisure trav- third of its passengers typi-
with grief..................................... A8 are gone. Even the 7-year-old Please turn to page A6 elers heading to the beaches Please turn to page A4
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Saturday/Sunday, May 29 - 30, 2021
THE NUMBERS | By Jo Craven McGinty
Most U.S. Dairy Cows Are Kissing Cousins
Trick ques-
tion: How
many Hol-
steins—the
black-and-
white dairy
cows prized for the quality
and quantity of their milk—
are in the U.S.?
a. Nine million
b. Fewer than 50
c. Both a and b
Holsteins give more milk
than any other dairy cow in
the country, with the average
female producing around
23,000 pounds of milk over
305 days, according to the
Holstein Association USA. The
entire population provides
94% of the nation’s milk.
But selective breeding—al-
lowing farmers to mate only
animals with the most desir-
able traits—has led to so
much inbreeding that virtu-
ally all Holsteins in the U.S.
and abroad descend from just
two bulls.
So, while there are roughly
nine million Holsteins in the
U.S., the breed’s effective
population—a measure of ge-
netic diversity—is just 43, ac-
cording to an estimate pub-
lished last year in the peer-
reviewed Journal of Dairy
Science.
“Effective population rep-
NEW YORK CITY
Giuliani’s Bid to See
Evidence Is Rejected
A federal judge Friday denied
Rudy Giuliani’s bid to review ma-
terials seized in a criminal inves-
tigation into his dealings with
former Ukrainian officials, saying
Mr. Giuliani’s status as a lawyer
to former President Donald
Trump didn’t exempt him from a
search warrant.
Instead, U.S. District Judge J.
Paul Oetken granted a request by
the Manhattan U.S. attorney’s of-
fice to appoint an independent au-
thority, known as a special mas-
ter, to review the materials seized
last month from Mr. Giuliani’s
home and office for potentially
privileged information such as at-
torney-client communications.
“[L]awyers are not immune
from searches in criminal investi-
gations,” Judge Oetken wrote in
his order, which also rejected a
similar request from a lawyer
and associate of Mr. Giuliani,
Victoria Toensing, whose devices
were also seized last month.
The Manhattan U.S. attorney’s
office and the Federal Bureau of
Investigation are investigating Mr.
Giuliani for possible violations of
federal lobbying laws in connec-
tion with his dealings in Ukraine.
Mr. Giuliani has said he never
served as a foreign agent and
has denied wrongdoing. A law-
yer for Mr. Giuliani didn’t re-
spond to a request to comment.
no
—Rebecca Davis O’Brien
Spending
Boost Fuels
Growth
Continued from Page One
despite a drop in income last
month. Household income fell
13.1% in April, the biggest
drop on record, though the
decline followed a surge the
prior month due to the effects
of stimulus payments that
went out earlier this year. In-
come rose sharply in March as
the government sent most
households $1,400 checks as
part of Covid-19 stimulus ef-
forts.
Despite the April drop,
household income was 11%
higher than in February 2020,
the month before the pan-
demic hit the U.S. Households
have saved about $2 trillion
more than they would have
absent the pandemic and fed-
eral relief efforts in response
to it, according to Morgan
Stanley.
The report also contained a
potential warning flag—higher
inflation. Labor shortages, ris-
ing demand and disruptions in
shipments are leading compa-
nies to raise prices.
The Commerce Depart-
ment’s inflation measure
showed consumer prices rose
0.6% in April from a month
earlier and 3.6% from a year
resents the unique pedigrees
within a breed,” said Les Han-
sen, a professor of dairy-cat-
tle genetics at the University
of Minnesota. “All the others
are different permutations of
those.”
In the wild, animals with
an effective population of less
than 50 are considered at im-
mediate risk of extinction be-
cause of higher risks of mis-
carriages, stillbirths and
genetic abnormalities.
Holsteins, whose breeding
cycles are strictly managed by
the agriculture industry,
aren’t on the verge of disap-
pearing, but their level of in-
breeding concerns some ge-
neticists.
“We’re not seeing a prob-
lem, but the average cow lac-
tating today is probably 7.3%
inbred,” Dr. Hansen said. “For
heifer calves born early this
year, it’s up to 9%.”
T
he percentages esti-
mate the probability
that a pair of genes are
identical because they de-
scended from an ancestor
shared by both parents. The
more often near relatives
mate, the higher the percent-
age.
In the past, geneticists rec-
ommended the average
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
SHOREBIRDS: U.S. Marine Corps Sikorsky Sea Stallion helicopter pilots practiced maneuvers Friday before the Hyundai Air and Sea
Show in Miami Beach, Fla. The two-day event over Memorial Day weekend honors fallen military personnel and first responders.
WASHINGTON, D.C.
U.S. Bans Imports
From China Fishery
n-
The U.S. banned imports of
tuna, swordfish and other sea-
food from a Chinese fishery com-
pany, citing evidence of forced la-
bor on its distant-water vessels.
earlier. Core prices, which ex-
clude energy and food, rose
0.7% over the month and 3.1%
over the year.
The Federal Reserve, which
aims for 2% annual inflation
to keep the economy growing
at a healthy pace, believes
that the higher inflation is
due largely to temporary fac-
tors, such as supply disrup-
tions, and will eventually sub-
side.
The latest annual inflation
figures are also skewed be-
cause of the severe recession
caused by the onset of the
pandemic in spring of 2020,
which caused prices to drop
sharply a year ago.
After adjusting for annual
inflation, both household
spending and incomes fell in
April.
Despite the inflation data,
markets edged higher Friday
with the S&P 500 rising 0.1%.
Consumers’ outlook slipped
As states and cities lift restrictions on businesses such as
restaurants and gyms, customers are returning.
U.S. NEWS
shouldn’t surpass 6.25% for Percentage of inbreeding in
commercial livestock, Dr. genotyped Holstein and Red
Hansen said. But now, some and White bulls, by birth year
suggest the inbreeding of Hol- 12%
steins shouldn’t be a concern
until it exceeds 10%.
At the current rate, that 10
could happen in about two
years. 8
The two bulls that most
Holsteins descend from are
Round Oak Rag Apple Eleva- 6 leagues, has estimated the ef-
tion and Pawnee Farm Ar-
linda Chief—Elevation and
4
Chief for short. Each was
born in the 1960s and was
used as a sire, providing se- 2 dwindling diversity of Hol-
men for artificial insemina-
tion. The DNA of their recent
descendants now permeate 0 But rather than slowing
the breed. 1980 '90 2000
“These bulls have incredi- Note: Calculated April 2021
ble global impact,” Dr. Hansen
Source: Council on Dairy Cattle Breeding
said. “A bull in production for
10 years will produce up to mented in 2015, causes calves
two million units of semen to suffer from chronic diar-
and a tremendous number of rhea and, typically, die be-
daughters.” tween three weeks and six
Along with maximizing months after birth.
milk production, selective The recessive genes that
breeding boosts longevity, cause the condition have been
mobility, leg and foot health, traced back to Maughlin
and dozens of other positive Storm, a Canadian bull born
traits. in 1991 whose offspring have
But it’s also responsible for been used world-wide. The
the proliferation of some dis- deficiency is one of at least 15
eases. genetic disorders that ad-
Cholesterol deficiency, an versely affect Holsteins, ac-
incurable disorder first docu- cording to the U.S. Agricul-
U.S. WATCH
U.S. Customs and Border Pro- cluding physical violence against
tection agents will detain ship- fishers, debt bondage, withhold-
ments containing seafood har- ing of wages and abusive living
vested by China’s Dalian Ocean and working conditions,” Troy
Fishing Co., officials said, in the Miller, CBP’s senior official per-
latest example of Washington forming the duties of the com-
confronting Beijing over human- missioner, said.
rights issues. The order applies to the Chi-
“We have found evidence of nese company’s entire fleet of
all 11 forced labor indicators, in- 32 vessels, which were said to
a bit, according to a separate
report Friday. The University
of Michigan’s consumer senti-
as much as she did before the
pandemic, particularly on ser-
vices. She believes some of
ment index fell to 82.9 in May
from 88.3 in April, a drop in
part due to inflation concerns.
her spending habits have per-
manently changed. When she
worked in a Times Square of-
The most important shift
for the economy right now is
the return to more normal
fice before the pandemic, she
frequented establishments
nearby, including a Flywheel
spending patterns by people spin class. Now, while working
like Katelyn and Kyle Janosch remotely from their apart-
of Brooklyn, N.Y. Earlier this ment, she exercises at home.
month, the newly vaccinated She thinks she will continue
couple traveled to Milwaukee going out less in general.
to visit his parents, their first “I have learned it is nice to
trip by plane since the pan- have down time,” Ms. Janosch
demic began. said.
Ms. Janosch, a 31-year-old Combined, the federal gov-
clothing designer, has begun ernment sent households
dining out again in the city. about $800 billion in Covid-19
Last week, she got a manicure relief payments, including
for the first time in more than $1,400 stimulus payments to
a year. “I just really did miss most households earlier this
getting my nails done,” Ms. year, and a further $700 bil-
Janosch said. “My nail techni- lion in unemployment insur-
cian—I missed her. I’m so ance on top of normal jobless
happy she’s there.” benefits, according to Morgan
Yet, she still isn’t spending Stanley. Economists believe
Americans will spend a chunk
of those savings in coming
months.
Air travel has picked up
substantially this year but it is
still below pre-pandemic lev-
els. One reason is a reduction
in business travel. Many meet-
JUSTIN LANE/EPA/SHUTTERSTOCK
ings are now being held on
Zoom.
Some states have also said
that they will keep business
restrictions in place until later
this summer. Those restric-
tions prevent service provid-
ers such as restaurants and
bars from operating at full ca-
pacity.
* ****** THE WALL STREET JOURNAL.
ture Department. (Tests are and because of that, the aver-
used to detect and eliminate age age when Holsteins have
them from the population.) offspring has shrunk.
“There are individual ex- In 1990, sires of bulls were
amples like cholesterol defi- 8 years old, on average, ac-
ciency that are devastating,” cording to Dr. Baes. By 2016,
said Christine Baes, who they were 2.32. Sires of cows
holds the Canada Research were, on average, 7.67 years
Chair in Livestock Genomics old in 1990. By 2016, they
at the University of Guelph in were 3.75.
Ontario, and who, with col- Females changed similarly.
When birthing a bull, they
fective population of the were 2.24 years old, on aver-
breed. “But the benefits gen- age, in 2016, down from 5.74
erally outweigh the costs.” in 1990. When birthing a
Still, the worry is that the heifer, they were 3.25 years
old in 2016, down from 4.49.
steins could permanently un- Before genomic selection
dermine the breed’s fitness. was introduced in the U.S. in
2008, Holstein inbreeding in-
'10 down, the pace of inbreeding creased at an average rate of
has accelerated. 0.11% each year, according to
Dr. Hansen’s research.
T
raditionally, livestock In 2019, the average rate of
were bred based on the increase was 0.46%.
pedigrees in herdbooks, “Without correction, it will
the record of a recognized keep on,” Dr. Hansen said.
breed that traces the lineage “Maybe they can tolerate high
of registered animals. inbreeding. We don’t know.”
“A potential bull would be One potential solution
born, and you had to wait un- might fix the cows but water
til it had milk-producing off- down the milk.
spring to tell how good it “If you’re desperate, you
was,” Dr. Baes said. “Now, you crossbreed,” Dr. Baes said.
can look at its DNA.” “You won’t have that Cadillac
The process, known as ge- of milk production anymore.
nomic selection, allows genet- But you’ve immediately
icists to identify desirable solved your inbreeding prob-
.
traits in very young animals, lem.”
ly
FLORIDA
Jury Sides With 3M
in Suit Over Earplugs
A Florida jury on Friday sided
with 3M Co. in a case alleging
the company’s earplugs caused a
veteran’s hearing problems, the
first defense win for the com-
pany in burgeoning litigation
around the earplugs.
The defense win comes in the
second case to go to trial out of
more than 230,000 similar claims
alleging 3M knowingly sold faulty
earplugs to branches of the military
for decades. The first trial ended
with a $7.1 million verdict for
three veterans. 3M stopped sell-
ing the earplugs in 2015 and has
stood by the safety of the product.
The majority of the claims have
been consolidated in front of U.S.
JOE RAEDLE/GETTY IMAGES
District Judge M. Casey Rodgers in
Pensacola, Fla., in a process known
as multidistrict litigation. The
judge selected plaintiffs for three
so-called bellwether trials, which
will help give both sides a sense
of how juries react to the claims.
The second jury heard the
case of Dustin McCombs of Ohio,
who said his use of the earplugs
operate off the coasts of China, while serving in the Army caused
Indonesia and Senegal with tinnitus. Attorneys for Mr. Mc-
mostly Indonesian crews. Combs said they are disappointed
The Chinese Embassy in by the jury’s conclusion and look
Washington and Dalian Ocean forward to the third trial.
Fishing, based in China’s north- A 3M spokeswoman said: “We
ern coastal city of Dalian, didn’t are pleased with today’s verdict
respond to email requests to and will continue to vigorously de-
comment. fend ourselves in upcoming trials.”
—Yuka Hayashi —Sara Randazzo
CORRECTIONS  AMPLIFICATIONS
The existence of a French
antitrust investigation into
Google’s tools for buying and
graphic with a Business & Fi-
nance article on Thursday
about Amazon’s acquisition of
selling ads on the web was pre-
viously reported by the French
news website Journal du Net. A
MGM Holdings incorrectly
mischaracterized Amazon
Prime Video’s subscriber
Page One article on Friday re- growth as stagnant.
vealing the Alphabet Inc. unit’s
potential settlement in that Notice to readers
case incorrectly said the exis- Wall Street Journal staff
tence of the case itself hadn’t members are working remotely
been previously disclosed. during the pandemic. For the
foreseeable future, please send
Amazon.com Inc. has reader comments only by email
added U.S. Prime Video sub- or phone, using the contacts
scribers over the past year. A below, not via U.S. Mail.
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THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, May 29 - 30, 2021 | A3

U.S. NEWS

Covid-19 Shot CDC Relaxes Rules

For Teens in Camp

KRISTOPHER RADDER/THE BRATTLEBORO REFORMER/ASSOCIATED PRESS

Can Be a Job Children who are fully
vaccinated don’t need to
wear face masks or maintain

Requirement
Updated guidance
from EEOC notes
some exceptions;
incentives are allowed
BY ERIC MORATH
AND SARAH CHANEY CAMBON
U.S. employers could require
all workers physically entering
a workplace to be vaccinated
against Covid-19, the federal
government said Friday.
The Equal Employment Op-
portunity Commission is-
sued updated guidance stating
that federal laws don’t prevent
an employer from requiring
workers to be vaccinated.
However, in some circum-
stances, federal laws may re-
quire the employer to provide
reasonable accommodations
for employees who, because of
a disability or a religious be-
lief, aren’t vaccinated. For ex-
ample, the EEOC said as a rea-
sonable accommodation, an
unvaccinated employee enter-
ing the workplace might wear
a face mask, work at a social
distance or be given the op-
portunity to telework.
The new guidelines also say
that federal laws don’t prevent
or limit incentives that can be
offered to workers to volun-
tarily take the vaccine. And
employers that are adminis-
tering vaccines to their em-
ployees may also offer incen-
tives, as long as the incentives
aren’t coercive.
The updated guidance is in-
tended to answer frequently
asked questions, EEOC Chair-
woman Charlotte Burrows
said. She said the agency will
continue to update and clarify
its assistance for employers.
The commission is an inde-
pendent, bipartisan agency that
enforces workplace civil-rights
laws. The five-person body is
led by Ms. Burrows, a Demo-
crat whom President Biden ele-
vated to the top position. It
also includes three Republican
members nominated by former
President Donald Trump.
Some employers have offered bonuses to workers who get the vaccination.
Some employers have of-
fered bonuses to workers who
take the shot. Retailer Dollar
General Corp. is offering four
hours of pay to those who take
the shot, and Bolthouse Farms,
a maker of juices and salad
dressings, said it would pay
$500 to full-time hourly work-
ers who get the Covid-19 vac-
cine. Retailer Trader Joe’s, de-
livery service Instacart Inc.
and meat producers Pilgrim’s
Pride Corp. and JBS USA Hold-
ings Inc. said they would give
vaccine incentives.
JBS USA, the biggest U.S.
beef processor, and Pilgrim’s
Pride, a top poultry supplier,
won’t require plant workers to
get the vaccine, a spokesman
for the companies said. A Bolt-
house Farms spokesman said
the company didn’t have plans
to mandate vaccinations. Dol-
lar General, Trader Joe’s and
Instacart Inc. didn’t respond to
requests to comment Friday.
Keira Lombardo, chief ad-
ministrative officer for Smith-
field Foods, said the pork giant
is making vaccines available
for plant workers but isn’t re-
quiring them at this time.
The EEOC said employers
may provide employees and
their family members informa-
tion about the benefits of vac-
cines and how to obtain them.
It noted the vaccines are avail-
physical distancing from one
another at camp this sum-
mer, federal health officials
said Friday.
Yet, camps should encour-
age children and staff who
aren’t fully vaccinated to
wear a mask indoors and
outdoors in areas where
Covid-19 is spreading, said
the U.S. Centers for Disease
Control and Prevention.
The agency updated its
recommendations as school
is letting out and camps are
getting into swing.
able free of charge. The U.S. Food and Drug
The guidance comes as Administration authorized a
more employees are returning Covid-19 vaccine for adoles-
to work sites, and separate cents earlier this month,
federal agencies have said prompting the CDC to make
mask wearing isn’t required the updates.
for vaccinated individuals. Some camps said they
Edwin Egee, vice president would rush to make last-min-
for government relations and ute changes to take the new
workforce development at the guidance into account.
National Retail Federation, The CDC’s recommenda-
said he didn’t know of any tions suggest the challenges
NRF members that had man- they will face accommodating
dated vaccines, and he didn’t adolescents who are fully
expect that to change much, if vaccinated with other camp-
at all, based on the EEOC ers, including younger chil-
guidance. Instead, he expects dren, who aren’t.
the guidance to help employ- —Betsy McKay
ers encourage workers to get and Robbie Whelan
vaccinated.

.
ly
on
us ,
l
e
al a
ci on
BRITTANY GREESON FOR THE WALL STREET JOURNAL

er s
m er
m rp
co Fo

Jeffrey Madigan, a teacher in Redford, Mich., teaching an online class Monday as a freshman student sat in for a separate online class

Teachers Are Ready for Classroom

BY YOREE KOH
Following a year of battles
between teachers unions and
schools that repeatedly stalled
the reopening of classrooms
nationwide, unions and many
community trust. Earlier this
month, her message changed
when she called for schools to
fully reopen in person in the
fall, pointing to improved con-
ditions. She said representa-
tives of every local chapter
n-
learning for the fall or ramping
up efforts to coax remote stu-
dents back to school buildings.
An AFT survey of 800
teachers in February showed
that about 85% of teachers
said they would be comfort-
is trumping that a little bit, es-
pecially to have a sense of nor-
mality in my job and feel like
I’m a better teacher,” he said.
Contention appears to have
cooled in some cities that saw
threats of teachers’ strikes and

rank-and-file teachers have
changed course, saying they
are ready to head back to
school in the fall.
no
voted unanimously in favor of able working in classrooms if long standoffs between teach-
it and that 89% of educators in safety protocols such as test- ers and schools over reopening.
her union have been fully vac- ing, masks, physical distancing Los Angeles Unified School
cinated or want to be. and ventilation upgrades were District, which started reopen-

Many classroom teachers
say they are on board with full
in-person instruction this fall
because the safety outlook has
improved and they are fed up
with remote learning. The new
outlook has resulted in districts
in cities such as Los Angeles
and Chicago, where battles over
safety measures kept class-
rooms closed for nearly a year,
preparing to reopen school
buildings fully for the fall.
The increasing vaccination
rate throughout the U.S. was
key to getting the support of
teachers.
Randi Weingarten, presi-
dent of the American Federa-
tion of Teachers, the nation’s
second-largest teachers union,
had resisted fully reopening
during most of the school
year, saying many schools
needed better safety against
Covid-19 spread, resources and
“The vaccines were the
game-changer and the last
piece of the puzzle for a full
reopening,” Ms. Weingarten
said.
The National Education As-
sociation, the largest teachers
union, also said schools should
get back to in-person instruc-
tion this fall.
“NEA supports school
buildings being open to stu-
dents for in-person instruction
five days a week in the fall,”
said Becky Pringle, the presi-
dent of the NEA. “Educators
will continue to lead in making
sure each school has what it
needs to fully reopen in a safe
and just way.”
In recent weeks, schools
and states have laid out new
plans to get schools back to
pre-pandemic normalcy in the
fall, with some dropping mask
mandates, limiting remote
put in place. The NEA said it
expects to have new survey re-
The safety outlook
has improved, and
they are fed up with
remote learning.
sults in coming weeks.
Jeffrey Madigan, a ninth-
grade U.S. history teacher in
the South Redford School Dis-
trict in Redford, Mich., said
while he imagines it will be
difficult to maintain a sani-
tized environment, he can’t
wait to see all of his students
in person instead of through a
computer screen.
“I’m nervous about going
back, but I think my excitement
ing in April after negotiations
with the union, announced
this week that nearly all stu-
dents will be expected to be in Endless
person in fall. The teachers
union, currently negotiating a
new agreement with the dis-
Blue
trict, has said that it, too, ex-
pects in-person learning to
take place in the fall.
In Illinois, the State Board
of Education passed a resolu-
tion last week requiring in-
person learning in the fall,
with limited exceptions. A
spokeswoman for the Chicago
Teachers Union, which threat-
ened to strike amid bitter and
drawn-out reopening negotia-
tions with the Chicago Public
Schools this school year, said
last week that given the wide
availability of vaccines, it an-
ticipates “significantly fewer
work accommodations will be
necessary in the fall.”

SolarWinds Hackers Blamed for Phishing T U RQ U O I S E & RU BY

BY ROBERT MCMILLAN
The Russia-linked hackers
behind the cyberattack on So-
larWinds have returned,
launching a phishing attack
targeting about 3,000 email
accounts belonging to workers
at more than 150 organiza-
tions, Microsoft said late
Thursday.
The attack on SolarWinds is
considered by investigators to
be one of most stealthy and
sophisticated ever detected,
but the phishing attack was in
some ways the opposite of
that. The hackers took over an
online account used for mass
emails by the U.S. Agency for
International Development and
sent deceptive phishing emails
that contained malicious links.
Although the attack appears
to have been largely unsuc-
cessful—most of the emails
were marked as spam, Micro-
soft said—investigators say it
shows that the hackers behind
SolarWinds aren’t going away.
A Microsoft spokesman de-
clined to say how his company
had linked the attack to the
SolarWinds incident. U.S. gov-
ernment officials have said
that the SolarWinds hack was
conducted by Russia’s Foreign
Intelligence Service, known as
the SVR. Russia has denied
that the agency was behind
the SolarWinds attack.
The Kremlin dismissed the
Microsoft report, saying that
the company’s allegations
were unfounded.
“It’s an abstract statement
[by Microsoft],” Kremlin
spokesman Dmitry Peskov told
reporters Friday. “It’s like if we
said we believe a large threat
is coming from Microsoft and
the software. It would be the ORBIT EARRING
same unfounded accusation.”
The phishing campaign be-
gan in late January and in-
volved several waves, but it
escalated significantly on
Tuesday when the hackers
took over an email marketing
account used by the U.S.
agency, Microsoft said. USAID,
as it is known, dispenses bil-
lions in U.S. assistance to for- PAU L MO R E L L I . C O M
eign countries.
The phishing campaign was N YC : 8 95 M A D I S O N ( 72 N D & M A D I S O N )
reported earlier on Thursday P H L : 1118 WA L N U T S T R E E T
by the cybersecurity investiga- 212. 5 8 5 . 42 0 0
tions company Volexity Inc.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A4 | Saturday/Sunday, May 29 - 30, 2021
Biden Unveils His
$6 Trillion Budget
BY KATE DAVIDSON
WASHINGTON—President
Biden’s $6 trillion budget pro-
posal unveiled Friday charts his
vision of an expansive federal
government role in the econ-
omy and the lives of Ameri-
cans, with big increases in
spending on infrastructure,
public health and education
along with tax increases on cor-
porations and the wealthy.
The Biden administration is
seeking $1.52 trillion for spend-
ing on the military and domes-
tic programs in fiscal 2022,
which begins Oct. 1, an 8.6% in-
crease from the $1.4 trillion en-
acted last year, excluding emer-
gency measures to combat the
pandemic.
The proposal would shift
more federal resources from
the military, which would see a
1.6% rise in spending next year,
to domestic programs such as
scientific research and renew-
able energy, which would re-
ceive 16.5% more funding under
the president’s plan in 2022.
The White House also de-
tailed costs for its proposals to
spend $4.5 trillion over the
next decade on infrastructure
and social programs, which the
administration is hoping to ad-
vance through Congress this
summer. The plan would pro-
vide $17 billion next year for in-
frastructure improvements, in-
cluding repairs to roads,
bridges and airports, $4.5 bil-
lion to replace lead water pipes
across the country, and $13 bil-
lion to expand high-speed
broadband.
Plans to provide universal
preschool and ensure teachers
at those schools earn $15 an
hour would cost $3.5 billion in
2022. The budget would also
provide $8.8 billion next year
on direct spending on families,
including $6.7 billion for afford-
able child care, and $750 mil-
lion for paid leave, the costs of
which would rise substantially
ANGELA WEISS/AGENCE FRANCE-PRESSE/GETTY IMAGES
no
Pre-Memorial Day travelers queued up at John F. Kennedy International Airport in New York on Friday.
Airlines,
Airports
Face Test
Continued from Page One
cally take only one trip a year.
The first of the year’s four
big holiday-travel periods
comes as the industry faces a
rise in onboard incidents often
driven by disputes over mask
wearing. Tensions over
masks—which are required on
public transportation through
the fall—are exacerbated by
the return to busier flights
and airports, airline executives
and union officials have said.
Federal Aviation Adminis-
tration chief Steve Dickson
started a town hall this week
with a warning for passengers
to behave. The agency has re-
ceived more than 2,500 re-
ports linked to disorderly pas-
senger conduct this year, the
majority of them linked to
passengers refusing to comply
with the mask policy.
“We’ve never seen numbers
like this before,” said Mr. Dick-
son at the event.
The FAA has extended into
September a zero-tolerance
policy introduced in January
in 2023 and beyond.
“Put together, this budget is
an agenda for durable eco-
nomic growth and broadly
shared prosperity,” Shalanda
Young, acting director of the
Office of Management and Bud-
get, said on a call with report-
ers Friday.
The plan relies on corporate
tax increases to pay for infra-
structure and taxes on high-in-
come households for the fam-
ily-spending and education
initiatives. The corporate tax
rate would climb to 28% from
21%, the top capital-gains tax
rate would go to 43.4% from
23.8% and unrealized gains
16.5%
Proposed increase for scientific
research and renewable energy.
would be taxed at death, with a
$1 million-a-person exemption.
Those changes would re-
verse many of the tax cuts that
Republicans enacted in 2017.
The administration is also pro-
posing a rewrite of the interna-
tional tax system, including
limits on deductions for compa-
nies that send profits to coun-
tries without minimum taxes, a
plan that would raise $390 bil-
lion over a decade.
Democrats in Congress wel-
comed the plan, saying it would
provide money for long over-
onindividuals and corporations.
due investments after years of
us ,
spending constraints.
l
“For too long, self-inflicted
e
al a
austerity has been mistaken for
fiscal responsibility, to the det-
riment of American families
ci on
and our nation’s economy,” said
Rep. John Yarmuth (D., Ky.),
chairman of the House Budget
Committee.
Republican lawmakers were
er s
critical, saying the plan repre-
m er
m rp
co Fo
n-
that subjects passengers who
flout safety rules to fines and
possible jail time, rather than
the prior system of warnings.
Southwest Airlines Co. said
Friday that it would put on
hold plans to resume serving
alcoholic drinks on flights to
Hawaii next month and on
other flights in July, citing an
industrywide uptick in passen-
ger disruptions. Carriers re-
stricted food and beverage of-
ferings during the pandemic,
but some have started taking
steps to restore service this
summer, including alcohol.
Mask wearing and other
rules in ever-busier airports
and aircraft is just one ele-
ment of fliers’ changing travel
experience, especially as the
industry institutes a wider
range of distancing and hy-
giene measures.
Many passengers haven’t
been in an airport or a crowd
for a year or more, leaving
their in-flight routines rusty at
best. They will encounter new
health-focused technologies at
airports such as those in Fort
Lauderdale, Orlando and Mi-
ami in Florida—the destina-
tions of the country’s three
busiest routes in May. Airports
and airlines have been testing
new health protocols for a
year in an effort to preserve
social distancing and prevent
viral spread.
P W L C 10 11 12
sents an unwarranted intrusion
of the federal government in
the economy and risks stoking
inflation and adding to a mas-
sive national debt.
“It is insanely expensive,”
said Sen. Lindsey Graham (R.,
S.C.), the top Republican on the
Senate Budget Committee. “It
dramatically increases nonde-
fense spending and taxes. Over
time it will result in a weak-
ened Department of Defense.”
Ms. Young pushed back
against Republican criticism
that the plan would worsen the
country’s fiscal picture by dra-
matically increasing deficits
and debt over the coming de-
cade.
The budget plan projects a
deficit of $1.84 trillion in fiscal
2022, which comes to 7.8% of
gross domestic product, down
from a deficit of $3.67 trillion
in fiscal 2021, when emergency
government spending to battle
Covid-19 and its economic fall-
out added to red ink.
Ms. Young emphasized that
net interest payments on the
debt as a share of economic
output will remain below the
historical average over the next
decade, thanks in part to his-
torically low interest rates.
Administration officials have
said its proposals would add to
deficits over the next decade
but that higher spending would
eventually be offset by revenue
from tax increases on wealthy
The president’s budget pro-
posal signals to Congress what
the White House hopes to ac-
complish in the coming years.
Lawmakers routinely ignore the
White House’s budget requests
in favor of their own plans. The
government is actually funded
through 12 appropriations, or
spending, bills that need to be
passed by both chambers of
Congress and signed into law
by the president.
—Richard Rubin
contributed to this article.
Touchless screens abound
for check-in and tagging bags,
while the TSA has accelerated
the rollout of new carry-on
scanners at checkpoints.
Though designed to ensure
social distancing, the new
technologies can worsen
crowding as passengers pull
up apps and try to scan QR
codes, said George Merritt,
head of strategic operations at
Denver International Airport.
Passengers are also having
to navigate what might have
been touch screens on their
last trip. Now, some airports
have introduced “happy
Many passengers
haven’t been in an
airport or a crowd
for a year or more.
hover” screens to check in and
print boarding passes and bag
tags that require passengers
to hold their fingers over digi-
tal buttons.
“People don’t touch the
screen the same way. It’s not
been a complete success,” said
Dave Wilson, director of inno-
vation at the Port of Seattle,
which operates Seattle-Ta-
coma International Airport.
H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
The Biden administration is seeking $1.52 trillion
for spending on the military and domestic programs
in fiscal year 2022, which begins Oct. 1.
Base discretionary funding
request by department
and agency for fiscal 74
year 2022, in billions
$24.8
NASA
$25.5
Other Agencies
$25.7
Transportation
$27.9
Agriculture
Education
Commerce
Health and Human Services
National Science Foundation
Agriculture
Interior
Transportation
State and International
Treasury
Energy
Small Business Admin
Social Security Admin
Other Agencies
Veterans Affairs
Defense
Homeland Security
–9
The airport also rolled out
a smartphone-based appoint-
ment system for passengers to
book a time to pass through
security in an effort to end re-
cent congestion. When passen-
ger numbers picked up last
month, security lines
stretched into the parking lot.
Mr. Wilson said the port is
looking at how such appoint-
ments could be introduced
elsewhere, including for
boarding planes and collecting
bags. While such measures
could ease lines, they may also
add to congestion due to pas-
sengers’ unfamiliarity.
“Changing passenger be-
havior is difficult. People still
like to congregate,” said Frank
Barich, president of Barich
Inc., an Arizona-based airport
consultant.
Officials at the TSA, which
was born out of the 9/11 ter-
rorist attacks, said they have
already accelerated technology
planned before the pandemic,
such as new baggage scanners,
and plan to have sufficient
staffing in place for the rising
passenger volumes.
Dan McCoy, the TSA’s chief
innovation officer, said: “The
Covid-19 crisis is really going
to be the second thing that
shapes the way we operate go-
ing forward.”
—Alison Sider
contributed to this article.
7 8 9 O I X X ****
 4

Treasury Labor
Commerce
Interior
$715 billion
Defense
9
Small
Business  68
Admin
General
Corps of
Services
Admin Engineers
$35.3
Justice $46.2 $54.9
Energy
Homeland
Security
+34
EPA +6
+98
+67
+67
ly
HUD
+
+48
Labor +4
+3
+
+4
+9
+93
+88
+8
NASA +66
Justice +3
+6
+
Corps of Engineers
Senate Delays Vote
On Measure to Foster
U.S. Tech Innovation
BY JOHN D. MCKINNON
AND ELIZA COLLINS
WASHINGTON—The Senate
delayed a vote on legislation
aimed at helping the U.S. main-
tain its lead in technology, af-
ter several Republicans argued
that the bill was being rushed
through without full debate.
The final vote on the bill,
aimed at addressing rising
competition from China and
other nations, is now sched-
uled for June 8, after lawmak-
ers return from their Memo-
rial Day recess.
The legislation has emerged
as one of the few big biparti-
san legislative efforts so far
this year and appeared headed
for approval late Thursday.
But several Republicans
staged a lengthy protest into
the early hours of Friday
morning, contending that the
bill was too expensive, and
that a series of amendments
required more time to review.
“There’s not one person in
this entire place who could
possibly comprehend every-
thing that’s in this legislation
in its current form, as it existed
as of very, very late last night,”
said Sen. Mike Lee (R. Utah).
Senate Majority Leader
Chuck Schumer (D., N.Y.), who
spearheaded the legislation
known as the U.S. Innovation
and Competition Act, an-
nounced the rescheduling of
the vote until next month as
part of a deal that also in-
cluded a vote Friday on a com-
mission to probe the Jan. 6 ri-
ots by a pro-Trump mob at the
U.S. Capitol, which Republi-
cans blocked.
The innovation legislation
still faces challenges reaching a
final deal with the House, al-
though sponsors expressed op-
timism that the House version
of the legislation will become
more similar to the Senate bill.
The bill is aimed at halting
what Mr. Schumer called a
gradual decline by the U.S. as
the world’s leader in scientific
research and innovation “and
lay the foundation, instead, for
another American century.”
Senate GOP leader Mitch
McConnell (R., Ky.) on Thurs-
THE WALL STREET JOURNAL.
$133.7
Health and
Human Services
 $113.1
EPA
Veterans
Affairs

National
Science $102.8
Foundation
98
Education
Social
Security
Admin $68.7
HUD
$63.6
State and
International
Programs
+48%
+94
.
Change in spending from
previous budget year
The proposed budget shifts
more federal resources from
the military, which would see
a 1.6% rise in spending next
year, to domestic programs.
Source: Office of Management and Budget
day said that “there’s broad
bipartisan agreement that
America needs to upgrade our
competitiveness with China,”
even as he urged Democrats to
allow more amendments to
the bill before the Senate ap-
proved it.
The bill aims to overhaul
U.S. government support for
science by significantly ex-
panding the government’s role
in technological research, in-
cluding through the National
Science Foundation. It would
authorize about $190 billion in
spending to strengthen U.S. ad-
vanced technologies to better
compete globally, according to
a recent Congressional Budget
Office analysis, although not all
of that money would represent
new spending.
The bill also has become a
vehicle for a number of other
tech-related initiatives. One
would authorize about $52 bil-
lion for encouraging more
semiconductor production in
the U.S.
Another provision would
ban downloads of the Chinese-
owned social-media app Tik-
Tok on all government phones.
Previous bans included mili-
tary and Homeland Security
devices. The U.S. says TikTok
data could be shared with
China’s authoritarian govern-
ment. TikTok has said it would
never do so.
As originally envisioned,
the bill would have provided
$100 billion over five years for
research at the NSF into artifi-
cial intelligence and machine
learning, robotics, high-perfor-
mance computing and other
advanced technologies.
An additional $10 billion
would have been authorized
for the Commerce Department
to designate at least 10 re-
gional technology hubs for re-
search, development and man-
ufacturing of key technologies.
But some lawmakers—skep-
tical about the bill’s focus on
the NSF—succeeded in shifting
part of the money to the En-
ergy Department, which over-
sees 17 national laboratories
that date to World War II and
explore a range of scientific
topics.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 29 - 30, 2021 | A5

U.S. NEWS

GOP Senators Block Jan. 6 Panel Lawmakers

To Take Up
With support of just six
Republicans, vote for a
commission on Capitol
Voting Bill
assault falls short In June
BY LINDSAY WISE BY SIOBHAN HUGHES
AND ELIZA COLLINS
WASHINGTON—Senate Ma-
WASHINGTON—Senate Re- jority Leader Chuck Schumer
publicans blocked the creation (D., N.Y.) said the Senate
of a bipartisan, independent would take up voting-rights
commission to investigate the legislation during the last
Jan. 6 assault on the U.S. Capi- week of its June work period,
tol by a pro-Trump mob, after a major step for a policy op-
GOP leaders urged colleagues to posed by Republicans and one
reject it. that hasn’t yet drawn the full
The bill needed 60 votes to support of his conference.
advance in the evenly divided Most legislation needs 60
Senate, thanks to the chamber’s votes to pass the Senate, and
TOM WILLIAMS/CQ ROLL CALL/ZUMA PRESS

longstanding filibuster rule. Democrats control 50 seats in

That means 10 Republicans the evenly divided chamber. In
would have had to vote with all scheduling the vote and others
50 members of the Democratic that lack bipartisan support,
caucus to allow the bill to pro- Mr. Schumer is signaling that
ceed. Only six did, and the legis- he is willing to pivot from ar-
lation fell short, with 54 votes eas that unify the Democratic
in favor, 35 against and 11 sena- caucus or have bipartisan sup-
tors not voting. port and focus on more politi-
The six Republicans who cally challenging measures.
voted in favor of proceeding “The next few weeks will be
with the legislation were Sens. Senate Minority Leader Mitch McConnell had declared his opposition to the commission before Friday’s vote. hard and will test our resolve
Bill Cassidy of Louisiana, Susan as a Congress and a confer-
Collins of Maine, Lisa calling it a political exercise. He “The investigations will hap- Congress to find a path for- January for inciting insurrec- ence,” he said Friday.
Murkowski of Alaska, Rob Port- suggested that Democrats pen with or without Republi- ward.” tion against the U.S. govern- The Democrats’ progressive
man of Ohio, Mitt Romney of would weaponize the commis- cans,” said Mr. Cassidy, who Senate Majority Leader ment on Jan. 6, when his sup- wing has grown increasingly
Utah and Ben Sasse of Ne- sion against Republican candi- cited the likelihood of a Demo- Chuck Schumer (D., N.Y.) said porters stormed the Capitol, impatient over the lack of ac-
braska. All but Mr. Portman had dates to keep the controversy cratic-driven congressional before the vote that the com- trying to stop lawmakers from tion in the Senate, where Mr.
voted to convict former Presi- over Mr. Trump’s actions before probe in a statement explaining mission was desperately needed ratifying Mr. Biden’s Electoral Schumer has spent time on bi-
dent Donald Trump in February and during the riot at the fore- why he voted to authorize an in- to counter Mr. Trump’s false College win. partisan initiatives such as a
at his impeachment trial on front of next year’s midterm- dependent commission Friday. claims that the election was sto- The House authorized the water-infrastructure bill that

.
charges of inciting insurrection election campaigns. “To ensure the investigations len from him. creation of the commission last passed nearly unanimously,
on Jan. 6. Mr. Trump was ac- Mr. McConnell also had said “What has been perpetuated week, 252 to 175, with 35 Re- and a measure to help the U.S.

ly
quitted. there was no need for a com- by President Trump over the publicans voting with Demo- maintain its lead in technology.

54
Two Democrats weren’t mission because Jan. 6 already last several months is the big crats in defiance of House Mi- The voting measure, known
present for the vote: Sens. Patty is being investigated by con- lie—lie that the elections were nority Leader Kevin McCarthy as S-1 because it was the first
Murray of Washington state and
Kyrsten Sinema of Arizona. Nine
Republicans also didn’t vote, in-
cluding Sens. Pat Toomey of
gressional committees and by
law enforcement.
“There is no new fact about
that day that we need the Dem-
on Senators who voted in favor of
advancing the bill
fixed, that he is rightfully presi-
dent. Nothing is more corrosive
to our democracy than a view
that elections are not on the
(R., Calif.) and Mr. Trump. But
without Senate passage, the
commission can’t be estab-
lished.
bill introduced in the Senate
this session, lacks bipartisan
support and hasn’t drawn the
backing of Sen. Joe Manchin
Pennsylvania and Richard Burr ocrats’ extraneous commission level,” he said. “A commission The legislation was the prod- (D., W.Va.). But it is viewed by
us ,

of North Carolina, both of whom to uncover,” Mr. McConnell said can get to the bottom of this in uct of talks between the chair- the Democratic base as essen-
l

were among the seven GOP sen- Thursday. a clear way.” man of the House Committee on tial if the party is to maintain
e
al a

ators who voted to convict Mr. Democrats could impanel are fair, impartial and focused In a letter to Senate Demo- Homeland Security, Democrat control of the House and the
Trump earlier this year. their own special congressional on the facts, Republicans need crats Friday afternoon, Mr. Bennie G. Thompson of Missis- Senate in the 2022 elections.
Sens. Murray and Toomey committee to investigate the to be involved,” he said. Schumer said Jan. 6 would still sippi, and the panel’s top-rank- The proposal touches many
ci on

said Friday that they had events surrounding Jan. 6, but
missed the vote because of fam- party leaders, including Presi-
ily obligations, but they would dent Biden, have said they pre-
have voted yes. fer an independent, bipartisan
Senate Minority Leader probe, modeled on the investi-
er s
White House principal dep-
uty press secretary Karine Jean-
Pierre said Mr. Biden “has been
clear that the shameful events
of Jan. 6 need to be indepen-
be investigated, and he noted
that he might force another
vote on the commission.
Mr. Trump has urged Repub-
licans in the House and Senate
ing Republican, John Katko of
New York. The panel would
have had five members ap-
pointed by Democratic leaders
and five by Republican leaders.
corners of the election process,
from how districts are drawn
to how campaigns are financed
and regulated to the processes
for voting in elections. Repub-

Mitch McConnell (R., Ky.) had gation carried out by the 9/11 dently and fully investigated. He to oppose the commission, call- Both sides would have shared licans say it is a way for the
declared his opposition to the Commission following the 2001 remains committed to that and ing it a Democratic trap. The responsibility for issuing sub- federal government to take
m er

commission before the vote, terrorist strikes. we will continue to work with House impeached Mr. Trump in poenas. power away from the states.

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A6 | Saturday/Sunday, May 29 - 30, 2021
WASHINGTON
WIRE
Dispatches from the
Nation’s Capital
BY GABRIEL T. RUBIN
DEMOCRATS LOOK TO Med-
icaid-expansion fights to juice
2022 races in battleground
states like Wisconsin and Flor-
ida, and even red ones like Mis-
souri. They have been boosted
by several state ballot referen-
dums showing popular support
for the expansions, and a carrot-
and-stick approach from the Bi-
den administration aided by
American Rescue Plan funds. Re-
sistant Republicans are tying the
expansions to other Democratic
policies, like expanded unemploy-
ment benefits, that they say are
hampering the economic recov-
ery from the pandemic.
Wisconsin Democratic Gov.
Tony Evers this week called the
GOP-controlled state legislature
into session to consider accept-
ing around $1 billion in federal
funds to expand Medicaid eligi-
bility to roughly 91,000 more
people. The GOP-led legislative
chambers gaveled out within
seconds. Statehouse Speaker
Robin Vos said the expansion
would “trap people in the life of
poverty.” Evers and his allies
plan to make the Republican re-
jection of Medicaid money a
campaign issue for 2022, when
Evers is up for re-election, and
they wasted no time doing so
after the session. “Republican
legislators should have to ex-
plain to Wisconsinites across our
state why they made the deci-
sion they did today,” Evers said.
In Florida, organizers are col-
lecting signatures for a Medicaid
ballot initiative that could juice
turnout for other races, including
governor and U.S. senator. Mis-
souri Democrats hope for a
boost in the uphill race to re-
place Sen. Roy Blunt after Re-
publican legislators declined to
provide funds for Medicaid ex-
pansion despite voters approving
a 2020 constitutional amend-
ment requiring the state to ex-
pand coverage. In Georgia, advo-
cacy groups are running ads
pressuring Gov. Brian Kemp, who
says he has already boosted ac-
cess to healthcare (but not
taken federal funding). He is also
up for re-election in 2022.
Support for Medicaid expan-
sions doesn’t necessarily corre-
late to support for Democrats: In
2018, Nebraska voters expanded
Medicaid with 53% in favor, the
day GOP Gov. Pete Ricketts won
59% in his re-election bid.
THE JUSTICE DEPARTMENT
should take decisive action to
deal with possible antitrust law
violations in the meatpacking in-
dustry, a bipartisan group of
senators and House members
no
said. In a Thursday letter led by
South Dakota Republican Sen.
City Life
And Crowds
Are Back
Continued from Page One
residents—especially those
who stayed put when many of
their neighbors left for more
space—that means readjust-
ing to sharing spaces that
once felt almost private.
Stefani Jackenthal, a 54-
year-old New York resident, is
a water-sports enthusiast who
frequently takes her surf-ski
kayak and stand-up paddle
board on the Hudson River,
the busy waterway that runs
along the west side of Man-
hattan.
Usually she has to dodge
the ferries, barges and plea-
sure boats that ply the waters.
At the beginning of the pan-
demic, Ms. Jackenthal says
she could make the roughly 7-
mile trip from her Manhattan
launch point to the Statue of
Liberty with barely a care.
“There was nothing in my
way. The quietness was in-
sane,” she says.
And now? “Everything is
back,” says Ms. Jackenthal, re-
ferring to the boat traffic.
Adrienne Lenhoff, a 53-
year-old resident of suburban
Detroit, says she was struck
by the lack of lines at her lo-
Mike Rounds and Minnesota
Democratic Sen. Tina Smith, the
legislators said the Justice De-
partment needed to produce re-
sults from its continuing review
of a handful of companies in the
beef-processing market. They
cite the confluence of rising con-
sumer prices, plummeting cattle
prices, and large profits for the
companies that “defy expecta-
tions of market fundamentals.”
A spokesperson for the North
American Meat Institute, a ma-
jor industry group, said the
group’s members “and their live-
stock suppliers benefit from a
fair and competitive market.”
The letter doesn’t name par-
ticular companies, though it
notes that four firms control
80% of the beef-processing mar-
ket. The industry has already
mobilized for an antitrust fight
that the government has gradu-
ally ramped up. Beef and pork
giant JBS USA Holdings Inc.
hired a former Federal Trade
Commission general counsel as
its new chief legal officer last
month. In June 2020, the Justice
Department subpoenaed the
four largest meat companies as
part of an antitrust probe. That’s
in addition to a price-fixing
probe of the chicken industry.
EGYPTIAN PRESIDENT Abdel
Fattah Al Sisi got face time with
top U.S. officials this week, giv-
ing him a chance to press for a
favorable resolution to the crisis
over an Ethiopian dam project
on the Nile river. Sisi’s role in
brokering a cease-fire between
Israel and Hamas earned him his
first call with President Biden on
Monday, along with a Wednes-
day visit from Secretary of State
Antony Blinken. The talks fo-
cused on Israeli-Palestinian is-
sues but allowed the Egyptians
to express concerns about how
the construction of the Grand
Ethiopian Renaissance Dam will
affect their water supply.
onmakers that have reoriented
Biden told Sisi that the U.S.
us ,
has an interest in achieving a
l
diplomatic resolution over the
e
al a
$4.8 billion dam, which Egypt re-
gards as a strategic threat. The
issue will come to a head this
ci on
summer, as the Ethiopian gov-
ernment has moved ahead with
plans to fill the reservoir of the
dam for a second time in July,
and start using it in August.
er s
FACEBOOK tinkers with its con-
m er
trols to go after pages that re-
peatedly share false information.
When users try to follow a page
that has been flagged multiple
times by fact checkers, they will
m rp
get an alert so they can make
an informed decision about
whether to follow the page. The
platform will also penalize indi-
viduals who share false informa-
co Fo
tion repeatedly by limiting the
reach of all of their posts.
MINOR MEMOS: Comedian Jon
Stewart welcomes visitors to
Washington’s “dead cicada festi-
val,” when “the majestic cicada
on the ground is squished by
many Brooks Brothers loaf-
ers”…Chief Justice John Roberts
trashes Justice Oliver Wendell
Holmes in law school graduation
speech: “Keep in mind that
n-
Holmes is a better source for
quotes than he is for the
law”…Nebraska Sen. Ben Sasse
casts mid-workout amendment
votes in a Reagan/Bush ’84 T-
shirt, shorts and headphones.
Pedestrians in Times Square this month. Cities are getting back to normal, which means their annoyances are also back.
cal supermarkets, especially
her normally bustling Trader
Joe’s, where she often heads
for granola and dried fruit,
among other favorite items.
But Ms. Lenhoff says the
queues have returned.
“Over the last couple of
weeks, I started having gro-
ceries delivered,” she says.
There’s a silver lining: Ms.
Lenhoff says she is saving up
to two hours by skipping her
trip to the market, leaving her
U.S. NEWS
After Virtual Graduation Last Year, Naval Academy Returns in Force
NEXT WAVE: More than 1,000 midshipmen took their oaths Friday at the U.S. Naval Academy in Annapolis, Md. Citing the pandemic,
climate change and cybersecurity, Vice President Kamala Harris told the graduates ‘the American people are depending on you.’
Amgen Pill
Approved
By FDA
Continued from Page One
their research efforts around
insights gleaned from scien-
tific advances in understand-
ing the role of genetics and
cell biology in disease.
The companies are using
data analytics to sift through
the molecular insights and
identify targets for potentially
powerful—and lucrative—new
drugs.
“KRAS mutations have long
been considered resistant to
drug therapy, representing a
true unmet need for patients
with certain types of cancer,”
said Richard Pazdur, acting
head of the FDA’s cancer-drug
division.
“Today’s approval repre-
sents a significant step to-
wards a future where more pa-
tients will have a personalized
treatment approach,” he said.
Amgen’s launch of the drug
will be closely watched by in-
vestors and analysts looking to
see the company offset de-
clining revenue from older
products, including rheuma-
toid-arthritis drug Enbrel.
The Thousand Oaks, Calif.,
company will charge $17,900 a
month for the drug in the U.S.,
an Amgen spokeswoman said.
Analysts project the drug
could eventually ring up more
than $1 billion in annual sales.
Company scientists discov-
ered the drug in late 2017 and
moved it into clinical trials
less than a year later.
The FDA approved Lu-
makras based on a mid-stage
study showing the drug helped
more time to exercise or hang
out with her college-bound
daughter.
Tim Akimoff, who travels
throughout Oregon in his job
as a conservation communica-
tions specialist, says the slow
days of the pandemic gave
him a chance to hop on the
Wallowa Lake Tramway, a
popular aerial attraction in
his state. Mr. Akimoff, 47
years old, says when he had
been near the cable ride for
control disease in 80.6% of pa-
tients; on median, patients
taking the drug survived 6.8
months without their cancers
worsening.
“This was a three-year
sprint to do something
that…very few companies have
ever done in the field of oncol-
ogy, and that’s get a drug to
the market inside three years,”
said Murdo Gordon, executive
vice president for global com-
mercial operations, in an in-
terview. “It’s a very big event
for the company.”
Amgen will have to com-
plete a larger, Phase 3 study to
confirm the drug’s benefits
under the FDA’s accelerated-
approval program.
In the U.S., about 13% of
people with non-small cell lung
cancer have the type of KRAS
mutation that Lumakras treats,
or about 25,000 new patients
annually, according to Amgen.
Most KRAS patients are
initially treated with another
targeted drug, such as Merck
& Co.’s Keytruda, sometimes
in combination with chemo-
therapy.
When first-line treatment
stops working, patients have
few options left, said Bob Li, a
Investors will watch Amgen’s pill to see if it offsets the Thousand
Oaks, Calif., company’s declining revenue from older drugs.
work before the pandemic, it
was too crowded for him to
quickly get a spot.
Last year, “I drove over one
morning, and there was no
line,” he recalls. The experi-
ence was more than worth it,
he adds: “I just leisurely wan-
dered around this beautiful
mountaintop.”
For Kelly Reeves, a 49-
year-old resident of Newport
Beach, Calif., who lives near
the freeway, the resumed
* ******* THE WALL STREET JOURNAL.
KEVIN LAMARQUE/REUTERS
medical oncologist at Memo-
rial Sloan Kettering Cancer
Center and lead investigator
prospects for Lumakras. The
drug may not add much bene-
fit in combination with other
for the Lumakras study.
“For 40 years, we’ve not
been able to crack this
treatments, and newer, poten-
tially better KRAS-targeted
drugs are in development
.
and…suddenly patients have a
pill they can take once a day
from rivals, Mr. Gal said.
“The long-term value of
ly
and for many patients the tu- the drug is far from certain,”
mor will shrink,” Dr. Li said in Mr. Gal said. “This makes us
an interview. somewhat more concerned
Cowen & Co. projects sales
of $19 million this year, and
$138 million in 2022, and then
gradually growing to more than
about the long-term outlook
for the company.”
Other drugmakers following
Amgen’s lead developing KRAS
$1 billion annually in 2026. drugs include Mirati Thera-
To achieve those high ex- peutics Inc., which is aiming
pectations, however, Amgen to seek FDA approval for its
will have to show that the KRAS-targeted pill as a lung-
drug also works as a first-line cancer treatment later this
treatment option, either in year.
combination or sequentially Eli Lilly & Co. recently said
with other medicines, said it plans to start a Phase 1 study
Cowen analyst Yaron Werber. of a new KRAS drug this year,
“The chance for a much and biotech Revolution Medi-
longer durability of effect, cines Inc. has multiple KRAS-
and hence much higher reve- targeted drugs that it is ad-
nues, will depend on its abil- vancing toward clinical trials.
ity to be combined. And there In the first quarter, Am-
the jury’s still out,” Dr. Wer- gen’s sales totaled $5.9 billion,
ber said. down 4% from the same year-
Bernstein analyst Ronny earlier period, driven by price
Gal said in a note to clients concessions.
this week that there are rea- For many years, Amgen has
sons to be concerned about been known among analysts
the long-term commercial for its sales and marketing
prowess, rather than its scien-
tific discoveries. Yet sales
have dropped for some of the
company’s key franchises—
anemia drug Epogen and can-
cer supportive-care treatment
Neupogen—after their patents
expired.
Meanwhile, some of Am-
PATRICK T. FALLON/BLOOMBERG NEWS
gen’s newer drugs, such as its
anti-cholesterol drug Repatha,
have been commercial disap-
pointments partly because
health insurers have limited
access, citing high prices.
Amgen shares gained 1.1%
through the close of regular
trading on Friday, to finish at
$237.94. Shares of Mirati
Therapeutics ended the day
3.4% higher at $158.15.
work with my windows open
for the first time ever,” she
says.
Ms. Reeves says her solu-
tion to deal with the world
“getting back on its axis” in
recent weeks is simply to
close her windows—and she
now listens to music while
meditating to help cancel out
the noise.
Jeff Ransdell, a 51-year-old
resident of Miami, said all the
newcomers in town over the
past year have made getting
ANGELA WEISS/AGENCE FRANCE-PRESSE/GETTY IMAGES
reservations at some of his fa-
vorite restaurants a challenge.
“Anything in Miami Beach has
been impossible,” he says.
Not that Mr. Ransdell, who
heads his own venture-capital
firm, is going hungry. “I end
up going to my second or
third alternative,” he says.
Beth Harpaz, a 60-year-old
Brooklyn, N.Y., resident, says
she can’t wait for the full re-
turn to normalcy. Ms. Harpaz
is a volunteer with Big Apple
Greeter, an organization that
helps guide visitors to New
noise of traffic is compounded York, and says she is eager to
by the increase in the number welcome back tourists now
of planes thundering above that the city has become bus-
her neighborhood. ier. But she also recalls the
She says she had started to days last year when she could
become accustomed to doing view the works of some of her
her early-morning meditation favorite artists, including Mo-
“in pure silence” during the net and Chagall, at the city’s
pandemic. nearly empty museums, al-
“It allowed me to do a most as if she had a private
deeper meditation,” she says. audience with the painters.
She could also concentrate “This was like the only gift
better on her copywriting the pandemic could give to
jobs during the day. “I could me,” she says.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Isolated Lukashenko Deepens Ties to Putin
Clashes with the West
and domestic upheaval
are pressuring the
Belarusian leader
BY ANN M. SIMMONS
AND THOMAS GROVE
MOSCOW—Russian Presi-
dent Vladimir Putin made a dis-
play of support for beleaguered
Belarusian leader Alexander Lu-
kashenko on Friday in their
first meeting since Minsk
sparked Western outrage this
week by forcing a European air-
liner to land and arresting a
dissident journalist onboard.
State television showed the
leaders embracing, and both
mocked international condem-
nation of the incident ahead of
talks at Mr. Putin’s residence at
the seaside resort of Sochi.
But Mr. Lukashenko’s in-
creasing political and economic
isolation from the West is push-
ing the leader dangerously
close to Russia and providing
Mr. Putin an opening to ad-
vance long-held plans to deepen
the integration between Russia
and the former Soviet republic.
European Union leaders have
agreed to impose a new round
of sanctions against Belarus
and ban its airlines from enter-
ing the bloc’s airspace and air-
ports as punishment for forcing
an Irish commercial airliner
carrying a dissident journalist
to land and then arresting him.
Germany Asks Former Colony’s Forgiveness for Genocide
BY GABRIELE STEINHAUSER
J O H A N N ES B U R G — G e r -
many said it would ask former
colony Namibia for forgiveness
for what it now recognizes
was a genocide of the local
Herero and Nama people com-
mitted by its troops between
1904 and 1908.
As part of this official rec-
ognition, Germany will pay 1.1
billion euros, equivalent to
$1.3 billion, for reconstruction
and development projects in
JAPAN
Official Casts Doubt
On Holding Olympics
A leading ally of Tokyo’s gov-
ernor said Japan should retain
the option of canceling or post-
poning the Summer Olympics,
one of the first clear voices of
doubt about the Games from po-
litical figures close to organizers.
Hiroki Masuko, secretary-gen-
eral of the largest party in To-
kyo’s metropolitan assembly,
pushed back on recent sugges-
tions by senior figures in the In-
ternational Olympic Committee
that the Games would open as
planned on July 23 regardless of
developments before then. “To
no
ensure we protect the lives and
livelihoods of Tokyo residents,
we must keep all options avail-
able,” Mr. Masuko said Friday.
Mr. Masuko represents the
Tokyo Residents First party,
founded by Tokyo Gov. Yuriko
Koike. Ms. Koike has said that
Tokyo can safely host the Olym-
pics despite public concern about
the possible spread of Covid-19.
“We both seek a safe and se-
cure Games. There’s no differ-
ence between us in that,” Ms.
Koike said in response to Mr.
Masuko’s statement.
Prime Minister Yoshihide
Suga said a state of emergency
in Tokyo and other areas would
be extended to June 20.
—Alastair Gale
ISHARA S. KODIKARA/AGENCE FRANCE-PRESSE/GETTY IMAGES
HAZARDOUS DUTY: Sri Lankan navy forces on Friday removed debris washed up in Colombo from
the MV X-Press Pearl, a container ship carrying chemicals, which has been burning for nine days.
* * * * * * * *
Russian President Vladimir Putin, right, met with his Belarusian counterpart, Alexander Lukashenko, in Sochi on Friday.
The impending sanctions
could target financial transac-
tions and the country’s key in-
dustries such as oil and potash,
EU officials said this week.
Friday night in Washington,
the White House said it would
reimpose full blocking sanc-
tions against nine Belarusian
state-owned enterprises previ-
ously granted relief by the
Treasury Department. The U.S.
on
Namibia as a “gesture of rec-
ognition of the immeasurable
us ,
suffering that was inflicted on
l
the victims,” Foreign Minister
e
al a
Heiko Maas said Friday.
The sum, which, according to
a spokesman for Namibia’s pres-
ci on
ident, could be paid out over 30
years, far exceeds compensa-
tions paid by other countries for
colonial atrocities, although
Germany says the payments
er s
don’t constitute reparations.
“Our aim was and is to find
m er
a common path toward true
WORLD WATCH
m rp
MALAYSIA
Covid-19 Outbreak
Prompts Lockdown
co Fo
Malaysia’s prime minister
says a total coronavirus lock-
down will be imposed in the
country, with all business and
economic activities to be halted
for two weeks to contain a
worsening outbreak.
Prime Minister Muhyiddin
Yassin announced that the deci-
sion to implement the lockdown
starting Tuesday came after
new infections breached 8,000
n-
on Friday for the first time,
sparking fears the disease could
spiral out of control.
New infections have climbed
since the recent Muslim Eid fes-
tival, soaring to 8,290 on Friday.
—Associated Press
HONG KONG
Media Tycoon Lai
Gets More Jail Time
Hong Kong media tycoon and
outspoken pro-democracy activist
Jimmy Lai was sentenced to
more jail time Friday over his role
in an antigovernment protest in
2019, as authorities step up a
crackdown on dissent in the city.
Mr. Lai and nine others were
charged with incitement to take
part in an unauthorized assem-
bly when they walked down a
road with thousands of resi-
WORLD NEWS
is also working with allies on
“developing a list of targeted
sanctions against key members
of the [Alexander] Lukashenko
regime associated with ongo-
ing abuses of human rights and
corruption, the falsification of
the 2020 election, and the
events of May 23,” according to
a White House statement.
Additionally, the U.S. will
suspend an air-services agree-
reconciliation in memory of the
victims,” Mr. Maas said. “We
will now officially call these
events what they are from to-
day’s perspective: genocide.”
That recognition and the
connected financial offer fol-
low more than five years of at
times contentious negotiations
between the Namibian and
German governments over
how to reckon with the deaths
of at least 60,000 Herero and
Nama at the hands of German
colonial troops. Some were
dents on Oct. 1, 2019, to protest
dwindling political freedoms in
Hong Kong.
All 10 pleaded guilty to orga-
nizing an unauthorized assembly.
Mr. Lai, 73 years old, was sen-
tenced to 14 months in prison.
He is currently serving a sepa-
rate 14-month jail term for other
convictions earlier this year also
related to unauthorized rallies in
2019. With the two sentences
combined, Mr. Lai will serve a to-
tal of 20 months behind bars.
—Associated Press
FRANCE
Man Killed After
Attacking Police
A man with severe schizophre-
nia who had been on a watch list
for Islamic radicalism stabbed a
police officer at her station Friday
in western France and shot two
other officers before police killed
him, authorities said.
The slain suspect was a
Frenchman in his 40s who had
been on a watch list for Islamic
radicalism because of his “rigor-
ous” religious practices, said In-
terior Minister Gerald Darmanin.
The assailant recently had
been released from prison and
was under monitoring by psychi-
atric services, he said. The three
officers were wounded but none
is in life-threatening condition,
the minister said.
—Associated Press
Saturday/Sunday, May 29 - 30, 2021 | A7
tyom Shraibman, founder of
Minsk-based political consult-
ing firm Sense Analytics.
Ahead of talks Friday, Mr. Lu-
kashenko told Mr. Putin he had
a briefcase of documents show-
ing the danger the flight posed.
His government said the plane
was grounded because it had
information that a bomb was
on board. No bomb was found.
Mr. Putin said they would
have a wide-ranging discussion
MIKHAIL KLIMENTYEV/KREMLIN/SPUTNIK/AFP/GETTY IMAGES
on political and economic ties.
“We had agreed on these
talks even before the lat-
est…emotional outburst,” said
Mr. Putin, referring to criti-
cism Mr. Lukashenko has faced
from the West.
In recent months, as Mr. Lu-
kashenko increasingly became
an international pariah, Mr. Pu-
tin has pledged more financial
and military support for Be-
larus, signaling Moscow’s in-
tention to bolster its embattled
junior partner—support that
could bind Minsk more tightly
to Russia.
On Friday, Mr. Lukashenko
ment, which makes it easier for helped broadcast massive anti- ruled out the possibility of Be-
both countries’ airlines to fly government protests last year. larus being absorbed by Russia.
over each other’s airspace. But the move, the latest in a se- “The world has changed. There
Now, for example, airlines from ries of transgressions by the Be- are no idiots among us today to
both countries will need gov- larusian leader, gives the Krem- enslave a friendly state in a co-
ernment approvals before doing lin an opportunity to take lonial manner,” he told a meet-
so, according to a U.S. official. advantage of Mr. Lukashenko’s ing of government representa-
Mr. Lukashenko’s gambit increasingly vulnerable position. tives of the Commonwealth of
with Ryanair Flight 4978 may “Every new step toward iso- Independent States before de-
have delivered him the prize he lation of Lukashenko by the parting to meet Mr. Putin.
.
sought when he arrested Roman West inevitably increases his —Andrew Tangel
Protasevich, a journalist who dependency on Putin,” said Ar- contributed to this article.
ly
shot by soldiers, others driven in the right direction for a cer- in poverty and on the margins
into the desert without water tain normalization in Namibian of Namibian society.
or food, while thousands per- and German relations,” he said. German and Namibian ne-
ished in concentration camps, Within the Herero and gotiators have said that both
where inmates were starved, Nama communities, which Nama and Herero communities
beaten and worked to death. hold little power in Namibian were included in the talks, but
Alfredo Hengari, the spokes- politics, the talks with Ger- that such negotiations are by
man for Namibian President many have been divisive. design led by governments.
Hage Geingob, said the two Prominent community mem- Mr. Hengari said the devel-
sides had reached an agree- bers insist they were left out opment projects would focus
ment in principle, which must of the negotiations and say on regions where Herero and
be presented to representatives they are doubtful that any of Nama are settled. The projects
of the Herero and Nama com- the money would benefit de- will focus on land reform, agri-
munities, and debated in par- scendants of the genocide, culture, rural infrastructure
liament. “It’s an important step many of whom continue to live and water supply, and jobs.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Saturday/Sunday, May 29 - 30, 2021 * *** THE WALL STREET JOURNAL.

WORLD NEWS

Migrants Keep Money Flowing Home Covid-19

Crushes
Remittances provide rapid economic recovery in the
lifeline for poor
countries still in the
U.S. and two hurricanes in
Central America that prompted
workers abroad to give more
Indians
grip of the pandemic
BY EUN-YOUNG JEONG
financial support than usual,
according to the World Bank.
In some parts of the world,
With Grief
households have shifted how BY NIHARIKA MANDHANA
Over the years, Aiza Bolo, a they spend remittances as the
36-year-old homemaker in the pandemic forces many families Jayant Malhotra says he

MARVIN RECINOS/AGENCE FRANCE-PRESSE/GETTY IMAGES

Philippines, has come to de- to give priority to basic needs. won’t forget the sight of the
pend on the $550 her step- Government statistics from the bodies. They arrived in a re-
brother sent her each month Philippines show that the per- lentless, urgent flow for cre-
from his job in Dubai. centage of households relying mation—a service he and his
When the pandemic struck on remittances to cover educa- father offer in New Delhi free-
and the income from a fruit tion costs dropped from 65% in of-charge for victims of
stand her parents own dried the last quarter of 2019 to 60% Covid-19. Exhausted workmen
up, her stepbrother began for the same period in 2020. prepared row upon row of fu-
sending as much as $950 a During that time, fewer neral pyres, struggling to keep
month. That enabled her to households in the Philippines pace with the scale of death as
keep buying medication for used remittances to purchase the solemn Hindu rite became
her parents and purchase a cars or add to savings, while a symbol of a besieged na-
laptop and internet connection more began using the funds to tion’s shared grief.
so her 13-year-old son could cover medical expenses. The “We were cremating 20 bod-
continue his schooling online. number of households using re- ies by noon. Before we could
“What Justine sends is A remittance-collection agency in El Salvador last year. Funds pay for school, shelter and healthcare. mittances to buy food and ba- finish those, there were 10
more than just money. It is a sic necessities hardly changed. more. By afternoon, there were
lifeline for us,” Ms. Bolo said. dropped 2.4% to $702 billion to transfer remittances, which to needy family members. Not all households receiv- 10 more,” said Mr. Malhotra,
Funds that migrant workers from the previous year, less are easier to capture in data In a recent survey by Mon- ing remittances have been who is 23 years old, describing
send home—known as remit- than half the drop recorded in than the informal channels eyGram International Inc., a shielded from the pandemic’s several weeks in April and May
tances—have long offered mil- the aftermath of the global fi- many migrants relied on when money transfer and cross-bor- economic blows. in the national capital.
lions in the developing world nancial crisis in 2009, according global travel was easier. der payments company, 70% of In India’s Kerala state, where “We’ve seen such horrors.”
critical support, paying for to the World Bank. Remittances Other drivers behind the respondents said the crisis one in five households receives With each body came a tale
needs including schooling, shel- to low- and middle-income strong remittance flows have prompted them to send more remittances, many families saw of a life—and a death. One
ter and healthcare for relatives. countries were particularly re- to do with the large govern- remittances back home, said the flow abruptly stop when man died in a hospital parking
Many of those migrant silient, falling 1.6%. ment support programs in rich Alex Holmes, the company’s deteriorating economic condi- lot where he had spent the
workers continue to send Early in the pandemic, the countries, notably the U.S. and chief executive officer. “They tions in the Middle East forced night waiting for a bed. Others
money back, often despite World Bank had estimated parts of Europe, that have en- believe that people in those migrant workers to return were parents, their bodies col-
their own economic difficul- that remittances would decline abled migrant workers there to home markets are more in home. One in six migrant work- lected by volunteers from
ties, providing financial cush- 20% in 2020. Last autumn, it maintain some financial stabil- need this year, and last year, ers from India has returned homes and mortuaries because
ions in countries where was predicting a 14% drop for ity. At the same time, the eco- than ever before,” he said. home since the pandemic be- their children live overseas
Covid-19 cases are still high, all of 2020. nomic crisis last year—which In 2020, remittances to gan, according to S. Irudaya and were unable to return.

.
vaccines are slow to arrive and To be sure, part of the resil- has yet to abate in many poor Latin America and the Carib- Rajan, chairman at the Interna- Families have mourned the
the economy is struggling. ience stems from the in- countries—pressed some mi- bean increased 6.5% from the tional Institute of Migration loss of two, sometimes three

ly
In 2020, global remittances creased use of formal channels grants to raise their payments previous year, fueled by a and Development in Kerala. or even four members, Mr.
Malhotra said.
The Covid-19 surge is a na-

Covid Hits on tional tragedy—among the

worst in India’s 74-year his-
tory as an independent coun-
try. More than 140,000 people
The Young have died since mid-April as
us ,

the virus overpowered the

l

In India healthcare system and left

e
al a

millions defenseless.
Daily new cases have fallen
since early May, but Indian
ci on

Continued from Page One journalists digging through re-

describing is anecdotal evi- cords and crisscrossing the
dence, and that more study is hinterland are uncovering evi-
needed to determine whether dence of deaths many times
mutations in the virus in India greater than government fig-
er s

have led to more-severe dis- ures show.

ease. Studies are under way in Beyond the mounting num-
m er

a number of countries to un- bers of dead, images of panic

derstand whether the Covid-19 and despair have become em-
SUMIT DAYAL FOR THE WALL STREET JOURNAL

variants are more virulent, as blematic of the pandemic.

opposed to merely being more Corpses found on the banks
easily spread, said Giridhara of the Ganges river, some
m rp

R. Babu, a professor of epide- wrapped in plastic coverings

miology at the Indian Institute and others not, swollen and
of Public Health in Bangalore. rotting, as crematoriums ran
New or changed symptoms out of space and families ran
described by physicians should out of money.
co Fo

form a part of such studies, Doctors making tearful tele-

Dr. Babu said. “One cannot ig- vised pleas for oxygen, warn-
nore these observations. These ing of 30 minutes of supply
are very important observa- left at hospitals, or an hour or
tions,” he said. two, before patients would be-
A few doctors said the age Dr. Sumit Ray and his team on their morning rounds at Holy Family Hospital in New Delhi, above. tor of the hospital. gin to die. A torrent of social-
range of Covid-19 patients was Anisha Saigal, in photos below, was given a bed in the pediatric ward after a long wait. India doesn’t have updated media posts from families
similar to the last wave and national data on hospitaliza- hunting for hospital beds, oxy-
the more-contagious variants tions by age during the surge, gen cylinders and medicines,
now prevalent increased the but some local mortality data forced to turn to citizen sav-
number of symptomatic pa- suggest a greater impact on iors and an extortionate black
tients of all ages. They also younger people. In Mumbai, market to hold off death.
noted that those under 45 around 40% of Covid-19-re- “The closest thing that
n-

were additionally exposed be- lated deaths in the first 26 comes to my mind of what
SUMIT DAYAL FOR THE WALL STREET JOURNAL

cause vaccinations weren’t days of May occurred in pa- we’re living through now is
open to them until May 1. tients younger than 60, versus actually 1918,” said Chinmay
India began recording 29% during the prior, smaller
no

global highs of more than surge last September.

400,000 new daily Covid-19 “Young patients are requir-
COURTESY OF ANISHA SAIGAL

cases in late April, four times ing high-flow oxygen and ICU
‘We were cremating
the peak in the country’s first care,” said Suranjit Chatterjee, 20 bodies by noon....
big wave of the disease last an internal-medicine specialist
fall. New-case numbers have and coordinator of the
We’ve seen such
declined this month and so Covid-19 wards at New Delhi’s horrors.’
has the percentage of tests Indraprastha Apollo Hospital.
that are positive. In the state of Punjab, the
Highly infectious virus vari- severity of Covid-19 cases also
ants have been circulating in the Centers for Disease Con- Anisha Saigal, 29, had been continues to struggle and is on appears to have changed, with Tumbe, referring to the flu
India during the surge, includ- trol and Prevention. battling symptoms for about a medication for lung scarring patients aged 35 to 50 in pandemic that swept the
ing four classified as variants Preliminary studies suggest week when on the morning of and heart palpitations. greater respiratory distress world, whose impact on India
of concern by the World vaccines are effective against April 16 she found herself “What’s bothering me is than in last fall’s wave, said he chronicled in his book “The
Health Organization. The vari- it. The risk of developing breathless. Her blood oxygen how I’m not even 30 and on Madhu Gupta, a professor of Age of Pandemics.” “The fact
ant first identified in India, symptomatic Covid-19 from saturation was 88%, versus a medicines for lungs and community medicine and pub- that so many people have
months ago, is labeled B.1.617. B.1.617.2 was cut by 88% after healthy level of 95% or more. heart,” said Ms. Saigal. lic health at the Post Graduate died, so many people have lost
It is sometimes called the two doses of the vaccine from Ms. Saigal stood in line for While younger patients in Institute of Medical Education loved ones…but also the dou-
Indian variant, but the govern- Pfizer Inc. and BioNTech SE 3½ hours at Holy Family Hos- India remain much more likely and Research in Chandigarh, ble shock of the economic
ment objects to the term, la- and by 60% after two doses of pital in New Delhi to get a than older ones to survive, Punjab’s capital city. damage.”
beling it misinformation. the University of Oxford/Astra- consultation. An X-ray showed doctors say they’re seeing a “If you see 1918 or now, I
Indian scientists say one of Zeneca PLC vaccine, research- she had pneumonia in both higher share of younger would argue that while a lot of
the biggest factors driving the ers at the U.K.’s public health Covid-19 patients dying than Rapid decline people got infected, not so
Covid-19 surge appears to be a agency said in a new paper they did when the disease was One evening in late April, many people had to die,” he

particular version of the vari- not yet peer-reviewed.
ant, dubbed B.1.617.2. Scientists are studying
It appears more contagious, whether B.1.617.2 is more viru-
British scientists who have lent. William Haseltine, a pio-
studied it said in a recent re- neering scientist of human ge-
port. Genomic sequencing data nome projects, noted that in
show that India’s surge in the pandemic flu a century
some areas coincided with a ago, the first wave hit the el-
greater prevalence of B.1.617.2. derly but a second and worse
wave came for the young.
“No matter where [the cor-
Occurring widely onavirus] appears, there are
“So far, it looks like wher- many variants, and they are all
ever B.1.617.2 is going, it is different. They share some
outpacing the other variants,” common properties, which in-
said Saumitra Das, director of clude increased transmissibil-
the National Institute of Bio- ity, an increased age range and
medical Genomics, based near an increased disease in the
Kolkata in eastern India. young,” said Dr. Haseltine.
B.1.617.2 has been detected In New Delhi, genomic se-
in 50 countries, according to quencing showed the presence
an online database maintained of B.1.617.2 in 84% of virus
by researchers at four univer- samples on April 28, up from
sities. Its presence in the U.S. 25% March 3. Covid-19 cases in
remains small, according to the city exploded in April.
50
at its earlier peak last fall. At 25-year-old Priyanka Kumari said. In the early 20th century,
Medanta hospital near New reached her parents’ home in it was the mismanagement of
Delhi, several patients in their the small town of Munger, in food-grain supplies by India’s
20s with severe lung infec- Bihar, in a state of great weak- British colonial rulers that
nations have detected the highly tions didn’t survive. ness. “She could not walk. She made the crisis worse than it
infectious B.1.617.2 variant. “This is an indication that could not speak,” said Chanda needed to be, as residents
this is a much more virulent Kumari, her 21-year-old sister. were left undernourished and
virus strain than in the first The next morning, the fam- vulnerable to disease, he said.
wave,” said Naresh Trehan, a ily got Priyanka a bed in a lo- Many Indians hope the
lungs. A doctor advised hospi- cardiac surgeon and chairman cal government hospital, Covid-19 crisis will spur an
talization, but the hospital had of the Medanta hospital chain, which found her blood oxygen overhaul of the country’s rick-
no beds available. adding that his assessment saturation to be very low. It ety healthcare system.
Five hours later, it offered was based on observation didn’t have a ventilator or “A lot of these deaths are
her a bed in the pediatric rather than clinical data. medicines, said her sister. happening because of the lack
ward, its walls decorated with At Guru Teg Bahadur Hos- They found a hospital with of medical infrastructure,”
hand-painted cartoons. “It was pital in New Delhi, a 26-year- a ventilator in a neighboring said Dr. Shah Alam Khan, an
dystopian to see adults strug- old junior resident physician town and arranged for an am- orthopedic surgeon at New
gling to breathe while trying complained of a fever in early bulance to take Priyanka there. Delhi’s All India Institute of
to fit in those beds meant for May. The doctor, who wasn’t She died on the way. Medical Sciences. “They hap-
children,” Ms. Saigal said. vaccinated, took a Covid-19 “We have not been able to pen because the patient
After nearly two weeks, Ms. test and was admitted to the recover from the shock,” couldn’t reach the hospital,
Saigal, able to breathe without emergency room. He was diag- Chanda Kumari said. because there were no beds,
the oxygen the hospital pro- nosed that evening and died of —Jason Douglas because there was no oxygen.
vided, went home, just in time intracranial bleeding in the and Newley Purnell That kind of death has got an-
for her mother’s birthday. She night, said B.L. Sherwal, direc- contributed to this article. other kind of brutality to it.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Stubborn Rice Breeder
Helped Feed China
BY JAMES R. HAGERTY
A
fter surviving China’s fam-
ine of the late 1950s and
early 1960s, Yuan Longping
was determined to develop hybrid
varieties of rice to increase yields
of China’s most important source
of nutrition.
His chances for success looked
negligible.
Mr. Yuan had been educated in
chaotic times at a fledgling agri-
cultural college and was largely
self-taught as a plant breeder who
once tried crossing a watermelon
with a pumpkin. “I was merely a
nobody,” he said in an oral history
published in 2010.
Older Chinese agronomists in-
sisted it would be impossible to
create a successful rice hybrid. Po-
litically, Mr. Yuan was so naive
that he once exposed himself to
persecution by criticizing agricul-
tural policies endorsed by Mao Ze-
dong—then compounded his error
by adding that Chairman Mao
wasn’t an authority on agriculture.
Mr. Yuan, who died May 22 at
the age of 90, overcame all those
disadvantages.
For years, he and his colleagues
waded through rice fields with
magnifying glasses in search of
promising strains of rice. After
early hybrids showed no meaning-
ful increase in yields, he tried a
new strategy, searching for wild
rice specimens to breed with do-
mesticated varieties. Finally, in the
mid-1970s, he began to show
promising results. The Chinese
government, desperate to end hun-
ger, subsidized his work and or-
dered local and provincial authori-
ties to push hybrids.
Boosted by those hybrids, China’s
rice production began catching up
with demand. Hybrid rice now ac-
counts for more than half of China’s
output, according to the Interna-
tional Rice Research Institute.
China’s technology attracted in-
terest in other rice-producing
no
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* * * *
OBITUARIES
Y UA N L O N G P I N G
1930 — 2021
countries. But acceptance else-
where has been much lower.
World-wide, hybrids account for
15% to 18% of rice output, the in-
stitute estimates.
Many growers find that the
higher cost of hybrid seeds can’t
be justified by the increase in
yields. The quality of hybrid rice,
though improved, often fails to
satisfy pickier palates.
M
r. Yuan became a national
hero in China. A museum
in Changsha, China, is de-
voted to his story. He won the
on
World Food Prize in 2004 and
scores of other awards and honors.
Yuan Longping was born Sept. 7,
1930, in what is now known as Bei-
jing. His father was a railroad ad-
us ,
ministrator. His mother, who had
l
attended a missionary school, be-
e
al a
gan teaching him English when he
was a toddler.
The family moved frequently as
ci on
battle lines shifted during the war
with invading Japanese troops in
the 1930s. Mr. Yuan recalled aerial
bombardments and “corpses
strewn everywhere.”
er s
At a British missionary school,
he learned science from English-
m er
speaking teachers and won swim-
m rp
co Fo
n-
ming competitions. In 1949, he en-
rolled in what became the
Southwest Agricultural College in
Chongqing. After graduating, he
was appointed to teach at an
agrarian school in western Hunan
province.
His more whimsical experiments
included grafting tomatoes onto
sweet potatoes. “I obtained some
peculiar results,” he said later. Be-
cause Chinese academics were sup-
posed to defer to Marxist science
in the 1950s, he read Western texts
surreptitiously, hidden behind a
copy of the People’s Daily.
During the famine, he saw some
people eating tree bark and others
falling dead from starvation along
roadsides. Weakened by hunger, he
gave up swimming.
The search for workable hybrids
was tedious and exhausting. “With
the scorching sun hanging over
our heads, we roamed in the
boundless sea of rice,” he said in
the oral history.
During a brief break from his re-
search in 1964, he married Deng Ze,
one of his former students. She sur-
vives him, along with three sons.
The Cultural Revolution made
any kind of intellectual work sus-
pect. Red Guards ransacked some
of his experimental sites, and at
one point he was ordered to work
in a coal mine. But senior officials
intervened to return him to his re-
search.
By the mid-1970s, he was begin-
ning to show significantly higher
yields with hybrid seeds, but pro-
ducing those seeds was compli-
cated. Among other things, it in-
volved sending armies of people
walking through rice fields with
rope and bamboo sticks to agitate
the tops of flowering rice plants so
pollen flowed from one type of
plant to another. In the U.S., low-
flying helicopters or drones provide
turbulence to shake loose pollen.
 Read in-depth profiles at
WSJ.com/news/types/obituaries
Saturday/Sunday, May 29 - 30, 2021 | A9
JIM CLENDENEN
1953 — 2021
Winemaker Dissented
From California Style
BY JAMES R. HAGERTY
J
im Clendenen was on track
for law school in the
mid-1970s, when a junior
year abroad in France sent him in
another direction, leading to a ca-
reer as an influential winemaker.
Mr. Clendenen helped re-estab-
lish California’s Santa Barbara
County as a wine-producing area
and despised many of his state’s
most successful wines; “fruit
bombs” was his term for some of
them. He adhered to a Burgun-
dian tradition involving less alco-
hol and more subtle flavors.
In 1982, Mr. Clendenen co-
founded the Au Bon Climat win-
ery, known for its Pinot Noir and
Chardonnay. He remained as that
winery’s leader after his partner,
Adam Tolmach, left in 1991.
By the late 1980s, the critic
Robert Parker was endorsing Au
Bon Climat wines, and sales
surged. Mr. Clendenen became a
favored supplier to restaurateurs
including Emeril Lagasse.
Mr. Clendenen created another
brand, Clendenen Family Vine-
yards, to tinker with other grape
varieties, notably Italy’s nebbiolo.
In a 2013 episode of Levi Dalton’s
“I’ll Drink to That” podcast, Mr.
Clendenen described nebbiolo as
a product of “the dirtiest, warti-
ly
est, most wretched grapes on the
planet.” He added: “When you
drink a great one, you know
you’ve had a soul-enriching expe-
rience.”
Mr. Clendenen died May 16 at
his home in Buellton, Calif. He
was 68. His family said he died in
his sleep of undetermined causes.
Mr. Clendenen, whose curly
gray hair tumbled over his shirt
collar, spoke rapidly and issued
strong opinions in torrents. “In
California,” he said in a 2017
video interview, “when people
started celebrating sunshine and
heaviness and alcohol and flatness
and lack of food compatibility,
they lost something in the trans-
lation—what wine should be.”
James Alexander Clendenen,
the second of three children, was
born Jan. 11, 1953, in Akron, Ohio.
His father, a chemical engineer,
worked as an executive at Fire-
stone Tire & Rubber Co. His
mother had been a teacher. The
family moved to Cuyahoga Falls,
Ohio, when Jim was small and to
the Los Angeles area when he
was about 15.
He majored in prelaw studies
at the University of California,
Santa Barbara. The junior year
abroad in France introduced him
to “life beyond tacos,” as he put
it. After graduating, he revisited
France’s Burgundy and Cham-
pagne regions.
He gained experience by work-
ing as an assistant at the Zaca
Mesa Winery in Los Olivos, Calif.,
in the late 1970s.
He and Mr. Tolmach invested
about $25,000 each to set up Au
Bon Climat in 1982. They rented a
former dairy barn, already
equipped with primitive wine-
making equipment, near Los Ala-
mos, Calif. At first, they relied en-
tirely on grapes grown by others.
In the early years, Mr. Clendenen
moonlighted as a waiter to make
ends meet.
He was known for the gourmet
lunches he cooked for employees
.
and guests at his winery.
Mr. Clendenen was married
and divorced twice. He is sur-
vived by a daughter, Isabelle, a
sales executive at Au Bon Climat,
and a son, Knox, a student in
Japan.
Isabelle Clendenen said her fi-
nal dinner with her father, about
2½ weeks before he died, fea-
tured a truffle risotto he had pre-
pared. A rare bottle of his 1995
Isabelle Pinot Noir, named for his
daughter, was at hand. At first,
they hesitated to open the bottle
because Mr. Clendenen wanted to
save it for a special occasion.
Then, deciding it was a natural
pair for the risotto, he decided to
make that an occasion. She
brought out her best wine
glasses. Mr. Clendenen poured the
wine. “It’s perfect!” he declared.

A10 | Saturday/Sunday, May 29 - 30, 2021
A Marine’s
Medals
Go Missing
Continued from Page One
blues, provoking occasional
questions from my kids.
“Dad, are these prizes from
the Marine Corn?” my 4-year-
old asked me recently.
A career in the military is
laid out in those medals and
ribbons, which can be read
like a résumé. Mine show that
I’ve been to Iraq and Afghani-
stan, that I was awarded a
couple of personal-achieve-
ment awards, that I saw com-
bat but was never wounded.
Even now, when I look at
them, that distilled summary
of years in uniform, I’m taken
back to the places where they
were earned and remember
the people who were there.
Certain medals, like the
Purple Heart, stand out like
talismans.
I thought of Gator every so
often when passing by a me-
morial roster somewhere in
the nation’s capital, scrolling
over the lists of war dead
posted in a House of Represen-
tatives hallway, maybe. But
mostly, all that was in the past.
‘Legal, but crummy’
Early this February, I re-
ceived a message from Charlie
Williams, who was a lance cor-
poral on that Golf Company
deployment. He had gotten
wind that Gator’s posthumous
Purple Heart certificate, his
medals and what was de-
scribed as the flag that
adorned his casket were all for
sale through an online auction
site called Alexander Histori-
cal Auctions.
“This strikes me as the kind
of thing that’s legal, but
crummy,” he said in an email.
The items had gone missing
years ago, through a series of
family misfortunes. For years,
Gator’s mother, Maureen
O’Haire, struggled with fi-
nances and threats of eviction.
Her house caught fire in 2015,
destroying nearly everything.
The family saved the few
things they could, including
the urn containing her hus-
band’s ashes.
A firefighter who had
served with Gator in Fallujah
showed up to that blaze, knew
where the medals were, and
ensured they were recovered.
Maureen died soon after, in
2016, and many of her posses-
sions ended up in a storage
unit. In the aftermath of the
house fire and then Maureen’s
death, Gator’s siblings never
found out what happened to
the medals. There seemed to
have been a lapse in paying
the storage fee, but nobody
knew for sure.
His family certainly didn’t
want them sold and didn’t
know who was selling them.
The online auction clock
was already ticking away
when I clicked on the website.
The bidding had gotten to a
few hundred dollars, inexpen-
sive enough for Gator’s friends
to come up with, but there
were still days left in the bid-
ding. Who knew how high the
price might go?
Mr. Williams told me as
soon as a bid was placed,
ROBERT L. HANSEN (2)
somebody immediately topped
it. The family and friends were
worried the nameless seller
was trying to juice the price.
Gator’s family and friends had
tried everything they could
think of to reclaim the medals,
he said, with no luck.
Would I be able to help?
Of course I was going to
help. Could there be any ques-
tion?
Walter O’Haire was pushed
by his family to graduate from
high school, something he had
to do to join the Marines. His
father, Thomas, died just be-
fore the young man shipped
off to boot camp in 2005.
Maureen came from rock-
ribbed Irish stock and at the
time of Gator’s death took care
of four other biological chil-
dren and four adopted chil-
dren.
Gator was close with his
family, especially his older
brother William, who had been
in the Navy, and the two
traded joking insults about
choosing the wrong branch of
the military. Gator often
sneaked away from Camp Le-
jeune, N.C., to go home on
weekends. He was especially
fond of absconding from base
to get plastered at Boston’s an-
nual St. Patrick’s Day parade.
High-jinks aside, the young
Marine was an outstanding in-
fantryman, says Brian Mullen,
a staff sergeant in Fallujah,
who served more than two de-
cades himself, eventually retir-
ing as a master sergeant. He
never heard the young man
complain, even though griping
comes second nature to most
grunts.
“He was out to prove him-
self every single day, not to
someone else, but to himself,”
Master Sgt. Mullen remembers.
Gator’s death hit him hard. “It
feels like it happened yester-
day every single day,” he said.
Master Sgt. Mullen and the
other Marines from Gator’s
platoon kept close to Maureen
after her son’s death.
At his memorial service
back in the states, the
O’Haires weren’t somber, they
were jovial. “The O’Haires
were joking and smiling and
having a good time, they were
celebrating his life,” Master
Sgt. Mullen says. “That was
such a big deal to me.”
When he was buried, the
state police shut down I-93,
right there in the middle of
Boston, to give the funeral
procession a clear run.
The next year, Maureen
paid for a handful of his Ma-
rine buddies to come to Bos-
ton for his beloved St. Paddy’s
parade. They marched in it.
They drank beer with the band
Dropkick Murphys. It was a
Gator-sized celebration.
The oldest award
The Purple Heart is the
country’s oldest military
award, first given by Gen.
George Washington to troops
during the Revolutionary War
as a Badge of Military Merit.
The modern version, whose
criteria were established in
1932, is awarded to troops
wounded in combat. For those
who make the ultimate sacri-
fice, it is presented posthu-
mously to the surviving family.
There’s a federal law pro-
hibiting the sale of the Medal
of Honor, the nation’s highest
award for military heroism.
But no such law exists for
other military medals. That
FROM PAGE ONE
means anyone at a pawnshop,
antique mall, swap meet or
online auction house is free to
buy, sell and trade the memo-
rabilia.
For collectors, the Purple
Heart has become a bauble
that can fetch a premium.
Some medals are awarded to
troops for doing little more
than signing up to join the
military. But the Purple Heart
requires sacrifice and is recog-
nizable to many Americans. It
brings the aura of war to the
den of any armchair warrior.
The monetary cost of the
medal is a bargain compared
with what was paid by the
person who earned it. Those
presented posthumously, and
which can have the deceased’s
name engraved on them, are
especially tempting to collec-
tors because they are a one-of-
a-kind representation of pain,
loss and heroism.
The Purple Heart is
the country’s oldest
military award, first
given by Washington.
I wanted to better under-
stand the mind-set of the col-
lector. So I contacted Army
Major Zachariah Fike, a well-
known figure among those
who buy and sell Purple
Hearts. He started collecting
military memorabilia as a
young officer. He had returned
from a stressful combat de-
ployment to Iraq and found
the hobby to be healing. He
dived deep to research the
background of this or that
trinket from a long-ago battle-
field.
In 2009 his mother gave
him a Christmas present to
add to his collection: a posthu-
mous Purple Heart from WWII
that she’d haggled a dealer
down to $100.
“This was my first U.S.
medal,” Maj. Fike said. “I was
excited that my mom got it
but then I was struck by a sad-
ness because I knew what the
medal symbolized.”
He deployed to Afghanistan
soon after and was hit by
shrapnel from a Katyusha
rocket, earning his own Purple
Heart. When he got back from
that deployment he vowed to
Reporter Ben Kesling received Lance Cpl. O’Haire’s medals and Purple Heart
certificate from Mr. Panagopulos, but the frames that held them had been
damaged at some point. He took them to his neighbor’s basement wood shop
and they repaired them together.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
learn about the Purple Heart
his mother had given him. He
eventually found the relatives
of the original recipient and
returned the medal to them.
Maj. Fike’s story made the
national news and soon people
were asking him to help find
lost medals. He founded Pur-
ple Hearts Reunited, a non-
profit to help with awards that
have been lost, stolen or oth-
erwise separated from the
proper owner.
The group has reunited
more than 800 military med-
als, including Purple Hearts,
with recipients or families
since its official inception in
2012. Some, Maj. Fike in-
cluded, believe there is an un-
seen power at work that helps
them in their mission.
“Without making me sound
loony, I have seen things over
the past decade that made my
hair stand up,” he said. “It’s
like these guys are willing
these medals to return.”
In the case of Gator’s anon-
ymous medal seller, we ini-
tially thought we had the cul-
prit in our sights. Mr. Williams
told me a man named Adrian
Torres had been reaching out
to Gator’s friends, asking for
background information on
the Purple Heart and their
dead comrade. Mr. Williams
assumed Mr. Torres had the
medals and was trying to
drive up the auction price.
Suspicions
I tracked down Mr. Torres.
Our suspicions proved to be
unfounded.
True, Mr. Torres is a mili-
tary memorabilia collector. He
scours the internet to find
items from the wars in Iraq
and Afghanistan, and, in early
February, the offerings of the
medals of Walter K. O’Haire
caught his eye.
It was the first time he’d
ever seen what appeared to be
a posthumous Purple Heart
from either Iraq or Afghani-
stan for sale on the web.
“I came across that group-
ing and saw how modern it
was and how weird it was that
it was being sold off for auc-
tion,” he told me. “I always
contact the family if I find
them.”
Mr. Torres sleuthed around
Facebook, found posts related
to Gator and tracked down
some of the Marines who had
* ******* THE WALL STREET JOURNAL.
Lance Cpl. Walter O’Haire,
known to his friends as Gator
and pictured at far right, was
killed just days short of his
21st birthday. His mother,
shown at the funeral, died in
2016 and his service medals
vanished. An auction site
owned by Bill Panagopulos,
above, posted the memorabilia
for sale by an unknown
consignor. Members of Lance
Cpl. O’Haire’s old unit, Golf
Company, including Wall Street
Journal reporter Ben Kesling,
rallied to try to save the
decorations. After a lengthy
lobbying campaign that drew
the support of former Defense
Secretary Jim Mattis, the
buddies managed to get the
medals back. Mr. Kesling
traveled to the Massachusetts
home of Lance Cpl. O’Haire’s
brother William, shown top
right, to hand over the
materials.
al a
served in Golf Company. He
sent them messages to alert
ci on
them to the online auction un-
der way with its clock ticking
down.
The collector merely
wanted to make sure the ob-
er s
jects made their way back to
where they belonged. m er
My next call was to the
president of Alexander Histor-
ical Auctions LLC, Bill Pana-
gopulos.
I reached him while he was
m rp
waiting at the phlebotomist
and he warned me he’d likely
have to jump off the call when
the needle was ready for him.
He had prostate cancer and
co Fo
was undergoing treatment.
The 63-year-old auctioneer
has been in the business for
about three decades, selling all
manner of military memora-
bilia, including Nazi relics.
When we first spoke he was
brokering the sale of Adolf
Hitler’s toilet seat, a Berchtes-
gaden collectible that turned
out to be worth thousands of
dollars.
He was also smarting from
n-
an email Charlie Williams sent
him—it was more threat than
request—seeking to get the
medals back.
no
I tried to soothe him, tell-
ing him my story, vouching for
Gator and the efforts being
made, and apologizing for
Charlie. After all, what else
should he expect from a hot-
headed Marine?
It seemed to work. Mr. Pa-
on
us ,
l
e
nagopulos said he didn’t own
the lot, that he was just a bro-
ker but that he’d immediately
take the medals off the auc-
tion block. He’d buy them from
the consignor, the guy who le-
gally owned them, with his
own money if he had to so
that Gator’s memorabilia made
it back where they belonged.
He declared loudly over the
phone that he was proud to do
it. It would be a mitzvah, he
said. And while he, himself,
was Greek, a mitzvah would
undoubtedly count seeing as
his wife was Jewish and all.
There was a tender heart un-
derneath the brash facade. It
wasn’t about money, he said.
Who knows—he might need
the cosmic goodwill. Mr. Pana-
gopulos told me that coming
face-to-face with his mortality
had contributed to his desire
to curry a little divine favor.
He said his dad had been in
the Navy, that he loved history
and respected service.
Once a Marine…
He soon after called to in-
form me that he was securing
the medals. He wouldn’t reveal
the identity of the consignor.
That would be bad for busi-
ness. But he did say the guy
was a frequent dealer and
wasn’t into charity cases.
And yet, despite the finan-
cial outlay, Mr. Panagopulos
wanted nothing from the
O’Haires in return.
No, wait, he did want some-
thing, he decided. Something
small. He wanted a Marine
Corps flag signed by Gator’s
Marine Corps pals, by the guys
who knew him best. He could
put it on his office wall, look
up at it and remember his
good deed. He also maybe
would like to present the med-
als himself to Gator’s buddies
or family, a nice bookend to
the story.
“I have to grandstand, I
have to promote my business,”
he said, before adding, “But
not at the expense of Gator.”
I called one of Gator’s old
platoon mates who said he had
a USMC flag from that Fallujah
deployment that everyone
could sign. Then I decided to
do Mr. Panagopulos one better
than a flag.
I sent a note to the Marine
officer whose signature was
on Gator’s Purple Heart certif-
icate, the one included in the
auction lot. I didn’t know if I’d
get a response because the old
Marine had since moved up in
the world and was no longer
in uniform.
I wrote to him not just as a
reporter but as a Marine. I
asked if he would maybe send
Mr. Panagopulos a note of
thanks for doing the right
thing.
A response came within
hours with the good news he’d
THE WALL STREET JOURNAL.
be happy to express his grati-
tude to Mr. Panagopulos.
“It is unsettling to think of
those items reflecting Walter’s
service and sacrifice bouncing
around the internet and wind-
ing up with someone who
might well not appreciate
their true meaning,” the now-
retired officer wrote.
And he signed the email not
as a former secretary of De-
fense, but as a Marine:
“Semper Fi, Jim Mattis.”
The most important thing
seemed done. Mr. Panagopulos
said he was removing the
medals, flag and certificate
from the market and that he
was ready to send them wher-
ever they should go.
The brother
I had never met Gator’s
brother William before, but I
gave him a call.
William O’Haire’s accent is
like a stream of pure, distilled
Boston. He grew up in South
Boston, but now lives in Lynn,
Mass., with his wife and two
kids. William served more
than a half decade as a Navy
submariner, getting out of the
service long before his youn-
ger brother, Walter, enlisted.
William never could figure
out how the medals ended up
in the hands of the mysterious
consignor. “The last thing I
knew, it was in my mother’s
bedroom,” he said. “When I
cleaned up storage, it wasn’t
there. I have been trying to
figure out what happened.”
He was outraged that some-
one would be able to sell off
the essence of Gator’s legacy.
“I don’t think people should
be able to sell that,” William
O’Haire said. “It’s memories of
a dead person, you shouldn’t
be profiting off a life that was
given for freedom.”
Then, just before the med-
als were to be mailed, I missed
a call from Mr. Panagopulos,
who left a spirited voice mes-
sage followed up by a surpris-
ing email.
“You know what? I just now
received a letter from the
Maryland Attorney General
whom William O’Haire has
sicced on me,” Mr. Panagopu-
los wrote.
As I was working my diplo-
matic efforts, and unbeknown
to me, attorneys general from
two states were slowly turning
the legal cranks in response to
complaints registered before I
got involved.
Just before Charlie Wil-
liams sent me the last-resort
email, a local veterans group
contacted the Massachusetts
AG’s office to let them know
about Gator’s medals. Some-
one from the office spoke with
William O’Haire and the ma-
chinery got moving.
Since Mr. Panagopulos is
based in Maryland, that state’s
******** Saturday/Sunday, May 29 - 30, 2021 | A11
FROM PAGE ONE
So I thought about it all.
And I sent the auctioneer a
message.
I told him that none of this
was about him, or about me or
anyone else. This was about
doing right by the legacy of a
Marine who gave his life in
service of his country. This
was about Walter K. O’Haire.
I told him there was still
time to make good on that
mitzvah.
On a Saturday, a note came
from Mr. Panagopulos that
he’d had a horrible infection
as he was getting ready to
start a new round of radiation.
He’d been stuck in a Philadel-
phia ER suffering for 33 hours.
“This is karma, or ‘bad
joss,’ ” he said. “Give me your
mailing address. You got ’em.”
FROM CLOCKWISE: KRISTON JAE BETHEL FOR THE WALL STREET JOURNAL; GETTY IMAGES; DAVID DEGNER FOR THE WALL STREET JOURNAL (2)
He later insisted he had
made the decision to return
the items before the recent
round of woes befell him, and
that he doesn’t really believe
in bad karma or curses. And
yet, as he prepared to ship
them, he fired off another text:
“Hope Gator forgives me.”
A few days later, a large, un-
marked brown box arrived on
the front porch of my house in
Chicago. Inside were the med-
als, the flag, the certificate.
Lance Cpl. Walter O’Haire’s
medals were off the market,
sitting safely at my home.
Extraordinary care
I opened the box, which Mr.
Panagopulos packed with ex-
traordinary care. I saw that
the frame that held the Purple
.
Heart certificate had been
damaged somewhere along the
ly
way, as had the frame sur-
rounding the medals. I took
them to my neighbor’s base-
ment wood shop and we re-
paired them together.
The framed shadow box,
something many service mem-
bers use to display their
achievements, had been made
using no nails, just wood join-
ery, a work of craftsmanship
AG was contacted. The result it means that the service tors he’s worked with for de- threw that grenade into that and of love, it seemed. And
was an official inquiry mailed member no longer has anyone cades aren’t disrespecting the pillbox.” the back had been signed, in
to Mr. Panagopulos to find out to care for his or her legacy. memory of deceased warriors, When a family abdicates gold pen, by a man named
if the medals were obtained Oftentimes, some distant rela- on the contrary, they’re honor- taking care of a service mem- Frank DeAngelis.
legally or if there was any tive finds the stuff in an attic ing them. ber’s legacy, Mr. Panagopulos I found Mr. DeAngelis’s son,
wrongdoing. and gets rid of them, some- Collectors often buy Purple feels it’s his job to make sure who told me about his father
Mr. Panagopulos turned sour times a descendant just needs Hearts and meticulously re- his memorabilia ends up in a and about this particular
and replied simply that accord- some pocket money. He’s seen search the deceased in the Na- place of reverence. Why not in shadow box. A WWII Navy vet,
ing to state and federal laws, it so many times that he fig- tional Archives. They display the hands of a dedicated and Mr. DeAngelis started a hobby
the medals were the property ured that was the case with the medals in a place of prom- sympathetic collector? of making boxes and in his re-
of the consignor and not the Gator’s memorabilia. inence. I was taking flak from both tirement and up until his
O’Haires or anyone else. “I said what the hell kind of “They become the new fam- sides. William O’Haire was death made it a nearly full-
The medal was now tangled family would give this up?” he ily, and you can quote me on peppering me with questions time endeavor. At some point
up with attorneys-general in- told me. “I didn’t feel comfort- that,” Mr. Panagopulos said. and Mr. Panagopulos was call- during the Iraq war he made it
quiries and Mr. Panagopulos able offering it for sale but “They live vicariously through ing on me to resolve the im- his mission to give a box to
would be on the hook for a that’s my job.” it. They feel like they’re stand- passe. The whole thing was the families of every Marine
$450-an-hour lawyer to sort And, he added, the collec- ing next to the guy when he falling apart. killed in the conflict.
out the problem. Besides, Mr. I held one of them in my
Panagopulos said, he was just hands. I was doing my part to
an auctioneer, a middleman, a restore it and continue the
broker. legacy. I couldn’t think of ship-
“I’m probably going to sim- ping this by mail again. I de-
ply return it to the consignor cided I had to hand deliver it
who will be free to sell it, burn to William O’Haire.
it, or throw it in Long Island When I got to the airport
Sound,” Mr. Panagopulos told the next day, trundling
me. through security with all sorts
For Mr. Panagopulos, to le- of bubble-wrapped frames, an
gally own something is to le- airline employee told me that
gally own something. And to I couldn’t carry on four items,
sell it is to sell it, simple as it was against policy and FAA
that. If William O’Haire was regulations and this and that.
going to take the legal road I told her the story and she
with him, well, goodbye to the said, simply, ”You’re good.”
mitzvah. I landed in Boston, rented a
Mr. Panagopulos suddenly white Hyundai and drove to
seemed like the arch-villain Lynn, where I met William and
from a comic book. And at one handed over to him the bundle,
point I asked him how he which he unwrapped and
could put a price on some- spread out on his living-room
thing like this? couch, under a hand-drawn por-
In true Panagopulian fash- trait of Gator he’s had for years.
ion, the voluble auctioneer “I’m just happy to have it
took two hours, three bour- back,” he said. Then he went
bons, dozens of profanities and off to retrieve a binder of let-
at least one cigar to explain ters the family received after
his mindset over the phone. Mr. Kesling hands Walter O’Haire’s Purple Heart certificate to the fallen Marine’s brother William his brother’s death. From a
He told me that it saddens outside his home in Lynn, Mass., above. Family and friends held a joyful celebration of Gator’s life congressman, from command-
him every time a set of medals in 2007, below. When he was buried, the state police shut down I-93, right in the middle of Boston, ing generals, from the Secre-
comes up for auction because to give the funeral procession a clear run. tary of Defense, from Presi-
dent George W. Bush. He
grabbed other mementos of
Gator: family photos, his iden-
tification tags, even Gator’s
Humvee driver’s license and
his chow hall meal card.
“I don’t throw anything
away,” William said.
It turns out that the flag
that was on the auction block
wasn’t the burial flag. William
showed the actual flag to me,
on display in its own case, on
its own shelf, in a place of rev-
erence at the back of the
house.
FROM TOP: DAVID DEGNER FOR THE WALL STREET JOURNAL; GETTY IMAGES
He walked me outside to
say goodbye and smoke a
Newport as we talked about
some of the other Marines
from Golf Company, the ones
who helped get the medals
back and who live in the area.
Some of the other Marines
who aren’t around anymore.
We shook hands and I said
I’d come back up, once the
pandemic had subsided, and
we could get everybody to-
gether and drink a beer, or a
dozen, to toast the memory of
Gator.
William said, absolutely, we
would. It’s what Gator would
have wanted.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Saturday/Sunday, May 29 - 30, 2021 * *** THE WALL STREET JOURNAL.

SPORTS
Sam Haggerty and the Mariners, top,
were no hit by Detroit Tigers pitcher
Spencer Turnbull, below, on May 18.

per game rose to 4.83 while home

runs reached 1.39—an all-time
high. It didn’t matter that strike-
outs were skyrocketing because
there was a lucrative payoff.
But a series of shifts—some
gradual, some immediate and some
that are actually just fielders shift-
ing—tilted the scales in the other
direction.
Four-seam fastballs in 2021 are
going an average of 93.8 miles per
hour. That’s more than a full 1 mph
faster than just a decade ago. This
FROM TOP: TED S. WARREN/ASSOCIATED PRESS (2); DAVE THOMPSON/REUTERS

year 14.1% of pitches are going at

least 95—up from 13.1% just a year
ago.
“Guys have less chance to react.
The stuff is spinning more. They’re
facing more breaking pitches,” for-
mer Mets pitcher and current ana-
lyst Ron Darling said. “I don’t
think there’s ever been a more
challenging time for hitters.”
It’s not just the speed. It’s the
spin. Pitchers’ use of foreign sub-
stances to manipulate the ball,
while always prevalent, became so
widespread that MLB sent a memo
to teams before the season unveil-
ing a crackdown. Just Wednesday
night, controversy erupted when
umpires forced St. Louis Cardinals
pitcher Giovanny Gallegos to re-
move his cap to be inspected be-

Baseball’s Great Hitting Depression

cause of some suspicious sticky
stuff.
“This is baseball’s dirty little se-
cret, and it’s the wrong time and
the wrong arena to expose it,” said
Cardinals manager Mike Shildt,
The record pace of no-hitters in 2021 isn’t an aberration as pitchers are dominating who was ejected from the game.

.
So much has changed
BY ANDREW BEATON stead of baseball bats. Strikeouts to do damage on every that no-hitters are acces-

ly
AND JOSHUA ROBINSON have continued their meteoric as- swing, regardless of sible to pitchers you’ve

A
cent to an all-time high. On-base the count—shortening never heard of, not just
fter more than 120 plus slugging is at its second low- up with two strikes to flame-throwing aces.
years, baseball’s all-
time mark for no-hit-
ters in a season is in
serious danger of fall-
erage is .0001 away from the all-
time low.
on
est in the last 25 years. Batting av-

Batting average, at .237 on the

make contact became
a thing of the past.
That revolution has
led to all-time highs in
Even the Detroit Tigers’
Spencer Turnbull has a
no-no. In 2019, baseball’s
last complete season, his
ing. There have been six already in season, is considered a crude met- home runs and strike- record was 3-17.
us ,

2021—and it’s only late May. At ric in modern baseball because it outs in recent seasons. “That tells you there
l

this rate, baseball will match the doesn’t account for walks and The strategy was a are some issues within
e
al a

record of eight by the All-Star treats home runs the same as sin- smash. In 2019, OPS the game that need to be
break, reaching a number last seen gles. It simply measures hits. And reached its highest addressed—and they’re
in the prehistoric baseball days of that makes it an extraordinarily in- since MLB had to in- going to take a while,”
ci on

1884. formative measure for the tell-tale vestigate the rampant Mattingly said.
And at least batters in 1884 sign of this season: the six no-hit- use of performance In three stunning
could be forgiven for whiffing: that ters—seven if you include one that enhancing drugs in the pieces of bad luck—or
was the first season pitchers were came in a seven-inning double sport. simply horrible hitting—
allowed to throw the ball over- header. But in 2021, this one trio of teams has
er s

hand. Baseball insiders say numerous has turned into a bar- managed to be no-hit
Hitters in 2021 can’t claim nov- factors have converged on this one gain with the devil. A twice already before Me-
m er

elty as an excuse. They can blame season. Pitchers are throwing record 24.1% of all morial Day. Less stunning
the speed of the fastballs whizzing faster than ever. Batters are paying plate appearances are is the fact that one of
by them. Or perhaps it’s their the price for swinging for the now ending in strike- them is the Seattle Mari-
home-run focused approach that’s fences over making contact. The outs. Batters are sud- ners, who were batting a
failing. Maybe it’s because of the baseball itself is even different af- denly losing the trade- league-worst .202 head-
m rp

shift or sticky substances purport- ter years of analyses showing that off: Over the last two ing into Thursday’s
edly on some pitchers’ fingers the recent home run boom was seasons, OPS has games.
But the numbers are clear: hit- buoyed by baseballs that had less fallen from .758 to But pitchers aren’t
ting is going through a steep de- drag. .708. done rewriting the his-
pression in 2021. “It’s been coming, and it’s been The irony is that a tory books. Darling be-
co Fo

It’s only May, but even a small building,” Marlins manager Don series of changes to lieves that landmarks of
fraction of a Major League Baseball Mattingly said recently. “It’s a the game produced the pitching, such as Tom
season produces a remarkable game that is sometimes unwatch- exact opposite out- Seaver fanning 10 consec-
amount of information. There have able.” come. Observed utive batters or Kerry
already been more than 50,000 MLB teams in recent years have changes to the ball Wood and Roger Clem-
plate appearances and more than made a trade-off that created a helped drive home ens’ 20 strikeouts in a
200,000 pitches. It’s such a rich seismic change within the sport. runs through the roof game, could fall before
dataset that statistical oddities Batters changed their swings to and turned even mediocre hitters runs per game, the lowest in more the season is over.
have been erased by sheer volume. sacrifice how often they make con- into Barry Bonds. Hitters had every than three decades, while teams “All of the records that we
Those statistics suggest that hit- tact for the type of explosive con- incentive to continue with the hit just 0.86 homers a game, the thought were untouchable,” Dar-
ters have been going to the plate tact that produces a trot around same approach. It was working. fewest in more than 20 years. Over ling said, “they’re all going down
with toothpicks in their hands in- the bases. Their aim also became In 2014, teams averaged 4.07 the following five seasons, runs this year.”
n-

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
50s The Year Man City Mastered Defense
no

Edmonton
d t 40s <0
50s 50s
0s
Vancouver
V Calgary
60s 10s BY JOSHUA ROBINSON Champions League final any team Guardiola has ever
Winnipeg
ip
60s Seattle
ttl 20s against Chelsea, a career low coached.
Portland
Por
P tl d
Helena
l 60s 70s Montreal A t
Augusta 30s ONCE HIS DETAILED tacti- for Guardiola. It’s facing just So Manchester City had to
Ottawa
ttawa
Billings 40s cal instructions are done, 6.3 shots per match. get creative. Defense is a full-
Bismarckk
50s 60s
Eugene Boise
i
50s Mpls./St.
pls //St. P
Paul Toronto
Toronto Albanyy
A Boston 50s and after his last-minute au- “There’s been a slight team exercise in any Guardi-
Pierre Buffalo
l 40s Hartfordd 60s
dibles, Manchester City man- shift season,” former Liver- ola system and this season
Sioux
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ll Milwaukeek Detroit t
90s 70s Cleveland
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ew YYorkk ager Pep Guardiola likes to pool defender and CBS ana- stretched every definition of
Reno 70s
Salt Lake City
Cit Cheyenne
y Des
es Moines Chicago
C hicago
g 50s ask his team to remember lyst Jamie Carragher said. how to build that team. Some
Omaha h Pittsburgh
Pit b h Philadelphia
P h d phi 80s
Sacramento 60s Indianapolis why they became of City’s most dan-
San
an Francisco Denver Charleston
Charles
h Washington
h g n D.C.
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Topeka Kansas Springfield soccer players in the gerous passers were
Las Colorado
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h d 100+
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p g Wichita
hit St.. Louis
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60s
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h ill Charlotte
Ch And before they most frequent ball-
Los Angeles
os Ange Santa
anta Fe Memphisphi Raleigh
l i h
San
an Diego
Di Phoenix
Ph i C b
Columbia can answer, he re- carrier was also the
Oklahoma City Atlanta
A
Albuquerque
Little Rock Warm Rain minds them: It’s be- holding midfielder.
100s 70s Birmingham 90s
Tucson El Paso Ft.. Worth
Wor Dallas
D
h cause they love to And the idea of play-
80s Cold T-storms
90s JJackson
k
Jacksonville have the ball at their ing with a striker was
30s 80s
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A ti
b
Mobile 90s Stationary feet. merely a suggestion.
Orlando
l d Snow
40s 100s San
an Antonio
A
Houston New w Orleans
l Tampa It might be a sim- Guardiola this season
Anchorage
A h 80s ple point, but it’s at rediscovered his love
50s Honolulu
l Miami Showers Flurries
40s 80s the core of Guardiola’s of the “false nine,”
70s Ice attacking philosophy. which sees one mid-
Possession is every- fielder designated as
U.S. Forecasts City
Today Tomorrow
Hi Lo W Hi Lo W City Hi
Today Tomorrow
Lo W Hi Lo W
thing. The surprising a nominal forward
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 66 50 pc 65 49 t Frankfurt 67 45 pc 69 47 pc
part is that it’s also at with the freedom to
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice the heart of how his drift. The net effect is
Orlando 91 70 t 91 70 t Geneva 71 52 t 72 48 pc
Today Tomorrow Philadelphia 55 48 r 55 51 r Havana 90 72 t 87 70 t teams defend—Guar- that City is simply
City Hi Lo W Hi Lo W Phoenix 101 73 s 101 75 s Hong Kong 93 84 sh 91 84 t
Anchorage 52 46 r 56 48 c Pittsburgh 54 45 r 58 43 sh Istanbul 70 61 sh 76 62 pc
diola-ball has always denser to get through
Atlanta 74 52 c 76 59 s Portland, Maine 52 45 r 56 47 r Jakarta 91 77 t 91 77 t been one long game and can strike back
Austin 81 68 t 82 66 t Portland, Ore. 79 53 pc 82 55 pc Jerusalem 76 58 s 79 66 s of keep-away. “Maybe more quickly on the
Baltimore 57 49 r 61 47 r Sacramento 86 54 s 99 62 s Johannesburg 68 43 s 64 42 pc one day they will counter.
Boise 76 51 c 82 53 pc St. Louis 66 48 pc 74 56 s London 69 48 pc 69 49 s
Boston 53 49 r 57 53 r Salt Lake City 78 55 pc 80 56 pc Madrid 87 62 pc 90 62 pc change the rules,” Man City manager Pep Guardiola with the “They’re almost
Burlington 66 45 pc 61 48 r San Francisco 64 53 pc 74 54 s Manila 100 84 pc 96 83 t Guardiola joked to Premier League trophy. the perfect template
Charlotte 83 55 t 70 52 c Santa Fe 84 53 pc 77 53 t Melbourne 56 41 c 56 41 s Sky Sports this sea- of what Pep Guardi-
Chicago 62 46 s 69 54 pc Seattle 70 50 s 75 52 c Mexico City 81 59 t 80 60 t
Cleveland 55 46 r 61 47 pc Sioux Falls 61 51 r 70 50 t Milan 78 59 pc 75 58 pc son, “but I think to score a “They’re a lot less predict- ola’s always wanted, which
Dallas 81 67 c 79 66 c Wash., D.C. 57 50 r 59 50 r Moscow 65 47 sh 59 47 r goal you need the ball.” able than what they were.” was a team of midfielders,”
Denver 69 50 t 55 46 t Mumbai 92 84 t 90 84 pc Yet even by Guardiola’s In a season defined by ex- Carragher said.
Detroit
Honolulu
61 44 pc 68 46 s
85 71 pc 85 72 pc
International Paris
Rio de Janeiro
71
88
53 pc 73 54 pc
74 pc 77 72 t own standards, he has never haustion, as squads strug- If any team is suited to at-
Houston 81 67 t 83 69 pc Today Tomorrow Riyadh 112 87 s 112 86 s had a defensive season quite gled to cope with the con- tack that model, it’s a Chel-
Indianapolis 60 44 s 68 49 c City Hi Lo W Hi Lo W Rome 74 58 pc 74 58 sh like this one. The manager densed pandemic schedule sea side coached by Thomas
Kansas City 66 50 pc 67 56 c Amsterdam 65 46 s 68 50 s San Juan 88 76 pc 88 76 pc
Las Vegas 95 74 s 99 78 s Athens 79 63 pc 79 64 pc Seoul 71 54 pc 79 61 s who built irresistible attack- and shorter break last sum- Tuchel, one of the few man-
Little Rock 72 52 pc 75 53 s Baghdad 110 76 pc 109 78 pc Shanghai 83 70 pc 87 70 pc ing machines, from Barce- mer, no team adapted more agers in European soccer to-
Los Angeles 74 60 pc 74 60 pc Bangkok 90 81 c 93 80 t Singapore 87 81 t 88 80 c lona to Bayern Munich to efficiently than Man City. day whose preparation is as
Miami 88 75 pc 88 77 t Beijing 78 56 s 81 55 pc Sydney 60 50 sh 61 48 pc
Milwaukee 60 47 s 66 55 pc Berlin 64 44 pc 66 44 pc Taipei City 81 77 r 86 78 r Man City, has now added un- Understanding that they maniacal as Guardiola’s.
Minneapolis 66 52 pc 67 54 t Brussels 67 47 c 70 50 pc Tokyo 79 66 s 74 64 pc relenting defense to his arse- couldn’t keep up the frantic Tuchel has beaten City twice
Nashville 61 47 c 73 50 s Buenos Aires 57 43 s 59 51 s Toronto 61 46 s 64 47 s nal. The club has conceded pressing of recent seasons, already this season—once in
New Orleans 84 68 t 84 69 pc Dubai 104 86 s 106 86 s Vancouver 64 51 s 65 53 c
New York City 54 48 r 58 52 r Dublin 61 48 pc 66 48 pc Warsaw 61 47 c 64 46 sh just seven goals in 12 games the team sat back and in- the Premier League and once
Oklahoma City 72 57 pc 72 60 c Edinburgh 62 49 pc 66 50 pc Zurich 67 44 sh 66 42 pc on its way to Saturday’s vited more pressure than in the FA Cup.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
The Soul of Black Conservatism
By Jason L. Riley
E
conomist Thomas Sowell
has grown accustomed to
a certain type of media
query, usually from white
interviewers. They want
to know how, as a black conserva-
tive, he has dealt with criticism
from fellow blacks. Charlie Rose
once asked: “How was it, though,
for you . . . to be an African-Ameri-
can man respected by a cross-sec-
tion of your peers and yet be so
against the grain of fellow African-
Americans?”
Mr. Sowell, 90, usually responds
by challenging the premise. “I
don’t know if we can say [that I
go] ‘against the grain of fellow Af-
rican-Americans,’ ” he told Mr.
Rose. “You mean fellow African-
American intellectuals. But I don’t
think African-American intellectu-
als are any more typical of African-
Americans than white intellectuals
are of whites.”
In another interview, Mr. Sowell
told C-Span’s Brian Lamb that
black strangers regularly stop him
in public and compliment his
views: “When I checked out of my
hotel this morning, the black secu-
rity guard came over and said, ‘Are
you Sowell?’ And I said, ‘Yes,’ and
he shook my hand warmly and we
walked—he walked me the length
of the corridor and talked about
this and about that. . . . So, it’s not
Sowell versus blacks. It’s the black
intellectuals.”
Thomas Sowell has spent a
lifetime challenging the
orthodoxy on race—and
has produced an impressive
body of work along the way.
There is a long history of con-
flating the interests of black Amer-
icans with those of black organiza-
tions, black journalists, black
academics and other elites. The
media lazily continues to turn to
these groups, from the NAACP to
Black Lives Matter, as if they speak
for all black people.
In December 1980, Mr. Sowell
headlined the “Black Alternatives”
conference in San Francisco. Its
goal was to showcase the variety of
perspectives among black politi-
cians, intellectuals and civil-rights
activists. “The people who were in-
vited,” he began his keynote ad-
dress, “are people who are seeking
alternatives, people who have chal-
lenged the conventional wisdom on
one or more issues, people who
have thought for themselves in-
stead of marching in step and
chanting familiar refrains. . . . We
have come through a historic phase
of struggle for basic civil rights—a
very necessary struggle, but not
sufficient. The very success of that
struggle has created new priorities
and new urgencies. There are eco-
nomic realities to confront and self-
development to achieve, in the
schools, at work, in our communi-
ties.”
Liberal elites expected whites to
solve the problems of blacks. They
still do. Newer movements like
no
Black Lives Matter, and younger
public intellectuals such as Ta-Ne-
hisi Coates and Ibram X. Kendi, are
far more interested in white behav-
ior than in black behavior. In his
speech, Mr. Sowell took a different
approach. “The sins of others are
always fascinating to human be-
Get Ready for $5 Gasoline if You Live in California—or if You Don’t
Tustin, Calif.
Before the Colonial
Pipeline shutdown,
the national average
gasoline price had
exceeded $3 a gallon
for only two weeks
CROSS
COUNTRY since 2014. Yet in
California, gas prices
By Allysia
in recent years have
Finley
rarely dropped be-
low $3. They now av-
erage $4.18 a gallon—$1.14 more than
the national average—and in recent
months have increased more than
prices nationwide. Why do California
drivers pay so much at the pump?
Blame a higher-octane blend of taxes
and environmental regulations.
California has long imposed higher
taxes on gasoline than other states,
but in 2017 Democrats in the state
Legislature raised the tax on each
gallon by an additional 20.8 cents
over three years. At the start of this
year, California drivers were paying
on average 63 cents a gallon in state
and local taxes, compared with the
50-state average of 36.8 cents. Cali-
fornia’s gasoline taxes are the highest
in the country.
Democrats claimed the gas tax in-
crease was needed to repair crum-
bling roads and bridges, but Gov.
Gavin Newsom has ordered the pro-
ceeds to be directed toward projects
* * * *
ings, but they are not always the
best way to self-development or
self-advancement,” he said. “The
moral regeneration of white people
might be an interesting project,
but I am not sure we have quite
that much time to spare. Those
who have fought on this front are
very much like the generals who
like to refight the last war instead
of preparing for the next struggle.”
The 1980 conference received
extensive press coverage, and there
was talk of a sequel and of creating
an organization that challenged the
civil-rights old guard. The plans
faltered amid internal disagree-
ments, and Mr. Sowell realized
such an entity would take too
much time away from his research
BARBARA KELLEY
and writing. We will never know
how such an organization might
have fared, but it’s probably not a
coincidence that the conference
took place when it did. Beginning
in the late 1970s, a dozen or so se-
rious black thinkers gained atten-
tion for challenging various as-
pects of the civil-rights orthodoxy
that had solidified in the 1960s. On
a few issues at least, Mr. Sowell
seemed at the time to be gaining
some black intellectual allies.
They included Randall Kennedy,
William Julius Wilson, Clarence
Thomas, Shelby Steele, Glenn
Loury, Walter Williams, Stephen
Carter, Orlando Patterson, Stanley
Crouch, Anne Wortham and Robert
Woodson. The media would refer
to them as “black conservatives”
or “black neoconservatives,” al-
though the labels didn’t fit some of
them. Mr. Kennedy, a law profes-
sor, was open-minded on some ra-
on
cial issues but firmly entrenched
on the political left. Mr. Wilson, a
sociologist, was a European-style
social democrat. The writings of
Ms. Wortham and Williams, re-
us ,
spectively a sociologist and an
l
economist, had a strong libertarian
e
al a
bent. The “conservative” labels
were a kind of shorthand to de-
scribe any black intellectual who
ci on
took a position on a racial or cul-
tural topic contrary to the received
wisdom among black elites.
Black elites on the left have only
tightened their grip on the prevail-
er s
ing racial narrative. That had less
to do with the efficacy of their pol-
m er
icies than with their ability to con-
vince the media that other black
perspectives were illegitimate, if
not harmful. Typical of the domi-
nant view is legal scholar Kimberlé
m rp
Williams Crenshaw’s assertion that
“the Black community must de-
velop and maintain a distinct polit-
ical consciousness” because “the
most valuable political asset of the
co Fo
Black community has been its abil-
ity to assert a collective identity
and to name its collective political
reality.”
Mr. Sowell fleshed out his philo-
sophical conservatism in books
such as “Knowledge and Decisions”
(1980) and “A Conflict of Visions”
(1987). His approach is rooted in
the classical liberal tradition, and
it’s nuanced: “It is hard to think of
anyone who is, or has been, a black
conservative, in the full sense of
n-
the word ‘conservative,’ ” he wrote
in a 2001 article. “Most of those
who are called black conservatives
are certainly not interested in pre-
serving the status quo. That status
quo includes welfare, failing
schools, quotas, and separatism
that most black conservatives de-
plore and attack. Still less are they
seeking to return to a status quo
ante, such as the Jim Crow era.”
Black conservatism is often
aimed at reducing greenhouse gas
emissions, such as bike lanes and
mass transit. The state Department
of Transportation recently reported
the gas tax increase will provide
enough to finance only half of its re-
pair needs.
The California Air Resources
Board, or CARB, also imposes a de
facto carbon tax through its cap-and-
trade program. Since 2013, refiners,
oil producers and manufacturers
have been required to reduce emis-
sions or buy credits to offset them.
The program adds about 14.3 cents a
gallon to the retail price.
CARB also requires gasoline retail-
ers to sell a special extra-clean-burn-
ing gasoline blend, which adds an-
other 10 cents a gallon to the price,
according to University of California,
Berkeley professor Severin Boren-
stein. In addition, CARB in 2011 im-
plemented a low-carbon fuel stan-
dard, which requires refiners to
reduce the “carbon intensity”—mean-
ing total emissions from production,
transportation, refining and combus-
tion—of the gasoline they blend, ex-
pressed as a ratio of mass emitted to
energy produced.
Under this convoluted program,
CARB assigns carbon-intensity scores
to hundreds of fuels. Saudi Arabia’s
Arab Light crude rates 9.23, vs. 11.93
for West Texas Intermediate, 29.33
OPINION
equated with an emphasis on self-
help in the mold of Frederick
Douglass and Booker T. Washing-
ton. Mr. Sowell has shown in his
writings that groups that confront
and address internal problems are
best able to rise socially and eco-
nomically. “If the history of Ameri-
can ethnic groups shows anything,
it is how large a role has been
played by attitudes of self-reli-
ance,” he wrote in “Race and Eco-
nomics” (1975). “The success of the
antebellum ‘free persons of color’
compared to the later black immi-
grants to the North, the advance-
ment of the Italian-Americans be-
yond the Irish-Americans who had
many other advantages, the resil-
ience of the Japanese-Americans
despite numerous campaigns of
persecution, all emphasize the im-
portance of this factor, however
mundane and unfashionable it may
be.”
F
or Mr. Sowell, however, ini-
tiative alone is insufficient.
“It would be premature at
best and presumptuous at worst to
attempt to draw sweeping or defin-
itive conclusions from my personal
experiences,” he wrote in “Black
Education: Myths and Tragedies”
(1972). “It would be especially un-
warranted to draw Horatio Alger
conclusions, that perseverance
and/or ability ‘win out’ despite ob-
stacles. The fact is, I was losing in
every way until my life was
changed by the Korean War, the
draft, and the GI Bill—none of
which I can take credit for. I have
no false modesty about having
seized the opportunity and world
to make it pay off, but there is no
way to avoid the fact that there
first had to be an opportunity to
seize.” Government has a role to
play in social mobility, albeit a lim-
ited one, and incentives matter.
Handouts that ask little or nothing
of the recipient, and thus risk cre-
ating dependency, were the kind
that worried Mr. Sowell.
Nevertheless, it is a pragmatic
individualism, along with self-help,
that defines Sowellian black con-
servatism. Ms. Crenshaw’s “collec-
tive identity” mindset is anathema
to Mr. Sowell, who sees little evi-
dence that embracing a racial or
ethnic identity and flaunting it
helps underperforming groups ex-
cel. More fundamentally, Mr. Sow-
ell argued in “Race and Culture: A
World View” (1994) that “the his-
tory of ideas—both social and sci-
entific—shows again and again
that even the most brilliant think-
ers typically grasp only part of the
truth, and a fuller understanding
for California (the state’s biggest oil
field) and 29.49 for Premium Albian
Synthetic (Canada’s oil sands). Refin-
ing, transportation and vehicle com-
bustion add another 90 or so to the
carbon-intensity of these crudes. So
gasoline produced from crude drilled
in California’s Central Valley has a
carbon-intensity score of 120. CARB
has rated corn ethanol on average
around 70 and biodiesel from cooking
oil only 23.
Golden State laws drive up
prices at the pump, and the
Biden administration aims
to take them national.
CARB requires refiners to meet a
declining average carbon-intensity
score—90.74 this year—by blending
more lower-carbon fuels. If they don’t
meet the benchmark, they must buy
regulatory credits, usually from renew-
able-fuel producers and electric utili-
ties. The program has become an indi-
rect subsidy for electric vehicles.
CARB awards regulatory credits to
utilities whenever their customers
charge electric cars at home. Utilities
then can sell their credits to refiners.
But they are required to use the
Saturday/Sunday, May 29 - 30, 2021 | A13
comes only after a clash of ideas
with others, even when those oth-
ers are fundamentally mistaken on
the whole. Those who insist on a
monolithic group ideology are
gambling the group’s future on be-
ing able to achieve such an under-
standing without this process.”
One of the first places Anne
Wortham published her work was
the Freeman, a now-defunct liber-
tarian magazine. After reading one
of her submissions in the
mid-1960s, an editor told her that
it reminded him of the writings of
black journalist George Schuyler
(1895-1977). Schuyler was a politi-
cal conservative and fierce anti-
communist who also wrote satiri-
cal novels and cultural criticism
and published regularly in H.L.
Mencken’s American Mercury mag-
azine.
In his history of black conserva-
tism, Christopher Alan Bracey
wrote that Schuyler’s “lifework
proves useful in understanding the
trajectory of black conservatism in
the modern era.” Schuyler “lived
and died believing that blackness
and conservatism were not anti-
thetical, yet he ultimately failed to
persuade the masses of black peo-
ple as to the ‘correctness’ of his
position.” Nevertheless, his work
“ensured that the legacy of black
conservative thought would remain
available for resuscitation within
black political discourse.”
In my discussions about Mr.
Sowell’s legacy with Ms. Wortham,
Walter Williams, Gerald Early and
others, Schuyler’s name arose more
often than either Frederick Doug-
lass’s or Booker T. Washington’s.
Schuyler also came up in my con-
versations with Mr. Sowell. This
was not necessarily because he
agreed with the positions Schuyler
took on this or that issue. Rather,
it reflected an appreciation of the
example the journalist set in fear-
lessly challenging, on principle, or-
thodox thinking on racial matters.
In a review of a collection of
Schuyler’s writings, Mr. Sowell
called him perhaps “the first black
conservative” and “one of the best”
besides. “Booker T. Washington
may come to mind as a predeces-
sor, but . . . [Washington] was pri-
marily an educator, rather than
someone who made his living from
his writings, as Schuyler did. More-
over, the circumspection that
marked Booker T. Washington’s
words, during a particularly bitter
and dangerous time for black
Americans, was nowhere to be
seen in Schuyler’s later witty, cut-
ting and brutally honest writings
that took no prisoners,” Mr. Sowell
money from their credit sales to subsi-
dize electric cars. So Californians can
get a $1,500 rebate from their local
utility on top of $2,000 from the state
and $7,500 from the feds for buying an
electric vehicle. Sweet.
Yet drivers of gasoline-powered
cars are subsidizing the utility rebates
through higher fuel prices. As the
state’s carbon-intensity benchmark
has fallen, prices for regulatory credit
prices have soared—from $17 on aver-
age in 2012 to $198 in the first quarter
of this year. An analysis last fall by
Stillwater Associates estimated that
the program would add 24 cents a gal-
lon to the price of gasoline this year
and 63 cents by 2030.
The high costs of complying with
the state’s low-carbon fuel standard is
causing some larger refiners to switch
to producing renewable fuels, which
have become much more profitable
due to regulatory and tax credits. S&P
Global Platts data show that produc-
ers of West Coast renewable diesel
make on average $5.53 per gallon in-
cluding regulatory and tax credits—
nearly three times as much as for reg-
ular diesel—while they would lose 27.5
cents a gallon without them.
Marathon Petroleum this spring
announced plans to convert its large
refinery in Martinez, Calif. to a re-
newable diesel plant. Phillips 66 plans
to overhaul its San Francisco refining
wrote. “His insights were always
enlightening, even if his conclu-
sions were not always easy to
agree with.”
Mr. Sowell could be describing
himself, but even Schuyler was no
Thomas Sowell. Schuyler was one
of the most prominent black jour-
nalists of his day, but by the time
he died his star had faded, and to-
day his work is largely forgotten.
Even in his prime, which lasted
from the 1920s through the 1960s,
Schuyler was known almost exclu-
sively for his writings on racial is-
sues. Mr. Sowell, by contrast, has a
distinguished body of work in so-
cial theory and economic history
that is separate from his scholar-
ship on race, culture and inequal-
ity. The sheer volume of Mr. Sow-
ell’s writings is surpassed by few
contemporaries, black or nonblack.
The breadth and depth of his eru-
dition makes the label “black con-
servative,” however the term is de-
fined, too limiting. His scholarship
will be studied and grappled with
long after he’s gone.
When I asked Mr. Early, a pro-
fessor of African American studies
at Washington University in St.
Louis, why Mr. Sowell hadn’t re-
ceived the same recognition as
less-accomplished scholars, he said
it was “because the liberal left
dominate intellectual circles. They
dominate intellectual circles at uni-
versities. They dominate intellec-
tual circles at foundations. They
.
dominate intellectual circles inso-
far as intellectual prizes and
ly
awards are given.” Mr. Sowell
hasn’t sought the approval of these
circles, and he has paid the price.
Still, Mr. Early believes that Mr.
Sowell will get his due sooner or
later.
For his part, Mr. Sowell doesn’t
seem worried about his intellectual
legacy. When I asked him where
he’d made his mark, he said he’ll
leave it to others to determine.
“One of the things I admire about
John Stuart Mill—despite some
things I don’t admire—is that he
never tried to toot his horn about
contributions that he’d made to
economics,” he said. “And he made
some. There were things that
hadn’t been said by his predeces-
sors. But when he wrote his ‘Prin-
ciples of Political Economy,’ he just
blends it all together. His point is
to get across a certain unified body
of knowledge and analysis to the
reader without bothering to say
how much of it came from him,
how much from [David] Ricardo,
how much from [Adam] Smith and
so forth.”
M
r. Sowell sees his own work
as part of a continuum. In a
2006 letter to Walter Wil-
liams, who died in December at 84,
he wrote: “Back in earlier years,
you and I were both pretty pessi-
mistic as to whether what we were
writing would make any impact—
especially since the two of us
seemed to be the only ones saying
what we were saying. Today at
least we know that there are lots
of other blacks writing and saying
similar things—more than I can
keep track of, in fact—and many of
them are sufficiently younger that
we know there will be good people
carrying on the fight after we are
gone.”
Mr. Riley is a Journal columnist,
a senior fellow at the Manhattan
Institute, and author of “Maverick:
A Biography of Thomas Sowell,”
from which this article is adapted.
complex to produce renewable fuels,
including from grease, soybean oil
and other cooking fats.
The result will be even higher gas
prices for California drivers. Gasoline
supply in California is usually tight
because out-of-state refineries aren’t
configured to produce CARB’s special
fuel blend. Many refineries in the
state have closed in recent years be-
cause of onerous environmental regu-
lations. So whenever one or two large
refineries experience a temporary
outage, prices soar, often by 50 to 60
cents a gallon. Now California will
lose two large gasoline-blending re-
fineries permanently.
In sum, Californian drivers can
soon look forward to paying more
than $5 a gallon at the pump as the
state’s green mandates ratchet up
and gasoline refineries shut down or
convert to renewable fuels.
While Californians sick of paying
more than $100 to fill up their tank
can move to another state, the refuge
may prove fleeting. Progressives are
clamoring for the Environmental Pro-
tection Agency to emulate Califor-
nia’s low-carbon fuel standard as a
way to subsidize electric vehicles.
So enjoy your $3 gasoline. It may
not last long.
Ms. Finley is a member of the
Journal’s editorial board.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Saturday/Sunday, May 29 - 30, 2021 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Biden Is the $6 Trillion Man The Fight Over Reform at Linfield University

H
appy Memorial Day or should we say buildup the President has ordered. Allysia Finley’s “The Weekend In- reer education. We should teach stu-
Covid Liberation Day. President Biden On the other hand, Defense (1.6%) and Home- terview with Miles K. Davis: Rebellion dents how to engage in thoughtful di-
in the Faculty Lounge” (May 22) alogue with mutual respect. We
is celebrating with the $6 trillion bud- land Security (0.2%) budgets would decline after
sheds a bright light on the absurdity should not be canceling anybody or
get he released Friday that, in inflation. China is a genera- of the liberal-arts college experience. telling students to protect themselves
its willful magnitude, is un- A blowout for the ages tional challenge. Iran is arming I, with a degree in psychology, was from an idea. Touché!
precedented in American on everything but its proxies across the Middle clueless about my options and pre- LILLIAN HUNTER MCBRIDE
peacetime history. Democrats East. Migrants are flooding the paredness to make a living. Billings, Mont.
with their narrow majorities in defense and security. Southern border. Yet Mr. Biden It would help if administrators
Congress have no mandate for believes the military and border would list starting incomes for each The insinuation that College of
this, but they plan to jam most security need to go on a diet. undergraduate or graduate category Arts and Sciences faculty object to
of it through anyway. Mr. Biden proposes to finance all this with in their curriculum—or perhaps that changes to faculty representation on
As the pandemic finally eases due to vac- some $3 trillion in tax increases, the largest tax would weaken demand for some cher- the board of trustees on the grounds
cines, the emergency spending of the last two hike as a share of the economy since 1968, ac- ished disciplines. Would it be outside that they include members from the
the realm of possibility to also list nursing and business schools is ab-
fiscal years should recede. The booming econ- cording to Strategas Research Partners. Mr. Bi-
trade-school graduates’ incomes? surd. The initial proposal made by
omy doesn’t need it. Consumers are flush with den is pitching his tax-and-spend plans as boost- DAVID STEVEN the administration would have moved
Covid relief payments and demand is soaring. ing “inclusive” growth. Monterey, Calif.from one voting trustee chosen at
Yet Mr. Biden wants to keep using the cover of But his tax increases would reverse the 2017 large from the faculty to three non-
Covid to sneak through an expansion of govern- tax reform that increased business investment Prof. Davis is a man who truly un- voting faculty trustees, one from each
ment that would be historic and permanent. and lifted wages across the income spectrum, derstands the mission of higher edu- school. No matter how you slice it,
i i i especially lower earners. The taxes would also cation—to prepare students to make that removes faculty from having any
The nearby chart on spending and taxes as whack the supply side of the economy just when a living when they graduate. A wel- voice in the governing body of the
a share of GDP tells the larger fiscal story. World we need more investment to meet the post-pan- come voice in the wilderness. Score: university, and that was the nature of
War II was the only comparable period with so demic explosion of demand on everything from Nurses $83,349, psychologists their objection. The final proposal ap-
$20,140. Great game, Dr. Davis. proved by the board now requires
much spending and new debt as the last two warehouses to semiconductors.
BOB BOLES that the voting representative for the
years. But once the war ended, military spending The budget forecasts that revenue as a share Wildwood, Mo. faculty be someone from outside the
fell. Economic growth slowly reduced govern- of GDP will average 19.3% between 2022 and institution, completing its work to
ment debt as a share of GDP. 2031. Revenue has averaged 17.3% since 1970 and It is refreshing, and unfortunately deny the faculty a voting membership
Not this time. If Mr. Biden gets his way, has only exceeded 19% of GDP in five years since rare, to read of an educator whose fo- on the board of trustees. This follows
spending in fiscal 2022 will still be $6 trillion, World War II. cus is to teach, not preach, and who a broader pattern of President Davis
which is some $2 trillion more than before the The tax increase won’t kill an economy that is building the citizens of tomorrow making overtures of faculty collabora-
pandemic in 2019. R Receipts
i andd outlays
l as a share
h off GDP,
GDP 1944-2026
1944 2026 should boom this year who will have a meaningful career tion before unilaterally making deci-
Then spending will as Americans emerge path as well as an understanding of sions that run counter to their recom-
Receipts Outlays the real world. mendations, such as the move from a
keep rising and remain from their homes and
2021-2026 estimates We know it is not easy and hope full faculty assembly to a limited sen-
a little under 25% of spend again. But the
others in education and other fields ate body against the wishes of the
GDP for the rest of the 50% new taxes and burdens
will find their voice and not be si- task force (established by Mr. Davis)
decade. That level has of government will lenced or intimidated. Mr. Davis has to allow faculty to make recommen-
never been reached in 40 erode growth over time

.
given this reader hope. dations regarding changes to univer-
a single year since as money is diverted to WILLIAM P. ULLRICH sity governance structures. Finally,

ly
World War II, and the 30 social welfare pay- Cypress, Texas the firing of Daniel Pollack-Pelzner, in
postwar pre-Covid av- ments and political clear violation of his rights as a ten-
erage was 19.4%. 20
projects rather than to The interview was music to my ured professor outlined in the faculty
Even this level of
spending is surely un-
derstated since much 10
on increasing economic
growth and productiv-
ity.
ears concerning my beloved alma
mater, Linfield University. Can we
clone Miles Davis and send these
handbook, presents a clear and pres-
ent danger to its full accreditation,
and all the financial good President
clones to higher institutions that have Davis has done for Linfield will evap-
of it will finance Mr. Bi- That burden will
lost their way? His quotes give me orate if that comes to pass.
us ,

den’s new cradle-to- 0 also include an unprec-

hope. Universities need to better CHRIS GILLY-FORRER
l

grave federal entitle- 1950 2000 edented level of new meet the demands from students by UNC Greensboro
e
ments for child care, Source: Office of Management and Budget and rising debt. Only
al a

developing relevant programs and ca- Greensboro, N.C.

paid family leave, com- two years ago, in 2019,
munity college and more. These are mandatory federal debt held by the public as a share of GDP
ci on

programs that don’t require an annual Congres- was 79.2%. In 2021 it will rise to an estimated
sional appropriation. 109.7%, and under Mr. Biden’s budget it would
Spending on new entitlements always starts climb to 117% by 2031. As entitlements grow, so
The Violent Legacy of ’48 Still Haunts Israel
small and then becomes a huge budget wedge, will the debt. Regarding “In Israel, the Violent camps by their so-called Arab
squeezing out core federal government respon- Even Mr. Biden’s budget assumes that inter- Legacy of 1948” (Review, May 22): “brothers” and denied the opportu-
er s

The Journal has waded into a schol- nity to forge normal lives, to keep
sibilities including defense. Transfer payments est payments on the debt will more then double
ars’ mine field. Historians on all sides them a perpetual sore in Israel’s side.
rose to 70% of federal spending in 2019 from to 11.2% of spending by the end of the decade.
m er

of this dispute accuse one another of That cynical ploy has been allowed
27.7% in 1964 when LBJ launched his Great Soci- But that assumes the Federal Reserve won’t grave inaccuracies and distortions. to fester by Western indulgence. To-
ety, while defense’s share has shrunk to 15.4% raise interest rates all that much, and that Benny Morris presents a version of day’s Palestinians in Gaza, descen-
from 46.2%. Mr. Biden will accelerate this unsus- America’s creditors won’t demand a higher pre- the events of 1947-48 that may be dants of refugees who were refused
tainable trend. mium to guard against inflation and financial near the middle of the debate but entry into Egypt even while Egypt
m rp

The President’s discretionary priorities also risk. Mr. Biden is counting on the Fed to mone- isn’t in any way a consensus view. He controlled that territory (and were
deserve a word. Most executive agencies would tize all of this debt, but no one knows how long represents a specific school of again rejected by Egypt when Israel
get huge budget increases, including Health and this modern monetary theory can last. thought on this issue, usually re- returned Sinai), are still being used
Human Services (23.1%), Commerce (27.7%), Far more certain is that if Mr. Biden’s budget ferred to as the “New Historians,” as pawns by leaders who care noth-
and the Environmental Protection Agency passes, one way or another Americans now in that emerged in the 1980s. This ing about their lives except for propa-
co Fo

school claims to give a more accurate ganda purposes.

(21.3%). Apparently, the administrative state their cradles will be paying for it long after to-
account than the “traditional” Israeli DAVID KRONFELD
will need more money for the vast regulatory day’s politicians are in the grave. one, which says that most of the Ar- NEW YORK
abs who fled did so under pressure

A Retroactive Tax Increase from Arab military leaders, who

wanted to clear the field for a war of
I was born in Haifa, before the es-
tablishment of the state of Israel, and

P
resident Biden really is a class warrior.
Not only does he want to raise taxes on
capital gains to a modern high of
43.4%, he wants to do it retroactively. The Ad-
ministration leaked Thursday that its new high
rate would apply to all gains on assets sold af-
n-
Biden apparently wants to visit similar retro-
active tax joy on families this year.
Investors didn’t overreact Friday to the
news of this tax sandbagging, and perhaps
they’re figuring Democrats in Congress will
save them from the higher rate and the retro-
elimination against the Jews, and
who promised the departing Arab ci-
vilians that they would be back in
their homes within a few weeks.
But this traditional account is still
far from being definitely disproved,
as shown by the work of such schol-
I am fully aware of the town’s history.
Haifa is correctly noted in Mr. Mor-
ris’s essay as one of the mixed towns
where Jewish leaders called on the
Arab residents in 1948 to stay. How-
ever, Prof. Morris’s decision to begin
his story only from 1947 deprives

ter the introduction of its American Families
Plan in April.
So much for giving investors a chance to
plan. Most significant tax changes are pro-
no
active date. They shouldn’t count on it.
The main priority of many House Demo-
crats is restoring the state-and-local (SALT)
tax deduction. They may be happy to acqui-
ars as Efraim Karsh. Nor is Prof. Mor- readers of the historical fact that Ar-
ris free from severe criticism by aca- abs were murdering Jews in the Brit-
demics at the other end of the ish-controlled Palestine decades ear-
ideological spectrum, such as Ilan lier. During the 1920-21 Arab riots, a

spective, beginning on Jan. 1 of the next year.
Bill Clinton’s increase in 1993 was an excep-
tion, giving rise to the quip “no taxation with-
out respiration” in case the dearly departed
had to pay up even if they died that year. Team
esce to the White House and progressives on
capital gains, if Speaker Nancy Pelosi will
make concessions on SALT. To Democratic
progressives these days, a retroactive tax is
a form of social justice.
Pappé, who argue that he falls far
short of presenting a full exposé of
Jewish/Israeli war crimes committed
during this period.
DAVID HOFFMAN
Jerusalem
Prof. Morris’s essay about the dis-
series of violent attacks ended with
many Jews killed. By the time 1947
came about, the fear and mistrust of
the Jewish population was supported
by such historical facts.
YADIN DAVID
Houston

Punished for Texting the Press placement of approximately 700,000

Palestinians during Israel’s war of in-
While Egypt and Jordan have at
least, on a political level, accepted Is-

C
hina wants to silence Hong Kongers
even as it persecutes them. A court
judgment released Friday shows that
a judge penalized former pro-democracy law-
maker and journalist Claudia Mo for speaking
to Western journalists, including our own Jil-
lian Melchior.
Police arrested Ms. Mo, along with nearly the
entire opposition movement, in January. She
and 46 others are charged with conspiracy to
commit subversion under the national security
law for organizing or participating in an infor-
mal pro-democracy primary election last July.
Judge Esther Toh denied Ms. Mo bail in April,
and the world learned why on Friday.
The national security law prohibits “collu-
sion” with vaguely defined foreign forces and
states that defendants may not receive bail
“unless the judge has sufficient grounds” to
believe that they “will not continue to commit
acts endangering national security.” As a rea-
son to keep Ms. Mo behind bars, prosecutor
Maggie Yang described Ms. Mo’s WhatsApp
correspondence with these pages, the New
York Times, Bloomberg and the BBC.
In a court filing explaining her denial of bail,
Judge Toh quotes from an Oct. 1, 2020, conver-
sation Ms. Mo had with Ms. Melchior about 12
Hong Kongers who were captured after they
tried to escape to Taiwan by boat.
Ms. Mo told Ms. Melchior: “The detention
and treatment of the 12 Hong Kong protesters
serve as the ultimate warning and threat to
Hongkongers about what one can face if you’re
caught. The new security law and the spate of
arrests have worked as a scare tactic, probably
fairly successfully—at sending a persistent po-
litical chill around the city.” Every word of that
is true, and it was hardly a secret.
As a lawmaker, Ms. Mo fought for the liber-
ties that China guaranteed to Hong Kong in
its 1984 treaty with Britain. Her Legislative
Council office sat across from the Hong Kong
garrison of the Chinese People’s Liberation
Army, and she decorated her windows with
pro-democracy posters. Under the national se-
curity law, Ms. Mo now faces up to life in
prison.
The Communist Party fears Ms. Mo because
in the November 2019 district council elec-
tions, Hong Kong’s pro-democracy camp won
in a landslide. Hong Kong’s government then
used Covid as an excuse to cancel elections for
the Legislative Council.
Judge Toh wrote in Friday’s filing that “it
is submitted” by the Hong Kong government
“that had the Election not been postponed,”
then the opposition’s “conspiracy would have
been carried out to fruition.” Get it: A free
election is a conspiracy in Hong Kong. This is
a tacit admission that if Hong Kongers could
freely choose their representatives, they’d
elect lawmakers like Ms. Mo. Instead, the
Communist Party is locking away the opposi-
tion and denying bail for the crime of messag-
ing with the press. Live and work in Hong
Kong at your peril.
As we’ve said before, jailed publisher
Jimmy Lai and Hong Kong’s other brave demo-
crats deserve the Nobel Peace Prize.
dependence paints a picture that may rael’s existence, the Palestinian lead-
be factually accurate but is missing ership hasn’t. The “moderate” Pales-
critical context. Focusing solely on tinian Authority makes it clear that a
Arab displacement, his article com- state in the West Bank won’t end the
pletely neglects the displacement of conflict. Hamas is more explicit about
Jews from the Arab world. its goals. As long as Palestinian insti-
Ironically, a roughly equal Jewish tutions indoctrinate for endless con-
population—about 850,000 people— flict, there is simply no chance of
were driven from their homes across peace. They will always find pretexts
the Arab world, in one the most for violence, and no amount of Israeli
“successful” examples of ethnic concessions, short of suicide, will pla-
cleansing in modern times. They cate them.
were forced out with nothing but DORON LUBINSKY
what they could carry and have Atlanta
never received any restitution. But
whereas Israel, with far fewer re-
sources, took in most of these Jews Pepper ...
and worked to assimilate them, the
Palestinians were herded into refugee
And Salt
THE WALL STREET JOURNAL
CLARIFICATION
A spokeswoman says Paul Singer did
not hire Fusion GPS to find compromis-
ing information on Donald Trump. A
May 19 book review of “Spooked” re-
peated the claim in the book by author
Barry Meier that Mr. Singer had hired
Fusion to investigate Mr. Trump. Mr.
Singer’s spokeswoman says Mr. Meier’s
claim in the book is false.
Letters intended for publication should
be emailed to wsj.ltrs@wsj.com. Please
include your city, state and telephone
number. All letters are subject to
editing, and unpublished letters cannot “Mel, is the meat loaf special
be acknowledged.
sustainably sourced?”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 29 - 30, 2021 | A15

OPINION

Defund the Police? No, Fund Them Better

One bad cop can stop a great na- from a considerable amount of bro-
tion in its tracks. A plumber, an ac- kenness. Many were not raised
countant, a movie star can’t kick closely, tidily, didn’t have generations
America off its axis. A bad cop can. of a family’s values guiding them.
DECLARATIONS Which means police officers are They come from all-broken-up Amer-
By Peggy Noonan more important than ever in our his- ica. They came from us—a jangly cul-

C
ongress and the White
House are trying to over-
haul police practices. By
tradition in such efforts the
obvious will likely be over-
tory. And we are not fully seeing this. ture that put its emphasis on screens
We train them almost as an after- and how things look, as opposed to
thought. You’d think men and women thoughts and how things are.
so crucial to domestic tranquility We are putting it all on the frail
would be trained deeply and care- shoulders of the guy who was born in
fully, spending years in the police 2000 and spent visitation with his fa-

JOE RAEDLE/GETTY IMAGES

looked, so here is the obvious:
Violent crime is rising in almost
every major American city, after de-
cades of falling. Police departments
are in crisis, battered by charges of
abuse, targeted for cuts, many strug-
gling under recent bail-reform laws.
Officers are demoralized. From the
New York Post one month ago: “More
than 5,300 NYPD uniformed officers
retired or put in their papers to leave
We ask officers to do a
vital, delicate job on four
to six months’ training.
That’s not nearly enough.
in 2020—a 75 percent spike from the
year before.” In Philadelphia they’re
struggling with a shortage of recruits
and a similar surge in retirements.
“People don’t want to be police any-
more,” a local chief told the Philadel-
phia Inquirer.
All this happened after America
watched the cellphone video of the
academy, but no, we train them for ther playing “Call of Duty” and
four to six months. “World of Warcraft.” And the girl
There are thousands of depart- without a father who came from a
ments in the U.S., each with its own chaotic home. They are the acad-
standards and policies. The Los Ange- emy’s new recruits.
les Police Department provides six We are lucky to have them. But
months of training for those who our culture hasn’t given the young
qualify. So does Miami. Smaller Police at a protest in Elizabeth City, N.C., April 27. enough clues, enough guidance,
forces train less. The state of Califor- about how to be in the world. For in-
nia mandates 664 hours of training, this while year by year society’s money away from the police and to- stance—this is hilariously small, but
but the San Jose Mercury News last problems escalate, including a men- ward whatever programs they dream not really small—we haven’t done a
year quoted a criminal-justice reform tal-health crisis and a drug crisis. up to be part of solving the crime good job teaching what used to be
advocate noting the state requires We are asking them to be a combi- problem. The head of New York’s Po- called manners. It hardly matters if a
more training for cosmetologists nation of Henry Kissinger, the Dalai lice Benevolent Association told the kid at Harvard who’s going to a hedge
than for police. On some forces, a Lama and John Wayne. All after four Post he saw in this a strategy: “Aboli- fund is loutish and lacking in sympa-
high-school diploma or GED is to six months of training. tion through attrition.” Get rid of the thy, it’s almost expected. But cops
enough to qualify. Some cities require If they get it innocently wrong—if police by denying them what they need kindness and dignity to do their
two years of college or military ser- they misjudge a situation in real need. tense and sensitive work, to defuse
vice. time, or panic—it’s all there on cell- Considering their importance, we situations. To live in the world of
But almost all forces offer four to phone video, and if they are judged are underfunding the police. They criminals is to live in a world of male
six months to learn everything: how guilty they lose their jobs, their bene- need to increase recruitment, train pride. That is a sensitive place.
to use gear, from the radio and body fits, their pensions; and their families new cops longer and deeper, and re- My bet: We can give the police the
cam to firearms; how to control will be left vulnerable. So now in- train veterans regularly to keep up training and resources they need. Or
crowds, de-escalate situations, deal stead of doing something when bad with changes in the law and equip- we can endure a rising tide of crime
with the violent mentally ill, talk to things are happening, they feel the ment. This will be expensive. But for five or 10 years or longer, and
citizens in a traffic stop. First aid, the temptation to do nothing—to stay in Washington is in a spending mood, then give them what they need. Why
law, the use of force, tactics—four to the car or turn away from trouble. and it’s less expensive than riots. don’t we do it now?
six months to absorb all that and Street criminals know that. Not all It’s not only that good policing is I close with the words of William
more. criminals are stupid—that’s a myth. more important than ever. It’s that we Bratton, former police commissioner
Doesn’t it strike you as mad? We They are calculating, constantly judg- think in categories and our minds of New York, Los Angeles and Boston,

.
extinguishing of the life of George ask our cops to be diplomats, to re- ing who has the upper hand. They tend to leap to clichés. In some part of in an interview a few weeks ago. I
Floyd one year ago, by an officer, solve domestic disputes peacefully. know we are entering a golden age of our minds we think “cop” and imagine asked him what cops are, what their

Derek Chauvin, who posed through
much of the tape with his hand on his
thigh, the picture of brute noncha-
lance.
An incident so horrifying can and
will stop America in its tracks, caus-
ing nationwide convulsion—protests,
riots, burning of businesses.
ly
We ask them to have the law at their street crime, with local laws relaxed, a big Irish Catholic family circa 1970, role is, why we should care. “They are
fingertips, and to treat everyone, in- systems changed, judges deactivated, or Tom Selleck in “Blue Bloods.” Or the glue that literally holds society
cluding drunk 23-year-olds spoiling streets full of guns, and cops on the the black longtime chief whose father together,” he said. “They are an es-
on
for a fight, with respect. At the same
time we want them steely-eyed and
sure if someone pulls a gun. We ask
them to act proportionately. We ask
defensive.
No one says “defund the police”
anymore; it doesn’t poll well. Instead
they play verbal games and say “redi-
and son were on the force. But this is
2021, today’s recruits were born in
2000, or the 1990s, and they came
from our modern society, which
sential element of a successful de-
mocracy.”
They are. And God bless them as
they make their way through Memo-
them to control stray dogs. And all rect resources.” Which means funnel means chances are good they came rial Day weekend 2021.
us ,
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When the Mob Came for the Jews of Baghdad

ci on

By Joseph Samuels Baghdad felt a sense of relief, espe- killing some of the rioters and es- ment reignited its assault on its Middle East and North Africa had

I
was 10 when mobs attacked
the Jewish community of Bagh-
dad, my community, with cruel
cially as it coincided with the eve tablishing order. My family and I own Jewish citizens. New waves of existed for millennia, but they are
of the Shavuot festival, commemo- were saved and unharmed, but my accusations, arrests, tortures and nearly all gone. Around 850,000
rating the time when God gave us uncles Moshi and Meir hadn’t been hangings shook the Jewish commu- Jews like us were forced to leave
the Ten Commandments. We had so lucky. Their homes were ran- nity’s faith in the future. Fear of a their countries. They, too, left be-
er s

and unimaginable violence. Rioters good reason to rejoice. sacked totally. They had managed second Farhud took over. I felt that hind their homes, businesses, irre-
maimed, raped, killed and robbed But that high spirit didn’t last to escape with their lives only by there was nothing left for me in placeable historical artifacts and
m er

the unsuspecting Jews. This massa-
cre, which began June 1, 1941, was
called the Farhud, Arabic for “vio-
lent dispossession” or pogrom.
The seeds of the Farhud had
long, and joy reverted to pain and jumping from rooftop to rooftop. Iraq. In December 1949, I was religious treasures. This was ethnic
sorrow. The absence of a function- Later, I heard of Muslim men smuggled illegally to Iran in a se- cleansing of Jews, right after the
ing government created a power protecting Jewish homes by stand- cret hold of a cargo boat. I made Holocaust, in the middle of the
vacuum. Across the country, chaos ing guard with guns and daggers. my way to Tehran with a group of 20th century.
and lawlessness followed. Some even sheltered Jews in their Iraqi Jews, then we were airlifted A journalist based in Basra, Iraq,
m rp

been sown two months earlier. On
April 1, a pro-Nazi coup d’état over-
threw the pro-British Iraqi govern-
ment and seized power. The coup
was staged by Rashid Ali al Gay-
The Farhud erupted early Mon- own homes and saved them. Those to Israel by Jewish operatives. I ar- recently asked me, “Would you like
day morning, June 1. Soldiers in ci- were the good, honorable and faith- rived with nothing but the shirt on to come back to Iraq, if things got
vilian clothes, policemen and large ful Muslims, the righteous among my back. better?” “No,” I replied. “I am glad
crowds of Iraqi men, including Bed- the nations. They were the true he- My friends and family were soon and grateful to be out of Iraq alive,
ouins brandishing swords and dag- roes. These stories restored my to follow. Around 135,000 Iraqi and feel fortunate and blessed to
co Fo

lani, an Arab nationalist and former gers, joined in the pillage, helping faith and made me realize that Jews—most of the community—are enjoy freedom in one of the best
Iraqi prime minister, supported by themselves to loot as they plun- there were many good Muslims estimated to have left Iraq by 1952. countries in the world, the United
four army generals, and aided by dered more than 1,500 Jewish among us. Most were allowed to bring one States of America.”
Fritz Grobba, a former German am- homes and stores. For two days, After Iraq’s failure in its May suitcase each.
the rioters murdered between 150 1948 war to extinguish Israel, the Today only four known Jews live Mr. Samuels is author of a mem-
and 780 Jews—exact counts aren’t new Jewish state, the Iraqi govern- in Iraq. Jewish communities in the oir, “Beyond the Rivers of Babylon.”
We heard screams all known—injured 600 to 2,000 oth-
ers, and raped an indeterminable
through the night.
Today only four known
number of women. Some say 600
unidentified victims were buried in
a mass grave. All through the night
Wuhan Lab Theory Is a Media Warning
Jews remain in Iraq. we heard their screams. We heard On what basis was mentation was a controversial prac- edge the Hunter Biden laptop,
gunshots too, then sudden quiet. the lab leak theory tice among virologists long before whose revelations continue to be
n-

bassador to Iraq. This dangerous
group was further stoked by the
grand mufti of Jerusalem, Haj Amin
no
Unarmed and unprepared to defend ruled out for Covid. Multiple accidental releases published by the New York Post,
themselves, Jews were vulnerable months by the me- of dangerous viruses from highly supported by contemporary U.S.
and helpless. I was shaken, desper- dia despite the lack secure labs have been recorded in government “suspicious activity re-
ate and angry. of any evidence or the past. The SARS virus has es- ports” filed with banking regula-

al Husseini, who deeply hated the
Jews. Anti-Semitic propaganda be-
gan to appear in the daily newspa-
pers and in broadcasts on Radio
Baghdad. It was intended to in-
flame the Muslim population and
rally support for the new regime.
The Jewish community bore the
brunt of this explosive combination
of Arab nationalism, Nazi propa-
ganda and anti-Semitism. In the
weeks after the coup my family
stayed home most of the time, hud-
dled around the large console ra-
dio. We listened with disbelief to
reports of Jews being arrested and
accused of anti-Iraqi sentiment and
of spying for the British. I shook
just thinking of the torture being
carried out to extract false confes-
sions.
On May 31, 1941, the British
army arrived at the outskirts of
Baghdad. The pro-Nazi government
collapsed quickly, but al Gaylani
and his co-conspirators escaped to
Iran. The Jewish community in
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
Neal Lipschutz Karen Miller Pensiero
Deputy Editor in Chief Managing Editor
Jason Anders, Chief News Editor; Louise Story, Chief
News Strategist, Product & Technology Officer
Thorold Barker, Europe; Elena Cherney, Coverage;
Andrew Dowell, Asia; Anthony Galloway, Video &
Audio; Brent Jones, Culture, Training & Outreach;
Alex Martin, Print & Writing; Michael W. Miller,
Features & Weekend; Emma Moody, Standards;
Shazna Nessa, Visuals; Matthew Rose,
Enterprise; Michael Siconolfi, Investigations;
Stephen Wisnefski, Professional News
Paul A. Gigot
Editor of the Editorial Page
Daniel Henninger, Deputy Editor, Editorial Page;
Gerard Baker, Editor at Large
On the first day of the Farhud, logic for ruling it
BUSINESS
my older brother Eliyahu’s adven- out? We’re bad
WORLD
turous spirit nearly cost him his journalists, has
By Holman W.
life. He rode his bike to visit his been the unembar-
Jenkins, Jr.
friend, but returned home trauma- rassed answer
tized and with tears in his eyes. He from the media
had seen men on Rashid Street, a this week in a wide array of print
main thoroughfare, dragging Jewish and online publications as well as
passengers from a minibus, stab- National Public Radio.
bing them to death, and then rob- We in the press dismissed the lab
bing them in broad daylight. theory because of an appeal to au-
My family reinforced our front thority: When anti-Donald Trump
door by stacking heavy furniture spokespeople ridiculed it, that was
against it. I carried buckets of wa- good enough for us. We dismissed it
ter to the roof to boil and stay because of the equivocation fallacy:
ready to toss on marauders should “Chinese” is a word that can be
they attempt to break in. We stayed used to denote a racial category.
up through the night, barricaded in Therefore it was racist to suggest a
our home. My father was praying Chinese lab might have leaked the
and reading the Book of Psalms, virus.
but I was too preoccupied to join. We engaged in availability bias:
Not wanting to appear weak to my Instead of letting the evidence or
older brothers, I cried myself to lack thereof guide us, we adopted
sleep in silence. the attitudes of public figures
The riots ended in the late after- whose political, cultural and social
noon of June 2 when Iraqi, Kurdish status we wished to emulate. Most
and British forces entered Baghdad, insidiously, we relied on a fallacy
sometimes known as “alleged cer-
tainty”: “The question remains
open” is not a headline that attracts
clicks. A headline that does is “lab
Robert Thomson leak theory again proves Trump’s
Chief Executive Officer, News Corp incompetence.”
Almar Latour Alas, the question of Covid’s ori-
Chief Executive Officer and Publisher
gins not only remains open; in all
DOW JONES MANAGEMENT:
Daniel Bernard, Chief Experience Officer; likelihood it will defy final resolu-
Mae Cheng, SVP, Barron’s Group; David Cho, tion unless and until the Chinese
Editor of Barron’s Group; Jason P. Conti, General government is forthcoming with its
Counsel, Chief Compliance Officer; Frank Filippo,
EVP, Business Information & Services; Robert Hayes, own records, which it has shown a
Chief Business Officer, New Ventures; predilection not to be. The lab leak
Matthew Hutchison, Chief Communications Officer; hypothesis has an unsettling corol-
Kamilah Mitchell-Thomas, Chief People Officer;
Josh Stinchcomb, EVP & Chief Revenue Officer, lary. In nature, the giant mixing
WSJ | Barron’s Group; Christina Van Tassell, bowl of natural selection is mecha-
Chief Financial Officer; Suzi Watford, EVP, nism enough to explain how a virus
Consumer & Chief Marketing Officer
adapted to bats might mutate to be-
come infectious in humans. If it es-
EDITORIAL AND CORPORATE HEADQUARTERS:
caped from a lab, how did such a vi-
1211 Avenue of the Americas, New York, N.Y., 10036 rus acquire the ability to infect
Telephone 1-800-DOWJONES humans? “Gain of function” experi-
caped six times since being identi-
fied in 2003. The 1977 global flu
pandemic is believed to have origi-
nated in the escape from an un-
known lab of a specimen collected
in the 1950s.
Unfortunately the question of
The news business is
headed for trouble if it
won’t control its biases
as other professions do.
Covid’s origins is likely to be adju-
dicated for the foreseeable future
on circumstantial evidence alone,
thanks to Beijing’s recalcitrance.
Where is China’s own 1,000-page,
data-filled report on the virus’s
emergence? China is home to the
world’s leading bat virus experts. It
should own the science here. Its
failure to issue any findings at all is
itself circumstantial evidence of a
kind.
In almost every profession—law,
medicine, engineering, science, ar-
chitecture—countering bias is cen-
tral to the discipline. Yet notice that
representatives of these profes-
sions, when talking to the press, of-
ten seem to adapt themselves to a
media culture geared to the produc-
tion of bias. Scientists who found
their way into stories dismissing
the lab leak theory were the ones
most willing to model the media’s
preferred standard: If Mr. Trump
supports it, I’m against it.
Or consider the press’s embrace
of the Steele dossier, whose vague
sourcing and lack of documentation
were transmuted into a reason to
believe. Compare this to the refusal
of most of the media to acknowl-
tors.
All persons named and quoted in
the Post’s coverage have been free
to deny the data’s authenticity, in-
cluding the Bidens. They have con-
spicuously declined to do so. The
latest revelations include seemingly
clear evidence, easily checked out,
that Vice President Biden met at a
private dinner in Washington on
April 16, 2015 with a representative
of the Ukrainian gas company on
whose board the younger Mr. Biden
sat.
Another example, albeit less seri-
ous: To ward off bias that unidenti-
fied flying objects are either objects
or flying, government researchers
have adopted the term “unidentified
aerial phenomena.” Meanwhile, the
New York Times last year cited offi-
cials with security clearances not
admitting specific knowledge of
government possession of alien ar-
tifacts as a reason to believe the
government possesses alien arti-
facts.
Decades ago, in a different job, I
sat near a reporter who called up
sources seemingly not to find out
what they knew but to suggest the
quotes he would like to put in their
mouths. I doubt he thought about it
this way—he was a good reporter in
some sense—but he was letting his
sources know what line they should
adopt to maximize their chances of
being quoted. Not every journalistic
institution today is engaged in bias
production but enough are that we
should worry about it. It flies in the
face of what we have always
claimed we were doing. The exigen-
cies of attracting clicks and pleasing
subscribers are real, and so is the
absence of the tort and malpractice
incentives that in other professions
give a commercial motive to strive
for what we used to call objectivity.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Saturday/Sunday, May 29 - 30, 2021 * *** THE WALL STREET JOURNAL.

.
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co Fo
n-
no
 EXCHANGE
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Star Power Safe Bet

Corporate America’s A smart investment
long romance with your financial
Hollywood B5 adviser won’t like B6

BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 29 - 30, 2021 | B1
DJIA 34529.45 À 64.81 0.2% NASDAQ 13748.74 À 0.1% STOXX 600 448.98 À 0.6% 10-YR. TREAS. À 5/32 , yield 1.592% OIL $66.32 g $0.53 GOLD $1,902.50 À $6.80 EURO $1.2195 YEN 109.85

Boeing

The Dreamliner
Deliveries
Suspended
Race Regulators seek added
inspection information
BY ANDREW TANGEL

To
Boeing Co. has halted deliveries
of its 787 Dreamliners, adding fresh
delays for customers following a re-
cent five-month suspension in hand-
ing over the aircraft due to produc-
tion problems, people familiar with
the matter said.
Federal air-safety regulators have

Make
requested more information about
Boeing’s proposed solution to ad-
dress the previously identified qual-
ity lapses.
It wasn’t clear how long the halt
might last, these people said. Ameri-
can Airlines Group Inc. was slated
to receive a new Dreamliner this
past week, but that delivery isn’t ex-
pected until the coming week at the
earliest, one of these people said.
Boeing said it was working in a

.
timely and transparent manner to
provide regulators with more infor-

ly
mation related to undelivered 787s.
The Federal Aviation Administra-
tion on Friday confirmed that Boeing
on had halted Dreamliner deliveries,
saying that the plane maker needs to

Food
demonstrate that its proposed in-
spection method complies with fed-
eral-safety regulations.
us ,

The temporary halt could further

l

Please turn to page B2

e
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Delivery Big Investors

Backed
er s

Dissidents on
m er

Pay Exxon Board

m rp

Many of the world’s biggest in-

vestment firms helped elect direc-
tors proposed by an upstart environ-
ERIK CARTER

mental-activist fund to Exxon Mobil

co Fo

Corp.’s board. While votes are still

being counted, BlackRock Inc., State

By Justin Baer,
The pandemic sent business soaring for companies like DoorDash and Uber Eats, but they’re Dawn Lim
still trying to cook up a recipe for profitability. The math of making 90 cents on a $36 order. and Cara Lombardo

F
ood-delivery companies did
record-breaking business
during the pandemic, as mil-
lions of homebound Ameri-
n-
BY PREETIKA RANA operational expenses, DoorDash on aver-
AND HEATHER HADDON age is left with 2.5% of a customer’s over-
all bill, according to a Deutsche Bank anal-
ysis. That means DoorDash ended up with
Street Corp. and Vanguard Group
have said publicly they wielded votes
for investors in favor of at least two
dissident directors.
The proxy battle was the biggest
test yet of Wall Street’s receptivity

cans embraced the idea of
ordering dinner via smart-
phone apps. Their valuations
skyrocketed. They acquired
no
90 cents on the average order during the to a campaign about the risks posed
“You really need to optimize things to height of the pandemic, worth around $36. to business from climate change and
the cent,” said Pierre-Dimitri Gore-Coty, The math isn’t pretty, but it’s the best in the transition away from fossil fuels.
the global chief of Uber’s delivery busi- the industry. While DoorDash hasn’t posted Large investors have been criticized

reams of data that helped increase their
efficiency. There was just one problem:
Even at the height of their success, they
weren’t making any money.
Now, as the pandemic wanes, companies
like DoorDash Inc., Uber Technologies Inc.
and Grubhub Inc. are trying to address
what could be a life-or-death question: How
can they make the math work?
ness, which includes Uber Eats. Please turn to page B4 for being all talk and no action on
Delivering food is an expensive logisti- getting the companies they invest in
cal undertaking. Apps earn money by to change their policies around sus-
charging restaurants a percentage of the BOOZE TO GO tainability. Exxon’s yearslong refusal
order, as well as by charging consumers a Restaurants and to make board directors available for
service fee. They then dip into those earn- apps fight to keep frank conversations irked investors.
ings to pay drivers, their biggest expense. margaritas flowing Energy giant Exxon fought hard
After accounting for advertising costs on demand B5 to fend off the dissident slate. Com-
and refunds to customers, among other Please turn to page B11

KEYWORDS | CHRISTOPHER MIMS

A Day in the Life of the

Post-Pandemic Office
It’s 6 a.m., Mon-
day, somewhere in
America, and Jane Q.
Office Worker’s
alarm goes off. She’s
tempted to hit the
snooze button. But
she knows if she does, she might
miss out on a desk with a view.
A hypothetical everyperson in
most respects, Jane is exceptional
in that she’s from the future—a few
months ahead of us. The changes
that will soon affect our commut-
ing and office life, changes that are
both cultural and technological, are
already her daily reality.
Many of these tools, including
workspace management apps and
digital whiteboards, have been
around for years. But, like the
becoming widespread. This list also
includes newer and more experi-
mental tech, like 360-degree con-
ference-room cameras and contact-
less employee check-in systems.
Cumulatively, these many small
changes will represent, for some of
us anyway, a profound break from
the past.
The seating scramble
6:02 a.m.: After scrolling past
Slack alerts that came in overnight
from colleagues across the globe,
Jane opens an app that will help
her determine where she’ll be
working today…and with
whom…and on what.
In a recent survey of executives
by consulting firm West Monroe,
67% said that by this summer they
LINN FRITZ

video-calling tech that got Amer- would roll out plans for a hybrid
ica’s homebound workers through work arrangement, essentially the
the pandemic, they are only now Please turn to page B2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B2 | Saturday/Sunday, May 29 - 30, 2021
AMAZON.COM INC.
 A titan of the tech world
wants to direct one of Holly-
AMZN wood’s most fabled studios.
Amazon said Wednesday it
0.2% agreed to buy MGM Hold-
ings, a pact that would turn
a film operation known for classics like
“Singin’ in the Rain” and “Rocky” into a
streaming asset for the e-commerce gi-
ant. The deal is part of a larger consoli-
dation in the media world; last week
AT&T agreed to combine its media as-
sets with Discovery Inc. The MGM pur-
chase highlights the premium that con-
tent is commanding as streaming wars
force consolidation. Amazon’s shares
rose 0.2% Wednesday.
BANK OF AMERICA CORP.
 A big bank is hanging up on
the cold call. Bank of Amer-
BAC ica’s Merrill Lynch Wealth
Management unit is banning
0.5% trainee brokers from pushing
hot investments on anyone
they can get to pick up the phone, a
practice once widely viewed within the
wealth management industry as a rite
of passage. On Monday, Merrill rolled
out a revamped adviser-training pro-
gram that prohibits participants from
cold calling and directs would-be bro-
kers to use internal referrals or
LinkedIn messages to land clients in-
stead. Bank of America’s shares were
up 0.5% Monday.
The Future
Life of an
Office Worker
Continued from page B1
ability to work in an office some
days, and at home on others. But
this simple binary—home or of-
fice—belies the complexity now
facing many employees.
Some companies are renting co-
working spaces on the outskirts of
the cities in which they once main-
tained, or might still maintain a
headquarters, says Jamie Hodari,
chief executive of Industrious, a
startup that partners with land-
lords to offer office space and
competes with WeWork. These
employers recognize that workers
have varying needs to gather some
days of the week, month or quar-
ter, depending on their team and
job function. Some may have
moved to a more distant suburb—
or were never fond of their com-
mute in the first place.
“Now every company is forced
to ask, what do employees want?”
says Mr. Hodari.
One key to workspace flexibility
is an app, the sort made by soft-
ware companies such as Robin,
Salesforce, Envoy and Proximity, to
allow people to reserve work sta-
tions and other resources, and al-
low their employers to track where
they’ll be on any given day. Some
have long been used to allocate
desks to employees on a first-
come, first-served basis—a policy
known as hot desking or hotel-
ing—to save money.
no
The collaboration conundrum
6:10 a.m.: Jane, who leads a small
team of designers, claims a set of
desks by the windows for her crew,
before the squares in accounting
get them. Not only is there good
light, but it’s far from the kitchen-
ette, where Greg from data science
sometimes microwaves fish.
Of course, many managers are
trying to get people back into the
office five days a week, including
Netflix CEO Reed Hastings, who
called remote work a “pure nega-
tive,” and Jamie Dimon, CEO of
JPMorgan, who expects “nearly
all” the bank’s employees to return
Working for a Living
As of April in North America, no
industry surveyed had workers back
in the office more than two days per
week, on average.
Average days a week in the office for
select industries
Construction
1.5 days
Hospitality
1.4
Government
1.4
Transportation and logistics
1.3
Financial services
1.2
Manufacturing
1.2
Healthcare
1.1
Education
1.0
Information technology
0.7
Media and telecommunications
0.4
Source: Robin
PERFORMANCE OF OIL COMPANIES THIS PAST WEEK
Source: FactSet
2%
1 of the company’s global sales
0 electric-vehicle development to $30 bil-
–1
–2
–3
–4
Mon. Tues. Wed.
EXXON MOBIL CORP.
 The ground underneath the oil industry is getting
slicker as environmental groups and activist inves-
XOM tors step up pressure on companies to address
1.2% concerns about climate change. Exxon and Royal
Dutch Shell PLC suffered significant defeats Wednesday,
when a Dutch court ordered Shell to reduce its carbon
emissions and an activist investor won at least two Exxon
board seats. Exxon’s shares rose 1.2% Wednesday.
on
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This Envoy app allows workers to reserve desks as they return to offices.
m rp
Percentage of office capacity in use
60%
Australia
co Fo
50
40
30
20
U.S.
10
n-
0
Jan. Feb. March April
Note: Five-day moving average
Source: Robin
full time. Hybrid work’s skeptics
also include those who think com-
panies should choose to have ev-
eryone either fully in the office, or
fully remote.
“If you have a meeting and
there are five remote workers dial-
ing in and as many present, it
means a two-class system, where
what’s said in the room matters
more,” says Chris Herd, CEO of
Firstbase, a startup that outfits re-
mote employees with the furniture
and computing equipment they
need.
On the other hand, Apple CEO
Tim Cook has said some things ac-
tually work better “virtually,” and
Google has announced that nearly
its entire staff will be required to
come to the office only three days
a week.
Now, many companies recognize
not only that their offices will
rarely be fully occupied, but that
those offices need to be reconfig-
ured to accommodate the things
people will want to come to offices
for—mostly collaboration. And the
apps and cloud services they’ve
turned to for help have themselves
begun to adapt to this new world,
adding features that go beyond
just claiming a desk for the day.
For example, employees will
soon be able to use the Envoy app
to invite co-workers to join them
on particular days, says the
company’s head of product Alex
Haefner. Already, employers can
use the app to block out areas of
the office as “neighborhoods”
claimed by particular teams on
particular days.
This newfound worker flexibil-
THE SCORE
THE BUSINESS WEEK IN 7 STOCKS
Exxon Mobil
Royal Dutch
Shell
Thurs. Fri.
ENVOY
ity has its costs, adds Mr. Haefner.
Disputes over who gets what part
of the office on what day will have
to be resolved, and leaders will
have to make sure employees don’t
game the system—by, for example,
reserving office space then not us-
ing it. Companies that reduce of-
fice space or redesign it for more
collaboration might have to engage
in data-driven capacity planning,
managing available desks and con-
ference rooms like any other
scarce resource in their budget.
Conquering the commute
8:20 a.m.: Having grabbed a coffee
from Starbucks, using the app and
picking it up at a nearby takeout-
only store, Jane is ready for her
May commute. Like millions of other
Americans, she hops on a shared
electric scooter.
Mass transit systems saw his-
toric drops in ridership during the
pandemic. For many who don’t re-
ally miss cramming themselves
into a subway with hundreds of
strangers, the micromobility op-
tion is increasingly compelling,
particularly in big cities.
“For cities, the political percep-
tion of micromobility pre-pan-
demic was ‘What a nuisance—how
‘Now every company is
forced to ask, what do
employees want?’ says
the CEO of Industrious.
do we deter it?’ ” says Horace De-
diu, an industry analyst who
coined the term that refers to app-
rented bikes, scooters and mopeds.
But during the pandemic, he adds,
this view shifted along with in-
creased adoption, especially as
shared transit slumped. “It was
the only way to get around in
many cities, and the visibility was
incredible.”
Sharing the air
9 a.m.: Jane arrives at her office,
flashing a QR code on her phone in
front of a scanner. The same service
that allows her to choose a desk is
also linked to building access.
A 30-year-old technology, the
lowly QR code is suddenly every-
where, and seeing broad adoption
in the wake of the pandemic. It’s
become a way to access menus
and order in restaurants, a way to
pay with PayPal at more than
600,000 retail locations, a staple
* ***
FORD MOTOR CO.
 A plan by Ford to boost its
electric-vehicle production is
F picking up speed. Ford execu-
tives told investors Wednes-
8.5% day that they expected 40%
to be fully electric by 2030, and that
the company would boost spending on
lion by 2025, roughly one-third more
than it forecast earlier this year. The
pledges are part of a tech-centric strat-
egy to electrify much of Ford’s vehicle
lineup and sharply increase its commer-
cial truck and van business. Its shares
rose 8.5% Wednesday to close at their
highest level in nearly five years.
BEST BUY CO.
 Is America running out of
TVs? Best Buy is rushing to
BBY stock enough televisions and
appliances to sell in its stores
1% amid surging demand from
U.S. consumers. Comparable
sales at Best Buy shot up 37% during
the company’s quarter that ended this
month as it worked to navigate supply-
chain challenges, and Best Buy Chief Ex-
ecutive Corie Barry said she expects “in-
ventory constraints” through the rest of
2021. The situation is a sharp turn from
the depths of the pandemic, when many
retail executives worried about whether
shoppers would ever return. Best Buy’s
shares rose 1% Thursday.
of outdoor advertising, and a way
to check in at hotels.
When checking into a flexible
workspace in the morning, employ-
ees might not realize that the space
wasn’t just filled by different work-
ers the day before, but by people
from a totally different company.
Some businesses are exploring
“work as a service,” which means
they pay only for the desks and of-
fices they use on a given day.
New York-based underwear
company Thinx, for example, of-
fers employees a monthly stipend
that can be used to cover home-of-
fice expenses or a co-working
space, says a company spokes-
woman.
While such shared spaces might
have seemed horrifying just a few
months ago, we now know much
more than we did early in the
pandemic about whether or not a
shared indoor space is a potential
vector for airborne diseases like
Covid-19. One critical element is
enough air flow for four to six
exchanges of the air in a room or
building per hour. This can be
accomplished with tech that has
long been available, but only
adopted by buildings such as those
that meet the “Well building
standard.”
Sanjay Rishi, head of corporate
solutions for the Americas at real
estate giant JLL, says that across
his company’s broad base of cli-
ents, which includes many of the
largest companies in the world,
there isn’t a wholesale trend of
corporations moving their head-
quarters either to other cities or
from city centers to their out-
skirts. For many corporate leaders,
maintaining a main office in a city
center is essential to maintaining a
cohesive culture.
“It is really about talent, and if
you’re going to attract and retain
talent you have to have a sense of
belonging,” he adds.
Calling all colleagues
9:30 a.m.: Jane’s first meeting is in
a conference room she reserved
through her app. One end of the
room is dominated by an 85-inch
4K TV. As a handful of her col-
leagues file in, the screen fills up
with faces of colleagues, some con-
necting from the other side of the
world.
Thanks to Microsoft Teams
Rooms—or its equivalents from
Zoom, Google and others—people
will be connecting from home and
other remote satellite offices going
forward. Using one of these sys-
tems, everyone can see and hear
one another.
Just because they work doesn’t
mean they won’t cause headaches.
Pre-pandemic, people hated meet-
ings in person. Then they hated
Zoom calls during lockdown. Meet-
ings between people who are both
in person and remote represent a
third kind of drag, says Mr. Herd.
Making sure that those who are
remote—some of whom are still in
an office, just not this one—can
participate on equal footing with
those physically present has been
an area of special concern for
many companies. Google calls this
“collaboration equity.”
10:30 a.m.: Jane is back at her
desk. Or at least, a desk. The rest
of her day is more of the same:
new ways of collaborating, com-
municating and working that have
started to feel normal despite be-
ing totally alien a few short years
ago. For her, and for millions of
other Americans, work has become
less of a place we go, and more of
a thing we do.
THE WALL STREET JOURNAL.
HCA HEALTHCARE INC.
 A national hospital chain
wants to Google its patient
HCA health records. HCA Health-
care and Alphabet Inc.’s
0.8% Google unit announced an
agreement Wednesday to de-
velop healthcare algorithms from digital
health records and internet-connected
medical devices. The companies said
this would help improve operating effi-
ciency, monitor patients and guide doc-
tors’ decisions. Google has previously
reached deals with other prominent U.S.
hospital systems that granted access to
personal patient information, drawing
public scrutiny. HCA shares rose 0.8%
Wednesday.
HP INC.
 Will demand for the PC
wane once the pandemic
HPQ fades? HP Inc. Chief Execu-
tive Enrique Lores said
8.9% Thursday he expects per-
sonal computers to remain a
hot item into next year, as the com-
pany posted a roughly 27% jump in
second-quarter revenue and raised its
full-year earnings outlook. A pandemic-
fueled run on computers helped HP de-
liver strong results despite a semicon-
ductor shortage that is denting some
industries. Investors may not yet be
convinced the good times can continue.
HP shares dropped 8.9% Friday.
—Dan Fitzpatrick
Dreamliner
.
ly
Deliveries
Suspended
Continued from page B1
pressure Boeing’s finances, as
customers typically pay the bulk
of an aircraft’s price on receipt,
and disrupt airlines’ plans as
travel demand picks up along
with rising Covid-19 vaccinations.
Deliveries are on track to fall
short of expectations set by Chief
Executive David Calhoun last
month, when he told analysts the
manufacturer planned to hand
over 10 to 12 Dreamliners to cus-
tomers each month.
The FAA launched a review of
Boeing’s Dreamliner production
last year and has increased scru-
tiny of its 737 MAX manufactur-
ing operations following earlier
factory slip-ups.
As part of its Dreamliner scru-
tiny, the agency has recently re-
quested more information about
the plane maker’s proposed
method for addressing quality is-
sues using a system that would
allow for targeted checks of
newly produced aircraft, rather
than broader inspections of more
areas, people familiar with the
matter said. Boeing’s proposed
method is based on a statistical
analysis of data.
Until Boeing can satisfy the
FAA’s requests, the agency is re-
quiring the company to perform
the broader inspections, which
are more time-consuming and la-
bor-intensive, these people said.
Many of the 787 quality lapses
involve tiny gaps where sections
of the jet’s fuselage, or body of the
plane, join together. Problems
have emerged in other places, too,
including the vertical fin and hori-
zontal stabilizer at the tail. Such
It had built up a
backlog of around 100
finished planes by the
end of April.
gaps could lead to eventual pre-
mature fatigue of certain portions
of the aircraft, potentially requir-
ing extensive repairs during rou-
tine, long-term maintenance.
The plane maker has delivered
a total of 12 Dreamliners in the
two months since it resumed de-
liveries of the aircraft on March
26, following a five-month halt
while it addressed the production
lapses, according to aviation data
firm Ascend by Cirium. Boeing’s
most recent Dreamliner delivery
was on May 4, Cirium data show.
Boeing has reduced output of
the Dreamliner to five a month
after shuttering assembly at its
Everett, Wash., plant near Seattle
and focusing production at North
Charleston, S.C. It had built up a
backlog of around 100 finished
planes by the end of April, and
had hoped to deliver most of
them by the end of the year.
The Dreamliner’s manufactur-
ing issues are unrelated to design
flaws in a flight-control system
that kept the global fleet of 737
MAX jets grounded for nearly
two years. The plane models are
built in separate facilities.
—Doug Cameron
contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Neymar Disputes
Nike’s Account
For Breakup
BY JOSHUA ROBINSON
AND KHADEEJA SAFDAR
Soccer superstar Neymar
lashed out at Nike Inc. on Fri-
day, questioning how the com-
pany handled an employee’s al-
legation of a sexual assault
against him and disputing its
reason for why he and the
sportswear giant parted ways.
In a post on Instagram, Ney-
mar challenged his former
sponsor, saying Nike was lying
about the reasons for the split
and that it knew about the em-
ployee’s allegation long before
it took any action. “A matter of
such seriousness and they did
nothing. Who is truly responsi-
ble?,” he wrote.
The Wall Street Journal re-
ported Thursday that Nike
ended its endorsement deal
with the Brazilian superstar in
2020 after he refused to coop-
erate with a company investiga-
tion into a female employee’s
allegation that he had sexually
assaulted her during a 2016
publicity tour in New York.
“Nike ended its relationship
with the athlete because he re-
fused to cooperate in a good
faith investigation of credible
allegations of wrongdoing by an
employee,” said Hilary Krane,
Nike’s general counsel.
Neymar, whose full name is
Neymar da Silva Santos Jr., de-
nied the sexual-assault allega-
tion. On Friday, he said Nike’s
general counsel had “improp-
erly and irresponsibly” dis-
cussed the reason for the termi-
nation of the endorsement deal.
Neymar said the agreement
ended for commercial reasons.
“I really don’t understand
how a serious company can dis-
tort a business relationship that
is supported by documents,”
Neymar wrote on Instagram,
where he has more than 150
million followers. “State that
my contract was terminated be-
cause I did not contribute in
good faith to an investigation, is
an absurd lie,” he wrote.
MIGUEL SCHINCARIOL/AGENCE FRANCE-PRESSE/GETTY IMAGES
Soccer star Neymar, R, and his father deny the sex-assault claim.
Match Group, Ex-Employees Spar Over Crypto Promoters
Handling of Sexual-Assault Allegation Are Sued by SEC
no
BY GEORGIA WELLS
When Greg Blatt announced
his plan to resign as Match
Group Inc. chief executive in
2017, the dating-app conglom-
erate presented the transition
as orderly and planned well in
advance.
Privately, executives at the
company and its then-control-
ling shareholder, IAC/InterAc-
tive Corp., expressed concerns
that a sexual-assault allegation
against the CEO might become
public and discussed how long
to say the transition had been
in the works, according to doc-
uments filed this week in a law-
suit the companies have been
battling in New York state
court. Executives also deliber-
ated over having Mr. Blatt ad-
dress the allegation, a draft
resignation letter Mr. Blatt sent
to independent public-relations
representatives showed.
“We need to get specific on
the date of when the Board ad-
opted a CEO transition plan,
and it needs to pre-date the in-
cident for the story to be credi-
ble should all of this come to
light,” said IAC communica-
tions chief Valerie Combs in a
July 7, 2017, email to IAC Chief
Executive Joey Levin, according
to the filing.
Three weeks after the ex-
change, a press release an-
nouncing Mr. Blatt’s resigna-
tion as CEO of both Match
Group and dating app Tinder
didn’t mention the allegation or
an investigation that Match
Group conducted. IAC Chair-
* * * * * * *
A Nike spokeswoman de-
clined to comment beyond a
statement late Thursday con-
firming the Journal’s account of
what happened: That an em-
ployee alleged a sexual assault
occurred in 2016, that she filed
a complaint in 2018, that Nike
in 2019 started an investigation
and, in 2020, ended its relation-
ship with Neymar because he
refused to cooperate with the
probe. Nike said it was “deeply
disturbed” by the employee’s al-
legation. “The investigation was
inconclusive,” Nike said.
Nike in 2019 hired Cooley
LLP, a law firm, to conduct an
independent investigation of
the allegation, the Journal re-
ported. Representatives for
Neymar disputed the woman’s
account during the Cooley
probe but the athlete himself
refused to be interviewed by
Nike’s investigators, the Journal
reported, citing people familiar
with the probe and documents.
Neymar wrote on Instagram
Friday that Nike didn’t inform
him of the incident despite
trips, campaigns and recording
sessions in 2018 and 2019. “I
was not given the opportunity
to defend myself,” he continued.
“That person, an employee, was
not protected. I, a sponsored
athlete, was not protected.”
Neymar’s father, Neymar Sr.,
told the Brazilian newspaper
Folha de São Paulo that Nike
was attempting to “blackmail”
his son.
A Nike spokeswoman de-
on
clined to comment on Neymar
us ,
Sr.’s remarks.
l
Several of Neymar’s sponsors
e
al a
including Puma SE, PokerStars
and Epic Games Inc., the maker
of the “Fortnite” videogame, de-
ci on
clined to comment on the mat-
ter. “Neymar has been a friend
of Red Bull since 2010. It is a
matter for the public authori-
ties to determine the facts be-
er s
hind these very serious allega-
tions,” said a representative of
m er
Red Bull GmbH, a maker of en-
ergy drinks.
m rp
co Fo
n-
man Barry Diller said in the
press release that Mr. Blatt had
approached him nearly a year
earlier about a potential job
change and that the CEO’s de-
parture came after months of
discussion and planning.
IAC, which separated from
Match Group last year, said in a
statement that an investigation
by Match Group’s board with
two outside law firms found no
violation of law or company
policy. Based on the investiga-
tion’s findings, there was no
cause for Mr. Blatt to resign
and, therefore, no cause to dis-
close it. “The company has
nothing to hide,” a spokesper-
son for IAC said in a statement.
The filings surfaced as part
of a lawsuit filed in 2018 over
Tinder’s valuation, when early
employees including Tinder co-
founder Sean Rad accused
Match Group and IAC of low-
balling the startup’s valuation
to reduce payments owed un-
der stock options. Match Group
describes the allegation as “a
lawyer’s invention.”
Match Group has been work-
ing to demonstrate that it takes
harassment seriously on its
own online-dating platforms,
which include Tinder, Match
and Hinge. Match Group has in-
vested in companies that let
users run background checks
on dates and that notify au-
thorities in the event of safety
concerns. The 2018 suit in-
cluded a claim from Rosette
Pambakian, a former Tinder
vice president, that Mr. Blatt
groped and harassed her at a
BUSINESS NEWS
BHP’s South Flank mine in the central Pilbara, Western Australia. Australia accounts for more than half the world’s trade in iron ore.
Record Prices Spur Iron-Ore Boom
BY RHIANNON HOYLE
Iron ore’s record prices are
encouraging a wave of invest-
ment in mining ventures, with
companies hoping to avoid a
repeat of the previous boom a
decade ago that ended in mul-
tiple pit closures and aban-
doned developments.
Chinese companies are
pushing to build one of the
world’s biggest mines in West
Africa, while a clutch of
smaller companies are devel-
oping new mines in Australia
or reopening mothballed pits
idled years ago when prices
were low. Many are betting
that demand for iron ore, used
to make steel, will remain
buoyant as governments
world-wide inject billions of
dollars into their economies.
The benchmark iron-ore
price rose to a record $233.10 a
metric ton this month, accord-
ing to data from S&P Global
Platts, as China’s steel industry
cranked up output. The rally
mirrors gains in prices of com-
modities, including copper and
crude oil, which are also in de-
mand as the global economic
recovery from the pandemic
gathers pace.
New iron-ore entrants see
an opportunity to thrive be-
cause the industry’s biggest
producers are behaving differ-
ently than a decade ago.
BHP Group Ltd. and Rio
Tinto PLC, the world’s two
largest mining companies, say
they aren’t interested in pro-
ducing much more iron ore in
Australia, which accounts for
more than half the world’s
trade in the commodity. The
pair’s current investments,
which are still worth billions
of dollars, aim to replace out-
company party in December
2016. The suit says Match
Group knew about the allega-
tion but played it down to keep
Mr. Blatt in place as he worked
on the valuation, a claim that
Match Group denies.
In April 2017, Mr. Rad re-
ported the allegation to Match
Group’s general counsel, the
company and plaintiffs say.
Initially, one of the law firms
investigating the allegation ad-
‘The sexual
harassment claims
have nothing to do
with this lawsuit.’
vised Match Group that it had
an obligation to disclose Mr.
Blatt’s conduct upon his resig-
nation, according to testimony
from Mr. Diller included in a
court filing. Later, that opinion
changed, the filing said. “Pro-
tecting GB is the right thing to
do but GB also makes it harder
every day,” Mr. Diller wrote in a
2017 email to his adviser Jack
Welch, the late former CEO of
General Electric Co., a copy of
which was included in the fil-
ing.
Ms. Pambakian said she
made clear to Match Group ex-
ecutives after Mr. Rad reported
the allegation that Mr. Blatt’s
actions “were neither welcome
nor consensual,” according to
the filing. She also said in the
World iron-ore trade by sea
2.0 billion metric tons
Forecasts
1.5
1.0
0.5
0 0
2010 ’20
*Benchmark price for ore with 62% iron content
Sources: Australian government (trade); S&P Global Platts
put from older pits, and they
expect better demand growth
in commodities like copper.
Another major iron-ore pro-
ducer, Brazil’s Vale SA, is
working to rebuild production
following two deadly spills
from dams storing mining
waste. The big Western miners
also have faced pressure to in-
crease dividends to sharehold-
ers after splurging on deals
and big projects across several
commodities during the previ-
ous boom that were later writ-
ten down by billions of dollars.
The previous boom exposed
the risks of investing in under-
developed areas. Many compa-
nies that raised billions of dol-
lars to build mines, often in
new iron-ore regions that
lacked the rail and other infra-
structure needed to make the
projects viable, never pro-
duced a single ton of ore.
Few places illustrate the
boom-to-bust commodity cycle
filing that the law firms inves-
tigating the matter never met
with her.
Mr. Blatt has said in a defa-
mation lawsuit against Ms.
Pambakian that the incident
was consensual. “Rad and Pam-
bakian are lying, repeatedly
and dramatically, to extort an
unjustified payout from
Match,” a spokesperson for Mr.
Blatt said in a statement.
“This is the latest attempt
by Sean Rad and his entourage
to obfuscate the truth,” a
Match Group representative
said in a statement. “The sexual
harassment claims have noth-
ing to do with this lawsuit.”
The lawsuit is slated to go to
trial in November.
Attorneys for the plaintiffs
allege that a reporter’s inquiry
about the assault allegation in
July 2017 prompted the com-
pany to hastily plan Mr. Blatt’s
exit. Mr. Blatt later sent an
email to independent public-re-
lations representatives about
his planned departure, saying
he showed poor judgment for
“snuggling and nuzzling” with
an executive at the holiday
party, the filing said.
Match Group fired Ms. Pam-
bakian in 2018. She filed a
wrongful termination suit
against Match Group and IAC in
California state court, saying
that the firing was connected
to her going public with her
sexual-assault allegation. Match
Group has denied that claim.
Her claims in the Tinder val-
uation and wrongful termina-
tion suits are in arbitration.
Saturday/Sunday, May 29 - 30, 2021 | B3
Iron-ore spot price*
$250 a metric ton
200
150
ly
100
50
2010 ’15 ’20
more than the Bloom Lake op-
eration in Canada. In 2011,
when iron-ore prices previ-
ously surged to a record,
Cleveland-Cliffs Inc. paid
roughly 4.9 billion Canadian
dollars, the equivalent of $4.1
billion today, to buy Bloom
Lake. When prices went into
free fall five years later, the
U.S. miner closed the pit and
accepted an offer of C$10.5
million to get rid of it.
Today, investment is again
flowing into Bloom Lake. The
mine’s current owner, Cham-
pion Iron Ltd., restarted pro-
duction in 2018 and is spending
C$589.8 million on doubling the
mine’s annual output capacity
to 15 million tons of iron ore.
The company is contemplating
a further expansion and re-
cently bought a nearby deposit.
Champion Iron, which this
week reported a fivefold in-
crease in annual profit, wants
to sell more iron ore to U.S.
Over BitConnect
BY DAVE MICHAELS
WASHINGTON—Regula-
tors sued a group of crypto-
currency promoters who
helped raise over $2 billion
from investors with the prom-
ise of 40% monthly returns, in
one of the largest cases ever
brought over digital assets.
The Securities and Exchange
Commission on Friday sued
five individuals in Manhattan
federal court over their promo-
tion of BitConnect. The SEC
said the men violated laws that
required them to register as
brokers and ran afoul of other
investor-protection rules. It
didn’t accuse them of fraud.
The SEC’s lawsuit seeks to
have the defendants give back
the money they made and to
pay civil monetary penalties.
BitConnect was a digital as-
set created in 2016 and sold in
exchange for bitcoin, the
world’s most valuable crypto-
currency. BitConnect told in-
vestors it would profitably
trade their bitcoin using an
automated “trading bot” and
required the currency to be
locked up for terms ranging
from four to 10 months, ac-
cording to the SEC’s lawsuit.
BitConnect eventually lost 92%
of its value, and investors lost
all or nearly all of their funds
in the lending program, the
SEC’s lawsuit said. Thousands
invested in BitConnect.
The SEC sued BitConnect
promoters Trevon Brown of
BHP/REUTERS
steel mills and less to China, a
different strategy than pur-
sued by Cleveland-Cliffs a de-
cade earlier. The company is
also producing more of a high-
grade 67.6% concentrate that
can be used by electric arc
furnaces to supplement scrap
and can be sold at a premium.
“I want us to have a prod-
.
uct diversification [because]
when the market does turn, it
could cause us a problem,”
said Michael O’Keeffe, execu-
tive chairman of Champion.
Mindful of not repeating
past mistakes, many aspiring
iron-ore companies are target-
ing small projects that can
start up quickly and be devel-
oped in stages. To keep upfront
costs down, they are relying on
trucks rather than building rail
lines to transport ore.
“We’re seeing new entrants
enter into flexible mining and
infrastructure arrangements
that enable mines to close
without financial penalty if
prices fall below their break-
even point,” said Rohan Kend-
all, analyst at consulting firm
Wood Mackenzie.
The consulting firm esti-
mates 20 new mines with a to-
tal annual capacity of 150 mil-
lion tons will start this year—
excluding any in China—a five-
year high in capacity terms.
Last year, just 5 million tons
of capacity was added, down
from 14 million tons in 2019.
Many analysts think iron-
ore prices will fall soon. Capi-
tal Economics expects them to
drop to $140 a ton by year’s
end. A repeat of the previous
mining investment boom is
unlikely, partly because miners
will be mindful of China’s
plans to curb carbon emis-
sions in steelmaking, it says.
Myrtle Beach, S.C., Craig Grant
of Kissimmee, Fla., Ryan Maa-
sen of Tulsa, Okla., and Michael
Noble of Pacific Palisades, Calif.
Regulators also sued Joshua
Jeppesen of East Falmouth,
Mass., who allegedly was a liai-
son between BitConnect and
the promoters. Mr. Jeppesen
also represented BitConnect at
conferences and other events.
The SEC’s lawsuit said Bit-
Connect’s founder is an Indian
citizen who “founded, managed
and controlled BitConnect at
all times.” The court complaint
doesn’t name the person.
The U.S. promoters were part
of a network that touted BitCon-
nect’s lending program through
videos on YouTube. They earned
hundreds of thousands of dol-
lars each in commissions and
other payments, the SEC said.
Mr. Jeppesen earned $2.6 mil-
lion, the SEC alleged.
Ian Friedman, an attorney for
Mr. Jeppesen, said: “Our legal
team has been working on this
matter for quite some time and
we expect an amicable resolu-
tion shortly.” Mr. Brown didn’t
return a message left seeking
comment. Messrs. Grant, Maa-
sen and Noble couldn’t be
reached for comment.
Some individual investors
poured everything they had into
BitConnect, as mainstream in-
terest in cryptocurrencies was
at a fever pitch, The Wall Street
Journal reported in December
2018. Texas state regulators
called it a “massive fraud.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B4 | Saturday/Sunday, May 29 - 30, 2021
The Race to
Make Food
Delivery Pay
Continued from page B1
an annual profit in its eight years of
operation, it slipped out of the red
for one quarter last year, becoming
the only food-delivery company in
the U.S. to do so during the health
crisis.
Analysts don’t expect the compa-
nies to turn profitable for at least a
few more years. For now, they say,
they’re looking for the industry to
prove that it can continue to grow
and improve profit margins, even as
diners return to restaurants.
“This is a cost-intensive business
that is low-margin and scale
driven—that is absolutely correct,”
said DoorDash Chief Operating Offi-
cer Christopher Payne.
Executives at DoorDash and Uber
have spent the past year testing
what they hope will be the secret
sauce. They want to raise custom-
ers’ average order size by expand-
ing into more lucrative offerings
like groceries and alcohol; bundle
nonperishable goods with food to
drive down delivery costs; and use
technology to reduce errors by res-
taurants and drivers, translating
into fewer refunds.
Some rivals doubt that diversify-
ing into new categories and slash-
ing operating costs is the key to
profits. Grubhub, which pioneered
online ordering for restaurants for
pickup or delivery by the food busi-
ness’s employees and reluctantly
embraced delivery to ward off com-
petition from DoorDash and others,
is set to be acquired by European
giant Just Eat Takeaway.com NV
next month. It says it intends to go
back to its roots as an online mar-
keting service for restaurants.
Food delivery “is and always will
be a crummy business,” Grubhub
Chief Executive Matt Maloney said.
As restaurants recover, Mr. Maloney
believes more orders will shift away
from app delivery, but online order-
ing will remain popular, whether
for pickup or for transportation by
the restaurants’ own personnel.
Grubhub’s advertising service, he
said, will hold the key to its future
profitability.
Grubhub is skeptical about its
competitors’ varying bets. “Every-
one else in the industry is doubling
down on their logistics plays and
talking about how smart they are
and what a great technology
company they are,” said Mr. Malo-
ney, the CEO. “I think the right
choice is to be a better restaurant
company.”
A game of seconds and cents
Shaving seconds off a transaction
can mean the difference between an
order that adds to or subtracts
from the bottom line. The compa-
nies have used lessons learned over
the past year to improve efficiency
and reduce some operational costs.
DoorDash driver Mark Ferguson
says the app now makes more
efficient use of his time—something
he noticed when he started deliver-
ing food again in March after a
yearlong hiatus. The app matches
him with restaurants closer to the
time orders are ready, cutting his
waiting time.
The 47-year-old, who has logged
no
more than 6,000 DoorDash deliver-
ies since 2015, also saves time en
route to deliveries because the com-
pany has integrated Google Maps
into its app interface for drivers.
Previously, if he wanted to use
Google Maps he had to toggle be-
tween the two. Deliveries have
become smoother, too: So-called
Dashers are asked to upload photos,
which customers can see, showing
where they leave the food, reducing
reports of missed orders.
“The way that I spend my time
as a Dasher changed,” said Mr. Fer-
guson.
Deutsche Bank says that Door-
Dash drivers made 44% more deliv-
eries in an hour at the height of last
year’s pandemic lockdowns com-
pared with three years earlier.
Big Appetite
DoorDash, Uber Eats and rivals
remain more popular than before the
pandemic, though the surge kicked
off by lockdowns last year has begun
to subside.
Monthly consumer spending on
food-delivery apps, change from two
years earlier
400%
300
200
100
0 altering their terms. Late last
2020 ’21
Source: Earnest Research
DoorDash‘s app has cut the amount of time delivery people spend waiting to pick up orders.
Feast or Famine
An average DoorDash order during
the pandemic* cost the customer
almost $36, out of which the delivery
company made less than $1 in profit.
CONSUMER PAYS
Food:
Tax:
Tip:
Fees:
Total:
on
us ,
The restaurant receives:
l
e
RESTAURANT
al a
Food:
ci on
Total:
The delivery person takes:
er s
DELIVERY PERSON
Delivery fee:
m er
Tip:
Total:
m rp
After paying the restaurant and
delivery person, DoorDash is left
with:
co Fo
Remaining:
Refunds:
Promotions:
Advertising:
Other costs:
PROFIT:
*Average order price during 2Q 2020
Source: company reports via Deutsche Bank
There are still plenty of road-
n-
blocks along the apps’ route to
profitability.
While early data show that con-
sumers who embraced the apps
during the pandemic may stick
around as the health crisis fades,
growth is expected to slow from the
breakneck pace of 2020.
More than 70 U.S. municipalities
or states, seeking to help local busi-
nesses, temporarily capped what
apps could charge restaurants last
year during the pandemic, accord-
ing to the Protect Our Restaurants
advocacy group. Major cities are
considering making those changes
permanent, a move that would
squeeze apps’ already slim margins.
As road traffic increases and res-
taurant kitchens run at capacity
again, operational efficiency may
decline despite the measures app
companies have taken. Some big
chains are reducing their reliance
on delivery already, raising menu
prices on apps and investing in
high-tech pickup services to drive
more direct orders.
At Chipotle Mexican Grill Inc.,
online orders accounted for nearly
half of the chain’s $6 billion in sales
last year, up from 11% in 2019. De-
livery accounted for about half of
those online sales, but emerged as
the least profitable category.
Chief Technology Officer Curt
Garner said Chipotle’s prices on de-
livery apps now average 17% higher
than those in stores after company
data scientists did market research
on how much they could raise costs.
The company also found that
more customers opted for online-
order drive-throughs when they
were available, Mr. Garner said. Chi-
potle is now building dozens of
“Chipotlanes” across the country.
Food-delivery apps, mindful of
restaurants’ pullback, have started
month, DoorDash said it would al-
low restaurants to choose from
three commission rates, offering
EXCHANGE
varying degrees of marketing and
product support based on the selec-
tion. Uber is experimenting with
something similar. Previously, res-
taurants didn’t have a choice. Some
bigger chains used their scale to ne-
gotiate commissions as low as 15%.
Many small restaurants paid apps
$24.04 as much as 30% of every order.
$1.82 Grubhub this month joined its rivals
$3.54
in saying it would build individual
$6.15
$35.55
websites for independent restau-
rants for a monthly fixed fee, in-
stead of extracting commissions on
each order. The move is designed to
give restaurants more access to
consumer data, the company said.
Apps are also appealing to regu-
lators. Uber and DoorDash repre-
$24.04
sentatives met in April with mem-
bers of the New York City Council
who were considering making 20%
$19.97 commission caps permanent. Uber
argued that it is a smaller and bet-
ter actor in the city compared with
its competitors, according to a per-
son briefed on the discussions.
DoorDash told the lawmakers that
$5.37
it had discontinued certain prac-
$3.54
tices, such as listing restaurants on
$8.91 its app without their permission,
this person said. The Council is still
considering extending the cap or
making it permanent.
Bigger orders, fewer errors
DoorDash and Uber have spent the
past few months positioning them-
selves to offer more than just food.
$4.85
Executives say the move gives cus-
–$0.49 tomers reasons to keep coming
–$0.55 back—and they believe the habit
–$1.01 will stick. Together, the companies
–$1.90 control over 85% of food-delivery
$0.90 sales in the U.S., according to mar-
ket-research firm Edison Trends.
In the middle of last year, the
two companies expanded to deliver-
ing groceries, alcohol and house-
hold supplies like toilet paper. Part
of the pitch: the ease of ordering
everything on one app.
Uber says that starting next
month it will allow consumers to
combine their food order with a
convenience run from a nearby
store. DoorDash is testing a similar
feature.
A grocery or alcohol order is typ-
ically more lucrative than food, so
apps can drive up people’s basket
sizes and, in turn, their revenue.
They can also get “better and better
about upselling,” said Mr. Payne,
the DoorDash COO. Now, he said,
apps can ask: “Do you want fries
with that? Do you want a Cabernet
Sauvignon with that?”
Non-restaurant orders accounted
for 7% of DoorDash’s orders in the
first quarter of 2021, and grew at a
blistering pace of 40% compared
with the fourth quarter of 2020.
Earlier this month, the company
Solving the snafu of the
missing cheesecake from
Cheesecake Factory
delivery orders.
raised its full-year outlook on the
total value of orders placed on its
platform.
The strategy is also helping apps
drive down their biggest expense:
the cost of the delivery itself. Food-
delivery apps couldn’t always wait
to combine a tiny order with a
more lucrative one because hot
meals needed to be delivered
quickly. Executives say expanding
into nonperishable items is letting
them bundle deliveries in a way
they couldn’t with food alone.
Analysts say food-delivery pene-
tration is still low despite last
year’s rapid adoption—only 6% of
the U.S. population uses DoorDash,
the nation’s biggest food-delivery
service by market share—so “out-
* *** THE WALL STREET JOURNAL.
“A lot of it has to do with tech
placement—bold versus red versus
other things,” said Toby Espinosa, a
DoorDash vice president who previ-
ously worked with restaurants on
the technology. “A small little thing
like this can drive a crazy amount of
operational output.”
Grubhub is developing a cus-
tomer guarantee for its orders. If a
delivery is late, for example, Grub-
hub will cover the cost and offer
customer credits, even if it’s the res-
taurant’s fault, Mr. Maloney said.
Mr. Maloney said he expects his
business to make money once res-
taurants are operating at full capac-
ity and profitable again, allowing
them to spend more on advertising
services such as Grubhub.
Seeking new customers and
clients
Apps are seeking ways to attract
new users without overspending on
advertising dollars—another drag
on their bottom lines.
Uber’s Mr. Gore-Coty is relying
on its ride-sharing app to attract
ALEXI ROSENFELD/GETTY IMAGES
new Eats users. Last month, Uber
introduced new features that fur-
ther entwined its ride app with its
delivery business so it could drive
up Eats orders as people begin
moving around again.
One feature enables passengers
to book and pick up meals while en
route somewhere in an Uber. The
company began pinging passengers
requesting trips from airports, ask-
ing whether they would like food
side of a city like New York, it’s still delivered to their destination
very early days,” Deutsche Bank an- through the Eats app.
alyst Lloyd Walmsley said. Some 13% of Uber Eats’ new us-
DoorDash leapfrogged its rivals ers in the fourth quarter navigated
to command more than half of the to it from the rides app, making ex-
U.S. food-delivery market in Janu- ecutives confident that the number
.
ary, up from one-third a year ago, would accelerate after the latest
thanks to a strong footprint in the changes.
ly
suburbs that drove large, family- Apps are also trying to find ways
style orders, a wider selection of to convert more users into monthly
restaurants and better operational subscribers. Subscribers pay the
efficiency that helped it win busi-
ness from consumers.
An open question is whether its
suburban footprint will continue to
apps a fixed monthly fee in exchange
for reduced fees on orders. They
tend to order more frequently and
have bigger basket sizes compared
serve as an advantage. Drivers have with nonsubscribers.
more ground to cover, but deliver- Both Uber and DoorDash are of-
ies can be faster because of less fering free trial subscriptions, hop-
traffic and shorter wait times, such ing consumers stick around once
as less time spent trying to find they buy into the convenience.
parking or taking elevators to res- Deutsche Bank estimated in January
taurants or customers’ apartments. that if DoorDash doubled its
Labor is cheaper too. monthly subscribers this year, it
Another way the companies burn would post yearly growth, even if
money is by refunding consumers. order sizes and frequency fell to
Sometimes, small product changes pre-Covid levels.
can make a big difference. DoorDash’s shares are up nearly
Uber’s Mr. Gore-Coty was struck 50% from its IPO listing price in De-
at how many consumers com- cember. Uber’s shares crashed in
plained about missing combo meals mid-March of last year, when wide-
during the early months of the pan- spread lockdowns crushed its core
demic. When he dug into the prob- ride-sharing business, but have
lem, he found that in fact, major more than doubled since then. Grub-
parts of the combos generally ar- hub’s stock leapt after the Just Eat
rived, but often missed items like a acquisition announcement last year
side salad or dessert. and continued to grow last year, but
The app didn’t allow consumers has cooled since.
to say that one of the items within One strategy that is helping Uber
the combo was missing, leaving and DoorDash drive more profitable
DAVID PAUL MORRIS/BLOOMBERG NEWS
Online orders accounted for nearly half of Chipotle’s sales last year.
Uber to refund the cost of the entire deliveries is handling the logistics
meal. Last summer the company be- for businesses beyond restaurants.
gan allowing consumers to break While the companies struck some
down items missing from a combo. partnerships before the pandemic,
To minimize errors, apps are they doubled down on the offering
tweaking the technology they pro- as many kinds of businesses grew
vide restaurants, too. Before the more reliant on delivery during the
pandemic, the item most commonly pandemic. Customers order directly
missing from Cheesecake Factory on those businesses’ websites,
Inc. delivery orders was cheesecake which then turn to apps like Uber
itself. Restaurant staff would pack and DoorDash to fulfill them. Door-
hot food but leave cold cheesecakes Dash now provides delivery services
to be packed later. That increased for Walmart Inc., Macy’s Inc. and
the likelihood that staffers would Petco Health and Wellness Co.,
forget about the cheesecake. among others.
DoorDash’s solution was to inte- These orders are more profitable
grate reminders into the restau- because apps don’t need to refund
rant’s delivery tablets so orders consumers for errors, nor do they
with cheesecakes displayed notes in need to spend money on marketing.
big, bold letters. The change re- Clients like Walmart bring big busi-
duced missing desserts as staffers ness, meaning drivers typically carry
were less likely to overlook them more than one order at the same
when they handed orders to Dash- time, lowering apps’ delivery cost.
ers. DoorDash says cheesecake is no Deutsche Bank’s Mr. Walmsley
longer its most-forgotten item. estimates that DoorDash makes a
DoorDash used what it learned profit of $2 on such a delivery, as
from the Cheesecake Factory to opposed to the 90 cents it made on
minimize errors at other restau- the average food order in the mid-
rants as orders surged. It began dle of last year.
placing instructions from custom- In such setting, even minor gains
ers, such as no cucumbers on a in efficiency can mean the differ-
salad, in a larger font above the ence between losing and making
order so kitchens saw it before pre- money: “It’s a game of seconds and
paring meals. inches,” Mr. Walmsley said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
ERIK CARTER
Lockdown Is Over,
But To-Go Booze
Is Here to Stay
Delivery apps and restaurants are capitalizing
on loosened alcohol laws wherever they can
BY HEATHER HADDON
I
t became easier than ever to
order booze on the run dur-
ing the pandemic, as restau-
rants added cocktails to their
to-go menus and delivery
apps ramped up alcohol delivery.
Now, many of the relaxed rules
that allowed it all to happen are
becoming permanent, and the race
is on to dominate the market for
alcohol on demand.
Alcohol generally is more profit-
able than hot meals, so companies
like Grubhub and Uber Eats that
struggle to make money delivering
food are hustling for the business.
But they face fierce competition.
Supermarkets are selling six-packs
for pickup and delivery. Restau-
rants are investing in high-end
takeout drinks. Established online
alcohol sellers such as Minibar De-
livery and Wine.com thrived dur-
ing the pandemic.
Sales of booze on delivery apps
and platforms more than tripled
last year compared with 2019, an
analysis of credit- and debit-card
transactions by Earnest Research
shows. Liquor sales at food retailers
grew 27%, according to NielsenIQ.
More than 30 states and Wash-
ington, D.C., last year loosened
rules limiting to-go drinks from
restaurants and bars, and some al-
lowed delivery companies to carry
the drinks as well, according to
the Distilled Spirits Council of the
United States, a trade group that
no
‘Our managers in
Florida have been
selling margaritas and
sangria by the gallon.’
pushed for the changes. More than
a dozen of those laws have become
permanent, with more on the way,
bringing widespread changes to al-
cohol delivery and takeout across
the country.
Some delivery companies are
spending to grab as much of the
market as new rules allow.
“We are doing it everywhere it’s
legal,” said Grubhub Inc. chief ex-
ecutive Matt Maloney.
Delivery apps are striking deals
to get further into alcohol sales.
Uber Eats parent Uber Technolo-
gies Inc. reached a deal this year
to buy alcohol-delivery service Dri-
zly for $1.1 billion in stock and
cash, and payment-processor
Square Inc. this month partnered
with DoorDash to deliver booze.
Drizly has navigated the com-
plex local rules around alcohol de-
livery already, and will allow Uber
to expand into the high-margin
category faster than on its own,
the company said.
Takeaway cocktails were a
higher-margin lifeline for restau-
rants made reliant on delivery and
carryout last year. Around seven
out of 10 full-service restaurant
owners said they started offering
alcohol for takeout or delivery, ac-
cording to a survey of 6,000 oper-
ators by the National Restaurant
Association trade group. Twenty
percent of takeout customers sur-
veyed said they added alcohol to
* * * * Saturday/Sunday, May 29 - 30, 2021 | B5
EXCHANGE
Corporate America and
Hollywood: A Love Story
To understand an era’s business trends, look at who’s buying a studio.
From Gulf & Western to Amazon, the companies drawn in by the movies.
BY INTI PACHECO AND ERICH SCHWARTZEL
The tech giants stormed Holly- over the years, from the postwar to its core telecom business.
wood this past week: Amazon.com supersizing of industrial conglom- It’s a movie we’ve seen before.
Inc. announced its plan to buy the erates to the rise of Japanese At one point during Gulf & West-
storied MGM studio for nearly players in the 1980s and ’90s. ern’s ownership of Paramount Pic-
$8.5 billion, including debt. In the past 20 years, cable gi- tures, the company considered sell-
The story of outsiders trying to ants and telecom companies have ing the studio’s back lot on Melrose
take on Hollywood is one with plowed billions into the business, Avenue to a developer who planned
many sequels. Since the mid-20th in an effort to capitalize on the to turn it into a cemetery. Para-
century, companies in sectors as shift to smaller screens and estab- mount survived, though, and is to-
far-flung as soft drinks and oil lish themselves as creative forces day nested within its own conglom-
fields have come to Los Angeles of their own. Few have succeeded. erate, ViacomCBS Inc.
hoping to strike it rich in the film Earlier this month, AT&T became It remains to be seen if the
business. the latest to step back from the world’s biggest online retailer will
Nearly all the outsiders have business, unwinding much of the succeed where other business ti-
ended up slinking out of town, de- foray it had made into entertain- tans have failed. But in the long-
feated. There’s a reason producers ment with its $80 billion-plus ac- running love story between Holly-
often refer to outside financing as quisition of WarnerMedia in 2018. wood and corporate America, the
“dumb money.” The move lowers AT&T’s debt load acquisition doesn’t seem like a
Larger corporate trends emerge and returns the company’s focus shocking twist.
OWNERSHIP OF SEVEN MAJOR HOLLYWOOD STUDIOS FROM 1960 TO TODAY
TYPE OF BUYER: Media Conglomerate Individual Outside industry
MGM
WARNER BROS.
1966: Edgar Bronfman Sr.
1969: Kirk
Kerkorian
TWENTIETH CENTURY FOX 1969: Kinney
.
WALT DISNEY National
ly
PARAMOUNT PICTURES 1966: Gulf & Western
COLUMBIA PICTURES
on UNIVERSAL PICTURES
1960
1962: MCA
‘The Man with
us ,
the Golden Gun’
their orders, while 18% of delivery
l
MGM (1974)
customers did.
e
al a
Kimberly Solomon, a 41-year-old
attorney from Austin, Texas, said
she started ordering to-go margari-
ci on
tas and sake last year and plans to
keep doing so now that the state
has allowed takeaway alcohol per- ‘E.T. The Extra- 1980
manently. Takeout for dinner for Terrestrial’
two with drinks can cost $100 to Universal (1982)
er s
$250, she said, but saves her from 1982:: Coca-Cola
paying a babysitter. She’s avoiding L
SA A
m er
delivery for now to give more of R
her money directly to restaurants.
E BI T
CO IV
UM OUN
UN
“We often get a drink that was
PA L
A M Y 1981: Marvin Davis
tailored to our meal, just as we NE ‘Superman’
R
would if we were dining out,” she IS X
m rp
Warner
Wa ner Bros
Bros.
D
said. FO NER (1978)
Liability and safe-handling rules AR M
G
W
for alcohol have discouraged some M
delivery companies from trans-
porting cocktails in parts of the ‘Home Alone’
co Fo
country. Uber Eats hasn’t delivered 1985: Fox (1990)
to-go cocktails in California, for News Corp
example, because the state re-
quires that they be transported in 1986: Turner
a locked trunk in most circum- Broadcasting
stances, a spokeswoman said. purchases
Since the end of prohibition in MGM, quickly
sells it back to
1933, Congress has largely left it Kerkorian ‘Titanic’ Paramount (1997)
up to states to regulate alcohol
sales and distribution. That’s led 1990: Pathé 1991: Crédit Lyonnais takes
to a patchwork of rules across the control after Pathé’s owners
U.S. and quirks influenced by local default on loan payments
constituencies. The ability to take 1989: Time Inc. acquires
1996:
n-
cocktails away from a restaurant studio parent Warner
1987: Kerkorian
Communications
or bar was rare, though Florida Tri-Star returns
and Mississippi allowed to-go Pictures 1994: Viacom
cocktails with restrictions—as did,
1989: Sony buys Columbia/
famously, New Orleans. Tri-Star, creates Sony Pictures
Not everyone is a fan of the 1990: Matsushita
new rules. Critics of the bills to
make to-go drinks permanent ‘Men in Black’ 1995:
worry that the loosening of liquor Columbia (1997) Seagram
laws will make it easier for young
people to consume alcohol. Others ‘Legally Blonde’
e’
say that states are moving too fast MGM (2001) 1)
to undo liquor laws that have been
in place for decades in the face of 2000:
00:
Vivendi
endi
pressure from trade groups seek-
ing to capitalize on the pandemic. 2004:
With to-go booze, there’s a lot General
at stake for store owners too. Re- Electric
tailers logged big sales increases
on alcohol in the past year but 2006: Viacom spins off television operations 2000
200
face competition from delivery into CBS Corp., retains Paramount
companies. Some stores are re- L
sponding by selling alcoholic RSA A
slushies and other drinks to in-
E BI T
CO IV
UM OUN 2004: Comcast makes 2001:
2001
UN
store customers, trade groups said.
PA L
M unsuccessful takeover attempt America
Americ
A Y
Other retailers are partnering with NE
R
Online
Onlin
delivery companies. IS X
D
Several chains are investing in FO NER
cocktails for takeaway and delivery AR M
G
W
even though their dining rooms M 2004: Sony-led investor group
have reopened. Applebee’s said it is
offering a $5 takeaway cocktail deal 2010: MGM
online where permitted. Outback files for chapter
Steakhouse has been testing to-go 11 bankruptcy
cocktails, and plans to start selling protection;
creditors led by
takeaway margaritas in Mason jars hedge fund
from 230 restaurants this summer, Anchorage
2021:
according to parent company 2011: Capital take Amazon
Bloomin’ Brands Inc. The company Comcast control to buy
hopes to use its own drivers to de-
liver the cocktails where allowed.
‘Frozen’ Disney (2013) MGM
Gary Cohen, executive vice pres-
ident of Glory Days Grill, a chain 2018: AT&T
of 39 restaurants across six states,
2019: Disney acquires Fox entertainment 2021: AT&T
said demand for to-go mixed spins off media
drinks remains higher in places assets, later renames movie studio
Twentieth Century Pictures assets,
like Florida, where state rules are including
more permissive. 2019: Viacom and CBS re-merge Warner Bros.,
“Our managers in Florida,” Mr. into venture
Cohen said, “have been selling mar- with Discovery
garitas and sangria by the gallon.” Source: staff reports
—Jaewon Kang Photos: MGM/Everett Collection (Golden Gun, Legally Blonde); Warner/Everett Collection (Superman); Universal/Everett Collection (E.T.);
contributed to this article. Fox/Everett Collection (Home Alone); Paramount/Everett Collection (Titanic); Disney/Everett Collection (Frozen) Angela Calderon/THE WALL STREET JOURNAL
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B6 | Saturday/Sunday, May 29 - 30, 2021
ALEX NABAUM
THE INTELLIGENT INVESTOR | JASON ZWEIG
A Safe, High-Return Trade
Hiding in Plain Sight
I bonds are yielding more than 3.5%, and they’re nearly risk free
Speculators in
cryptocurrencies and
in meme stocks like
GameStop Corp. have
been bragging for
months about earning
“10X” or even
“100X”—10-fold or 100-fold profits.
That’s nothing.
Here’s how you can make more
than 170X, raising your return 177-
fold in a single trade. Move your
cash from a bank account, where
it’s probably earning about 0.02%,
into an inflation-protected U.S. sav-
ings bond, which will yield 3.54%
annualized. Unlike daredevil stock
or crypto trading, buying an “I
bond” is almost risk-free and deliv-
no
Say hello to streamlined trading,
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WEEKEND INVESTOR
ers significant tax advantages.
Economists say there’s no such
on
thing as a free lunch, but I bonds of-
fer a guarantee from the U.S. gov-
ernment that you can recover your
original capital plus any increases in
the official cost of living along the
us ,
way. The only catch is that this isn’t
l
an all-you-can-eat buffet: The maxi-
e
al a
mum purchase is $10,000 per year
per account holder (unless you elect
to take your tax refund in the form
ci on
of an I bond).
Ironically, the less you earn and
have to invest, the more powerful a
tool I bonds are. Sorry, Mr. Bezos.
In today’s yield-parched world,
er s
money-market funds are paying
0.02%, bank savings accounts 0.13%,
m er
m rp
co Fo
n-
a three-month Treasury bill 0.15%
and even a 30-year Treasury bond
only 2.25%. The income on I bonds is
so juicy, it’s barely below that of
leading high-yield or “junk” bond
funds, which are much riskier.
If you’ve never heard any of this
before, don’t feel bad. Zvi Bodie, a
consultant on retirement issues who
formerly taught finance at Boston
University, says he regularly speaks
to groups of financial advisers. When
he asks how many are familiar with I
bonds, “less than half the hands go
up” in the audience.
“I bonds are the best-kept secret
in America,” says Mr. Bodie. With a
total of just $46.4 billion outstand-
ing, they amount to less than 0.17%
* ***
of all U.S. debt held by the public, ac-
cording to the Treasury Department.
That’s partly because financial
advisers have no incentive to sell I
bonds, which don’t pay commis-
sions or charge expenses and are
available exclusively from the U.S.
government (see Treasury-
Direct.gov).
If four family members each put
$10,000 into I bonds, that’s $40,000
on which a financial adviser can’t as-
sess a management fee. At a typical
1% charge, that’s $400 a year the ad-
viser won’t earn.
“So all the advisers, all the bro-
kerage firms—all the places people
go to for investing advice—aren’t
going to say a word about I bonds,”
says Marvin Vinluan, a 34-year-old
software developer who lives near
Binghamton, N.Y. He often posts in-
formation about the securities on
Bogleheads.org, a website devoted
to low-cost investing.
Introduced in 1998, I bonds were
conceived to provide primarily small
savers with a positive long-term re-
turn after inflation. Their yield con-
sists of a fixed rate for the 30-year
life of the bond and an inflation
rate, which adjusts semiannually.
The current 3.54% applies to I bonds
issued until Nov. 1, 2021, and will re-
set every six months unless the offi-
cial government rate of inflation
stays constant.
What if interest rates or inflation
head lower? Yes, the yield can de-
cline. But, unlike with Treasury in-
flation-protected securities, or TIPS,
the yield on I bonds can never go
below zero. So they protect against
both inflation and deflation, which
is pretty amazing.
Interest on I bonds is exempt
from state and local income tax. In
confiscatory states like California,
Hawaii, Minnesota, New York and
Oregon, a household with $400,000
in taxable income would have to
earn roughly 4% on a taxable asset
to equal today’s after-tax I-bond re-
turn if rates don’t change.
For income-tax purposes, you can
choose to defer declaring your I-
bond interest until maturity or you
redeem, whichever comes first.
That income may be tax-exempt for
lower- and middle-income families
that use the bond to pay for college
tuition.
I bonds aren’t as liquid as a bank
account, money fund or Treasury
bill. You can’t cash out until you’ve
held for 12 months. If you redeem
within the first five years, you’ll
forfeit the last three months of in-
terest. But they’re as liquid as other
THE WALL STREET JOURNAL.
30-year bonds—and, if you sell after
the first five years, your full recov-
ery of principal and your ability to
match or outpace inflation are both
guaranteed.
If you buy an I bond at today’s
3.54% rate and sell it one year and a
day from now, you’ll earn 2.65% af-
ter the penalty (assuming the rate
doesn’t change). That’s roughly qua-
druple what you’d get from a one-
year certificate of deposit or ultra-
short-term bond fund.
Two types of people need to
keep much of their money safe:
those who shun risk, and those who
seek it.
Cautious folks want a moderate
return at low risk. But speculators
in hot stocks, cryptocurrencies and
whatever else is hopping also need
to safeguard some of their assets—
to protect against the big losses
that big risks can lead to.
For the risk averse, earning a
170-fold return by moving your
money from a bank to I bonds is
“like GameStop but safe!” exclaims
Mr. Vinluan. You get the thrill of
giving your return a big boost,
while taking no more risk.
For risk seekers, I bonds insure
against the chance that some of
your bets will go bad.
For everyone, with the Biden ad-
ministration proposing trillions of
dollars in government spending, I
bonds are a way of making sure
that at least some of your money
keeps pace with inflation.
I’m buying I bonds, and so
should you.
Uncle Sam's Best Deal
Even as interest rates have dropped
toward zero elsewhere, inflation-
.
protected savings bonds have tended
ly
to pay steadily positive returns.
Yield on I Bonds
5%
4
3
2
1
0
2010 ’15 ’20
Note: For the six months after each bond's issuance on
the date shown
Source: Treasury Department
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 29 - 30, 2021 | B7

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
34529.45 Trailing P/E ratio 29.53 21.44 4204.11 Trailing P/E ratio * 37.24 26.41 13748.74 Trailing P/E ratio *† 36.10 29.10 commodities performed around the world for the week.
s 64.81 P/E estimate * 20.36 23.30 s 3.23 P/E estimate * 22.55 23.75 s 12.46 P/E estimate *† 28.10 28.25
Stock Currency, Commodity, Exchange-
Dividend yield 1.75 2.58 Dividend yield * 1.38 2.04 or 0.09% Dividend yield *† 0.72 0.94
or 0.19% or 0.08% index vs. U.S. dollar traded in U.S.* traded fund
All-time high:
All-time high Current divisor All-time high Comex copper 4.36%
14138.78, 04/26/21
34777.76, 05/07/21 0.15198707565833 4232.60, 05/07/21 Nymex crude 4.31
Nymex RBOB gasoline 3.47
35000 4300 15000 Shanghai Composite 3.28
Nikkei 225 2.94
34000 4200 14400 Nymex ULSD 2.83
Lean hogs 2.65
13800 S&P 500 Telecom Svcs 2.47
33000 4100
Russell 2000 2.42
Session high Sao Paulo Bovespa 2.42
32000 4000 13200
DOWN UP Hang Seng 2.34
t

Session open Close 65-day moving average

65-day moving average
S&P 500 Consumer Discr 2.23
65-day moving average Close Open 31000 3900 12600 Bloomberg Commodity Index 2.12
t

S&P/ASX 200 2.12

Session low 12000
30000 3800 S&P SmallCap 600 2.12
Bars measure the point change from session's open S&P 500 Real Estate 2.09
29000 3700 11400 Nasdaq Composite 2.06
Apr. May Apr. May Apr. May Nasdaq-100 2.05
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index S&P 500 Industrials 1.92
Comex silver 1.90
Dow Jones Transportation Average 1.77
Major U.S. Stock-Market Indexes Trading Diary S&P BSE Sensex 1.75
Latest 52-Week % chg Volume, Advancers, Decliners S&P/TSX Comp 1.66
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. S&P 500 Information Tech 1.58
Dow Jones Total volume*1,024,680,744 23,574,617 CAC-40 1.53
Industrial Average 34631.11 34520.09 34529.45 64.81 0.19 34777.76 25015.55 36.0 12.8 11.7 Adv. volume* 497,828,001 7,519,357 S&P MidCap 400 1.40
Transportation Avg 15764.81 15657.73 15750.31 40.68 0.26 15943.30 8805.74 75.6 25.9 13.1 Decl. volume* 510,956,111 15,732,121 South African rand 1.38
Utility Average 900.88 894.97 897.35 4.43 0.50 933.37 749.40 11.2 3.8 9.2 Issues traded 3,483 280 Comex gold 1.37
Total Stock Market 43982.06 43840.97 43841.98 35.09 0.08 44054.28 30484.44 41.8 11.8 15.7 Advances 1,985 131 South Korean won 1.25
Barron's 400 1014.60 1008.83 1011.00 0.14 1018.25 643.62 53.4 18.6 11.0 Declines 1,344 138 S&P 500 1.16
0.01
Unchanged 154 11 Euro Stoxx 1.13
Nasdaq Stock Market New highs 225 12 S&P 500 Financials 1.05
Nasdaq Composite 13820.87 13747.61 13748.74 12.46 0.09 14138.78 9489.87 44.9 6.7 22.7 New lows 17 3 Chinese yuan 1.03
Nasdaq-100 13765.80 13684.83 13686.51 28.66 0.21 14041.91 9555.52 43.2 6.2 25.3 Closing Arms† 1.89 2.20 Kospi Composite 1.02
Block trades* 5,937 211 Stoxx Europe 600 1.02
S&P
Nasdaq NYSE Arca
Dow Jones Industrial Average 0.94
500 Index 4218.36 4203.57 4204.11 3.23 0.08 4232.60 3002.10 38.1 11.9 15.6
FTSE MIB 0.78
MidCap 400 2736.05 2715.18 2727.44 1.53 0.06 2770.27 1719.32 54.6 18.2 11.9 Total volume*4,408,174,609 179,382,054
Indian rupee 0.71
SmallCap 600 1382.19 1366.40 1371.94 -4.19 -0.30 1397.66 788.69 70.8 22.6 10.9 Adv. volume*2,732,331,013 129,300,178
iShJPMUSEmgBd 0.60

.
Decl. volume*1,604,199,593 43,527,136
Other Indexes S&P 500 Materials 0.60

ly
Issues traded 4,437 1,500
Russell 2000 2285.07 2264.92 2268.97 -4.10 -0.18 2360.17 1356.22 62.8 14.9 11.7 Russian ruble 0.58
Advances 2,225 1,021
NYSE Composite 16588.69 16531.95 16555.66 23.71 0.14 16590.43 11604.43 40.3 14.0 9.4 iSh 20+ Treasury 0.56
Declines 1,985 450
Value Line 674.89 671.09 -0.14 -0.02 674.01 425.86 18.2
DAX 0.53
672.57 55.0 5.9 Unchanged 227 29
NYSE Arca Biotech
NYSE Arca Pharma
KBW Bank
5651.48
731.38
133.83
5555.56
724.53
132.25
5572.71
726.58
133.62
17.15
2.05
-0.22 -0.17
on
0.31
0.28
6319.77
738.22
134.54
5128.49
613.07
69.65
-1.1
10.6
79.6
-2.9
5.4
36.5
6.0
11.3
7.0
New highs
New lows
Closing Arms†
172
35
0.66
185
12
0.80
IPC All-Share
Indonesian rupiah
iShiBoxx$InvGrdCp
iSh TIPS Bond
0.53
0.49
0.37
0.35
PHLX§ Gold/Silver 164.10 161.97 163.96 0.82 0.50 166.01 112.57 36.5 13.7 25.2 Block trades* 34,667 801
us ,

VangdTotIntlBd 0.35
PHLX§ Oil Service 61.93 60.81 61.35 -0.31 -0.50 63.89 26.30 89.1 38.4 -26.7
l

* Primary market NYSE, NYSE American NYSE Arca only. Nymex natural gas 0.30
PHLX§ Semiconductor †(TRIN) A comparison of the number of advancing and declining
e
3200.35 3163.77 3186.56 27.29 0.86 3305.43 1843.24 72.0 14.0 31.8 UK pound
al a

0.28
issues with the volume of shares rising and falling. An
Cboe Volatility 16.86 15.90 16.76 0.02 0.12 40.79 16.25 -39.1 -26.3 8.2 Soybeans 0.28
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. iShNatlMuniBd 0.24
ci on

IBEX 35 0.22
International Stock Indexes Percentage Gainers... Norwegian krone 0.19
Latest YTD Latest Session 52-Week VangdTotalBd 0.19
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg iSh 7-10 Treasury 0.17
World MSCI ACWI 711.15 2.23 0.32 10.0 Vertex Energy VTNR 7.81 3.82 95.74 8.38 0.40 1092.4 Mexico peso 0.13
er s

MSCI ACWI ex-USA 354.60 2.13 0.61 8.6 eMagin EMAN 4.07 1.41 53.01 5.42 0.50 674.6 Euro area euro 0.11
MSCI World 2979.30 8.66 0.29 10.8 SemiLEDS LEDS 13.82 4.28 44.86 18.27 2.43 374.9 iShiBoxx$HYCp 0.08
m er

MSCI Emerging Markets 1360.78 6.47 0.48 5.4 Embotell Andina B ADR AKO.B 14.70 2.90 24.58 17.36 11.80 6.1 FTSE 100 0.06
Welbilt WBT 24.71 4.79 24.05 25.02 5.21 306.4 iSh 1-3 Treasury 0.05
Americas MSCI AC Americas 1634.96 2.36 0.14 11.4
Canada S&P/TSX Comp 19852.18 0.39 13.9 Mannatech MTEX 25.15 4.65 22.68 25.71 13.65 62.2 -0.02 S&P 500 Energy
77.77
Latin Amer. MSCI EM Latin America 2540.97 1.73 3.6
Organovo Holdings ONVO 9.40 1.62 20.82 23.92 6.02 -25.6 -0.05 Canada dollar
43.23
m rp

0.96 Wrap Technologies WRAP 8.96 1.34 17.59 14.40 4.56 38.9 -0.09 WSJ Dollar Index
Brazil Sao Paulo Bovespa 125561.37 1194.80 5.5
2.37 Yext YEXT 14.47 2.16 17.55 20.90 12.01 -8.4
Chile Santiago IPSA 2857.65 66.09 0.00 -0.22 Swiss franc
0.83
Intevac IVAC 6.95 1.00 16.81 8.46 4.79 33.4
Mexico S&P/BMV IPC 50040.74 412.79 13.6 -0.23 Australian dollar
Second Sight Medical Prod EYES 5.98 0.84 16.34 20.00 0.69 525.9 -0.39 S&P 500 Consumer Staples
EMEA Stoxx Europe 600 448.98 2.54 0.57 12.5
Prometheus Biosciences RXDX 23.29 3.13 15.53 30.62 16.11 ... -0.42 Corn
Eurozone Euro Stoxx 450.99 3.03 0.68 13.4
MoSys MOSY 5.26 0.70 15.35 7.12 1.32 259.1
co Fo

Belgium Bel-20 4087.09 29.07 0.72 12.9 -0.67 S&P 500 Health Care
Cronos Group CRON 9.01 1.19 15.22 15.83 4.92 38.0
Denmark OMX Copenhagen 20 1587.37 17.73 1.13 8.3 -0.82 Japanese yen
E-Home Household Svc EJH 37.60 4.60 13.94 80.93 16.60 ...
France CAC 40 6484.11 48.40 0.75 16.8 -1.58 S&P 500 Utilities
Germany DAX 15519.98 113.25 0.74 13.1 Percentage Losers -1.59 Wheat
Israel Tel Aviv 1706.90 Closed 13.9 Latest Session 52-Week *Continuous front-month contracts
…
Company Symbol Close Net chg % chg High Low % chg
Italy FTSE MIB 25169.39 113.20 0.45 13.2 Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Netherlands AEX 713.28 4.92 0.69 14.2 Orbsat OSAT 4.20 -11.75 -73.67 27.50 3.90 -79.0 THE WALL STREET JOURNAL
Russia RTS Index 1603.79 0.12 0.01 15.6 1847 Goedeker GOED 1.82 -4.25 -70.02 17.75 1.77 ...
South Africa FTSE/JSE All-Share 67554.86 0.92 13.7
Zivo Bioscience ZIVO 4.19 -5.41 -56.35 14.40 3.75 -52.4 Methodology
614.61
Spain 0.42 Shineco TYHT 7.94 -5.52 -41.01 19.40 2.10 107.7 Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
IBEX 35 9224.60 38.50 14.3
0.83 Moxian MOXC 10.60 -6.33 -37.39 24.36 0.58 1634.3 reflect total returns). Commodities are represented by the continuous front-month
Sweden OMX Stockholm 913.77 7.54 18.9 futures contract. Bond exchange-traded fund performance may diverge from that of
Switzerland Swiss Market 11426.15 85.88 0.76 6.8 Provention Bio PRVB 7.61 -3.07 -28.75 20.05 6.15 -44.1 their underlying index. Bond categories are represented by the following ETFs: U.S.
Turkey BIST 100 1422.06 0.50 –3.7 U.S. Silica Holdings SLCA 10.26 -2.12 -17.12 15.38 2.42 247.8 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
n-

7.03
Eton Pharmaceuticals ETON 7.06 -1.43 -16.84 10.30 4.38 53.5 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
U.K. FTSE 100 7022.61 2.94 0.04 8.7 Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
U.K. FTSE 250 22683.95 24.91 0.11 10.7 Bowl America Cl A BWL.A 8.90 -1.60 -15.24 13.03 7.65 4.3 iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
Castor Maritime CTRM 3.05 -0.54 -14.92 19.50 1.12 -53.9 Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Asia-Pacific MSCI AC Asia Pacific 208.20 1.62 0.78 4.1 Bonds: iShares National Muni; International Bonds: Vanguard Total International;
Vinco Ventures BBIG 2.83 -0.47 -14.24 9.40 1.11 17.9
no

Australia S&P/ASX 200 7179.50 84.63 1.199.0 Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
ProPhase Labs PRPH 4.80 -0.76 -13.67 16.04 1.20 201.9
China Shanghai Composite 3600.78 –8.07 –0.22 3.7
Lannett Co LCI 4.30 -0.64 -12.96 10.70 4.12 -43.8
Hong Kong Hang Seng 29124.41 11.21 0.04 7.0
GameStop Cl A GME 222.00 -32.13 -12.64 483.00 3.77 5368.0 See an expanded year-to-date and current quarter
India S&P BSE Sensex 51422.88 307.66 0.60 7.7
CytomX Therapeutics CTMX 7.16 -1.03 -12.58 10.05 6.25 -19.2 list of selected global stock indexes, bond ETFs, currencies
Japan Nikkei Stock Avg 29149.41 600.40 2.10 6.2
Singapore Straits Times 3178.55 13.73 0.43 11.8 Most Active Stocks and commodities at
South Korea Kospi 3188.73 23.22 0.73 11.0 Volume % chg from Latest Session 52-Week wsj.com/graphics/track-the-markets
Company Symbol (000) 65-day avg Close % chg High Low
Taiwan TAIEX 16870.86 269.25 1.62 14.5
Thailand SET 1581.98 –0.98 –0.06 9.2 AMC Entertainment Hldgs AMC 656,919 532.2 26.12 -1.51 36.72 1.91
Sources: FactSet; Dow Jones Market Data Sundial Growers SNDL 618,603 166.2 0.97 14.79 3.96 0.14
Naked Brand Group NAKD 278,009 233.6 0.62 7.84 3.40 0.07 Currencies
WSJ Get real-time U.S. stock quotes and Vertex Energy 230,082 4080.8 7.81 95.74 8.38 0.40
VTNR
track most-active stocks, new highs/lows 151,333 -2.35 U.S.-dollar foreign-exchange rates in late New York trading
. and mutual funds.
Ford Motor F 98.7 14.53 15.05
* Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
5.57
US$vs, US$vs,
YTDchg YTDchg
com Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days Country/currency in US$
Fri
per US$ (%) Country/currency in US$
Fri
per US$ (%)
Americas Vietnam dong .00004339 23046 –0.1
Argentina peso .0106 94.5340 12.4 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1914 5.2255 0.6 Czech Rep. koruna .04789 20.882 –2.7

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .8280 1.2078 –5.2 Denmark krone .1640 6.0991 0.1
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001380 724.50 2.0 Euro area euro 1.2195 .8200 0.2
Colombiapeso .000270 3708.00 8.4 Hungary forint .003502 285.59 –3.8
A consumer rate against its 5-year CDs Ecuador US dollar Iceland krona
1 1 unch .008261 121.05 –5.3
benchmark over the past year 2.50% Mexico peso .0502 19.9238 0.2 Norway krone .1195 8.3679 –2.5
Bankrate.com avg†: 0.45% 16%
Uruguay peso .02280 43.8543 3.5 Poland zloty .2719 3.6778 –1.5
Colorado Federal Savings Bank 0.75% 2.00
Tradeweb ICE Euro Asia-Pacific Russia ruble .01366 73.201 –1.1
s

0.80% 8
t

Greenwood Village, CO 877-484-2372 Sweden krona .1204 8.3055 0.9

Friday Close 1.50 Australian dollar .7711 1.2968 –0.2
Five-year CD yields Switzerland franc 1.1114 .8998 1.7
t Home Savings Bank 0.75% 0 China yuan .1570 6.3684 –2.5
0.60 1.00 Turkey lira .1168 8.5587 15.1
Salt Lake City, UT 801-487-0811 Yen Hong Kong dollar .1288 7.7618 0.1
s

Ukraine hryvnia .0363 27.5500 –2.8

India rupee .01381 72.405 –0.9
0.40 TAB Bank 0.75% One year ago 0.50 –8 s UK pound 1.4190 .7047 –3.7
Indonesia rupiah .0000700 14285 1.7
Ogden, UT 800-355-3063 t WSJ Dollar Index Middle East/Africa
Japan yen .009103 109.85 6.3
Federal-funds 0.20 0.00 –16
First Internet Bank of Indiana 0.96% Kazakhstan tenge .002334 428.46 1.7 Bahrain dinar 2.6527 .3770 –0.02
target rate 1 3 6 1 2 3 5 7 10 20 30
t Indianapolis, IN 888-873-3424 2020 2021 Macau pataca .1250 8.0000 0.1 Egypt pound .0639 15.6592 –0.5
0.00 month(s) years Malaysia ringgit .2419 4.1335 2.8 Israel shekel .3077 3.2503 1.2
J J A S O N D J FMAM CFG Community Bank 1.00%
maturity New Zealand dollar .7254 1.3785 –1.0 Kuwait dinar 3.3218 .3010 –1.0
2020 2021 Baltimore, MD 888-205-8388 Pakistan rupee .00647 154.588 –3.6 Oman sul rial 2.5974 .3850 ...
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0209 47.757 –0.5 Qatar rial .2747 3.640 –0.02
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7560 1.3228 0.1 Saudi Arabia riyal .2666 3.7504 –0.03
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008978 1113.83 2.6 South Africa rand .0725 13.7967 –6.1
Sri Lanka rupee .0050388 198.46 7.1
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Yield (%) 52-Week Total Return (%) Taiwan dollar .03619 27.634 –1.6 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03201 31.240 4.0 WSJ Dollar Index 85.26 0.03 0.03 0.30
Libor, 3-month 0.13 0.15 0.13 l 0.34 -2.19
U.S. Treasury, Barclays 2377.440 0.910 0.950 1.030 0.400 –3.384 4.670 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.08 0.08 0.08 l 0.29 -0.39
0.45 l -1.26 U.S. Treasury Long, Barclays 4189.060 2.210 2.270 2.400 1.090 –12.515 7.480
Five-year CD, annual yield
30-year mortgage, fixed† 3.12
0.45
3.12
0.44
2.83 l
0.81
3.57 -1.42 Aggregate, Barclays 2237.220 1.500 1.530 1.630 1.020 –0.089 5.238
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 2.42 2.41 2.32 l 2.92 -1.60
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Barclays 2214.550 1.750 1.770 1.850 0.980 –0.361 3.974
Jumbo mortgages, $548,250-plus† 3.13 3.16 2.85 l 3.64 -1.63 DJ Commodity 892.34 -0.71 -0.08 904.26 531.78 67.80 21.97
High Yield 100, ICE BofA 3384.367 3.527 3.690 5.837 3.261 13.471 5.887
Five-year adj mortgage (ARM)† 3.07 3.06 2.85 l 3.32 -1.36 Refinitiv/CC CRB Index 205.70 -0.08 -0.04 207.96 132.24 55.54 22.59
New-car loan, 48-month 4.01 4.01 4.01 l 4.44 -0.18 Muni Master, ICE BofA 598.804 0.838 0.876 1.260 0.725 3.436 4.928 Crude oil, $ per barrel 66.32 -0.53 -0.79 66.85 35.44 86.87 36.69
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 916.199 4.730 4.779 5.446 4.295 8.956 5.620 Natural gas, $/MMBtu 2.986 0.028 0.95 3.354 1.482 61.49 17.61
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. 1902.50 6.80 0.36 2051.50 1676.20 9.53 0.50
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Saturday/Sunday, May 29 - 30, 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. Sept 110-115 110-121 110-110 110-117 .1 2,165,780 Sept .04938 .04968 .04924 .04962 .00019 6,903
July 13.24 13.37 13.20 13.30 .07 6,332 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Euro (CME)-€125,000; $ per €
Contract Open 1.2198 1.2209 1.2136 1.2205 .0002 709,100
Sept 13.46 13.58 13.44 13.55 .08 2,417 May 99.9400 99.9400 99.9400 99.9400 188,043 June
Open High hi lo Low Settle Chg interest
Wheat (CBT)-5,000 bu.; cents per bu. July 99.9200 99.9200 99.9150 99.9200 156,379 Sept 1.2221 1.2230 1.2158 1.2226 .0002 17,646
Copper-High (CMX)-25,000 lbs.; $ per lb. July 676.00 679.75 661.25 663.50 –12.75 198,203 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
June 4.6770 4.6820 4.6005 4.6825 0.0160 2,648 Sept 679.50 683.00 665.50 667.25 –12.25 93,115 June 92-000 3.5 171,506 Index Futures
July 4.6660 4.6950 4.5925 4.6775 0.0145 131,266
Wheat (KC)-5,000 bu.; cents per bu. Sept 93-260 3.5 10
Gold (CMX)-100 troy oz.; $ per troy oz. July 627.75 629.50 610.75 613.25 –13.00 107,765 Eurodollar (CME)-$1,000,000; pts of 100% Mini DJ Industrial Average (CBT)-$5 x index
June 1897.50 1903.30 1881.90 1902.50 6.80 22,419 June 34556 34639 34495 34513 76 98,485
Sept 635.50 637.00 618.25 620.50 –13.25 50,808 June 99.8800 99.8825 s 99.8775 99.8775 –.0050 1,410,580
July 1898.30 1905.00 1883.10 1904.00 7.10 2,392 Sept 34435 34520 34380 34402 76 2,494
Aug 1899.80 1906.40 1884.30 1905.30 6.80 400,350
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 99.8350 99.8350 s 99.8200 99.8250 –.0100 924,302
Aug 153.425 153.900 151.200 151.350 –1.500 25,465 March'23 99.5550 99.5600 99.5350 99.5500 –.0050 1,198,194
S&P 500 Index (CME)-$250 x index
Oct 1901.50 1907.80 1886.60 1906.90 6.80 18,419 June 4210.00 4216.40 4203.80 4202.40 3.40 41,081
Dec 1903.50 1909.90 1887.90 1909.10 6.90 51,426 Sept 155.300 155.725 153.375 153.525 –1.300 6,164 June 99.4150 99.4300 99.4000 99.4200 … 1,014,200
Cattle-Live (CME)-40,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index
Feb'22 1902.00 1911.50 1892.00 1911.00 6.60 8,835
June 116.550 116.700 115.825 115.875 –.475 29,835 June 4211.25 4217.50 4201.00 4202.50 3.50 2,599,181
Palladium (NYM) - 50 troy oz.; $ per troy oz. Currency Futures Sept 4201.75 4207.50 4191.75 4192.50 3.50 69,046
June 2816.00 2834.00 2808.00 2824.20 21.90 160 Aug 119.700 119.800 118.550 118.600 –.825 145,642
Sept 2807.00 2843.00 2780.00 2830.10 19.60 10,108 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini S&P Midcap 400 (CME)-$100 x index
June 116.225 117.600 s 116.050 117.250 1.525 27,676 June .9104 .9113 .9075 .9110 … 160,922 June 2731.50 2739.30 2712.30 2726.70 2.40 45,323
Platinum (NYM)-50 troy oz.; $ per troy oz.
July 117.375 119.700 s 117.050 119.350 2.650 79,460 Sept .9114 .9119 .9083 .9116 … 1,888 Sept 2728.70 2729.70 2710.70 2721.80 3.40 23
June 1180.80 3.40 7
July 1182.40 1187.20 1169.10 1182.40 3.30 57,959 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Canadian Dollar (CME)-CAD 100,000; $ per CAD Mini Nasdaq 100 (CME)-$20 x index
Silver (CMX)-5,000 troy oz.; $ per troy oz. July 1303.50 1338.50 1287.10 1309.50 –13.50 1,312 June .8286 .8290 .8250 .8274 –.0013 209,882 June 13694.75 13763.50 13662.75 13686.50 21.00 233,669
June 27.745 27.870 27.540 27.993 0.074 2,222 Sept 1174.00 1180.00 1131.70 1158.10 –5.60 480 Sept .8287 .8288 .8250 .8274 –.0014 7,743 Sept 13684.50 13752.00 13653.50 13675.50 21.00 3,635
July 27.980 28.095 27.480 28.014 0.074 143,276 Milk (CME)-200,000 lbs., cents per lb. British Pound (CME)-£62,500; $ per £ Mini Russell 2000 (CME)-$50 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 18.96 18.97 18.95 18.97 … 4,462 June 1.4203 1.4208 1.4136 1.4196 –.0016 168,003 June 2279.20 2286.70 2263.50 2268.60 –2.40 456,588
July 66.95 67.52 s 66.17 66.32 –0.53 490,223 June 17.65 17.65 17.23 17.24 –.41 4,745 Sept 1.4207 1.4208 1.4139 1.4197 –.0016 3,123 Sept 2276.90 2282.20 2260.50 2265.10 –2.20 2,096
Aug 66.68 67.28 s 65.95 66.10 –0.50 321,838 Cocoa (ICE-US)-10 metric tons; $ per ton. Swiss Franc (CME)-CHF 125,000; $ per CHF Mini Russell 1000 (CME)-$50 x index
Sept 66.20 66.74 s 65.48 65.60 –0.52 224,085 July 2,432 2,439 2,406 2,412 –18 61,882 June 1.1149 1.1155 1.1078 1.1121 –.0032 44,154 June 2368.00 2371.10 2362.30 2363.00 .70 9,458
Oct 65.62 66.11 s 64.90 65.02 –0.54 167,300 Sept 2,477 2,477 2,452 2,456 –12 64,565 Sept 1.1168 1.1179 1.1105 1.1147 –.0032 498
U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 64.48 64.90 s 63.81 63.91 –0.54 322,402 Coffee (ICE-US)-37,500 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD June 90.00 90.43 89.97 89.99 .03 40,170
June'22 61.77 62.09 61.17 61.22 –0.52 142,713 July 156.35 163.15 s 156.35 162.35 7.00 97,881 June .7742 .7748 .7678 .7714 –.0031 131,217
Sept 90.03 90.43 89.98 90.00 .04 2,616
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Sept 158.25 165.10 s 158.25 164.30 7.00 71,562 Sept .7747 .7750 .7681 .7717 –.0031 1,584
June 2.0650 2.0725 2.0340 2.0445 –.0119 4,945 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
July 2.0558 2.0720 2.0335 2.0383 –.0169 142,182 July 17.20 17.69 17.20 17.36 .24 372,119 June .05004 .05018 .04972 .05013 .00019 144,291 Source: FactSet
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Oct 17.15 17.72 17.15 17.39 .17 247,426
June 2.1586 2.1675 2.1275 2.1402 –.0116 4,599 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
July 2.1585 2.1732 2.1313 2.1369 –.0183 165,187
34.00 34.00 s 34.00 33.99 … 585
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
July 2.963 3.042 2.955 2.986 .028 310,761
July
Nov 31.51 –.49 1,901 Bonds | wsj.com/market-data/bonds/benchmarks
Aug 2.984 3.058 2.975 3.007 .029 90,044
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Sept 2.983 3.052 2.971 3.002 .027 145,090
July
Dec
82.61
83.46
82.91
83.68
81.93
82.99
82.12
83.32
–.49 77,150
–.14 108,955
Global Government Bonds: Mapping Yields
Oct 2.999 3.065 2.989 3.017 .026 133,696
Nov 3.066 3.124 3.055 3.080 .023 76,228 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Jan'22 3.269 3.321 3.258 3.279 .019 82,259 July 118.45 119.45 117.80 118.65 .20 10,180
Sept 121.45 122.40 121.00 121.70 .15 1,895 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Agriculture Futures Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Interest Rate Futures Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Corn (CBT)-5,000 bu.; cents per bu.
July 666.25 672.75 651.25 656.75 –7.75 603,409 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 0.125 U.S. 2 0.143 t l 0.145 0.166 0.176
Dec 552.50 557.75 544.00 545.50 –9.50 537,194 June 186-120 187-130 185-280 186-280 23.0 39,380 1.625 10 1.592 t l 1.609 1.621 0.703
Oats (CBT)-5,000 bu.; cents per bu. Sept 184-250 185-260 184-090 185-080 21.0 1,154,160
July 374.00 380.00 371.25 377.50 4.75 2,843 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 5.500 Australia 2 0.072 s l 0.067 0.089 0.272 -6.9 -8.5 11.6
375.50 377.50 372.50 377.00 4.75 1,109 June 157-270 158-140 157-170 158-040 11.0 52,603 1.500 10 1.643 s 1.586 1.686 0.890 -1.9 19.5
Dec l 5.9
Soybeans (CBT)-5,000 bu.; cents per bu. Sept 156-080 156-270 155-300 156-170 11.0 1,179,167
July 1538.00 1555.75 1522.75 1530.50 –6.50 291,456 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 0.000 France 2 -0.644 t l -0.641 -0.646 -0.537 -78.4 -79.3 -69.3
Nov 1377.75 1392.50 1366.50 1372.75 –5.50 286,786 June 132-220 132-310 132-180 132-275 5.5 157,244
Sept 131-245 132-015 131-200 131-300 5.0 4,134,625
0.000 10 0.178 t l 0.189 0.113 -0.058 -140.7 -141.6 -75.2
Soybean Meal (CBT)-100 tons; $ per ton.
July 390.30 396.90 385.80 395.50 5.20 140,244 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 0.000 Germany 2 -0.653 s l -0.654 -0.679 -0.633 -79.3 -80.6 -78.9
Dec 392.00 395.50 387.00 393.50 1.80 101,096 June 124-105 124-150 124-085 124-132 2.2 129,129
Sept 123-245 123-297 123-220 123-272 2.0 3,429,113 0.000 10 -0.180 t l -0.168 -0.226 -0.416 -176.4 -177.3 -111.1
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
July 66.81 67.39 65.71 65.79 –1.02 149,132 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 0.600 Italy 2 -0.312 t l -0.299 -0.318 0.233 -45.2 7.6
June 110-136 110-145 110-133 110-142 .5 116,690
-45.3
Dec 59.34 59.89 58.68 58.79 –.59 142,002
0.600 10 0.916 t l 0.940 0.836 1.432 -66.8 -66.4 73.7
0.005 Japan 2 -0.131 s l -0.131 -0.131 -0.170 -28.3 -32.6

.
-27.2
Exchange-Traded Portfolios | WSJ.com/ETFresearch 0.100 10 0.085 s l 0.076 0.095 0.000 -149.9 -152.9 -69.5

ly
Closing Chg YTD 0.000 Spain 2 -0.498 t l -0.496 -0.484 -0.328 -63.9 -64.8 -48.5
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 0.100 10 0.474 t l 0.486 0.435 0.587 -111.1 -111.8 -10.8
Closing Chg YTD iShRussell2000 IWM 225.50 –0.07 15.0
Friday, May 28, 2021 0.125 U.K. 2 0.063 s l 0.054 0.070 -0.015 -7.8 -9.9 -17.1
ETF
ARKInnovationETF
CommSvsSPDR
CnsmrDiscSelSector
ARKK
XLC
XLY
Closing Chg YTD
Symbol Price (%) (%)
112.10
78.79
172.84
–0.16 –10.0
–0.33 16.8
–0.14 7.5
ETF
iShESGAwareUSA
iShEdgeMSCIMinUSA
iShEdgeMSCIUSAMom
iShEdgeMSCIUSAQual
Symbol Price (%) (%)
ESGU
USMV
MTUM
QUAL
96.18
72.58
170.39
128.92
on
0.24
0.36
...
0.12
11.8
6.9
5.6
10.9
iShRussell2000Val
iShRussellMid-Cap
iShRussellMCValue
iShS&P500Growth
iShS&P500Value
IWN
IWR
IWS
IVW
IVE
167.53
78.33
116.71
68.94
149.86
–0.10
0.14
0.08
0.28
0.09
27.2
14.3
20.4
8.0
17.1
4.750 10 0.798 t l 0.812 0.801 0.213 -78.7 -79.2
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
-48.2

EnSelectSectorSPDR XLE 52.21 0.19 37.8 iShEdgeMSCIUSAVal VLUE 107.25 –0.24 23.4
iShShortTreaBd SHV 110.51 –0.01 –0.0
Corporate Debt
us ,

iShSilver SLV 25.90 0.19 5.4

37.99 0.18 28.9 iShGoldTr IAU 36.26 0.28 ...
FinSelSectorSPDR XLF iShTIPSBondETF TIP 127.77 0.06 0.1 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
l

HealthCareSelSect XLV 123.60 0.39 9.0 iShiBoxx$InvGrCpBd LQD 131.71 0.08 –4.6 iSh1-3YTreasuryBd SHY 86.32 ... –0.1
105.12 ... 18.7 iShiBoxx$HYCpBd HYG 87.18 –0.03 –0.1 expectations
e
IndSelSectorSPDR XLI iSh7-10YTreasuryBd IEF 114.40 –0.01 –4.6
al a

InvscQQQI QQQ 333.93 0.32 6.4 iShJPMUSDEmgBd EMB 111.86 0.21 –3.5
InvscS&P500EW RSP 151.12 0.19 18.5 iShMBSETF MBB 108.37 0.05 –1.6
iShRussellMCGrowth
iShUSTreasuryBdETF
IWP
GOVT
106.08
26.39
0.40
...
3.3
–3.1
Investment-grade spreads that tightened the most…
iShCoreDivGrowth DGRO 50.82 0.18 13.4 iShMSCI ACWI ACWI 100.65 0.30 10.9 JPM UltShtIncm JPST 50.77 ... –0.0
Spread*, in basis points
ci on

iShCoreMSCIEAFE IEFA 76.80 0.25 11.2 iShMSCI EAFE EFA 80.83 0.24 10.8 PIMCOEnhShMaturity MINT 102.01 –0.01 –0.0 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShCoreMSCIEM IEMG 66.65 0.62 7.4 iShMSCI EAFE SC SCZ 76.13 0.33 11.4 SPDR Gold GLD 178.38 0.38 0.0
iShCoreMSCITotInt IXUS 74.41 0.28 10.7 iShMSCIEmgMarkets EEM 54.87 0.64 6.2 SchwabIntEquity SCHF 40.13 0.22 11.4 Credit Suisse Group Funding … 4.550 1.66 April 17, ’26 85 –8 90
iShCoreS&P500 IVV 421.65 0.19 12.3 iShMSCIEAFEValue EFV 53.91 0.24 14.2 SchwabUS BrdMkt SCHB 102.02 0.13 12.1
iShCoreS&P MC IJH 272.52 0.15 18.6 iShNatlMuniBd MUB 116.97 –0.03 –0.2 Bank of Nova Scotia BNS 2.200 0.84 Feb. 3, ’25 5 –6 n.a.
SchwabUS Div SCHD 76.93 0.17 19.9
iShCoreS&P SC IJR 112.85 –0.29 22.8 iSh1-5YIGCorpBd IGSB 54.90 0.04 –0.5 SchwabUS LC SCHX 101.77 0.21 11.9 –6
iShS&PTotlUSStkMkt ITOT 96.72 0.19 12.2 iShPfd&Incm PFF 38.85 0.58 0.9
BPCE BPCEGP 4.000 0.57 April 15, ’24 27 32
SchwabUS LC Grw SCHG 137.42 0.15 7.0
–6
er s

iShCoreTotalUSDBd IUSB 53.12 0.04 –2.7 iShRussell1000Gwth IWF 256.14 0.35 6.2 4.875 Oct. 2, ’23
SchwabUS SC SCHA 102.82 –0.03 15.5 General Motors GM 0.75 62 n.a.
iShCoreUSAggBd AGG 114.55 ... –3.1 iShRussell1000 IWB 236.86 0.19 11.8 Schwab US TIPs SCHP 62.38 0.11 0.5
iShSelectDividend DVY 121.04 0.20 25.8 iShRussell1000Val IWD 161.13 0.11 17.8 SPDR DJIA Tr DIA 345.64 0.30 13.0 Athene Global Funding … 0.950 0.72 Jan. 8, ’24 42 –5 48
SPDR S&PMdCpTr MDY 497.76 0.09 18.5
m er

SPDR S&P 500 SPY 420.04 0.18 12.3 State Street STT 2.200 2.29 March 3, ’31 70 –5 73
Borrowing Benchmarks | WSJ.com/bonds
SPDR S&P Div SDY 125.41 0.30 18.4
TechSelectSector XLK 138.40 0.36 6.4 BNP Paribas BNP 4.625 2.13 March 13, ’27 133 –4 n.a.
VanEckGoldMiner GDX 39.42 0.54 9.4
Citigroup C 6.125 3.14 Aug. 25, ’36 153 –4 n.a.
VangdInfoTech VGT 372.28 0.27 5.2
Money Rates May 28, 2021
m rp

VangdSC Val VBR 176.10 –0.01 23.8

Key annual interest rates paid to borrow or lend money in U.S. and
VangdExtMkt
VangdSC Grwth
VXF
VBK
182.81
277.03
0.06
0.19
11.0
3.5
…And spreads that widened the most
international markets. Rates below are a guide to general levels but VangdDivApp VIG 155.70 0.19 10.3
Intercontinental Exchange ICE 0.700 0.34 June 15, ’23 21 12 20
VangdFTSEDevMk VEA 52.42 0.29 11.0
don’t always represent actual transactions. VangdFTSE EM VWO 53.88 0.52 7.5
Cooperatieve Rabobank RABOBK 4.625 0.75 Dec. 1, ’23 62 8 52
Week —52-WEEK— VangdFTSE Europe VGK 68.95 0.25 14.5
Inflation VangdFTSEAWxUS VEU 64.21 0.45 10.0
5.700 0.91 Oct. 22, ’23 78 7
Latest ago High Low BPCE BPCEGP 77
co Fo

April index Chg From (%) VangdGrowth VUG 270.88 0.27 6.9
level March '21 April '20 Switzerland 0.00 0.00 0.50 0.00 VangdHlthCr VHT 239.98 0.49 7.3 Target TGT 3.500 0.54 July 1, ’24 24 7 12
Britain 0.10 0.10 0.10 0.10 VangdHiDiv VYM 106.81 0.14 16.7
U.S. consumer price index Australia 0.10 0.10 0.25 0.10 VangdIntermBd BIV 89.45 0.07 –3.7 Delta Air Lines DAL 7.000 2.61 May 1, ’25 182 6 186
VangdIntrCorpBd VCIT 94.19 0.03 –3.0
All items 267.054 0.82 4.2 6
VangdLC VV 196.18 0.23 11.6 UnitedHealth UNH 3.500 0.24 June 15, ’23 10 n.a.
Core 273.968 0.83 3.0 Secondary market VangdMC VO 233.90 0.27 13.1
VangdMC Val VOE 144.08 0.12 21.1 John Deere Capital … 2.650 0.45 June 24, ’24 15 5 19
Fannie Mae
International rates VangdMBS VMBS 53.45 0.05 –1.1
4.500 1.12 Nov. 4, ’24 82 4
30-year mortgage yields VangdRealEst VNQ 99.88 0.60 17.6
Lloyds Banking LLOYDS 86
Week 52-Week 30 days 2.411 2.417 2.622 1.751 VangdS&P500ETF VOO 386.13 0.19 12.3
Latest ago High Low 60 days 2.445 2.450 2.674 1.804 VangdST Bond
VangdSTCpBd
BSV
VCSH
82.40
82.86
0.05
0.01
–0.6
–0.5
High-yield issues with the biggest price increases…
Notes on data:
Prime rates VangdShtTmInfltn VTIP 52.39 0.04 2.5 Bond Price as % of face value
U.S. prime rate is the base rate on corporate VangdSC VB 222.58 –0.02 14.3
U.S. 3.25 3.25 3.25 3.25 loans posted by at least 70% of the 10 largest Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
VangdTotalBd BND 85.26 –0.01 –3.3
Canada 2.45 2.45 2.45 2.45 U.S. banks, and is effective March 16, 2020.
Other prime rates aren’t directly comparable; VangdTotIntlBd BNDX 56.93 0.07 –2.8 Rite Aid RAD 7.700 8.25 Feb. 15, ’27 97.500 0.70 97.500
Japan 1.475 1.475 1.475 1.475
n-

lending practices vary widely by location. VangdTotIntlStk VXUS 66.42 0.23 10.4
Complete Money Rates table appears Monday VangdTotalStk VTI 218.09 0.17 12.0 Occidental Petroleum OXY 7.875 5.08 Sept. 15, ’31 122.185 0.54 120.750
Policy Rates through Friday. VangdTotlWrld VT 102.91 0.28 11.2
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 139.95 0.14 17.6 Netflix NFLX 5.375 2.89 Nov. 15, ’29 118.500 0.38 117.750
Seagate HDD Cayman … 4.750 2.09 Jan. 1, ’25 109.134 0.29 108.900
no

Dividend Changes American Airlines AAL 11.750 4.78 July 15, ’25 125.778 0.28 124.095

Dividend announcements from May 28. …And with the biggest price decreases
Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Teva Pharmaceutical Finance Netherlands … 4.100 5.11 Oct. 1, ’46 85.750 –0.50 86.500
Increased Orbsat OSAT 1:5 /May28
American Airlines AAL 4.000 4.95 July 15, ’25 96.500 –0.48 n.a.
American Tower REIT AMT 1.9 1.27 /1.24 Q Jul09 /Jun18 Trustco Bank TRST 1:5 /May28
Donaldson Co DCI 1.4 .22 /.21 Q Jun25 /Jun10 Zivo Bioscience ZIVO 1:80 /May28 United States Cellular USM 6.700 4.54 Dec. 15, ’33 120.500 –0.47 124.250
Flowers Foods FLO 3.5 .21 /.20 Q Jun24 /Jun10 Foreign
Hamilton Lane Cl A HLNE 1.5 .35 /.3125 Q Jul07 /Jun15 Transocean RIG 7.500 15.85 April 15, ’31 59.000 –0.36 58.500
Cdn Imperial Bank Of Comm CM 4.0 1.2051 Q Jul28 /Jun28
Natl Storage Affiliates NSA 3.3 .38 /.35 Q Jun30 /Jun15
Saratoga Investment SAR 6.7 .44 /.43 Q Jun29 /Jun15
Medtronic MDT 2.0 .63 Q Jul16 /Jun25 Netflix NFLX 5.500 0.85 Feb. 15, ’22 103.250 –0.27 103.500
Universal Corp UVV 5.6 .78 /.77 Q Aug02 /Jul12 QIWI ADR QIWI 9.4 .22 Q Jun30 /Jun22
Royal Bank of Canada RY 3.3 .8915 Q Aug24 /Jul26 L Brands LB 6.950 5.04 March 1, ’33 116.750 –0.25 117.010
Initial Royal Bank of Canada PfC2 RYpT 5.8 .42188 Q Aug06 /Jul27
Sprint S 7.125 1.93 June 15, ’24 115.250 –0.23 114.722
Nuveen Core Plus Impact NPCT 6.2 .103 Jul01 /Jun15 Toronto-Dominion Bank TD 3.5 .6521 Q Jul31 /Jul09
ViacomCBS Pfd. VIACP ... 1.5493 Jul01 /Jun15 –0.23
Special Nokia Oyj NOKIA 6.625 4.25 May 15, ’39 129.600 130.200
Stocks Capitol Federal Finl CFFN 2.6 .20 Jun25 /Jun11
Castor Maritime CTRM 1:10 /May28 Capitol Federal Finl CFFN 2.6 .20 Jun25 /Jun11 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Note: Data are for the most active issue of bonds with maturities of two years or more
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. Source: MarketAxess

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
EndeavourSilver EXK 7.45 2.6 InsightEnt NSIT 106.44 -0.6 Mednax MD 32.96 -1.6 Rafael RFL 53.40 4.1 TransDigm TDG 650.68 -0.1 DTE EnergyDebF DTY 25.51 -0.2
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American EquityBcshs EQBK 33.19 1.4 InterParfums IPAR 78.35 -0.4 MetaFinancial CASH 53.34 0.8 RaytheonTech RTX 88.83 0.1 TritonIntlPfdB TRTNpB 30.00 2.3 DayOneBiopharm DAWN 22.43 -8.5
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest EquityResdntl EQR 77.77 1.0 InterDigital IDCC 81.75 2.1 MidAmApt MAA 161.43 1.5 ReadyCapNts2023 RCA 27.67 3.0 TrustcoBank TRST 41.47 1.6 DecarbonIII A DCRC 9.70 -0.9
session. % CHG-Daily percentage change from the previous trading session. Escalade ESCA 25.72 -3.1 Interface TILE 16.51 1.6 MillerHerman MLHR 48.38 -0.8 Renren RENN 12.79 1.7 UBS Group UBS 16.42 0.9 Disruptive I A DISA 9.68 -0.9
ExtraSpaceSt EXR 150.23 1.7 IntlGameTech IGT 24.64 -0.8 MineralsTechs MTX 87.29 0.4 RichardsonElec RELL 8.75 3.0 UDR UDR 47.81 1.4 EzgoTech EZGO 4.11 -5.5
Friday, May 28, 2021 FastAcqnII Wt FZT.WS 1.11 -3.0 inTEST INTT 14.45 0.9 ModineMfg MOD 17.73 7.5 Roblox RBLX 98.95 -3.8 US BancorpPfdM USBpR 25.18 0.1 FarPeakAcqn FPAC.U 9.96 0.4
52-Wk % 52-Wk % 52-Wk % Figs FIGS 34.37 13.8 InvescoMtgPfdB IVRpB 25.20 0.6 MotorolaSol MSI 206.04 0.8 RoyalBkCanada RY 104.85 -0.5 US Oil Fund USO 45.93 -0.3 FifthWallIII A FWAC 9.90 -0.8
FtacParnassusWt FTPAW 1.39 39.0 J&JSnackFoods JJSF 178.46 0.3 NamTaiProperty NTP 27.35 4.1 SK Telecom SKM 32.09 1.5 UiPath PATH 90.00 -4.5 FutureFuel FF 10.12 -1.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
FifthWallIII A FWAC 10.75 -0.8 J.Jill JILL 20.24 6.4 Nasdaq NDAQ 167.85 0.9 SLGreenRealty SLG 79.85 1.0 UltaBeauty ULTA 351.72 5.2 GlenfarneMergerWt GGMCW 0.70 -5.3
Ashford AINC 21.81 -7.5 CarlyleGrpNts2061 CGABL 25.59 ... FirstBancorp FNLC 31.80 1.1 JanusHenderson JHG 38.74 0.8 NatlStorage NSA 46.50 0.7 SaulCentersPfdD BFSpD 26.47 0.5 UsanaHealth USNA 106.87 0.5 GlenfarneMergerA GGMC 9.60 -0.5
Highs Atotech ATC 24.95 0.7 CarpenterTech CRS 49.20 -2.2 FirstRepBank FRC 192.76 -0.1 JawsAcqnWt JWS.WS 4.61 0.7 Natuzzi NTZ 18.82 9.1 SchwabC SCHW 74.31 ... Uxin UXIN 4.15 -2.6 GlblSpacWt GLSPW 0.29 2.3
Avalonbay AVB 207.39 1.4 CarrierGlobal CARR 46.13 1.4 FirstCash FCFS 81.47 -0.9 JohnsonControls JCI 66.71 0.5 NatWest NWG 5.95 0.5 ScientificGames SGMS 72.99 0.5 Valvoline VVV 33.17 0.5 GoresGuggA GGPI 9.70 -0.5
AGNC InvPfdC AGNCN 26.29 ...
BallantyneStrong BTN 5.47 -2.6 CenterPointPfdB CNPpB 45.78 0.9 Fortinet FTNT 221.00 1.0 Joint JYNT 72.00 1.9 NeoGames NGMS 65.38 8.2 SelectMedical SEM 40.60 -0.1 Verastem VSTM 4.11 -3.3 GoresVII A GSEV 9.77 -0.9
AGNC InvtPfdE AGNCO 25.53 0.1
BancoBradescoPf BBD 5.10 1.2 CentessaPharm CNTA 24.83 8.8 ForumEnergyTech FET 26.79 -0.2 JPMChasePfdLL JPMpL 26.35 1.0 NewYorkMtgPfdE NYMTM 25.27 ... SemiLEDS LEDS 18.27 44.9 Veritiv VRTV 66.10 -6.4 GroupNineA GNAC 9.65 -2.1
AMC Ent AMC 36.72 -1.5
BankofCommerce BOCH 14.83 ... CentraisElBras EBR 8.34 0.9 FullHouse FLL 11.92 3.2 KT KT 15.13 2.2 Noodles NDLS 12.97 0.4 SendasDistrib ASAI 17.16 1.4 VertexEnergy VTNR 8.38 95.7 IonAcqn3 IACC 9.85 -0.5
AmmoPfdA POWWP 26.96 -1.0
BankofMontreal BMO 105.54 0.7 CentraisElBrasPf EBR.B 8.26 1.2 Funko FNKO 27.20 -0.5 KenonHoldings KEN 36.80 -0.7 NorthernOil&Gas NOG 18.60 0.4 ShawComm B SJR 30.41 -0.5 Vertiv VRT 24.96 0.8 ImpelNeuro IMPL 11.03 -2.4
Abercrombie&Fitch ANF 44.49 -2.7 VIAV 17.66 1.4
BkNovaScotia BNS 67.47 0.4 ChemungFinl CHMG 47.43 0.2 GasLogPtrsPfdC GLOPpC 23.96 0.4 Knoll KNL 26.07 0.1 NovaMeasuring NVMI 100.55 1.8 ShockwaveMed SWAV 182.28 2.4 ViaviSolutions KKR Pfd A KKRpA 25.02 0.2
AcademySports ASO 37.06 1.5 VirtuosoAcqnWt VOSOW 1.06 8.7
BankJamesFinl BOTJ 19.36 -2.5 Chico'sFas CHS 4.95 5.9 GeneralFinNts25 GFNSZ 28.75 0.3 KuraSushiUSA KRUS 43.78 3.1 Nutrien NTR 62.39 0.9 SilenceTherap SLN 35.00 -0.1 KKR Pfd B KKRpB 25.27 0.1
AdvEmissions ADES 8.25 -0.7 BentleySystems BSY 58.18 -0.3 14.16 0.7 WW Intl WW 40.01 3.3
ChimeraInvt CIM GeniusSports GENI 25.18 -3.3 LakelandBcp LBAI 19.17 -0.5 nVentElectric NVT 32.58 0.1 SilvercrestAsset SAMG 16.60 1.1 LandcadiaIV Wt LCAHW 0.71 9.0
AestheticMed AIH 9.71 -6.4 BerkshireHills BHLB 27.81 0.5 ChoiceHotels CHH 121.39 ... WashTrBcp WASH 55.09 0.7
GigIntl1 GIWWU 10.03 0.2 Lantheus LNTH 24.44 6.5 NVIDIA NVDA 651.10 4.9 SimonProperty SPG 129.20 0.2 McapAcqnA MACQ 9.61 -0.3
AgilentTechs A 139.21 0.4 BioCryst BCRX 16.29 6.9 Clarus CLAR 23.79 0.7 Waters WAT 326.85 -0.5
GladstoneComm GOOD 21.69 1.2 LaredoPetrol LPI 56.92 0.4 OasisPetrol OAS 89.46 0.9 Smith-Midland SMID 18.00 5.2 M3-Brigade II A MBAC 9.60 -0.5
Agiliti AGTI 22.82 4.8 BiteAcqnWt BITE.WS 0.75 1.5 Coca-Cola KO 55.71 -0.4 Welbilt WBT 25.02 24.0
Global-EOnline GLBE 33.42 3.1 LevereWt LVRAW 1.06 6.3 Oatly OTLY 23.75 7.2 SouthJerseyUn SJIV 57.32 1.2 MagnumOpusWt OPA.WS 0.56 -8.1
agilon health AGL 38.88 -2.2 Blackstone BX 93.00 0.6 CocaColaCon COKE 409.00 0.8 WestBancorp WTBA 28.00 1.6
GlobalIndemnity GBLI 31.98 2.0 LibertySirius B LSXMB 51.70 11.2 OceanTechI OTECU 10.01 -0.2 SparkEnergyPfdA SPKEP 26.79 -1.1 NGM Biopharm NGM 14.90 -2.1
AlkuriGlobalWt KURIW 1.41 49.3 BostonProps BXP 117.96 0.8 CommScope COMM 20.37 0.6 WestPharmSvcs WST 349.26 0.8
GlobalNetLease GNL 19.60 0.9 LifeStorage LSI 99.83 1.2 Olo OLO 35.48 -2.1 SpecialOppFdPfB SPEpB 29.97 0.6 NorthernGenIII NGC 9.82 ...
AlphaMetal AMR 19.90 7.8 Brainsway BWAY 11.77 0.6 CommVaultSys CVLT 77.77 -0.9 GoldenbridgeAcqn GBRGU 10.58 2.0 LGF.B 17.59 4.1 ZEUS 38.74 -2.2 SRLP 26.11 0.5 WesternCopper WRN 2.83 -0.8
LionsGate B OlympicSteel SpragueRscs NorthernGenIII Wt NGC.WS 0.89 -5.0
Ambev ABEV 3.47 2.7 BrookfieldMgt BAM 50.51 0.3 EngGr-Cmg CIG 2.60 1.6 GBDC 15.89 0.1 LIVE 54.20 9.5 OntoInnovation ONTO 72.80 2.4 STAA 150.00 1.9 WhitingPetrol WLL 45.96 1.2
GolubCapital LiveVentures StaarSurgical OceanTechI OTECU 9.95 -0.2
AmericaMovil AMX 15.50 0.3 BrookfieldNts2081 BIPH 25.59 ... Conduent CNDT 8.00 -2.6 GoresGuggWt GGPIW 1.26 0.5 LogitechIntl LOGI 123.73 0.9 Ooma OOMA 19.59 2.2 Stellantis STLA 19.72 -0.1 Wipro WIT 7.98 0.1 OmegaAlpha OMEG 9.75 0.6
AmCampus ACC 47.54 1.9 BrookfieldPropPfd BPYPP 26.31 2.0 Corvel CRVL 126.29 0.8 GFOR.U 10.00 1.0 LGV 10.25 2.1 OMI 45.59 -1.0 SterlingBancorp STL 26.87 -0.6 WyndhamHtls WH 76.49 -1.4 1.77 -70.0
GrafAcqnIV LongviewII A Owens&Minor 1847Goedeker GOED
AmerEqInvLifePfB AELpB 28.37 1.9 BrookfieldProp BPY 18.82 0.3 Cricut CRCT 38.31 5.0 GreatAjaxNts24 AJXA 25.92 -0.4 LOVE 86.80 -3.6 PDSB 12.46 5.6 SummitHotelPfdE INNpE 27.29 1.6 YumChina YUMC 67.97 0.8
Lovesac PDS Biotech OneSmartIntl ONE 1.41 -4.0
AmFinTrPfdC AFINO 25.88 0.1 BrookfieldPropPf2A BPYPO 26.55 2.5 CrownCastle CCI 191.56 0.1 HNI HNI 46.43 -0.9 MDJM MDJH 7.94 -7.3 Paymentus PAY 31.81 8.9 SummitMaterials SUM 34.98 0.8 Orbsat OSAT 3.90 -73.7
AmericanFin AFG 133.98 0.3 BrookfieldPropREIT BPYU 18.80 0.3 CubeSmart CUBE 43.93 1.7 HSBC HSBC 32.43 1.3 MFAFinPfdB MFApB 25.53 0.6 PebblebrookPfdF PEBpF 25.67 1.8 SurgeryPartners SGRY 59.74 0.3 Lows Pwr&DigitalWt XPDIW 0.96 5.8
AIG AIG 52.93 0.2 BrunswickNts2049 BCpC 28.89 0.2 CustomersBancorp CUBI 38.28 ... HaynesIntl HAYN 34.84 2.4 MSD Acqn A MSDA 10.50 0.5 PembinaPipeline PBA 32.73 -0.3 TFI Intl TFII 95.99 0.7 Q&K Intl QK 0.99 -3.7
AceGlblBusWt ACBAW 0.50 -10.0
AnalogDevices ADI 165.62 0.9 Cadiz CDZI 13.85 3.8 DayOneBiopharm DAWN 27.04 -8.5 Heico A HEI.A 132.90 1.6 MSD Acqn Wt MSDAW 1.20 9.1 PerformantFin PFMT 3.80 -3.6 TTEC TTEC 111.61 -0.4 AequiAcqnWt ARBGW 0.67 -2.7 ReinventTechY A RTPY 9.75 -0.1
AngelPond POND.U 9.96 0.4 CI Financial CIXX 18.63 0.5 Denbury DEN 68.03 1.6 Heidrick&Strug HSII 46.33 -1.8 MYR Group MYRG 87.48 1.1 PointsIntl PCOM 17.70 1.1 TTM Tech TTMI 15.36 ... ArcLightCleanII ACTD 9.75 -0.5 RelianceGlobalWt RELIW 0.24 -16.6
AnikaTherap ANIK 47.62 4.1 CONSOL Energy CEIX 15.71 0.2 Diageo DEO 193.70 0.2 HercHoldings HRI 115.44 3.1 MagnaIntl MGA 100.79 0.6 PrecisionDrilling PDS 31.93 0.5 TeekayLNG PfdB TGPpB 27.29 0.5 AthenaTechWt ATHN.WS 0.60 -3.2 RossAcqnIIWt ROSS.WS 0.63 -8.6
ApellisPharm APLS 58.60 -1.1 CaliforniaRscs CRC 30.80 -2.6 DicernaPharma DRNA 32.99 3.5 HibbettSports HIBB 93.00 -2.9 MagnumOpusA OPA 9.90 2.3 Progyny PGNY 65.45 5.0 TeekayLNG un TGP 15.58 1.4 BluescapeOppsWt BOAC.WS 1.38 -4.2 StrategicEd STRA 70.51 -5.2
ApolloComRlEst ARI 15.70 0.7 CallawayGolf ELY 37.47 -0.4 DimeComPfdA DCOMP 25.98 0.5 HoughtonMifflin HMHC 10.10 -0.7 MaidenNts43 MHNC 24.23 0.6 ProspectCapital PSEC 8.53 0.5 Tellurian TELL 4.44 12.1 Bridgetown2 BTNB 9.79 -0.5 StudioCity MSC 11.01 -1.8
AppleHospREIT APLE 16.14 -0.9 Cameco CCJ 20.87 -2.9 DivrsHlthcrNts46 DHCNL 25.00 1.1 Hovnanian HOV 146.34 -1.1 Mannatech MTEX 25.71 22.7 ProtectiveInsB PTVCB 23.31 0.1 Textainer TGH 33.81 8.8 BrooklineCap BCACU 10.00 2.4 TanzanianGold TRX 0.49 -1.9
Applovin APP 75.18 6.6 Camtek CAMT 36.81 2.7 DynamicsSpec DYNS 10.15 -0.5 I-Mab IMAB 84.02 7.8 MarathonPetrol MPC 61.97 0.7 Prothena PRTA 31.05 -4.1 Tilly's TLYS 13.72 2.4 CF Acqn V A CFV 9.60 -0.1 TribeCapGrwI Wt ATVCW 0.89 -10.9
ArchResources ARCH 59.02 -1.6 CIBC CM 118.23 0.5 EG Acqn EGGF.U 10.00 0.2 iMediaBrands IMBI 10.24 -0.3 MaximIntProducts MXIM 102.62 0.8 PzenaInvtMgmt PZN 12.13 4.1 TitanMachinery TITN 32.49 -3.1 CONX CONX 9.74 -0.1 Vimeo VMEO 38.00 5.0
AristaNetworks ANET 341.59 0.7 CapOneFinlPfdL COFpL 25.19 -0.4 ElancoAnimalUn ELAT 54.27 0.9 ImperialOil IMO 33.54 -0.7 MayvilleEngg MEC 19.49 1.0 RBB Bancorp RBB 24.46 0.9 TivityHealth TVTY 26.47 1.0 Clorox CLX 175.55 0.1 WilliamPennBncp WMPN 11.22 ...
ArlingtonAssetPfC AAICpC 25.00 0.8 CapitalaFinNts22 CPTAG 25.06 -0.2 ElementSolns ESI 23.69 -0.5 Inovalon INOV 32.08 0.9 Medifast MED 336.99 0.5 RadiusGlbInfr RADI 16.07 3.8 ToyotaMotor TM 166.78 0.3 CloughGlbDivRt GLVr 0.03 -35.8 ZivoBiosci ZIVO 3.75 -56.4
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, May 29 - 30, 2021 | B9

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. 23.85 44.10 22.85 FirstEnergy FE 4.1 16 37.91 0.04 8.84 159.98 80.26 Marriott MAR 0.0 dd 143.58 -2.26 27.22 285.00 75.11 Sea SE ... dd 253.24 -7.38
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 1.18 127.34 92.15 Fiserv FISV ... 90 115.20 -0.45 18.25 139.22 101.51 Marsh&McLen MMC 1.3 32 138.35 1.07 54.04 106.22 43.53 Seagate STX 2.8 24 95.75 -0.68
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. 5.22 205.28 96.61 FiveBelow FIVE ... 84 184.12 -2.35 28.06 383.71 188.24 MartinMarietta MLM 0.6 30 363.65 -6.57 -11.30 213.94 133.20 Seagen SGEN ... 43 155.35 4.25
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those 1.55 201.75 92.50 Five9 FIVN ... dd 177.10 -1.43 1.60 55.70 31.47 MarvellTech MRVL 0.5 dd 48.30 -0.06 24.18 57.94 29.36 SealedAir SEE 1.4 19 56.86 0.23
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 0.59 295.36 214.88 FleetCorTech FLT ... 32 274.44 0.15 9.79 68.54 44.44 Masco MAS 1.6 20 60.31 -0.16 6.34 140.46 112.16 SempraEnergy SRE 3.2 10 135.49 0.19
1.61 20.04 9.48 Flex FLEX ... 15 18.27 -0.11 -19.67 284.86 203.81 Masimo MASI ... 55 215.60 -1.19 12.68 64.80 34.42 SensataTechs ST ... 45 59.43 0.53
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 5.88 116.58 49.85 Floor&Decor FND ... 45 98.31 -1.91 70.62 121.05 36.81 MasTec MTZ ... 24 116.33 -0.77 7.98 56.86 36.38 ServiceCorp SCI 1.6 14 53.02 0.76
8.22 85.43 52.91 FomentoEconMex FMX 1.7 dd 82.00 1.21 1.02 401.50 281.20 Mastercard MA 0.5 55 360.58 -1.42 -13.91 598.37 367.03 ServiceNow NOW ...629 473.88 -5.34
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 65.30 15.05 5.57 FordMotor F 0.0 14 14.53 -0.35 -5.17 174.68 87.56 MatchGroup MTCH ... 79 143.38 0.37 s 70.22 30.41 16.02 ShawComm B SJR 3.0 28 29.89 -0.15
s-New 52-week high. standards vj-In bankruptcy or receivership or s 47.14 221.00 106.75 Fortinet FTNT ... 74 218.54 2.20 s 15.07 102.62 55.93 MaximIntProducts MXIM 0.0 35 102.01 0.85 15.74 293.05 178.66 SherwinWilliams SHW 0.8 37 283.53 -2.24
t-New 52-week low. lf-Late filing being reorganized under the 11.83 46.11 36.63 Fortis FTS 3.5 22 45.65 0.17 50.57 26.32 14.80 McAfee MCFE 1.6 dd 25.13 -0.17 28.16 38.54 22.75 ShinhanFin SHG 2.9 7 38.14 0.61
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 2.40 75.00 50.47 Fortive FTV 0.4 16 72.52 0.25 -7.15 105.50 81.30 McCormickVtg MKC.V 1.5 31 88.74 2.09 9.80 1499.75 702.02 Shopify SHOP ... 98 1242.87 2.03
four quarters. requirements. assumed by such companies. 20.35 114.00 56.03 FortBrandsHome FBHS 1.0 23 103.16 -1.81 -6.84 105.53 82.03 McCormick MKC 1.5 31 89.06 0.36 15.86 20.68 7.28 Sibanye-Stillwater SBSW 4.3 7 18.41 0.19
FD-First day of trading. t-NYSE bankruptcy 25.62 42.14 24.03 FoxB FOX 1.3 11 36.28 -0.53 9.00 238.18 178.88 McDonalds MCD 2.2 34 233.89 0.32 84.60 260.37 71.44 SignatureBank SBNY 0.9 22 249.75 -0.41
28.26 44.80 23.93 FoxA FOXA 1.2 11 37.35 -0.60 10.62 204.66 139.76 McKesson MCK 0.9 dd 192.39 -1.50 s 50.67 129.20 56.36 SimonProperty SPG 4.0 36 128.49 0.20
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. 19.37 166.11 105.62 Franco-Nevada FNV 0.8 48 149.61 0.75 -2.85 22.82 16.10 MedicalProp MPW 5.3 23 21.17 0.11 -1.88 8.14 4.95 SiriusXM SIRI 0.9781 6.25 0.04
36.89 35.54 17.97 FranklinRscs BEN 3.3 16 34.21 0.02 8.07 132.30 87.68 Medtronic MDT 2.0 48 126.59 1.44 11.20 204.00 114.79 Skyworks SWKS 1.2 24 170.00 -0.87
64.18 46.10 8.90 FreeportMcM FCX 0.7 35 42.72 0.13 -18.90 2020.00 830.95 MercadoLibre MELI ... dd 1358.67 3.67 4.26 44.57 24.09 SlackTech WORK ... dd 44.04 1.19
Friday, May 28, 2021 YTD 52-Week Yld Net -3.56 46.55 33.84 FreseniusMed FMS 2.7 18 40.08 -0.25 -7.22 87.80 71.72 Merck MRK 3.4 27 75.89 -0.03 29.64 73.05 43.88 SmithAO AOS 1.5 30 71.07 -0.03
% Chg Hi Lo Stock Sym % PE Last Chg 210.97 204.25 14.67 Futu FUTU ... 66 142.27 1.06 39.21 67.68 34.82 MetLife MET 2.9 53 65.36 -0.30 3.20 46.10 34.29 Smith&Nephew SNN 1.7 42 43.52 0.29
YTD 52-Week Yld Net 14.15 1339.38 747.02 MettlerToledo MTD ... 48 1300.95 3.83 15.30 139.56 101.89 Smucker SJM 2.7 16 133.29 0.77
25.48 126.72 85.74 CamdenProperty CPT 2.6112 125.38 0.80
% Chg Hi Lo Stock Sym % PE Last Chg 0.66 54.08 44.53 CampbellSoup CPB 3.0 18 48.67 0.85 GHI 13.64 166.67 94.05 MicrochipTech MCHP 1.1121 156.95 1.20 24.07 73.59 17.93 Snap SNAP ... dd 62.12 1.05
ABC s 37.91 118.23 63.63 CIBC
2.48 119.61 84.75 CanNtlRlwy
CM
CNI
4.0 17 117.87
1.8 30 112.57
0.56
1.76
-19.67 116.76 54.55 GDS Holdings GDS ... dd 75.22 0.12
11.92 96.96 42.25 MicronTech
12.26 263.19 180.41 Microsoft
MU
MSFT
... 30 84.14
0.9 34 249.68
0.21
0.37
48.78 259.99 127.39 SnapOn
-15.41 429.00 184.71 Snowflake
SNA
SNOW
1.9 20 254.62
... dd 238.03
0.93
-7.12
11.51 36.70 17.19 GFLEnvironmental GFL 0.1 dd 32.54 -0.25 s 26.85 161.43 108.06 MidAmApt MAA 2.6 70 160.70 2.32 -11.01 60.30 23.94 SOQUIMICH SQM 0.4 61 43.37 0.72
22.10 34.32 19.43 ABB ABB 2.0 14 34.14 -0.02 43.95 35.42 14.85 CanNaturalRes CNQ 4.5 24 34.62 0.11 18.51 154.03 92.49 Gallagher AJG 1.3 34 146.61 0.26
31.72 17.21 6.48 ADT ADT 1.4 dd 10.34 -0.03 17.19 83.07 48.61 CanPacRlwy CP 0.8 27 81.26 0.67 27.43 186.20 66.79 Middleby MIDD ... 41 164.28 -3.12 -19.15 377.00 127.19 SolarEdgeTech SEDG ...108 258.01 1.45
1078.34 483.00 3.77 GameStop GME 0.0 dd 222.00 -32.13 30.70 6.02 3.71 MitsubishiUFJ MUFG 3.3 10 5.79 0.02 -1.47 118.50 63.65 Sony SONY 0.4 11 99.61 0.04
30.59 70.04 34.71 AECOM ACM ... dd 65.01 -0.46 23.08 25.94 15.46 Canon CAJ 2.6 25 23.89 0.04 9.34 47.50 31.93 Gaming&Leisure GLPI 5.8 19 46.36 0.24
8.13 29.07 12.00 AES AES 2.4 dd 25.41 0.07 5.88 56.50 13.83 CanopyGrowth CGC ... dd 26.09 1.37 22.75 3.21 2.39 MizuhoFin MFG 3.4 3 3.13 ... 4.05 66.93 50.40 Southern SO 4.1 20 63.92 0.26
65.68 37.63 8.80 Gap GPS 1.4 dd 33.45 -1.70 1.90 9.81 7.72 MobileTeleSys MBT 7.1 9 9.12 0.03 7.09 83.29 35.45 SoCopper SCCO 4.0 25 69.74 0.55
27.46 57.35 33.37 Aflac AFL 2.3 7 56.68 -0.14 62.65 162.75 57.30 CapitalOne COF 1.0 11 160.78 -1.01 18.87 145.20 89.64 Garmin GRMN 1.7 26 142.24 -0.14
34.22 158.62 52.05 AGCO AGCO 0.6 20 138.37 -0.35 35.02 59.60 13.80 Capri CPRI ... dd 56.71 0.30 77.09 189.26 54.21 Moderna MRNA ...148 185.01 5.47 31.86 64.75 30.24 SouthwestAir LUV 0.0 dd 61.46 -0.27
44.73 239.09 114.36 Gartner IT ... 58 231.84 -1.27 49.47 231.80 67.79 MohawkInds MHK ... 23 210.68 -2.30 -28.66 225.89 110.28 Splunk SPLK ... dd 121.20 0.38
18.85 18.67 12.43 AGNC Invt AGNC 7.8 3 18.54 0.03 4.69 62.96 44.65 CardinalHealth CAH 3.5 14 56.07 ... 44.55 364.00 101.72 Generac GNRC ... 46 328.72 2.50
s 1132.08 36.72 1.91 AMC Ent 23.14 197.21 109.72 Carlisle CSL 1.1 34 192.32 -0.21 18.19 273.00 151.40 MolinaHealthcare MOH ... 21 251.36 1.08 -23.23 387.44 177.21 Spotify SPOT ... dd 241.57 1.31
AMC 0.0 dd 26.12 -0.40 27.61 197.51 129.17 GeneralDynamics GD 2.5 17 189.91 -0.76 29.06 61.11 32.11 MolsonCoorsB TAP 0.0 dd 58.32 0.94 2.24 283.19 79.34 Square SQ ...313 222.52 1.62
-7.11 413.19 265.68 Ansys ANSS ... 64 337.94 1.15 38.80 45.23 23.48 Carlyle CG 2.3 9 43.64 0.51 30.19 14.41 5.93 GeneralElec GE 0.3 dd 14.06 -0.29
37.33 9.00 3.88 ASETech ASX 1.1 16 8.02 0.07 21.95 138.77 84.70 CarMax KMX ... 26 115.19 -0.60 8.65 64.02 49.92 Mondelez MDLZ 2.0 24 63.53 0.22 21.42 225.00 121.80 StanleyBlackDck SWK 1.3 22 216.80 2.42
6.90 66.14 53.96 GeneralMills GIS 3.2 15 62.86 0.58 -18.69 428.96 186.27 MongoDB MDB ... dd 291.94 0.30 6.45 118.98 71.06 Starbucks SBUX 1.6136 113.88 0.37
38.50 679.44 323.50 ASML ASML 0.4 53 675.47 10.38 36.47 30.63 12.11 Carnival CCL 0.0 dd 29.56 -0.44 42.44 63.44 23.33 GeneralMotors GM 0.0 10 59.31 -0.46
2.33 33.88 26.35 AT&T T 7.1 dd 29.43 -0.28 35.22 25.77 10.38 Carnival CUK 0.0 dd 25.34 -0.34 -6.31 406.75 204.36 MonolithicPower MPWR 0.7 93 343.12 0.55 19.51 89.28 56.63 StateStreet STT 2.4 14 86.98 -0.01
-0.10 44.83 27.93 Genmab GMAB ... 31 40.62 0.36 1.94 99.24 66.62 MonsterBev MNST ... 35 94.27 0.96 69.32 66.27 24.00 SteelDynamics STLD 1.7 17 62.43 0.47
6.54 128.54 86.16 AbbottLabs ABT 1.5 37 116.65 0.96 s 21.77 46.13 18.88 CarrierGlobal CARR 1.0 18 45.93 0.62 4.63 37.75 24.70 Gentex GNTX 1.4 24 35.50 0.14
5.65 118.28 79.11 AbbVie ABBV 4.6 40 113.20 0.88 10.67 323.39 90.55 Carvana CVNA ... dd 265.09 -1.98 15.54 340.16 253.17 Moody's MCO 0.7 31 335.35 1.62 s 14.79 19.72 8.18 Stellantis STLA 0.0 dd 19.57 -0.02
30.56 135.93 82.06 GenuineParts GPC 2.5 73 131.12 0.66 32.72 91.35 43.52 MorganStanley MS 1.5 12 90.95 0.65 0.70 216.74 146.12 Steris STE 0.8 41 190.86 -0.03
-12.22 387.40 214.39 Abiomed ABMD ... 58 284.58 -1.27 0.73 127.68 67.97 Catalent CTLT ... 35 104.83 -0.27 33.83 7.27 2.39 Gerdau GGB 0.4 13 6.25 -0.10
8.02 294.50 194.83 Accenture ACN 1.2 33 282.16 2.11 32.45 245.78 117.57 Caterpillar CAT 1.7 39 241.08 -0.20 1.91 270.08 139.19 Morningstar MORN 0.5 40 235.99 2.12 0.59 43.02 24.28 STMicroelec STM 0.4 27 37.34 0.36
13.47 79.31 56.56 GileadSciences GILD 4.3291 66.11 0.21 57.06 38.23 11.51 Mosaic MOS 0.8 13 36.14 0.15 -21.39 95.12 29.60 StoneCo STNE ...118 65.97 -0.35
4.74 104.53 67.40 ActivisionBliz ATVI 0.5 33 97.25 ... 27.33 171.00 81.63 Celanese CE 1.6 9 165.45 0.06 5.35 42.77 33.26 GSK GSK 5.2 14 38.77 0.28
0.89 536.88 377.07 Adobe ADBE ... 44 504.58 6.30 60.15 8.81 2.35 Cemex CX 0.0 dd 8.28 0.18 s 20.73 206.04 127.58 MotorolaSol MSI 1.4 36 205.31 1.72 4.17 268.04 171.75 Stryker SYK 1.0 69 255.27 0.76
-10.08 220.81 153.33 GlobalPayments GPN 0.4 91 193.71 0.50 -21.58 288.73 180.89 NICE NICE ... 73 222.36 -2.39 18.64 7.95 5.29 SumitomoMits SMFG 4.2 10 7.32 0.04
20.46 210.18 130.33 AdvanceAuto AAP 2.1 27 189.73 1.09 34.60 8.57 3.15 CenovusEnergy CVE 0.7 dd 8.13 0.12 0.12 244.72 130.92 Globant GLOB ...141 217.87 0.65
-12.68 99.23 48.42 AdvMicroDevices AMD ... 34 80.08 1.66 22.61 74.52 53.60 Centene CNC ... 18 73.60 -0.12 -20.76 66.99 3.73 NIO NIO ... dd 38.62 -0.29 10.18 169.67 132.65 SunComms SUI 2.0105 167.42 1.96
11.02 108.22 69.47 GlobeLife GL 0.7 15 105.42 0.23 19.79 5308.48 3050.00 NVR NVR ... 20 4887.23 25.94 21.14 55.07 34.05 SunLifeFinancial SLF 3.4 14 53.86 0.13
19.49 5.11 2.31 Aegon AEG 2.6 dd 4.72 -0.01 16.91 25.39 17.34 CenterPointEner CNP 2.5 24 25.30 0.22 -2.40 93.75 66.50 GoDaddy GDDY ... dd 80.96 -0.33
... 146.90 46.50 AffirmHldgs AFRM ... dd 60.81 3.52 s 18.45 8.34 4.69 CentraisElBras EBR 8.3 11 8.28 0.07 32.96 216.43 96.10 NXP Semi NXPI 1.1142 211.42 1.20 37.66 24.34 10.67 SuncorEnergy SU 3.0514 23.10 -0.05
30.64 14.90 6.97 GoldFields GFI 2.0 15 12.11 0.03 s 26.16 167.85 112.23 Nasdaq NDAQ 1.3 27 167.46 1.48 -35.54 100.93 15.99 SunRun RUN ... dd 44.72 -0.60
s 16.58 139.21 83.71 AgilentTechs A 0.6 46 138.13 0.59 -16.05 111.93 67.51 CeridianHCM CDAY ... dd 89.46 -0.12 41.07 376.98 185.52 GoldmanSachs GS 1.3 9 372.02 1.90
s ... 38.88 26.50 agilon health AGL ... ... 35.94 -0.81 -0.29 84.20 65.14 Cerner CERN 1.1 30 78.25 -0.04 13.28 67.87 53.09 NationalGrid NGG 8.0 22 66.87 -0.22 6.08 14.45 6.59 Suzano SUZ 0.0 dd 11.86 -0.14
-8.01 64.22 26.66 GoodRx GDRX ... dd 37.11 -0.39 -2.25 20.68 13.26 Natura&Co NTCO 0.032583 19.55 -0.17 36.59 48.17 20.19 SynchronyFin SYF 1.9 13 47.41 -0.29
1.76 89.23 54.66 AgnicoEagle AEM 2.0 26 71.75 0.40 35.27 349.13 165.76 CharlesRiverLabs CRL ... 46 337.99 5.79 4.66 79.37 45.48 Graco GGG 1.0 36 75.72 0.13
9.68 327.89 229.17 AirProducts APD 2.0 36 299.66 1.38 4.99 712.41 498.07 CharterComms CHTR ... 40 694.53 2.08 s 31.64 5.95 2.34 NatWest NWG 1.4 dd 5.95 0.03 29.02 90.10 50.27 SyneosHealth SYNH ... 47 87.90 0.57
13.18 479.87 291.22 Grainger GWW 1.4 33 462.16 3.04 16.80 80.66 39.96 NetApp NTAP 2.5 29 77.37 -1.61 -1.89 300.91 175.23 Synopsys SNPS ... 49 254.34 -0.28
-4.36 219.94 121.50 Airbnb ABNB ... dd 140.40 -2.77 -11.99 139.26 103.43 CheckPoint CHKP ... 19 116.98 0.53 -5.15 20.60 14.81 Grifols GRFS 2.7 17 17.49 -0.11
8.78 124.91 92.64 AkamaiTech AKAM ... 32 114.21 -0.48 -14.86 115.21 54.85 Chegg CHGG ... dd 76.91 -0.13 23.14 134.33 72.20 NetEase NTES 0.7 42 117.93 1.57 9.08 86.73 50.03 Sysco SYY 2.3 dd 81.00 0.56
-3.69 181.07 74.31 GuardantHealth GH ... dd 124.12 -0.17 -7.01 593.29 404.25 Netflix NFLX ... 61 502.81 -1.05
33.08 74.25 32.78 AlaskaAir ALK 41.43 85.50 42.81 CheniereEnergy LNG ... dd 84.90 0.72
13.26 188.35 72.39 Albemarle ALB
0.0 dd 69.20 -1.23
0.9 50 167.08 -1.48 17.05 44.63 31.51 CheniereEnerPtrs CQP 6.3 21 41.26 0.04
... 82.16 58.71 GulfportEnergy GPOR ... dd 62.50
30.60 217.28 91.21 HCA Healthcare HCA 0.9 16 214.79
0.27
1.10
0.39 136.26 86.02 Neurocrine NBIX ... 23 96.22 -0.93 TUV
9.16 20.89 12.91 Albertsons ACI 2.1 14 19.19 0.21 22.90 113.11 65.16 Chevron CVX 5.2 dd 103.79 0.78 -21.44 65.90 11.48 NewFortressEner NFE 1.0 dd 42.10 -1.22
5.91 84.70 40.61 HDFC Bank HDB 0.0 33 76.53 0.90 -44.94 19.97 9.05 NewOrientalEduc EDU ... 44 10.23 -0.02 -44.11 90.96 34.26 TAL Education TAL ... dd 39.97 0.65
5.61 76.53 54.51 Alcon ALC 0.1 dd 69.68 0.94 -18.10 120.00 42.42 Chewy CHWY ... dd 73.62 -1.66 18.87 36.00 14.86 HP HPQ 2.7 12 29.23 -2.87 25.39 51.92 38.80 TC Energy TRP 5.6 29 51.06 -0.02
0.02 181.77 149.62 AlexandriaRlEst ARE 2.4 31 178.26 2.11 7.39 26.19 16.85 ChinaEastrnAir CEA ... dd 23.10 -0.19 35.14 30.10 13.06 NewellBrands NWL 3.2 20 28.69 0.10
s 24.97 32.43 17.95 HSBC HSBC 2.3 22 32.38 0.42 22.69 75.31 52.33 Newmont NEM 3.0 23 73.48 0.39 12.07 138.99 75.70 TE Connectivity TEL 1.5 42 135.68 0.36
13.00 179.12 99.91 AlexionPharm ALXN ... 58 176.55 -0.48 -3.25 13.63 9.24 ChinaLifeIns LFC 4.1 7 10.70 0.02 18.78 24.74 10.60 Halliburton HAL 0.8 dd 22.45 -0.07 13.94 22.65 16.21 Telus TU 4.6 32 22.56 0.12
-8.07 319.32 196.70 Alibaba BABA ... 27 213.96 1.22 21.08 58.40 38.18 ChinaPetrol SNP 5.0 6 54.00 0.36 44.57 26.21 11.31 NewsCorp B NWS 0.8 dd 25.69 -0.26
33.42 69.94 34.69 HartfordFinl HIG 2.1 14 65.35 -0.06 50.19 27.96 11.24 NewsCorp A NWSA 0.7 dd 26.99 -0.11 s 85.89 95.99 29.85 TFI Intl TFII 1.0 31 95.88 0.62
10.44 647.20 237.24 AlignTech ALGN ...103 590.15 -9.62 19.83 39.96 20.26 ChinaSoAirlines ZNH 0.0 dd 35.53 -0.23 2.60 101.24 69.33 Hasbro HAS 2.8 32 95.97 0.05 -1.10 74.65 48.73 TJX TJX 1.5 55 67.54 0.30
18.70 737.89 460.58 Alleghany Y 0.0 15 716.57 8.97 -1.06 1579.52 964.50 Chipotle CMG ... 96 1371.98 6.38 -5.09 87.69 58.44 NextEraEnergy NEE 2.1 35 73.22 0.22
10.42 34.58 24.35 HealthpeakProp PEAK 3.6 65 33.38 0.44 30.38 28.42 13.12 NielsenHoldings NLSN 0.9229 27.21 -0.27 4.89 143.09 97.32 T-MobileUS TMUS ... 58 141.45 0.14
20.71 144.76 94.01 Allegion ALLE 1.0 31 140.48 0.30 10.44 179.01 111.93 Chubb CB 1.9 14 169.99 0.64 6.09 142.89 92.45 Heico HEI 0.1 75 140.46 0.65 26.40 193.26 117.13 TRowePrice TROW 2.3 16 191.35 1.14
10.91 58.53 45.99 AlliantEnergy LNT 2.8 23 57.15 0.40 6.08 41.39 36.13 ChunghwaTel CHT 5.4 27 40.97 0.20 -3.54 147.95 93.44 Nike NKE 0.8 64 136.46 0.18
s 13.16 132.90 74.10 Heico A HEI.A 0.1 71 132.46 2.14 11.16 26.60 21.09 NiSource NI 3.5 71 25.50 -0.01 7.63 142.19 49.86 TaiwanSemi TSM 1.2 33 117.36 1.59
24.27 140.00 84.97 Allstate ALL 2.4 6 136.61 0.31 -1.72 98.96 72.03 Church&Dwight CHD 1.2 28 85.73 0.42 13.73 83.45 54.25 HenrySchein HSIC ... 25 76.04 -0.35 -10.70 214.91 124.86 TakeTwoSoftware TTWO ... 37 185.56 -0.92
53.42 55.14 17.36 AllyFinancial ALLY 1.4 9 54.71 -0.06 24.34 272.81 158.84 Cigna CI 1.5 11 258.85 -0.65 31.97 9.79 3.21 Nokia NOK 0.0 dd 5.16 0.09
13.60 175.23 125.50 Hershey HSY 1.9 26 173.05 -0.40 4.13 6.72 4.21 NomuraHoldings NMR 3.8 12 5.55 -0.05 -6.10 20.00 15.30 TakedaPharm TAK 4.1 15 17.09 -0.17
9.25 178.41 119.29 AlnylamPharm ALNY ... dd 141.99 1.76 39.30 122.80 57.64 CincinnatiFin CINF 2.1 6 121.71 0.91 58.78 86.94 34.82 Hess HES 1.2 dd 83.82 -1.37 44.43 49.66 12.16 Tapestry TPR 0.0 37 44.89 -0.20
34.47 2431.38 1351.65 Alphabet A GOOGL ... 31 2356.85 -5.83 0.02 369.20 243.09 Cintas CTAS 0.8 39 353.54 -0.61 10.32 223.49 178.60 Nordson NDSN 0.7 42 221.69 -1.74
34.68 16.74 8.29 HewlettPackard HPE 3.0 dd 15.96 -0.38 18.22 295.14 166.00 NorfolkSouthern NSC 1.4 31 280.90 1.57 47.31 39.28 13.08 TargaResources TRGP 1.0 48 38.86 0.10
37.66 2452.38 1347.01 Alphabet C GOOG ... 32 2411.56 9.05 18.21 54.14 35.28 CiscoSystems CSCO 2.8 22 52.90 -0.02 15.27 45.89 29.18 HighwoodsProp HIW 4.2 22 45.68 0.21 28.54 228.84 114.81 Target TGT 1.2 19 226.92 -0.45
-4.78 38.30 21.97 AlticeUSA ATUS ... 27 36.06 -0.12 27.65 79.28 40.49 Citigroup C 2.6 10 78.71 -0.05 30.12 123.02 72.64 NorthernTrust NTRS 2.3 22 121.19 -0.27
12.59 132.69 69.83 Hilton HLT 0.0 dd 125.27 -1.00 20.07 378.61 282.88 NorthropGrum NOC 1.7 13 365.87 -3.02 72.46 23.70 5.56 TataMotors TTM ... dd 21.73 -0.45
20.05 52.59 35.83 Altria MO 7.0 21 49.22 0.02 39.54 51.14 22.53 CitizensFin CFG 3.1 14 49.90 -0.19 -13.41 85.00 49.19 Hologic HOLX ... 9 63.06 -0.23 36.14 26.72 9.23 TeckRscsB TECK 0.7 dd 24.71 0.03
69.01 16.93 4.60 AlumofChina ACH ... 39 14.67 0.16 -11.64 173.56 111.26 CitrixSystems CTXS 1.3 35 114.96 1.28 33.11 28.16 17.98 NortonLifeLock NLOK 1.8 30 27.66 0.01
20.06 345.69 234.31 HomeDepot HD 2.1 23 318.91 0.14 25.44 34.48 12.56 NorwegCruise NCLH ... dd 31.90 -0.52 -24.69 308.00 129.74 TeladocHealth TDOC ... dd 150.58 1.58
-1.04 3554.00 2398.20 Amazon.com AMZN ... 61 3223.07 -7.04 1.11 33.55 20.82 Clarivate CLVT ... dd 30.04 0.37 10.65 31.92 23.10 HondaMotor HMC 2.7 9 31.26 0.28 7.01 457.79 289.19 TeledyneTech TDY ... 39 419.47 2.13
s 13.07 3.47 2.13 Ambev ABEV ... 23 3.46 0.09 38.19 22.89 4.92 Cleveland-Cliffs CLF 0.0 dd 20.12 -0.08 -6.41 98.52 77.04 Novartis NVS 2.4 25 88.38 -0.10
8.56 232.65 137.53 Honeywell HON 1.6 35 230.91 -0.36 32.38 331.68 40.50 Novavax NVAX ... dd 147.62 -3.13 -2.28 449.38 312.33 Teleflex TFX 0.3 68 402.19 -0.54
0.25 12.76 9.14 Amcor AMCR 4.0 21 11.80 -0.08 t -12.48 239.87 175.55 Clorox CLX 2.5 25 176.73 0.25 25.30 97.36 45.01 HorizonTherap HZNP ... 79 91.66 -0.42 12.38 15.31 8.73 Ericsson ERIC 1.0 21 13.43 0.13
10.11 82.38 54.68 Amdocs DOX 1.8 15 78.10 0.16 7.99 95.77 27.29 Cloudflare NET ... dd 82.06 -0.75 12.96 82.23 63.22 NovoNordisk NVO 1.3 27 78.90 0.08
4.14 52.97 43.45 HormelFoods HRL 2.0 30 48.54 -0.06 17.89 220.48 55.40 Novocure NVCR ...1941 204.00 2.65 -4.41 10.31 7.08 TelefonicaBras VIV 8.6 14 8.46 -0.01
-11.92 325.12 165.42 Amedisys AMED ... 43 258.37 -2.42 s 0.82 55.71 43.51 Coca-Cola KO 3.0 33 55.29 -0.20 38.26 106.89 50.93 DR Horton DHI 0.8 11 95.29 -0.29 23.51 5.69 3.22 Telefonica TEF 8.0 12 4.99 -0.04
26.67 657.86 280.01 Amerco UHAL 0.0 18 575.04 8.25 21.45 61.95 34.02 Coca-ColaEuro CCEP 3.3 48 60.52 0.56 19.98 53.93 22.02 NuanceComms NUAN ...1093 52.90 0.14
17.36 18.52 10.04 HostHotels HST 0.0 dd 17.17 0.04 92.78 107.90 38.51 Nucor NUE 1.6 19 102.54 1.49 -1.28 25.62 16.97 TelekmIndonesia TLK 2.6 16 23.22 -0.33
7.87 86.90 67.14 Ameren AEE 2.6 22 84.20 0.53 -1.11 101.82 53.65 Cognex CGNX 0.3 63 79.39 1.19 24.32 35.55 12.80 HowmetAerospace HWM 0.0127 35.48 ... 27.12 203.25 76.01 10xGenomics TXG ... dd 180.00 3.94
4.00 15.87 11.42 AmericaMovil A AMOV 2.3 14 15.20 0.04 -12.68 82.73 52.23 CognizantTech CTSH 1.3 25 71.56 0.44 s 29.05 62.39 30.56 Nutrien NTR 3.0 57 62.15 0.54
0.42 19.64 12.79 HuanengPower HNP 4.7 7 14.47 0.02 s 24.43 651.10 339.40 NVIDIA NVDA 0.1 77 649.78 30.26 43.64 24.15 8.86 Tenaris TS 0.0103 22.91 -0.14
s 5.71 15.50 11.59 AmericaMovil AMX 2.2 14 15.37 0.05 ... 429.54 208.00 CoinbaseGlbl COIN ... 81 236.54 -10.55 26.96 64.53 32.25 Huazhu HTHT ... dd 57.17 1.16 -18.19 32.25 12.00 TencentMusic TME ... 43 15.74 0.33
53.71 26.09 10.32 AmerAirlines AAL -2.02 86.41 70.29 ColgatePalm CL
3.28 94.21 74.80 AEP AEP
0.0 dd 24.24 -0.19
3.4 19 86.00 0.45 9.43 59.11 37.77 Comcast A CMCSA
2.1 27 83.78
1.7 23 57.34
0.09
...
21.59 201.06 117.17 Hubbell
27.23 574.83 190.87 HubSpot
HUBB 2.1 29 190.64
HUBS ... dd 504.38
0.86
5.71
OPQ 10.39 147.90 64.77 Teradyne
-11.40 900.40 160.84 Tesla
TER
TSLA
0.3 30 132.35
...626 625.22
1.76
-5.63
32.44 160.69 89.11 AmerExpress AXP 1.1 26 160.13 0.39 40.51 79.84 32.93 Comerica CMA 3.5 13 78.49 -0.22 6.69 475.44 365.06 Humana HUM 0.6 16 437.70 -1.66 37.42 55.10 23.28 ONEOK OKE 7.1 20 52.74 -0.06 7.77 13.30 8.44 TevaPharm TEVA ... dd 10.40 0.02
s 51.86 133.98 56.73 AmericanFin AFG 1.5 8 133.06 0.35 18.54 83.06 50.50 CommerceBcshrs CBSH 1.3 22 77.88 0.18 25.53 183.80 110.29 JBHunt JBHT 0.7 33 171.54 -0.72 18.24 568.63 401.65 OReillyAuto ORLY ... 20 535.12 6.02 15.65 197.58 115.66 TexasInstruments TXN 2.1 29 189.82 0.69

.
26.90 38.27 24.47 AmHomes4Rent AMH 1.1125 38.07 0.79 43.36 10.33 1.82 CiaSiderurgica SID ... 18 8.53 -0.06 25.57 16.91 8.01 HuntingtonBcshs HBAN 3.8 14 15.86 0.05 -1.26 66.31 34.98 OakStreetHealth OSH ... dd 60.39 -0.57 99.88 1773.95 427.69 TexasPacLand TPL 0.8 67 1453.12 -12.58
s 39.57 52.93 25.57 AIG AIG 2.4 dd 52.84 0.13 5.07 39.34 31.72 ConagraBrands CAG 2.9 16 38.10 0.18 26.82 223.79 136.44 HuntingIngalls HII 2.1 13 216.21 0.59 49.97 32.52 8.52 OccidentalPetrol OXY 0.2 dd 25.96 -0.11 41.67 69.16 29.77 Textron TXT 0.1 36 68.47 -0.06

ly
13.81 272.20 197.50 AmerTowerREIT AMT 1.9 59 255.46 1.35 39.38 61.14 27.53 ConocoPhillips COP 3.1 dd 55.74 0.21 26.59 179.12 66.68 IAC/InterActive IAC ... 16 159.47 -2.41 -12.51 294.00 173.06 Okta OKTA ... dd 222.44 0.04 0.80 532.57 330.57 ThermoFisherSci TMO 0.2 24 469.50 -2.98
1.01 172.56 120.67 AmerWaterWorks AWK 1.6 39 155.02 1.60 6.88 83.92 65.56 ConEd ED 4.0 23 77.24 0.37 21.20 18.47 8.54 ICICI Bank IBN 0.0 25 18.01 -0.16 36.00 276.09 153.57 OldDomFreight ODFL 0.3 42 265.45 1.13 19.64 99.14 66.03 ThomsonReuters TRI 1.7 8 97.97 0.61
1.85 41.29 32.94 AmericoldRealty COLD 2.3 dd 38.02 0.33 9.44 244.75 160.63 ConstBrands A STZ 1.3 26 239.72 2.73 42.38 7.40 2.92 ICL Group ICL 1.4107 7.19 -0.02 ... 42.20 25.55 OlinkHolding OLK ... ... 35.33 1.20 16.16 208.95 148.80 3M MMM 2.9 21 203.04 -0.20
33.71 269.29 137.88 Ameriprise AMP 1.7 dd 259.84 -0.46 99.82 32.88 11.09 ContinentalRscs CLR 0.0 dd 32.57 0.22 11.65 573.99 294.17 IdexxLab IDXX ... 72 558.11 4.07 0.83 39.31 27.39 OmegaHealthcare OHI 7.3 39 36.62 0.11 17.13 118.13 63.07 Toro TTC 0.9 33 111.09 0.03
17.37 125.86 92.00 AmerisourceBrgn ABC 1.5 dd 114.74 -0.27 8.29 415.96 268.92 Cooper COO 0.0 9 393.45 -1.62 17.23 109.65 68.03 IHS Markit INFO 0.8 79 105.31 -0.30 31.86 86.38 44.50 Omnicom OMC 3.4 18 82.24 -0.38 27.79 73.85 42.48 TorontoDomBk TD 3.5 15 72.10 0.20
11.71 139.07 84.53 Ametek AME 0.6 39 135.10 0.72 1.38 130.96 78.55 Copart CPRT ... 37 129.01 0.52 47.99 14.00 6.32 ING Groep ING 0.9 ... 13.97 -0.03 22.33 44.59 15.91 ON Semi ON ... 51 40.04 -0.23 11.41 50.41 28.65 Total TOT ... dd 46.69 0.03
3.49 276.69 210.28 Amgen AMGN 3.0 20 237.94 2.63 21.19 46.82 22.18 Corning GLW 2.2 33 43.63 0.31 63.68 28.95 7.74 Invesco IVZ 2.4 19 28.53 0.07 3.34 50.21 36.18 OpenText OTEX 1.7 83 46.98 0.19 s 7.38 166.78 118.66 ToyotaMotor TM 2.3 11 165.98 0.43
2.87 69.62 45.91 Amphenol
s 11.42 165.62 110.41 AnalogDevices ADI
5.08 38.50 19.55 AngloGoldAsh AU
8.38 76.32 46.19 AB InBev
9.70 9.35 6.12 AnnalyCap
24.02 406.00 244.10 Anthem
19.93 260.97 177.21 Aon
APH

BUD
NLY
ANTM
AON
0.9 32 67.26 0.07
1.7 39 164.60 1.39
1.9 10 23.77 -0.06
1.1 dd 75.77 -0.09
9.5 3 9.27 0.05
1.1 21 398.22 0.38
0.8 28 253.37 -0.51
17.51 49.98 24.83 Corteva
-7.60 952.76 643.91 CoStar
0.40 393.15 293.84 Costco

... 69.00 30.65 Coupang

-16.19 172.12 110.47 Credicorp
-13.91 14.95 8.97 CreditSuisse
on CTVA
CSGP
COST
-29.72 377.04 204.38 CoupaSoftware COUP
CPNG
BAP
CS
1.1 34 45.50
...145 854.00
0.8 39 378.27
... dd 238.20
... ... 40.79
6.3 52 137.47
0.9 25 11.02
0.32
9.17
-9.23
-0.84
-0.21
5.97
-0.12
-6.49 262.55 149.51 IPG Photonics IPGP ... 59 209.26
34.04 244.95 133.18 IQVIA

14.76 234.22 155.28 Icon

11.78 235.76 145.85 IDEX
IQV ...115 240.16
11.25 69.10 46.05 IcahnEnterprises IEP 14.2 dd 56.37
ICLR ... 35 223.76
IEX 1.0 44 222.66
13.67 242.06 160.34 IllinoisToolWks ITW 2.0 33 231.76
9.63 555.77 260.42 Illumina ILMN ... 95 405.64
2.90
2.70
0.44
0.10
0.79
0.96
-3.35
-31.10 39.24 10.55 OpendoorTech OPEN
21.72 80.72 50.91 Oracle
7.93 13.09 10.15 Orange
13.91 91.38 53.61 Orix
52.71 137.47 66.74 Oshkosh
ORCL
ORAN
IX
OSK
15.96 79.69 50.18 OtisWorldwide OTIS
40.77 109.89 50.42 OwensCorning OC
... dd 15.66
1.6 19 78.74
4.1 6 12.80
3.5 12 88.09
1.0 26 131.44
1.2 32 78.33
1.0 16 106.65
-0.21
-0.24
-0.02
1.09
-0.28
-0.38
0.03
29.25 200.75 116.13 TractorSupply TSCO
-26.57 972.80 299.11 TradeDesk
34.16 84.87 50.18 Tradeweb
28.41 187.98 84.17 TraneTech
s 4.85 650.68 405.01 TransDigm
7.84 110.42 78.02 TransUnion
13.77 162.71 105.42 Travelers
TTD
TW
TT
TDG
TRU
TRV
1.1 25 181.70
...121 588.14
0.4 87 83.78
1.3 40 186.40
0.0215 648.84
0.4 51 107.00
2.2 14 159.70
-1.07
3.56
2.88
0.60
-0.66
...
0.35
17.07 58.49 36.35 ApolloGlbMgmt APO 3.5 7 57.34 -0.53 -5.56 129.90 51.46 Cree CREE ... dd 100.01 -0.26 s 73.41 33.54 11.16 ImperialOil IMO 2.7 dd 33.00 -0.22 28.16 68.77 38.09 OzonHoldings OZON ... dd 53.07 0.55 16.35 111.04 54.10 Trex TREX ... 62 97.41 0.31
-6.09 145.09 79.12 Apple
us ,

AAPL 0.7 28 124.61 -0.67 4.88 251.28 81.20 CrowdStrike CRWD ... dd 222.15 -0.66 -3.68 110.36 75.52 Incyte INCY ... 39 83.78 1.10 -18.62 13.34 8.35 PG&E PCG ... dd 10.14 0.22 16.50 84.86 38.75 Trimble TRMB ... 45 77.79 -0.32
60.06 146.00 54.15 ApplMaterials AMAT 0.7 29 138.13 0.31 s 19.04 191.56 146.15 CrownCastle CCI 2.8 84 189.50 0.22 14.10 19.56 8.84 Infosys INFY 1.2 31 19.34 0.17 30.66 203.88 97.09 PNC Fin PNC 2.4 10 194.68 0.56 24.07 45.19 24.21 Trip.com TCOM ... 9 41.85 1.19
s ... 75.18 49.41 Applovin APP ... dd 74.31 4.63 3.03 114.55 61.00 CrownHoldings CCK 0.8 20 103.24 0.58 28.57 92.19 35.78 POSCO 28.90 62.69 33.47 TruistFinl
l

8.96 52.12 26.72 IngersollRand IR ... dd 49.64 -0.03 PKX 1.5 13 80.11 -0.48 TFC 2.9 19 61.78 -0.36
7.61 158.97 103.06 Aptargroup ATR 1.0 41 147.31 0.54 s 30.29 43.93 26.14 CubeSmart CUBE 3.1 51 43.79 0.74 5.49 306.46 168.38 Insulet PODD ...2014 269.67 -2.38 34.77 46.49 24.75 PPD PPD ... 86 46.12 -0.02 ... 27.65 15.70 Tuya TUYA ... ... 23.86 -0.71
15.45 160.14 71.80 Aptiv
e
APTV 0.0 89 150.42 -0.47 13.29 277.09 160.61 Cummins CMI 2.1 20 257.28 -1.92 14.65 68.49 43.61 Intel INTC 2.4 13 57.12 -0.61 24.62 181.35 98.41 PPG Ind PPG 1.2 36 179.72 -1.07 -0.74 457.30 182.12 Twilio TWLO ... dd 336.00 -2.69
al a

-2.94 43.12 20.31 Aramark ARMK 1.2 dd 37.35 -0.03 37.51 151.80 36.15 CureVac CVAC ... ... 111.48 0.54 10.41 80.57 39.89 InteractiveBrkrs IBKR 0.6 23 67.26 0.46 3.23 30.94 24.20 PPL PPL 5.7 31 29.11 0.06 7.11 80.75 28.23 Twitter TWTR ... dd 58.00 -0.08
42.31 33.95 9.47 ArcelorMittal MT 0.0 15 32.59 0.19 0.82 86.77 61.64 CyrusOne CONE 2.8192 73.75 0.72 -2.09 121.97 90.01 ICE ICE 1.2 30 112.88 0.86 36.26 175.95 90.79 PRA HealthSci PRAH ... 52 170.92 -0.01 -7.64 479.79 319.58 TylerTech TYL ... 91 403.16 -4.90
10.59 41.28 26.22 ArchCapital ACGL ... 10 39.89 0.21 7.28 75.20 42.91 InterContinentl IHG 0.0 dd 69.86 -0.55 12.15 149.50 72.27 PTC PTC ... 71 134.14 1.07 23.37 81.79 55.28 TysonFoods TSN 2.2 14 79.50 0.44
31.98 68.68 37.54 ArcherDaniels ADM 2.2 18 66.53 -0.07 DEF 14.19 148.74 105.92 IBM IBM 4.6 24 143.74 -0.08 6.12 103.19 70.89 Paccar PCAR 1.5 23 91.56 0.19 s 15.85 16.42 10.39 UBS Group UBS 2.2 9 16.37 0.14
17.28 59.16 36.39 AresMgmt ARES 3.4 39 55.18 0.20
ci on

30.16 147.04 99.54 IntlFlavors IFF 2.2 76 141.67 -1.17 7.79 156.54 92.02 PackagingCpAm PKG 2.7 29 148.65 -0.74 s 23.94 47.81 29.34 UDR UDR 3.0243 47.63 0.65
-5.13 382.15 210.35 arGEN-X ARGX ... dd 278.99 -2.56 34.57 47.05 24.51 DISH Network DISH ... 11 43.52 -1.02
13.66 145.43 102.19 DTE Energy DTE 3.1 19 137.99 0.05 26.91 64.89 32.59 IntlPaper IP 3.2 26 63.10 -0.69 -13.66 62.83 30.02 PagSeguroDig PAGS ... 64 49.11 0.10 31.72 46.73 29.54 UGI UGI 2.9 11 46.05 0.69
s 16.80 341.59 192.96 AristaNetworks ANET ... 40 339.38 2.26 43.24 33.76 15.92 Interpublic IPG 3.2 30 33.69 0.36 -2.55 45.00 8.90 PalantirTech PLTR ... dd 22.95 0.25 -32.29 14.38 6.25 UWM UWMC 4.5 43 8.89 -0.28
-31.76 37.18 9.69 Arrival ARVL ... dd 19.19 -0.77 47.26 38.94 14.00 DXC Tech DXC 0.0 dd 37.92 -0.47
15.31 261.43 163.14 Danaher DHR 0.3 40 256.14 0.91 15.60 445.65 274.19 Intuit INTU 0.5 56 439.09 6.98 2.21 403.00 217.48 PaloAltoNtwks PANW ... dd 363.25 -4.01 -0.33 64.05 28.39 Uber UBER ... dd 50.83 0.12
23.67 124.76 63.28 ArrowElec ARW ... 13 120.33 -0.91 2.94 893.79 543.03 IntuitiveSurgical ISRG ... 87 842.18 7.82 13.12 324.68 170.30 ParkerHannifin PH 1.3 26 308.15 0.07 8.26 401.81 150.75 Ubiquiti UI 0.5 34 301.52 2.14
4.78 162.56 93.55 AspenTech AZPN ... 29 136.47 -3.33 20.24 149.73 68.68 Darden DRI 1.4 dd 143.23 1.37 s
18.69 79.65 21.93 DarlingIngred DAR ... 32 68.46 -0.99 22.12 36.45 25.67 InvitatHomes INVH 1.9126 36.27 0.38 8.54 102.61 69.96 Paychex PAYX 2.6 35 101.14 0.26 ... 90.00 61.50 UiPath PATH ... dd 79.82 -3.72
18.30 163.24 96.72 Assurant AIZ 1.6 23 161.15 0.51 -18.42 28.97 12.14 iQIYI IQ ... dd 14.26 -0.27 -27.12 471.08 257.87 PaycomSoftware PAYC ...132 329.60 -1.37 s 20.27 351.72 186.01 UltaBeauty ULTA ...111 345.36 17.00
13.56 64.94 46.48 AstraZeneca AZN 2.4 37 56.77 -0.12 -7.51 119.43 67.18 Datadog DDOG ... dd 91.05 -1.26
2.27 129.59 75.30 DaVita DVA ... 18 120.07 -0.60 47.69 43.87 24.36 IronMountain IRM 5.7 39 43.54 0.53 -17.52 218.34 123.25 Paylocity PCTY ...150 169.83 0.64 28.09 21.82 7.80 UnderArmour C UA ... 75 19.06 -0.17
45.18 63.54 28.35 Athene ATH ... 4 62.63 -0.31 -6.40 6.37 3.88 ItauUnibanco ITUB 2.3 14 5.70 0.14 11.02 309.14 148.93 PayPal PYPL ... 59 260.02 0.55 31.51 26.45 8.68 UnderArmour A UAA ... 89 22.58 -0.29
-0.25 262.40 160.01 Atlassian TEAM ... dd 233.28 1.39 16.97 353.71 181.31 DeckersOutdoor DECK ... 25 335.44 -3.67
27.23 12.37 5.71 Pearson PSO 2.3 22 11.68 -0.18 -0.65 63.89 51.98 Unilever UL 3.1 25 59.97 0.43
34.21 400.34 147.40 Deere DE 1.0 25 361.10 -1.11
3.92 107.02 84.59 AtmosEnergy ATO 2.5 18 99.17 0.01
JKL
er s

-11.35 148.80 89.32 Pegasystems PEGA 0.1 dd 118.14 -2.10 7.93 231.26 161.41 UnionPacific UNP 1.9 29 224.73 0.83
-6.38 321.13 200.34 Autodesk ADSK ... 53 285.86 -0.81 34.59 103.80 45.62 DellTechC DELL ... 23 98.64 -1.06
-27.29 171.09 41.14 Peloton PTON ...176 110.31 -2.29 34.91 63.70 26.65 UnitedAirlines UAL ... dd 58.35 -0.78
-22.64 147.67 72.38 Autohome ATHM 2.1 6 77.07 -0.56 18.58 52.28 24.37 DeltaAir DAL 0.0 dd 47.68 -0.37 -15.88 108.29 51.06 JD.com JD ... 15 73.94 1.11 s 36.60 32.73 20.09 PembinaPipeline PBA 5.9 dd 32.32 -0.11 11.63 11.28 2.48 UnitedMicro UMC 1.0 18 9.41 0.22
15.12 107.94 60.60 Autoliv ALV 2.3 35 106.03 -0.36 27.81 69.54 40.15 DentsplySirona XRAY 0.6 85 66.92 0.44 29.25 165.70 90.78 JPMorganChase JPM 2.2 13 164.24 -0.11 -5.09 142.00 26.96 PennNational PENN ... dd 81.97 -1.29 27.43 219.59 98.35 UPS B UPS 1.9 36 214.60 1.80
11.25 198.35 127.31 ADP ADP 1.9 34 196.02 -1.22 38.44 15.34 7.84 DeutscheBank DB 0.0 19 15.09 0.06 -4.84 200.98 141.65 JackHenry JKHY 1.2 40 154.15 -1.42 29.91 69.88 35.61 Pentair PNR 1.2 28 68.97 -0.44 44.00 354.60 134.39 UnitedRentals URI ... 26 333.96 0.33
m er

18.66 1542.30 1074.45 AutoZone AZO ... 15 1406.60 -4.62 67.99 27.43 7.73 DevonEnergy DVN 1.7 dd 26.56 -0.09 30.40 145.97 77.51 JacobsEngg J 0.6 34 142.08 1.52 42.35 320.00 163.48 Penumbra PEN ... dd 249.11 0.62 30.46 62.47 34.01 US Bancorp USB 2.8 16 60.78 0.04
-19.84 185.37 96.20 Avalara AVLR ... dd 132.17 0.81 -0.09 456.23 305.63 DexCom DXCM ... 74 369.39 7.48 10.22 34.79 16.88 JamesHardie JHX 0.0 55 32.69 -0.42
s 21.69 193.70 127.12 Diageo -0.24 148.77 126.53 PepsiCo PEP 2.9 27 147.94 1.43 17.46 425.98 273.71 UnitedHealth UNH 1.2 23 411.92 -0.78
s 28.99 207.39 131.38 Avalonbay AVB 3.1 36 206.94 2.87 DEO 1.8 76 193.25 0.35 7.92 182.56 101.81 JazzPharma JAZZ ... 20 178.13 2.36 1.09 162.70 93.23 PerkinElmer PKI 0.2 15 145.07 0.17 -38.45 174.94 65.11 UnitySoftware U ... dd 94.46 -1.34
15.91 56.20 40.65 Avangrid AGR 3.3 24 52.68 0.15 65.43 88.75 23.63 DiamondbkEner FANG 2.0 dd 80.07 0.73 7.54 173.65 133.65 J&J JNJ 2.5 30 169.25 0.44 -6.07 262.77 143.51 UnivDisplay
34.28 42.42 27.68 PetroChina PTR 5.6 28 41.25 0.44 OLED 0.4 70 215.86 1.97
14.21 33.99 16.37 Avantor AVTR ...112 32.15 0.18 73.51 101.30 33.91 Dick's DKS 1.5 9 97.53 -1.23 s 42.82 66.70 31.03 JohnsonControls JCI 1.6 46 66.54 0.32 16.09 162.51 86.67 UniversalHealthB UHS
-9.08 11.89 6.15 PetroleoBrasil PBR 3.7 6 10.21 0.63 0.5 14 159.63 0.50
42.18 226.19 109.07 AveryDennison AVY 1.2 29 220.53 1.89 8.64 165.49 124.65 DigitalRealty DLR 3.1 98 151.56 1.39 36.31 211.59 87.67 JonesLang JLL 0.0 21 202.25 0.79 -6.78 11.72 6.16 PetroleoBrasilA PBR.A 2.8 6 10.31 0.48 263.73 171.87 22.61 Upstart UPST ... ... 148.22 -18.61
14.74 212.37 72.14 AxonEnterprise AXON ... dd 140.59 1.11 29.53 121.44 45.40 DiscoverFinSvcs DFS 1.5 13 117.26 -0.76 16.97 27.83 19.51 JuniperNetworks JNPR 3.0 43 26.33 -0.05 5.22 43.08 29.94 Pfizer PFE 4.0 20 38.73 0.08 25.88 49.77 26.80 VEREIT VER 3.9 54 47.57 0.28
16.17 50.09 39.91 BCE BCE 5.8 26 49.72 0.01 115.74 150.72 26.00 DiscoveryB DISCB ... 48 69.90 1.82 30.03 53.67 26.90 KB Fin KB 2.5 7 51.49 1.12 16.48 98.62 68.37 PhilipMorris PM 5.0 17 96.43 -0.25 -6.66 90.79 55.52 VF VFC 2.5 77 79.72 0.12
m rp

13.42 82.07 46.52 BHP Group BHP 4.2 27 74.11 -0.13 6.71 78.14 19.07 DiscoveryA DISCA ... 22 32.11 -0.41 -15.68 79.40 31.79 KE Holdings BEKE ... 81 51.89 1.40 20.42 90.59 43.27 Phillips66 PSX 4.3 dd 84.22 -0.19 22.08 32.29 18.83 VICI Prop VICI 4.2 14 31.13 0.25
14.56 68.05 37.88 BHP Group BBL 5.1 22 60.75 -0.22 14.74 66.70 17.21 DiscoveryC DISCK ... 21 30.05 -0.35 37.54 59.15 27.38 KKR KKR 1.0 7 55.69 -0.01 -29.71 212.60 61.09 Pinduoduo PDD ... dd 124.88 5.22 17.18 338.50 172.88 VailResorts MTN 0.0 dd 326.88 -2.86
27.83 28.57 14.74 BP BP 4.7 dd 26.23 -0.05 -1.40 203.02 108.02 Disney DIS 0.0 dd 178.65 -0.39 22.39 359.69 171.31 KLA KLAC 1.1 27 316.89 0.35 5.79 91.88 69.29 PinnacleWest PNW 3.9 17 84.58 0.36 28.40 23.02 9.38 Vale VALE ... 11 21.52 0.38
-9.24 354.82 102.60 Baidu BIDU ... 9 196.27 1.46 -9.30 290.23 129.90 DocuSign DOCU ... dd 201.62 2.22 45.83 315.39 140.01 KSCitySouthern KSU 0.7 45 297.68 2.32 -0.91 89.90 19.68 Pinterest PINS ... dd 65.30 1.00 42.12 84.39 35.44 ValeroEnergy VLO 4.9 dd 80.40 -0.39
17.03 26.57 12.13 BakerHughes BKR 3.0 dd 24.40 0.06 0.42 104.74 59.37 DolbyLab DLB 0.9 33 97.54 0.95 5.24 72.88 56.61 Kellogg K 3.5 18 65.49 0.53 33.63 175.37 76.58 PioneerNatRscs PXD 1.5 dd 152.19 0.25 68.91 16.32 4.81 Vedanta VEDL 4.2 9 14.83 -0.06
-11.83 102.76 66.25 Ball BLL 0.7 36 82.16 -0.34 -3.49 225.25 173.50 DollarGeneral DG 0.8 19 202.96 -1.43 15.50 37.11 26.66 KeurigDrPepper KDP 2.0 35 36.96 0.31 27.79 12.35 5.26 PlainsAllAmPipe PAA 6.8 16 10.53 -0.08 7.01 325.54 199.00 VeevaSystems VEEV
-9.76 120.37 84.41 DollarTree ...123 291.34 26.69
26.11 6.32 2.49 BancoBilbaoViz BBVA 0.0 25 6.23 -0.08 DLTR ... 16 97.50 -2.61 40.40 23.64 10.86 KeyCorp KEY 3.2 13 23.04 -0.05 29.11 12.89 5.46 PlainsGP PAGP 6.6 25 10.91 -0.03 13.07 58.10 32.19 Ventas VTR 3.2 dd 55.45 0.30
3.80 4.45 2.81 BancoBradesco BBDO 1.8 12 4.35 0.04 1.25 87.34 67.85 DominionEner D 3.3 73 76.14 0.65 7.79 155.50 90.62 KeysightTechs KEYS ... 36 142.38 1.84 ... 36.06 23.13 Playtika PLTK ...118 27.43 -0.11 1.63 226.18 184.60 VeriSign VRSN ... 40 219.92 -0.48
-1.57 25.12 14.76 BancodeChile BCH 1.9 16 20.06 0.72 11.32 447.50 319.71 Domino's DPZ 0.9 35 426.87 2.90 -3.12 160.16 128.02 KimberlyClark KMB 3.5 20 130.63 -2.23 -9.47 75.49 4.09 PlugPower PLUG ... dd 30.70 0.77 -16.74 210.66 159.17 VeriskAnalytics VRSK 0.7 40 172.83 0.70
-8.68 8.95 4.50 BancSanBrasil BSBR 3.3 ... 7.89 0.10 5.27 256.09 110.13 DoorDash DASH ... dd 150.28 -2.54 41.97 21.86 10.04 KimcoRealty KIM 3.2 9 21.31 0.34 17.19 449.44 244.91 Pool POOL 0.7 41 436.55 5.08 -3.85 61.95 52.85 Verizon VZ 4.4 12 56.49 0.20
co Fo

12.64 26.15 13.31 BcoSantChile BSAC 4.8 15 21.39 0.27 18.99 35.48 22.88 DouglasEmmett DEI 3.2178 34.72 0.43 34.16 18.97 11.45 KinderMorgan KMI 5.9 23 18.34 0.08 31.81 67.97 37.03 PrincipalFin PFG 3.7 11 65.39 0.12 -11.72 306.08 202.56 VertxPharm VRTX ... 20 208.63 1.32
38.03 4.22 1.71 BancoSantander SAN 0.0 dd 4.21 -0.01 19.21 155.77 90.03 Dover DOV 1.3 30 150.50 0.25 -10.31 74.67 18.25 KingsoftCloud KC ... dd 39.06 0.07 ... 91.99 78.96 ProcoreTech PCOR ... dd 86.42 4.12 s 32.94 24.95 12.09 Vertiv VRT 0.0102 24.82 0.20
39.85 43.26 22.39 BankofAmerica BAC 1.7 18 42.39 -0.16 23.28 71.38 37.68 Dow DOW 4.1 26 68.42 -0.24 10.35 10.31 5.88 KinrossGold KGC 1.5 7 8.10 0.13 -3.08 146.92 113.76 Procter&Gamble PG 2.6 25 134.85 -0.13 13.85 101.97 20.32 ViacomCBS B VIAC 2.3 9 42.42 -0.73
s 38.13 105.54 48.87 BankofMontreal BMO 3.2 15 105.02 0.70 0.11 73.50 51.12 DrReddy'sLab RDY 0.4 46 71.37 -0.85 4.99 57.69 31.72 KirklandLakeGold KL 1.7 16 43.33 -0.60 0.20 107.58 75.00 Progressive PGR 0.4 9 99.08 -0.07 23.06 101.60 23.82 ViacomCBS A VIACA 2.1 10 46.54 -0.86
22.71 52.82 32.65 BankNY Mellon BK 2.4 14 52.08 -0.02 7.28 74.38 27.54 DraftKings DKNG ... dd 49.95 -0.45 36.37 64.80 18.28 Kohl's KSS 1.8 22 55.49 -1.26 18.24 119.04 87.93 Prologis PLD 2.1 67 117.84 0.98 -18.68 19.24 12.94 Viatris VTRS 2.9 dd 15.24 0.10
s 24.54 67.47 39.56 BkNovaScotia BNS 4.2 17 67.30 0.28 23.25 28.33 17.66 Dropbox DBX ... dd 27.35 -0.42 4.26 61.23 43.11 KoninklijkePhil PHG 1.8 37 56.48 1.02 26.68 174.25 91.60 Proofpoint PFPT ... dd 172.81 0.03 -17.72 46.00 14.87 Vipshop VIPS ... 16 23.13 0.59
32.42 10.70 4.60 Barclays BCS 0.5 ... 10.58 -0.05 9.46 108.00 77.58 DukeEnergy DUK 3.9 57 100.22 0.21 -6.44 12.98 7.77 KoreaElcPwr KEP 3.8 9 11.48 -0.15 37.02 108.56 57.11 PrudentialFin PRU 4.3 16 106.97 0.34 3.92 237.50 179.23 Visa V 0.6 48 227.30 0.44
5.71 31.22 18.64 BarrickGold GOLD 1.5 17 24.08 0.22 16.24 46.85 34.01 DukeRealty DRE 2.2 48 46.46 0.33 25.76 44.95 28.56 KraftHeinz KHC 3.7101 43.59 0.16 15.65 44.99 23.99 Prudential PUK 0.8 26 42.71 -0.16 12.57 172.00 126.79 VMware VMW ... 32 157.89 -3.32
54.62 34.80 14.86 BauschHealth BHC ... dd 32.16 0.22 -13.78 29.55 21.12 Dun&Bradstreet DNB ... dd 21.47 0.20 16.44 42.99 30.35 Kroger KR 1.9 11 36.98 0.69 6.55 64.30 46.70 PublicServiceEnt PEG 3.3 15 62.12 0.09 12.08 20.36 13.14 Vodafone VOD 5.8 dd 18.47 -0.09
2.34 91.58 74.79 BaxterIntl BAX 1.4 40 82.12 0.31 18.96 87.27 49.01 DuPont DD 1.4 15 84.59 -0.13 87.87 71.99 13.18 L Brands LB 0.9 14 69.87 0.43 22.32 283.07 183.22 PublicStorage PSA 26.62 49.50 29.79 VornadoRealty VNO 4.5 dd 47.28 0.53
19.57 56.94 33.83 Dynatrace DT ...199 51.74 0.23 2.8 42 282.48 2.61
-3.33 284.97 219.50 BectonDicknsn BDX 1.4 43 241.89 0.95 44.61 51.52 24.00 LKQ LKQ ... 20 50.96 -0.13 34.02 63.91 31.55 PulteGroup PHM 1.0 10 57.79 -0.09 23.61 194.17 107.00 VulcanMatls VMC 0.8 36 183.32 -2.21
38.75 388.97 155.16 BeiGene BGNE ... dd 358.51 7.50 19.22 25.92 13.36 ENI E 2.4 dd 24.56 -0.08 41.89 159.74 70.51 LPL Financial LPLA 0.7 27 147.88 0.62 -6.60 59.00 42.22 Qiagen QGEN ... 26 49.36 0.22
s 41.59 58.18 27.00 BentleySystems BSY
17.42 82.43 54.45 Berkley WRB
0.2123 57.36 -0.16
0.6 19 77.99 0.59
61.10 86.60 31.22 EOG Rscs EOG
33.28 486.20 221.41 EPAM Systems EPAM
2.1824 80.34
... 80 477.60
0.01
5.77
15.36 221.49 158.09 L3HarrisTech
34.85 280.69 155.65 LabCpAm
LHX
LH
1.9 34 218.06
... 10 274.48
0.17
-0.94
9.89 201.68 101.15 Qorvo QRVO ... 29 182.72 -2.42 WXYZ
-11.68 167.94 77.90 Qualcomm QCOM 2.0 19 134.54 0.90
25.35 445000 262700 BerkHathwy A BRK.A ... 7 435999 579.99 47.47 82.53 30.49 EastWestBncp EWBC 1.8 17 74.78 -0.22 37.60 669.00 266.09 LamResearch LRCX 0.8 27 649.85 4.15 ... 57.28 29.36 QualtricsIntl XM ... dd 34.44 0.70 2.04 106.85 80.55 WEC Energy WEC 2.9 24 93.91 0.56
24.83 295.08 174.63 BerkHathwy B BRK.B ... 7 289.44 0.14 25.05 130.09 65.86 EastmanChem EMN 2.2 35 125.40 0.29 25.96 107.47 59.78 LamarAdv LAMR 2.9 44 104.82 0.40 32.39 101.96 35.36 QuantaServices PWR 0.3 28 95.35 -0.23 -3.74 234.64 122.64 WEX WEX ... dd 195.91 3.41
21.39 70.90 40.08 BerryGlobal BERY ... 13 68.21 0.02 20.90 149.38 82.44 Eaton ETN 2.1 41 145.25 0.66 4.76 86.41 58.00 LambWeston LW 1.1 48 82.49 2.24 -69.34 132.73 9.74 QuantumScape QS ... dd 25.89 -0.36 6.90 76.48 59.70 W.P.Carey WPC 5.6 30 75.45 1.07
16.48 128.57 75.23 BestBuy BBY 2.4 14 116.24 -1.90 21.15 65.11 43.88 eBay EBAY 1.2 15 60.88 1.55 -3.10 66.77 42.58 LasVegasSands LVS 0.0 dd 57.75 -0.81 10.49 142.80 103.26 QuestDiag DGX 1.9 10 131.67 -0.89 27.94 70.36 35.76 WPP WPP 2.4 dd 69.19 -0.01
16.34 221.00 99.86 BeyondMeat BYND ... dd 145.42 2.81 -0.59 231.36 181.25 Ecolab ECL 0.9 dd 215.08 -1.15 21.59 197.27 102.17 Lear LEA 0.5 41 193.36 0.83 13.06 86.81 55.59 Wabtec WAB 0.6 38 82.76 0.22
25.03 157.66 30.44 Bilibili
9.10 195.95 66.07 Bill.com
BILI
BILL
... dd 107.18 3.18
... dd 148.92 1.52
-7.51 14.47 8.50 Ecopetrol
-11.06 66.68 48.47 EdisonInt
EC
EIX
0.7 19 11.94
4.7 26 55.87
0.24
0.45
-2.25 113.75 79.15 Leidos
29.88 110.61 57.09 Lennar A
LDOS
LEN
1.3 21 102.75
1.0 10 99.01
-0.16
0.06
RS 32.05 57.05 33.36 WalgreensBoots WBA
-1.47 153.66 117.01 Walmart WMT
3.6 dd 52.66
1.5 33 142.03
-0.38
0.34
30.32 444.83 228.66 Bio-Techne TECH 0.3 90 413.83 4.14 5.12 98.11 66.23 EdwardsLife EW ... 71 95.90 1.55 27.96 86.22 42.75 Lennar B LEN.B 1.3 8 78.31 -0.36 5.96 27.15 19.52 RELX RELX 2.5 32 26.13 -0.11 -5.53 39.61 25.61 WarnerMusic WMG 1.3 dd 35.89 -0.60
3.33 689.00 425.43 Bio-RadLab A BIO ... 4 602.37 3.80 17.31 36.53 20.55 ElancoAnimal ELAN ... dd 35.98 0.11 27.73 356.36 208.86 LennoxIntl LII 1.1 31 349.93 3.16 43.24 733.05 208.81 RH RH ... 68 641.05 -2.96 18.40 124.95 87.23 WasteConnections WCN 0.7144 121.44 0.16
9.24 363.92 223.25 Biogen BIIB ... 14 267.48 0.11 -19.11 176.49 78.00 Elastic ESTC ... dd 118.21 -0.36 33.27 30.84 11.82 LeviStrauss LEVI 0.4 dd 26.76 -0.53 ... 35.00 7.89 RLX Tech RLX ... ... 11.31 -0.42 19.29 144.53 100.45 WasteMgt WM 1.6 38 140.68 0.13
n-

-11.85 131.94 71.35 BioMarinPharm BMRN ... 19 77.30 -0.06 -0.47 150.30 110.15 ElectronicArts EA 0.5 50 142.93 ... -19.18 47.70 14.31 LiAuto LI ... dd 23.30 -0.35 3.03 99.30 71.19 RPM RPM 1.6 27 93.53 -0.21 s 30.24 326.85 171.38 Waters WAT ... 33 322.25 -1.49
150.25 213.15 46.55 BioNTech BNTX ... 36 204.00 6.30 19.06 96.90 58.67 EmersonElec EMR 2.1 27 95.69 0.24 5.00 168.52 116.78 LibertyBroadbandC LBRDK ... 67 166.29 -0.39 19.61 142.06 63.90 RalphLauren RL 2.2 dd 124.08 -1.56 28.63 307.81 167.79 Watsco WSO 2.7 39 291.40 2.58
-16.93 97.19 68.33 BlackKnight BKI ... 45 73.39 -0.37 20.29 40.42 26.97 Enbridge ENB 7.0 16 38.48 -0.17 2.84 163.87 116.60 LibertyBroadbandA LBRDA 0.0 65 162.06 -0.29 38.59 138.56 64.98 RaymondJames RJF 1.2 18 132.59 0.80 35.75 369.00 163.62 Wayfair W ... 72 306.54 -13.57
21.55 888.29 515.72 BlackRock BLK 1.9 25 877.04 0.61 ... 33.20 23.25 Endeavor EDR ... ... 29.65 1.15 15.10 28.70 18.36 LibertyGlobal C LBTYK ... dd 27.22 0.28 s 24.05 88.83 51.92 RaytheonTech RTX 2.3 dd 88.71 0.10 24.03 63.55 28.93 Weibo WB ... 38 50.84 -0.09
s 42.99 93.00 49.26 Blackstone BX 2.9 17 92.67 0.52 -17.40 8.94 6.22 EnelAmericas ENIA 2.7 13 6.79 0.10 12.76 29.07 18.73 LibertyGlobal A LBTYA ... dd 27.31 0.42 10.02 71.84 54.65 RealtyIncome O 4.1 71 68.40 0.43 54.80 48.13 20.76 WellsFargo WFC 0.9 32 46.72 -0.04
15.40 278.57 141.58 Boeing BA 0.0 dd 247.02 -3.68 60.19 10.50 4.98 EnergyTransfer ET 6.2 8 9.90 -0.11 5.40 42.87 27.30 LibertyFormOne A FWONA ... dd 40.04 -0.52 41.70 67.14 33.29 RegencyCtrs REG 3.7 73 64.60 0.48 15.71 77.54 47.18 Welltower WELL 3.3 dd 74.77 0.67
6.03 2516.00 1532.83 BookingHldgs BKNG ...138 2361.55 26.77 -18.48 229.04 37.81 EnphaseEnergy ENPH ...231 143.05 0.74 4.81 48.49 29.83 LibertyFormOne C FWONK ... dd 44.65 -0.82 4.00 664.64 441.00 RegenPharm REGN ... 14 502.43 7.09 19.84 91.53 26.93 WestFraserTimber WFG 0.8 5 77.01 -0.93
-2.58 100.26 70.11 BoozAllen BAH 1.7 19 84.93 -0.53 19.09 126.41 56.16 Entegris ENTG 0.3 49 114.45 0.56 12.26 34.99 17.19 LibertyBraves A BATRA ... dd 27.92 -0.35 45.22 23.51 9.79 RegionsFin RF 2.6 15 23.41 0.04 s 22.66 349.26 197.72 WestPharmSvcs WST 0.2 62 347.51 2.81
no

32.74 54.21 31.04 BorgWarner BWA 1.3 28 51.29 0.04 5.43 113.36 85.78 Entergy ETR 3.6 13 105.26 0.46 9.93 31.76 16.80 LibertyBraves C BATRK ... dd 27.35 -0.41 8.74 134.93 66.99 ReinsGrp RGA 2.2 13 126.03 -0.28 66.82 109.84 30.34 WestAllianceBcp WAL 1.0 16 100.01 0.44
6.42 1349.98 498.29 BostonBeer SAM ... 55 1058.16 27.71 20.52 24.30 14.90 EnterpriseProd EPD 7.6 14 23.61 0.01 ... 47.32 31.54 LibertySirius C LSXMK ... 53 43.51 -0.01 40.35 181.21 89.38 RelianceSteel RS 1.6 19 168.07 -0.24 35.82 77.54 33.53 WesternDigital WDC 0.0 67 75.23 -0.63
s 24.36 117.96 69.69 BostonProps BXP 3.3 40 117.56 0.91 21.88 242.13 135.98 Equifax EFX 0.7 49 235.04 -0.47 s 19.43 51.70 32.94 LibertySirius B LSXMB ... 62 51.70 5.21 -4.71 228.84 109.38 Repligen RGEN ...126 182.61 1.16 11.53 26.61 19.07 WesternUnion WU 3.8 14 24.47 -0.16
18.36 44.63 32.99 BostonSci BSX ...435 42.55 0.59 3.16 839.77 586.73 Equinix EQIX 1.6161 736.72 1.63 1.09 47.20 31.64 LibertySirius A LSXMA ... 52 43.66 -0.77 13.37 113.28 78.22 RepublicSvcs RSG 1.6 34 109.18 0.18 23.62 105.84 46.33 WestlakeChem WLK 1.1 31 100.87 -0.34
-16.75 73.50 26.17 BridgeBioPharma BBIO ... dd 59.20 1.21 33.43 22.39 12.11 Equinor EQNR 1.4 dd 21.91 0.32 2.27 82.53 18.00 LightspeedPos LSPD ... dd 71.99 -0.84 -3.16 224.43 156.57 ResMed RMD 0.8 66 205.85 -0.11 37.32 20.80 11.15 WestpacBanking WBK 3.3 24 20.46 0.07
5.95 67.96 54.07 BristolMyers BMY 3.0 dd 65.72 0.01 24.07 35.46 17.33 Equitable EQH 2.3 dd 31.75 -0.26 18.30 218.00 129.21 EliLilly LLY 1.7 30 199.74 0.54 14.09 71.12 51.12 RestaurantBrands QSR 3.0 41 69.72 0.35 33.98 62.03 25.44 WestRock WRK 1.6 dd 58.32 0.26
3.15 41.58 31.60 BritishAmTob BTI 7.7 11 38.67 -0.53 11.84 71.87 57.93 EquityLife ELS 2.0 47 70.86 0.50 38.72 71.19 29.42 LincolnNational LNC 2.4 20 69.79 -0.05 -30.74 449.00 229.00 RingCentral RNG ... dd 262.47 4.08 13.21 41.68 19.78 Weyerhaeuser WY 1.8 21 37.96 -0.36
7.87 495.14 281.91 Broadcom AVGO 3.0 55 472.33 4.65 s 30.65 77.77 45.42 EquityResdntl EQR 3.1 47 77.45 0.76 14.08 303.87 197.26 Linde LIN 1.4 55 300.60 -0.18 16.23 95.97 53.07 RioTinto RIO 5.3 14 87.43 -0.31 15.05 57.89 34.85 WheatonPrecMet WPM 1.2 38 48.02 0.13
4.10 167.53 117.20 BroadridgeFinl BR 1.4 36 159.48 -0.16 -18.11 266.77 172.16 ErieIndemnity A ERIE 2.1 34 201.13 -0.83 20.27 417.98 118.09 LithiaMotors LAD 0.4 15 351.99 -6.12 42.11 91.28 48.29 RobertHalf RHI 1.7 31 88.79 -0.15 31.36 257.68 116.57 Whirlpool WHR 2.4 11 237.09 -4.27
s 21.98 50.51 29.09 BrookfieldMgt BAM 1.0 63 50.34 0.17 1.08 48.89 38.28 EssentialUtil WTRG 2.1 29 47.80 0.21 22.63 94.63 42.21 LiveNationEnt LYV ... dd 90.11 -0.41 s ... 98.95 60.50 Roblox RBLX ... dd 93.77 -3.70 31.37 26.73 17.48 Williams WMB 6.2 28 26.34 0.04
9.76 55.54 38.73 BrookfieldInfr BIP 3.8130 54.22 0.16 24.37 300.74 186.30 EssexProp ESS 2.8 46 295.29 3.79 43.37 2.83 1.17 LloydsBanking LYG 1.1 44 2.81 -0.02 -12.41 43.00 16.22 RocketCos. RKT 0.0 0 17.71 -0.64 66.48 194.69 76.90 Williams-Sonoma WSM 1.4 15 169.54 -1.57
s 25.44 18.80 9.73 BrookfieldPropREIT BPYU 7.1 dd 18.74 0.06 15.15 318.34 183.22 EsteeLauder EL 0.7 82 306.52 2.97 7.67 417.62 319.81 LockheedMartin LMT 2.7 15 382.20 -2.59 5.15 275.43 200.60 Rockwell ROK 1.6 19 263.72 0.63 24.06 271.87 179.31 WillisTowers WLTW 1.1 24 261.36 0.37
-26.69 63.31 26.89 BrookfieldRenew BEPC 2.8 dd 42.72 -0.38 -7.41 251.86 74.82 Etsy ETSY ... 47 164.73 -2.01 29.68 59.39 31.18 Loews L 0.4 dd 58.38 0.20 10.86 52.84 37.84 RogersComm B RCI 3.2 22 51.65 0.30 s 40.35 7.98 3.08 Wipro WIT 0.2 31 7.93 0.01
10.78 54.37 39.49 Brown&Brown BRO 0.7 28 52.52 0.11 11.05 281.27 192.09 EverestRe RE 2.4 12 259.96 0.03 s 26.66 123.73 56.76 LogitechIntl LOGI 0.7 22 123.10 1.10 4.42 486.72 100.19 Roku ROKU ...449 346.71 -2.32 3.96 362.07 208.51 Wix.com WIX ... dd 259.86 0.63
1.17 83.40 60.81 Brown-Forman B BF.B 0.9 42 80.36 0.49 11.67 65.43 48.61 Evergy EVRG 3.5 19 61.99 0.68 21.38 215.22 123.09 Lowe's LOW 1.2 21 194.83 1.06 -12.75 43.00 26.57 Rollins ROL 0.9 54 34.09 0.23 -4.54 282.77 169.70 Workday WDAY ... dd 228.72 -0.63
2.08 83.01 54.29 Brown-Forman A BF.A 1.0 40 75.00 0.93 -6.15 96.66 76.64 EversourceEner ES 3.0 23 81.19 0.04 -14.15 20.17 9.85 LufaxHolding LU ... ... 12.19 -0.17 4.39 455.72 362.90 RoperTech ROP 0.5 48 450.01 2.52 16.87 143.88 67.54 WynnResorts WYNN 0.0 dd 131.87 -0.80
28.28 71.28 36.82 Bruker BRKR 0.2 52 69.44 0.04 -16.57 159.54 70.75 ExactSciences EXAS ... dd 110.53 -0.66 -7.15 399.90 269.28 lululemon LULU ... 72 323.13 -4.98 2.92 134.22 79.65 RossStores ROST 0.9 52 126.39 0.73 -0.03 52.94 29.19 XP XP ... 50 39.66 0.94
9.14 53.99 19.03 BuildersFirstSrc BLDR ... 13 44.54 -0.61 6.87 46.37 33.97 Exelon EXC 3.4 40 45.12 0.52 41.95 16.60 8.51 LumenTech LUMN 7.2 dd 13.84 -0.12 s 26.72 104.85 64.34 RoyalBkCanada RY 3.3 17 103.99 -0.53 23.26 149.89 71.69 XPO Logistics XPO ...112 146.93 1.24
... 84.80 38.91 Bumble BMBL ... ... 47.72 1.74 33.65 187.93 75.75 Expedia EXPE 0.0 dd 176.95 2.84 16.20 68.28 21.34 Lyft LYFT ... dd 57.09 1.60 24.88 99.24 45.06 RoyalCaribbean RCL 0.0 dd 93.27 -1.49 6.31 76.44 57.23 XcelEnergy XEL 2.6 24 70.88 0.61
32.39 92.38 37.82 Bunge BG 2.4 6 86.82 -0.19 32.15 126.30 71.94 ExpeditorsIntl EXPD 0.9 25 125.69 1.21 22.87 116.77 60.04 LyondellBasell LYB 3.7 16 112.62 -0.94 9.87 44.50 23.07 RoyalDutchA RDS.A 2.9 dd 38.61 -0.20 -10.42 154.93 88.08 Xilinx XLNX 0.0 49 127.00 3.98
23.64 339.28 168.46 BurlingtonStrs BURL ... 76 323.37 -1.28 s 29.30 150.23 88.88 ExtraSpaceSt EXR 2.7 34 149.81 2.51 8.06 42.29 21.79 RoyalDutchB RDS.B 3.7 dd 36.32 -0.29 -24.98 74.49 10.00 XPeng XPEV ... dd 32.13 -0.26
39.96 89.50 41.02 CBRE Group
25.52 184.58 105.87 CDW
CBRE
CDW
... 35 87.78 0.19
1.0 28 165.42 -1.76
41.61 64.02 31.11 ExxonMobil
5.39 216.15 116.79 F5Networks
XOM
FFIV
6.0 dd 58.37
... 41 185.43
-0.19
-1.77
MN -19.84 56.50 34.80 RoyaltyPharma RPRX
6.16 121.40 63.85 Ryanair RYAAY
1.7 15 40.12
... dd 116.75
-0.05
1.16
16.04 121.00 60.92 Xylem
-2.93 74.32 39.76 Yandex
XYL
YNDX
0.9 71 118.12
...119 67.54
0.52
-0.36
37.35 57.19 25.30 CF Industries CF 2.3 29 53.17 0.34 1.53 123.66 93.52 FMC FMC 1.6 29 116.69 0.45 26.23 168.27 88.48 M&T Bank MTB 2.7 14 160.69 1.51 7.32 169.30 104.64 SAP SAP 2.1 26 139.93 1.58 10.51 122.72 84.17 YumBrands YUM 1.7 32 119.97 -0.12
12.72 91.39 60.58 CGI GIB ... 25 89.40 -0.06 20.34 333.78 207.11 Facebook FB ... 28 328.73 -4.02 14.60 36.39 25.01 MGMGrowthProp MGP 5.5 26 35.87 0.32 15.44 398.55 303.50 S&P Global SPGI 0.8 37 379.47 -1.07 s 18.48 67.97 44.11 YumChina YUMC 0.7 29 67.64 0.57
3.36 106.75 75.58 CH Robinson CHRW 2.1 22 97.02 -0.11 0.56 365.77 279.01 FactSet FDS 1.0 33 334.36 2.10 36.05 43.90 14.65 MGM Resorts MGM 0.0 dd 42.87 -0.92 5.67 328.37 232.88 SBA Comm SBAC 0.8242 298.12 0.98 10.05 38.99 26.44 ZTO Express ZTO 0.0 40 32.09 0.51
20.16 219.72 146.89 CME Group CME 1.6 41 218.76 0.67 -0.97 547.57 380.00 FairIsaac FICO ... 54 506.06 4.41 25.11 199.44 100.81 MKS Instrum MKSI 0.5 26 188.23 1.31 10.39 63.83 48.70 SEI Investments SEIC 1.1 20 63.44 0.06 31.27 193.54 67.51 ZaiLab ZLAB ... dd 177.66 8.48
2.84 67.98 53.19 CMS Energy CMS 2.8 21 62.74 0.44 -27.39 73.87 13.20 Farfetch FTCH ... dd 46.33 2.11 32.24 29.87 15.04 MPLX MPLX 9.6 11 28.63 -0.11 s 30.88 32.09 18.05 SK Telecom SKM 2.5 17 32.04 0.48 29.33 518.66 244.32 ZebraTech ZBRA ... 42 497.05 -1.05
22.72 49.08 28.37 CNA Fin CNA 3.2 12 47.81 0.33 8.62 54.32 39.15 Fastenal FAST 2.1 35 53.04 0.29 4.84 495.16 299.09 MSCI MSCI 0.7 60 468.13 3.76 1.54 75.94 53.45 SS&C Tech SSNC 0.9 28 73.87 -0.01 -4.51 166.60 77.75 Zendesk ZEN ... dd 136.66 -0.39
33.64 17.62 6.02 CNH Indl CNHI 0.8 dd 17.16 -0.11 34.33 118.50 67.01 FederalRealty FRT 3.7 75 114.34 1.42 16.14 50.00 32.61 MagellanMid MMP 8.3 15 49.29 0.16 1.24 36.40 19.26 StoreCapital STOR 4.2 44 34.40 0.36 -9.61 208.11 54.31 Zillow C Z ...690 117.32 1.97
22.29 52.82 31.96 CRH CRH 2.2 36 52.07 -0.23 21.26 319.90 126.44 FedEx FDX 0.8 21 314.81 -0.78 s 42.08 100.79 41.17 MagnaIntl MGA 1.7 27 100.59 0.57 50.30 595.90 199.70 SVB Fin SIVB ... 19 582.89 -1.80 -12.98 212.40 54.26 Zillow A ZG ...695 118.29 1.62
-22.81 220.20 58.02 CRISPR Therap CRSP ... dd 118.18 -0.22 14.75 138.17 76.48 Ferguson FERG 2.1 23 135.98 -0.85 29.28 146.84 81.13 ManhattanAssoc MANH ...100 135.98 0.23 7.00 284.50 167.00 Salesforce.com CRM ... 54 238.10 12.27 9.24 180.36 112.00 ZimmerBiomet ZBH 0.6 62 168.33 0.70
10.33 104.87 65.37 CSX CSX 1.1 28 100.12 0.25 -8.11 233.66 164.23 Ferrari RACE 0.5 51 210.91 0.91 17.28 22.25 12.12 ManulifeFin MFC 4.4 10 20.90 0.01 9.96 55.00 44.76 Sanofi SNY 2.6 10 53.43 0.47 33.24 60.65 27.55 ZionsBancorp ZION 2.3 12 57.88 0.01
26.56 90.61 55.36 CVS Health CVS 2.3 15 86.44 0.02 20.21 47.95 29.29 FidNatlFin FNF 3.1 7 46.99 0.37 81.56 13.29 3.73 MarathonOil MRO 1.1 dd 12.11 0.02 72.12 38.36 16.03 SantanderCons SC 2.3 7 37.90 -0.01 6.76 178.71 130.41 Zoetis ZTS 0.6 48 176.68 2.01
-18.50 2326.80 1674.35 CableOne CABO 0.6 36 1815.56 18.60 5.32 156.72 120.17 FidNatlInfo FIS 1.0 dd 148.98 -0.82 s 49.42 61.97 26.56 MarathonPetrol MPC 3.8 dd 61.80 0.40 84.65 17.98 4.55 Sasol SSL 0.0 dd 16.36 -0.07 -1.72 588.84 167.86 ZoomVideo ZM ...148 331.53 5.10
-6.92 149.08 87.75 CadenceDesign CDNS ... 54 126.99 -0.14 52.85 43.06 17.28 FifthThirdBncp FITB 2.6 16 42.14 -0.07 33.83 41.00 23.62 MaravaiLifeSci MRVI ... ... 37.54 -0.06 43.52 34.33 13.70 Schlumberger SLB 1.6 dd 31.33 -0.01 -9.12 64.40 30.83 ZoomInfoTech ZI ... dd 43.83 -0.42
11.75 31.94 13.80 CAE CAE 0.0 dd 31.00 0.46 49.45 19.44 8.31 FirstHorizon FHN 3.1 10 19.07 -0.05 18.60 1268.96 880.59 Markel MKL ... 6 1225.49 -8.42 s 39.23 74.31 31.63 SchwabC SCHW 1.0 33 73.85 ... -2.76 230.88 85.50 Zscaler ZS ... dd 194.20 -0.06
44.67 109.19 29.06 CaesarsEnt CZR ... dd 107.45 -0.48 s 30.29 192.76 100.38 FirstRepBank FRC 0.5 30 191.44 -0.22 -18.23 606.45 431.19 MarketAxess MKTX 0.6 58 466.54 4.51 9.15 254.34 126.75 ScottsMiracleGro SMG 1.1 23 217.37 1.89 9.83 12.32 7.77 Zynga ZNGA ... dd 10.84 0.07

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
Intl Stk 49.81 +0.28 14.0 BluCh 175.09 +0.36 7.4 Harbor Funds PIMCO Funds I2 GNMAAdml 10.65 ... -0.6 VANGUARD FDS MdCpGrAdml 96.38 +0.33 5.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Stock 240.74 -0.81 26.3 Contra 18.02 +0.05 9.9 CapApInst 105.84 +0.32 1.6 Income NA ... NA GrwthAdml 139.34 +0.23 7.0 DivdGro 36.65 +0.05 10.9 MdCpVlAdml 74.58 +0.03 21.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e DoubleLine Funds ContraK 18.07 +0.06 10.0 Harding Loevner PIMCO Funds Instl HlthCareAdml r 94.69 +0.27 5.7 INSTTRF2020 NA ... NA SmValAdml 75.60 -0.07 24.3
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, TotRetBdI NA ... NA CpInc r 11.28 ... 6.5 IntlEq 30.22 +0.11 6.3 IncomeFd NA ... NA HYCorAdml r 5.95 ... 1.3 INSTTRF2025 NA ... NA TotBd2 11.09 +0.01 -2.5
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Edgewood Growth Instituti GroCo 35.42 +0.14 7.8 Invesco Funds Y Price Funds InfProAd 28.54 +0.01 1.0 INSTTRF2030 NA ... NA TotIntlInstIdx r142.71 +0.47 10.2
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not EdgewoodGrInst NA ... NA GrowCoK 35.52 +0.14 7.8 DevMktY 57.04 +0.26 6.7 BlChip 175.79 +0.25 6.2 IntlGrAdml 164.79 +0.94 2.8 INSTTRF2035 NA ... NA TotItlInstPlId r142.76 +0.48 10.2
available due to incomplete price, performance or cost data. NE-Not released by Lipper; Fidelity InvGrBd 11.63 ... -1.6 John Hancock Instl DivGro 66.98 +0.05 11.9 ITBondAdml 12.12 +0.01 -2.6 INSTTRF2040 NA ... NA TotSt 106.08 +0.09 12.3
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 500IdxInstPrem146.18 +0.13 12.6 LowP r 58.87 +0.07 21.1 DispValMCI 28.54 +0.01 22.4 EqInc 37.78 ... 21.3 ITIGradeAdml 10.13 +0.01 -1.7 INSTTRF2045 NA ... NA VANGUARD INSTL FDS
Contrafund K6 20.67 +0.05 9.5 Magin 13.23 +0.04 6.2 JPMorgan I Class Growth 104.71 +0.03 8.0 LTGradeAdml 10.79 +0.01 -6.9 INSTTRF2050 NA ... NA BalInst 46.78 +0.04 6.3
ExtMktIdxInstPre 87.73 +0.09 11.6 NASDAQ r 173.02 +0.15 6.9 CoreBond 11.96 ... NA HelSci 102.50 +0.37 3.7 MidCpAdml 289.58 +0.57 13.3 INSTTRF2055 NA ... NA DevMktsIndInst 16.87 +0.05 11.1
Friday, May 28, 2021 FidSerToMarket 14.46 +0.02 12.4 OTC 18.98 +0.04 8.3 EqInc 22.94 +0.03 NA LgCapGow I 66.95 +0.09 9.4 MuHYAdml 12.11 DevMktsInxInst 26.38 +0.09 11.2
... 2.5 IntlVal 45.34 +0.14 12.6
Net YTD Net YTD Net YTD GrowthCompanyK6 20.77 +0.09 8.0 Puritn 28.50 +0.05 9.8 JPMorgan R Class MidCap 120.40 +0.32 6.5 MuIntAdml 14.83 ExtndInst 138.71 +0.14 11.6
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret ... 0.7 LifeCon NA ... NA
IntlIdxInstPrem 50.30 +0.21 10.5 SrsEmrgMkt 26.49 +0.17 6.1 CoreBond 11.97 ... NA NHoriz 83.94 +0.43 2.0 MuLTAdml 12.25 ... 1.2 LifeGro NA ... NA GrwthInst 139.35 +0.23 7.0
American Century Inv IntlVal Inst 46.50 +0.08 NA Columbia Class I MidCpInxInstPrem 30.95 +0.04 14.6 SrsGlobal 15.75 +0.07 9.8 Lord Abbett A R2020 24.28 +0.02 6.7 MuLtdAdml 11.24 ... 0.4 LifeMod NA ... NA
InPrSeIn 11.63 +0.01 1.0
Ultra 79.94 +0.08 5.3 Baird Funds DivIncom I 29.53 +0.06 14.9 SAIUSLgCpIndxFd 22.11 +0.02 12.6 SrsGroCoRetail 24.64 +0.10 8.2 ShtDurIncmA p NA ... NA R2025 20.86 +0.02 7.7 MuShtAdml 15.94 +0.01 InstIdx 368.05 +0.33 12.6
0.3 PrmcpCor 34.08 ... 17.6
American Funds Cl A AggBdInst 11.41 ... -2.3 Dimensional Fds SeriesBondFd 10.44 ... -2.5 SrsIntlGrw 19.39 +0.11 9.1 Lord Abbett F R2030 30.98 +0.03 8.9 PrmcpAdml r176.22 +0.16 InstPlus 368.07 +0.33 12.6
14.5 STAR NA ... NA
AmcpA p 43.07 +0.02 10.1 CorBdInst 11.79 ... -2.0 5GlbFxdInc 10.93 ... 0.4 SeriesOverseas 13.65 +0.08 10.1 SrsIntlVal 11.53 +0.04 14.3 ShtDurIncm NA ... NA R2035 23.37 +0.03 10.0 RealEstatAdml141.55 +0.93
InstTStPlus 82.85 +0.06 12.4
18.3 TgtRe2015 NA ... NA
AMutlA p 50.45 +0.12 EmgMktVa 33.06 +0.25 MidCpInst 63.97 +0.12 13.3
13.6 BlackRock Funds 15.6 SmCpIdxInstPrem 28.81 -0.04 15.3 TotalBond 11.06 ... -1.5 Metropolitan West R2040 33.78 +0.04 11.0 SmCapAdml 106.68 -0.02 14.8 TgtRe2020 NA ... NA
BalA p 32.73 +0.03 8.7 HiYldBd Inst 7.83 ... 2.5 EmMktCorEq 26.82 +0.10 10.6 TotRetBdI NA ... NA PRIMECAP Odyssey Fds MidCpIstPl 315.49 +0.61 13.3
TMktIdxInstPrem120.95 +0.11 12.4 Fidelity SAI SmGthAdml 97.31 +0.07 3.6 TgtRe2025 NA ... NA
SmCapInst 106.68 -0.02 14.8
BondA p 13.45 +0.01 -2.0 BlackRock Funds A IntlCoreEq 16.53 +0.04 13.6 USBdIdxInstPrem 12.05 ... -2.5 TotalBd 10.52 ... -1.3 TRBdPlan NA ... NA AggGrowth r 57.50 +0.09 7.1 STBondAdml 10.80 ... -0.1 TgtRe2030 NA ... NA
CapIBA p 68.98 +0.19 10.1 GlblAlloc p 22.93 ... 6.5 IntSmCo 23.08 +0.04 13.9 Northern Funds SmCapIstPl 307.92 -0.05 14.8
Fidelity Advisor I Fidelity Selects Schwab Funds STIGradeAdml 10.99 +0.01 0.3 TgtRe2035 NA ... NA
StkIdx 47.13 +0.04 12.6 1000 Inv r STIGradeInst 10.99 +0.01 0.4
CapWGrA 65.14 +0.20 10.0 BlackRock Funds III IntSmVa 22.27 +0.07 16.5 NwInsghtI 40.59 +0.13 10.2 Softwr r 28.47 +0.13 6.6 NA ... NA STIPSIxAdm 26.25 ... 2.7 TgtRe2040 NA ... NA STIPSIxins 26.27 ... 2.7
EupacA p 73.55 +0.50 6.1 iShS&P500IdxK498.38 +0.44 12.6 LgCo 31.59 +0.03 12.6 Fidelity Freedom Tech r 26.33 +0.12 3.7 Old Westbury Fds S&P Sel NA ... NA TotBdAdml 11.24 +0.01 -2.5 TgtRe2045 NA ... NA
LrgCpStr 18.69 +0.03 9.0 TSM Sel r TotBdInst 11.24 +0.01 -2.5
FdInvA p 77.86 +0.10 12.9 BlackRock Funds Inst TAUSCoreEq2 26.60 +0.01 16.0 FF2020 17.39 +0.03 6.1 First Eagle Funds NA ... NA TotIntBdIdxAdm 22.74 -0.01 -2.5 TgtRe2050 NA ... NA TotBdInst2 11.09 +0.01 -2.5
GwthA p 72.50 +0.03 7.3 EqtyDivd 24.08 +0.02 19.0 US CoreEq1 34.12 ... 15.3 FF2025 15.92 +0.03 7.0 GlbA 68.79 +0.16 12.3 Parnassus Fds VANGUARD ADMIRAL TotIntlAdmIdx r 35.69 +0.12 10.2 TgtRet2055 NA ... NA TotBdInstPl 11.24 +0.01 -2.5
ICAA p 49.91 +0.02 12.7 StratIncOpptyIns 10.38 ... 1.1 US CoreEq2 31.40 ... 16.8 FF2030 20.00 +0.04 8.1 Franklin A1 ParnEqFd NA ... NA 500Adml 388.93 +0.34 12.6 TotStAdml 106.12 +0.09 12.4 TgtRetInc NA ... NA TotIntBdIdxInst 34.12 -0.03 -2.5
IncoA p 26.06 +0.04 11.4 Bridge Builder Trust US Small 47.53 -0.02 24.0 FF2035 17.50 +0.04 10.4 IncomeA1 p NA ... NA PGIM Funds Cl Z BalAdml 46.77 +0.03 6.3 TxMCapAdml221.21 +0.26 12.3 TotIntBdIxInv 11.37 -0.01 -2.5 TotStInst 106.13 +0.08 12.4
N PerA p 65.64 +0.26 8.5 CoreBond 10.48 ... -2.1 US SmCpVal 46.51 -0.05 35.3 FF2040 12.56 +0.03 12.0 FrankTemp/Frank Adv HighYield 5.57 ... 3.2 CAITAdml 12.30 +0.01 0.4 TxMIn r 16.85 +0.05 11.1 USGro 67.39 +0.12 2.7 ValueInst 54.56 +0.02 18.2
NEcoA p 62.42 +0.04 4.9 CorePlusBond 10.36 ... -1.6 US TgdVal 31.47 -0.03 33.9 Freedom2025 K 15.89 +0.03 7.0 IncomeAdv NA ... NA TotalReturnBond NA ... NA CapOpAdml r201.85 +0.45 13.7 USGroAdml 174.60 +0.32 2.7 WellsI 29.42 +0.02 4.5 WCM Focus Funds
NwWrldA 95.09 +0.32 8.1 Intl Eq 14.83 +0.02 11.0 USLgVa 46.02 -0.08 23.1 Freedom2030 K 19.98 +0.04 8.1 FrankTemp/Franklin A PIMCO Fds Instl DivAppIdxAdm 42.23 +0.04 10.5 ValAdml 54.56 +0.01 18.2 Welltn 47.93 +0.03 8.7 WCMFocIntlGrwIns 26.83 +0.10 8.4
SmCpA p 86.68 +0.07 9.0 LargeCapGrowth 22.34 +0.06 8.6 Dodge & Cox Freedom2035 K 17.48 +0.04 10.4 Growth A p NA ... NA AllAsset NA ... NA EMAdmr 44.69 +0.16 7.4 WdsrllAdml 81.56 +0.07 18.7 WndsrII 45.96 +0.04 18.7 Western Asset
TxExA p 13.69 ... 1.3 LargeCapValue 17.52 +0.01 19.5 Balanced 116.80 -0.25 16.8 Freedom2040 K 12.56 +0.03 12.1 RisDv A p NA ... NA TotRt NA ... NA EqIncAdml 92.22 +0.07 17.0 WellsIAdml 71.28 +0.06 4.6 VANGUARD INDEX FDS CoreBondI NA ... NA
WshA p 57.83 +0.06 15.7 Calamos Funds GblStock 16.15 +0.02 21.4 Fidelity Invest Guggenheim Funds Tru PIMCO Funds A ExplrAdml 131.53 -0.03 9.9 WelltnAdml 82.77 +0.05 8.8 ExtndIstPl 342.33 +0.36 11.6 CorePlusBdI NA ... NA
Artisan Funds MktNeutI 14.24 +0.04 2.5 Income 14.29 ... -1.3 Balanc 30.79 +0.03 9.1 TotRtnBdFdClInst NA ... NA IncomeFd NA ... NA ExtndAdml 138.72 +0.14 11.6 WndsrAdml 86.18 +0.01 20.7 IdxIntl 21.33 +0.07 10.2 CorePlusBdIS NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Saturday/Sunday, May 29 - 30, 2021 * ***** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Drug Search Ends With a Bitcoin Surprise

BY PAUL J. DAVIES computers used stolen elec- to CoinDesk, a research web- electricity from Iran’s power
AND CAITLIN OSTROFF tricity by tapping directly into site that tracks cryptocurren- grid each day, according to the
the power supply outside of cies. On that same day, bit- BBC.
British police got a shock the warehouse’s circuits. Po- coin’s dollar value peaked at A single gigawatt is enough
when they raided a suspected lice said the mine consumed $63,381.20. to power 110 million LED
illegal cannabis farm this the equivalent of thousands of Bitcoin’s high energy use lights, or is equivalent to the
week: Instead of halogen dollars worth of electricity. has drawn criticism in recent power of 1.3 million horses,
lamps and weed, they found Cryptocurrency mining, weeks from Tesla Inc.’s Elon according to the U.S. Depart-
about 100 computers mining particularly for bitcoin, has Musk. As more people com- ment of Energy.
bitcoin. become a lucrative business as pete to harvest the cryptocur- Global crypto mining con-
Officers from the West Mid- its value has shot higher, rency, the harder the mathe- sumes about 114 terawatt-
lands Police forced entry into peaking at about $60,000 per matical puzzles get and the hours a year, which is more

WEST MIDLANDS POLICE

the warehouse in an area west bitcoin in April. But mining more energy is required to than the annual electricity
of the city of Birmingham the coins, where computers gain it. needs of the Netherlands or
known as the Black Country race to solve complex mathe- Chinese officials have also the Philippines, according to a
with a drug warrant, after in- matical puzzles, is also hugely recently indicated that they tool built by researchers at
telligence suggested it was be- energy-intensive and very will be taking measures to curb University of Cambridge Judge
ing used to grow the illegal costly. bitcoin mining in China, one of Business School’s Centre for
crop. “My understanding is that A cryptocurrency mine in the U.K. was found stealing electricity. the largest markets for it. Alternative Finance.
Unusual amounts of wiring mining for cryptocurrency is Some mining services have al- Indoor cannabis farms also
and ventilation were visible on not itself illegal, but clearly “all the hallmarks of a canna- coins produced have fetched ready started banning main- use heavy amounts of electric-
the outside of the building and abstracting electricity from bis cultivation setup,” Sgt. high prices. land China internet addresses ity to power lights, fans, water
a drone had measured high the mains supply to power it Griffin said. “It’s certainly not On top of this, when a com- from accessing their platforms pumps and heating systems.
levels of heat rising from it— is,” Sgt. Jennifer Griffin said in what we were expecting.” puter successfully solves the in the wake of those comments. U.S. cannabis farms consumed
classic signs of a cannabis fac- a statement Thursday. She Cryptocurrency mining has puzzle, it is able to process Iran this week banned about 1% of national electrical
tory. But the officers broke in added that no arrests were boomed as the value of bit- some bitcoin transactions on crypto mining for four months power in 2012, according to a
to discover a huge bank of made at the premises, but that coins rocketed this year. When the network and can charge a after a series of unplanned study by the Lawrence Berke-
computers in what they now the police would be making in- computers compete to harvest fee for those services. Daily blackouts in cities. President ley National Laboratory. To-
suspect was a cryptocurrency quiries with the owner of the fresh coins by solving mathe- revenue from mining globally Hassan Rouhani told a cabinet day, that would be equivalent
mine. warehouse. matical puzzles—a process reached a record high of $77.8 meeting that crypto mining to nearly 40 terawatt-hours a
They also found that the The British warehouse had known as mining—the new million on April 15, according was draining 2 gigawatts of year.

Theranos Founder’s Team

Poses 100 Juror Questions

.
BY SARA RANDAZZO the proposed list of questions blood-testing machines it
“far too long, deeply intrusive sometimes altered.

ly
Theranos Inc. founder in unnecessary ways, argu- Once valued at $9 billion,
Elizabeth Holmes has more mentative, and repetitive,” ac- Theranos dissolved in 2018
than 100 questions for poten- cording to an email Ms. after the wire fraud charges
tial jurors in her coming fraud
trial, including whether they
have ever called a radio show,
posted opinions on social me-
Holmes included in a Thurs-
day court filing. The govern-
ment is asking instead for a
more standardized, 15-page
on were brought against Ms.
Holmes and the company’s
former chief operating officer,
Ramesh “Sunny” Balwani,
dia or taken any medication form to help vet the jury pool. who has also pleaded not
us ,

NINA RIGGIO/BLOOMBERG NEWS

that could affect their ability Ms. Holmes has pleaded guilty and is set to face a sep-
l

to serve. not guilty to wire fraud arate trial.

e
al a

Ms. Holmes’s lawyers have charges accusing her of mis- Jury selection often marks
proposed the queries for po- leading patients, doctors and the first courtroom clash in
tential jurors in a 45-page investors about Theranos’s any trial, as prosecutors and
ci on

form submitted this week to technology, which purported defense lawyers try to influ-
the federal judge overseeing to test for a variety of health ence the panel’s makeup. Fi-
her trial, scheduled to begin conditions with blood ex- nalizing the rules for jury se-
in late August. Her lawyers tracted from a finger prick. lection is one of the last steps Elizabeth Holmes, founder of Theranos, right, arriving at U.S. federal court in San Jose, Calif., May 6.
say the unusually long jury The Wall Street Journal first to be hashed out between Ms.
er s

questionnaire is necessary to reported in late 2015 that the Holmes and the U.S. attor- ror questionnaires from Ms. for the details and frequency tional media, and a coming
root out juror bias because of company performed few ney’s office in the Northern Holmes and prosecutors that of such posts. One asks to de- movie. More than 400,000 re-
m er

the extensive publicity around blood tests on its proprietary District of California ahead of differ substantially in length tail any medications being sults appear on Google for
the downfall of Ms. Holmes’s machines, which produced un- the monthslong trial. and tone. The government’s taken that could affect their “Theranos AND Holmes,” her
blood-testing company. reliable results, and instead U.S. District Judge Edward proposal includes questions ability to serve, offering the filing points out, to under-
Federal prosecutors called ran most tests on standard Davila is weighing dueling ju- around potential jurors’ work example of Xanax making score the volume of informa-
and education, as well as an someone sleepy. tion potential jurors may have
m rp

open-ended prompt around The amount of publicity seen.

ADVERTISEMENT what media they consume. around her case and the con- Her request also proposes
Ms. Holmes is proposing tinuing threat from Covid-19, interviewing potential jurors

The Marketplace asking jurors how often they

read a list of 46 online or
Ms. Holmes argues in a
Thursday filing, warrant such
privately one by one after
they have filled out the ques-
co Fo

To advertise: 800-366-3975 or WSJ.com/classifieds print publications, including a lengthy questionnaire to en- tionnaire, a process known as
the Journal, and a further 19 sure her constitutional rights voir dire, rather than in ear-
AUCTIONS BUSINESS OPPORTUNITIES
television, radio or podcast aren’t eroded. shot of other jurors as is of-
outlets. “Ms. Holmes is routinely ten the case.
One set of questions asks if referred to in derisive and in- Judge Davila has already
  
   the potential juror, a family flammatory terms that are di- ruled on motions to shape the
member or someone close to rectly relevant to the wire- evidence presented to any

 
 them has training or experi- fraud charges in this case,” jury, deciding to allow pa-


ence in a list of 26 sectors, in- her lawyers write in the fil- tients to testify about receiv-
   
cluding business, engineering, ing, noting that Theranos’s ing incorrect Theranos tests
 
  
law or scientific research. rise and eventual fall in 2018 while excluding specific de-
   Another asks if they have have been chronicled by docu- tails of purchases Ms. Holmes


 ever posted messages, com- mentaries, podcasts, a best- made with money prosecutors
 45 
n-

 ments or opinions online and selling book, local and na- say was ill-gotten.
  
 
   

Italian Suitor Makes Rival Bid

no

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Of $3.3 Billion for Welbilt
     BY CARA LOMBARDO Florida-based Welbilt had food-service equipment and
    !
 

  "  agreed in April to sell itself to operates globally, was founded
 # $ Welbilt Inc., which agreed rival Middleby Corp. for in 1963 and is privately held.
 %      to sell itself in a $2.9 billion 0.1240 Middleby share for One of Welbilt’s largest
 " 
    deal last month, received a each Welbilt share, an offer shareholders is Carl Icahn,
    topping bid valuing the food- that at the time was valued at who holds a roughly 7.5%
 
  !"  !"#$!# %& '  service-equipment maker at around $20.69 a share. stake. Mr. Icahn has a repre-
#$% 
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 Italy’s Ali Group said Fri- all-stock deal is superior to Ali and had agreed to vote in fa-
   day it made an all-cash offer Group’s bid because it allows vor of the Middleby deal.


    to buy the company for $23 a Welbilt shareholders to bene- Topping bids have been
      share on May 25. Welbilt’s fit from the combined com- common this year, as compa-
    shares climbed 24%, or $4.79, pany’s future growth. nies flush with cash and strong

! "# to close Friday at $24.71. Ali Group, which also makes stock prices go shopping.

     
    


 
    
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Chinese ‘Uber for Trucks’ Is Aiming
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To Raise at Least $1 Billion in IPO
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Full Truck Alliance Co., a tion. It could raise up to $2 bil- of November. Besides SoftBank
*&&&+
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023 COMMERCIAL REAL ESTATE an Uber-like service for the The company, also known as Sequoia Capital China and
trucking industry, filed for a Manbang Group, runs a mobile Tencent Holdings Ltd. among
 
 
  billion-dollar-plus initial pub- app that connects truck drivers its backers, the filing showed.
 
 

          
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AAAB;CDA<E3FB=:; Hong Kong and Liza On Thursday, it posted a down by Chinese regulators on
899 65G4 <99H IJI KLL MKKN Lin in Singapore preliminary listing document the tech sector. This month,
 
 on the website of the U.S. Se- the company and nine other
BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES
     lic offering in the U.S. curities and Exchange Commis- transport technology groups
The company, which counts sion. It didn’t disclose any were summoned for meetings
  
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  01O<45;<15 81P<64 /.98=<;<15 Q<154/ 379271Q >VV<6<2 85 WX?XJJ?JJJ 71 6:1Y? )ZB Corp.’s Vision Fund and Alpha- for the New York Stock Ex- nese ministries and agencies.
 

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people familiar with the situa- was valued at $11.7 billion as based compensation.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Convertible-Bond
Sales Are Soaring
Many companies pay
little or no interest;
record pace indicates
stock-price optimism
BY MAUREEN FARRELL
Publicly traded companies
are selling bonds that can con-
vert into stock at a record pace
this year, with nearly a third of
those issuers paying nothing in
interest, as they seek to take
advantage of low rates and in-
vestors’ ravenous appetite for
fast-growing firms.
So far this year, 97 U.S.-
listed companies have issued
$54.3 billion of convertible
bonds, according to Dealogic,
a data provider. That is the
highest year-to-date volume
ever—and 11% more than the
amount raised at this point in
2020, which was a record-set-
ting year for convertible-debt
issuance.
Bankers and advisers say
the pace of issuance has been
swift as inflation fears and the
potential for rising interest
rates have come to the front of
many investors’ minds.
The terms have been so
good for companies selling
convertible debt that 28 of
S&P, Dow End May Higher, AMC’s Gain in 2021 Tops 1,100%
Nasdaq’s Streak Is Clipped
BY CAITLIN OSTROFF
AND GUNJAN BANERJI
The S&P 500 edged higher
in the final trading day of the
week, notching a fourth con-
secutive month of gains.
The broad stock-market
gauge added 3.23 points, or
0.1%, to 4204.11. The tech-
heavy Nasdaq Composite
gained 12.46 points, or 0.1%, to
13748.74. The Dow Jones In-
dustrial Average gained 64.81
points, or 0.2%, to 34529.45.
The S&P 500 and Dow
clinched gains for
FRIDAY’S the month of May,
MARKETS while the Nasdaq
logged a decline,
snapping a six-month streak of
wins.
The month has been
marked by big swings in ev-
erything from stocks to bit-
coin. Worries about inflation
injected a jolt of volatility to
markets earlier in May, though
major U.S. indexes have re-
gained their footing since as
investors rapidly stepped back
into markets.
The Federal Reserve’s pre-
ferred measure of inflation—
the price index for personal-
consumption expenditure,
excluding food and energy—
rose 3.1% from a year earlier.
no
A surge in demand after
Covid-19 restrictions were
lifted, coupled with supply
chain strains, likely led to a
rise in prices last month.
Investors and central bank-
ers have closely monitored in-
flation data to see if these
pressures are likely to be tem-
porary or long-lasting. Such
data will guide whether policy
makers relax measures that
have helped markets recover
from pandemic lows.
Big Firms
Backed
Dissidents
Continued from page B1
pany officials continued to
lobby shareholders even as
Wednesday’s annual meeting
neared adjournment.
Exxon said it welcomed the
new directors, Gregory Goff
and Kaisa Hietala, and looked
forward to working with them.
“With almost three million
shareholders, it’s not surpris-
ing we heard a wide range of
views, and many supported
the work that we’re doing to
improve earnings and cash
flow capacity, as well as the
work to advance the company
to a lower carbon future,” a
spokesman said. “Today, we
heard shareholders communi-
cate a desire for ExxonMobil
to further these efforts. We’re
well-positioned to do that.”
them are paying no interest on
the bonds, the highest number
since 2001. The average inter-
est coupon on convertible debt
in 2021 is 1.41%, the lowest on
record. On average, this year’s
crop of issuers will only need
to convert bonds into stock if
their share price rises 39%
typically within a five-year pe-
riod, the highest so-called con-
version premium since 2003,
according to Dealogic.
“These are the best terms
in the history of the market,”
said Vijay Culas, the founder
and chief executive officer of
Matthews South, which ad-
vises issuers on convertible-
debt offerings. “We’ve never
seen anything like this.”
The pace of issuance also
shows just how optimistic
many companies are about
their business prospects and
the future of the stock market.
A rising market and strong
business performance would
help the companies’ stocks hit
the conversion target, wiping
out the debt and exchanging it
for stock while investors
largely remain happy—despite
some dilution—because their
shares have risen so much.
Even with such a low cost
of capital, companies often en-
ter into derivatives contracts
Index performance this week
2.5%
2.0
1.5
m er
1.0
m rp
0.5
0 Five-minute intervals
Mon. Tues.
co Fo
Source: FactSet
“We don’t think the Fed’s
going to raise rates aggres-
sively. We think they’ll remain
behind the curve because they
want to help the economy re-
cover,” said Paul Flood, invest-
ment manager at Newton In-
vestment Management.
“Everybody is expecting infla-
tion in the short term.”
n-
Fresh data also showed that
Americans extended a spend-
ing binge in April, as they con-
tinued catching up on activi-
ties they held off on during
the pandemic, propelling the
economy.
Consumer spending rose
0.5% from March.
An increase in spending and
a surge in the number of
Americans that have been vac-
cinated have added to opti-
mism about an economic re-
covery from the pandemic-
induced recession.
That led many investors to
increase bets in recent months
The vote is expected to draw
the lines between funds willing
to take a more aggressive pos-
ture on climate issues and
those that are more reticent.
“This moment is a big vic-
tory for what was a fringe envi-
ronmental activist movement a
few years ago,” said Jonathon
Zytnick, research fellow at New
York University School of Law’s
Institute for Corporate Gover-
nance & Finance.
Exxon was an easy villain
for Wall Street to rally
against. Climate activists have
painted it as a symbol of
American excesses that con-
tributed to climate change,
and the company was coming
off a tough period financially.
With only a roughly $50 mil-
lion stake in the $250 billion
energy company, Engine No. 1
ran a six-month, $30 million
campaign centered on pushing
the oil giant to commit to car-
bon neutrality. It had a power-
ful ally. California State Teach-
ers’ Retirement System, the
nation’s second largest public
pension fund, pledged support
from the start.
* * * *
MARKETS
where they are willing to pay
$10 million or more to protect
against dilution if their shares
move above the conversion
price.
The backdrop has been rel-
atively ideal for many issuers,
as investors have been eager
to find any way they can into
fast-growing technology com-
panies, which constitute a
large portion of the firms that
issue this debt. The terms for
tech companies have been
even better, as they have paid
0.31% on average in interest
rates and have had conversion
premiums of 44%. Many com-
panies that issue convertible
debt are also ones that have
recently gone public, largely
through traditional initial pub-
lic offerings.
Issuing convertible debt is
viewed as preferable to selling
stock because with a convert-
ible issuance, companies
would only issue stock later if
its shares rise, and much of
that dilution could be hedged
through those contracts.
Last year was a record year
for convertible-bond issuance,
with 186 companies issuing
$111.2 billion of them. But if
2021 stays on pace, it would
easily eclipse last year.
Some of the best terms ever
on
us ,
l
e
al a
ci on
Nasdaq
Composite
er s
S&P 500
Dow Jones
Industrial
Average
Wed. Thurs. Fri.
on cyclical corners of the mar-
ket like smaller companies and
the financials and energy
groups.
The Russell 2000 index of
small companies, for example,
has risen for eight consecutive
months, its longest winning
streak since 1995.
A dizzying run for meme
stocks continued this week.
AMC Entertainment slipped
Friday after closing at the
highest level in four years the
prior session. The shares have
more than doubled this week,
closing at $26.12 Friday.
Ulta Beauty shares rose
$17, or 5.2%, to $345.36 after
the beauty retailer swung to a
profit during its latest quarter,
as sales picked up with the
economy rebounding.
In bond markets, the yield
on the 10-year Treasury note
ticked down to 1.592% from
1.609% Thursday. Yields and
prices move inversely.
Institutional investors only
get the chance to formally
weigh in on high-profile proxy
contests every few years, given
that most companies avoid
drawn-out battles with activists
by striking settlements ahead
of shareholder votes.
It was the third time the
nation’s largest public pension
fund, California Public Em-
ployees’ Retirement System,
or Calpers, faced off against
Engine No. 1 ran a
campaign pushing
Exxon to commit to
carbon neutrality.
the company in the past de-
cade. Along the way, Exxon of-
ten fought off dialogue be-
tween the board and its
largest shareholders, said
Anne Simpson, head of corpo-
rate governance at the pension
fund. “It has been like pulling
teeth to get Exxon directors to
Coinbase Global, which went public in April, raised $1.25 billion in convertible bonds this past week.
came in February and March
before interest rates started to
tick higher. In February, Expe-
dia Group Inc. issued $1 bil-
lion in convertible debt with
no coupon and with a so-
called conversion premium of
72.5%, meaning that investors
would only get shares if Expe-
dia’s stock jumped that much.
Expedia’s stock is up nearly
20% since then.
Airbnb Inc. issued $2 bil-
lion in convertible bonds in
February with a zero coupon
and a 60% conversion pre-
mium. That was done partially
to refinance high-interest debt
Airbnb took on last year to
weather the pandemic.
Even as interest rates have
ticked up, activity remains ro-
bust. Over the past week, four
BY CAITLIN MCCABE
Shares of AMC Entertain-
ment Holdings Inc. finished
Friday with their best weekly
gain in four months, surging
116% for the week, in a rally
that has once again astounded
analysts, enriched individual
investors and punished Wall
Street traders betting against
the company.
The movie-theater chain,
whose stock closed last year
just above $2, finished Friday
at $26.12, giving the shares a
year-to-date gain of more than
1,100% and the company a
market capitalization of nearly
$11.8 billion. The rally marks
an astounding turnaround for
a company that last year was
reeling from the coronavirus
pandemic.
Once again fueling this
week’s rise: enthusiastic indi-
vidual investors who have
banded together on Reddit’s
WallStreetBets forum, in Dis-
cord chat rooms and in text
chains with friends. Through-
out the week, hashtags includ-
ing #AMCSTRONG and #AMC-
Squeeze splashed across
Twitter, with many predicting
more gains ahead.
The chatter helped drive
$209 million of net inflows
into the stock from individual
investors between Monday
and Thursday, according to
Vanda Research’s VandaTrack,
over 15 times the amount seen
during the same period of
April’s final week.
AMC’s shares actually
closed Friday down 1.5% after
surging as high as 38% earlier
in the day. But the loss wasn’t
enough to deter individual in-
vestors. Across social media,
individual traders on Friday
afternoon encouraged others
to hold their positions.
Alisha Higgs, a 33-year-old
individual investor from Louis-
talk to investors,” Ms. Simp-
son said.
An Exxon spokesman said
the firm has been “very ac-
tively engaged with our share-
holders, sharing our plans and
hearing their viewpoints and
the key issues of importance
to them.”
New York State Common
Retirement Fund joined Calp-
ers in pledging support for En-
gine No. 1’s candidates.
Calpers said it publicly
backed the activist campaign
because it believed Exxon had
repeatedly failed to address
the lack of energy-industry ex-
perience on the board.
BlackRock voted for three
directors proposed by Engine
No. 1 and expressed concerns
with Exxon’s strategic direc-
tion and the impact on its fi-
nancial performance in the
long term.
Vanguard voted for two di-
rectors proposed by the activ-
ist. “Over the years, we have
shared with Exxon our con-
cerns about the lack of energy
sector expertise in its board-
room and questions about
Saturday/Sunday, May 29 - 30, 2021 | B11
companies, including Coinbase
Global Inc., have raised more
than $2 billion in convertible
debt. Coinbase went public in
April through a direct listing
and didn’t raise any new capital
in the process. The company
raised $1.25 billion in convert-
ible bonds last week.
“Convertible debt was the
most natural instrument be-
cause of the low dilution and
the speed to market,” Coin-
base Chief Financial Officer
Alesia Haas said.
Of the still small number of
companies that have pursued
direct listings in lieu of tradi-
tional IPOs, several have opted
to raise capital through con-
vertible-debt offerings, includ-
ing Spotify Technology SA
and Slack Technologies Inc.
ville, Ky., is one such trader
who doesn’t plan on selling
anytime soon after notching a
roughly $13,500 return on
AMC shares this year. She had
never day-traded before Janu-
ary, she said, but became in-
terested when she saw an-
other individual investor
touting AMC on Instagram.
For months since January,
she said, she started amassing
a position in the company—
currently 850 shares in her
Robinhood Markets Inc. ac-
count—believing that the
stock could easily blow past
$50, then $100. She held
steady amid dips and climbs in
the share price in recent
months, she said, increasing
her position. Her patience has
been rewarded this week.
“It’s time for the retail in-
vestor and average person to
take some power and make
some money,” said Ms. Higgs,
who works a corporate job and
invests in real estate on the
side.
As for her plans when she
eventually takes profits? “I
AMC daily options volume
3.5 million contracts
3.0
2.5
2.0
1.5
1.0
0.5
0 The bonds traded as low as
Feb. March April
2021
Note: Data as of Thursday
Source: Trade Alert
board independence,” Vanguard
wrote in a bulletin. “And for
years, we did not witness suffi-
cient progress on either front.”
Exxon added two directors
to its board earlier this year,
saying they were part of a
continuing effort to refresh
the board and reflected ongo-
ing talks with investors.
At least some Fidelity funds
voted for Engine No. 1 direc-
tors, according to people fa-
miliar with the matter. T.
Rowe Price Group Inc. voted
for three of the four dissident
directors, the company said.
“There are many reasons
you may have wanted to hold
Exxon accountable for many
years,” said Jessica Strine,
chief executive of advisory
firm Sustainable Governance
Partners. “This is the moment
for many investors where they
had to decide if they would let
it pass by or not.”
On Wednesday, Exxon’s an-
nual shareholders meeting
stretched for hours.
There was some confusion
around the votes from State
Street Global Advisors, the as-
SHANNON STAPLETON/REUTERS
U.S.-listed convertible debt
issuance through May 26 of
each year
$60 billion
50
40
30
20
10
0
1995 2000 '10 '20
.
Source: Dealogic
ly
want to get out of the rat
race,” she said.
For months, individual in-
vestors such as Ms. Higgs have
closely monitored short-seller
activity in stocks like AMC,
hoping to once again vanquish
Wall Street investors who
looked skeptically upon so-
called meme stocks. Short sell-
ers are investors who bet
against a company by borrow-
ing shares and selling them,
hoping they can buy them
back later at a lower price.
Yet short sellers can be
burned by such wagers, espe-
cially when a stock begins ris-
ing, forcing them to buy back
shares to limit their losses.
That, in turn, can drive further
share-price gains—creating
what’s called a short squeeze.
Short sellers faced massive
losses in January on stocks like
AMC and GameStop Corp. when
shares rallied during the height
of the meme stock frenzy.
Many are seeing glimpses
of that again: Investors who
took short positions in AMC
saw $1.2 billion in realized and
unrealized losses between
Monday and the close of trad-
ing Friday, according to data
from S3 Partners. Short inter-
est in AMC stands at about
20% of the stock’s free float.
The frenetic rally in AMC
shares this week has also coin-
cided with a burst of options
trading tied to the stock, with
activity surpassing levels re-
corded during the initial
meme stock mania in January.
AMC bonds also have been
rallying. Its 12% subordinated
bonds due in 2026 traded Fri-
day at 98.75 cents on the dol-
lar, according to MarketAxess,
up from 97.75 cents Thursday.
May 5.125 cents in November.
—Gunjan Banerji
and Sam Goldfarb
contributed to this article.
set management division of
State Street Corp. Early this
week, preliminary vote tallies
indicated it was backing three
dissident shareholders, people
familiar with the matter said.
A spokesman for State
Street said the firm reached a
final decision to go with two
dissident directors on Tuesday.
A State Street spokesman
said the firm was never pres-
sured to change its votes.
The votes are still being tal-
lied by an independent party
now, and Engine No. 1 could
yet pick up another seat in
coming weeks.
For Engine No. 1, launched
by investor Chris James with
roughly $250 million under
management, the campaign
was a referendum on its focus
of combining environmental
concerns with a company’s fi-
nancial outlook.
“It’s not like we were asking
people to take off their investor
hats. We were just making the
case that as long-term investors
they should support us,” said
Charlie Penner, who helmed En-
gine No. 1’s campaign.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B12 | Saturday/Sunday, May 29 - 30, 2021
A $4 Trillion
Medical Mystery
Tech and retail giants face numerous obstacles
in their efforts to solve the healthcare puzzle
Corporate America has four tril-
lion reasons to get into, and per-
haps upend, the business of
healthcare, but even a tech genius
will find the system puzzling.
Google parent Alphabet and
hospital chain HCA Healthcare
struck a deal this week to develop
algorithms using patient records
in order to guide medical decision
making and improve operating ef-
ficiency. Megabank JPMorgan
Chase is building a new unit that
will work on health initiatives for
its employees and invest $250 mil-
lion in startups and technologies
meant to make their healthcare
more efficient and effective. Mean-
while, retailers Walmart and Ama-
zon are pushing into telemedicine
and beefing up primary care and
pharmacy offerings.
Investors are watching care-
fully: Shares of traditional phar-
macies like Walgreens Boots Alli-
ance and CVS Health sold off
Projected annual U.S. healthcare
spending
$6 trillion
5
4 cost care in the years to come.
3 without much success. A joint ven-
2 gan and Amazon launched in 2018
1
0 Thanks to consolidation among
2021 ’22 ’23
Source: Centers for Medicare and Medicaid Services
MICHAEL NAGLE/XINHUA/GETTY IMAGES
Shopping for a used car at Hamilton Avenue Auto Sales in Brooklyn, N.Y.
As the Fed Looks On,
Inflation Takes a Toll
Americans spent more in April
than they did in March—and
bought less.
The Commerce Department on
Friday reported that consumer
spending rose 0.5% in April from a
month earlier, which, coming after
March’s government stimulus-
check-fueled surge, was impres-
sive. The gain was driven by a 1.1%
increase in spending on services—
an indication of how, with Covid-19
cases dropping and vaccination
rates rising, consumers are shift-
Supply-chain issues—
affecting everything
from cars to kayaks—are
pushing prices higher.
ing their behavior. Spending on
goods actually declined, with the
weakness concentrated in spending
on nondurable goods such as gro-
ceries and cleaning products.
But a closer look at April’s over-
all gain indicates it was mainly
driven by price increases. By the
Commerce Department’s measure,
which is the Federal Reserve’s pre-
ferred gauge of inflation, con-
sumer prices rose 0.6% in April
from March, putting them 3.6%
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
sharply on Wednesday after In-
sider reported that Amazon is
weighing a push into physical
pharmacies. Analysts at Morgan
Stanley estimate Amazon’s total
addressable health market is $119
billion across a variety of services.
There are good reasons for big
companies to get out of their com-
fort zones. They have only so
many opportunities to grow, and
this is a natural place to look. The
U.S. is projected to spend about $4
trillion on healthcare this year, ac-
cording to Centers for Medicare
and Medicaid Services data—
nearly a fifth of gross domestic
product. Big employers foot the
bill for a significant share of the
tab via their contributions to
workers’ health insurance premi-
ums. JPMorgan Chief Executive
Officer Jamie Dimon includes the
U.S. healthcare system on a list of
policy failures that create a drag
on the U.S. economy.
The national tab is likely to in-
crease in the near term as the pop-
ulation ages. The agency projects
the number of Americans aged 65
and over will increase to 68 million
on
by 2028, up from 58 million this
year. Pandemic-driven deferrals of
routine doctor visits and elective
surgical procedures might result in
sicker patients who require high-
us ,
l
There has been plenty of incen-
e
al a
tive to fix this convoluted system
ture to lower costs from heavy hit-
ci on
ters Berkshire Hathaway, JPMor-
to great fanfare and fizzled out
without much impact. The newest
round of challengers have their
er s
work cut out for them.
m er
both medical providers and payers,
’24 ’25
prices for care are hard to find
and even harder to change while
m rp
co Fo
n-
no
above their year-earlier level. As a
result, real, or inflation-adjusted,
spending declined. Core prices,
which exclude the often volatile
food and energy categories to bet-
ter capture inflation’s underlying
trend, were up 0.7% from March,
and 3.1% on the year. The Fed’s in-
flation goal is 2%, though it has
said it will tolerate higher read-
ings than that for some time.
The pickup in prices isn’t en-
tirely unexpected, especially ver-
sus a year earlier, when the initial
shock of the pandemic sent prices
lower. But supply-chain issues that
have affected an array of con-
sumer items from cars to kayaks
continue pushing prices higher. As
the economy reopens, there is a
risk of a kind of rolling set of price
shocks. Travel prices might jump
over the summer, for example, as
Americans make up for the vaca-
tions they missed out on during
the pandemic. Then it might be
clothing prices heading into the
fall, as more children return to in-
person schooling and adults go
back to the office.
The Fed might well continue to
look through any such price in-
creases—after all, taken on their
own, each would seem temporary in
nature. Taken as a whole, however,
they might be harder to ignore.
—Justin Lahart
ON
THE
incumbents are likely to hang onto
large chunks of that revenue. Hos-
pitals, which account for more
than $1 trillion in annual spending,
set prices via contracts with insur-
ers. Large hospital systems are
able to flex their bargaining mus-
cle. For example, they can mandate
that insurers include them in ev-
ery plan, whether or not the sys-
tem offers the lowest cost.
As a result, prices vary dramati-
cally for even basic services de-
pending on who is paying for it. A
caesarean section at one California
hospital ranges from $6,241 to
$60,584, The Wall Street Journal
reported earlier this year. A Trump
administration rule requires hospi-
tals to post their prices in public,
but the penalty for noncompliance
is just $300 a day.
Artificially high costs are passed
on to patients, employers and tax-
OVERHEARD
Americans returning to res-
taurants might notice that the
people serving them are a bit
distracted. The most likely ex-
planation is that they are busy
with a surge in customers—but
there might be another reason.
Quest Diagnostics released
its Drug Testing Index this
week based on seven million
U.S. urine samples and re-
ported a big surge in marijuana
use in 2020, up 44% from
2016. The workers who tested
positive at the highest rate,
some 6.3%, work in accommo-
dation and food services.
The good news is that the
share of people testing positive
for other drugs was flat or
lower. For cocaine, positivity
was the lowest since 2012 at
just 0.22% and amphetamine
positivity held steady at 1.1%.
The appropriately named Dr.
Barry Sample, Quest’s senior
director of science and technol-
ogy, said in a press release it is
important that employers “con-
sider workforce drug testing as
a way to keep the workplace,
their customers and the com-
munity safe.”
As an executive of a com-
pany that gets paid for those
tests, his stance is unsurprising.
But with marijuana now legal in
17 states and the nation’s capital
and the leisure sector begging
for workers, it might be time to
lighten up, at least on people
who carry your hamburger in-
stead of driving your bus.
The service here
has gone to pot.
* ***
payers in the form of higher premi-
ums and deductibles. And because
many Americans get insurance via
their employer, those who are dis-
satisfied with their plan might need
to change jobs to get a better one.
A similar dynamic takes place in
other corners of the market. Take
generics, which can be dramati-
cally cheaper than brand name
drugs and more affordable if pur-
chased directly.
“Almost 30% of the time, patients
would save money by paying cash
instead of using their insurance. The
fact that this is ever the case tells
you how messed up the current sys-
tem really is,” says Zach Reitano,
CEO of the cash-pay healthcare
startup Ro. Nearly nine in 10 pre-
scriptions filled are for generics.
To respond, large insurers have
acquired their own outpatient surgi-
cal centers and physician practices.
The Global Benefits of
China’s Vaccine Surge
The pace bodes well for the opening of borders
in Asia and for the health of the developing world
After a slow start, China’s vacci-
nation campaign is roaring into ac-
tion and now accounts for around
half of the doses being distributed
daily around the world. If anything
like that pace holds, it could over-
turn expectations of the pace of
recovery in Asia and emerging
markets globally.
About 20 million vaccines were
distributed on Thursday alone and
over the past week, vaccinations
have proceeded at a pace faster
than the U.S., European Union or
U.K. have registered at any point
during their rollout.
UBS economists note that it’s
worth watching for any pinch in
supply of Chinese vaccines to
countries currently deploying
them: notably Chile, Indonesia,
Turkey, Mexico and Brazil.
But over the medium term,
faster Chinese vaccination could
accelerate the return of sorely
needed tourism to the battered
economies of Southeast Asia.
While borders are still unlikely to
open meaningfully this year, even
pushing that prospect earlier into
2022 would be positive.
Close observers of official Chi-
nese data might well be suspi-
cious—is vaccination data, as is
sometimes the case for economic
figures, massaged for effect?
Doubt is understandable, but it’s
harder to see the upside here. The
Chinese government has little to
gain by pretending its citizens
have resistance to a disease that
they don’t, since the country can’t
meaningfully reopen to the outside
world until it is true.
Concerns about the efficacy of
Chinese vaccines is also wide-
spread, but likewise probably mis-
placed. Both Sinovac and Sino-
pharm would have done a service
to the world by being more trans-
parent and communicative about
their vaccines, but the best avail-
able data suggests they work. The
Chilean Ministry of Health reports
that CoronaVac is 65.3% effective
at preventing symptomatic
THE WALL STREET JOURNAL.
ROB DOBI
.
CVS Health put insurance and phar-
ly
macy operations under one roof
with its 2018 acquisition of Aetna.
But those changes only increased
the industry’s concentration.
Granted, the outsiders aren’t
entirely starting from scratch:
Walmart already is one of the larg-
est retail pharmacy players in the
U.S., and offers some primary care
services, while Amazon has in-
vested heavily in its online phar-
macy offering in recent years.
Even there, though, industry in-
cumbents are still part of the
equation. Amazon’s pharmacy sav-
ings benefit for members of its
prime service is administered by a
subsidiary of insurer Cigna.
Outsiders might grab a slice of
the $4 trillion pie. Don’t hold out
too much hope about them shrink-
ing it.
—Charley Grant
Vaccine doses distributed per
million people, 7-day rolling average
China EU U.S.
12,000 doses
10,000
8,000
6,000
4,000
2,000
0
F M A M
Source: Our World In Data
Covid-19 and 86% effective at pre-
venting death. The World Health
Organization added Sinopharm’s
vaccine for emergency use three
weeks ago and its published trial
data showed efficacy of over 70%
at preventing symptomatic dis-
ease, similar to the Johnson &
Johnson and AstraZeneca vaccines.
That is good news, since the
manufacturing capacity of the two
companies holds the promise of
the fastest possible global vaccina-
tion campaign, especially for the
developing world.
Questions remain about the ex-
act levels of vaccination required
for herd immunity, or the final ef-
ficacy against new variants. Ana-
PHOTO ILLUSTRATION BY WSJ; GETTY IMAGES (2)
lyst Ernan Cui of Gavekal Drago-
nomics also highlights the
difficulties looming for the Chinese
government as it inches toward
opening up, given its current aim
of suppressing Covid-19 to zero.
But the faster the vaccination
campaign proceeds, the more rap-
idly those thorny questions will be
addressed and Asia’s tight travel
restrictions could be relaxed.
—Mike Bird
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Saturday/Sunday, May 29 - 30, 2021 | C1

REVIEW THE WALL STREET JOURNAL.

The Tulsa Race Massacre

100 YEARS LATER

On June 1, 1921, a white mob

in Tulsa, Oklahoma, destroyed
a thriving Black business

.
district. Generations later,

ly
the city is still reckoning with
the financial and human toll.
on
us ,
l
e
al a
ci on
er s
m er
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CORBIS/GETTY IMAGES
Smoke billows from fires in the Greenwood district of Tulsa, Okla., during the Tulsa Race Massacre, June 1921.

The Dreams of Greenwood’s Future Seeks

Jack and Daisy Scott To Recapture Its Past
BY LEE HAWKINS AND CHARITY L. SCOTT The Tulsa County Sheriff’s Depart- BY JOSHUA JAMERSON country, line the sidewalks.
ment was holding and protecting Dick All signs point to a revitalizing neigh-

J R
ACK SCOTT, a 33-year-old pro-
fessional boxer-turned-trainer
who lived in Tulsa’s thriving
Greenwood neighborhood,
would often tell his wife Daisy, “We’re
going to be rich one day.”
On May 31, 1921, he found himself
outside the county courthouse, one of
more than 75 Black men who had
gathered to prevent the rumored
lynching of a 19-year-old Black man.
The next 24 hours would upend his
plans and change the trajectory of the
Scotts’ lives.
Rowland, a shoe shiner, in a jail cell on
the top floor of the courthouse, ac-
cording to Scott Ellsworth, a historian
at the University of Michigan, who
teaches in the Department of Afro-
American and African Studies. The day
before, a white male store clerk had
accused Mr. Rowland of entering an el-
evator and assaulting its teenage white
operator, Sarah Page.
Even though she rejected that ac-
count and refused to press charges, the
Tulsa Tribune published an editorial
headlined “To Lynch Negro Tonight” in
Please turn to the next page
EGGIE COOPER, a Black
Tulsa, Okla., native, opened
the Muscle Squad Lab, a
personal-training facility
and health-supplement shop, in January
to put down roots in the city’s historic
Greenwood district after working for
years as a personal trainer.
In and around Greenwood are trendy
coffee shops and breweries, a minor-
league baseball stadium and a college,
Oklahoma State University-Tulsa. Banks
of on-demand scooters, like those found
in urban neighborhoods around the
MORE INSIDE C2-4
borhood. Now Tulsa faces a debate over
what role Black business- and property-
owners should play in it, and what poli-
cies would work best to support them.
“To be here is a blessing, to come
back where it’s a lot of hurt and pain,”
Mr. Cooper said, referencing a 1921 race
massacre in Greenwood and govern-
ment-led redevelopment programs that
later reshaped the district. But Mr. Coo-
per said he wants to move beyond pay-
ing rent for his bricks-and-mortar
space, a goal he isn’t sure is possible in
Greenwood. “Honestly, I’d rather it be
Please turn to the next page

Inside
WEEKEND CONFIDENTIAL EDUCATION
Summer AMERICAN REPUBLICS

Novelist Edward
St. Aubyn, famous for
New research
shows preschool Books A history
of the early
books about trauma and has a big effect not A celebration of road United States
family dysfunction, on test scores but trips, barbecue, golf, and its rivals in
beach reading & other
has written a story of on resilience later seasonal pursuits. the New World.
healing. C18 in life. C17 Books C5-16 Books C5

C2 | Saturday/Sunday, May 29 - 30, 2021
THE TULSA RACE MASSACRE | 100 YEARS LATER
The Ruin of
A Family’s
Dreams
Continued from page C1
one of its May 31 editions, Prof. Ells-
worth said. Talk of a lynching spread
through Tulsa and a white mob that
swelled to 1,000 gathered outside the
courthouse.
A memorial of Mr. Scott and a cadre of Black
unpaid claims lists World War I veterans and others
Scott family losses headed there in response. But their
equivalent to plan to help protect Mr. Rowland was
$739,008
derailed when an elderly white man
attempted to wrest away a gun from a
tall Black man and it went off, Prof.
in today’s dollars. Ellsworth said.
That was the beginning of what has
long been known as the “Tulsa Race
Riot,” though in recent years Oklahoma
began to officially use the term “mas-
sacre” instead. The details of the trag-
edy and its aftermath are known from
court documents, newspaper articles,
eyewitness ac-
counts and oral his-
tory projects in-
volving generations
of Tulsa families, as
well as from the
work of historians
and other experts.
The Black men
retreated to Green-
wood, the segre-
gated neighbor-
hood on the other
side of the railroad
tracks that divided
the town, after exchang-
ing gunfire with the por-
tion of the mob that pur-
sued them. Some white
Tulsans spent the night
planning an invasion of
the neighborhood. Police
deputized hundreds of
the white men who had
gathered in front of po-
lice headquarters. In
Greenwood, some resi-
dents prepared them-
selves to defend their
homes and lives, while
others decided to flee,
Prof. Ellsworth said.
Around 5 a.m. on June
1, thousands of armed
white civilians and spe-
cial deputies poured over
the train tracks into the
district, overrunning the
neighborhood. Over the
Top: John and Loula next eight hours, white Tulsans shot
Williams owned and killed residents and looted and
Greenwood’s burned down 35 square blocks, with
Dreamland Theatre, uniformed white police officers aiding
which was destroyed
in the destruction, according to eye-
in the massacre.
Above: A man holds witness accounts. Thousands of people
up his hands to were left homeless, with more than
surrender during the 1,200 homes destroyed. An additional
massacre. 215 homes were looted but left stand-
ing, the American Red Cross reported.
Some 6,000 Black citizens were
held in makeshift internment camps
before being relocated to the fair-
A Timeline of the Massacre That Destroyed Black Wall Street
Over 18 hours from May 31 May 30
to June 1, 1921, a white mob A Black teenager named Dick Rowland got
attacked residents, homes onto an elevator in the Drexel Building at
and businesses in Green- 319 S. Main St. At some point, Sarah Page, a
white elevator operator, screamed. Her cry
wood, a thriving Black neigh-
was heard by a store clerk, who called the
borhood in Tulsa, Oklahoma. police. Mr. Rowland fled, but he was found
easily based on a description by Ms. Page.
Rebuilding
A Lost Icon
Of Success
Continued from page C1
owned by Black people, because this is
where it all started.”
The Interstate 244 Tulsa, where today fewer than a
overpass, built in fifth of residents identify as Black, is
the 1960s, and among U.S. cities grappling with racial
nearby Greenwood inequality and development decisions
Avenue businesses, that might have exacerbated the prob-
as seen today.. lem. White Tulsans are 17 times more
likely than Black Tulsans to be busi-
ness executives, and the median house-
hold income for white residents is al-
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
grounds, where some of them were
forced to work by the National
Guard, cleaning up the rubble left by
the mobs, according to the Oklahoma
Historical Society. Most of the resi-
dents who didn’t flee the city lived in
a Red Cross-erected tent city built on
Greenwood’s smoldering ashes for at
least a year.
The residents did succeed in sav-
ing Mr. Rowland’s life. He was in-
dicted on a charge of attempted
rape on June 6, 1921, but charges
were dropped after Ms. Page re-
fused to cooperate with his prosecu-
tion. He moved away and “slipped
out of history,” Prof. Ellsworth said,
as historians don’t know when and
where he died.
The city of Tulsa is located in the
northeast part of Oklahoma, which
had been founded in 1907 and was
racially segregated by law. Green-
wood had its own post office, library,
schools, a hospital and several
churches. Despite the Jim Crow laws
that relegated Black Tulsans to a
lower-class status, by 1921 Green-
wood had grown into a “prosperous,
vibrant” district that thrived through
economic collaboration and interde-
pendence, said Prof. Ellsworth, who
served as the lead scholar on the
1921 Race Riot Commission. A Tulsa
native, he drew on those experiences
to write his new book, “The Ground
Breaking: An American City and Its
Search for Justice,” which delves into
the massacre’s contemporary issues
and legacy.
The most affluent Blacks were
usually the top-tier merchants, many
of whom owned modern one- and
two-story homes, while a larger class
of Black entrepreneurs operated
smaller businesses such as cafes and
tailor shops. But the lifeblood of the
community was the thousands of
Blacks who patronized those busi-
nesses—the maids, butlers, chauf-
feurs, dishwashers, cooks and labor-
ers who worked in the white
community.
These people, about 85% of Black
Greenwood, primarily lived in very
modest wooden homes, most of
which lacked running water or elec-
tricity, Prof. Ellsworth said. But
their spending with Greenwood’s
Black-owned businesses helped the
community thrive. According to a
review of the 1921 Tulsa City Direc-
tory conducted by the 2001 Okla-
homa Commission to Study the
Tulsa Race Riot, Greenwood had 191
businesses by 1921, including doc-
tor’s offices, law practices and two
newspapers. It was home to nearly
9,000 Black residents.
Before the massacre, Mr. Scott
traveled all over the country as a
lightweight boxer. He met Daisy dur-
ing a trip to Little Rock, Ark., and
they married in 1917 and settled in
Tulsa. Daisy Scott became a political
cartoonist for one of the local Black
newspapers, the Tulsa Star. Her work
spoke to the will of many Blacks to
fight the continuous stream of lynch-
ing across the U.S. and Jim Crow laws.
She was pregnant with the couple’s
second child at the time of the massa-
cre and gave birth that September.
May 31
A front-page story in the Tulsa Tribune re-
ported that police had arrested Mr. Rowland
for sexually assaulting Ms. Page. Groups of
Tulsans armed themselves, some wanting to
protect Mr. Rowland, others with the inten-
tion of lynching him. A mob assembled at the
courthouse where Mr. Rowland was held.
most double that of Black residents,
according to data compiled by the
city and a local nonprofit.
Local leaders say Greenwood’s leg-
acy makes it a symbolic anchor for
the city’s efforts to rectify past
wrongs. The neighborhood has a con-
nection to Black entrepreneurship
and property ownership; its once-
thriving business district earned it
the moniker Black Wall Street.
A fall-rise-fall story arc followed.
White mobs in 1921 killed Black
Greenwood residents and destroyed
the district’s roughly 35 city blocks.
Residents were able to rebuild the
area over the next few decades, but
its second heyday was fleeting. Gov-
ernment decisions to demolish build-
ings in the name of urban renewal in
the 1950s and 1960s, relocate busi-
nesses and run a highway through
Greenwood helped empty out the
* ***
‘Everything went up in smoke.
That total of his riches
disappeared overnight.
What did that do to his heart?’
LEA MICHELLE CASH Granddaughter of Jack Scott
Within days of the violence, Black
Tulsans had already begun the long
process of rebuilding Greenwood.
Black business owners filed claims for
their losses, but they were denied be-
cause authorities characterized the
incident as a Black uprising. Deeming
the event a riot, as city officials did,
triggered a commonly used exclusion-
ary clause that prevented payouts
and applied to claimants of any race.
m rp
The Scotts lost their home, per-
sonal belongings and everything as-
sociated with the milliner and seam-
stress business Daisy ran out of their
home, said Lea Michelle Cash, their
co Fo
68-year-old granddaughter. The
Scotts went on to have 10 more chil-
dren, but didn’t tell them about the
massacre.
“They never spoke about it,” Ms.
Cash said about the elders of her
family and the broader Tulsa com-
munity. “They kept it quiet, and it
disappeared. Generation after gener-
ation learned nothing about it.”
Ms. Cash never located any paper-
work documenting her family’s
n-
losses, but she did find her grandfa-
ther’s name on a plaque in Green-
wood memorializing unpaid claims,
which lists $48,980.50 in Scott fam-
no
ily losses. That is equivalent to
• 4 p.m.
Hardware stores and pawn shops were
looted for guns and ammunition. An
anonymous caller told the police, “We
are going to lynch that negro.” Mr.
Rowland was relocated to a more se-
cure jail on the top floor of the Tulsa
County Courthouse.
CLOCKWISE FROM TOP: BETTMANN ARCHIVE/GETTY IMAGES; HULTON-DEUTSCH COLLECTION/CORBIS/GETTY IMAGES; SHANE BROWN FOR THE WALL STREET JOURNAL; GREENWOOD CULTURAL CENTER/GETTY IMAGES; TULSA HISTORICAL SOCIETY & MUSEUM
THE WALL STREET JOURNAL.
on
us ,
l
e
al a
ci on
$739,008 in today’s dollars.
Five days after the massacre, Tulsa
County indicted Mr. Scott, along with
other men, for traveling to the court-
house “in a violent, boisterous, unlaw-
er s
ful and tumultuous manner” and
shooting “at and against the peaceable
m er
citizens of the City of Tulsa,” according
to a copy of the original indictment
provided by Ms. Cash.
There was never a trial, and he
didn’t serve time in prison. Some of
the other men charged, such as Strad-
ford Hotel owner J.B. Stradford, de-
cided to flee. Police chief John
Gustafson was indicted and convicted
for his mishandling of the massacre,
and was removed from office, accord-
ing to “Black Wall Street,” one of sev-
eral books on the massacre by lawyer
Hannibal Johnson. Mr. Gustafson
never served jail time. The charges
against Mr. Scott and 53 other Black
men were officially dropped in 2007.
“For those men who were indicted,
this hung over them like a dark cloud
for the rest of their lives,” Prof. Ells-
worth said, “because they never knew
whether they would get arrested or
picked up.” By 2007, all of the men
were already dead. But the exonera-
tion “was very meaningful to me, be-
cause of the fact that [the charge] was
THE WALL STREET JOURNAL.
a lie,” Ms. Cash said. “They did not in-
cite the massacre. They were protect-
ing the life of a young man.”
Ms. Cash’s mother, Altamese Mar-
ion Scott-Hudson, born 11 years after
the massacre, didn’t learn about the
family’s history until she was 66
years old. She had always described
her father as an “angry Black man,”
which led to “domestic violence in
the family,” Ms. Cash recalled. Learn-
ing of the massacre gave Ms. Cash a
better understanding of her grandfa-
ther, she said.
One afternoon in August 1946, two
of Daisy Scott’s preteen daughters
found her fallen ill. They called a
priest from St. Monica, the main Cath-
olic parish in the Greenwood District,
who happened to be white. He rushed
over before calling another priest, and
they offered to take her to the hospi-
tal. But when Mr. Scott walked in and
saw the two white men, he yelled, “We
don’t need your charity,” and ordered
them to leave. Later he beat Altamese
for calling them, Ms. Cash said.
Mrs. Scott died five days later, at
age 48. The cause on the death certifi-
cate: “A cerebral hemorrhage due to
heat exhaustion.”
“There’s a blame that was put on
their father’s head,” Ms. Cash said, be-
• 8:20 p.m.
Three white men entered the court-
house and demanded Mr. Rowland
be handed over. They were turned
away and Sheriff Bill McCullough
disabled the elevator and barri-
caded himself and deputies inside
the jail with Mr. Rowland.
****
THE TULSA RACE MASSACRE | 100 YEARS LATER
.
ly
cause of the domestic violence the
children had both witnessed and ex-
perienced. Over time, nine of the 11
Scott children moved out of Tulsa and
“their association with their father
was limited,” Ms. Cash said. By the
time Mr. Scott died in 1964, he was
estranged from most of his children.
Ms. Cash said her mother spoke of
often seeing her father leaf through
papers he stored in a trunk when she
• 9 p.m.
A group of armed Black men traveled to the
courthouse to offer assistance to authorities.
Their arrival enraged the crowd and by 9:30
p.m. the white mob outside the courthouse
had grown to nearly 2,000 people. A shot
rang out after a white man tried to forcibly
disarm a Black World War I veteran.
Sources: Library of Congress, Tulsa World, The Morning Tulsa Daily World, History.com, Encyclopaedia Britannica, National Archives and Records Administration, National Park Service
district. Local historians and resi-
dents also say the civil-rights ad-
vancements of the era gradually
made it less prohibitive for Black
residents to live and spend dollars
outside the neighborhood, undercut-
ting commerce in Greenwood.
The Greenwood district today is
roughly four city blocks, though its
modern boundaries aren’t well de-
fined. More than two dozen busi-
nesses are registered with the Green-
wood Chamber of Commerce. A
majority of those enterprises are
Black-owned or operated. Some
newer Black-owned businesses are
tenants in buildings owned by large
institutions and white developers, a
reversal from years earlier when
most property owners in the segre-
gated neighborhood were Black.
“We’re not Black Wall Street, but
we are Black Main Street,” said
was a little girl. Whenever she asked
what the papers were, he would say,
“We’re going to be rich one day.” But
he never discussed the documents or
the events of 1921.
“Everything went up in smoke.
That total of his riches disappeared
overnight,” Ms. Cash said. “What did
that do to his heart, and any man’s
heart that had big dreams?”
Years later, Ms. Cash delved into
• Over the next two hours...
... white men looted downtown amid
continuous random gunfire. The police
chief called in all available officers, local
guardsmen were dispatched and hun-
dreds of civilians were commissioned as
special deputies. Black residents re-
treated to the Greenwood District.
Freeman Culver, president of the
Greenwood Chamber of Commerce,
noting that the community dynamics
have shifted.
After years of prodding by descen-
dants of massacre survivors, govern-
ment officials and local business
groups said they are working to pri-
oritize honoring the legacy of Green-
wood, and they are trying out some
new policies that could help Black
Tulsans build wealth.
Part of the reason that hadn’t been
a focus until recently, longtime
Greenwood advocates say, is because
local and state political bodies often
lacked Black representation. There is
currently one Black member of the
nine-person city council.
Tulsa government officials say
they are sensitive to concerns raised
by residents in seeking to prevent
the displacement of Black busi-
Saturday/Sunday, May 29 - 30, 2021 | C3
her grandfather’s estate paperwork
and unearthed property records show-
Left: The aftermath of
the massacre at the
ing that he had acquired land in Tulsa,
Centerville, Texas, and El Dorado, Ark.
corner of Greenwood
Avenue and East
None of the heirs probated his will and
therefore they never claimed any of
the land, which totaled at least 15 par-
Archer Street. Below:
Wounded men are
taken to the hospital
cels, she said. Ultimately, Ms. Cash said by the National Guard
she believes that the Scott children’s after the massacre.
estrangement from their father and the
resulting breakdown in communication
cost them their inheritance.
No white civilians were charged for
their involvement in the massacre.
Media reports quickly shifted from
calls for peace to casting blame on the
residents of Greenwood for its de-
struction. “It has been extremely diffi-
cult to ever get any white person to
admit that they participated in the
riot or even for descendants to admit
that fact,” Prof. Ellsworth said.
Tulsa native Eric Celeste, 53, isn’t
afraid to discuss his family’s involve-
ment. Last year, his father told him
that his great-great uncle, Benjamin ‘It has been
Fowler, was among the white rioters.
Mr. Celeste said the news stunned extremely
him. He had known for years that a
relative on his mother’s side of the
difficult to
family was “at least sympathetic to ever get any
the KKK [Ku Klux Klan].” But Mr.
Fowler was a paternal relative. “It was
white per-
shocking to me that it came from the son to admit
side of my family that I always took
pride in, that sort of formed my world that they
outlook as being somebody who would participated
be horrified by that,” he said.
in the riot or
Still, he wasn’t as surprised that
the family didn’t talk about it.
“We’ve always been a ‘Keep your
even for
descendants
problems buried in your toes and
talk about it with your wife or your
priest or your therapist’ kind of fam-
to admit
ily,” Mr. Celeste said. that fact.’
Reparations for the 1921 massacre
SCOTT ELLSWORTH
have become a public topic in Okla-
Historian
homa on at least three occasions. A
majority of the commissioners respon-
sible for the 2001 report on the mas-
sacre supported reparations for Green-
wood. But the body said it had no
formal authority to “determine dam-
ages, to establish a remedy, or to or-
der either restitution or reparations.”
The commission’s report and sup-
porting documents detailed the role
the National Guard and the Tulsa Po-
lice Department played in the inva-
sion of Greenwood. The roughly 135
survivors living at the time, who
were in their 80s or older, received
no monetary restitution. Then-Gov.
Frank Keating initially endorsed some Before the
form of reparations, but later said he massacre,
didn’t believe the survivors would re- Greenwood was
home to nearly
ceive compensation because the com-
mission report didn’t demonstrate
the state’s culpability.
“The commission recommended
9,000
black residents
that they be given a cash payment,”
Prof. Ellsworth recalled. “The state of
and
191
Oklahoma refused to do that and in-
stead gave them a gold-plated medal.”
Mr. Celeste said learning about his businesses.
family connection made him more open
to the idea of reparations for descen-
dants of the massacre survivors. “It’s
totally fair for there to be an examina-
tion of what can be paid to these peo-
ple,” he said. “I don’t know how you
could over-measure. I don’t know how
you could make the bill too high.”
June 1
Between midnight and 6 a.m., white
mobs invaded Greenwood, shooting
Black citizens and burning businesses
and homes. Biplanes dropped turpentine
bombs from the sky. The destruction has
been called “the single worst incident of
racial violence in American history.”
nesses and manage housing afford-
ability in modern-day Greenwood,
two issues that contributed to the
area’s decline in the mid-20th cen-
tury. “Those are all things that I
think historically we just hadn’t done,
but I think it’s something that we’re
‘We’re not
Black Wall
focused on now,” said Kian Kamas,
Tulsa’s economic-development chief.
Restoring the neighborhood’s luster
Street,
faces long odds. The community assets but we are
such as doctor’s offices, grocery stores
and churches that once populated the
Black Main
neighborhood largely sit outside its Street.’
boundaries. Some residents in Okla-
FREEMAN CULVER
homa’s second-largest city are wary
President, Greenwood
about the government’s role in redevel- Chamber of Commerce
opment while others are at odds with
private interest groups. Competing vi-
sions also exist on how to best pre-
serve Greenwood’s history.
Some advocates for minority-owned
Please turn to page C4
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C4 | Saturday/Sunday, May 29 - 30, 2021
THE TULSA RACE MASSACRE | 100 YEARS LATER
on
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l
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al a
ci on
Top: Part of Greenwood Avenue next to Interstate 244 and the minor-league
ballfield ONEOK Field. Left: Vanessa Hall-Harper is the only Black member of
the Tulsa City Council. Above: Inside Tee’s Barbershop on Greenwood
Avenue. Below right: Reggie Cooper started a personal-training facility in
rented space in Greenwood and hopes to see more Black ownership. “To be
er s
here is a blessing,to come back where it’s a lot of hurt and pain,” he says.
m er
expected to funnel at least $1 million
of city funding to build up Black busi-
nesses.
m rp
Other cities like Durham, N.C., and
Knoxville, Tenn., had Black entrepre-
neurial centers that thrived in the
20th century, but they faced a similar
fate as Greenwood, said Cy Richard-
co Fo
son, a senior vice president at the Na-
Rebuilding a tional Urban League. He said that re-
storing those districts as enclaves of
Black enterprise would take a level of
Lost Icon of government intervention that policy
makers haven’t yet expressed.
Success “Rather than improving the stan-
dards of our communities, the city
turned these spaces into highways,
apartments and public facilities, and
we’ve lost the institutions that bind
‘We don’t Continued from the prior page communities together,” said Mr. Rich-
n-
businesses say a centralized business ardson, referencing what happened in
have that district for Black-owned firms is likely Tulsa and other Black neighborhoods.
continuity unattainable. Parcels of land previ-
ously held by Black property owners
The modern-day Greenwood is sur-
rounded by the entertainment-venue-
that we once
no
have been chopped up and sold several laden Blue Dome District and the Arts
times over since the 1921 massacre. District, a booming area that has
had, and the The Black residents who once popu- been buoyed by local banking mag-
government lated Greenwood aren’t there any
more, with many living now in other
nate George Kaiser’s family founda-
tion. “It’s boxed in and it’s pretty
is complicit North Tulsa neighborhoods. And some complicated to unbox,” Jim Coles, the
argue that a segregated business com- city’s economic-development director,
in that.’ munity, a necessity before the ad- said of the current neighborhood.
STATE SEN. KEVIN vancements of the civil-rights era, may Though Greenwood has been un-
MATTHEWS be less beneficial today. derdeveloped for decades, city lead-
“Rebuilding Historic Greenwood to ers say developers are increasingly
what it once was in 1921 will be impos- interested in the district and nearby
sible in that location. But we certainly areas because of their proximity to
can build the mind-set of Black busi- the largely built-out downtown. Tulsa
ness owners to thrive wherever they officials offered tax incentives to five
An overpass are,” said Rose Washington, chief exec- redevelopment or new construction
near utive of the Tulsa Economic Develop- projects completed in Greenwood,
Greenwood ment Corp., a lender for small busi- Blue Dome and the Arts District be-
Avenue nesses that might fall short of tween 2004 and 2014, according to
displays the conventional lending standards. Ms. city records. The city granted incen-
area’s historic Washington is leading a new incubator tives to at least 17 projects in those
nickname. the city announced this week, which is areas with completion dates between
* ***
ly
2015 and 2024, documents show.
One of those projects resulted in
the most prominent building on a
stretch of Greenwood Avenue, a mul-
tistory apartment-and-retail complex.
The project was developed by the
Hille Foundation, run by a local fam-
ily that earned its wealth in oil and
natural gas. Some Black business ten-
ants at the development pay below-
market rent, according to a Hille fam-
ily spokesman.
The George Kaiser Family Founda-
tion is considering ways to build
wealth among Black residents as part
of its development initiatives, accord-
ing to a person familiar with the
foundation’s operations. Since 2010,
the group pumped about $100 million
into the Arts District for green
spaces, apartments and art galleries.
Mr. Kaiser said focusing on Black
entrepreneurship in the Greenwood
area had been a slowly evolving pro-
cess. “We had to be sure that the ele-
ments of the program we adopted
emanated from the community and
had strong support there,” he said.
One recent project that has di-
vided residents is Greenwood Ris-
ing, a new history center dedicated
to the 1921 massacre that aims to
generate attention for the district
and its economic future. Some lo-
cals doubt that the project alone
will boost Black wealth.
“There’s no policies that help with
housing, homeownership, Black entre-
preneurship, land ownership, educa-
tion—there’s nothing coming out of
there to address any of that,” said
Kristi Williams, chair of the Greater
Tulsa African American Affairs Com-
mission, an advisory panel to city
leaders.
THE WALL STREET JOURNAL.
Supporters say the center—slated to
open in a limited capacity next
month—is expected to give a jolt to the
city’s blossoming tourism business and
support additional neighborhood de-
velopment. State Sen. Kevin Matthews,
who is chairman of the commission
leading the project, said a key take-
away from the history center’s exhibits
is that re-creating Greenwood as it
once was is likely impossible.
“We don’t have that continuity that
we once had, and the government is
complicit in that,” said Mr. Matthews,
a Democrat whose legislative district
includes Tulsa.
Guy Troupe is the owner of the
Black Wall Street Liquid Lounge coffee
shop, located across the street from
the new history center. He said Green-
wood today doesn’t yet line up with his
vision of a strip of hundreds of pros-
perous Black-owned businesses along
Greenwood Avenue. But he thought the
only way to change it was to get in-
volved, a mentality that drove him to
open his cafe last year.
“I would like to see a central busi-
ness [district] where every entrepre-
neur who grew up in Tulsa could have
a chance to participate,” Mr. Troupe
said.
Dominick Ard’is isn’t a Tulsa native,
but he saw an opportunity to build
Black entrepreneurship in the city. He
decided to get a new accelerator, ACT
.
Tulsa, off the ground late last year, and
moved to the city this spring. His
group is in the process of funding
roughly half a dozen early-stage start-
ups. The goal, he said, is for the major-
ity of them to be minority-owned and
from Tulsa. But even that might fall
short of a broader objective to widen
access to capital.
“We don’t believe that our effort is
going to be a savior,” he said.
Blake Ewing, a former city council
member, said for decades there lacked
a political consensus—and power—to
achieve the goal of putting Black
wealth at the center of Greenwood’s
redevelopment efforts. “It has needed
government intervention in terms of
leadership and vision…that this is a
priority for us as a community,” Mr.
Ewing said.
The city has tried to lure developers
with tax-increment financing, or TIF, a
tax-rebate package meant to attract
development in a given area. Activity
in Greenwood-area TIFs has increased
over the past few years, but tax incen-
tives valued at millions of dollars have
largely benefited white-owned compa-
nies, according to city officials.
Members of Tulsa’s economic-de-
velopment team say there are legal
hurdles that restrict cities from cre-
ating race-focused programs, but
they are learning other approaches
the city can take.
For example, the city is seeking pro-
posals to develop an 11-acre industrial
site in the historic Greenwood district.
The city will soon evaluate proposals
that have an objective to “create own-
ership and wealth building opportuni-
ties for members of the Greenwood
community.” Another space near that
project will soon be home to the head-
quarters of USA BMX, the bike-racing
organization.
That tracks with a separate effort
City Councilor Vanessa Hall-Harper is
promoting to require developers to
reach public, nonbinding agreements
with residents about how land will be
used. Ms. Hall-Harper said government
and private enterprises need to be
more willing to treat Black community
members as partners to correct its
prior decisions, like urban renewal,
which she calls “urban removal.”
She said that Black Tulsans had
good reason to be skeptical of local
government’s new initiatives given its
prior posture toward Greenwood. “It
sounds great, but we’ll see,” she said.
Residents also have memories of ef-
forts that harmed Black business devel-
opment. Sam Burns said that through
urban renewal, the city paid his grand-
father $60,000 to acquire his grocery
store at the corner of Greenwood Ave-
nue and East Newton Place, several
houses his grandfather rented out and
the two-story house adjacent to the
store. “Everything else I can remem-
PHOTOGRAPHS BY TRENT BOZEMAN FOR THE WALL STREET JOURNAL
ber—tailor stores, restaurants, grocery
stores, theaters—all of them have suc-
cumbed to urban renewal,” he said.
Black entrepreneurs in Greenwood
today say their success isn’t indicative
of any government economic-develop-
ment strategy. Rather, they see them-
selves as continuing Greenwood’s leg-
acy of creating opportunities despite a
lack of infrastructure meant to support
them.
“We’re hitting the ground running,
we’re hungry, we see the vision,” Mr.
Cooper said.
—Shalini Ramachandran contributed
to this article.
 SUMMER BOOKS
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THE MANY A plurality of faces from the 18th- and 19th-century Americas, with Sojourner Truth, Alexander Hamilton, Thomas Jefferson, Andrew Jackson and Frederick Douglass in the foreground.
A Patchwork Nation
For decades after independence, the American governments that counted most
were those of the separate states, and not the federal one
n-
American Republics
By Alan Taylor
Norton, 515 pages, $35
no
BY GORDON S. WOOD
A
LAN TAYLOR IS one of America’s
most distinguished historians.
He is the Thomas Jefferson
Foundation Professor at the
University of Virginia, a two-time
winner of the Pulitzer Prize in History and the
author of 10 previous books, nearly all dealing
with early American history. Mr. Taylor
describes this one, “American Republics:
A Continental History of the United States,
1783-1850,” as a sequel to his two earlier books,
“American Colonies: The Settling of North
America” (2001) and “American Revolutions:
A Continental History, 1750-1804” (2016).
Men & Monuments
What our public remembrances of
World War II tell us about history
—and ourselves C6
THE WALL STREET JOURNAL.
on
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al a
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er s
m er
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co Fo
His book is written in clear, readable prose
designed for readers with little or no prior
knowledge of the period, and the work has
touches of wokeness, which helps to fit it nicely
into this extraordinary moment in our history.
Mr. Taylor did not intend his book to be a
comprehensive account of the antebellum
decades; he calls it “a concise introduction,”
covering “some conventional topics,” including
Alexander Hamilton’s financial program,
Thomas Jefferson’s attempt to diminish the
size of the federal government, Andrew
Jackson’s war on the national bank and the
efforts of Frederick Douglass and Sojourner
Truth to challenge the slave system of the
South. Although Mr. Taylor’s history of the
period inevitably features the United States,
he signals his divergence from a parochial and
xenophobic account by including brief forays
into the histories of the countries bordering
England’s Gardens
In the landscaped estates of
the very rich, a historian finds innovation
cultivated at every turn C12
* * * *
the United States. These are left out of
the usual histories of the United States, and
Mr. Taylor’s use of them enriches his history.
The presence of the border countries in his
chronicle, and his correct belief that the
American governments that counted most
were those of the separate states, and not the
federal government, account for the plural
“Republics” in his title.
Mr. Taylor’s introduction sets the tone for
the book. He never fails to point out the
discrepancies between the ideals of the white
Americans and the sordid realities of their
behavior. Some, for example, found the class
divisions in Washington, D.C., to be as severe
as anywhere in the world, which leads Mr.
Taylor to conclude that Americans, “while
denying the power of class in public life, . . .
practiced it with a vengeance in private
circles.” He uses Washington, D.C., as a base
Saturday/Sunday, May 29 - 30, 2021 | C5
.
ly
SUMMER BOOKS ILLUSTRATIONS BY BEN WISEMAN FOR THE WALL STREET JOURNAL
and compares it with other capitals of the
various nations and empires surrounding the
United States. It does not come out well.
Not only did Washington remain raw
and unpopulated throughout the period,
but one-third of its people remained enslaved.
Mexico City was nearly 300 years older than
Washington, and 20 times bigger and 40 times
grander, and it had no slaves and claimed to
have dissolved all racial distinctions. Port-au-
Prince, the capital of the black republic Haiti,
the second republic in the New World, suffered
from earthquakes, hurricanes and wars, but,
says Mr. Taylor, at least its people were free,
and it was more populous than Washington.
Even York (later Toronto), the capital of Upper
Canada, grew faster than the U.S. capital.
The native Cherokees created a republic, too,
and in the 1820s built a capital, New Echota,
Please turn to page C6
Greeks & Trojans
The British entertainer Stephen Fry
goes completely Bulfinch
over Homer’s epic C15
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C6 | Saturday/Sunday, May 29 - 30, 2021 * *** THE WALL STREET JOURNAL.

SUMMER BOOKS
‘What Time wou’d spare, from Steel receives its date, / And Monuments, like Men, submit to Fate!’ —ALEXAN D ER P O PE

The Use and Abuse of the Past

Prisoners of History
By Keith Lowe
St. Martin’s, 346 pages, $29.99
BY MICHAEL S. ROTH

I
T’S BECOME A TRUISM that monu-
ments speak of the time in which they
were built as well as the time that they
commemorate. And that what we hear
them saying changes. At moments of
political upheaval, the way we choose to
remember—even what we remember—can be
dramatically reconfigured. Here in the U.S.,
not a few statues are being removed from
places of honor. And around the world, we’ve
seen monuments to paragons of former regimes
be displaced or reduced to rubble. Some applaud
this iconoclasm as a reckoning with legacies of
oppression; others complain of the past being
canceled based upon present-day values.
Monuments to World War II, though,
have been remarkably stable. So far. Even as
our understanding of that terrible war has
grown more complex and nuanced, cartoonish
monsters have remained lodged in our
historical imagination, as have the heroic
efforts made to defeat them. In the U.S.,
where most heroes of earlier times have been
cut down to size, the image of “The Greatest
Generation” still stands tall in the minds of
many. The British historian Keith Lowe knows
all about patriotic respect for what Winston
Churchill called “their finest hour.” He also
knows about the hours that followed. In his
RAYMOND BOYD/GETTY IMAGES

books “Inferno: The Fiery Destruction of

Hamburg, 1943” (2007) and “Savage Continent:

.
Europe in the Aftermath of World War II”

ly
(2012), he focused on the massive
destructiveness of the conflict. Now, in
“Prisoners of History: What Monuments to
World War II Tell Us About Our History and
Ourselves,” he looks at the ways in which a
diverse set of countries have memorialized
that bloody conflict, which set the stage for
on
SEMPER FIDELIS The Iwo Jima statue at the United States Marine Corps War Memorial in Arlington, Va.

government in the postwar years used tensions Mr. Lowe does dedicate a chapter to the memorializing of convicted war criminals
us ,

the world in which we still live. with Japan for purposes that had little to do Marine Corps Memorial in Arlington, Va., and by its blatant distortions and ideological
with coming to terms with this profoundly which he rightly understands to be much more agenda. On the other hand, he is intrigued
l
e
painful past. Whether he is writing about than a monument to the victory at Iwo Jima. by the ways Lithuanians deal with the brutal
al a

Monuments are public memory far-flung places where he is a well-informed The thousands who visit this monument each legacies of Stalinism. Massive statues meant
tourist or European cities where he has done week, to gaze at the Marines’ outstretched to inspire are now found in a park with
in stone and metal. Seeing how
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deep research, Mr. Lowe is a confident guide
different countries memorialize who finds sources in each city to make our
World War II reveals sharp experience of the memorials more meaningful.
I was fascinated to read about the Russian
contrasts in its legacy. penchant for massive memorials. Mr. Lowe’s
er s
arms and the American flag waving above
them, see an aspiration to “virtues they
believe to be universal: hope, freedom, justice
and democracy.” In other parts of the world,
Mr. Lowe notes dryly, the flag is seen “rather
animals doing their business: “The magic
ingredient is ridicule.”
At the A-Bomb Dome in Hiroshima,
Mr. Lowe is struck by how, in the aftermath
of the war, “the urge to mourn had to compete

narrative becomes even more compelling differently.” everywhere with the urge to forget.” As a
when he gets to Italy and the “more intimate” The author’s story of an unofficial site historian, he is committed to the notion that
m er

Mr. Lowe has visited monuments around
the world—from Auschwitz to Volgograd to
Jersey City. No art historian, he has little to
say about architectural details or subtle shifts
memorial to resistance fighters in Bologna.
“In the 21st century,” he writes, “every nation
likes to believe itself a nation of heroes; but
deep down, most nations are beginning to
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of remembrance in Slovenia is especially the work of mourning has to be based on what
powerful. While visiting the recently installed happened and not on fantasy and ideology.
Monument to the Victims of All Wars in But he also knows that we often, maybe
Ljubljana, he is disturbed by the way the always, recollect the past for some purpose

in symbolism. Nor does his book, unlike the
brilliant work of James E. Young, explore the
intricate ways in which public traumas are
processed. What “Prisoners of History” does
do—and does well—is explain why groups
think of themselves as victims.” After all,
“martyrs are untouchable.”
For the past 40 years, Americans, too,
have had an easier time celebrating survivors
and martyrs than heroes, but when it comes
co Fo
“bland, abstract” memorial “repels attention.”
Then a historian from the region takes him
on a long drive into the countryside to visit
a former coal mine that had become a mass
burial site. Mr. Lowe descends into tunnels
in the present.
Representing the past always draws on the
impulse for accuracy as well as the interests
of those doing the representing. I’ve argued
that history and memory also draw on piety.

in each country built the monuments in the
first place and how changes in politics and
international relations affected interactions
with them afterward.
In painting a powerful picture of the brutal
Japanese invasion of China, Mr. Lowe plunges
us into the horrors of the massacres and
organized sexual violence in Nanjing. He also
gives us a sense of how shifting political forces
in communist China made memorializing this
trauma possible, and how the Chinese
n-
to remembering World War II, the tilt toward
heroism remains. This can lead to monumental
disasters, like the World War II Memorial that
took over a good portion of the National Mall
in 2004. Mr. Lowe doesn’t say a word about it,
which is perhaps an act of kindness. Others
have derided its bombastic neoclassicism,
calling it a “shrine to sentiment” and a “busy
vacuity, hollow to the core.” Tourists still go
there to pay their respects—or, perhaps,
to cool off nearby in the nice fountain.
in which hundreds of men were executed
and buried. He can’t help thinking about
those entombed there—some while still alive.
These were no heroes; most had been fighting
alongside the fascists against Tito’s army:
“In the end the authorities had simply locked
the doors and tried to forget about them.”
Mr. Lowe believes that, in the long run,
nations can’t distort history to support their
current ideas and projects. Maybe. Visiting
Tokyo’s Yasukuni Shrine, he is revolted by its
There will always be arguments about accuracy
and ideology, but perhaps we can agree to
acknowledge, with the help of this thoughtful
book, the very human desire to remember
the most stirring dimensions of the past
with piety, even with gratitude.
Mr. Roth is the president of Wesleyan
University. Among his recent books
is “Memory, Trauma, and History:
Essays on Living With the Past.”

The Many This demographic imperialism created chronological, but only roughly. His allowed for easier manumission and other hoaxers to flourish. Con men and
no

Jefferson’s “empire of liberty,” and it chapter on “Race,” for example, ap- racial mixing with free blacks as medi- fraudsters, including the writer Edgar
was unstoppable. Jefferson knew this pears approximately midway in the ators between masters and slaves. Allan Poe, played upon the confidence

Republics of and counted on it. The frontier folk, he

said, “will settle the lands in spite of
book. At this point, in the 1820s and Yet when he describes Mexico in the ordinary people now had in their own
1830s, he is more interested in the rac- period with all of its racial mixing, senses and their own judgment. People

Early America
Continued from page C5
in northwestern Georgia. It was, alas,
soon overrun by white migrants eager
to build cotton plantations worked by
enslaved African-Americans.
During the decades following the
Revolution, the United States was weak
and vulnerable to pressure from their
neighbors. Mr. Taylor rightly stresses
that the country was not a nation, but
a union of states each keenly conscious
of its autonomy and very suspicious of
one another. As the author nicely puts
it, “mutual distrust was the bond of
union.” Americans tended to avoid the
term “nation” and used “union” in-
stead. But that union was fragile, and
the threat of disunion was constant.
Most realized that slavery was, as one
newspaper editor put it, “the weak
point of our Union,” as it proved to be.
everybody.” Mr. Taylor seems to think ism of ordinary whites who took away he admits that, in Mexico, the one-fifth had to see everything for themselves
the settlement of the West could have rights that free blacks had enjoyed for sliver of “whites still monopolized (precisely what Barnum exploited);
been done differently. “The whole point years. Indeed, Jacksonian democracy wealth and power.” “for,” like the common sailors on Her-
of an American empire or republic,” aggravated the brutality of man Melville’s Pequod, “noth-
he writes, “was to make property and common white men toward ing but their own eyes could
power by dominating Natives—rather blacks and Indians alike. Thus, persuade such ignorance as
than sharing the rewards with them.” with such expressions of theirs.” The result was a dis-
Mr. Taylor faults Jefferson for not racism afoot, Mr. Taylor is not persion of authority and a
consulting the Indian majority or the much impressed by the earlier diffusion of truth that created
colonial (mostly French-speaking) mi- Revolution and the abolition an epistemological crisis much
nority when he claimed the expansive of slavery that took place in more serious than our own.
boundaries of his Louisiana Purchase in the northern states in the Mr. Taylor more than
1803. No wonder the “Louisianans years following 1776. makes clear that the perpetua-
complained that American republican- He plays down the signifi- tion of slavery, racism and the
ism in practice was ‘a sort of Hocus- cance of that abolition move- dispossession of the native
Pocus, tending to worst[en] their con- ment, the first such movement peoples were tragic flaws
dition.’ ” It turns out Jefferson really by slaveholding states in the in the history of the early
didn’t like all those French- and Span- history of the world. He says Republic. Fortunately, he
ish-speaking people in his newly ac- “the gradual emancipation never claims that the white
quired territory. “Although the presi- laws sought to free northern racism was endemic and sys-
dent had declared self-government states of slavery, rather than temic; unfortunately, he never
a universal human right,” says Mr. to ensure freedom for the offsets his depressing story
Taylor, “he reserved his Empire of enslaved.” True enough, but, with an account of the exhila-
Liberty for Anglophone Americans.” (It as James Oakes has recently ration, enthusiasm and prom-
is startling to witness just how much pointed out, that should not ise inherent in this flawed
GRANGER

Through it all, “white supremacy”
was the rule. The white settlers on the
frontier were hardly culturally superior
to the native peoples, but they “exag-
gerated differences to justify dispos-
sessing Indians as supposed savages.”
Mr. Taylor misses no opportunity to
criticize Jefferson and other leaders for
championing common white settlers
“while accepting their prejudices
against Blacks and Indians.” He some-
times writes as if Jefferson or any
other leader could have stemmed the
massive torrents of white settlers mov-
ing westward and overwhelming the
Indians and harming the environment.
the Thomas Jefferson Foundation Pro-
fessor at Jefferson’s own university
dislikes its patron, Thomas Jefferson.)
In the end, all the ethnic differences
in Louisiana paled into insignificance
compared to the “more repressive racial
order” introduced by the American take-
over of the territory; that order was
“premised on a harder distinction be-
tween white freedom and Black slavery.”
Americans asserted their “white su-
premacy” and even took away the civil
rights that free blacks in Louisiana had
enjoyed under Spanish and French rule.
Mr. Taylor has organized his book
into thematic chapters that are roughly
detract from the momentous democratic country that at-
blow that the American Revo- tracted millions upon millions
lution inflicted on the system BORN 1852 Rebecca Huger was enslaved in New of European immigrants. The
of slavery in the New World. Orleans until age 11. She was freed during the Civil War. history of the United States
As a consequence of the Revo- can never be understood, even
lution, in addition to abolishing slavery Mr. Taylor’s chapter on “Democracy” by the victims of slavery and racism,
in the North, the United States became is good, but doesn’t go far enough in ac- as merely a tragic tale. Its significance
the first nation in the world to begin counting for the democratic chaos and both transcends and thwarts much
actively suppressing the despicable confusion that emerged in the North. of the brutality, bigotry and injustice
international slave trade. A more bal- Although he describes the prevalence of of its people.
anced account might have found room mobs, rioting and drinking in the coun-
to make these points. try, he seems most interested in point- Mr. Wood, an emeritus professor at
In place of the stark American two- ing out the exclusion of women and Brown University, is the author of
caste system of free whites and en- blacks from civic life. He mentions P.T. the forthcoming “Power and Liberty:
slaved blacks, Mr. Taylor seems to pre- Barnum but doesn’t really explain the Constitutionalism in the American
fer the Spanish system of slavery that kind of culture that allowed him and Revolution” and many other works.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 29 - 30, 2021 | C7

SUMMER BOOKS
‘There is a forgotten, nay almost forbidden word, which means more to me than any other. That word is England.’ —WINSTO N CHURCHILL

The Rise of Englishness

Englishness “peaceful and gentle” Englishness and
By Ailsa Henderson a “colonizing and violent” Britishness.
In either case, the values or sym-
and Richard Wyn Jones
bols associated with Englishness tend
Oxford, 235 pages, $38.95 to be cultural: fair play, the English
BY TUNKU VARADARAJAN language, a sense of humor, the green
affairs while English MPs have no say
anymore in Scottish matters. The
same is true for Welsh MPs, Wales
having been given its own legislature
in the same year as Scotland. But the
Welsh don’t agitate the English quite
us.” Ms. Henderson and Mr. Wyn
Jones find that 23% of the English
want to be rid of Scotland.
Many in Scotland want to be rid of
England, too. After the Scottish elec-
tions earlier this month, parties
suggested that the English people’s
general lack of interest in politics was
a source of their political tolerance,
which was notably higher than that of
the French and the Germans. “The
English are not sufficiently interested

H
and pleasant countryside. Those who so much as the Scots. One reason may favoring independence have a major- in intellectual matters,” he wrote, “to
OW DID THE British favor a British identity are likely to be that the Welsh are perceived as ity in the regional parliament. Nicola be intolerant about them.” Orwell
become so excitable? focus on political elements, like the thoroughly domesticated, having been Sturgeon, Scotland’s first minister, observed that Englishness could be
Everyone who has Union Jack, the Crown and Parliament. annexed by the English crown as long has demanded a new referendum on associated with a broadly apolitical
observed British poli- The authors have conducted nu- ago as 1284. The Scots, more ungov- independence, which Boris Johnson, view of life, reflecting what Ms. Hen-
tics play out as a merous surveys of the English, start- ernable by nature and more populous, Britain’s prime minister, has said he derson and Mr. Wyn Jones describe
dance of dervishes since 2016—when ing in 2011. In the last one—done in joined the kingdom only in 1707. won’t permit. The law is on Mr. John- as “a fundamental contentedness” on
Britain voted narrowly to bolt from 2016, the year of the Brexit referen- With their meticulous surveying, son’s side—a referendum needs the the part of the English with their own
the European Union—has been struck dum—a third of the respondents said Ms. Henderson and Mr. Wyn Jones approval of the Parliament in West- political system. And as long as there
by how untethered from its age-old that their “national identity” was confirm that England resents Scot- minster. He has suggested that one was an empire, Englishness “nested”
traits of stability, continuity and mod- more English than British; 37% said land: 38% of the English, they find, could take place in the 2050s, provok- within a Britishness that was etched
eration the country has come to be. that they were equally English and believe that the Scots get “more than ing howls of indignation in Scotland. across the globe. “It may well be,” the
As it wrestles with the ef- authors write, “that a unified
fects of Brexit, which include understanding of Britain and
the nitty-gritty of trade and Britishness has disintegrated.”
travel as well as grander mat- The English are contented no
ters of identity and national- more, and their own politicians
ism, Britain’s political system are scrambling to construct a
has combined “feverish ac- new order. The Conservative
tivity with almost complete Party issued a manifesto for
paralysis.” This “negative England—a tailored set of politi-
dialectic,” say Ailsa Hender- cal promises aimed at English
son and Richard Wyn Jones— voters—in the 2015 election.
professors of politics at the This was unprecedented—and
University of Edinburgh and (in a very English way) revolu-
Cardiff University, respec- tionary. Separate election mani-
tively—has served to “di- festoes are a thing that British
minish the country’s much parties have produced only for
vaunted global reputation.” Scotland, Wales and Northern
The world now looks at Ireland. England was thought
Britain and asks why its poli- not to need one. The manifesto

.
tics is so much like that of was an acknowledgment by the

ly
the less fortunate lands on Conservative prime minister,
which the Brits have gazed David Cameron, that Englishness
(heretofore forgivably) with is a political force and that the
condescension.
The motor behind this
unseemly change is “English-
on time had come to harness it.
Although theirs is a scrupu-
lously researched and scholarly
OLI SCARFF/GETTY IMAGES

ness.” Ms. Henderson and book, it will be obvious to read-

us ,

Mr. Wyn Jones use this word ers that Ms. Henderson and Mr.
as the title of their book, Wyn Jones don’t approve of
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aiming to capture the “politi- Englishness. Had their tone been
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cal force transforming Brit- less academic, they might have

ain” (as their subtitle de- quoted Kipling, who once asked:
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clares). Brexit, they argue, CROSS PURPOSES Boris Johnson, as mayor of London, on St. George’s Day (April 23) in 2010. “What should they know of Eng-
was less a victory for British- land who only England know?”
ness than for Englishness, which now British. For only 20% of English peo- their fair share” of public spending. The last referendum on Scottish It is easy to imagine, Ms. Hender-
expresses itself as a form of English ple did their British identity come Nigel Farage, an English-nationalist independence, in 2014, was won by son and Mr. Wyn Jones write, that a
nationalism fueled powerfully—but not indisputably first. politician, described the feelings of those who wished to remain in Britain break-up of Britain would be a source
er s

exclusively—by Euroskeptic sentiment. The emergence of political nation- many English when he said that by a comfortable 55-45 margin. Ms. of “regret and recrimination.” Indeed,
Although the two terms are often alism in England is a radical change in Sturgeon asserts, however, that Brexit the political playbook would be
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conflated by the English themselves, British politics. To the extent that was a betrayal of Scotland’s people, altered in acrimonious ways. In a
Englishness is not the same as Brit- nationalism has been considered at all An English cultural who voted in their independence Britain shorn of Scotland, the Labour
ishness. The former has tended to be as a marker of identity in Britain, referendum on the understanding that Party, which lives by notions of class,
seen as an ethnic identity, the latter write the authors, “it was a feature of
identity once nested Britain would remain a part of the not ethnicity, would struggle to win
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as a civic one. It would be wrong, the political life in the state’s periphery— quietly inside Britain. European Union. The Scots are nota- power again. The country could be-
authors say, to regard one as bad and that is, in Scotland, Wales, and North- No longer. English bly more pro-European than the Eng- come a de facto one-party Tory state.
the other as good, for the connota- ern Ireland. England and the English lish: 62% of them voted to remain in In such a case, England will be a land
tions that attach to both terms are were different.” nationalism is on the rise. the EU. While Ms. Sturgeon has said with its political Englishness en-
complex and contradictory. Some see Yet with Europe out of the way, that she’ll abide by the law, there is hanced but its charm and tolerance
co Fo

Britishness as “outward looking, the Scotland is now the greatest driver of no guarantee that she—or an even greatly diminished.
identity of choice for those interested a tetchy and reactive Englishness. there’s “some quite vehement anti- more radical successor—won’t call a
in the UK on a world stage,” in con- Scottish devolution—effected in 1999 Scottish sentiment out there.” The wildcat referendum in defiance of Mr. Varadarajan, a Journal
trast to an “insular, self-interested by Prime Minister Tony Blair, seem- Scottish tail, he said, “has wagged the Westminster (much as the Catalan contributor, is a fellow at the
Englishness”—hence the disparaging ingly blind to its consequences—has English dog in the most remarkable separatists did in 2017, in defiance of American Enterprise Institute and
phrase “Little Englander.” Others, resulted in an anomaly: Scottish MPs way,” with the Scots “getting our the Spanish constitution). at New York University Law
by contrast, distinguish between a in Westminster get to vote on English money” while “being horrible about Writing in 1947, George Orwell School’s Classical Liberal Institute.

Recalling
n-

lives in the country remained so maternal great-grandfather was asking questions about the
sparse? African, jostle with biographical ambivalence experienced by
Portugal, though a pioneer in the sketches of less well-known blacks in contemporary

Forgotten slave trade, is by no means the only characters. Joseph Boulogne Europe. In France, she
no

country in Europe with a forgotten was born in Guadeloupe in notes a recurring backlash

Pasts
or effaced African past. In one sur-
prise that bears this out, researchers
have recently found strong evidence
that there were at least two African
African Europeans crewmembers on a ship, sunk in
By Olivette Otele 1545, in Henry VIII’s navy.
Basic, 291 pages, $30 Olivette Otele’s “African Euro-
peans: An Untold History” works
BY HOWARD W. FRENCH to bring more of this past to public
1739 to a white, aristocratic to people of African
French plantation owner ancestry, as seen in
and an enslaved mother. the popular response to
Boulogne, brought to the repeated winners of
France as a boy, became an the Miss France competi-
expert fencer and a gifted tion who come from the
musical artist and dancer. country’s overseas terri-
He was one of the first tories, like Guadeloupe.
Frenchmen to write for She writes that on social

I
N 1472, TWO DECADES be-
fore Columbus sailed for the
New World, so great was the
demand for African labor in
Portugal that the parliament
urged King Afonso V to bar the sale
of Africans to other European coun-
tries, especially to rival Spain, whose
market for bound blacks was equally
insatiable. By the mid-16th century,
about 10% of Lisbon’s 100,000 inhab-
itants were Africans who had been
brought to the city as slaves. At the
time, 30,000 other blacks lived scat-
tered throughout Portugal, whose
overall population barely numbered
one million people.
Portugal outlawed the importa-
tion of slaves in 1761, after its ships
had delivered roughly 400,000 Afri-
cans in chains to the country. That is
a larger number of slaves than the
United States and its predecessor
colonies imported from Africa dur-
ing the entire history of slavery in
America. To know this and to visit
Portugal as an American today is to
make two awful questions nearly
unavoidable: Why did such large
numbers of Africans make so little
obvious mark on the long-term
composition of the Portuguese popu-
lation and its gene pool? And why
has the historic record of African
attention. The book arrives in a mar-
ket newly awakened to its topic by
the drama surrounding the marriage
of Britain’s Prince Harry and Meghan
Markle, as well as by recent enter-
tainment products, like the popular
Netflix series “Bridgerton,” a royal
period fantasy prominently featuring
black stars.
The Nardal sisters helped
to found the Negritude
movement, an early 20th-
century transnational
African identity group.
Ms. Otele, a black scholar at Brit-
ain’s University of Bristol, takes a
broad view of her subject. Some-
times, the African Europeans of the
title are, as one might expect, people
living in Europe, but on many other
occasions, they are blacks or people
of mixed-race who have lived else-
where, in other far-flung quarters of
the Atlantic world. Her book is
equally sprawling in terms of time,
moving back and forth across the cen-
turies, from antiquity to the present.
Stories about the famous Russian
poet Alexander Pushkin, whose
string quartets, and in his
heyday he was considered by
some to be France’s greatest mu-
sician. Despite these achievements,
Ms. Otele recounts, Mozart, when he
visited Paris in 1778, refused to meet
or attend a concert by Boulogne,
by then known as the Chevalier de
Saint-Georges. Nine years later,
Joseph Haydn partly made up for the
snub when Boulogne requested six
pieces of music from him and was
allowed to perform them in a highly
praised concert.
Boulogne went on to play an ac-
tive part in the French Revolution,
raising support among other black
Frenchmen, including Thomas Re-
toré, himself the mixed-race son of
a planter and an enslaved woman,
and later the father of Alexandre
Dumas, author of “The Three Muske-
teers.” When Napoleon moved to re-
store slavery in France’s Caribbean
colonies, Ms. Otele writes, he ban-
ished Boulogne’s music from public
repertoires, and discussion of the
black prodigy’s life story “slowly dis-
appeared from French national
history.”
Ms. Otele’s cast of characters who
deserve heightened attention also in-
cludes Juan Latino, a slave in 16th-
century Granada who earned bache-
lor’s and masters degrees while still
BRIDGEMAN
IMAGES
PRODIGY Joseph Boulogne,
Chevalier de Saint-Georges.
enslaved. Later manumitted, he be-
came a leading scholar of Latin, and
is referred to obliquely in Cer-
vantes’s “Don Quixote,” which calls
his accomplishments in the language
“a trifle enjoyed by amused owners.”
Latino’s most enduring renown,
though, comes from his “Austrias
Carmen,” a powerful narrative poem
about the 1571 Battle of Lepanto.
More recently, Ms. Otele high-
lights the Afro-Caribbean Nardal
sisters: Paulette, Jane and Andrée.
In 1928, the first two helped found
the influential journal La Dépêche
africaine. Ms. Otele credits the sis-
ters, who were educated in Marti-
nique and in metropolitan France,
with helping to found the Negritude
movement, an important trans-
national African identity group in
the early 20th century.
Some of Ms. Otele’s most inter-
esting material is future-looking,
media large numbers of
white French citizens com-
plain they feel “invaded” by
black and mixed-race French
people.
France’s southeastern neighbor,
Italy, Ms. Otele writes, “has been the
first port of entry for people of Afri-
can descent crossing the Mediter-
ranean in boats illegally piloted by
human traffickers. The so-called
‘migrant crisis’ seemed to scare
Europeans, and has led to a brutal
series of racially motivated attacks
on people of African descent, in-
cluding Afro-Italians, over the last
few years.”
One million children of immi-
grants born in Italy—10% of the
country’s youth population—lack cit-
izenship. They are “posited as out-
siders and distrusted,” Ms. Otele
writes, even though Italy, like much
of Europe, has a stagnant and aging
population. By welcoming their
labor, but not their full integration,
Ms. Otele says, European countries
like this are enacting a “new form
of colonial extraction.”
Mr. French’s “Born in Blackness:
Africa, Africans, and the Making
of the Modern World, 1471 to the
Second World War” will be pub-
lished in October.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C8 | Saturday/Sunday, May 29 - 30, 2021 * *** THE WALL STREET JOURNAL.

SUMMER BOOKS
‘Those who are not shocked when they first come across quantum theory cannot possibly have understood it.’ —NIELS BOHR

The Paradox of Particles There were other investigators of the

Helgoland: Making Sense
of the Quantum Revolution same structures, and they had their own
By Carlo Rovelli ideas. Erwin Schrödinger objected: “I can’t
imagine that an electron hops about like a
Riverhead, 233 pages, $20
flea,” and sought to bolster his objection
BY JOHN BANVILLE by devising the famous conundrum of the

G
cat in the box that is at once dead and
IVEN THE PROBABILISTIC alive—Mr. Rovelli, obviously an ailurophile,
basis of quantum theory, it is prefers to think of the cat as asleep or
apt that happenstance should awake. Schrödinger believed that the
have been midwife at the birth electron functions not as a particle but as
of one of its most radical a wave, and produced an equation that
formulations. Had Werner Heisenberg as a exactly accounted for the orbital leaps that
young man not suffered from chronic hay had stumped Bohr and led Heisenberg to
fever and sought relief on the virtually Helgoland. Responding to this apparent feat,
treeless island of Helgoland in the North Sea Mr. Rovelli says, simply, “Wow!”
off the coast of Germany, particle physics But it was, Mr. Rovelli soon reveals,
might be a very different matter from what “an illusion.” Nor was the feisty Heisenberg
it is today. Indeed, our concept of matter impressed. “The more I think about the
itself might be a different matter. physical portion of the Schrödinger theory,
Carlo Rovelli, a theoretical physicist the more repulsive I find it. . . . It’s crap.” In
whose specialty is quantum gravity, is also time Schrödinger, one of the great minds of
one of the warmest, most elegant and most the 20th century, came to see that he was
lucid interpreters to the laity of the dazzling mistaken. By then he had abandoned his life
enigmas of his discipline. In his new, brief of exile in America, and in search of some-
but potentially momentous book where more liberal had eventually moved
with his wife and mistress to Dublin. Ahem.
Mr. Rovelli follows the trail of quantum
On an island retreat to escape theory through some delightfully unorthodox
byways, including Buddhist mysticism and
allergies, the young physicist Russian revolutionary politics, to arrive at
Werner Heisenberg could focus last at the notion that is most dear to him,
his attention on the strange that of the “relational” interpretation of
quantum theory. Although he explains this
world of the subatomic. version of ultimate reality at the atomic
level with characteristic flair and enthu-
siasm, he does not pretend it is easy to

.
“Helgoland”—translated from the Italian by understand, or any less counter-intuitive

ly
Erica Segre and Simon Carnell—he takes than Heisenberg’s matrices or Schrödinger’s
Heisenberg as an exemplary figure, one with hovering cat.
the “visionary force of a rebellious, critical “Everything,” he writes, “is what it is only
spirit . . . capable of redesigning our world
from scratch.” It is a description that, with
a slight slackening of emphasis, might fit
Mr. Rovelli himself, in his role as promulgator
on with respect to something else.” The electron
is manifest only when it interacts with
another object, even if that object is only the
questing eye of the observer. Reality in the
us ,

of what he terms “the ‘relational’ interpre- quantum world is tenuous, fleeting, “intri-
ALAMY

tation of quantum theory.” To which we cate and fragile as Venetian lace. Every inter-
l
e
shall return. A NEW REALITY Werner Heisenberg, whose theories revolutionized physics, ca. 1933. action is an event, and it is these light and
al a

Heisenberg went to Helgoland— ephemeral events that weave reality,” not the
“Heligoland” to English-speakers—in 1925, way that we can as yet make out, with the around electron behavior too difficult, he manifold of whizzing billiard balls envisioned
ci on

20 years after the publication of the Special
Theory of Relativity. The world of science
was in a more than usually violent state of
ferment, with physicists struggling not only
to establish a synthesis between Newton’s
microsphere of quanta and quarks.
Only 23 when he went to Helgoland,
Heisenberg brought with him a puzzle
arising from work on the properties of
chemical elements carried out by the Danish
er s
chose the simpler system of the humble by the old science. “Reality, including our
pendulum and worked on that. selves, is nothing but a thin and fragile veil,
It worked. On June 7, at “around three beyond which . . . there is nothing.”
o’clock in the morning . . . the result of my This is not a counsel of despair; quite
calculations lay before me. It was correct in the contrary. Mr. Rovelli’s is a radiant void,

and Einstein’s differing versions of reality, physicist Niels Bohr, who at the age of 40 all terms.” Quantum mechanics was born. quick with potential, in which objects, or
but also to reach an accommodation with was already one of the grand old men of “It is,” Mr. Rovelli writes, “the only funda- “objects,” have their being through contact
m er

the baffling new ideas that would come to
constitute quantum theory.
It was a heavy task, and one that is still
far from complete, nearly a century on.
physics. According to Bohr’s formulas, an
electron circling the nucleus of an atom
will somehow leap from one fixed orbit to
another, as if by magic, seeming not to exist
m rp
mental theory about the world that . . . has with and dependence on each other. And in
never been found wrong—and whose limits this interdependent, interlocked world,
we still do not know.” Nor do we know the way to enlightenment is through co-
exactly how it works. Mr. Rovelli deftly operation not confrontation. For all his

Richard Feynman was not the first to say—
though, being Feynman, he said it more
cheerfully than did others—that no one
understands quantum theory. This is despite
the fact that the theory is at the heart of
between leaps. Heisenberg, in solitude and
free of life’s usual distractions, set to work
on the problem with the single-mindedness
of youth and the determination of genius.
And punishing work it was. Striking out
co Fo
follows the route Heisenberg took, the one delicacy of touch, Mr. Rovelli is a man,
that ended in “complete triumph.” and a scientist, of large ambition. It is time,
Yet no one, not even Heisenberg, he declares, to bring the relational theory
understood exactly what he had done. into general discussion, “beyond the
He later confessed “I had the feeling that restricted circles of theoretical physicists

everything from mobile-phone technology
to the formation of star systems. We
investigate the stars, and do a lot talking on
our phones, yet for most practical purposes
we live in the world according to Newton.
The macrosphere of gadgets and galaxies
seems not to connect, at least not in any
into uncharted territory, he had to devise
new methods as he went along. His boldest
stroke was, as Mr. Rovelli writes, to replace
“the physical variables (numbers) with
tables of numbers . . .” Mathematicians call
such tables “matrices,” though Heisenberg
only learned this later. Finding the math
I had gone beyond the surface of things and philosophers, to deposit its distilled
and was beginning to see a strangely honey, sweet and intoxicating, into the
beautiful interior, and felt dizzy at the whole of contemporary culture.” As he
thought that now I had to investigate might say himself, Wow.
this wealth of mathematical structures
that Nature had so generously spread out Mr. Banville is the author, most recently,
before me.” of the novel “Snow.”

Flies have an acute sense of smell: survive the digestion process and “the generation of pathogen-resistant championing of its subject is surpris-
Respect
n-

“Some carrion flies can detect a rot- wreak havoc in the intestine, which, transgenic flies.” Scientists are also ingly moving. “I know that my soft
ting carcass from at least 10 miles” unquestionably, is not one of their exploring the possibilities of infecting spot for flies is not widely shared by

For a Reviled away. Mr. Balcombe believes that flies

possibly feel pain, have personalities
good attributes.
Though a fly aficionado, Mr. Bal-
malarial mosquitoes with parasitic
bacteria, devastating them in a num-
the general public,” he admits. But if
flies can help humans medically and
no

and even possess consciousness.
Insect “They are master aerialists that can
hover, fly backward, and land upside
down.” He maintains that some flies,
Super Fly such as the blowfly, with its “gleam-
By Jonathan Balcombe ing metallic color,” could be said to
“rank among nature’s most beautiful
Penguin, 340 pages, $18
combe doesn’t stint from examining ber of ways. forensically, “might we be able to ex-
the dark side of the species. “Let’s
face it, flies do not win popularity
But because Mr. Balcombe’s book is
also, in part, a polemic warning of the
tend compassion toward them?” I feel
compelled to note that I’m not a con-
contests with us,” he concedes, and possible dangers that species destruc- vert to Mr. Balcombe’s cause. I still
his scrutiny of the harm that some tion can entail, he offers this admoni- loathe houseflies and would be
species inflict on humans, livestock
and plants decidedly shows why. Flies
JOSEPH MOISAN-DE SERRES, QUEBEC MINISTRY OF AGRICULTURE, FISHERIES AND FOOD

works of art.” To sum up, flies are are the most common carriers of
BY HOWARD SCHNEIDER “masters of adaptation,” Mr. Bal- insect-transmitted diseases. Biting

G
LOUCESTER’S lament
in “King Lear”—“As
flies to wanton boys
are we to th’ gods; /
They kill us for their
sport”—isn’t cited in “Super Fly: The
Unexpected Lives of the World’s Most
Successful Insects,” but I suspect that
the book’s author, Jonathan Balcombe,
would agree with the sentiment de-
ploring those sadistic youths. “Super
Fly” is a lucid, absorbing and sprightly
account of the world of flies. There is
also a parallel story here, in which
Mr. Balcombe becomes an outright
advocate. His fervent enthusiasm for
flies startled me, until I eventually
understood his benevolent motives.
Here are some suggestive fly facts.
In terms of “diversity and sheer num-
bers,” Mr. Balcombe writes, the fly’s
success takes on “celestial propor-
tion.” Some researchers estimate that
there are 17 quadrillion flies on the
planet. One British fly expert believes
that for each human there are about
17 million flies. There are 160,000
known species of flies, and that’s
probably “only scratching the sur-
face.” Flies, which have been around
as long as humans, exist on every con-
tinent, including Antarctica. A “hand-
ful of species have colonized the
oceans—a habitat otherwise un-
reached by insects.”
combe tells us, the “ultimate evolu-
tionary opportunists.”
They have their good points as far
as human beings are concerned, too.
Flower flies are “vital pollinators.”
Midge larvae “are an important anti-
pollution brigade; in their multi-
tudes . . . they filter algae and micro-
scopic debris from the water.” Fruit
flies have been indispensable to the
analysis of genetics, having starred in
more than 100,000 scientific studies.
Certain fly species that infiltrate
human corpses have helped scientists
determine a murder victim’s time of
Sand flies spread oroya
fever, which killed about
25% of Pizarro’s army.
Tsetse flies transmit
sleeping sickness.
death, thus assisting in homicide con-
victions and exonerations. Maggots
can help heal wounds on humans
because they eat only infected tissue;
in fact, their tissue work is “far less
expensive than conventional wound
healing therapies.” Flies enhance the
taste of Sardinian sheep-milk cheese.
Some people even enjoy eating the
cheese maggots—but the maggots can
midges “are known to transmit at
least 66 viruses and 15 protozoans.”
Sand flies spread oroya fever, which
killed about 25% of Pizarro’s army in
16th-century South America. Tsetse
flies transmit sleeping sickness. Tropi-
cal blackflies “can carry the round-
worm that causes river blindness.”
“Biting flies combine to make up the
most damaging arthropod pests of
cattle worldwide.” And so on.
“For sheer havoc, however,” Mr.
Balcombe asserts, “mosquitoes take
first place.” (Yes, mosquitoes are con-
sidered flies by entomologists.) Here
is some stark information. “A few
hundred species of mosquito com-
bined outrank humans for causing
human deaths.” Some researchers EVOLUTIONARY OPPORTUNIST A black soldier fly.
speculate that mosquitoes have
caused almost half the human deaths tion: “We’ve known for half a century pleased if scientists discovered a way
in history. They impart 15 kinds of dis- or more that removal of keystone spe- to permanently thwart them from vex-
eases to humans via viruses, worms cies results in large-scale changes to ing humanity. I carry a grudge.
and protozoans. Among the diseases the stability of an entire ecosystem. To end on a lighter note, Mr. Bal-
disseminated by mosquitoes are The ecological consequences of the combe shows a sense of humor when
malaria, yellow fever, dengue, chikun- loss of prolific and widespread fly reporting on the sundry sexual strata-
gunya, Zika, six kinds of encephalitis, species could be catastrophic.” gems of flies. For instance, signal flies,
West Nile virus, “and the filariasis and Mr. Balcombe is an ethologist—a picture-winged flies and stilt-legged
elephantiasis caused by nematode scientist who is an expert on animal flies put the scent in concupiscent.
worms.” behavior—and the author of five pre- Are you buzzed by the possibilities of
Understandably, scientists are as- vious books, including “What a Fish such prurient perfumes? You’ll have
siduously working to destroy malaria- Knows.” He worked for 25 years for a to read the book to satisfy your
carrying mosquitoes, or at least ren- number of animal-protection groups. curiosity.
der them benign. Some of the tactics “Super Fly” will satisfy the nonscien-
involve genetic manipulation, includ- tist’s desire to know about the physi- Mr. Schneider reviews books for
ing “the sterile male technique” and ologies and cultures of flies, and its newspapers and magazines.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
No Longer a Homespun Nation
How Iceland
Changed the World
By Egill Bjarnason
Penguin, 266 pages, $17
BY BRAD LEITHAUSER
I
CELANDERS SAVOR the tale
of how their homeland was
discovered twice. Trusting to
rumors of uninhabited terri-
tories to the west, Ingólfur
Arnarson, a Norwegian farmer, em-
barked from Norway in the year 874
and eventually beached up in Iceland.
He called his homestead Reykjavík—
the name and site of the modern
capital. Ingólfur came prudentially
equipped, with livestock and women
and children.
The second discovery occurred with
the outbreak of World War II. A crucial
battle for the North Atlantic was shap-
ing up, and any savvy, map-reading eye
in Germany or England or the United
States could see that Iceland—hover-
ing just below the Arctic Circle, gray
and vaporous as a snowy cloudlet—
presented a potential stronghold. Its
location was ideal for overseeing the
supply lines and seaways between
America and Europe. But what would
any military seizure of Iceland entail?
ALAMY
Did people actually live up there?
They did, it turned out. The humor
here, for modern Icelanders, lies in the
extent of what the outside world didn’t
grasp: that Iceland’s national history
was a heroic tale of grit and ingenuity,
that its literature, rooted in Norse folk-
lore and medieval saga, was volumi-
nous and deathless. From the days of
the first permanent settlers to World
War II—up there, in those lofty lati-
tudes, it had been one busy millennium.
A chronicle of those thousand-plus
years is breezily and likably unfolded
in Egill Bjarnason’s “How Iceland
Changed the World.” This is Mr. Bjar-
nason’s first book. A venturesome
young journalist born and raised in
Reykjavík, he has previously reported
from Afghanistan and Uganda. So the
book is a homecoming of sorts, con-
ducted with the dash and jokey hyper-
bole its title portends.
The title recalls another thread of
Icelandic humor—the proposition that
this modest island (about the size of
Kentucky) is the true hub of the uni-
verse. It’s a rich and recurrent theme
in Icelandic literature: While the rest
of the world may present a colorful,
puzzling, wondrous cavalcade of peo-
ples and practices, its happenings are
not fully real. As everyone knows, real
weather means icy wind and icy rain;
real food is cod and haddock and lamb;
real landscape is a run of bare, treeless
slopes rising toward bare, snowy
slopes; real history traces the annals of
a flinty island folk surmounting a
chain of perils.
AS OUR WONDROUS herd
lurches toward immunity, many
Americans have traded their
masks for traveling shoes.
The book industry is right
in step, offering a slew of titles
no
showing the way to destinations
great and small and offering
innovative ways to get there.
Jeralyn Gerba and Pavia
Rosati offer a comprehensive
guidebook in “Travel North
America (And Avoid Being
a Tourist)” (Hardie Grant,
283 pages, $29.99). It begins
with the dizzying observation
that we live on a “furiously
spinning globe” beset by
potential apocalypses.
No worries. Healing can be
fostered if the wandering class
behaves more like “travelers”
than “tourists,” the latter
notorious for staying in “hotels
owned by large corporations”
and for drinking too much
bottled water. Travelers “avoid
big cruise ships,” hold haggling
to a minimum, and bunk in
places like A Room at the
Beach in Bridgehampton, N.Y.,
a bungalow once owned by
Martha Stewart that, for all its
glories, might vaporize what
remains of a stimulus check
far faster than Motel 6.
Readers hoping to undo the
damage inflicted by Grubhub
pizza sherpas can follow the
authors’ directions to the 2,650-
mile Pacific Crest Trail or burn
excess blubber by trekking to
high-country huts in Colorado.
Those suffering from post-
pandemic stress can seek
healing context at Winslow, Ariz.,
where Mother Nature dropped a
meteor some 50,000 years ago,
devastating neighborhood life
forms but leaving behind a crater
* * * *
‘A free man can live on fish. Independence is better than meat.’
Mr. Bjarnason gives us this history
in broad swatches. The opening chap-
ter, some 35 pages, covers more than
300 years; the following chapter en-
compasses another 650. What stands
out most starkly across the centuries is
on
the staggering scale of Iceland’s cata-
clysms. According to Mr. Bjarnason,
“the black death reached Iceland in
1402 and wiped out nearly two-thirds
us ,
of the population.” A later smallpox ep-
idemic killed off two-fifths of the popu-
l
e
lation, while maiming countless others.
al a
The great volcanic eruptions of 1783
blanketed the country with strangling
ci on
ash, starving the farmers until another
quarter of the population was gone.
The shadow of neighboring Green-
land beetles over Mr. Bjarnason’s story.
The two Viking settlements were sib-
er s
lings of a sort, with Greenland playing
the role of the larger, stormier, stonier
m er
brother. Given Iceland’s historical string
of catastrophes, historians have some-
times called the country’s survival
miraculous. It’s a characterization that
m rp
gains credibility when you consider that
the Vikings in Greenland didn’t make it.
Though they gave it their all for half a
millennium, in the end they disap-
peared—literally. Where did they go, or
co Fo
attempt to go? What finally buried
them? We don’t know. What we do
know is that, to the east, the Icelanders
huddled and hugged tight to their gray
basaltic rock, and it sustained them.
The most entertaining chapter in
Mr. Bjarnason’s book covers World
that makes an awesome
selfie backdrop. A similar
n-
reminder that our era has
not been singled out for
rough treatment is found
at the La Brea tar pits in
Los Angeles, where many
a prehistoric beast met a
gooey end, their agonies
detailed in a pleasant
museum that made the
authors’ list.
Travelers whose artistic
sensibilities were not
satisfied by the work of
Joe Exotic and other
lockdown luminaries will
find welcome relief in
“101 Art Destinations in
the U.S.” (Rizzoli Electa,
271 pages, $14.98). Veteran
scribe Owen Phillips covers
museums famous and remote, cave
drawings, and even funk superstar
George Clinton’s “Mothership”—an
iconic spaceship-shaped stage prop
—at Washington’s National Museum
of African American History and
Culture. Along the way Mr. Phillips
supplies interesting asides. Money
guy Nelson Rockefeller, as we know,
made great contributions to several
collections at the Metropolitan
Museum in New York; the
connection between art and
commerce is also on display at
the nearby Carlyle Hotel, which
swapped accommodations for
murals by artist Ludwig
Bemelmans, famous for his
Madeline books. In Boston, the art
of art theft is acknowledged at the
Isabella Stewart Gardner Museum,
whose Dutch Room displays the
frames from which thieves posing
as police officers sliced two
Rembrandts and a Vermeer during
a 1990 heist.
Mr. Phillips reminds us that
art raises spirits—and hackles.
SUMMER BOOKS
War II and the occupation by Allied
forces—first British, then American.
Churchill had recognized that “who-
ever possesses Iceland holds a pistol
firmly pointed at England, America
and Canada.” As wartime occupations
go, this was a gentle—indeed, gal-
lant—affair. Many years later, a woman
who had been a wartime hotel recep-
tionist declared: “The first time I saw
a man ‘seat’ a woman by pulling out
the chair behind her was an American.
We had no idea this kind of gentleman
existed!” At war’s end, hundreds of
these gentlemen took Icelandic wives
home with them.
I was disappointed in Mr. Bjarna-
son’s final chapter, covering the years
1972 to the present. He focuses on the
shifting role of women and their
emerging prominence in public life. It’s
a striking and heartening story: Ice-
land was the first country in the world
to be led by a woman “elected in a di-
rect national vote.” (I must admiringly
add that this woman, Vigdís Finn-
bogadóttir, kept the common touch de-
spite her elevated status. I once hap-
pened to get my car stuck in a
snowbank in front of her house. And
out emerged our pathbreaking leader,
beaming, snow shovel in hand.) Some
years later, Iceland’s national govern-
ment became the first to be led by a
lesbian, Jóhanna Sigurðardóttir.
Still, I left the book feeling that Mr.
Bjarnason’s last chapter perhaps
missed the main story. Any devoted
The Battle of Gettysburg Cyclorama,
which depicts Pickett’s charge, may
strike some as a cautionary tale
about the dangers of joining the
infantry. Other observers, he writes,
criticize it “for showing valor on
both sides with no judgment or
sign of the underlying causes for
the war”—a message that might
require an additional cyclorama or
two. A more creative protest met
Pablo Picasso’s untitled five-story
steel portrait at Chicago’s Daley
Plaza, unveiled in 1967. A science-
fiction writer erected a giant pickle
on the site to pan the piece in
advance. Piling on, journalist Mike
Royko wrote of the Picasso that
“its eyes are like the eyes of every
slum owner who made a buck off
the small and the weak. And of
every building inspector who
took a wad from a slum owner.”
In Richmond, Va., where most
Confederate statuary has been
removed, visitors to the Virginia
Museum of Fine Arts can still pose
beside a full-figure statue of Caligula,
the controversial Roman statesman.
Saturday/Sunday, May 29 - 30, 2021 | C9
— H A L L D Ó R L AX N E SS
Iceland-watcher must respond with as-
tonishment at the country’s transfor-
mation in recent years. On the book’s
penultimate page Mr. Bjarnason notes
that “visitor numbers have quadrupled
over the past decade,” but he makes no
effort to come to terms with this fig-
ure. The crowds are amazing—and dis-
maying. There are parking lots (expen-
sive ones) at remote sites that used to
draw mere handfuls of visitors. In my
The tourist crowds these
days amaze—and dismay.
Remote sites that once
drew few visitors now
have pricey parking lots.
most recent visit (2019), I began to
sense that all tracks are becoming well-
beaten tracks. Hotels in the hinterlands.
Of course one can’t begrudge Ice-
land its material success. Per capita,
this land of epochal hardship has re-
cently blossomed into one of the
wealthiest countries in the world. And
surely there’s wry amusement in see-
ing how the marketing of “rugged Ice-
land” has resulted in scores of Iceland-
ers presiding over beachfront condos
on Spain’s Costa del Sol. Still, anyone
who fell in love with Iceland some de-
cades ago, as I did in the ’80s, can only
wonder where their beloved common-
Those seeking to end
their bout of house arrest
with a longer and perhaps
stranger trip will find
kindred spirits in Ben and
Roxy Dawson, authors of
“The Falcon Guide to
Van Life” (Falcon Guides,
223 pages, $24.95). The
authors note that “dis-
content is on the rise in the
sedentary lives of twenty-
first-century Americans.”
They have a cure: Make like
a turtle—hit the road and
take your accommodations
along for the ride.
The authors tell us that
they’ve been living in a van
since 2017 and discovering
nomadic bliss: “rock climb
in the morning, float a river that
evening, have a drink by the fire
at the end of the day.” Their book
is rich with information about
vans both humble and sumptuous;
the strategies for finding free
campsites; and the best websites
for scoring regional work. Practical
advice abounds. “When in a pinch,
don’t underestimate a water bottle
with a hole poked in the top to use
as a makeshift shower.” On-board
toilets, meanwhile—given the tight
quarters—can “make for some
awkward mornings if one of us
had to use the bathroom while
the other was making breakfast.”
One solution: “Carry a large shovel.
The ease of digging a hole with a
larger shovel relieves some stress
of going in nature.” This is the
innovative spirit that drove prairie
schooners across the frontier.
The authors even offer a strategy
for overcoming unreliable gasoline
supplies. Diesel-powered vans
can be converted to run on the
vegetable oil that restaurants
dispose of after cleaning their deep-
wealth has gone. I recall a homespun
nation—untouched by any internet—
.
where there was no television on
ly
Thursdays (family day), where govern-
ment stores sold vodka but no beer (it
leads to alcoholism), where the arrival
of imported crackers or chocolate bars
at the supermarket seemed an event of
moment. It strikes me as bittersweet, at
best, that that particular society now
belongs as thoroughly to the past as
does the world of Grettir the Strong or
Burnt Njal or Aud the Deep-Minded—
dimly lustrous personages who glitter
up from the candlelit medieval sagas.
Much as I love today’s Iceland, I
cherish still more the earlier, pokier
place of my first visits, and so I’m
tempted to take from the Icelanders a
leaf from their own book. Only Iceland
is real? The rest of the world is a pass-
ing fancy? Perhaps. Or perhaps it’s
modern-day Iceland—charming, sur-
prising, gorgeous, endlessly resource-
ful, intelligently constructed—that is
unreal. Perhaps it’s the Iceland of 30 or
40 years ago (whose main airport
seemed less like an international tran-
sit hub than a rundown ski lodge in the
off-season, whose weekday streets sen-
sibly closed up shop at night, whose
waterfalls sang for the occasional stray
hiker) that is real. And is gone.
Mr. Leithauser, an American poet and
novelist, was inducted into the Order of
the Falcon by the president of Iceland
for his writings about Nordic literature.
fat fryers. As of now, the
ransomware bandits have
overlooked this fuel source.
Yet another threat to placid
travel must be noted, one every
bit as annoying as bears,
mosquitoes and quicksand pits.
The culprit, Amber Share writes
in “Subpar Parks” (Plume,
205 pages, $22), is fellow
humans suffering from what
might be called the Yelp virus.
Ms. Share’s amusing indict-
ment of the “least impressed
visitors” to America’s most
sublime sites is based on
reviews, many from online
sources, of the 400-plus parks,
monuments and other areas
managed by the National Park
Service. One critic panned the
Delicate Arch in Utah’s Arches
National Park for looking
“nothing like the license plate.’ ”
In a similar spirit, a reviewer
found the 6-million-acre Denali
Alaskan wilderness a “barren
wasteland of tundra” despite,
as Ms. Share notes, its 2,000
“species of plants, grizzly bears,
wolves, moose, caribou”—not to
mention, at 20,310 feet, the
highest peak in North America.
Another Yelper type complained
that at Yosemite “trees block
view and there are too many
gray rocks,” while another
dismissed the Grand Canyon
as “a very, very large hole.”
The Statue of Liberty, an
inspiration to countless
wanderers, is merely “a big
green statue and that’s it.”
One hates to dampen the
spirit of our Great Reopening,
but as of now there’s no vaccine
for what ails these individuals.
—Mr. Shiflett posts his
original music and writing
at Daveshiflett.com.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C10 | Saturday/Sunday, May 29 - 30, 2021 * *** THE WALL STREET JOURNAL.

SUMMER BOOKS
‘Oh, if a wind should blow! / Mortal, beware, go secretly and go / Only on shoes of cloud and feather quill / Into a day so fragile and still.’ —ESTH ER WO O D

The Pull of the Far Horizon

The Lost Boys of Montauk

PHOTO ILLUSTRATION BY WSJ, CATHY PRADIÉ-CONNICK, LINDA VIGILANT-HOLDEMAN, DONNA LLEWELLYN, ALBERT N. CAVAGNARO, MORGAN MCGIVERN
By Amanda M. Fairbanks
Gallery, 313 pages, $28
BY RICHARD ADAMS CAREY

‘G
RIEF TURNS OUT to be
a place none of us know
until we reach it,” wrote
Joan Didion in “The Year
of Magical Thinking.”
“We anticipate (we know) that someone close
to us could die, but we do not look beyond the
few days or weeks that immediately follow
such an imagined death.”
The family members, friends and loved
ones of blue-water commercial fishermen
live their lives imagining such an event, given
that this line of work remains so dangerous—
and dramatically so. Tell a tale about a vessel
foundering in high seas, and it cannot help
but be riveting. Witness Sebastian Junger’s
“The Perfect Storm,” or Rachel Slade’s
“Into the Raging Sea.”
But Amanda Fairbanks—a former New York
Times reporter who also worked a stint at the
East Hampton Star—takes a whole different
tack in her story of a boat whose last moments
were not so well documented as those of the
Andrea Gail or El Faro. In “The Lost Boys of
Montauk: The True Story of the Wind Blown,
Four Men Who Vanished at Sea, and the WINDBLOWN Clockwise from left: Dave Connick aboard the Marlin IV; Michael Vigilant; Mary, Mike and Chris Stedman circa 1974; Scott Clarke.
Survivors They Left Behind,” the author’s focus
rests—as the subtitle promises—as much (or under the spell of the wind and sea, and a few dominates the narrative. In a preliminary note, her husband to the sea just six years earlier).
more) on the living as the dead, and on the followed that spell into the harbor where the Ms. Fairbanks apologizes for this imbalance, Then there were the courts to contend with.
days and weeks and years that both preceded fishing boats were docked—a pursuit abetted, but it is in those two families that the conflict “Lacking a body,” Ms. Fairbanks writes, “New
and followed the loss of the Wind Blown off at that time, by a countercultural questioning between earned and unearned privilege so York State law requires that family members

.
eastern Long Island in a March 1984 nor’easter. of the value and legitimacy of wealth and status. richly unfolds. What comparatively little the must prove their loved one is, in fact, dead,

ly
“The downing of the Wind Blown,” writes The captain and owner of the Wind Blown, author learns of the Vigilant and Clarke and not just missing.”
Ms. Fairbanks, “was like the still point of the a 65-foot long-line trawler geared for tilefish families, and of those lost boys whose lives This sort of lack ensures also a lack of
and headed 120 miles out to sea, was Mike were just beginning, however, is deployed to closure. Mary Stedman hires a psychic to

When a nor’easter swallowed

up a Long Island fishing
on
Stedman, 32. The headstrong son of a U.N.
officer, Stedman died leaving a widow and
three sons. The father of iconoclastic first
mate Dave Connick, 23, was a partner in a
powerful and poignant effect.
There is sometimes a voyeuristic quality
to “The Lost Boys,” but justifiably so, I think.
I once signed a contract for a book about the
envision what happened to the Wind Blown.
Kim Bowman, Michael Vigilant’s girlfriend,
cannot help believing that the vessel drifted to
Bermuda, that Michael, stricken with amnesia,
trawler, the surviving families
us ,

Manhattan law firm. The Connicks belonged summer I would spend hunting and fishing might be alive there. Donna Llewellyn,
to East Hampton’s exclusive Maidstone Club, with a family in the Alaskan Bush. This book an airline employee, travels the world and
l

found themselves lost in their

e
while the two deckhands—Michael Vigilant, was intended to be simply a celebration of the walks the streets of foreign cities in hopes
al a

own storm of uncertainty. 19, and Scott Clarke, 18—came from hard- subsistence lifestyle and its alliance there with of magically finding her own lost boy.
scrabble working-class families. commercial salmon fishing. When some family Early in her research, Ms. Fairbanks was
ci on

From the still point of the Wind Blown’s
turning world,” and in this story it becomes disappearance, “The Lost Boys” begins its
just that for the world of Montauk, a far-flung revolutions, looping in time back and then
little village at the narrow tip of eastern Long forward and then back again as its spotlight
Island’s South Fork, and the Wind Blown’s moves from one family to another and returns.
er s
relatives began drinking that summer, I just
ignored that—at first. Ultimately the events
of the summer, alas, became impossible to
connect without acknowledging the influence
of alcohol. Similarly, the skeletons that Ms.
directed by Mary Stedman to James Agee’s
“A Death in the Family,” where an early
scene involves a child resting on a quilt and
surrounded by mother, father, uncle, aunt.
Agee writes: “By some chance, here they are,

home port. Revolving around Montauk are If the book can be said to have a protagonist Fairbanks unearths—or, more properly, are all on this earth; and who shall ever tell the
those colliding ocean currents that make the it is Mary Cavagnaro Stedman, a hippie-styled brought to her—all have something to do sorrow of being on this earth, lying, on quilts,
m er

waters off Long Island so rich in fish and its townie who at 17 meets young Mike in an
weather so volatile. Also revolving around East Hampton tavern, and who becomes a
Montauk, and colliding there, were the cultural charismatic earth mother, her aura and
upheavals of the 1960s, and then decades of influence, for better or worse, extending
m rp
with who was on that boat that day, and why, on the grass, in a summer evening, among the
and what happened afterward. sounds of night.”
The bedrock of this story, though, lies in the The sorrow, of course, is at one with the
shared grief that transcends the distinctions of beauty—the summer evening, the sounds of

intensifying class conflict between the town’s across generations and class divides. In 1983,
blue-collar natives and its ever more wealthy she opposes Mike’s purchase of the Wind
summer residents. Blown, a flawed craft that was basically an
Class conflict, of course, had simmered in impulse buy. On the day of the storm, Mary
the South Fork since the first Long Island narrowly evades death herself when a tree
co Fo
class and the grievances of personal history, and
that makes each of the characters in this tale—
which, yes, is riveting—sympathetic. And that
place limned by Joan Didion is especially bleak
in a death where the body can never be found.
night, or else the salt tang of the wind in
spring and the pull of the far horizon. This is
a book eloquent with the sorrow and the
beauty of being on this earth, and no less
expressive of the love. After all, the author

Railroad train from New York City pulled into branch plummets through the windshield of The Coast Guard searched the icy waters writes, “grieving is the last way we get to
Montauk’s new rail station in 1895. But if there the Subaru she is driving. five days for survivors—or their remains. love someone.”
was a demilitarized zone for that in the ’60s, The conspicuous turmoil of the Stedman The families, their friends, fishermen and
it was to be found on Ditch Plains Beach, one of and Connick families—where both Mike and fundraisers extended the search another Mr. Carey’s books include “Raven’s Children:
the epicenters of East Coast surfing. There the Dave rebel against powerful, imperious fathers week or so, and Maude Vigilant and Donna An Alaskan Culture at Twilight” and
children of the summer people shared beer, and also the moneyed world they represent, Llewellyn, the mothers of the deckhands, sent “Against the Tide: The Fate of the
pot and hashish with the townies. They also fell and where other issues come to light as well— boats out for a whole month (Maude had lost New England Fisherman.”

THE ONLY TASK quite so fraught Along with his father’s “Home Waters” details runs because he finds freedom
as a boy negotiating his relation- love, the other constant in the history of the family, in exhaustion, a stripping bare
n-

ship with his father is that of a
father negotiating his relationship
with his son. Three books offer
variations on the eternal theme.
no
the boy’s life—and the thing the area’s geology, the of the self, a transcendent agony.
Mr. Tougias credits with ancient trail through the He runs to overcome “the unbear-
saving him from more serious Blackfoot Valley that the able heaviness of being” and to
trouble—is his love of the Indians followed to hunt acquaint himself with “unvarnished

In Michael Tougias’s memoir,
“The Waters Between Us”
(Lyons, 240 pages, $26.95), the
author writes about growing up as
a rambunctious boy in the 1960s,
the last time parents sent their
children outdoors with no
instructions except not to do
anything stupid and to be home
by dark. Mr. Tougias usually
managed the second part.
The book is about his outdoor
adventures, the troubled relation-
ship between a “spirited” boy and
his father, and the healing power of
the natural world. It’s in no way a
knock against Mr. Tougias as a
writer to say that a photo in the
book most succinctly sums up this
situation. It shows young Michael
in his bedroom looking at the
camera as his father holds up a
small bass that the boy has caught.
The father, in profile, is laughing or
smiling, delighting in his son’s
delight. And Michael does look
triumphant, even if he’s still fearful
of holding the fish himself. But
there’s something in his eyes—a
wildness, almost a mania—that
hints at the rocky road ahead. A kid
with undiagnosed ADHD (it was the
’60s) who will set school records
for detention? Check. A kid who
confounds—seemingly tortures—
his parents with his inability to
follow the simplest of rules? Check.
A kid who will nearly drown
playing on the too-thin ice of a
pond, who’ll nearly be swept out to
sea in a riptide in Maine, who’ll
nearly perish on a stupid run down
a raging river in a kid’s rubber raft?
Check, check and check.
outdoors, a dynamo of the buffalo in the plains. brutality.” Running 100 miles,
fascination and adventure, There is a host of characters he tells us, lets him experience
a place that draws him back who vibrate to a different in 24 hours what it takes a monk
endlessly. Always in the frequency than most of us. a full month to achieve.
background is his father, These include a fly tier who Being a professional ultra-
who leaves the house before would walk through fishing marathoner requires a self-focus
anyone else is awake and holes to get the fish’s bordering on narcissism. Mr.
labors physically for 50 or 60 perspective, a logger Karnazes seems to grasp this.
hours a week, coming home described as “the patron He is commendably open about
too exhausted to attend his saint of timber measure- his faults as a father. He acknowl-
son’s games. Michael knows ment,” and Mr. Maclean’s edges that he has never been
his father loves him but isn’t uncle, a man who, if he could much of a “‘Let’s play catch, son’
sure the man likes him, which change anything in his life, sort of dad,” even as he concedes
is what he craves. As anyone would have had “ham for that all kids deserve such a father.
who has played a part in this breakfast every morning He admits—and is then disgusted
ancient drama knows, there’s no perished fighting the Mann Gulch fire and mayonnaise on both sides of by—a secret longing for the time
single moment of reconciliation. of 1949. his sandwich for lunch.” when his children will no longer
It comes with time, incrementally. As for fishing, Mr. Maclean writes Ultramarathon runner Dean distract him from his training.
And it’s not the father who changes. that angling with his father gave him Karnazes has been called the Anna His high-school-age son Nicholas
Ask most people about Norman an appreciation for both heaven and Kournikova of running, implying that volunteers to join his crew during
Maclean’s extraordinary 1976 novella hell. Hell was when he lost a big fish good looks and marketability have the 100-mile Western States
“A River Runs Through It” and what and his father berated him, saying: gotten him further in his sport than Endurance Run. Mr. Karnazes
they can tell you is that the movie “What did I bring you here for? others of similar ability. There’s truth worries that Nicholas may not be
version starred Brad Pitt. Such is the How could you have muffed him?” in this. And, to his credit, he admits up to the task, which could ruin
current fate of one of the best stories Heaven was experiencing his father’s in “A Runner’s High” (HarperOne, his race. Then, in a Dickensian
in the language. Now Maclean’s son, joy at seeing his son land a big trout. 246 pages, $27.99) that he’s not a hallucination on the trail, his son
John, has written “Home Waters” Norman, we learn, took fishing great racer. He’s more about the accuses him of the very narcis-
(Custom House, 262 pages, $25.99), personally. If a promising hole failed run than the win. On the other hand, sism that Mr. Karnazes has been
a memoir about his family’s four- him, he’d become dejected, asking: “when it comes to groveling, I’m the worrying over, saying: “Every-
generation tie to Montana’s Blackfoot “How could such a beautiful piece master.” Maybe so. A partial list thing’s about you and your
River that elaborates on the back of water be so refusing?” of his sponsors runs to 37 entries. running. You don’t care about
story of the novel. Although he spent much of his He has been feted at the White anyone else.” The author confesses
Early on, Norman tells his son life as a beloved professor of English House and named as one of Time’s that he wasn’t present enough for
that the things to remember about at the University of Chicago, each 100 Most Influential People in the his son, “globetrotting and aloof,
Montana are timber, fishing and fire. summer he religiously took his family World. And he has completed loads off on some ultramarathon in who
At the time, timber was a major on the two-day drive to their cabin of ultramarathons (usually 100 miles, knows where.” It takes courage
industry in the state. Periodic wild- on Seeley Lake. Mr. Maclean writes although anything more than 26.2 to face up to one’s flaws like this.
fires, such as the Big Burn in 1910, that without the creative tension miles qualifies), including a 135-mile At the risk of spoiling the story,
were responsible for the deaths of between a high-powered intellectual run through Death Valley in the one of the lessons Mr. Karnazes
scores of firefighters. The smoke life and the waters of Montana, his summer and a marathon at the appears to learn from his passion
was such that Missoula’s street lights father might never have written South Pole. is that there’s more to life than
had to be turned on during the day. “A River Runs Through It.” Norman “A Runner’s High” is a memoir of running.
Norman wrote a book, “Young Men described the book as a “love poem” a running life and offers insights into —Mr. Heavey is a writer
and Fire,” about 13 firefighters who to his family. the runner’s mind-set. Mr. Karnazes in Bethesda, Md.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 29 - 30, 2021 | C11

SUMMER BOOKS
‘The race is not always to the swift, nor the battle to the strong, but that’s the way to bet.’ —DAMON RUNYON

Breaking Away From the Pack

I Got the Horse Right Here:
Damon Runyon
on Horse Racing
TRACK HACK Runyon at
Edited by Jim Reisler
the Kentucky Derby, 1938.
Lyons Press, 391 pages, $28.95
BY MAX WATMAN

D
AMON RUNYON
wrote his first piece
about horse racing in
1922, and led with an
anecdote about box-
ing. Jim Reisler, the editor of a new
collection of Runyon’s work as a turf
hack, suggests that perhaps he was
nervous, and so fell back upon that
which he knew. I’m sure Mr. Reisler
is right. Yet Runyon was bringing to
the typewriter his own particular
sensibility, in which heroes and
villains were not isolated characters
reducible to their roles. (Runyon,
when he reported on Al Capone’s
trial, enthusiastically recorded the
gangster’s tailoring bills from Mar-
shall Field’s, and the shopping he did
for his home.) In the pages of “I Got
the Horse Right Here” you will find
yourself in gambling halls and hotels,
perusing potential color schemes for
racing silks and learning the multi-
generational tale of the concessions
ownership at Saratoga.
BETTMANN ARCHIVE/GETTY IMAGES

Sports writing at the time was

wonky, detailed and serious, but Run-
yon was amused above all else. Racing

.
was just one of the things that hap-

ly
pened at the track. Anyone sentimen-
tal for a time when boxing and horse
racing were main events will get a kick
out of this collection. Runyon’s sense
of the racing demimonde, though,
promises deeper pleasures on offer.
Consider that concessions busi-
on
sum of money, when William C. Whit-
ney, “former Secretary of the Trea-
clubhouse. Most of the riders are
wearing brand new silks and the col-
world that is reminiscent of—but in
no way an accurate representation
moted a clairvoyant, who liked to
wager on the races to bet $5,000 for
us ,

ness. On Aug. 18, 1933, Runyon intro-
duces us to the grandchild of Harry
Stevens, the man who may (or may
sury, founder of the present Whitney ors fairly sparkle in the waning sun- of—a vanished, hyper-specific milieu. them on the steed in a heat that they
clan that is so powerful in racing, light of the May afternoon. The crowd The journalism is qualitatively differ- regarded as a soft spot for it.”
l
e
was the big gun of Saratoga racing.” rushes against the rails to be as close ent, but there is a lot of crossover be- Damon Runyon was, at his core,
al a

not) have invented the hot dog on a After volunteering to do some invest- to the parading horses as possible.” tween Runyon’s fiction and his report- a newspaperman. His grandfather ran
cold New York Giants opening day in ing for Stevens, Whitney asked Harry Damon Runyon’s journalistic legacy age, particularly in the constructed a printing business in Kansas, and his
ci on

April 1901. “A stout youth, with nice
blond hair and pink cheeks, and a
cheery, affable manner that reminds
you, vaguely, of someone you know
may be seen dashing at regular inter-
“how much money have you got?”
Stevens gave him $25,000 or $30,000.
He heard no more of the matter
for some time. For so long, that
er s
has been overtaken by the technicolor
crooning and the patter of “Guys and
Dolls,” the musical out of his short
stories, in which desperate gamblers,
flophouse habitués, hustlers and Sal-
sense of community. The cordoned-off father learned that trade and worked
printing newspapers there and in
Colorado. Runyon grew up in those
Runyon kept an eye print shops. His father’s name was
Runyan with an “a.” In an early by-
on the plungers and

vals from one end of the racing prem- he commenced worrying a little, vation Army missionaries are trans- line, a typo changed it to an “o” and
ises here to the other.” Runyon con- as that kind of money wasn’t hay formed into characters in a light- the hot-dog vendors: Runyon liked that, so he kept it.
m er

tinues: “Now he is making an end-run to Harry the First in those days.
around the mob of bookmakers in the Then one day, William C. Whit-
clubhouse, now plunging through the ney came along, handed Harry
throng under the grandstand, and a slip of paper, and said, non-
m rp
hearted romance. What’s at stake Racing was just one thing That was hardly the total of his
in this fictional world isn’t prison, self-fashioning, as we read in the in-
poverty and early onset decrepitude, happening at the track. troduction to this collection. A young
but whether or not the wedding bells Runyon once handed in a story to the

now hot footing for the $1 enclosure, chalantly: “There, Harry, that’s
which is more exclusive than the sa- what became of your money.”
cred precincts of the upper clubhouse And Harry the First found
stand itself.” (It’s more exclusive, himself with a check calling for
Runyon writes, because “you have to $215,000.
co Fo
will ring. Comedy, in other words.
The denizens of Runyon’s Broadway
will get exactly what they have com-
ing to them. The set ups are perfect,
and the underdog comes out on top.
feeling remains, the colorful charac-
ters are here, only they use their real
names, mostly, “Chicken Fry Ben” be-
ing an obvious exception. The setups
sports editor at Hearst’s New York
American named Harry Cashman.
Cashman took a pencil to the byline,
changing “Alfred Damon Runyon” to
“Damon Runyon.” Of course Runyon

lay that one bob right on the line.” It Lady Luck does not, in fact, blow on aren’t all that different, either, as was made by newspapers. How could
is notable that despite regular cover- Little short stories like this are some other guy’s dice. when he discusses two partners who the story go otherwise?
age of the one- and two-dollar win- peppered throughout the book. And The rhythm and music of Runyon’s needed to borrow money to keep
dows, Runyon himself was a plunger.) always, Runyon is dropping us right prose is careful, and he mastered an betting: “Mr. Coggins and Mr. Durnell Mr. Watman is the author of “Race
Before we know it we are wrapped into the moment. At the start of the idiosyncratic voice to which he ad- were very, very short at the time, but Day,” “Chasing the White Dog” and
up in a story about how Harry Ste- Preakness in 1936, he writes: “They hered with religiosity. His fiction they got the owner of the horse to “Harvest: Field Notes From a Far-
vens came into his first substantial come by way of a little gate near the takes place within a cordoned-off turn it over to them and then pro- Flung Pursuit of Real Food.”

IT’S RARE TO FIND a book and coordinating a date and most beloved sportsman marshals tried in vain to shoo
about America these days— time to play in person with of his day. throngs of spectators off the
n-

America writ large, America as his hosts, as clubs usually Jones, a good-looking fairways and even the greens.
in the United States of America— require. Mr. Coyne calls this Southern aristocrat who Mr. Rapoport conjectures,
that unifies rather than divides. the “American golf problem,” studied literature at with support from modern
But Tom Coyne has managed just in comparison with the Harvard and practiced law, experts, that the crippling illness
no

that in his heartfelt, rollicking British Isles, where almost remained an amateur that left Jones immobilized and
ode to golf, “A Course Called every course is accessible to throughout his competitive in chronic pain during his final
America” (Avid Reader, the public at least some of golf career. He was re- decades may not have been the
401 pages, $28.99). the time. Social media helps garded, then as now, spinal disease his doctor diag-
Mr. Coyne describes playing solve the problem. In fact, as an embodiment of golf’s nosed but a more treatable
golf in every state of the union, social media is a hero of highest values and a man spinal injury related to years of
including Alaska: 295 courses, the book. As people begin of unquestioned integrity. smashing golf balls. (Jones could
5,182 holes, 1.7 million total reading online about his Nothing that Mr. Rapoport drive the ball vast distances for
yards. Along the way, he dives adventure, they sign up to writes tarnishes that view, his day, often more than 300
deep into the essence of the join him for rounds, and but he does make it clear yards.) He dealt with his decline
game—its joys, its agonies and Mr. Coyne grows increas- that turning pro would have as you would expect. With grace
addictions, its hold on golfers’ ingly upbeat about golf’s made little sense for Jones, and dignity, he continued pre-
souls. But most of what you’ll future. He charts how a given the scantiness of senting the winner’s trophy at the
remember after putting the “new breed of informed tournament prize money Masters until he was no longer
book down are the people he practitioners uninterested in those days and Jones’s able to make the trip to Augusta.
encounters, in all their great in the game’s fusty status quo” are comedian’s chops for missing a aversion to being away from home. For a very different treatment
American diversity and passion. coalescing into stylish online golf short putt. “Nice lag,” she says. Despite never turning pro, Jones of an iconic golfer, there is
Mr. Coyne, who doubles as an communities. Players pursue the One of the pleasures of “A Course earned the bulk of his fortune from Jack Nicklaus II’s gift of a book
English professor at St. Joseph’s game differently from before— Called America” is Mr. Coyne’s take golf. In 1930, shortly after quitting to his dad. “Best Seat in the
University in Philadelphia, has Instagram posting is constant, on golf courses, particularly the tournament golf at age 28, he House” (Thomas Nelson, 224
written two previous books of quirky equipment and nine-hole famous ones. Cypress Point in signed with Warner Bros. to make pages, $25.99), co-authored by
a similar bent. For “A Course rounds are common—but with no California and Tobacco Road in a series of instructional shorts Don Yaeger, is an unapologetic
Called Ireland” (2009), he hiked less passion. Golf, Mr. Coyne writes, North Carolina are transcendent, in Hollywood. His contract was tribute to the elder Nicklaus’s
around the perimeter of the is “getting younger and smarter he says; Whistling Straits and worth $4 million in today’s dollars. devotion to family, child rearing,
island, carrying his golf bag, and more creative.” Bethpage Black less so—too few He went on to make more films, charity and, yes, golf. Each of
playing every links course he But it’s not only the social- strategic playing options. By book’s launch a line of golf equipment and the 18 chapters is given over
could find and drinking a lot of media-savvy who inspire Mr. Coyne. end, he achieves his goal of endorse various products. In 1932 to a specific life skill or virtue.
pub beer with the locals after At Pinehurst, N.C., he meets soldiers identifying the (singular) great he co-founded Augusta National Many contain charming
his rounds. In “A Course Called traumatized in Afghanistan who American golf course. No spoiler Golf Club, home of the annual anecdotes, such as the time
Scotland” (2018), written after have recovered from post-traumatic here, but suffice it to say that the Masters tournament. in 1980 when Jackie had just
going on the wagon, a newly stress using golf as a therapy. course is bold, ambitious and open The chance to cash in on celeb- finished his round at a junior
sober Mr. Coyne gave Scotland In Idaho, he plays with two to all, just like America. rity, however, was not the reason golf event and received a call
the same treatment, albeit with macho bikers sporting handlebar Another engrossing golf read is Jones quit competitive golf, as Mr. from his father. Jack Sr. listened
the assistance of motorized mustaches who, he soon surmises, “The Immortal Bobby” (Nebraska, Rapoport shows. The pressure of patiently as his son described
vehicles. rendezvous at remote golf courses 366 pages, $24.95), a welcome living up to his reputation caused virtually every shot he had taken;
The U.S. is 56 times the size to keep their romance private. paperback release of Ron Jones to lose 10 to 15 pounds or he asked questions and offered
of Scotland, Ireland and North- In Minnesota, he listens to a golf Rapoport’s 2005 biography of more in a single tournament week. encouragement. When Jackie
ern Ireland combined, so nailing ranger read golf poems he had Bobby Jones, the only man to win After rounds, his face was drained was done, Jack Sr. delivered his
down the logistics of Mr. Coyne’s written to passing players. And in four major golf championships in and pale, his gait wobbly and his own news of the day: He had
journey was a Herculean task. Kansas he is delighted by a golf- one year, 1930. The book deserves a nerves shot. Friends and family just won the U.S. Open.
Job one was sleuthing out a obsessed 11-year-old girl who, as wide audience for its lively depiction worried about his health. When —Mr. Newport, the Journal’s
willing host for the private clubs Bill Murray’s partner in a match of both golf and society early in Jones was in a tournament, the golf columnist from 2006
he wanted to play, including against Mr. Coyne and Mr. Murray’s the last century and for several chaotic galleries swamped anything to 2015, is at work on
every extant U.S. Open course, brother, Brian, dares to bust the surprising revelations about the Tiger Woods ever saw. Course a golf-related novel.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C12 | Saturday/Sunday, May 29 - 30, 2021
‘A good garden is an organized revel, and there is no country in which there are so many.’
EVERY SPRING, as reliably as robins on lawns
and buds on trees, a new crop of grilling and
barbecue cookbooks appears. Standouts from
this year’s batch include a barbecue cookbook-
cum-memoir from an African-American pit-
master, a collection of grilled-vegetable recipes
from a trusted expert, and an exotic journey
through the live-fire cookery of the Middle East.
In “Black Smoke: African Americans
and the United States of Barbecue” (North
Carolina, 301 pages, $30), soul-food scholar
Adrian Miller cites Rodney Scott’s 2018 James
Beard Award as a key moment in restoring
black Americans to barbecue prominence.
Mr. Scott’s new book, “Rodney Scott’s World
of BBQ” (Clarkson Potter, 223 pages, $29.99),
co-written by filmmaker Lolis Eric Elie, is a
further step in that direction. The first 60
pages are a kind of mini-memoir, in which
Mr. Scott traces his path from barbecuing his
first whole hog at age 11 at Scott’s Variety
Store & Pit Cook B.B.Q. in Hemingway, S.C.
(pop. 459), to a painful break with this father
and the opening of the mega-successful Whole
Hog BBQ in nearby Charleston. Reading this
well-told story, you get a sense of the intense
work ethic, relentless devotion to detail,
abundant charm and boundless optimism
that are crucial to Mr. Scott’s success, and the
recipes that follow are just as rewarding as the
prose. The centerpiece is a 26-page treatise on
barbecuing whole hog, complete with instruc-
tions for building a cinder-block pit and advice
that could only come from 30 years of expe-
rience (Mr. Scott details, for example, how to
judge the fire’s temperature by listening to
the rhythm of the fat dripping off the hog).
There are also plenty of recipes for cooking
on a standard grill. My tip when using these
is to start by making batches of Rib Rub and
Rodney’s Sauce. One or both are used in many
of the recipes, including the superb Smoked
Chicken (spatchcocked, halved, rubbed with
Rib Rub, and cooked over low heat for about
2 hours, with Rodney’s Sauce mopped on
toward the end) and the magisterial Pork
T-Bone. The rub even appears in Rodney’s
Reluctant Collard Greens, so called because
Mr. Scott has both the guts to admit that he
hates collards and the skill to provide an
excellent recipe for them despite that.
On the other side of the ledger from the
meat-centric world of barbecue is the more
recent trend (recent in the U.S., anyway) of
cooking vegetables over the coals. The 115
recipes in Steven Raichlen’s “How to Grill
Vegetables” (Workman, 325 pages, $24.95)
showcase the author’s many years of traveling
the globe in search of flavors and techniques.
There are substantial and fully satisfying main
courses like Mechoui Cauliflower With Moroc-
m er
can Spices and Chermoula, in which a whole
cauliflower is rubbed with spices, spit-roasted
over a wood fire, then served with a tomato
vinaigrette. Other dishes, like Grilled Avocados
m rp
co Fo
n-
no
With Catalonian Fire-Roasted Tomato and
Almond Sauce or crispy Armenian Potato
Kebabs, can serve as starters or parts of a
small-plate dinner. This is Mr. Raichlen’s 12th
book on live-fire cooking, and his expertise
shows in the introductory chapter on the tech-
nical aspects of the craft. Plus, because some-
times all you really want is a straightforward
vegetable imbued with the pleasant smokiness
of live fire, the “Vegetable Abecedarium” that
concludes the book—with clear instructions for
how to prep and grill some 40 different vege-
tables, from artichokes to zucchini—is a prize.
Wandering through a dense neighborhood in
Cairo, Sarit Packer and Itamar Srulovich smell
wood fires being lit in preparation for overnight
bread-baking. Without a moment’s hesitation,
they set out through the twisting, narrow streets
in search of those fires. “That trail of smoke,”
they explain, “is one we have been following all
our lives.” In “Chasing Smoke: Cooking Over
Fire Around the Levant” (Pavilion, 248 pages,
$35), the husband-and-wife team, owners of
three successful London restaurants, travel
through Egypt, Jordan, Israel (where they both
grew up) and Turkey in search of the recipes
and culture of the region’s live-fire cookery.
The book is packed with gorgeous photos of
people and neighborhoods as well as of food,
and the prose is wonderfully evocative, lyrical
and precise. As you cook your way through the
book, from Whole Burnt Aubergine With Charred
Egg Yolk, Tahini and Chili Sauce to Joojeh
Kebabs (chicken in yogurt and saffron) to super-
simple Grilled Salted Bass, I strongly suspect
the authors’ passion for the smoke-infused
cooking of the Middle East will become yours, too.
—Mr. Willoughby is the co-author, with Chris
Schlesinger, of “The Thrill of the Grill” and
many other guides to outdoor cooking.
SUMMER BOOKS
on
us ,
ENGINEERED EDEN A view of the Long Water and the Pavilion in Wrest Park Gardens, Bedfordshire, England.
Hothouses of Invention
l
e
al a
ci on
England’s
Magnificent Gardens
By Roderick Floud
er s
Pantheon, 432 pages, $40
BY URSULA BUCHAN
W
HEN, IN THE
early years of
this century,
the Duchess
of Northum-
berland spent, it is widely be-
lieved, $54 million on the resto-
ration and development of the
walled garden at Alnwick Castle
in Northumberland, gardeners—
professional and amateur—
gasped and stretched their eyes.
Surely no one had ever spent so
much on a garden in England?
Well, it seems, in the 350-plus
years since the restoration of
King Charles II in 1660, a number
of people have done just that; in
fact, Her Grace is only the latest
in a select group of landowners,
from British royalty downward,
who have spent many, many mil-
lions laying out their gardens
or radically changing the ones
they already had.
So much we learn from the de-
tective work of the English eco-
nomic historian Roderick Floud.
In “England’s Magnificent Gar-
dens” this eminent academic,
who received a knighthood for his
achievements in 2005, has pur-
sued a novel approach to the
study of the history of gardens,
by concentrating his attention on
how much they cost, where the
money came from, and what im-
pact that money had, and contin-
ues to have, on English society
and landscapes. Even today, the
importance of gardening to the
economy is much understated,
because it is largely excluded
from GDP. As he puts it, “Gar-
dens . . . are far more important
to the UK’s economy and society
than even their greatest devotees
have realized.”
In the past, Mr. Floud’s profes-
sional studies have focused on
the health and welfare of popula-
tions over centuries. But he and
his wife are, we are told, also avid
garden lovers, and it is that love
which has prompted him to re-
search and write this book. He
can scarce forbear to criticize
other garden historians for not
taking the same approach as him-
self, concerning themselves more
with the aesthetic, horticultural
or dynastic aspects of these
“magnificent gardens.” However,
it takes an experienced economic
historian confidently to assess
average earnings (rather than the
more usual price indices) at dif-
ferent eras, in order to achieve
what he believes to be more accu-
rate comparisons. In the process,
the numbers have become a great
deal bigger. In 1660 a pound ster-
ling, when calculated against
price indexes, was roughly equiv-
alent to a modern sum of $173.
But if the conversion is based on
average earnings, as Mr. Floud
argues it should be, the result is
$2,560. Acceptance of this fact
demands a gestalt switch in the
way we view these gardens.
In the text, the author puts
the modern value first and fol-
lows it with the original cost in
italics and parentheses. This can
make for rather jittery, angular
sentences, although they are
smoothed somewhat by crispness
and clarity of expression. Indeed,
this book is lively and readable,
considering how fact-heavy it is,
partly because it is free of mysti-
fying academic economist jargon
and partly because of the inher-
ent fascination of many of Mr.
Floud’s discoveries. For example,
the Claremont estate cost Lord
(Robert) Clive $53.4 million, and
he proceeded to spend $64 mil-
lion on a new house and gardens.
That was just one of greatest of
hundreds of examples of expendi-
ture on a scarcely credible scale,
particularly during the heyday of
the English Landscape Garden.
According to Mr. Floud, during
the centuries of luxury garden
making, England was transformed
economically, in no small part as
a result of the drive for excel-
lence in horticulture and land-
scaping, which powered new
ideas in a number of important
fields. Who knew, for example,
that the creation of lakes and
canals in 18th-century landscape
gardens influenced the engineers
of Britain’s waterways and reser-
voirs? In order that garden own-
ers in such a cold climate might
grow tender plants from across
the world, pioneering work was
done in the design and building
of iron structures and the de-
velopment of rolled plate glass
to make sturdy “greenhouses,”
which let in plenty of light. I can-
not help but be thrilled to know
that Decimus Burton’s majestic,
curved wrought-iron and glass
Palm House at the Royal Botanic
Gardens at Kew—a house I mem-
orably had entirely to myself
(apart from sparrows and cock-
roaches) when I carried out my
early morning weekend watering
duties in the late 1970s—was in
the forefront of innovation and
cost, at today’s prices, a stonking
$28.2 million to build.
What is more, central heating
for “tropical” glasshouses was de-
veloped long before it was rou-
* *** THE WALL STREET JOURNAL.
—H EN RY JAMES O N EN G LIS H G ARD EN S
HISTORIC ENGLAND ARCHIVE/GETTY IMAGES
.
ly
tinely installed in freezing-cold erted over his wife’s money until
English homes. Next in magnifi- the end of the Victorian era—very
cence to Kew’s Palm House was handy if you married an heiress.
the “Great Stove” at Chatsworth The irony does not escape the
in Derbyshire, built in 1840 and author that the products of this
demolished in 1920, after years expenditure have probably made
of wartime neglect. It consumed England a more civilized and
300 tons of coal and coke a year. benign country than it would be
As Deborah, Duchess of Devon- without them, now giving inno-
shire, the post-World War II cent pleasure and refreshment
châtelaine of Chatsworth, wrote, to millions.
such a tonnage was “considerably It is not news that garden-
more than that used in the house, making and maintenance in Eng-
but then the welfare of the ex- land has been, for much of our
otics in the conservatory was history, driven by a potent mix-
more important than that of mere ture of snobbery, one-upmanship,
humans.” obsession, fashion-
This book is by consciousness, prof-
no means only con- In the ligacy, pure-minded
cerned with the scientific enquiry,
great gardens of
landscaped aesthetic sensibility,
England, their own- gardens of political maneuver-
ers, designers and the rich, a ing, invidious pa-
makers. The author tronage, and the de-
also considers the historian finds sire to project the
economic impact innovation power and influence
and modus operandi of the state. But I
of the substantial
cultivated at have rarely read a
nursery industry every turn. book that so neatly
that provided plants and ably describes
for all gardens, and that history.
the hundreds of thousands of em- Moreover, though weighty, this
ployed gardeners—numbers that book is no doorstop. The clean
did not substantially decline until Adobe Garamond text is broken
after World War II. He considers up by a succession of helpful
city parks and cemeteries, as well images—engravings, plans, paint-
as private gardens, both urban ings, photographs—throughout,
and suburban; agreeing with although, sadly, the photographs
Michael Thompson, the historian are often reproduced too small
of housing, that, in the 19th cen- to do them justice.
tury at least, the desire for a gar- These days, there are 3,000 or
den was more important in shap- so English gardens which, in nor-
ing English urban growth than mal circumstances, open their
the price of land, the develop- gates at least once a year, and
ment of transport networks or hundreds are open far more often
even the Victorian desire for pri- than that during the growing
vacy and seclusion. season. Once the world opens up
The last 50 years have seen once more, thousands of Ameri-
the faithful and expensive resto- cans will travel to England to
ration of a number of 18th- and visit these gardens. Reading this
19th-century gardens in England, book should add substantially to
one of the first being the afore- their understanding and enjoy-
mentioned Claremont. The repu- ment of these beautiful, peaceful,
tation of its one-time owner restorative outdoor spaces.
“Clive of India” for corruption, As for the millions of English
greed and maladministration now gardening enthusiasts, I trust
vies in baseness with those of the that Mr. Floud’s survey will rec-
owners of, for example, Doding- oncile them to the expenditure
ton House and Harewood House, they have lavished on their own
who laid out gardens from the gardens over the years, the ex-
profits of slave ownership. Al- tent of which they have probably
though the author does not never dared admit to them-
shrink from discussing these selves, let alone to anyone else.
fraught facts, his tone is mea- That has certainly been the case
sured. He points out that much, for me. After all, I can now con-
although by no means all, of the sole myself that I am part, as
money that funded the great gar- well as product, of a “nation
dens of England in the 17th and transformed” by gardening and
18th centuries came from highly gardens.
dubious sources. These included
scandalous bribes, commissions Ms. Buchan is the author
or sinecures at Court, adding up of “The English Garden,” “A
to what William Cobbett called Green and Pleasant Land” and
“Old Corruption.” Important, too, “Beyond the Thirty-Nine Steps:
was the control a husband ex- A Life of John Buchan.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 29 - 30, 2021 | C13

SUMMER BOOKS
‘There is a second country for everybody, one way or another.’ —ELIZABETH SPENCER

Landscapes of the Heart

Elizabeth Spencer: War II veteran whose father was killed in the
Novels & Stories courthouse. Jimmy Tallant is a local boot-
Edited by Michael Gorra legger whose father led the mob. The novel is
built around the upcoming election for city
Library of America, 863 pages, $40
sheriff in which Duncan Harper, an everyman
BY SAM SACKS grocery-store owner with liberal ideas about
The people are complicated but the facts are
the facts.
“The Voice at the Back Door” was a hit, but
before it was published Spencer had already
decided to leave Mississippi. (The last straw,
she wrote, was her family’s refusal to talk
family for Rome imagines herself as “the
statue of some heroic classical woman whose
dagger dripped with stony blood,” and in
these works, whose meanings draw from
classical mythology, the violence is figurative
and the passions tied to matters of the heart.

T
racial equality, has been pitted against about Emmett Till’s murder just miles north of Emotions are at their most dizzying in
HE KILLINGS that came to be Tallant, who is in the pocket of a New Orleans Carrollton.) Her life of exile—her father would “Knights and Dragons,” about a woman in the
known as the Carrollton Mas- gambling syndicate. Dozer is caught between disinherit her—took her to New York, Europe, diplomatic corps in Rome who has escaped a
sacre took place in 1886 in an them. The secret knowledge he shares with Montreal and finally, in a semi-homecoming, domineering ex-husband only to become
upstairs courthouse in northern Tallant about Lacey’s dark past has long North Carolina. The selections in the Library of enmeshed in another destabilizing love affair.
Mississippi, where two black connected the men in an uneasy truce. But America volume give a sense of this perpetual This is a packed, highly internalized drama—
men had brought up a charge against a white while he’s compelled by Harper’s promises of mobility; the stories especially, which she stylistically, it is hard to detect any points in
man. While the trial was under way a mob of reform, he’s wary of reprisals: “Trying to trail wrote until her death at age 98, range among a common with “The Voice at the Back Door”—
around 50 armed white men stormed the along behind a white man of good will is like diversity of richly particularized settings. whose tightly controlled narrative hallucina-
courtroom. Ten African- tions may remind readers
Americans were murdered of no one quite so much as
instantly; others, who Elena Ferrante.
tried escaping through the The more accessible
windows, died of their work is “The Light in the
wounds soon after. No one Piazza,” which was adapted
was ever prosecuted for for a film and more re-
the crime, and the writer cently a Broadway musical,
Elizabeth Spencer, who and which—despite
was born into a prominent Spencer’s ambivalence
white family in Carrollton about its popularity—
in 1921, recalled that it seems destined to remain
loomed over the town with her most famous work. The
the “primal mystery” of a story, which first appeared
ghost story. It was forbid- in the New Yorker, finds
den to speak of the event, “the busy American house-
yet the courtroom was still wife, mother, hostess, cook,
scarred with its evidence. and civic leader” Margaret
“At what age did I first ac- Johnson vacationing in
tually see it,” she wonders Florence with her daughter
in her memoir “Landscapes Clara, a grown woman with
of the Heart,” “the shat- “the mental age of a child

.
tered plaster, left just as it of ten” due to a childhood

ly
had been at the end of that head injury. When an eager
fateful day, the gray lathes Florentine man begins
exposed beneath, pocked courting Clara, unaware of
with countless bullet holes?”
If discussing the mas-
sacre was forbidden, how
much more so was writing
on any disability, Margaret’s
instinct is to shield her
daughter, but she soon falls
under the spell of an old
us ,

about it? Yet, in the way of impossible dream—that

ASSOCIATED PRESS

an exorcism, Spencer made Clara should somehow live

l
e
it central to her bridge- a normal life as a wife and
al a

burning third book, the mother.

1956 novel “The Voice at “The Light in the
ci on

the Back Door,” which leads COSMOPOLITE
the Library of America’s
new selection of her novels and stories. The
title itself suggests the disclosure of some-
thing long concealed. Even if they were close
Spencer (1921-2019) at home in Chapel Hill, N.C., in 2005. Piazza” may be one of the
last great stories to utilize
following along behind somebody on a tight- The setting that inspired her most was It- (while simultaneously undermining) the
rope. As he gets along towards the middle his aly, where she lived after putting Mississippi traditional marriage plot. The exterior is
problems are likely to increase, and soon he behind her. Represented here, along with elegant, sun-dappled and romantic. But be-
er s

to death, Spencer remembered, African- gots to turn loose of me to help himself.” Italian-based short stories like “The Cousins,” neath the fine manners, Margaret is all nerve
Americans had to come to the back door to What is notable about “The Voice at the are the novellas “Knights and Dragons” and and manipulation, subtly deceiving both the
m er

appeal for help from their white neighbors;
their suffering stayed private, hidden away.
For the novel, set in the imaginary Mississippi
town of Lacey, Spencer moved her version of
Back Door” is that it is both excitingly
dramatic and matter-of-fact. Spencer doesn’t
go in for psychologizing or Faulknerian
speechifying, focusing instead on the intricate
m rp
Italian suitor’s conservative parents and her
own starched-collar husband back in Middle
Her Southern fiction is at once America. The symbol that recurs is Cellini’s
dramatic and straightforward. sculpture, in Florence’s Piazza della Signoria,

the courthouse massacre to the 20th century,
only one generation distant from her charac-
ters, but the same willful amnesia surrounds
it. “I’ve heard it and forgotten it because I
don’t care,” a woman replies after a friend has
plot, which turns on hidden love affairs and
political dirty tricks. Habituated to denial, the
white characters think very little about the
race problem at all, except inasmuch as they
want to keep it out of the news. The wide
co Fo
No Faulknerian speechifying;
the people are complicated but
the facts are the facts.
of Perseus holding aloft the severed head of
Medusa. Margaret is the picture of gentility,
yet her dagger drips with stony blood.
And maybe that quiet but assured note of
conquest is what unites this remarkably

the bad taste to mention it. “If I don’t care
nobody cares. I’m no different from anybody
else. Nobody our age in town could say
offhand who was there or why.”
Forgotten in that formulation are the
descendants of the victims and the murderers.
Beckwith Dozer is an African-American World
cast of implicated characters reveal different
angles of self-interest and different valences
of real-world consequence, and both the
heroism and the villainy are muddled and
contextualized. What Spencer refuses to
obscure, however, is history itself, and the
novel is blessedly free of the fog of mystique.
“The Light in the Piazza,” in which American
visitors are simultaneously ensorcelled and
driven mad by the country’s climate and
beauty. In the story “The White Azalea,” a
woman who has fled her provincial Southern
various collection. Spencer wrote about the
“circled world” of her upbringing as she saw
it rather than as it demanded to be seen.
Then she slipped its circumference and forged
a path—and a body of work—entirely her own.
Mr. Sacks is the Journal’s fiction columnist.

GOING ON vacation? You could and, most particularly, Never mind. You’ll surely folly of getting involved with
do worse than pack “People We the characters. Funny and recall the most important someone in show biz. Untrust-
n-

Meet on Vacation” (Berkley,
364 pages, $16), Emily Henry’s
wry, witty tale of longtime travel
buddies with emotional baggage.
no
fumbling and lovable, thing on the table here: that worthy, the lot of them. “Be
they’re most decidedly despite some overheated suspicious,” she had told her
worth the trip. prose, and the use of “droll” daughter.
Summer reading—the as a verb, the novel’s author, For years, Flora, a performer

Poppy Wright, the novel’s
millennial narrator, a writer at a
travel magazine, and Alex Nilsen,
a high-school teacher, met on
the first night of their college
orientation, and it quickly
became clear that the only thing
they had in common was their
mutual dislike.
Alex, as Poppy noted at the
time, “is tall, gaunt and eager
to see the library. I’m short and
loud and hoping someone comes
by and invites us to a real party.
By the time we part I’m fairly
confident we’ll never speak
again. Apparently he feels the
same way.” (In strict adherence
to the conventions of the genre,
the two of them turn out to be
perfect for each other. Just give
it 350 pages or so.)
Despite the unpromising start,
a friendship takes root when
Alex gives Poppy a ride home at
the end of freshman year—they
live in neighboring towns in
Ohio. So begins their tradition
of taking an annual summer trip
together—that is, until a ghastly
on-the-road falling out, then a
last-ditch trip to try to turn
things around. The couple’s
adventures in San Francisco,
New Orleans and other ports of
call, told in flashback, form the
spine of the book.
The strength of “People We
Meet on Vacation” isn’t the
“When Harry Met Sally”-flavored
storyline, which is more than a
bit protracted. Rather it’s the
clever observations, the dialogue
(which is laugh-out-loud funny)
pink covers are a giveaway
—has become synonymous
with “insouciant” and
“light-hearted.” Let’s
broaden the definition.
“What Comes After”
(Riverhead, 432 pages,
$28), JoAnne Tompkins’s
gripping debut, opens with
the deaths of Daniel Balch
and Jonah Geiger, high-
school students, best friends
and next-door neighbors in
a town on the coast of
Washington state.
Senior year has just begun when
Daniel disappears after football
practice. Eight days later, Jonah
kills himself, leaving behind a note
confessing to Daniel’s murder.
“These are the facts,” notes Daniel’s
father, Isaac, a Quaker who has long
wrestled with his faith. “They reveal
only that the greatest mysteries
lie hidden in what we believe
we already know.”
Perhaps Evangeline, a 16-year-old
who has been abandoned by her
drug-addict mother and evicted
from a rental trailer on the edge
of town, holds the key to a mystery
or two. She is pregnant and has
a connection to the two boys.
When Evangeline makes her
tentative way to Daniel’s house—
a creaky, half-renovated Victorian
“that was like an arthritic old
lady”—Isaac welcomes her,
offering food and lodging. Next
door, meanwhile, Jonah’s mother,
a widow and working mother,
is desperately trying to make
sense of her son’s crime. Like
Isaac, she involves herself with
Evangeline’s care. Like Isaac, too,
she wants to know the identity of
the baby’s father.
“What Comes After” juxtaposes
the often brutal natural world, with
its crepuscular woods, twisty paths
and wild creatures, and the
“civilized” world, with its own
dark places and feral inhabitants.
Ms. Tompkins’s understanding
of both is palpable. So is her
compassion. But she’s a realist and
thus offers nothing as pat as closure
or redemption. Rather she gives us
damaged—broken—people who do
what they can, sometimes clumsily,
sometimes with grace, and who,
with happiness seemingly beyond
reach, put all their chips on hope.
Ten minutes after finishing
“The Siren” (Grand Central,
417 pages, $28), you will be hard
put to remember the names of the
principal characters (for the record:
Taylor, Stella, Felicity), let alone
their motivations (desperation,
ambition and revenge). Twenty
minutes later, the plot will be
a blur.
Katherine St. John, has
delivered the goods.
The thinly sketched
Cole Power, twice voted
the sexiest man in Holly-
wood and the charming
star of the top-grossing
“Gentleman Gangster”
series, is financing a movie
—“The Siren”—written by
his son, a film-school grad
who will also be directing.
The budget may be
meager, but the setting for
the shoot could hardly be
more idyllic—St. Genesius, a dot
of an island in the Caribbean. The
movie’s producer, Taylor Wasser-
man, has been falsely implicated
in an embezzlement scheme (it’s a
long, sleazy story) and now needs
to prove her mettle. Stella, a down-
on-her-luck star and Cole’s ex-wife,
is looking to reclaim her place
in the Tinsel Town firmament.
Meanwhile, Stella’s new assistant,
Felicity, is engaged in a long con
to avenge the death of her mother.
The story unspools through alter-
nating narratives interspersed with
bulletins from TMZ-ish publications
like The Biz Report.
Kinky sex, doctored drinks,
shocking revelations, intrigue,
murder and a hurricane are all in
the mix. It’s hell and high water.
And a high old time.
Actors also populate the more
sedate “Good Company” (Ecco,
307 pages, $27.99), Cynthia D’Aprix
Sweeney’s examination of marriage
and friendship.
Flora Mancini’s mother had
always cautioned Flora about the
herself, believed that her
husband Julian, an actor and
the head of a theater troupe,
was different, was devoted.
Now she’s not so sure. Now
she’s wondering if maybe
mom did know best.
While rooting through a file
cabinet for an old photograph,
Flora finds Julian’s wedding ring.
That would be the wedding ring
he insisted he’d lost a decade ago
while swimming in the pond of
the upstate New York property
where the theater troupe staged
its summer production.
And so it begins. The anger,
the questions, the recriminations.
The re-calibrating of expectations.
The interrogation of the past.
Unfortunately for readers,
Flora isn’t nearly as interesting
a character as her self-centered
friend Margot, a television star.
And Ms. Sweeney, the author of
“The Nest” (2016), does little to
freshen the troubled-marriage
trope.
Instead, she expends her
terrific wit and inventiveness on
an evocation of “Griffith,” the
animated TV show that features
Flora as the voice of a saucy
lioness, and on her description
of Margot’s hit series and its
Shonda Rhimes-like creator.
Margot, we are told, was one
of the original cast members
of “Cedar,” a hospital drama. The
spin-offs: “Willow” and “Cypress.”
Now that’s entertainment.
—Ms. Kaufman writes about
culture and the arts
for the Journal.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C14 | Saturday/Sunday, May 29 - 30, 2021 * *** THE WALL STREET JOURNAL.

SUMMER BOOKS
‘This awful catastrophe is not the end but the beginning. History does not end so. It is the way its chapters open.’ —ST. AUGUSTINE

FIVE BEST ON ENCOUNTERS WITH CATASTROPHE

Jim Shepard
The author, most recently, of the pandemic novel ‘Phase Six’

The Worst Journey 6 kilometers from the coast,

in the World looked up to see “a great black
By Apsley Cherry-Garrard (1922) thing, a long way off, coming

1
towards us. It was very high,
In the midst of one of the and strong, and we saw that it
worst stretches of Robert was water.” More than 36,000
Scott’s disastrous 1912 lives were lost; the final
expedition to the South Pole, explosions were so loud they
Capt. Lawrence Oates, agonized were heard on the opposite
at the realization that he was shore of the Indian Ocean.
slowing the group’s progress and Some of the tsunamis generated
that the result would likely be were estimated at more than
fatal for everyone, announced 120 feet high. The volume of
his self-sacrificial death before dust and ash carried into the
heading out into a blizzard by upper atmosphere was so great
remarking: “I am just going that temperatures around the
outside, and may be some time.” globe dropped half a degree
Fellow expedition member Apsley Centigrade and didn’t return
Cherry-Garrard was very nearly to normal until five years later.
Oates’s equal when it came to
poise in the face of disaster.
Cherry-Garrard begins his The Sixth Extinction
chronicle of astonishing endurance By Elizabeth Kolbert (2014)

4
in the face of extreme suffering
by noting that “polar exploration Elizabeth Kolbert writes
is at once the cleanest and most with such precision and
isolated way of having a bad time wry wit that it’s easy
which has been devised.” In an to glide past some of
environment of otherworldly the more terrifying aspects of
ferocity—temperatures at times her argument. When it comes

.
get down to minus-76 Fahrenheit to catastrophes, mass extinc-

ly
—disaster is a continuous cascade tions are the largest stories
and everything that can go wrong imaginable, and this account of
does. The group’s expedition the sixth extinction our planet is
is beaten to the South Pole by
the Norwegians under Roald
Amundsen. Cherry-Garrard must
find and bury the bodies of his
on currently undergoing is a model
of thoughtful reporting and
cogent analysis. It reads both
like a thriller and a guided
us ,

closest friends, including his tour of human folly. “The Sixth

expedition leader. Still, through Extinction” may be one of the
l
e
it all, he carries on, never most important books written
al a

relinquishing his sense of wonder, over the past few decades,

evoking viscerally for the reader which is almost certainly why
ci on

everything from the majesty of more people haven’t read it.

polar skies to the extraordinarily
difficult lives of emperor penguins.
The Warsaw Ghetto
HULTON ARCHIVE/GETTY IMAGES

By Barbara Engelking and

er s

The Reason Why Jacek Leociak (2009)

5
By Cecil Woodham-Smith (1953)
m er

2
Barbara Engelking and
Cecil Woodham-Smith’s Jacek Leociak confront
account of the charge the unimaginable with
of the Light Brigade—the a day-to-day history of
m rp

disastrous British attack the Warsaw ghetto in all of its

at Balaclava during the Crimean MAY 1883 Contemporaneous rendering of clouds pouring from the volcano on Krakatau in southwestern Indonesia. agony, perfidy and heroism.
War—is unsparing in its detailed Along the way we learn how
rendering of the privilege and arrogance Krakatau 1883 details of the aftermath, as well as many musicians and actors, as opposed to,
and narcissism that led to one of the most By Tom Simkin and Richard S. Fiske (1983) photographs—among them, a picture of say, locksmiths, joined the Jewish Police;

3
co Fo

stupefying blunders in military history. But
in its rendering of the human toll, and the
resiliency of the men who were so badly led,
it’s spectacularly moving. When, in the
carnage immediately following the charge,
one of the officers principally responsible for the centennial of the event, this magisterial the volcano’s history and geology. Most
the catastrophe rode about calling to his men
that it had been no fault of his, one of them
was reported to have called back, “Never
mind, my lord; we are ready to go again.”
the eruption itself—accounts of the event’s
Tom Simkin and Richard Fiske’s distant effects, the media coverage, the
compendium concerns one of investigators’ engravings and sketches,
the largest natural cataclysms in original scientific monographs from the
recorded human history. Published on years immediately afterward and, of course,
work includes an hour-by-hour chronology unforgettable are the pages of compiled
of the three-month-long eruption that eyewitness accounts, some of them
culminated in the South Pacific island of harrowing. One Japanese worker, some
Krakatau blowing itself apart. It includes 65 kilometers from the explosion and
n-
how much the price of barley kasha or
marmalade fluctuated from month to month
on the black market; and where each of the
members of the clandestine Underground
Ghetto Archive lived. All of which lends the
gravity of the particular to suffering on a
scale that would otherwise seem to defy
comprehension. The result is a volume that
not only chronicles a bottomless horror
but also commemorates a lost world.

When the Troubles Never End

no

TESSA, the young divorcee
and BBC producer who narrates
Flynn Berry’s novel “Northern
Spy” (Viking, 278 pages, $26),
set in and around Belfast,
Northern Ireland, wants
nothing more than to enjoy
the company of her adorable
baby son. But her equilibrium is
shattered when her older sister
MYSTERIES Marian, a paramedic, is caught
TOM NOLAN on video participating in an
armed robbery perpetrated
by the IRA.
The police claim Marian has
been a revolutionary for years;
she’s since dropped from sight.
Tessa insists Marian is not
It’s hard political and must be a hostage.
to settle But in Belfast, years after the
Good Friday Agreement, “bodies
down were still being found in peat
when bogs along the border” between
your Ireland and Northern Ireland.
sister is A preponderance of facts forces
Tessa to accept the police
sneaking version of the truth. But she’s
out to still determined to find Marian,
commit if only to express her rage at
her sibling’s criminal behavior.
armed When the sisters finally
robbery manage to meet, the reality
with the of Marian’s situation proves
more complicated than Tessa
IRA. imagined, and she resolves to
extricate Marian from the cat’s-
cradle in which she’s entangled.
But the more Tessa assists
Marian, the more she herself
is coerced into committing
compromising actions, and the
more disoriented she becomes
within a maze of moral
conundrums: “It’s hard to say
anymore which of us has
Stockholm syndrome.”
Even at its highest pitch,
Ms. Berry’s novel remains a
human-centered story that
closely examines the behavior
of siblings, babies, mothers and
friends. All the more shocking,
then, when the curtain of
domesticity is pushed aside
to reveal the man in the black
ski mask standing outside the
window. Once the screws of
suspense have been tightened,
“Northern Spy” becomes a
beguiling thriller that’s hard
to put down.
Frances “Frankie” Croy,
the English novelist at the
center of Christine Mangan’s
“Palace of the Drowned”
(Flatiron, 306 pages, $27.99),
flees to Venice, Italy, in 1966
after she’s physically assaulted
a patron of London’s Savoy
Hotel. This much-publicized
attack (settled out of court)
was the culmination of a
breakdown brought on by
Frankie’s obsession over an
especially cutting review of
her latest book, a critical and
commercial disappointment.
Staying alone at an heiress
friend’s empty palazzo, she
plans on keeping a low profile
while starting a new
manuscript. No sooner has
she moved into her Venetian
refuge, though, than she’s
accosted near the Grand Canal
by Gillian “Gilly” Larson, a
much younger Englishwoman
who claims to be the daughter
of a London editor Frankie
knows. The two have coffee,
and Frankie is alternately
put off and charmed by Gilly’s
spontaneous manner. Gilly
professes great admiration
for Frankie’s fiction. It seems
she herself is writing a novel!
Would Frankie be so kind as
to read and comment upon it?
THIS WEEK
Northern Spy
By Flynn Berry
Palace of the Drowned
By Christine Mangan
The North Face
of the Heart
By Dolores Redondo
The privacy-guarding
Frankie is of two minds about
this, as she is about many
things in her disrupted life.
Her editor is pestering her by
telephone to get busy on the
novel she owes him. And, while
everyone swears she’s the only
person staying in that old
palazzo, Frankie keeps sensing
the presence of someone—
or something—else there.
Ms. Mangan creates a
convincing fugue state in
which her protagonist is ever at
odds with her own perceptions:
“Just when she thought she had
determined what had and
had not happened, it changed,
shifting in her mind once more,
until she was no longer
certain of anything but her
uncertainty.” For those willing
to stick with Frankie through
all that follows—a torrential
flood, a problematic death, an
English inquest—her saga
wends its way to an effectively
Gothic conclusion.
Amaia Salazar, the Spanish-
born police detective featured
in Dolores Redondo’s “The
North Face of the Heart”
(Amazon Crossing, 485 pages,
$24.95), translated into English
by Michael Meigs, has already
made a name for herself by
hunting down an elusive
predator in northern Spain.
Now, in the summer of 2005,
she’s at the FBI Academy in
Quantico, Va., taking part in an
exchange program for European
police officers. She’s caught
the eye of FBI agent Aloisius
Dupree, who recruits her for
his strike team that’s hunting
“the Composer,” a serial killer
who slays entire families and
arranges the crime scenes to
look as if his victims died in
natural disasters.
Dupree’s team tracks the
Composer’s past and present
work from Oklahoma to Texas
to Louisiana. Salazar’s
diagnoses of the perpetrator’s
behavior produce significant
analytical and forensic break-
throughs. She downplays her
insights as “hunches,” but
Dupree says: “I can tell when
someone has the gift. And you
do. . . . There’s a special talent
endowed to only a few, and
they all have one thing in
common. They’ve all lived
through hell.”
In fact, Salazar did endure
horrific trauma as a child.
(Dupree has also survived
events which left him
emotionally and physically
scarred.) Her disturbing
personal history is told in
flashback chapters interspersed
into the forward-moving
narrative of her quest to
identify and catch the
Composer. The team’s
predictive deductions lead
them to New Orleans, where
an approaching hurricane—it’s
been dubbed “Katrina”—seems
due to wreak the sort of
massive havoc that may well
tempt their villain to stage
his ultimate act of evil.
“The North Face of the
Heart” serves as a prequel to
Ms. Redondo’s Baztán Trilogy
of novels starring an older
Amaia Salazar. Its far-ranging
scenes are stuffed with memo-
rable characters, from heroic
public servants to habitual
murderers to a zombie-like
figure worthy of a Val Lewton
horror movie. Ms. Redondo’s
complex and ambitious book
culminates in a mythological
showdown, with Salazar in
the eye of an epic storm.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 29 - 30, 2021 | C15

SUMMER BOOKS
‘Myth is not about what happened in past times; myth is about what happens to people all of the time.’ —MIC H AEL MEAD E

A Thousand Ships and All That

Troy:
The Greek Myths Reimagined
By Stephen Fry
Chronicle, 288 pages, $29.95
BY MOIRA HODGSON

G
REEK MYTHS and legends have
been told and retold in countless
versions for over 2,700 years.
They have never exhausted their
appeal. Stephen Fry’s impressive
trilogy, published in the U.S. as “Mythos”
(2019), “Heroes” (2020) and “Troy” (2021),
will surely bring in more readers, especially
younger ones. He is a lively, elegant writer, a
great storyteller, and his books are insightful
and erudite, with extensive glossaries and
learned footnotes. However, as you read, you
can’t help hearing Mr. Fry’s inimitable voice
in your head. His witty, urbane style often
brings to mind his roles as Oscar Wilde and
P.G. Wodehouse’s Jeeves. He is particularly
good at dialogue, at times of a sort that might,
to use a Wodehouse expression, cause a
classics professor to wilt like a salted slug.
“‘Go on!’ said Odysseus, daring to nudge
Agamemnon in the ribs. ‘Marry Clytemnestra!
What could possibly go wrong?’”
Mr. Fry’s books follow in the tradition of
such retellings in modern English prose as
Edith Hamilton’s “Mythology” (1942) and
Robert Graves’s rather dry “The Greek Myths”
ALAMY

(1955). There’s nothing dry about Mr. Fry’s

exuberant stories. They’re droll, witty and TIMELESS RUSE The Trojan Horse, from an 1887 drawing of a Corinthian oil flask, ca. 560 B.C.
full of pathos. The books are handsome too,
illustrated in full color with photos of creation of the gods and humans, and Trojans into letting in a wooden horse that save in memory. Poets must sing the story

.
classical art and works by old masters. progresses to other tales, including a hilarious hides Achaean warriors. They open the city over and over again, passing it from

Myths provide a key to understanding
human nature and the greatest civilizations.
In “Troy” Mr. Fry writes lyrically: “It is the
intriguing distance, the blend of history,
mystery, and myth, the interplay of the
particular and the universal that makes the
Homeric experience so rich and compelling.
encounter between Narcissus and the love-
torn nymph Echo, who’s been punished for
gossiping by the goddess Hera and can’t talk,
on
except to repeat the last thing said to her.
In “Heroes” Mr. Fry recounts the exploits of
mortals such as Heracles, Orpheus, Jason and
Perseus; thrilling adventure stories he makes
us ,
gates to an army led by Achilles that
slaughters the inhabitants and destroys
the town.
The story of the war, a pivotal event in
Greek mythology, was the subject of Homer’s
epic poem “The Iliad.” Mr. Fry points out that
the poem begins only in the final year of the
ly
generation to generation, lest in losing Troy
we lose a part of ourselves.” He adds, “If this
story, the story of Troy, has a meaning or a
moral it is the old, simple lesson that actions
have consequences.”
In “Troy” there is no end to cruelty and
pain. It’s about heroism, revenge, despair and

The action is played out on the golden horizon
between reality and legend, the beguiling
penumbra where fable and fact coexist. It is
relevant to modern times. remorse. Mr. Fry writes that “the sins and
“Troy,” the third book in the series, flaws of humankind energize all of the drama
l
e
is graver in tone as Mr. Fry describes the The action of Homer’s story is of Troy, but they are balanced by love, honor,
al a

this that endows Homeric epic with the cataclysmic 10-year war between Trojans and wisdom, kindness, forgiveness, and sacrifice.
minute, realistic and vivid detailing that Greeks. But he can’t resist a humorous touch
played out on the golden horizon These, it is simple and obvious to say
ci on

so animates and convinces, yet also gives
us the glorious symbolism and dreamlike
depth that only myth allows, with its divine
interventions, supernatural episodes,
and superhuman heroes.”
along the way. The gods Apollo and Poseidon
built the magnificent Troy for the sly, greedy
king Laomedon. Mr. Fry writes that when they
went to get paid the king “did what many
householders have done since. He pursed his
er s
between reality and legend,
where fable and fact coexist.
perhaps, are the same unstable elements that
constitute the human world today. We live
on the same seesaw. Dark human passions of
selfishness, fear, and hatred counterbalanced
by kindness, friendship, love, and wisdom.

Remembering who, what, where and lips, sucked in between his teeth, and shook 10-year war, with the feud between The field is still open for someone to portray
when, can be a challenge with these his head. . . . ‘Oh dear me, no, I can’t possibly Agamemnon and Achilles, ending with the all that better than Homer, but so far on my
m er

complicated tales. In his introduction to
“Mythos,” Mr. Fry tries to reassure his
audience: “You don’t need to know anything
to read this book; it starts with an empty
pay you for shoddy work like that.’”
Enraged, Apollo shoots poisoned arrows
into the town, causing a plague. Heracles
tells the king not to worry, “the plague will
m rp
death of the Trojan prince Hector. Homer journey through life I have yet to see it done.”
doesn’t write about the Judgment of Paris, At the end of the siege, when Troy has
the birth of Achilles or the abduction of been wiped out, the gods looked down at the
Helen. For these stories Mr. Fry uses other disaster. Mr. Fry imagines their conversation:

universe. Certainly no ‘classical education’
is called for, no knowledge of the difference
between nectar and nymphs, satyrs and
centaurs, or the Fates and the Furies is
required. There is absolutely nothing academic
blow through soon enough, I dare say, they
always do . . .”
Troy, Mr. Fry writes, was “the most
marvelous kingdom in all the world. The
Jewel of the Aegean.” It was founded by
co Fo
sources, including Virgil’s “Aeneid” and
Ovid’s “Metamorphoses.”
As for the long decade of the war,
Mr. Fry states, with contemporary resonance:
“We know how wars that each side believed
“‘Are you satisfied?” Zeus said, turning to
Athena. ‘Your beloved Greeks have won.
Total victory is theirs.’
“Zeus sighed heavily. ‘I wish, all those
years ago, Prometheus hadn’t persuaded me

or intellectual about Greek mythology; it is
addictive, entertaining, approachable, and
astonishingly human.”
So, it’s not essential to have read the first
two books (both bestsellers) to enjoy “Troy,”
but it helps. “Mythos” begins with the
Dardanus, the son of Zeus, King of the Gods.
After the Trojan prince Paris kidnaps the
beautiful (married) queen Helen of Sparta,
sister of Agamemnon, installing her in a
palace in the town, the Achaeans (Greeks)
start to attack. Finally, Odysseus tricks the
would soon be decided can stretch out over
months and years. The Greeks and Trojans
were perhaps the first to discover this
unhappy truth.”
When Troy fell, he writes, “a hole opened
in the human world that may never be filled,
to make mankind,’ he said. ‘I knew it was
a mistake.’ ”
Ms. Hodgson is the author of “It Seemed Like
a Good Idea at the Time: My Adventures in Life
and Food.”

Exploring the Library, Visiting the Renaissance

n-

METAPHORS WE USE about writes in “The Most Perfect a fall. It’s a stressful situation in lots of historical detail, but covered in thousands of soft
books take the form of real Thing in the Universe” for a gentle homebody like she’s not beyond committing fibers, and its mouth stones are
no

phenomena in “The Wild
Book” (Yonder, 234 pages,
$17.99), a magical-realist
adventure for readers ages 9
and older by Mexican author
Juan Villoro.
In his uncle’s labyrinthine
library, 13-year-old Juan finds
CHILDREN’S books that can poison and books
BOOKS that can heal; books that are in
MEGHAN conversation with one another,
COX GURDON books that steal from others
and even books that form
themselves into literal steps to
lift readers to a higher level.
Juan discovers all this the
summer he’s sent to stay with
his uncle, called Tito, while his
Books parents work out the terms
that of their separation. Tito is a
mercurial bibliophile given to
poison, bold claims. (“Australia has the
books best ocean waves—not so much
that for their shape, but because
heal, they bathe the Australian
female.”) Somewhere in his
and vast Borgesian stacks is a wild
books book that no one has ever
that managed to hold long enough
to read. It becomes the quest
become of the summer to find this
literal untamed volume, a pursuit
steps made thrilling for Juan because
he is joined in the hunt by a
to lift girl named Catalina, whom he
readers adores. Translated from the
higher. Spanish by Lawrence Schimel,
“The Wild Book” is as quirky
and infused with the love of
books as Tito himself.
“Watching grownups make
wrong decisions you are
helpless to stop—this is one
of the worst parts about being
a child,” Tricia Springstubb
(Margaret Ferguson,
180 pages, $17.99), a tender
and humorous novel for readers
ages 8-13. The melancholy
observation comes as 11-year-
old bird lover Loah London-
derry is contemplating the
poor choices of the people
charged with looking after her.
Loah’s ornithologist mother is
off in the Arctic saving birds
THIS WEEK
The Wild Book
By Juan Villoro
The Most Perfect Thing
in the Universe
By Tricia Springstubb
Da Vinci’s Cat
By Catherine Gilbert Murdock
Strange Planet:
The Sneaking, Hiding,
Vibrating Creature
By Nathan W. Pyle
On the Day the Horse
Got Out
By Audrey Helen Weber
while Loah stays at home in a
crumbling, turreted house with
two elderly caretakers, the tart
and thrifty Miss Rinker and her
sweet-tempered brother Theo.
Now Loah’s mother has
canceled her flight home in
order to track down a rare bird;
a vindictive building inspector
has started snooping around
the house; and Theo has had
Loah, especially when bad
gets worse. Ms. Springstubb
brings a light, deft touch to
this sensitive novel that,
like its protagonist, draws
inspiration from the lives
and ways of birds.
With “Da Vinci’s Cat”
(Greenwillow, 278 pages,
$17.99), Catherine Gilbert
Murdock weaves a cat’s-cradle
of a book. From chapter to
chapter, the narrative strands
intertwine and double back,
creating connections between
Rome in 1511 and a modern-day
American suburb. The conceit
here is that the Renaissance
genius Leonardo da Vinci
numbered among his inventions
a closet that works as a portal
for time travel—and is used by,
among others, his cat. The
novel’s action moves back
and forth across 500 years.
In the 16th century, 11-year-old
Federico Gonzaga lives as a
pampered political prisoner
of Pope Julius II. In the
present day, a girl named Bee
encounters an exquisite sketch
by Raphael of a girl who
resembles her so exactly that
the child in the picture has the
same scratch on her neck.
Impossible!
Readers ages 8-13 will enjoy
untangling the threads that
link the children to Raphael
and each other and also to
Michelangelo, the turbulent
and odiferous artist who,
during the story, is at work
on the ceiling of the Sistine
Chapel. Ms. Murdock weaves
the odd solecism. When the
time-traveling Bee tells
Federico that she has two
mothers, his response is not
to gape with incredulity but to
ask (in a way that children are
meant to see as chauvinistic)
which of the women brought
the dowry to the marriage.
We may disapprove of the
ways of the past, but the
past is apparently not allowed
to disapprove of ours.
Two aliens marvel at the
behavior of a house cat in
“Strange Planet: The
Sneaking, Hiding, Vibrating
Creature” (Harper, 38 pages,
$14.99), a picture book by
Nathan W. Pyle done in the
style of his humorous cartoons
on social media. With thick,
expressive lines on alternating
pink and blue backgrounds,
Mr. Pyle conjures an alien
parent and child with classic
sci-fi bald heads and huge eyes.
The speech of these beings has
a kind of courtly impartiality
that makes it extremely funny.
“There is a creature prowling
around our home!” the elder
alien tells the younger. “It is
LITTLE, BROWN
sharp!” The two embark on a
quest to study the intruder and
compare its abilities with their
own. They observe that the cat
can conceal itself “behind the
starblock fabrics,” whereas the
curtains stick out when they try
to hide. The creature can also
“climb the group-soft-seat with
its deathblades”; but, lacking
claws, they can’t get on to
the sofa by the same route.
An illustrated glossary of
“commonly observed objects”
in the endpapers (including a
“starlight access panel” and a
“flavormuscle”) expands the
comic vocabulary of children
ages 4-8.
With groovy illustrations
(see below) on pale yellow
backgrounds and retro lettering
on its cover, Audrey Helen
Weber’s picture book “On
the Day the Horse Got Out”
(Little, Brown, 34 pages,
$18.99) feels like an old favorite
from the 1960s. There’s a
slightly psychedelic quality to
the story it tells 3- to 7-year-
olds, too, as the world reacts
when a horse escapes its
paddock. “On the day the horse
got out, the bells all rang, the
birds flew south, the spider
wove a giant web, and the
roses cried out from their
bed: Watch out, watch out,
the horse is out!” The pattern
repeats, with the chorus each
time getting a bit louder—
that is, the typeface getting
bigger—until an enigmatic
ending, when the horse appears
to soar through the clouds.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C16 | Saturday/Sunday, May 29 - 30, 2021 * *** THE WALL STREET JOURNAL.

SUMMER BOOKS
‘Genius without education is like silver in the mine.’ —BENJA M IN FRAN K LIN

In Search of America’s Bookshelf

Americanon
By Jess McHugh
Dutton, 419 pages, $28
BY BEN YAGODA

S
OMETIME AROUND
1950, a woman from out-
side Pittsburgh, married
with two children, wrote
a letter to Betty Crocker.
Never mind that there was no such
person as Betty Crocker, that she has
been created years before by the
General Mills corporation as a home-
making avatar who could market
their products in books, pamphlets,
recipes, advertisements and radio
JESSIE TARBOX BEALS/THE NEW YORK HISTORICAL SOCIETY/GETTY IMAGES

broadcasts, and that this fact was

widely known. The Pittsburgh woman
still felt a need to connect.
She asked for some low-cost reci-
pes, but, Jess McHugh writes in
“Americanon,” “that request seemed
more like a pretext.” Ms. McHugh
goes on:
“She was planning on seeing a doc-
tor for ‘feeling blue,’ but she decided
that Betty and her listeners would
have better advice than any physician,
she told Betty at the start of her
letter. As a wife and mother, she was
active in her church, always trying
new recipes and spending time with
her children, but she felt empty. She
struggled to accept a husband who
had never been her companion and POISED Etiquette writer Emily Post in 1927.

.
was, rather, ‘nothing more than a pro-

vider and a boarder in [her] home.’” and since then, according to Ms.
As remarkable as it was that McHugh, it’s sold more than 75 mil-
grownups should send letters to Betty lion copies, making it the best-selling
Crocker, like kids writing to Santa, it
was perhaps more remarkable that
“Betty” (channeled by General Mills
staff members, of course) answered.
on
cookbook in American history. That
success earns it a chapter in “Ameri-
canon,” which is about secular “Amer-
ican ‘bibles’: those dog-eared books
us ,
(Although the Times and PW lists
didn’t exist when many of these books
were published, and the author never
says what the other “authoritative”
lists might be. The whole attribution
is so vague that we might as well be
taking her word for it.)
ly
one of the two phrases every time she 1,543), requires a nearly two-hour
uses a metaphor (“. . . the lore of the drive from any major city in the
American Revolution celebrated a Northeast.”
kind of David-versus-Goliath victory”;
the McGuffey Readers were “a kind
of Trojan horse for smuggling the
King James Bible into schools”; Dale
I read it, then I reread it, then I re-
reread it, until I was satisfied I wasn’t
missing something and that an ex-
travagant error had been allowed to

The return letter to the Pittsburgh for daily life that ostensibly taught “Americanon” is at its best when Carnegie “promised his readers a kind remain in this of all sentences. I live
correspondent suggested that she readers one subject, all while subtly Ms. McHugh (who’s written for sev- of secular faith in the self”). Taking outside a major city in the North-
l
e
(in Ms. McHugh’s words) “look to her- instructing them about their role eral magazines and websites) is doing out the qualifiers improves the sen- east—Philadelphia—and Google Maps
al a

self in finding the solution to her in society and their responsibilities actual reporting, like rooting around tences, as if by magic. tells me it would take five hours and
problems. The young mother should to family and to country.” for Betty Crocker material in the Another principle of good writing 35 minutes to drive to Dublin. As a
ci on

The others are “The Old Farmer’s
Almanac” (1792–), Noah Webster’s
A history of those popular, Speller (1783) and Dictionary (1828),
Benjamin Franklin’s autobiography
instructive nonfiction (1793), the McGuffey Readers (1836–
er s
General Mills archives, making inter-
esting finds in Emily Post’s scrap-
books, and interviewing a Christian
home-schooler who advocates reach-
ing back more than a century and us-
is attentiveness to what you have
written. Not being mindful leads to
clunky rhythm, dodgy wording, cli-
ches and mixed metaphors. Ms.
McHugh is prone to all four but espe-
certain chief executive once memo-
rably said: C’mon, man.
The question behind “Americanon”
is valid and intriguing: why have
Americans, over the course of more

‘bibles’ that dispense 37), Catharine Beecher’s “A Treatise ing McGuffey Readers as central texts. cially the last. For example: the books than two centuries, so consistently
not just practical advice on Domestic Economy” (1841), Emily But the high points are relatively she’s chosen “served as a salve for na- hungered to be told, in print, how to
m er

Post’s “Etiquette in Society, in Busi-
but also life lessons. ness, in Politics, and at Home” (1922),
Dale Carnegie’s “How to Win Friends
and Influence People” (1936), David
m rp
rare, and when she ventures from the tional tumult.” They “amplified exist- better themselves? But the legitimacy
particular to the general the book suf- ing strains of thought to the point of the idea only makes the shortcom-
fers. The biggest problem, perhaps, is of becoming mass culture, all while ings of the writing more frustrating.
her overall lack of familiarity with the mixing in their own agendas, in- There’s a great tradition of non-

work harder at the task of happiness, Reuben’s “Everything You Always
Betty told her. And she should ask Wanted to Know About Sex* (*But
herself whether she might in fact be Were Afraid to Ask)” (1969), “You Can
responsible for the bickering at home Heal Your Life” by Louise Hay (1984)
or the disinterest of her husband. and “The 7 Habits of Highly Effective
co Fo
immense body of scholarship about
many of the books and individuals
and all of the themes she writes
about. A basic principle of writing
is that the more you know about a
corporating their fingerprint into
the daily lives of millions of people.”
And the Beechers “contended that a
family’s health or sickness was a far
more symbolic litmus test of the
academics writing original, incisive,
exciting books about American his-
tory and culture. I think of Albert
Murray, Dwight Macdonald, Greil
Marcus, Sarah Vowell, Edmund

‘Have you always shown him your People” by Stephen R. Covey (1989).
love, and do you praise him for the Counting Webster’s speller and
things he does do?’ ” The deeply con- dictionary as two separate titles, that
servative message was consistent adds up to only 12 books, so I’m not
with what Betty had to say over the sure where Ms. McHugh got the
course of decades: Not only was a number mentioned in her subtitle,
women’s place in the home, but the “An Unexpected U.S. History in
measure of a woman’s worth was how Thirteen Bestselling Books.” And talk-
good she was at “homemaking.” ing of numbers, she says she’s chosen
(Betty Crocker did much to establish the biggest-selling books using “data”
and popularize that verb.) from the New York Times and Pub-
General Mills published “Betty lishers Weekly bestseller lists and
n-
subject, the stronger your prose.
“Americanon” shows the inverse to be
true as well.
The clearest indication of her lack
of assurance is her astonishing over-
use of qualifiers. She uses “something
of a” seven times; “essentially” 15
times (including three times in the
course of five sentences); “arguably”
23 times, including nine times in one
chapter and twice in one paragraph;
and “a kind of” and “a sort of” a com-
nation’s salvation at large.”
Any proficient editor could and
should have red-flagged all those sen-
tences and most of those “arguablys,”
and I think it’s terrible that a first-
time author has been left hanging out
to dry in this way. I started to suspect
that nobody at the publisher took
more than a cursory glance at the
manuscript when I encountered the
first sentence of chapter 1: “Reaching
The Old Farmer’s Almanac office in
Wilson, Elizabeth Hardwick, even
D.H. Lawrence. I certainly don’t
expect Ms. McHugh to step up to
the plate the first time and bat in this
league. But she’s entitled to the kind
of coaching that might help get her
there someday.
Mr. Yagoda’s books include
“About Town: The New Yorker
and the World It Made” and
“The Sound on the Page:

Crocker’s Picture Cook Book” in 1950, “a select few authoritative lists.” bined 41 times, seemingly inserting Dublin, New Hampshire (population Style and Voice in Writing.”

Bestselling Books | Week Ended May 22

no

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.
The Anthropocene Reviewed 1 New Breaking the News 6 New Oh, the Places You’ll Go! 1 1 While Justice Sleeps 6 4 Print-book dataproviders includeallmajorbooksellers,
John Green/Dutton Alex Marlow/Threshold Dr. Seuss/Random House Young Readers Stacey Abrams/Doubleday webretailersandfoodstores. E-bookdataproviders
includeallmajore-bookretailers.Freee-booksand
You Will Get Through This Night 2 New What Happened to You? 7 4 Dog Man: Mothering Heights 2 2 Rowley Jefferson’s ...Spooky Stories 7 10 thosesellingforlessthan99centsareexcluded.
Daniel Howell/Dey Street Oprah Winfrey/Flatiron Dav Pilkey/Graphix Jeff Kinney/Amulet Thefiction andnonfiction combinedlistsinclude
aggregated salesforallbookformats (exceptaudio
Killing the Mob 3 1 Noise 8 New Sooley 3 3 The Boy, the Mole, the Fox and... 8 — books,bundles, boxedsetsandforeign
Bill O’Reilly & Martin Dugard/St Martin’s Daniel Kahneman/Little, Brown Spark John Grisham/Doubleday Charlie Mackesy/HarperOne language editions) andfeaturea
combination ofadult,youngadultand
Van Richten’s Guide to Ravenloft 4 New The Hill We Climb 9 5 21st Birthday 4 5 The Last Thing He Told Me 9 — juvenile titles. Thehardcover fiction
Wizards RPG Team/Wizards Amanda Gorman/Viking James Patterson & Maxine Paetro/Little, Brown Laura Dave/Simon & Schuster andnonfiction listsalsoencompass a
mixofadult, youngadultandjuveniletitleswhilethe
Zero Fail 5 New Yearbook 10 2 Project Hail Mary 5 6 That Summer 10 7 businesslistfeatures onlyadulthardcover titles.
Carol Leonnig/Random House Seth Rogen/Crown Andy Weir/Ballantine Jennifer Weiner/Atria 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

Zero Fail 1 New The Anthropocene Reviewed 1 New The Last Thing He Told Me 1 1 Oh, the Places You’ll Go! 1 1 Atomic Habits 1 1
Carol Leonnig/Random House John Green/Dutton Laura Dave/Simon & Schuster Dr. Seuss/Random House Young Readers James Clear/Avery
Irresistible Revolution 2 New Zero Fail 2 New Shielding Devyn 2 New The Last Thing He Told Me 2 6 You’re Invited 2 2
Matthew Lohmeier/Matthew L. Lohmeier Carol Leonnig/Random House Susan Stoker/Susan Stoker Laura Dave/Simon & Schuster Jon Levy/Harper Business
Jabberwocky 3 New Killing the Mob 3 1 Project Hail Mary 3 3 Sooley 3 2 StrengthsFinder 2.0 3 7
Steven Gardner/Made for Success Bill O’Reilly/St. Martin’s Andy Weir/Ballantine John Grisham/Doubleday Tom Rath/Gallup
Building an Elite Organization 4 — You Will Get Through This Night 4 New Seabreeze Wedding 4 New Dog Man: Mothering Heights 4 8 Dare to Lead 4 5
Don Wenner/Lioncrest Daniel Howell/Dey Street Jan Moran/Sunny Palms Dav Pilkey/Graphix Brené Brown/Random House
Noise 5 New Van Richten’s Guide to Ravenloft 5 New Cottage by the Sea 5 — Project Hail Mary 5 9 Total Money Makeover 5 6
Daniel Kahneman/Little, Brown Wizards RPG Team/Wizards Debbie Macomber/Ballantine Andy Weir/Ballantine Dave Ramsey/Thomas Nelson
The Premonition 6 1 Summer Bridge Activities, K - 1 6 9 A Midsummer Night’s Romance 6 New Shadow and Bone 6 5 The Energy Bus 6 —
Michael Lewis/Norton Summer Bridge Activities/Summer Bridge Activities Grace Burrowes/Rose Garden Leigh Bardugo/Square Fish Jon Gordon/Wiley
A Woman of No Importance 7 — Breaking the News 7 New Sooley 7 8 21st Birthday 7 4 Extreme Ownership 7 9
Sonia Purnell/Viking Alex Marlow/Threshold John Grisham/Doubleday James Patterson & Maxine Paetro/Little, Brown Jocko Willink & Leif Babin/St. Martin’s
Killing the Mob 8 4 Noise 8 New 21st Birthday 8 5 Where the Crawdads Sing 8 — The Daily Stoic 8 —
Bill O’Reilly & Martin Dugard/St. Martin’s Daniel Kahneman/Little, Brown Spark James Patterson & Maxine Paetro/Little, Brown Delia Owens/Putnam Ryan Holiday & Stephen Hanselman/Portfolio
Breaking the News 9 New What Happened to You? 9 5 Doin’ a Dime 9 New That Summer 9 7 Amazon Unbound 9 8
Alex Marlow/Threshold Oprah Winfrey/Flatiron Lani Lynn Vale/Lani Lynn Vale Jennifer Weiner/Atria Brad Stone/Simon & Schuster
Killers of the Flower Moon 10 — Summer Brain Quest 10 — The Glass Hotel 10 — While Justice Sleeps 10 3 Empire of Pain 10 —
David Grann/Doubleday Workman/Workman Emily St. John Mandel/Knopf Stacey Abrams/Doubleday Patrick Radden Keefe/Doubleday
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
JFK, John Glenn and the
Fight for ‘Space for Peace’
By putting the first American in orbit, NASA
ensured a civilian future for space exploration.
BY JEFF SHESOL
J
ohn F. Kennedy had not
even taken the oath of
office when the battle
began. In December
1960, with the inaugura-
tion a month away, the U.S. Air
Force launched a first strike—not
against a foreign enemy but
against NASA, the civilian space
agency. In a letter to command-
ers, the Office of the Secretary of
the Air Force expressed confi-
dence that the president-elect un-
derstood the imperative of “mili-
tary supremacy in space” and
would, therefore, grant the Air
Force the primary role. Making
sure that Kennedy got the point,
the Air Force leaked its letter.
“Space Fight,” cheered Avia-
tion Week. Yet this was more
than a turf war. At stake was the
very purpose of the U.S. space
program. Would the nation stay
committed to “space for peace,”
the policy of Dwight D. Eisen-
hower, the outgoing president?
Or would the new administration
see space as the Air Force did: an
arena of the Cold War, a battle-
front on which armed conflict
might be inevitable? The
no
decision was Kennedy’s
to make—though it would
come to depend, as
events unfolded, on an
astronaut named John
Glenn.
To the Air Force top
brass, the existence of
NASA was an affront. The
Space Act of 1958, which
created NASA and gave it
control over human
spaceflight, was a rebuke
to every military planner
with fantasies of orbital
fighter planes or space
stations teeming with
missiles. At a time when
the Soviet Union was
achieving one “first” after
another—the first satel-
lite, the first animal in or-
bit, the first unmanned
craft to reach the lunar
surface—Eisenhower held
to his view that space exploration
served no national security inter-
est. As a concession, he allowed
the Air Force to continue develop-
ment of the X-20, a high-altitude
bomber, but the “man-in-space”
program, Project Mercury, was
NASA’s domain.
Kennedy’s election gave the
generals cause for hope. “If the
Soviets control space,” he had said
during the campaign, “they can
control earth.” In the eyes of the
world, he argued, “second in
space” meant second in science
and technology, second in military
power, second in the struggle be-
tween freedom and totalitarian
rule. In late 1960, a classified U.S.
* * * *
on
us ,
l
e
al a
Information Agency report—which
caused a stir when it leaked—re-
ci on
vealed that Soviet superiority in
space was eroding global confi-
dence in the U.S. “Satellite pessi-
mism,” analysts called it. Pressure
was building for a show of
er s
strength in space.
And NASA held a weakening
m er
hand. The astronauts were popu-
lar with the public, but the
manned program was well behind
schedule and marred by failure.
m rp
Rockets exploded on the launch-
pad; payloads ended up in the sea.
Rumors circulated that Kennedy
would transfer Mercury to the
military or cancel it altogether—a
co Fo
course that his science adviser, Je-
rome Wiesner, preferred.
“The time was ripe,” as an in-
ternal Air Force history put it, for
the U.S. Air Force “to initiate an
aggressive information cam-
paign” aimed at swaying Kennedy
to abandon his predecessor’s ap-
proach. Speeches were given, ar-
ticles were planted and an Air
Force Committee sounded alarms
about “the military implications
n-
of the frequency and payload size
of the Soviet space launches.”
The Air Force misjudged its
audience. For all his John Glenn
martial rhetoric, Ken- on board the
nedy was no more will- Friendship 7
ing to militarize space during his
than Eisenhower had historic flight,
been. Kennedy wanted Feb. 20, 1962.
to surpass the Russians
in space, but on the basis of engi-
neering, not armaments. (On
Earth it was a different story: the
arms race intensified.) This, he
believed, would have a deterrent
effect in space. He also saw a
propaganda advantage to be
gained from space exploration
“for the benefit of mankind,” as
the Space Act decreed. In March
1961, he issued a rebuke: “It is
not now, nor has it ever been, my
REVIEW
intention to subordinate
the activities in space of
John Glenn
NASA to those of the
Department of Defense.”
But this was not the
last word. The following Friendship 7
month, a Soviet Air capsule that
Force pilot, Yuri Ga- carried Glenn
garin, became the first
human being in space,
orbiting once before re-
turning safely. “I want to see the
country mobilized to a wartime
basis,” a congressman thundered
at a hearing the next day. “Be-
cause we are at war.” Others
raised the prospect of Soviet
tanks or a missile base on the
moon. It seemed unlikely that a
missile fired from the lunar sur-
face would be as accurate as one
fired from, say, Irkutsk, but few
doubted that Russia would test
the proposition. The Cold War
was entering a more dangerous
phase: In August, the Soviets be-
gan building a wall in Berlin and
‘If the Soviets
control space
they can
control earth.’
JOHN F. KENNEDY
1960
testing new, nightmar-
ishly powerful nuclear
weapons.
As “the hour of maxi-
mum danger” drew near,
in Kennedy’s phrase, his
hopes came to rest on
the fate of John Glenn—who, as a
Marine pilot in World War II and
Korea, had brought the self-effac-
ing values of small-town Ohio to
the fiercest kinds of air combat.
Glenn’s easy, sunny manner made
him the most admired of the Mer-
cury astronauts, and in late 1961
he was given its most critical mis-
sion yet: the first orbital flight. In
mid-1961 NASA had twice managed
to launch a man into space, but
Saturday/Sunday, May 29 - 30, 2021 | C17
MIND AND MATTER
ALISON GOPNIK
Preschool’s
‘Sleeper’ Effect
On Later Life
DOES PRESCHOOL
HELP children become
more successful adults?
Twenty-five years ago, I
thought that there
wouldn’t be a straightforward answer
to this question—development is just
too complicated and hard to study. I
was completely wrong. A clever and
compelling study by the economists
Guthrie Gray-Lobe, Parag Pathak and
Christopher Walters has just appeared
as a National Bureau of Economic Re-
search working paper, and the answer
is clearly “yes.” But the results also
raise fascinating questions about how
early experience influences later life.
In defense of my earlier view, devel-
opment is, in fact, complicated and
hard to study. How can we tell that
there aren’t other differences between
children who go to preschool and
those who don’t? There are so many
different kinds of preschool programs,
so many different measures of success
and so many other things that happen
to children as they grow up. Wouldn’t
early effects just wash out later on?
Some of these problems have been
FROM TOP: ASSOCIATED PRESS; NASA
reflected in policy debates. Early
studies of big public programs, partic-
ularly Head Start, found that chil-
dren’s grades and test scores im-
.
proved at first, but the effects faded
ly
out in elementary school. On the
other hand, some more controlled and
longer-term studies found that chil-
(left) and
these had been “subor-
bital” flights, up and
dren who attended preschool were
healthier and wealthier many years
later. But these studies looked at ex-
perimental, relatively small interven-
President down in 15 minutes. It tions, like the Perry Preschool Pro-
fell to Glenn to end the gram in Ypsilanti, Mich.
Kennedy
with the Soviet monopoly on or- In the new study, the researchers
bital flight. looked at both the short- and the long-
Glenn projected confi- term effects of a big public preschool
dence. Privately, though, program, and they took advantage of a
into orbit, he began to reckon with remarkable natural experiment. In
Feb. 1962. the possibility of becom- 1997, Boston decided to offer free uni-
ing a casualty of the versal preschool, but since there were
Cold War, the first man to die in more applicants than places, they used
space. Ten times over the course a lottery to decide who would get in.
of four months, his flight was The result was the equivalent of a ran-
scrubbed—postponed due to bad
weather or what NASA, with stud-
ied imprecision, called “technical
difficulties.” Alone in crew quar-
ters, he scripted a recording to be
played for his teenage children,
Lyn and Dave, if he failed to make
it back alive. The handwritten
script—never published until
now—began on a suitably grim
note. “If you hear this,” he wrote,
“I’ve been killed.” He urged his
children to “be glad, as I am, that
my life was not wasted...We tried
TOMASZ WALENTA
hard, and got to a high point. Now
it’s up to others to get a little
higher.”
On February 20, 1962, for five
thrilling hours, Glenn flew higher
than any American ever had. His domized, controlled trial—the scien-
capsule, Friendship 7, circled the tific gold standard for determining
planet three times and splashed cause and effect. The researchers ana-
down safely. Across the free lyzed the school records of over 4,000
world, people wept with relief. “A students and compared children who
spell has been broken,” a had randomly won the lottery to those
West German newspaper who hadn’t. Most of the children were
proclaimed; no longer Black or Hispanic, and most were poor
would Soviet space enough to be eligible for free lunch.
flights suggest “some The results are striking, and they
deep deficiency in the actually make sense of the conflicting
democratic order.” For earlier results. As in the Head Start
the Air Force, however, studies, the Boston preschools didn’t
there was no mistaking influence short-term measures of
what Glenn’s success school success, particularly standard-
meant. As an internal re- ized test scores in elementary and
port acknowledged, the middle school. But, as in the Perry Pre-
“campaign to win a larger school studies, there were long-term
role in space and to mod- effects on other kinds of measures.
ify the ‘space for peace’ The children who went to the Boston
policy came to an end, at preschools were more likely to gradu-
least temporarily.” ate from high-school, take SAT tests
Today, six decades and go on to college. They were less
later, a new space race is likely to be suspended or incarcerated.
underway, wrenching The results are a slam-dunk for pol-
open old questions about icy: Public preschool is one of the best
the purpose of the U.S. investments a government can make.
program. NASA, newly en- But they are also puzzling. You’d have
ergized, is at the forefront thought, as I once did, that preschool
of scientific discovery, but would have immediate effects on ele-
space is increasingly a fo- mentary school performance, influence
rum for military brinkmanship, not high-school and so on, with each step
only with Russia but also now with leading to the next. Instead, we seem
China. Alert to the challenge, Pres- to see “sleeper” effects on things like
ident Joe Biden has pledged his motivation and perseverance.
full support for the U.S. Space Maybe “preschool” is a misno-
Force, whose mission is to “defend mer—the programs don’t work be-
our way of life on Earth through cause they teach specific school skills.
our interests in space.” Thirty Instead, the crucial ingredients may
years after the Cold War’s end, the be caring adults and a chance to
U.S. military’s presence in space is play—fundamental parts of good early
well-established—and expanding. childhood programs, large or small,
private or public. Other research sug-
This essay is adapted from Mr. gests that care and play don’t make
Shesol’s new book, “Mercury you better at doing any one particular
Rising: John Glenn, John thing. Instead, they make you more
Kennedy, and the New robust and resilient, better able to
Battleground of the Cold War,” deal with the unexpected twists and
which will be published on June turns of fate. And, ultimately, that
1 by W.W. Norton. may be the best path to success.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C18 | Saturday/Sunday, May 29 - 30, 2021 * *** THE WALL STREET JOURNAL.

REVIEW

E
dward St. Aubyn Aubyn. “It’s permeated with a
says that his ner- sort of faith in regeneration.”
vousness over be- Mr. St. Aubyn believes that
ing interviewed every book has to feel “danger-
has kept him up ous or impossible to write” or
since 3 a.m. “I’m shattered at “it’s probably not worth doing.”
the prospect of talking to you,” The challenge of “Double Blind,”
he admits with a gentle laugh he says, was to address subjects
over the phone from his home that are personally important to
in London’s Notting Hill. A self- him, such as psychoanalysis
described “neurotic introvert,” (which helped him in his 20s),
he says that he envies authors meditation, ecological diversity
who came of age when it was and the “psychedelic renais-
possible to “disappear.” sance,” in a way that felt direct
He hastens to add that he and sincere. In presenting these
knows he is “very lucky” that ideas without his usual mordant
journalists are interested in his wit or “palisade of irony,” he has
new novel, “Double Blind,” out written what he calls “a very un-
next month from Farrar, Straus defended novel,” earnest and un-
and Giroux. It is just that what- characteristically uplifting.
ever he says is bound to be “a His editor in Britain pointed
kind of degraded version” of out that he had even created his
whatever he attempted to say first happy family. “That’s a
with the book. Being inter- pretty big departure,” he says.
viewed, he says, is “as painful His own experiment with mar-
as writing but without the riage was short-lived and ended
safety net of being able to re-
write it 50 times until it makes
sense. Whatever I’ve said I’ve
said. It’s too late.” In a perfect
‘I’m setting
world, he says, he would sim- myself free now
ply catapult his books over a
parapet and let them speak for
from
themselves. the Melroses.’
Such anxious candor sits
oddly with Mr. St. Aubyn’s
posh patois. A descendant of in 1990. He has a 26-year-old
aristocrats on his father’s side daughter and a 20-year-old son
and enormous American with two other former partners.
wealth on his mother’s, he As indicated by its title,
speaks at a leisurely pace, with which refers to a method used in
the kind of rarefied British ac- clinical trials, “Double Blind”

.
cent that can make ordering a considers both the gifts and the

ly
sandwich at a diner sound limits of scientific ingenuity.
withering. Critics often praise Most of the characters are either
the “cut-glass” quality of his scientists or science-adjacent,
speech and prose, which con-
veys both the poetic precision
of his words and the genteel
atmosphere they tend to evoke.
on and they discuss everything
from genetics to neuroscience to
the migration patterns of mon-
arch butterflies. But the title
us ,

Writing, says Mr. St. Aubyn, also alludes to the blind spots of
61, is a “very slow” and “very science, such as the mystery of
l
e
painful” process. In his 20s and consciousness and the uncer-
al a

early 30s, he sweated so much tainty of inheritance. At the cen-

over his work that he had to ter of the book is a question that
ci on

swaddle himself in towels also lay at the heart of the Mel-

while eking out sentences. His rose series: How do people be-
first two novels, “Never Mind” come who they are, and is there
and “Bad News,” were pub- anything they can do about it?
lished in Britain in 1992, when Although “Double Blind”
er s

he was 32. The books follow WEEKEND CONFIDENTIAL | EMILY BOBROW takes for granted that the world
the life and travails of his fiendishly is heading for ecological disaster, it
m er

clever and psychologically bruised also includes reasons for hope. A

alter-ego, Patrick Melrose, drawing
on Mr. St. Aubyn’s own experience
of being raped and abused by his sa-
Edward St. Aubyn character named Francis lives off the
grid in rural Sussex, tending to thou-
sands of acres of farmland that have
m rp

distic father, neglected by his alco- been turned over to “wilding.” After
holic mother and haunted by depres- years of monitoring the resurgence of
sion and a heroin addiction that
caused him to blow much of his in-
A novelist known for stories of trauma turns to reasons for hope. species, he finds “himself living in a
world of growing richness, a hotspot
heritance. for nightingales and turtledoves, a
co Fo

Though Mr. St. Aubyn had always
hoped to write novels, and promised
to kill himself if he failed, he wasn’t
sure that he wanted these highly
personal books out in the world at
all. He admits that he called his pub-
lisher several times to cancel their
publication, only to hang up at the
JUDE EDGINTON FOR THE WALL STREET JOURNAL
Aubyn says of the acclaimed Patrick
Melrose series, which ultimately
spanned five books written over 25
years and broadly traced the con-
tours of his life, including rehab,
marriage, parenthood, divorce and
the death of his mother. He believes
But their success “became another
prison,” says Mr. St. Aubyn, He has
written several other novels, includ-
ing “Dunbar,” a modern retelling of
“King Lear,” in 2017—“It was a great
relief to be writing about someone
else’s unhappiness,” he has said—
no alter-ego,” he says. “I’m setting
myself free now from the Melroses.”
Seven years in the making, his new
novel travels from Oxford to Big Sur
as it chronicles a transformative
year in the lives of several 30-some-
thing friends. The trajectories here
place that might help save a species
from extinction.”
It’s an apt metaphor for what Mr.
St. Aubyn describes as his own “re-
wilding.” He can’t quite explain how
he has arrived at a place where he
can write something so earnest and
stripped of satire, so devoted to solu-

last minute. “I was split 50-50 be-
tween desperately wanting to have it
published and desperately wanting it
to disappear,” he says. He worried
that the novels ultimately helped
him to reconcile with his past be-
cause he tried “to turn something
ugly into something beautiful,”
n-
but he still struggles to escape the are unmistakably positive: A woman tions rather than problems. But he
notoriety of his semi-autobiographi- with a brain tumor finds hope in acknowledges there is something in
cal work. “It’s as if the Melrose love and alternative therapies. A the wilding of misused land that feels
world was the only world I lived in somewhat manic venture capitalist like an apt metaphor for his own

that fictionalizing his dark childhood
would merely compound the trauma
and exacerbate his shame. “I ex-
pected to be reviled and attacked.”
no
transforming some of his harshest and nothing else had ever happened discovers a capacity for true gener- healing. “It wasn’t that one day I
secrets into “an aesthetic object.” to me,” he says. osity. A schizophrenic patient woke up and realized that there was
Two of the Melrose books were For Mr. St. Aubyn, “Double Blind” achieves a breakthrough with a tal- no need to be so despairing,” he says.
bestsellers and one was shortlisted marks a deliberate departure from ented psychoanalyst. A botanist cul- But he wrote this book while feeling

Instead, he found the experience for the Booker Prize; in 2018, they everything that has come before. tivates a promising antidote to envi- unexpectedly rosy about the future. “I
freeing, even therapeutic. “I didn’t were turned into a five-part minise- “I’ve created a new world with dif- ronmental degradation. “The whole hope it will fill readers with a per-
set out to unburden myself,” Mr. St. ries starring Benedict Cumberbatch. ferent concerns, a different tone and novel is about healing,” says Mr. St. sonal sense of optimism, too.”

From Theft by Stephen Goranson, a re-

searcher at Duke University, re-
by seizing a vehicle on the
highway. The theory favored by

Of Bootleg ports that “a new word has

been coined” to describe “free-
Mr. Goranson is that “hijack-
ing” is best understood as orig-

Liquor to
WORD ON
THE STREET Taking Jets
BEN
ZIMMER In Flight
WHEN BELARUS PRESIDENT
Alexander Lukashenko forced a
Ryanair plane to land in order to
arrest a dissident journalist who
was on board, international out-
rage was swift. The CEO of
Ryanair, based in Ireland, called
the incident “a state-sponsored
hijacking.” Irish Prime Minister
adding that the White House,
while condemning the action,
was “not legally ready to change
any of the existing language” re-
garding the term “hijacking.”
Under a narrow definition of
“hijacking,” what happened to
the Ryanair flight might not
count. It didn’t fit the typical
scenario in which someone com-
tle over a century, perplex ety-
mologists to this day.
Last December, Gerald Co-
hen, a professor at Missouri
University of Science and Tech-
nology, devoted an issue of his
“Comments on Etymology” pe-
riodical series to the latest re-
search into the emergence of
the verb “hijack.” Several of the
lance bandits” on the roadways
holding up those transporting
illicit liquor: “hi-jackers.” (Con-
fusingly, the article also refers
to them as “hi-packers,” but
that may be a typo.)
The article suggests these
“hi-jackers” were arriving in
Oklahoma from Missouri, which
would accord with a theory Mr.
Cohen has proposed for the
term’s origin. In southwest Mis-
souri, some locals claim that
the word “hijack” arose in the
context of zinc mining. Zinc was
locally called “jack,” so “hi-jack”
could refer to high-grade zinc
ore that some miners pilfered.
While the evidence for that
inally referring to “highway
jacking,” with “jack” meaning
“lift” or “hold up.”
As early as 1948, “hijacking”
got applied to seizing vehicles in
the sky. That’s when, as the Ed-
monton Journal put it, “twenty
anti-Communist Czechs...hi-
jacked a transport plane in mid-
air and flew it to the U.S. zone
of Germany.” A 1961 headline in
the New York Mirror introduced
a new portmanteau word for the
phenomenon: “Pan Am Jet Sky-
jacked to Havana.”
After “skyjacking” came other
blends like “carjacking” and
“yacht-jacking,” both dating to
the early 1970s. The digital age

[Hijacking]
Micheál Martin and several
other European Union leaders
echoed the term.
White House press secretary
mandeers a plane from the in-
side, such as by coercing the pi-
lot at gunpoint. (The flight,
bound for Vilnius, was forced to
divert to Minsk because authori-
ties from Belarus claimed there
was a bomb threat. The journal-
ist Roman Protasevich was ar-
rested on arrival.)
The meaning of “hijacking”
earliest known examples in
print are clustered in Oklahoma
in the 1910s. Oklahoma had re-
cently become a state and en-
shrined the prohibition of alco-
hol in its constitution, which
led to the widespread bootleg-
ging of liquor—and the fre-
quent robbery of liquor from
vehicles transporting it.
theory is scant, it’s clear that
once the term caught on for
booze bandits in Oklahoma, it
spread to other kinds of hold-
ups. A 1916 magazine article on
“Oil Field Talk” defined “high-
jack” as “a bandit or stick-up
man (they are plentiful in the
oil fields).”
In the Prohibition era, “hi-
has given us “cyberjacking,” in
which hackers remotely take
control of computer systems, as
well as “clickjacking,” or tricking
a website user into clicking on a
hyperlink. A Facebook-specific
kind of clickjacking is “likejack-
ing,” in which scammers fool a
user into “liking” a post or page.
The word “hijack” has been
JAMES YANG

Jen Psaki was more cautious. “I has never been entirely An article in the Dec. 13, 1915 jacking” became firmly associ- commandeered for all sorts of
don’t have a new definition of straightforward, and the term’s issue of the Record-Herald in ated with stealing bootlegged purposes. Should we call that
what happened here,” she said, origins, while dating back a lit- Miami, Okla., first discovered liquor or smuggled goods, often “hijack-jacking?”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 29 - 30, 2021 | C19

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

1. Jennifer Aniston
C. A Tribeca office Cell Blocks Cell Blocks

is back with a building Divide the grid
“Friends” reunion
D. A $245 million into square or
special. In what stock award rectangular blocks, For previous
role did she each containing weeks’ puzzles,
become a style one digit only.
6. Who will Google and to discuss
icon? Every block must
partner with to strategies with
contain the number
develop healthcare other solvers, go

A. Justine Last of cells indicated by
algorithms? to WSJ.com/

B. Margaret Thatcher the digit inside it.
puzzles.

C. Rose O’Reilly

A. Mehmet Oz

D. Rachel Green Killer Sudoku

B. Kaiser Permanente

C. HCA Healthcare Level 2 Suko
2. The Dow Jones Industrial
D. The Mayo Clinic
Average reached its 125th
birthday without succumbing to
7. Belarus arrested a journalist
Goodhart’s law. What’s that?
by forcing down a jet. What set
of rules restricts military force

A. If something can go wrong, Killer Sudoku Level 3
against civilian aircraft?
it will go wrong. As with standard

B. When a measure becomes Sudoku, ill the

A. The Chicago Convention
a target, it ceases to be a good grid so that every

B. The Penang Protocol
measure. column, every row

C. The Cairo Concord Color Swap

C. If something cannot go on and every 3x3 box

D. The Tenerife Treaty
forever, it will stop. contains the digits M E D
I C MA C E A G O R A E R R S

D. Power tends to corrupt, 1 to 9. Each set of A R U
B A C L A Y B A R O N S E E P
and absolute power corrupts 8. Which of these is one of two cells joined by G R E
E N S C A R E B L A C K S P A C E
N O T
F A I R O R F E O K L I N G O N
absolutely. step-siblings who control the dotted lines must
A L S
O G AM B O L S K I E R A D D
James Bond movie franchise? add up to the R E N E E L A S H E D T I N E S
target number in R U B E N S R A L P H L O G O N
3. According to a new study, its top-left corner. B L U E J U I C E P U R P L E B E L L Y

A. Heather Apple I N T O P T S I E T E T Y R E S E
which state has the highest Within each set

B. Louise Pepper S A T B Y SWO R D L O B O T A D S
lifetime tax burden? of cells joined by D U S T MO P S P A R A N O I D

C. Barbara Broccoli
dotted lines, a digit D A I S R E N I A U T O S M A R T S

D. Millie Oats
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

A. New York cannot be repeated. A G A T H A C E N T I R O E O H O

Y E L L OWH E A R T O R A N G E L A W

B. New Jersey E L L E N S H A N E T A V E R N

C. Connecticut 9. The children’s author who B R A D Y L O S E I T P R O S E

D. Florida created the Very Hungry Cater- Suko R EW S H I S H L E T S U P N A D A
pillar died at 91. Name him. A S H H E A P M U L C H S I C K L E S
Place the numbers W H I T E H O L E S R E D S C R E E N S

.
4. Amazon agreed to buy a 1 to 9 in the spaces so that N O R M A R E A S O T O E A E R I E

A. Eric Carle the number in each circle is Y E L L S T A R R W A N T G L O M S

ly
Hollywood studio. Which one?

B. Donald Crews equal to the sum of the four

C. Maurice Sendak Keeping House

A. Miracle Pictures surrounding spaces, and

D. Ezra Jack Keats each color total is correct.

B. MGM

C. Paramount

D. Columbia
on T
J A
O
C
P
K S
FROM TOP: NBC/EVERETT COLLECTION; GETTY IMAGES

R A G D O L L
P O G O S T I C K
us ,

5. The massive exit package C O S M I C S L A C K

given WeWork co-founder A T T A I N A I O L I
l

N G A O L E R G N B L
e
Adam Neumann was sweetened The attic may be described as a “Toy Story.”
al a

in February—with what? ACROSS 1. CO(S)MIC 5. S(L)ACK 9. AT + T(A)IN 10. AI(O)L + I 11. GAOLER (anag.) A F I R E A S H E E T
13. A(F) + IRE 16. S(HE)ET 17. ALTOS (hid.) 18. L(A + THE) + S 23. LANCES (anag.) A L T O S L A T H E S
ci on

A. A diamond as big as the 25. GR(A)IN 26. A + ISLE 29. S(PR)EE 31. INK PAD (anag.) 32. DRAWS (rev.) 33. A N E S S T O R Y M L G
+ N + IMUS 34. SPRAT (rev.) 35. L + ITERS (“tries” anag.) L A N C E S G R A I N
Ritz

B. A Gulfstream G650ER jet A I S L E A S P R E E
DOWN 1. C(AN + A)AN 2. STRAITS (anag.) 3. MA(JO)R 4. C(ONCE)AL 5. SP + ARKS
U T C A I N K P A D I
6. S(LIGHT)LY 7. ALO(N)E 8. KI(L)TS 12. B(EEL)IKE 14. F(LEAP)IT 15. ESTAT + E
D R A WS A N I M U S
Answers are listed below the (“taste” anag.) 19. AR(GO)TS 20. SCALAWAG (hid.) 21. MACRA(M)E 22. GNEISS
S P R A T L I T E R S
er s

crossword solutions at right. (“nice” hom.) 23. LA(U)DS 24. S AND(A) L’S 27. O’S + CAR 28. EGO(IS)T 30. PI + PIT
m er

Answers to News Quiz: 1.D, 2.B, 3.B, 4.B, 5.D, 6.C, 7.A, 8.C, 9.A
THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK
m rp

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 38 Coarse-grained
19 20 21
rock A A
40 Sax great Getz
22 23 24 42 Animalistic B B
emblems
25 26 27 28 29
C C
co Fo

43 Greet with
30 31 32 33 34 35 36 guffaws
37 38 39 40 41
44 Disreputable
paper
D D
45 Of a pelvis bone
42 43 44 45 46
46 Knock the E E
47 48 49 50 audience’s socks
51 52 53 54 55 off F F
47 Cowboy
56 57 58 59 60 61 62 nickname G G
63 64 65 66 52 Kitchen collection

67 68 69 70 71
53 Showed
disapproval
H H
72 73 74 75 54 Sage
55 Give a new look
I I
n-

76 77 78 79 80 81 to
82 83 84 85 86
57 Was once J J
58 Casino card game
87 88 89 90 59 Facial woe K K
no

60 Park City powder

91 92 93 94 95 96 97 98
61 Wrist bone L L
99 100 101 102 103 104 62 Nettles
105 106 107 108 109 64 Domain Rows Garden | by Patrick Berry
65 Director Answers fit into this flower garden F Type of performer associated Firmly implanted
110 111 112 Kurosawa in two ways. Row answers read with the term “bel canto” Promoting a new album, perhaps
113 114 115 66 Scents horizontally from the lettered (2 wds.) (2 wds.)
71 Newfoundland’s markers; each Row contains two
___ Genevieve Unable to move, possibly (2 wds.) Cloud in space
Marquee Matchups | by Sheldon Polonsky Bay consecutive answers reading left to G Overlap between the Hebrew Displayed anxiety
73 Butler’s last word right (except Rows A and L, which and Christian Bibles (2 wds.)
Across 47 Play a piccolo 82 Why only skilled 4 Programmers fill Taken out for a trot
74 Avoid facts contain one answer reading across “What not to wear” list (2 wds.) Medium Blooms
1 High beam 48 Kubrick’s parents should them
make spaghetti? 75 Dealership event the nine protruding spaces). H Prolific author who also
7 Boarding site computer 5 Paranormal gift, “Isn’t that unfortunate!” (2 wds.)
(Mila Kunis/ for short 76 Kitchen Blooms are six-letter answers that publishes under the
14 Panini 49 Boyo
Donald competitions fill the shaded and unshaded pseudonyms J.D. Robb and Carrie who won a posthumous
alternatives 50 Swoboda and 6 “The Last Jedi”
Sutherland/Bill heroine 77 Like some hexagons, reading either clockwise Grammy in 2018
19 Poker declaration Darling, of Mets Jill March (2 wds.)
World Series Murray) 7 Ocean detergents or counterclockwise. Bloom clues Bird that lays speckled eggs
20 What Jacques Carelessly assembled
fame 87 Repeated, a ingredient 78 Native of Japan’s are divided into three lists: Light, Hamlet’s “___ and arrows of
Cousteau got his famous Mardi assortment
51 Cockpit guesses, 8 ___ over (helped “food capital” Medium and Dark. Answers to outrageous fortune”
inspiration from? Gras song I Informal (and much safer)
for short financially) 79 Restaurant Light clues should be placed in Looks closely (into)
21 Lovecraftian, in a 88 Noggin version of a pro sport (2 wds.)
52 90-Across 9 Heraldry-related review hexagons with white centers;
way
consumer 89 The Harp in consideration Abandons all hope “Ratatouille” voice actor Oswalt
10 “Untouchable” Medium answers belong in the
22 Just another day London, e.g. J People obligated to submit tax ___ place (position beside a
in Congress,
53 Serta size group, colloquially 80 Somewhat hexagons with gray centers; and
55 Spreadsheet 90 Fare for a
11 Physicist’s 81 Everybody in the Dark answers belong in hexagons returns decimal point)
some would say? 52-Across
(Jack Lemmon/ unit particle South with black centers. All three Bloom Lead-in to a possibly hazy 1925 Darrow client
56 Boomer’s baby, 91 Frenzied 82 Dribble catchers recollection (3 wds.)
Uma Thurman) 12 Schindler of lists are in random order, so you Attacked (2 wds.)
often 93 Part of a capital “Schindler’s List” 83 Some business K “Look, I’ve got something
25 Left gains calculation must use the Row answers to figure Delivers a speech
57 Freaky fliers 13 Young in the news out where to plant each Bloom. important to say!” (2 wds.)
26 Consumed, 95 Not in custody Actress with the most Oscar
Bible-style 59 Turkey part? Rock and Roll 84 Hotel amenity Dodged and delayed to avoid
99 Cushy nominations
27 Cubs pitcher 60 One of the Five Hall of Fame 85 Union member, of Rows answering
Nations 100 Portcullis, e.g. 14 Mat word a sort Gal Gadot’s home nation
Mills A Portmanteau word that former L One of the five ships in the
63 M&M’s vs. 102 Bring home 15 Whitesnake 86 Bluegrass sound Can’t-lose candidate (Hyph.)
28 Order that Lakers coach Pat Riley game of Battleship
Willy Wonka? 104 Jessica Rabbit, guitarist Beach 92 Boiling point? “Carol” co-star Mara
opposes the Jedi registered as a trademark Light Blooms
(Jack Nicholson/ for one 16 Stand 93 ___ hasty retreat
30 Typographical (Hyph.) Franchise film that ignores Dark Blooms
Tony Todd) 105 Reason monkeys 17 Preparing a 94 Flight part
flourishes B Inserts recommended for people Mummify
67 Takes the don’t like the Dagwood 96 What Doc continuity
33 Depressing, Arctic? (Kristen with flat feet (2 wds.) Prepped a hose for storage
wheel sandwich, say Brown’s On the train
poetically Bell/Woody Play group at school? (2 wds.)
68 Patella’s place 18 Bar mixers DeLorean didn’t Calorie-laden desserts Money to burn
35 Medici family Allen/Will Ferrell)
69 Part of a Clue 23 Caravan need, ultimately C Narrow holes cut into front doors Part of many a date night
member who 110 You feel better After a surgical procedure
sponsored accusation stopovers 97 Narrow ravine (2 wds.) Like classic toy blocks
when it breaks (Hyph.)
Michelangelo 70 Some hosp. 24 Stanford of 98 Finished Superstitious schoolmaster
staffers 111 Lettering aid Features of Ruffles potato chips Tires kept in trunks
37 Enticements Stanford 101 Half a fl. oz. in a Washington Irving tale
72 Fuss 112 Pestering person University (2 wds.) Like books with no literary merit ___ calls (some animal cries)
39 Ore. neighbor 103 Key chain parts?:
73 Quit running 113 Planter’s packet 29 Line Courtroom figure Places for boutonnieres
40 Drink order on a Abbr. D Item scribbled on in
74 In need of 114 Overstaters of attachment Eldest daughter on “The Brady Language from which “menu” and
date, perhaps 106 It’s last in the brainstorming sessions
restocking expenses 31 Boat body Bunch” “restaurant” were borrowed
41 Earth: Prefix Oxford English Metal fasteners designed to
75 Difficult 115 Reacted in fright 32 Creator of Perry Dictionary
42 Result of too bend outward as they’re driven Magician’s “voila!” Stretched one’s neck to see
many posts from
position Down and Della 107 Homer frequently
76 Nut partner in (2 wds.)
online disrupters? 1 Loser to King in 34 Sound heard at borrows from
Get the solutions to this week’s Journal Weekend Puzzles in next
s

78 Crew tool 1973 an 84-Down him E Bank robber who was granted
(Anna Kendrick/
79 Objective 2 Flier with 36 “Film camera” or 108 Tolkien’s
a presidential pardon in 2001 Saturday’s Wall Street Journal. Solve crosswords and acrostics
Sandra Bullock/
Bill Skarsgård/ 80 Ensign’s feathers “silent movie,” Beechbone, e.g. (2 wds.) online, get pointers on solving cryptic puzzles and discuss all of the
Faye Dunaway) affirmative 3 Wildlife e.g. 109 Boot part Steak fries alternative (2 wds.) puzzles online at WSJ.com/Puzzles.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C20 | Saturday/Sunday, May 29 - 30, 2021
ICONS
A Martyr’s
Afterlife
A new exhibition explores the legacy of
Thomas Becket, the English archbishop
murdered in 1170 for his opposition to
royal power.
BY EMILY FERGUSON
I
n December 1170, Thomas
Becket, the archbishop of
Canterbury, was murdered on
the orders of King Henry II of
England, his former friend.
The killing was supposed to put an
end to disputes over the powers of
church and crown. Instead, Becket’s
martyrdom made him a Catholic saint
and a symbol of resistance to unjust
authority. That legacy is the focus of
a new exhibition at the British Mu-
seum in London, “Thomas Becket:
The Murder and Making of a Saint.”
With an array of medieval docu-
ments, sculptures, stained glass, jew-
elry, pilgrim’s badges and reliquary
caskets, the show explores “what
happened that led to this person from
otherwise ordinary beginnings rising
to a powerful position, falling from
grace and then ending up having his
head chopped off inside of a cathe-
dral,” said Lloyd de Beer, curator of
the museum’s late medieval collec-
tions, who organized the new show
with Naomi Speakman.
The exhibition documents Becket’s
life, but his death is the heart of the
story. Visitors are welcomed by a daz-
zling blue and copper casket made in
Limoges about 10 years after his mar-
tyrdom, adorned with gilded depic-
tions of his decapitation, entombment
and rise to heaven flanked by angels.
Also on display are reliquary caskets
used to hold sacred items associated
with Becket, including body parts.
Thomas Becket was born in
London around 1120 into a
family of merchants. An am-
bitious scholar, he was work-
ing by age 30 as a clerk for
the Archbishop of Canter-
bury, allowing him to make
connections in court, includ-
ing the newly ascendant
Henry II. In the exhibition, a
seal of Becket’s from the 1160s,
inscribed “Seal of Thomas of
London” in Latin, stresses his clas-
sical education, featuring an antique
A flask showing Becket with two
knights, 13th century.
MASTERPIECE | KOREAN VETERANS MEMORIAL (1995), BY COOPER-LECKY ARCHITECTS
A Plain-Spoken
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Tribute
BY TUNKU VARADARAJAN
THE KOREAN WAR ended more than
two decades before the messy con-
clusion of the war in Vietnam. And
yet a memorial to that earlier, “for-
gotten” war was dedicated only on
July 27, 1995, 13 years after the com-
pletion on the National Mall of a wall
of polished granite, etched with the
names of those who died in Vietnam.
Maya Lin’s Vietnam Veterans Me-
morial in Washington—once so po-
lemical—is now thought by many to
be as close to reverential perfection
as a war memorial can be. It has had
fierce critics. Jim Webb, a Vietnam
vet and U.S. senator, called it “a ni-
hilistic slab of stone.” The wall is
stark, even accusatory, and a bronze
sculpture of three soldiers was added
later to shush those who regarded
Ms. Lin’s creation as too cerebral—
even insufficiently heroic.
As if determined not to stoke such
controversy, the Korean Veterans
Memorial is, by contrast, stubbornly
literal. A demotic American master-
work, it is plain-spoken and realist. It
appeals to old-fashioned conceptions
of what is heroic and admirable. Un-
like the Vietnam Memorial, which
yields its richness to those who med-
itate before it, the Korean Memorial
fills even a child with awe—and it
does so instantly, on first contact, as
I found when I took my son to see it
Roman gem carved with an image of
Apollo. An illuminated book of gos-
pels commissioned by Becket when
he was in his 40s may include the
earliest portrait of him.
After he became archbishop in
1162, however, Becket’s friendship
with Henry soured, thanks to a dis-
pute about whether priests accused
of crimes should be tried by secular
authorities or the church. In 1170, he
enraged the king by excommunicat-
ing multiple royal officials. According
to legend, Henry asked, “Who will rid
me of this meddlesome priest?” and
four of his knights took the hint. Visi-
tors to the British Museum will see
Becket’s martyrdom represented in
many illustrations and engravings,
including the illuminated Carrow
Psalter (1250), still saturated with
color, and a lively scrawling illustra-
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when he was 10 years old, a full de-
cade ago. There is no sight quite like
that of a small boy transfixed before
statues that tower over him.
The monument—designed by Coo-
per-Lecky Architects of Washington—
has many elements, including a Pool of
Remembrance and a low-slung United
Nations Wall that lists the 22 coun-
tries that joined the U.S. in its “police
action” in Korea. Another wall, listing
the names of the Americans who died,
will be completed next year.
The monument’s true heart is a tri-
angular “Field of Service,” on which
stand the sculptures of 19 soldiers,
wrought in unpolished stainless steel,
each man about 7 feet tall. Early mod-
els had them at 8 feet, but this size
was thought to come much too close
to glorifying war: At a foot less in
height they are daunting to behold,
but not superhuman; larger than life
without surpassing a likeness to it.
The statues are “a case of art ren-
dering argument superfluous,” wrote
Benjamin Forgey, architecture critic
of the Washington Post, in an early
review of the monument. Called “The
Column,” they are an irrefutable
statement on the harshness, the
dread, and the team spirit of battle.
The sculptor was Frank Gaylord—a
little-known provincial artist from
Barre, Vt.—and he depicted his sol-
diers in full battle gear. Drafted at age
18, Gaylord served in the 17th Air-
REVIEW
tion in the Chronica Majora
(1240-50), a history by the English
monk Matthew Paris.
A cult began to form around
Becket’s memory almost immediately,
as pilgrims traveled from all over
England to pay homage to the martyr
Sculptor Frank borne Division in
Gaylord’s World War II. He
battle-weary sketched his fel-
soldiers. low soldiers in
the lulls between
battles, and the images in his note-
books inspired the faces on the sculp-
tures he did many years later.
Look at the faces of the men and
you cannot doubt that they were
shaped by a man who fought in a
war himself. The faces are lined and
battle-weary—perhaps even a little
underfed—with some mouths pursed
and some agape. The troops are on
patrol, spaced prudently apart from
one another, lest an enemy shell land
in their midst and kill many men at
* ***
or be healed by him. More than 700
miracles were recorded. At the British
Museum, visitors will see an array of
the flasks and badges that pilgrims
would collect at the cathedral. One,
with an embossed image of Becket
between two figures of knights—a
Pilgrims traveled
from all over
England to pay
homage to
the martyr or be
healed by him.
nod to his martyrdom—is inscribed in
Latin, “Thomas is the best doctor for
the worthy sick.” Some pilgrims
drank “St. Thomas’s Water,” ostensi-
bly a mixture of water with Becket’s
blood, which had been mopped up
from the cathedral floor. Small ves-
sels for the water became popular
pilgrim souvenirs. “They’re kind
of miniature sculptures in their
own right,” Mr. de Beer said.
Among the highlights of the
exhibition is a stained-glass
window that depicts Becket’s
death and miracles in vibrant
colors. The window, originally
20 feet tall, is one of 12 that
have adorned Canterbury Ca-
thedral since the 12th century.
“It’s a completely unique opportu-
nity to be able to see this glass really
close up for the first time in 800
years,” Mr. de Beer said.
once. You can tell from their insignia
that they’re a mix of Army, Navy, Air
Force and Marine Corps, and care
was taken to ensure that all races
that fought are represented. This ra-
cial mix isn’t a hewing to notions of
correctness, but an honest portrayal
of the men who fought in Korea.
Gaylord’s attention to detail is
stubborn. Shoes are cracked and
worn-out, tense hands grip rifles or
radios. Many of the men carry M-1s,
the semiautomatic carbines that were
a staple in the war. One man has a
Browning Automatic Rifle, an assis-
tant gunner toward the rear carries a
tripod, an Army medic has no weapon
at all. The men are weighed down by
THE WALL STREET JOURNAL.
FROM TOP: VICTORIA AND ALBERT MUSEUM, LONDON; THE TRUSTEES OF THE BRITISH MUSEUM
A reliquary casket depicting
Becket’s martyrdom, ca. 1180.
The shadow of Becket’s death hung
.
over church and crown and created
ly
friction that was finally resolved in
the Magna Carta, the charter of rights
limiting royal powers that was issued
in 1215. A 1225 copy of the document
is part of the show. “It is absolutely
rooted in the Becket dispute,” Mr. de
Beer said, “and the desire of the king
to enforce his will over the church.”
Centuries later, King Henry VIII
saw St. Thomas as a populist figure
undermining the monarchy. In Sep-
tember 1538 images of Becket were
made illegal and all texts bearing his
name were ordered wiped clean. Doc-
uments showing the saint’s name ei-
ther lightly crossed out or completely
obliterated with red ink bear witness
to the clashing forces of preservation
and destruction that swirled around
the figure of Becket.
But some objects associated with
Becket were kept hidden from the
crown, none more precious than the
piece of his skull that closes the Brit-
ish Museum show. Its origin is un-
clear, but in the 1590s, when saintly
relics in England were illegal, it was
taken to an English Jesuit college in
France. In 1666, the college commis-
sioned a silver sculpture of Becket to
hold the relic, which was encased in
a glass oval box. “In death,” de Beer
said, “Becket became a great symbol
for the church as a defender against
tyranny and very much a defender of
the rights of the people against the
power of the king.”
their gear—in contrast to the North
Korean or Chinese enemy, who was
lightly equipped and fleet of foot in
canvas sneakers. Their ponchos cover
hefty rucksacks, and Gaylord’s shap-
ing of these ponchos is masterful,
their folds undulating, occasionally
crinkled, enveloping each man in a
cocoon against the Korean weather.
The overall effect of the wind-blown
ponchos is to make the men seem
ghostly. This isn’t triumphal statuary.
Every man is on edge.
Arrayed against a gleaming gran-
ite wall, the 19 soldiers double to 38
by the magic of reflection. This num-
ber is intentional, marking the 38th
parallel that separates free Korea
from the prison-state to its north.
Etched on the wall are thousands of
faces of nurses and other support
troops, copied from photographs at
the National Archives. When the sun
allows for reflection, and the statues
duplicate themselves on the wall, the
effect is thrilling: It is as if a platoon
were inching forward to engage an
enemy it cannot see. These were
men—as the dedication stone at the
monument tells us—who “answered
the call to defend a country they
never knew and a people they never
met.” The memorial to them in
Washington cannot possibly do them
justice. But it has given us a place
where we can pay them our regard,
and marvel at the hell and hardship
that they faced on our behalf.
AFP VIA GETTY IMAGES
Mr. Varadarajan, a Journal contribu-
tor, is a fellow at the American En-
terprise Institute and at New York
University Law School’s Classical
Liberal Institute.
 OFF DUTY
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Superior To Flea
Sleepovers Markets
Pizza ovens and We Go
more to indulge Fall in love with
long-denied kids bargain hunting
D8 anew D9
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 29 - 30, 2021 | D1

Return
To the

Table
We’ve all gone a little feral
over the last year. A dinner party
provides an ideal opportunity to
reconnect with our civilized selves.
Here’s how to actually enjoy it.

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SIDNEY BENSIMON FOR THE WALL STREET JOURNAL; KERRY HYNDMAN (ILLUSTRATION)
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CHEERS TO THAT If you’re doing it right, hosting a dinner party should not just look easy; it should also be easy, as well as delicious, engaging, affirming and fun for everyone (as in this
casual gathering thrown together by our photo team). We called on two dinner-party partisans to lay out the ground rules for gathering as we begin to emerge from the isolation of lockdown.
n-

BY RICO GAGLIANO AND BRENDAN FRANCIS NEWNAM ting together? It’s enough to leave even the most power of the dinner party, which requires, first

B
urbane and extroverted of social animals a little of all, a specific kind of environment:
ACK IN 2018, we wrote a book feral.
called “Brunch Is Hell,” in which we The good news? There’s light at the end of the SET THE TABLE. You must have one. Either ac-
no

declared the dinner party the cor-
nerstone of civilization—and brunch
its evil antithesis.
Unlike brunchers at a restaurant, we noted,
dinner party hosts selflessly welcome friends
and strangers into their homes, provide them
with free food and in return ask only that no one
spill wine on the Pomeranian. A dinner party, we
said, is a safe space for the freewheeling ex-
change of ideas, where differences can be loudly
debated and impromptu dancing is welcomed.
And a dinner party is, we said, “recess for
adults”—a blessed break from the pressures,
consumerism and information-blitz of the out-
side world. We hoped to convince more people to
host dinner parties. Without them, we warned,
society would surely crumble, like the crust on a
reheated brunch quiche.
Well, here we all are, after an enforced year-
long dinner party drought, and…we told you so.
Turns out, when you spend 13 solid months
bingeing true-crime shows and fake-smiling
through virtual meetings instead of actually get-
foyer. As vaccines roll out, case counts dwindle
and gatherings with someone other than your
toddler’s pediatrician become sanctioned, we can
begin to restore civility. One dinner party at a
time.
It feels weird, though, right? Many of us are
eager to reconnect, but we’re simultaneously un-
sure of the health risks and a little rusty at en-
tertaining—or even at dealing with other hu-
mans.
Fear not. Where CDC guidelines end, our din-
ner party guidelines begin. Below, a quick
booster shot of the top-line dinner party rules,
along with a few updates specific to this moment
between full-on pandemic and whatever “nor-
malcy” is going to look like. Give it a read. Invite
some people over. Civilization depends on it.
The Dinner Party Environment
A child’s birthday party, a pool party, an ‘80s-
teen-movie-style bash with a hundred people
pounding Pringles and beer: All of these can be
fine affairs. But none have the special civilizing
tual or, for hosts with limited space, symbolic
(e.g., a blanket on the living room floor).
The table’s purpose is to force the entire group
of guests to converse together. Therefore, guests
must actually be seated around it while dining.
This also means a true dinner party should
consist of no greater than 12 people total. This is
the maximum number you can conceivably
squeeze around the table and still share a single
conversation. And as we emerge from our Covid
cocoons, it also happens to be about as many peo-
ple as you’ll be able to mentally and emotionally
handle without excusing yourself to the bathroom
and scream-crying into a hand towel.
DINNER PARTIES ARE A/V FREE ZONES. Enough
with the phones. All audiovisual electronic equip-
ment within 25 yards of a dinner party must be
switched off or stowed away, except for the mini-
mum gear necessary to play music. The goal is to
keep visual distractions to a minimum, so the fo-
cus is on the humans sitting in front of you.
Please turn to page D11

Inside
WHAT FRESH HEEL ‘YOU WANT ME TO STAY THE
IS THIS? WEEKEND…REALLY?’
Why women are buying bright, Under-$75 host gifts for lucky
bliss-inducing fashion again guests to bring along
D2 D10

THE POOL’S OPEN! DESTINATION: ITALY

While you were in lockdown, Now that you can finally revisit
swim-tech designers came up the Boot, experience it like
with helpful new gadgets D7 never before D4
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D2 | Saturday/Sunday, May 29 - 30, 2021
BY KATHARINE K. ZARRELLA
A
YEAR AGO, an awe-
struck child accosted
me on Sixth Avenue as I
was heading to the su-
permarket. “Are you
Lady Gaga?” she shouted from a safe,
6-foot distance. Much to her and my
chagrin, I’m not, but her question had
validity. I was, after all, sporting 5-
inch heels, fishnets and a new shock-
ing-pink satin shorts suit—one of my
more curious purchases given that
I’m a color-averse New Yorker. As I
shook my head no, her father chor-
tled. She grinned and grabbed his
hand. I welled up behind my Saturn-
size sunglasses. This overdressed
grocery run was my first outing after
recovering from Covid. I felt lucky, re-
lieved, giddy and, apparently, I looked
Lady Gaga-level fabulous.
According to Dr. Jennifer Baum-
gartner, a clinical psychologist in
Washington, D.C., we humans use
clothing to mark significant events,
like making it through a global pan-
demic. And as U.S. cities reopen,
friends reunite and the world be-
comes a smidgen less terrifying,
women are reaching for exuberant
outfits—like my I-survived-Covid pink
suit—that proclaim “Woohoo!” and
fete the occasion. I was admittedly
ahead of the curve.
We’ve spent the past year in
sweatpants, consumed by uncer-
tainty, said Miami clinical psycholo-
gist Dr. Christina Ferrari. “You’re go-
ing to see a lot of people
overcompensating for what they
couldn’t wear” during lockdown.
Jeremy Scott, the creative direc-
tor behind irreverent Italian brand
Moschino, sees Roaring Twenties-
style decadence in this post-sweat-
pants rebellion. I call it Joy Dressing,
but whatever term you use, the phe-
nomenon has been brewing since
early February, according to Libby
Page, senior fashion-market editor at
luxury e-commerce platform Net-a-
Porter. During the pandemic’s darkest
days, customers were buying a “sea
of very neutral tones and
loungewear,” she said. What she’s
witnessed selling lately: spirited
prints, swishy tiered skirts and jubi-
lant ruffles as well as “very bright,
bold, colorful dresses” by cheerful
brands like Zimmermann.
That label’s creative director, Syd-
ney-based Nicky Zimmermann, has
always produced upbeat, feminine
looks (like the dress at right) and
stayed the course during Covid. Her
brand’s elevated U.S. sales suggest it
paid off. “We can see that women
want to go out and feel beautiful,” she
said, adding that her lushly floral col-
lection was conceived to lift spirits.
Laura Vinroot Poole, founder of
the boutique Capitol, with locations
in Los Angeles and Charlotte, N.C.,
said customers are experimenting
with eccentric styles they would have
shunned pre-pandemic. One L.A. cli-
ent, previously devoted to blacks and
browns, splurged on an emerald silk
Dries van Noten top and pink mules.
CHLOE KING
“She’d never bought anything crazy
before,” marveled Ms. Vinroot Poole.
With such unbridled style, women
no
STYLE & FASHION
Don’tWorry,DressHappy
We’ve spent months facing uncertainty, wrapped in gray fleece.
Now, exuberant, over-the-top clothes herald joy, relief and new beginnings.
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IN LIVING COLOR Above: Chloe King, who works in fashion brand relations in New York, in an uplifting Richard Quinn
dress and grounded G.H. Bass loafers; Below, clockwise from left: Dress, $750, zimmermannwear.com; Necklace, $725,
juliaaeran.com; Molly Goddard Skirt, $800, matchesfashion.com; Oscar de la Renta Dress, $4,590, saksfifthavenue.com;
Moschino Couture Blouse, $945, Saks Fifth Avenue, 212-753-4000; Shorts, $40, zara.com; Shoes, $280, larroude.com
n-
Let’s Talk About
Knits, Baby
Before you
re-emerge,
consider dumping
that saggy WFH
sweater for a more
confident—and
seductive—option
BAD NEWS FOR baggy sweaters: Warm
weather and reopening is moving women
to break up with the faithful, nubby pull-
overs that provided so much sloppy com-
fort during lockdown. The new object of
fashion’s affections? Uninhibited knit
dresses, cardigans and sweaters that are
thin, breathable, summer-weight and of-
ten ribbed for visual pleasure.
In a backlash to the anemic monot-
ony of our isolation clothes, sensuality
has emerged as a key mood this sea-
son. Among the seductive, polished
knits on the market, Bottega Veneta’s
merino wool tops are so slight, they
look as though mere eye contact might
unbutton them. Proenza Schouler
makes curve-hugging dresses. Khaite
proposes pairing its woolen bra with a
comparatively demure, collared cardi-
gan, and New York brand Tibi is sug-
gesting sweaters with flirty, flesh-ex-
posing cutouts. “We haven’t had any
* ***
ly
playfulness for a year,” said London de-
signer Paula Gerbase, whose gauzy, al-
most see-through tops tease the eye.
“Transparent knits allow a little bit
more joy, which I’m certainly craving.”
Tibi founder Amy Smilovic considers
her form-fitting knits ideal if you’re
graduating from video-chat to in-per-
son dating. There’s a “real desire to
have things close to the body,” she
said. “Giant sweaters,” she added, don’t
necessarily project confidence when
meeting a new Bumble match at a bar.
“You don’t want to look lazy, but you
do want to be comfortable.”
Robyn Berkley, co-founder of New
York athleisure brand Live the Process,
agrees. “People want that flexible feel-
ing,” she said. Furnished with pockets
and French cuffs, her label’s Tuxedo
cardigan offers all the trappings of a
blazer without the weighty formality.
Slim knits suit our collective mind-
set as we transition from hibernating
in sweats to dressing for social interac-
tions. “We’re not ready to go full out in
high heels and dresses,” said New York
communications consultant Viktorija
Svedkova Jasevice, 29. Once devoted to
crisp button-ups, she’s lately relied on
a sheer, low-maintenance Prada cardi-
gan—worn with jeans or tailored trou-
sers or over silky slip dresses—whether
at home or out to dinner. “You don’t
have to iron it.”
Spring’s multitasking knits afford
both ease and impact. “Good knitwear
gives you freedom,” said Ms. Gerbase.
“You don’t want to meticulously take
care of your garments. You want them
to work for you.” You might even up-
grade these sexy, cooperative knits
from “spring fling” to “long-term
lover.” Just don’t introduce them to
your parents. —Grace Cook
THE WALL STREET JOURNAL.
are responding to a traumatic year,
said Dr. Baumgartner. “When you face
your mortality, it’s like you get a sec-
ond chance. You’re able to take more
risks.… You’re more willing to fully
live.” Another factor: We’re craving
human interaction. Exciting fashion,
said Dr. Baumgartner, elates the
wearer but also delights viewers (at
least those with good taste, like my
awe-struck little girl). “We see our joy
reflected in their eyes, [which] rein-
forces our joy.”
Erin Hazelton, a 41-year-old New
York writer and producer, learned
this firsthand while conquering can-
cer. “I thought I was going to lose my
mind” during treatment, she said, so
before her daily hospital trips, she’d
armor herself in outré outfits. “People
would laugh in this room where ev-
eryone’s usually so sad. It brought joy
not only to me but to those around
me. It made me feel less alone.” Now
vaxxed, Ms. Hazelton is finding glee
through fashion again with mini-
dresses she never fathomed wearing
in her 40s. “I’m gravitating more to-
ward prints and happy things.”
Vaccination also catalyzed Eliza-
beth Graziolo, 47, to dress optimisti-
cally. After getting jabbed, she in-
dulged in “a whole new wardrobe”
heavy on hyper-hued dresses. “This
year represents rebirth,” said Ms.
‘This year represents
rebirth. I want my
wardrobe to reflect that.’
.
Graziolo, founder of Yellow House Ar-
chitects in New York. “I want my
wardrobe to [reflect] that.”
Mindy Homer, 43, a pediatric den-
tist in New York, might not see the
pair of “flamingo” shoes she bought
in February as a symbol of personal
renaissance, but they do boost her
mood. “As soon as I saw them, I felt
happy,” said Ms. Homer of the pink
Sophia Webster shoes whose heels
take the form of blush-colored water
birds. When debuting them at drinks
at her neighbors’ house in April, the
longtime vibrant dresser never took
them off—not even while inside.
“They made me feel like me again.”
To those anxious about the jarring
shifts (sartorial and otherwise) re-en-
try brings, Moschino designer Mr.
Scott advised, “Start small, maybe
with red lipstick. Then work your way
up.” Dr. Baumgartner also supports
gradual zestiness and contends that
pushing yourself can prove reward-
ing: “Try the sequin jacket. See what
it feels like.” Dr. Ferrari suggests
gently wading into joy by pairing styl-
ish accessories like “cute flats” with
cozily familiar loungewear.
Last month, I brazenly reported
for jury duty in a candy-red, eyeball-
print dress coated in clear plastic that
pleasingly snaps and rustles with
each step. It didn’t get me excused
and no one mistook me for a pop star.
But one fellow juror excitedly
screamed “Yasss!” while we waited in
the security line. The guards, too,
seemed amused.
SWEATER DAYS AHEAD
Light, playful knits to flaunt
in weeks to come
1
2
3
VICTORIA TENTLER-KRYLOV (ILLUSTRATION)
1. Dress, $239,
hanifa.co 2. Dress,
$1,250,
galvanlondon.com 3.
Rosie Assoulin
Sweater, $895, net-a-
porter.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
1 3
A Briefer Dress Code
A year in isolation—and an anything-goes, WFH wardrobe—has inspired formerly formal
GETTY IMAGES
guys to loosen up and experiment with style. Enter the liberating shorts suit.
BY JACOB GALLAGHER
T
HOM BROWNE is
America’s foremost
authority on shorts
suits. The New York-
based designer has
been selling the knee-baring en-
sembles—which pair a jacket
with shorts, not trousers—since
he launched ready-to-wear in
2003. He has sold them to busi-
nessmen as well as NBA stars like
LeBron James. In April, Alan Kim,
the dimple-faced 9-year-old star
of “Minari,” attended the Oscars
in an adorable pint-size Thom
Browne shorts suit.
But Mr. Browne himself is the
shorts suit’s best model. In an in-
terview for this article, he
claimed to have not worn full
pants—with or without sport
coats—in over a decade. Shorts
“are more comfortable,” he said.
His sole concession to Mother
Nature is that in winter, he wears
knee-high socks with his shorts
to give his otherwise exposed
calves a smidgen of insulation.
Mr. Browne’s commitment to
abbreviated formality makes him
stand out in Manhattan where, as
in all American cities, it’s rare to
spot a man in a suit with shorts.
That’s not at all the case in Ber-
no
Into the Blue
A beautiful world awaits, just outside your door.
* * * *
THE LOOKING FORWARD ISSUE | STYLE & FASHION
2
on muda, the look’s natural habitat.
Coolly Quirky Relaxed and Refined
us ,
Since around the early 20th cen-
tury, businessmen on the island
l
e
have worn cropped shorts with
al a
ties and blazers to remain formal
while combating coastal heat.
ci on
In landlocked locales, the
shorts suit has had shorter luck—
not that fashion labels haven’t
tried to force the issue. A 1966
photo from the Evening Standard
er s
showed a pair of young men
striding through a London park
m er
in shorts suits by British designer
Hardy Amies. But even in swing-
ing London, the style faltered. In
the early 2010s, J.Crew intro-
m rp
duced shorts versions of its pop-
ular Ludlow suit, but the option
fizzled out after a couple of
years. More recently, the enve-
lope-pushing Japanese label
co Fo
Comme des Garçons has shown
billowing shorts suits at its run-
way shows, but such experiments
barely resonate outside the high-
fashion world.
When Drew Taylor, 34, moved
to scorching Atlanta five years
ago, he wanted an everyday shorts
suit, but it proved elusive. He
A sophisticated style in luxe couldn’t find a single economical
A playful cotton-linen herringbone jacquard. Giorgio option. (Mr. Browne’s well-known
version. Jacket, $368, Shorts, Armani Jacket, $2,595, versions ring up at around
n-
$168, toddsnyder.com Shorts, $875, mrporter.com $3,000.) Mr. Taylor took matters
into his own hands by hemming
Saturday/Sunday, May 29 - 30, 2021 | D3
ABOVE-THE-KNEE FORMALITY
1. A jaunty gent in a Bermuda
shorts suit in 1955. 2. ‘Minari’
actor Alan Kim in a pint-size
Thom Browne set at this year’s
Oscars. 3. Fashion brand Stüssy’s
striped take for its summer 2021
collection.
the pants half of suits from thrifty brands like
H&M into shorts. He continues to make his
own shorts suits—now with the assistance of a
more skilled tailor—and though he’s since relo-
cated to more temperate Boston, he breaks
them out in spring when the temperature ex-
ceeds 75 degrees.
But if Mr. Taylor tires of such ad hoc solu-
tions, he might be surprised to find a growing,
if still small, number of shorts suits in stores
this summer. New York designer Todd Snyder
has perhaps leaned the furthest into the
shorts-suit concept. His website currently fea-
tures five moderately priced Bermuda suit op-
tions in patterns from tone-on-tone blue seer-
sucker to an eccentric striped ombre. Luxury
labels are also embracing the trend: Giorgio Ar-
mani sells a navy herringbone suit with knee-
length drawstring shorts (pictured) and Danish
brand Han Kjobenhavn offers a gray suit with
creased, knee-length trunks.
Mr. Snyder has found that after a year of
living in bland sweats and Zoom shirts, his
customers are looking for something expres-
sive that is anything but basic. His shorts
suits are startling, but so far they’re selling
well. Last year, he sold just a “couple of
dozen” such suits. This summer, he expects to
easily surpass the number.
Ralph Auriemma, creative director of Paul
Stuart, surprised even himself by assembling
a few summery iterations of shorts suits for
the American brand. In the past, he said, “we
never showed suits with shorts.” But business
.
dress codes eroded during the work-from-
ly
home moment, and as men return to the of-
fice, Mr. Auriemma sees them getting more
experimental. “It’s not like an attorney is go-
ing to go to work in these kinds of clothes.
But if you have a job where you are free of
the uptightness of a [traditional] suit, then
why not?”
These shorts ensembles aren’t quite flying
off Paul Stuart’s shelves yet, but he cautiously
anticipates sales increasing as it gets hotter.
With many people planning to socialize
largely outside, the airy shorts suit might be
a sensible summer investment. Mr. Snyder
said he expects customers are buying shorts
suits, first and foremost, for their “utility” as
a cooler, heat-combatting option.
Designer Thom Browne claims
to have not worn full pants—
with or without sport coats—in
over a decade. Shorts ‘are more
comfortable,’ he said.
To underscore the shorts suit’s summer-
ready breeziness, designers are starting with
lighter fabrics and have stripped out linings.
Paul Stuart’s sport coats are unstructured, and
some of its pliable shorts feature drawstring
waists. Armani’s suit trunks hang as loosely as
a pair of gym shorts. And Mr. Snyder picked
porous seersucker materials for his suits to
promote air flow. He advised against wearing
them the traditional Bermuda way with crisp
dress shirts and hard-soled dress shoes. Instead
he endorses relaxed polos and slide-on Birken-
stocks. The shorts suit, he said, “has its own
dress code.”
se re n a a n d l i ly. com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D4 | Saturday/Sunday, May 29 - 30, 2021 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

SOUND TREK One of the
Rustling ointeractive trails in Parco
leaves, Naturale di Portofino.
trickling This one runs from Gaixella
waterfalls, the to Pietre Strette, one of the
soft snort of park’s peaks.
wild boars.

ANDREA WYNER FOR THE WALL STREET JOURNAL

A Listening Tour in Italy Waves
lapping on the
pebbled beach,
screeching
Sound-themed hiking trails on the Italian Riviera—newly reopened to foreign gulls.
visitors—let you tune into life on the Mediterranean like never before

.
ly
BY ADAM H. GRAHAM

T
HERE ARE MORE The
glamorous ways to ar-
rive in Portofino, I
thought to myself as I
sat on a backwards-
crunch of
focaccia sliced
on wooden
boards.
on
us ,

facing seat on a bus full of masked

Italian nonnas. Nevertheless, after a
l
e
year of lockdown baking and gar-
al a

dening, I was grateful to be on the

road again. In mid-May, Italy re-
ci on

opened its borders to tourists from

other European countries including
Switzerland, where I live. (Vacci-
nated tourists from the U.S. who ar-
rive on certain flights are also al-
er s

lowed to visit without a quarantine.)

In celebration of the reopening, I set
m er

out for the spaghetti bowl of hiking

trails in the Parco Naturale Region-
ale di Portofino set along the Ligu-
rian coast. But my plan wasn’t just
m rp

to stomp around the parkland. I

went to listen to it. SONIC BOON Clockwise from left: Pasticceria Revello in Camogli, outside
While the park, about 20 miles Parco Naturale di Portofino; the beach in front of the San Fruttuoso abbey,
from Genoa, was established in accessible only by ferry or a steep footpath; on the promenade in Camogli.
1935, the interactive elements—
co Fo

sometimes called didactic or senso-
rial trails—only came about a few
years ago. QR codes on signposts
link to your phone. Point your cam-
era on the code and you’ll be
flashed intel about flora or fauna or
local history. This summer, those
footpaths are set to become even
more interactive and sensorial for a
project called Suoni in Cammino, or
Sounds on the Trail. QR codes will
direct hikers to listen for birdcalls
flowers. The intent was for handi-
capped visitors to utilize their other
senses, but trails like this inevitably
became popular with everyone.
The Parco Naturale di Portofino,
which occupies the mountainous
Portofino promontory, is just one
segment of the 419-mile Sentiero Li-
guria trail. Divided into 30 seg-
I didn’t see another soul
n-
park I tried to tune in to the aural
features of the place as well as the
scenic ones.
Content to hike during the day
and sip waterside aperitivos in the
evening, I based myself at a hotel
in the picturesque town of Camo-
gli. On my first morning, I hopped
on a local bus for the 16-minute
ride to Portofino and found my
way to the trailhead (one of many)
above the town’s 12th-century San
Fiat trying to hear the frogs croak but
Cinquecentos only caught the whistle of the wind.
rattling on The next day, I took a 30-minute
cobblestones. ferry from Camogli to San Frut-
tuoso, a beach cove in the park
that is home to the remains of a
9th-century abbey. San Fruttuoso
is only accessible via extremely
steep trails or by boat. After ex-
ploring the abbey’s relic-filled mu-
seum for an hour, I started the six-
hour ascent back to Camogli,

while art installations, guided
“sound” treks and a series of live
music performances at various
points (on specified days) are also
no
Martino Church. From there, I set envying the lazy sunbathers on the
on the trail, but the cackle out to climb up to Pietre Strette, rocky beach as I began my slow,
of jays and the shrill one of the park’s 1,522-foot-high trails run along medieval pilgrim- demanding scramble up the
piping of treecreepers summits. Within five minutes of age routes, Roman roads and nar- switchback trail through olive

planned. Elisabetta Vitelli, a musi-
cian and artist, developed the proj-
ect in 2019 in partnership with Il
Bosco in Ascolto, the Cultural Asso-
ciation of Forest Listening. The in-
tent, said Ms. Vitelli, was to support
local culture and musicians, and to
heighten hikers’ senses while they
explore the trail.
Sensory and didactic trails are
found all over the world (see “Feel
Your Way,” below). They typically
emphasize nature and less-hyped
spots. Many arose from a need for
parks to become more accessible for
disabled visitors by offering various
ways to engage with the landscape,
pointing out the sounds of the flora
and fauna, for example, or the fra-
grance of the trees, grasses and
kept me company.
ments, the Sentiero Liguria hugs the
arc-shaped Ligurian coast from Ven-
timiglia at the French border to La
Spezia pressed up against Tuscany.
At just under 6 square miles, the
Portofino park might seem like an
espresso cup of land compared with
venti-size Big Bend and Yosemite,
but it packs a punch. Fifty miles
worth of trails wind through Medi-
terranean macchia leading to an
abandoned 9th-century abbey, wa-
terfalls and beach coves. The
Sounds on the Trail installations
won’t be ready until July 3, but on
the two days I spent exploring the
walking, any glimpse of Portofino’s
bobbing yachts and luxury shops
had vanished. So had the sounds of
heels on pavement and zipping
Vespas. Instead, I was surrounded
by lush gardens and the rustle of
citrus and banana trees. Within 10
minutes, the trail gave way to
overgrown meadows and olive
groves and eventually morphed
into a tree tunnel made of holm
oaks, manna ash, Aleppo pines and
chestnuts. Every 30 minutes or so I
encountered a QR sign that located
me on a phone map and offered
additional details about my sur-
roundings, explaining the types of
trees, wildlife and rocks I’d en-
counter. A few offered brief history
lessons, noting that some of these
row mule trails. At times these
trails were so remote and devoid
of human presence that I felt I
could be in pre-Roman times, a
rarity in densely developed Italy.
The sun was strong that morning
and the trail incredibly steep in
parts. Near the summit, ferns and
mosses kept the path much cooler.
It was there, in a lovely and haunt-
ing spot, that the Sound on the
Trail project staged its first con-
cert, last year, and where more—in-
cluding one dedicated to medieval
chanting—are planned from July
through September. I snapped a QR
code and learned that rare orchids
and tree frogs are being reintro-
duced to this part of the park. I lin-
gered in the stillness for a while,
groves. I didn’t see another soul
for the next two hours, but the
cackle of jays and the shrill piping
of treecreepers kept me company.
On the gentle slope that leads
directly to Camogli, I bypassed
walled orange trees, the copper-
domed Church of San Rocco and
sea-facing stone benches. The
sonic experience reached its zenith
as Camogli’s pastel houses came
into view. Church bells rang across
the valley, gulls screeched above
and a lawn mower buzzed across
the yard of a faded pink villa. Mo-
ments later, sitting al fresco at a
cafe overlooking the harbor, I
thrilled at another sweetly familiar
sound: the bubbles fizzing in my
Aperol spritz.

Feel Your Way
Four other trails, in the
U.S. and Europe, that are
unusually stimulating
Boots Off in the Alps
The 3.3 mile Barefoot Hik-
ing Trail in Gonten, Switzer-
land, stretches across the
hills of Appenzell. The easy,
family-friendly 90-minute
hike will have you stepping,
unshod, over grassy mead-
ows, riverbeds, sand, gravel
and even trudging through
a muddy moor. Fine-tune
your feet afterward at the
northern France inspired
many resident painters, in-
cluding Monet and Delac-
roix. Recently, the Nor-
mandy region integrated
tourism with creativity and
art, which included sprucing
up dozens of hiking trails
and adding interactive fea-
tures. Most paths also in-
clude signs outlining the
connection to the Impres-
sionist painters; a few over-
lap with the coastal GR21
trail atop that skirts the rim
of the 300-foot-high sea-
cliffs. Less fearsome is the
1.2-mile-long gravel trail in-
estate with over 100,000
plants and art and sound
installations.
Pluck the Pine in Colorado
While home to 155 miles of
hiking trails, Boulder, Colo.,
has in recent years estab-
lished a number of routes
for people with disabilities,
including the wheelchair-
friendly Sensory Trail lo-
cated atop Flagstaff Moun-
tain. It was originally
designed for visitors with
vision impairment but has
become popular with
sighted hikers who take
ponderosa pine and native
flowers, as well as listen to
the wind and bird calls.
Goose Around Cape Cod
Salt marshes and aspara-
gus and turnip farms oc-
cupied this area on Cape
Cod 150 years ago, but to-
day Mass Audubon’s Well-
fleet Bay Wildlife Sanctu-
ary is home to a 5-mile
network of boardwalks
and trails encompassing
marshes, woodland, but-
terfly gardens and
washed-up whale bones.
The sensory trail around
MATTEO CARASSALE

Kneipp foot-bath station.
Make a Real Impression in
Normandy
The chalk-white cliffs in
side the Jardins d’Etretat
(pictured at left), designed
by landscape architect Alex-
andre Grivko, who trans-
formed the grounds of this
turns using blindfolds to
tap into their other senses.
Trailside prompts in Braille
and English invite hikers to
smell and touch fragrant
Goose Pond is one of a
dozen in Massachusetts
that feature tactile sign-
age, listening stations and
28 audio guides.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 29 - 30, 2021 | D5

CARIBBEAN & GREECE

T W O WAY S TO
TRAVEL SUMMER 2021

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D6 | Saturday/Sunday, May 29 - 30, 2021
BY CONSTANCE C.R. WHITE
R
ARELY do we
go rummaging
through our
brain’s olfac-
tory files for
reminders of an impressive
vacation. But this is a great
time to give a workout to
what chef Marcus Samuels-
son calls our “smell muscle,”
using our sense of smell to
experience more of the
world. You’re sure to get
your heart pumping.
Emerging from the cocoon
we were unceremoniously
stuffed into a year ago, many
of us are starting to dream of
returning to a favorite place—
a beloved getaway spot that
has been frustratingly off-lim-
its for the past 14 months.
While photos or particularly
vivid TV shows might conjure
the image of those out-of-
reach destinations, they can’t
reproduce the feeling of being
there. “When we smell things
we are directly experiencing
little bits of that place, the
materials that make up that
place,” said author Harold Mc-
Gee, whose most recent book,
“Nose Dive: A Field Guide To
The World’s Smells,” came out
The aroma of the
place is perhaps the
only experience you
can’t transport as a
souvenir.
in the fall. The aroma of the
place is perhaps the only ex-
perience we can’t transport as
a souvenir.
Not that it hasn’t been
tried. Versions of Smell-O-Vi-
sion or Scentovision, a system
that transmits smells during
films or television shows, first
wafted onto the scene in the
1960s after Swiss scientist
Hans Laube introduced it in
1939 at the World’s Fair. “It
didn’t work,” said Mr. McGee,
but hold tight for another de-
cade or so and we’ll be able to
visit India and share the smell
experience when we return
home, he predicted. Until
then, we asked Mr. McGee as
well as six other professionals
for whom scent plays an im-
portant role to share the aro-
mas that evoke their strongest
memories of places they’re ea-
ger to sniff once again.
Harold McGee
author, food sci-
entist
“I live in San
Francisco and
we’ll often go on a driving trip
up the coast to Mendocino. I
smell the ocean and the red-
woods. The redwood forests
have a particular smell—
moist, evergreen, woody,”
said Mr. McGee, adding that
the bark on the massive trees
no
A Truly King-Size Bed
During lockdown, Château de Versailles got much more
hospitable, thanks to a new hotel. Pack your finest PJs.
FRANCE IS EXPECTED to welcome
tourists again as of June 9, one
year, two months and 23 days after
the border first closed. But who’s
counting? If you’re ready to rush
back and spare no expense, set your
sights on Le Grand Contrôle, a new
14-room hotel situated on the
grounds of the Château de Ver-
sailles, Louis XIV’s royal residence.
The hotel, due to open June 1, occu-
pies three buildings on the estate,
including one that housed the Sun
King’s finance ministry and over-
looks the magnificent Orangery.
One of the 14 guest rooms at the
new Le Grand Contrôle hotel.
THE LOOKING FORWARD ISSUE | ADVENTURE & TRAVEL
Scents of Place
Seven notable noses—a chef, florist, perfumer and others—recall the aromas of
favorite vacation spots they can’t wait to inhale again
California’s Mendocino Coast
Redwood forests emit a moist, woody, evergreen scent
on
us ,
l
e
al a
ci on
er s
m er
m rp
Brittany
Algae, salt air and a hint of crepes on a hot pan
co Fo
tends to be flaky, which may grates, you smell the subway
contribute to the aroma. more than the street. Not al-
Other indelible scent memo- ways pleasant.”
ries are less agreeable. “I love
visiting New York, Paris and
London. I think of the smell of
the subways,” said Mr. McGee.
“In Paris, the subways have
rubber wheels, and that may
be what gives it its distinct LLC, which includes her signa-
smell. The London subways ture line of fragrances
n-
are deep underground. You Ms. Burch’s most memorable
feel the stifle of air. In New vacation smell comes from
York, walking along the the Caribbean. “A flower
streets you pass the subway called Lady of the Night
Guest rooms, fittingly maximalist,
are swathed in toile de Jouy fabrics
and wallpaper and furnished with
18th-century antiques. Chef Alain
Ducasse oversees the hotel restau-
rant, while the Valmont spa touts
treatments inspired by Marie-Antoi-
nette, such as the “Majestic Mirror”
facial and “Divine Hand Beauty”
massage for 455 euros (about
$556). But for hotel guests, the
most bragworthy lure is access:
They’ll get private tours of the pal-
ace after-hours and can wander the
Orangery gardens on their own af-
ter the standard stream of visitors
have left. Rooms, unsurprisingly, go
for princely sums—from about
$2,070 a night (airelles.com).
If that seems too steep or reser-
vations are tough to come by, the
nearby Waldorf Astoria Versailles—
Trianon Palace is a posh plan B
(from about $260 a night, waldor-
fastoriaversailles.fr). In any case,
resist the too-common urge to con-
fine Versailles to a day trip from
Paris, though it’s just 11 miles west.
Tempting as it is to whisk over for
an afternoon, the palace alone war-
rants unhurried exploration, as
does the rest of the estate, which
has emerged from a six-month pan-
demic-induced closure flaunting
* ***
New York City
The singular, not always agreeable smell of the subway
Morocco
Fresh mint leaves and the wood smoke of a campfire.
blooms in the evening at our son to Ethiopia. We’d visit
home in Antigua,” said Ms. the markets in Addis
Burch. “The scent is magnifi- Ababa,” said Mr. Samuels-
cent—a floral with tremen- son, who was born in
Tory Burch, dous depth. It travels from Ethiopia. “There’s a sound
executive chair- room to room and throughout in the markets, and there’s
man and chief the gardens with the wind.” a smell....of spices, of ber-
creative officer bere [a traditional blend of
of Tory Burch Marcus chile peppers, coriander,
Samuelsson ginger, garlic, basil, among
chef and other spices]. In Sweden,
owner of Red where I grew up in a fishing
Rooster and village, you can smell the
Marcus restaurants ocean for miles and the fish
“Pre-pandemic I’d take my in the smokehouses. In late
A ROYAL RETURN The soon-to-open Le Grand Contrôle hotel, buildings at right, overlook Louis XIV’s Orangery.
renovations. Redone, restored or fers a five-hour private tour of the
revamped are: the bijou stage at Le château, including the grand salons
Petit Trianon, known as the The- and the apartments for about $1,580
atre de la Reine, where Marie-An- for up to 20 (parisaddict.com).
toinette made the occasional exhi- Beyond the château, it’s easy to
bitionist appearance; the Chapelle linger in the elegant town of Ver-
Royale, where the king and queen sailles itself. Seek out the Musée
worshiped; and Louis XV’s and Lambinet, a 1751 house turned mu-
Louis XVI’s private apartments. seum, with its eclectic collection of
To see the latter, you’ll need a paintings and decorative arts (ver-
guide. One fine choice is Brigitte sailles.fr/museelambinet); the vege-
Vergnolle, who runs the bespoke table garden that supplied the kitch-
travel service Paris Addict and of- ens of Versailles (potager-du-roi.fr);
THE WALL STREET JOURNAL.
summer to early fall I’d go
foraging with my uncles. Go-
ing into the woods and pull-
ing up lingonberries, blue-
berries, mushrooms—these
memories for me are all
about smell.”
Denise Porcaro,
floral designer
and owner of
New York City’s
Flower Girl
“Whenever I think of
Europe I think of the lemon
trees and orange blossoms,”
said Ms. Porcaro. “Driving
along the Amalfi coast
the smell is citrusy, soft
and powdery.” The fragrance
is reminiscent not only of
a place for her, she said,
but a time: summer.
Dr. Rose
Ingleton, a
dermatologist
and founder of
Rose Ingleton
M.D. skin care line
“I travel all over the
world, but my mind goes
to Jamaica,” said Ms.
Ingleton of her birthplace.
“I’m obsessed with the
smell of the rain there when
it is just starting. It smells
of the earth, and that is
comforting.”
Caroline
Fabrigas, scent
creator, CEO
.
of Scent
ly
Marketing Inc.
Years ago, on a vacation
with her late husband and
in-laws, Ms. Fabrigas jour-
neyed into the Atlas Moun-
tains in Morocco. The four-
some camped one night
around a woodfire, where
their Berber hosts served
them a pungent tea. “The
memory of that day diffused
into this scent of fresh mint
leaves, hot boiling water, the
sweetness of sugar with
heat and smoke,” she said.
Laurent Le
Guernec, vice
president and
senior perfumer,
International
Flavors and Fragrances
Last year, Laurent Le Guer-
nec, who lives in Manhattan,
headed to Mystic, Conn.,
a Covid-era substitute for his
regular vacation in Brittany,
the peninsula in northwest
GETTY IMAGES (REDWOODS), SHUTTERSTOCK (SUBWAY, OCEAN, TEA)
France where he grew up.
To his surprise the smell of
the Connecticut seaside
town reminded him of sum-
mers back home. “It is the
smell of the ocean there,”
he said. The algae produces
a distinctive smell, he be-
lieves. Mr. Le Guernec is also
nostalgic for Breton crepes
sold in the cafes and restau-
rants that dot the region.
“That smell of the salted
butter that melts in the pan
is one of the strongest mem-
ories I have.”
RENÉE KEMPS (2)
and La Salle du Jeu de Paume, the
former royal tennis court where the
first constitution of France was con-
ceived just after the start of the
French Revolution (chateauver-
sailles.fr). Versailles has also be-
come a seriously good food town.
The local chef not to miss is Jean-
Baptiste Lavergne-Morazzani,
whose La Table du 11 features vivid
contemporary French cooking
(latabledu11.com).
—Alexander Lobrano
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 29 - 30, 2021 | D7

GEAR & GADGETS

BY KATHRYN O’SHEA-EVANS

O
N MAY 2, when Jenny
Chen and Kenny Song
got married beside a
lily pad-dotted pond
at a Napa Valley vine-
yard, the event certainly honored
the adage “something old, some-
thing new.” Forty-four guests hob-
nobbed in real life at cocktail hour,
but all were vaccinated or just-
tested. And when signing the mar-
riage license, the couple, both resi-
dent physicians, broadcast the act to
folks as far away as Taiwan from the
venue’s WiFi-enabled wine cave.

You can virtually ‘walk’

360 degrees around the
dress, appraising it from
every angle, right there in
your living room.

FEDERICA DEL PROPOSTO

Ms. Chen and Mr. Song’s virtual
guests watched the stream by pull-
ing up the couple’s page on the
wedding-planning site Zola, the
same site they’d used to access the
gift registry and invitations. Wel-
come to the summer of the hybrid
wedding—a blending of traditional
nuptials with high-tech strategies
perfected for remote events during
With This Website, I Thee Wed
the pandemic.
When Covid-19 handed the wed-
ding industry lemons, it made As real-life nuptials return, wedding-planning tech has made getting ready for your guests a breeze

.
lemon-drop martinis, and fast—

finding ways to let couples choose
tasty cakes, scrutinize dresses and
welcome guests remotely. Now, as
we move past the days of Zoom-
only nuptials, wedding planners say
many of these convenient and effi-
cient virtual strategies remain pop-
believe wedding streaming to far-
away guests will continue through
2022 and beyond. on
Engaged couples are also enjoy-
ing more freedom when it comes to
expressing a desire for non-toaster
us ,
home post-matrimony. The hold
service also lets newlyweds swap an
item for something preferable—
helpful when your aunt buys you a
lone Champagne coupe you’ll never
use. Beatrice Volkmar, an accesso-
make a Zoom appointment with the
chain’s stylists and let up to 100
dearly beloved friends and family
help you say “yaaas” to the dress.
Its website also offers 24/7 help
from live agents, should groomzillas
ly
Tammy Hodge in Wilmington, N.C.,
began charging $100 to overnight
squares of four cake flavors and six
fillings to clients’ doors in advance
of a Google Meet tasting. Ms. Hodge
has done 83 virtual tastings, includ-

ular with their clients.
“After this, there is no going
back to how we used to do it,” said
gifts. Rather than signing up only at ries buyer who will host around jolt awake at 3 a.m., panicked that ing one with Johanna Morgan, a
Bloomingdale’s, they are increas- 200 live guests and 50 virtual ones their bow ties don’t quite match medical technology salesperson. “It
l
e
ingly opting for flexible online reg- at her June wedding, opted for their cummerbunds. You can even came via FedEx,” said Ms. Morgan,
al a

Jung Lee, an event planner and istries that let them specify items Slowdance’s hold service “so you use your mobile phone’s camera to who will marry this October. “The
founder of virtual wedding registry from any retailer that has a web- don’t get bombarded with packages see an array of 86 David’s Bridal lady handed me the box and I
ci on

site Slowdance. In fact, 90% of its
interactions with clients now start
online, she added, up from only 30%
pre-pandemic. “From a time effi-
ciency standpoint, it really works,”
page. At Zola and the Knot, guests
have the option of donating Go-
FundMe-style to the honeymoon or
a down payment on a home.
Slowdance will even “hold” reg-
er s
and you can get everything you [ac-
tually] want,” Ms. Volkmar said.
Meanwhile, David’s Bridal, the
country’s largest chain of wedding-
dress stores, has whirled on its be-
gowns on models—and “walk” 360
degrees around them, appraising
the dress from every angle, right
there in your living room.
Even cake strategizing is going
jumped for joy—I knew exactly
what it was.” The winner? An al-
mond cake with a coffee-infused
filling. And she made the pivotal
decision “in the comfort of our

she said. In a recent survey, Zola istry purchases, shipping the gifts jeweled heel, increasing its focus on remote. Last April, the owner of home, and in comfy clothes.” Noth-
found that 49% of wedding vendors only when a couple is settled at virtual assistance. You can now bakery Creative Cake Design by ing borrowed, no one blue.
m er

Back in the Swim

m rp

This new breed of smart goggles and waterproof headphones will

leave you better equipped to (at long last) take on pools again
co Fo

1 2 3 4
F. MARTIN RAMIN/THE WALL STREET JOURNAL

n-
no

AS SWIMMERS return to their local pools this summer af- gles will tally your laps and
ter a very long dry spell, they’ll have their pick of new track- tell you how long it took to
ing and timing technology to improve their strokes. From complete each one. But here,
heart-rate sensors that clip onto goggle bands to smart gog- the goggles use an OLED dis-
gles that project a tally of how many laps you’ve swum di- play to project your metrics in
rectly onto the lens, underwater fitness tech is catching up front of you as you swim, giv-
to its aboveground cousins. Much like Fitbits, these new de- ing them the appearance of
vices relay via companion apps how hard you worked and floating in the water. You can
whether to take it easy or push yourself on your next swim. customize the display to
We tested some of the most intriguing innovations to see choose which stats you see,
what’s helpful and what’s hype before you invest. including stroke rate, pace,
distance and calories. And, like
1. To live stream as You Smartly: Finis Goggles the Finis, you can view even
Swim: Zygo With these smart goggles, in- more fitness data once you
Tired of having only your stead of squinting at the clock log into the app post-swim.
thoughts for company in the every 100 meters to see how ($199, formswim.com)
lanes? Zygo has overcome fast you’re freestyling, you
Bluetooth’s traditional ineffec- can look off into your periph- 4. To Max Out Your Workout
tiveness at communicating eral vision to check your lap Sans Distraction: Phlex Edge
through water with its propri- tally, set time, rest time and If you want to focus on
etary transmitter that can more. We found it easy to swimming not data-mining,
send sound from your phone, take in the display, which lives just clip this nifty little
through the water and into at the corner of the lens, at a heart-rate, distance and
the waterproof headset. Just glance. Once you pull yourself stroke tracker to any goggle
set the walkie talkie-size out of the pool, log into the strap. Designed by Olympic
transmitter at the end of the companion app on your phone swimmers and coaches for
pool (not ideal for crowded to view other statistics re- all levels of swimmers, the
public areas) and pair your lated to your workout, from tracker will very accurately
headphones to the Zygo app, stroke type to kilocalories relay via the Phlex app how
where you can choose from burned. The app will also let hard you exerted yourself.
one of the over 150 available you share your metrics with When you check your phone
coached training sessions; or friends. ($235, finisswim.com) post-workout, you’ll also get
any podcast or playlist on a “Splash Score” based on
your phone. ($299, 3. To Check Your Progress your heart rate and effort to
shopzygo.com) Even More Futuristically: help you improve. ($250,
Form Goggles phlexswim.com)
2. To Tally Your Sets, Like the Finis’s, Form’s gog- —Lucy Danziger
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D8 | Saturday/Sunday, May 29 - 30, 2021 NY * *** THE WALL STREET JOURNAL.

THE LOOKING FORWARD ISSUE | GEAR & GADGETS

Pitch
Perfect
Sleepovers are back and the
trend is individual tents—but
the production costs needn’t
keep parents awake at night

BY MATTHEW KRONSBERG

T
HREE and a half years ago, Jose-
fina Martinez received photos
from her sister-in-law of her
nephews at a slumber party in
Bogotá. Each child at the party
had been assigned his own tyke-size tent, just
big enough to cover the top half of a floor
mattress. The result was an Instagram-ready
alternative to the age-old tradition of kids

DREAM AND PARTY

crashing out on a haphazard collection of sofa
cushions, sleeping bags and gym mats.
When she searched for more examples of
these glamping-inspired overnighters, she
found plenty in the U.K. and Australia, but sur-
prisingly few in the U.S. “I saw an opportunity POLES APART A mini-campsite set up by
to take sleepovers to the next level,” said the SLEEP NO MORE / GEAR TO KEEP THE PARTY GOING sleepover planning company Dream and Party
Connecticut tax-attorney-turned-party-plan- in the library of a Greenwich, Conn., home.
ner. “I knew right away that this concept MosicGO 360 Sport Ring Light
would have a lot of appeal in Greenwich.” It isn’t a sleepover While the sparkle in over Party Rentals, with locations in Jackson-
These days, on any given weekend in and without at least one TikTokers’ eyes has ville, Fla., and Harrisburg, Penn., can outfit a
around her coastal town, you’ll find Ms. screening of “Legally a lot to do with sleepover for five, including tents and decora-
Martinez’s company Dream and Party set- Blonde.” Consider youth, it also comes tions, starting at $375. The company also of-
ting up elaborately themed tent villages on the splash-proof from that essential fers a nationwide rental service that will send
lawns and in living rooms. For parents who Ooni Koda 16 Oven MosicGO Sport pro- vlogger tool: a ring you five tents for $175, according to owner
splurge on catering, decorations and enter- Letting kids create jector with built-in light. This 18” model Ray Young, and are adding “Belle” tents that
tainment (tents are often arrayed around their own pizzas is speakers, a set of in- Starlux Games can change colors sleep bigger outdoor groups starting at $400.

.
jumbo outdoor movie screens) the bill for a a time-honored door and outdoor Bump Rumble to cast dramatic But many parents who know that the penalty

ly
sleepover can reach $10,000. tradition, but that screens, a battery Starlux’s array of and fun lighting for hosting one great sleepover is hosting
Extreme sleepovers are ascendant at just can mean turning that can last for up glowing games schemes to en- more sleepovers are opting to buy rather than
the right moment: After a year of lockdown, your kitchen into a to three hours, and is designed to get hance whatever rent. Etsy storefront Lloyd Creations has made
parents are eager to indulge their kids, and
to do so safely. Having kids glamp out in the
backyard, “especially now that it’s nicer out,”
is one way to address the situation, says Dr.
on
sauna in the pro-
cess. This com-
pact, gas-powered
backyard pizza
low 17MS lag time,
making it great for
videogames. (from
$1,339, eliteprojec-
kids and families
running around
happily in the
dark. Their glow-
drama the kids can
concoct for their
next video post.
($100, dixiecharlir-
and sold about 8,000 mini tents over the last
two years, with 3,000 shipping in the past
three months. The company also sells party fa-
vors like customized T-shirts and sleep masks.
us ,

Ibukun C. Kalu, the medical director for pedi- oven will keep tor.com) in-the-dark ver- inglights.com) These kinds of accessories are—even more
atric infection prevention at Duke University than organized games and activities—the key
l

your kitchen cool sion of Capture

e
Hospital in Durham, N.C. While closer gather- even as it reaches the Flag Redux is to a great sleepover, said Ms. Martinez, who
al a

ings of vaccinated kids over the age of 12 are a top temperature a top-seller, while often makes matching pajama sets or robes
possible, taking more care with mixed groups of 950 degrees— their newest part of her design. “It changes the party vibe,”
ci on

and youngsters is still necessary, said Dr. hot enough to game, Bump Rum- she said, reinforcing group cohesiveness.
Yvonne Maldonado, professor and chief of take a pizza from ble, puts various They’re also a subtle (perhaps, wishful) hint
the division of infectious diseases, Depart- raw to fully forms of keister that, at some point, the kids will need to go to
ment of Pediatrics at Stanford Medicine. cooked in 60 sec- combat in a glow- sleep. The real truth is evident on one of the
While Dream and Party’s events can cost onds. ($499, ing ring. ($40, sleep masks shown on Lloyd Creations’ page:
er s

the same as a small wedding, you can find ooni.com) starluxgames.com) They’re printed with the hashtag #nosleep. A
more affordable options. Sweet Dreams Sleep- parent can dream, even if the kids won’t.
m er
m rp
co Fo
n-
no

From simple to intricate designs, California Closets systems are

custom designed specifically for you and the way you live.

844.295.1402 californiaclosets.com

NE W YOR K CIT Y 26 Varick St | 1625 York Ave NASSAU 25 Northern Blvd, Greenvale
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©2021 California Closet Company, Inc. All rights reserved. Each franchise independently owned and operated. CT HIC #0657205
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
LOVE STORY
The
Freedom
To Flea
Secondhand markets reopen
after the Covid pause—and one
ardent antiquer contemplates a
future with bargains in it
BY AMY MERRICK
T
HERE WAS a time when I only
used hand sanitizer at flea mar-
kets. Anointing myself with that
jellied alcohol signaled that I was
in the throes of delight, hunting
through fields of folding tables, engaged in an
anthropological study of sometimes beautiful,
sometimes ugly, always filthy, discarded
things. Then 2020 arrived, and with it went
my beloved flea markets. The hand sanitizer,
sadly, remained.
During a year marked with so much loss,
the cancellation of my favorite pastime ranked
extremely low on the tragedy scale, but I felt it
bitterly all the same. The sheer pleasure of
looking, the lure of the great find, the jocular
social encounters all wrapped up in a single
morning’s trip—I pined for them, endlessly
scrolling auctions online. It was not the same.
My first flea market purchase came at age
6: white leather go-go boots with fringe, for a
quarter. That was my first flush of the adrena-
line that passionate flea marketers know. At
12, I aimed higher: a 1940s quilt made of trian-
gles of sun-softened cotton shirting for $10. It
is still in use today, if decidedly more tattered.
In the intervening decades, my romance
with flea markets has only strengthened, and I
can chart the course of my life and travels in
my purchases. Armfuls of antique hemp linens
from the Ecseri market in Budapest; vintage
silk dresses from the Porte de Vanves in Paris;
woven Welsh blankets and willow baskets
from Kempton, outside London. While living in
n-
no
* * * *
DESIGN & DECORATING
SILVER RUSH
With flea markets
resurging, we can
once again exult
in scores like this
chic shopper’s in
1950s Paris.
Kyoto I memorized the market schedules and
headed out early, returning with a rucksack
full of indigo textiles and stoneware ceramics.
It was the cancellation of my local annual
flea market in Dublin, N.H., that stung most. I
could no longer walk through the slightly sod-
den field—the sun barely risen, wallet full of
small bills, coffee in a thermos. I couldn’t navi-
gate rows of dealers hawking all manner of
on
I pined for the thrill of the
great find, scrolling auctions
online. It was not the same.
us ,
l
e
al a
good old New England junk: braided rugs,
milking stools, Windsor chairs, woven bas-
ci on
kets—the scent of the breakfast-sandwich grill
enveloping everything in a dreamy bacon
haze. I missed the excited hum of the commu-
nity spirit we all loved and lost.
Two summers ago, I took my soon-to-be
er s
husband to this cherished local flea market, a
m er
m rp
co Fo
NY Saturday/Sunday, May 29 - 30, 2021 | D9
trial by fire for the uninitiated. He found for
me a flawless Tivoli Model One radio with a $5
price tag, the exact model I’d recently con-
fessed to lusting after for years. Antique it was
not, but he passed the test all the same. In the
fall of 2020, I met him in Switzerland to elope
after enduring the painful pandemic separa-
tion that plagued so many international cou-
ples. The morning our quarantine finished, our
first taste of freedom was a socially distanced,
masks-required flea market in Basel; we came
away with an Alpine folk-painted floral bowl.
The day before our wedding, we went to a
highly sanitized flea market in Zurich. An em-
broidered Swiss marriage sampler from 1890
became a witness to our occasion.
Now it’s time to unpack the spoils in our
new house, radio in the kitchen, bowl on the
table and other memories from near and far. A
fresh flea market season is on the horizon, re-
opening with regulations that might only
vaguely dampen its joys. We’ll be first at the
gate, wagons in tow, sanitizer to hand. Flea
markets may have closed last year, but I came
out of 2020 with a lifetime treasure: someone
to rummage through them with.
Flea Enterprise
U.S. markets open for business
after 2020 closures
Alameda Point Antiques Faire
Alameda, Calif. | This sprawling, open-air
affair studded with views of San Francisco
Bay opens the first Sunday of each month.
A great source of Arts and Crafts furniture
and studio pottery. Masks required.
Brimfield Antique Flea Markets
Brimfield, Mass. | A global destination
with 5,000 dealers, Brimfield will restart
its market season July 13-18. Thrice-yearly
events offer an unmatched trove of Amer-
icana: from fine antiques to quirky adver-
tising collectibles. Masks voluntary.
First Monday Trade Days
Canton, Texas | A 450-acre venue makes
First Monday the world’s largest outdoor
market. The event happens not the first
Monday of the month but rather the
Thursday-Sunday preceding. The pickings,
via more than 5,000 vendors, include rare
western pottery and silver, with lots of
BBQ along the way. Masks encouraged.
Rose Bowl Flea Market
Pasadena, Calif. | Bubbling with West
Coast style, the fair’s 2,500 vendors open
every second Sunday of the month. Five
miles of stalls ring the parking lot of the
Rose Bowl stadium, where Hollywood ce-
lebrities and civilians vie for goods, partic-
ularly kitsch and cool midcentury finds.
Masks required.
Springfield Antique Show & Flea Market
Springfield, Ohio | This flea market hosts a
.
massive antiques extravaganza each May
ly
and September and smaller but mighty
events each month. With over 2,500 ven-
dors the place is full of Midwestern gems:
from country-farmhouse finds to midcen-
tury treasures. Masks voluntary.
GETTY IMAGES (PARIS); ALAMY (BRIMFIELD)
Vintage model cars at the Brimfield,
Mass., flea market, reopening in July.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D10 | Saturday/Sunday, May 29 - 30, 2021 * *** THE WALL STREET JOURNAL.

THE LOOKING FORWARD ISSUE | DESIGN & DECORATING

ERROR, ERROR ON THE WALL A CASE FOR BASKETS In a Washington, D.C. foyer,

Winning Entries
large woven catch-alls stow shoes, said designer
Amanda Khouri, of Nashville-based Murray Khouri.

Five decorating goofs that interior designers see in

foyers—and how to avoid letting those mistakes
darken your doorway as you welcome guests back

BY ELIZABETH ANNE HARTMAN hardware, or adding color and pat-

A
N ENTRYWAY should
feel like an appetizer
on your way to the
main course,” said
New York City inte-
rior designer Laura Krey, one of the
many designers who wonder at the
neglect this key room often en-
dures. Lacking an actual foyer is no
excuse, said Lucie Ayres of 22 Inte-
riors in Los Angeles. “You must fig-
ure out how to define an area that
will welcome you and your guests.”
Rugs, wallpaper and seats can de-
lineate where walls don’t. We asked
pros like Ms. Ayres for the irksome
decorating gaffes they see most fre-
quently, and for their seasoned ad-
vice on what to do instead.
The Family Dump
“Life happens—shoes, bags, jackets
and umbrellas get tossed by the
front door without a second
thought,” said Amanda Khouri, co-
founder of design firm Murray
Khouri in Nashville. That includes
tern with stencil or even wallpaper.
Fugly Rugs
One of the best ways to ruin the
view of the beautiful room beyond
your entry is “a huge, industrial-
strength, waterproof doormat that
would look more suitable on a load-
ing dock,” said Carey Karlan, of Last
Detail Interiors in Darien, Conn.
Puny rugs don’t work either, said
Samantha Gallacher, co-founder of
IG Workshop in Miami Beach. They
look like sloppy floor mats and don’t
stay in place, she said.
Instead
“Large rugs in the entry make the
space feel like it is designed and in-
tended to welcome guests,” said
Dallas interior designer Chad
Dorsey. Ms. Gallacher suggests that
the rug make a statement as well as
introduce the design concept and
colors reflected throughout the
home. Ms. Karlan favors an Oriental
rug. “The thick wool is very absor-
bent, they clean well, they don’t

.
the detritus that Covid has littered show dirt and they come in all

ly
our lives with, such as masks and styles, from contemporary to clas-
sanitizers. Kristen Peña, of San sic,” she said.

STACY ZARIN GOLDBERG

Francisco’s K Interiors, noted that
while we must stay safe, “it’s im-
portant that your entry has a
more-welcome, less-E.R. feel.”
Puny Lights on
Foyers with overly diminutive
lights aggrieve Philadelphia de-
signer Melinda Kelson O’Connor.
us ,

Instead Take stock of your habits
and clutter and you’ll be able to des-
ignate a place for everything with-
“The entry is not the place for am-
biguity or mystery. The space
l
e
should make a statement.” An- vaulted space. “Use a fixture that signer Betsy Wentz. Still, home- found items and family heirlooms
al a

out sacrificing beauty, said Ms. other hazard, New York-based Kati visually fills up the height, adds owners frequently leave foyers in a curated way. “These items are
Khouri. Are your ever-present water Curtis pointed out: inappropriately interest and makes your entry feel sparse and undecorated, which feels a great way to tell the story of
ci on

bottle and yoga mat adding visual
noise? Tuck them in large fat-weave
baskets placed beneath a console or
a closed storage piece such as an
antique sideboard. To corral Covid
sized fixtures that get lost volu-
metrically in the space and create
a basketball-court ambience.
Instead Opt for a striking chande-
er s
more welcoming and less lofty and
intimidating,” Ms. Curtis advised.
Entryway as Afterthought
Given that it’s the first—and some-
lonely and off-putting, said Los An-
geles designer Lindsay Pennington.
Instead Ms. Pennington recom-
mends hanging an impressive mir-
your home.”
Overdoing the Wow
On the other hand, don’t mistake
your foyer for a receiving room at

supplies, said Ms. Peña, add a good- lier and illuminate artwork with times only—space guests see, it’s ror to expand the space and choos- the Vatican. It’s too much if you’ve
looking lift-top box to the entry ta- perimeter-wall lighting, Ms. O’Con- remarkable that the foyer is treated ing a chest over a console if you added treatments to floors, walls
m er

ble. Another solution, care of New
Orleans designer Maureen Stevens:
Ikea’s Hemnes shoe cabinet, easily
made more stylish by changing the
nor suggested. “Even a foyer with
a low ceiling can have a large,
beautiful flush-mount fixture.” Big-
ger is better, especially in a
m rp
like the home’s neglected stepchild. have room. “Drawers make life and ceiling and crammed in bold
“It is the place where brownies are easier,” she said. Eilyn Jimnez, lighting and furniture, said San
dropped off and play dates are ex- founder of Miami’s Sire Design, Francisco designer Lindsay Anyon
changed,” said Sewickley, Penn., de- suggested including vintage pieces, Brier. “The entry should be the

opening paragraph of the home. It

should begin to introduce the plot
ODD ARRIVALS / THE FUNNIEST FOYERS DESIGNERS HAVE STEPPED INTO but not give everything away.”

“I walked into a foyer and “Suffice it to say a dearly dergarments by the Instead One strong design idea can
co Fo

noticed only the enormous,
completely-out-of-scale lan-
tern, hung way too low, and a
complete lack of furniture to
balance it. The embodiment
of inhospitality, the room of-
fered nowhere to drop your
purse, your key or mail and
certainly no spot to sit.”
—Rebekah Zaveloff, co-
founder and director of
Kitchen Lab Interiors,
n-
departed taxidermy dog is
best left to a more private
part of the residence.”
—Fernando Wong,
landscape and interior
designer, Palm Beach, Fla.
“An entryway doubled as a
laundry depot. It’s so awk-
ward to see someone’s dirty
underwear before shaking
their hand, and it’s always a
front door.”
—Isabel Ladd, designer,
Lexington, Ky.
“I had a client who was
obsessed with Star Wars.
He had a curio cabinet
full of Star Wars memora-
bilia, as well as a life-size
cutout of Princess Leia, in
his entryway.”
—Mary Patton,
be enough, said Tal Schori, partner
at Brooklyn’s GRT Architects. He
welcomed both warmth and func-
tion into the 3-foot-by-5-foot entry
of a narrow townhouse by hanging
unique, muted ombré wallpaper,
screwing in a glass sconce and in-
stalling three brass hooks. Ms.
Brier likes to highlight a sole piece
of art or a light fixture that is
sculptural by day and becomes a
glowing focal point in the evening.

Chicago mistake to leave your un- designer, Houston “Make it spectacular but in a less-
is-more way,” said Ms. Brier.
no

candles and barbecue briquettes.

1 GIFT GUIDE Matches, $4 each, johnderian.com
2

3 Invitation Bait 5 Minute Miso Don’t thoughtlessly

For Under $60
Weekends with pals are
conceivable again. How to
ensure you’re asked back.
1. Magic Fingers On the surface,
toaster tongs may not seem the sexi-
4 est gift. But before long, your hosts
will wonder how they ever lived with-
out them. No more knife-assisted ba-
gel retrievals with this beautiful pair,
6 made of a single piece of oak. Nokka
5 Tongs, $45, finnishdesignshop.com
tempt your host with sweets when
swimsuit season is upon us. Opt for
something lighter: artisanal instant-
miso soup. Just add boiling water to
these bouillon bonbons for a savory
treat. Instant Miso Soup Bombs, $20
for 5, brooklynmisomaru.com
6 Storied Seeds Short on space in
your weekend bag? Gift your host
slim sachets of garden seeds from
Thomas Jefferson’s Virginia estate,
Monticello. Any history buff will dig
them: These heirloom varieties come
with a documented lineage. Heritage
Seeds, from $3, monticelloshop.org
7 Better Dish Summer is not com-
F. MARTIN RAMIN/THE WALL STREET JOURNAL (MATCHES, SOAPS, MISO, SEEDS, BOOK)

2 Pretty Produce Build your host a plete without buttered corn-on-the-

photogenic still life by filling this
1980s-inspired enamelware colander
with farmstand fruit and giving her
the whole thing. Kapka Flashback
Colander, $56, darlingspring.com
3 Earthy Cleansers Each bar of this
7 three-pack of woodsy-scented soaps
takes its fragrance from a national
park. Zion, for example, is scented
with sage and sabino cedar. Teddy
Roosevelt himself would be delighted
to lather up with one. National Parks
8 Soap Set, Available June 11, $40, ursa-
majorvt.com
4 Striking Matches These vintage-
print-covered matchboxes from
homey-gift hero John Derian bring a
classy kick to lighting up citronella
cob. And while we don’t suggest you
travel with 12 ears of the stuff, a
vessel to keep the butter out of the
sun will be a welcome addition to
the picnic table—especially a hand-
made stoneware version like this
one. Woodland Animal Butter Dish,
$40, nickeykehoe.com
8 Timeless Stitches A hammock plus
a browsable photo book is an ideal
summer combo. Equip your hosts to
sway and gaze with this newly pub-
lished tome, “Fabric of a Nation:
American Quilt Stories” (MFA, Bos-
ton), filled with photos of vibrant, his-
torical and modern hand-stitched tex-
tile art. Hint that you’ll upgrade their
hammock...next time. $45, mfa.org
—Rebecca Malinsky
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 29 - 30, 2021 | D11

EATING & DRINKING

Party Plan
Continued from page D1
We know: As we contemplate a
post-Covid world, it’s unsettling to
think about communicating with
someone without a screen and/or
mute button between you. But re-
member: TikTok videos are just real
moments rearranged to induce hu-
mor and insight. The same thing
can be done using words and your
actual life. It’s called telling a good
story.

EMBRACE THE GREAT OUTDOORS.

Pre-Covid, it was our opinion that
the best dinner parties took place
indoors, for the sake of privacy and
to preserve your relationship with
the next-door neighbors. Also, bugs
are jerks.
And actually, many health ex-
perts and the CDC have said vacci-
nated people can safely gather in-
doors in small groups. “The science
on the vaccines shows that they are
really good,” said Linsey Marr, Vir-
ginia Tech professor of Civil & Envi-
ronmental Engineering and an ex-
pert on viral transmission. “I think

JOANN PAI (NICOISE SALAD), SIDNEY BENSIMON FOR THE WALL STREET JOURNAL (PORTRAIT)
if everyone at your dinner party is
vaccinated, then no restrictions.
Enjoy it like you did in the old
days.” She said this applies even if
you, as a host, have unvaccinated
kids.
But what if your guests want to
bring their unvaccinated kids?
What if some adult guests are un-
vaccinated, or between doses? In
that kind of mixed company, Ms.
Marr said, “definitely I would only

.
do it outdoors.” She recommends

ly
spacing the unvaccinated apart
from one another: “Like at a wed-
ding. You know, you do a seating
arrangement.”
But there’s not universal con-
sensus on this stuff from experts.
Furthermore, you are a dinner
on
us ,

party host, not a wedding planner,

probably, nor a therapist qualified
l
e
to help your more tentative guests
al a

get over their entirely understand- Fine sea salt 2. Make the salad: In a
able qualms about joining you in- For Further Guidance 3 tablespoons fresh lemon large bowl, prepare an ice
ci on

doors. So for now, we say if you
can throw a dinner party outside,
that’s the most welcoming, one-
size-fits-all solution. Just check lo-
cal news to make sure you won’t
juice bath. Bring a large pot of
WHEN IT COMES to throwing dinner parties, we all aspire 1 tablespoon Dijon mustard salted water to a boil.
to be a little bit French. That Gallic capacity to toss together 1 teaspoon mild honey Gently add eggs and cook
a feast and keep the wine and conversation flowing, all while ½ cup extra-virgin olive oil 7 minutes. Use a slotted
looking fabulous and utterly unflapped? Turns out, these Freshly ground black pepper spoon to transfer eggs to
er s

be sharing your meal with Brood skills can be learned. Leave it to an American living in Paris ice bath and chill until cold,
X. And don’t be blasting AC/DC to do the ethnographic research and regular entertaining re- For the salad about 5 minutes. Peel eggs
m er

out there; enraging everyone on
the block isn’t making society any
more civilized.
quired to put together the ultimate playbook. In “À Table: 6 large eggs and set aside. Refresh ice
Recipes for Cooking and Eating the French Way,” Rebekah 8 ounces haricots verts or bath with more ice.
Peppler covers everything from cocktails to desserts and di- green beans, trimmed 3. Add haricots verts to
gestifs, dropping tips along the way on assembling a party- 1 pound small waxy the pot of boiling water
m rp

Dinner Party Conversation
Conversation: one of the great ca-
sualties of quarantine life, and the
real point of a dinner party. Aside
from bragging to your cat about
ready pantry and bar, the power dynamics of hosting and potatoes and cook until just tender,
even handy French slang. But it’s the recipes that really 5 cups frisée, mâche or 2-4 minutes. Use tongs to
make this book a modern classic: low-key elegant, built to Niçoise Salad (For a other tender greens transfer to ice bath. Chill,
please a crowd, always with useful context provided. (“There Crowd) Fine sea salt then pat dry and transfer
are fun, last-minute, come over for dinner! nights and then This is a “choose your own Freshly ground black pepper to a bowl. Toss haricots
co Fo

how you’re now all caught up on
“The Sopranos,” it’s probably been
a minute since you’ve exercised
your chat chops. So by way of re-
minder, some rules of the road:
DON’T FORGET THE SMALL TALK.
Despite its diminutive name, small
talk serves a big purpose: It allows
guests to get to know one another
and take each other’s measure be-
fore tackling meatier topics like
there’s cassoulet night.”) This salad is a great example—ef- adventure” salad and the
fortless entertaining defined. Just add rosé and a few people ideal meal for a crowd: It
you’ve missed looking at across a table. —Beth Kracklauer can all be prepped in ad-
vance, and instead of com-
ing together in one big
bowl, each component—
beans, greens, potatoes—is
dressed with the vinai-
grette separately and then
arranged on the plate in-
gredient by ingredient. It
sounds fussy, but when
n-
2 (6-ounce) cans tuna
packed in olive oil, drained
2 cups cherry tomatoes,
halved
2 small seedless
cucumbers, sliced into
¼-inch slices
5 small radishes, sliced into
rounds
¾ cup Niçoise olives
¼ cup salted capers, soaked,
rinsed, and drained
verts with one-fourth of
prepared dressing. Add po-
tatoes to boiling water.
Cook until fork-tender,
10-15 minutes. Drain pota-
toes and transfer to a
bowl. Toss warm potatoes
with half the remaining
dressing.
4. To serve, arrange greens
on a large platter, and sea-
son with salt and pepper.

cryptocurrency and the dissolution you and your fellow diners Flaky sea salt Drizzle with remaining
of Kimye. It’s like stretching before are picking and choosing dressing. Halve eggs and
hitting the gym. Or hitting the gym your preferred tuna-to- 1. Make the vinaigrette: arrange on top of greens
before drinking wine. Or drinking greens-to-beans ratio, Use the flat side of a knife along with tuna, potatoes,
no

wine before doomscrolling Twitter.
Small talk doesn’t have to be
boring. Oddball facts, weird low-
stakes news stories and recent sci-
entific discoveries that don’t hap-
pen to involve coronaviruses are
fine ice-breaking topics. Less-great
choices: the weather, the inevitable
difficulty you had finding a parking
space or the fact that the New York
subway isn’t dependable.
And if you find yourself bobbling
words, losing your train of thought
or just generally feeling any post-
pandemic social apprehension dur-
ing this early phase of the party, et-
iquette expert Lizzie Post of the
Emily Post Institute said it’s actu-
ally fine to talk about that too. “I
would say, from an etiquette stand-
point, leaning in and voicing, ‘I’m
actually feeling a little anxious; I’m
OK, but I’m surprised,’ things like
that, are fine,” she said. “Speaking
your needs—but gently and calmly,
politely—is a great way to go.”
DON’T FORGET THE BIG TALK,
EITHER. Once you’ve warmed up
with some small talk, you can
move on to one of the most im-
portant parts of a dinner party:
conversation about the big things
in life. Politics, religion, sex—if we
can’t talk about this stuff among
friends at a dinner gathering,
where can we talk about them?
Just remember: You’re not going
to solve the crisis in the Middle
East while kibitzing over crudités.
State your best case, and when
you find yourself repeating it over
and over, change the topic to
something everyone can agree on.
Like, “I’ll miss pandemic traffic.”
Dinner Party Food and
Drink
Many fundamentals of dinner party
dining remain unchanged from pre-
Covid times: Your food must be
abundant, it must be eaten around
a table and it must not make people
sick or dead. Other aspects have
shifted. And we’re not just talking
about mezcal doubling as hand san-
itizer. (By the way, take it from two
guys who learned the hard way: It
doesn’t work the other way
around). A few notes on the menu:
DON’T HIT THE GROUND. Pre-
Covid we suggested hosts kick off
a party with cocktails, then down-
shift to lower-octane drinks as the
night progressed. This was so
guests could leave clearheaded
enough to drive, or at least able
to catch a train without falling off
the platform.
But hey, it’s been a while since
we as a society have gotten loose
in public. So we suggest starting
in low gear and staying there. Be-
fore, our slogan was “Hit The
Ground Drinking.” Now? It’s
“Don’t Hit The Ground.”
There’s never been a better
time to not drink alcohol. Indeed,
one of the most critically ac-
you’ll be happy you fussed. to smash together ancho-
vies, garlic and a pinch of
Total Time 1 hour salt to form a thick paste.
Serves 6-8 Transfer to a small bowl
and stir in lemon juice,
For the vinaigrette mustard and honey. Slowly
2 anchovies, finely chopped add oil, whisking until vin-
1 clove garlic, finely aigrette is emulsified. Sea-
chopped son with salt and pepper.
claimed recipe collections of last organic beef.
year was “Good Drinks: Alcohol- But a new protein source has
Free Recipes for When You’re Not emerged as a star during the pan-
Drinking for Whatever Reason.” demic, and it’s even simpler to pre-
“There are so many new products pare: tinned fish. Not for the main
to play with,” said author (and Off course, obviously. But as a starter,
Duty contributor) Julia Bain- canned fish has a lot to recommend
bridge. She’s written about every- it. The packaging is often colorful
thing from Athletic Brewing’s non- and cosmopolitan. The treats in-
alcoholic craft beers to Ghia and side—cockles, smoked mussels, oil-
Seedlip—drinks with the complex- packed sardines with a hint of chile
ity of spirits, sans alcohol. heat—are scrumptious on a cracker
If you really need a tipple, try with a squirt of lemon. And many
mixing and matching: a standard are so loaded with healthy fats,
glass of wine with dinner and, af- they might even offset the coronary
ter, an herbal nonalcoholic diges- damage you’ve sustained from all
tif. However you choose to play it, the stunt meat you consumed at
it will be great news for you and previous dinner parties. (Might.)
your significant other, because af-
ter being cooped up together for QUIT LOAFING. Despite the bad rap
more than a year, it’s probably bread gets in America, we’ve al-
best to avoid losing your filters in ways been proponents for including
public. it at dinner parties. After all, it’s
not only a great base on which to
GO (TINNED) FISHING. Once upon pile appetizers; it’s Mother Nature’s
a time, our go-to recommendation own plate-swiffer.
for hosts was to serve “Stunt Alas, the pandemic has us re-
meat,” i.e., a big dramatic piece of thinking our relationship with the
animal protein that looks impres- staff of life. Between the preening
sive but is actually dead easy to sourdough bros who spammed so-
cook. And heck, with interest cial media with pics of themselves
rates so low, it might still be coddling their starters, and our
worth taking out a loan to finance doctor who gave a sad sigh when
a hunk of private-school-educated we stepped on a scale for our post-
haricots verts, tomatoes,
cucumbers, radishes, olives
and capers in separate
piles. Sprinkle with flaky
salt and serve.
—Adapted from ‘À Table’
by Rebekah Peppler
(Chronicle Books)
vaccine physicals, we’re thinking
maybe not so much with the bread
this summer. After a year of mask-
wearing, it’s going to be hard
enough working up the courage to
disrobe at the beach.
Dinner Party Day and Time
Pre-Covid, we had all sorts of rules
for when the ideal dinner party
could take place. Sunday night? No
way: Your guests will be stressing
about work tomorrow. Monday
night? Hell no: You’ll be busy trying
to do all the stuff you thought you’d
get done on Sunday. 5:30 p.m. on
Wednesday? Too early: Everyone
will arrive frazzled from rush hour!
But we find ourselves in an
emergency situation. The world
needs lots of dinner parties. As
many as possible. Immediately.
So, for now, those rules are
hereby suspended. Gather together
and dine any day, at any time. Mon-
day night? Go for it. Midday at the
park when you and your guests are
on lunch break? Fine. Sunday morn-
ing around 11 a.m. on a restaurant
patio over a meal of eggs Benedict
and mimosas? That works.
Or wait, is that brunch? That’s
brunch, isn’t it?
Whatever. Just do it.
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D12 | Saturday/Sunday, May 29 - 30, 2021 * *** THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL.
BELLAMY BREWSTER FOR THE WALL STREET JOURNAL
ON WINE / LETTIE TEAGUE
A Warm Welcome for
All, And About Time
WHEN I FIRST MET Yannick Ben-
jamin, in 2013, he was working at
Le Dû Wines, a retail shop in the
West Village of New York City. Un-
til a car accident 10 years earlier
left him paralyzed from the waist
down, Mr. Benjamin had been a
sommelier. This June, almost 18
years after the accident, Mr. Benja-
min is set to open his own fully
accessible restaurant, Contento, in
East Harlem, New York.
The story behind the creation
no
STREAMED CUISINE
Hungry for
Canada
This podcast whets
the appetite for travel
THERE MAY BE no better
quick fix for a food-obsessed
American traveler than a trip
to Montreal—a top dining
destination a whole lot faster
to access than, say, Paris. The
Canadian border remains
closed for now, but as soon
as it opens, bring on the
brasseries and smoked meat.
In the meantime, start
plotting ravenous travels
across our neighbor to the
north with the Audible pod-
cast “Field Guide to Eating in
Canada.” Host Meredith Er-
ickson, a food writer and vet-
eran of Montreal’s vital res-
taurant scene, begins in that
city and then, over the
course of nine more epi-
sodes, talks to foragers in the
Gaspésie, indigenous chefs in
Alberta, dim sum doyens in
B.C., and more. It’s hard to
imagine a more curious, gre-
garious or knowledgeable
guide, or a vicarious vacation
more satisfying. audible.com
—Beth Kracklauer
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 LOOKING FORWARD ISSUE | DESIGN & DECORATING
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of Contento and Mr. Benjamin’s
personal and professional resil-
ience resonates deeply right now
as New York and the rest of the
world recover and restart. Con-
tento had originally been sched-
uled to open last spring, but when
the Covid-19 pandemic struck, all
the work stopped. Mr. Benjamin’s
response, as always, was to look
for the upside. “The silver lining
n-
was that it forced me to explore
my own backyard,” he said. For in-
Olive’s Famous
Brownies
At Olive + Gourmando in
Montreal—featured in epi-
sode one of ‘Field Guide to
Eating in Canada’— they
bake these espresso brown-
ies and then cool them over-
night in the fridge to create
a fudge-like interior. If you
want that classic brownie
crumb, then skip this step—
just don’t skip anything else.
Active Time 30 minutes To-
tal Time 9 hours (includes
overnight chilling) Makes 24
For the coffee ganache:
21/2 cups 70% dark-chocolate
discs, such as Valrhona
brand
11/2 tablespoons coarsely
ground espresso
3/
4 cup whipping cream
For the brownies:
11/2 cups all-purpose flour
11/2 teaspoons kosher salt
11/2 cups plus 1 tablespoon
unsalted butter, at room
temperature, plus more
for greasing pan
1 cup 70% dark-chocolate
discs
12/3 cups plus 2 tablespoons
54% dark-chocolate chips,
such as Callebaut brand
6 eggs, at room
temperature
11/4 cups white sugar
GLASS HALF FULL
Partners George Gallego
and Yannick Benjamin
will open their new
restaurant Contento in
East Harlem on June 10.
stance, he recently traveled to
wineries in Maryland, Vermont,
Virginia, Long Island and upstate
New York. Those visits inspired a
category on his wine list titled
“East Coast Terroir.”
The challenge of opening a res-
taurant during a pandemic is just
one of many trials Mr. Benjamin
has faced over the years, in addi-
tion to health complications, hos-
pitalizations and personal loss, in-
cluding the death of his friend and
1 teaspoon vanilla extract fused cream through a fine-
mesh sieve.
1. Make the ganache: Line a 3. Pour hot cream over
baking sheet with parchment melted chocolate and whisk
paper. Melt the chocolate together. Working quickly,
over a double boiler. pour ganache onto prepared
2. Meanwhile, in a small pot baking sheet and cover with
over low heat, combine another sheet of parchment.
espresso and cream, and in- Use your hands to spread ga-
fuse for 4 minutes. Pass in- nache evenly between sheets
Saturday/Sunday, May 29 - 30, 2021 | D13
former employer, Jean-Luc Le Dû,
who died suddenly at age 52 in
late 2017.
Mr. Le Dû had been a great sup-
porter of the fundraising event
Wine on Wheels and the founda-
tion it benefits, Wheeling Forward,
created by Mr. Benjamin with at-
torney Alex Elegudin. The two met
at New York’s Mount Sinai Hospi-
tal when they were recovering
from spinal cord injuries.
Mr. Benjamin met George Gal-
lego as well at Mount Sinai, and he
became a very important figure in
Mr. Benjamin’s life. “He saved my
life,” Mr. Benjamin stated simply.
After an accident left Mr. Gallego
paralyzed at age 25, he went on to
become a world-class athlete, busi-
nessman, philanthropist and advo-
cate for people with disabilities.
“He inspired me to create a culture
where there are more Georges,”
said Mr. Benjamin. Now, Mr. Gal-
lego is not only Mr. Benjamin’s
mentor but his business partner in
Contento as well.
Mr. Gallego, who lives in East
Harlem, began scouting around for
a restaurant space three years ago.
He and his friend Lorenz Skeeter,
who once ran a courier business
out of the space next door to Con-
tento’s location, were lamenting
that there wasn’t a neighborhood
place to get a good meal or a
drink. When Mr. Skeeter pointed
out the vacant space next door to
his business, Mr. Gallego told him,
“It would only make sense if Yan-
nick was involved.”
When Mr. Benjamin came to
look at the space, Mr. Gallego in-
troduced his two friends. “Lorenz
ly
fell in love with Yannick and Yan-
nick fell in love with Lorenz,” Mr.
Gallego said. At the time Mr. Benja-
min was a sommelier at the Uni-
versity Club of New York, a Mid-
town private club that, unlike most
Manhattan restaurants, could ac-
commodate a sommelier in a
wheelchair. Mr. Benjamin recalled
thinking his friend simply wanted
his opinion on the space. But Mr.
Gallego wanted him as a partner. “I
felt this was something that Yan-
nick needed in his life,” he said.
The three men decided to make
the restaurant a joint venture and
brought in two more partners: chef
Oscar Lorenzzi and front-of-house
manager Mara Rudzinski. They had
to gut the whole space and replace
an entirely rotted floor. The upside
of this pricey repair was that the
partners were able to lower the
floor to make it wheelchair accessi-
ble. Customers in chairs can simply
roll through the door. “We hate
steps and ramps,” Mr. Gallego said
with a laugh.
The partners also agreed to
limit the number of tables so that
Mr. Benjamin could easily maneu-
ver between them while working
the floor. The bar was also de-
signed at a low height to suit
guests in wheelchairs.
Mr. Yannick, a lifelong New
Yorker, grew up in the Hell’s
Kitchen neighborhood and now
lives in the Bronx near Yankee Sta-
dium. He often wheels over the
Madison Avenue Bridge to the res-
taurant, sometimes with his King
and press to a thickness of 1
inch. Place baking sheet in re-
frigerator and chill overnight.
The following day, cut ga-
nache into 1-inch cubes, work-
ing quickly to avoid melting.
Place in refrigerator.
4. Make the brownies: Pre-
heat oven to 350 degrees.
Butter an 8-by-12-inch rectan-
Charles-Australian Shepherd mix,
Amelie. “It takes about 45 minutes,
and it’s great for the dog,” he said.
When he gave notice at the Univer-
sity Club to devote himself full time
to building Contento uptown, some
club members joked he was leaving
for “Upstate New York.” Many had
never been north of Central Park.
“A lot of New Yorkers have lived
here all their lives and don’t know
East Harlem,” Mr. Benjamin said.
He hopes that will change. The
neighborhood is changing as well.
On a long-empty, block-long lot
across the street, three mixed-use
buildings of various sizes are now
under construction.
The Contento wine list, a work
in progress as well, will feature 75
to 100 wines at modest markups.
Many of the bottles featured will
be unfamiliar to most guests: a
Cabernet Franc from Hound’s Tree
winery on Long Island, for in-
stance, and a Sauvignon Blanc
from the Vineyards at Dodon in
Maryland, not to mention selec-
They’re looking ahead
with hope and a keen
sense of responsibility to
diners who have long
been overlooked.
tions from Italy, France and Spain.
Most wines will be priced between
$40 and $60 a bottle. There will
be small-batch beers from Brook-
lyn and the Bronx, too, as well as
.
Miller High Life. Mr. Benjamin’s
wife, Heidi Turzyn Benjamin, a
former sommelier at Gotham in
Manhattan, is in charge of the
cocktail program.
The Peruvian chef, Mr. Lorenzzi,
has worked in restaurants all over
New York. Dishes on his menu
range in price from $7 to $29 and
display an eclectic mix of influ-
ences, from French to South Amer-
ican. A “Oaxacan pizza” has a top-
ping of chorizo and tomatillos; the
short ribs come with a spicy pea-
nut sauce and jasmine rice. The
restaurant will also cater meals for
the Axis Project, co-founded by
Mr. Gallego, which provides spaces
for people with physical disabili-
ties to exercise and socialize.
Contento’s official opening date
is June 10. That firm date might be
the only certainty in a high-risk
business. Most restaurants don’t
last long, and if they do the profit
margins tend to be razor-thin. “A
restaurant in New York with a 10%
profit margin is extremely success-
ful,” Mr. Benjamin said.
But he and his partners are
looking ahead with hope as well as
a keen sense of responsibility to
diners who have long been over-
looked. They’ve worked hard to
build accessibility into the pricing
of the menu as well as the floor
plan of the space. And they’re
committed to offering some really
good wine and food, at the kind of
neighborhood spot they’ve long
wanted for themselves.
 Email Lettie at wine@wsj.com.
gular pan and line with parch-
ment paper. In a bowl, com-
bine flour and salt. Set aside.
5. Over a double boiler, melt
butter and chocolates, stirring
frequently with a spatula. Re-
move from heat and let cool.
6. Use a stand mixer fitted
with paddle attachment or a
hand mixer to cream to-
gether eggs, sugar and va-
nilla at medium speed until
mixture is pale and foamy
and has risen in volume,
about 5 minutes. Use a spat-
ula to add a small amount of
melted chocolate to eggs to
temper them. Add remaining
chocolate and gently fold
into egg mixture.
7. Add flour mixture, a third at
a time, by sifting it over choc-
olate mixture, folding well be-
tween each addition. Add ga-
nache cubes. There should be
no streaks in the batter, but
avoid overworking it.
8. Transfer batter to prepared
baking pan and lightly tap pan
on counter to even out batter.
Bake, rotating pan halfway
through, until batter jiggles
evenly, not only in the center,
if shaken gently, 18-20 min-
utes. Place pan on a cooling
rack and let cool 1 hour before
cutting into squares.
MAUDE CHAUVIN
—Adapted from ‘Olive + Gour-
mando: The Cookbook’ by
Dyan Solomon
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D14 | Saturday/Sunday, May 29 - 30, 2021 * *** THE WALL STREET JOURNAL.

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n-
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High Jewelry