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The Lonely Odyssey of
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What’s
News
World-Wide
ussian forces closed in
R on Kyiv, attacking by
land and air on Friday, while
Ukrainian soldiers and civil-
ians dug in to defend the
capital and Ukraine’s presi-
dent vowed not to surren-
der. Moscow signaled an
openness to talks with Kyiv,
but Putin subsequently ex-
coriated Zelensky. A1, A6-12
 The U.S. sanctioned Putin
as part of a broad range of
new measures that the Biden
administration is preparing
in hopes of inflicting finan-
cial pain on Moscow. A1
 Ukrainians fleeing the inva-
sion began streaming into EU
nations, in what neighboring
countries expect to become an
exodus of more than one mil-
lion people in coming days. A6
 Biden selected Judge
Ketanji Brown Jackson to fill
a vacancy on the Supreme
Court, making her the first
Black woman to be nomi-
nated to be a justice on the
nation’s highest court. A1
 The CDC eased guidelines
on Covid-19 masking, includ-
ing at schools, in a shift that
reflects decreased risks from
the Omicron variant, a steep
drop in cases and mitiga-
tion efforts nationwide. A3
 J&J and three big drug
distributors have agreed to
move forward with a land-
mark opioid settlement
with a majority of states. A3
Business & Finance
 The stock market capped
a turbulent week by rallying
Friday, as investors furiously
shifted bets on how the Fed
will proceed with rate in-
creases after Russia’s invasion
of Ukraine. The S&P 500, Dow
and Nasdaq rose 2.2%, 2.5%
and 1.6%, respectively. A1
 Investors who make big
bets against company stocks
could soon have to report
more information about
their positions to the SEC. B1
 The British government
is pressuring BP to offload
its minority stake in Rus-
sian oil company Rosneft,
citing the Russian oil giant’s
links to the Kremlin. A10
 U.S. consumer spending
rose a seasonally adjusted
2.1% in January from the
previous month, rebound-
ing from a revised 0.8%
decline in December. A2
 CNN’s parent determined
that the network’s former
marketing chief provided
guidance to then-anchor
Chris Cuomo as he tried to
help then-New York Gov. An-
drew Cuomo deal with allega-
tions of sexual misconduct. B3
 Starbucks baristas at a
cafe in Mesa, Ariz., voted to
unionize, a move that follows
a successful organization cam-
paign at two chain locations
in the Buffalo, N.Y., area. B3
NOONAN
Where Putin
Goes From Here A17
JOURNAL REPORT
Travel: Crossing America
On a Tandem Bike R1-12
CONTENTS
Books....................... C7-12 Opinion............ A15-17
Business News......... B3 Sports..................... A18
Design & Decorating D4-5 Style & Fashion D2-3
Food............................ D6-7 U.S. News.......... A2-5
Gear & Gadgets... D10 Weather................ A18
Heard on Street......B14 World News.. A6-13
s 2022 Dow Jones & Company, Inc.
All Rights Reserved
THE WALL STREET JOURNAL WEEKEND
* * * * * * * * * SATURDAY/SUNDAY, FEBRUARY 26 - 27, 2022 ~ VOL. CCLXXIX NO. 46
GLEB GARANICH/REUTERS
Smoke and flames rise during shelling near Kyiv early Saturday morning as the Ukrainian capital girded to defend itself against a Russian ground assault.
Ukrainian Troops Battle to Save Kyiv
Prospect of urban
combat appears likely
after a brief opening
for talks failed
Russian forces closed in on
Kyiv, attacking by land and air
on Friday, while Ukrainian sol-
diers and civilians dug in to de-
fend the capital. Ukraine’s pres-
ident vowed not to surrender.
Moscow signaled an open-
U.S. Lays
Out New
Russian
Penalties
WASHINGTON—The U.S.
sanctioned President Vladimir
Putin of Russia on Friday as
part of a broad range of new
measures that the Biden ad-
ministration is preparing in
hopes of inflicting financial
By Vivian Salama,
Andrew Restuccia
and Ian Talley
pain on Moscow after Russia
invaded Ukraine.
The new penalties targeted
not only Mr. Putin but mem-
bers of his inner circle. The
U.S. will also impose full
blocking sanctions on the
state-owned Russian Direct In-
vestment Fund, a sovereign-
wealth fund, according to
White House press secretary
Jen Psaki. The administra-
tion’s broader aim, should
Russia continue its incursion
on Ukraine, is to target all of
Russia’s banks on a rolling ba-
Please turn to page A7
Ukrainians fleeing invasion
stream into EU nations
A6
EXCHANGE
Obituaries............ A14
CAR TROUBLE
>
Prices are soaring,
vehicles are in short
supply and buyers say
they’ve had enough.
B1
ness to talks with Kyiv. But
shortly after, President Vladi-
mir Putin of Russia excoriated
Ukrainian counterpart Volod-
ymyr Zelensky, calling him a
terrorist and urging Ukraine’s
military to oust him, dimming
prospects for diplomacy.
Firefights erupted in several
areas of Kyiv, including the cen-
ter, throughout the night into
Saturday morning local time as
Russian air strikes continued.
Zelensky: Comic to ‘Target No. 1’
BY JAMES MARSON
As Russian troops closed in
on Kyiv on Friday, President
Volodymyr Zelensky
Ukraine posted a video of him-
of
self in the heart of the capital
city, dressed in fatigues.
“The president is here. We
are all here. Our troops are
here,” he said, surrounded by
his top aides. “We are defend-
ing our independence, our
state, and that will continue.”
The Ukrainian leader said
that Russian forces pushing
Stocks Stage Big Rally How Western Allies
To Finish Wild Week Misjudged Putin
Index performance Friday
2%
1
Dow industrials
0
S&P 500
Nasdaq Composite
–1
10 a.m. noon 2 p.m.
Note: five-minute intervals Source: FactSet
Bank sanctions
aim to focus the pain
A7
Biden Chooses Jackson for Supreme Court
President Biden selected
Judge Ketanji Brown Jackson
to fill a vacancy on the Su-
preme Court, making her the
first Black woman to be nomi-
nated to be a justice on the
nation’s highest court.
By Ken Thomas,
Jacob Gershman
and Jess Bravin
“For too long our govern-
ment and our courts haven’t
looked like America,” Mr. Biden
said Friday at the White House,
introducing the judge as a
“proven consensus builder” and
a “distinguished jurist.”
“I believe it’s time that we
have a court that reflects the
Ukrainian officials said Russian
saboteur groups were trying to
operate in the Ukrainian capital.
By Yaroslav Trofimov
in Hostomel, Ukraine,
and Brett Forrest
in Kyiv, Ukraine
“This night they will begin
to storm,” Mr. Zelensky said
late Friday night. “We all have
to know what awaits us, and we
toward Kyiv have placed a tar-
get on his back. Russia has
made clear that the aim of its
attack—the biggest invasion of
a European country in over
half a century—is to remove
Ukraine’s government and in-
stall a leadership more
friendly to Moscow.
President Vladimir Putin of
Russia urged the Ukrainian
army Friday to overthrow its
political leaders, whom he
called “terrorists,” and cut a
deal with Moscow—an unlikely
scenario as even Mr. Zel-
BY MICHAEL WURSTHORN
AND JOE WALLACE
The stock market capped a
turbulent week by rallying Fri-
day, as investors furiously
shifted bets on how the Fed-
eral Reserve will proceed with
interest-rate increases in the
wake of Russia’s invasion of
Ukraine.
Investors bought the dip
across markets over the last
4
two days, wading back into
Please turn to page A10
Global economy suffers a
fresh shock
A9
full talents and greatness of
our nation with a nominee of
extraordinary qualifications,”
he said.
Judge Jackson, 51 years old,
serves on the U.S. Court of Ap-
peals for the District of Co-
lumbia Circuit, one of the na-
tion’s most influential courts
and often a steppingstone for
Supreme Court justices.
She joined that court in
June after eight years as a
federal trial judge in the na-
tion’s capital, where she wrote
more than 550 opinions, in-
cluding one from 2019 in
which she ruled former White
House counsel Don McGahn
didn’t have absolute immunity
Please turn to page A4
Antarctica:
The Ultimate
Bucket-List Trip
OFF DUTY
WSJ.com
have to withstand. The fate of
Ukraine is being decided right
now.”
In the town of Vasylkiv
south of Kyiv, which hosts a
major Ukrainian air base, local
authorities reported a large
Russian airborne landing at-
tempt. Intense fighting was go-
ing on in Vasylkiv in early Sat-
urday morning, and Ukraine’s
military reported downing a
Russian troop transporter
ensky’s critics and political ri-
vals have rallied to Ukraine’s
defense.
Advisers to Mr. Zelensky
said they are concerned Rus-
sian sabotage groups could try
to infiltrate the government
district in Kyiv and attempt to
assassinate the 44-year-old.
Security forces are deployed
around government buildings
in full battle dress.
In a video call with Euro-
pean Union leaders late Thurs-
day, Mr. Zelensky drove home
Please turn to page A12
Western powers and their
allies have lined up to oppose
Russian President Vladimir
Putin’s invasion of Ukraine.
By Michael R. Gordon
in Washington, Stephen
Fidler in London and
Alan Cullison in Kyiv,
Ukraine
They can’t say he didn’t warn
them.
Fifteen years ago, the for-
China readjusts relations
with Russia
A12
Judge Ketanji Brown Jackson speaking at the White House after
President Biden announced her as his Supreme Court pick.
HHHH $6.00
plane. There was no immediate
confirmation of that claim.
If Russia succeeds in con-
trolling Vasylkiv, it would effec-
tively surround Kyiv, cutting off
the flow of reinforcements and
supplies from the south.
Ukrainian troops blew up
several bridges leading into
Kyiv from the northwest to
slow the progress of Russian
armored columns that had
Please turn to page A8
VOLODYMYR ZELENSKY/AFP/GETTY IMAGES
President Volodymyr Zelensky’s
firmness is winning him praise.
mer KGB officer railed against
U.S. domination of global af-
fairs and assailed the post-
Cold War security order as a
threat to his country. In the
years that followed, he
grabbed portions of Georgia,
annexed Crimea and sent
troops into Ukraine’s Donbas
region.
Mr. Putin sent repeated sig-
nals that he intended to widen
Russia’s sphere of influence
Please turn to page A11
James Mackintosh:
Why stocks rebounded
B13
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES
A2 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.

U.S. NEWS
Consumer Spending Rose by 2.1% in January
BY DAVID HARRISON from a year earlier, the fastest New orders for nondefense Spending on goods and If the price were to rise to “That could cool off growth
pace in four decades. capital goods excluding air- services, change since about $115 a barrel, it could even more,” he said. “That’s
U.S. consumer spending After adjusting for infla- craft, a closely watched proxy February 2020 push overall U.S. annual infla- the biggest concern I have be-
rose briskly in January and tion, consumer spending was for business investment, rose tion to around 10%, according cause of this conflict.”
30%
prices climbed faster, adding up 1.5% in January while 0.9% in January from the pre- to Joseph Brusuelas, chief Already there are signs in-
to other signs that the econ- household income after taxes vious month, the report said. Goods economist at RSM US. flation is beginning to wear on
omy started the year on a was down 0.5%. Holding back households, 20 That would prompt house- families. Income after taxes
solid footing despite the Omi- Recent economic data indi- however, has been the persis- holds to spend more of their and adjusting for inflation fell
cron wave of Covid-19 infec- cate that the U.S. economy tence of the pandemic—the 10 incomes on gas and less on for the sixth straight month in
tions. But economists warned gained momentum last month, Omicron wave of Covid-19 other goods and services, Mr. January to the lowest level
the conflict in Ukraine could with employers adding a ro- peaked in January in the U.S. Brusuelas said. It would also since March 2020, the Com-
curb growth in the coming bust 467,000 jobs in January And the fastest pace of infla- 0 weaken consumer confidence, merce Department said.
months if it leads to higher and retail sales rising a sea- tion in about four decades which, over time, could lead The saving rate, the share
gasoline prices. sonally adjusted 3.8% from De- could also make people think –10 Services consumers to pull back on of income left over after pay-
Spending rose a seasonally cember. twice about leaving their some discretionary purchases. ing for expenses, fell to 6.4%
adjusted 2.1% in January from Rising wages and bank ac- home or shelling out on big –20
That could shave 1 percentage in January, the lowest level
the previous month, rebound- counts fattened by govern- purchases. point of economic growth over since December 2013.
ing from a revised 0.8% de- ment stimulus programs have Moves in the U.S. and Eu- the course of a year. The University of Michigan
cline in December, the Com- also given people cash to rope to sanction Russia over –30 “The American middle-in- Surveys of Consumers said
merce Department reported spend. its invasion of Ukraine could 2020 ’21 ’22 come household is the one Friday its measure of con-
Friday. Personal income was Manufacturers’ orders for limit the supply of Russian oil that’s going to bear the bur- sumer sentiment fell to 62.8 in
Note: Seasonally adjusted; inflation adjusted
unchanged on the month, fol- durable goods—those meant and natural gas, which could Source: Commerce Department via St. Louis den of adjustment here,” he February, its lowest level in
lowing the expiration of the to last at least three years— raise gasoline prices in the Fed said. more than a decade.
federal government’s monthly also rose last month, accord- U.S. and push inflation higher Faster inflation could also Despite those headwinds,
child tax credit. ing to a separate Commerce still. Economists at Oxford Brent crude-oil prices, the force the Federal Reserve to economists anticipate con-
The department’s measure report. Orders were up 1.6% in Economics estimate the con- international benchmark, raise interest rates faster than sumer spending will rise this
of inflation—the personal-con- January from the previous flict could add about half a briefly rose above $100 a bar- anticipated, said Gus Faucher, year as the fear of Covid-19
sumption-expenditures price month to a seasonally adjusted percentage point to U.S. infla- rel on Thursday for the first chief economist at the PNC Fi- fades and people spend down
index—rose to 6.1% in January $227.5 billion. tion this year. time in almost eight years. nancial Services Group. savings.

U.S. WATCH
Inflation Gauge
Hits 38-Year High
WASHINGTON

Man Jailed for Theft

Of Pelosi’s Lectern
A Florida man who took BY GWYNN GUILFORD heels of four-decade-high in-
House Speaker Nancy Pelosi’s lec- flation readings from the La-
tern during the Jan. 6, 2021, riot The Federal Reserve’s pre- bor Department earlier this
at the U.S. Capitol was sentenced ferred measure of inflation hit month. In January, the con-
to 75 days in prison on Friday. a 38-year high in January, as sumer price index soared 7.5%
STEPHANIE ZOLLSHAN/THE BERKSHIRE EAGLE/ASSOCIATED PRESS

Adam Johnson traveled to strong consumer demand and from a year earlier, with core
Washington to attend a rally as pandemic-related supply con- CPI up 6%. Producer prices
Congress met early last year to straints propelled price gains. climbed 9.7% on a 12-month
certify Joe Biden’s win over The Commerce Depart- basis last month. Because the
then-President Donald Trump. ment’s personal-consumption- core PCE index is mostly
Mr. Johnson was one of the expenditures index measure of drawn from those two indexes,
hundreds of Trump supporters core inflation, which excludes the latest reading doesn’t
who later stormed the Capitol to volatile food and energy costs, yield much new information
stop the session, according to rose 5.2% in January from a about inflation.
federal prosecutors. year ago, up from 4.9% in De- The Labor Department’s CPI
A widely circulated Getty Im- cember. That marks the sharp- typically runs higher than
ages photograph showed Mr. est 12-month increase since Commerce’s index, in part be-
Johnson in the Capitol Rotunda, April 1983. cause they capture different
smiling and waving to the cam- On a monthly basis, the pools of spending. The CPI
era while holding the House core PCE price index climbed a measures changes in living
speaker’s lectern. seasonally adjusted 0.5% in costs based on what urban
He was arrested and was January from the prior month, consumers pay out of pocket
charged days later with know- SYNCHRONIZED SNOWBLOWING: Two workers teamed up to clear snow from the sidewalk outside the same pace as in the previ- for a hypothetical basket of
ingly and unlawfully entering a re- of Berkshire Superior Court in Pittsfield, Mass., on Friday. ous three months. goods and services. The PCE
stricted building, theft of govern- The Commerce Depart- index, by contrast, includes
ment property and violent entry tional finance and trade, as well NORTH CAROLINA SAN DIEGO ment’s measure of overall con- prices in rural areas, as well
and disorderly conduct on Capitol as its work with the World Bank sumer inflation increased 6.1% as those paid by organizations
grounds. Mr. Johnson reached a and International Monetary Fund. Ex-Governor McCrory Court-Martial Set in from a year earlier, the fastest that spent on behalf of house-
plea agreement in November; he Mr. Shambaugh served as a Files for Senate Run Ship’s Destruction pace since 1982. The data re- holds—for example, employer-
pleaded guilty to one count of en- member of the White House flect prices in January, before sponsored healthcare plans.
tering and remaining in a re- Council of Economic Advisers dur- Former North Carolina Gov. A sailor accused of starting the Ukraine-Russia tensions As a result, the weight as-
stricted building or grounds. ing the Obama administration. His Pat McCrory officially filed as a fire that destroyed the USS Bon- pushed oil prices to seven- signed to some goods and ser-
—Talal Ansari research has focused on interna- U.S. Senate candidate Friday, homme Richard will face a court- year highs. The most-widely vices differs between the two
tional economics, including the eu- calling himself best-suited to martial for arson, the Navy said held futures for Brent crude, indexes—as does their relative
TREASURY rozone crisis and the relationship represent the state during “seri- Friday. Seaman Recruit Ryan which call for delivery of oil in impact on each index. Used
between exchange-rate regimes ous times” at home and abroad. Mays, 20 years old, faces two May, exceeded $100 a barrel car and truck prices make up a
Ex-Obama Official and monetary policy. He also Mr. McCrory, who served as counts in military court for the on Thursday after Russia’s in- much smaller share of the
Nominated for Post worked on the Biden transition governor from 2013 through 2016 July 2020 blaze that injured doz- vasion of Ukraine threatened core PCE index than of core
team and is a senior nonresident and was Charlotte mayor for 14 ens of personnel aboard the am- to scramble the region’s ex- CPI. The sharp rise in prices
President Biden nominated fellow at the Brookings Institution. years, had announced his plans to phibious assault ship as the fire ports. for used autos has therefore
Jay Shambaugh, a professor at Andy Baukol, a career Trea- seek the Republican nomination burned for five days and sent acrid The continued pickup in translated to a relatively big-
George Washington University sury official, has served in the last April. Mr. McCory is expected smoke wafting over San Diego. core prices adds to pressure ger increase in core CPI.
and former economic aide in the position in an acting capacity. to face U.S. Rep. Ted Budd, former It marked one of the worst on Fed officials to begin rais- Housing constitutes around
Obama administration, to serve The post has been a stepping- Rep. Mark Walker and combat noncombat warship disasters in ing interest rates this spring one-fifth of the core PCE in-
as the Treasury Department’s stone for some of Washington’s veteran Marjorie Eastman, among recent memory and the vessel to cool the economy and bring dex; its weight in the core CPI
top economic diplomat. top economic policy makers, in- others in the GOP primary. had to be scrapped. down inflation, said Veronica index is nearly double that
If confirmed by the Senate to cluding Federal Reserve governor The front-runner for the Dem- Defense lawyer Gary Barthel Clark, an economist at Citi- share. Meanwhile, healthcare
be the undersecretary for inter- Lael Brainard, and former Trea- ocratic nomination, former state said the seaman maintains his group. services typically make up
national affairs, Mr. Shambaugh sury secretaries Timothy Geith- Supreme Court Chief Justice innocence and looks forward to “The consistent trend of around 18% of the core PCE in-
would help lead the Biden admin- ner and Larry Summers. Cheri Beasley, filed Thursday. proving it at trial. even higher inflation should dex, compared with around 9%
istration’s approach to interna- —Andrew Duehren —Associated Press —Associated Press keep the Fed pursuing much of core CPI. The sharper rise
tighter monetary policy in the in housing costs relative to
coming months,” she said. prices for medical-care ser-

Wind-Farm Auction Attracts Record Bids Fed officials’ next meeting

is set for March 15 and 16.
Friday’s data come on the
vices has also contributed to a
faster pace of core CPI infla-
tion than that for core PCE.

BY JENNIFER HILLER known as the New York Bight,
was the first lease auction in
A U.S. auction of locations federal waters since 2018 and
for offshore wind farms on the the start of an ambitious
Atlantic coast resulted in a re- schedule to parcel out ocean
cord $4.37 billion in winning blocks for new wind farms that
bids, officials said Friday, a would ring the coastal U.S.
sign of robust interest in de- Coming auctions this year
veloping renewable energy in are planned for waters off
federal waters. North Carolina, California and
Auction winners for parcels in the Gulf of Mexico. More
covering nearly a half million leasing will follow in waters
acres off the coast of New that include the central Atlantic,
York and New Jersey included Oregon and the Gulf of Maine.
a partnership of Shell PLC and “We expected this lease to be
EDF Renewables Inc., a part- hotly contested. The U.S. market
nership of U.S.-based firms In- is maturing,” said James Cotter,
venergy LLC and energyRe, general manager of Americas
and a partnership of Engie SA, offshore wind for Shell.
EDP Renewables and fund The steady diet of federal
manager Global Infrastruc- auctions is expected to help
ture Partners. bolster the U.S. industry and its
The sale is the first for the
Biden administration and marks
suppliers. If a developer doesn’t
succeed in one auction, another
a key moment in the presi- is around the corner.
dent’s bid to help jump-start an “What makes the U.S. op-
American offshore wind indus- portunity much clearer mov-
try as he seeks to decarbonize ing forward and more stable
the nation’s electricity grid in from an investment standpoint
response to climate change. is the fact that you have now
President Biden has said he in place a schedule for lease
wants the U.S. to generate 30 sales coming online,” said Erik
gigawatts of power through Milito, president of the Na-
offshore wind by 2030, enough tional Ocean Industries Associ-
to power millions of homes. ation, an industry trade group
While the offshore wind in- that includes both offshore-
dustry is well established in wind and oil-and-gas firms.
Europe, the U.S. has just two Bidding this week by 14
offshore wind farms, which op- companies lasted three days
erate off Rhode Island and Vir- and went 64 rounds, according
ginia, and another two projects to the Interior Department’s
approved for development. Bureau of Ocean Energy Man-
The sale, located in an area agement, which handles off-
shore energy projects. The
auction of just one parcel sur-
passed $1 billion and by itself
easily eclipsed the previous
record of $405 million in win-
ning bids, set in the 2018 lease
sale of coastal waters off Mas-
sachusetts. The government
said it was the highest-gross-
ing competitive offshore en-
ergy lease sale in history.
“If there was ever any doubt
about the appetite for offshore
wind in the U.S., the results of
this should put that to rest,”
said analyst Adam Wilson of
S&P Global Market Intelligence.
There are plenty of hurdles
for the new industry. Wind-tur-
bine manufacturers are beset
CORRECTIONS  AMPLIFICATIONS
A graphic with a U.S. News
article on Thursday about ma-
ternal deaths incorrectly omit-
ted a label saying that it
showed maternal deaths per
100,000 live births.
Used-car auction business
Adesa U.S. usually facilitates
the sale of cars at auction by
consignment. A Business News
article on Friday about Car-
vana Co.’s deal to buy Adesa
incorrectly said it typically
buys and sells cars.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
by pandemic-related challenges
and have proven especially
susceptible to shipping back-
logs, component delays and
rising raw-materials prices,
which could pressure project
costs for developers. Offshore
wind in the U.S. already is
more expensive than other
forms of renewable energy.
The projects have encoun-
tered opposition from the
commercial fishing industry,
which has raised concerns
about the impact on liveli-
hoods and ecosystems, and
coastal residents who object
to transmission cables and
other infrastructure passing
through their communities.
Siesta Key Public Beach Ac-
cess 2 was incorrectly identi-
fied as Siesta Key Public Ac-
cess Beach 2 in a Feb. 12 Off
Duty article about beaches in
Florida.
Notice to readers
Some Wall Street Journal
staff members are working re-
motely during the pandemic.
Please send reader comments
only by email or phone, using
the contacts below, not via
U.S. Mail.
Personal consumption expenditure price indexes,
change from previous year
10%
PCE price index
Core PCE price index
5
RECESSIONS
0
1980 '85 '90 '95 2000 '05 '10 '15 '20
Note: Seasonally adjusted monthly data
Source: Commerce Department
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THE WALL STREET JOURNAL.
J&J and Drug Distributors
Agree to Opioid Settlement
Companies give final
approval to roughly
$25 billion deal with
dozens of U.S. states
BY KRIS MAHER
AND WILL FEUER
Pharmaceutical company
Johnson & Johnson and three
of the nation’s biggest drug
distributors have agreed to
move forward with a landmark
settlement with a majority of
states, bringing thousands of
lawsuits over the opioid epi-
demic closer to the finish line.
Drug distributors
AmerisourceBergen Corp.,
Cardinal Health Inc. and
McKesson Corp. would pay a
total of $19.5 billion to 46
states over 18 years, according
to the companies. J&J said it
would pay $5 billion to 45
states.
The global settlement was
first announced last summer. It
was given final approval by the
companies after a threshold
number of state and local gov-
ernments agreed to participate
and currently amounts to
roughly $25 billion.
The settlement is the largest
to date from more than 3,000
CDC Eases Covid Mask Guidelines
BY SARAH TOY
AND JON KAMP
Federal officials eased their
guidelines on Covid-19 masking,
including at schools, in a shift
that reflects decreased risks
from the Omicron variant, a
steep drop in cases and mitiga-
tion efforts nationwide.
The Centers for Disease Con-
trol and Prevention on Friday
changed the metrics it uses to
assess Covid-19 risk by county
across the U.S. Risk will now be
assessed based on three factors:
new Covid-19 cases per 100,000
residents in the past seven days;
new Covid-19-related hospital
admissions; and the percentage
of hospital beds occupied by
Covid-19 patients.
Before Friday, the CDC sorted
counties into one of four risk
categories based on Covid-19
case numbers and test positivity
rates. Now, the agency is break-
ing counties down into three
different groups: high, medium
or low local Covid-19 risk.
The new guidelines reflect a
heightened focus on minimizing
severe disease and limiting
pressures on the healthcare sys-
tem, the CDC said.
The CDC now recommends
universal school masking only in
communities where Covid-19
levels are high. The CDC felt it
could ease masking recommen-
13.24ct Moonstone
& Sapphire Ring
www.oscarheyman.com
* * * *
U.S. NEWS
lawsuits brought by states, lo-
cal governments, Native Ameri-
can tribes, hospital groups and
others alleging that companies
from pharmaceutical manufac-
turers to distributors and phar-
macies flooded areas with pills
and created the opioid epi-
demic, ultimately forcing com-
munities to spend millions of
dollars responding to the crisis.
The settlement also comes
as drug-overdose deaths con-
tinue to grow, reaching more
than 100,000 in the 12-month
period ended last April, the
Centers for Disease Control
and Prevention has said.
The settlement funds will go
to state and local governments
and pay for healthcare and
drug treatment programs,
among other programs aimed
at mitigating the opioid crisis,
said a group of lawyers who
negotiated on behalf of the
state and local governments.
“The bottom line from this
news is that help is on the way
for first responders and health-
care workers on the front lines
of this public health crisis,” the
attorneys said.
J&J said in a statement that
the settlement wasn’t an ad-
mission of liability or wrongdo-
ing and that the company
would continue to defend itself
Masked pedestrians in New York City. The seven-day average for new
U.S. cases was 74,750 Thursday, down sharply from January’s peak.
dations in schools because chil-
dren are at relatively lower risk
of severe disease and mostly
have asymptomatic or mild in-
fections, according to Greta
Massetti of the agency’s
Covid-19 Response Incident
Management Team.
CDC Director Rochelle
Walensky said masking guid-
ance could change again. “We
need to be able to relax our lay-
ered prevention measures when
things are looking up,” she said.
“And we need to be able to dial
them again…should we have a
new variant or surge.”
As of Thursday, nearly 72% of
the U.S. population, comprising
Saturday/Sunday, February 26 - 27, 2022 | A3
in other litigation. The com- son spokesman didn’t respond
pany no longer sells prescrip- to a request for additional
tion opioids in the U.S. comment.
AmerisourceBergen will pay Earlier this month, the three
$6.1 billion, Cardinal Health drug distributors agreed to pay
will pay $6 billion and McKes- $439.9 million to more than
son will pay $7.4 billion over 400 Indian tribes that had sued
the course of 18 years. them. Johnson & Johnson
The drug distributors said in agreed to pay $150 million in
a joint statement that they that settlement.
continue to dispute the allega- Meanwhile, other cases con-
tions against them, but that tinue to wind through state
the settlement is a milestone in and federal courts against
resolving opioid claims and de- other companies in the opioid WILD CHILD
livering relief to communities supply chain. The bankruptcy CUFFS
across the country hit by the of Purdue Pharma LP also re-
opioid epidemic. mains unresolved.
A spokesman for Members of the Sackler
AmerisourceBergen said the family who own Purdue
settlement will allow the com- Pharma have proposed paying
pany to avoid years of litiga- up to $6 billion to settle litiga-
tion and will expedite sending tion accusing them of fueling
resources to communities. the opioid epidemic, after a
“The years of legal actions judge overturned a previous
leading up to this point have chapter 11 deal.
shown time and time again In December, a jury in New
that pharmaceutical distribu- York state found drugmaker
tors must walk a legal and ethi- Teva Pharmaceuticals USA Inc.
cal tightrope between provid- liable for creating a public nui- PAU L MO R E L L I . C O M
ing access to necessary sance in the state and two
medications and acting to pre- Long Island counties. And in N YC : 8 95 M A D I S O N
vent diversion of controlled November, a federal jury in ( 72 N D & M A D I S O N )
substances,” said Gabriel Cleveland found that the com- P H L : 1118 WA L N U T S T R E E T
Weissman, a spokesman for panies owning CVS, Walgreens 212. 5 8 5 . 42 0 0
AmerisourceBergen. and Walmart pharmacies were
A Cardinal spokesman de- liable for contributing to the
clined to comment beyond the opioid epidemic in two Ohio
joint statement, and a McKes- counties.
unmatched speed and blowing
away earlier case records,
though often through break-
through infections in vaccinated
people who had mild symptoms.
The rise in at-home testing,
GABBY JONES FOR THE WALL STREET JOURNAL
meantime, has also rendered
case-tracking data less accurate
because states typically don’t
capture these test results.
The seven-day average for
new cases in the U.S. was 74,750
on Thursday, down sharply from
levels that topped 800,000 in
January. Hospitalizations are
also falling, and death counts
have begun declining, too.
Hospitalization and case
numbers might not reflect
changes in infection rates, which
are crucial to determining when
63% of U.S. counties, lived in to raise or lower mitigation
places where the CDC doesn’t measures, said Ashish Jha, dean
advise indoor masking broadly, of Brown University’s School of
according to the new metrics. Public Health. He said the new
This is a sharp change from the guidelines were a big step in the
previous guidance based on case right direction but that he wor-
and positivity trends, which put ried they might not identify fu-
more than 95% of all U.S. coun- ture surges quickly enough.
ties under agency guidance for Many states and counties
public indoor masking. have already dialed back their
The CDC said people who are mitigation efforts. These steps,
symptomatic, test positive for including pullbacks in school
Covid-19 or are exposed to in- mask mandates, are largely in
fected people should still don places such as Massachusetts,
face coverings no matter where New Jersey and Connecticut
they are. that maintained or added re-
The Omicron variant up- strictions during the most re-
ended the CDC’s previous reli- cent wave driven by the Omi-
ance on cases by spreading with cron variant.
OUR FLEET
OUR CREWS
OUR SAFETY
YOUR SOLUTION
Only with Reserve Membership
8 5 5 -J E T- E D G E FLYJ E T E D G E .C O M
A4 | Saturday/Sunday, February 26 - 27, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.

U.S. NEWS

Conservatives Meet,
Trump Looms Large
BY JOHN MCCORMICK sizable shadow over CPAC, as rarely taught in K-12 schools.
he has for more than a decade. The theory’s supporters argue
ORLANDO, Fla.—A gather- Mr. Trump is set to speak that the legacy of white su-
ing this week of staunch con- Saturday evening and is heav- premacy remains embedded in
servatives highlights the dis- ily favored to win a straw poll society through laws and insti-
connect between Donald of attendees that will report tutions that fundamentally
Trump’s supporters and Re- findings Sunday afternoon, shape America.
publicans who fear possible near the end of the four-day “What it is doing to our

ZACK WITTMAN FOR THE WALL STREET JOURNAL

party gains in a potentially fa- gathering. The unscientific children and grandchildren is
vorable election year could be survey aims to gauge early despicable,” Mr. Murray said.
diminished if the GOP remains support for people often men- CPAC attendee Faustina
too closely tied to a former tioned as possible 2024 GOP Guzman-Trump, a Venezuelan
president heavily focused on presidential candidates. native who moved to the U.S.
relitigating the 2020 election. Interviews with convention in 1981, said no issue is more
With the theme of “Awake, attendees showed strong sup- important to her than voting
Not Woke,” this year’s annual port for another White House integrity.
Conservative Political Action bid by Mr. Trump, although “Everything else should be
Conference is also showcasing some said they’d rather see a secondary,” said Ms. Guzman-
the issues animating the GOP new national GOP candidate. Trump, a Floridian who isn’t
base as campaigns that will Many of those mentioned Flor- related to the former presi-
determine control of Congress ida Gov. Ron DeSantis. dent. “If we win the House and The Conservative Political Action Conference Thursday in Orlando, Fla. Mr. Trump will speak Saturday.
and 36 governor’s races accel- “I’d love to see a Trump-De- the Senate, everything else
erate. Santis ticket,” said Jim Mur- will be handled.” ization, which helped arrange GOP leaders in Washington strategist Scott Reed, a former
While some attendees and ray, a retired real-estate bro- The Justice Department gatherings in Washington be- have suggested the party chief political strategist for
speakers touched on Russia’s ker from suburban Atlanta. found no signs of widespread fore the Jan. 6, 2021, attack on needs to focus more on the fu- the U.S. Chamber of Commerce
invasion of Ukraine, most were For now, Mr. Murray said fraud in the 2020 election. the U.S. Capitol by a pro- ture. Other Republicans who who has criticized Mr. Trump
focused on cultural issues, vot- monitoring local school boards Kimberly Fletcher, founder Trump mob, have been sub- didn’t attend the conference in the past.
ing rules and rejecting pan- has become his central politi- of a group called Moms for poenaed by the House select echoed that view. Mr. Reed said he is skepti-
demic mandates and closures. cal focus as he tries to root America who lives in suburban committee investigating the “The best thing CPAC could cal that Mr. Trump would run
Mr. Trump, who continues out critical race theory, an ac- Omaha, Neb., said she also event. do is focus on the historic op- again. “I don’t think he wants
to falsely assert that he won ademic concept that adminis- likes Mr. DeSantis. Senate Minority Leader portunity Republicans have in to be a two-time loser,” he
the 2020 election, is casting a trators and teachers say is Ms. Fletcher and her organ- Mitch McConnell and other 2022 to win big,” said GOP said.

Biden Taps politics may differ, but my

praise for Ketanji’s intellect,
for her character, and for her

Jackson for integrity, is unequivocal,” Mr.

Ryan wrote in a tweet.
The White House signaled

High Court that issues of criminal justice

and the role of police could
factor into the confirmation
process amid a rise in murder
Continued from Page One rates in many U.S. cities and a
from having to testify in a debate over police reform
congressional investigation of measures.
then-President Donald Trump. In her remarks at the White
In his remarks, Mr. Biden, a House Friday, Judge Jackson
Democrat, said Judge Jackson noted that one of her uncles in
would bring a breadth of expe- law enforcement, Calvin Ross,
rience to the Supreme Court, served as police chief in her
citing her work as a public de- hometown of Miami during
fender, a private-practice law- the 1990s. A different uncle,
yer and her posts on two fed- meanwhile, Thomas Brown Jr.,
eral courts. He also pointed to “got caught up in the drug
her family’s roots in law en- trade and received a life sen-
forcement, including a brother tence. That is true,” she said.
and uncles who served as po- Judge Jackson previously
lice officers. served as an assistant federal
Judge Jackson would be the public defender and as the
third Black justice in Supreme vice chairwoman of the U.S.
Court history, following Thur- Sentencing Commission, an in-
good Marshall and Clarence dependent agency that pro-
JACQUELYN MARTIN/ASSOCIATED PRESS

Thomas. If confirmed, she also vides sentencing guidelines for

would mark the first time the the federal courts.
high court has included four In 2011, she and other com-
women. missioners voted to retroac-
Mr. Biden said he was seek- tively apply a new law easing
ing more than a demographic penalties for possession of
statement in Judge Jackson’s crack cocaine. At the meeting
nomination, signaling an in- taking up the vote, she spoke
tention to promote the pro- at length at what she de-
gressive jurisprudence he scribed as the gross injustice
championed as chairman of Ketanji Brown Jackson, a federal appeals court judge, would be the first Black woman on the Supreme Court, if she wins Senate approval. of the prior policy of treating
the Senate Judiciary Commit- offenders trafficking in pow-
tee decades ago. portunity to express judicial ing that Mr. McGahn didn’t serves as a tiebreaking vote. “The attacks by the Left on der cocaine more leniently.
If confirmed by the Senate, views on some significant con- have absolute immunity from The White House and Re- Judge Childs from South Caro- Judge Jackson was born in
Judge Jackson would succeed stitutional issues, including on testifying. publican leaders have both lina apparently worked,” he Washington, D.C., to two pub-
Justice Stephen Breyer, a gun control and abortion In 2019, she blocked the ad- tried to set the stage for a less tweeted. lic-school teachers, who
member of the court’s liberal rights. ministration from expanding a contentious process than the Mr. Graham was one of moved her family to the Miami
wing who said in January that But Judge Jackson’s nine- policy known as expedited re- battles during the Trump ad- three Republicans who voted area when she was a child. Her
he would retire at the end of year record as a federal trial moval that allows the govern- ministration, though en- to confirm Judge Jackson to parents, she said, named her
the court’s current term. Early judge suggests she would slot ment to quickly deport immi- trenched disagreements con- the D.C. Circuit in June on a “Ketanji Onyika” to express
in her career, the nominee in as a solid member of the grants who crossed the border tinue to exist between the two vote of 53-44, with support pride in their African ancestry.
served as a law clerk to Jus- high court’s liberal minority. illegally without involving im- parties on the legal philosophy from all 50 members of the Her father would later become
tice Breyer. “I am confident that she migration courts. The decision a Supreme Court justice Democratic caucus. Sens. Su- an attorney with the Miami-
Judge Jackson said she was would fit comfortably in the was reversed on appeal by the should embrace. san Collins of Maine and Lisa Dade County School Board and
“humbled by the extraordinary liberal side of the court on D.C. Circuit, which said federal Judge Jackson will receive Murkowski of Alaska, both Re- her mother a principal at a
honor of this nomination” and most issues,” said Jonathan a prompt hearing by the Sen- publicans, also backed Judge public magnet school.
praised Justice Breyer, saying Adler, a law professor at Case ate Judiciary Committee in the Jackson, who was part of the Judge Jackson graduated
he “exemplified every day in Western Reserve University. coming weeks, Senate Major- administration’s first slate of from Harvard College magna
every way that a Supreme The judge, he said, “has a rep-
Her record suggests ity Leader Chuck Schumer (D., judicial nominations last year. cum laude in 1992 and from
Court justice can perform at utation for being an extremely she would be a solid N.Y.) said. Ms. Collins, who spoke by Harvard Law School in 1996,
the highest level of skill and collegial judge who is a good Several Republicans, includ- phone with Mr. Biden on Fri- where she was a supervising
integrity, while also being and effective listener.”
part of the court’s ing Sen. Mitch McConnell of day morning about the nomi- editor for its law review.
guided by civility, grace, prag- Many of Judge Jackson’s liberal minority. Kentucky, the chamber’s GOP nation, praised Judge Jack- She and her husband, Pat-
matism and generosity of rulings consisted of routine leader, said they planned to son’s credentials in a rick Jackson, a surgeon at
spirit.” applications of case law, but meet with Judge Jackson and statement Friday and said she MedStar Georgetown Univer-
Mr. Biden’s nomination her body of decisions also sug- study her record ahead of her would be conducting a thor- sity Hospital in Washington,
won’t change the balance of gests she holds a broader view law gives the president “unre- confirmation hearing. ough vetting of the nominee. have two daughters.
power on a high court that has of the judicial role than some viewable discretion” to Sen. Lindsey Graham (R., Ms. Murkowski said she —Tarini Parti
six justices appointed by Re- other judges. shorten and speed up the de- S.C.), who had previously was “committed to doing my and Laura Kusisto
publican presidents, including The judge’s best-known portation process. made favorable comments due diligence before making a contributed to this article.
three by Mr. Trump. case came in 2019 involving A simple majority in the about another contender for final decision on this nomi-
Judge Jackson’s brief ten- Mr. McGahn and a congressio- Senate is needed to confirm a the nomination, Judge J. Mi- nee.” Scan this code
ure as an appellate judge has nal investigation of Mr. high-court nominee. The Sen- chelle Childs, wrote in a tweet Judge Jackson is distantly with your mobile
given her little time to build a Trump. ate is split 50-50, but Demo- Friday that Mr. Biden’s selec- related by marriage to former device for a
robust record on a higher-level “Presidents are not kings,” crats wield control because tion showed the president had House Speaker Paul Ryan, a video about
court. She hasn’t had an op- Judge Jackson wrote, in find- Vice President Kamala Harris been swayed by liberals. Wisconsin Republican. “Our Judge Jackson.

IN HER OWN WORDS

Judge Ketanji Brown Jackson raised the threshold for when a
joined the U.S. Court of Appeals change in workplace conditions
for the District of Columbia Cir- for unionized federal employees
cuit, one of the nation’s most requires collective bargaining.
influential courts, last June. She In an 18-page opinion issued
previously served eight years as this month, Judge Jackson dis-
a federal judge in Washington, missed the federal agency’s rea-
D.C., where she wrote more soning for changing the 35-
than 550 opinions. year-old standard on the basis
Here are excerpts from some that it both nearly always trig-
notable opinions. gered collective bargaining and
did so unpredictably.
“It is not at all clear how the
First Appellate Ruling de minimis standard could both
In her brief tenure as an ap- lead inexorably to the conclu-
pellate judge, Judge Jackson sion that all management deci-
has written two opinions. Her sions ‘no matter how small or
first was a case decided 3-0 trivial’ must be subject to bar-
that struck down a Trump ad- gaining and at the same time
ministration labor rule that had yield unpredictable results.”
• American Federation of
Government Employees, AFL-
CIO v. Federal Labor Relations
Authority (Feb. 1, 2022, U.S.
Court of Appeals for the District
of Columbia Circuit)
The Opinion That Got
The Most Attention
In November 2019, Judge
Jackson issued what might be
her most read opinion, ruling
that former White House coun-
sel Don McGahn had to testify
in a congressional investigation
of then-President Donald
Trump. Over more than 100
pages, she argued that Con-
gress has broad powers to con-
duct its probe that outweigh Quoting ‘Hamilton’ said, she quoted a song from
the president’s confidentiality Lin-Manuel Miranda’s smash hit
interests, concluding that his A case involving chimpan- to explain the concept.
most senior advisers aren’t im- zees gave the theater-loving “[T]he threshold inquiry for
mune from being forced to tes- judge an opportunity to cite the any federal court is whether the
tify on Capitol Hill. Broadway musical “Hamilton.” In plaintiff has alleged, and ulti-
“Stated simply, the primary the case, animal welfare and mately proven, ‘such a personal
takeaway from the past 250 conservation groups sued the stake in the outcome of the
years of recorded American his- U.S. Fish and Wildlife Service to controversy as to warrant [the]
tory is that Presidents are not halt the transfer of eight pri- invocation of federal-court juris-
kings…This means that they do mates from a university re- diction.’ cf. Lin-Manuel Miranda,
not have subjects, bound by loy- search center to an England The Room Where It Happens,
alty or blood, whose destiny zoo. Judge Jackson said the on Hamilton (Atlantic Records
they are entitled to control.” plaintiffs couldn’t bring their 2015) (‘[Y]ou don’t get a win
• Committee on the Judiciary suit because they didn’t have a unless you play in the game.’).”
of the United States House of legal stake in the controversy • New England Anti-Vivisec-
Representatives v. McGahn based on the doctrine known as tion Society v. U.S. Fish and
(Nov. 25, 2019. U.S. District standing. The judge had just Wildlife Service (Sept. 14, 2016,
Court for the District of Colum- seen “Hamilton,” and at the U.S. District Court for the Dis-
bia) suggestion of a clerk, she has trict of Columbia)
THE WALL STREET JOURNAL.
More States Push
To Ban Abortion
After 15 Weeks
BY JENNIFER CALFAS
Lawmakers in three states
are pushing bills that would
ban abortion after 15 weeks of
pregnancy, as politicians
across the U.S. prepare for
possible changes to the abor-
tion rights landscape.
The moves by GOP-led
chambers in Florida, Arizona
and West Virginia mirror the
Mississippi law at the center
of a case before the U.S. Su-
preme Court. The justices’ de-
cision in that case, expected
by the end of June, could up-
end Roe v. Wade, the 1973
landmark decision that estab-
lished a constitutional right to
end an unwanted pregnancy.
That would open the door to
stronger state restrictions.
The West Virginia House of
GOP bills in Florida,
Arizona and West
Virginia mirror a
Mississippi law.
Delegates and Arizona State
Senate both passed bills ban-
ning abortion after 15 weeks
of pregnancy last week. Flor-
ida’s House of Representatives
advanced its bill in a 78-39
vote just after midnight on
Feb. 17 following hours of de-
bate—and an interruption
from protesters.
The bills in each state now
move to other chambers. Law-
makers who support the bills
expect them to be finalized
and signed into law, as gover-
nors in those states have
voiced antiabortion views.
The legislation would allow
the states to more easily and
quickly enforce laws similar to
Mississippi’s should the Su-
preme Court uphold that 15-
week ban, the lawmakers say.
Abortion-rights advocates
Suit Targets Group Marking
1776 Revolution Anniversary
BY JESS BRAVIN
WASHINGTON—Four fe-
male former executives on
Friday sued the federal com-
mission and two affiliated
nonprofits planning the offi-
cial commemoration of the
American Revolution’s 250th
anniversary, alleging misman-
agement and discrimination
drove them from their jobs at
the America250 Foundation.
Renee Burchard, the foun-
dation’s chief administration
officer and chief of staff, and
Kirsti Garlock, its chief legal
officer, resigned in December.
That followed the Septem-
ber resignations of Anna Lay-
mon, vice president of pro-
grams and planning, and Keri
Potts, vice president of com-
munications and public rela-
tions. The Wall Street Journal
reported on the women’s alle-
gations this month.
“Each one of us resigned in
protest of what we all firmly
believed to be the misman-
agement of an organization
and mission that we care
deeply about,” the women
said in a cover letter accom-
panying the lawsuit sent to
the 36 members of the U.S.
Semiquincentennial Commis-
sion.
Citing the Journal report,
three lawmakers serving on
the commission wrote last
week to Daniel DiLella, who is
chairman of both the federal
commission and the
America250 Foundation, call-
ing for a prompt investigation
of the issues.
“Given that the foundation
is partially financed with fed-
erally appropriated money, we
are also concerned as repre-
sentatives of the taxpayers.
That these funds would be
misused or discrimination in
any way involved in their ex-
penditure is unacceptable,”
wrote Sen. Robert Casey (D.,
Pa.), Rep. Dwight Evans (D.,
Pa.) and Rep. Bonnie Watson
Coleman (D., N.J.).
The day after receiving the
lawmakers’ letter, Mr. DiLella
said he said he took “seriously
these allegations including fi-
nancial mismanagement.” He
* * * * Saturday/Sunday, February 26 - 27, 2022 | A5
U.S. NEWS
Florida Aims to Curb Teaching
About Sexual Orientation
BY ARIAN CAMPO-FLORES
say they worry the laws could
be a launchpad for more re- MIAMI—Lawmakers in the
strictive bans in the future, in- Republican-led Florida House
cluding outright bans. Demo- passed a measure Thursday
crats in some states have that would restrict teaching
sought to create new protec- about sexual orientation and
tions establishing a right to gender identity in public
the procedure through state schools, opening a new front in
laws or, in Vermont’s case, a a broader battle over what can
constitutional amendment. be taught in America’s class-
IVY CEBALLO/TAMPA BAY TIMES/ZUMA PRESS
A report last year by the rooms.
Centers for Disease Control The aim is to assert more
and Prevention estimated that parental control over chil-
about 95% of abortions in the dren’s education and to bar in-
U.S. in 2019 took place by 15 appropriate content from the
weeks of gestation. classroom, according to back-
In the Supreme Court case, ers of the bill, which awaits a
Mississippi has argued that by vote in the GOP-led Senate. Re-
15 weeks of pregnancy a hu- publican Gov. Ron DeSantis has
man fetus has made important said he needs to review what-
physiological developments ever measure ultimately passes
and abortions are riskier to before taking a position.
the mother. The law includes “Injecting these concepts Students at a Tampa high school this month protested what critics call the ‘Don't Say Gay’ bill.
exceptions for cases involving about choosing your gender— Backers say the measure is intended to bar inappropriate content. GOP Gov. Ron DeSantis, below,
medical emergency or severe that is just inappropriate for said he needs to review whatever measure ultimately passes before taking a position.
fetal abnormality. Bills intro- our schools,” he said recently.
duced in Florida and West Vir- “Schools need to be teaching transgender girls from playing are people who believe it’s
ginia include similar excep- kids to read and write.” in girls’ school sports. their job to socialize these
tions; Arizona’s bill includes Democrats, civil-rights Under the measure, Florida children,” said Republican
exceptions for medical emer- groups and other opponents would prohibit instruction on state Sen. Dennis Baxley, spon-
gencies. say the proposal, which they sexual orientation or gender sor of a companion measure in
The high court has estab- call the “Don’t Say Gay” bill, identity from kindergarten to the Senate. “Parents are the
lished abortion rights until a would censor discussion about third grade and ban it in later authority in the rearing and
fetus is viable, with the capa- lesbian, gay, bisexual and grades if not “age-appropriate training of these students.”
bility of meaningful life out- transgender people and isolate or developmentally appropri- Parents and groups that op-
side of the womb, which is at LGBT children who are vulner- ate for students.” It bars pose the bill say children who
OCTAVIO JONES/REUTERS
about 24 weeks of pregnancy. able to bullying. It drew a re- school districts from withhold- don’t feel comfortable talking
GOP-led states in recent buke from President Biden, ing information about a stu- about their sexuality with their
years have tried to enact bans who called it “hateful” in a dent’s mental, emotional or parents need to be able to con-
on abortion earlier than what tweet earlier this month. physical health, including gen- fide in another adult. The bill’s
is allowed under current Su- Lawmakers in several other der identity, from parents. An- wording that instruction must
preme Court precedent, which states, including Iowa, South other provision allows parents be age-appropriate is so broad
falls around 24 weeks of preg- Carolina and West Virginia, to sue school districts over al- that it is hard to know what is
nancy. Lower courts have have introduced similar mea- supremacy is entrenched in leged violations of the bill. restricted, they say.
blocked those laws. sures in the past year. A bill U.S. laws and institutions—or Republican Rep. Joe Hard- Brian Kerekes, a 37-year-old
One current exception is filed in Tennessee would for- increase transparency around ing, sponsor of the House ver- high-school teacher in Kissim-
the Texas Heartbeat Act, bid schools from using text- school curricula. sion of the bill, said Tuesday mee, Fla., said students have
which bans abortion after books and instructional mate- The Florida gender and sex- during a floor debate that the approached him to share their
about six weeks of pregnancy rial that promote or support uality bill is the latest in a measure doesn’t limit the gender identity. He said he
and was enacted in September. LGBT lifestyles. string of legislation centered speech of students or curtail considers it his job to provide
The law created a new en- Debating what goes on in on these issues in the wake of discussions of different types a safe space for them to learn,
forcement structure that al- the classroom has proved a po- the 2015 Supreme Court deci- of families, including those and to respect requests such
lows private citizens to bring larizing and a galvanizing sion legalizing same-sex mar- with same-sex parents. as which pronouns students
civil lawsuits against abortion force in local politics across riage, said Cathryn Oakley, Proponents of the bill say would like used.
providers as well as anyone the country. Conservative law- state legislative director and they are trying to ensure par- The bill “adds stress and
who aids or abets an abortion. makers have proposed legisla- senior counsel at Human ents, not teachers, are the ones anxiety,” he said. “But that
The Supreme Court has al- tion to ban teaching about Rights Campaign, a gay-rights discussing issues of sexuality isn’t going to stop me from be-
lowed that law to stay in ef- critical race theory—which ar- advocacy group. Previous pro- and gender with their children. ing there to support a student
fect as a challenge continues. gues that the legacy of white posals include bills banning “In the school system, there if they need help.”
The suit also alleges that
Mr. DiLella selected his asso-
ciates for important roles in
the anniversary project,
sometimes starting as volun-
teers but then shifting them
into compensated positions.
The suit claims those prac-
tices helped create “a ‘boys
club,’ freezing out the women
who were given titles and
large responsibilities, but no
BUSINESS WIRE/ASSOCIATED PRESS
authority or input into key
decisions of the foundation.”
“From the creation of the
Foundation until December of
2021, only four women served
in executive leadership roles.
All four are Plaintiffs in this
case,” the lawsuit says.
In addition to lost wages,
Daniel DiLella is chairman of the suit seeks “a Court-man-
the America250 Foundation. dated full forensic investiga-
tion of the Foundation and
said he would proceed with
plans to hire an outside firm
Commission with respect to
pay practices, employment ART IN BLOOM
to investigate the allegations.
“We are aware of the com-
policies and financial transac-
tions and contracts.” VICTOR CHARRETON
plaint filed by former employ- Congress established the
ees who resigned last year. Semiquincentennial Commis- Incomparable technique. Stunning color. Tranquil moment.
We expect the truth will be sion in 2016, assigning it “to
revealed and we will be en- plan, encourage, develop, and Victor Charreton carried on the legacy
tirely vindicated through the coordinate the commemora- of the Impressionists with his lush
legal process,” the foundation tion of the history of the depictions of the countryside. Through
said on Friday. United States leading up to
the 250th anniversary of the his use of rich impasto, he masterfully
founding of the United captured nuances of light and color,
$12M
States.” and in this original oil on canvas titled
The commission includes Fleurs dans le parc, his skillful eye captures
eight members of Congress
and 16 private citizens se-
blooming flowers on a warm, serene day.
Funds the Semiquincentennial lected by the Democratic and Charreton transports the viewer into the scene, as the tranquility of the park
Commission has received Republican leaders of the and the softness of the petals radiate from the canvas. Today, Charreton’s
House and Senate. works are held in the collections of the Musée d’Orsay in Paris and the
Twelve nonvoting, ex offi- Boston Museum of Fine Arts, among others. Circa 1933. Signed (lower left).
cio members include cabinet
The women allege they suf- secretaries, officials such as Canvas: 38”h x 52”w; Frame: 461/2”h x 591/2”w. #31-4709
fered a hostile workplace, un- the librarian of Congress and
equal pay and retaliation at retired Supreme Court Justice
the America250 Foundation. Anthony Kennedy.
They claim the federal com- The commission has re-
mission, which the foundation ceived some $12 million in
was established to support, federal appropriations so far,
and the American Battlefield most of which it has turned
Trust, a nonprofit selected by over to the America250 Foun-
then-Interior Secretary Ryan dation.
Zinke to provide administra- The commission is next
tive support to the commis- scheduled to meet on March 622 Royal Street, New Orleans, LA • 888-767-9190 • ws@rauantiques.com • msrau.com
sion and which later helped 9, when its agenda includes
Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
create the foundation, failed items that would solidify Mr.
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
to supervise the organization. DiLella’s control of the body
A representative of the and ratify past actions of the
Battlefield Trust didn’t imme- foundation, which several
diately respond to a request commissioners have ques-
for comment. tioned.
A6 | Saturday/Sunday, February 26 - 27, 2022
Ukrainian women and children crossed the Slovak-Ukrainian border in Ubla, eastern Slovakia, on Friday as Russian troops dropped missiles and sent troops across their country.
Ukrainians Flee Brutal Russian Invasion
Tens of thousands
have crossed into
nearby countries as
their nation is attacked
BY DREW HINSHAW
MEDYKA, Poland—Ukraini-
ans fleeing the Russian inva-
sion began streaming Friday
into European Union nations,
in what neighboring countries
expect to become an exodus of
more than one million people
in the coming days.
A nearly immobile line of cars
more than 30 miles long clogged
the roads leading to Ukraine’s
border with Poland, with many
people abandoning their vehi-
cles in the hopes it would be
faster to walk five or six hours
in the intermittent rain.
“We had to just leave our
car,” said Nadia, a mother
bringing her two children, who
had left her Ford Fusion along
the highway to walk the last 6
miles of an 11-mile, 18-hour
journey into Poland.
Farther east, roads from
Kyiv were thronged with people
trying to escape the fighting
that has seized the capital city.
Polish authorities said
about 30,000 people crossed
into its territory Thursday.
That number was far higher
on Friday, although officials
didn’t yet provide a total.
Poland expects as many as
one million Ukrainians to en-
ter its territory, not counting
those headed to Slovakia, Hun-
gary, or Romania.
On Friday, the United Na-
tions High Commissioner for
Refugees said Russia’s inva-
sion could send four million
people into Ukraine’s neigh-
boring countries.
The Ukrainians, many of
them mothers towing young
children, described a 24-hour-
long wait to cross into Poland,
with too little food, no shelter,
and roads so jammed with
people there was no room to
stop and rest. Many had
walked about 15 miles, passing
ambulances struggling to reach
those in the line needing help.
“The problem is, nobody ex-
pected this,” said Mariana
Starunko, who spent roughly
20 hours to make it over. “Un-
til the last minute, nobody ex-
pected Putin to strike.”
U.S. Is Urged to Help Ukrainian Embassy Staff
BY VIVIAN SALAMA
WASHINGTON—Nearly 400
State Department personnel
have pressed the Department’s
leadership to do more to aid
locally hired Ukrainian em-
bassy staff who were left be-
hind as Russian troops invade.
In an emailed letter re-
viewed by The Wall Street
Journal, the foreign-service of-
ficers and other staff criticized
what they described as the de-
partment’s “lack of respon-
siveness” to requests for help
THE UKRAINE CRISIS
Ukrainian refugees, top photo, rest at a school-gym shelter in Ubla, Slovakia. Above left, people who have fled Ukraine ride a bus after
crossing the border from Shehyni in Ukraine to Medyka, Poland. Right, A woman crosses the border from Ukraine into Romania.
The rush of Ukrainians into
Europe’s easternmost states
could outnumber the 1.3 mil-
lion asylum seekers—mostly
from the Middle East and Af-
rica—who entered the EU in
2015, at the time the conti-
nent’s biggest refugee crisis
since World War II. That exo-
dus sparked a wave of anti-im-
migration sentiment that
drove up the support of popu-
list and far-right parties.
This time, European gov-
ernments such as Slovakia and
Hungary are suspending tight
border controls to welcome
refugees from a country their
citizens broadly see as a vic-
from their Ukrainian col-
leagues.
The State Department has
sought to assure staff that the
safety and well-being of local
Ukrainians employed by the
embassy in Kyiv and the U.S.
Agency for International De-
velopment is a priority, includ-
ing in a town-hall style event
Wednesday. But the staff in
the letter said their concerns
had gone unaddressed.
“Our Ukrainian colleagues
deserve better,” the letter
dated Feb. 24 said. “Now is the
Ukrainian arrivals
in bordering
countries
POLAND
30,000 UKRAINE
SLOVAKIA
Under 5,000
ROMANIA MOLDOVA
10,000 17,500
Note: Approximate numbers as of Friday
Source: UNHCR compilation of government reports
tim of Russian aggression.
Many of those fleeing are
headed into Poland, already
the home of roughly one mil-
lion Ukrainians, and a country
time they most need our help.
We are concerned their needs
have not been prioritized.”
The State Department
didn’t respond to a request to
comment. Foreign Policy re-
ported earlier on the letter.
The State’s Department’s
Bureau for European and Eur-
asian Affairs is working on an
official response to the letter,
a U.S. official said.
After the U.S. withdrawal
this past summer from Af-
ghanistan, in which 13 U.S.
troops were killed in a suicide
that shares a similar language,
and cultural ties. Many Ukrai-
nians frequently come for
work in Poland and have ex-
tensive family living there.
In Poland, which is walling
off its border with Russia ally
Belarus, firefighters were on
hand to help Ukrainian refu-
gees load their luggage into
waiting buses, while volun-
teers distributed sausages and
coffee.
Nearby, Polish trucks carry-
ing ammunition, escorted by
police, rode in convoys across
the border into Ukrainian ter-
ritory. Few others entered
Ukraine, except a steady flow
bomb during the evacuation,
the State Department adopted
a “zero risk” policy for
Ukraine embassy staff as a
Russian invasion became more
imminent.
In July, staff in the Afghan
capital Kabul sent a classified
cable to Secretary of State
Antony Blinken raising con-
cern about the slow pace of
evacuations, particularly of lo-
cally hired staff who could be
targeted because of their ser-
vice to the U.S. government.
On Friday, Russian forces
* *** THE WALL STREET JOURNAL.
PETER LAZAR/AGENCE FRANCE-PRESSE/GETTY IMAGES
ity of free trade and travel
throughout Europe. Its econ-
omy is now four times larger.
On Friday, Ukrainians
swarming their government’s
border checkpoints recounted
waiting nearly an entire day to
move less than 20 miles.
Refugees and aid groups
handling the flow said the
computer systems of Ukraine’s
immigration services’s were
overwhelmed by the volumes
of people packing into the
CLOCKWISE FROM TOP: RADOVAN STOKLASA/REUTERS; ALEXANDRU DOBRE/ASSOCIATED PRESS; MICHAEL KAPPELER/DPA/ZUMA PRESS
small border post.
“Too much people, and the
system is not working,” said
Dmytro Romanin, a member of
a Polish-Ukrainian cultural
center assisting at the border,
who described scuffles over
food handouts on the Ukrai-
nian side. “It’s very hard. If
somebody comes with food,
it’s 10 seconds, then nothing.”
He said that even when of-
ficials tried to pull families
with young children out of the
line to process them more
quickly, it still took up to 10
hours to get them through.
When they reached the bor-
der with Poland, officials
waved them across. Slovakia
said it would let in Ukrainians
with no passports on a case-
by-case basis.
So far, the bulk of arrivals
making it into Poland and the
EU are from the western part
of Ukraine, particularly around
the city of Lviv, which sits some
40 miles from the Polish bor-
der. The city was considered
safe from the war that began in
eastern Ukraine, nearly 800
miles away, but airstrikes in the
Lviv area, and explosions at a
nearby airport and arms depot
dashed that sense of security.
The larger crush of Ukraini-
of young men. ans fleeing Kyiv and other
For many Ukrainians who central and eastern cities has
have aspired to join the West, yet to arrive at the country’s
Poland is the model. The two western border, but authori-
countries were both once un- ties expect it to come.
der Communism, and at the The westward highway out
end of the Cold War, Poland’s of Kyiv was clogged with vehi-
economy was slightly smaller. cles for 90 miles, the roadside
But since the fall of the Soviet dotted with Ukrainians carry-
Union, they have diverged ing luggage, many trying to
sharply. hitchhike away from the
While Ukraine’s economy city. The lanes entering the
has stagnated and has been city were mostly open, except
politically overshadowed by for occasional police cars or
Russia, Poland has joined the military vehicles loaded with
North Atlantic Treaty Organi- soldiers.
zation and the EU, affording it —Alan Cullison
protection by the U.S.-led mili- and Brett Forrest
tary alliance and the prosper- contributed to this article
moved by air and land to at- among local staff is that they
tack Kyiv and the capital’s de- have been disregarded and left
fenders dug into positions on their own,” the letter said.
along its forested edge and de- The signatories called on the
ployed for urban combat in- State Department to show
side the city center. “flexibility and empathy where
Nonessential American em- possible, and provide life-sav-
bassy personnel and diplo- ing assistance.”
mats’ families were ordered to A U.S. official said the offi-
leave Ukraine last month. cial view in Washington is that
This month, the embassy it- while locally hired staff in
self was closed, and all U.S. Ukraine served the U.S. loyally
diplomats were ordered to and deserve assistance, their
leave Kyiv for the city of Lviv service to the U.S. Embassy
near the Polish border. didn’t directly endanger their
“The prevailing sentiment lives.
THE WALL STREET JOURNAL.
Bank Sanctions Aim to Focus the Pain
Cutting direct access
to the U.S. dollar for
two institutions will
curtail their activities
BY PATRICIA KOWSMANN
AND MARGOT PATRICK
U.S. sanctions on Russia’s
two largest banks are the
toughest measures yet against
the country’s financial system,
but leave room for businesses
to maneuver, especially in the
critical energy sector.
The U.S. on Thursday cut
Russia’s two largest banks
from direct access to the U.S.
dollar, curtailing their activi-
ties and posing a threat to
Russia’s exporting economy.
State-controlled Sberbank
and VTB together hold roughly
half of all of the banking sys-
tem’s assets, and are big lend-
ers and service providers to
companies in the country. One
in every two companies in
Russia has an account at Sber-
bank, the country’s largest
bank says.
The moves, coordinated
with allies in the U.K. and Eu-
ropean Union in response to
the invasion of Ukraine, how-
ever, fall short of a total shut-
down. In effect, the actions
will be more like sand in the
gears of the Russian financial
machine.
The U.S. took different
steps against VTB and Sber-
bank, and created carve-outs
of payments and transfers re-
lated to Russia’s key energy
sector, and on some financial
transactions to prevent the
sanctions from whipping back
on Western economies, al-
ready grappling with high en-
ergy prices.
A third powerful player in
Russia, Gazprombank, affili-
ated with the state-owned gas
monopoly, escaped the heavy
sanctions.
In separate statements,
Sberbank and VTB said they
were prepared to handle the
sanctions. “The adopted re-
strictions do not affect the
safety and availability of client
funds,” Sberbank said.
“We have worked through
U.S. Lays
Out More
Penalties
Continued from Page One
sis, a U.S. official said.
The U.S. is also exploring
more novel strategies, such as
sanctioning Russia’s crypto-
currency market.
The latest moves, as well as
those under consideration, fol-
low a slew of sanctions that
the U.S. has already imposed.
This past week, the Biden ad-
ministration made public what
it described as the “first
tranche” of sanctions against
Russia, including penalties on
its two largest banks and
scores of others, members of
Mr. Putin’s inner circle and
Russia’s sovereign debt. Mr.
Biden, a Democrat, also said
his administration would im-
pose sanctions on the com-
pany and executives behind
the Nord Stream 2 pipeline, a
decision that followed Ger-
many’s announcement that it
would cancel certification of
the pipeline.
The Treasury Department
said its actions target 80% of
all banking assets in Russia
and limit the country’s access
to the global financial system.
U.S. officials said the pres-
sure campaign takes time to
work, which is a reason the
administration has reserved
some of its sanctions fire-
power. “They need to be sus-
tainable,” said Daleep Singh,
deputy national security ad-
viser for international eco-
nomics. “They work over time,
not on day one.”
Allies respond
Taken together, the moves
show how the U.S. and its al-
lies are grappling with how to
respond to Russia’s violent as-
sault on Ukraine. Since launch-
ing the invasion earlier this
week, Russian forces have pro-
ceeded to close in on Kyiv,
alarming Western officials
who fear the Ukrainian gov-
ernment could collapse.
President Volodymyr Zel-
ensky of Ukraine pleaded on
Thursday for faster and more
forceful action from the West.
“This may be the last time you
* * * * * *
People line up at a branch of Russian state-owned bank Sberbank to close their accounts in Prague before the bank closes all its locations in the Czech Republic.
several plans to counter the
sanctions in ways which mini-
mize the negative conse-
quences for our clients,” VTB
said. The U.S. also sanctioned
two VTB executives for being
close to the Kremlin. VTB’s
chief executive, Andrey Kostin,
was sanctioned in 2018.
Russian banks conduct
about $46 billion worth of for-
eign-exchange transactions
globally each day, 80% of
which are in U.S. dollars, ac-
cording to the U.S. Treasury.
Most of those transactions, it
said, will now be disrupted.
The U.S. said it would im-
mediately freeze all assets
from VTB held at U.S. financial
institutions, forbidding U.S.
companies and individuals
from dealing with the Russian
Ukrainian servicemen earlier this month loaded a truck with U.S.-supplied Javelin anti-tank missiles at Kyiv’s airport.
see me alive,” he told Euro-
pean leaders in a call late
Thursday, according to two of-
ficials familiar with his com-
ments. A Ukrainian govern-
ment spokesman later denied
he said it.
The West has been strug-
gling to adopt measures that
will deter further Russian ag-
gression.
On Friday, the European
Union agreed to freeze any Eu-
ropean assets of Mr. Putin and
his foreign minister, Sergei
Lavrov.
Also on Friday, Switzerland
prohibited its banks from do-
ing new business with any of
the individuals, banks or com-
panies on the EU sanctions
list to help prevent Russia
from circumventing those
sanctions.
Meanwhile, the British gov-
ernment is pressuring British
oil giant BP PLC to offload its
minority stake in Russian oil
company PAO Rosneft, citing
the Russian oil giant’s links to
the Kremlin and accusing Ros-
neft of fueling the Russian
army’s advance into Ukraine,
according to a person familiar
with the matter.
THE UKRAINE CRISIS
bank unless covered by a
carve-out.
For Sberbank, the sanctions
were more surgical, ordering
U.S. banks to close any corre-
spondent or payable-through
accounts they have with Sber-
bank, basically blocking it
from the U.S. dollar.
Smaller Russian banks were
also sanctioned Thursday and
earlier this week.
U.S. banks can still be in-
volved in energy-related pay-
ments through sanctioned
banks as long as they use a
non-sanctioned, third-country
bank as a middleman. The list
of what relates to energy is
long: It covers extraction, pro-
duction, transport and pur-
chase of petroleum, or other
products capable of producing
Biden administration offi-
cials said the EU move to sanc-
tion Mr. Putin caught Washing-
ton by surprise. Washington
and the EU had committed to
joint action, particularly against
major targets, and so the EU ac-
tion prompted an acceleration
of the Biden administration’s
decision, these officials said.
In the U.S. announcement
Friday, Ms. Psaki said the ad-
ministration was targeting Mr.
Putin, Mr. Lavrov and other
members of his national secu-
rity team. The punitive action
includes restrictions on Mr.
Putin’s ability to travel to the
U.S. The decision to hit his
Russian counterpart with
sanctions was one Mr. Biden
ultimately made himself, these
officials said.
While many have called for
sanctions targeting Mr. Putin
himself, some within the ad-
ministration now worry that
the move to personally hit the
Russian president will compli-
cate efforts to find an off-
ramp to the conflict.
Steps not taken
Among the biggest steps
not yet taken is disconnecting
energy, including coal, wood
and uranium.
The U.K. also cut VTB off,
but held off on taking action
on Sberbank. The U.K. intends
to at a later date stop all ma-
jor Russian banks from access-
ing British financial markets,
said a person familiar with the
matter. On Friday, the EU said
it would cut 70% of Russia’s
banking system off from inter-
national financial markets, but
didn’t elaborate.
U.S. and European govern-
ments resisted full-on sanc-
tions on these banks in the
past because of their essential
role in trade. It is particularly
problematic for Europe, which
relies heavily on gas from Rus-
sia. Following Russia’s annexa-
tion of Crimea from Ukraine in
Russia from the financial-mes-
saging infrastructure that
links the world’s banks, the
Belgium-based cooperative
called Swift. Mr. Biden has
said the option is on the table,
but officials said the White
House isn’t ready to levy that
penalty.
Action includes
restrictions on Mr.
Putin’s ability to
travel to the U.S.
U.S. officials said, however,
that they plan to preserve the
ability for Russia’s financial
system to continue to make
some international payments
as part of their strategy to
mitigate the economic fallout
on Western companies, econo-
mies and global inflation. That
will force a costly restructur-
ing of the banking sector,
economists said.
“We’re open to taking addi-
tional actions to constrain and
degrade Russia’s economy, in-
Saturday/Sunday, February 26 - 27, 2022 | A7
MICHAL CIZEK/AGENCE FRANCE-PRESSE/GETTY IMAGES
2014, the U.S. and Europe vices agreement with the Rus-
sharply limited Sberbank and sian bank, according to filings
VTB’s ability to raise debt in in the U.K. by VTB Capital,
the West. Since then, they VTB’s investment banking arm.
have turned to Russia’s domes- The London Stock Exchange
tic market for bond funding. on Friday suspended VTB Cap-
But the banks are key con- ital from trading on the ex-
duits for Russia’s main exports change.
to the world, arranging financ- Sberbank has a derivatives-
ing for its customers and their trading agreement with Gold-
foreign partners, and tapping man Sachs Group Inc., struck
U.S. banks to clear U.S. dollar in December 2021, and custo-
transactions. dial deals with Citigroup that
As part of their and their were entered into as recently
clients’ business, the invest- as 2019, filings by Sberbank
ment banking units of the two CIB U.K. Ltd. show.
Russian banks have clearing Spokesmen for the three
agreements, custodian agree- U.S. banks declined to com-
ments and derivatives-trading ment. Goldman in its annual
agreements with U.S. banks. report published Friday said it
JPMorgan Chase & Co. clears had about $1 billion in expo-
trades for VTB and Citigroup sure to Russia at the end of
Inc. has a global custodial ser- last year.
tin was leading a donor con-
ference Friday in Washington
to help determine what kind of
military support the alliance
could provide Ukraine, offi-
cials said.
The British government is
also looking to increase its di-
rect support for the Ukrainian
military, both in conjunction
with allies as well as the po-
tential for more unilateral sup-
port. The Ukraine government
is looking for more uniforms,
helmets and antitank weapons,
said Ed Ferguson, the minister
counselor of defense at the
British Embassy in Washing-
ton, and London is considering
that direct support as well.
SERGEI SUPINSKY/AGENCE FRANCE-PRESSE/GETTY IMAGES
Watching Kyiv
The other issue on the ta-
ble for the administration has
been whether and how to sup-
port an insurgency should the
government in Kyiv collapse,
U.S. officials said, but no deci-
sion has been made on that.
Senior administration offi-
cials said they plan to con-
tinue sanctioning oligarchs
and other Putin allies, as well
as their family members.
Washington also plans to
hit other state-owned compa-
nies and some of the remain-
cluding looking at Swift, which ing financial institutions to
we want to do in concert with further squeeze the Russian
our allies and partners, espe- economy.
cially in Europe,” another se- Justine Walker, head of
nior administration official sanctions and risk at the As-
said. sociate of Certified Anti-
So far, the Biden adminis- Money Laundering Special-
tration hasn’t given any indi- ists, said international
cations that it will move be- sanctions can be strengthened
yond financial sanctions. U.S. by making them match U.S.
officials said the two ques- actions.
tions being discussed at the “There is definitely still
White House are what to do room for escalation of sanc-
now, and what to do if the tions, and that depends on
Ukrainian government falls. what happens in Ukraine over
Earlier this year, the Biden the next 24-48 hours,” said
administration approved Ms. Walker, whose group is
$200 million in military aid to made up of compliance offi-
Ukraine, including at least 300 cers at banks and companies
Javelin antitank missiles. around the world.
Since the invasion, the U.S. Given what she called an
hasn’t said whether it would unprecedented levying of
provide more weapons, ammu- sanctions against Russia this
nition or other military aid, past week, policy makers are
despite repeated requests hoping their actions will help
from the Ukrainian govern- de-escalate the conflict.
ment. But, she added, “If you sud-
U.S. defense officials said denly saw all of the Western
Friday they continue to look countries all taking very
for ways to support the Ukrai- aligned measures, that would
nian armed forces, but de- be a level of upscaling.”
clined to say what form that —Michael R. Gordon,
would take or when any addi- Gordon Lubold
tional support would be given. and Nancy A. Youssef
Defense Secretary Lloyd Aus- contributed to this article.
A8 | Saturday/Sunday, February 26 - 27, 2022
Russian First Wave
attacks* Second Wave
BELARUS
Lutsk
POLAND
Brody
Lviv
Ivano-Frankivsk
TRANSNISTRIA
ROMANIA
200 miles
200 km
*Locations are approximate; Sources: Organization for Security and Cooperation in Europe (Russia-controlled area
Data as of Friday in eastern Ukraine); Dr. Phillip Karber, Potomac Foundation, Ukrainian officials (attacks)
Ukrainians
Battle
For Kyiv
Continued from Page One
moved south toward the city
from Belarus. Ukrainian tanks
and artillery were positioned to
repel a ground assault, and the
city braced for the prospect of
the street-by-street fighting of
urban combat.
Elsewhere, battles raged Fri-
day around Ukraine’s second-
largest city, Kharkiv, in the
country’s east close to the Rus-
sian border, and near the
southern city of Kherson, which
was under assault from Russian
forces that pushed in from Cri-
mea. Russia said it captured the
northern city of Chernihiv, a
claim officials in Kyiv denied.
Ukraine’s military was able
to withstand the shock of the
initial Russian assault. As Kyiv
prepared for a prolonged de-
fense, Ukrainian officials
sought help from the U.S. and
other Western governments,
and warned of the conse-
quences if they were defeated.
In Washington, White House
press secretary Jen Psaki
warned Friday that “Kyiv fall-
ing is a real possibility.” She
went on to say, “Even as we see
resistance on the ground, Rus-
sia’s military continues to ad-
vance toward Kyiv.”
Mr. Putin’s broad offensive
raises the risk that violence
could spill over into other parts
of Europe. A swift victory by
Moscow would drastically re-
make the security equation on
the Continent, giving Russia
the potential to place large
forces right on the doorstep of
the North Atlantic Treaty Or-
ganization.
“More than 40 hours of re-
sisting Russian occupiers prove
that we have the strongest
army in Europe and a fearless
people,” said Ukraine’s defense
minister, Oleksii Reznikov.
“Ukrainians are now fighting
Controlled by Areas penetrated by Russian ground troops
or allied to Russia Thursday Feb. 24 advance
Senkivka
Sumy
Antonov Airport
Kharkiv
Kyiv
Borispol Airport
Zhytomyr
Vinnytsia UKRAINE
Zaporizhzhia
Mykolayiv
Kherson
MOLDOVA
Odessa
Sevastopol
for the future that they de-
serve. For themselves and for
all of Europe.”
On Friday, Mr. Zelensky
spoke by phone with President
Biden. A White House official
said the call lasted about 40
minutes. Mr. Zelensky wrote on
Twitter, “Strengthening sanc-
tions, concrete defense assis-
tance and an anti-war coalition
have just been discussed with
@POTUS.”
The Biden administration
said it is considering additional
support to the Ukrainian mili-
tary, but defense officials have
declined to say publicly what
form that might take or when
any additional assistance might
be delivered.
U.S. and European Union of-
ficials also said Friday they
plan to impose sanctions on Mr.
Putin and Russian Foreign Min-
ister Sergei Lavrov.
On Friday, Kremlin spokes-
A man shows his children’s bedroom in an apartment block on the left bank of Kyiv that was damaged by a Russian projectile.
THE UKRAINE CRISIS
RUSSIA Ukraine territory, recognized
by Putin as independent
Luhansk
Popasna
ve
Debaltseve
Donetsk
Controlled by
separatists
Mariupol
Berdyansk
Melitopol
Sea of Azov
CRIMEA
Black Sea
Max Rust and Emma Brown
THE WALL STREET JOURNAL
man Dmitry Peskov said that
Moscow was willing to send a
delegation to meet Ukrainian
representatives in the Belaru-
sian capital, Minsk, according
to Russian news agencies. The
offer followed a video state-
ment by Ukraine’s Mr. Zelensky
calling on Mr. Putin to meet for
talks.
Afterward a Russian Foreign
Ministry spokeswoman said
Russia was ready for negotia-
tions but its war aims, which
include the demilitarization of
Ukraine and the removal of its
government, remained the
same.
Late Friday, Russia was the
only country to vote “no” on a
U.N. Security Council resolution
aimed at ending the war in
Ukraine. But its veto power on
the 15-member council blocked
the resolution from passing.
China abstained from voting on
it.
An apartment block on the left bank of Kyiv was destroyed by a Russian projectile, top. Ukrainian
servicemen pick up the body of an Ukrainian man who was shot when a Russian armored vehicle
drove past him, on a sidewalk in the north of the capital city.
Western officials said Russia
had moved about 60 battalion
tactical groups into Ukraine,
about half of the force it had
massed on the border with the
country, and that its progress
had been slower than analysts
The U.S. said it is
considering
additional support
to Ukraine’s military,
had predicted. The officials said
Russian troops were about 30
miles from Kyiv.
If they fight their way into
the capital, the Western offi-
cials warned, Mr. Zelensky
would likely be a target.
Stiff Ukrainian resistance
was evident Friday as troops—
* ******** THE WALL STREET JOURNAL.
FROM TOP: CHRISTOPHER OCCHICONE FOR THE WALL STREET JOURNAL; DANIEL LEAL/AGENCE FRANCE-PRESSE/GETTY IMAGES
including recently enrolled vol-
unteers in civilian dress—took
positions in hastily dug
were headed into Kyiv as flee-
ing city residents, whose vehi-
cles clogged the outbound lane,
trenches in the woods around
Kyiv. With Ukrainian artillery
and armor deployed nearby,
got out of their cars to cheer
and flash victory signs.
Ukrainian MiG-29 jet fight-
they braced for a Russian offen-
sive.
Mr. Zelensky late Thursday
ers roared low overhead, show-
ing Ukrainian insignia on their
wings—a sign that Russia, de-
told a gathering of European spite its formidable advantage
leaders by video, “This might in aviation and two days of re-
be the last time you see me lentlessly bombing Ukraine’s air
alive,” according to two Euro- bases, still hadn’t achieved full
pean officials familiar with his control of the skies.
comments. “I don’t know how On Friday morning, gunfire
much we’ll be able to hold. Rus- erupted in several Kyiv neigh-
sia is shelling civilian targets.” borhoods, in what Ukrainian of-
A spokesman for Mr. Zelensky ficials said were clashes with
declined to comment when Russian infiltrators, some of
asked if the quote was accurate. them dressed in Ukrainian uni-
A senior EU official de- forms. Later in the day, wit-
scribed Mr. Zelensky’s call as nesses said, shooting seemed to
harrowing and “chilling to the subside.
bone.” Casualty figures were un-
By early afternoon Friday, clear, but each side put the
reinforcement columns of other’s death toll in the hun-
Ukrainian armored vehicles dreds. Ukraine said dozens of
civilians also died in Russian
airstrikes on its cities.
In Kyiv, Russian airstrikes
shook the city center before
dawn Friday, and continued
sporadically through the day.
Thousands of residents spent
the night in underground sub-
way stations that had been con-
verted to bomb shelters.
The bombing in Kyiv on Fri-
day was much heavier than
Thursday’s airstrikes, which also
hit residential areas. Just past 4
a.m. in Kyiv’s Darnitsa neighbor-
hood on the east bank of the
Dnipro river, large fragments of
a ballistic missile struck a com-
plex of residential buildings, ac-
cording to military officials at
the site. Rescue workers said
CHRISTOPHER OCCHICONE FOR THE WALL STREET JOURNAL
there were fatalities.
Reports, which were con-
flicting, suggested the blast re-
sulted from a drone or a missile
downed by Ukrainian air-de-
fense forces. One man said he
was at home when the strike
happened. “I went out on the
balcony to have a smoke and
something hit,” he said. “Now I
can’t hear anything.”
—Bojan Pancevski, Laurence
Norman, Max Colchester,
Andrew Restuccia, Gordon
Lubold and Nancy A. Youssef
contributed to this article.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 26 - 27, 2022 | A9

THE UKRAINE CRISIS

Global Economy Suffers a Fresh Shock

Some shortages will phones and even dental
crowns. Russia’s MC Norilsk
amplify inflation just Nickel PJSC is the world’s
as central banks are largest producer of palladium,
with more than 40% of total
trying to tame it global output by its own esti-
mates. The country is also a
BY JON HILSENRATH producer of urea and potash,
components of fertilizer.
Russia’s invasion of Ukraine “We haven’t even com-
threatens to restrict global en- pletely absorbed and exited
ergy supplies, with the result- the supply shock from the
ing rise in oil and natural-gas pandemic yet,” said Joe
prices likely to hit Europe hard Brusuelas, chief economist at
and potentially ripple out to the RSM US LLP, an economics ad-
U.S. and other global markets. visory firm.
It’s the last thing the global Supply shocks have become
economy needs: Another “sup- a central and disruptive fea-
ply shock,” or a sudden shortage ture as the world recovers
of key products—in this case oil, from the effects of Covid-19.
natural gas and other commodi- A supply shock happens
ties—that is likely to exacerbate when the offerings of goods
a global inflation problem and and services are suddenly cut
make matters harder for the off from the marketplace.
Federal Reserve and other cen- When supplies shrink, prices
tral banks, which are trying to for those goods or services
prevent consumer prices from that are still available in the
rising out of control. marketplace tend to go up.
The global economy is still The productivity of workers
recovering from a series of sup- might take a hit when the
ply shocks over the past two shock constrains their ability
years, having suffered shortages to deliver the products con-
of grains and meats, durable sumers demand. Moreover,
goods and other products. Now, households lose purchasing
military conflict in Ukraine, power and may pull back
Western sanctions against Rus- spending in other areas.
sia, and Russian economic retal- Not all supply shocks are
iation have driven oil prices bad. When the U.S. advanced
near $100 a barrel, and natural- fracking techniques it created a
gas prices are also up. positive supply shock in the
Russia is also a big player form of more domestic oil and
in global markets for copper, natural-gas production that
aluminum and palladium. Dis- sent prices lower. The current
ruptions in Russia’s produc- economy, however, has been go-
tion or delivery of those prod- ing in the other direction. Econ-
ucts could throw off supply omists say the best hope is that
chains for catalytic converters these shocks are temporary.
in cars, capacitors used in cell- Energy-supply shocks were a
The U.S. is running on tightened supplies of natural gas, workers and autos sia’s oil exports go to Europe
and 30% to China.
U.S. natural-gas supplies Labor-force participation rate Capacity utilization rate J.P. Morgan estimates that
at U.S. auto manufacturers
if 2.3 million barrels a day
4 trillion cubic feet 64% 100% come off the global market,
that would push oil prices up
to $150 a barrel and push
3 63 75 global consumer-price infla-
tion up 7% at midyear, com-
2 62 50
pared with the 5% projection
in J.P. Morgan’s baseline fore-
cast. As Mr. Kasman sees it,
1 61 25 increased supplies from Iran
might offset some of that risk.
52-WEEK AVERAGE RSM estimates that even a
0 60 0
smaller shock that pushes the
2019 ’20 ’21 ’22 2019 ’20 ’21 ’22 2019 ’20 ’21 ’22 price of oil up to $110 a barrel
Sources: Energy Information Administration (natural gas); Bureau of Labor Statistics (labor force); Federal Reserve (capacity utilization) would move the U.S. annual
inflation rate to over 10%.
central feature of inflation dur- The central bank targets 2% taurants and movie theaters RSM says it would also slow
ing the 1970s, when OPEC na- inflation. Consumer prices shut down, sometimes by gov- economic growth by sapping
tions cut off oil supplies to the were up 7.5% in January, the ernment mandate to contain household spending in other
West. The energy markets have largest increase since 1982. the spread of the virus. It also areas, though it doesn’t see re-
changed since then and U.S. de- Officials were hoping that sup- produced demand shocks. Peo- cession resulting.
pendence on imported oil has ply constraints would ease in ple stopped traveling. Compounding the challenge,
diminished, making the threat the months ahead, bringing in- Then the government Russia also exports about 23
to the U.S. economy from Rus- flation down organically. pumped money into the econ- billion cubic feet of gas a day,
sia’s invasion of Ukraine If the constraints persist omy, sending checks to house- about 25% of global trade, and
smaller than was the 1970s and keep pushing inflation holds and lowering interest 85% of that gas goes to Europe,
shock. Still, energy markets are higher, then the only way to rates. That boosted demand, according to Cowen. Some of
global and price waves starting tackle the price problem is to particularly for goods. But sup- that goes through a pipeline
elsewhere find their way push demand down. The main pliers have struggled to reopen network that runs through
around the world. That adds up tool that policy makers have at full capacity. With supply Ukraine. The network trans-
when the U.S. is especially ex- to do that is interest-rate in- constrained amid a recovering ports about 4 billion cubic feet
posed to another disruption. creases by the central bank. economy, inflation has built. a day at full capacity to Europe,
“We have not had such a Fed officials were already Russia’s conflict with but is currently flowing at
large and broader based over- on course to raise interest Ukraine makes the Fed’s job about 50% of capacity, accord-
shoot of inflation in decades,” rates, but hoped to proceed harder because it threatens to ing to Cowen.
said Bruce Kasman, chief slowly as the economy re- push supplies in the wrong di- For much of the past 30
global economist for J.P. Mor- opens. A war in Ukraine won’t rection. years, companies tended not to
gan. The bank estimates that help and could force the Fed Russia exports about 5 mil- pass higher energy costs on to
inflation will begin to recede to be more aggressive than it lion barrels a day of crude, their consumers in the form of
about midyear, but Mr. Kas- had hoped. roughly 12% of global trade, higher prices for airplane
man said a sustained shock “The Fed can control this and about 2.5 million barrels a flights or other energy-inten-
could push inflation higher in- but it may need to hit growth day of petroleum products, sive goods and services. In a
stead. If that happens, “The pretty hard,” Mr. Kasman said. some 10% of global trade, ac- world of widening supply short-
Fed is going to have some very The Covid crisis produced a cording to investment bank ages and higher inflation, their
difficult choices.” cascade of supply shocks. Res- Cowen Inc. About 60% of Rus- calculus could now change.

Breadbasket’s Food Exports Are Choked Off Russia

Russia’s invasion of Ukraine
Limits
throttled exports from one of
the world’s largest grain sup-
pliers after the country’s ports
Cyber
went quiet and traders halted
operations. Attacks
By Will Horner,
Alistair MacDonald BY DUSTIN VOLZ
and Chao Deng
Russia’s use of cyberweap-
At stake is the 13% of global ons to support its invasion of
corn exports and the 12% of Ukraine has so far been sur-
wheat that flow from Ukraine. prisingly muted, but that is
In threatening those flows more likely due to deliberate
Moscow risks disrupting sup- restraint than a lack of capa-
plies to China while setting off bilities, according to the Dem-
a scramble among customers ocratic chairman of the Senate
in fragile Middle Eastern econ- Intelligence Committee.
YASIN AKGUL/AGENCE FRANCE-PRESSE/GETTY IMAGES

omies when food inflation is Sen. Mark Warner (D., Va.),

already high. said his fears of Russian cy-
Missiles and airstrikes have berattacks that could cause
battered cities throughout destructive mayhem in
Ukraine, including port cities Ukraine and spread without
key to the country’s agricul- regard for geographic borders
tural exports. Commercial ship- hadn’t yet materialized and
ping in and out of the country that the attacks witnessed
has largely ground to a halt. thus far amounted largely to
An ocean vessel chartered annoyances.
by one of the world’s largest “In the briefings and the
food suppliers, Cargill Inc., conversations I’ve had with
was hit by a projectile off the American intelligence and mili-
coast of Ukraine in the Black tary leadership and cyber ex-
Sea on Thursday. Minnesota- The Turkish-owned Yasa Jupiter ship was slightly damaged after being hit by a missile this week off the coast of Odessa. perts, I think we’ve been sur-
based Cargill, which operates prised that Russia has not gone
an export terminal in Ukraine, While a large portion of data showed dozens of ships, Ukraine also exports barley country, agriculture is and ramped up to some of their
said the ship is seaworthy and crops are exported around the including the bulk carriers and sunflower oil to China. Ukraine’s largest export and better tools,” Mr. Warner said.
no one was injured. time they are harvested, car- that transport grains, had an- Disruptions to Ukrainian the largest part of its econ- Multiple cyber firms earlier
U.S. grain companies have goes will leave Ukraine chored in the strait. corn exports come at an espe- omy, accounting for 14% of this week detected so-called
also begun closing operations. throughout the year, he said. Russian and Ukrainian ports cially difficult time for Chinese gross domestic product in the wiper malware, which can de-
Archer Daniels Midland Co. Over 700,000 metric tons of on the Azov Sea export up to pork producers, which have third quarter of last year, ac- lete or destroy data on targeted
closed its facilities in Ukraine, wheat are exported during 18 million tons of grains each been losing money as hog cording to the country’s statis- machines, on computers in
which include a grain terminal each of the months of Febru- year, said Andrey Sizov, man- prices drop. tics service. Ukraine, and there have been
at a port near Odessa. Bunge ary, March and April, accord- aging director of SovEcon, a Egypt and Indonesia are the Last year the Ukrainian gov- waves of denial of service at-
Ltd. also closed its offices and ing to government statistics. Russian research firm focusing largest buyers of Ukrainian ernment changed its laws to tacks against Ukrainian govern-
facilities in Ukraine. That is well below the 3.64 on Black Sea grains. wheat, each accounting for allow hundreds of thousands ment and banking websites
Wheat futures traded in million and 4.5 million tons ex- Damage to port infrastruc- more than 15% of Ukraine’s of small and medium-size meant to knock them offline.
Chicago have jumped almost ported in August and Septem- ture or a Russian naval block- wheat imports, or more than 3 farmers to buy and sell land. On Friday, Ukraine’s cyber-
12% so far this week, hitting ber, respectively, but enough to ade would also threaten the million tons, according to data That allowed them to borrow security emergency response
their highest level since July disturb crop supply chains. much larger Ukrainian ports from Trade Data Monitor. money on the land they had, team said Belarusian hackers
2012. European wheat prices Damaged infrastructure and around Odessa and Mykolaiv. Other major buyers are Turkey and invest those proceeds. were targeting the email ad-
have soared 15% for the week. port congestion could also af- Ports around the two cities and Pakistan, which imported The U.S. and European gov- dresses of Ukrainian military
Russia’s incursions in the fect trading well into the year. handle upward of 50 million 1.7 million and 1.3 million tons ernments had already zeroed personnel and attempting to
south and in the east strike at Shipping in the Azov Sea— metric tons of grain each year of wheat, respectively, from in on agriculture as a way to steal their log-in credentials.
the heart of Ukraine’s most an extension of the Black Sea and are crucial to Ukraine’s Ukraine in 2021. develop the Ukrainian econ- But the impact and scope so
productive wheat-growing re- to the east of Crimea—has agricultural industry, said Mr. For Egypt, the world’s larg- omy. The U.S. Agency for In- far appear to have been limited,
gions, which stretch across the stopped. Ships are banned Sizov. est wheat importer, access to ternational Development, for and pale in comparison to prior
country’s southern half, from from passing through the nar- Simon Arnold, co-founder affordable wheat is a question instance, says it has provided cyberattacks blamed on Russia
Kharkiv on the eastern border row Kerch Strait into the shal- of Dubai-based Aria Commodi- of political stability. Rallying around $13 million since late that downed parts of the power
with Russia to Odessa on the low sea, and ship-tracking ties, said his trading firm prices have led to street pro- 2019 to support the passage of grid in Ukraine or cost billions
country’s Black Sea coastline. would hold off from trading tests, including ones in 2011 these laws and educate farm- in damages globally, or fears
The fighting shouldn’t have Wheat futures prices grains in Ukraine for at least a during the Arab Spring, which ers in how to take advantage that hackers could severely
much impact on the planting month or until the situation toppled the government of of the changes. damage other essential critical
$10 a bushel
or harvesting of crops, accord- appears resolved. Hosni Mubarak. Larissa Boden, whose busi- infrastructure.
ing to Mike Lee, owner of Disruptions to Ukraine’s On Thursday, Egypt can- ness Agro-focus Ltd. was In addition to Ukraine, cy-
Green Square Agro Consulting, 9 grain trade will also be diffi- celed an international tender planting its next crop of as- bersecurity researchers said
a crop forecasting company cult for its main customers, as to buy wheat after receiving paragus last week, has seen a the wiper malware has been
that specializes in the Black 8 the world already swallows just one bid amid the uncer- 30% increase in the price of detected on computers in Lith-
Sea region. Wheat, for in- food-price inflation. tainty surrounding Black Sea fuel. Agro-focus, the country’s uania and Latvia, members of
stance, is planted in September Beijing has made Ukraine a grains supplies. Egypt’s import largest asparagus farmer, had the North Atlantic Treaty Or-
and October and harvested in 7 centerpiece of its efforts to di- agency typically receives be- been negotiating a bank loan ganization. Mr. Warner has
July and the following months. versify grain supplies and in- tween 10 and 20 bids in its but the lender has put those warned that spillover cyberat-
“Whatever happens, there 6 crease food security. Chinese closely watched tenders. talks on hold. tacks against NATO allies could
is a crop in the ground,” he demand for corn is at a record For Ukraine itself, the agri- Ms. Boden, who farms in prompt a larger conflict and
said. high after Beijing encouraged cultural sector is one of the the south close to Crimea, was trigger Article 5 of the mutual
Still, if the situation on the 5 domestic producers to pile key bright spots of its econ- also concerned that war would defense pact, but said the
ground escalates to a position into hog production. omy. The yellow in the coun- mean the seasonal workers cross-border damage appeared
where farmers can’t apply pes- 4 Ukraine exported a record try’s flag symbolizes its crop farms depend upon would minor and largely incidental.
ticides or fertilizers to their 8.2 million tons of corn to fields. leave to work in more stable Mr. Warner said he and the
wheat, which will start in Weekly China in 2021, making up Any disruption to its grains countries. intelligence officials he had
3
March, that could reduce the nearly 30% of total Chinese trade will be painful. With On Thursday, after hearing been speaking with were not
yield by up to a third, presum- 2013 ’15 ’17 ’19 ’21 corn imports. Ukraine ac- more than 41 million hectares explosions in the early morn- certain why Russia appeared
ing they can harvest in July, Note: Continuous contract counted for as much as 86% of (101.3 million acres) of agricul- ing, she said she stayed in- to be holding back. He said the
Mr. Lee said. Source: FactSet Chinese corn imports in 2019. tural land, covering 70% of the doors and off her fields. situation could rapidly change.
A10 | Saturday/Sunday, February 26 - 27, 2022 * ***** THE WALL STREET JOURNAL.

THE UKRAINE CRISIS

Biden Has Few Options as Oil Surges BP

BY TIMOTHY PUKO
Faces
Pressure
AND ANDREW RESTUCCIA

WASHINGTON—Oil’s surge
On Stake
past $100 a barrel after Rus-
sia’s attack on Ukraine intensi-
fies the economic troubles
In Rosneft
confronting President Biden, BY MAX COLCHESTER
whose administration has AND JENNY STRASBURG
been struggling for months to
reel in rising inflation. LONDON—The British gov-
Benchmark U.S. oil futures ernment is pressuring British
ended lower on Friday, set- oil giant BP PLC to offload its
tling at $91.94, down 0.9% on minority stake in Russian oil
the day. With prices at their company PAO Rosneft, citing
highest since 2014, Mr. Biden the Russian oil giant’s links to
said he was prepared to re- the Kremlin and accusing Ros-
lease more oil from the gov- neft of fueling the Russian
MANDEL NGAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

ernment’s Strategic Petroleum army’s advance into Ukraine,

Reserve if necessary. according to a person familiar
“I know this is hard and with the matter.
that Americans are already It is unclear if the U.K. gov-
hurting,” Mr. Biden said on ernment, which doesn’t own a
Thursday. “I will do everything stake in BP, could force the
in my power to limit the pain sale of BP’s nearly 20% inter-
the American people are feel- est in Rosneft.
ing at the gas pump.” The issue was raised when
Oil prices have been trend- BP Chief Executive Officer Ber-
ing upward for months, and nard Looney held a conversa-
some analysts say Mr. Biden tion on Friday with Kwasi
has limited options for a quick Kwarteng, British secretary of
fix, given the complexities of state for business, energy and
supply and demand. President Biden has pledged to ease Americans’ pain at the gas pump. Above, a man fills up at a gas station in Bethesda, Md. industrial strategy, the person
The problem is compounded said. Mr. Kwarteng expressed
by Russia’s power as one of taking place.” An FTC spokes- Dakota have tapped many of leaders, amid skepticism from ciding to tap the petroleum re- deep concern about BP owning
the world’s largest oil-and-gas woman declined to comment their best wells, further limit- members of both parties that serve. the stake.
exporters and the risk that on the investigation. ing their ability to revive the it would be effective. U.S. officials have resumed A BP spokesman confirmed
prices rise even further if the The industry trade group breakneck growth of the 2010s. “In the short run, the presi- their diplomacy in light of the a meeting between Mr. Kwart-
conflict interrupts that supply. on Thursday condemned Rus- Transitioning to cleaner dent is in a difficult situation,” Ukraine crisis, working in re- eng and Mr. Looney but de-
“This is a world price and sia’s attack and said U.S. oil forms of energy will take said Bob McNally, who served cent weeks to find suppliers clined to comment on what
the president is largely power- companies have a role to play years. Even recent rapid as an energy adviser to Presi- who can help blunt European they discussed.
less to do much,” said Jason supporting the U.S. and Euro- growth in wind, solar and dent George W. Bush and is allies’ reliance on Russian oil The British company is the
Furman, a top economic ad- pean allies. other forms of clean power now an analyst at Rapidan En- and natural gas. most exposed of oil-and-gas
viser to former President Ba- “Our industry is committed wasn’t enough to keep up with ergy Group. “All his options Russia is the world’s third- majors to Russia, analysts say,
rack Obama who now teaches to working with the adminis- demand and avoid the crisis of are bad.” largest oil producer, responsi- through its 19.75% stake in Rus-
at Harvard University. tration to do everything possi- rising prices that started last The problem has its roots ble for more than 10% of sian state-controlled energy
Rising energy prices have ble to minimize any impacts on year. in a recovering global econ- global supply, according to company Rosneft, as measured
bedeviled Mr. Biden through- U.S. consumers while support- omy that caused oil demand to U.S. Energy Information Ad- by voting shares. BP’s economic
out most of his first year in of- ing our allies overseas,” said outpace production growth, ministration data. Its exports interest in the company—the
fice, sidetracking his legislative Mike Sommers, API’s leader. which had stalled out during account for 7% of the world ownership share that defines fi-
agenda. So far, his responses Oil-industry leaders have
The problem has its the pandemic. As a result, gas- market, half of that going into nancial distributions—was 22%
have had mixed results. previously criticized Mr. Biden roots in a recovering oline prices have jumped Europe, according to analysts as of late 2021, BP filings show.
As gas prices rose ahead of for pushing a transition to roughly 50% since Mr. Biden’s at Raymond James. BP executives earlier this
the Thanksgiving holiday cleaner energy at a time when
global economy that inauguration. “Some disruption is all but month played down the poten-
weekend, Mr. Biden coordi- the world is still dependent on raised demand. That helped obstruct the certain,” the analysts said. tial risks of sanctions as ten-
nated with five other coun- fossil fuels. They say the presi- president’s signature $2 tril- The U.S. imported record sions escalated between the
tries to tap government re- dent instead needs to support lion social- and climate-spend- volumes of Russian oil in 2021, countries. The company hasn’t
serves and put an estimated continued development of oil- ing proposal in Congress. Sen. according to the EIA, after
70 million barrels onto world and-gas resources to ensure And while electric-vehicles Joe Manchin (D., W.Va.) cited sanctions pushed Gulf Coast
markets. After a brief decline, ample supplies of energy. sales are rising, making up inflation—fed by energy refiners to pivot from dense
prices were on the rise again Environmentalists and roughly 7% of sales globally, prices—as a key reason he Venezuelan crude.
Government accuses
by late January. many Democrats say the solu- auto-industry analysts say an couldn’t give his deciding vote The world’s reliance on Rosneft of fueling
“These have very limited tion is instead to accelerate expansion of charging stations for the package in an equally Russian oil has made Biden
impact,” James West, an ana- the transition to electric vehi- and financial incentives are divided Senate. administration officials hesi-
the Russian army’s
lyst at the advisory firm Ever- cles along with other steps to needed to persuade more peo- In a Wall Street Journal tant to deploy any sanctions Ukraine advance.
core ISI, said of the release reduce U.S. dependence on ple to buy electric vehicles. survey late last year, a plural- against Russia that would
from emergency reserves. fossil fuels that contribute to What is more, a faster trans- ity of voters, some 39%, said mean a jump in energy prices,
A week before tapping the climate change. formation of the auto market Mr. Biden’s policies were the U.S. officials have said.
reserve, Mr. Biden also asked Neither option offers a would put even more pressure main cause of rising prices. So far, sanctions have publicly weighed in on Rus-
the Federal Trade Commission quick solution. on a faltering electric grid that His aides have now spent stopped short of measures sia’s invasion of Ukraine ex-
to investigate whether oil Even at higher crude prices, still relies on fossil fuels. months considering how to re- that could curtail oil-and-gas cept to say the company was
companies were participating investors have pressured U.S. Democrats facing re-elec- spond. exports from Russia, and offi- monitoring the situation.
in illegal conduct aimed at oil companies to slow produc- tion in the 50-50 divided Sen- Last year, the administra- cials aim to ensure any re- The BP-Rosneft strategic tie-
keeping gasoline prices high. tion growth and return cash to ate have proposed a temporary tion considered U.S. export sponse is one that hurts the up dates back more than two
The American Petroleum shareholders rather than pump halt to the country’s gasoline bans to boost domestic energy Russian economy more than it decades, and BP’s presence in
Institute called the request a it back into drilling. And com- tax to help consumers. The supplies, and sought unsuc- causes collateral damage for Russia goes back 30 years,
“distraction from the funda- panies in the oil fields of idea has failed to gain any sign cessfully to get OPEC nations U.S. consumers and Europe- something Mr. Looney cited on a
mental market shift that is Texas, New Mexico and North of support from congressional to pump more oil, before de- ans, officials have said. recent call with analysts as evi-
dence of the company’s deep
roots and staying power through

U.S. Stocks more than 2% over the week,

with manufacturers and mate-
rial firms edged higher. Con-
other geopolitical tensions.
Mr. Looney has been on
Rosneft’s board since June

Rise to End sumer staples, consumer dis-

cretionary firms and financial
firms all notched minor
2020. Analysts have projected
BP’s dividends from its Ros-
neft stake to exceed $1 billion

Wild Week weekly losses despite partici-

pating in Friday’s rally.
Stocks rebounded overseas.
Russia’s Moex stock-market
Continued from Page One gauge, which declined Thurs-
risky assets from shares of day, rose around 19%. Russia’s
rapidly growing companies to ruble gained almost 3% to
bitcoin. They poured about trade at 82 a dollar, having
ANATOLY MALTSEV/EPA/SHUTTERSTOCK
this year. The first payment
has been expected midyear. In
2021, BP received $640 million
in dividends from its Rosneft
stake, paid in two installments.
Mr. Kwarteng also expressed
concerns about Mr. Looney’s
position alongside Russian

$3.6 billion into U.S. stock ex- shed almost 8% Thursday. President Vladimir Putin on the
change-traded funds alone for The Stoxx Europe 600 rose board of the Russian Geograph-
the week through Thursday, 3.3%, but remained down 1.6% ical Society, the person familiar
with more than $3 billion go- for the week. Japan’s Nikkei with the discussion said.
ing into the broad SPDR S&P 225 rose 1.9%, and the CSI According to the organiza-
500 ETF Trust, according to 300, which comprises the larg- tion’s website, Mr. Putin chairs
FactSet. est stocks listed in Shanghai the board, which includes Mr.
The gains pushed indexes and Shenzhen, both rose 1% Looney as well as heads of
sharply higher, undoing much after falling Thursday. Hong Russian banks and other enti-
of the damage stocks suffered Kong’s Hang Seng Index ties that have been subject to
following Russia’s incursion A panel displayed the euro exchange rate at an office in St. Petersburg, Russia, on Friday. slipped 0.6%. Western sanctions. The organ-
into Ukraine earlier in the Futures for Brent crude, the ization supports arts and
week. The S&P 500 ended up officer at St. Gotthard Fund main broadly unaltered,” said midday Thursday after Presi- global oil benchmark, edged other cultural causes, accord-
adding 0.8% for the four-day Management. “Right now we Seema Shah, chief strategist at dent Biden outlined additional down 1% to $94.45 a barrel, ing to the website, which says
trading week. However, the have to focus on what’s hap- Principal Global Investors. “A sanctions on Russia. while European natural-gas trustees serve voluntarily.
broad benchmark remained pening in Kyiv, how bloody the modest path higher—but one Other markets have also prices retreated by more than Mr. Looney has served on
stuck in a correction after de- coming days will be, and I that could be hit with signifi- been roiled by the conflict. Be- one-fifth after rocketing the organization’s board since
clining more than 10% from its would say definitely the Rus- cant volatility and uncer- fore falling Friday, oil prices Thursday. Brent topped $100 a 2020, replacing former BP
January high on Tuesday. sian sanctions still can be tainty.” reached their highest level in barrel early Thursday before CEO Bob Dudley, according to
The Nasdaq Composite stepped up.” Stocks initially appeared set nearly a decade. Wheat fu- falling back. the BP spokesman. He said Mr.
ended up adding 1.6% over the On Friday, the Dow Jones for major losses this week. tures also have surged. Rapid inflation and the Looney has attended one vir-
last four days, while the Dow Industrial Average added On Monday, while markets So far, investors have re- prospect of tighter monetary tual meeting related to the
Jones Industrial Average 834.92 points, or 2.5%, to were closed for a holiday, Rus- sponded positively to stiffen- policy were complicating the board role, in April 2021. BP
clawed itself out of a big loss, 34058.75. It was the Dow’s sian President Vladimir Putin ing restrictions on Russian outlook for some traditional declined to comment further.
ending the week roughly flat. best day since November deployed troops into an east- companies and individuals, haven assets such as Treasury Rosneft contributes roughly
Bitcoin, meanwhile, gained 2020. The S&P 500 gained ern region of Ukraine. Stocks with markets either recovering bonds, the U.S. dollar and a third of BP’s oil-and-gas pro-
1.6%, as the cryptocurrency 95.95 points, or 2.2%, to sold off sharply Tuesday as in- some losses or rallying after gold, said Yung-Yu Ma, chief duction.
neared $40,000. Oil prices fell. 4384.65. The Nasdaq Compos- vestors pondered how the the unveiling of sanctions this investment strategist for BMO The BP-Rosneft relationship
Investors sold bonds, pushing ite advanced 221.04 points, or fighting, its effect on commod- week. Given the scale of Mos- Wealth Management in the intensified a decade ago,
the yield on the benchmark 10- 1.6%, to 13694.62. ity markets and retaliatory cow’s attack, investors are U.S. through mutual interest in
year U.S. Treasury back near Some analysts and inves- Western sanctions would rip- preparing for potentially In bond markets, the yield jointly exploring for oil and gas
2%. Other haven assets, such tors said the end-of-week rally ple through a world economy stricter restrictions, such as on the benchmark U.S. 10-year in the Russian Arctic. At the
as gold and silver, fell. had more to do with investors already grappling with ele- cutting off Russia from vital Treasury note rose to 1.984% time, BP was reeling from its
Despite the rebound, inves- pricing in expectations that vated inflation and coming in- international financial infra- from 1.969% Thursday. Yields April 2010 Deepwater Horizon
tors said they are bracing for the Fed will take a less aggres- terest-rate increases by major structure. and prices move inversely. drilling-rig disaster in the Gulf
further turbulence. Even after sive path on interest-rate in- central banks. Most sectors of the stock Gold prices slipped 2% to of Mexico, which was costly fi-
Moscow suggested it was open creases. Several said they be- By Tuesday’s close, the S&P market registered gains over $1,886 a troy ounce. nancially and reputationally.
to negotiations, which helped lieve the conflict in Ukraine 500 shed 1%, leaving it down the week. Technology stocks, “It looks like the military BP is Rosneft’s biggest pri-
send the stock market higher adds too much uncertainty to more than 10% from its early- which have played a major action in Ukraine could be vate shareholder, said the Rus-
Friday, Kyiv came under re- the economic picture, making January record in its first cor- role in the market’s twists and protracted,” said Mr. Ma, add- sian company. According to a
newed bombing and land at- a quarter-point rate increase rection in more than two turns in recent sessions, added ing that this would make December 2021 Rosneft business
tacks. more likely next month rather years. The selling continued 1.3% over the four trading short-term market movements update, BP is the “leading Brit-
“I do not think that this than the half-point some offi- into Wednesday and most of days, with Google parent Al- difficult to predict. ish investor in the Russian econ-
highly volatile period is al- cials had previously suggested. Thursday as Russia began its phabet rising 3.1%. —Dave Sebastian omy with a total investment of
ready coming to an end,” said “Ultimately, the long-term invasion of Ukraine. However, The utilities, healthcare and and Caitlin Ostroff $18 billion.” The figure fluctu-
Daniel Egger, chief investment path for risk assets will re- stocks staged a turnaround real-estate sectors all added contributed to this article. ates based on Rosneft’s value.
 THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, February 26 - 27, 2022 | A11

THE UKRAINE CRISIS

2005 2013
CLOCKWISE FROM TOP: CHARLES DHARAPAK/ASSOCIATED PRESS; KEVIN LAMARQUE/REUTERS; SAUL LOEB/PRESS POOL; SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES

From left, clockwise: Russian President Vladimir Putin with President George W. Bush, President Obama,
President Biden and President Trump. Successive American leaders have sought to keep the possibility for
cooperation with Russia open, through varying tactics, despite major strategic differences.

2017 2021

Misreading 2014
allowed Georgia and Ukraine
to eventually be admitted but
with no date set.

Vladimir The outcome turned out to

be the worst of both worlds
for the two countries. Hard-

Putin liners in Moscow had identi-

fied them as potential future
adversaries—but ones that
weren’t yet protected by the
Continued from Page One alliance’s security guarantees.
and cast the North Atlantic “They got the hot breath of
Treaty Organization’s east- Russia on their necks while
ward expansion as an existen- they didn’t get NATO member-
tial threat to Moscow’s secu- ship,” said Jamie Shea, a se-
rity. He made plain he viewed nior NATO official at the time.
Ukraine as part of Russia. While in Bucharest, in a
Yet until recently few West- meeting with Mr. Bush, Mr.
ANATOLIY STEPANOV/AGENCE FRANCE-PRESSE/GETTY IMAGES

ern leaders imagined Mr. Putin Putin told him that Ukraine
would go through with a full- wasn’t a real country, accord-
scale invasion, having miscal- ing to Western officials.
culated his determination to In August that year, Mr. Pu-
use force—on a scale that re- tin invaded Georgia, routing a
calls the Soviet invasion of U.S.-trained Georgian military.
Czechoslovakia in 1968—to re- Western experts say the Rus-
store Russian control over the sia learned from the military
nations on its periphery. mishaps in that incursion and
Russian forces moved by air subsequently upgraded its
and land to attack Kyiv on Fri- equipment and shifted toward
day after launching an inva- a professional, rather than a
sion Wednesday. A Russian conscript, army.
Foreign Ministry spokes-
woman said Russia was ready
for negotiations, but the goals Slighted by U.S.
of its combat operation to “de- Pro-Russians wearing military fatigues in 2014, as Moscow increased its aggression toward Ukraine. When Mr. Obama visited
militarize” Ukraine remained. Russia in 2009, he met Mr. Pu-
“It was strategic narcissism Putin’s invasion plans. The halting NATO expansion. Mr. Bush attempted to build NATO had meanwhile con- tin at his dacha. There, ac-
and an associated failure to misreading of Mr. Putin, how- “The West did not underes- a personal relationship with tinued its expansion to East- cording to a memoir by the
consider the emotion, ideol- ever, cuts across multiple U.S. timate Russia’s military capa- him. In their first meeting at a ern European countries that U.S. president, he received an
ogy, and aspiration that drives administrations. bilities. It watched the deter- summit in Slovenia in June had been in the Soviet-aligned “animated and seemingly end-
Putin and the Siloviki around Former President George W. mined military modernization 2001, Mr. Bush said: “I looked Warsaw Pact in 1999 and then less monologue” on the slights
him,” said H.R. McMaster, the Bush said he had looked into program since the Georgian the man in the eye and found in 2004, when the alliance was Mr. Putin felt the U.S. had
retired three-star Army gen- Mr. Putin’s eyes and found him war in 2008, and saw some of him very straightforward and also enlarged to cover the made, including expanding
eral who served as former U.S. trustworthy. Former President its fruits in the militarily suc- trustworthy… I was able to get three Baltic states that had NATO and invading Iraq.
President Donald Trump’s na- Barack Obama dismissed Mr. cessful intervention in Syria in a sense of his soul. He’s a man been part of the Soviet Union. After Russian forces seized
tional security adviser, refer- Putin’s Russia as a “regional 2015,” said William Courtney, who’s deeply committed to his The U.S. and its allies saw en- Crimea from Ukraine in 2014,
ring to the small circle of power” threatening its neigh- the former U.S. ambassador to country and the best interests largement as a way to encour- Mr. Obama dismissed the de-
hard-line advisers around the bors out of weakness. Former Georgia and Kazakhstan dur- of his country.” age reform in the newly velopment as the actions of a
Russian president. President Donald Trump saw ing the Clinton administration. After the Sept. 11 attacks, emerging democracies. NATO’s “regional power that is threat-
the U.S.’s European allies, and “But the West may have un- Mr. Putin was the first foreign new members were looking to ening some of its immediate
their reluctance to assume derestimated the Kremlin’s leader to call Mr. Bush to offer sit under the U.S. security um- neighbors, not out of strength
Open disdain more of the burden for de- willingness to use force in Eu- condolences and cooperation brella should Russia threaten but out of weakness.” The fol-
Mr. Putin’s all-out assault on fense, as a bigger problem rope, and against a people in fighting terrorism. to absorb them again. lowing year, after Russian
Ukraine has put the West on its than putting the Kremlin on which Putin claims are one He offered intelligence and forces intervened in Syria on
back foot, where it is now notice. President Biden sought with Russians.” logistical support to the U.S. President Bashar al-Assad’s
struggling to find ways to de- to build a “stable, predictable” Mr. Putin’s early coopera- as it invaded Afghanistan, over Railed against NATO behalf, U.S. officials played
ter the Kremlin’s aggression relationship with Mr. Putin tion with the West morphed the heads of some in Russia’s Mr. Putin’s anger over en- down the significance, saying
and to influence a Russian with a summit meeting in into animosity over his two military establishment. Mi- largement became clear in a it might even lead to a Russian
leader who has openly ex- June. decades in power. The Russia chael McFaul, who would later speech he made at the annual quagmire.
pressed disdain for the West The attack exposes compla- he inherited had a broken bu- become an adviser to the Munich Security Conference in Successive U.S. presidents
and called into doubt its will- cency in Europe, which al- reaucracy and an economy the Obama administration at the 2007, where he surprised his sought to keep the possibility
ingness to take decisive action. lowed its military to shrink size of Belgium. Now he over- time praised the relationship audience as he railed against for cooperation amid the dif-
The costs of the West’s fail- and did little to reduce its en- sees a government and mili- as “another chance to really the unipolar world dominated ferences. Mr. Shea, the former
ure to deter Russia are now be- ergy dependency on Russia, tary fueled by years of high end the Cold War.” by the U.S. There he laid out NATO official, said in retro-
ing borne by Ukraine, which for despite Moscow’s increasingly energy prices. Thomas Graham, the senior his grievances against NATO spect that the West should
14 years has existed in a strate- aggressive behavior, which in- When Mr. Putin became National Security Council offi- expansion, leveling allegations have acted earlier and more
gic purgatory: marked for po- cluded cyberattacks on West- president in 1999, he cut a cial for Russia affairs in the of broken promises from the firmly.
tential membership in the ern targets. Even as the West very different figure from his Bush administration, said that West that NATO wouldn’t shift “We should have imposed
North Atlantic Treaty Organi- imposes sanctions on Russia, predecessor, Boris Yelstin. Mr. the U.S.-led invasion of Iraq eastward and depicting en- in my opinion the sanctions on
zation but never admitted into it is sending hundreds of mil- Yeltsin had a jovial, backslap- was the first of several events largement as a threat to Rus- Russia that we are imposing
the alliance and the security lions of dollars daily to pay for ping relationship in public that Mr. Putin would have ob- sia. today either in 2008 or 2014,
guarantees that it provided. Russian gas. with former President Bill jected to if Russia carried Enlargement “represents a because then Putin might have
Longer term, the invasion Western leaders took com- Clinton. Mr. Putin was a closed more sway. serious provocation that re- got the message that the West
has ruptured the already chilly fort in the limited nature of book. “Putin didn’t believe in duces the level of mutual would react vigorously and
relations between the Western Mr. Putin’s earlier military in- By the time Mr. Putin came these things but didn’t see trust. And we have the right to might have been deterred,”
alliance and Moscow. terventions. Those were con- to power—via the KGB and lo- much point in opposing them ask: Against whom is this ex- Mr. Shea said.
When Mr. Putin’s forces in- sidered deniable, smaller-scale cal politics in his native Saint because the West was going to pansion intended?” he said. Ukrainian President Volod-
vaded Georgia in 2008 after it operations that sought to Petersburg—Russia was inside do them anyway,” Mr. Graham Tensions ratcheted up fur- ymyr Zelensky, days before
was promised eventual NATO mask the extent of Russia’s the Group of Eight and was said. “He told people that he ther a year later. Mr. Putin Russia launched war on his
membership, and recognized role. Russian actions also in- being consulted by NATO al- was not going to oppose them was invited to a NATO summit country, likened the West’s
two breakaway areas, the cluded hacks on the Demo- though staying outside the al- publicly because it would just in Bucharest, where leaders posture toward Russia to the
West reacted by temporarily cratic National Committee in liance. make him look bad.” were discussing a route into mistakes of appeasement in
suspending dialogue, before 2016 and cyber attacks on its Mr. Putin’s suspicions to- the alliance for Georgia and the 20th century. He criticized
returning to business as usual. neighbors. The U.S. and its al- ward the West became more Ukraine. While Mr. Bush Western nations for not im-
Sanctions imposed after Rus- lies neither marshaled the mil- International scene pronounced with the so-called wanted the countries to be ad- posing sanctions earlier.
sia’s annexation of Crimea in itary and economic leverage to In his early exchanges with colored revolutions beginning mitted in short order, France “What are you waiting for?”
2014 also didn’t bite. forestall his invasion of Western leaders and new on in 2004 that toppled leaders and Germany opposed the he said. “We don’t need sanc-
In recent months, senior Ukraine nor presented a major the international scene, Mr. of former Soviet states, and move. tions after the bombardment
U.S. officials have laid out Mr. diplomatic concession, such as Putin appeared respectful. later with the Arab Spring. In the end, a compromise begins.”
 A12 | Saturday/Sunday, February 26 - 27, 2022 * ***** THE WALL STREET JOURNAL.

THE UKRAINE CRISIS

India Is Walking
Fine Line in Ties
With Moscow
BY SHAN LI can have our cake and eat it
AND RAJESH ROY too here—that we don’t really
have to pick sides at all,” said
NEW DELHI—As the U.S. and Sreeram Chaulia, dean at O.P.
its allies condemn Russia’s inva- Jindal Global University’s
sion of Ukraine, India is trying School of International Affairs
to maintain a tricky balance be- in Sonipat, India.
tween a decadeslong strategic Mr. Chaulia said the inva-
relationship with Moscow and sion of Ukraine hasn’t changed
New Delhi’s role in an emerging New Delhi’s calculus that stay-
coalition of democracies. ing neutral is more advanta-
MIKHAIL METZEL/KREMLIN PRESS POOL

The South Asian nation has geous. Indian leaders think

avoided publicly denouncing
Moscow as Russian airstrikes
target dozens of Ukrainian cit-
ies. The invasion
prompted the U.S. and its al-
lies to announce a slate of
sanctions, including limits on
Russian banks and a freeze on
a gas-pipeline project.
Russian President Vladimir Putin and Chinese President Xi JInping at a December meeting via videoconference. Asked Thursday if India is
in sync with the U.S., Presi-
that Western powers won’t
punish the country for its re-
luctance to condemn Russia,
has he said, because India is such
a critical ally in America’s
long-term strategy for China.
Critics say that India’s si-
lence puts its relationships with
Western countries at stake,
along with hopes of strong in-
ternational backing if its dis-

China Readjusts Relations

dent Biden said the two coun- pute with China over their Hi-
tries were in consultation and malayan border, which flared
“haven’t resolved that com- into bloody clashes in 2020, es-
pletely.” U.S. Secretary of State calates into broader conflict.
Antony Blinken spoke with In- Moscow could spin New Delhi’s

With Russia After Invasion

Xi calls on Putin to
negotiate with Kyiv,
after ignoring U.S.,
European warnings
BY LINGLING WEI
China’s leader Xi Jinping on
Friday called on Russian Presi-
dent Vladimir Putin to negoti-
ate with Ukraine, the most re-
cent twist as Beijing modulates
its embrace of Russia.
Beijing has been flailing to
adjust its position on the
Ukraine situation since Mr. Xi
signed on to an extraordinary
solidarity statement with Mr.
Putin early this month, a deci-
sion influenced by a Chinese
foreign-policy establishment
stuck in a belief that Mr. Putin
wasn’t out for war.
“China supports Russia and
Ukraine to resolve issues
through negotiations,” Mr. Xi
told Mr. Putin in a phone call,
while pledging to safeguard
the international system with
the United Nations at its core,
China’s state media reported.
Mr. Putin told the Chinese
leader he was prepared for
talks with Ukraine based on
“signals just received from
Kyiv,” according to a Kremlin
readout of the call.
Late Friday, China ab-
stained from voting on a U.S.-
drafted U.N. Security Council
resolution aimed at ending the
war in Ukraine.
For weeks, China’s foreign-
policy establishment dis-
missed a steady stream of
warnings from the U.S. and its
European allies about a pend-
ing Russian invasion, and in-
stead blamed Washington for
hyping the Russian threats.
Now, China is trying to re-
gain its balance after making a
calculation that could seri-
ously undermine a position it
has tried to build for itself as
a global leader and advocate
for developing nations.
As late as this week, with
signs looming of an impending
invasion, when a well-con-
nected foreign-policy scholar in
China gave a talk to a group of
worried Chinese investors and
analysts, he titled the speech
“A War That Won’t Happen.”
“We see little chance of
Russia unilaterally declaring
war on Ukraine,” Shen Yi, a
professor of international rela-
tions at Shanghai’s Fudan Uni-
versity who advises the gov-
ernment, said at the Tuesday
teleconference held by a secu-
rities firm, according to peo-
ple who dialed into the call.
Less than 48 hours later,
Mr. Putin launched a full-scale
attack on Ukraine.
The persistent brushing off
of the invasion risks, say people
with knowledge of Beijing’s in-
ner workings, went into Mr. Xi’s
calculus in signing on to a
deeper partnership with Russia
on Feb. 4, the opening day of
the Beijing Winter Olympics.
In the days leading up to Mr.
Putin’s visit to Beijing, policy
advice to China’s leadership fo-
cused on how the partnership
could give China leverage over
the U.S. but played down or
even outright dismissed the
likelihood of a Russian invasion
of Ukraine, according to people
close to Beijing’s foreign-policy
establishment.
“Whoever gives policy rec-
ommendations in China wants
to cater to what the top leader
wants to hear,” said Yun Sun,
director of the China program
at the Stimson Center, a Wash-
ington-based think tank.
That led to Beijing dismiss-
ing U.S. warnings to the global
community, based on intelli-
gence that Mr. Putin wasn’t
bluffing about his intentions
to invade.
Mr. Shen of Fudan, who has
advised China’s top leaders on
issues such as cybersecurity,
didn’t respond to questions.
China’s Foreign Ministry didn’t
respond to questions.
A result of Beijing’s failure
to anticipate Mr. Putin’s ac-
tions: China’s Embassy in Kyiv
didn’t announce plans to evac-
uate Chinese nationals until
after Russian troops moved in
on Thursday.
In recent years, China has
pursued a multilateral agenda
to draw other nations into its
economic orbit, including fi-
nancing projects in both Russia
and Ukraine as part of Mr. Xi’s
Belt and Road initiative. It has
stepped up efforts to work
through international organiza-
tions including the World Trade
Organization and the U.N. It has
offered its Covid-19 vaccines to
countries in Africa and South-
east Asia in a bid to position it-
self as a benevolent power.
By tilting toward Russia dur-
ing the Ukraine crisis, it has in-
stead painted itself as an en-
abler of a country that is now
being universally condemned.
Since the invasion, China
has been stuck in an increas-
ingly difficult diplomatic
straddle. It needs to honor its
partnership with Russia—one
that both sides a few weeks
ago said has “no limits”—
while not abandoning its com-
mitment to foreign-policy
principles around noninterfer-
ence, which would require it
to unequivocally condemn the
Russian assault. Adding to its
balancing act is a desire to
prevent its relations with the
U.S. and Europe from going
completely off the rails.
“They are in a difficult spot
because they are attempting
both rhetorically and substan-
tively to balance these goals
that, quite simply, can’t be
reconciled,” said Evan Feigen-
baum, vice president for stud-
ies at the Washington-based
Carnegie Endowment for In-
ternational Peace.
dian Foreign Minister Subrah- noncommittal stance as a tacit
manyam Jaishankar, and said endorsement of its view that
he “stressed the importance of
a strong collective response to
condemn Russia’s invasion.”
For now, New Delhi
Ukraine’s ambassador to In-
dia, Igor Polikha, said Thurs- hopes to avoid
day that his government was
angering any
“deeply dissatisfied” with In-
dia’s response so far. “We are strategic partners.
asking, pleading [for] the sup-
port of India,” he said.
On a Thursday call with
Russian President Vladimir separatist regions of Ukraine
Putin, Indian Prime Minister belong to Russia—an argument
Narendra Modi urged “an im- that Pakistan could deploy later
mediate cessation of violence” to justify military action in the
and a return to diplomatic dia- disputed region of Kashmir.
logue. He stopped short of India’s relationship with
condemning Russia. Russia also has shown frac-
At a news conference later, tures in recent years as Mos-
Indian foreign secretary Harsh cow has grown closer to Bei-
Vardhan Shringla sidestepped jing and Islamabad. Russia last
questions about why India year said it was ready to sup-
hasn’t affirmed the territorial ply military equipment to Pak-
integrity of Ukraine or criti- istan to strengthen its coun-
cized Russia. He said India’s fo- terterrorism efforts.
cus is on “de-escalation of ten- For now, India is choosing
sions” and ensuring the safety to stay silent in the hopes of
of Indian citizens in Ukraine. avoiding angering any strate-
It is the kind of careful rhet- gic partners, according to a
oric that reflects New Delhi’s government official. “We are
balancing act between its long- in a wait-and-watch mode,”
standing ties to Moscow, which the official said. “Our ability
stretch back to the Cold War, to influence decisions by Rus-
and its deepening relationships sia or Ukraine is very limited.”
with the U.S. and a grouping of India isn’t condoning Rus-
democracies focused on coun- sia’s actions, the official said,
tering an increasingly assertive but trying to maintain good re-
China. If India takes a stand lations with a country that sup-
one way or the other, it risks plies nearly 50% of New Delhi’s
either alienating its Western imported arms. Over the years,
partnerships or pushing Russia India has tried to diversify its
closer to longtime adversaries sources of military hardware,
such as Pakistan, which has with increased purchases from
enjoyed warmer ties with Mos- France and Israel, but Moscow
cow in recent years. is still crucial for maintaining
“There is the sense that we its old equipment.

Zelensky Is winning a landslide victory in a

2019 election on a peace ticket,
pledging to end the low-level
he asked whether they would
ever accept Ukraine into NATO.
The response, he said later,

Russia’s war festering in Ukraine’s east

since Russia carved out two
breakaway statelets there in
was silence.
Consequently, he said,
Ukraine could accept neutral

Top Target 2014.

Continued from Page One
the personal stakes.
“This may be the last time
In the past two days, he has
transformed again into war-
status, as Russia has de-
manded, but would need secu-
rity guarantees. Russia said it
time leader at the top of Mos- was open to talks, but Mr. Pu-
cow’s kill-or-capture list, ac- tin lambasted Kyiv’s leadership.
cording to Ukrainian and The Ukrainian president
Western officials. gave televised updates every
UKRAINIAN PRESIDENT’S OFFICE/ZUMA PRESS

you see me alive,” he told the
leaders, according to two Eu-
ropean officials familiar with
his comments.
Russian disinformation cam-
paigns have tried to sow the
impression since Thursday that
Mr. Zelensky had fled his capi-
tal city.
A person with the president
said that he is in good spirits
and determined to remain in
Kyiv.
“The president is ready to
die, but will stay,” the person
said.
“The enemy has marked me
as Target No. 1, my family as
Target No. 2,” Mr. Zelensky
told Ukrainians in a televised
address in the small hours of
Friday morning. “They want to
destroy Ukraine politically by
destroying the head of the
state.”
His voice echoed off the
walls of a media-briefing room
devoid of journalists because of
increased security measures
around him.
On Friday, Ukraine’s army
was putting up a stern resis-
tance to the Russian invasion,
slowing its progress. Mr. Zel-
ensky switched from a suit to a
khaki T-shirt and delivered
calm but firm speeches from
behind a lectern at the presi-
dential administration building
in central Kyiv.
Mr. Zelensky went from po-
litical novice to president after
Mr. Zelensky rose to popu-
larity as a stand-up comic and
actor in a sitcom on which he
portrayed a schoolteacher
turned president.
Now, Ukraine’s president is
using his characteristic raspy
voice not to raise laughs but to
lash Russia, rally Ukrainians
and exhort world leaders to
help Ukraine and levy tougher
sanctions on Moscow.
“We aren’t afraid of any-
thing,” he said early Friday.
“We aren’t afraid to defend our
country. We aren’t afraid of
Russia.”
Mr. Zelensky’s firmness is
winning him praise even
among former critics.
“President Volodymyr Zel-
ensky has made many really
bad mistakes, and I’m sure will
make many more, but today
he’s showing himself worthy of
the nation he’s leading,” Olga
Rudenko, chief editor of the
Kyiv Independent news web-
site, wrote on Twitter on Fri-
day.
Political opponents also
have rallied to the cause. Petro
Poroshenko, who faces a trea-
son investigation that he calls
politically motivated, appeared
on CNN carrying a Kalashnikov
rifle in central Kyiv. Asked how
long he thought Ukrainian de-
fenders could hold out, he said:
“Forever.”
Mr. Zelensky took office in
2019 pledging to end the war
President Volodymyr Zelensky addressed Ukraine on Thursday after the attacks began.
in Donbas and crush the cor-
ruption that has dogged
Ukraine since it declared inde-
pendence from the Soviet
Union in 1991.
He won a visible early politi-
cal success, securing a prisoner
exchange with Moscow, as well
as inching toward a deal with
Russia to advance peace talks.
But street protests urged
Mr. Zelensky not to be rail-
roaded into a deal. Western
diplomats and advisers warned
him Russia was trying to hood-
wink him into an agreement
that would give Moscow sway
over Ukraine’s future via its
proxies in eastern Ukraine,
which had been fighting Kyiv
since 2014. Mr. Zelensky took a
firmer line, and talks stalled.
The Ukrainian president be-
gan pushing for closer ties with
the North Atlantic Treaty Or-
ganization. He launched a pub-
lic campaign calling for Ukraine
to regain control of Crimea, the
Black Sea peninsula seized by
Russia in 2014. A court ordered
a pro-Russian lawmaker and
close friend of Mr. Putin to be
held under house arrest on
treason charges.
In Russia’s eyes, said people
close to Mr. Zelensky, he began
to look and sound like his pre-
decessor, Mr. Poroshenko,
whom Moscow cast as a war-
monger for his refusal to sub-
mit to its demands.
“For the Russians, that was
the end,” said one person close
to him.
Mr. Zelensky looked for sup-
port in the West but was disap-
pointed by the response, allies
said. He was particularly irri-
tated by what he saw as the
West’s duplicitous position of
saying Ukraine would be a
member of NATO one day, but
not offering a clear path to ac-
cession.
When the U.S. began warn-
ing of a potential full-scale in-
vasion late last year, Mr. Zel-
ensky said the threat was
few hours throughout the past
two days, including an emo-
tional address early Friday in
which he said he was in Kyiv
and his family was in Ukraine.
“We are not traitors,” he
said, in response to online ru-
mors that he and his family
had fled.
Mr. Zelensky recounted tales
of heroic Ukrainian defiance in
the face of Russian assaults, in-
cluding 13 border guards on an
exaggerated. island in the Black Sea who he
Even as the number of said had been wiped out after
troops around Ukraine ex- refusing to surrender. He said
ceeded 100,000 in January, he they would be recognized as
said an invasion was unlikely Heroes of Ukraine, the coun-
as he sought not to spread try’s highest honor.
panic or undermine the coun- In a fresh televised address
try’s economy. as day broke in Kyiv after a
As the U.S. warned Wednes- night of missile and air attacks,
day that a Russian invasion Mr. Zelensky again appeared
was imminent, Mr. Zelensky’s defiant against Russia, and
office tried to reach the Krem- took another swipe at the West
lin but received no answer, ac- for its weak response.
cording to Ukrainian officials. “This morning we are de-
After Russian missiles and fending our state alone, as we
airstrikes hit cities across the did yesterday. The world’s
country Thursday, Mr. Zelensky most powerful forces are
recorded a one-minute video, watching from afar,” he said.
apparently on his cellphone, “Did yesterday’s sanctions con-
calling on Ukrainians to be vince Russia? We hear in our
calm. sky and see on our land that
“We are working. The army this is not enough.”
is working,” he said. “I will be Later, he also appealed in
in touch with you constantly.” Russian to Mr. Putin, calling for
Mr. Zelensky worked the talks to stop the killing. Then
phones with Western leaders, he addressed the Ukrainian
urging them to impose stron- army: “You are all we have. You
ger sanctions on Russia. Speak- are all that is defending our
ing to European Union leaders, state. Glory to Ukraine!”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 26 - 27, 2022 | A13

WORLD NEWS
China Orders Hong Kong to Curb Covid-19
Beijing sends teams On Jan. 21, officials ordered
a five-day lockdown of a hous-
to rein in Omicron ing block at the center of the
before Xi’s visit on outbreak, a move unpopular
with residents.
handover anniversary After the Lunar New Year
holidays, a popular time for
HONG KONG—As Covid-19 family gatherings, daily con-
cases spiraled and elderly firmed cases started spiking,
Hong Kong residents lay on rising into the thousands.
gurneys outside overwhelmed Many who tested positive for
hospitals, Chinese Vice Pre- Covid called ambulances or
mier Han Zheng summoned showed up at hospital emer-
the city’s leader, Carrie Lam, gency rooms even if they had
to a closed-door meeting in no or mild symptoms, in line
the mainland city of Shenzhen. with public guidance at the
time to seek treatment. The
By Natasha Khan, flood of people swamped the
Keith Zhai city’s hospitals.
and Dan Strumpf The city’s hospital chief
told Chinese state media this
Mr. Han, Beijing’s highest- week they needed the main-
ranking official overseeing land’s help to cope.
Hong Kong affairs, passed on a Hong Kong’s testing capac-

CHAN LONG HEI/BLOOMBERG NEWS

direct order from President Xi
Jinping: The city’s government
must bring the outbreak under
control within weeks, ahead of
a planned visit to the city by
the Chinese leader to mark the
25th anniversary of the former
British colony’s return to Bei-
jing’s rule on July 1, people fa-
miliar with the meeting said.
Mr. Han said at the Feb. 15
meeting that the visit, which
would be Mr. Xi’s first outside
the mainland since the pan-
demic began, is intended to
showcase how Beijing had re-
stored stability to the city af-
ter antigovernment protests
upended the financial center
in 2019, one of the people
said. Chinese leaders have
touted a national security law
and installing only Beijing loy-
alists in political positions as
improving the city’s gover-
nance. Many political oppo-
nents have been imprisoned.
Mr. Han also took local offi-
cials to task, saying Beijing was
frustrated with pandemic poli-
cies that weren’t as tough as
those on the mainland and that
it saw Hong Kong as veering
toward the “living with Covid”
approach adopted in many
countries, the people said.
While Hong Kong has some
of the world’s strictest border
controls, it has largely relied
on social-distancing measures
Hong Kong has struggled to deal with an outbreak of the Omicron variant. A Covid-19 testing facility in Hong Kong on Friday.
and targeted testing to stop
community outbreaks. Mrs.
Lam repeatedly ruled out lock-
downs and, until recently, city-
wide testing, tactics China has
used to contain outbreaks.
Mr. Xi’s latest intervention
shows how China’s authoritar-
ian system of government is
butting up against the West-
ern-influenced style of gover-
nance and greater freedoms
that shaped Hong Kong as a fi-
nancial and commercial hub.
Two years after social unrest
brought Beijing’s political in-
tervention, Hong Kong is again
seen by Beijing as the coun-
try’s weakest link for failing to
tame the biggest outbreak on
Chinese soil since the pan-
demic began in Wuhan.
After the meeting, Beijing
dispatched its own medical
teams, sending a message that
the motherland was coming to
the rescue. Sporting burgundy
“China Health” jackets and
turquoise N95 masks, main-
land medical experts swept
across the border into Hong
Kong on the evening of Feb. 17.
A second team followed, car-
rying the Communist Party
flag, a rare official display of
the emblem in Hong Kong.
The Chinese experts delved
into every aspect of Hong
Kong’s Covid response, from
its test-and-trace system to
the nutritional value of pa-
tients’ meals, offering advice
from their experience on the
mainland. A state-owned con-
struction company began
building temporary isolation
facilities. China dispatched
millions of rapid tests and
batches of Chinese medicine.
Plans for testing of the city’s
7.4 million residents followed,
an undertaking Mrs. Lam said
was made possible by the
mainland supplying workers
and equipment.
Mrs. Lam said Tuesday that
Mr. Han had relayed instruc-
tions from Mr. Xi that her ad-
ministration must take the
main responsibility for the
fight against the epidemic.
“There is only one goal and
that is to protect the safety
and lives of Hong Kong citi-
zens,” said Mrs. Lam, who in
recent weeks has attracted at-
tention for appearing maskless
at news conferences, saying
that the people need to see
her solemn feelings.
Details of the meeting ha-
ven’t been previously reported.
The Hong Kong government de-
clined to comment on the meet-
ing with Mr. Han. The main-
land’s liaison office couldn’t be
reached to comment.
The response threw into
contrast how Hong Kong and
the mainland have approached
China’s goal of eliminating the
virus. The policy, which offi-
cials call “dynamic zero
Covid,” has worked well for
the past two years, keeping
cases and deaths low across
mainland China and Hong
ity was similarly strained. A
growing backlog for results
means health officials don’t
know the true scale of the lat-
est wave.
Public-health experts in
Hong Kong have pointed to
squandered opportunities to
prepare for an outbreak, most
importantly boosting vaccina-
tion rates among the vulnera-
Kong as many countries were ble elderly population. About
engulfed. 13% of the population is above
Hong Kong largely kept the age 70, and half of them—
pandemic at bay through strict some half a million—weren’t
border controls, for months vaccinated when the latest
requiring arrivals to spend up outbreak began.
to three weeks in quarantine. China’s leadership stepped
Outbreaks were curtailed in publicly on Feb. 12, bringing
quickly by identifying cases city officials to Shenzhen for
and isolating close contacts. meetings with mainland coun-
Mrs. Lam won praise from terparts.
Mr. Xi in December for the To manage Hong Kong’s
city’s efforts, though foreign outbreak, almost daily meet-
businesses and diplomats ings are now held in Shen-
warned that the border con- zhen, according to Mrs. Lam.
trols, including bans on arriv- While Hong Kong is now
als from some countries, were more closely following China’s
jeopardizing the city’s role as playbook, some health experts
a global financial hub. wonder if the results will be as
Hong Kong leaders strug- effective given the time it is
gled to adapt after the highly taking to increase testing and
contagious Omicron variant build isolation facilities.
punctured those defenses. “The golden opportunity
Hong Kong’s reflex to the out- has passed,” the former head
break was to tighten social- of the Hospital Authority, Le-
distancing measures, including ung Pak-yin, wrote in a Thurs-
shutting gyms and banning day Facebook post. “It won’t
dining out after 6 p.m. Work- be possible to contain the
places remained open. spread of the epidemic.”

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A14 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.

OBITUARIES
D U VA L L H E C H T JEFF HYLAND
1930 — 2022 1 9 47 — 2 0 2 2

Olympic Gold Medalist Broker Specialized

In Top-End Homes
Pioneered Audio Books
J
eff Hyland’s career in real es-
tate got off to a leisurely
start. Raised in Los Angeles
BY JAMES R. HAGERTY team, Mr. Hecht was recruited to and enchanted by movie-star
the rowing squad and discovered mansions, he wanted to be an ar-
The Manor, a Holmby Hills estate
built by the television producer
Aaron Spelling. The same year, he
was involved in the $150 million
sale of the Bel-Air house used as

C
ommuting to his job in
downtown Los Angeles in the
early 1970s, Duvall Hecht got
tired of listening to what he called
“bad music and worse news.” He
tried propping a reel-to-reel tape
player on the passenger seat and
listening to books for the blind.
Then Mr. Hecht, a marketing
manager for a securities firm who
had won a gold medal in rowing at
the 1956 Olympics, hit on a busi-
ness idea: recording books on cas-
sette tapes, then becoming popular
as players were installed in more
cars. In 1975, Mr. Hecht set up
Books on Tape Inc., using seed
money partly raised by selling his
10-year-old Porsche.
He was years ahead of the later
rush by big publishers to churn
out abridged bestsellers, some-
times read by big-name actors. Mr.
Hecht’s strategy was different: He
preferred unabridged books, even
if that meant several dozen tapes
for “War and Peace.” He also fa-
vored little-known actors, who
charged less and tended not to dis-
tract the reader with stagy vocal
flourishes. Tapes were rented or
Mr. Hecht died Feb. 10 at his
home in Costa Mesa. He was 91.
“Listening is just returning liter-
ature to its original form, before
Gutenberg got into the act,” he
once said.
After selling the recorded-books
business, he had trouble finding
another job that interested him.
The solution was to revive a boy-
hood dream and learn to drive
long-haul trucks. After a six-month
one of his life’s greatest pleasures. chitect but wasn’t good at math. the Clampett residence in “The
He pursued that sport while For five years after college, he Beverly Hillbillies.”
serving as a pilot in the U.S. Ma- devoted himself mostly to surf- He was especially fond of a
rines in the mid-1950s. At the 1956 ing. Then he obtained a real-es- Beverly Hills property known as
Olympics in Melbourne, Mr. Hecht tate license and proved extraordi- Enchanted Hill. Mr. Hyland ar-
and his partner, Jim Fifer, defeated narily successful at selling high- ranged a sale of the property in
a Russian team to win gold medals end homes. In 1993, he joined the late 1990s to Microsoft co-
in pair-without-coxswain rowing. Rick Hilton to found a Beverly founder Paul Allen for $20 mil-
He later flew for Pan American Hills brokerage, Hilton & Hyland. lion. Mr. Hyland’s final major
World Airways but quit after a year. Clients liked his encyclopedic transaction was the recent resale
It was like driving a bus, he said. knowledge of grand estates and of the property to Eric Schmidt,
He earned a master’s degree in his stories about dysfunctional the former chief executive of
communications at Stanford. He Hollywood couples or reclusive Google, for $65 million.
taught English at Menlo College billionaires who had lived in them. Mr. Hyland died Feb. 16. He
and then went into the securities In 2019, Mr. Hyland repre- was 74 and had been under treat-
industry, following his father. sented a buyer from Saudi Arabia ment for sarcoma.
In his free time, he founded a in a roughly $120 million deal for —Katherine Clarke
rowing program at the University
of California, Irvine where he
served as a coach and fundraiser
for decades. He also served at vari- JA N C O L L I N S
ous times as a rowing coach at 1929 — 2022
Menlo College and the University
of California, Los Angeles.
After seven years of truck driv-
ing, he took a job as a financial
writer at an investment firm. He
Publisher Embraced
also invented a scooter, dubbed the
Zipper, to improve mobility for
people with physical challenges. He
‘Good News’ Bible
sold only a few of them but zipped

sold through the mail.
“We have weavers and sculptors
who rent from us,” Mr. Hecht told
The Wall Street Journal in 1986.
“There’s even an undertaker who
listens with a tiny earpiece during
course, he began driving for a
haulage company in his mid-70s
and later bought his own Freight-
liner truck. He spent seven years
as a truck driver.
A
around on one in his later years. s a British publisher in the
He met Ann Marie Rousseau, a 1970s, Jan Collins found his
fine-arts photographer and painter, greatest success with a jar-
after she entered an essay contest ringly modern Bible rather than
sponsored by Books on Tape. racy novels or success manuals.
Though she didn’t win, her entry Mr. Collins was a senior execu-
image in a mirror.” Though jeered
by those who preferred the more
stately language of the King
James version, the series proved
immensely popular. The American
Bible Society says about 244 mil-

funerals.”
Most of the customers, he said,
were overachievers, people “crazy
with frustration because they’re
two hours behind the wheel and
all that time is going down the
sewer.”
Based in a converted sail-mak-
ing loft in Costa Mesa, Calif., the
business employed dozens of peo-
ple and had steady demand from
libraries and people who wanted
to hear the whole book. Mr. Hecht
sold the firm to Bertelsmann’s
Random House unit in 2001 for an
estimated $20 million.
D
riving a truck “is my medi-
tation,” he told the Orange
County Business Journal.
“It’s solitude. You can hardly find
that anymore.”
It also gave him more time to
listen to books.
The son of a stockbroker, Duvall
Young Hecht was born April 23,
1930, in Los Angeles. At Beverly
Hills High School, he was named
Most Popular Boy. After a year at
Menlo College, he transferred to
Stanford University, where he
studied journalism. Though he
didn’t make the Stanford football
caught his eye and led to corre- tive and descendant of the
spondence and later a meeting be- founder of William Collins & Sons,
tween them. They married in 2002. established in 1819 by a Glasgow
Ms. Rousseau survives him, schoolmaster. When the American
along with four children and three Bible Society in the mid-1960s
grandchildren. Two earlier mar- produced “Good News for Modern
riages ended in divorce. Man,” Jan Collins embraced it.
He liked his Bombay gin served His company became a distributor
on ice, in a bucket glass, with two of the plain-English Bible in Brit-
onions. ain and later elsewhere in Europe.
In his final holiday greeting “Good News” and its later in-
card, he wrote: “There are still les- carnations were aimed partly at
sons to learn from life.” people with little formal educa-
tion or those who spoke English
 Read in-depth profiles at as a second language. “Through a
WSJ.com/news/types/obituaries glass, darkly” became “like a dim
lion copies have been published.
Amid internal discord over
management of Collins, he left in
1981 and sold his stake to a com-
pany controlled by Rupert Mur-
doch, now executive chairman of
News Corp, which owns The Wall
Street Journal. Collins is part of
News Corp’s HarperCollins.
Mr. Collins died Jan. 29. He
was 92 and had prostate can-
cer. During the Covid-19 lock-
down, he played 1,000 holes of
golf at a course in his backyard to
raise money for charity.
—James R. Hagerty

WORLD WATCH
For more information:
In Memoriam wsj.com/inmemoriam

  
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INMEMORIAM
Every Wednesday and Saturday To Grow on Weekend land and turned up months later
in China. He was convicted in
To learn more, visit The number of cars and 2020 of “illegally providing intel-
WSJ.com/InMemoriam trucks blocking the streets out- ligence overseas” and sentenced
© 2022 Dow Jones & Company, Inc. All Rights Reserved. side New Zealand’s Parliament to 10 years in prison.
was thinning Friday, although —Associated Press
THE WALL STREET JOURNAL.
Will Democrats Throw It All Away in 2024?
By Elaine Kamarck
And William A. Galston
I
n recent years, a substantial
portion of the Democratic
Party has convinced itself of
myths about the electorate
that don’t comport with re-
ality. That’s a prescription for de-
feat, with dire consequences if the
Republican Party nominates Don-
ald Trump again in 2024. His re-
turn to the Oval Office would re-
new the threat he poses to
democracy.
The Democratic Party’s first
duty is to protect our constitu-
tional institutions by preventing
that outcome, and every other
consideration, however worthy,
must yield to this overriding ne-
cessity. But the party is refusing to
confront the unyielding require-
ments of electoral success.
Mr. Trump’s victory in 2016
wasn’t the aberration many Demo-
crats think it was, and his re-elec-
tion defeat wasn’t a foregone con-
clusion. He received 11 million
more votes in 2020 and increased
his share of the popular vote by
about one point. The Republican
Party’s shift toward populism and
a working-class orientation in-
creased its share of occasional and
new voters, especially in Pennsyl-
vania and the Midwest.
Yet beguiled by three comfort-
ing myths—that people of color
think and vote alike, that econom-
ics trumps culture, and that a pro-
gressive majority is emerging—
Democrats have failed to respond
to the threat posed by the new Re-
publican coalition. Consider each
of these errors:
If they don’t broaden their
appeal to swing voters,
they’ll end up relying
on Republicans to save
democracy from Trump.
• Unity among people of color.
Early in the century, many Demo-
crats came to believe that long-
term demographic trends would
inexorably produce a Democratic
majority. The expectation was that
decades of robust immigration
from Latin America and the Asia-
Pacific region would steadily in-
crease the diversity of the U.S.
population. As these Americans
entered the electorate, they would
join forces with other people of
color—especially African-Ameri-
cans and Native Americans—to
strengthen support for the Demo-
cratic Party.
Barack Obama’s two presiden-
tial victories provided some sup-
port for this belief, but later de-
velopments called it into question.
Nationally, support for Democratic
presidential candidates among
Hispanic voters fell from 71% in
2012 to 66% in 2016 and 59% in
2020. In Florida, home to large
numbers of antisocialist Cuban
and Venezuelan refugees, Joe Bi-
den received only 53% of the His-
panic vote, compared with Hillary
Clinton’s 62%. He fell short of her
share among Hispanics in seven of
nine swing states. Unless Demo-
crats can improve their perfor-
mance among Hispanics, Florida
will remain out of reach, turning
Texas blue will be an impossible
dream, and the party’s entire Elec-
toral College strategy will be in
jeopardy.
The erosion of Hispanic support
The GOP Mayor of McAllen Represents the Changing Face of Texas
McAllen, Texas
It’s early evening on
a recent Saturday
and Javier Villalobos
has just poured me
a large slug of mez-
cal, which he tops
CROSS
COUNTRY up with tequila to
“make the taste
By Tunku
more smooth.” He
Varadarajan
pours himself the
same daunting cock-
tail as we converse in the private of-
fice where he practices law. “Bien-
venido a McAllen,” he says: Welcome
to McAllen.
Mr. Villalobos, 55, seems much
too convivial to be the face of politi-
cal ferment. He’s the mayor of
McAllen (pop. 141,968), the largest
city in Hidalgo County, and was
elected in June last year, making
him the first Republican to capture
city hall here in nearly a quarter-
century. McAllen and Hidalgo
County are, respectively, 85% and
92% Hispanic. By Texas tradition,
this should ensure that their voters
are almost adamantly Democrat,
which is why his election, he says,
made international news—“even in
Korea and Germany.”
His victory is part of an absorbing
new electoral trend in the Rio Grande
Valley. Republicans, previously
* * * *
for Democrats has con-
tinued since the 2020
election. By the middle
of this month, 43% of
Hispanics reported that
they felt closer to the
Republican Party than to
the Democrats. At the
same time, gaps emerged
between Hispanics and
African-Americans on
key issues. Hispanics are
much more likely than
African-Americans to
view police misconduct
as isolated incidents
rather than evidence of
systematic bias, and only
35% of Hispanics have a
favorable view of critical
race theory, compared
with 60% of African-
Americans. As the school
board recall election in
San Francisco shows,
Asian-Americans who
see selective educational
institution as the key to
upward mobility can also
clash with other minor-
ity groups.
• Economic determin-
ism. Much has changed
since Franklin D. Roose-
velt took office, but for
some Democrats it will always be
1933. Too many believe that eco-
nomic issues are the “real” issues
and cultural ones are mostly diver-
sions invented by their adversaries
for political purposes. But for
Americans across the political
spectrum, social, cultural and reli-
gious issues are real and fre-
quently more important than eco-
nomic ones. These issues shape
their identity and reflect their
deepest convictions.
The myth of economic deter-
minism goes a long way toward
explaining why Democrats have
had such a hard time winning back
the votes of the white working
class—and why they seem to be
losing support among Hispanic
working-class voters as well.
These voters aren’t indifferent
to programs from which they ben-
efit. But by taking cuts in Social
Security and Medicare off the ta-
ble, Mr. Trump removed the key
obstacle to a blunt cultural appeal
based on anti-immigrant senti-
ment, nationalism and opposition
to political correctness. That im-
proved Republican prospects in
places with above-average shares
of white working-class voters, in-
cluding nearly all the swing states
of 2016 and 2020.
Democrats who think that mobi-
lizing their base will be sufficient
to win elections overlook the sheer
number of white noncollege voters
in key states. In seven of eight
swing states, they outnumber vot-
ers of color, often substantially.
Democrats shouldn’t ignore the
core of their coalition, but to win
they need to walk a fine line be-
tween mobilizing the base and at-
tracting voters outside it.
• The emerging progressive ma-
jority. It’s true that recent de-
cades have seen an increase in the
share of voters who describe
themselves as liberal. But moder-
ates and conservatives continue
their predominance. The most re-
cent survey of voters’ ideology
found that only 7% of the elector-
ate consider themselves very lib-
eral. Another survey described
five hypothetical political parties
and found that only 9% of voters
associated themselves with a far-
left party whose positions
matched those of Rep. Alexandria
drowning in a sea of Democrats, are
starting to swim. In the past, says
Mr. Villalobos, the Democrats “would
ignore us because they knew this
area would always vote for them.”
Republicans “would ignore us be-
cause they thought we would never
be with them.” But now that “we
have competition, things are getting
a lot more interesting.” He jokes that
Greg Abbott, the state’s Republican
governor, “seems to be here almost
weekly.”
In 2016, Hillary Clinton trounced
Donald Trump in Hidalgo County by
40 points. Four years later, Joe Bi-
den carried it by only 17 points in
the face of unexpected Republican
inroads into the regional Hispanic
vote. As every Republican in these
parts will tell you, Mr. Trump
flipped nearby Zapata County in
2020, which had been rock-solid for
the Democrats and is 94% Hispanic.
Mr. Trump also won over Hispanic
voters in other parts of the country.
But it was his success in South
Texas that fired his party’s imagina-
tion and instilled in Texas Demo-
crats a fear of what might happen if
the state’s Hispanics start to convert
their innate conservatism into sup-
port for the Republican Party.
“South Texas is being trans-
formed,” says Adrienne Peña Garza,
OPINION
Ocasio-Cortez, compared with
26% who supported a center-left
party corresponding to Mr. Biden.
(The survey didn’t mention any
politician by name.)
Most Americans want evolution-
ary, not revolutionary, change.
Americans turn to government
when problems arise that the mar-
ket can’t solve. But contrary to the
hopes of some progressives, they
aren’t turning to socialism as an
alternative to capitalism. For im-
portant segments of the popula-
tion, especially those who remem-
ber the Cold War and those who
escaped from failed socialist states
in Eastern Europe and Latin Amer-
ica, socialism was a disaster, and a
party that seems sympathetic to it
is unacceptable.
Similarly, progressives who be-
lieve that their cultural attitudes
enjoy the support of a popular ma-
jority are living in a bubble de-
fined by education, income and ge-
ography. Time after time,
Republicans use progressive over-
reach in areas such as crime, im-
migration and education to drive
wedges between swing voters and
the Democratic Party. This pattern
won’t end until Democrats break
out of the mindset that dominates
deep blue areas.
M
uch of this cultural bubble
is a consequence of chang-
ing educational patterns in
the electorate. Starting in 2000,
whites with four-year college de-
grees moved toward the Demo-
crats as whites without four-year
degrees maintained their long-
term movement away. Mr. Biden’s
candidacy continued the shift of
educated voters toward the Demo-
cratic Party while reversing only
modestly the shift of voters with-
out four-year degrees in the oppo-
site direction. And as Democrats
have gained ground among col-
lege-educated voters, they have in-
creased their support in upper-in-
come jurisdictions.
The progressives’ cultural bub-
ble is also the result of the in-
creasingly intense geographic po-
larization that has shaped the
outlook of a new generation of po-
litical activists. In deep blue states
like Massachusetts and California,
the political spectrum within the
43, chairwoman of the Hidalgo
County Republican Party. “Here on
the southern border, it’s been blue
for 100 years. And what happens
when it’s just one party in control?
There’s no checks and balances.”
The first Hispanic woman to chair
the county party, she recalls being in-
sulted at people’s doorsteps when she
started handing out leaflets in 2012.
She was called a “coconut”—brown
outside, white inside—or worse, by
Republicans like Javier
Villalobos increasingly
appeal to Hispanics in
the Rio Grande Valley.
Hispanics who couldn’t abide “some-
one who looked like them” being a
Republican. It didn’t help that only 1
in 3 Hispanics in Hidalgo County is
literate in English, she says. “They
didn’t realize that many of their so-
cial values weren’t embraced by the
Democrats.” She adds that “there was
a stigma, that Republicans were rich,
old white people who wanted to de-
port you.”
Mr. Villalobos appears to echo
this last point in his frequent calls
Saturday/Sunday, February 26 - 27, 2022 | A15
Democratic Party runs from the
far left—where a concept like dem-
ocratic socialism is very popular—
to the center, and Democrats’ dom-
inance in the electorate means
that they can succeed without pay-
ing attention to voters outside
their coalition. Many in the new
generation of political activists
have been drawn into politics by
Mr. Sanders and left-wing advo-
cacy groups. They regard centrist
Democrats as corporate shills and
have never talked to Republicans,
let alone fervent evangelical and
pro-life voters. (The same can be
said in reverse for young conser-
vative activists.)
For reasons of education, in-
come and geography, many Demo-
cratic voters and leaders are far
removed from the daily experi-
ences and cultural outlooks of
noncollege voters. This is why ad-
vocates hijacked the criminal jus-
tice reform movement with a di-
sastrous slogan—“defund the
police”—that residents of crime-
ridden communities, minority as
well as white, rejected and that
cost Democrats as many as a
dozen House seats in 2020.
When we first wrote about
these matters more than three de-
cades ago, Democrats had given
the impression of being the party
that sympathized with criminals
more than with their victims—that
is, a party outside the moral main-
stream. Although many of today’s
cultural issues are different, the
problem remains, and Democrats
will remain on the cultural defen-
sive until they pursue social
change with policies and lan-
guage—and at a pace—that can
command a sustainable majority.
Not only must Democrats over-
come the myths that distort their
understanding of what building a
national majority requires, they
must also face up to the basic
structure of contemporary Ameri-
can politics, which in many re-
spects works against them.
Everyone senses that partisan-
ship is more intense and more
comprehensive than it was four de-
cades ago, and that building bipar-
tisan coalitions is far more diffi-
cult. But we are closely divided as
well as deeply divided, and the ab-
sence of a stable national majority
for the party to embrace “inclusiv-
ity.” Hispanic Americans, he says,
“have always been conservative,” but
the Republican Party “hasn’t always”
made them feel welcome. Yet the
party’s changing, he says, not least
because Hispanics in South Texas
have themselves changed.
Hispanics, by the mayor’s ac-
count, have always “gone for the
Democratic Party because of our
parents, our grandparents.” The
community, he points out, is much
more educated than it used to be.
(Mr. Villalobos is proof of this. He
went to law school. His father, by
contrast, studied only up to second
grade, his mother to seventh.)
“There are a lot more who own their
own businesses now, and this has
made a difference to how they
think.”
A third factor is at play, too, Mr.
Villalobos says, “a kind of catalyst.”
That’s immigration, particularly as
framed by Mr. Trump. “A lot of
times people think that all Hispanic
people want borders open. Here, in
South Texas, you don’t hear that.
Even the people who were once im-
migrants, they don’t like migrants
just to be coming in at will.” The
ones who are here, he says, “did it
right, so they want other people to
do it right.”
shapes competition be-
tween the parties.
National politics
hasn’t always been this
way. Of the 17 presiden-
tial elections between
1920 and 1984, 10 were
settled with popular-
vote margins of 10
points or more, and five
yielded landslides ex-
ceeding 20 points. But
in the nine elections be-
tween 1988 and 2020,
no candidate has come
close to a 10-point mar-
gin. In four of these
elections, the winner
failed to secure a major-
ity of the national popu-
DAVID GOTHARD
lar vote; two of them
didn’t get even a plural-
ity. Five of the past six
presidential elections
had popular-vote mar-
gins of less than 5
points.
During this 32-year
period, both parties
proved unable to estab-
lish a stable national
majority, and the White
House has changed par-
ties five times. Of the
roughly one billion
votes cast for the major-party can-
didates in the past nine elections,
Democrats received 51.2%, Republi-
cans 48.2%.
Even though deepening parti-
sanship has reduced the number of
swing voters, the narrow margins
of recent national elections have
made these voters more important
than ever. If the parties remain
ideologically polarized, that reality
will dominate national politics un-
til one party breaks the deadlock
of the past three decades and cre-
ates a decisive national majority.
A
s evidence, consider the dif-
ference between the elec-
tion of 2016, which the
Democratic nominee narrowly
lost, and 2020, which the Demo-
cratic nominee narrowly won. Al-
though Mr. Biden increased the
Democrats’ share of the popular
vote by only 3 points over 2016,
he improved on Mrs. Clinton’s
performance by 9 points among
suburban voters, 10 points among
independents, and 12 points
among moderates. These gains
were decisive in the five states—
Arizona, Georgia, Michigan, Penn-
sylvania and Wisconsin—that
shifted from the Republican to
the Democratic column.
There is no guarantee that these
swing voters will stick with the
Democratic nominee next time,
and recent polls suggest that they
are pulling away. Between March
2021 and January 2022, approval
of Mr. Biden’s performance as
president declined by 21 points
among independents and 22 points
among moderates. Reversing these
losses will be the key to success in
2024.
To win in 2024, Democrats must
shape their policies and strategies
around this hard, enduring reality.
If they refuse to do so, they will be
relying on Republicans to save de-
mocracy from Donald Trump.
Ms. Kamarck is a senior fellow
at the Brookings Institution. She
served as a senior adviser to Vice
President Al Gore, 1993-97. Mr.
Galston is a Journal columnist and
senior fellow at Brookings. He
served as deputy assistant to Pres-
ident Clinton for domestic policy,
1993-95.
Ms. Peña Garza, the party’s
county chairman, is in accord.
“Down here, the most important
thing to us is border security. His-
panic Americans are not in favor of
open immigration.”
The newly competitive Republi-
can Party will be put to the test in
the coming midterms, particularly in
the 15th Congressional District,
which includes McAllen. Redistrict-
ing has made the 15th significantly
more GOP-friendly than it was in
2020, when Monica De La Cruz, the
Republican candidate, lost by a
whisker to Democrat Vicente Gonza-
lez. Mr. Gonzalez has chosen this
time to run in the redrawn 34th Dis-
trict. Ms. De La Cruz, expected to
win her primary, will likely face a
Democrat of no great heft.
She was endorsed last week by
Mr. Trump, who said that she would
be “an incredible Congresswoman.”
Among his reasons for backing her
was his belief that Ms. De La Cruz—
whose grandmother fled from Mex-
ico as a child—would “secure our
border.”
Mr. Varadarajan, a Journal con-
tributor, is a fellow at the American
Enterprise Institute and at New York
University Law School’s Classical
Liberal Institute.
A16 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Taking NATO’s Article V Seriously American LNG Is a Strategic and Green Asset

V
ladimir Putin’s likely conquest of Ukraine ments in Lithuania, Latvia or Estonia. Your editorial “Biden’s Regulators low increased substitution of natural
raises an uncomfortable question: Could The West will have to prepare for the worst, Empower Putin” (Feb. 19) reminds me gas for coal. This will help to mitigate
of the 1970s crude-oil price-control climate change by significantly reduc-
Russia next attack a member of NATO? especially given Mr. Putin’s remarks that he
program. Rather than limit OPEC’s ing emissions of the most important
The alliance had better prepare doesn’t want NATO forces in pricing power, our policy geniuses re- contributor to climate change.
for the possibility because the After he swallows any frontline states on Rus- duced the price responsiveness of PROF. RICHARD J. PIERCE JR.
Russian dictator has all but Ukraine, Putin will sia’s periphery. Non-NATO na- global supply and demand, thereby George Washington University
promised to test it. tions Finland and Sweden enhancing OPEC’s market power. Washington
“The United States will de- target the alliance. took part in Friday’s NATO I remember, as a young analyst at
fend every inch of NATO terri- summit, and Russia’s foreign the American Petroleum Institute, us- The new policy, which must be ap-
tory with the full force of ministrywarned the countries ing a simple supply-and-demand analy- plauded as a course correction, re-
American power,” President Biden said Thurs- would “face some military and political conse- sis to compute an OPEC price of $2 to quires the Federal Energy Regulatory
day. “There is no doubt—no doubt that the quences” if they pursued membership. Those $3 higher than the price without U.S. Commission to include consideration
United States and every NATO ally will meet our threats are all the more reason for them to join price controls. At 1970s prices, this of greenhouse-gas emissions in ap-
was a significant effect. As we proving natural-gas pipelines and ter-
Article V commitments, which says that an at- the alliance.
strengthen Russia’s hydrocarbon in- minals. The problem is that FERC it-
tack on one is an attack on all.” Mr. Putin staged a cyberattack against Esto- dustry by restricting our own, and suf- self “doesn’t plan to consider the
It’s good Mr. Biden made that clear about the nia in 2007, with almost no repercussions. What fer the resulting higher energy prices, downstream emissions of LNG facili-
NATO pledge to defend any member under at- kind of Russian attack would trigger an Article it appears nothing has been learned. ties, which is the Energy Depart-
tack. But the U.S. and Europe also warned Mr. V intervention? Mr. Putin understands that if he BRUCE L. PETERSEN ment’s purview.” This bureaucratic
Putin about invading Ukraine, yet they did little did attack a NATO member and the alliance Summerfield, N.C. division of labor is ridiculous when it
to deter him and still haven’t delivered the failed to respond, NATO is effectively dead. interferes with FERC’s taking a holis-
“massive consequences” they promised if he did Western leaders have to expect that he’ll con- The editorial states that “U.S. LNG tic view on natural-gas facilities, con-
invade. Mr. Putin might consider Mr. Biden’s clude the reward is worth the risk. exports will have no impact on down- tradicting its pipeline-analysis mis-
words Thursday as a challenge to break NATO, The Ukraine invasion has triggered revision- stream emissions.” Not so. By in- sion, which “may include emissions
creasing the volume of natural gas from upstream production and down-
especially if he suffers little for his Ukraine ists to say NATO should never have expanded
available in Europe and the intensity stream consumption.”
slaughter. after the collapse of the Soviet Union. But the of competition among suppliers, U.S. ROBERT ALMEIDA
NATO nations held a virtual summit on Fri- best argument for expansion was that the alli- LNG exports will lower prices and al- Scarsdale, N.Y.
day and decided to activate its response force ance would be useful someday if Russia threw
for the first time. Secretary General Jens Stol- up a modern Napoleon Bonaparte bent on re-
tenberg said that “thousands of troops” would building the empire. Someone like Vladimir Pu-
be deployed to reassure frontline states, includ- tin. Does anyone think that Mr. Putin wouldn’t
ing troops from France, Germany and the U.S. have already moved on the Baltics if they
What Do We Want to Get Out of Our History?
More than 100 planes and 120 ships have also weren’t members of NATO? In “What’s Really at Stake in Amer- man as a band leader, having mis-
already been deployed. The alliance will survive this new threat only ica’s History Wars?” (Review, Feb. 12), taken him for Paul Whiteman.
Yet if Russian forces moved today on the Bal- if its nations take their obligations seriously. Adam Kirsch notes the debilitating ig- Don’t bother looking for the good
norance of history: “Actual historical old days of civics education; they
tic states or even Poland, it’s unclear whether Angela Merkel, the former German Chancellor,
understanding requires a much never were.
NATO could repel them. The U.S. has ordered on Friday condemned Russia’s invasion of greater investment of effort and imag- SOL GITTLEMAN
more than 12,000 troops to Europe this month, Ukraine “in the strongest terms” and called it ination than giving a thumbs-up or Lexington, Mass.
bringing the total to nearly 100,000. But Ameri- “a profound turning point in European history.” down to this or that name.” One might
can deployments are spread around the Conti- Now she tells us. No one did more than Mrs. argue that to do good history is to en- America’s schoolchildren deserve a
nent. While NATO has a rotational forward pres- Merkel to make Europe and NATO vulnerable to gage in an act of ordered and empa- history education that reflects a
ence in the Baltic states and Poland, most forces Russia with her energy policies and failure to thetic imagination. To do history is to good-faith effort to recognize both
are far from the eastern front. spend more on defense. engage sources, such as documents the good and the bad in the country’s
More forward deployments, with perma- European members in particular will have to and memories, critically, with creativ- past. That which has endured carries
nent troops and munitions, are essential. The rearm, and start immediately. Once Mr. Putin ity and charity. One frequent result is some weight against that which has
small Baltic states near Russia are the most sets up his puppet state in Ukraine, and moves a lesson in humility, and compassion, passed away, and students equally de-
neither of which would seem to domi- serve this fact to be pointed out for
likely Putin target given their strategic posi- his forces to NATO’s borders, the Russian will
nate our public conversation. their consideration. That is, American
tion, ethnic Russian minorities and smaller look for the right moment to expose it as an alli- TOM JODZIEWICZ history has gradually produced
military forces. There’s also the risk of hybrid ance in name only. He’ll succeed unless NATO Irving, Texas greater degrees of freedom, security
attacks to undermine the democratic govern- learns the lesson of Ukraine. and prosperity, degrees unprece-
If Americans in a 2019 poll demon- dented in mankind, while whittling

Putin’s Ukraine Slaughterhouse strated an ignorance of U.S. history,

don’t look to earlier times for better
performance. Historian Allan Nevins,
away in law and blood the injustices
of slavery and discrimination.
In the eyes of Abraham Lincoln

W
atching the indifferent brutality of of Ukrainian officials, and everything the U.S. not long after the attack on Pearl Har- and Martin Luther King Jr., these
Vladimir Putin’s assault on Ukraine has said about Mr. Putin’s plans has turned out bor, took a survey of students heading achievements flowed from America’s
to dozens of the country’s best col- founding principles. America is a
is sickening, but it’s vital that the to be true. He has proven many times that as-
leges. Nearly half couldn’t identify the place where the good has usually out-
world not look away. This is sassination is central to his U.S. presidents during the Civil War lasted the bad. That’s important to
the bloody consequence of It’s shameful the business model. or World War I; almost all said that keep in mind when trying to under-
unchecked imperialism, and West did so little to Ukraine’s forces are put- Will James was Jesse James’s brother. stand our history.
it’s a warning of what will be- ting up brave resistance de- Most couldn’t find St. Louis on a map, JORDAN ADAMS
come more common as the help Kyiv defend itself. spite being overwhelmed in and a majority identified Walt Whit- Hillsdale, Mich.
multi-decade Pax Americana firepower. One soldier sacri-
recedes. There are also stir- ficed himself to blow up a
ring examples of heroism that the world bridge to stop a Russian tank column. Another Predicting the Inflation Rate Is Not So Easy
shouldn’t forget. offered an expletive to a Russian gunboat de-
Russian troops are closing in on Kyiv, with manding surrender before he and a dozen oth- Steve Hanke and Nicholas Hanlon’s tion of exchange to predict inflation, it
op-ed “Powell Is Wrong. Printing was based on the argument that veloc-
U.S. officials saying Mr. Putin wants to decapi- ers were killed by shelling. Europe and the U.S.
Money Causes Inflation” (Feb. 24) ity was relatively stable and predict-
tate the government as quickly as possible. should be ashamed for not doing more to help presents a ridiculous argument about able. Regardless of the merits of that
Thousands of paratroopers may be dropped Ukrainians defend themselves. how money causes inflation based on argument in the past, it is not true to-
to take the city center after missile and artil- The wars of recent decades have largely the equation of exchange MV=PY. As day. The Fed has an enormous, argu-
lery attacks reduce the resistance. The Krem- been fought in the Middle East or Afghanistan, opposed to a true equation, this rela- ably self-inflicted, challenge in stabi-
lin signaled it is willing to talk with Ukraine, often clandestinely with special forces away tion is a mathematical identity. The lizing inflation. Focusing on the
but only as long as the democratically elected from the cameras. They have been horrible but authors’ “predicted” inflation simply growth in M2 will not help it meet
government in Kyiv surrenders. have been wars to defeat terrorist insurgen- rewrites the identity in terms of this challenge.
President Volodymyr Zelensky has stayed in cies, topple dangerous dictators, or defend growth rates. “Predicted” inflation (P) EM. PROF. GEOFFREY WOGLOM
Kyiv and rallied his countrymen to resist. In a against missile attacks as in Israel. is equal to the growth in money sup- Amherst College
moment that should haunt European leaders, This is a war of imperial conquest by a ply (M) and the growth in velocity (V), Seabrook Island, S.C.
less the growth in real gross domestic
Mr. Zelensky told them on a video call that “this stronger nation subjugating the weak. West-
product (Y).
might be the last time you see me alive.” U.S. erners who have lived in peaceful comfort for I use quotation marks for “pre- Indoctrination in the Schools
intelligence believes the Russians have a kill list decades should absorb the awful lesson. dicted” because these are not true
It’s a shame there’s no Geneva
predictions. They would be true pre-

Justice Ketanji Brown Jackson?

Convention for the culture wars. The
dictions of the relation between
progressive left has stationed chil-
money-supply growth and inflation
dren at the front lines of its battle for

P
only if they included a prediction for
a woke revolution (“San Francisco
resident Biden has made his pick for the have made the choice that most progressives velocity. Otherwise, this remains a
Schools the Left” by Peggy Noonan,
U.S. Supreme Court: Judge Ketanji wanted. Democratic Rep. Jim Clyburn, whose simple identity.
Declarations, Feb. 19). During the
Brown Jackson of the D.C. Circuit Court endorsement in the 2020 South Carolina pri- When monetarists used the equa-
Covid era, children have borne the
of Appeals. She has a thin ap- mary helped Mr. Biden win the brunt of the collateral damage. I hope
pellate record. At least on reg- Biden’s nominee for the White House, pushed for dis- You Think U.S. Debt Is Bad? primary education becomes a central
ulation and business ques- issue in the midterm elections. We’ve
tions, she’s probably to the
Supreme Court is the trict Judge J. Michelle Childs.
She attended state schools, Try Multiplying It By Three seen too many casualties in the past
left of retiring Justice Ste- top progressive choice. which is another form of di- I enjoyed Tunku Varadarajan’s
two years.
phen Breyer. We’ll see what versity the Supreme Court NOAH BLOOMBERG
“The Weekend Interview with John
Chicago
Senate vetting brings, but the lacks, and she was the first Cochrane” (Feb. 19), especially the
GOP shouldn’t indulge in the left’s scorched- black woman to be partner at a major South sentence, “The borrowing and money-
Ms. Noonan does a superb job de-
earth tactics. Carolina law firm. printing in 2020-21 was different: ‘It
scribing the events leading to San
Judge Jackson’s elevation wouldn’t change Republican Sen. Lindsey Graham all but said came without a corresponding in-
Francisco’s school-board recall. But
the Supreme Court’s direction in the near term, he’d vote for Judge Childs. Yet progressives crease in expectations that the gov-
she misses one point. Remote learning
ernment would someday raise sur-
since she’d replace a fellow liberal. But at age 51 smeared her as corporate stooge, and President allowed parents to see what is actu-
pluses by $5 trillion in present value
she could serve for three decades. Although Biden is nothing if not a man who follows his party. to repay the debt.’” My only quibble
ally being taught: critical race theory.
Judge Jackson clerked for Justice Breyer, she Reacting to the nomination of Judge Jackson, an TONY LIMA
is with Mr. Cochrane’s focus on the
might lack his pragmatic and independent Ivy Leaguer, Mr. Graham was wary. “The radical Hayward, Calif.
U.S. government’s $20 trillion in on-
streak. He is less hostile to business and reli- Left has won President Biden over yet again,” he balance sheet debt. The off-balance
gious liberty than Justice Sonia Sotomayor. tweeted Friday. “I expect a respectful but interest- sheet debt related to unfunded Social
What about Judge Jackson? It’s hard to know ing hearing in the Senate Judiciary Committee. Security, Medicare and Medicaid eas- Pepper ...
for sure. She was confirmed to the D.C. Circuit The Harvard-Yale train to the Supreme Court con- ily adds up to three times as much—
last June, but her first opinion didn’t arrive until tinues to run unabated.” $60 trillion—if not more.
And Salt
this month. It was a victory for public-employee As Mr. Graham says, the public is owed hear- Why do we assume that these un- THE WALL STREET JOURNAL

unions on a matter of administrative law. It was ings that are respectful, thorough and, yes, funded off-balance-sheet obligations
will come with “a corresponding in-
also unanimous, as was her second opinion. As even interesting. Judge Jackson is on Harvard’s
crease in expectations” that govern-
a district judge since 2013, Judge Jackson made board of overseers, while the Supreme Court ment would someday raise surpluses
hundreds of rulings. That is a different kind of is poised to consider the school’s racial prefer- by $60 trillion to repay this debt?
work, involving judicial fact finding and so forth, ences in admissions. Some of her prominent Purists complain that Social Security
and we’ll soon discover how much can be rulings as a district judge were reversed. An- and medical promises are not legally
gleaned from it. other has a footnote on the first page to explain debt. So what? Is there any political
Mr. Biden’s other criteria that must be men- that it “uses the term ‘noncitizen’ in lieu of the appetite to renege on these promises
tioned, unfortunately, are race and sex. He prom- term ‘alien.’” given the sorry state of our politics?
ised in 2020 to put a black woman on the High All fair game. But Republicans should refuse PROF. SHIVA RAJGOPAL
Court, and Judge Jackson is a black woman. But to engage in the politics of personal destruction Columbia Business School
New York
the Senate should focus on her record. “I’ve ex- that Democrats routinely wage. Many Republi-
perienced life in perhaps a different way than cans may be frustrated that they don’t have
Letters intended for publication should
some of my colleagues because of who I am,” she more leverage, but elections have consequences. be emailed to wsj.ltrs@wsj.com. Please
said last year. But she added that “race would Mr. Biden won in 2020, and then President include your city, state and telephone
be the kind of thing that would be inappropriate Trump’s claims of a stolen election in Georgia number. All letters are subject to “In the interest of not screwing
to inject into my evaluation of a case.” cost the GOP control of the Senate. Conserva- editing, and unpublished letters cannot things up, I’m going to take
be acknowledged.
It’s notable, though, that Mr. Biden seems to tives are paying the price again. a nap in my car.”
THE WALL STREET JOURNAL.
DECLARATIONS
By Peggy Noonan
I
t is ugly and will get uglier.
Vladimir Putin isn’t going to
stop anytime soon. You don’t
launch a full-scale military as-
sault on another nation and
two days later say, “Oh, I think I’ve
made my point,” and go home. He
was never interested in negotia-
tions, he was never open to argu-
ment, he set this in motion and will
follow through to the imagined vic-
tory point in his head.
He has shocked the West. He
wanted to shock the West.
In doing so he has shattered the
European peace, broken interna-
tional law, and attempted to re-es-
tablish brute force as a primary po-
litical determinant of the future. All
this constitutes a major upheaval.
The war is uncharted
territory. We don’t know
how far he plans to go, but
he isn’t stopping soon.
We will find out if world leader-
ship is up to it, and American lead-
ership equal to the moment. So far
the North Atlantic Treaty Organiza-
tion, that fractious alliance, has held
together, and the U.S. tactic of pub-
licly sharing its intelligence proved
wise.
People draw parallels to World
War II, and there are some, but this
isn’t 1938. The speaker of the House,
on returning Wednesday from the
Munich Security Conference, said,
“This is our moment. . . . This is a
Sudetenland.” There was something
bizarrely rah-rah and certainly half-
baked about her statement.
Hitler’s annexation of Sudetenland
If Donald Trump Were a Woke Canadian, He’d Be Justin Trudeau
By Jonathan Kay
P
Toronto
rime Minister Justin Trudeau
met Donald Trump for the first
time five years ago this month.
The moment became legendary for
many Canadians who relished the
sight of our young, charismatic leader
imposing his cheery manners on the
bumptious American president.
“Sunny ways” had been one of Mr.
Trudeau’s campaign mantras. The
whole scene was peak Trudeau.
It wasn’t simply that Mr. Trudeau
stood up to American protectionism
during trade negotiations. He also
projected a genuinely patriotic vision
of Canada at a time when Canadians,
Europeans and some Americans were
eager to applaud leaders who rejected
Mr. Trump’s political style.
That’s all changed, as demon-
strated by Mr. Trudeau’s shrill re-
sponse to the Freedom Convoy, the
trucker protest against vaccine man-
dates, which occupied downtown Ot-
tawa until last weekend. The cheeri-
ness has been gone for a while. Over
the past few years Mr. Trudeau has
attacked his critics in vicious ways,
including a 2021 rant in which he
linked vaccine skepticism to racism
and misogyny. This month he and his
Liberal Party colleagues went fur-
ther, calling protesters right-wing
extremists and suggesting they were
Nazi sympathizers. When questioned
in Parliament about his decision to
declare a nine-day national emer-
gency in response to localized pro-
tests, Mr. Trudeau declared that
some of his Conservative critics
were allied with “people who wave
swastikas.” The direct target of his
outburst was Melissa Lantsman—a
member of Parliament and a descen-
dant of Holocaust survivors.
What is most astonishing about
Mr. Trudeau’s metamorphosis from
upbeat unifier to dour social-justice
scold is its speed. If you read his
2014 memoir, “Common Ground” (on
which I worked as an editorial assis-
tant), you’ll find plenty of soaring
language about Canada, but nothing
about a supposed epidemic of white
supremacy and Nazi-inspired hate
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
Karen Miller Pensiero, Managing Editor
Jason Anders, Deputy Editor in Chief
Neal Lipschutz, Deputy Editor in Chief
Thorold Barker, Europe; Elena Cherney, Coverage;
Andrew Dowell, Asia; Brent Jones, Culture,
Training & Outreach; Alex Martin, Print &
Writing; Michael W. Miller, Features & Weekend;
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Investigations
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Editor of the Editorial Page
Daniel Henninger, Deputy Editor, Editorial Page;
Gerard Baker, Editor at Large
* * * * Saturday/Sunday, February 26 - 27, 2022 | A17
OPINION
Where Putin Goes From Here
took place in a prenuclear world. The and a talent for malware. It was fol-
world of 2022 has thousands of nu- lowed by the sound of explosions in
clear weapons of all sizes, weights, Kyiv. He is trying to scare the world.
purposes and delivery mechanisms. Sometimes leaders are mad.
Sudetenland occurred in a world of Sometimes they want you to think
physicalness—big printing presses, they’re mad. Sometimes both.
hand-calculated bank balances. Our What is important from the West
world is run by computers vulnera- is unity and strength—not “tough-
ble to devastating cyberattacks. Su- ness” but strength. You don’t have
detenland was a quick and largely to make a great show of determina-
unresisted invasion. Ukraine won’t tion if you’re really determined, you
be bloodless, and there’s no reason just have to be who you are.
MASSIMO PERCOSSI/SHUTTERSTOCK
to believe it will be quick. Mr. Putin is alone, not that he
The point is we are not repeating cares; everyone knows who the bad
history. This war is uncharted terri- guy is in this drama. No country has
tory. So no, we’re not living through said he is in the right, not one, not
something you streamed on Netflix; even China. He is alone, burnishing
you don’t know the end of the story; his credentials as a junior monster
and if you’re in government you of history.
may or may not be Churchill, we’ll The opinion of the world matters
see. and has a force of its own.
When I was a kid they used to Ukrainians protest outside the Russian Embassy in Rome Thursday. Wars are expensive, occupations
say a coward dies a thousand extremely so; it costs money to keep
deaths, the brave man but one. In I see little profit in continuing to Bisserbe and Bojan Pancevski in an army on the ground, to fuel and
time I came to think no, the imagi- go over who blew it most since the their Wednesday front-pager in the feed it. There is the human cost:
native die a thousand deaths, the collapse of Soviet communism. Did Journal. young men will die. This will all cost
dullard but one. You have to main- the West in its blithe triumphalism Mr. Macron, a French official Mr. Putin and the cost will increase
tain an eye for peril and see its im- miscalculate by letting NATO move said, found Mr. Putin “more rigid, with time. He knows this, he’s fac-
plications. The world is in new peril. east? Did our diplomats, those more isolated” than in the past. tored it in, but the West should
On the unimaginative end of the Brooks Brothers smoothies, patron- In his speech to the Russian peo- make it costlier wherever possible.
spectrum there is J.D. Vance, a can- ize the old apparatchiks in their ple on Monday, Mr. Putin’s mind cir- All the West is going to have to
didate for the Republican U.S. Sen- boxy gray suits? Yes, they did. I’m cled within a tightening narrative of play a long, cool, careful game.
ate nomination in Ohio, whose where George Kennan was: It was a grievance. Lenin and Stalin failed to Leaders and officials should do
Theory of Enacted Populism appar- mistake to enlarge NATO by admit- make Ukraine’s standing clear, nothing to provoke. In Europe they
ently involves hearing the most ting former Warsaw Pact states; it Khrushchev messed up Crimea. The should speak in one voice to the ex-
careless thing a voter says in a diner fueled resentment, encouraged para- speech has been called fiery but it tent possible: define, describe, be
and repeating it with an air of in- noia and embarrassed democrats in wasn’t; it was preoccupied with the precise, no histrionics. Don’t taunt.
genuous self-discovery. “I gotta be Moscow who’d pushed against com- historically arcane and made no at- Britain’s defense minister, Ben Wal-
honest with you, I don’t really care munism at some cost. tempt to persuade anyone outside lace, said Wednesday they’d “kicked
what happens to Ukraine one way or But that debate shouldn’t freeze Vladimir Putin’s head. It had the the backside” of the Russians in the
another,” he said on Steve Bannon’s thought now. Argue later who was wound-up particularity of the local Crimean war in the 1850s, and “can
podcast. He cares about fentanyl the biggest jerk 25 years ago. grocer when he talks about his 30- always do it again.” That war is
coming over the border and killing Whether the U.S. and the West were year feud with the butcher down the mostly remembered most for the
our kids. So do a lot of us, but re- wrong or not, Mr. Putin is still street. Charge of the Light Brigade. Some-
sponsible people care about both. wrong to invade Ukraine. It was Mr. Putin’s speech the times it’s good to quiet your rousing
This is a lousy moment for mindless Is Mr. Putin mad? Are his actions night the war began that had real voices and concentrate on not let-
pandering. the result of increasing instability? menace. In an unscheduled state- ting this become World War III.
You may not care about war but “[Emmanuel] Macron noticed a ment on Russian television, he The West is on the right side. It
war cares about you. Russia isn’t change in Mr. Putin’s demeanor warned those nations that might should keep its height, keep its
Upper Volta with a gas station; it’s when speaking to him on the “consider interfering” with Russia’s nerve and hold together. Be cool,
Upper Volta with a gas station, the phone over the course of the pan- actions that they “will face conse- press hard, resist.
world’s largest nuclear arsenal, and demic. ‘He tended to talk in circles, quences greater than any you have Let the world see what happens
a furious owner. What he does may rewriting history,’ a close aide to faced in history.” to a man who does what Vladimir
have repercussions. If you would Mr. Macron said.” This is from re- That was some kind of threat Putin is doing. Show gravity. Be-
lead, you don’t get not to care. porters Ann M. Simmons, Noemie from a man with a nuclear arsenal cause it’s all very grave.
that he now describes as a major Canada had its own Great Awo- national ideal had been resistance to organizers. But as the days passed,
threat. kening in 2017, a few months after American laissez-faire capitalism and I became far more alarmed by the
A key shift occurred three years that famous meeting between Mr. bellicosity, Canadian patriotism and hyperbolic response from Mr.
ago when Mr. Trudeau publicly ac- Trudeau and Mr. Trump. That year progressivism went hand in hand. Trudeau and his allies—especially
ceded to the farcical claim that Can- marked Canada’s 150th birthday. But, suddenly, an alliance with pro- his wholly unnecessary invocation of
ada is perpetrating a genocide But instead of joining the national gressive true believers required the Emergencies Act. (Thankfully,
against indigenous women. Last year party, many indigenous leaders re- agreeing that Canada is a racist and Mr. Trudeau abruptly revoked Can-
he had the Canadian flag lowered for fused to help celebrate a country genocidal hellhole. ada’s emergency status on Wednes-
more than five months in response created at their ancestors’ expense. When in 2019 Mr. Trudeau was day, only two days after ordering his
to the discovery of a presumed revealed as a hypocrite who’d lec- caucus to vote for it, when signs
burial site near a former boarding tured the world on social justice emerged that its implementation
school for indigenous children. Each ‘Sunny ways’ were once the while hiding evidence of his wearing might be blocked by the usually qui-
passing month seemed to bring new blackface—he can’t remember how escent Senate.)
and more flamboyant gestures of prime minister’s bywords. many times he painted himself when “We become what we hate,” goes
contrition. Now he’s turned into a young to look like a black person— the old expression. Even so, Mr.
Mr. Trudeau deserves the scorn that only turbocharged his perfor- Trudeau’s transformation is a shock-
he is now receiving—including from divisive demagogue. mative approach. The white son of ing one. In 2017, when I watched
principled liberals who understand privilege had even more to prove. him take the stage in Washington,
that invoking emergency powers to When George Floyd was killed in I’d never have believed anyone who
silence political enemies sets a terri- The ensuing culture-war eruption 2020, Mr. Trudeau took a knee— told me that, in only five years, the
ble precedent. But in fairness, Mr. was volcanic, with Canadian media though Minneapolis isn’t a Canadian two men shaking hands would be
Trudeau isn’t solely responsible for (especially the already-quite-woke city—making clear that he was be- practicing the same divisive style of
the climate of hysteria that now suf- Canadian Broadcasting Corp.) holden not only to the parochial rites politics.
fuses Canadian progressive politics. launching into maudlin spasms of of Canadian wokeism but also to the
His rise to power coincided with national self-recrimination. American variant. Mr. Kay is an editor and podcast
America’s Great Awokening, and nei- Mr. Trudeau, who had succeeded I didn’t support the Freedom host with Quillette, a columnist for
ther Mr. Trudeau nor anyone around in politics by presenting himself as Convoy because I didn’t agree with Canada’s National Post and a co-au-
him could have predicted how radi- both a great patriot and an unim- the protesters’ demands, and I was thor of “Magic in the Dark: One Fam-
calized the social-justice movement peachable progressive, couldn’t have put off by some of the genuinely ily’s Century of Adventures in the
would become. it both ways. When Canada’s defining radical elements among the original Movie Business.”
Should We Grow Up About Energy?
Let’s touch on a manager Chris James, the billion- erean of Wilkes University. techno-industrial experiments.
few energy-related aire founder of Engine Co. 1, could That’s the complicated story. The Ironies abound. The computer
subjects in the not have been confused on this much simpler story is the lack of models used to forecast future tem-
wake of Russia’s point. Blather aside, quite clearly any pocketbook incentive in the peratures by necessity must take ac-
market-roiling ac- he meant to place a bet on Biden wider public to allow fracking. In the count of aerosol trends. So refusing
tions in Ukraine. priorities and other factors to drive Eastern U.S., fracking took off be- to learn about particulate effects al-
Exxon was already up the price of oil. cause most land and the accompany- ready is infeasible.
BUSINESS
riding high on the This brings up a question. Why ing mineral rights are privately held. Unfortunately, some scientists,
WORLD
recovery of oil was Mr. James nevertheless able to like many journalists, pretend to be
By Holman W.
prices. The world calculate media reporters would inquirers into reality when they are
Jenkins, Jr.
has shown it’s not gobble up his climate-change snake Joe Biden, Europe’s really advertising their affiliation
remotely prepared oil? Quote the snake oil salesman with their chosen virtue movements.
to do without fossil fuels. And a but maybe at least mention he’s sell- fracking failures, and The consistent failure of the climate
beneficiary has been Engine No. 1, ing snake oil. Why does our news scientists who don’t want movement has been its towering
the hedge fund that fought a noisy media so often fail us in obvious lack of realism. Developed and de-
battle last year for Exxon board ways? to know about aerosols. veloping nations were never going
seats, saying it wanted to lead the i i i to forgo energy use, but higher and
oil giant away from fossil fuels, a You can tell many stories or one lower carbon paths to the future
claim the media bought hook, line story about why Europe didn’t de- Homeowners and farmers directly were still possible. The U.S. and oth-
and sinker. velop its fracking potential, which profited from drilling. In Europe, ers might have enacted carbon taxes
But wait. People invest in oil became richly apparent by the early mineral rights are controlled by the long ago to foster the necessary
companies to make money from oil, 2010s. Had it done so, NATO coun- state, leaving local interests no in- technologies. They still might,
not wind and solar. Veteran fund tries would be in a stronger position centive to go along or put up with though not because of the climate
now vis-à-vis Vladimir Putin and costs and inconveniences. lobby’s persuasiveness. It’s far more
soaring energy prices. i i i likely to happen now because politi-
Every country is different goes A petition has been attracting sig- cians want revenues to finance pro-
the complicated story. Farmers and natures from scientists calling for a growth tax cuts.
Robert Thomson townspeople didn’t want the disrup- ban on most research on solar geoen- Give the public a choice between
Chief Executive Officer, News Corp tion and alleged risk of drilling; en- gineering to cool the planet. A Har- believing climate change is the end
Almar Latour vironmental crusaders insisted on vard experiment, in conjunction with of the world or a crock, they will
Chief Executive Officer and Publisher
investment in wind and solar in- Sweden, on injecting aerosol particles choose crock. Even more so if choos-
DOW JONES MANAGEMENT: stead; German utility managers into the atmosphere was postponed ing “end of the world” also means
Daniel Bernard, Chief Experience Officer;
claimed they had Russia over a bar- due to activist protests. volunteering to surrender their stan-
Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
rel and Russia would always supply Deciding not to learn about a dard of living.
Counsel, Chief Compliance Officer; Dianne DeSevo, gas at a lower price than shale. technology, of course, is silly and Making climate change an anti-
Chief People Officer; Frank Filippo, EVP, Business Kremlin anti-shale propaganda unrealistic, and only surrenders the human, anti-progress, anti-prosper-
Information & Services; Robert Hayes, Chief played a role. Even Romania, with a initiative to less responsible actors. ity creed was the biggest mistake
Business Officer, New Ventures;
long history of oil and gas develop- The signers say the risks are un- of all if the goal was to advance cli-
Aaron Kissel, EVP & General Manager, WSJ;
Josh Stinchcomb, EVP & Chief Revenue Officer,
ment, faltered. France imposed a known but so are the risks of the mate policy, though more useful if
WSJ | Barron’s Group; Jennifer Thurman, Chief moratorium. So did the U.K. Poland CO2 experiment already underway. the real purpose was assuring true
Communications Officer has difficult geology but also a big They complain about the lack of a believers they are special. This can
national-security interest in pro- global regulating authority for be seen again in the parade of fops
EDITORIAL AND CORPORATE
HEADQUARTERS:
ceeding, and yet stumbled over “civil geoengineering, but no such au- piously demanding humanity forgo
1211 Avenue of the Americas, New York, N.Y., 10036 society” resistance, according to a thority exists for emissions or hu- the potential of solar geoengineer-
Telephone 1-800-DOWJONES fascinating study by Andreea Mai- manity’s countless impromptu ing.
A18 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.

SPORTS
The NFL’s Offseason QB Dominoes
BY ANDREW BEATON

T
he best and worst clue
about the most impor-
tant event of the NFL’s
offseason landed Mon-
day night. In an enig-
Packers star Aaron Rodgers says he still hasn’t made a decision about returning to Green Bay.
matic Instagram post about grati- Whatever he chooses will send ripples across the league.
tude, quarterback Aaron Rodgers
thanked a long list of people with a
series of photos.
It didn’t provide any clarity on
the future of Rodgers, the Packers
star quarterback who has been
noncommittal about remaining in
Green Bay. But that didn’t stop
football cryptologists from trying
to decode the post’s meaning.
Did thanking his Packers coaches
and teammates mean he plans to
return? Or was it a farewell? What
about the last picture, from the
game Rodgers missed after testing
positive for Covid-19, of the two
wide receivers who typically flank
him during the national anthem
standing with an empty space in
between them?
Rodgers didn’t give many more
answers about his intentions when
he joined a sports talk program the
next day, but the next step in his
football career is the biggest ques-
tion hanging over the league. He’s
the reigning Most Valuable Player,
for back-to-back-seasons, and he
might just be the first domino to
fall during an offseason that will be
dominated by quarterback rumors.
Rodgers could bolt from Green
Bay. Russell Wilson’s long-term fu-
ture with the Seattle Seahawks
isn’t certain. Jimmy Garoppolo’s
tenure in San Francisco appears
finished. Deshaun Watson may fi-
nally get a trade out of Houston af-
ter sitting out the season. And
that’s just the start of a list that in-
cludes lower-tier quarterbacks,
others in the draft and more poten-

PATRICK MCDERMOTT/GETTY IMAGES

tial surprises.
The last two years in the NFL
have been a lesson on how quickly
a franchise’s fortunes can change if
it acquires the right quarterback.
Two seasons ago, the Tampa Bay
Buccaneers signed Tom Brady. Last
season, the Los Angeles Rams
traded for Matthew Stafford. They
both won Super Bowls. In a league Green Bay Packers quarterback Aaron Rodgers said after a playoff loss to the 49ers that he would take some time to make a decision about his future.
where building through the draft is
the dominant philosophy, the last The following offseason, after a Rodgers won another MVP. The my eyes,” he said. and was a Rodgers favorite, as
two champions were teams that stint guest hosting “Jeopardy!,” Packers, the No. 1 seed in the NFC, What’s clear, other than Rodgers their new quarterbacks coach. They
picked up a veteran quarterback Rodgers’s future was even murkier. failed to reach the Super Bowl. saying he was in a grateful and re- also face a difficult decision with
months earlier. The Packers brass publicly ac- Rodgers said after that playoff flective state after going on an In- Adams, their star receiver and Rod-
That lesson is especially acute knowledged that they weren’t sure loss to the San Francisco 49ers dian-based detox called a Pancha- gers’s No. 1 weapon, who can be-
this year. Most NFL drafts are he would return, while he skipped that he would take some time to karma cleanse, is that if he come a free agent and command an
headlined by one or several highly workouts and the team’s manda- make a decision about his future. demanded out of Green Bay—and enormous payday.
touted quarterback prospects, like tory minicamp. When he finally ar- That wasn’t clarified by his re- the Packers acquiesced—there Any team with Rodgers at quar-
Trevor Lawrence a year ago. Most rived at training camp, in enor- cent Instagram, which ignited a would be no shortage of suitors for terback next season, whether that’s
analysts see this upcoming draft, mous reflective frenzy of specu- a quarterback who is 38 years old the Packers or not, will be viewed
however, as lacking that type of sunglasses and lation. Then but still at the top of the game. as a Super Bowl contender in 2022.
a T-shirt from
upper-echelon talent.
So for teams looking for a quick “The Office,” it
The last two Super Bowl Rodgers, ap-
pearing on the
The Denver Broncos, who have a
talented roster without a clear
His decision would also have spill-
over for the rest of the league: The
boost at the most important posi- kick-started a champions were teams Pat McAfee franchise quarterback, were al- teams without him would have to
year unlike any
tion in the sport, the trade market
is the most obvious destination. other.
that picked up a veteran Show, said there
was nothing
ready a logical destination before
making a move that fueled more
search for another answer.
Whether the Seahawks launch a re-
And there’s no bigger prize poten- When asked QB months earlier. mysterious speculation. They hired Nathaniel build by moving Wilson, or where
tially available than Rodgers. if he were vac- about the post. Hackett, who had been Green Bay’s quarterbacks like Garoppolo and
Rodgers hasn’t seemed espe- cinated against “There’s nothing offensive coordinator, to be their Watson end up, will likely play out
cially thrilled with his employers Covid-19, he cryptic about head coach. The Tampa Bay Bucca- after Rodgers decides.
ever since they drafted a quarter- said, “Yeah, I’m immunized.” Later, gratitude,” he said, adding that he neers and Pittsburgh Steelers, after Rodgers says that decision isn’t
back, Jordan Love, in the first he tested positive and missed a has yet to make a call about what the apparent retirements of Tom far off. “It won’t be long,” he said.
round of the 2020 draft. He said game after being forced to sit by he wants to do in 2022. Brady and Ben Roethlisberger, re- “The earlier the better—depend-
afterward that it might be a reality league rules for 10 days—which re- As for the photo of wide receiv- spectively, could also be attractive ing what that decision is,” Packers
that he no longer finishes his ca- vealed he was unvaccinated. His ers Davante Adams and Randall destinations. general manager Brian Gutekunst
reer in Green Bay. But he re- controversial comments about the Cobb during the game he missed, The Packers also have their own said Wednesday.
sponded during the 2020 season in virus continued to make shock he said he was moved that they maneuvering to do. They already When he comes to a conclusion,
spectacular fashion—by winning waves throughout the season, left a space open for him during hired Tom Clements, who had been it will ripple across the rest of the
his third career MVP. which ended in a familiar fashion: his absence. “It brought tears to with the team from 2006 to 2016 NFL.

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

Vancouver
20s Edmonton
d

Calgary
0s 0s <0
0s
MLB Labor Talks Face a Deadline
10s
30s
Winnipeg
10s BY JARED DIAMOND
Seattle
40s 10s 20s
Portland
Helena 20s Ottawa
Montreal 30s NEARLY THREE MONTHS
Bismarck
40s Billings 20s Augusta 40s after Major League Baseball
Eugene Boise
30s Mpls./St. Paul Toronto Albany Boston 50s team owners locked out play-
40s ers and caused the sport’s
50s Pierre Sioux Falls
Milwaukee Detroit Buffalo
Hartford
60s
Reno 20s 40s Chicago Cleveland
30s
Neww York
70s
first work stoppage in more
Des Moines
Cheyenne Omaha
Pittsburgh
Philadelphia than a quarter-century, this
Sacramento Salt Lake City Springfield Indianapolis 80s
JULIO AGUILAR/GETTY IMAGES

30s Denver
10s Colorado Topeka Washington D.C. weekend will determine how
San Francisco Kansas Charleston 90s
Las Springs City Richmond far the two sides are willing
60s St. Louis Louisville 100+
Vegas Wichita
Nashville 50s Raleigh to go to achieve their eco-
Los Angeles
Santa Fe Memphis 40s
Charlotte nomic goals.
San Diego 70s
Phoenix Albuquerque Oklahoma City
Atlanta
Columbia After a week of face-to-face
Little Rock
Tucson Birmingham Warm Rain talks in Jupiter, Fla., the par-
Ft. Worth Dallas Jackson 70s
El Paso 60s
30s Jacksonville ties are running up against a
50s Mobile Cold T-storms
0s-0s 60s Austin New Orleans crucial deadline. A league
10s Houston Orlando
Stationary Snow
spokesman said this week MLB commissioner Rob Manfred is hoping to avoid missing games.
20s 80s San Antonio Tampa
80s that if a new collective bar-
Anchorage Honolulu 40s Miami
30s Showers Flurries gaining agreement isn’t in players to go on strike. MLB After a plodding pace to
40s 70s place by Monday, opening day commissioner Rob Manfred the negotiations—the owners
Ice won’t happen on March 31 has said that missing games waited six weeks to make a
Forecasts and graphics provided by AccuWeather, Inc. ©2022
and the regular season will be would be “a disastrous out- new proposal after initiating
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
truncated. come for this industry.” the lockout on Dec. 2—the ur-
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 42 18 s 54 23 s Frankfurt 45 29 pc 47 27 s
It would be the first time It’s no secret what the gency has picked up. The par-
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice real games have been players want. Better compen- ties have met every day since
Orlando 86 62 pc 85 60 s Geneva 48 30 s 48 29 s
Today Tomorrow
City Hi Lo W Hi Lo W
Philadelphia 39 29 s 52 23 pc Havana 86 66 s 86 65 pc scrapped because of a labor sation for young players, Monday in Jupiter at Roger
Phoenix 68 45 s 74 50 pc Hong Kong 68 59 s 68 62 s
Anchorage 36 29 c 34 29 c Pittsburgh 35 25 pc 43 18 pc Istanbul 52 41 pc 51 42 pc
dispute since the strike of fewer restrictions that would Dean Stadium.
Atlanta 62 50 c 54 42 r Portland, Maine 29 16 s 38 10 sf Jakarta 88 76 t 89 76 t 1994 that led to the cancella- discourage front offices from A growing group of players
Austin 41 33 r 57 28 pc Portland, Ore. 49 40 r 53 48 r Jerusalem 48 36 sh 55 40 s tion of the World Series. signing free agents and rules have been in attendance for
Baltimore 42 27 s 55 26 pc Sacramento 63 41 s 68 40 s Johannesburg 79 58 t 78 61 s
Boise 40 19 s 43 24 c St. Louis 40 26 pc 52 28 s London 51 37 pc 50 42 s
So far, neither party has to incentivize competition some or all of the sessions, in-
Boston 31 22 s 41 16 pc Salt Lake City 35 17 s 42 22 pc Madrid 54 40 pc 59 36 pc lost anything tangible. Players among clubs are among the cluding stars like Max Scher-
Burlington 27 19 pc 33 6 sf San Francisco 60 46 pc 64 47 s Manila 90 78 pc 90 78 pc aren’t paid during spring top priorities. zer of the New York Mets and
Charlotte 57 43 c 52 34 r Santa Fe 45 15 s 49 23 s Melbourne 81 61 pc 79 65 pc
Chicago 34 25 s 39 23 s Seattle 48 40 r 50 44 r Mexico City 75 50 pc 75 45 s
training, which was supposed Management has a much Gerrit Cole of the New York
Cleveland 33 26 s 37 19 sf Sioux Falls 38 14 s 41 17 s Milan 57 30 pc 54 28 s to have started across Florida shorter list of asks: an ex- Yankees.
Dallas 39 30 r 56 31 s Wash., D.C. 44 32 s 53 32 pc Moscow 39 27 pc 34 24 c and Arizona last week. Own- panded postseason format The sides aren’t close on
Denver 37 20 s 55 29 s Mumbai 90 75 pc 91 75 pc ers make a tiny portion of that would generate an esti- any of the core economic is-
Detroit
Honolulu
33 24 pc 36 15 sf
82 69 s 83 68 s
International Paris
Rio de Janeiro
49
85
31 s
75 pc
51 33 s
85 74 s their overall revenue from mated $100 million in addi- sues. The union is asking for
Houston 47 40 r 58 36 r Today Tomorrow Riyadh 88 58 s 79 53 pc Grapefruit and Cactus League tional annual revenue and the minimum salaries to start at
Indianapolis 36 22 pc 43 22 s City Hi Lo W Hi Lo W Rome 52 40 r 54 37 c games, which have been de- overall protection of a finan- $775,000, up from $570,500 in
Kansas City 40 21 s 54 28 s Amsterdam 47 32 pc 48 32 s San Juan 83 72 sh 84 72 pc
Las Vegas 58 37 s 62 43 pc Athens 60 50 pc 62 45 r Seoul 49 25 sh 47 29 s layed until at least March 5. cial system that has generally 2021, and increase by $30,000
Little Rock 37 32 c 53 30 pc Baghdad 72 49 pc 73 49 s Shanghai 62 40 s 58 45 s In theory, the owners could operated to its benefit in re- each year; the owners are at
Los Angeles 74 48 s 76 50 pc Bangkok 90 74 c 92 76 c Singapore 84 77 sh 86 77 t lift the lockout at any time cent years. The union has in- $640,000 with $10,000 raises.
Miami 81 71 pc 83 66 pc Beijing 52 18 pc 54 27 pc Sydney 71 70 sh 75 70 sh
Milwaukee 34 26 s 36 23 pc Berlin 44 30 pc 44 26 pc Taipei City 68 57 pc 66 57 c and open spring training dicated that if players aren’t Players have proposed putting
Minneapolis 33 17 s 30 15 pc Brussels 47 32 pc 50 33 s Tokyo 54 43 s 61 42 s camps while the sides negoti- compensated for a full season, $115 million into a perfor-
Nashville 46 35 c 48 30 c Buenos Aires 81 72 t 78 66 t Toronto 29 23 c 31 8 sf ate, but there is no indication it would be reluctant to grant mance-based bonus pool for
New Orleans 66 57 pc 60 46 sh Dubai 84 68 s 86 69 pc Vancouver 43 40 r 49 43 r
New York City 34 28 s 44 21 s Dublin 50 44 c 50 46 pc Warsaw 43 30 pc 39 23 s that they consider that an op- owners the additional playoff young players; the league is
Oklahoma City 39 21 c 55 27 s Edinburgh 50 38 c 49 43 pc Zurich 44 25 pc 45 23 s tion. Doing so would allow the inventory they seek. pitching $20 million.
 BUSINESS | FINANCE |

DJIA 34058.75 À 834.92 2.5%

SPAC Down
Hot startups made
lofty promises but
fell short B4

TECHNOLOGY |
EXCHANGE
MANAGEMENT
NASDAQ 13694.62 À 1.6% STOXX 600 453.53 À 3.3%
THE WALL STREET JOURNAL.
10-YR. TREAS. g 4/32 , yield 1.984%
* * **

OIL $91.59 g $1.22

Pop Quiz
It’s tax season. How
well do you know
the tax code? B2

Saturday/Sunday, February 26 - 27, 2022 | B1

GOLD $1,886.50 g $38.90 EURO $1.1273 YEN 115.51

Drugmakers
Enjoy Huge
Pandemic
Windfall
BY PETER LOFTUS

Healthcare companies that came

up with effective Covid-19 vaccines,
treatments and tests are seeing a
huge financial payoff and are start-
ing to spend their cash, while grap-
pling with questions about whether
the growth is sustainable.
Companies including Pfizer Inc.
and Moderna Inc. so far have re-
ported at least $79 billion in com-
bined global sales of Covid-19 vac-
cines and treatments for 2021,
according to a Wall Street Journal
review of recent earnings reports. Di-
agnostic sales also have been strong
for companies including Abbott Lab-
oratories, which had $7.7 billion in
Covid-19 test sales last year.
It’s a market that didn’t exist
prior to the pandemic. Many compa-
nies attempted to find pandemic
countermeasures during 2020 but
only some were successful.
Some companies are investing the
windfalls in employee bonuses, share
repurchases, internal research ef-
forts to develop new drugs and vac-
cines, or pursuing acquisitions of
other companies to bolster research
and development pipelines.
But sales are already declining for
certain drugs that are less effective
against newer variants of the coro-
navirus, including products from Eli
Lilly & Co. and Regeneron Pharma-
ceuticals Inc.
Diagnostics makers are being cau-
tious about sales expectations this
year because of the pandemic’s un-
predictability. Demand for Covid-19
tests in the U.S. has dropped as the
Omicron variant wave dissipates.
Public-health and patient advo-
cates have accused the companies of
profiteering during the pandemic.
They have said companies should do
more to expand access to Covid vac-
cines and treatments globally.
A Pfizer spokeswoman said the
company has provided 1.2 billion
vaccine doses to low- and middle-in-
come countries at not-for-profit
prices, and expects to have delivered
MARK MATCHO

a total of two billion doses for these

countries by the end of 2022.
Moderna Chief Executive
Stéphane Bancel noted the company
had never launched a product before

The New Sticker Shock

the pandemic, and said it has in-
vested several billion dollars in
Please turn to page B2

H
ow hard is it to buy a car to-
day? For Kevin Peters, it re-
cently involved a one-way flight
and 330-mile road trip to avoid
overpaying for a new truck.
Mr. Peters initially spent
three weeks shopping around San Diego
for a new F-150 Lariat pickup, only to en-
counter extra charges of $5,000 to $8,000
above the suggested retail price. He de-
cided to fly to a dealership in Las Vegas,
where he got what is considered a bargain:
He paid the sticker price of $73,520.
“The rules have changed so dramati-
cally,” he said. “Despite being armed with
information, the dealer’s position is ‘This is
kind of a take-it-or-leave-it proposition.’ ”
Pandemic-related supply-chain problems
are stretching the new-vehicle shortage
into a second year, with near-empty dealer
lots, sky-high prices and monthslong waits
for new wheels. The prolonged disruption
is now exposing fault lines in the car busi-
THE INTELLIGENT INVESTOR | JASON ZWEIG
Auto prices are skyrocketing,
new vehicles are in short
supply and buyers say the
wheels have come off the
car market: ‘The whole
model is broken.’
BY MIKE COLIAS AND NORA ECKERT
ness’s century-old retailing model and
prompting a broader rethinking of the en-
trenched way Americans buy cars.
Consumers are revolting. Like Mr. Pe-
ters, many are expanding their searches
outside their hometowns and even across
state lines. Some are banding together on-
line to call out dealers charging the biggest
markups. Others have taken their concerns
directly to automotive CEOs via personal
letters.
Car companies say they don’t want deal-
ers charging above sticker and in some
cases are pushing back, but dealerships are
independent businesses that control the fi-
nal transaction.
Many dealers say they must make do
with their scant vehicle supplies and be re-
alistic about what the market will bear, es-
pecially for high-demand models. In ex-
treme cases, dealerships are charging
$35,000 to $40,000 above the manufac-
turer’s suggested retail price, or MSRP, on
luxury cars that normally sell for $80,000
or more.
Before the pandemic, practically nobody
paid above the sticker price for a new car.
Last month, an unprecedented 82% of buy-
ers did, according to consumer research
site Edmunds.com.
Please turn to page B8
SEC Plan
Seeks More
Disclosure on
Short Selling
BY PAUL KIERNAN
WASHINGTON—Investors who
make big bets against company
stocks could soon have to report
more information about their posi-
tions to the Securities and Exchange
Commission.
The SEC proposed rules Friday
aiming to increase transparency
around “short selling,” whereby
traders borrow company shares and
then sell them in hopes of buying
the stocks back at a lower price in
the future.
The commissioners, three Demo-
crats and one Republican, voted
unanimously in favor of the plan.
The rules could be finalized after the
agency receives and analyzes feed-
back from the public.

How to Invest Calmly The proposal is part of a broader

effort by the SEC to address con-
cerns that arose during the January

In a Chaotic World 2021 trading frenzy in GameStop

Corp. and other so-called meme
stocks.
Under the rules proposed Friday,
When the world earlier, plenty of politicians, par- market participants that hold large
turns upside down, ticularly in Europe, thought inva- short positions in stocks would be
starkly simple views sion fears were overblown. In mar- required to report those positions
are reassuring. Yet kets, too, many professionals and related short-sale activity to the
it’s at those very mo- thought the outlook was clear, SEC monthly. The agency would then
ments that investors convinced that the Federal Reserve aggregate and publish that data for
need to be even would act to temper inflation by each security, while keeping the
more skeptical about takes that raising interest rates 0.5 percent- identities of money managers and
smack of certainty. age point in March. individual short positions confiden-
As Russia launched its blitzkrieg Russia’s aggression has crushed A news screen at the Frankfurt Stock Exchange on Friday. tial.
MICHAEL PROBST/ASSOCIATED PRESS

against Ukraine, my inbox
brimmed with reports from invest-
ment firms on what you should do
next—buy consumer-staple stocks,
sell European and Taiwanese
shares, buy oil tankers or palla-
dium, sell bitcoin, buy gold, sell
bonds.
Remember, though: Just weeks
such certainty; in a world dis-
rupted by war, the U.S. economy
may be too frail to withstand a big
increase in rates.
Now that the conflict has sent
oil prices near $100 a barrel, in-
vestors are suddenly sure the Fed
won’t be able to act decisively
against inflation. They might be
right, at least for now. But what
the Fed does is seldom a foregone
conclusion, no matter how strong
a consensus forms in the market.
That’s because no one can ac-
count for geopolitical bolts from
the blue.
At its meeting in August 2001,
the Federal Open Market Commit-
tee, the Fed’s rate-setting panel,
indicated it would likely begin
raising rates “relatively soon.”
Then came the terrorist attacks of
Sept. 11, and the Fed slashed rates
by 1.5 percentage points in less
Please turn to page B7
“This would provide the public
and market participants with more
visibility into the behavior of large
short sellers,” SEC Chairman Gary
Gensler said in a statement.
Hedge-fund industry representa-
tives sharply criticized the SEC’s
proposal, saying it will increase
Please turn to page B13
 B2 | Saturday/Sunday, February 26 - 27, 2022
SOFI TECHNOLOGIES INC.
 A lender that once wanted to
take business from banks is
SOFI embracing the banking busi-
ness. SoFi said Tuesday it
9.9% had an agreement to buy
banking-software maker
Technisys SA for about $1.1 billion, an
all-stock deal equivalent to roughly 10%
of SoFi’s market value. It gives SoFi
control of the back-end technology that
banks use to power mobile-banking
apps, open accounts and track customer
deposits. The deal follows SoFi’s acquisi-
tion of Golden Pacific Bancorp Inc., part
of a push to expand beyond the com-
pany’s origins as a student lender. SoFi
shares shed 9.9% Tuesday.
CARVANA CO.
 Carvana hopes a new acquisi-
tion will rev up sales. The on-
CVNA line auto dealer on Thursday
said it would buy used-car
11% auction business ADESA U.S.
for $2.2 billion, which will
help Carvana boost the number of cars
it can sell. The startup posted a quar-
terly loss and a slowdown in sales
growth as the benefits of rising used-
car prices and low interest rates start to
fade. Carvana said that rising short-term
interest rates, the impact of the Omi-
cron variant and winter storms would
be a drag on the company’s business in
the first few months of 2022. Carvana
shares gained 11% Thursday.
TAX REPORT | LAURA SAUNDERS
A Pop Quiz That Could Help
You Avoid Tax-Season Surprises
Now is the time to test your knowledge of the code, before you file your return
Tax-filing season
is in full swing.
It’s always a com-
plicated time and
this year is worse
than usual. There are
added wrinkles from
the pandemic with stimulus pay-
ments and expanded child tax
credits. The IRS’s backlog means
it’s unlikely to answer your phone
call or respond to your mail soon.
So let’s take a step back and see
how much you know about your
taxes. To find out, I’ve come up
with a quiz. Don’t worry about
flunking: Even if you do, you’ll
learn about moves that could
lower your tax bill or prevent mis-
steps that raise it.
All these issues, and many oth-
ers, are discussed in the WSJ Tax
Guide 2022, which is now out and
available to Wall Street Journal
subscribers. The fifth edition of
this annual ebook summarizes and
updates key provisions of the U.S.
individual income tax in plain Eng-
lish—or as near to it as my col-
league Richard Rubin and I could
get, considering that we’re writing
about the tax code.
Here’s the quiz:
Question: What’s the top income-
tax rate on wages for 2021 and
2022?
a) 91%
b) 39.6%
c) 37%
d) 28%
Answer. 37% is currently the top
rate on wages, bonuses, and other
ordinary income. Unless Congress
acts, this rate will return to 39.6%
in 2026, when the 2017 tax over-
haul’s rates sunset.
The highest top income-tax
rates—above 90%—were in effect
from World War II to the early
1960s, according to the Tax Foun-
dation, which advocates for lower
rates and a simpler tax system.
The lowest top rate since 1945 was
28%, which applied from 1988 to
1990 as a result of the 1986 tax
overhaul.
Q: (True or false): Inflation ad-
justments have raised the maxi-
mum amount workers can contrib-
ute to traditional IRAs and Roth
IRAs for 2022.
A: False. The maximum contri-
bution to traditional and Roth
IRAs is $6,000 for both 2021 and
2022 for workers under age 50.
Maximum IRA contributions rise in
$1,000 increments, and the accu-
mulated inflation of recent years
hasn’t yet lifted the limit to
$7,000.
However, inflation adjustments
did raise the maximum contribu-
tion to 401(k) and similar plans to
$20,500 for 2022 from $19,500 for
KIERSTEN ESSENPREIS
2021.
Q: (True or false): Investors with
assets in taxable accounts—rather
than tax-favored retirement ac-
THE BUSINESS WEEK IN 7 STOCKS
PERFORMANCE OF HOME-IMPROVEMENT STOCKS
Source: FactSet
0%
–3
–6
–9
–12
–15
Tues. Wed. Thurs.
LOWE’S COS.
 The foundation under the home-improvement in-
dustry is shifting. Lowe’s said its sales growth will
LOW ease this year but projected that its profitability
0.2% will improve, a day after its larger competitor Home
Depot Inc. gave a similar sales outlook for 2022.
Their guidance signals a new phase for the retailers after
Covid-19 lockdowns fueled surging demand for DIY and re-
modeling projects. Lowe’s shares added 0.2% Wednesday.
counts—can qualify for lower tax
rates if they hold an asset for at
least a year before selling it.
A: True. The lower rates on long-
term capital gains apply to sales of
investments held longer than a
year. The rate is 0, 15% or 20%, de-
pending on taxable income, plus a
3.8% surtax for higher earners.
Q: (True or false): State and local
tax deductions (SALT) are now
capped at $10,000 per return, so
married couples can file separately
and get two $10,000 deductions.
A: False. The SALT deduction
for married couples filing sepa-
rately is $5,000 for each spouse’s
return. To get two $10,000 deduc-
tions, the couple would have to di-
vorce and file as single taxpayers.
Q: Before the 2017 tax overhaul, 33
million tax filers took a mortgage-
interest deduction on Schedule A.
For 2019, the latest IRS data avail-
able, how many returns listed a
mortgage-interest deduction?
a) 27 million
b) 21 million
c) 13 million
d) 8 million
A: 13 million. The 2017 tax over-
haul nearly doubled the standard
deduction—the amount taxpayers
deduct if they don’t itemize key
write-offs on Schedule A—and it
also removed or capped some key
deductions. It lowered to $750,000
from $1 million the amount of debt
on which interest can be deducted
for new mortgages.
Since then, many fewer filers
THE SCORE
Lowe's
Home Depot
Fri.
have itemized because they save
more with the larger standard de-
duction, and the number of re-
turns showing mortgage-interest
deductions has dropped sharply.
Q: (True or false): I have until the
mid-April filing deadline in 2022 to
make my 2021 charitable contribu-
tions, just as I do for 2021 tradi-
tional and Roth IRA contributions.
A: False. Under current law, the
deadline for making tax-deductible
donations for last year was Dec. 31,
2021. Some advocates want to ex-
tend the deadline to the April due
date, but Congress hasn’t done so.
Q: Unreimbursed medical expenses
are deductible to the extent they
exceed 7.5% of adjusted gross in-
come. Which of these expenses
qualify for the deduction?
a) Contact lenses and cleaner
b) A wig after chemotherapy
c) Bandages
d) Nursing-home expenses
e) Medicare Part B and D
premiums
f) All of the above
A: All of the above. Although the
7.5% threshold is a high hurdle to
receiving a benefit, taxpayers
who itemize deductions on
Schedule A can deduct a wide va-
riety of unreimbursed expenses
ranging from acupuncture to X-
rays. For more information, see
IRS Publication 502.
Q: (True or false): Taxpayers who
got direct deposits of 2021 child
* ***
WAYFAIR INC.
 Wayfair is adjusting to a
world where its customers
W are no longer couchbound.
Wayfair said fourth-quarter
4.7% revenue fell more than 11%
from a year earlier, as more
people returned to physical stores for
furniture shopping. The online furniture
seller added millions of customers in
2020 as pandemic-related lockdowns
kept shoppers indoors and focused on
sprucing up their homes. The company
said its active customers, which include
any shopper who placed an order within
the past 12 months, in 2021 fell roughly
13% to 27.3 million. Wayfair shares rose
4.7% Thursday.
MODERNA INC.
 Vaccine sales gave Moderna’s
bottom line another shot in
MRNA the arm. The vaccine maker
saw better-than-expected
15% profits for the last three
months of 2021, fueled by
sales of its Covid-19 shot. In the latest
quarter, Moderna’s revenue reached
$7.21 billion, nearly all coming from vac-
cine sales. The company said it distrib-
uted 807 million doses of the shot,
Spikevax, last year. For all of 2021, Mod-
erna posted revenue of $18.5 billion, al-
most all from sales of the shot. Mean-
while, the company is testing potential
approaches for a fall booster shot. Mod-
erna shares surged 15% Thursday.
tax credits last year could have
lower refunds or higher taxes due
than expected on returns they’re
preparing now.
A: True. Millions of taxpayers
received partial prepayments of
expanded child credits for 2021
last year via direct deposit. As a
result, these amounts won’t be
available to boost refunds or
lower a tax balance due, and
many filers could be in for bad
surprises when they complete
their 2021 returns.
Q: (True or false): I underfunded
the child-care Flexible Spending
Account offered by my company
last year because of pandemic un-
certainties. But when the day-care
center stayed open, I spent thou-
sands of dollars on child care and
now I don’t get a tax break.
A: False. Just for 2021, Congress
greatly expanded the child- and
dependent-care tax credit so it ap-
plies to 50% of qualified expenses
up to $16,000 for up to two chil-
dren. Many parents aren’t aware
of this expansion.
Q: Key changes made by the 2017
tax overhaul will sunset at the end
of 2025. Which one of these 2017
changes is permanent?
a) The doubling of the base
child tax credit to $2,000 per
child, from $1,000
b) The doubling of the gift- and
estate-tax exemption, which
for 2022 is $12.06 million per
person
c) A switch in the method of in-
flation-indexing for tax provi-
sions that often produces
lower increases
d) Repeal of the deduction for
employees’ home offices
A. C: Potentially slower inflation
indexing for many provisions,
even though inflation is heating
up now. The other provisions ex-
pire at the end of 2025, unless
Congress acts.
SCORE: U.S. income taxes are
confusing and the details change
frequently, so you know a lot if
you got even one answer right!
THE WALL STREET JOURNAL.
ANHEUSER-BUSCH INBEV SA
 The fizz is returning to An-
heuser-Busch InBev. The
BUD world’s largest beer company
on Thursday reported higher
1% fourth-quarter sales, buoyed
by drinkers returning to bars
and reaching for pricier beers. The Bud-
weiser brewer said products that it clas-
sifies as premium and superpremium,
which include Michelob Ultra Pure Gold
and Goose Island, now account for
about a third of its revenue. The brewer
has been grappling with the challenges
of the last few years, as U.S. drinkers
defected away from mainstream beer
brands. American depositary shares of
AB InBev lost 1% Thursday.
OWENS CORNING
 U.S. companies are bracing
for the aftershocks of Rus-
OC sia’s attack on Ukraine. Build-
ings-materials maker Owens
2.3% Corning will look for alterna-
tive gas sources in other
countries if Russian suppliers reduce de-
liveries. Owens Corning sources natural
gas from several distributors in Russia
and other European countries. Mean-
while, food-processor Archer Daniels
Midland Co. halted operations at its fa-
cilities in Ukraine and cash-management
firm Brink’s Co. stopped all operations in
Russia. Owens Corning shares increased
2.3% Friday.
—Francesca Fontana
Drugmakers
Enjoy Covid
Windfall
Continued from page B1
boosting vaccine manufacturing
capacity. The company has
pledged to provide up to 650 mil-
lion doses to the Covax initiative
that supplies vaccines to lower-
income countries.
Forecasts from companies and
Wall Street analysts point to at
least $90 billion in combined drug
and vaccine sales for full-year
2022, a Journal review found.
On Thursday, Moderna re-
ported $17.7 billion in sales of its
Covid-19 vaccine Spikevax for
2021, and predicted it would gen-
erate at least $19 billion in Covid
vaccine sales this year. For Mod-
erna, the vaccine has been trans-
formational, pushing it into the
top ranks of the biopharmaceuti-
cal industry.
The Cambridge, Mass., com-
pany gave employees at the man-
ager level and below a one-time
bonus in January. And it is using
its vaccine proceeds to double
spending on research and devel-
opment, pursue acquisitions and
license deals, and to increase its
stock buyback program. The com-
pany is developing a combination
flu and Covid vaccine, and is test-
ing experimental vaccines against
other viruses in late-stage studies.
“What you’re going to see is re-
ally a huge expansion of the pipe-
line,” Mr. Bancel said in an inter-
view. “Cash is a thing we’ve been
lacking to scale this platform and
now we have it. So we’re going to
invest as much as we can.”
Moderna now has about $17.6
billion in cash, cash equivalents
and investments, or about 13
times the amount it had before
It is difficult to
predict what lies
ahead for the industry
in the pandemic.
the pandemic. Its workforce has
more than doubled from a year
ago to 3,000 employees.
Pfizer, already one of the big-
gest pharmaceutical companies
before the pandemic, reported
$36.8 billion in global sales for
its Covid-19 vaccine, Comirnaty,
in 2021, the highest one-year
tally for a pharmaceutical prod-
uct in history. Pfizer co-devel-
oped the vaccine with BioNTech
SE. And Pfizer recently intro-
duced the antiviral pill Paxlovid,
which has shown strong efficacy
in clinical trials.
Pfizer expects combined sales
from these Covid products of at
least $54 billion for 2022.
And Pfizer plans to put the in-
flux of cash to use on acquisi-
tions and license deals.
The Covid revenue outlook is
uncertain for some companies. If
the pandemic transitions to an
endemic phase, companies may
sell fewer doses of drugs and vac-
cines, but may raise prices to off-
set that, said Ronny Gal, a Bern-
stein analyst.
He said companies are asking
themselves: “How do we turn this
into an ongoing business, and
how big will it be?”
 THE WALL STREET JOURNAL. * * * * * * NY Saturday/Sunday, February 26 - 27, 2022 | B3

BUSINESS & FINANCE NEWS

CNN Probe Finds Gollust Container Ships

Provided Guidance to Cuomo Have Edge in Talks
BY JOE FLINT
Over Freight Rates
AND BENJAMIN MULLIN BY COSTAS PARIS higher transportation costs or
efforts to get around supply-
CNN’s parent company de- Container ship operators chain issues have eaten into
termined that the network’s and big importers such as their profit margins, with some
former marketing chief pro- IKEA and Walmart Inc. will projecting expenses to remain
vided guidance to then-anchor soon negotiate freight rates at elevated levels this year.
Chris Cuomo as he tried to help that could affect the prices “We’ve never had such mar-
then-New York Gov. Andrew consumers pay for everything ket dynamics, with the liners
Cuomo deal with allegations of from jeans to cars. holding all the cards,” said Pa-

DONALD BOWERS/GETTY IMAGES

MIKE GROLL/ASSOCIATED PRESS

sexual misconduct, in violation Yearlong freight contracts, trik Berglund, CEO of Norway-
of CNN’s standards, according which contribute up to three- based transportation data and
to people familiar with the quarters of annual revenue for procurement specialist Xeneta.
matter. ship operators, will largely be “The top five operators con-
Allison Gollust, who re- settled at the TPM conference trol three-quarters of all con-
signed last week as CNN’s mar- in Long Beach, Calif., this com- tainer capacity. That’s a lot of
keting and communications ing week. The average price to pricing power to very few
chief, through a spokeswoman move a 40-foot box from players.”
denied offering advice to An- CNN review found Allison Gollust offered then-anchor Chris Cuomo advice to help his brother. China to the U.S. West Coast is Earnings for container ship-
drew Cuomo and said the no- likely to be between $7,000 pers took off during the pan-
tion that her communications company’s standards. York governor in August after a the request, while Ms. Gollust and $8,000, a record high for demic, as demand for manu-
with Chris Cuomo could be As part of a wide-ranging state report found he had sexu- provided a phone that didn’t annual freight pacts and factured goods like appliances,
considered as such was “pa- probe into Chris Cuomo’s assis- ally harassed multiple women. have all of the communications higher than last year’s average cars and home-improvement
tently ridiculous.” tance of his brother, investiga- “Allison Gollust never of- investigators were seeking, ac- of around $5,500, according to materials soared, with not
When Ms. Gollust resigned tors hired by CNN reviewed fered advice or counsel to An- cording to people familiar with executives of carriers and im- enough ships to move them.
last week, CNN parent Warner- text messages between Ms. Gol- drew Cuomo. Period. If she the matter. porters involved in the talks. At the same time, labor short-
Media Chief Executive Jason lust and Chris Cuomo, who was wanted to advise the governor, Investigators later asked Ms. After two years of supply- ages from Covid-19 outbreaks
Kilar told employees that an in- fired by the network in Decem- she could have called or texted Gollust for her BlackBerry, and chain disruptions and trans- at ports across the world and
vestigation had determined Ms. ber. In one of them, Ms. Gol- him directly (she didn’t),” Risa she provided her newest Black- portation delays through the not enough truck, rail and
Gollust, former CNN President lust—who prior to working at Heller, a spokeswoman for Ms. Berry device, they said. Investi- Covid-19 pandemic, importers warehousing capacity ex-
Jeff Zucker and Chris Cuomo CNN was briefly a top aide to Gollust, said in a statement. gators later determined that are putting a premium on reli- tended delivery times.
had violated company policies, Andrew Cuomo—sent Chris “The farfetched notion she was they were still missing commu- ability and predictability of To replenish falling inven-
including CNN’s news stan- Cuomo a sentence she said she laundering covert advice to the nications from Ms. Gollust, the services, with some seeking tories, a number of importers
dards and practices; he didn’t would have added to a state- Governor through casual con- people said. longer-term freight contracts, booked sailings with spot
offer details as to how. Warner- ment that Andrew Cuomo had versations with a colleague is The investigators raised the analysts say. More than a rates that were separate from
Media is a unit of AT&T Inc. issued earlier that day in Feb- patently ridiculous. These are issue to Ms. Gollust, and she quarter of all shipping con- their annual freight contracts.
CNN anchors have pressed ruary of last year, after an ac- innocuous, mundane conversa- handed in a third device, her tainers entering the U.S. are Some importers paid daily
Mr. Kilar for more information cuser went public, some of the tions that are being spun into a older BlackBerry, they said. cargo for large importers such rates of more than $20,000
related to the exits of Ms. Gol- people said. nefarious tale.” A person close to Ms. Gollust as Walmart and Amazon.com per box in sailings across the
lust and Mr. Zucker, who re- In another message, she A spokesman for Chris said she gave investigators the Inc., among others, according Pacific Ocean last year, with
signed earlier this month citing asked Chris Cuomo whether an- Cuomo said that the former an- phones she was asked for each to ship operators and freight vessels waiting for weeks to
his failure to disclose a consen- other accuser ever said publicly chor wasn’t interested in “fin- time she was asked for them. forwarders. unload cargo at choked ports
sual romantic relationship with that the then-governor had ger pointing between Ms. Gol- Ms. Heller said WarnerMe- “We are now increasingly that had no space to bring in
Ms. Gollust. Ms. Gollust has never touched her—something lust and WarnerMedia.” dia investigators have been seeing importers sign up to more containers. Large im-
said she regretted not disclos- Ms. Gollust said Chris Cuomo “Chris’s lawyer has been re- fully aware of Ms. Gollust’s yearly contracts early as well porters also went as far as
ing the relationship at the ap- had told her in a previous con- questing to see the results of communications since the mid- as to contracts of a longer du- chartering their own ships to
propriate time. versation, those people said. WarnerMedia’s investigation dle of January, before the com- ration,” said Lars Jensen, chief get around port delays.
People familiar with the Ms. Gollust went on to tell for weeks, and the right thing pany finished its investigation. executive officer of Denmark- Spot prices to send a con-
matter say there were multiple Chris Cuomo that if such a to do is for WarnerMedia to Other text messages re- based advisory firm Vespucci tainer from Shanghai to Los
factors that led to Ms. Gollust’s statement existed, CNN should honor that request and also viewed during the investigation Maritime. “It is about manag- Angeles have eased but con-
departure, including what they report it, they said. make the results public,” the showed Andrew Cuomo had ing risk in an environment tinue to hover around $16,000,
describe as her mischaracteriz- There was also a message in spokesman said. mentioned to Ms. Gollust cer- where the uncertainty about according to the Freightos Bal-
ing the timing of the relation- which Ms. Gollust conversed As part of the probe, which tain questions he wanted to be the stability of the supply tic Index, compared with
ship with Mr. Zucker; not with Chris Cuomo about the was conducted by law firm Cra- asked by CNN during an inter- chain in 2022 continues to be about $4,700 a year earlier.
promptly handing over a device lawyers assigned by the New vath, Swaine & Moore LLP, both view that aired on March 28, very high.”
that contained some of her York attorney general to inves- Mr. Zucker and Ms. Gollust 2020, regarding the coronavi- Representatives from several Scan this code
communications; and exchang- tigate Andrew Cuomo, they were asked to turn over their rus pandemic, some of the peo- carriers and cargo owners de- with your mobile
ing messages with Andrew and said. Andrew Cuomo, who has phones to investigators, the ple said. A spokesman for An- clined to comment on the device for a
Chris Cuomo that the company denied touching anyone inap- people said. drew Cuomo didn’t respond to freight talks. A range of compa- video on supply-
deemed were in violation of the propriately, resigned as New Mr. Zucker complied with calls seeking comment. nies in recent months have said chain issues.

Starbucks Workers Vote to

An American from Paris
Pierre Claude Bass
Born in Lyon, France on August 28, 1945, Pierre Bass was destined

Form Union at Arizona Cafe

BY HEATHER HADDON corporate locations employing
around 230,000 baristas, and
Starbucks Corp. baristas analysts don’t anticipate the
voted to unionize at a third union formation at the Buffalo
company cafe, as the chain has cafes to have much immediate
intensified efforts to win over impact on Starbucks’s busi-
employees who have held pro- ness. About 3,500 of the
union rallies. chain’s licensed U.S. stores are
The 25-3 vote tally in favor unionized, typically at hotels,
of forming a union at a cafe in grocery stores and travel pla-
Mesa, Ariz., took place Friday zas.
afternoon, after the main U.S. The National Labor Rela-
labor relations body struck tions Board said it would cer-
down the coffee company’s re- tify the Mesa election results
quest to reconsider whether it by March 4, barring any objec-
was appropriate for individual tions filed to the count.
stores to vote to organize. Starbucks this past week
The Starbucks Workers launched a new website target-
United union is set to repre- ing workers considering
sent baristas at three Star- whether to join the Starbucks
bucks stores, following a suc- Workers United, an affiliate of
cessful organization campaign the Service Employees Interna-
at two chain locations in the tional Union.
Buffalo, N.Y., area late last year. “We don’t believe having a
That vote formed the first union will meaningfully change
union at Starbucks’s U.S. cor- or solve the problems you’ve
porate stores. identified in your stores,” the
Starbucks said Friday the Starbucks site said. “We know
company will bargain with we aren’t perfect, but we be-
unionized workers in good lieve our challenges are best
faith, and that the company addressed by working to-
hopes the union will do the gether.”
same. Starbucks Workers United,
Mesa Starbucks workers which is organizing baristas
said pro-union baristas in Buf- across the country, in recent
falo helped them quickly orga- weeks has held rallies in Bos-
nize the Arizona store, as Star- ton, Memphis, Tenn., and other
bucks Workers United is doing cities in response to the firing
in other locations through so- of seven workers at a Memphis
cial media and videoconferenc- cafe that is seeking to union-
ing tools. ize.
The number of stores con- More than 100 locations
sidering unionization repre- across 26 states have peti-
sents a small number of Star- tioned for union elections since
bucks’s nearly 9,000 U.S. the first three Buffalo-area
ROSS D. FRANKLIN/ASSOCIATED PRESS
stores filed for union votes last
year, including two of the
chain’s flagship roastery stores
and coffee production employ-
ees working in one of those
sites, according to National La-
bor Relations Board records.
Labor contract negotiations
between the company and
Starbucks Workers United be-
gan in Buffalo roughly a month
ago, with both sides describing
the talks as preliminary so far.
Richard Minter, organizing
director for the Workers
United union that is backing
Starbucks Workers United, said
the union drive is gaining mo-
mentum and public attention
as the chain pushes back at it.
“Starbucks has misread this
moment,” Mr. Minter said.
A Starbucks spokesman said
they would continue to listen
to employees and educate
workers about unions.
—Allison Prang
— contributed to this article.
BIDDING NOTICE
SEINFRA INTERNATIONAL
BIDDING NO. 001/2022
Type: selection criterion Lowest
value of the Maximum Availability
Payment to be paid by the State
Public Administration, pursuant
to article 12, item II, subparagraph
a), of Federal Law No. 11.079/04.
Purpose: contracting a public-
private par tnership (PPP), in
the SPONSORED CONCESSION
modality, for the preparation
of projects, construction,
operation and maintenance of the
BELO HORIZONTE METROPOLITAN
RODOANEL. The bidding documents
(bidding notice, c ontr act a nd
a n n e x e s) a r e a v a i l a b l e f o r
consultation on the SEINFRA website
(http://www.infraestrutura.mg.gov.br).
Additional request information
must be sent to the email
rodoanelmetropolitano@
infraestrutura.mg.gov.br. The public
to leave the land of his birth. Pierre left school in Paris at age 13
to learn photography and excel at it. He traveled with prominent
European journalists throughout Europe as a photographer for
magazines. Six years later, at age 19, he flew to the land of his
dreams. The sight of the Statue of Liberty and the soaring optimism
that Pierre felt upon arrival was exhilarating – a feeling which he
never forgot. For Pierre, TWA’s touchdown in New York in June,
1964 and U.S. citizenship were dates he would celebrate every year
of his life.
Pierre was soon hired by Motown Records to photograph album covers of its musical artists –
a job he loved; photographing the Motown stars he admired. And they loved him back.
“The work of Pierre Bass graced the sleeves of some of Motown’s most important 1968 albums,
including the Marvelettes’ Sophisticated Soul, Marvin Gaye’s In the Groove and Diana Ross &
the Supremes Sing and Perform ‘Funny Girl.’” White, Adam. “Shooting for the Stars, Smiling
for the Camera – The Work of Motown Photographers (At the Right Price)” adampwhite.com,
6 Nov. 2020.
Pierre then launched his own photographic studio in Detroit. His accounts included the Parke-
Davis Pharmaceutical Company.
But a brilliant analytical mind is a miraculous gift, and the
University of Chicago knew this. The College encouraged
Pierre to apply. He did and was awarded a B.A. Degree
(Economics). Chicago Booth School of Business followed
with an MBA in Finance. During all 6 years, Pierre carried
a full course load while working.
Recruitment at UChicago offered Pierre a high finance
position in banking (“Chase”) which was later followed
by a position with the Norton Simon Companies (“NSI”).
Pierre’s initial duties at NSI involved his analysis of the
consumer goods companies owned by the conglomerate,
which was followed by NSI assignments to secure distributorships throughout Europe. Pierre
was indefatigable; applying rigorous discipline and energy to all positions offered him. NSI
then tapped Pierre to be C.E.O. of Max Factor Australia and Orlane Australia. Executives
referred to him as “NSI’s ace called Pierre” with a warning to “..…watch out when he takes
out his calculator.” Following the acquisition of both companies, Pierre declined to continue in
his position; opting, instead, to return to the U.S. Pierre’s work at NSI was followed by adept
turnaround of other U.S. companies and, later, his single-handed development and launch of an
innovative skincare line which enjoyed coveted display space by a leading retailer. The line was
received enthusiastically by consumers but not by the competition. When the retailer sought to
return products due to admitted pressure from a Fortune 500 competitor to do so, a lawsuit was
filed resulting in settlement. The experience was characteristic of Pierre’s strong belief in “right
vs. wrong” and the resolve to right that “wrong”.
Having been exposed to American jazz as a child in Paris, Pierre treasured his recordings of
his beloved “Duke”, “Monk”, Ben Webster and other giants as well as legends of American
musical theatre Jerome Kern, Gershwin, Bernstein and Richard Rogers. All the while, Pierre
remained amazed at the richness of his country. He was as fascinated by U.S. history and Native
American artwork as appreciative of Van Gogh and other European masters.
Pierre derived great joy in photographing the herons, egrets and sunset over his beloved
“Paradise” in South Carolina - a sanctuary which he personally cultivated with as many trees
as the landscape would allow. That same joy was also met with cross-country drives traversing
every state; in particular, the majestic canyons and deserts of the
American West.
Throughout it all, knowing how blessed he was, Pierre was there
for those less fortunate than him. Whether trying to help a heroin-
addicted saxophone musician in Chicago drop addiction or supporting
the education of Native American children, Pierre remained sensitive
to the needs of others. Pierre respected all sentient beings, including

session for delivery of envelopes stray animals, cherished pets and all wildlife except mosquitoes.
will take place on April 25, 2022, Corporate titles and flights on the Concord had never been important.
from 9:00 am to 12:00 pm, at the B3 What captivated Pierre was the joy of work in the country he loved.
headquarters (Rua XV de Novembro,
275, Centro), in São Paulo. Date Love is patient, love is kind. It does not envy, it does not boast, it is
of Public Session: April 28, 2022, not proud.
at 2:00 pm, at B3’s headquarters.
Fernando S. Marcato - Secretary of
1 Corinthians 13:4
State for Infrastructure and Mobility. Pierre passed away on January 23, 2022 with his family by his side.
He is survived by his wife, Daphne, his sons James (Michelle) and
Andre, his brother Michel and granddaughters Taylor and Natalie.
Starbucks said it will bargain with unionized workers in good faith.
B4 | Saturday/Sunday, February 26 - 27, 2022
Arrival SA went public via a SPAC merger. Eight months later, its CEO said that the company would withdraw its long-term forecasts.
SPACs Fall Short of Lofty Goals
Hot startups that went public via ‘blank-check’ companies fail to hit their own targets
A
startup battery maker
that wooed investors
with rapid growth fore-
casts said it would miss
its revenue target by as
much as 89%. A
scooter-rental app is expected to
bring in less than 20% of what it
projected this year. An electric-bus
company that planned to boost reve-
nue faster than any U.S. startup ever
told investors to disregard its pro-
jections.
Dozens of startups that went
public in a pandemic-fueled stock-
market frenzy are missing the pro-
jections they used to win over in-
vestors, many by substantial
margins and just a few months af-
ter making those forecasts.
Nearly half of all startups with
less than $10 million of annual reve-
nue that went public last year
through special-purpose acquisition
companies, known as SPACs, have
failed or are expected to fail to meet
the 2021 revenue or earnings targets
they provided to investors, according
to a Wall Street Journal analysis.
The underperformance of these
nascent companies—most of them
tech startups—bolsters one of the
biggest concerns many investors and
others raised about the SPAC boom
of the past two years. Critics of
SPACs say the loosely regulated go-
ing-public process allows startups to
attract investors with bullish finan-
cial projections, despite having little
or no revenue in their history.
In November, eight months after
electric bus and van maker Arrival
SA’s public listing through a SPAC
merger, Chief Executive Denis Sver-
dlov offered an update on an earn-
ings call with investors. “We with-
draw our long-term forecasts,” he
said, adding that the company was
putting forward “a more conserva-
tive view.”
It was a different tone from the
pitch the company gave investors
when it went public in March: Its
revenue would grow from zero to
SPACs fall short of 2021 revenue projections
New estimate
Lion Electric
Nikola
Velodyne Lidar
Romeo Power
Electric Last Mile
Solutions
Canoo*
Lordstown Motors*
Helbiz
XL Fleet
AppHarvest
$0 million 50
*Esimate no revenue for 2021
BY HEATHER SOMERVILLE AND ELIOT BROWN
Helbiz, which makes apps that rent scooters like the one pictured above, is not expected to meet some targets.
$14 billion in just three years. It
was a stunningly rapid pace—five
years faster than Alphabet Inc.’s
Google, the fastest U.S. startup ever
to reach that level of revenue—par-
ticularly given Arrival hadn’t yet
produced any vehicles.
The company declined to com-
ment for this article. Its stock is
down roughly 85% since listing.
Investors and academics have crit-
icized speculative companies’ use of
projections, saying they are used to
create buzz and attract investors.
The U.S. Securities and Exchange
Commission has indicated it is con-
sidering new limits on the practice
and some federal lawmakers have
advanced bills to curtail it. While
regulations around traditional initial
Original projection
100 150 200
Sources: FactSet; company filings
EXCHANGE
public offerings strongly discourage
companies from making forecasts
about future performance, compa-
nies that list publicly by merging
with SPACs—sometimes called blank-
check companies—have freely used
forecasts, often presenting investors
with charts showing enormous
growth.
“The practice was perhaps being
abused,” said Amy Lynch, a former
SEC regulator who now advises in-
vestors on regulatory issues. She said
some of the companies’ projections
were “beginning to get outside the
realm of feasible outcomes.”
The Journal’s analysis covered the
63 companies that went public
through a SPAC deal last year and
had less than $10 million in trailing
sales at the time of their listing. Of
those 63, at least 30 didn’t meet
their projections, according to the
Journal’s analysis of data provided
by Jay Ritter, a University of Florida
professor who studies public listings,
and from FactSet. A total of 199
SPAC deals were completed last year.
The revenue cutoff was designed
to capture companies with no or
very little commercial production.
The Journal compared the compa-
nies’ initial projections with either
analysts’ estimates from FactSet, up-
dated company forecasts or earnings
reports.
The companies in the Journal’s
analysis that are poised to miss their
2021 revenue projections on average
fell short by 53%. Companies that are
behind on their earnings projections
have estimated losses that are on av-
erage about 40% greater than what
they projected at the time of their
SPAC deal.
* ***
Proponents of the SPAC process
say projections give stock-market in-
vestors the ability to bet on startups
by gauging their future potential, of-
fering the opportunity for huge re-
turns that are generally confined to
investors who can access the private
markets. Without giving projections,
it would be extremely difficult for
many early-stage startups to go pub-
lic, because they don’t have a track
record yet.
Some startups have followed
through. Battery company Solid
Power Inc., indoor-farming startup
Local Bounti Corp. and healthcare-
software firm Pear Therapeutics Inc.
are each expected by analysts to
meet or exceed their 2021 revenue
projections; each company has reve-
nue of around $4 million or less.
Professors who examined the is-
sue found a correlation between am-
bitious forecasts and poor stock per-
formance. Michael Dambra, an
associate professor of accounting at
University at Buffalo, and two co-au-
thors looked at SPACs from 2010
through 2020 and concluded in a
2021 working paper that high-
growth revenue projections are likely
to be “overly optimistic and mislead-
ing to uninformed investors.”
“The more aggressive your reve-
nue is, the more likely you are to un-
derperform,” Mr. Dambra said in an
interview.
One Silicon Valley battery maker
faced skepticism when it announced
a SPAC deal a year ago. Enovix Corp.
had been around for 14 years and
had yet to make a commercial sale of
its product.
“We have got to build the com-
pany and hit our numbers,” CEO Har-
THE WALL STREET JOURNAL.
The Morgan Creek-Exos SPAC ETF is
down almost 50% from a year ago.
$25
20
15
10
0
March 2021 2022
Source: FactSet
rold Rust told the Journal a year ago.
Enovix is expected by analysts to
miss its numbers. According to ana-
lysts’ estimates, its 2021 losses be-
fore accounting for costs such as in-
terest and depreciation—known as
Ebitda—are almost double what the
company had previously projected to
investors. A spokeswoman declined
to comment.
Another battery manufacturer, Ro-
meo Power Inc., in November told in-
vestors it will miss its 2021 revenue
projection—$140 million—by as
much as 89%. The company cau-
tioned investors in a January filing of
“substantial doubt” around its ability
to continue without additional fund-
ing. Two of its customers have struck
deals with another battery maker,
and its stock is down more than 90%
from its public listing.
Romeo said management is work-
ing on a solution, but couldn’t prom-
ise that “our plans will be success-
fully implemented or that we will be
able to curtail our losses.” The com-
pany didn’t respond to a request to
comment.
Expectations are also dim for Hel-
biz Inc., which operates apps to rent
electric bikes and scooters, stream
live sports and get food delivered.
Analysts estimate the company will
make less than a fifth of the revenue
it had projected for 2021. It had also
told investors to expect a profit on
an Ebitda basis, but instead is ex-
pected by analysts to lose about $41
million by the same measure. A com-
pany spokesman declined to com-
ment.
The stock tumble of many of these
startups shows how serious investors
have become about demanding that
companies deliver on their promises
for growth. Hedge fund Morgan
Creek Capital Management has an
‘I feel like we are in a
position right now in the
world where SPAC is a
four-letter curse word.’
exchange-traded fund that tracks
SPACs and the startups that merge
with them; it is down almost 50%
from a year ago, according to Fact-
Set.
“It has been a really bad 12
months,” said CEO Mark Yusko. “Ex-
pectations are down, valuations are
down.”
The average stock price for the 63
companies in the Journal’s study is
roughly $5. Companies that use
SPACs to go public have an initial
stock price of $10.
Companies missing their numbers
are in a tricky spot, said venture cap-
italists. They must either slow their
spending, which would stunt their
growth and make it more difficult to
meet projections. Or they can raise
more capital, which will likely be
challenging, given their low stock
prices, and lenders are less likely to
provide debt to companies with lim-
ited income, venture capitalists said.
Enrique Abeyta, editor at Empire
Financial Research, which gives in-
vestment guidance, said he expects
half of the companies that went pub-
lic with a SPAC last year will be out
of business or delisted within five
years. He is looking for opportunities
in the market to short their stock.
“I feel like we are in a position
right now in the world where SPAC
is a four-letter curse word,” said Mr.
Abeyta.
The SEC last year signaled new
rules were coming when it added
SPACs to its regulatory agenda, al-
though no details were provided.
SEC Chairman Gary Gensler has
warned against “misleading hype” in
the sector, while the agency’s former
general counsel has said companies
face greater legal risk for financial
projections than is commonly be-
lieved.
John Coates, who served as SEC
general counsel and worked on SPAC
regulation before he left the agency
last fall, said he began taking a closer
look at projections after companies
with little or no revenue began publi-
ARRIVAL SA; SPADA/ZUMA PRESS
cizing projections of revenue five or
six years in the future.
“Even mature, well-run companies
are cautious about going out five
years,” Mr. Coates said. “I don’t
know why a brand-new company
that’s never sold anything would feel
comfortable about that.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 26 - 27, 2022 | B5

INVESTORS,
YOU DESERVE A
SPOT BITCOIN ETF.
Since its inception in 2013, Grayscale has never stopped working towards
converting Grayscale Bitcoin Trust ( SYMBOL: GBTC ) to a Bitcoin ETF.
If you support the conversion, write to the SEC using the letter below:

Subject: File No. SR-NYSEArca-2021-90

Dear SEC,
OR, simply
I’m writing to support the conversion of Grayscale Bitcoin Trust (symbol: GBTC), send an email
currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the to the SEC by
United States.
scanning the
QR code.
A Spot Bitcoin ETF would allow investors like me to:

– Diversify my investment portfolio into the world’s most popular cryptocurrency

– Invest in a product that directly tracks the price of Bitcoin without having
to hold Bitcoin
– Own crypto in the same way I own many other investable assets
– Additional thoughts:

I am a resident of the state of:

Sincerely,

P.S. The Canadians already have one, why can’t we?

1. Cut out the letter

TO SUBMIT
2. Make three copies
3. Mail to: Vanessa Countryman,
Secretary Securities & Exchange Commission
100 F Street, NE, Washington, DC 20549-0609

grayscale.com/comment

This is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal, nor shall there be any sale
of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
To date, GBTC has not met its investment objective and the Shares have not reflected the value of the digital assets held by GBTC, less GBTC’s expenses and other liabilities,
but have instead traded at both premiums and discounts to such value, which at times have been substantial.
This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular.
This material is strictly for illustrative, educational, or informational purposes and is subject to change.
B6 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.
 THE WALL STREET JOURNAL.
Type the words
“battery” and “break-
through” into your
search engine of
choice, and you’ll en-
counter page after
page of links. They in-
clude breathless news articles and
lofty pronouncements from battery
startups.
And yet, according to scientists,
engineers, startup founders and an-
alysts, the use of the word “break-
through” in the context of battery
technology is misleading at best.
Claims that the latest research find-
ing or startup launch will bear fruit
in the near future are almost always
nonsense, they say.
“You don’t have to be in the field
long to hear the phrase ‘Liar, liar,
battery supplier,’ ” says Charlotte
Hamilton, chief executive and co-
founder of battery startup Conamix.
The company was founded in 2014
and is pursuing technology that is
being funded by venture capitalists
and IARPA, a research arm of the
U.S. intelligence community.
Batteries are becoming ever
more critical to daily life. Their per-
formance dictates how often people
have to recharge their smartwatch
or phone and are central to over-
coming range-anxiety felt by drivers
embracing electric cars. Power stor-
age also is critical to the growing
demand for renewable energy. All
that has supercharged demand for
batteries, turning the industry into
one of the hottest areas for inves-
tors.
Venture capitalists last year
poured almost $18 billion globally
into startups that sup-
port the transition to
electric vehicles, includ-
ing batteries and lith-
ium mining, according
to PitchBook. In August,
for example, China-
based EV battery maker
Svolt netted $1.6 billion
in a single funding
round.
Given what’s at sake,
it’s easy to chalk up ex-
aggerated claims about
new battery break-
throughs to the tech in-
dustry’s propensity for
hyperbole and grand-
standing. A typical ex-
ample: Researchers in-
vent a tweak to a type
of battery that has long
shown promise but has
never come close to
commercialization.
That gets spun into
claims that an electric car with a
KRISZTIAN BOCSI/BLOOMBERG NEWS; NICHOLAS ALBRECHT FOR THE WALL STREET JOURNAL
2,000-mile range is within reach.
“People like a breakthrough, but
when we write papers we try to
avoid using these kinds of words,”
says Xin Li, a researcher at Harvard
University whose team recently
published a paper on a new kind of
higher-capacity solid-state battery
in the scientific journal Nature.
“There are too many battery ‘break-
throughs’ in my opinion in the past
5 years, and not many can be imple-
mented in a commercial product.”
There are tangible costs to the
hype. Investors can struggle to cut
through the thicket of claims, and
startups that are forthright about
their results may lose out.
“It makes it very difficult to
raise capital,” says Ms. Hamilton,
whose company is working to
change the materials for a key bat-
tery component, to pack in more
Investing
Calmly
Amid Chaos
Continued from page B1
than two months.
As I warned in January: “Inves-
tors who overhaul their portfolios
based on what the Fed seems
likely to do could get stranded if it
does something else entirely.”
Many professional investors re-
shuffled their holdings in recent
months to cash in on what they re-
garded as inevitable imminent rate
changes by the Fed. I expect that,
when this year is over, some bond
funds that made such aggressive
bets will end up reporting poor re-
sults.
That points to one of the criti-
cal advantages that individual in-
vestors have over Wall Street, al-
though you have to be careful not
to fritter it away. Unlike profes-
sionals, individual investors don’t
have to act on their own forecasts.
They don’t even have to have any.
That might feel like a weakness,
when in fact it’s a strength.
Now that Russia has attacked
Ukraine and emotions are running
high, it might be tempting to get
out of the market to keep your
money safe, if you’re feeling
afraid—or to bet on what sounds
like a sure thing, if you’re feeling
aggressive. But hasty decisions are
* * * *
KEYWORDS | CHRISTOPHER MIMS
‘Breakthrough’ or Incremental Step?
Modest advances in electric-vehicle batteries are often overhyped
energy at lower cost. “If like us you
say, ‘We have the best lithium-sul-
fur battery in the world, but it’s not
good enough for automotive appli-
cations yet,’ my claims get dis-
counted,” she adds.
The decades since lithium-ion
batteries were first commercialized
in 1991 demonstrate that real break-
throughs in what they can deliver
are few and far between.
“When we started Tesla in 2003,
the batteries were just good
enough, but what we had noticed
was that they got better at about
7% to 8% a year, and had for a long
time,” says Marc Tarpenning, a co-
founder of the company. “It’s been
19 years, and we still haven’t had a
step change in battery capacity—it
just ticks along at 7% to 8% per
year.”
The reasons progress has been
more evolutionary than revolution-
Over There
Even with the invasion of Ukraine,
European shares have lost slightly
less than U.S. stocks so far in 2022.
Year-to-date performance
2%
0
–2
iShares Core
MSCI Europe ETF
–4
–6
–8
–10
iShares Core S&P 500 ETF
–12
Jan. Feb.
Source: FactSet
often wrong, and big hasty deci-
sions almost always are.
You could try restructuring your
portfolio to profit from a scenario
that might unfold in the wake of
Russia’s invasion, like a boom in
U.S. exports of natural gas, or ris-
ing inflation and higher military
spending.
The risk, though, is that scenar-
ios that seem likely often don’t
materialize—and, even if they do,
they can become too popular, elim-
inating the bargain prices that
produce superior returns over
time.
A couple of things are pretty
close to certain.
One is that it’s a bad idea to
overhaul your portfolio when
you’re afraid. The time to become
more conservative is when things
EXCHANGE
ary are myriad, but they boil down
to the inherent complexity of high-
capacity batteries. It’s easy to take
them for granted, seeing how
they’re in practically every gizmo
we buy nowadays. But at the molec-
ular level, what goes on inside the
average lithium-ion battery is a
complex cascade of chemical reac-
tions that—and this is the really
tough part—unfold one way when
the cell is charged, do the reverse
when it is discharged, and must re-
peat the process countless times.
Many approaches that in theory
could double or triple the capacity
of existing batteries haven’t been
made to work beyond a few charge
cycles. A prime example are lith-
ium-sulfur batteries, which on pa-
per could have nearly 10 times the
capacity of current cells. The only
problem: If you make one the same
way you make current batteries, it
Ukrainian military vehicles in central Kyiv Thursday.
are going well, not when the world
seems to be coming apart.
Another is to consider embrac-
ing surprise instead of fleeing
from it.
Would it surprise you to hear
that, even after Thursday’s 4%
dive, European shares have fallen
less this year than U.S. stocks? It
surprises me.
The iShares Core MSCI Europe
exchange-traded fund, which holds
stocks across more than a dozen
countries there and has more than
Saturday/Sunday, February 26 - 27, 2022 | B7
A lithium-ion battery pack on a
chassis at a Volkswagen factory in
Zwickau, Germany, above;
employees at San Jose, Calif.-
based battery startup
QuantumScape, left.
breaks down almost completely af-
ter just one or two charge cycles.
Most batteries produced today
go into electric vehicles, not con-
sumer electronics, in part because
cars require so many more of them.
As a result, EVs are now the pri-
mary driver of demand for batter-
ies, and the requirements of auto
makers are the de facto standards
that battery makers must meet.
And yet the requirements of
auto makers are often not reflected
in the way that researchers and
startups report the performance of
their batteries.
While it’s easy to create a bat-
tery in the lab that performs well
by one measure, the way such re-
sults are reported is often a kind of
sleight-of-hand, says Ms. Hamilton.
Such reports tend to play down the
fact that a real-world battery must
perform well by at least a half-
dozen different measures that mat-
ter for electric vehicles. Those in-
clude delivering power for
acceleration, storing a lot of energy
per gram of weight to enable long
range, lasting for thousands of
charge and discharge cycles, operat-
ing in a wide range of temperatures,
and not catching fire too easily
when damaged.
Also, batteries can’t cost too
much, since their price is the pri-
mary driver of the cost of electric
vehicles.
Even when a promising new bat-
tery technology can be made to
work by all the measures that mat-
ter, another challenge looms just as
an eighth of its total assets in Ger-
many, is down 6.4% so far in 2022.
That’s less than the 7.8% fall of the
S&P 500.
In periods of geopolitical tur-
moil over the past half-century,
global stock markets have tended
to move in sync, says Elroy Dim-
son, a finance professor at Cam-
bridge University’s Judge Business
School. To put it bluntly, when
things go bad, just about every
market turns red at once, as they
did for much of this week. That
large: production.
So much money and research
and development has already been
invested in existing lithium-ion bat-
tery technology that for any rival
approach to catch up is almost im-
possible, unless it can be manufac-
tured in nearly the same way within
existing facilities, says Mr. Tarpen-
ning.
Commercializing new battery
technologies at the scale auto mak-
ers demand can require billions of
dollars in investment, which must
be recouped in the form of higher
initial costs for these batteries, says
Cory Steuben, president of automo-
tive-manufacturing advisory firm
Munro & Associates.
This isn’t to say that promising
new battery technologies won’t
ever be commercialized.
Many companies are continuing
to do the hard work of improving
existing battery technologies,
though they tend not to claim their
technology is a “breakthrough,”
since their work leads to small im-
provements in performance. One
such startup is Coreshell, which just
announced $12 million in Series A
funding, and counts Mr. Tarpenning
as one of its advisers.
A big issue in automotive batter-
ies is cooling the massive packs of
individual battery cells a vehicle re-
quires. This is critical to both per-
formance and safety, and accounts
for a significant amount of the vol-
ume and weight of these battery
packs.
Coreshell is trying to commer-
cialize a thin coating for a critical
part of lithium-ion batteries that
should allow them to safely operate
at higher temperatures, and slow
their degradation, says Jonathan
Tan, the company’s CEO and co-
founder.
At the other end of the spectrum
of payoff and risk are the research-
ers plugging away at new ways of
making batteries, and understand-
ing how their different components
interact. Since battery technology is
dependent on complicated, multi-
step chemical reactions among a
large number of substances, there is
a great deal we still don’t know
about how they work.
At Harvard, Dr. Li’s team has
worked out a new way to make
solid-state batteries last longer. In
theory, this could make the current
combinations of elements that go
into batteries yield a product with
much higher capacity, and way
down the road, it could be used in
concert with other novel chemis-
tries, like lithium-sulfur, to take
auto- and gadget-makers to some
sort of high-performance battery
nirvana.
But Dr. Li cautions that commer-
cializing his team’s technology will
take years, and there are many
challenges remaining, not to men-
tion the unknown obstacles that
typically arise on the long path be-
tween research findings and scaled-
up production.
The result of these long develop-
ment cycles is that, even when bat-
tery tech “breakthroughs” finally
make it to market, they might just
amount to the next, incremental in-
crease in the capacity of existing
battery packs, which continue to
get better all the time anyway, says
Mr. Tarpenning: “By the time they
finally get those things into produc-
tion, it could be, ‘Oh, it’s just an-
other 8% improvement, look at
that.’ ”
DANIEL LEAL/AGENCE FRANCE-PRESSE/GETTY IMAGES
can make global diversification
seem ineffectual in turbulent
times.
But stocks around the world
don’t fluctuate in lockstep for
long, going their own ways again
in calmer periods, he says. That
can reduce risk and makes global
diversification worthwhile.
With U.S. stocks nowhere near
cheap by historical standards, this
might turn out to be an opportune
time to increase your exposure to
overseas markets.
B8 | Saturday/Sunday, February 26 - 27, 2022
New Sticker
Shock Hits
Car Buyers
Continued from page B1
Dealers, for their part, are di-
vided on the practice. Some say the
charges are a reasonable reflection
of the upside-down market, and
that the auto industry is one of
many where inflation is visible, es-
pecially for small dealers trying to
compensate for choked inventories.
Other dealerships on principle
say they don’t charge above MSRP,
with the exception of some new,
high-demand models. They say the
practice can permanently damage
their reputation with buyers and
hurt repeat business.
In today’s market, though, it is
becoming more difficult to refrain
from charging more, especially as it
becomes commonplace, dealers say.
Mike Stanford, a Ford-Lincoln
dealer in southeast Michigan, said
he doesn’t charge above the sticker
and has tried to hold the line even
on popular models in short supply.
But he said it’s a decision that
can sometimes leave him feeling
burned. For instance, a buyer
walked into his dealership recently
looking for a Ford Bronco. The
buyer indicated he was a Bronco
fan, Mr. Stanford recalled, and told
the sales manager he was excited to
drive in a local park with his wife
with the car’s removable top off.
The dealership sold the vehicle for
the $54,000 sticker price.
The next day, his staff saw the
same Bronco listed for resale online
for $20,000 more—using the deal-
ership’s own photos of the vehicle,
he said.
“I don’t think it is right to gouge
the customer,” he said. “But I don’t
think it is right for customers to
gouge us, either. But that’s the mar-
ket today.”
Ford declined to comment on
specific customer experiences.
Some car companies are pushing
back on dealer markups, worried
that perceived price gouging will
turn off customers and hurt their
brand images. The reputational
risks are higher than ever, with
Tesla Inc. and other new electric-
Last month, 82% of new-
car buyers paid more
than sticker price,
according to Edmunds.
car startups offering buyers a way
to skip the dealership and buy di-
rectly from the manufacturer, side-
stepping the car-lot haggling that
many buyers dislike.
General Motors Co., Ford Motor
Co. and Hyundai Motor Co. have
warned dealers that they could
have their vehicle shipments re-
duced if they are caught signifi-
cantly marking up cars. But car
companies are limited in what ac-
tions they can take, due to state
franchise laws that protect a dealer-
ship’s autonomy.
“The whole model is broken,”
said Kat Adair, a 55-year-old Texas
resident who recently purchased a
new car.
Ms. Adair said she has always
dreaded dealership negotiations,
but this time, the experience was
particularly grueling. After she and
her husband got quotes for $10,000
to $15,000 above MSRP, they were
relieved to buy a Toyota 4Runner
for what she described as a steal:
$2,000 over its sticker price of
about $49,000.
“I don’t feel like it’s fair that you
have to be a good negotiator to get
a fair price,” she said.
A Toyota representative declined
to discuss specific customer experi-
ences.
For decades, American consum-
ers have been conditioned to expect
a deal on a new car. Advertisements
promoting factory-cash rebates and
discounts have long been a staple of
the car business. Dealers, who act
as middlemen, control the final
price, because they own the vehicle.
The MSRP is required by law to
be displayed on the window sticker.
U.S. light-vehicle inventory
4 million
3 ership and have them “release the
2 15
1 dealerships and instead sells cars
0 0
2020 ’21 ’22
Source: Wards Intelligence (inventory); JD Power (price)
Historically there has been ample
supply, and most car buyers pay a
price that represents a discount
from MSRP—anywhere from a few
thousand dollars to as much as
$10,000 in the competitive market
for big pickup trucks.
The prolonged inventory short-
age has flipped this traditional car-
buying dynamic.
Auto makers haven’t recovered
from the early days of the Covid-19
pandemic, when nearly all auto facto-
ries in North America shut down for
almost two months. A computer-chip
shortage that emerged in late 2020
continues to depress factory output,
further hamstringing efforts to catch
up. Russia’s invasion of Ukraine this
past week could portend more sup-
ply-chain snarls in the future.
The number of cars and trucks
on dealership lots hit a record low
of about 973,000 in September
2021, according to research firm
Wards Intelligence. Vehicle stocks
were about 1.1 million last month,
roughly one-third the historical
norm. Demand remains strong,
helping push prices on both new
and used cars to records.
Dealer markups—used sparingly
before the pandemic—have become
pervasive. Buyers last month paid
an average of $728 above the
sticker, or 1.6% on average. That
represents a reversal from a year
earlier, when vehicles sold for an
average of $2,152 below MSRP, ac-
cording to Edmunds.
Dealerships are required to dis-
close the price increase, sometimes
called a market adjustment, on the
label. The higher price also can take
different forms, such as dealers
add-ons like wheel protection and
brake-light features that would oth-
erwise be optional but are now re-
quired as part of the higher price.
James Brands, a 79-year-old resi-
dent of upstate New York, was so
shocked about the price inflation he
encountered trying to buy a Ford
Maverick pickup truck that he de-
cided to write a letter to Ford Chief
Executive Jim Farley.
Mr. Brands said he was dismayed
to find the dealership had tacked on
$6,480 to the list price of the Maver-
ick, a $20,000 truck that Ford touts
as a more affordable alternative to
its bigger, more expensive vehicles.
“Many of your Ford dealers are,
in my opinion, stabbing you and
Ford Motor Company in the back,”
Mr. Brands wrote in a letter that he
showed to The Wall Street Journal.
Sherry Farag, a Florida physician,
said that she has soured on the Ca-
Average vehicle price,
change from a year earlier
30%
Used
25
20
10 New
5
2017 ’19 ’21
EXCHANGE
dillac brand after her experience
last month trying to buy a new Es-
calade SUV. The luxury model lists
for $73,000 to around $100,000, but
the four dealerships she contacted
added another $15,000 to $35,000
to the price, she said.
“I don’t want the car that badly
and would probably never look to
drive one in the future, even if the
market adjusted down,” she said.
A Cadillac spokesman declined to
comment on individual transactions
but said the brand doesn’t condone
dealerships charging above MSRP,
and said most don’t.
Karen Patton was so fed up with
seeing widespread markups on the
Ford Bronco, a popular SUV that
went on sale in 2021, that she
posted a 1,500-word message on an
online Bronco forum. When the
pricing of her vehicle changed after
she had reserved it, she encouraged
readers to document each dealer in-
teraction to combat late-stage
markups. She even dropped the
name of a Ford communications
manager to contact if the dealer
doesn’t budge.
Ms. Patton also included tips on
how to avoid overpaying, such as
encouraging customers to bring a
spouse or older relative to the deal-
waterworks.”
“I bought new cars off of a lot
before, and it was just never like
this,” Ms. Patton said.
Other shoppers are permanently
defecting to Tesla, which has no
through its company-owned stores
or its website. While Tesla has
raised prices over the past year,
some shoppers say they prefer
knowing the price upfront, and
newer electric-car companies are
following Tesla’s lead on sales.
* ***
After her experience buying the
4Runner, Ms. Adair said she would
stick to buying from Tesla from
now on. She said she ordered a
Model Y compact SUV in August,
before she bought the Toyota, and
found the process much smoother,
mostly because the advertised price
is what consumers end up paying.
“I will never buy another car
from another regular dealership
again after this,” Ms. Adair added.
For many smaller dealerships, the
financial hardship of losing sales
revenue to the inventory shortage is
driving them to charge more for the
vehicles they do have in stock, said
Paul Walser, chairman of the Na-
tional Automobile Dealers Associa-
tion, a trade group representing
more than 16,000 U.S. dealerships.
Cal Thomas, who until recently
owned a Chevrolet and Buick deal-
ership in Florida, said his lots were
so empty that he wasn’t sure his
business would survive. He resorted
to marking up some vehicles sold to
other dealerships, but said he re-
fused to charge customers more. He
ultimately decided to sell his deal-
ership, because he wasn’t making
enough to sustain operations on
what little inventory he had.
Mr. Thomas said he sympathizes
with smaller dealerships, like his,
that struggled during the past two
years. “I think it’s a shame that deal-
ers are put in that situation,” he said,
adding that he has had to take pay
cuts to keep his business going.
Ford’s Mr. Farley expressed frus-
tration on a recent earnings call
that roughly 10% of the brand’s
dealerships were selling vehicles
above sticker. He said future sup-
plies of sought-after vehicles may
be withheld from dealers who are
flagged. “We have very good intelli-
gence of who they are,” he said.
THE WALL STREET JOURNAL.
Kevin Peters, above, flew to Las
Vegas from San Diego so he could
get a new pickup truck for its
sticker price. Kat Adair, left, says
she’s done with dealers after
paying $2,000 extra for a Toyota.
A letter from Hyundai’s top U.S.
sales executive, Randy Parker, sent
to dealers this past Tuesday warned
that charging above MSRP risks
alienating customers. Dealers found
to be doing so could have vehicle
shipments curtailed and advertising
support cut, he said.
“With great regularity our cus-
tomers around the country are voic-
ing displeasure,” Mr. Parker wrote.
Other auto makers such as Kia
and Volkswagen emphasized that
the dealers are independent fran-
chises and have control over pric-
ing, although they stressed cus-
tomer experience is paramount and
dealers should avoid upcharging
when possible.
Some auto makers, such as Toy-
ota and Honda, are pulling individ-
ual dealers aside to talk about their
charging above MSRP. Jack Hollis,
Toyota Motor North America’s se-
nior vice president of auto opera-
tions, said the company has encour-
aged dealers to look at the bigger
picture instead of trying to capital-
ize on the current market.
“If you’re thinking about it in the
short term, I think you’re mis-step-
ping,” said Mr. Hollis. “If that cus-
tomer experience is great during
this time, they’ll be with you.”
Car companies are also trying to
make longer-term changes inter-
nally to help stabilize pricing and
improve the experience, especially
as they gear up to challenge Tesla
in the electric-vehicle market.
Ford, GM and other auto makers
have said they envision customer
orders being a bigger part of the
business in the future, a departure
from the historical norm, in which
American shoppers have picked
cars straight off the lot, often driv-
ing them home the same day. While
preordered cars still are delivered
through the dealer, that process
should give car companies more
control over pricing and allow them
to plan production schedules better,
analysts and executives say.
Still, auto executives and analysts
expect the dearth of new cars and
lofty prices to stick around at least
RAJAH BOSE FOR THE WALL STREET JOURNAL; ILANA PANICH-LINSMAN FOR THE WALL STREET JOURNAL
into 2023. While the computer-chip
problem is expected to gradually
ease through this year, dealership in-
ventories are so thin and underlying
vehicle demand so strong that it is
expected to take at least a year to
substantially restock lots.
Mike Manley, CEO of AutoNation
Inc., the U.S.’s largest dealership
chain by sales, said less than 2% of
vehicles at AutoNation were sold
above sticker last year.
Longer-term, said Mr. Manley,
who also is also a former car com-
pany CEO, dealerships are going to
stock fewer vehicles with more lim-
ited options, and custom ordering
will become more the norm. Al-
ready, much of AutoNation’s incom-
ing vehicle inventory has been pre-
sold to buyers who had previously
placed factory orders through its
stores, the company said.
“There are going to be a number
of changes in the coming years and
this will be the catalyst,” Mr. Man-
ley said.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 26 - 27, 2022 | B9

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
34058.75 Trailing P/E ratio 18.89 31.47 4384.65 Trailing P/E ratio * 23.83 43.74 13694.62 Trailing P/E ratio *† 31.76 38.46 commodities performed around the world for the week.
s 834.92 P/E estimate * 17.90 20.67 s 95.95 P/E estimate * 19.49 22.47 s 221.04 P/E estimate *† 24.78 29.12
Stock Currency, Commodity, Exchange-
Dividend yield 2.06 1.95 Dividend yield * 1.41 1.50 or 1.64% Dividend yield *† 0.74 0.75 index vs. U.S. dollar traded in U.S.* traded fund
or 2.51% or 2.24%
All-time high: Wheat 5.77%
All-time high Current divisor All-time high
16057.44, 11/19/21
36799.65, 01/04/22 0.15172752595384 4796.56, 01/03/22 S&P 500 Health Care 2.71
S&P 500 Real Estate 2.69
36900 4800 15800 Nymex ULSD 2.44
65-day moving average Nymex RBOB gasoline 2.16
65-day moving average 65-day moving average 15250 Nymex natural gas 2.12
36000 4675
S&P 500 Utilities 2.03
S&P 500 Communication Svcs 1.84
35100 4550 14700
Norwegian krone 1.82
Dow Jones Transportation Average 1.58
34200 4425 14150
Session high Russell 2000 1.57
DOWN UP Nymex crude 1.53
t

Session open Close 33300 4300 13600 S&P 500 Energy 1.31
Close Open S&P 500 Information Tech 1.29
t

32400 4175 13050 Nasdaq-100 1.28

Session low
Bars measure the point change from session's open S&P MidCap 400 1.11
12500 Nasdaq Composite 1.08
31500 4050
Dec. Jan. Feb. Dec. Jan. Feb. Dec. Jan. Feb. S&P SmallCap 600 0.99
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index
iShiBoxx$HYCp 0.87
S&P 500 0.82
Corn 0.80
Major U.S. Stock-Market Indexes Trading Diary S&P 500 Industrials 0.79
Latest 52-Week % chg Volume, Advancers, Decliners Australian dollar 0.77
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. iSh TIPS Bond 0.70
Dow Jones Total volume*1,115,629,348 18,741,423 Bloomberg Commodity Index 0.69
Industrial Average 34095.74 33277.22 34058.75 834.92 2.51 36799.65 30924.14 10.1 -6.3 9.3 Adv. volume* 927,923,906 11,535,838 S&P/BMV IPC 0.52
Transportation Avg 15274.47 14833.80 15207.21 380.27 2.56 17039.38 13219.66 14.1 -7.7 12.8 Decl. volume* 171,315,751 6,291,911 S&P 500 Materials 0.50
Issues traded 3,485 280 S&P/TSX Comp 0.47
Utility Average 939.16 912.47 938.25 32.76 3.62 980.78 795.61 17.9 -4.3 7.6
Advances 2,760 195 Canada dollar 0.35
Total Stock Market 44520.10 43474.59 44516.75 981.45 2.25 48929.18 39614.97 10.6 -8.5 15.4
Declines 590 73 WSJ Dollar Index 0.30
Barron's 400 1014.74 985.82 1014.28 28.46 2.89 1127.20 904.45 11.1 -8.3 12.6
Unchanged 135 12 BOVESPA Index 0.23
Nasdaq Stock Market New highs 44 3 Chinese yuan 0.13
Nasdaq Composite 13696.86 13358.29 13694.62 221.04 1.64 16057.44 12609.16 3.8 -12.5 21.9 New lows 73 3 Comex silver 0.02
Nasdaq-100 14193.00 13850.29 14189.16 214.49 1.53 16573.34 12299.08 9.9 -13.1 25.9 Closing Arms† 1.09 2.19 -0.06 Dow Jones Industrial Average
Block trades* 4,676 179 -0.07 iSh 1-3 Treasury
S&P
-0.09 South African rand
500 Index 4385.34 4286.83 4384.65 95.95 2.24 4796.56 3768.47 15.0 -8.0 16.2 Nasdaq NYSE Arca
-0.16 iShNatlMuniBd
MidCap 400 2662.62 2585.41 2661.60 72.73 2.81 2910.70 2453.30 6.6 -6.3 11.2 Total volume*4,623,614,393 394,815,746 -0.16 iShiBoxx$InvGrdCp
SmallCap 600 1310.78 1282.08 1310.76 28.64 2.23 1466.02 1252.49 2.5 -6.5 10.0 Adv. volume*3,535,242,845 318,646,387 -0.18 South Korean won
Decl. volume*1,051,337,696 74,313,270 -0.26 Mexico peso
Other Indexes
Issues traded 4,959 1,716 -0.26 VangdTotalBd
Russell 2000 2040.93 1988.01 2040.93 44.92 2.25 2442.74 1931.29 -7.3 -9.1 8.7
Advances 3,408 1,433 -0.27 Indonesian rupiah
NYSE Composite 16432.79 15995.99 16427.96 431.96 2.70 17353.76 14959.41 9.4 -4.3 9.0 Declines 1,295 265 -0.27 S&P 500 Financials
Value Line 630.62 615.07 630.61 14.34 2.33 696.40 606.81 2.0 -6.2 4.9 Unchanged 256 18 -0.31 S&P 500 Consumer Staples
NYSE Arca Biotech 4983.46 4891.92 4979.55 46.51 0.94 6022.37 4790.85 -13.3 -9.8 -0.5 New highs 47 16 -0.32 FTSE 100
NYSE Arca Pharma 795.26 765.05 791.76 26.71 3.49 828.58 667.24 16.3 -4.3 10.4 New lows 135 21 -0.32 iSh 7-10 Treasury
KBW Bank 136.25 131.70 135.94 5.23 4.00 147.56 113.40 19.9 2.8 10.7 Closing Arms† 0.78 1.67 -0.43 Swiss franc
PHLX§ Gold/Silver 143.29 138.66 142.94 2.49 1.77 166.01 117.06 9.3 7.9 22.4 Block trades* 23,599 1,706 -0.43 Euro area euro
PHLX§ Oil Service 67.58 65.65 67.57 1.24 1.87 69.77 48.31 21.1 28.2 -11.1 * Primary market NYSE, NYSE American NYSE Arca only. -0.49 Indian rupee
PHLX§ Semiconductor 3454.92 3351.93 3452.67 53.51 1.57 4039.51 2762.75 12.6 -12.5 35.9 †(TRIN) A comparison of the number of advancing and declining -0.49 Japanese yen
issues with the volume of shares rising and falling. An
Cboe Volatility 32.00 26.93 27.59 -2.73 -9.00 31.96 15.01 -1.3 60.2 22.9 -0.52 VangdTotIntlBd
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -0.65 Comex gold
-0.70 Soybeans
International Stock Indexes Percentage Gainers... -0.98 iSh 20+ Treasury
Latest YTD Latest Session 52-Week
-1.05 Comex copper
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -1.13 Shanghai Composite
World MSCI ACWI 698.53 16.57 2.43 –7.5 Inspirato ISPO 54.90 18.41 50.45 108.00 9.00 441.4 -1.20 IBEX 35
MSCI ACWI ex-USA 324.25 8.62 2.73 –5.8 CarGurus Cl A CARG 46.44 14.18 43.96 47.18 22.63 79.0 -1.27 UK pound
MSCI World 2980.20 74.26 2.56 –7.8 Farfetch Cl A FTCH 20.92 5.91 39.37 67.71 12.36 -68.2 -1.58 STOXX Europe 600
MSCI Emerging Markets 1171.99 17.13 1.48 –4.9 KAR Auction Services KAR 18.94 5.25 38.35 22.10 11.76 36.2 -2.16 S&P 500 Consumer Discr
Universal Security UUU 3.96 0.98 32.89 9.55 2.27 -43.2 -2.38 NIKKEI 225
Americas MSCI AC Americas 1682.26 37.25 2.26 –7.9
Canada S&P/TSX Comp 21106.00 1.66 –0.6 Direxion Russia Bull 2x RUSL 11.35 2.65 30.46 38.81 6.00 -47.8 -2.47 KOSPI Composite
344.07
Latin Amer. MSCI EM Latin America 2375.63 2.02 11.5
Aerie Pharmaceuticals AERI 7.64 1.74 29.49 21.30 5.46 -58.5 -2.56 CAC-40
47.05
1.39 Block SQ 119.82 24.83 26.14 289.23 82.72 -47.9 -2.63 Euro STOXX
Brazil BOVESPA 113141.94 1550.07 7.9
1.50 CYREN CYRN 5.93 1.18 24.84 21.00 1.98 -67.4 -2.75 iShJPMUSEmgBd
Chile S&P IPSA 2905.81 42.89 3.6
2.14
Navios Maritime Holdings NM 3.84 0.76 24.68 15.42 2.85 -39.0 -2.77 FTSE MIB
Mexico S&P/BMV IPC 52555.60 1101.55 –1.3
CSP CSPI 8.90 1.72 23.96 11.94 6.61 6.1 -3.10 S&P/ASX 200
EMEA STOXX Europe 600 453.53 14.57 3.32 –7.0
Enjoy Technology ENJY 3.70 0.69 22.92 12.16 2.69 -64.6 -3.16 DAX
Eurozone Euro STOXX 439.81 14.78 3.48 –8.2
Where Food Comes From WFCF 13.22 2.35 21.62 16.50 8.43 -6.8 -3.41 S&P BSE Sensex
Belgium Bel-20 4061.17 162.79 4.18 –5.8 Strategic Education STRA 60.74 10.69 21.36 94.24 48.01 -33.2 -5.23 Lean hogs
Denmark OMX Copenhagen 20 1647.78 60.19 3.79 –11.6 MediaAlpha MAX 13.88 2.42 21.12 70.33 10.22 -73.6
France CAC 40 6752.43 231.38 3.55 –5.6 -6.41 Hang Seng
Germany DAX 14567.23 515.13 3.67 –8.3 Percentage Losers -7.76 Russian ruble
Latest Session 52-Week *Continuous front-month contracts
Israel Tel Aviv 1927.41 … Closed –2.6
Company Symbol Close Net chg % chg High Low % chg
Italy FTSE MIB 25773.03 893.15 3.59 –5.8 Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Netherlands AEX 727.85 19.30 2.72 –8.8 Baudax Bio BXRX 1.77 -2.61 -59.59 55.30 1.74 -96.3 THE WALL STREET JOURNAL
Russia RTS Index 936.94 194.03 26.12 –41.3 Everbridge EVBG 30.61 -15.68 -33.87 167.40 27.81 -80.0
South Africa FTSE/JSE All-Share 74205.69 0.69 0.7
Summit Midstream Partners SMLP 17.26 -7.62 -30.63 46.64 14.88 -15.3 Methodology
508.58
Spain 3.51 Foot Locker FL 29.07 -12.34 -29.80 66.71 26.36 -39.6 Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
IBEX 35 8486.60 288.10 –2.6
2.71 LivePerson LPSN 18.10 -6.24 -25.64 68.97 16.00 -72.4 reflect total returns). Commodities are represented by the continuous front-month
Sweden OMX Stockholm 865.53 22.85 –16.5 futures contract. Bond exchange-traded fund performance may diverge from that of
Switzerland Swiss Market 11987.31 350.55 3.01 –6.9 Vicor VICR 74.98 -25.27 -25.21 164.76 73.69 -23.9 their underlying index. Bond categories are represented by the following ETFs: U.S.
Turkey BIST 100 1952.40 101.02 5.46 5.1 Latch LTCH 3.81 -1.23 -24.40 14.83 3.71 -70.5 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
Opendoor Technologies OPEN 8.44 -2.54 -23.13 32.25 7.77 -69.9 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
U.K. FTSE 100 7489.46 282.08 3.91 1.4 Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
U.K. FTSE 250 20906.75 654.87 3.23 –11.0 Stem STEM 8.81 -2.43 -21.62 37.79 7.95 -74.2 iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
TAL Education Group ADR TAL 2.91 -0.74 -20.27 82.69 2.26 -96.2 Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Asia-Pacific MSCI AC Asia Pacific 181.45 1.74 0.97 –6.0 Bonds: iShares National Muni; International Bonds: Vanguard Total International;
0.10 Joint JYNT 41.50 -9.61 -18.80 111.06 38.14 4.2
Australia S&P/ASX 200 6997.80 7.17 –6.0 Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
0.63
Zscaler ZS 221.85 -41.53 -15.77 376.11 157.03 8.2
China Shanghai Composite 3451.41 21.45 –5.2
Applied Optoelectronics AAOI 3.45 -0.61 -15.02 10.72 3.40 -63.0
Hong Kong Hang Seng 22767.18 –134.38 –0.59 –2.7
ATI Physical Therapy ATIP 2.13 -0.36 -14.46 10.44 1.95 -79.2 See an expanded year-to-date and current quarter
India S&P BSE Sensex 55858.52 1328.61 2.44 –4.1
Marin Software MRIN 3.07 -0.47 -13.28 27.26 1.34 54.3 list of selected global stock indexes, bond ETFs, currencies
Japan NIKKEI 225 26476.50 505.68 1.95 –8.0
Singapore Straits Times 3294.47 18.41 0.56 5.5 Most Active Stocks and commodities at
South Korea KOSPI 2676.76 27.96 1.06 –10.1 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 17652.18 57.63 0.33 –3.1
Thailand SET 1679.90 17.18 1.03 1.3 Imperial Petroleum IMPP 131,240 1218.8 2.10 33.76 8.30 0.40
Sources: FactSet; Dow Jones Market Data Advanced Micro Devices AMD 127,602 59.3 121.06 3.82 164.46 72.50
SPDR S&P 500 SPY 121,425 12.7 437.75 2.21 479.98 371.88 Currencies
Scan this code to get real-time U.S. stock quotes ProShares UltraPro QQQ TQQQ 118,725 -0.1 51.91 4.74 91.68 37.52
and track most-active stocks, new highs/lows Mullen Automotive MULN 105,796 1937.1 0.69 11.15 15.90 0.52 U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
and mutual funds. * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
Fri YTDchg Fri YTDchg
Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004381 22825 –0.1
Argentina peso .0093107.4596 4.7 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1937 5.1630 –7.3 Czech Rep. koruna .04556 21.949 0.3

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7869 1.2708 0.5 Denmark krone .1515 6.6015 0.9
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001247 802.19 –5.8 Euro area euro 1.1273 .8871 0.9
Colombiapeso .000256 3913.70 –3.7 Hungary forint .003091 323.55 –0.3
A consumer rate against its New car loan Ecuador US dollar Iceland krona
1 1 unch .007983 125.26 –3.5
benchmark over the past year 2.50% Mexico peso .0491 20.3463 –0.8 Norway krone .1132 8.8312 0.3
Bankrate.com avg†: 3.55% Tradeweb ICE 14%
t

Uruguay peso .02365 42.2850 –5.4 Poland zloty .2433 4.1106 2.1
First Command Bank 2.49% Friday Close 2.00
WSJ Dollar Index Asia-Pacific Russia ruble .01192 83.863 12.1
4.00% Fort Worth, TX 888-763-7600 7
1.50
s Sweden krona .1066 9.3848 3.7
Australian dollar .7231 1.3829 0.5
New car loan 2.80% Switzerland franc 1.0804 .9256 1.5
t

First Savings Bank of Hegewisch China yuan .1583 6.3171 –0.6

3.75 0 Euro Turkey lira .0724 13.8208 3.8
Chicago, IL 773-646-4200 1.00 s Hong Kong dollar .1281 7.8084 0.2
Ukraine hryvnia .0333 30.0500 9.9
India rupee .01332 75.055 0.7
3.50 PNC Bank 2.82% One 0.50 –7 s
t

UK pound 1.3416 .7454 0.8

Yen Indonesia rupiah .0000696 14367 0.8
Prime rate Washington, DC 888-PNC-BANK year ago Middle East/Africa
t Japan yen .008657 115.51 0.4
3.25 0.00 –14
Cambridge Savings Bank 2.99% Kazakhstan tenge .002178 459.06 5.5 Bahrain dinar 2.6522 .3771 0.03
Cambridge, MA 888-418-5626 1 3 6 1 2 3 5 7 10 20 30 2021 2022 Macau pataca .1243 8.0480 0.1 Egypt pound .0635 15.7454 0.2
3.00 month(s) years Malaysia ringgit .2381 4.2000 0.8 Israel shekel .3096 3.2298 3.9
M AM J J A S O N D J F Chase Bank 3.24%
maturity New Zealand dollar .6745 1.4826 1.4 Kuwait dinar 3.2999 .3030 0.2
2021 2022 Los Angeles, CA 800-CHA-SE24 Pakistan rupee .00564 177.400 0.7 Oman sul rial 2.5972 .3850 0.01
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0195 51.318 0.6 Qatar rial .2746 3.641 –0.02
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7390 1.3532 0.3 Saudi Arabia riyal .2666 3.7516 –0.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008348 1197.89 0.8 South Africa rand .0660 15.1428 –5.0
Sri Lanka rupee .0049505 202.00 –0.5
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -2.25 Yield (%) 52-Week Total Return (%) Taiwan dollar .03574 27.979 0.9 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 3.25 -2.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03081 32.460 –2.3 WSJ Dollar Index 90.01 –0.41–0.45 0.51
Libor, 3-month 0.52 0.48 0.11 l 0.52 -2.12
U.S. Treasury, Bloomberg 2316.140 1.880 1.820 1.960 0.780 –2.010 2.754 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.07 0.07 0.07 l 0.10 -0.56
0.43 l -1.61 U.S. Treasury Long, Bloomberg 4154.250 2.350 2.290 2.410 1.720 0.092 5.877
Five-year CD, annual yield
30-year mortgage, fixed† 4.23
0.43
4.20
0.41
3.00 l
0.48
4.23 -0.13 Aggregate, Bloomberg 2160.830 2.450 2.380 2.470 1.340 –2.599 2.976
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 3.45 3.48 2.28 l 3.55 -0.35
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Bloomberg 2137.750 2.610 2.550 2.640 1.560 –3.009 1.689
Jumbo mortgages, $647,200-plus† 4.24 4.21 3.03 l 4.25 -0.23 DJ Commodity 1068.78 -25.93 -2.37 1094.71 794.01 31.10 12.95
High Yield 100, ICE BofA 3349.002 5.086 5.263 5.390 3.162 0.642 4.130
Five-year adj mortgage (ARM)† 2.93 2.92 2.82 l 3.43 -1.33 Refinitiv/CC CRB Index 264.44 -4.57 -1.70 269.02 184.08 38.86 13.80
New-car loan, 48-month 3.55 3.52 3.41 l 4.12 -1.11 Muni Master, ICE BofA 583.738 1.673 1.694 1.730 0.687 –0.896 2.951 Crude oil, $ per barrel 91.59 -1.22 -1.31 95.46 57.76 48.93 21.78
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 857.317 5.885 5.594 6.054 4.516 –4.605 1.985 Natural gas, $/MMBtu 4.470 -0.171 -3.68 6.312 2.456 61.31 19.84
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1886.50 -38.90 -2.02 1925.10 1677.70 9.17 3.23
B10 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.

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

Metal & Petroleum Futures May 1654.00 1670.00 1579.00 1584.50 –69.50 307,833 June 182-200 183-300 181-090 182-050 –3.0 1,217,683 Swiss Franc (CME)-CHF 125,000; $ per CHF
Soybean Meal (CBT)-100 tons; $ per ton. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March 1.0810 1.0840 1.0776 1.0799 –.0004 47,100
Contract Open
March 465.00 469.70 448.00 448.30 –16.60 11,882 March 152-150 153-070 151-210 152-080 –6.0 87,637 June 1.0853 1.0879 1.0817 1.0839 –.0003 498
Open High hi lo Low Settle Chg interest
May 455.20 460.70 441.70 442.70 –12.90 204,173 June 154-070 154-290 153-100 153-310 –7.0 1,059,974 Australian Dollar (CME)-AUD 100,000; $ per AUD
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March .7164 .7239 .7140 .7233 .0073 189,372
March 4.5000 4.5205 4.4485 4.4720 0.0160 10,868 March 72.47 72.98 68.16 68.75 –3.25 12,569 March 126-145 126-215 126-000 126-080 –7.0 364,864 June .7173 .7247 .7150 .7242 .0074 1,885
May 4.5075 4.5285 4.4560 4.4850 0.0240 116,896 May 72.50 73.04 68.22 68.93 –3.04 163,048
Gold (CMX)-100 troy oz.; $ per troy oz. June 126-130 126-205 125-290 126-055 –7.5 3,493,408 Mexican Peso (CME)-MXN 500,000; $ per MXN
Rough Rice (CBT)-2,000 cwt.; $ per cwt. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March .04851 .04907 .04847 .04895 .00054 164,642
March 1906.90 1920.00 1883.60 1886.50 –38.90 4,991 March 15.11 15.13 15.03 15.11 –.01 641
April 1906.50 1925.00 1884.40 1887.60 –38.70 461,270 March 117-312 118-005 117-195 117-255 –5.2 366,064 June .04780 .04824 .04764 .04812 .00054 380
May 15.38 15.44 15.32 15.42 … 7,048
June 1909.50 1928.00 1887.70 1890.80 –38.60 89,332 June 117-172 117-220 117-080 117-140 –6.5 3,617,352 Euro (CME)-€125,000; $ per €
Wheat (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March 1.1200 1.1279 1.1170 1.1268 .0076 686,940
Aug 1913.80 1931.40 1891.50 1894.20 –38.80 27,146 March 923.25 952.50 s 841.50 843.00 –83.00 5,650
Oct 1918.00 1935.00 1895.00 1898.00 –39.00 8,052 March 107-213 107-223 107-176 107-205 –2.4 221,181 June 1.1239 1.1315 1.1207 1.1305 .0078 10,654
May 930.25 960.75 s 859.75 859.75 –75.00 169,393
Dec 1922.70 1937.50 1900.40 1903.20 –38.40 17,467 June 107-085 107-110 107-058 107-083 –3.2 1,839,789
Wheat (KC)-5,000 bu.; cents per bu.
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 953.00 973.00 s 877.50 886.75 –76.25 3,921
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Index Futures
March 2388.50 2479.00 2318.00 2360.70 –140.40 450 Feb 99.9175 99.9200 s 99.9175 99.9200 ... 317,060
May 959.75 981.00 s 891.00 891.00 –75.00 100,532 Mini DJ Industrial Average (CBT)-$5 x index
June 2411.00 2487.00 2313.00 2365.70 –136.20 7,225 April 99.6350 99.6400 99.5900 99.6000 –.0300 421,677
Platinum (NYM)-50 troy oz.; $ per troy oz. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 33036 34034 32762 33994 838 77,712
March 161.850 162.350 159.300 160.025 .925 7,423 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 32914 33919 32663 33889 831 1,291
March ... ... ... 1048.90 –12.00 7 March ... ... ... 96-225 –6.0 75,864
April 166.525 167.500 163.775 164.750 .950 14,742 Mini S&P 500 (CME)-$50 x index
April 1060.30 1067.20 1045.60 1050.10 –12.00 49,616 Eurodollar (CME)-$1,000,000; pts of 100%
Silver (CMX)-5,000 troy oz.; $ per troy oz. Cattle-Live (CME)-40,000 lbs.; cents per lb. March 4266.75 4384.25 4227.50 4380.00 96.00 2,305,695
Feb 141.200 141.800 138.850 139.275 –1.250 489 March 99.3800 99.3850 99.3200 99.3275 –.0550 943,442 June 4259.00 4376.25 4219.50 4372.50 96.50 81,716
March 24.320 24.525 23.900 23.997 –0.690 15,996
April 143.150 144.175 141.300 141.925 –.375 143,514 June 98.8500 98.8650 98.7800 98.8050 –.0550 1,028,068 Mini S&P Midcap 400 (CME)-$100 x index
May 24.330 24.550 23.920 24.017 –0.693 116,198
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 98.0850 98.1150 98.0300 98.0600 –.0550 1,340,024 March 2573.60 2660.90 2551.60 2659.30 74.00 48,116
93.32 95.64 90.06 91.59 –1.22 342,089 April 105.525 106.425 103.550 103.675 –1.850 104,936 Dec'23 97.6750 97.7050 t 97.6150 97.6550 –.0400 1,248,534 June ... ... ... 2666.70 71.40 4
April
May 91.48 93.73 88.49 89.89 –1.05 228,535 June 116.200 117.125 113.675 113.875 –2.225 58,610 Mini Nasdaq 100 (CME)-$20 x index
June 89.29 91.51 86.67 87.93 –0.91 209,674 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Currency Futures March 13909.50 14196.25 13760.25 14180.50 214.00 255,901
Dec 82.04 83.74 80.28 81.03 –0.65 256,800 March 1319.90 1331.10 1295.00 1312.40 .40 758 June 13906.75 14197.75 13766.50 14183.00 216.00 3,031
May 1203.40 1218.00 1183.90 1199.70 –.20 1,442 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini Russell 2000 (CME)-$50 x index
June'23 78.23 79.41 76.50 77.14 –0.65 104,614
Milk (CME)-200,000 lbs., cents per lb. March .8660 .8686 .8640 .8653 .0006 197,189 March 1984.20 2040.60 1966.00 2039.00 45.50 522,453
Dec 75.48 76.52 73.85 74.50 –0.72 123,309
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Feb 20.91 20.93 20.90 20.92 –.03 4,223 June .8680 .8704 .8659 .8672 .0006 2,910 Mini Russell 1000 (CME)-$50 x index
March 2.9081 2.9729 2.8045 2.8495 –.0474 19,530 March 22.61 22.61 21.82 21.90 –.61 5,253 Canadian Dollar (CME)-CAD 100,000; $ per CAD March 2375.20 2423.90 2368.50 2423.90 53.30 16,075
April 2.8572 2.9308 2.7687 2.8058 –.0489 84,602 Cocoa (ICE-US)-10 metric tons; $ per ton. March .7804 .7877 .7799 .7866 .0063 133,670 U.S. Dollar Index (ICE-US)-$1,000 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 2,568 2,571 2,568 2,576 –2 425 June .7806 .7876 .7800 .7866 .0064 10,397 March 97.04 97.23 96.51 96.62 –.50 52,425
March 2.7728 2.8396 2.7095 2.7273 –.0437 16,952 May 2,621 2,643 2,601 2,614 –2 95,387 British Pound (CME)-£62,500; $ per £ June 96.90 97.15 96.45 96.54 –.50 2,163
April 2.9159 2.9855 2.8550 2.8741 –.0424 131,128 Coffee (ICE-US)-37,500 lbs.; cents per lb. March 1.3375 1.3438 1.3365 1.3410 .0027 185,488
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 243.35 243.35 239.50 240.05 .70 1,314 June 1.3365 1.3431 1.3362 1.3405 .0028 5,552 Source: FactSet
April 4.573 4.716 4.417 4.470 –.171 148,671 May 239.90 242.60 237.50 238.65 .75 129,106
May 4.591 4.724 4.435 4.485 –.171 184,611 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
June 4.645 4.773 4.484 4.528 –.171 72,763 March 18.33 18.38 17.95 17.99 –.33 37,541
July 4.696 4.822 4.536 4.578 –.171 85,193 May 17.96 17.97 17.56 17.60 –.31 339,390
Sept 4.684 4.798 4.528 4.568 –.171 69,908 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks
Oct 4.716 4.832 4.552 4.589 –.172 83,656 May ... ... ... 35.40 … 2,647

Agriculture Futures
Cotton (ICE-US)-50,000 lbs.; cents per lb.
March 120.00 122.21 120.00 122.12 –.47 124
Global Government Bonds: Mapping Yields
May 119.50 120.40 115.86 118.63 –.53 110,892 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Corn (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
March 696.75 707.00 657.00 659.50 –35.50 60,422 March 136.75 137.50 135.30 136.10 –.35 878 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
May 692.00 701.75 655.25 655.75 –34.50 688,727 May 137.00 138.35 135.20 135.90 –.85 9,600
Oats (CBT)-5,000 bu.; cents per bu. Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
March 655.50 669.50 635.25 644.25 –11.75 105 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
652.25 666.50 613.25 614.50 –38.75 2,265
Interest Rate Futures
May 1.500 U.S. 2 1.584 s l 1.544 1.025 0.166
Soybeans (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
March 1661.50 1678.50 1585.50 1590.25 –71.25 20,861 March 181-010 182-130 179-230 180-160 –4.0 71,195
1.875 10 1.984 s l 1.969 1.784 1.513
2.750 Australia 2 1.218 s l 1.179 0.933 0.130 -37.3 -40.9 -4.6
1.000 10 2.235 s l 2.171 1.941 1.744 25.2 20.0 21.9
Exchange-Traded Portfolios | WSJ.com/ETFresearch 0.000 France 2 -0.311 s l -0.323 -0.637 -0.560 -190.2 -191.0 -73.5
Closing Chg YTD 0.000 10 0.708 s l 0.665 0.331 0.034 -127.6 -130.6 -149.1
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
0.000 Germany 2 -0.378 s l -0.423 -0.648 -0.645 -196.9 -201.0 -82.1
Closing Chg YTD iShRussell2000Val IWN 154.56 1.48 –6.9
Thursday, February 24, 2022 0.000 10 0.230 s l 0.172 -0.076 -0.229 -179.9 -175.4
ETF Symbol Price (%) (%) iShRussellMid-Cap IWR 74.48 1.85 –10.3 -175.4
Closing Chg YTD iShRussellMCValue IWS 113.65 0.67 –7.1
ETF Symbol Price (%) (%) iShSelectDividend DVY 119.99 –0.83 –2.1 iShRussell1000 IWB 237.71 1.66 –10.1
0.000 Italy 2 0.102 s l 0.071 -0.103 -0.246 -148.9 -151.6 -42.1
iShESGAwareUSA ESGU 96.28 1.77 –10.8
CnsmrDiscSelSector XLY 172.77 2.29 –15.5
iShEdgeMSCIMinUSA USMV 72.62 1.03 –10.2
iShS&P500Growth IVW 71.95 3.07 –14.0 0.950 10 1.844 s l 1.815 1.288 0.796 -13.9 -15.7 -72.9
CnsStapleSelSector XLP 73.54 –1.72 –4.6 iShS&P500Value IVE 148.69 0.03 –5.1
DimenUSCoreEq2 DFAC 26.47 1.42 –8.6 iShEdgeMSCIUSAQual QUAL 127.00 1.89 –12.8 iShTIPSBondETF TIP 125.12 0.41 –3.2 0.005 Japan 2 -0.027 s l -0.030 -0.063 -0.091 -161.9 -161.7 -26.7
EnSelectSectorSPDR XLE 67.11 –0.78 20.9 iShEdgeMSCIUSAVal VLUE 102.84 0.34 –6.1 iSh1-3YTreasuryBd SHY 84.41 0.08 –1.3
iShGoldTr IAU 36.08 –0.63 3.6 0.100 10 0.208 s l 0.187 0.141 0.152 -177.5 -178.4 -137.3
FinSelSectorSPDR XLF 37.88 –1.20 –3.0 iSh7-10YTreasuryBd IEF 110.89 0.24 –3.6
iShiBoxx$InvGrCpBd LQD 122.98 0.47 –7.2
HealthCareSelSect XLV 127.06 0.40 –9.8
iShiBoxx$HYCpBd HYG 83.14 0.71 –4.4
iSh20+YTreasuryBd TLT 136.77 0.07 –7.7 0.000 Spain 2 0.003 t l 0.043 -0.541 -0.395 -158.8 -154.4 -57.0
IndSelSectorSPDR XLI 96.82 1.28 –8.5 iShRussellMCGrowth IWP 96.82 4.25 –16.0
InvscQQQI QQQ 340.49 3.36 –14.4
iShJPMUSDEmgBd EMB 98.98 –1.01 –9.2
iShUSTreasuryBdETF GOVT 25.52 0.04 –4.3 0.700 10 1.211 s l 1.173 0.636 0.482 -77.3 -79.9 -104.3
iShMBSETF MBB 103.81 0.20 –3.4
151.10 0.96 –7.2 JPM UltShtIncm JPST 50.40 0.04 –0.2
InvscS&P500EW RSP
iShMSCI ACWI ACWI 96.43 0.42 –8.8 0.125 U.K. 2 1.208 t l 1.258 0.902 0.112 -38.3 -32.9 -6.4
iShCoreDivGrowth DGRO 51.26 –0.06 –7.8 ProShUltPrQQQ TQQQ 49.56 9.79 –40.4
iShMSCI EAFE EFA 72.82 –1.34 –7.4
iShCoreMSCIEAFE IEFA 68.77 –1.36 –7.9 SPDRBlm1-3MTB BIL 91.41 ... –0.0 4.750 10 1.462 s l 1.449 1.168 0.787 -52.2 -52.3 -73.8
iShMSCI EAFE SC SCZ 65.71 –0.79 –10.1
iShCoreMSCIEM IEMG 56.90 –1.98 –4.9 SPDR Gold GLD 177.14 –0.65 3.6
iShMSCIEmgMarkets EEM 46.49 –2.06 –4.8 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
iShCoreMSCITotInt IXUS 66.12 –1.43 –6.8 SPDRS&P500Growth SPYG 62.31 3.03 –14.0
iShMSCIEAFEValue EFV 49.63 –3.03 –1.5
iShCoreS&P500 IVV 430.14 1.57 –9.8 SchwabIntEquity SCHF 36.13 –1.39 –7.0
iShNatlMuniBd MUB 112.62 –0.04 –3.1
iShCoreS&P MC
iShCoreS&P SC
IJH
IJR
258.34
104.88
1.44 –8.7
1.69 –8.4
iSh1-5YIGCorpBd
iShPfd&Incm
IGSB
PFF
52.59
35.85
0.11
0.56
–2.4
–9.1
SchwabUS BrdMkt
SchwabUS Div
SCHB
SCHD
101.44
75.14
1.75
–0.70
–10.2
–7.0
Corporate Debt
iShS&PTotlUSStkMkt ITOT 96.08 1.79 –10.2 iShRussell1000Gwth IWF 262.39 3.23 –14.1
SchwabUS LC SCHX 102.27 1.73 –10.1 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
SchwabUS LC Grw SCHG 140.27 3.59 –14.3
iShCoreTotalUSDBd IUSB 50.66 0.12 –4.3 iShRussell1000Val IWD 158.36 0.13 –5.7
SchwabUS SC SCHA 91.50 2.29 –10.6
expectations
iShCoreUSAggBd AGG 109.46 0.18 –4.0 iShRussell2000 IWM 198.04 2.62 –11.0
Schwab US TIPs
SPDR DJIA Tr
SCHP
DIA
61.04
332.34
0.41
0.25
–2.9
–8.5
Investment-grade spreads that tightened the most…
SPDR S&PMdCpTr MDY 472.32 1.48 –8.8 Spread*, in basis points

Borrowing Benchmarks | WSJ.com/bonds SPDR S&P 500

SPDR S&P Div
SPY
SDY
428.30
121.78
1.50
0.11
–9.8
–5.7
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

TechSelectSector XLK 152.28 3.42 –12.4

Delta Air Lines DAL 4.500 3.65 Oct. 20, ’25 209 –31 206
Money Rates February 25, 2022 VangdInfoTech VGT 398.09
168.71
3.61
0.84
–13.1
–5.7
VangdSC Val VBR
Ovintiv OVV 5.625 2.54 July 1, ’24 95 –23 100
VangdExtMkt VXF 159.56 2.94 –12.7
Key annual interest rates paid to borrow or lend money in U.S. and VangdSC Grwth VBK 238.55 3.86 –15.3
international markets. Rates below are a guide to general levels but NatWest Markets NWG 1.600 2.90 Sept. 29, ’26 99 –21 n.a.
VangdDivApp VIG 155.07 0.46 –9.7
don’t always represent actual transactions. VangdFTSEDevMk VEA 47.28 –1.29 –7.4
VangdFTSE EM VWO 47.49 –2.02 –4.0 Sprint Spectrum SPRNTS 4.738 3.54 March 20, ’25 174 –20 n.a.
VangdFTSE Europe VGK 61.97 –1.96 –9.2
Week —52-WEEK—
Inflation Latest ago High Low VangdFTSEAWxUS VEU 57.48 –1.51 –6.2
Bank of Nova Scotia 0.650 2.30 July 31, ’24 70 –17
VangdGrowth VUG 272.66 3.42 –15.0
BNS n.a.
Jan. Index Chg From (%)
level Dec. '21 Jan. '21 Switzerland 0.00 0.00 0.00 0.00 VangdHlthCr VHT 237.55 0.97 –10.8
–16
VangdHiDiv VYM 107.24 –0.68 –4.3 Santander UK SANUK 4.000 2.19 March 13, ’24 61 53
Britain 0.50 0.50 0.50 0.10
VangdIntermBd BIV 84.16 0.20 –3.9
U.S. consumer price index Australia 0.10 0.10 0.10 0.10 Mitsubishi UFJ Financial 3.407 2.18 March 7, ’24 60 –14
VangdIntrCorpBd VCIT 88.08 0.15 –5.0 MUFG 57
All items 281.148 0.84 7.5 VangdLC VV 197.49 1.64 –10.6
Core 285.996 0.74 6.0 Secondary market VangdMC VO 227.32 2.12 –10.8 Banco Santander SANTAN 2.749 4.04 Dec. 3, ’30 206 –14 202
VangdMC Val VOE 142.02 0.29 –5.5
Fannie Mae VangdMBS VMBS 51.09 0.12 –3.3
International rates 30-year mortgage yields VangdRealEst VNQ 101.64 1.68 –12.4 …And spreads that widened the most
VangdS&P500ETF VOO 393.77 1.54 –9.8
Week 52-Week 30 days 3.514 3.441 3.517 2.216
Latest ago High Low
VangdST Bond BSV 79.27 0.14 –1.9
Westpac Banking WSTP 3.300 1.93 Feb. 26, ’24 33 11 22
60 days 3.575 3.484 3.577 2.261 VangdSTCpBd VCSH 79.34 0.09 –2.4
Notes on data: VangdShtTmInfltn VTIP 51.36 0.31 –0.1
Prime rates Verizon VZ 4.812 3.68 March 15, ’39 129 8 119
U.S. prime rate is the base rate on corporate VangdSC VB 204.20 2.11 –9.7
U.S. 3.25 3.25 3.25 3.25 loans posted by at least 70% of the 10 largest VangdTaxExemptBd VTEB 53.15 0.11 –3.2
VangdTotalBd BND 81.25 0.22 –4.1 Banque Federative du Credit Mutuel BFCM 1.604 2.68 Oct. 4, ’26 80 5 n.a.
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 53.38 0.07 –3.2
Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location. 59.44 –1.28 –6.5 Australia and New Zealand Banking 3.700 2.27 Nov. 16, ’25 52 3
VangdTotIntlStk VXUS ANZ n.a.
Complete Money Rates table appears Monday VangdTotalStk VTI 216.59 1.75 –10.3
Policy Rates through Friday. VangdTotlWrld VT 98.12 0.42 –8.7
Toyota Motor Credit TOYOTA 2.400 2.91 Jan. 13, ’32 94 2 83
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 140.46 –0.30 –4.5

Peachtree Corners Funding Trust … 3.976 2.84 Feb. 15, ’25 103 2 n.a.
Dividend Changes Baxter International BAX 1.322 2.49 Nov. 29, ’24 91 1 n.a.
Dividend announcements from February 25. PNC Financial Services PNC 4.050 3.01 July 26, ’28 111 1 n.a.
Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record High-yield issues with the biggest price increases…
Increased Initial Bond Price as % of face value
Allison Transmission ALSN 2.1 .21 /.19 Q Mar18 /Mar07 Medallion Financial MFIN 3.8 .08 Mar31 /Mar14 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Cohen & Steers CNS 2.7 .55 /.45 Q Mar17 /Mar07
Foreign
Coterra Energy CTRA 9.9 .15 /.125 Q Mar17 /Mar07
Agnico-Eagle Mines AEM 3.1 .40 Q Mar15 /Mar07 Howmet Aerospace HWM 5.950 4.91 Feb. 1, ’37 110.916 2.45 111.553
Crown Holdings CCK 0.7 .22 /.20 Q Mar24 /Mar10
Athene Holding Pfd. B ATHpB 5.8 .35156 Q Mar30 /Mar15
CTO Realty Growth CTO 6.9 1.08 /1.00 Q Mar31 /Mar10
Athene Holding Pfd. D ATHpD 5.7 .30469 Q Mar30 /Mar15 American Airlines AAL 3.750 6.35 March 1, ’25 93.000 2.00 92.999
Danaher DHR 0.4 .25 /.21 Q Apr29 /Mar25
Athene Pfd. A ATHpA 5.9 .39687 Q Mar30 /Mar15
eBay EBAY 1.6 .22 /.18 Q Mar18 /Mar10 Athene Pfd. C ATHpC ... .39844 Q Mar30 /Mar15 WeWork WEWORK 7.875 11.74 May 1, ’25 90.000 1.94 89.750
First Savings Fincl Gp FSFG 2.0 .13 /.12 Q Mar31 /Mar17 AXIS Capital Holdings AXS 3.1 .43 Q Apr18 /Mar31
Genco Shipping & Trading GNK 13.5 .67 /.15 Q Mar17 /Mar10 AXIS Capital Pfd. E AXSpE 5.6 .34375 Q Apr18 /Mar31 Venture Global Calcasieu Pass VENTGL 4.125 4.26 Aug. 15, ’31 98.995 1.76 98.000
Installed Bldg Products IBP 1.4 .315 /.30 Q Mar31 /Mar15 Chubb CB 1.5 .80 Q Apr08 /Mar18
Kronos Worldwide KRO 5.2 .19 /.18 Q Mar17 /Mar08 Eaton Corp. PLC ETN 2.1 .81 Q Mar31 /Mar11 Ford Motor F 4.750 4.98 Jan. 15, ’43 97.000 1.69 96.441
ManTech Intl Cl A MANT 2.1 .41 /.38 Q Mar25 /Mar11 Fortress Techs Pfd. B FTAIpB 8.0 .50 Q Mar15 /Mar07
McGrath RentCorp MGRC 2.2 .455 /.435 Q Apr29 /Apr15 Gerdau ADR GGB 0.5 .03952 Q Mar23 /Mar09 Embarq … 7.995 7.98 June 1, ’36 100.125 1.63 100.209
Natl Storage Affiliates NSA 3.4 .50 /.45 Q Mar31 /Mar15 Hudbay Minerals HBM 0.2 .0079 SA Mar25 /Mar08
Occidental Petroleum OXY 1.3 .13 /.01 Q Apr15 /Mar10 Orion Engineered Carbons OEC 0.5 .0207 Q Apr06 /Mar29 Bath & Body Works BBWI 6.875 5.80 Nov. 1, ’35 110.000 1.50 109.750
Outfront Media OUT 4.4 .30 /.10 Q Mar31 /Mar04 Pan American Silver PAAS 2.1 .12 Q Mar21 /Mar07
Prologis PLD 2.1 .79 /.63 Q Mar31 /Mar18 Rio Tinto ADR RIO 10.2 .62 Apr21 /Mar11 Dish DBS … 5.125 8.08 June 1, ’29 84.000 1.50 82.513
Rattler Midstream RTLR 8.9 .30 /.25 Q Mar14 /Mar07 Rio Tinto ADR RIO 10.2 4.17 SA Apr21 /Mar11
Ryerson Holding RYI 1.7 .10 /.085 Q Mar17 /Mar03 Royal Bank of Canada RY 3.4 .9431 Q May24 /Apr25
Silgan Holdings SLGN 1.5 .16 /.14 Q Mar31 /Mar17 Royal Bank of Canada PfC2 RYpT 6.4 .42188 Q May06 /Apr26 …And with the biggest price decreases
St. Joe JOE 0.7 .10 /.08 Q Mar29 /Mar07 Skylight Health Pfd. A SLHGP 18.1 .1927 M Mar21 /Feb28
Steven Madden SHOO 2.0 .21 /.15 Q Mar25 /Mar11 Sprott SII 2.6 .25 Q Mar22 /Mar07 Teva Pharmaceutical Finance Netherlands … 2.800 4.30 July 21, ’23 98.000 –0.73 99.114
Sturm Ruger RGR 4.8 .86 /.79 Q Mar25 /Mar11 Stantec STN 1.0 .1415 Q Apr18 /Mar31
Texas Pacific Land TPL 1.1 3.00 /2.75 Q Mar15 /Mar08 Teck Resources Cl B TECK 5.3 .09812 Q Mar31 /Mar15 Ford Motor Credit … 3.370 3.10 Nov. 17, ’23 100.438 –0.17 100.400
Thermo Fisher Scientific TMO 0.2 .30 /.26 Q Apr14 /Mar16 Teck Resources Cl B TECK 5.3 .39248 Mar31 /Mar15
Universal Display OLED 0.8 .30 /.20 Q Mar31 /Mar17 Willis Towers Watson WTW 1.5 .82 Q Apr15 /Mar31 Dish DBS … 5.000 4.02 March 15, ’23 101.000 –0.13 101.775
US Physical Therapy USPH 1.8 .41 /.38 Q Apr08 /Mar14 Special
Vistra VST 2.7 .17 /.15 Q Mar31 /Mar22 Lumen Technologies LUMN 5.800 3.14 March 15, ’22 100.100 –0.03 100.170
Coterra Energy CTRA 9.9 .41 Mar17 /Mar07
Wendy's Co WEN 2.0 .125 /.12 Q Mar15 /Mar07 Installed Bldg Products IBP 1.4 .90 Mar31 /Mar15
Xcel Energy XEL 2.9 .4875 /.4575 Q Apr20 /Mar15 Main Street Capital MAIN 6.0 .075 Mar30 /Mar22 *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 Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
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Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
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Sym Hi/Lo Chg
Mosaic MOS 49.57 9.2AIBAcqnRt AIBBR 0.15 24.6 BetterTherap BTTX 2.91 -3.6 ExecutiveNtwkWt ENPC.WS 0.32 1.4 IkenaOncology IKNA 6.33 -6.8 NextPlat NXPL 2.88 -0.7 ScionTechI Wt SCOAW 0.38 -2.7
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE NaviosMaritimPf NMpG 18.00 0.6AryaSciencesIV ARYD 9.70 -0.2 BeyondMeat BYND 41.33 -9.2 FGI Industries Wt FGIWW 0.53 -2.8 InceptionGrowthWt IGTAW 0.15 -18.9 NiaMoPwr pfB NMKpB 97.12 0.7 7AcqnWt SVNAW 0.41 -2.3
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low NaviosMariPfdH NMpH 17.75 0.8ATI PhysTherapy ATIP 1.95 -14.5 BiotechAcqnWt BIOTW 0.16 -9.4 FG Merger FGMCU 9.98 -0.1 InnovativeIntlWt IOACW 0.30 -9.1 NiaMoPwr pfC NMKpC 96.00 -2.2 SilverSpikeII Wt SPKBW 0.16 -5.9
in the latest session. % CHG-Daily percentage change from the previous trading session. NexPointResidentl NXRT 87.46 4.1ATIPhysTherapyWt ATIP.WS 0.30 -8.6 bleuacaciaWt BLEUW 0.14 -17.1 FintechEcoRt FEXDR 0.10 -12.0 ItiquiraAcqnWt ITQRW 0.15 -17.2 NobleRockWt NRACW 0.28 -2.6 SiriusPoint SPNT 7.40 -5.0
NorthropGrum NOC 411.08 4.0AccretionAcqnWt ENERW 0.19 6.1 BlockchainMoon BMAQU 9.90 ... FootLocker FL 26.36 -29.8 JoffFintechWt JOFFW 0.38 -3.5 NovaBayPharm NBY 0.27 2.9 SkydeckAcqnWt SKYAW 0.50 -3.8
Nucor NUE 130.50 7.6AcropolisInfrWt ACRO.WS 0.42 2.2 BlueOceanA BOCN 9.81 -0.1 Forian FORA 6.95 -3.0 JackCreekWt JCICW 0.20 7.2 OPKO Health OPK 2.79 -0.9 SouthJerseyNts2079 SJIJ 22.43 -0.9
Friday, February 25, 2022
Nutrien NTR 81.28 4.8AdventTechWt ADNWW 0.40 6.5 BlueprintMed BPMC 60.53 -1.3 FounderSpacWt FOUNW 0.38 -15.6 JasperTherapWt JSPRW 0.30 -16.7 Oncorus ONCR 2.11 -3.2 SportsTekAcqnWt SPTKW 0.23 -20.3
52-Wk % 52-Wk % 52-Wk % 15.14 0.9AequiAcqnWt ARBGW 0.23 18.9 BrookfldInfrPfdA14 BIPpB 20.91 0.3 FoxWayneEntsWt FOXWW 0.15 -2.1 JawsJuggernaut JUGGU 9.81 -2.1 OnionGlobal OG 1.60 2.5 Stem STEM 7.95 -21.6
OwlRock ORCC
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AhrenAcqn AHRNU 9.91 0.1 BuildAcqnWt BGSX.WS 0.29 -8.5 FrequencyElec FEIM 8.55 -0.7 JuniperII Wt JUN.WS 0.50 -3.8 OpendoorTech OPEN 7.77 -23.1 SummitMidstream SMLP 14.88 -30.6
PampaEnergia PAM 21.64 2.9
AIkidoPharma AIKI 0.36 -5.0 CCNeubergerIII Wt PRPC.WS 0.51 -7.0 FrequencyTherap FREQ 2.85 -3.3 KKRRealEstFinPfdA KREFpA 24.62 1.0 Orphazyme ORPH 1.24 -10.6 SunshineBioWt SBFMW 0.31 2.4
CarterBkshrs CARE 16.82 4.2 FreeportMcM FCX 46.37 6.0 PermianvilleRT PVL 2.48 ...
Highs CenturyAluminum CENX
CheckPoint CHKP
23.42
141.80
11.1
1.9
GSRIIMeteora GSRMU
GeneralDynamics GD
10.01
228.20
0.1
4.3
QuadGraphics QUAD
RPC RES
5.58
8.41
5.0
3.6
Alarm.com ALRM
AlphaHlthIII Wt ALPAW
60.70 -5.5
0.71 -0.5
CMSEnerDeb78 CMSA
CovaAcqnWt COVAW
25.24 0.5
0.09 -15.4
Frontdoor
GoAcqnWt
FTDR
GOAC.WS
27.28 -8.4
0.23 9.3
KeyTronic KTCC
KismetThreeWt KIIIW
5.83 -0.3
0.10 -5.6
PCTEL PCTI
ParabellumAcqnWt PRBM.WS
4.69 -0.2
0.28 -2.6
Tantech TANH
TekkorpDigitalWt TEKKW
0.20 -13.7
0.33 -1.3
AbbVie ABBV 150.36 2.9 AmbacFin AMBC 13.03 -7.7 CascadiaAcqnWt CCAIW 0.21 -24.4 GSRIIMeteora GSRMU 9.98 0.1 KismetTwoWt KAIIW 0.32 -19.7 PassageBio PASG 3.18 6.2 TVA Bds D TVC 24.90 1.4
CheniereEnerPtrs CQP 52.80 1.5 GolarLNG GLNG 17.05 5.1 RaytheonTech RTX 98.27 4.1
AlbertonAcqn ALAC 12.00 0.4 Latch LTCH 3.71 -24.4 TigaAcqnWt TINV.WS 0.15 -50.0
ChesapeakeEner CHK 75.86 5.9 GranTierraEner GTE 1.46 -2.8 RelianceSteel RS 183.57 6.0AmbacFinWt AMBC.WS 2.64 -12.1 ChainBridgeI CBRGU 10.00 -0.1 GalianoGold GAU 0.60 -20.9 PingIdentity PING 17.60 2.1
AlleghenyTechs ATI 25.79 7.1 LatchWt LTCHW 0.67 -37.0 TradeUPAcqnWt UPTDW 0.21 -11.7
ChesapeakeWtC CHKEL 42.99 11.0 GreeneCnty GCBC 40.45 1.5 RichmondMutBncp RMBI 17.10 1.3AmericasTechWt ATA.WS 0.10 -27.3 ChathamLodgPfd CLDTpA 23.30 0.5 GeminiTherap GMTX 1.38 -2.1 PolyPid PYPD 3.92 -8.2
AmphastarPharm AMPH 29.19 4.4 LejuHoldings LEJU 0.58 -3.5 TrajectoryAlphaA TCOA 9.62 -0.3
ChesapeakeWtB CHKEZ 45.89 9.2 GrindrodShipping GRIN 26.33 8.3 SFL SFL 10.11 2.2AmericoldRealty COLD 25.27 -0.8 ChurchillVI Wt CCVI.WS 0.60 -28.3 GencorIndustries GENC 10.06 -3.0 PrimeImpactIWt PIAI.WS 0.34 -0.5
AmylyxPharm AMLX 31.99 3.1 LivePerson LPSN 16.00 -25.6 TrepontAcqnI Wt TACA.WS 0.15 -13.7
ChesapeakeWtA CHKEW 50.25 9.7 HawthornBcsh HWBK 27.46 1.4 SeaWorldEnt SEAS 72.18 2.7Annexon ANNX 5.04 -8.2 ClarimAcqnWt CLRMW 0.30 -5.3 GenentaScience GNTA 5.11 6.5 PriveterraAcqnWt PMGMW 0.26 9.2
Andersons ANDE 44.40 3.3 Macrogenics MGNX 8.91 -7.8 TroikaMedia TRKA 0.95 -12.4
Chevron CVX 140.50 4.1 HenrySchein HSIC 87.55 4.0 SensusHealthcare SRTS 10.80 7.6AnzuSpecial I Wt ANZUW 0.30 3.1 ClarusTherapWt CRXTW 0.12 3.5 GlassHousesWt GLHAW 0.37 -40.8 ProgressAcqnWt PGRWW 0.20 -34.7
MannKind MNKD 2.68 -6.5 Tucows TCX 66.33 -1.1
AngelPondA POND 9.95 0.5 CinCorPharma CINC 30.66 1.7 Hess HES 97.60 2.4 SpartanNash SPTN 28.47 6.5AppliedOptoelec AAOI 3.40 -15.0 ClarusTherap CRXT 0.94 -3.8 GlenfarneMergerWt GGMCW 0.27 -3.6 ProtagenicWt PTIXW 0.18 -10.0
MarinusPharma MRNS 8.05 -4.3 TutorPerini TPC 9.35 -8.4
ArborRaphaCapBioI ARCK 10.54 2.3 CleanEarthAcqns CLINU 10.03 ... HighPeakEner HPK 22.10 1.4 Sysco SYY 87.30 2.7ArchCapitalPfdG ACGLN 21.90 0.9 CoeurMining CDE 4.12 1.6 GoalAcqnsWt PUCKW 0.32 -0.2 Pulmatrix PULM 0.29 -14.8
MasonIndlTechWt MIT.WS 0.38 -0.7 UnivInsurance UVE 11.89 -4.2
ArcherDaniels ADM 79.06 4.0 ClearChannelOutdr CCO 4.10 -7.2 HighPeakEnerWt HPKEW 10.39 5.5 System1 SST 13.99 0.8ArgoGoupPfdA ARGOpA 25.65 0.8 CogentBio COGT 5.58 3.3 GoldenFalconWt GFX.WS 0.21 -11.4 Queen'sGambitWt GMBTW 0.43 -0.1
MasTec MTZ 77.17 -13.1 UroGenPharma URGN 5.61 1.4
ArenaPharm ARNA 94.64 0.6 Coca-Cola KO 62.90 3.9 HostessBrands TWNK 21.71 3.4 Tegna TGNA 22.75 0.8ArrowrootAcqnWt ARRWW 0.15 -26.4 CreatdWt CRTDW 0.30 1.4 GraniteConstr GVA 31.02 -6.2 Quhuo QH 0.58 7.7
McEwenMining MUX 0.75 0.9 VEON VEON 0.79 -8.9
AssuredGuaranty AGO 63.98 13.2 SABESP SBS 8.22 2.4 HoughtonMifflin HMHC 21.07 0.2 TU 25.55 2.0ArteloBioWt ARTLW 0.05 18.9 CrixusBH3AcqnWt BHACW 0.25 8.3 GreenDot GDOT 25.92 -9.9 MilestonePharm MIST 4.79 -7.1 QurateRetailB QRTEB 5.74 0.7 6.44 -12.7
Telus Vaccitech VACC
AtmosEnergy ATO 109.34 4.1 Cushman&Wkfd CWK 23.54 3.0 ICL Group ICL 11.27 3.9 TransGlobeEner TGA 3.70 4.3AtlasCrestII Wt ACII.WS 0.34 -11.6 CrownElectrokin CRKN 1.80 4.9 GreenLightBioWt GRNAW 0.36 33.7 Missfresh MF 1.79 -2.1 QurateRetailA QRTEA 5.46 -2.6 VentouxCCM Rt VTAQR 0.13 0.7
BioPlusAcqnWt BIOSW 0.34 -14.3 CyrusOne CONE 90.44 0.3 IncomeOppRealty IOR 16.78 4.5 UnitedGuardian UG 21.33 5.4AvantiAcqnWt AVAN.WS 0.22 -4.9 DMC Global BOOM 31.73 -8.9 HallofFameWt HOFVW 0.16 9.9 MobileTeleSys MBT 5.34 -8.6 QwestNts2056 CTBB 24.46 0.6 Vicor VICR 73.69 -25.2
Bunge BG 105.29 3.2 Daseke DSKE 11.70 1.7 KAR Auction KAR 22.10 38.3 Univar UNVR 30.77 7.2AxonPrimeInfrA APMI 9.59 0.1 Dynatronics DYNT 0.68 3.4 HarpoonTherap HARP 4.20 -5.0 Modiv MDV 15.01 1.2 REEAutoWt REEAW 0.47 -2.1 VisionSensingAcqn VSACU 9.97 -2.4
CFAcqnVII Wt CFFSW 1.00 5.9 ENI E 31.34 4.4 LSB Inds LXU 15.90 6.9 ValueLine VALU 63.99 4.2BoaAcqnWt BOAS.WS 0.32 -7.0 ECMOHO MOHO 0.17 -2.8 Harsco HSC 10.42 5.5 MontereyBioAcqnWt MTRYW 0.25 -1.8 RGC Resources RGCO 20.25 5.5 VivoPowerIntl VVPR 1.86 -12.3
CHS Pfd CHSCP 31.29 1.0 EnstarGroup ESGR 286.28 2.8 Lantheus LNTH 48.00 16.1 ZetaGlobal ZETA 12.80 3.9BRF BRFS 3.23 -3.8 EQ Health Wt EQHA.WS 0.02 4.0 HavertyFurn A HVT.A 26.34 1.6 MonumentCirWt MONCW 0.14 -11.7 RevelationBio REVB 1.27 -19.1 WW Intl WW 9.91 -0.7
CSG Systems CSGS 61.90 2.7 FG Merger FGMCU 10.01 -0.1 LockheedMartin LMT 414.45 3.5 Bandwidth BAND 30.04 -3.9 ESSTechWt GWH.WS 0.54 -3.9 HawksAcqnWt HWKZ.WS 0.25 -7.4 MoringaAcqnWt MACAW 0.14 -27.5 RexfordIndPfdC REXRpC 25.24 -0.2 WellsFargoPfdA WFCpR 26.25 1.4
Cal-MaineFoods CALM
CanNaturalRes CNQ
44.96 1.1
54.90 4.3
FTACEmeraldA EMLD
FarmersBancp FMAO
9.76
34.01
...
-0.4
Matson MATX
mCloudTechWt MCLDW
110.00
1.65
2.0
0.7
Lows BannixAcqnRt BNIXR
BatteryFutureWt BFAC.WS
0.18 -5.0
0.28 -14.9
EnsysceBioWt ENSCW
EquityDistrWt EQD.WS
0.12 -7.1
0.40 -4.1
HealthcareRealty HR
HlthcrSvcsWt HCARW
28.52 -2.0
0.33 -0.8
MountainCrestV MCAGU
MudrickCapII Wt MUDSW
9.89 -1.3
0.45 -2.6
Rezolute RZLT
RibbitLeapWt LEAP.WS
2.26 -10.4
0.53 -2.1
WinVestAcqnWt WINVW
WorksportWt WKSPW
0.08 -1.9
0.56 -13.8
CarGurus CARG 47.18 44.0 FinWiseBancorp FINW 21.43 12.3 MonarchCasino MCRI 79.66 1.7 AcresCmclRlty ACR 10.75 -0.5 BaudaxBio BXRX 1.74 -59.6 Everbridge EVBG 27.81 -33.9 iClickInteract ICLK 2.50 3.4 MusicAcqnWt TMAC.WS 0.31 -13.9 SignaSportsWt SSU.WS 0.36 -24.6 ZimmerEnerWt ZTAQW 0.41 1.9
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 26 - 27, 2022 | B11

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. -8.57 56.44 35.72 FidNatlFin FNF 3.7 6 47.71 2.33 -6.73 43.19 31.81 MGMGrowthProp MGP 5.5 28 38.10 0.69 -18.12 311.75 184.44 Salesforce.com CRM ...115 208.09 3.80
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX -11.19 155.96 90.48 FidNatlInfo FIS 1.9144 96.94 1.16 0.53 51.17 34.14 MGM Resorts MGM 0.0 18 45.12 1.61 -39.49 31.41 14.55 Samsara IOT ... dd 17.01 0.15
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. 10.42 50.64 34.35 FifthThirdBncp FITB 2.5 13 48.09 2.33 -13.16 199.44 136.23 MKS Instrum MKSI 0.6 15 151.25 2.64 5.89 54.26 45.17 Sanofi SNY 2.6 19 53.05 1.82
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -5.77 947.71 707.75 FirstCitizBcshA FCNCA 0.2 14 781.99 39.16 7.03 34.41 23.24 MPLX MPLX 8.9 11 31.67 0.76 37.74 23.71 12.33 Sasol SSL 0.05510 22.59 0.85
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 11.76 19.45 14.67 FirstHorizon FHN 3.3 10 18.25 0.81 3.15 53.03 23.18 MP Materials MP ... 72 46.85 3.00 31.72 42.64 24.52 Schlumberger SLB 1.3 30 39.45 1.13
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. -17.02 222.86 155.67 FirstRepBank FRC 0.5 22 171.36 5.27 -16.24 679.85 400.01 MSCI MSCI 0.8 59 513.21 4.74 1.96 96.24 61.25 SchwabC SCHW 0.9 30 85.75 3.48
-0.55 42.69 32.27 FirstEnergy FE 3.8 18 41.36 1.51 0.73 53.85 41.45 MagellanMid MMP 8.9 10 46.78 0.99 -38.55 372.70 111.50 Sea SE ... dd 137.46 14.71
-5.53 127.34 89.91 Fiserv FISV ... 49 98.05 2.49 -5.93 104.28 70.78 MagnaIntl MGA 2.4 15 76.14 2.66 -7.15 117.67 70.36 Seagate STX 2.7 13 104.90 1.74
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -19.49 237.86 147.14 FiveBelow FIVE ... 36 166.56 5.19 -13.74 188.52 110.11 ManhattanAssoc MANH ... 78 134.12 0.11 -16.96 192.79 117.46 Seagen SGEN ... dd 128.38 2.11
s-New 52-week high. standards vj-In bankruptcy or receivership or 6.28 295.36 200.78 FleetCorTech FLT ... 24 237.89 2.31 6.92 22.25 17.66 ManulifeFin MFC 4.3 7 20.39 0.54 1.47 70.37 41.78 SealedAir SEE 1.2 21 68.46 1.70
t-New 52-week low. lf-Late filing being reorganized under the -8.57 19.50 15.46 Flex FLEX ... 8 16.76 0.16 33.25 23.18 9.70 MarathonOil MRO 1.0 18 21.88 0.45 6.92 144.93 114.66 Sempra SRE 3.1 39 141.44 7.21
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -23.98 145.89 81.20 Floor&Decor FND ... 36 98.84 4.99 19.61 81.39 50.19 MarathonPetrol MPC 3.0 28 76.54 2.08 -4.46 65.58 52.30 SensataTechs ST ... 26 58.94 1.53
four quarters. requirements. assumed by such companies. 2.86 89.59 67.91 FomentoEconMex FMX 1.8 62 79.93 4.03 -11.43 63.55 23.16 MaravaiLifeSci MRVI ... 24 37.11 3.61 -23.11 78.53 31.83 SentinelOne S ... dd 38.82 -0.31
FD-First day of trading. t-NYSE bankruptcy -14.16 25.87 11.14 FordMotor F 2.2 4 17.83 0.68 1.74 1343.56 1077.41 Markel MKL ... 7 1255.49 42.86 -14.09 71.71 45.63 ServiceCorp SCI 1.6 13 60.99 2.44
-9.58 371.77 161.13 Fortinet FTNT ... 90 324.97 8.52 -7.77 587.05 321.17 MarketAxess MKTX 0.7 56 379.32 2.32 -10.61 707.60 448.27 ServiceNow NOW ...512 580.23 6.28
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -5.08 48.39 38.49 Fortis FTS 3.7 22 45.82 0.56 5.53 184.99 127.23 Marriott MAR 0.0 52 174.37 5.62 -2.47 30.66 17.40 ShawComm B SJR 3.0 18 29.59 0.38
-14.16 79.87 60.96 Fortive FTV 0.4 41 65.49 1.12 -10.54 175.12 112.98 Marsh&McLen MMC 1.4 25 155.50 3.72 24.91 56.13 36.32 Shell SHEL 2.3 10 54.21 2.62
Friday, February 25, 2022 YTD 52-Week Yld Net -17.70 114.00 80.40 FortBrandsHome FBHS 1.3 16 87.98 2.93 -12.44 446.46 312.42 MartinMarietta MLM 0.6 34 385.71 16.64 -24.11 354.15 218.06 SherwinWilliams SHW 0.9 38 267.27 8.93
% Chg Hi Lo Stock Sym % PE Last Chg 13.20 44.95 32.80 FoxA FOXA 1.1 17 41.77 0.90 -21.42 93.85 37.92 MarvellTech MRVL 0.3 dd 68.75 0.96 7.12 39.17 28.97 ShinhanFin SHG 4.4 5 33.11 0.52
YTD 52-Week Yld Net 11.56 42.14 31.44 FoxB FOX 1.3 16 38.23 0.97 -19.35 71.06 51.97 Masco MAS 2.0 35 56.63 1.28 -50.85 1762.92 585.03 Shopify SHOP ... 30 676.95 12.97
% Chg Hi Lo Stock Sym % PE Last Chg 10.48 132.48 92.16 CIBC CM 3.7 12 128.78 7.94 6.39 163.79 105.62 Franco-Nevada FNV 0.9 41 147.13 2.24 -47.67 305.21 133.94 Masimo MASI ... 38 153.21 -0.80 38.60 20.68 11.15 Sibanye-Stillwater SBSW 7.6 4 17.38 -0.05
1.42 136.22 100.66 CanNtlRlwy CNI 1.9 23 124.60 2.79 -9.79 38.27 24.91 FranklinRscs BEN 3.8 8 30.21 1.25 2.72 401.50 306.00 Mastercard MA 0.5 42 369.09 -0.29 8.20 374.76 206.00 SignatureBank SBNY 0.6 23 349.99 24.29
ABC s 29.61 54.90 27.01 CanNaturalRes CNQ 3.4 14 54.76
-1.53 83.07 64.37 CanPacRlwy CP 0.8 21 70.84
2.28
2.04
s 11.05 46.37 29.45 FreeportMcM FCX
0.74 42.45 29.71 FreseniusMed FMS
0.6 16 46.34 2.62
3.3 17 32.70 0.91
-14.39 182.00 100.60 MatchGroup
17.95 25.71 17.95 Mattel
MTCH
MAT
...130 113.22 0.18
... 10 25.43 0.64
-12.56 171.12 104.12 SimonProperty SPG
-2.99 7.29 5.75 SiriusXM SIRI
4.7 22 139.70
1.4 19 6.16
1.88
0.10
-11.61 39.11 28.66 ABB ABB 2.1 37 33.74 0.65 -2.46 25.94 20.73 Canon CAJ 3.1 13 23.83 0.36 9.56 22.80 7.09 FullTruck YMM ... dd 9.17 -0.33 0.81 32.83 20.21 McAfee MCFE 1.7 dd 26.00 0.05 -10.20 204.00 128.42 Skyworks SWKS 1.6 17 139.32 0.49
-3.88 78.62 55.30 AECOM ACM 0.8 52 74.35 1.49 5.86 177.95 116.67 CapitalOne COF 1.6 6 153.59 5.82 0.80 103.62 77.05 McCormickVtg MKC.V 1.5 34 96.15 3.19 -19.17 86.74 59.27 SmithAO AOS 1.6 23 69.39 1.62
-13.13 28.86 19.76 AES AES 3.0 27 21.11 0.19 6.25 72.37 44.25 Capri CPRI ... 19 68.97 2.94 GHI -0.41 103.76 77.85 McCormick MKC 1.5 34 96.21 2.09 2.80 44.47 31.55 Smith&Nephew SNN 2.1 30 35.59 1.33
6.10 66.97 47.70 Aflac AFL 2.6 10 61.95 2.33 5.26 62.96 45.85 CardinalHealth CAH 3.6 28 54.20 1.72 -6.95 271.15 202.73 McDonalds MCD 2.2 25 249.45 4.42 1.07 145.82 111.59 Smucker SJM 2.9 20 137.27 3.50
2.04 158.62 108.56 AGCO AGCO 0.7 10 118.39 0.23 -3.18 250.23 143.88 Carlisle CSL 0.9 31 240.23 9.52 -7.10 105.82 34.95 GDS Holdings GDS ... dd 43.81 -0.59 10.79 282.73 169.34 McKesson MCK 0.7 31 275.38 8.78 -16.76 83.34 24.32 Snap SNAP ... dd 39.15 0.32
-35.07 72.62 7.50 AMC Ent AMC 0.0 dd 17.66 -0.02 -14.13 60.62 33.43 Carlyle CG 2.1 6 47.14 1.80 -22.77 43.71 26.76 GFLEnvironmental GFL 0.2 dd 29.23 0.80 -12.06 24.13 19.39 MedicalProp MPW 5.6 19 20.78 0.76 -1.52 259.99 197.75 SnapOn SNA 2.7 14 212.10 7.15
-19.13 413.89 278.22 Ansys -17.57 155.98 96.39 CarMax KMX ... 15 107.35 2.20 -7.10 105.92 48.38 GXO Logistics GXO ... 63 84.38 0.91 2.31 135.89 98.38 Medtronic MDT 2.4 29 105.84 2.51 -20.47 405.00 184.71 Snowflake SNOW ... dd 269.42 -0.45
ANSS ... 63 324.38 7.89 -6.11 171.21 119.75 Gallagher AJG 1.3 36 159.30 4.88
25.21 36.46 15.54 APA APA 1.5 13 33.67 1.36 4.87 31.52 16.32 Carnival CCL 0.0 dd 21.10 0.47 -17.58 1970.13 858.99 MercadoLibre MELI ...660 1111.39 77.80 27.70 71.50 40.53 SOQUIMICH SQM 0.6 73 64.40 3.54
-6.40 9.62 6.53 ASETech ASX 3.0 11 7.31 0.07 6.22 27.31 15.16 Carnival CUK 0.0 dd 19.64 0.64 -20.09 348.50 86.00 GameStop GME 0.0 dd 118.58 -6.00 -0.42 91.40 68.38 Merck MRK 3.6 15 76.32 2.81 -32.51 24.95 8.82 SoFiTech SOFI ... dd 10.67 0.34
-16.21 895.93 501.11 ASML ASML 0.8 39 667.12 10.28 -16.61 58.89 34.75 CarrierGlobal CARR 1.3 24 45.23 0.52 -7.60 51.46 40.71 Gaming&Leisure GLPI 6.0 18 44.96 0.13 -37.42 384.33 190.22 MetaPlatforms FB ... 15 210.48 2.88 -0.94 389.71 199.33 SolarEdgeTech SEDG ... 91 277.93 6.74
-2.80 33.88 22.02 AT&T T 8.7 9 23.91 0.68 -34.18 376.83 107.50 Carvana CVNA ... dd 152.57 26.52 -17.87 178.81 106.66 Garmin GRMN 2.4 20 111.83 1.42 9.71 72.55 55.21 MetLife MET 2.8 9 68.56 2.34 -17.65 133.75 91.75 Sony SONY 0.4 16 104.09 2.10
-13.02 142.60 105.36 AbbottLabs ABT 1.5 31 122.41 3.69 -20.06 142.64 91.17 Catalent CTLT ... 32 102.35 3.27 -14.29 369.00 175.18 Gartner IT ... 31 286.54 5.15 -14.71 1714.75 1033.40 MettlerToledo MTD ... 44 1447.52 35.15 -5.16 69.77 56.69 Southern SO 4.1 29 65.04 2.16
s 10.44 150.36 102.05 AbbVie ABBV 3.8 23 149.54 4.27 -9.52 246.69 179.67 Caterpillar CAT 2.4 16 187.06 2.37 -10.05 524.31 251.74 Generac GNRC ... 38 316.56 15.21 -17.13 90.00 64.53 MicrochipTech MCHP 1.4 42 72.15 0.89 11.47 83.29 54.92 SoCopper SCCO 5.2 16 68.79 2.74
-13.05 379.30 261.27 Abiomed ABMD ...108 312.30 5.38 -15.93 176.50 133.50 Celanese CE 1.9 8 141.28 4.07 s 9.36 228.20 163.12 GeneralDynamics GD 2.1 20 227.98 9.45 -3.27 98.45 65.67 MicronTech MU 0.4 14 90.10 1.27 5.37 64.75 38.66 SouthwestAir LUV 0.0 28 45.14 0.80
-22.20 417.37 244.44 Accenture ACN 1.2 34 322.51 6.34 24.51 16.17 7.10 CenovusEnergy CVE 0.7 68 15.29 0.22 2.01 116.17 87.70 GeneralElec GE 0.3 dd 96.37 3.83 -11.60 349.67 224.26 Microsoft MSFT 0.8 32 297.31 2.72 4.55 176.66 105.45 Splunk SPLK ... dd 120.98 -0.36
22.41 99.46 56.40 ActivisionBliz ATVI 0.6 24 81.44 0.43 1.36 86.81 58.08 Centene CNC ... 37 83.52 2.68 0.91 69.95 54.31 GeneralMills GIS 3.0 19 67.99 2.43 -8.51 231.63 131.45 MidAmApt MAA 2.1 46 209.91 5.59 -35.09 326.15 135.56 Spotify SPOT ... dd 151.91 2.70
-17.90 699.54 416.81 Adobe ADBE ... 46 465.54 1.72 -1.90 28.52 19.31 CenterPointEner CNP 2.5 12 27.38 0.83 -19.10 67.21 43.91 GeneralMotors GM 0.0 7 47.43 1.08 -10.21 201.34 143.95 Middleby MIDD ... 21 176.67 5.93 -14.17 225.00 151.21 StanleyBlackDck SWK 2.0 16 161.89 5.55
-14.30 244.55 160.03 AdvanceAuto AAP 2.9 22 205.57 4.76 9.03 9.61 5.17 CentraisElBras EBR 10.5 9 6.64 0.12 -16.99 49.07 30.08 Genmab GMAB ... 45 32.84 0.36 15.38 6.62 5.15 MitsubishiUFJ MUFG 3.0 7 6.30 0.06 -20.85 126.32 87.25 Starbucks SBUX 2.1 25 92.58 1.57
-14.49 138.02 93.66 AdvDrainageSys WMS 0.4 41 116.41 6.56 -31.22 130.37 62.33 CeridianHCM CDAY ... dd 71.85 1.02 -19.31 54.03 39.32 Genpact G 1.2 22 42.83 1.02 8.24 3.21 2.33 MizuhoFin MFG 3.8 6 2.76 0.03 -4.58 104.87 72.13 StateStreet STT 2.6 12 88.74 3.26
-15.87 164.46 72.50 AdvMicroDevices AMD ... 47 121.06 4.45 0.58 93.44 67.96 Cerner CERN 1.2 51 93.41 0.30 -11.94 142.97 104.87 GenuineParts GPC 2.9 20 123.46 2.60 -40.42 497.49 117.34 Moderna MRNA ... 5 151.33 -4.90 11.18 74.37 40.61 SteelDynamics STLD 1.5 4 69.01 5.75
4.66 6.22 3.89 Aegon -21.40 460.21 259.02 CharlesRiverLabs CRL ... 39 296.16 6.13 -15.82 74.12 60.07 GileadSciences GILD 4.8 12 61.12 0.51 -20.81 231.80 132.02 MohawkInds MHK ... 10 144.27 5.06 2.08 21.99 15.13 Stellantis STLA 0.0 dd 19.15 0.76
AEG 3.2 ... 5.17 0.19 -46.93 15.86 4.00 GinkgoBioworks DNA ... dd 4.41 -0.20
-3.99 71.38 46.10 AerCap AER ... 9 62.81 1.57 -7.79 825.62 549.59 CharterComms CHTR ... 25 601.16 14.57 0.08 328.11 209.22 MolinaHealthcare MOH ... 28 318.34 10.81 -2.50 248.29 170.36 Steris STE 0.7 82 237.32 8.11
-61.03 176.65 32.29 AffirmHldgs AFRM ... dd 39.19 0.48 s 20.82 141.80 107.85 CheckPoint CHKP ... 23 140.83 2.62 -34.63 137.00 52.01 GitLab GTLB ... dd 56.87 -1.28 7.76 70.00 45.29 MolsonCoorsA TAP.A 2.4 14 62.50 3.40 -11.07 52.15 33.30 STMicroelec STM 0.4 20 43.47 0.85
-16.24 179.57 112.47 AgilentTechs A 0.6 34 133.73 5.58 27.44 139.50 65.78 CheniereEnergy LNG 1.0 dd 129.25 1.25 -3.22 46.85 33.53 GSK GSK 4.7 18 42.68 1.49 14.17 61.48 42.46 MolsonCoorsB TAP 2.9 11 52.92 3.50 -0.61 281.16 227.84 Stryker SYK 1.0 51 265.79 8.09
-2.52 74.50 45.42 AgnicoEagle AEM 3.1 23 51.80 -0.20 s 24.50 52.80 38.00 CheniereEnerPtrs CQP 5.1 18 52.59 0.79 1.78 220.81 116.75 GlobalPayments GPN 0.7 42 137.59 2.12 0.68 69.47 52.91 Mondelez MDLZ 2.1 22 66.76 2.11 7.22 7.95 6.39 SumitomoMits SMFG 4.1 8 7.28 0.06
-21.00 316.39 228.44 AirProducts APD 2.7 25 240.38 5.25 s 16.37 75.86 40.00 ChesapeakeEner CHK 2.3 1 75.08 -12.22 73.25 43.59 GlobalFoundries GFS ... ... 57.03 2.23 -28.98 590.00 238.01 MongoDB MDB ... dd 375.94 0.58 -12.05 211.79 138.11 SunComms SUI 1.8 56 184.66 4.23
4.17
-6.85 215.49 129.71 Airbnb ABNB ... dd 155.09 -3.17 s 19.63 140.50 92.86 Chevron CVX 4.0 17 140.38 -12.66 354.62 191.92 Globant GLOB ...120 274.32 9.52 -6.46 580.00 301.51 MonolithicPower MPWR 0.7 91 461.44 6.30 -4.79 58.49 48.05 SunLifeFinancial SLF 3.3 10 53.02 1.15
5.53
-10.01 120.67 92.64 AkamaiTech AKAM ... 27 105.33 1.39 -28.49 105.98 36.69 ChewyA CHWY ...1866 42.17 1.58 10.50 108.61 85.25 GlobeLife GL 0.8 14 103.56 3.46 -11.94 99.89 76.37 MonsterBev MNST ... 33 84.57 4.22 19.06 30.51 17.10 SuncorEnergy SU 4.4 13 29.80 0.87
-17.89 291.48 133.82 Albemarle ALB 0.8180 191.95 7.75 5.41 26.19 17.09 ChinaEastrnAir CEA ... dd 19.50 0.13 -3.46 84.23 59.37 GlobusMedical GMED ... 48 69.70 1.94 -17.12 407.94 273.21 Moody's MCO 0.9 27 323.70 1.70 -1.48 13.85 8.37 Suzano SUZ 1.1 9 10.64 0.14
-1.56 37.85 15.97 Albertsons ACI 1.6 17 29.72 0.72 2.92 11.01 7.85 ChinaLifeIns LFC 5.0 6 8.47 ... -1.84 90.43 65.70 GoDaddy GDDY ... 58 83.30 0.38 -3.68 109.73 76.00 MorganStanley MS 3.0 12 94.55 2.74 -21.37 299.39 114.05 Synaptics SYNA ... 65 227.63 6.65
30.66 80.08 23.64 Alcoa AA 0.5 35 77.85 4.55 8.19 57.90 43.52 ChinaPetrol SNP 9.8 6 50.32 -0.49 20.20 13.77 7.75 GoldFields GFI 1.9 15 13.21 -0.06 -17.66 350.21 219.85 Morningstar MORN 0.5 57 281.60 14.18 -6.90 52.49 37.76 SynchronyFin SYF 2.0 6 43.19 1.95
-11.11 88.78 65.60 Alcon ALC 0.1102 77.44 1.62 10.32 39.96 25.07 ChinaSoAirlines ZNH 0.0 dd 32.72 0.79 -8.48 426.16 316.46 GoldmanSachs GS 2.3 6 350.12 9.93 s 26.06 49.57 28.05 Mosaic MOS 0.9 12 49.53 4.18 -21.83 104.18 69.53 SyneosHealth SYNH ... 36 80.26 2.41
-13.13 224.95 154.37 AlexandriaRlEst ARE 2.4 51 193.68 3.59 -14.37 1958.55 1256.27 Chipotle CMG ... 65 1497.00 12.39 -19.55 48.05 21.13 GoodRx GDRX ... dd 26.29 0.71 -18.07 273.65 173.79 MotorolaSol MSI 1.4 31 222.60 5.30 -15.56 377.60 217.69 Synopsys SNPS ... 54 311.15 3.35
-9.13 245.69 100.02 Alibaba BABA ... 29 107.94 -0.99 -5.97 157.46 100.25 ChoiceHotels CHH 0.6 28 146.68 4.62 -18.65 17.15 4.83 Grab GRAB ... dd 5.80 0.30 -25.07 319.88 211.00 NICE NICE ... 78 227.48 -1.09 s 11.08 87.30 68.05 Sysco SYY 2.2 57 87.25 2.29
-22.01 737.45 432.09 AlignTech ALGN ... 53 512.56 3.41 7.09 211.78 155.07 Chubb CB 1.5 11 207.02 7.99 -10.53 81.09 64.34 Graco GGG 1.2 29 72.13 1.47 -33.90 55.13 18.47 NIO NIO ... dd 20.94 -0.28
0.89 737.89 605.14 Alleghany Y 0.0 9 673.54 10.62 6.28 45.87 38.52 ChunghwaTel CHT 2.7 28 44.86 0.42 -8.01 527.06 372.71 Grainger
3.56 19.07 10.10 Grifols
GWW 1.4 24 476.71
GRFS 3.0 10 11.63
10.43
0.32
-11.82 46.10 31.94 NRG Energy NRG 3.7 4 37.99 -0.19 TUV
-13.09 148.69 106.83 Allegion ALLE 1.4 22 115.10 3.40 -3.71 104.84 77.62 Church&Dwight CHD 1.1 30 98.70 3.64 -16.78 5982.44 4330.00 NVR NVR ... 15 4917.49 142.05
-1.41 269.75 171.92 HCA Healthcare HCA 0.9 12 253.29 9.73 -14.74 239.91 164.19 NXP Semi NXPI 1.7 28 194.20 2.78 12.89 55.34 41.89 TC Energy TRP 5.4 36 52.54 1.13
-5.86 62.35 45.99 AlliantEnergy LNT 3.0 22 57.87 1.94 1.39 262.20 175.01 ChurchillDowns CHDN 0.3 39 244.26 25.65 -9.18 130.93 87.57 TD Synnex SNX 1.2 16 103.86 2.63
5.54 140.00 106.11 Allstate ALL 2.6 7 124.17 4.20 -10.74 78.28 47.52 Ciena CIEN ... 22 68.70 0.69 2.23 84.00 61.35 HDFC Bank HDB 0.3 25 66.52 1.75 -17.76 214.96 135.57 Nasdaq NDAQ 1.3 24 172.72 2.53
-8.55 39.65 26.11 HP HPQ 2.9 6 34.45 -0.08 2.61 75.14 55.89 NationalGrid NGG 4.6 26 74.21 2.92 -10.31 166.44 123.31 TE Connectivity TEL 1.4 20 144.71 3.27
6.01 56.61 40.72 AllyFinancial ALLY 2.4 6 50.47 2.19 1.40 272.81 191.74 Cigna CI 1.9 15 232.84 8.41 s 8.06 25.55 19.74 Telus TU 4.1 26 25.47 0.50
-8.60 212.00 125.00 AlnylamPharm ALNY ... dd 155.00 2.11 9.66 129.17 97.18 CincinnatiFin CINF 2.2 7 124.94 5.52 20.30 38.61 24.31 HSBC HSBC 3.4 12 36.27 1.38 4.42 7.00 5.05 NatWest NWG 5.6 9 6.38 0.21
42.24 34.32 17.82 Halliburton HAL 1.5 20 32.53 1.06 -12.88 96.82 58.83 NetApp NTAP 2.5 18 80.14 0.85 -7.72 120.50 69.16 TFI Intl TFII 1.0 17 103.45 1.68
-7.02 3042.00 2010.00 Alphabet C GOOG ... 24 2690.39 36.92 -14.86 461.44 321.39 Cintas CTAS 1.0 35 377.32 3.30 -12.04 77.35 59.85 TJX TJX 1.6 25 66.78 2.09
-7.17 3030.93 1994.00 Alphabet A GOOGL ... 24 2689.19 35.37 -11.57 64.28 44.15 CiscoSystems CSCO 2.7 20 56.04 1.31 2.46 78.17 50.37 HartfordFinl HIG 2.2 11 70.74 3.26 -2.02 120.84 77.97 NetEase NTES 0.8 36 99.72 6.92
-4.98 105.73 85.97 Hasbro HAS 2.9 31 96.71 3.53 -35.13 700.99 351.46 Netflix NFLX ... 35 390.80 0.77 8.17 150.20 101.51 T-MobileUS TMUS ... 52 125.46 1.80
8.63 52.59 42.53 Altria MO 7.0 39 51.48 1.91 2.63 80.29 57.59 Citigroup C 3.3 6 61.98 1.31 -26.13 224.56 134.13 TRowePrice TROW 3.3 11 145.26 2.52
26.95 23.90 9.99 AlumofChina ACH ... 22 17.43 0.25 12.13 57.00 39.55 CitizensFin CFG 2.9 10 52.98 2.50 -44.09 102.95 45.43 HashiCorp HCP ... dd 50.90 -2.60 4.33 111.05 71.88 Neurocrine NBIX ... 97 88.86 1.73
-12.33 37.69 28.86 HealthpeakProp PEAK 3.8 34 31.64 0.75 10.26 30.10 20.36 NewellBrands NWL 3.8 18 24.08 0.43 -7.55 145.00 104.38 TaiwanSemi TSM 1.4 27 111.23 -0.65
-7.75 3773.08 2707.04 Amazon.com AMZN ... 47 3075.77 48.61 8.47 144.47 78.07 CitrixSystems CTXS 1.4 42 102.60 0.39 -7.00 195.82 138.19 TakeTwoSoftware TTWO ... 37 165.28 1.90
5.71 3.95 2.38 Ambev ABEV 3.5 16 2.96 0.08 -33.29 34.79 14.43 Clarivate CLVT ... dd 15.69 -0.13 -0.13 152.49 117.06 Heico HEI 0.1 62 144.03 2.84 9.48 75.31 52.60 Newmont NEM 3.2 47 67.90 1.18
-6.97 139.65 105.00 Heico A HEI.A 0.2 52 119.56 3.72 -0.71 26.21 20.78 NewsCorp B NWS 0.9 27 22.34 0.65 10.27 19.96 13.17 TakedaPharm TAK 4.7 12 15.03 0.12
-1.75 12.92 10.33 Amcor AMCR 4.1 19 11.80 0.32 -1.19 26.51 12.77 Cleveland-Cliffs CLF 0.0 4 21.51 2.11 0.39 49.66 35.37 Tapestry
5.48 82.38 68.33 Amdocs DOX 2.0 19 78.94 1.39 -15.36 196.66 138.61 Clorox CLX 3.1 74 147.58 4.34 s 12.63 87.55 60.70 HenrySchein HSIC ... 20 87.32 3.34 -0.13 27.96 20.53 NewsCorp A NWSA 0.9 27 22.28 0.71 TPR 2.5 14 40.76 1.60
5.61 207.82 143.58 Hershey HSY 1.8 29 204.32 7.51 -17.35 93.73 68.33 NextEraEnergy NEE 2.2 43 77.16 1.72 22.01 64.29 29.95 TargaResources TRGP 2.2 dd 63.74 1.64
-18.62 769.90 523.94 Amerco UHAL 0.0 10 591.01 12.56 -16.90 221.64 60.96 Cloudflare NET ... dd 109.27 0.89 -13.92 268.98 166.82 Target TGT 1.8 15 199.22 7.67
-3.35 90.77 70.25 Ameren AEE 2.7 22 86.03 2.78 s 6.15 62.90 48.97 Coca-Cola KO 2.8 28 62.85 2.34 -16.73 46.00 14.15 HertzGlobal HTZ ... dd 20.81 1.06 -16.72 179.10 125.44 Nike NKE 0.9 36 138.80 1.63
s 31.73 97.60 61.93 Hess HES 1.0 54 97.52 2.26 4.96 30.19 21.11 NiSource NI 3.2 22 28.98 0.65 -4.02 35.38 18.48 TataMotors TTM ... dd 30.80 1.44
-14.54 21.37 12.70 AmericaMovil AMX 1.9 12 18.04 0.33 -4.27 63.04 48.88 Coca-ColaEuro CCEP 3.0 21 53.54 1.94 27.83 37.23 17.30 TeckRscsB TECK 5.3 27 36.84 2.00
-14.58 21.34 12.76 AmericaMovil A AMOV 2.2 12 17.98 0.27 -14.22 92.17 61.51 Cognex CGNX 0.4 43 66.70 0.45 11.83 31.35 20.36 HessMidstream HESM 6.7 17 30.90 0.21 -12.54 6.40 3.75 Nokia NOK 0.0 16 5.44 0.05
1.59 17.76 12.99 HewlettPackard HPE 3.0 6 16.02 -0.23 6.70 6.72 4.10 NomuraHoldings NMR 3.9 dd 4.62 0.06 -22.96 231.48 58.05 TeladocHealth TDOC ... dd 70.74 1.80
-2.78 26.09 14.90 AmerAirlines AAL 0.0 dd 17.46 0.50 -0.77 92.44 66.19 CognizantTech CTSH 1.2 22 88.04 1.96 -1.89 465.40 354.17 TeledyneTech TDY ... 43 428.63 10.55
0.55 91.66 74.80 AEP AEP 3.5 19 89.46 2.90 -29.93 429.54 155.92 CoinbaseGlbl COIN ... 15 176.83 -2.73 -1.68 48.98 39.96 HighwoodsProp HIW 4.6 15 43.84 1.21 -10.88 272.28 189.74 Nordson NDSN 0.9 27 227.49 5.83
-3.41 160.96 114.70 Hilton HLT 0.0104 150.67 4.58 -12.52 299.19 238.62 NorfolkSouthern NSC 1.7 21 260.43 6.39 4.42 449.38 289.00 Teleflex TFX 0.4 34 343.01 4.95
18.40 199.55 133.79 AmerExpress AXP 0.9 19 193.71 5.36 -8.44 85.61 74.01 ColgatePalm CL 2.3 31 78.14 2.56 -6.90 14.39 9.42 Ericsson ERIC 1.6 13 10.12 0.22
-0.18 146.63 106.49 AmericanFin AFG 1.6 6 137.07 6.45 -6.48 61.80 44.27 Comcast A CMCSA 2.3 15 47.07 1.06 -5.45 81.04 60.10 Hologic HOLX ... 11 72.39 1.28 -1.53 135.15 94.87 NorthernTrust NTRS 2.4 17 117.78 4.82
-23.70 420.61 246.59 HomeDepot HD 2.1 20 316.65 3.41 s 5.84 411.08 291.60 NorthropGrum NOC 1.5 9 409.67 15.75 12.72 10.06 7.46 TelefonicaBras VIV 5.3 18 9.75 -0.02
-11.28 44.07 28.63 AmHomes4Rent AMH 1.9109 38.69 0.91 9.82 102.09 63.07 Comerica CMA 2.8 11 95.54 4.56 11.79 5.17 4.12 Telefonica TEF 3.5 2 4.74 0.09
11.08 63.54 43.63 AIG AIG 2.0 6 63.16 2.78 4.15 79.10 61.81 CommerceBcshrs CBSH 1.5 17 71.59 3.11 9.14 33.42 27.11 HondaMotor HMC 3.3 7 31.05 0.48 9.51 30.91 19.41 NortonLifeLock NLOK 1.8 18 28.45 1.19
-9.57 236.86 174.42 Honeywell HON 2.1 24 188.56 6.22 -5.26 34.48 17.31 NorwegCruise NCLH ... dd 19.65 0.28 4.28 30.98 20.44 TelekmIndonesia TLK 4.2 19 30.23 0.93
-20.12 303.72 197.50 AmerTowerREIT AMT 2.2 41 233.66 1.91 3.51 39.09 30.44 ConagraBrands CAG 3.5 16 35.35 1.04 -45.44 208.99 66.58 10xGenomics TXG ... dd 81.27 4.03
-19.15 189.65 131.01 AmerWaterWorks AWK 1.6 22 152.69 4.09 11.16 208.48 111.11 Concentrix CNXC 0.5 26 198.56 7.09 -12.76 120.53 79.81 HorizonTherap HZNP ... 40 94.01 1.19 0.18 95.17 79.34 Novartis NVS 2.5 8 87.63 1.95
-0.72 50.74 40.48 HormelFoods HRL 2.1 29 48.46 1.43 -8.26 117.35 66.59 NovoNordisk NVO 1.0 31 102.75 3.80 21.38 27.20 18.80 Tenaris TS 0.0 14 25.32 1.08
0.37 332.37 213.38 Ameriprise AMP 1.5 13 302.77 13.41 -45.03 94.97 36.01 Confluent CFLT ... dd 41.91 -0.67 -20.73 32.25 5.01 TencentMusic TME ... 16 5.43 0.05
6.80 144.22 100.71 AmerisourceBrgn ABC 1.3 18 141.92 4.06 26.45 94.93 47.85 ConocoPhillips COP 2.0 15 91.27 3.54 -20.68 110.45 72.57 DR Horton DHI 1.0 7 86.02 3.71 6.99 232.76 59.57 Novocure NVCR ... dd 80.33 2.44
7.82 19.75 14.67 HostHotels HST 0.0 dd 18.75 0.26 -17.06 12.24 6.40 NuHoldings NU ... dd 7.78 -0.16 4.92 88.19 49.15 TenetHealthcare THC ... 10 85.71 4.51
-11.68 148.07 117.80 Ametek AME 0.7 31 129.87 2.26 0.73 87.67 65.56 ConEd ED 3.7 22 85.94 2.63 -26.59 168.91 102.51 Teradyne TER 0.4 22 120.04 2.65
0.92 261.00 198.64 Amgen AMGN 3.4 22 227.03 7.76 -13.52 258.00 207.35 ConstBrands A STZ 1.4 dd 217.04 2.03 12.32 36.03 27.41 HowmetAerospace HWM 0.2 61 35.75 1.37 0.23 55.55 39.90 NuanceComms NUAN ... dd 55.45 0.23
-12.95 28.77 13.05 HuanengPower HNP 4.2 dd 22.99 2.60 s 13.93 130.50 59.46 Nucor NUE 1.5 6 130.05 9.15 -23.36 1243.49 539.49 Tesla TSLA ...166 809.87 9.10
-12.13 88.45 58.58 Amphenol APH 1.0 30 76.85 1.74 -12.93 257.00 209.85 ConstBrands B STZ.B 1.3 dd 217.69 4.82 -7.49 192.91 116.01 TetraTech TTEK 0.5 34 157.08 3.63
-7.77 191.95 142.25 AnalogDevices ADI 1.9 51 162.12 2.33 16.89 60.16 22.85 ContinentalRscs CLR 1.3 11 52.32 0.68 11.17 61.85 32.99 Huazhu HTHT ...133 41.51 -0.44 s 8.01 81.28 52.28 Nutrien NTR 2.4 15 81.22 3.74
-13.27 212.54 170.76 Hubbell HUBB 2.3 25 180.63 5.54 -17.86 346.47 115.67 NVIDIA NVDA 0.1 63 241.57 4.09 4.37 11.99 7.65 TevaPharm TEVA ... 22 8.36 0.43
4.10 26.77 14.57 AngloGoldAsh AU 0.9 15 21.84 -0.31 -1.92 463.59 368.05 Cooper COO 0.0 7 410.89 11.23 -9.36 202.26 161.04 TexasInstruments TXN 2.7 21 170.82 1.23
9.08 79.67 54.08 AB InBev BUD 0.7 23 66.05 4.01 -17.76 161.12 101.92 Copart CPRT ... 28 124.69 3.09 -21.28 866.00 403.00 HubSpot HUBS ... dd 518.88 -6.12
-10.23 9.64 6.45 AnnalyCap NLY 12.5 4 7.02 0.07 10.39 46.82 33.93 Corning GLW 2.6 33 41.10 0.86 -6.73 475.44 351.20 Humana
-4.07 208.87 145.38 JBHunt
HUM 0.7 19 432.66
JBHT 0.8 27 196.09
11.36
7.18
OPQ -14.65 1773.95 946.29 TexasPacLand TPL 1.1 31 1065.90
-7.41 79.45 48.83 Textron TXT 0.1 22 71.48
-32.40
1.98
-2.12 472.01 301.52 Anthem ANTM 1.1 18 453.69 11.88 9.64 52.38 40.60 Corteva CTVA 1.1 22 51.84 1.79 8.92 66.78 43.42 ONEOK OKE 5.8 20 64.00 2.47 -17.60 672.34 433.52 ThermoFisherSci TMO 0.2 28 549.83 9.66
-2.53 326.25 221.82 Aon AON 0.7 53 292.95 4.82 -21.93 101.05 49.00 CoStar CSGP ... 83 61.70 1.10 0.97 17.79 13.01 HuntingtonBcshs HBAN 4.0 17 15.57 0.61
7.03 224.13 175.50 HuntingIngalls HII 2.4 15 199.86 7.87 -7.30 710.86 446.19 OReillyAuto ORLY ... 21 654.71 17.55 -15.41 123.60 85.15 ThomsonReuters TRI 1.8 9 101.19 0.78
-4.15 55.53 40.05 AptIncmREIT AIRC 3.4 18 52.40 1.15 -8.84 571.49 307.00 Costco COST 0.6 45 517.49 11.91 33.63 43.16 21.62 OccidentalPetrol OXY 1.3 dd 38.74 -0.18 -15.27 208.95 139.74 3M
-9.33 81.07 45.40 ApolloGlbMgmt APO 2.4 8 65.67 3.51 16.11 41.65 24.09 Huntsman HUN 2.1 9 40.50 1.30 MMM 4.0 15 150.51 6.81
19.53 24.39 14.28 CoterraEnergy CTRA 9.9 26 22.71 0.47 -20.88 287.44 152.51 Okta OKTA ... dd 177.37 3.81 -41.63 69.93 16.60 Toast TOST ... dd 20.26 0.18
-7.16 182.94 116.21 Apple AAPL 0.5 27 164.85 2.11 -26.65 355.71 100.82 CoupaSoftware COUP ... dd 115.93 0.99 3.20 108.10 67.70 HyattHotels H 0.0 dd 98.97 3.33
-13.63 179.12 101.90 IAC/InterActive IAC ... 18 112.90 2.85 -40.13 30.41 15.89 Olaplex OLPX ... 62 17.44 -0.08 -5.97 118.13 90.00 Toro TTC 1.3 25 93.95 1.02
-13.75 167.06 105.50 ApplMaterials AMAT 0.7 19 135.72 2.30 -14.91 69.00 16.61 Coupang CPNG ... dd 25.00 1.36 -15.23 373.58 211.77 OldDomFreight ODFL 0.4 34 303.81 9.16 7.50 86.02 60.36 TorontoDomBk TD 3.1 13 82.43 2.51
-39.32 116.09 49.41 Applovin APP ...635 57.20 0.09 -0.35 22.34 14.30 ICICI Bank IBN 0.2 23 19.72 0.48
23.68 163.71 88.67 Credicorp BAP 0.8 14 150.98 5.79 7.77 27.19 19.18 OldRepublic ORI 3.3 5 26.49 1.20 10.59 60.03 40.33 TotalEnergies TTE ... 9 54.70 1.52
-17.55 180.81 125.56 Aptiv APTV 0.0 70 136.00 1.78 s 16.03 11.27 5.56 ICL Group ICL 1.4 18 11.22 0.42
-19.15 703.26 346.49 CreditAcceptance CACC ... 9 555.99 15.65 15.00 91.61 65.76 Omnicom OMC 3.3 13 84.26 2.13 0.04 213.74 145.55 ToyotaMotor TM 2.2 9 185.38 3.15
1.95 43.12 31.22 Aramark ARMK 1.2302 37.57 0.89 -20.66 706.95 460.36 IdexxLab IDXX ... 61 522.45 12.68
-12.45 14.78 7.95 CreditSuisse CS 0.5 dd 8.44 0.19 -6.51 71.25 34.01 ON Semi ON ... 28 63.50 2.42 -15.90 239.86 148.43 TractorSupply TSCO 1.8 23 200.67 5.29
-0.57 37.87 23.04 ArcelorMittal MT 1.8 2 31.65 3.30 -18.29 135.82 88.81 IHS Markit INFO 0.7 36 108.61 0.80
-11.23 298.48 150.02 CrowdStrike CRWD ... dd 181.75 -1.13 -8.11 55.25 40.96 OpenText OTEX 2.0 24 43.63 0.65 -8.74 114.09 46.71 TradeDesk TTD ...122 83.63 0.81
6.95 49.15 35.09 ArchCapital ACGL ... 9 47.54 1.61 -7.61 15.97 10.86 ING Groep ING 4.6 ... 12.86 0.26
-19.72 209.87 146.15 CrownCastle CCI 3.5 63 167.58 2.58 -12.45 106.34 64.50 Oracle ORCL 1.7 22 76.35 1.54 -17.29 102.33 66.50 Tradeweb TW 0.4 76 82.83 1.84
s 16.73 79.06 54.94 ArcherDaniels ADM 2.0 16 78.90 3.05 -5.34 29.71 20.02 Invesco IVZ 3.1 7 21.79 0.77
10.80 124.58 94.11 CrownHoldings CCK 0.7 dd 122.57 4.58 16.59 13.09 9.85 Orange ORAN 6.0 28 12.30 0.25 -23.41 207.06 145.24 TraneTech TT 1.7 26 154.73 3.50
-1.91 90.08 47.77 AresMgmt ARES 3.1 41 79.72 4.19 -17.07 285.61 181.13 IQVIA IQV ... 47 233.99 5.52
-12.62 57.34 34.96 CubeSmart CUBE 3.5 45 49.73 1.32 23.38 38.75 27.25 Organon OGN 3.0 7 37.57 1.82 4.11 688.03 552.72 TransDigm TDG 0.0 52 662.45 13.27
-18.24 356.78 248.21 arGEN-X ARGX ... dd 286.33 0.96 9.11 68.00 48.93 IcahnEnterprises IEP 14.8295 54.11 -0.19
11.16 147.39 100.35 Cullen/Frost CFR 2.1 21 140.14 5.95 -3.59 112.91 79.51 Orix IX 3.2 10 98.13 -0.38 -22.97 125.35 83.11 TransUnion TRU 0.4 44 91.34 3.25
-14.09 148.57 65.52 AristaNetworks ANET ... 47 123.50 2.64 -23.09 313.00 168.76 Icon ICLR ... 80 238.19 4.79
-6.55 277.09 198.13 Cummins CMI 2.8 14 203.85 0.58 -9.83 92.84 62.76 OtisWorldwide OTIS 1.2 27 78.51 1.92 10.87 174.55 144.44 Travelers TRV 2.0 12 173.44 6.94
-8.07 137.95 96.40 ArrowElec ARW ... 8 123.43 2.72 s 0.76 90.44 61.64 CyrusOne -18.55 240.33 181.66 IDEX IEX 1.1 33 192.49 3.50
CONE 2.3434 90.40 0.26
-11.50 249.81 200.20 IllinoisToolWks ITW 2.2 26 218.43 4.29 22.88 43.10 21.07 Ovintiv OVV 1.4 dd 41.41 1.72 -33.07 140.98 78.20 Trex TREX ... 46 90.37 3.83
-27.43 145.79 25.41 Asana ASAN ... dd 54.10 -0.25 2.45 109.89 75.66 OwensCorning OC 1.5 10 92.72 2.08 -19.84 96.49 62.32 Trimble TRMB ... 36 69.89 2.32
-2.39 169.22 122.29 AspenTech
8.05 172.22 122.47 Assurant
AZPN ... 39 148.56
AIZ 1.6 23 168.41
5.10
5.59
DEF -13.39 526.00 306.66 Illumina
21.47 45.33 21.74 ImperialOil
ILMN ... 65 329.49
IMO 2.4 16 43.85
5.58
0.85 -6.43 13.19 8.24 PG&E PCG ... dd 11.36 0.28 9.50 45.19 21.40 Trip.com TCOM ... 13 26.96 0.09
1.11 47.05 25.84 DISH Network DISH ... 9 32.80 3.34 -6.78 88.26 61.91 Incyte INCY ... 16 68.42 0.58 1.07 228.14 168.28 PNC Fin PNC 2.5 16 202.67 7.06 7.55 68.95 51.87 TruistFinl TFC 3.0 14 62.97 3.76
4.00 64.21 46.48 AstraZeneca AZN 2.3445 60.58 2.45 1.37 92.19 54.20 POSCO PKX 5.0 5 59.09 1.97 -36.52 418.00 147.00 Twilio TWLO ... dd 167.18 2.16
-20.00 483.13 198.80 Atlassian TEAM ... dd 305.03 3.43 2.02 123.74 98.43 DTE Energy DTE 2.9 26 121.95 4.21 -9.76 26.39 16.94 Infosys INFY 1.0 33 22.84 0.60
10.38 44.18 24.20 DXC Tech DXC 0.0 dd 35.53 0.47 -16.87 62.64 45.01 IngersollRand IR 0.2 27 51.43 1.10 -18.18 182.97 133.68 PPG Ind PPG 1.7 23 141.09 3.38 -18.35 79.08 31.30 Twitter TWTR ... dd 35.29 0.31
s 4.12 109.34 84.59 AtmosEnergy ATO 2.5 21 109.09 4.34 -12.08 30.71 25.55 PPL PPL 3.0153 26.43 0.49 -20.08 557.55 372.80 TylerTech TYL ...113 429.92 4.63
-21.90 344.39 199.63 Autodesk ADSK ... 98 219.62 1.44 -15.12 333.96 211.22 Danaher DHR 0.4 32 279.25 7.69 -1.39 324.81 193.70 Insulet PODD ...1160 262.37 7.00
-3.69 164.28 128.59 Darden DRI 2.9 21 145.08 3.51 -7.36 68.49 43.62 Intel INTC 3.1 10 47.71 0.99 -7.95 153.73 103.44 PTC PTC ... 27 111.52 1.67 7.12 100.72 67.32 TysonFoods TSN 2.0 9 93.37 3.04
-10.99 110.59 80.83 Autoliv ALV 2.8 19 92.05 1.05 3.91 99.48 77.96 Paccar PCAR 1.5 17 91.71 -0.24 5.48 21.48 14.42 UBS Group UBS 2.7 9 18.85 0.90
-17.12 248.96 169.93 ADP ADP 2.0 32 204.36 4.14 1.96 85.98 58.70 DarlingIngred DAR ... 22 70.65 2.00 -13.70 82.83 58.84 InteractiveBrkrs IBKR 0.6 21 68.54 1.76
-9.38 199.68 69.73 Datadog DDOG ... dd 161.41 1.55 -6.07 139.79 109.04 ICE ICE 1.2 18 128.47 0.55 9.89 156.54 124.78 PackagingCpAm PKG 2.7 17 149.62 3.63 -6.58 61.06 41.15 UDR UDR 2.6120 56.04 1.72
-11.06 2110.00 1145.15 AutoZone AZO ... 18 1864.63 69.86 -37.01 29.29 9.74 PalantirTech PLTR ... dd 11.47 -0.36 -15.62 48.55 36.57 UGI UGI 3.6 8 38.74 1.39
-20.77 191.67 89.35 Avalara AVLR ... dd 102.30 1.19 0.74 136.48 94.38 DaVita DVA ... 13 114.60 2.71 9.37 73.79 58.74 InterContinentl IHG 0.0 49 71.32 3.12
-21.50 451.49 267.08 DeckersOutdoor DECK ... 19 287.55 2.83 -7.09 145.99 113.43 IBM IBM 5.3 20 124.18 2.21 2.33 572.67 311.56 PaloAltoNtwks PANW ... dd 569.75 29.81 12.83 42.10 30.02 US Foods USFD ... 74 39.30 1.14
-3.38 257.52 174.85 Avalonbay AVB 2.6 34 244.05 7.68 -2.05 101.97 27.25 ParamountB PARA 3.2 4 29.56 0.51 -16.58 61.50 29.71 Uber UBER ... dd 34.98 0.11
-9.92 55.57 42.20 Avangrid AGR 3.9 22 44.93 1.54 1.19 400.34 320.50 Deere DE 1.2 19 346.98 4.22 -7.36 157.08 125.39 IntlFlavors IFF 2.3138 139.56 3.88
-8.39 61.54 40.47 DellTechC DELL ... 7 51.46 -4.38 -3.32 61.80 42.95 IntlPaper IP 4.1 10 45.42 1.23 -1.17 101.60 31.18 ParamountA PARAA 2.9 5 32.98 0.39 -18.20 401.81 225.14 Ubiquiti UI 1.0 29 250.87 8.29
-16.02 44.37 26.14 Avantor AVTR ... 42 35.39 0.97 -6.33 340.00 279.12 ParkerHannifin PH 1.4 22 297.99 8.80 -23.97 90.00 28.80 UiPath PATH ... dd 32.79 0.39
-16.74 229.24 168.31 AveryDennison AVY 1.5 20 180.32 6.04 6.29 52.28 33.40 DeltaAir DAL 0.0100 41.54 1.21 0.08 39.98 25.55 Interpublic IPG 3.1 16 37.48 1.30
5.20 69.54 48.13 DentsplySirona XRAY 0.7 31 58.69 2.41 -24.26 716.86 365.15 Intuit INTU 0.6 62 487.18 -9.95 -13.08 138.97 88.69 Paychex PAYX 2.2 34 118.64 2.85 -8.31 422.43 297.29 UltaBeauty ULTA ... 24 378.07 4.98
-13.19 545.11 53.09 AvisBudget CAR ... 9 180.01 12.25 -19.16 558.97 296.68 PaycomSoftware PAYC ...100 335.64 11.14 -6.02 61.81 46.07 Unilever UL 3.9 18 50.55 1.49
-14.56 209.00 117.05 AxonEnterprise AXON ... dd 134.14 3.99 7.52 16.70 11.54 DeutscheBank DB 0.0 11 13.44 0.67 -18.31 369.69 227.47 IntuitiveSurgical ISRG ... 63 293.51 5.13
25.31 58.03 20.14 DevonEnergy DVN 7.2 13 55.20 2.45 -13.90 45.80 27.43 InvitatHomes INVH 2.3113 39.04 1.78 -12.14 314.50 154.26 Paylocity PCTY ...131 207.50 1.70 -2.19 256.11 195.68 UnionPacific UNP 1.9 25 246.41 5.50
1.58 53.55 42.75 BCE BCE 5.5 22 52.86 0.71 -41.17 310.16 94.50 PayPal PYPL ... 32 110.94 5.92 4.73 63.70 38.79 UnitedAirlines UAL ... dd 45.85 1.79
11.12 82.07 51.88 BHP Group BHP 13.5 10 67.06 3.56 -23.39 659.45 318.45 DexCom DXCM ...267 411.34 2.62 -6.99 53.14 34.00 IronMountain IRM 5.1 31 48.67 3.24
-8.26 223.14 156.66 Diageo DEO 2.0 28 201.95 8.93 29.87 5.57 3.55 ItauUnibanco ITUB 2.7 10 4.87 ... -21.17 129.70 22.81 Peloton PTON ... dd 28.19 -0.11 -19.49 12.68 7.90 UnitedMicro UMC 2.3 13 9.42 0.18
-4.40 74.09 37.15 BJ'sWholesale BJ ... 21 64.02 1.70 10.09 34.73 25.38 PembinaPipeline PBA 5.7 dd 33.39 0.72 -2.05 233.72 156.59 UPS B UPS 2.9 14 209.95 2.76
15.40 34.16 22.64 BP BP 4.2 14 30.73 23.57 136.55 65.27 DiamondbkEner FANG 1.8 11 133.27 5.38
2.90 311.18 132.14 Baidu BIDU ... 25 153.11
1.56
1.99 -10.20 147.39 66.76 Dick's DKS 1.7 8 103.26 1.98 JKL -3.11 142.00 37.76 PennNational
-20.09 80.40 54.10 Pentair
PENN ... 21 50.24
PNR 1.4 18 58.36
0.55
0.85
-4.81 414.99 282.20 UnitedRentals URI
2.08 63.57 49.85 US Bancorp
... 17 316.31
USB 3.2 11 57.34
7.99
2.01
22.61 30.11 18.75 BakerHughes BKR 2.4 dd 29.50 0.78 -17.87 18.01 3.33 DiDiGlobal DIDI ... dd 4.09 -0.03 3.47 98.70 61.65 JD.com JD ... 30 72.50 1.59
-22.03 178.22 124.65 DigitalRealty DLR 3.4 23 137.90 3.56 -22.41 320.00 193.62 Penumbra PEN ...1610 222.92 7.17 -5.26 509.23 329.85 UnitedHealth UNH 1.2 26 475.75 19.86
-5.61 98.09 77.95 Ball BLL 0.9 34 90.87 3.02 -6.56 172.96 139.57 JPMorganChase JPM 2.7 10 147.97 3.42 18.80 21.60 15.18 People'sUtdFin PBCT 3.4 15 21.17 1.22 -27.24 210.00 76.00 UnitySoftware U ... dd 104.04 0.86
4.60 7.25 5.04 BancoBilbaoViz BBVA 4.7 8 6.14 0.08 7.31 135.69 89.83 DiscoverFinSvcs DFS 1.6 7 124.01 5.74 -15.62 72.11 41.43 Jabil JBL 0.5 12 59.36 2.46
-3.83 150.72 27.19 DiscoveryB DISCB ... 19 28.61 0.11 -3.07 177.24 128.32 PepsiCo PEP 2.6 31 168.38 4.59 -4.44 246.42 128.21 UnivDisplay OLED 0.8 41 157.71 -5.47
13.45 4.86 2.79 BancoBradesco BBDO 4.0 8 3.29 -0.04 5.43 179.98 146.10 JackHenry JKHY 1.1 38 176.05 5.98 23.32 59.89 38.82 PerformanceFood PFGC ...214 56.59 1.41 11.69 165.00 116.23 UniversalHealthB UHS 0.6 12 144.82 8.43
32.65 25.12 15.60 BancodeChile BCH 4.1 10 20.84 0.95 19.97 78.14 21.66 DiscoveryA DISCA ... 18 28.24 0.51 -11.51 149.55 111.84 JacobsEngg J 0.7 57 123.20 3.79
22.93 66.70 20.86 DiscoveryC DISCK ... 18 28.15 0.48 -8.88 203.16 119.95 PerkinElmer PKI 0.2 23 183.20 5.22 -10.19 401.49 42.51 Upstart UPST ... 97 135.88 4.33
10.99 9.02 5.18 BancSanBrasil BSBR 9.1 ... 5.96 0.05 -18.65 41.85 28.24 JamesHardie JHX 0.9 29 33.10 1.28 16.83 55.18 34.53 PetroChina PTR 5.8 10 51.65 -1.12 -19.91 90.79 55.71 VF VFC 3.4 17 58.64 1.00
17.00 26.15 15.37 BcoSantChile BSAC 5.4 9 19.06 0.50 -3.46 203.02 129.26 Disney DIS 0.0 89 149.53 0.13 9.26 189.00 117.64 JazzPharma JAZZ ... dd 139.20 4.59
-14.04 73.43 23.21 dLocal DLO ... ... 30.68 -0.07 29.23 14.72 7.06 PetroleoBrasil PBR 13.9 4 14.19 0.24 -6.78 33.35 26.23 VICI Prop VICI 5.1 16 28.07 0.54
7.60 4.38 2.96 BancoSantander SAN 1.1 7 3.54 0.11 -7.16 44.47 28.75 JefferiesFin JEF 3.3 6 36.02 1.49 30.07 13.79 7.09 PetroleoBrasilA PBR.A 15.0 3 13.15 0.16 -18.61 376.24 249.12 VailResorts MTN 1.3 78 266.89 4.41
11.59 37.00 27.64 BanColombia CIB 3.1 27 35.25 0.40 -24.45 314.76 100.00 DocuSign DOCU ... dd 115.07 1.51 -2.96 179.92 151.47 J&J JNJ 2.6 21 166.00 7.86
-20.32 104.74 72.85 DolbyLab DLB 1.3 31 75.87 0.03 -19.19 61.71 33.36 Pfizer PFE 3.4 12 47.72 1.76 27.10 23.18 11.16 Vale VALE 15.0 5 17.82 0.75
1.19 50.11 34.68 BankofAmerica BAC 1.9 13 45.02 1.42 -19.53 81.77 55.14 JohnsonControls JCI 2.1 30 65.43 1.62 10.78 112.48 83.98 PhilipMorris PM 4.8 18 105.24 2.45 12.99 93.77 58.85 ValeroEnergy VLO 4.6 38 84.87 1.03
6.18 120.86 81.53 BankofMontreal BMO 3.6 12 114.38 3.19 -15.62 240.14 173.50 DollarGeneral DG 0.8 19 198.99 8.19 -9.44 275.76 167.06 JonesLang JLL 0.0 16 243.91 9.40
0.12 149.37 84.26 DollarTree DLTR ... 24 140.69 4.56 16.88 94.34 63.19 Phillips66 PSX 4.3 29 84.69 1.21 -11.56 343.96 199.41 VeevaSystems VEEV ... 85 225.95 1.80
-6.39 64.63 41.98 BankNY Mellon BK 2.5 13 54.37 1.87 -3.89 36.03 23.12 JuniperNetworks JNPR 2.4 45 34.32 0.65 -11.41 188.07 47.57 Pinduoduo PDD ... dd 51.65 0.59 6.03 61.09 45.44 Ventas VTR 3.3415 54.20 2.20
0.73 74.86 58.28 BkNovaScotia BNS 4.4 12 72.21 2.88 1.44 81.67 67.85 DominionEner D 3.4 20 79.69 2.53 -29.46 19.84 6.79 JustEatTakeaway GRUB ... dd 7.59 -0.03
-23.81 567.57 319.71 Domino's DPZ 0.9 33 429.98 12.57 -27.51 88.83 22.31 Pinterest PINS ... 58 26.35 1.01 -15.61 257.03 184.60 VeriSign VRSN ... 31 214.19 4.37
... 12.20 8.67 Barclays BCS 3.1 ... 10.35 0.41 9.36 55.31 38.32 KB Fin KB 3.6 5 50.48 -0.22 26.06 240.97 133.73 PioneerNatRscs PXD 4.6 28 229.28 7.16 -21.51 231.57 159.79 VeriskAnalytics VRSK 0.7 44 179.54 0.32
18.74 25.37 17.27 BarrickGold GOLD 1.8 20 22.56 0.12 -32.61 257.25 85.18 DoorDash DASH ... dd 100.34 -0.08 -3.63 72.49 15.15 KE Holdings BEKE ...102 19.39 -0.19
-12.43 184.04 122.61 Dover DOV 1.3 21 159.02 4.16 8.78 12.38 8.35 PlainsAllAmPipe PAA 7.1 19 10.16 0.17 4.16 59.85 49.69 Verizon VZ 4.7 10 54.12 1.53
-21.98 82.00 42.10 Bath&BodyWks BBWI 1.5 11 54.45 1.31 -18.11 83.90 44.36 KKR KKR 1.0 8 61.01 2.25 7.79 12.96 8.51 PlainsGP PAGP 6.6 35 10.93 0.36 4.87 254.93 176.36 VertxPharm VRTX ... 26 230.30 0.05
-11.81 34.80 21.42 BauschHealth BHC ... dd 24.35 1.19 5.17 71.38 52.07 Dow DOW 4.7 7 59.65 1.63 -16.85 457.12 273.24 KLA KLAC 1.2 18 357.65 -0.24
17.83 107.79 39.92 Doximity DOCS ... 98 59.07 1.65 -5.03 99.60 67.89 PlanetFitness PLNT ...169 86.02 -3.23 7.46 16.29 11.96 Viatris VTRS 3.3 dd 14.54 0.61
0.49 89.70 73.12 BaxterIntl BAX 1.3 34 86.26 1.61 -5.19 44.96 25.00 Kanzhun BZ ... dd 33.07 0.26 -19.98 53.10 17.51 PlugPower PLUG ... dd 22.59 0.72 1.18 252.67 190.10 Visa V 0.7 37 219.27 1.97
8.45 280.62 235.13 BectonDicknsn BDX 1.3 47 272.72 6.43 -15.10 75.50 53.24 DrReddy'sLab RDY 0.5 24 55.53 1.22 1.96 68.60 56.75 Kellogg K 3.5 15 65.68 1.89
-19.18 74.38 16.56 DraftKings DKNG ... dd 22.20 0.37 -20.60 582.26 313.92 Pool POOL 0.7 28 449.39 13.32 -3.82 22.99 15.47 Vistra VST 2.7 dd 21.90 0.22
-20.97 426.56 194.50 BeiGene BGNE ... dd 214.11 -1.73 3.91 39.35 30.28 KeurigDrPepper KDP 2.0 25 38.30 1.65 -0.88 80.36 55.27 PrincipalFin PFG 3.6 11 71.69 3.19 1.95 172.00 108.80 VMware VMW ... 27 118.14 0.02
-20.38 71.92 34.51 BentleySystems BSY 0.3119 38.48 0.36 -10.84 33.00 19.90 Dropbox DBX ... 26 21.88 0.54 9.38 27.17 17.90 KeyCorp KEY 3.1 10 25.30 1.17
-4.46 108.38 85.56 DukeEnergy DUK 3.9 20 100.22 3.18 -18.13 108.75 56.00 ProcoreTech PCOR ... dd 65.47 -1.59 20.63 20.36 14.53 Vodafone VOD 5.6 dd 18.01 0.34
10.68 93.79 69.18 Berkley WRB 0.6 17 91.19 3.54 -22.53 209.08 129.09 KeysightTechs KEYS ... 31 159.98 1.48 -3.26 165.35 121.54 Procter&Gamble PG 2.2 28 158.24 6.48 4.52 50.91 38.00 VornadoRealty VNO 4.8 83 43.75 1.40
6.36 488399 363680 BerkHathwy A BRK.A ... 9 479345 17235 -17.89 66.22 37.74 DukeRealty DRE 2.1 24 53.90 1.48 7.24 74.05 60.37 KilroyRealty KRC 2.9 13 71.27 2.50
-11.52 25.66 16.61 Dun&Bradstreet DNB ... dd 18.13 0.08 4.47 111.85 85.50 Progressive PGR 0.4 16 107.24 4.36 -11.61 213.65 157.80 VulcanMatls VMC 0.9 37 183.48 6.33
6.77 325.63 240.25 BerkHathwy B BRK.B ... 9 319.24 10.96 -7.77 145.79 125.27 KimberlyClark KMB 3.5 25 131.81 3.24 -11.83 169.93 94.14 Prologis PLD 2.1 38 148.45 5.12
-15.72 74.73 55.39 BerryGlobal
-5.68 141.97 85.58 BestBuy
BERY ... 12 62.18
BBY 2.9 9 95.83
1.91
4.25
-3.35 86.28 66.37 DuPont
-7.19 81.40 32.42 DutchBros
DD
BROS
1.7 7 78.07
... ... 47.25
2.83
-1.47
-0.93 25.62 17.89 KimcoRealty KIM 3.1 15 24.42 0.60 4.21 124.22 85.47 PrudentialFin PRU 4.3 6 112.80 3.85 WXYZ
7.63 19.29 14.62 KinderMorgan KMI 6.3 22 17.07 0.40 -6.97 43.60 29.53 Prudential PUK 1.0 dd 32.03 1.59
-32.20 145.91 28.01 Bilibili BILI ... dd 31.46 -0.67 -27.57 80.13 38.99 Dynatrace DT ...161 43.71 0.66 -10.83 62.29 42.77 Knight-Swift KNX 0.9 12 54.34 1.82 -6.41 99.86 80.62 WEC Energy WEC 3.2 22 90.85 2.17
s 12.98 31.34 21.91 ENI E -2.79 68.06 53.77 PublicServiceEnt PEG 3.3 dd 64.87 2.55
-7.94 348.50 128.00 Bill.com BILL ... dd 229.36 2.07 3.6 8 31.24 1.31 15.17 64.80 43.67 Kohl's KSS 1.8 9 56.88 1.21 -5.35 83.19 66.12 W.P.Carey WPC 5.4 35 77.66 1.97
-3.17 377.36 229.14 PublicStorage PSA 2.2 37 362.70 11.07
-18.30 543.85 338.79 Bio-Techne TECH 0.3 82 422.69 9.79 20.77 116.97 62.81 EOG Rscs EOG 2.8 13 107.28 -2.82 -5.24 61.23 31.34 KoninklijkePhil PHG 2.3 8 34.92 1.13 -3.22 83.69 59.10 WPP WPP 2.5 dd 73.12 2.69
-14.87 63.91 42.31 PulteGroup PHM 1.2 7 48.66 2.04
-10.68 818.60 567.95 Bio-RadLab B BIO.B ... 5 645.69 52.58 -42.79 725.40 338.69 EPAM Systems EPAM ... 47 382.43 0.15 1.09 12.28 8.30 KoreaElcPwr KEP 4.7 dd 9.24 -0.11 2.46 99.17 71.21 Wabtec WAB 0.6 32 94.38 1.40
-9.86 58.00 45.58 Qiagen QGEN ... 23 50.10 1.41
-15.13 832.70 547.22 Bio-RadLab A BIO ... 5 641.29 42.86 4.36 24.84 15.71 EQT EQT 0.0 dd 22.76 0.53 10.67 44.95 32.78 KraftHeinz KHC 4.0 49 39.73 0.75 -11.43 57.05 43.62 WalgreensBoots WBA 4.1 6 46.20 0.93
-11.91 201.68 123.92 Qorvo QRVO ... 14 137.76 0.86
-13.56 468.55 200.36 Biogen BIIB ... 20 207.38 4.26 12.57 93.51 65.87 EastWestBncp EWBC 1.8 15 88.57 5.06 2.65 50.15 32.00 Kroger KR 1.8 35 46.46 2.02 -5.74 152.57 126.28 Walmart WMT 1.6 28 136.38 1.85
-6.53 193.58 122.17 Qualcomm QCOM 1.6 20 170.93 2.95
-11.52 151.51 62.57 BiohavenPharm BHVN ... dd 121.94 -11.87 -15.01 229.84 131.28 EastGroup EGP 2.3 50 193.65 7.64 -19.99 60.43 39.23 LKQ LKQ 2.1 13 48.03 2.10 -15.45 50.23 31.50 WarnerMusic WMG 1.6 48 36.51 0.02
-16.10 49.03 22.72 QualtricsIntl XM ... dd 29.70 -0.15
-11.71 94.20 71.59 BioMarinPharm BMRN ... dd 78.00 0.65 -0.09 130.47 98.24 EastmanChem EMN 2.5 19 120.80 3.03 14.14 196.28 127.03 LPL Financial LPLA 0.5 32 182.73 5.90 -9.00 138.82 97.58 WasteConnections WCN 0.7 53 124.01 2.47
-5.63 124.69 78.79 QuantaServices PWR 0.3 32 108.21 -0.53
-41.57 464.00 90.29 BioNTech BNTX ... 4 150.62 -3.44 -10.82 175.72 128.58 Eaton ETN 2.1 29 154.12 3.81 9.51 246.08 181.60 L3HarrisTech LHX 1.7 26 233.51 5.04 -13.03 168.04 110.71 WasteMgt WM 1.6 34 145.16 3.25
-23.60 174.16 114.20 QuestDiag DGX 2.0 8 132.18 2.67
-31.90 84.27 52.00 BlackKnight BKI ... 42 56.45 1.07 -17.89 81.19 49.53 eBay EBAY 1.6 28 54.60 -0.84 -11.96 317.17 230.89 LabCorp.ofAmerica LH ... 11 276.63 4.92 -13.14 428.22 258.91 Waters WAT ... 29 323.65 11.21
-17.99 973.16 670.28 BlackRock
-0.47 149.78 63.71 Blackstone
BLK 2.6 20 750.87
BX 3.2 16 128.78
19.08
7.50
-23.14 238.93 169.06 Ecolab
21.26 15.91 11.52 Ecopetrol
ECL
EC
1.1 46 180.30
0.6 11 15.63
4.36
0.06
-20.29 731.85 501.67 LamResearch LRCX 1.0 18 573.20 10.32 RS -14.50 318.98 233.13 Watsco
-30.94 355.96 100.57 Wayfair
WSO 2.9 25 267.52
W ... dd 131.19
4.95
4.12
-7.18 124.32 85.07 LamarAdv LAMR 3.6 31 112.59 -0.17
-25.81 289.23 82.72 Block SQ ...396 119.82 24.83 -8.64 68.62 53.92 EdisonInt EIX 4.5 31 62.35 3.19 7.04 86.41 50.22 LambWeston LW 1.4 51 67.84 3.26 -6.19 32.71 23.37 RELX RELX 2.2 29 30.59 0.64 7.29 65.00 45.60 WebsterFin WBS 2.7 14 59.91 3.33
-16.63 17.89 9.35 BlueOwlCapital OWL 3.2 dd 12.43 0.41 -12.75 131.73 78.44 EdwardsLife EW ... 47 113.03 3.39 18.28 66.77 33.75 LasVegasSands LVS 0.0 dd 44.52 0.94 -26.05 744.56 346.07 RH RH ... 18 396.32 13.88 12.78 60.30 35.93 WellsFargo WFC 1.8 11 54.11 1.40
0.08 278.57 183.77 Boeing BA 0.0 dd 201.48 3.05 -1.80 37.49 24.14 ElancoAnimal ELAN ... dd 27.87 -0.02 -18.48 85.45 39.08 LatticeSemi LSCC ... 93 62.82 1.98 -15.27 101.48 76.43 RPM RPM 1.9 24 85.58 3.19 -1.70 89.80 67.41 Welltower WELL 2.9374 84.31 2.29
-4.91 2715.66 2053.57 BookingHldgs BKNG ... 81 2281.46 -13.54 -30.61 189.84 72.20 Elastic ESTC ... dd 85.41 0.19 -8.78 204.91 144.78 Lear LEA 1.4 27 166.88 4.48 12.83 142.06 102.95 RalphLauren RL 2.1 20 134.11 5.18 2.41 101.83 61.36 WestFraserTimber WFG 1.0 4 97.66 3.47
-9.91 91.00 69.68 BoozAllen BAH 2.3 18 76.39 1.25 -2.42 148.93 120.08 ElectronicArts EA 0.5 58 128.71 1.21 9.28 108.83 81.07 Leidos LDOS 1.5 18 97.15 1.67 11.84 117.37 75.91 RaymondJames RJF 1.2 16 112.29 5.12 -17.60 475.35 253.85 WestPharmSvcs WST 0.2 44 386.47 8.09
-6.48 55.55 40.17 BorgWarner BWA 1.6 19 42.15 1.05 -0.16 105.99 85.87 EmersonElec EMR 2.2 20 92.82 2.82 -21.81 117.54 77.86 Lennar A LEN 1.7 6 90.83 3.09 s 14.01 98.27 71.99 RaytheonTech RTX 2.1 38 98.12 3.87 -12.40 124.93 84.71 WestAllianceBcp WAL 1.5 11 94.30 4.10
7.19 128.00 99.10 BostonProps BXP 3.2 39 123.46 3.45 9.01 43.72 33.78 Enbridge ENB 6.3 19 42.60 1.11 -20.38 96.42 62.54 Lennar B LEN.B 2.0 5 76.13 2.18 -5.85 72.55 56.43 RealtyIncome O 4.4 72 67.40 1.66 -18.80 78.19 48.62 WesternDigital WDC 0.0 8 52.95 1.12
6.17 46.28 37.13 BostonSci BSX ... 66 45.10 1.15 -10.98 35.28 22.02 Endeavor EDR ... dd 31.06 0.50 -18.49 356.36 243.92 LennoxIntl LII 1.4 21 264.38 8.56 -6.11 176.91 125.42 RegalRexnord RRX 0.8 31 159.78 4.74 9.97 27.29 16.02 WesternMidstrm WES 5.3 11 24.49 0.23
7.49 72.72 50.38 BoydGaming BYD 0.0 17 70.48 1.86 8.82 8.88 5.25 EnelAmericas ENIA 2.9 11 5.92 0.17 -8.79 30.84 20.18 LeviStrauss LEVI 1.4 17 22.83 0.74 -10.75 78.78 53.78 RegencyCtrs REG 3.7 32 67.25 1.35 13.30 111.48 78.06 Westlake WLK 1.1 7 110.05 3.86
2.33 182.50 113.41 BrightHorizons BFAM ...112 128.81 0.86 18.96 11.55 7.37 EnergyTransfer ET 7.2 5 9.79 0.09 -13.12 37.45 15.98 LiAuto LI ... dd 27.89 0.53 -2.04 686.62 441.00 RegenPharm REGN ... 9 618.66 8.88 4.24 62.03 41.85 WestRock WRK 2.2 14 46.24 1.73
10.34 69.75 53.22 BristolMyers BMY 3.1 22 68.80 1.70 -15.97 282.46 108.88 EnphaseEnergy ENPH ...151 153.73 6.38 -8.58 194.05 136.56 LibertyBroadbandC LBRDK ... 45 147.28 3.40 11.42 25.57 18.02 RegionsFin RF 2.8 10 24.29 1.21 -4.81 43.04 31.80 Weyerhaeuser WY 1.8 11 39.20 0.97
20.77 47.23 33.62 BritishAmTob BTI 6.5 11 45.18 1.51 -3.78 158.00 93.50 Entegris ENTG 0.3 45 133.34 1.15 -9.78 188.76 135.10 LibertyBroadbandA LBRDA 0.0 44 145.16 3.70 s 13.07 183.57 131.13 RelianceSteel RS 1.9 8 183.42 10.44 2.40 49.10 34.85 WheatonPrecMet WPM 1.3 32 43.96 1.22
-11.63 677.76 419.14 Broadcom AVGO 2.8 39 588.01 8.01 -6.28 115.02 85.78 Entergy ETR 3.8 19 105.58 3.26 -6.62 30.49 23.09 LibertyGlobal C LBTYK ... 1 26.23 0.21 -27.47 327.32 162.29 Repligen RGEN ... 86 192.10 2.89 -12.87 257.68 183.75 Whirlpool WHR 3.4 7 204.45 6.27
-18.91 185.40 137.58 BroadridgeFinl BR 1.7 32 148.25 2.96 8.38 25.69 20.42 EnterpriseProd EPD 7.8 11 23.80 0.47 -4.29 38.89 22.58 LibertyGlobal B LBTYB ... 1 26.95 1.18 -13.31 145.98 89.08 RepublicSvcs RSG 1.5 30 120.89 3.42 17.86 31.02 22.50 Williams WMB 5.5 25 30.69 0.73
-9.21 62.47 40.01 BrookfieldMgt BAM 1.0 23 54.82 1.66 -25.35 300.11 161.87 Equifax EFX 0.7 36 218.56 2.64 -5.66 30.58 23.19 LibertyGlobal A LBTYA ... 1 26.17 0.15 -5.79 301.34 179.37 ResMed RMD 0.7 69 245.39 7.61 -14.55 223.32 120.01 Williams-Sonoma WSM 2.0 11 144.53 3.68
-3.06 62.48 50.32 BrookfieldInfr BIP 3.7 33 58.95 0.71 -15.38 885.26 586.73 Equinix EQIX 1.7129 715.74 10.25 -3.03 60.94 36.65 LibertyFormOne A FWONA ... dd 57.54 -0.09 -6.05 71.12 53.47 RestaurantBrands QSR 3.8 21 57.01 0.96 -5.84 271.87 199.78 WillisTowers WTW 1.5 7 223.63 3.82
-3.20 49.68 31.10 BrookfieldRenew BEPC 3.6 dd 35.65 0.74 18.76 32.34 18.45 Equinor EQNR 1.6 12 31.27 0.15 -0.81 65.24 42.17 LibertyFormOne C FWONK ... dd 62.73 -0.08 -11.92 81.68 45.90 RexfordIndlRealty REXR 1.8 90 71.44 2.60 -8.62 42.00 24.51 WillScotMobile WSC ... 66 37.32 -0.37
-3.83 70.75 44.54 Brown&Brown BRO 0.6 33 67.59 1.44 0.91 37.13 27.54 Equitable EQH 2.2 dd 33.09 1.36 -9.57 34.99 24.75 LibertyBraves A BATRA ... dd 26.00 -0.18 -31.84 390.99 117.49 RingCentral RNG ... dd 127.70 -2.62 -23.87 9.96 6.09 Wipro WIT 0.2 25 7.43 0.25
-8.78 81.57 63.05 Brown-Forman B BF.B 1.1 42 66.46 1.88 -13.21 88.70 58.27 EquityLife ELS 1.9 54 76.08 1.30 -10.57 31.76 24.60 LibertyBraves C BATRK ... dd 25.13 -0.12 16.46 95.97 59.58 RioTinto RIO 10.2 6 77.96 2.54 -9.55 142.33 75.06 Wolfspeed WOLF ... dd 101.10 1.08
-8.88 76.15 58.59 Brown-Forman A BF.A 1.2 39 61.77 1.59 -3.58 93.03 65.37 EquityResdntl EQR 2.8 25 87.26 2.63 -0.18 56.19 40.05 LibertySirius C LSXMK ... dd 50.76 0.52 -38.83 179.47 50.00 Rivian RIVN ... ... 63.43 -0.28 12.29 39.71 25.18 WooriFin WF 3.0 4 36.08 0.52
-15.17 92.35 56.93 Bruker BRKR 0.3 39 71.18 1.58 -7.86 251.00 168.87 ErieIndemnity A ERIE 2.5 31 177.51 -3.40 0.86 58.13 43.25 LibertySirius B LSXMB ... dd 51.63 ... 8.43 125.77 73.17 RobertHalf RHI 1.4 23 120.92 4.04 -17.55 307.81 205.90 Workday WDAY ...15426 225.23 2.87
-15.16 86.48 39.24 BuildersFirst BLDR ... 10 72.72 3.18 -11.77 53.93 41.11 EssentialUtil WTRG 2.3 28 47.37 0.72 -0.14 56.26 40.00 LibertySirius A LSXMA ... dd 50.78 0.56 -34.63 85.00 9.93 Robinhood HOOD ... dd 11.61 0.10 -2.54 93.72 60.86 WyndhamHtls WH 1.5 34 87.37 3.21
s 12.67 105.29 71.73 Bunge BG 2.0 8 105.19 3.28 -7.84 359.49 254.63 EssexProp ESS 2.6 43 324.62 8.11 -15.02 154.45 80.28 LifeStorage LSI 3.1 41 130.18 3.43 -51.48 141.60 43.10 Roblox RBLX ... dd 50.05 -0.05 3.21 143.88 76.03 WynnResorts WYNN 0.0 dd 87.77 1.29
-22.60 357.34 204.95 BurlingtonStrs BURL ... 34 225.64 7.27 -18.87 374.20 278.28 EsteeLauder EL 0.8 34 300.33 7.80 -9.18 283.90 178.58 EliLilly LLY 1.6 41 250.85 7.77 -12.64 43.00 10.55 RocketCos. RKT 0.0 5 12.23 0.67 12.56 53.08 25.82 XP XP ... 28 32.35 -0.45
-9.11 111.00 72.88 CBRE Group CBRE ... 18 98.63 4.79 -31.97 307.75 109.38 Etsy ETSY ... 44 148.94 20.78 1.27 77.57 55.01 LincolnNational LNC 2.6 9 69.13 2.95 -22.81 354.99 242.05 Rockwell ROK 1.7 31 269.28 3.22 -7.34 90.78 61.63 XPO Logistics XPO ... 24 71.75 2.35
-13.31 208.71 148.91 CDW CDW 1.1 25 177.53 6.23 10.37 307.76 234.87 EverestRe RE 2.1 12 302.32 10.82 -14.13 352.18 241.88 Linde LIN 1.4 41 297.49 12.24 8.78 53.90 43.18 RogersComm B RCI 3.0 21 51.81 0.56 -0.69 72.94 57.23 XcelEnergy XEL 2.9 23 67.23 2.40
12.32 79.81 43.19 CF Industries CF 1.5 19 79.50 0.94 -8.83 69.45 52.87 Evergy EVRG 3.7 16 62.55 1.96 10.46 417.98 274.03 LithiaMotors LAD 0.4 9 328.02 9.95 -38.82 490.76 102.60 Roku ROKU ... 82 139.61 4.51 -30.40 56.45 22.73 XPeng XPEV ... dd 35.03 0.47
-6.82 93.93 74.58 CGI GIB ... 19 82.46 1.01 -10.08 92.66 76.64 EversourceEner ES 3.1 23 81.81 2.09 5.31 127.75 74.01 LiveNationEnt LYV ... dd 126.04 1.65 -6.08 40.11 28.50 Rollins ROL 1.2 45 32.13 0.53 -24.17 138.78 84.74 Xylem XYL 1.3 39 90.93 3.23
-10.07 112.15 84.67 CH Robinson CHRW 2.3 15 96.79 0.59 0.63 140.85 65.20 ExactSciences EXAS ... dd 78.32 2.76 2.75 3.00 2.12 LloydsBanking LYG 2.6 7 2.62 0.14 -8.83 505.00 365.23 RoperTech ROP 0.6 44 448.42 4.36 -10.90 139.85 101.94 YumBrands YUM 1.8 24 123.72 2.36
4.79 256.94 185.79 CME Group CME 1.7 33 239.41 2.15 3.43 44.02 27.50 Exelon EXC 3.2 25 42.60 1.30 s 15.22 414.45 324.23 LockheedMartin LMT 2.7 18 409.49 13.78 -18.86 134.22 86.15 RossStores ROST 1.2 21 92.73 2.09 4.43 69.67 43.91 YumChina YUMC 0.9 23 52.05 1.40
-1.40 65.79 53.19 CMS Energy CMS 2.9 14 64.14 2.17 10.63 217.72 136.77 Expedia EXPE 0.0 dd 199.93 6.19 7.05 63.19 47.61 Loews L 0.4 10 61.83 2.83 4.10 119.41 84.98 RoyalBkCanada RY 3.4 12 110.49 3.01 19.10 75.20 18.70 ZimIntShipping ZIM 14.3 3 70.10 2.89
4.63 49.40 41.44 CNA Fin CNA 3.5 10 46.12 2.24 -21.55 137.80 91.29 ExpeditorsIntl EXPD 1.1 13 105.35 0.32 -9.31 140.17 69.92 LogitechIntl LOGI 1.3 17 74.80 0.15 8.92 98.27 64.20 RoyalCaribbean RCL 0.0 dd 83.76 2.38 2.62 36.18 25.23 ZTO Express ZTO 0.0 36 28.96 -0.88
-14.19 17.13 12.64 CNH Indl CNHI 0.9 11 14.49 0.33 -14.36 228.84 120.91 ExtraSpaceSt EXR 3.1 31 194.18 4.44 -15.20 263.31 150.84 Lowe's LOW 1.5 18 219.18 5.77 -3.46 48.75 34.86 RoyaltyPharma RPRX 2.0 25 38.47 0.59 -29.76 615.00 385.34 ZebraTech ZBRA ... 27 418.07 2.74
-13.05 54.54 42.75 CRH CRH 2.5 25 45.91 1.58 27.21 83.08 52.10 ExxonMobil XOM 4.5 14 77.84 2.04 -30.75 57.75 16.12 Lucid LCID ... dd 26.35 1.07 -1.14 41.14 25.57 RyanSpecialty RYAN ...156 39.89 0.68 10.73 155.62 87.90 Zendesk ZEN ... dd 115.48 0.42
-8.75 38.01 29.05 CSX CSX 1.2 20 34.31 0.81 -17.31 249.00 174.34 F5 FFIV ... 37 202.34 3.91 17.23 16.11 4.19 LufaxHolding LU ... 6 6.60 -0.05 0.10 127.25 95.06 Ryanair RYAAY ... dd 102.43 0.81 -9.49 170.19 44.80 Zillow C Z ... dd 57.79 0.08
1.11 111.25 68.02 CVS Health CVS 2.1 17 104.30 3.53 7.35 122.50 87.27 FMC FMC 1.8 21 117.97 3.07 -18.87 485.82 269.28 lululemon LULU ... 48 317.58 7.22 -17.91 151.48 107.37 SAP SAP 2.5 22 115.02 3.07 -6.86 178.53 44.08 Zillow A ZG ... dd 57.95 0.43
-18.32 2136.14 1375.62 CableOne CABO 0.8 27 1440.36 18.76 -16.31 495.39 295.16 FactSet FDS 0.8 39 406.73 14.73 -19.60 15.45 9.31 LumenTech LUMN 9.9 5 10.09 0.36 -19.29 484.21 325.50 S&P Global SPGI 0.8 30 380.89 -0.79 -0.27 180.36 108.47 ZimmerBiomet ZBH 0.8 67 126.70 3.22
-17.93 192.70 118.11 CadenceDesign CDNS ... 61 152.93 3.89 9.16 553.97 342.89 FairIsaac FICO ... 35 473.39 0.94 -9.64 68.28 33.94 Lyft LYFT ... dd 38.61 -0.16 -21.12 391.15 232.88 SBA Comm SBAC 0.8117 306.87 4.57 12.40 75.44 47.06 ZionsBancorp ZION 2.1 10 70.99 4.02
3.61 34.19 22.80 CAE CAE 0.0 92 26.15 1.16 -19.95 64.75 43.37 Fastenal FAST 2.4 32 51.28 0.82 6.26 118.02 84.17 LyondellBasell LYB 4.6 6 98.00 3.54 -3.53 65.22 54.03 SEI Investments SEIC 1.3 15 58.79 1.57 -20.21 249.27 141.41 Zoetis ZTS 0.7 46 194.71 3.76
-9.45 119.81 68.00 CaesarsEnt CZR ... dd 84.69 0.04 -11.72 140.51 97.87 FederalRealty FRT 3.6 37 120.35 3.09 -5.29 55.30 24.35 SK Telecom SKM 7.2 14 25.26 0.48 -31.86 440.00 114.26 ZoomVideo ZM ... 33 125.32 -1.65
-5.93 180.37 99.70 CamdenProperty CPT 2.2 57 168.09
4.59 28.49 14.50 Cameco CCJ 0.4 dd 22.81
5.15
0.55
-14.66 319.90 206.31 FedEx
-14.07 183.67 116.70 Ferguson
FDX
FERG
1.4 15 220.72
1.6 19 154.15
4.80
3.70
MN -7.82 84.85 62.93 SS&C Tech
-10.20 37.13 29.09 StoreCapital
SSNC 1.1 25 75.57
STOR 5.0 31 30.89
1.48
0.47
-13.61 79.17 37.86 ZoomInfoTech ZI
-30.96 376.11 157.03 Zscaler ZS
...204 55.46
... dd 221.85
0.88
-41.53
3.98 52.23 39.76 CampbellSoup CPB 3.3 14 45.19 1.65 -17.54 278.78 183.82 Ferrari RACE 0.5 40 213.42 -2.13 19.18 186.95 128.46 M&T Bank MTB 2.6 13 183.03 9.76 -8.12 763.22 467.22 SVB Fin SIVB ... 20 623.16 38.89 43.44 11.69 5.57 Zynga ZNGA ... dd 9.18 0.37

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
Stock 244.58 +5.81 -0.3 BluCh 155.43 +2.60-15.4 Harbor Funds PGIM Funds Cl Z CapOpAdml r176.76 +3.15 -8.7 USGroAdml 138.80 +2.17-17.6 MdCpVlAdml 75.81 +2.22 -2.6
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. DoubleLine Funds Contra 16.18 +0.31-12.6 CapApInst 83.51 +1.14 NA HighYield NA ... NA DivAppIdxAdm 43.15 +1.09 -7.4 ValAdml 56.43 +1.65 -1.7 SmValAdml 74.62 +2.11 -2.9
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e TotRetBdI 10.09 ... -2.7 ContraK 16.24 +0.31-12.6 Harding Loevner TotalReturnBond NA ... NA EMAdmr 40.00 +0.64 -2.4 WdsrllAdml 78.19 +1.89 -4.5 TotBd2 10.57 +0.01 -4.1
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Edgewood Growth Instituti CpInc r 10.65 +0.10 -4.5 IntlEq NA ... NA PIMCO Fds Instl EqIncAdml 91.21 +2.69 -1.1 WellsIAdml 67.84 +0.85 -3.3 TotIntlInstIdx r130.37 +2.74 -4.7
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r EdgewoodGrInst 49.63 +0.48-18.0 GroCo 31.16 +0.52-14.6 Invesco Funds Y AllAsset NA ... NA ExplrAdml 106.62 +2.56-10.4 WelltnAdml 78.16 +1.21 -6.7 TotItlInstPlId r130.40 +2.74 -4.7
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Fidelity GrowCoK 31.28 +0.53-14.5 DevMktY 42.88 +0.95 -8.8 TotRt NA ... NA ExtndAdml 123.97 +2.85-10.6 WndsrAdml 82.70 +2.20 1.4 TotSt 107.73 +2.39 -8.3
available due to incomplete price, performance or cost data. NE-Not released by Lipper; 500IdxInstPrem152.42 +3.35 -7.8 InvGrBd 11.16 +0.01 -3.6 John Hancock Instl PIMCO Funds A GNMAAdml 10.29 +0.02 -2.2 VANGUARD FDS VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Contrafund K6 20.32 +0.40-12.5 LowP r 52.10 +1.17 -3.1 DispValMCI 27.40 +0.78 -1.0 IncomeFd 11.59 +0.06 -2.4 GrwthAdml 142.54 +2.15-13.7 DivdGro 37.41 +1.04 -4.8 BalInst 45.78 +0.63 -6.6
ExtMktIdxInstPre 77.95 +1.78-10.6 Magin 13.15 +0.21-14.4 JPMorgan I Class PIMCO Funds I2 HlthCareAdml r 89.43 +2.30 -6.7 IntlVal 40.69 +0.90 -2.1 DevMktsIndInst 15.57 +0.36 -5.4
FidSerToMarket 14.64 +0.33 -8.3 NASDAQ r 172.41 +2.77-12.4 EqInc NA ... NA Income 11.59 +0.06 NA HYCorAdml r 5.69 +0.04 -3.8 LifeCon 21.90 +0.19 -5.1 DevMktsInxInst 24.33 +0.55 -5.4
Friday, February 25, 2022 GrowthCompanyK6 19.50 +0.34-14.8 OTC 16.87 +0.24-13.9 JPMorgan R Class InfProAd 27.68 -0.03 -2.7 ExtndInst 123.96 +2.85-10.6
PIMCO Funds Instl LifeGro 41.63 +0.72 -6.3
Net YTD Net YTD Net YTD IntlIdxInstPrem 46.58 +1.08 -5.5 Puritn 25.26 +0.37 -7.1 CoreBond NA ... NA IncomeFd 11.59 +0.06 -2.3 IntlGrAdml 118.50 +1.87-14.9 LifeMod 31.64 +0.42 -5.7 GrwthInst 142.55 +2.15-13.7
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret MidCpInxInstPrem 29.48 +0.75 -7.8 Lord Abbett A ITBondAdml 11.41 +0.01 -3.8 InPrSeIn 11.27 -0.02 -2.8
SrsEmrgMkt 19.56 +0.44 -6.9 Price Funds PrmcpCor 31.76 +0.67 -5.6
American Century Inv Artisan Funds MktNeutI 14.28 +0.06 -1.7 SAIUSLgCpIndxFd 20.96 +0.46 -7.8 ShtDurIncmA p 4.08 ... -1.6 ITIGradeAdml 9.44 +0.02 -4.8 InstIdx 374.12 +8.23 -7.8
SrsGlobal 14.38 +0.31 -4.5 BlChip 150.66 +2.56-15.3 STAR 29.79 +0.41 -6.7
SeriesBondFd 9.98 +0.01 -3.9 Lord Abbett F LTGradeAdml 9.84 +0.05 -9.4 InstPlus 374.12 +8.23 -7.8
Ultra 75.86 +1.19-13.4 IntlVal Inst NA ... NA Columbia Class I SrsGroCoRetail 17.48 +0.30-14.4 DivGro 68.85 +1.55 -7.0 TgtRe2015 14.00 +0.10 -4.2
SeriesOverseas 12.67 +0.31-12.0 ShtDurIncm 4.07 ... -1.6 MidCpAdml 288.85 +7.21 -8.4 InstTStPlus 80.85 +1.79 -8.3
American Funds Cl A Baird Funds DivIncom I 29.90 +0.74 -5.4 SrsIntlGrw 16.79 +0.38-12.2 EqInc 36.64 +1.02 1.8 TgtRe2020 29.53 +0.29 -4.8
SmCpIdxInstPrem 25.09 +0.55 -9.0 Lord Abbett I MuHYAdml 11.53 -0.02 -3.5 MidCpInst 63.81 +1.59 -8.4
AmcpA p 39.49 +0.75-13.1 AggBdInst 10.86 +0.01 -4.2 Dimensional Fds SrsIntlVal 11.07 +0.31 -0.9 Growth 89.33 +1.45-16.0 TgtRe2025 19.23 +0.24 -5.5
TMktIdxInstPrem122.71 +2.72 -8.3 ShtDurInc p 4.07 ... -1.5 MuIntAdml 14.24 -0.01 -2.8 MidCpIstPl 314.70 +7.86 -8.4
AMutlA p 51.49 +1.27 -3.1 CorBdInst 11.14 +0.01 -4.2 5GlbFxdInc 10.43 ... -2.5 TotalBond 10.61 +0.02 -3.7 Metropolitan West HelSci 91.06 +2.02-12.5 TgtRe2030 36.19 +0.51 -5.8
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BondA p 12.86 +0.02 -3.7 HiYldBd Inst 7.44 ... -4.4 EmMktCorEq 24.59 +0.39 -1.8 TotalBd 10.03 +0.02 -3.6 TRBdPlan NA ... NA MidCap 103.13 +2.16-12.1 TgtRe2040 39.40 +0.68 -6.3
GrOppI 133.71 +3.11-15.6 MuShtAdml 15.75 ... -0.7 STIGradeInst 10.50 ... -2.3
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NwInsghtI 35.96 +0.69-12.6 Fidelity Selects MFS Funds NHoriz 63.01 +0.82-18.0 TgtRe2045 26.54 +0.51 -6.5
PrmcpAdml r158.02 +2.99 -6.7 STIPSIxins 25.72 -0.05 -0.2
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IncoA p 25.26 +0.52 -2.3 Bridge Builder Trust US SmCpVal 43.01 +1.16 -1.1 FF2040 11.41 +0.24 -6.3 IncomeA1 p 2.50 +0.05 -0.1 StkIdx 48.14 +1.06 -7.8 1000 Inv r 94.97 +2.10 NA STIPSIxAdm 25.70 -0.05 -0.2 WellsI 28.00 +0.35 -3.3 ValueInst 56.43 +1.65 -1.6
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 B12 | Saturday/Sunday, February 26 - 27, 2022
SCOTT OLSON/GETTY IMAGES
Foot Locker said its guidance reflected having access to fewer Nike products to sell as the popular brand shifts more to direct sales.
Foot Locker Forecast Tanks Shares
BY INTI PACHECO
AND MATT GROSSMAN
For Foot Locker Inc., kick-
ing the Nike habit is hard.
Shares of the New York
City-based footwear and ap-
parel retailer sank 30% Friday
after the company said it ex-
pects weaker sales and profits
this year due to the current
economic environment and its
efforts to overhaul its business.
Foot Locker said that its
guidance reflected having ac-
cess to fewer Nike Inc. prod-
ucts to sell. The company also
said the combination of infla-
tion, supply-chain disruptions
and the absence of another lift
to consumers’ bank accounts
from government stimulus
would dent sales.
Comparable sales, or sales
at stores open for at least a
year, are expected to decline
by between 8% and 10% this
year, Foot Locker projected.
Nike accounted for 70% of
Foot Locker’s merchandise
purchases in 2021. Foot Locker
said Friday no one vendor
would account for more than
60% of total purchases in the
2022 fiscal year.
“We continue to have a
strong relationship with Nike,
and they remain an important
partner for our business, espe-
cially in basketball, children
and sneaker culture,” Chief Ex-
Zendesk Scraps SurveyMonkey Deal
BY DENNY JACOB
Zendesk Inc. said it has ter-
minated its deal with the par-
ent of web-survey company
SurveyMonkey after its share-
holders rejected the agreement
at a stockholder meeting.
The deal required approval
from both Zendesk and Mo-
mentive Global Inc.’s inves-
tors in votes that took place
on Friday. Momentive share-
holders approved the deal.
Zendesk, a customer-service
platform, agreed to buy Mo-
mentive in late October last
year, in an all-stock deal that at
the time was valued at about
$4.1 billion. The two companies
said that by combining they
could help businesses get bet-
Beyond Meat’s Supermarket Sales Fall 20%
BY JESSE NEWMAN
Beyond Meat Inc. shares
dropped Friday after the
plant-based meat alternative
maker reported a bigger-than-
anticipated quarterly loss and
a sharp decline in U.S. grocery
sales.
The California-based com-
pany late Thursday reported
an $80.4 million net loss for
the three months ended Dec.
31, saying weaker demand for
its products in U.S. supermar-
kets compared to year-earlier
levels more than offset higher
revenues from the company’s
international and U.S. food-
service business.
U.S. grocery sales dropped
nearly 20% in the quarter, re-
flecting what Beyond said was
lower demand, fewer shipping
days versus the year-earlier
period, increased discounts
and lost market share. Chief
Executive Ethan Brown said
the company considers lower
grocery sales a temporary dis-
ruption to growth, and that it
ecutive Richard Johnson said
on a conference call with ana-
lysts. “2022 will reflect an ac-
celeration of pre-existing
strategies that are well under
way and have already been
yielding success.”
In recent years, Nike has
cut around half of its whole-
sale accounts in North Amer-
ica while focusing on sales
through its own apps, web-
sites and stores.
Mr. Johnson said executives
have been planning around the
fact that Foot Locker would
have smaller quantities of
Nike products later this year
and beyond. He said consumer
behavior changed because of
the Covid-19 pandemic, and
made it clear that multibrands
destinations matter.
The CEO said other brands
the company sells including
Adidas, Puma, New Balance
and Crocs showed momentum
last year.
“There’s nothing like a
retro Jordan launch that
comes on a Friday and sells on
a Saturday. That’s a tough dy-
namic to overcome,” Mr. John-
son said.
Nike didn’t reply to a re-
quest to comment.
Cristina Fernandez, an ana-
lyst at Telsey Advisory Group
LLC, said Foot Locker’s chal-
lenge will be replicating the
sales success that Nike brands
ter feedback from customers.
Investors and analysts were
skeptical of the deal. Activist
investor Jana Partners LLC
was especially vocal, arguing
that the agreement would
slow Zendesk’s growth and di-
lute its margins. It also said it
would diminish buyer interest
in Zendesk and has criticized
the board for refusing to en-
gage with potential buyers.
Jana, which has said it
owns around a 3% stake in Ze-
ndesk, nominated Quincy Al-
len, Felicia Alvaro, Jeff Fox,
Scott Ostfeld to the board ear-
lier this month.
Investment manager Janus
Henderson Investors US LLC,
which owns a roughly 5%
stake, also opposed the deal.
The meat alternatives company aims to introduce new products.
is taking multiple steps to re-
juvenate sales, including
launching new products and
boosting sampling in grocery
stores following a slowdown
during the pandemic.
“We certainly think the cat-
egory is going to recover,” Mr.
Brown said on a conference
call Thursday.
Beyond shares closed down
BUSINESS & FINANCE
have once product quantities by 3% in 2022. As of late Janu-
fall. ary it had 2,858 stores, pri-
“Foot Locker’s going to marily based in malls across
work in other brands, but 28 countries and 142 fran-
Nike’s the strongest,” she said. chised stores in the Middle
“It might not be easy to re- East and Asia.
place those sales.” It also wants to tighten its
Foot Locker said it would connections with Goat Group,
lean more on apparel and con- the parent company of the on-
tinue to diversify the mix of line sneaker marketplace Goat.
brands it sells. The company Foot Locker invested $100 mil-
launched LCKR, its own mens- lion into the company in 2019.
wear brand, in the third quar- In the fourth quarter, which
ter, and Cozi, a womenswear included the key holiday shop-
brand, in December. Its ap- ping season, sales grew to
parel category sales grew 30% $2.34 billion from $2.19 billion
in the quarter ended Jan. 29. a year earlier. Comparable-
store sales climbed by 0.8% in
the quarter. Analysts were ex-
8%
pecting sales of $2.32 billion.
Higher supply-chain costs
contributed to net income fall-
ing 16% from a year earlier to
The minimum decline in sales $103 million, or $1.02 a share.
Foot Locker expects this year Stripping out one-time items,
Foot Locker’s adjusted per-
share earnings were $1.67,
Last year the company ac-
quired sportswear retailers
WSS and Atmos, which gave
which came in ahead of ana-
lysts’ forecasts.
For the current year, the
company expects a range of is-
Foot Locker a bigger presence
internationally and outside of
malls. In addition to expand-
sues to weigh on profits in-
cluding stepping up merchan-
dise promotions, supply-chain
ing those brands, it plans to costs and expenses tied to re-
open four larger pilot stores ducing its store count. The
that would provide a one-stop company also forecast ad-
shop for everything related to justed earnings of $4.25 a
sports and wellness. share to $4.60 a share, lower
Overall the company ex- than the $6.41 a share that an-
pects to cut its store footprint alysts expected.
Zendesk’s stock took a hit Shares of Momentive have
since the deal’s announcement declined 22.5% so far this year.
but has rebounded this month In after-hours trading on
after The Wall Street Journal Friday, Zendesk shares were
reported that the company roughly flat, while Momen-
had received private-equity tive’s shares ticked down 2.1%.
approaches and that Jana was “While we were excited by
preparing a proxy fight. the potential of this transac-
Through Friday’s close, shares tion to transform the cus-
are up nearly 11% so far this tomer experience and create
year. stockholder value, we respect
Zendesk said earlier this and appreciate the perspec-
month that it had rejected a tives of our stockholders,” Ze-
$127 to $132 per share take- ndesk Chief Executive Mikkel
over proposal from a group of Svane said.
firms it didn’t name. The Jour- Momentive Chief Executive
nal reported the consortium Zander Lurie said that while
includes Hellman & Friedman the company is disappointed
LLC, Advent International Zendesk’s shareholders didn’t
Corp. and Permira. Thoma approve the deal, it is “confi-
Bravo LP had also expressed dent in our go-forward strat-
interest, the Journal reported. egy.”
McDonald’s Corp. has ex-
panded its U.S. test of the Mc-
Plant burger, developed with
Beyond. Whether or not such
products win a permanent
place on menus will factor into
Beyond’s performance this
year, the company said.
Beyond’s U.S. food-service
sales grew 35% in the quarter,
GABBY JONES/BLOOMBERG NEWS
and the company added about
2,000 U.S. food-service outlets
to its roster, compared with
the prior quarter.
Beyond, founded in 2009,
uses yellow pea protein, po-
tato starch and other ingredi-
ents to make burger patties,
sausages and nuggets.
Beyond shares peaked
9.2% Friday, partially recover- above $234 in mid-2019 after
ing from an even steeper drop. the initial public offering at a
Mr. Brown said Beyond also price of $25 earlier that year.
had focused its U.S. innovation Shares have fallen since then
on restaurants last year, giving as meat alternative makers
priority to business with fast- have dealt with pandemic-re-
food chains and a joint ven- lated challenges and uncer-
ture with PepsiCo Inc. Earlier tainty around the products’
this year, Beyond introduced growth prospects. Beyond’s
Beyond Fried Chicken in over stock has fallen about 71% in
4,000 KFC stores, while the past 12 months.
* ****** THE WALL STREET JOURNAL.
China Query
Stalls Morgan
Stanley Plan
Securities regulator
asks for more details
of SEC’s investigation
into its block trading
BY REBECCA FENG
A U.S. investigation into
block trading by Wall Street
firms has ricocheted to China,
potentially slowing Morgan
Stanley’s plans to expand its
control of its brokerage and
fund management businesses.
China’s securities regulator
released a pair of statements
Friday citing the U.S. investi-
gation and problems that
arose in an inspection of the
bank’s securities business.
Morgan Stanley has been
expanding its business in
China over the past two years.
It has steadily increased
stakes in the onshore securi-
ties and fund-management
joint ventures after Beijing re-
laxed access to foreign finan-
cial institutions as part of a
trade deal with Washington.
The China Securities Regula-
tory Commission asked Morgan
Stanley Huaxin Fund Manage-
ment Co.—the U.S. bank’s Chi-
nese onshore fund-management
unit—to provide additional in-
formation on an investigation
launched by the Securities and
Exchange Commission into the
bank’s block trading business.
Morgan Stanley declined to
comment on the regulator’s
statements.
The Wall Street Journal re-
ported that federal investiga-
tors are examining whether
bankers might have improp-
erly tipped hedge-fund clients
Block Rallies With
Outlook on Growth
BY PETER RUDEGEAIR
A rosier-than-expected out-
look for growth for financial-
tech services like Square and
Cash App spurred a record
rally in the stock price of their
parent company, Block Inc.
Block’s shares rose 26% to
$119.82 on Friday, its biggest
one-day percentage increase
on record, after executives al-
layed investors’ worst fears
that its businesses wouldn’t be
able to prosper in the absence
of stimulus checks, fees from
the government’s small-busi-
ness loan program and other
pandemic-induced benefits.
Executives at Block told in-
vestors on an earnings confer-
ence call Thursday evening
that it estimated that overall
gross profit increased by one-
third in January and February
from a year earlier and that
gross profit would rise in each
quarter this year compared
with the preceding three
months.
That guidance helped Block
arrest what had been a free
fall in its share price in recent
few months. Investor distaste
Estée Lauder Executive
Apologizes Over Meme
BY SHARON TERLEP
A senior Estée Lauder Cos.
executive has apologized for
posting a meme on his personal
Instagram account that con-
tained a racial slur and a joke
about Covid-19.
Calling the meme racist,
John Demsey—who serves as
executive group president and
oversees some of the com-
pany’s biggest brands including
MAC and Clinique—said in an
Instagram post Friday that he
is “terribly sorry and deeply
ashamed” for his actions. He
said he did not read the meme
before posting it.
The New York-based cosmet-
ics giant on Tuesday suspended
Mr. Demsey without pay for an
indeterminate amount of time.
“Not only did I hurt many
people whom I respect, the ter-
rible mistake that I made has
undermined everything I have
been working for since I began
my career 31 years ago,” he
wrote in the post. “I hope that
in advance of large share
sales, according to people fa-
miliar with the situation. The
investigators are asking for in-
formation from Morgan Stan-
ley, Goldman Sachs Group Inc.
and several large hedge funds.
Morgan Stanley confirmed
late Thursday that federal inves-
tigators are probing its block-
trading business, adding that it
has been responding to requests
from the SEC since June 2019
and requests from the U.S. at-
torney’s office since last August.
The Chinese regulator’s in-
quiry came as part of the ap-
plication process for Morgan
Stanley to take control of Mor-
gan Stanley Huaxin Fund Man-
agement by boosting its own-
ership in the joint venture to
85%. The regulator asked for
details about the U.S. investi-
gation and its status.
The second line of inquiry by
China’s securities regulator in-
volves Morgan Stanley’s securi-
ties joint venture, which is try-
ing to set up an alternative
investment subsidiary.
The regulator said it found a
range of problems in an on-site
inspection, calling the firm’s cal-
culation of certain revenues un-
reasonable, its pricing of some
related-party transactions un-
fair and its development model
in need of standardization.
Morgan Stanley now holds a
90% stake in its securities joint
venture, which has licenses in
sponsoring and underwriting
equities and bonds as well as
proprietary trading of bonds,
among others. It is on track to
lift that stake to 94.06% by in-
jecting $110 million into the
unit, diluting its local partner’s
ownership to 5.94%.
for high-tech growth stocks
like Block at the prospect of
higher interest rates, com-
bined with projected slow-
downs at competitors like Pay-
Pal Holdings Inc., contributed
to a nearly 60% drop in the
Block’s share price since Au-
gust. That selloff erased
roughly $75 billion in market
value.
But Block provided analysts
and investors with reasons not
to be so downbeat. There were
more than 44 million monthly
active users of Cash App in
December, up more than one-
fifth from a year earlier. Vol-
umes at Afterpay, the buy-
now-pay-later company Block
acquired in January, expanded
by as much as 30% in Febru-
ary.
Nevertheless, Block’s shares
are still down about 30% since
the start of the year, and many
analysts revised their 2022
earnings estimates lower after
Thursday’s earnings call.
“It could have been a lot
worse,” said D.A. Davidson an-
alyst Chris Brendler in a re-
search note. “The outlook is
materially better than feared.”
in time people will judge me,
not for this awful mistake, but
for my lifetime of words and
actions, which demonstrate my
respect for all people.”
A meme posted Monday to
Mr. Demsey’s Instagram ac-
count pictured a spoof book
cover of the children’s TV show
“Sesame Street.” The post,
which contained the N-word
with some letters replaced with
asterisks, no longer appears on
Mr. Demsey’s account.
Mr. Demsey declined to com-
ment further. Estée Lauder de-
clined to elaborate on Mr. Dem-
sey’s comment that he posted
the meme without reading it.
Mr. Demsey, 65 years old,
one of the industry’s highest-
profile executives, was instru-
mental in tapping a diverse
range of women as MAC am-
bassadors or collaborators, es-
pecially Black music stars, in-
cluding Rihanna, Mary J. Blige
and recently Saweetie.
His Instagram account has
more than 73,000 followers.
THE WALL STREET JOURNAL.
South Korea Seeks Upgrade for Market
BY FRANCES YOON
South Korea is reviving a
longstanding push to be up-
graded to a developed market
by MSCI Inc., a change that
could pull in more than $40
billion in foreign capital.
As an emerging market,
South Korea ranks alongside
countries such as Colombia,
Egypt and the Philippines. That
jars in a wealthy country that
nowadays boasts the world’s
10th-largest economy, a $2.3
trillion stock market, and high-
tech heavyweights such as
Samsung Electronics Co.
The issue is such a sore
point in South Korea that it is
a topic ahead of next month’s
presidential elections. Lee Jae-
myung, the candidate for the
ruling left-leaning Democratic
Party, has touted inclusion as
a way to narrow the “Korea
discount,” in which stocks in
Seoul typically trade at lower
valuations than those on other
exchanges.
Any upgrade, however, rests
STREETWISE | By James Mackintosh
Why Stocks Rebounded After Russia Invaded Ukraine
Russia in-
vaded Ukraine
to start the
biggest land
war in Europe
since Hitler.
U.S. stocks soared. What
gives?
It isn’t that Wall Street
secretly loves Vladimir Pu-
tin. A close look at the mar-
ket’s performance Thursday
shows the reality: U.S. equi-
ties had a near-perfect re-
verse of what has been going
on this year. It was a great
stock-market switcheroo.
Stock gains continued
Friday in the U.S. and else-
where, with Russian shares
leaping by a fifth in ruble
terms. But it was Thursday’s
move that set the tone, and
which was so extraordinary
on the day Ukraine was in-
vaded.
Technology and other
growth stocks that were
* * * *
chiefly on technical grounds
related to what MSCI calls
market accessibility. It also re-
quires South Korean authori-
ties, scarred by a free fall in
the country’s currency during
the 1997-98 Asian financial
crisis, to abandon some of
their caution about unfettered
foreign-exchange trading.
If it succeeds, South Korea
could become the first country
to secure developed-market
status from MSCI since Israel
was elevated in 2010. Some of
its stocks would join the
widely followed, 23-market
MSCI World Index.
Goldman Sachs analysts es-
timate an upgrade could trig-
ger more than $44 billion in
foreign inflows and help rein-
vigorate the benchmark Kospi
Composite index, which as of
Friday had dropped 19% from
a record closing high reached
this past July. Inclusion could
help drive the Kospi to 4500
in two years’ time, they argue,
or an increase of roughly 68%
from Friday’s close at 2676.76.
Average S&P 500 price change split
by performance decile on Thursday
Thursday Year to Wednesday’s close
1st (best)
2nd
3rd
4th
5th
6th
7th
8th
9th
10th (worst)
–20% –15
American Association of Individual Investors sentiment survey
60%
Bearish Bullish
50
40
MARKETS
Actual inclusion is likely in
2024 at the earliest. South Ko-
rea would first need to be
added to a watch list, follow-
ing an index review by MSCI
that concludes later this year.
Any upgrade could be con-
firmed in 2023, after a consul-
tation with investors, and
there would then likely be a
further delay to give investors
time to prepare for the change.
South Korea was first
added to the watch list in
2008, but removed in 2014.
The rival index provider FTSE
Group, now known as FTSE
Russell, upgraded South Korea
in 2009.
Investors and analysts say
South Korea has a better shot
than before, particularly since
it has shown more willingness
to open up the currency mar-
ket, which has been tightly
controlled since the aftermath
of the Asian financial crisis.
Only banks and brokers in
South Korea can buy and sell
the won, and it doesn’t trade
outside local market hours—a
–10 –5 0 5
South Korean stocks tend to trade at
relatively low multiples of estimated earnings.
12-month forward price-earnings ratios of MSCI indexes
20 times
World*
Emerging markets
18
South Korea
16
14
12
10
8 decisions, he said.
6 Weekly
2013 ’14 ’15 ’16
*MSCI All Country World Index
cumbersome arrangement for
foreign investors who want to
convert currency so they can
buy or sell stocks. South Korea
is now considering lengthen-
ing trading beyond the London
market open and allowing off-
reduces the risk of a massive
jump in energy costs. It is
bad for the oil and gas
stocks that had been doing
well this year, and were also
hurt by the promised release
of U.S. strategic oil reserves.
The sanctions with the most
bite are on Russia’s banks,
which aren’t great for banks
elsewhere.
Second, the Federal Re-
serve is expected to slow the
pace of interest-rate rises a
little, with the chance of a
first half-point increase in
March receding, according to
futures market pricing. The
probability of rates rising to
2% in a year’s time from
zero now dropped from more
than one-third to just over
one-quarter. Investors who
think there is less risk of re-
ally extreme Fed moves are
more willing to take risk.
The tech and other growth
stocks that had been hit so
Saturday/Sunday, February 26 - 27, 2022 | B13
’17 ’18 ’19 ’20
Source: Refinitiv
shore trading after the domes-
tic market closes.
“After experiencing 1997, the
stability of our currency has
been a top priority,” said Dong-
ick Kim, director of the interna-
tional finance division at the
the effect on stock prices of
deleveraging doesn’t last.
For now it looks like trad-
ers are judging that Ukraine
won’t be that bad for Wall
Street.
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
  
economy and finance ministry.
“We are now confident that we
have the policy tools to upgrade
market structures akin to a de-
veloped market.”
Mr. Kim said South Korea
has sufficient foreign-ex-
change reserves, with abun-
dant U.S. dollars onshore, to
free up trading. The won and
economic growth have both
shown resilience during the
Covid-19 pandemic, he added.
The government is also con-
tacting foreign investors about
these proposals, as MSCI con-
siders investor feedback in its
MSCI said its annual re-
views evaluate economic de-
’21 ’22 velopment, plus market size,
liquidity and accessibility, and
are based on “independent
and objective analysis which
takes into account the views of
global investors.” It added
that “investors’ experience of
market accessibility, rather
than merely an abstract analy-
sis of regulatory language,”
was important to its decisions.
But remember that just a
few days ago the same peo-
ple judged that a full-on in-
vasion was unlikely. Expect
markets to keep swinging
about as reality intrudes.
ADVERTISEMENT
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badly for the year up to 2018 ’19 ’20 ’21 ’22
much of an issue this was,   

 
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Thursday was strong, and
vice versa. Quite why is less
clear, but I have theories:
but the pattern fits that of a   !"#  # $% 
Sources: FactSet (performance); Refinitiv (survey) generalized retreat from
trading on borrowed money. ANNOUNCEMENTS CAREERS
already so worried that it One test of the private-in- Leveraged investors such as
didn’t take much to hit rock- vestor mood is the meme hedge funds and momentum

S
entiment was de- bottom and so rebound. The stocks of GameStop—up 8% traders buy back stocks they  

pressed, and a moment regular American Associa- Thursday—and AMC Enter- had bet against, or shorted—    
 
of panic-selling hit tion of Individual Investors tainment—up 12%—that are such as GameStop or the    
 

    
when the market opened, survey this week found the so disconnected from reality tech and growth sectors that     !!"
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with the CBOE VIX index of highest proportion of self- that sentiment dominates. had been in decline for
  
implied volatility hitting its
highest opening level since
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I quoted a line usually, and
(2(2
probably wrongly, attributed
(2(2
to legendary banker Nathan
Mayer Rothschild, but an-
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described bears in almost a Sentiment doesn’t usually months—and sell stocks that    
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decade, and close to the low- turn on its own though, and had been bought on margin,
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telligence examination of though a better tone was typically exacerbated by a 3*%* ) 4'/%*'5 ,'%2
newsletter writers found clear on Friday too. rush to deleverage.  & )' %*  2'*(
bearish sentiment almost Any of these could
,-

other captures the fear that
war brings to markets: “Buy
on the sound of cannon, sell
on the sound of trumpets.”
F
equal to bullish for the first undamentals were also
time since the March 2020 very helpful. These
selloff. And a 10-day split roughly into two.
smoothed measure of inves- First, the sanctions imposed
change. Sentiment by its na- .
ture can swing about, and  COMMERCIAL REAL ESTATE
while it is good sense to buy //,
when others are fearful, they  
 



When fear dominates, it is tor opinion from the options on Russia weren’t as tough can always get more fearful.

 


time to buy, and many did.
Fear receded, tracked by the
price of gold giving back all
market showed the equal-
highest proportion of buying
of bearish puts—used to pro-
as they could have been. In-
vestors who feared a bigger
hit could thus take more risk
Sanctions could be beefed
up, especially if Russia’s ac-
tions enrage public opinion

 


 

    

  
  
  
  
its gains to end the day tect from falls—to bullish again. Russia’s major exports in Europe enough that Ger-  % *  +,
%  ""
lower than it started. calls—used to bet on rising will be untouched, with ex- many’s politicians judge that  
 
 
 
Why was the reverse so stock prices—since shortly emptions for energy and ag- it is worth accepting the     
   
quick, though? One reason after the pandemic panic be- ricultural sales. That is good pain of still higher natural-


!"#
  

could be that investors were gan. for the West’s economy, as it gas prices. And by its nature
$%&'( )*+'+
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SEC Seeks
 
    

cause share prices to spike. a $10 million short position or sode. 

    ! "
#$
The SEC suggested in a re- a 2.5% stake. The form would In November, it issued a   "  
  
     % &  '( )
port last fall that a short include the name of the secu- proposal to increase visibility

To Improve squeeze wasn’t the main impe-

tus for the surge in
rity in question, the end-of-
month gross short position,
into the securities-lending
market, where short sellers
 

$ 
$# '(
GameStop’s shares, though it and daily trading activity that borrow shares from broker-    

Disclosure noted that regulators would

benefit from more data around
short sales.
affected that position.
Brokerages are already re-
quired to tell regulators twice
ages or asset managers.
That still-pending proposal
would require stock lenders to
 
  

  


 


Continued from page B1
costs without making markets
safer for investors.
But a recent academic
study questioned the SEC’s
conclusion, saying that a “non-
trivial fraction of the trading
a month how many shares
their clients have sold short
via a mechanism called short-
report data on each loan to an 
oversight body, such as the Fi-
nancial Industry Regulatory
Authority, within 15 minutes.
   

   

 

 

“The objective of increasing
%. &# /+/ 0 -$ #1$.  2,/
investor transparency is better
achieved through other mech-
"& '(" " )* " &)!
anisms,” said Bryan Corbett,
volume in GameStop’s stock Data on the loans would be +,  !&-
   !
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consisted of purchases by made public. "  #$  $%#$!
short sellers covering their
The rule would In addition, the SEC is also
positions.” require short sellers examining the ways that tech-  


president of the Managed Mr. Gensler, who was nomi-
to report their savvy investment platforms in-   
 
 
Funds Association, a lobbying nated by President Biden, said teract with their customers,
group for hedge funds. “This the data targeted in Friday’s positions monthly. amid concerns that push noti-
 
     
rule, as proposed, provides no
additional protection to inves-
tors or markets.”

The meme-stock episode in-
volved thousands of individual

proposal “would help us to fications and other tactics can     PRODUCTS
better oversee the markets
and understand the role short
encourage individual investors
to trade too frequently for
  
selling may play in market interest reporting. That data their own good.
events…especially in times of isn’t broken down by asset Mr. Gensler has also
 
#$% &' ' $#
#&#
$ %$(
investors coordinating on Red-
dit to purchase a handful of
stress or volatility.”
The proposed rules would
manager, however, limiting the
SEC’s visibility into individual
launched a broader review of
the relationships between bro-   &
##' # #$
$%#(
 
companies’ stocks in hopes of
forcing short sellers to cover
require asset managers to file
a new form with the SEC each
firms’ positions.
Mr. Gensler noted the
kerages, high-speed trading
firms and stock exchanges, in



   !! "
their positions, creating a
“short squeeze” that would
month for every security in
which the manager had either
agency has other projects re-
lated to the GameStop epi-
an effort to reduce trading
costs for investors.

 

   
 B14 | Saturday/Sunday, February 26 - 27, 2022
Space Stocks Fall
Back to Earth
A bubble fueled by amateur traders is losing air.
Startups with realistic ambitions stand a better chance.
Amateur Reddit traders managed
to launch the space economy into
orbit last year. It is time to see
which stocks can survive re-entry.
British billionaire Richard Bran-
son inaugurated a new era by trav-
eling to the thermosphere using his
Virgin Galactic venture. Ama-
zon.com founder Jeff Bezos fol-
lowed on board his own space-tour-
ism company, Blue Origin. Also last
year, Virgin Orbit, Rocket Lab, Astra
Space, Redwire and Momentus
joined the stock market with the
same type of “blank check” merger
used by Virgin Galactic in 2019. Ter-
ran Orbital and D-Orbit are sched-
uled to close similar deals this year.
What has funneled cash into
these startups, though, might be
less a rational calculation of profit
than the fickle desires of investors
to discuss space gadgets on the in-
ternet.
In 2021, amateur traders baffled
professional asset managers by co-
ordinating in forums such as Red-
dit’s WallStreetBets to propel un-
loved companies such as videogame
retailer GameStop to absurd highs.
Data by fund tracker VandaTrack
confirms that space companies rode
Three-month share performance
0%
–20
–40
–60
–80
Dec. 2021 Jan. 2022
Source: FactSet
TIFFANY HAGLER-GEARD/BLOOMBERG NEWS
Cash App’s gross profit growth stabilized in the fourth quarter.
Cash App Is King
For Block Stock
Investors regain faith in a fintech darling
Block’s Cash App is money
again for investors in the fintech
giant.
Markets appeared to have lost
faith in the hypergrowth potential
of financial technology, with stocks
such as Affirm, Block and PayPal
all trading down more than 40% so
far in 2022 as of Thursday’s close.
A major concern has been that the
digital payments and banking
boom of the pandemic was a stim-
ulus-driven one-off, or a pull-for-
ward of years of future growth—
and that digital finance won’t
fundamentally disrupt banks or
develop products that encourage
long-term loyalty.
Now investors may find reasons
for a renewal of optimism in re-
sults for Block’s Cash App, the
neobank-like service that enables
payments, deposits and more.
Cash App was a major benefi-
ciary of the disbursement of gov-
ernment checks during the pan-
demic. That had investors
dreaming of a more rapid-than-an-
ticipated evolution of Block into a
digital banking giant. Then, as
stimulus faded, Cash App’s year-
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
the same “meme stock” wave—par-
ticularly Virgin Galactic. Its highs in
February of 2020 and summer of
2021 were highly correlated with
mentions on the irreverent Reddit
forum. At its 2020 peak, Virgin Ga-
lactic was the fourth-favorite stock
among users, receiving 31% of all
mentions.
Since late last year, however, re-
cently listed startups have come
crashing down, just as Virgin Galac-
tic’s share of mentions has shrunk to
2.6%. Its stock has lost roughly half
its value from three months ago. Ex-
pectations of higher interest rates
have steepened its plunge in 2022.
Other space startups, while not
as fashionable, also have online fan
groups backing their stocks, espe-
cially on video platform YouTube.
VandaTrack shows their popularity
waning too as their share prices
have dropped.
Space is exciting, but it has been
hard to invest in directly. The mar-
ket leader, with a $100 billion valu-
ation, is SpaceX: Its Falcon rockets
have slashed launch costs and
opened space to commercial appli-
cations, including 2,000 Starlink
satellites. But it is privately owned
Virgin Orbit
Rocket Lab
Redwire
Virgin Galactic
Astra Space
Momentus
Feb.
over-year gross profit growth be-
came progressively slower in the
second and third quarters of 2021,
with a sequential gross-profit drop
from the second to the third quar-
ter.
In the fourth quarter, though,
Cash App stabilized. Gross profit
was up a bit from the third quar-
ter and rising at a faster year-
over-year pace. That annual
growth rate could dip again in the
first quarter, when Cash App faces
a tough comparison to the period
when stimulus checks were sent
out in 2021. However, the business
appears to be on pace to grow
gross profit sequentially again,
judging by accelerating two-year-
compound growth in March versus
January and February. Block fur-
ther said that it anticipated year-
over-year growth rate improve-
ments in the second half of 2022
for Cash App.
Perhaps most enticingly, Block
attributed some of that growth to
expansion of what Cash App does:
newer services such as tax prepa-
ration, merchant payments and ac-
counts for teens, as well as pricing
ON
THE
One entrant in the space race is Richard Branson, above, who went to the thermosphere via Virgin Galactic.
by Tesla chief Elon Musk.
As a result, startups have be-
come the avatar for all the enthusi-
asm of Reddit investors, for whom
feelings of community and adven-
ture can matter as much as turning
a profit.
The risk isn’t just more tough
lessons for novice investors. High
valuations themselves could be cru-
cial for these moonshots to have a
shot at success. Virgin Galactic still
needs extra cash to start operating,
and its stock slide makes funding
more expensive: After a $500 mil-
lion stock sale last year, the firm re-
cently announced a $425 million
convertible-bond issuance. Talent
retention also is harder with shares
falling below the strike price of em-
ployee stock options.
Mr. Branson’s other space ven-
ture, Virgin Orbit, is another victim:
Despite expecting to raise $383 mil-
lion from “blank check” backers in
August, it managed to hang on to
only $68 million when the merger
completed in January.
Underneath the ebbs and flows
of hot money, though, there is tech-
nological disruption. Swiss bank
UBS believes the space economy
adjustments. This may reignite the
belief that Cash App is much more
than just another digital stimulus-
check deposit service to its newer
users. Block shares surged 26% on
Friday after its earnings report.
Given the market’s general dis-
trust of growth companies right
now due to risk aversion and ris-
ing interest rates, Block might
struggle to make up for all of its
recent valuation compression. It
began 2021 trading at an enter-
prise value around 150 times
next-12-months earnings before in-
terest, taxes, depreciation and
amortization. Now it fetches about
70 times—still above where it be-
gan in 2020 at around 50 times.
There might be catalysts,
though, for some additional gains.
Block still is telling investors more
about what it anticipates for reve-
nue synergy with Afterpay, the
buy-now, pay-later specialist it ac-
quired recently—something espe-
cially needed as that sector is fac-
ing its own concerns about growth
deceleration. The company is hold-
ing an investor day in May. Mean-
while, Block’s original Square busi-
ness for sellers is picking up
momentum, driven in part by fur-
ther normalization of in-person
shopping.
What all of this does is provide
a stronger foundation for Block.
But questions remain about how
effectively it can fit its pieces to-
gether.
—Telis Demos
Block’s Cash App quarterly gross
profit, change from a year earlier
200%
150
100
50
0 slowing, but those outlays will take
2020 ’21
Source: the company
* ***
will double to $900 billion by 2030.
With SpaceX having announced
no plans to list its shares, those
committed to the new space race
might be tempted to dabble in
startups. They should try to remain
relatively grounded, though. Space
tourism remains an unproven mar-
ket of limited potential that could
come to an unceremonious end if
there is a single deadly accident.
What drives the bulk of Wall
Street’s forecasts are satellites.
Even with satellite-TV revenues de-
clining, broadband, navigation and
observation services should offset
it. The move toward constellations
of simpler, small satellites in low
Earth orbit, such as Starlink, has
opened the door to many entrants.
Greater economies of scale can
push potential profit margins to
about 14%, versus 10% for tradi-
tional satellites, Bernstein Research
estimates. Listed specialists include
Redwire, Swedish nanosatellite
maker AAC Clyde Space and, pro-
spectively, Terran Orbital.
Rocket Lab, Virgin Orbit and As-
tra are successfully launching
smaller rockets that more readily
take these smaller payloads to their
Alibaba Shares Are
Cheap, Not a Bargain
China’s e-commerce champion struggles amid
slow national growth and regulatory scrutiny
Chinese e-commerce giant Ali-
baba has been sailing through a
regulatory windstorm for more than
a year now. A slowing economy and
new competitive pressures are add-
ing to already blustery conditions.
The impact of China’s sharp eco-
nomic slowdown, particularly for
consumers, is clear in the com-
pany’s latest results. Alibaba on
Thursday reported its slowest
growth since it went public in 2014.
Revenue for the quarter ended in
December grew 10% year-over-year.
The growth rate for the same quar-
ter in 2020 was 37%.
Revenue from its major profit
driver—the so-called customer
management business, which con-
sists of its Taobao and Tmall e-
commerce platforms—fell 1.3% from
a year earlier. Sales of apparel and
consumer electronics were particu-
larly slow. The company has also of-
fered more subsidies and fee reduc-
tions to merchants. A subdued
Singles Day, a shopping festival in
November similar to Black Friday,
probably contributed to slower
growth. And competition from
smaller rivals, especially now that
regulators are paying close atten-
tion to anticompetitive behavior, is
also posing challenges.
China’s slowing growth, espe-
cially in consumption, has been a
major drag. Retail sales continue to
be the weakest link in China’s eco-
nomic recovery from the Covid-19
pandemic. But Alibaba’s high-
growth days are probably over for
more structural reasons, too. The
company said it has substantially
captured all consumers with pur-
chasing power in China, so its focus
will now switch to retaining them
and making them spend more.
New investments, needed to di-
versify around regulatory risks, are
also raising costs. It makes sense
that Alibaba is pivoting into other
areas when its core business is
a while to bear fruit. For instance,
Alibaba’s international e-commerce,
cloud and logistics segments posted
THE WALL STREET JOURNAL.
VIRGIN GALACTIC/ZUMA PRESS
dedicated orbits, though at a higher
cost per kilogram than a Falcon.
Momentus and D-Orbit focus on in-
novative technology for deploying
them into orbit once in space.
The turning tide of market senti-
ment, though, will probably punish
big, ambitious ideas, such as pitches
from Redwire and D-Orbit to do in-
orbit manufacturing and servicing,
and players struggling with con-
stant delays, such as Virgin Galac-
tic, Astra and Momentus. Most of
those companies aren’t expected to
make any earnings before interest,
taxes, depreciation and amortiza-
tion, or Ebitda, until 2025, with
positive cash flow taking an extra
year. Bridging that gap may prove
hard.
By contrast, ACC, which gets lit-
tle love from Reddit, could have
positive Ebitda this year. Rocket
Lab, which is forecast to do so in
2023, has a $793 million cash buffer
that is eight times its expected out-
flows before breaking even on cash.
Markets may suddenly find this ap-
pealing.
Unless it reaches escape velocity,
what goes up must come down.
—Jon Sindreu
Alibaba’s quarterly revenue,
change from a year earlier
70%
60
50
40
30
20
10
0
2015 ’16 ’17 ’18 ’19 ’20 ’21
Source: the company
faster growth than its core Chinese
e-commerce business last quarter.
But those businesses are still un-
profitable and will need a constant
infusion of significant investment
for quite a while. Alibaba owns
Southeast Asian online shopping
platform Lazada, but it faces strong
competition from Sea’s Shopee.
And even Alibaba’s muscular
cloud business isn’t immune to
China’s economic slowdown. Ali-
baba’s cloud revenue grew 20%
year-over-year last quarter, slower
than in previous years. That’s partly
because it lost a top internet cus-
tomer for its international business,
but even excluding that impact, its
growth has still slowed.
After losing around two-thirds of
their value since their 2020 peak,
Alibaba’s shares might look cheap—
they are trading at 13.5 times for-
ward earnings, according to Fact-
Set. But investors will probably stay
on the sidelines until they get a
clearer picture of the path forward
from regulators and Chinese growth
concerns recede. —Jacky Wong
CULTURE | SCIENCE |
True Believers
Contrary to some parents’
fears, college doesn’t make
students lose their faith C5

POLITICS | HUMOR
REVIEW THE WALL STREET JOURNAL. * * **
The Great Stone Face
Buster Keaton’s
comedy sublime
Books C7

Saturday/Sunday, February 26 - 27, 2022 | C1

I
n January 2012, on a windy wrong, and if I just stopped eating
beach by a derelict hotel in
Vietnam, my partner, Jim,
and I were reading by the wa-
ter when I noticed a strange
rash on my inner arm, seven
The Lonely sugar, or pizza, say, I’d be fine.
My tendency to ignore my symp-
toms came in part from the fact that I
grew up in a family that was largely in-
different to matters of health. My par-
or eight raised red bumps arranged in
a circle. It looked like Braille, I
thought. But what was it trying to tell
me? “Look at this,” I said to Jim. He
Odyssey of ents were from large Irish-American
Catholic families. They were pragmatic
and rather stoic. They thought you
didn’t go to the doctor unless you were

glanced at the angry, inflamed rash
and said, “That’s strange.”
It was far from the first mysterious
symptom I’d experienced. Fifteen years
earlier, not long after I graduated from
college and spent a weekend with my
family at the Connecticut shore, I be-
gan experiencing something I called
“electric shocks”: flickering pains
along my limbs, as if I were being
stung by tiny bees. A few months later,
I started waking at night covered in
hives and soaked in sweat. Soon, I
spent days swallowed up by fatigue
and joint pain. I had trouble remem-
bering names and faces. The symptoms
came and went. I toggled between the
conviction that something had to be
wrong—I didn’t feel OK—and the con-
viction that I was doing something
Chronic
Illness
For one woman, years of mysterious
and debilitating symptoms presented
a challenge that the health care
system seemed unequipped to handle.
By Meghan O’Rourke
burning up with fever or had a bad fall
or a wound that needed stitching. In
that case, you got a diagnosis, you took
medicine or had surgery, and you got
better, more or less in that order. They
saw doctors as unquestionable experts.
If they told you nothing was wrong,
nothing was wrong.
But when I looked at the rash, I was
convinced it meant something. All of
these little problems, I thought—they
Please turn to page C2
Ms. O’Rourke is a poet and the editor
of the Yale Review. This essay is
adapted from her new book “The
Invisible Kingdom: Reimagining
Chronic Illness,” which will be
published on March 1 by Riverhead.

Why Ukrainians Are Prepared to Fight

Eight years ago, the country rose up against the
corruption and brutality of Russian domination,
forging a new kind of civic bond and commitment. Ukrainians rally in support of EU
integration, Kyiv, Dec. 2, 2013.
FROM TOP: ILLUSTRATION BY SÉBASTIEN THIBAULT; GLEB GARANICH/REUTERS; GETTY IMAGES (BOOKS)

BY MARCI SHORE During World War I, the Bolshe-

ON FEB. 24, RUSSIA invaded
Ukraine. In the early morning hours,
before dawn, Russian artillery be-
gan bombarding Kyiv, Odessa and
Kharkiv.
A few weeks earlier, as Vladimir
Putin was ostentatiously amassing
troops on the border, I had sent an
email to two journalist friends in
Kyiv.
“Ia s vami,” I wrote in Russian.
I’m with you.
“We’re always mobilized,” one
wrote back, “and ready to work,
whatever comes.”
These women are still young, yet
between them they have covered war
and revolution in their own country,
Belarus, Egypt and Iraq. Born around
the time of the 1986 Chernobyl di-
saster, they come from a country
that has been through a lot.
vik Revolution and the civil war that
followed, Kyiv was occupied by five
different armies. In the 1930s, Stalin
engineered a famine that killed
more than three and a half million
Ukrainians. Then came the Great
Terror, World War II, Nazi occupa-
tion, the Holocaust, ethnic cleans-
ing, mass deportation to the Gulag,
nuclear catastrophe. When the
U.S.S.R. dissolved in 1991, Russia be-
came its successor state; Ukraine
and 13 other constituent Soviet Re-
publics became newly independent
states. In Ukraine, years of corrup-
tion, gangsterism and oligarchy fol-
lowed.
In 2004, the former Soviet re-
publics in the Baltics—Latvia, Esto-
nia and Lithuania—joined both the
European Union and NATO. By then
it was clear that a Russia ruled by
Please turn to page C4

Inside
LANGUAGE
Breaker EVERYDAY PHYSICS WEEKEND
CONFIDENTIAL

Linguists have long

considered grammar
One-Nine What makes
knuckles crack? Patrick Scannon
innate. But what if words ‘Convoy’ long meant It has to do with has made it
began in a jumble, and a line of vehicles but the peculiarities his mission to
became an emblem bring American
order spontaneously of trucker defiance in of gas bubbles in
evolved through use? C3 the 1970s. C6 our joints. C3 MIAs home. C6
C2 | Saturday/Sunday, February 26 - 27, 2022
A Patient’s Long Quest for Answers
The author at her home in
New Haven, Conn., Feb. 21.
Continued from the prior page nologist, a rheumatologist, a neurol-
mean something. I stroked the ogist, a dermatologist, an OB-GYN,
bumps as if they could spell out a a sports medicine doctor who spe-
word that would unlock the mys- cialized in hip and knee injuries, a
tery. nutritionist and a reproductive en-
A few months later, I made an docrinologist, to help with trying to
appointment with a specialist in get pregnant. No one had any an-
women’s health at a hospital in New swers.
York. The doctor asked me search- I grew practiced in choosing only
ing questions about the health his- a few symptoms to tell my doctors
tories of my parents and their fami- about, and I didn’t mention the
lies, which included ulcerative many other doctors I had seen.
colitis, rheumatoid arthritis and Many physicians assume patients
thyroid conditions. She told me that who “doctor shop” are problem pa-
even before she saw my lab tests, tients. I also learned quickly that
she suspected I had “some kind of one of the worst things I could do
autoimmune disease.” I was taken was to show up prepared with prior
aback: For the first time, a doctor medical records. A 1988 paper by
had suggested something might in British physician T.C. O’Dowd
fact be really wrong with my health. coined the term “heartsink pa-
If that was true, had I been sick for tients” to describe patients who
years? “exasperate, defeat and overwhelm”
The lab tests their doctors. I
showed that I had didn’t want to be
low levels of thy- What I had such a patient—a
roid hormones patient who
and antibodies to
experienced seems to ask too
my thyroid. This was life itself, much.
meant that my the body Still, nothing I
immune system did could change
was attacking my straining to the fundamental
thyroid, in a case survive despite problem: I had a
of mistaken iden- chronic illness,
tity. I didn’t ask the odds and doctors gen-
the doctor many stacked erally don’t like
questions. The di- dealing with
agnosis, I thought,
against it. chronically ill pa-
was the answer to tients. In chronic
my problems—the illness, the patient
magic solution to the mystery. I doesn’t have a problem that can be
knew a lot of people with thyroid solved quickly, but a disease to be
disease, and they had taken medi- managed, physically and psychologi-
cine and gotten better. I assumed I cally. Such illnesses can be intracta-
would, too. I picked up my prescrip- ble, messy, mysterious. And doctors
tion for thyroid replacement hor- don’t want to manage; they want to
mone and made a follow-up ap- fix. Medical education emphasizes
pointment for six weeks later, when, solutions and is often “equated with
my doctor suspected, I would likely cure,” according to a 2005 British
be feeling much better. Medical Journal study of doctor-pa-
But six weeks later, I didn’t feel tient relationships in chronic illness.
better. My thyroid hormones stabi- Unfortunately, “the treatment of
lized, and the antibodies went away. chronic disease conflicts so funda-
And yet I got even sicker. My hands mentally with these expectations
began to shake. My blood pressure that it tends to be neglected.”
dropped to 79 over 40. I was so “The best kind of patient,” the
dizzy and exhausted I could barely psychiatrist T.F. Main wrote in a
walk around the block, and at one 1957 paper, “is one who from great
point I fainted. It felt as if my body suffering and danger of life or san-
were made of sand that I had to ity responds quickly to a treatment
hold together through sheer will. that interests his doctor and there-
In the fall and winter of 2012, I after remains completely well.” The
went to see more high-level physi- patient whose symptoms fail to go
cians and specialists, many of whom away after a course of antibiotics,
didn’t accept insurance. Debt ac- the patient with medically unex-
crued on my credit cards. By then, I plained pain—these are precisely
had nine doctors—a GP, an endocri- the worst kind of patient.
REVIEW
By late February 2014, I was ex-
tremely sick. I suffered from brain
fog, joint pain and strange neuro-
logical symptoms. One night, driv-
ing home from a work event with a
colleague, I looked at him and real-
ized I had no idea who he was. Each
morning, I would sit at my desk to
try to write, only to find that I was
so tired I would nod off. Pain
roamed my body. I had the sense
that the energy had been leached
from my mitochondria. I felt like I
was dying. But I was only 37.
Then a doctor I saw tested me
for Lyme disease. In all my years of
seeing doctors, only one had men-
tioned the possibility of Lyme dis-
ease, and I never got fully tested
since the possibility seemed remote
to me. I never had a bulls-eye rash,
and I thought that you couldn’t have
Lyme without the rash. My new
doctor explained that this was a
mistake; in fact, she said, I had the
classic symptoms of a tick-borne
disease. Perhaps it was not a coinci-
dence that I had first noticed my
symptoms after my family spent
time on the Connecticut shore, not
far from Lyme, Conn. She wasn’t
sure what to do for me, though: If I
did have Lyme, I’d had it now for al-
most 15 years.
Still, it was a possible explana-
tion. So one afternoon I went to see
an expert in Lyme disease, Richard
Horowitz. As I sat in his office near
Poughkeepsie, N.Y., I told him that I
didn’t believe I really had Lyme. It
seemed like a diagnosis one re-
ceived when there were no other ex-
planations to offer. My symptoms
were mostly neurological; Lyme dis-
ease, I had thought, was mostly ar-
thritic.
Dr. Horowitz explained that some
researchers think that different
strains of the Lyme bacterium cause
different manifestations. He pointed
at one of my lab results. “This
makes me highly suspicious that
you have Lyme,” he said, explaining
that I had antibodies specific to the
bacterium in my blood. Later tests
confirmed the presence of a tick-
borne co-infection called bartonella.
Dr. Horowitz told me that he
thought my body was in fact quite
strong, and that was how I had
coped for so long. He put me on a
month of doxycycline and other
medications meant to help my body
get rid of the infection.
But the night before I was sup-
posed to start, I hesitated. I knew
that antibiotics are damaging to the
microbiome—I had embarked on a
diet designed to heal the gut when
I first got sick. And who knew if I
really did have Lyme disease, or
whether antibiotics would help me?
I had read terrifying stories online
about people who only got sicker
during their Lyme treatment. But
Jim was aghast. “What do you have
to lose?” he asked me.
With that, I got a glass of water
and began the treatment. Dr. Horo-
witz had warned me that I might
feel worse at points, due to what’s
With chronic illnesses the
patient doesn’t have a problem
that can be solved quickly,
which is frustrating to doctors.
* ***
known as the “Jarisch-Herxheimer
reaction,” or inflammation produced
by bacteria dying and releasing tox-
ins. Lyme patients called it “herx-
ing.” The next day, my body ached
and my neck felt like it was on fire.
I had the strange sensation that rain
was falling on my arms.
At our second appointment, Dr.
Horowitz changed the drugs I was
taking, adding new antibiotics to
the mix. That week, I got sicker
than I had ever been. I found myself
Above: A grouping of Borrelia burgdorferi, the bacterium that causes
Lyme disease, seen through an electron microscope. It is transmitted to
humans through the bite of the blacklegged tick (below).
shivering violently one warm sum-
mer night. The electric shocks were
so painful that I found myself rub-
bing my arms until they bruised. I
can’t do this, I thought.
The next day, though, I felt more
energetic than I had in years. It was
a beautiful morning. I put on my
running sneakers, lacing them
tightly. Ten minutes later, I was
nearly jumping for joy during a run
through the park. My pace was slug-
gish, but I ran 3 miles.
As the weeks passed, I got
steadily better. Soon I was running
5 miles. I had energy to read and
see friends. The night sweats that
had been waking me up vanished. I
felt like a young person again: ready
to see what possibility the day held.
The idea that Lyme disease can
cause ongoing symptoms that are
hard to treat has long been con-
tested within the medical establish-
ment. But by the time I began treat-
ment in 2014, many researchers had
embraced the notion that tick-borne
disease can trigger long-term symp-
toms in a subset of patients. Studies
THE WALL STREET JOURNAL.
conducted at Johns Hopkins Univer-
sity found that up to 20% of even
“ideally treated” patients—those
who get the classic bull’s-eye rash
and take antibiotics promptly—end
up with lingering symptoms after
infection. As Ramzi Asfour, an infec-
tious disease physician in the Bay
Area, told me, “Anyone who says
they really understand the
pathophysiology of what’s going on
is oversimplifying to some degree.”
Dr. Asfour has found that his pa-
tients need a variety of approaches
in order to get better.
But this kind of personalized
medicine presents problems for
conventional medicine. It demands
a creative approach that relies on a
holistic evaluation of the patient,
rather than algorithmic solutions. It
also requires patience—and pa-
tience is not conventional medi-
cine’s strong suit. Being an infec-
tious-disease doctor usually allows
you to offer a quick fix, Dr. Asfour
told me. The patient is sick when
you meet them, you find the prob-
lem, you administer a medication,
and they get better. But a patient
who has an illness that won’t go
away, whether she is a Lyme patient
or a long Covid patient, challenges
that model.
I took antibiotics intermittently
for eight months. By the spring of
2015, I felt like a person again, even
if some of the fatigue and dizziness
remained. Those symptoms were
manageable compared with the ter-
rifying loss of cognitive function
that the Lyme had brought with it.
Little webs of feeling that I’d ig-
nored for years shivered in the
breeze of my wide-open mind.
A few months later, I got preg-
nant. I was 39. In the early, dizzying
weeks of conceiving after years of
trying and failing, I felt many forms
of metaphysical joy, but the preg-
nancy, I believed, was a story I had
to work to hold in my mind. If I
didn’t, it might fade away, like a
dream you can’t remember after
FROM TOP: JULIE BIDWELL FOR THE WALL STREET JOURNAL; SCIENCE SOURCE/SCIENCE PHOTO LIBRARY; GETTY IMAGES; SHUTTERSTOCK
you wake up. But the baby just grew
and grew, as babies are supposed to.
I marveled at what it was like to
live at last in a body that worked.
Women with autoimmune diseases
can feel much better while preg-
nant, in fact; I was one of them.
I remained uncertain and anxious,
but as the pregnancy went on, the
feeling evolved. My body had failed
me; my body was now not failing
me. Perhaps all along my idea of
failure had been wrong. Perhaps my
body had been working hard to keep
me as well as it could despite a seri-
ous, life-altering infection, and I
needed to find a new story about it.
A story that allowed for the contin-
gency of identity, of health, of hope.
One that saw survival of any kind as
a form of strength. What I had expe-
rienced was life itself, the body
straining to survive despite the odds
stacked against it.
In the summer of 2016, I gave
birth to a baby, a boy. He arrived
curled like the first letter of his
name, C—screaming and then curi-
ous.
 THE WALL STREET JOURNAL.
ROBERT NEUBECKER
The Spontaneous
Origins of Language
Which came first, grammatical rules or their exceptions? For decades, linguists bet
on rules, but disorder and flux may turn out to be language’s most essential traits.
BY NICK CHATER AND
MORTEN H. CHRISTIANSEN
L
anguage is a curious
mix of order and dis-
order. Anyone who
has struggled to mas-
ter English has con-
fronted its baffling assembly of
regular verb patterns (Kisha
wanted), quirky sub-rules (Pablo
rang) and wild exceptions (Barlow
went). And English is no special
case. All 7,000 of the world’s lan-
guages are characterized by ele-
gant rules, quasi regularities and
strange inconsistencies.
So which came first, the order
or the disorder? Answering this
question turns out to be crucial to
understanding how language
works.
For more than a half-century,
the language sciences have pro-
ceeded from the theory that order
came first. Noam Chomsky, the
founder of modern linguistics,
proposed in the 1980s that each
child is born with a genetic blue-
print (a “universal grammar”)
that captures deep patterns com-
mon to all languages. Similarly,
the psycholinguist Steven Pinker
writes of an inborn “language in-
stinct” that captures the rules of
language.
An alternative possibility is
gaining ground, however—one
that holds that language starts
from disorderly, ad hoc, commu-
nicative signals. Order—in the
form of regular verb endings,
grammar rules and much more—
emerges slowly, spontaneously
and always incompletely, over
countless interactions and across
many generations.
The idea of a spontaneous or-
der emerging from chaos may
sound implausible. But in nature
it is ubiquitous, from the self-or-
ganization of snowflakes and
flocks of birds to the hexagonal
basalt columns of the Giant’s
Causeway in Northern Ireland.
The chemist and philosopher Mi-
chael Polanyi, and later the econ-
omist Friedrich Hayek, pointed to
spontaneous order in human af-
fairs by stressing that markets
produce an orderly system of
prices and production from the
chaos of the marketplace.
Perhaps it is also the case that
the order of language arises not
from a hard-wired instinct within
the genes and mind of each indi-
vidual but from the cumulative
result of social interactions
among individuals. To see such a
process in action, consider the re-
markable phenomenon of “gram-
* * * *
maticalization”: the curious pro-
cess through which words with
concrete, specific meanings trans-
mute into components of gram-
mar, such as pronouns, preposi-
tions, conjunctions, verb endings
and more.
Sometimes this process occurs
through erosion, meaning the
gradual truncation of syllables or
even words: going to becomes
gonna; did not becomes didn’t.
Over longer periods of time, ero-
sion can be far more dramatic.
Starting with the Latin mea
domina (my mistress), we prog-
ress through French ma dame or
madame (for Mrs.), to English
madam, ma’am, mum, and some-
times even just ’m (as in Yes’m).
In fact, the path from Old Eng-
lish (the language of Beowulf and
the Arthurian legends), through
Middle English (the language of
Chaucer), to the English of today,
is a story of erosion—of collapsed
distinctions and lost endings. Old
English nouns had a complex sys-
tem of case markings (nomina-
tive, accusative, genitive, dative
and instrumental) and three
grammatical genders, which ap-
plied not just to nouns but to de-
The idea of a spontaneous order
emerging from chaos may sound
implausible, but in nature it is
ubiquitous, from snowflakes
to flocks of birds.
monstratives and adjectives. All
of that has since been rendered
invisible.
But now we have a puzzle. If
complex case markings and verb
endings tend gradually to disap-
pear, where do they come from in
the first place? The answer is that
they were formed by the fusion of
once-independent words.
Consider the Latin construc-
tion cantare habeo: I have (some-
thing) to sing. By saying that you
have something to sing, you sug-
gest that singing will occur in the
future, if it occurs at all. Over
time, the meaning of construc-
tions like this one broadened to
apply to any future action, such
as sleeping or laughing. But the
independent verb habere remains,
which creates a new way of talk-
ing about things that will happen
in the future—that is, it creates a
new future tense.
In the modern descendants of
Latin, the forms of have are often
tacked on to the infinitive form of
REVIEW
a verb to give the future tense
and, in some cases, have eroded.
So, for example, to have in the
first person is ai, ho and he, in
French, Italian and Spanish, re-
spectively, and the future tense
of, for example, I will sing, is
chanterai, cantarò, cantaré.
There is a final puzzle: Where
do words with a purely grammati-
cal function come from? What is
the origin of in, the, a, and, be-
cause, not and the rest? The his-
torical analysis of languages indi-
cates a powerful general tendency
for words with initially concrete
meanings (nouns, verbs) to gradu-
ally become bleached of meaning,
ultimately playing a standardized,
purely grammatical role. Consider
the origin of the ne…pas con-
struction, signaling negation in
French. Starting with the Latin
non dico (I do not say), there is a
shift to je ne dit (with the erosion
of non to ne). Emphasis is then
added by adding pas (step), so
that we have, je ne marche (une)
pas (I won’t walk a step).
This ne…pas construction
gradually applies not just to walk-
ing or running but to any verb.
Thus pas became bleached of any
meaning concerning steps. In
some varieties of colloquial
French, the ne has also disap-
peared, leaving just je dit pas. In
this way, a noun, pas (meaning a
step), has mutated by degrees to
have the most abstract of gram-
matical roles.
So while the sounds of lan-
guage continually simplify and
erode, meanings continually
broaden, sometimes resulting in
words that are almost entirely
emptied of meaning and play a
purely grammatical role. The
story replays across all the
world’s languages: A complex ma-
chinery of grammar builds up,
piece by piece, through the end-
less shaping and reshaping that
successive generations of speak-
ers bring to bear. We don’t need
evolution to build patterns of
grammar into our genes—they
emerge spontaneously through
the interplay of countless pro-
cesses of grammaticalization,
over centuries and millennia.
Saturday/Sunday, February 26 - 27, 2022 | C3
In that case, shouldn’t the
world’s languages diverge wildly
from one another? Chomsky has
claimed that the world’s lan-
guages are so profoundly similar
that to an imagined Martian sci-
entist, all humans would appear
to be speaking a single tongue,
shaped by the same underlying
universal grammar. But in a 2009
analysis, the linguists Nick Evans
and Stephen Levinson showed
that supposedly universal proper-
ties of languages aren’t universal
at all. Instead, languages are as-
tonishingly varied. For example,
some languages, such as Chinese,
have no inflectional markers to
indicate gender and tense, while
others, such as Turkish, use a
complex system of inflections to
pack a whole sentence’s meaning
into a single word.
Even among garden-variety Eu-
ropean languages, we find odd ex-
ceptions: Danish speech patterns
are very opaque, seemingly delay-
ing Danish children in learning
their native tongue. They know
30% fewer words at 15 months
and take nearly two years longer
to learn the past tense than do
Norwegian children, whose lan-
guage is very similar. Of course,
Danes do eventually learn to un-
derstand Danish, but even as
adults they seem to process their
native language differently than
Norwegians do theirs. Thus, lin-
guistic diversity has real implica-
tions for how we learn and use
language.
Language is always in flux.
Those who argue, with Pinker and
Chomsky, that order came before
disorder relegate this flux to mar-
ginal importance by presuming
that a genetic blueprint keeps
language within tight bounds. But
if we understand order as sponta-
neous, change becomes the funda-
mental fact of language. Our con-
tinual reinvention and reworking
of human language, conversation
by conversation, is the source of
its incredible richness, with all of
its wondrous patterns and quirks.
Dr. Chater is a professor of
behavioral science at Warwick
Business School in England.
Dr. Christiansen is a professor
of psychology at Cornell
University and of the cognitive
science of language at Aarhus
University in Denmark. This
essay is adapted from their
book, “The Language Game:
How Improvisation Created
Language and Changed the
World,” published by Basic
Books on Feb. 22.
EVERYDAY PHYSICS
HELEN CZERSKI
How
Knuckles Get
Cracking
I STILL OCCASIONALLY
find myself amazed at
the details our ears and
brains can pick up on.
My quiet work time was
recently interrupted by a person in
the room next door. I couldn’t see
them, but I knew exactly what they
were doing: cracking their knuckles.
It’s such a distinctive sound, but
what’s really surprising is that it’s so
loud. The sound generated is notice-
ably different from that of creaking
hips or knees—it’s specific to fingers.
What’s going on?
Joint cracking is the sort of thing
that everyone has an opinion on and
mine is: I can’t do it, and I wouldn’t
want to. I have occasionally made the
mistake of mentioning this during
talks to school kids, and the reliable
result is a deafening flood of clicks as
500 children succumb to irresistible
temptation.
The usual suspect in the infraction
is the joint at the base of each finger.
People pull their finger away from the
rest of their hand until there’s a deep,
muffled click. When medical imaging
finally improved to the point where it
could spy on the inside of a finger
during the process, the true culprit
was revealed: a bubble.
At the joint, one bone has a curved
bulge which sits snugly in a shallow
cup forming the base of the next bone
up. The space in between them is
around a 10th of an inch wide and
filled with synovial fluid, the body’s
equivalent of engine oil. It’s viscous
and sticky, and it keeps the joint run-
ning smoothly. If you pull on a finger
this gap gets gradually wider so that
the fluid is now in tension because it’s
pulled in both directions.
For those with the right sort of
joint to make the cracking sound—ex-
actly what makes the difference is
still a mystery—the drama is sudden.
X-rays and MRI scans show that at
the moment of cracking, a gas-filled
cavity pops into existence in the syno-
vial fluid, relieving the tension in the
liquid. Gas which had been dissolved
in the liquid comes rushing in to fill
this new gap. Once the bubble exists,
it just sits there until the gas redis-
TOAMSZ WALENTA
solves into the surrounding liquid.
This is why you can’t crack a knuckle
twice in a row—a bubble already ex-
ists, and it’s easy to stretch it as the
joint extends without making another
one.
There’s still a debate in the scien-
tific world about whether the sound
comes at the moment of bubble for-
mation or a partial collapse immedi-
ately after formation. At the moment,
MRI video isn’t quick enough to see
for sure. Bubbles are extremely effi-
cient at making sound, which explains
the loudness.
Most joint crackers have perfectly
healthy joints, although there has
been a persistent myth that regular
joint-cracking can cause arthritis. This
has been debunked, both by system-
atic scientific studies and by allergist
Donald L. Unger. For his lifelong effort
on the subject, Dr. Unger was awarded
the 2009 Ig Nobel Prize (a satirical
prize given right before the Nobels
for “achievements that first make
people laugh, and then make them
think”). As a child Dr. Unger was
chastised for his cracking habits, so
he conducted his own stubborn exper-
iment, cracking the knuckles on his
right hand—but not on his left—every
day for 60 years. By the time he was
83, neither hand had arthritis. But the
dissenting relatives were mostly long
gone, depriving him of his “I told you
so” moment.
So if you’re going to crack your
knuckles, current medical evidence
suggests that you can do it without
harm, and you can also appreciate a
bit of bubble physics while you’re at
it. But do please spare a thought for
those of us who squirm at such
sounds, and go and play with your
bubbles a safe distance away.
 C4 | Saturday/Sunday, February 26 - 27, 2022
A Country Transformed by Street Protest
Continued from page C1
Mr. Putin would resist any attempt
by Ukraine (a country with a popu-
lation more than seven times that of
all three Baltic states combined) to
follow their path. In that year’s
Ukrainian presidential election, the
Kremlin supported Viktor Yanuk-
ovych—a criminal with robbery con-
victions, who used election fraud
and dioxin poisoning of his chief op-
ponent to claim victory. In protest,
thousands of Ukrainian citizens
gathered on the Maidan Nezalezh-
nosti, Kyiv’s Independence Square,
in what became known as the Or-
ange Revolution.
For three weeks they froze, reso-
lutely—and victoriously. New elec-
tions the following month brought
their preferred, westward-leaning
candidate to the presidency. But the
Orange Revolution’s victory was
ephemeral. The new president
proved a disappointment. Mr. Yanu-
kovych reappeared to run again in
2010—this time assisted by a slick
Washington PR agent named Paul
Manafort, who gave Mr. Yanukovych
a makeover—haircut, clothes, body
language—and coached him on how
to scare Ukrainian Russian-speakers
with threats that Ukrainian nation-
alists would persecute them.
(Ukraine is a bilingual country, and
Ukrainian and Russian are like
Spanish and Italian, related but dis-
tinct.) The coaching was effective.
Under Mr. Yanukovych,
Ukraine was bound to the
Kremlin, and the country’s
resources flowed largely to
the president and his inner
circle of oligarchs. A younger
generation, born after the fall
of the Soviet Union, looked to
the prospect of EU member-
ship for the horizon of their
future. Then, in November
2013, under pressure from
Mr. Putin, Mr. Yanukovych
abruptly declined to sign a
long-anticipated association
agreement with the EU.
Thousands went out to the
Maidan once again. They
were largely students, young
people who felt as if their fu-
ture had been torn from their
hands. They weren’t inter-
FROM TOP: VLAD SODEL/REUTERS; SERGEI CHUZAVKOV/ASSOCIATED PRESS
ested in ethnic differences or
language politics. They were
interested in Europe’s being
open to them. Their slogan
was “Ukraine is Europe.”
Mr. Yanukovych sent riot
police to beat them. It ap-
peared that he was counting
on the terrified parents to
pull their children off the
streets. But he miscalculated:
Instead the parents joined
their children there. At one
point more than a half mil-
lion people were on the
streets of Kyiv, now with the
slogan: “We will not let you
beat our children.” All winter A demonstrator for European integration holds an EU flag with a Crimean Tatar
they stayed on the Maidan.
On Feb. 18, 2014, Mr. Yanukovych
sent a militia to confront a crowd
with stun grenades, tear gas, trun-
cheons and rubber bullets. An iconic
photograph appeared on the inter-
net: a 59-year-old father and his 27-
year-old son, their hair soaked in
blood. In the days that followed on
the Maidan, people dug up paving
stones and crushed bricks to rein-
force barricades. They set fire to
clothing and tires and anything else
that could burn. The sky turned
black from smoke. Snipers fired
from the rooftop of the high-rise
Hotel Ukraina, and bodies fell.
More than a hundred protesters
lost their lives in the revolution. Af-
ter a cease-fire on Feb. 21, Mr.
Yanukovych fled to Russia. Most
people went home, but some stayed
on the Maidan, where they had lived
for weeks and seen people killed.
The psychoanalyst Jurko Prochasko
described the conversations he had
there when he came to offer help:
“When you experience being with
people who are ready to die for you,
to make themselves vulnerable for
you, to carry you if you’re wounded,
a willingness appears—it’s a kind of
rapture, a wonder at the possibili-
ties given to man.”
Ukraine was a different country
than it had been a few months ear-
lier. All winter long the border had
blurred between night and day. Peo-
REVIEW
ple had opened themselves, over-
come social divisions, crossed to the
other side of fear. Ukraine had be-
come a civic nation in a new way.
Philosophers have long struggled
with how to think about the pres-
ent, which cannot be grasped be-
cause it has no duration. For Jean-
Paul Sartre, the present was the
border between facticity—what sim-
ply is, what has happened and can-
not be changed—and transcendence,
an opening to go beyond what and
‘When you experience
being with people
who are ready to die
for you...it’s a kind of
rapture, a wonder at
the possibilities given
to man.’
JURKO PROCHASKO
Psychoanalyst
who one has been until this mo-
ment. Revolution illuminates this
border. It is as if, in Blanche’s words
from “A Streetcar Named Desire,”
“You suddenly turned a blinding
light on something that had always
been half in shadow.”
This week marks the anniversary
of the sniper massacre on the
symbol at its center, Kyiv, Nov. 29, 2013.
* ***
Maidan. In the eight years that have
passed, Ukraine has lost the Cri-
mean Peninsula to an illegal Russian
annexation. The Kremlin has insti-
gated a war in the east Ukrainian
region called the Donbas, where
thousands of Ukrainians have been
taken captive and tortured, and
some 14,000 killed in a war that
serves no purpose—apart from Mr.
Putin’s amusement. And now Mr.
Putin has launched a full-scale inva-
sion of Ukraine, not limited to the
east.
For eight years, the Donbas has
been a laboratory of post-truth. An
early Russian television narrative
held that the Maidan was a CIA-
sponsored fascist coup and Ukrai-
nian Nazis were now heading east
to kill all Russian speakers. In re-
sponse, the story went, local sepa-
ratists, all on their own initiative,
had risen up to protect their people.
In late winter 2015, Elena Ko-
styuchenko, a journalist for Novaia
Gazeta in Moscow, was in the Don-
bas, reporting on the Russian sol-
diers there, who officially didn’t ex-
ist. After one battle, she talked to a
20-year-old Russian tank driver
named Dorzhi Batomunkuev at a
hospital in Donetsk.
Yes, he said, he had known he
was being sent to Ukraine. His unit
had disguised themselves; they had
painted their tanks, stripped them
of identification. He had been told
THE WALL STREET JOURNAL.
Forces sent by Ukraine’s interior
ministry clash with protesters,
Kyiv. Feb. 18, 2014.
that Polish mercenaries in the Don-
bas were killing peaceful civilians.
Ms. Kostyuchenko asked if he’d seen
them. No, he said, but he did not
doubt they were there. “Of course
I’m not proud of what I did,” he told
her, “that I was destroying and kill-
ing. Obviously, you can’t be proud of
that. But on the other hand, I calm
myself down with the fact that it’s
all for the sake of peace, for peace-
ful citizens.”
The Ukrainian writer Vladimir
Rafeenko, whose novel “Descartes’
Demon” won the Russian Prize for
literature written in Russian by non-
Russian citizens in 2013, is from Do-
netsk. Born in 1969, he lived there
all his life, until 2014, when he
joined some million and a half inter-
nally displaced persons who fled
westward into the part of Ukraine
not at war. Like many Ukrainians,
Mr. Rafeenko is a native Russian
speaker, and it was obvious to him
that the Russian language had been
under no threat in Donetsk until Mr.
Putin started a war there. “I’m a
Russian-language writer,” Mr. Ra-
feenko told me. “And now I can’t
even bear to watch Russian films.
I’m unable to forgive.”
Mr. Rafeenko has written a novel
in Russian about the grotesque
absurdity of the war and a
novel in Ukrainian about being
a refugee in one’s own country.
Last year, via Zoom, he taught
a literature course that de-
voted four weeks to Anton
Chekhov’s “Uncle Vanya” and
“The Cherry Orchard.” In pas-
sionately opposing imperial
Russian aggression, he draws
precisely on the rich tradition
of Russian literature.
At present, every third
Ukrainian is prepared to resist
a Russian invasion with armed
force. An additional 21% are
prepared to organize civil re-
sistance. In any case, Russia
has been engaging in a war
with Ukraine for the past eight
years. My journalist friends,
too, are readers of Chekhov
and know that it is axiomatic
that once a gun appears on the
stage, the director must see
that it is fired before the end
of the last act. Mr. Putin has
arranged very many guns on
the stage. What choice is there
but to be “ready to work,
whatever comes”?
Dr. Shore is an associate
professor of history at Yale
University and the author of
“The Ukrainian Night: An
Intimate History of
Revolution,” published by
Yale University Press in 2018.
 THE WALL STREET JOURNAL.
There’s No Crisis of
Faith on Campus
Many religious parents worry that higher education will weaken their
children’s belief, but evidence shows the result is often just the opposite.
BY RYAN BURGE
A
s a pastor who is
also a professor of
social science, I
am often asked by
parents of teenag-
ers who were raised in a reli-
gious environment how their son
or daughter can maintain their
faith when they go off to some
large state university or private
liberal-arts college. Many par-
ents seem to believe that as soon
as their child walks into a fresh-
man class, they will throw out
their Bibles and pick up Nietz-
sche.
They haven’t plucked this idea
out of thin air. It was the prem-
ise of the 2014 film “God’s Not
Dead,” which became very popu-
lar in Christian circles and
spawned two sequels. In the
movie, an evangelical student en-
rolls in a philosophy class led by
an atheist professor. To pass the
course, every student has to sign
a declaration that “God is dead.”
The main character refuses, lead-
ing to a series of debates in the
class about the existence of God.
In the end, most of the class
sides with the student, and the
professor leaves in defeat.
With reinforcement such as
this, the assumption that going
to college undermines faith has
put down deep roots in the
psyche of many conservative
Christians. For many
parents, the thought
of sending their
teenagers off to a
university where
they won’t have
someone reminding
them to go to class,
get enough sleep and
brush their teeth is a
FROM TOP: XINHUA NEWS AGENCY/GETTY IMAGES; PURE FLIX ENTERTAINMENT/EVERETT COLLECTION
terrifying prospect.
It’s even worse when
those parents have
raised their child in a
specific religious tra-
dition and want to
make sure that this
part of their family
culture is passed
down to the next
generation.
But is it true that
going to college
makes students less
religious? Are people
with higher levels of
education more likely
to say that they have
no religious affilia-
tion than those who
have completed only
high school?
Using data from 12 A poster for the 2014 film ‘God’s Not Dead,’ in which
years of Harvard Uni- a Christian student challenges an atheist professor.
* * * *
REVIEW
versity’s Cooperative Election the real world. Young people
Study, an annual survey of more who pursued higher education
than 50,000 Americans, I calcu- are 9 percentage points more
lated the share who identified as likely to indicate that they are
atheist, agnostic and nothing in Protestant and 5 points more
particular at six education levels, likely to say that they are Catho-
ranging from those with no high lic than those who ended their
school diploma to those with education at high school. There’s
graduate degrees. The results are no difference between the per-
clear: People with the least edu- centage of the two groups who
cation are the most likely to indi- say they are atheist—both are
cate that they have no religious around 7%.
affiliation. In 2008, 26% of those The most noteworthy differ-
without a high school diploma ence is the share that says their
identified as an atheist, agnostic religion is “nothing in particular.”
or nothing in particular. Only 19% Just 27% of those with higher ed-
Just 27% of people with higher education
said their religion was ‘nothing in
particular,’ compared with over 37% of
those with a high school diploma or less.
of those with a graduate degree ucation chose this response op-
did. And that 7-point gap stayed tion, compared with over 37% of
fairly consistent over the follow- those who had a high school di-
ing 12 years. ploma or less. In fact, “nothing in
All of this comes into clearer particular” was far and away the
focus when looking at the distri- most popular choice among the
bution of religious traditions low-education group.
among the youngest Americans. Other scholars have come to
In data from the 2020 Coopera- similar conclusions. Sociologists
tive Election Study, there’s un- Damon Mayrl of Colby College
mistakable evidence that the and Jeremy Eucker of Baylor
type of experience dramatized in University surveyed people be-
“God’s Not Dead” is not repre- tween the ages of 13 and 17 in
sentative of what is happening in 2002, then followed up with the
same group in 2005
and 2008, making it
possible to assess
how these young
people’s views of the
world changed at
the individual level.
When looking at re-
ligious views, they
found that those
who went to college
were no more or
less likely to em-
brace an impersonal
or uninvolved view
of God than those
who did not. In fact,
the authors found
that on some dimen-
sions of religious be-
lief, including be-
lieving in God,
young people who
went to college were
less likely to express
doubts than those
who did not con-
tinue their educa-
tion.
Profs. Mayrl and
Eucker concluded
that the parts of the
college experience
that most influenced
Saturday/Sunday, February 26 - 27, 2022 | C5
Students on the campus of
the University of California,
Los Angeles, Sept. 2021.
the views of young people
weren’t necessarily the profes-
sors, the readings and the
coursework. Instead, what mat-
tered were the social contexts
that young people find them-
selves in when they go to col-
lege. In a 2020 study led by po-
litical scientist Logan Strother of
Purdue University, a group of
college freshmen were surveyed
about their political views sev-
eral times over the course of the
fall and spring semesters. The
researchers found that over time,
students’ ideological beliefs
started moving closer to those of
their roommates. Spending two
or three hours a week with a col-
lege professor doesn’t hold a
candle to spending hundreds of
hours with a roommate.
It pains me to say that I don’t
have much influence over the
students in my courses. But that
doesn’t mean college doesn’t
change them. Looked at in its
entirety, the college experience
may actually make students
more sure of their religious be-
liefs after they graduate. This is
the idea known to psychologists
as the “inoculation effect”:
When someone is confronted
with weak attacks on their be-
liefs, they become more pre-
pared to defend those beliefs
when they come under serious
attacks. This is essentially how
a vaccine works: It gives an in-
dividual a weakened version of
the virus, so that when the im-
mune system encounters the
real thing, it can easily fight off
the villain. Similarly, challeng-
ing a young person to defend
their beliefs in a supportive,
open environment like college
may leave them better prepared
to hold firm to their convictions
later in life.
This inoculation effect is
borne out in data collected by the
Interfaith Diversity Experiences
and Attitudes Longitude Survey,
which tracked thousands of
young people as they progressed
through four years of higher edu-
cation beginning in 2015. Stu-
dents who gained knowledge
about religious traditions outside
their own were no more likely to
abandon the faith in which they
were raised than those who were
not exposed to other traditions.
This finding held whether the
college in question was private,
public or religious.
As a parent myself, I com-
pletely understand the tendency
to shelter our children. But col-
lege comes at an ideal time in
the life-cycle for young people to
venture out and engage with
people who don’t share their be-
liefs. Exposing teenagers to new
ideas and new cultures is one of
the most powerful things we can
do for the next generation.
Mr. Burge is a pastor in the
Baptist church and a professor
of political science at Eastern
Illinois University. This essay is
adapted from his new book
“Twenty Myths About Religion
and Politics in America,”
published March 1 by Fortress
Press.
ASK ARIELY
DAN ARIELY
Look for
Emotion,
Not Ratings,
In Online
Reviews
Dear Dan,
I travel a lot for
work, and I’m keen on
finding great places
to eat in the cities I
visit. Normally I use an app and
narrow down my options based
on ratings. But while I’ve found a
lot of good meals this way, I ha-
ven’t found so many great ones.
How would you suggest finding
the best eateries on the road?
—Loran
Restaurant ratings are a good
place to start, as they can point
out places to avoid. But they are
not as helpful when it comes to
narrowing down the best choices,
because when people give good
reviews, they don’t like to say
anything negative, which makes it
hard to differentiate the very
good restaurants from the really
great ones. Researchers found
that about 80% of online restau-
rant reviews were four or five
stars.
This positivity bias makes the
star ratings useless for your pur-
pose. But the researchers did find
a better predictor of quality in the
emotionality of the comments. For
example, you might look for re-
views that use demonstrative
words, such as “enchanting,” in-
stead of the more anodyne “excel-
lent” to describe the experience.
Still, the best option is proba-
bly to ask someone who knows
the city, such as a concierge. The
wisdom of one well-informed lo-
cal can often beat the wisdom of
the crowd.
RUTH GWILY
Dear Dan,
I’m trying really hard to cut back
on sweets, but I always slip up.
My friends tell me I shouldn’t be
too hard on myself, but I’m wor-
ried that if I’m too forgiving of
my bad choices, I’ll keep making
them. Which approach will better
help me get on track? Should I be
hard on myself or not? —Leah
Thinking about how best to re-
cover from setbacks is an impor-
tant part of goal planning. If we
are very forgiving of our failures,
we might never feel the need to
try harder. On the other hand, if
we are very harsh on ourselves,
we may give up on our goal com-
pletely. This is a Goldilocks situa-
tion, in which we must find the
moderate level of both criticism
and forgiveness that is just right.
A recent study bears out this
observation. People in a weight
loss program reported how they
felt about themselves after a
lapse. The researchers found that
those who felt great about them-
selves after backsliding struggled
to get back on track. So, too, did
those who felt very negatively
about themselves. The people
likeliest to re-engage with their
goals turned out to be those who
were moderately self-critical.
So maybe your friends are cor-
rect, and you shouldn’t be so
hard on yourself. At the same
time, however, you should not be
too easy on yourself. Mix it up a
bit. After a slip-up, maybe start
in a non-forgiving mode and take
a moment to consider what led to
the lapse and how it could be
prevented. Then, once you have
soaked in these feelings for a bit,
forgive yourself.
Have a dilemma for Dan?
Email your question to:
AskAriely@wsj.com
Questions may be edited or
revised.
C6 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.

REVIEW
human use. As chief scien-
tist—a job he held until he
retired in 2016—Dr. Scannon
worked closely with various
federal agencies, mostly on a
voluntary basis, to help guide
the country’s response to bio-
logical threats, intentional
and otherwise. He now works
as an adviser on “bio-pre-
paredness and response” to
the Mitre Corporation, a non-
profit that manages federally
funded research for various
agencies. “Covid has taught
us that we have to think glob-
ally,” he says. “These viruses
don’t care about borders.”
Still, he always found time
for Project Recover. “If you’re
really passionate about
something, you will do it,” he
says. Within a decade of his
first trip to Palau, Dr. Scan-
non had gathered a small
team of volunteers—archae-
ologists, forensic anthropolo-
gists, historians, former ma-
rines—who shared his
interest “in solving these
mysteries” and helped to
cover the costs of early expe-
ditions. Now Project Recover
gets much of its funding
from the Department of De-
fense and from billionaire
Dan Friedkin, CEO of the
Friedkin Group, an automo-
tive and hospitality conglom-
erate.
It’s no easy thing to find
bits of rusted metal in the
Pacific, particularly when
scuba divers can cover only a
few thousand square feet a
day. In 2012 Project Recover

P
got a big boost from a part-
atrick Scannon was on WEEKEND CONFIDENTIAL | EMILY BOBROW nership with the Scripps Institution
a vacation in the South of Oceanography and the School of

Pacific in 1993 when his
life took an unexpected
turn. On a scuba-diving
expedition in the archipelago of
Palau, he and some friends went
looking for the wreck of an armed
Japanese trawler sunk in 1944 by a
young pilot named George H.W.
Bush. Finding it was so thrilling
that Dr. Scannon lingered to scout
for other wrecks from World War II.
When a local guide showed him the
remains of an American airplane
wing resting in the shallows, the
sight gave Dr. Scannon the chills
and left him with an epiphany.
“I knew then that I would find
out what happened to this wing and
crew,” he says on a video call from
his home in Davis, Calif, which he
shares with his wife, Susan. “From
that moment on I essentially dedi-
cated my life to looking for MIAs”—
the over 80,000 American soldiers
who have been missing in action
since World War II.
Trained as a chemist and physi-
cian, Dr. Scannon, 74, is not an ob-
vious swashbuckler. At the time of
Patrick Scannon
The founder of Project Recover searches the globe for American MIAs.
making called “To What Remains,”
which will be available for stream-
ing on April 5.
Project Recover’s “first really big
find,” Dr. Scannon says, came in
2004, when he and a team of volun-
teers spotted a B-24 four-engine
bomber while diving in the Pacific.
“The propeller was sticking out of
the water like a cross on top of a
steeple of a church. It was incredi-
ble,” he recalls. The fact that it took
over a decade before Project Re-
cover—then called the BentProp
Project—claimed its first major suc-
cess speaks to both the Sisyphean
nature of the work and Dr. Scan-
non’s determination. “We knew they
had to be there,” he says of the
army brat. He spent some formative
years in postwar Germany, playing
in bunkers and braving barbed wire
to explore old battlefields with his
little brother. “We didn’t tell our
parents,” he says with a smile.
Chemistry was Dr. Scannon’s
first love. He was 7 when his father
gave him a chemistry set. “I liked to
see if I could make something go
‘I’ve never met
someone who
doesn’t
understand
what we’re
“I was a total nerd before the word
nerd was around.”
His studies at Berkeley involved
the structure of vitamin B1, which
opened his eyes to biological appli-
cations for chemistry. He vividly re-
calls where he was on campus when
he decided to study medicine, too,
to better understand how to bring
biology and chemistry together.
“There wasn’t a program in molec-
ular biology because the science
was only just starting to emerge,”
he says.
While studying at the Medical
College of Georgia, Dr. Scannon de-
lighted in treating patients. But he
figured he could have a greater im-
pact on patient healthcare with a
Marine Science and Policy at the
University of Delaware, which pro-
vided underwater drones that can
cover around 60 square miles a day.
“These robots totally transformed
our underwater work,” Dr. Scannon
says. Searching for MIAs in the jun-
gle, however, remains gruelingly
low tech: “You gotta know how to
use a machete and a compass.
That’s about it.”
Project Recover now searches
for MIAs from several wars in 21
countries, as well as casualties
from training accidents on Ameri-
can soil. Dr. Scannon’s work has
put him in touch with countless
veterans and reunion groups, as
well as with many people who
never got a chance to bury some-
one they loved. “These families
never forget,” he says.
War, says Dr. Scannon, is a mis-
erable business, and no one returns
from it unchanged, if they return at
all. But while the politics of war is
often divisive, Project Recover’s ef-
forts to honor those who served is
not. “I’ve never met someone who
TIMOTHY ARCHIBALD FOR THE WALL STREET JOURNAL

his revelation in Palau, he was the
chief scientific and medical officer
of XOMA, a biotech firm he founded
in the 1980s. He began his quest
with little more than a GPS, a ma-
chete and some sleuthing in na-
tional archives. Today his work has
grown into Project Recover, a non-
profit that has repatriated the re-
mains of 15 missing soldiers and
has located and identified 200
more. The organization is the sub-
ject of a documentary years in the
planes shot down in the Pacific the-
ater of World War II. Doing what-
ever it takes to find them “just
seemed like the right thing to do.”
Dr. Scannon concedes that
“there’s no logic” to his sudden and
sweeping dedication to the cause,
which colleagues respectfully de-
scribe as “obsessive.” But he has al-
ways had a deep respect for mili-
tary service. His father was a
colonel in the U.S. Army, and grow-
ing up he traveled the country as an
trying to do.’
boom,” he recalls. He studied chem-
istry at the University of Georgia,
where he was in R.O.T.C. and gradu-
ated with a commission as a second
lieutenant. He went on to earn his
Ph.D. from the University of Califor-
nia, Berkeley, in 1972, a time when
there was “tear gas on campus and
pot everywhere.” But Dr. Scannon
preferred to spend his time in labs:
single biotech breakthrough than
“as a practicing internist over a
lifetime.” After completing his resi-
dency in internal medicine, he ful-
filled his military commitment by
working at the Letterman Army In-
stitute of Research, a medical re-
search unit at a military hospital in
San Francisco.
In the early 1980s Dr. Scannon
founded XOMA, a pioneering bio-
tech company that developed thera-
peutic monoclonal antibodies for
doesn’t understand what we’re try-
ing to do,” he says.
Whenever he finds a new wreck,
Dr. Scannon unfolds an American
flag and reads a stanza from Lau-
rence Binyon’s World War I poem
“For the Fallen,” about young sol-
diers lost to war who are forever
frozen in their youth and sacrifice.
This ceremony always ends with the
same line: “At the going down of
the sun and in the morning/We will
remember them.”

Breaker was applied to fleets accompa-

nying merchant ships, especially
ers forming convoys on the
highways, evading speed traps

One-Nine, those carrying military supplies.

Truckers
WORD ON
THE STREET Are Lining
BEN
ZIMMER Up Again
IN ADVANCE OF President Bi-
den’s State of the Union address
next week, several groups have
called for truck convoys to head
to the Washington, D.C. area as
a protest against Covid-19 vac-
cine mandates and related re-
strictions. Modeled on the Ca-
nadian trucker protest known
mutual support, protection or
convenience. Truckers’ convoys,
which have been part of popular
culture since the 1970s, typically
involve multiple big rigs lined
up on the highway and moving
in the same direction. Some of
the antivaccine trucker groups
may not quite qualify as “con-
voys,” though—one protest or-
the variant form “convoyer,”
which gave rise to “convoy.”
Originally, “convoy” (used as
a noun or verb) could refer to
various kinds of traveling es-
corts, like a party accompanying
a guest of honor or a funeral
procession. By the 17th century,
“convoy” became primarily used
for military escorts protecting
As naval historian Jon Robb-
Webb explains in “The Oxford
Companion to Military History,”
the British Royal Navy had put
into place a sophisticated con-
voy system to protect merchant
ships by the time the Napole-
onic Wars ended in 1815.
While “convoy” originally re-
ferred to those doing the es-
corting, its meaning shifted to
cover an escorted group as well.
Eventually, it got extended to
groups traveling together with
or without an escort. Much like
the word “caravan,” “convoy”
came to be used for a line of ve-
hicles headed in the same direc-
tion. In the modern era, wagon
trains gave way to convoys of
by communicating over CB, or
citizens band, radio.
The culture of trucker con-
voys was memorably portrayed
in the 1975 hit single “Convoy”
by C.W. Call, an outlaw charac-
ter created by the singer Bill
Fries collaborating with the
songwriter Chip Davis. Pep-
pered with CB-radio lingo, such
as “breaker one-nine” to begin
a transmission, the song tells of
a speed-limit-busting coast-to-
coast convoy that grows into a
veritable army of “a thousand
screaming trucks” breaking
through police roadblocks.
Three years later, the song in-
spired a movie, also called
“Convoy,” with Kris Kristoffer-
son playing Rubber Duck, the

[Convoy]
as the “Freedom Convoy,” the
American counterparts have
styled themselves similarly,
with one prominent group
ganized in Pennsylvania largely
fizzled out when only a handful
of vehicles showed up to take
part.
The word “convoy” goes back
to the Latin verb “conviare,”
meaning “to accompany on the
way,” combining the prefix
“con-” (“with”) and “via” (“way”
or “road”). In medieval French,
people or goods in transit. The
word shows up in the famous
St. Crispin’s Day speech in
Shakespeare’s “Henry V,” in
which King Henry exhorts his
troops on the eve of the Battle
of Agincourt against the French:
“That he which hath no stom-
ach to this fight, Let him de-
part; his passport shall be
motor vehicles.
Truckers latched onto the
word in the 1970s, and from
early on, trucker convoys have
had an anti-authoritarian
streak. In January 1974, after
the oil crisis led to spikes in gas
prices, a convoy of about 100
trailer-tractor rigs moved
through the South on their way
rebellious trucker who gets the
convoy going.
The romanticized imagery of
trucker convoys from the ‘70s
has inspired the current pro-
tests. As the New York Sun re-
ports, the “People’s Convoy” ad-
opted C.W. McCall’s “Convoy” as
its “de facto theme song.” It re-
mains to be seen if this convoy,
JAMES YANG

dubbed the “People’s Convoy.” the verb split off in two direc- made, And crowns for convoy to Washington to protest fuel like the one in the song, attracts
A “convoy” is a group of ve- tions: “conveier,” the source of put into his purse.” pricing. The institution of the a thousand trucks, screaming or
hicles traveling together for the English word “convey,” and On the high seas, “convoy” 55-mph speed limit led to truck- otherwise.

Rebels
Against the Raj
Western fighters for
India’s freedom C12
READ ONLINE AT WSJ.COM/BOOKSHELF
PHOTOQUEST/GETTY IMAGES
BRAIN GAIN John von Neumann in 1952, with the digital computer constructed according to his design at the Institute for Advanced Study. Each
cathode-ray memory tube stored 1024 bytes of information, producing a total capacity of 5 kilobytes.
A Modern Prometheus
Computer science, game theory, quantum physics: The 20th century opened brand-
new fields of knowledge. One brilliant mathematician made breakthroughs in each.
The Man From the Future:
The Visionary Life of
John von Neumann
By Ananyo Bhattacharya
Norton, 364 pages, $30
BY STEPHEN BUDIANSKY
I
NDISCRIMINATELYapplied these
days to everything from Elon
Musk to tips for cooking chicken
in your dishwasher, the word
“genius” has arguably lost what-
ever meaning it might have had. But if
anyone ever merited the label, it was
surely the Hungarian-born mathemati-
cian John von Neumann. His unworldly
insights into everything his wide-ranging
intellect touched led colleagues to joke
that he must be a superintelligent visitor
from another planet, who had adopted
the cover story of being Hungarian to ex-
plain away his heavily accented English.
During his 53 years on Planet Earth—
he died of metastatic prostate cancer
in 1957—von Neumann, beginning at 19,
pioneered new areas of pure mathe-
matics that today bear his name; revo-
lutionized the foundations of quantum
mechanics in the 1920s (among other
things by demonstrating the deep math-
ematical equivalence of Heisenberg’s
matrix mechanics and Schrödinger’s
wave mechanics that had mystified
everyone else); solved the crucial prob-
lem of employing high explosives to
precisely and symmetrically compress a
sphere of plutonium in the first atomic
bomb; co-authored the bestselling book
that launched the field of game theory;
developed key concepts of nuclear de-
terrence and (before the first stored-
program digital computer even existed)
conceived the fundamental architecture
used in every computer since.
“The Man From the Future” is an apt
title for Ananyo Bhattacharya’s brisk ex-
ploration of the products of this aston-
ishingly fruitful mind, and where his glit-
tering array of contributions to such
diverse fields have taken us since. “Look
around you,” Mr. Bhattacharya writes
with only slight hyperbole, “and you will
see Johnny’s fingerprints everywhere.”
Mr. Bhattacharya, a physicist who
previously worked as a science corre-
spondent for the Economist and a staff
editor at Nature, is a first-rate guide to
the dauntingly complex nuts and bolts of
these abstruse subjects. Although I am
skeptical that any attempts at popular
explanations of quantum mechanics can
succeed, the author’s crystal-clear prose
and his keen ability to relate the essence
of mathematical and physical problems
in understandable terms work just about
everywhere else, making for a tour de
force of enjoyable science writing. His
elucidation of Kurt Gödel’s famous in-
completeness theorem, which demon-
strated that no axiomatization of a
mathematical system which includes
BOOKS
THE WALL STREET JOURNAL.
arithmetic can be both consistent (free
of contradictions) and complete (every
true statement can be proved) is the best
I have ever seen, sacrificing none of
the subtlety of the original argument
while making Gödel’s ideas, and von
Neumann’s related mathematical contri-
butions, luminously clear.
A pair of chapters on game theory,
the mathematics that underpins cooper-
ation and competition, deftly explains
what it is all about, tracing the revo-
lutionary impact that von Neumann’s
innovation had on everything from eco-
nomics and nuclear targeting to evo-
lutionary biology and bluffing strategies
in poker, employing vivid examples rang-
ing from Sherlock Holmes’s struggle with
the evil Professor Moriarty to govern-
ment auctions of the electromagnetic
spectrum to illustrate the essential ideas.
As striking as von Neumann’s scien-
tific intellect were his bon vivant’s zest
for life and acute perception of human
nature. These are not qualities typically
associated with genius, much less with
a child prodigy, which von Neumann
undeniably was. As a boy he taught
himself calculus; fluently mastered
English, French, Latin, and classical
Greek; and memorized entire stretches
of a 40-plus-volume history of the
world, which he was able to recite ver-
batim decades later.
Many prodigies go off the rails, but
von Neumann did not. He loved com-
pany, excelled at both making money
and spending it—on tailored clothes,
Cadillac convertibles, first-class travel—
and was famous for the endless flow of
powerful martinis at unbuttoned cock-
tail parties at his luxurious home in
otherwise stuffy Princeton. He was a
master of smoothing over professional
or political frictions among colleagues
with a well-timed diversion into Byzan-
tine history or, more often, a dirty joke
or limerick, of which he maintained
an endless store alongside the mathe-
matical visions that filled his mind.
He also had a deep grasp of political
realities exceptional for a scientist, or for
that matter anyone. Mr. Bhattacharya
quotes a remarkable letter von Neumann
wrote a Hungarian colleague in 1935
predicting that there would be a war in
Europe within a decade, that America
would come to Britain’s aid, and that the
Jews would face a genocide like the
Armenians suffered under the Ottomans.
Beyond a selection of anecdotes that
will likely be familiar to anyone who has
heard of von Neumann, however, “The
Man From the Future” has remarkably
little to say about the man behind the
ideas that Mr. Bhattacharya so ably
brings to life. Much less does the author
try to connect the ideas to the man, or
explain how one person could influence
so many aspects of modern life. Largely
absent, too, is an account or explanation
of what has often struck me as one of
The Modesty
of an Irish Master
John McGahern
in his letters C10
* * **
von Neumann’s rarest and most admi-
rable traits, the lengths he would go to
help colleagues. Notably, he put to use
his keen understanding of institutional
dynamics and the levers of power to
untangle bureaucratic obstacles and
locate jobs for fellow scientists fleeing
Nazi Germany.
Norman Macrae’s 1992 “John von
Neumann: The Scientific Genius Who
Pioneered the Modern Computer, Game
Theory, Nuclear Deterrence, and Much
More” sensitively and astutely explored
this biographical territory; Macrae put
his finger on the essential aspect of
von Neumann’s personality when he
described him as “an exceptionally well-
balanced man” who “much preferred to
give advice to those who asked for it, not
to quarrel with those who did not,” an
equanimity and self-assurance that was
the secret to his getting so much done.
Perhaps Mr. Bhattacharya felt there
was little point in replowing this well-
tilled ground. He relies entirely on
secondary sources, not even consulting
the von Neumann papers at the Library
of Congress, which include letters and
telegrams to his two wives, financial
records, day-by-day calendars of his
activities and meetings—a lode of in-
sight into his personal and professional
life that has yet to be fully mined. Nor,
except for quoting from a few passages
that have appeared in print, does he
make use of the voluminous and richly
revealing diaries of von Neumann’s
collaborator in game theory (and close
friend in Princeton) Oskar Morgenstern,
which have become available since
Macrae’s book was published.
This necessarily narrows Mr. Bhat-
tacharya’s portrait of his subject; it also
leads him into some inaccuracy and
injustice to von Neumann and others.
He repeatedly claims that von Neumann
advocated a pre-emptive nuclear strike
against the Soviet Union, but nothing in
von Neumann’s actual writings, public or
private, support this often-made asser-
tion, which I believe is based on a funda-
mental misinterpretation of his views.
He glibly describes Oskar Morgenstern
as an “oddball” because in Princeton he
would go horseback riding wearing a
suit and tie (actually not that unusual at
the time); but Morgenstern’s diaries and
letters show him, like his much beloved
colleague von Neumann, to be an excep-
tionally balanced man, full of life, friend-
ships and interests.
In other words, the one thing “The
Man From the Future” is not is a biogra-
phy of John von Neumann. It is, how-
ever, a marvelously bracing biography
of the ideas of John von Neumann,
ideas that continue to grow and flourish
with a life of their own.
Mr. Budiansky is the author of
“Journey to the Edge of Reason:
The Life of Kurt Gödel.”
Saturday/Sunday, February 26 - 27, 2022 | C7
The
Great
Stone Face
Buster Keaton
By James Curtis
Knopf, 810 pages, $40
Camera Man
By Dana Stevens
Atria, 415 pages, $29.99
BY FARRAN SMITH NEHME
A
MAN STANDS with his
back to a house, deep in
imperturbable thought—
when the entire facade
crashes to the ground,
failing to crush him only because
he’s standing in the hole made by one
tiny window. This clip of the immortal
silent comedian Buster Keaton, almost
too terrifying to be funny, remains
his most famous. The shot was so
dangerous that the cameramen
reportedly turned their backs to the
action, unable to bear the thought of
what they
would see
if it went Buster Keaton
wrong. The
movie was
was far more
“Steamboat complex than
Bill, Jr.” his image as a
from 1928,
and after a silent-comedy
spectacular genius undone
eight-year
run of comic
by drinking.
shorts and
features, it
would be one of the last Buster Keaton
would ever fully control as writer,
star or co-director.
Running, jumping, falling in
spectacular ways and, during a stunt
in “Sherlock, Jr.,” quite literally
breaking his neck (not noticing until
an x-ray showed the fracture years
later): That’s the acrobatic Buster
Keaton of cinema legend. But those
who love Keaton are eternally drawn
to his face, “the most beautiful face of
any man I have ever seen,” said silent
actress Louise Brooks. The face is
vital, because thought is the essence
of Keaton’s best gags. The 1923 feature
“Our Hospitality’’ finds him fishing
downriver from where two men have
blown a dam; drops begin to fall from
the ledge above him. Calmly he puts
down his rod, raises the umbrella he’s
been carrying for most of the film,
and resumes fishing just in time for
a torrent of water to engulf him.
“There are people who never
much cared” for Buster Keaton,
wrote the critic James Agee in 1949;
“those who do cannot care mildly.”
And those lovers of Keaton have a
bonanza this year: not one but two
books about the genius of silent
comedy. Born on the vaudeville circuit
in Piqua, Kan., in 1895, Keaton grew
from the child star of his parents’
roughhouse comedy act to one of the
most innovative actor-filmmakers the
cinema has ever known, with works
like “The Navigator,” “The General”
and “Steamboat Bill, Jr.” sitting
comfortably alongside Howard Hawks
and Jean Renoir in critic Andrew
Sarris’s pantheon of the great
directors.
James Curtis, the renowned
biographer of film giants including
director Preston Sturges and actor
Spencer Tracy, delivers a full-scale
portrait of the man Agee credited as
Please turn to page C8
CORBIS/GETTY IMAGES
SILENCE IS GOLDEN Keaton at the
height of his celebrity during the 1920s.
C8 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.

BOOKS
‘My life is the best omelette you could make with a chainsaw . . . Giving freaks a pass is the oldest tradition in Montana.’ —TH O MAS MCG UAN E

FIVE BEST ON BIG SKY COUNTRY

John Phillips
Author of ‘Four Miles West of Nowhere: A City Boy’s First Year in the Montana Wilderness’

The Ploughmen tutelage of his survivalist father,

By Kim Zupan (2014) Jeremiah Pearl. Father and son

1
subsist off the land in Montana’s
In this unforgettable novel, wild Yaak region, though the
set in Montana’s Missouri River social worker regularly trudges up
Breaks, John Gload—an aging a mountain to deliver canned food
lifelong con man and killer, and clothing. During each visit,
now at last awaiting justice—elicits the elder Pearl launches into a
conversation from Valentine Milli- deranged rant. Snow’s job is made
maki, his young prison guard, over tougher by his own life’s unrav-
many grim late-night shifts. Deputy eling: his father has died; his
Sheriff Millimaki, a gentle and luck- girlfriend is a secret prostitute.
less missing-persons expert, is in The sad proceedings are rendered
trouble: his wife is cheating on him, credibly, thanks largely to the
and his senior officers are plotting novelist’s capacity to induce
to fire him. Prisoner and deputy, feelings of compassion for—even
both heart-soiled souls, soon develop identification with—wrathful and
a weird rapport—a camaraderie ignorant characters whose lives
derived from the personal wounds seem to be destined to end in one
and secrets they share. Gload, whose deadly, ongoing crash. As Mr. Hen-
still-strong hands could “squeeze derson writes: “[Pearl] is burned
juice out of a stove log,” also knows through, cauterized, a scar, and
how to wring out a soul—to turn for all that, familiar as whatever
another’s weakness to his own it is Pete sees in any mirror. Pearl
advantage. The book, Mr. Zupan’s is Snow is himself is everyone.”
first and only, is currently being
adapted by Hollywood, with Robert
Duvall cast as the 70-something Nobody’s Angel
Gload. One wonders if the film will By Thomas McGuane (1982)

5
stay true to its portrayal of a relent-
lessly melancholic humanity or to Any archive of Big Sky
the gruesomeness with which the narratives must include a
author dispatches it. Mr. Zupan is work by its most famous
by trade a carpenter, and his prose living scribe. Now 82,
ZIA SOLEIL/GETTY IMAGES

reads as if it’s been buffed in a Tom McGuane continues to cast

one-sentence-a-day regimen of a seductive literary net. Many
the starkest Deep West artistry. McGuane aficionados would
agree that his most appealing
novel is “Nobody’s Angel,”
Badluck Way: A Year on the though it follows a formula by
Ragged Edge of the West now thoroughly familiar: a son,
By Bryce Andrews (2014) and beasts occupying the same space A River Runs Through It inevitable movie, which did for recently returned from the Army,

2
on the planet. “Man marks land- By Norman Maclean (1976) Montana what “All the President’s inherits the family ranch as well

3
Bryce Andrews, a Seattle scape,” he writes. “But a place also Men” did for investigative journ- as a mental state filled with re-
native sympathetically fas- marks a man.” Montana marked The first line of the novella alism. Fishermen and inner-tubers grets, misplaced love, cynicism,
cinated by the West’s wild Mr. Andrews: While working cattle “A River Runs Through It” flocked to the Blackfoot River, and a general sense of loss. In
predators, spent a year after under the postcard sky, he writes, is a sentence all Montanans hurling beer cans and litter into this tale, Patrick Fitzpatrick
college toiling on the 25,000-acre “it occurred to me I had achieved a can quote: “In our family, its crystalline waters. True, it was cares for his senile grandfather
Sun Ranch in the still-unspoiled rare thing: I was living at the center there was no clear line between never Montana’s most charming and a barn full of horses, con-
southwest corner of Montana. In of my heart’s geography. And I knew religion and fly-fishing.” The waterway to begin with. sumes quarts of whiskey, and
this memoir we learn that his prin- it.” Mr. Andrews’s prose is elemen- story is a first-person account busies himself bedding another
cipal job there was to protect the tary, austere. Its austerity is his of an adolescent boy’s love for man’s wife. In short, his life goes
ranch’s cattle from the menace of solution to the complicated environ- his troubled, unknowable older Fourth of July Creek ugly early but in unpredictable,
wolves. Mr. Andrews writes as a mental entanglement with which brother, a man’s man who, among By Smith Henderson (2014) often comically nihilistic ways.

4
non-sermonizing ecologist, meticu- he collides. “Ecosystems are not much else, is a sort of ideal of the “Remember,” Mr. McGuane has
lously but colorfully adding and only more complex than we think,” Montana sportsman of a century In Smith Henderson’s said, “when you back your horse
subtracting the value of a Whopper said ecologist Frank Egler, “they are ago. The book was an instant mesmeric tale of suffering, into the box, there’s about five
from the value of a wolf. Eventually more complex than we can think.” success and has become the social worker Pete Snow hundred million people who
he must, regrettably, kill a pack Rarely has mending barbed wire unofficial state book of Montana. is assigned to ensure the don’t care whether you catch
member, which causes him to brood on a ranch served, as in this case, In the early 1990s, Hollywood welfare of a boy living a life of the steer or not. I always think
over the consequences of humans as salve for one man’s emotional pain. and Brad Pitt arrived to make the utter deprivation under the insane of that when I’m writing.”

Buster last straw for his unhappy first mar-

riage to Natalie Talmadge.
Natalie plays the role of villain in
never smiled but still offered a stun- struggles to the gradual revolution
ning range of comic reactions. She in how Americans view addiction.
writes that afterward, “whenever I As a critic, and not a biographer,
present only in a vague sense that
yes, the movie is quite good.
Both writers, however, are at pains

Keaton, most biographies of Keaton. She was

the sister of silent stars Norma and
heard about something that took Ms. Stevens can spark some disagree-
place between 1895 and 1966”—the ment. She dislikes “Limelight,” for
to rescue Keaton’s image from the
mawkish narrative of the silent-movie

Filmmaker
Constance Talmadge, both of whom year of Keaton’s death, at age 70— example, the 1952 Charlie Chaplin genius undone by drinking and an in-
exerted a mighty influence on their “I found myself trying to fit that film that brought him together with ability to move with the times, a view
middle-child sibling. After co-starring event or phenomenon into the puzzle Keaton for the only time—and she cemented by well-meaning biogra-
with Buster in the charming “Our of his life and work.” This is historical clearly dislikes Chaplin as a person, phers and an atrocious 1957 biopic.
Continued from page C7 Hospitality,” Natalie retired from act- criticism, with a biographical struc- excoriating him for his marriages to Six months after Keaton filmed
having brought “a disturbing tension ing to have two sons and to spend a ture that hangs on episodes in teenagers, though Keaton himself was his appearance as one of the bridge-
and grandeur” to film comedy. Keaton great deal of money on a lavish house Keaton’s life. a youthful ladies’ man whose third playing, has-been “waxworks” in Billy
fans have often complained that and other aspects of a luxury lifestyle: Ms. Stevens (who is a pro- Wilder’s immortal 1950
nearly all biographies of him suffer Keaton confessed in later years to fessional acquaintance of mine) “Sunset Boulevard,” he made
from a questionable slant or a cursory having felt a perpetual outsider in his writes with grace and passion what was billed as his tele-
treatment of key events. With “Buster own home. Their acrimonious divorce about her idol, connecting him vision debut on “The Ed
Keaton: A Filmmaker’s Life”—at more came just as Keaton’s MGM tenure to everything from the pan- Wynn Show.” And from 1933,
than 800 pages dense with research was proving to be a terrible mistake. cakes at the long-vanished res- the year he was fired by
and facts—Mr. Curtis rectifies that Mr. Curtis, too, has the lowdown on taurant chain Childs to F. Scott MGM, to his death, Keaton
situation, and how. He digs deep into Keaton’s rather mysterious second Fitzgerald’s miserable years appeared in dozens of mov-
Keaton’s process and shows how wife, Mae Scriven. She had been hired spent as a screenwriter at ies, including “Film,” a silent
something like the brilliant two-reeler in 1931 as a home nurse to help the MGM. Ms. Stevens dives into short scripted by Samuel
“Cops” went from a storyline con- alcoholic Keaton dry out; instead she subjects many Keaton admirers Beckett, and “A Funny Thing
ceived from necessity—construction soon was out on the town with have merely sideswiped, no- Happened on the Way to the
on the movie lot encouraged shooting Buster, knocking them back with her tably the painful ethnic and Forum,” directed by Richard
outdoors—to a masterpiece, with its supposed patient. In fact, the worse racial jokes in his films. She Lester, who had guided the
meticulously planned finale in which Keaton’s life gets, the more engross- relates Keaton’s use of black- Beatles through “A Hard
Keaton dashes through the streets ing Mr. Curtis’s book becomes. face in “College” not only to Day’s Night” (a film whose
of Los Angeles chased by 350 cops. “the ambient cultural racism” gleeful chase scenes owe
(“We could only find three hundred that his work reflected, but much to Keaton’s enduring
and fifty cop uniforms,” said Keaton.) His earliest acting also to Keaton’s admiration influence). Keaton was any-
This will doubtless be the primary for—and misunderstanding of thing but stuck in the past.
reference on Keaton’s life for a long
experience came while —the Bahamian-American per- So here we are, with two
time to come. performing in his former Bert Williams. In the hardcover studies of Keaton
Do you want to know how “Buster” parents’ roughhouse process, it isn’t just Keaton who vying for attention. If you
got his nickname as a child? No, it emerges with startling preci- want a sense of passionate
wasn’t from Harry Houdini, as legend comedy act. sion, but those around him as attachment to Buster Keaton
has long had it; Mr. Curtis tells you well, such as the fearsome head —either as one of the great
exactly who gave it to him, along with of MGM: “Louis B. Mayer tried comic filmmakers of all time,
the etymology of “buster.” Here is a Both more compact and focused to run his business like a family or as a loyal and likable man
precise tick-tock of how the financial differently, “Camera Man: Buster and his family like a business, in an industry famed for
ATRIA

woes of Keaton’s producer brother-in-
law Joseph Schenck swept Keaton
from an ideal situation that gave him
complete artistic freedom to an ill-
fated contract at the notoriously con-
trolling MGM. There, Keaton made
one masterpiece (“The Cameraman’’),
then a very good movie (“Spite Mar-
riage”), then gradually slid into poorly
made features, misery and blackout
drinking. Mr. Curtis also manages
to make some sense of Kathleen Key,
the woman whose evident shakedown
of Buster in 1931 was probably the
Keaton, the Dawn of Cinema, and the
Invention of the Twentieth Century”
comes from Dana Stevens, longtime
film critic for Slate. Ms. Stevens has
insisted in interviews that her work
isn’t a biography, and the book’s title
spells out her concerns with admira-
ble clarity. She opens with a recollec-
tion of her instant love for Keaton, for
the “timelessly funny” inventiveness
of the films and for his astonishing
gravity-defying stunts, all of them
executed with the performer’s famed
deadpan, the “Great Stone Face” that
though he could never quite those who lack both quali-
get either model to work.” CHILD STAR Young Keaton, ca. 1901. ties—that’s Dana Stevens.
Mr. Curtis and Ms. Stevens But her book isn’t designed to
share considerable sympathy for and only happy marriage was to Elea- provide the authoritative perspective
Keaton’s struggles with alcohol in an nor Norris, a dancer 23 years his offered by Mr. Curtis. As a lifelong
era that saw it mostly as a character junior. By contrast, the drawback to lover of Buster Keaton and his films,
flaw and offered the addict only the Mr. Curtis’s approach lies in the way I regret to state that you need
most brutal and ineffective “cures.” he often glides past an opportunity to them both.
Mr. Curtis lays out the dark years offer an opinion. A magnificent,
from the late 1920s to the mid-1930s surreal vision like “Sherlock, Jr.” is Ms. Nehme’s writing on cinema
in detail, and is sympathetic without described in terms of how it was appears in Film Comment,
being maudlin. Ms. Stevens, on the made, where it was worked on, what Sight & Sound and elsewhere.
other hand, slides in a brief but pierc- it grossed and what the reviews were She is the author of the novel
ing discussion that ties Keaton’s like, but Mr. Curtis’s own opinion is “Missing Reels.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 26 - 27, 2022 | C9

BOOKS
‘It’s terrible to think that all I’ve suffered, and all the suffering I’ve caused, might have arisen from the lack of a little salt in my brain.’ —ROBERT LOW ELL

The Brain and Bad Chemistry generations to ransom is found in a rare

A Molecule Away From Madness
By Sara Manning Peskin familial form of early-onset Alzheimer’s
disease. First identified in Antioquia,
Norton, 214 pages, $25.95
Colombia, birthplace of the drug lord and
BY ADRIAN WOOLFSON narcoterrorist Pablo Escobar, and known

I
locally as la bobera de la familia, or “the
N 1888, the last sane year of his life, idiocy of the family,” this disease—mapping
the oddball German philosopher to the gene presenilin 1—causes affected
Friedrich Nietzsche sought respite individuals to undergo profound memory
in Turin, a town he insisted had the loss as early as their 30s and 40s. It has
best ice cream and cafés, as well as been traced to a European couple born in
agreeable Alpine vistas. Had one encountered Colombia in the mid-18th century.
him at the time, perhaps in a third-class As in classic, age-related Alzheimer’s
railway carriage, one would have observed disease, the brains of affected individuals
an unassuming, slight, excessively mustached, are “riddled with tangles and plaques,”
well-mannered, penurious, middle-aged the telltale signature of the disease. But
insomniac professor with green-tinted while age-related Alzheimer’s results from
spectacles—often with a blanket draped the interplay of multiple genes—making
over his arm—and a predilection for low- a cure elusive—the single-gene cause of
salt salami. familial early-onset Alzheimer’s makes it
In conversation one would, in contrast, more amenable to therapeutic intervention.
find him charismatic, bombastic, egotistical, It seems likely, however, that a new kind
uncompromising and espousing a provocative of medicine will be necessary to address
and anti-rational philosophy that rejected the complex genetic diseases such as classic
foundational tenets of western civilization. Alzheimer’s, where the molecular
His relentlessly eccentric thoughts quivered abnormalities are multifarious.
at the edge of normality, near the intellectual Mental disorders that would previously
hinterlands of chaos, where he formulated have resulted in patients being shipped off
his controversial and idiosyncratic per- to psychiatric wards have recently been
spective on human nature. discovered to have addressable underlying
But on Jan. 3, 1889, he permanently exited molecular causes. Ms. Peskin describes,
this fertile wilderness of quasi-rationality, for example, how antibodies made by
and after extravagantly embracing a horse our immune systems can turn against us,
in the town square, descended precipitously targeting our own molecules. She recounts
into madness. Although the exact diagnosis the case of a woman with an ovarian tumor
remains uncertain, it is likely that these that contained cells resembling the neurons
events issued from his first—reportedly only found in the brain. After she developed
—experience of physical intimacy, in a brothel antibodies to molecules known as NMDA
ULLSTEIN BILD/GETTY IMAGES

while a student in Cologne. If this version of
events is correct, the hijacking of his mind
resulted from an invasion of his brain by
the helically shaped bacterium Treponema
pallidum, the causal agent of neurosyphilis.
While human minds may be undermined
by bacterial and other infections, the
molecular operations of this most fantastic
of all machines may also be usurped or
disrupted by a host of other pathological
processes. These include the missing
or imperfect products of faulty genes,
inappropriately formed or misbehaving
proteins, and the presence or absence of
a range of other molecules.
In “A Molecule Away From Madness,”
clinical neurologist Sara Manning Peskin
demonstrates the mind’s vulnerability to the
corrosive effects of this subset of aberrant
molecular processes. Ms. Peskin provides
the reader with an acute and evocative
demonstration of the fragility and
interchangeability of mental, emotional
and behavioral states, and shows how they
may be affected by the misbehavior of the
molecules defining them.
Despite tremendous advances in our
understanding of the molecular basis of
human diseases, the treatments of dis-
orders of the brain and mind have failed
to attain the successes achieved in other
areas of medicine. Our ability to effectively
manage and cure most severe neurological
diseases has, as a result, barely changed
since they were first described. Ms. Peskin
articulates the frustration of being routinely
relegated to the role of passive observer
as her patients “slowly disappear,”
ECCE HOMO Nietzsche’s loss of sanity may have resulted from the causal agent of neurosyphilis.
leaving behind just the “husk of a person.”
The good news, she asserts, is that we
are approaching “the precipice of a molecular
breakthrough” in our comprehension of
neurological pathology. This raises the
possibility that our ability to treat various
mental and cognitive diseases will, before
long, “go the way of oncology,” recapitulating
the transformative advances achieved in the
treatment of cancer over the last decades.
In April 1872 the 22-year-old American
physician George Huntington described an
inherited disease involving progressive loss
of motor control, characterized by jerky
“choreiform” movements and accompanied by
an altered personality, psychiatric symptoms
and impaired cognitive function. The cases
appeared to originate from a single ancestral
individual, Jeffrey Francis, who emigrated
from England in 1634. Although we now
know that the disease is caused by abnor-
malities in a gene that produces a protein
called huntingtin, it has proved difficult to
translate this knowledge into a therapy which
might halt or reverse disease progression.
The effects of neurological diseases
propagate far beyond their immediate impact
on brain tissues. Ms. Peskin demonstrates
how a penumbra of psychopathology
invariably envelops the families of individuals
with diseases like Huntington’s. She narrates
the experiences of a child whose mother,
wriggling and writhing “as if controlled by
a drunk puppeteer,” is slowly “swallowed
into an imaginary universe,” leaving her
unable to fulfill her maternal duties. After
being taken into care by social workers,
Human minds are intricate
machines that can be hijacked
by any number of molecular
processes, including the products
of misbehaving proteins.
the child eventually becomes homeless,
and then an addict. This personal tragedy is
subsequently compounded by the discovery
that she has inherited a copy of her mother’s
disease-causing gene. She is forced to
confront the realization that her body and
mind are a future train wreck, programmed
to self-destruct.
Another compelling example of how
defective molecules may hold entire
receptors on the surface of the tumor cells,
they also targeted NMDA receptors in her
brain, causing encephalitis. Fortunately, her
warped reality swiftly normalized once the
tumor was excised. Nowadays women who
develop antibodies to NMDA receptors are
routinely checked for ovarian tumors, which
are implicated in nearly half the cases.
The presence of neurotoxins such as
mercury, the curse of Victorian hatmakers,
and the absence of vitamins such as thiamine
and niacin caused by excessive alcohol intake
or the dietary deficiencies accompanying
poverty, may wreak a similar—but readily
reversible—type of havoc on mental
processes. Alcoholic patients with Korsakoff
syndrome confabulate as their memories are
progressively erased by thiamine deficiency,
which impairs the production of the
neurotransmitters essential for brain
function.
One can imagine a time when the obscure
mental calculus of the brain is stripped naked
and revealed in its totality. The molecular
chemistry of the human mind, including
such elusive constructs as love, curiosity,
and intellectual creativity, may be reduced
to the certainty of a new type of Periodic
Table. Perhaps then, when the threads
of mental rainbows have been unwoven,
we will begin to fully comprehend, at the
most fundamental level, the workings of
the invisible and magnificent effervescent
chemistry that underwrites human nature.
Mr. Woolfson is the author of “Life With-
out Genes” and “An Intelligent Person’s
Guide to Genetics.”

star-nosed mole reveals things about
The our sense of touch. And at the end of
the book, in an afterword, a 13th crea-
sensory powers even if, like most of
us, you’ve been experiencing a Covid-
generated, sensorily deprived life for
lyrical appreciation of our own
perceptions: “Whereas our cones
bring us bright, cloudless days arced
even have learned from the cheetah’s
ability to change direction: her chap-
ter on the inborn sense of time begins,

Sensory ture, the duck-billed platypus, paddles

through with an unexpected shock:
its bill helps it find food by sensing
Bestiary electrical charges from its prey.
Each of the creatures she examines
in “Sentient,” says the author, offers a
Sentient different perspective on “how we
By Jackie Higgins sense, even make sense, of the world”
Atria, 308 pages, $28 and how these experiences add up
to being human.
BY DAVID P. BARASH A now-famous article by philoso-
the last two years.
Nearly every chapter of “Sentience”
is enlivened with the author’s conver-
sations with scientists who did the
groundbreaking work she explores: on
blood-meal sharing in vampire bats,
the exquisite touch sensitivity of those
star-nosed moles, and so on. The re-
sult is, well, illuminating. Courtesy of
“Sentience” and its tale of the deep-
sea spookfish, the only animal whose
with rainbows, our rods give us
starless and forest-canopied nights.”
unexpectedly, with a beautiful if
ghastly account of a spider, which
“Our brain weaves different sensations “crouches among the dead, motionless
into a coherent perceptual tapestry.
Our experience of a landscape is most
at the center of her cobweb. She hides
within a woven column of eviscer-
certainly seen, but it is also heard ated abdomens, decapitated thoraxes,
and maybe even felt or smelled as a
breeze brushes skin and is caught on
the tide of a breath.” Learning from the great
Human beings have long appre-
ciated and taken advantage of the sen-
gray owl about what

T
HE EXPRESSION goes
“you are what you eat.”
Less well known but no
less true is “you are
what you perceive.”
Written by British writer and film-
maker Jackie Higgins, “Sentient:
How Animals Illuminate the Wonder
of Our Human Senses,” does exactly
what its subtitle promises. As diffi-
cult as it is to see ourselves as others
see us, it’s even harder to see the
world as other critters do. But it’s
worth our while to give it a try.
By examining the diverse perceptual
capacities of our fellow creatures,
“Sentient” leads us to perceive our-
selves in a new, organic context.
Ms. Higgins braves the elements to
explore how our senses can be under-
stood by learning from 12 of our fel-
low creatures, going underwater to
see what the peacock mantis shrimp
can tell us about our sense of color,
or the Goliath catfish about taste. In
the sky the shadowy, silent great gray
owl informs how we can think about
hearing; the vampire bat of Central
America conveys clues that help un-
derstand pain. On land, cheetahs give
lessons in balance and bloodhounds
on our sense of smell; under it, the
pher Thomas Nagel was titled eyes include a literal mirror, we learn sitivities we share with other cre- it is to hear, and from
“What Is It Like to Be a that our own night vision—which still atures. Consider pheromones, which the cheetah what it is to
Bat?”—his conclusion, in functions when ambient light is one “have been found across the animal
short, is that we don’t billion times dimmer than day- kingdom, sending messages between have a sense of balance.
know and likely never courting lobsters, alarmed aphids,
CAROLINE CHURCH
will. To her credit, Ms. suckling rabbit pups, mound-building
Higgins doesn’t waste termites, and trail-following ants.” and stray legs. This graveyard of flies
her time or ours trying Acknowledging their potency, caught, killed, carefully disassembled,
to suggest what it is long before our species knew and then reassembled is how she
like to be a spookfish, anything about their precise conceals herself. . . . She then dis-
an octopus, or a bar- biochemistry, we have tinguishes vibrations made by wind
tailed godwit. Rather, “dabbed our necks and from approaching male suitors or
she digs deeply into the wrists with the oily yellow those with more nutritional promise.”
sensory capacities of secretion from the anal But Ms. Higgins pivots to the more
some of the world’s most glands of the civet cat, the poetic lessons of this trashline orb-
intriguing animals to better un- waxy pathological growth weaver, who rebuilds her web “from
derstand not only them, but the from the intestines of sperm scratch every night,” when an innate
biological miracle of our own per- whales, and extracts from the nocturnal clock prompts her to wake
ceptions, many of which turn out to anal glands of the beaver.” and work before sunrise.
be surprisingly acute. Sometimes the author’s Ms. Higgins’s most extraordinary
Quoting Leonardo’s observation focus is a pleasant sur- achievement in an extraordinary book
that the typical person “looks with- prise, as with her chapter may be that in the course of her
out seeing, listens without hearing, SEE-FOOD The spookfish has an on the cheetah, which, investigations she seems to have
touches without feeling, eats without uncanny ability to detect light in one might naively as- discovered a new sense: the sense
tasting . . . [and] inhales without the ocean’s bathypelagic depths. sume, will deal with the of how to write compelling popular
awareness of odor or fragrance,” Ms. animal’s remarkable speed. Instead we science.
Higgins observes that “we are guilty light—is no less admirable than that learn about the cat’s sense of balance,
of underappreciating—and under- of our abyssal cousins. In fact, the hu- necessary if it is to keep up with its Mr. Barash is an evolutionary
estimating—our sensory powers; after man eye can, on occasion, react to a prey’s rapid twists, turns and changes biologist and professor of psy-
all, they circumscribe every waking single photon! of direction, and about the semi- chology emeritus at the University
moment.” After reading “Sentience,” “Sentience,” however, goes far circular canals in our own inner ears, of Washington. His most recent
you’d have to be uncommonly insen- beyond “gee whiz” observations; it without which walking on two feet trade book is “Threats: Intimi-
sible not to appreciate your own provides the reader with a frequently would be impossible. Ms. Higgins may dation and its Discontents.”
C10 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.

BOOKS
‘I think that fiction is a very serious thing, that while it is fiction, it is also a revelation of truth, or facts.’ —JO H N MCG AH ERN

Suffering Concealed
The Letters of A companion to that “have arrived at that trou-
John McGahern memoir in a way, this vol- bling stage when we have
Edited by Frank Shovlin ume of letters collected more money than life.”
and ably edited by writer This is a one-sided cor-
Faber, 851 pages, $40
and scholar Frank Shovlin, respondence, though Mr.
BY ANNA MUNDOW spans the period 1957 to Shovlin’s excellent foot-

A
CHILD WRITES: “Dear
Daddy . . . I hope you
are well. . . . We got
two goats. Uncle Pat
does not like them.”
A farmer reports that “all the hay
is in. Most of the lambs are sold.”
A schoolteacher advises his sister
that “there is no such thing in life as
freedom, only the freedom to choose
and that not always. . . . Read many
books.” An acclaimed writer tells an
old confidant that “literary reputa-
tions last as long as the body of work
they represent remains useful . . .
and will disappear into the long night
like ourselves, eventually.”
The voice in each case is that of
the Irish writer John McGahern
(1934-2006), whose fiction trans-
figured the mostly rural world he
so closely observed and whose life
is now revealed in “The Letters of
John McGahern.” Or at least partly
revealed, for this essentially private
man was always careful with words.
McGahern saw fiction
as an impersonal art:
‘If I had a rule for writing
it would be, “above all,
no self-expression.” ’
2006 (the childhood note notes provide occasional
above is dated 1943) and replies. Some of the mis-
charts McGahern’s journey sives are merely business-
from anonymity to emi- like. But many more are
nence. The earliest missives substantial, and these re-
are from Dublin and Lon- veal in particular how Mc-
don, the later ones from Gahern worked and how he
Leitrim in the Irish mid- persevered even during his
lands, where McGahern and final illness. “I write almost
his second wife, Madeline every day,” he reports in
Green, finally settled, and 2003 while undergoing
in between are dispatches chemotherapy. “I find it’s
from various European cit- there like hidden strength
ies and the United States. or those obdurate cells.”
As the writer’s inter- The habit of a lifetime of
national recognition grew, paying attention, of getting
the range of correspon- the smallest detail right,
dents broadened to include was formed early, we see
editors and publishers, here, as was the writer’s
journalists and academics. ability to cast a cold eye on
Prizes and honors accumu- novels that took him years
lated, some friends became to complete. And to ap-
famous (Seamus Heaney, praise work that often ex-
Brian Friel, Colm Tóibín), humed private pain. Send-
and some of the famous be- ing the final text of “The
came friends. Yet whether Dark” to Faber in 1964, for
McGahern is addressing a example, he writes that the
distant cousin, an admired main change from the pre-
poet, an old flame or a new vious draft is “the insertion
publisher, his tone is con- of a chapter . . . to break
sistently one of modesty the horror of the beating,”
(though bad reviews do while decades later, editing
rankle) and wry humor. “Amongst Women,” he ex-
“I’m the only LIVE writer plains that “to justify the
on the course,” he remarks climate of violence in the
ULF ANDERSEN/GETTY IMAGES; ON C7: ALAMY

of his inclusion in a French novel I found I had to add

“I do not want to make a display of
my personality,” he wrote in 1959
to the novelist Michael McLaverty,
who would become a lifelong friend.
McGahern was a schoolteacher at the
time and only in his mid-20s, but the
credo remained central to his art.
“If I had a rule for writing it would
be, ‘above all, no self-expression,’ ”
he told an interviewer in 2003. “I’ve
made all my serious writing mistakes
when I actually stuck close to the
facts.” A master of the craft that
conceals craft, he thereby wrote some
of the most expressive novels and
short stories of his time, indeed of
any time—among them “The Bar-
racks” (1963), “The Dark” (1965),
“Amongst Women” (1990), “The
Country Funeral” (1992)—and finally
“All Will Be Well” (2005), an incom-
parable memoir that is as luminous
as it is harrowing. (One of seven chil-
dren, McGahern endured his mother’s
early death and his father’s terrifying
brutality, “all that old suffering,”
as he remarks to his publisher, “that
has to be to some extent partly
concealed.”)
academic curriculum, “a an opening chapter which
lone lobster in a restaurant echoed the revolution of
tank before dinner.” And, 1920/1921 and this affected
of his 1991 elevation as a subsequent chapters.”
Chevalier dans l’Ordre des Unlike McGahern’s beau-
Arts et des Lettres, “I get tifully shaped novels, this
to wear a ribbon like thou- volume of correspondence
sands of old fellows.” comes to an abrupt end.
He wrote most letters by The writer’s life closes and
hand (“You should buy a the voice that we have
typewriter,” an exasperated A LIFETIME OF PAYING ATTENTION John McGahern in 1989. grown fond of hearing in
recipient complains) and these letters simply falls
never, it seems, with publication in machine, which was wheeled on Easter,” he writes to his publisher in silent. To the last, however, that voice
mind. The overall effect is conse- stage. . . . My poor uncle died in the 1963 when “The Barracks,” a study in remains clear. John McGahern’s final
quently immediate and occasionally town. I miss him.” A vanished paro- marital unhappiness set in his native note—dictated as an email from his
intimate. Casual anecdotes share the chial Ireland materializes in descrip- midlands, had incensed not only his hospital bed—was written just four
page with striking descriptions of na- tions of Dublin in the 1960s (“I saw widowed father but also the local days before his death in 2006. And in
ture, of emotion, of the past. “The Noel Garvey [a rural neighbor] from clergy. Two years later “The Dark,” it, he characteristically sets the record
early plum tree is in white blossom,” a bus passing through O’Connell with its then-unusual theme of child straight regarding a certain poet’s
a 1982 note to a French translator Street”) while, decades later, a time- abuse, would be banned in Ireland, veiled attack (“at Christmas you
reads. “The old woman up the lane— less rural present is succinctly cap- McGahern would lose his teaching job enclosed a poem with your card that
I was mowing her meadow when you tured (“The sheep have all lambed . . . (a frowned-upon civil marriage to his seemed to link Heaney and myself as
were here—died in Sligo last Thurs- Some of the cows have been let out first wife, Annikki Laaksi, was also a a pair of literary hucksters”), and
day . . . The postman scolded me and in the fields. Hailstones fell today”). factor), and money would remain then, palpably weary, rises above the
a few locals for standing on neigh- There are love letters too, urgent scarce, even as his literary status grew. whole matter. “These are small things
bouring tulips as we started to fill the yet wary, and a reverberation from a “Dark going into 3rd printing . . . The and are best forgotten about,” the
grave.” And eight years later to Sea- youthful affair that years later causes Barracks into a 2nd,” he writes in writer concludes. “I wish you well.
mus Heaney: “The P.P. [parish priest] subdued distress. More familiar, of 1966 to Michael McLaverty. “It’s still What more can we say?”
retired at 92. They gave him a wallet course, are the public upheavals nothing to live on.” Two decades
of notes and a colour tv. The house- caused by McGahern’s earliest novels. later, by contrast, he will ruefully ob- Ms. Mundow is a writer in central
keeper got an automatic washing “I am not wanted at home this serve that he and his wife Madeline Massachusetts.

Fiction as Religious Experience

THERE IS AN ESSAY to be
written about the tentative
re-emergence of spirituality
in contemporary fiction. My
guess is that the phenomenon
is partly a reaction to the
scorched-earth crusades of
the New Atheist movement,
which neglected the mysteries
of the inner life. In her
FICTION fantastical novel “Forest Dark,”
SAM SACKS Nicole Krauss wrote of her
exasperation with “the arid
fields of reason” and her
attraction to the unknown
and intuited. Sheila Heti’s
novel “Pure Colour” invents a
creation myth by scavenging
While valuables from Scripture.
many The Catholic Church, with its
emphasis on selflessness and
recent community, is proposed as an
novels antidote to the soullessness
have of capitalism in Sally Rooney’s
toyed “Beautiful World, Where
Are You.” God’s awesome
with immanence is central to “The
the Morning Star,” the most recent
sacred, novel by Karl Ove Knausgaard.
If this trend has an elder
Jon statesman, it may be Mr.
Fosse’s Knausgaard’s former instructor,
have the revered Norwegian novelist
and playwright Jon Fosse, in
aspired whose writing religious faith
to the is not merely a vague desi-
form deratum but a starting and
of ending point, the work’s very
beating heart. Nowhere is
prayer. this more explicit than in Mr.
Fosse’s Septology cycle, whose
final two parts now appear
in “A New Name” (Transit,
197 pages, $17.95), the third
and last volume of Damion
Searls’s masterly translation.
The cycle follows a few days
in the life of a painter named
Asle, who lives like a religious
ascetic on the western coast of
Norway. Asle has been fixated
by his latest painting, of two
thickly applied lines in the
form of a St. Andrew’s Cross.
Uncannily, he has an artist
friend in a neighboring city
who has the same name and
has been painting the same
picture. But while Asle is
a teetotaler, his namesake
(and, perhaps, spiritual double)
is a drunk, and must be
hospitalized after Asle finds
him blacked out in the snow.
The novel streams between
these spare events and Asle’s
flashbacks to his—and his
namesake’s—youth; in “A New
Name,” apart from an excursion
for Christmas, Asle does little
but lie in his house and think
about the past, because now his
memories have culminated at
his happy and heartbreaking
years with his wife, Ales, who
died soon after their marriage.
Asle became a Catholic
after meeting Ales and his
faith is informed by the
practice of worldly detachment
taught by the mystic medieval
theologian Meister Eckhart:
“I will be empty, just empty,
I will become a silent nothing,
a silent darkness,” Asle thinks.
Like his spare, visionary
paintings—indeed, like his
radically stripped-down life—
his narrative aspires to the
form of prayer. Mr. Fosse writes
with no full stops, each
unending sentence flowing
imperceptibly between Asle’s
memories and present actions
and often incorporating his
incantations of Latin prayers.
The effect can be both
mesmerizing and dulling,
but there are moments when
it reaches a pitch of extraordi-
nary catharsis. Amidst a field
of writers intrigued by the
potential of religion, Mr. Fosse
has created something of a
different order: a work of
art that itself approximates
a religious experience.
THIS WEEK
A New Name
(Septology VI-VII)
By Jon Fosse
Checkout 19
By Claire-Louise Bennett
The Swimmers
By Julie Otsuka
Transcendence is accessed
through literature in Claire-
Louise Bennett’s “Checkout 19”
(Riverhead, 272 pages, $27),
a fictionalized memoir of a
woman’s life in books, from
her earliest memories of
reading to her maturation as a
literary student and dilettante
writer. I say “maturation,” but
the key to “Checkout 19” is its
principled refusal to entirely
wise up. The wonder of
childhood reading, the
undiluted absorption and
imaginative engagement, the
capacity to fall madly in love
with fictional characters and
to fantasize oneself into their
worlds—these are the qualities
Ms. Bennett wants to celebrate
and preserve. If novels had
subtitles, hers would be
“In Praise of Reverie.”
In hodgepodge fashion,
the novel supplies annotated
catalogs of the narrator’s most
memorable reading experiences
interspersed with scenes from
her life. As in Ms. Bennett’s
2015 debut, “Pond,” reality
is largely a springboard for
daydreams. The narrator loves
nothing more than to be alone
with her ideas, “buffing them
with the fringed edge of my
entangled imagination.”
Though “Checkout 19” refers
to her job at a supermarket,
mwe mostly read of the wild
biographies she embellishes
for shoppers. Chapters are
given over to one Tarquin
Superbus, the dashing hero
of an adventure novel she
wrote as a teenager. The
language is showy in the
precocious way of young
writers who take profound
pleasure in deploying fancy
words (“the comic dimension
of the pupils’ self-generated
antics . . . was often so
cryptic as to be incogitable”).
This grows self-indulgent,
of course. Mimicking juvenilia
yields both freshness and
triviality. But book lovers will
identify enough not to mind
Ms. Bennett’s stubborn naiveté,
especially when it brings about
jubilant passages like this:
“Certain written words are
alive, active, living—they are
entirely in the present, the
same present as you. In fact
it feels as if they are being
written as you read them . . .
Like they wouldn’t exist without
you. And isn’t the opposite
true too—that the pages you
read bring you to life?”
Julie Otsuka’s “The Swim-
mers” (Knopf, 176 pages, $23)
begins in an underground
swimming pool that serves as
a sanctuary for a diverse group
of harried urbanites. But one
day a crack appears at the
bottom of the pool, leading to
its eventual closure. This is a
loss for the regulars but a
tragedy for an elderly swimmer
who, without routine, exercise
and companionship, rapidly
succumbs to a form of dementia
resembling Alzheimer’s disease.
The novel abruptly shifts to
the setting of another select,
but much less desirable, com-
munity: a “memory residence”
for people who are losing
their minds.
These discrete parts are
connected—and, for me at
least, further muddled—by
Ms. Otsuka’s striking use of pro-
nouns. The opening sections are
narrated with the first-person
plural “we.” But sections con-
cerning the memory residence
adopt the second-person “you.”
These are different voices, one
choral, one individual, and it
isn’t clear to me how they relate,
or how they relate to the reader.
This is a painful, personal story
that feels oddly constrained
by its formal conceits.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 26 - 27, 2022 | C11

BOOKS
‘Living with and studying good paintings offers greater interest, variety and satisfaction than any other pleasure known to man.’ —A LB ERT C . BARN ES

‘Intense,Passionate,Cruel’
MYSTERIES
TOM NOLAN

Cézanne in the from the start, as an educational
Barnes Foundation
Edited by André
mission. We learn that Barnes was
initially troubled by the patches of
bare canvas Cézanne sometimes
Dombrowski, Nancy Ireson
and Sylvie Patry
left in his paintings and asked his
proxies to avoid such works. Later,
Rizzoli Electa, 415 pages, $85 as his appreciation of formal
elements intensified, his acquisi-
BY KAREN WILKIN tions demonstrate that he came to
Barnes often emphasized his
conception of the two artists’
differences work by pairing them
in his installations, contrasting
Renoir’s ability to model forms
fluidly with Cézanne’s way of con-
tradicting suggestions of mass and
bulk with assertions of the fact of
paint on a surface. It’s not surpris-
chronology and documentation
The
sections. Some distinguished
collections were dispersed in the Escape
years that Barnes was actively
collecting, so it’s catnip for art-
history buffs to discover that
Artist
through important dealers, includ-
ing Durand-Ruel, Dudensing and IN 1926 legendary mystery
Rosenberg, he acquired paintings author Agatha Christie

A
MONG THE glories
of the Barnes Foun-
dation, in Phila-
delphia, is an aston-
ishing group of 71 radiant, light-struck color was
works by Paul Cézanne (1839-
1906). The stellar se-
lection of paintings,
watercolors, prints
and a drawing in-
cludes the largest
version of “The Card
Players” (1890-92)
and “The Large Bath-
ers” (ca. 1894-1906),
both among the most
ambitious of the art-
ist’s late canvases. Dr.
Albert C. Barnes ac-
quired his first three
understand the way these patches
functioned as color and tone.
We learn, too, that while
Barnes’s love for Pierre-Auguste
Renoir’s fluent brushstrokes and
apparently limitless, he was
ing that Barnes embraced such di-
verse approaches. His omnivorous
appetite is evident in the variety
of the Cézannes in the Foundation,
from harmonious rock-solid still
lifes and views of Provence to
urgent groups of bathers, from
previously owned by such legend- disappeared from house and
ary figures as Cézanne’s early family for 11 days. Several films
champions Auguste Pellerin and and books have imagined the
Cornelis Hoogendijk. It’s thrilling particulars of this intriguing
to read that “Bathers at Rest” episode, which Dame Agatha
(ca. 1876-77), four male figures in refused to discuss. In “The
a sunlit landscape, one with hands Christie Affair” (St. Martin’s,
on hips like MoMA’s 311 pages, $27.99), Nina de Gramont revisits
celebrated standing the story with arguably more artistry and
figure, once belonged ingenuity than any previous novel.
to Gustave Caillebotte, History tells us that Christie’s husband,
a wealthy friend, col- Archie, informed her he required a divorce,
league, and collector and that her unannounced departure was a
of the Impressionists flight from that wrenching ultimatum. This
who left his holdings smartly written fiction improvises on known
to the French State; facts and unfolds in the first-person voice of
“Bathers at Rest” was Archie’s mistress. Nan O’Dea—who in real-life
among the paintings was known as Nancy Neele—is 26 years old
rejected by the nation, and has family ties to Ireland. She tells her
to its later regret. story double-helix fashion: one strand finds
The most substan- her manipulating Archie toward marriage in
© 2021 THE BARNES FOUNDATION, PHILADELPHIA

Cézannes in 1912—a tial, wide-ranging dis- London; the other recounts youthful mistakes
view of Mont Sainte- cussions focus on the and punishments in Ireland’s County Cork.
Victoire and two history, implications It’s a necessity in such a two-pronged story
lithographs of bath- and place in Cézanne’s that both plots are of equal interest. Ms. de
ers—selected for him development of “The Gramont proves up to the task, even as she
in Paris by his friend Card Players” (André weaves elements and
the Ashcan School Dombrowski, of the THIS WEEK devices from some
painter William Glack- University of Penn- of Christie’s best-
ens. Later that year, sylvania, and Nancy The Christie Affair known puzzles into
Barnes himself bought Ireson, the Barnes’s By Nina de Gramont her own elaborate
more Cézannes in chief curator) and conundrum.
Paris, accompanied by “Late Bathers: c. Jane and the Year It’s a particular
the expatriate Ameri- WELL-PLACED BET ‘The Card Players’ (1890-92) by Paul Cézanne. 1894-1906” (Christo- Without a Summer treat in this work,
can modernist Alfred pher Riopelle, curator By Stephanie Barron which sizzles from
Maurer, expanding his holdings equally enthusiastic about Cé- cool portraits of Mme. Cézanne to at the National Gallery, London). its first sentence,
of the artist’s preferred motifs. zanne’s seemingly artless yet a reclining Leda with a swan, from Each contributor to the essays has A Fine Madness to be presented with
He also visited Gertrude and Leo deliberately placed touches and fragile watercolor landscapes to an informed, individual point of By Alan Judd an Agatha Christie
Stein, initiating a long argumen- subtle tonal adjustments. “I have ferociously brushed standing fig- view, some more modish than who breaks free
tative friendship with Leo that led never been able to decide,” Barnes ures, from a few very small, rather others. Sylvie Patry, chief curator from societal re-
to purchases from his collection. kinky nudes to those two dazzling, at the Musée d’Orsay, Paris, notes straints and runs into unpredictable adven-
These beginnings and the en- firmly constructed, generous the prevalence of speculation ture. “Sometimes,” as this clever book quotes
tire history of Barnes’s collecting Dr. Barnes of masterpieces, “The Card Players” about Cézanne’s possibly vexed her, “an escape is precisely what’s needed.”
of the Aix master are recounted by
the museum’s associate curator,
Philadelphia amassed andAthe “The Large Bathers.”
witty essay by John Elder-
relationship with women but
suggests that other things may
English author Jane Austen has inspired
many pastiches in the 205 years since her
Cindy Kang, in the first essay in one of the greatest field (curator emeritus, Museum be more fruitful to discuss; Mar- death. Some of the best have been written by
“Cézanne in the Barnes Collec- collections of Cézanne’s of Modern Art) presents the tha Lucy, curator at the Barnes, Stephanie Barron, the author of “Jane and
tion,” a comprehensive volume strengths and weaknesses of is far more concerned with the the Year Without a Summer” (Soho Crime,
with contributions by an impres- works anywhere. Barnes’s writing on Cézanne, accu- artist’s “psychosexual trauma.” 325 pages, $27.95), the latest entry in her
sive army of international schol- rately noting the longueurs of his Whichever emphasis we prefer, carefully researched and beguiling series.
ars, detailed information on all the description. The entries on in- “Cézanne in the Barnes Founda- The year is 1816, and the recent eruption
works in the Foundation, abun- wrote in 1920, “whether Renoir or dividual works often suffer from tion” is an invaluable, informative, of a volcano has darkened skies around the
dant comparative material, discus- Cézanne was the biggest man of the same problem, but they also handsome volume, essential read- globe. Jane, hoping to give her flagging
sions of Barnes’s opinions, and re- the last century in art. Cézanne is include a wealth of information ing for anyone who cares about energies a boost, journeys with her sister
cent revelatory technical analysis. intense, passionate, almost cruel about Cézanne’s sources, the in- the history of modernist art. Cassandra to a Gloucestershire spa. “I had
It’s an absorbing story of the in his insight into reality; Renoir terrelationships among works come . . . for rest and healing,” Jane narrates,
evolving taste of a passionate art is charming, human, lyric—sheer and more. Complete provenances Ms. Wilkin is an independent but she is distracted by the “domestic farce”
lover who conceived his collection, beauty and feeling.” and exhibition histories are in the curator and critic. played by a viscountess, fleeing her domi-
neering husband, and the viscount himself,
who catches up to her at the Austen sisters’
lodgings.
“By absconding with my wife,” this spouse

Creatures in Their Exotic Worlds accuses the viscountess’s traveling companion,

THE LAST wolves
disappeared from the
vastness of Yellowstone
National Park about a
century ago. Without the
apex predators, the park’s
ecosystem changed in
dramatic ways. Unculled
herds of elk stripped vast
quantities of leaves, grass
CHILDREN’S and saplings from the land,
BOOKS destroying avian habitats
MEGHAN and changing the course
COX GURDON of rivers. Flourishing packs
of coyotes decimated the
population of badgers, foxes
and pronghorn antelope. In
the winter of 1995, however,
after a 25-year legal battle,
conservationists brought
A 14 wolves from Canada and
wombat, released them into the park.
“The Wolves of Yellow-
a wolf stone” (Bloomsbury,
pack 48 pages, $23.99) recounts
and a the remarkable story of
million what followed, as the dis-
tortions produced by the
comic absence of wolves went into
krill reverse. First the wolves
are formed packs, and then
they began to hunt. Author
among Catherine Barr imagines the
the aftermath of the first kill:
subjects “Ravens and magpies circle
overhead and drop down,
of a delicate dance among
these feeding wolves. They will
natural- scavenge leftovers from the
history hunt. The predators have
brought these birds their
picture first meal in days.” The
books. book is illustrated with
understated elegance by
Jenni Desmond, who shows
the wolves mostly at a
distance, accentuating our
sense of their wildness.
She’s perhaps too careful
to protect readers from the
gory heart of the matter,
though, for she leaves out
any redness of tooth or
claw. The result is a fine
but oddly bloodless work
of narrative nonfiction for
children ages 6-12.
In a reassuring animal
story for 3- to 5-year-olds,
“Wombat Underground:
A Wildfire Survival Story”
(Little, Brown, 32 pages,
$18.99), Sarah L. Thomson
offers a real-world tale
from Australia that’s lightly
touched with fancy. In
Charles Santoso’s digital
artwork, we see wild
Australian creatures going
about their business in a
dry landscape. Then comes
a lightning strike and a
spreading blaze: “Flakes
of fire sail on the wind.
Ribbons of smoke snake
through the grass. Fingers
of flame claw up each tree.”
The frightened animals race
to find shelter as, safe in
an underground lair, the
plump wombat “snorts
and sleeps and snores.”
With the fire at their
backs, a hedgehog-like
echidna, a lizard known
as the skink, and a wallaby
(with her joey) approach
the wombat’s burrow.
What ensues is a scene so
improbable that Edward
Hicks might have considered
it for his idealistic painting,
“The Peaceable Kingdom.”
Not only does the wombat
allow the strangers into its
tunnels, but it also snuggles
down to sleep with them.
According to Ms. Thomson’s
afterword, this really does
happen: In the wild, it
seems, fire makes strange
bedfellows.
A glowing orange egg
sinks in icy seas—down,
down, down until it hatches
into an unsung maritime
hero, the tiny, nutritious
and luminescent krill.
Children ages 5-8 will find
an entertaining account of
the life cycle and ecological
function of these shrimp-
like creatures in Matt
Lilley’s “Good Eating:
The (Short) Life of Krill”
(Tilbury House, 36 pages,
$18.95). The author takes
THIS WEEK
The Wolves of
Yellowstone
By Catherine Barr
Illustrated by Jenni Desmond
Wombat Underground
By Sarah L. Thomson
Illustrated by
Charles Santoso
Good Eating
By Matt Lilley
Illustrated by Dan Tavis
The Aquanaut
By Dan Santat
a playful tone, addressing
a single krill larva directly
as it moves through the
phases of its development:
“You are a six-armed oval.
You grow pokey spines. But
what are you?” The answer
is a “nauplius,” a name
that will change with the
creature’s changing body.
Illustrator Dan Tavis shows
the krill morphed into its
final form, its eyes on stalks
and its expression exuding
comic panache. “And look,
there are tons of krill just
like you,” Mr. Lilley writes
admiringly: “There are a
“you have deprived me of the use and
enjoyment of my property; and under English
law, that is a capital offence.” The author
million. Maybe a million evokes Austen’s amused style with panache—
million! How much is a “one must be on one’s guard when sitting
million million? Let’s call down with a potential poisoner”—as the
it a krillion.” story’s tone shifts from satire to menace.
Marine life abounds There is one killing, and then another.
in “The Aquanaut” Jane deploys her observational and analytical
(Scholastic, 256 pages, powers toward solving the crimes: “How
$24.99), a graphic novel swiftly all anxieties of a personal nature
for 7- to 11-year-olds by were sped once murder demanded its share
Dan Santat that partakes of notice.” Her instincts prompt insights that
strongly of the cinematic cause an admirer to exclaim: “You are a witch.
style and energy of the A clairvoyant. A reader of runes.” Alas, when
Pixar movies “Finding the plot returns to “anxieties of a personal
Dory” and “Ratatouille.” nature,” this romantic realist must continue
The book starts out in to speak the truth.
deadly earnest, as a Deadly intrigue and mortal danger were
Cousteau-like captain goes as prevalent as the plague in the England of
down with his research poet and “play-maker” Christopher Marlowe
ship in violent seas. As the (1564-1593). Spies pursued religious dissenters
action jumps forward in and political plotters; those who threatened
time, the mood turns hu- the State were tortured in the Tower of London
morous and frenetic. The and publicly executed. “A Fine Madness”
dead captain’s daughter, (Pegasus, 240 pages, $25.95), by British
Sophia, has already had an author Alan Judd, sketches “Kit” Marlowe’s
embarrassing day at school progress through this treacherous world, as
when she bumps into an seen through the eyes of a government agent
extraordinary apparition. eager to protect Marlowe from the violent
Somehow, in Pixar-like death which overtakes him nonetheless.
fashion, a trio of winsome Thomas Phelippes, the novel’s narrator,
sea creatures from her is a citizen of the “secret world” of
father’s ship has managed intelligence-gathering, a valued codebreaker
to animate his old diving who knows Marlowe not as a rising writer
suit. These friends float but as a capable information gleaner.
inside the helmet of the Marlowe both serves the Queen and gathers
“aquanaut,” and they march knowledge of human nature. He was “a cat
the thing out of the ocean that walked alone,” Thomas remembers,
in order to find safe haven “always with something withheld.” Yet
at the theme park and re- Marlowe is recklessly free in his questioning
search facility founded by of religious dogma. And his violent temper
Sophia’s father. The prolific often leads to swordplay. What inner trait
Mr. Santat has done some or fateful quirk will cause his demise?
marvelous books (2014’s “A Fine Madness” is subtitled “a
“The Adventures of Beetle” Christopher Marlowe murder mystery,” but
and 2017’s “After the Fall,” it’s more of a political or espionage thriller.
for instance), but he’s not The riddle of Marlowe’s murder, if riddle
at his best here. For all the there be, is left for the reader to ponder.
exuberance of the drawings “His life showed that the courage to be
and the wholesomeness honest is the best exemplar of whatever
of its message about the life might be to come,” Thomas sums up.
importance of family, “And if there is no life to come . . . then
“The Aquanaut” is pretty being honest . . . and living fully in the
thin and familiar stuff. face of nothing is an even greater virtue.”
C12 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.

BOOKS
‘A foreigner deserves to be welcomed only when he mixes with the indigenous people as sugar does with milk.’ —MOHANDAS K . GANDHI, 1946

Farewell, Empire
Rebels Against the Raj
By Ramachandra Guha
Knopf, 476 pages, $35
BY TUNKU VARADARAJAN

‘Y
OU SHALL be
my daughter,”
said Mahatma
Gandhi to Made-
leine Slade on the
day she arrived at his ashram in India
in 1925. Slade, whose father was a
British admiral, was then 32 years
old. She’d undertaken the journey
from Britain so that she could—as she
wrote to Gandhi in advance—“learn to
live your ideals & principles in daily
life.” Gandhi gave her an Indian name,
Mira, and she made India her home
for the next 34 years, joining Gandhi
in his nonviolent campaign to win
India’s independence.
Mira’s is one of seven stories of
“Western fighters for India’s freedom”
narrated to us by Ramachandra Guha
in “Rebels Against the Raj.” Mr. Guha
GAMMA-KEYSTONE/GETTY IMAGES; ON C7: ALAMY

tells us that by dint of her devotion

to Gandhi, Mira became a part of his
innermost circle, accompanying him
even to London for contentious meet-
ings with the British government
in 1931. So intimate was their rela-
tionship, in fact, that she was given
the task of observing the Mahatma’s
bowel movements. “There have been
motions at 5 a.m., 6.40 a.m., 2.40
p.m., and now there has just been
one at 3.40,” she recorded on a partic-
ularly productive day. MIRA Madeleine Slade at her spinning wheel, ca. 1931.
Although none of the other Indo-
phile Westerners in Mr. Guha’s ad- By contrast, each of the people in fered for it. They found themselves It’s opening stanza, perhaps a little shot dead 379 unarmed civilians at an
mirable book enjoyed such proximity Mr. Guha’s book—five Britons and two “identifying completely with India” artless to modern ears, went: “God unauthorized public gathering. Horni-
to Gandhi, they were all, to varying Americans—came to India in pursuit and met Indians “on absolutely equal save our Motherland / God bless our man was deported back to Britain soon
degrees, shaped by him. One of them— of personal goals that were uncon- terms as friends and lovers, and as much-loved Land, / God save our Ind!” after and was unable to return to India
Annie Besant—had a frequently con- nected to political fads or groupthink. comrades on the street and in prison She was the only one of Mr. Guha’s for several years. The others endured
frontational relationship with Gandhi. And they pursued the cause of India’s too.” This last point, says Mr. Guha, seven to regard Gandhi as a rival. All punishment as well, with Richard
“Time will tell,” she once huffed to him freedom in distinctive ways. Besant, is a “sine qua non”: To be included in of the others were in some way Keithahn paying perhaps the cruelest
in a letter, “which of us has been the the first, focused on the idea of Indian his book, the individuals had to have enthralled by the Indian savant-politi- price of all when his wife—unable to
more faithful to India & to Freedom.” Home Rule—inspired, it should be been imprisoned in India, or banished cian. Samuel Stokes, born into an old tolerate the hardships consequent on
On another occasion, at the inaugura- said, by events in her native Ireland. from it, by the British authorities. Quaker family in Philadelphia, came to her husband’s politics—left him to re-
tion of a Hindu university in whose es- The Englishmen B.G. Horniman and India in 1904 to work in a leper colony. turn to America.
tablishment she’d played a role, Besant Philip Spratt used their robust jour- He married an Indian woman eight Of Mr. Guha’s chosen seven, Besant
interrupted Gandhi on the podium as nalism to call for political rights for Westerners traveled East, years later and settled with her in the and Stokes did not live to see Indian
he chastised the assembled grandees Indians. Mira and another English- drawn by Gandhi’s aura northern hills. By 1920, dismayed by Independence in 1947, and Horniman
for being indifferent to the plight of woman, Catherine Mary Heilemann, British rule in India, he joined Gandhi’s died a few months later. Those who
ordinary Indians. “Stop! Stop! Stop!” took to an actively Gandhian way of and outlook. They ended non-cooperation movement, did truly experience a free India had
shouted Besant, seated beside him. life and to political resistance. And the up joining the fight for campaigning for the abolition of a their dreams thwarted, with Mira
The moderator of the event, a maha- two Americans, Samuel Stokes and centuries-old forced-labor system in the choosing to leave the country 12 years
raja, was forced to intervene, and Gan- Richard Keithahn, arrived as Christian
India’s independence— hill country that the British, too, had later. She bemoaned Prime Minister
dhi was silenced—perhaps for the only Samaritans and ended up dedicating and suffered for it. embraced for their own purposes. He Nehru’s industrialization of India,
time by a force that wasn’t imperial. themselves to the material uplift of was arrested and imprisoned for which she saw as a violation of
The versatile Mr. Guha, who has rural Indians—one in the Himalayan “breaching the peace.” Yet by 1924 Gandhi’s vision of a land centered
written books on subjects as varied as foothills of the north, the other in Besant arrived in India in 1893, Stokes had left the Mahatma, disagree- in its villages. The others derided
cricket and environmentalism—as well deepest south India. intending to stay no more than six ing over the latter’s insistence that the Nehru’s nationalization of the coun-
as a marvelous two-volume biography Mr. Guha makes plain his admi- weeks. (She died in Madras 40 years hand-spinning of cloth be mandatory try’s resources or, later, lamented
of Gandhi—is among India’s most ration for these seven “white-skinned later, at age 85.) She was drawn to the for all members of the Congress Party. the curbing of individual liberties by
widely read historians. He is a man heroes and heroines of India’s past,” as country by Theosophy, a mystical rag- True to his American spirit, he saw this Nehru’s daughter, Indira Gandhi. Such
of the liberal left, as can be seen in his he describes them. The Britons among bag of beliefs in Universal Brother- as a curb on individual freedom. angst and discontent, Mr. Guha says,
attempt to liken his Western cham- them were “upholding the dissident hood. In time, she moved from spiri- The English journalist B.G. Horni- is a testament to their commitment to
pions of Indian freedom to the foreign- culture within Britain itself” and tual circles to political ones, and by man was, says Mr. Guha, a discreet a “new homeland.” These rebels felt
ers who volunteered to fight on the “calling their British compatriots to 1917 she was elected president of the homosexual who had Indian lovers. that India belonged to them—even
Republican side in the Spanish Civil their better selves.” The Americans Indian National Congress—the party Yet there was nothing closeted about after the Raj had ended.
War. Some readers will be uncon- “saw themselves as acting in the anti- fighting most prominently for inde- the political views he espoused as the
vinced by the analogy. After all, the imperial tradition of their homeland.” pendence. She had earlier been in- editor of the Bombay Chronicle, which Mr. Varadarajan, a Journal
volunteers in Spain were part of an All of these men and women, we’re terned for advocating Indian Home was the first publication to break the contributor, is a fellow at the
ideological movement, and many told, did more than take a stand for Rule and, along the way, composed news of the Jallianwalla Bagh massacre American Enterprise Institute and
hundreds went because it was politi- India’s freedom. They influenced a national anthem for a free India set in 1919. In that event, which occurred at NYU Law School’s Classical
cally fashionable to do so. public debate within India and suf- to the tune of “God Save the King.” in the town of Amritsar, British troops Liberal Institute.

Bestselling Books | Week Ended February 19

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPD BookScangatherspoint-of-salebook data
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan 16,000locationsacrossthe U.S.,
representingabout 85%ofthe nation’s booksales.
Life Force 1 1 The 1619 Project: A New Origin Story 6 8 House of Sky and Breath 1 New Green Eggs and Ham 6 — Print-book data providersincludeall majorbooksellers,
Tony Robbins/Simon & Schuster Nikole Hannah-Jones/One World Sarah J. Maas/Bloomsbury Dr. Seuss/Random House Young Readers webretailersand food stores.Ebook dataproviders
includeall majorebook retailers.Freeebooks and
Atomic Habits 2 2 My Little Golden Book About Betty White 7 10 Cat Kid Comic Club: Perspectives 2 4 Abandoned in Death 7 2 those sellingforless than 99centsare excluded.
James Clear/Avery Deborah Hopkinson/Golden Dav Pilkey/Graphix J.D. Robb/St. Martin’s The fictionand nonfictioncombinedlists include
aggregatedsalesfor allbook formats (exceptaudio
PlantYou 3 New Red-Handed 8 3 Big Shot 3 5 Gwendy’s Final Task 8 New books, bundles,boxedsets andforeign
Carleigh Bodrug/Hachette Go Peter Schweizer/Harper Jeff Kinney/Abrams Stephen King/Cemetery D language editions)and featurea
combinationof adult,youngadultand
Good Enough 4 New The Art of Star Wars: The Mandalorian 9 New Little Blue Truck’s Valentine 4 1 One Fish Two Fish Red Fish Blue Fish 9 New juvenile titles. Thehardcover fiction
Kate Bowler/Convergent Phil Szostak/Abrams Alice Schertle/Clarion Dr. Seuss/Random House Young Readers and nonfictionlists alsoencompass
a mix of adult,youngadultand juvenile titleswhile
Atlas of the Heart 5 6 Competing in the New World of Work 10 New Diablo Mesa 5 New Sierra Six 10 New the business listfeatures onlyadulthardcover titles.
Brené Brown/Random House Keith Ferrazzi/Harvard Business Review Douglas Preston/Grand Central Mark Greaney/Berkley Refer questionsto Teresa.Vozzo@wsj.com.

Nonfiction Ebooks Nonfiction Combined Fiction Ebooks Fiction Combined Hardcover Business
TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK

The Human Sales Factor 1 New Life Force 1 1 House of Sky and Breath 1 New House of Sky and Breath 1 New Atomic Habits 1 1
Lance Tyson/Morgan James Tony Robbins/Simon & Schuster Sarah J. Maas/Bloomsbury Sarah J. Maas/Bloomsbury James Clear/Avery
The Human Calling 2 New Atomic Habits 2 2 Sierra Six 2 New Sierra Six 2 New Competing in the New World of Work 2 New
Daofeng He/Morgan James James Clear/Avery Mark Greaney/Berkley Mark Greaney/Berkley Keith Ferrazzi/Harvard Business Review
From Strength to Strength 3 New PlantYou 3 New Diablo Mesa 3 New Diablo Mesa 3 New How to F*ck Up Your Startup 3 New
Arthur Brooks/Portfolio Carleigh Bodrug/Hachette Go Douglas Preston/Grand Central Douglas Preston/Grand Central Kim Hvidkjaer/Matt Holt
The Obstacle Is the Way 4 — Good Enough 4 New Game On 4 — It Ends With Us 4 3 Extreme Ownership 4 5
Ryan Holiday/Portfolio Kate Bowler/Convergent Janet Evanovich/Simon & Schuster Colleen Hoover/Atria Jocko Willink & Leif Babin/St. Martin’s
The Diary of a Young Girl 5 — My Little Golden Book About Betty White 5 6 Taking the Leap 5 New Verity 5 4 StrengthsFinder 2.0 5 4
Otto H. Frank/Anchor Deborah Hopkinson/Golden Kristen Ashley/Blue Box Colleen Hoover/Grand Central Tom Rath/Gallup
Atomic Habits 6 9 Atlas of the Heart 6 7 Someone Like You 6 New Reminders of Him 6 9 Dare to Lead 6 8
James Clear/Avery Brené Brown/Random House Marie Force/HTJB Colleen Hoover/Montlake Brené Brown/Random House
Drop Acid 7 New The 1619 Project: A New Origin Story 7 — A Crown of Petals and Ice 7 New The Seven Husbands of Evelyn Hugo 7 — Principles...Changing World Order 7 9
David Perlmutter/Little, Brown Spark Nikole Hannah-Jones/One World Shannon Mayer/Hijinks Ink Taylor Jenkins Reid/Washington Square Ray Dalio/Avid Reader
All Creatures Great and Small... 8 — Red-Handed 8 3 A Man Called Ove 8 — Abandoned in Death 8 1 The Voltage Effect 8 2
James Herriot/Open Road Peter Schweizer/Harper Fredrik Backman /Atria J.D. Robb/St. Martin’s John A. List/Currency
Life Force 9 3 The Body Keeps the Score 9 9 Abandoned in Death 9 1 Game On 9 — Think Again 9 7
Tony Robbins/Simon & Schuster Bessel van der Kolk /Penguin J.D. Robb/St. Martin’s Janet Evanovich/Atria Adam Grant/Viking
You Can Heal Your Heart 10 — The Four Agreements 10 — The Maid 10 — Heaven Official’s Blessing 10 New Baby Steps Millionaires 10 3
Louise Hay & David Kessler/Hay House Don Miguel Ruiz/Amber-Allen Nita Prose/Ballantine Mo Xiang Tong Xiu/Seven Seas Dave Ramsey/Ramsey
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 26 - 27, 2022 | C13

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

1. Elon Musk sold 5. Donald Trump’s new Cell Blocks Cell Blocks
something that social-networking Divide the grid
once belonged platform went live. into square or
to Gene Wilder What’s it called? rectangular blocks,
For previous
back to the each containing
weeks’ puzzles,
late actor’s
A. Truth Social one digit only.
and to discuss
family. What
B. Social Truth Every block must
strategies with
was it?
C. Social Justice contain the number
of cells indicated by other solvers, go

D. Truth and Justice to WSJ.com/

A. The saddle the digit inside it.
puzzles.
Wilder sat on in “Blaz-
6. To today’s beer connoisseurs, Killer Sudoku
ing Saddles”
a mark of craftsmanship is the

B. The blanket he used to Level 1 Suko
ability to produce a good brew—
counter hysteria in “The Pro-
of what type?
ducers”

C. The hat he wore in “Willy

A. Imperial stout
Wonka & the Chocolate Fac-

B. Gruit
tory”

C. Gose

D. A multimillion dollar home Killer Sudoku Level 2

D. Lager
in Los Angeles
As with standard
Sudoku, fill the
7. Mexican President López
grid so that every
2. Eileen Gu became the first Obrador is in hot water over his
column, every row
athlete to do what? son’s use of a luxury home Endpieces
and every 3x3 box
owned by a government contains the digits M T A H I L L
S T O T E S B
O R N E

A. Win three freestyle skiing contractor. What’s the scandal 1 to 9. Each set of E R C U L O O
P P A U L O A
L I E N
medals in a single Olympics being called? S U H T T L E C
O C K T A I L K
A P P A
cells joined by A E Y A S W I
R L R E A D E R AM

B. Win six such medals dotted lines must C O L A S C O P S E R I S
S O L E
across two Olympics
A. Houstongate add up to the C A R N E Y F L Y I N G F I S H
T A I L

C. Win medals in all five
B. Tempegate target number in AM I S S F I E S T A L A M U R
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C. Miamigate M E M E G U N O K S O A P
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its top-left corner. O N E T R I C K P O N Y T A I L O O N A

D. Compete in the Olympics
D. Akrongate Within each set S I G H R D S O T T B R U N T
for both China and the U.S. of cells joined by A R F P I S C E S A N S A R I S E E
dotted lines, a digit H I L L S I AM P R E L U N A
8. Who’s pushing for two board A L O E F AM I L I A R R I N G T A I L
cannot be repeated. B E W A I L A X O N E A T H E R O
3. The Justice Dept. sued to seats at McDonald’s to improve
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block the acquisition of a the treatment of pigs? T U R T L E D O V E T A I L S AMO S A
health-tech firm by America’s I N V O I C E O S S I E C E D E S
Suko N E A K E L L Y L A T H E R P D F
biggest health insurer. Which is
A. Bill Ackman
Place the numbers C A S T E P E A R L YWH I T E T A I L
that?
B. George Soros U S E I T H A G U E A R C H A C R E

C. Carl Icahn 1 to 9 in the spaces
P E S T O I R E N E Y O K E B E T A

A. Anthem
D. L.P. Robinson so that the number

B. Cigna in each circle is equal
Alternation
to the sum of the

C. UnitedHealth

D. Kaiser Permanente
four surrounding F O R P E T E S S A K E
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

spaces, and
each color total
A S I A N P E A R R A A
4. Russia invaded Ukraine, is correct. E T U P R A I L S A T R
whose central bank limited D P L E M I S S I T S T
cash withdrawals. What is the
I E L A T G R O O C H O
country’s unit of currency?
S R A S A L L I N H E I

A. The leu N C F R G D E N S E E S

B. The hryvnia I E N E O N R A E E D N

C. The koruna

D. The zloty O L I E L T E R C S I O
GETTY IMAGES (2)

D B A R H T O L C E N G
R U O D T A C R O O D L
Answers are listed below the
crossword solutions at right. A C I R P E E H S T S O

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

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 43 Got takeout, 1 S2 B3 P4 Q5 O6 G7 D8 K9 M 10 C 11 J 12 A 13 I 14 H 15 F 16 L 17 V 18 Q 19 X 20 E
perhaps
19 20 21 21 T 22 Y 23 Z 24 S 25 A 26 O 27 G 28 F 29 K 30 V 31 Q 32 R 33 U 34 W 35 N 36 T 37 G 38 D 39 C 40 F 41 P
44 Euripides tragedy
22 23 24 46 Singer Del Rey 42 I 43 L 44 N 45 E 46 R 47 A 48 K 49 H 50 W 51 Q 52 S 53 V 54 B 55 P 56 Z 57 T 58 F 59 O 60 Y

25 26 27 28 47 Performer’s
“grand slam” 61 K 62 C 63 A 64 U 65 M 66 D 67 H 68 V 69 E 70 X 71 N 72 Q 73 Z 74 R 75 G 76 D 77 O 78 T 79 B
29 30 31 32 48 Money for
80 J 81 S 82 F 83 Y 84 X 85 I 86 M 87 U 88 L 89 K 90 C 91 A 92 H 93 E 94 O 95 X 96 G 97 R 98 P
freedom
33 34 35 36 37 38
50 Swanky 99 V 100 K 101 F 102 Q 103 Y 104 H 105 G 106 P 107 S 108 N 109 J 110 T 111 E 112 M 113 O 114 I 115 C 116 V 117 Z
39 40 41 42 43 44 54 Panamanian coin
118 Q 119 A 120 D 121 B 122 O 123 W 124 R 125 P 126 J 127 K 128 U 129 F 130 N 131 Y 132 M 133 E 134 K 135 S 136 P 137 L
45 46 47 48 49 50 55 Tzatziki
ingredient 138 W 139 A 140 Z 141 C 142 D 143 Y 144 F 145 V 146 G 147 O 148 X 149 N 150 H 151 J 152 Q 153 B 154 K 155 R 156 U 157 P 158 D
51 52 53 54 55 57 Sapporo seafood
56 57 58 59 58 Director’s cry 159 L 160 E 161 O 162 A 163 C 164 Y 165 M 166 F 167 S 168 E 169 R 170 X 171 D 172 W 173 J 174 M 175 L 176 O 177 Q

59 Back on the 178 K 179 P 180 V 181 H 182 A 183 D 184 B 185 E 186 W 187 Q 188 U 189 S 190 I 191 M 192 V 193 F 194 T 195 O 196 E 197 G
60 61 62 63 64 65 66
Bounty
67 68 69 60 Requests at the 198 L 199 I 200 P 201 Q 202 V 203 H 204 E 205 K 206W 207 Z 208 U 209 R 210 P 211 G 212 D 213 A 214 O
barbershop
70 71 72 73 74 75 76 77 78
61 Confine
79 80 81 82 83 62 Lucy’s pal
Acrostic | by Mike Shenk
84 85 86 87
63 Make headway To solve, write the answers to the clues on the M. One who doesn’t ____ ____ ____ ____ ____ ____ ____ ____
65 165 86 112 132 9 174 191
64 Mission numbered dashes. Then transfer each letter to the choose early
88 89 90 91 65 Sighting from correspondingly numbered square in the grid to spell retirement (2 wds.)
92 93 94 95 96 97 the crow’s-nest a quotation reading from left to right. Black squares
N. Capital of Brazil’s ____ ____ ____ ____ ____ ____
66 Count Basie’s separate words in the quotation. Work back and Amazonas state 35 108 71 149 44 130
98 99 100 101 102 103 104 105 “___’Clock Jump” forth between the word list and the grid to complete
106 107 108 109 71 Notorious cow the puzzle. When you’re finished, the initial letters of O. 1938 Cole Porter ____ ____ ____ ____ ____ ____ ____ ____
owner 176 5 59 26 214 94 113 161
the answers in the word list will spell the author’s musical (3 wds.)
110 111 112 72 Stuck at a port, ____ ____ ____ ____
name and the source of the quotation. 195 147 77 122
113 114 115 perhaps
73 Where to get an A. Limestone ____ ____ ____ ____ ____ ____ ____ ____
119 25 47 213 63 91 162 12
all-over tan deposit formed in P. Wyoming geyser ____ ____ ____ ____ ____ ____ ____ ____
Squat Did You Say? | by Randolph Ross 75 Work
hydrothermal areas ____ ____
182 139
that erupts every 106 179 125 200 210 136 41 55

50 to 127 minutes ____ ____ ____

Across 50 Conrad who 89 First-rate, slangily 10 Accords commissioned 98 157 3
(2 wds.)
walked on the by the khedive B. Vivid red, from the ____ ____ ____ ____ ____ ____
1 “Sweetheart” 91 Reef predators 11 Fr. holy woman
moon of Egypt French for a fruit 54 121 153 184 79 2
Q. Unsolicited ____ ____ ____ ____ ____ ____ ____ ____
8 Pool workout 92 Exterminator’s 12 Harry Potter
51 Nos. for librarians 76 Sicken with expression of 51 72 18 102 177 31 152 118
12 Sorta light, as a agenda? books, e.g. C. Reunion attendee, ____ ____ ____ ____ ____ ____ ____
sweetness sexual attraction ____ ____ ____
complexion 52 Biology lab 96 Garden display 13 Stirring states often 163 141 90 62 10 115 39
187 4 201
supply 77 Pints in pubs (2 wds.)
19 “One of Us” 98 Polly, to Tom 14 Text precursors
53 “___ le roi!” (cry 78 Battleship letters D. Bodies of water ____ ____ ____ ____ ____ ____ ____ ____
singer Joan 99 Lowest honor 15 Gets back on 120 142 171 7 76 158 212 38 R. Believer that all ____ ____ ____ ____ ____ ____ ____ ____
at the Bastille) 80 Victoria’s Secret warmed by a 209 97 169 74 124 32 155 46
20 Try to hit card the field after endeavors are
55 Got by buys magmatic system ____ ____
21 Georgia 100 Place for peace, an injury 183 66 meaningless
56 Mortise partner 82 Proof letters (2 wds.)
neighbor hopefully 16 Friend of
58 Brit’s brew, Westley and 83 Like some S. Incidentally (3 wds.) ____ ____ ____ ____ ____ ____ ____ ____
22 Agency that 102 In addition campers’ mail E. Oscar-winning ____ ____ ____ ____ ____ ____ ____ ____ 81 1 135 52 24 107 189 167
knights call informally 106 Fish dish Fezzik, in “The Annie Lennox song 69 45 111 160 168 133 93 20
59 Mate from Princess Bride” 85 Twice, in Latin from the “Lord of
when they need 108 Boxy residences? ____ ____ ____
Melbourne 17 Resilient strength 86 Job for un the Rings” trilogy 196 204 185 T. 1986 sequel in ____ ____ ____ ____ ____ ____
help? 194 110 21 36 57 78
110 Artist’s détective privé (3 wds.) which Ripley
24 Grazer’s 60 Memorable 18 Panetta’s
workspace 88 Basketball returns to LV-426
activity Far East successor at
weather event? 111 Prevention Defense sportscaster F. Question whose ____ ____ ____ ____ ____ ____ ____ ____
25 Founded: Abbr. measure? answer is the sole 82 40 58 193 101 144 166 129 U. Italian city where ____ ____ ____ ____ ____ ____ ____
67 Best Buy 20 Rival of Sparta Dick 33 188 87 208 156 128 64
26 Blue bard 112 Japan’s Naruhito, decider of an issue ____ ____ Stradivari and
business 23 Neurologist’s 90 Emergency 28 15 Amati made violins
27 A/C stat e.g. signal (2 wds.)
68 Diamond call diagnostic, for
28 Pulitzer winner 113 Challenging 91 Delivery person?
69 African language short G. Buyers’ protections ____ ____ ____ ____ ____ ____ ____ ____ ____ V. First female ____ ____ ____ ____ ____ ____ ____ ____
James 114 Grateful Dead 180 53 68 145 99 30 202 17
group 27 Nonsense 92 “Paradise Lost” against defective 211 27 75 146 96 105 37 6 197 country singer to
29 Creature on the bassist Phil character sell a million records ____ ____
70 “Got it, daddy-o” 29 Where rubber is purchases (2 wds.)
Welsh flag 115 Mount a revival (2 wds.) 116 192
71 Charades, burned 93 Capital at 9,350
30 Container for of feet above sea H. Birder’s record of ____ ____ ____ ____ ____ ____ ____ ____
zucchinis? essentially 31 Arabian shrub every species ever
104 181 150 49 203 67 14 92
W. Source of nebbish, ____ ____ ____ ____ ____ ____ ____
Down whose leaves level 138 172 50 206 123 186 34
33 Wheel man 73 Abstainer’s observed (2 wds.) nosh and tush
amount 1 Recommended are chewed as a 94 Still for rent
36 P.D. rank amount 95 Chef’s chapeau
74 Gambling stimulant I. God traditionally ____ ____ ____ ____ ____ ____ X. Free of anxiety ____ ____ ____ ____ ____ ____
38 Ruling family in 2 ABA members 97 You can dig it depicted holding a
85 13 42 114 190 199
(2 wds.) 170 84 95 19 70 148
destination of the 32 “Good
Damascus crook and flail
Pearl River Delta 3 Go up against cholesterol” 101 They have their
39 New Guinea letters habits Y. Site of the ____ ____ ____ ____ ____ ____ ____
native 79 Bearing 4 ___ rage (juicer’s ____ ____ ____ ____ ____ ____ 60 103 131 143 83 164 22
33 Website help J. Snap with a stick, International
80 Org. that problem) 102 “And the Lord 173 11 109 151 80 126
40 Lower part of a sections perhaps UFO Museum and
oversees reactor 5 Go off appointed ___
range time...”: Research Center
security 6 Derisive act 34 Digital book’s K. Painter whose ____ ____ ____ ____ ____ ____ ____ ____
42 “Jackie Brown” file extension Exodus 9:5 8 89 100 48 134 29 154 205
star Grier 81 Buffalo’s offense 7 Cars with plugs landscapes helped Z. Small unit of troops; ____ ____ ____ ____ ____ ____
or defense? 35 Bankrupt 103 Turkish coin inspire Congress to ____ ____ ____
minor feature 23 117 73 207 56 140
45 Space for an 8 Regarding as the establish the first
127 178 61
84 NBC comedy 37 Unduly 104 Kiss, in Kent
illegible most important Get the solutions to this week’s Journal Weekend
s

staple 39 23rd of 24 letters 105 Cruel brute national park

signature? part of one’s (2 wds.)
85 Split existence 41 1935 Triple 107 Carrier to Karachi Puzzles in next Saturday’s Wall Street Journal.
49 “The French
Dispatch” 87 Gives a makeover 9 “The Zone of Crown winner 108 Peruvian coin L. Strip connecting ____ ____ ____ ____ ____ ____ ____ Solve crosswords and acrostics online, get pointers
16 43 88 175 159 198 137
director 88 Abe of “The Interest” writer 42 Sister brand of 109 Co. with brown two larger land on solving cryptic puzzles and discuss all of the
Anderson Godfather” Martin Mountain Dew trucks masses puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, February 26 - 27, 2022
Creating a Public for Traditional Art
Painter Jacob Collins
looks outside the art
world to find an
audience for
‘classical realism.’
BY JUDITH H. DOBRZYNSKI
A
s a “classical realist”
who creates luminous
landscapes, timeless
still lifes and lifelike
portraits, Jacob Col-
lins operates outside the art world
that usually receives media cover-
age. His work isn’t on view in the
supercool galleries of New York’s
Chelsea or at Art Basel Miami
Beach. When his paintings are
shown this April, it will be in Palm
Beach, Fla., a haunt of the wealthy
but an art backwater.
But that doesn’t trouble Mr. Col-
lins anymore. “I used to be mad at
the art world and hate the art
world, but it occurred to me that it
would be like hating carnivals,” he
says. “The art world is a carnival;
it’s not my carnival. What is it to
me if that pile of candy wrappers is
called art?”
Instead, Mr. Collins, 57, is thriv-
ing in an alternate art universe that
he, like the energy force that is ac-
celerating the expansion of the
physical cosmos, is laboring to en-
large. Convinced even as a young-
ster that art had taken a turn for
the worse around 1870, he has for
decades helped instruct and estab-
lish a critical mass of like-minded
artists who honor classical tradi-
tions and techniques of art-making.
Now he has a new goal: to swell the
pool of patrons for what he has
called “art with a spirit of poetry.”
To that end, last fall Mr. Collins
became president of New York’s Sal-
magundi Club, which was founded
by artists and collectors in 1871 to
champion representational art. De-
spite its illustrious past—with mem-
bers including Augustus Saint-Gaud-
ens, William Merritt Chase and
Norman Rockwell—the club has
long since lost influence in the art
world. Revived, it might be a tool to
match demand with supply for the
kind of art produced at the school
Mr. Collins founded, now known as
the Grand Central Atelier.
There, in a skylighted warehouse
space in Queens, Mr. Collins and
other faculty teach students the old-
fashioned precepts of painting,
which emphasize direct observation,
knowledge of anatomy, the use of
live models, and years of practice in
MASTERPIECE | ‘PORTRAIT OF A QUEEN REGENT TRAMPLING A CAPTIVE (STELA 24)’ (702), BY AN UNKNOWN MAYAN ARTIST
A Formidable Force,
Captured in Stone
BY MARY TOMPKINS LEWIS
RATHER THAN RENDERING an au-
thentic physical likeness, portraits
of leaders can trumpet their strate-
gic prowess and titanic authority.
A limestone stela created in 702 by
an unknown Mayan artist depicting
Ix Wak Jalam Chan (or Wak Chanil
Ajaw), currently on long term loan
from the Republic of Guatemala to
the Metropolitan Museum of Art
and installed in the museum’s
Great Hall, introduces us to a for-
midable woman from the ancient
Americas known as Lady Six Sky,
whose compelling story has mirac-
ulously survived. She is identified
as both ritual priestess and trium-
phant ruler in a monument that
enshrines her elite status and a be-
lief in the divine right to rule that
would shape her role and image in
the late classic Mayan period.
The freestanding, shallow stone
relief, 6 1/2 feet tall, is cataloged as
Stela No. 24 from Sa’aal, a pre-Co-
lumbian urban center known by its
Spanish name, Naranjo, and located
in the Petén region of Guatemala,
not far from the Belize border. Its
ruins first drew sustained attention
in the early 20th century. Such
prized, honorific markers (called
tuun, or “shining stones,” by the
Maya people), inscribed with imag-
ery and hieroglyphic texts and usu-
ally found in the ceremonial plazas
of Mayan centers, served as public
monuments documenting the polit-
’Clementine’ by Jacob Collins
drawing techniques, perspective and
color theory. Over the years, Mr.
Collins figures that his academy has
instructed about 400 students in a
core four-year program, another
1,000 in part-time evening classes
and 2,000 more in summer work-
‘We’d like those
collectors we admire
to become leaders.’
JACOB COLLINS
shops. Online classes, begun when
New York locked down because of
the pandemic in spring 2020, are
thriving too, he says.
Similar schools like the Florence
Academy of Art in Italy and the
New York Academy of Art are also
ical histories, ritual celebrations
and cultural stature of their rulers.
At Naranjo, Stela No. 24, along
with several other stone slabs de-
voted to Lady Six Sky, was re-
moved in the 1970s after the area
suffered extensive looting. Despite
its soft, porous material and
weathered surface, however, its ex-
traordinary image remains surpris-
ingly legible, and the subject of in-
tense scholarly debate.
A royal daughter of B’alaj Chan
K’awiil, the warring Tikal lord who
had broken with that Mayan realm
to establish a new kingdom at Dos
Pilas, Lady Six Sky was sent by her
father to neighboring Naranjo,
whose ruling dynasty had been de-
stroyed by years of conflict. Arriv-
ing in 682, as the stela’s calendri-
cal inscriptions record, and
charged with reviving Naranjo’s
decimated lineage and kingdom,
she ruled for at least a decade,
married a minor official, and pro-
duced an heir. Her son, K’ak’ Tiliw
Chan Chaak (probably the figure
remembered as Smoking Squirrel),
assumed the Naranjo throne in 693
at age 5. While apparently never
formally inaugurated as queen,
Lady Six Sky is believed to have
served in his youth as regent. The
stela, one of several of her at
Naranjo originally paired with
monuments to her son, a common
means of denoting lines of acces-
sion, supports that contention, and
commemorates her celebration in
REVIEW
ICONS
training classical realist painters,
exacerbating the demand problem.
“You have all this talent making art
but there are just not enough buy-
ers,” said Peter Trippi, the editor of
Fine Art Connoisseur, a magazine
covering traditional art. “The estab-
lished art world has very little in-
terest in this.”
To change that, Mr. Collins plans
to mount regular exhibitions at the
Salmagundi Club, as well as panel
discussions about aesthetics and col-
lecting. “We’d like those collectors
we admire to become leaders, to ex-
plain why they collect what they col-
lect,” he says. “In the avant-garde
part of the art world, there’s conver-
sation about that. But for people
who are interested in classical, tradi-
tional art, there’s not a lot of it.”
It’s no secret that the contempo-
rary art world repels some people,
turning them against art in general.
702 of a Period Ending: the
close of a calendar cycle
marked with rituals by Ma-
yan rulers.
As both ruler and then
regent, Lady Six Sky
launched successful military
campaigns against neighbor-
ing cities, restoring
Naranjo’s prestige and re-
gional sway. Her elaborate
costume, marked by trap-
pings of her sacred and sec-
ular functions, signals the
closely aligned cosmic
spheres of the Mayan world
that seemed to have em-
powered her on every front.
Wearing an extravagant
headdress made from plum-
age of the quetzal, a native
bird associated with the ser-
pent god Quetzalcoatl, she
cradles in her massive
crossed arms a bowl of sa-
cred implements. Blood-let-
ting tools are prominent
among them, and likely al-
lude to a traditional rite in
which tiny drops of blood,
considered symbolic suste-
nance for the earth, were al-
lowed to fall onto paper that
was then burned. The ritual,
in which the smoke drifted
upward to the heavens, The subject is identified as both ritual priestess
would have underscored her and triumphant ruler.
office as mediator between
terrestrial and supernatural
realms.
In its original, polychromed
state, Lady Six Sky’s skirt seemed
to be studded with interlocked
beads of jade, a costly green stone
tied to Mayan royalty. Its netted
fabric, perhaps an allusion to the
powerful Moon goddess, a patron-
ess of weaving and also of fertility,
* ***
“I bump into people all the time
who feel that either you have to be
committed to the avant-garde’s nar-
rative or, if you reject it, you’re con-
sidered a rube,” Mr. Collins says.
“And I meet people all the time who
say, ‘I don’t know anything about
art,’ but what they are really saying
is that they are intimidated by the
spin of the art world.”
But Mr. Collins believes he can
find an audience. “There are a lot of
disaffected people who would like a
serious place to come and commune
with others and discuss art,” he says.
I want to give those people some-
place to go.” Around the country, sev-
eral regional galleries exhibit art like
Mr. Collins’s, and it sells. Yet New
York, the epicenter of the art world
and loaded with potential collectors,
is “deeply underserved” in this area,
Mr. Trippi says, adding that Mr. Col-
lins’s efforts “could be important.”
and its diamond-pattern texture,
seen as representing a turtle
shell—a Mayan symbol of the
earth’s surface—would have under-
scored her dynastic and territorial
dominions. Brightly colored paint
would have likewise enlivened her
ornate, bejeweled belt, which is se-
cured at its center by an aquatic
THE WALL STREET JOURNAL.
Mr. Collins has his hopes in
check. “I’m not looking to supplant
the existing art market,” he says,
“but rather to create a parallel mar-
ket. And to have a place where art-
ists, patrons, collectors, writers and
others can talk about this kind of
art, and where we can develop a vo-
cabulary and a grammar to talk
about this kind of art.”
Back in his own studio, Mr. Col-
lins is focused on creating 15 paint-
ings for the Palm Beach exhibition,
to be held at Adelson Galleries. Un-
til the end of last year he’d been
completing commissioned works,
but he has turned his attention to
ideas that please him. At first, he
COURTESY JACOB COLLINS
was going to make all “fresh, vivid
still lifes.” Then he decided to add
studio scenes of artists at work—
making the kind of art that would
win favor with the patrons he seeks
to cultivate.
monster devouring a spiky,
and originally bright red,
Spondylus (or “thorny oys-
ter”). Frequently worn in
Period Ending celebrations,
the bivalve’s saturated red
coloring, which made it
popular in ritual Mayan
jewelry, could have also sig-
naled the bloodletting rites
that accompanied the suc-
cessful conclusion of war-
ring campaigns.
While scholars have put
forth widely varied read-
ings of her richly and
clearly symbolic habit, few
dispute the potency of the
stela’s commanding image.
Marked by the full-frontal
presentation of her hieratic,
life-size figure (atypical for
female subjects) and her
hypnotic, all-seeing left
eye, Lady Six Sky stands,
like a Maya king, atop a
battered and cowering cap-
tive—a trophy of war des-
tined for egregious public
humiliation or sacrifice—in
an image that resounds
with her unimpeachable
dominance and godlike au-
thority. The only docu-
mented woman ruler in the
Maya world to have been
honored with such a monu-
ment during her lifetime
did not need to wait for
posterity to confer upon her the
METROPOLITAN MUSEUM OF ART
prestigious stature she so clearly
earned.
Ms. Lewis, who taught art history
for many years at Trinity College,
Hartford, Conn., writes about art
for the Journal and other
publications.
 OFF DUTY
Kitchen The Buzziest
Shortcut Of Buses
Why pro cooks Dan Neil finally
borrow shears gets to test the
from dressmakers VW ID. Buzz
D7 D10
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * ** Saturday/Sunday, February 26 - 27, 2022 | D1

A Vacation
Worth
The Wait
As the pandemic gave urgency to bucket-list trips,
one family seized the chance to check off the ultimate
destination—Antarctica—never mind the hurdles
BY KATHARINE K. ZARRELLA was finally rescued in August 1916.

O
N DEC. 5, 1914, Sir
Ernest Shackleton,
an Anglo-Irish polar
explorer, set sail for
Antarctica aboard
a 144-foot, three-masted
wooden schooner named
Endurance. His objective:
Complete the first cross-
ing of the Antarctic con-
tinent. But Shackleton
and his crew became en-
snared in pack ice about
100 miles from their in- Bucket List Special tubs, a spa and a library-
tended destination and
were stranded for more than a year.
Forced to rely on the likes of seal-
backbone soup and penguin meat
for sustenance, the expedition party
On Dec. 19, 2021, I set out on my
own Antarctic journey aboard the
Endurance. Not the original one—
she’s at the bottom of the Weddell
Sea and researchers are actually
hunting for her right now. I sailed
aboard the National Geographic
Endurance, one of the new-
est members of the luxury
adventure cruise company
Lindblad Expeditions’
fleet. An eight-deck, 126-
passenger polar-class ship,
it’s equipped with two hot
slash-bar where waitstaff
served scrumptious little tea sand-
wiches every day at 4 p.m. I was
traveling with my dad, his wife, my
Please turn to page D8
JEFF MAURITZEN

FLASH FROZEN Clockwise from top right: An Adélie penguin, a common sight along the coast of Antarctica; a Weddell seal; passengers on the National Geographic Orion off the coast of Antarctica;
the National Geographic Orion expedition ship anchored near the Endurance glacier in the Antarctic Peninsula; National Geographic Endurance cruise passengers on a shore excursion in Neko Harbor.

Inside

INDIAN CUISINE IN MINUTES WORK OUT YOUR CRAVINGS SNEAKY CHIC GOOD CHAIR DAYS
This week’s guest chef shares a quick, A coffee-nerd favorite, this home espresso The new ‘It’ shoes for the fashion crew Three ways to wake up your dining room
fragrantly spicy chicken-rice recipe D6 machine requires a bit of muscle D10 bear no resemblance to Manolos D3 with non-matching seating D5
D2 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

THAT’S DEBATABLE

Do ‘Matrix’ Coats Look Creepy?

Long leather dusters and trenches—like the one Morpheus wears in the 1999 film—were all over the winter menswear
runways. But given their sleazy associations, should guys actually try them? We argue both sides.

LEATHER DADDIES From left: A Morpheus-worthy version from the Prada runway; a subtle brown-leather take from Bally; Spanish fashion blogger Pelayo Diaz wearing a leather trench to
Milan fashion week in February 2020.

GUYS WHO encase themselves in
NO long leather coats don’t care how
anyone perceives them. You don’t
wear a leather trench to fit in—you wear it to
stand out. Consider David Murphey of Las Ve-
gas, who’s trotted out his black Wilson Leather
trench since he received it as a gift 20 years
ago. When Mr. Murphey, 63, donned the coat
on season 4 of the reality TV show “90 Day Fi-
ancé: Before the 90 Days,” which aired in 2020,
fans took to social media to express their hor-
ror. Mr. Murphey was unbothered. In fact, he
pointed out that such coats—now sold by
Prada and Ralph Lauren, among other brands—
pandemic-era New York has a lot in common
with the New York of the ’70s—namely “a gen-
eral sense of chaos”—and that leather coats are
a fitting throwback.
Not everyone has the sartorial freedom and
confidence of a rocker or reality TV star. But
New York stylist Paul Frederick insists most
guys can pull off leather coats—if they wear
them correctly. Whether you choose classic
black or a brown tone that can help dial back the unfortunate, passing trend. And, they’d tell
garment’s apocalyptic vibe, you don’t have to
march around like a renegade in absurdly com-
plicated cargo pants and menac-
ing sunglasses. A long, leather
EVEN THOSE who decry long,
YES leather coats will admit that some
guys can pull off the style as deftly as
Morpheus in “The Matrix.” But most guys, the
“leather coats are creepy” camp contends, end
up looking like Mac from “It’s Always Sunny in
Philadelphia,” whose dowdy leather duster be-
came a recurring joke on the TV show.
Anti-leather-coat men see the style as an
you, just because something appears on the
runway doesn’t mean it’s a great investment
(remember when square-toed
shoes were back for a minute?).
mind-sets,” said Nick Paget, senior menswear
editor of WGSN, a trend-forecasting company.
High fashion’s fascination with lengthy
leather coats has a lot to do with leather fe-
tishes, “especially as men’s identities are on
the shift,” he added. Mr. Paget pointed out,
reasonably enough, that floor-length leather
coats “can feel almost a bit creepy” to the cu-
bicle-bound, office-dwelling set.
Even if you think you’re the type of guy
equipped to pull off this look, you’re also bet-
ting that your colleagues, your friends and even
your romantic partner will buy into the style as
well. London communications executive Alice
GETTY IMAGES (STREET STYLE); EVERETT COLLECTION (MATRIX)

were prevalent on runways during his season
of the show. “I liked the way it looked,” he said.
Mr. Murphey makes videos for Cameo, a ser-
vice that allows anyone to order custom mes-
sages from celebrities, and said his coat is a
draw. “Probably half of my Cameo requests
also request me to put that coat on.”
Long leather coats make a statement. Brook-
lyn musician Zachery Allan Starkey, 34, who
owns three such toppers, said they reflect his
image and the music he makes, which is influ-
enced by leather bars, disco and electronic mu-
sic. “I grew up watching a lot of gritty 1970s
movies like ‘Superfly,’ ‘Shaft,’ ‘The French Con-
nection,’” said Mr. Starkey. He proposed that
coat can be worn with any smart
ensemble, whether a suit or a tex-
tured sweater and trousers. The
key, Mr. Frederick said, is tailor-
ing: Look for designs whose
sleeves are “not too bulky and not
too long.” A belt can make looser
coats look expensive and custom,
and less like a shapeless leather
sack. If you get the fit right, Mr.
Frederick said, you’ll end up with
an investment piece that will
last a lifetime. “It’s the kind of
piece that says you’ve committed coats. Neo (Keanu Reeves) dystopian visions of the future
to something.”
For designers, such leather coats
call to mind not only the sarto-
rial world of “The Matrix” and
the recent “Resurrections” tril-
ogy but also fetish wear, goth
subcultures and dystopia—cre-
ative vernaculars that edgy fash-
ion types love but that most
A still from ‘The Matrix’ in men might find fairly difficult to
which Morpheus (Laurence translate into an everyday
Fishburne, far right) and wardrobe.
Trinity (Carrie-Anne Moss, “As long as the world stage is
far left) wear long leathery in a less certain place, these
opted for fabric. will have a place in designers’
Jonsdottir Ferrier, 38, said that she and her
boyfriend, who works in finance, nearly parted
ways because they could not agree on the via-
bility of his long, brown calfskin coat. Despite
the leather’s “great quality,” she found the style
“just baffling.” She didn’t like the fact that,
when her boyfriend walked down a street, the
coat looked—and fluttered—like a cape.
“I was so mortified to be seen with him,”
Ms. Ferrier said. The coat gave him an air of
hubris that she also found off-putting. “When
you’re wearing something like that, you walk
a certain way. It was the gait of his exception-
ally confident stride toward me. It was abso-
lutely hideous.” —Todd Plummer

FAST FIVE Illustrator

Jenny

It’s a Cover-Up
Everything under the Walton in

SUN
an open-
face style at
New York
Maybe they just want privacy, but street-style stars and

OCEAN
fashion
celebrities like Rihanna have been wearing balaclavas— week in
February.
knit hats that can conceal some of the face. Here, five that

DINING
will make a statement while keeping you incognito.

GOLF
SPA
SHOPPING
Once you stay, you’ll understand ®
GETTY IMAGES (STREET STYLE)

OVER YOUR HEAD Options for anyone aiming to be covert while cozy. Clockwise from top left: Cashmere Balaclava, $1,125,
thebreakers.com | 877-881-9051 us.LoroPiana.com; Cotton-blend Balaclava, $148, Kule.com; Cotton Balaclava, $145, ClareV.com; Wool-blend Balaclava, $79, Bau-
mUndPferdgarten.com; Nylon-blend Balaclava, $30, shop.Mango.com
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 26 - 27, 2022 | D3

STYLE & FASHION

The Magnetic Athletic Aesthetic surprised even herself when she re-
cently started pairing Asics gym
shoes with her daily denim and mini-
mal designer looks. She appreciates
their comfort and that they “expel
any frivolous feelings.”
Over the past two years, comfort and practicality have increasingly informed style trends—which is why Comfort and trendiness are not
mutually exclusive. Salomon XT-6s
performance sneakers, not sky-high stilettos, are this season’s must-have footwear are so popular they constantly sell
out and go for double their retail
BY REBECCA MALINSKY price on resale sites. Balenciaga’s

T
Runner sneaker costs $1,150 and
HE LATEST shoe trend- has been selling well for the brand
ing among Hollywood It since its launch four seasons ago.
girls and fashion types Cindy Nguyen, 24, admits she was
isn’t a slim stiletto or a definitely “leaning into the current
sleek, minimalist mule. trend” when she bought her crisp
It’s a sneaker. A chunky, technical white Salomon XT-6s. “I got into
running sneaker, to be exact. Mary- them for their appearance, but I
Kate Olsen has been seen sporting
Salomon Speedcross 3s, high-perfor-
mance trail-running shoes. Hailey
Bieber has lately swapped her Jimmy ‘Sneakers signal that
Choos for a bulky Balenciaga sneaker. there is more to life
And model and author Emily Rata-
jkowski has frequently been photo- than fashion.’
graphed in white Asics sneaks while
striding through New York.
Sneakers have been a la mode still love that they’re functional,”
before. Designer sneaker brands like said the Albuquerque, N.M. psychol-
Common Projects and Golden Goose ogy student. Ms. Nguyen pairs them
rose to popularity over a decade with trendy, oversize sweats for af-
ago. And it’s been five years since ternoon walks with her girlfriend to
Balenciaga first showed the clunky a local coffee shop and wouldn’t
Triple S that motivated just about rule them out for a fancy dinner.
every other high-fashion brand to Kelly Fatouretchi, category direc-
launch its own signature sneaker. tor of sportstyle footwear at Asics,
What’s feeling fresh in sneaker was complimentary when asked
spheres these days, however, is un- about Balenciaga’s pricey Runner
flashy, earnestly functional shoes. shoe. “High-end designers are giving
They let women “dress down and women permission to consider sneak-
intentionally create a contrast with ers as more than just utilitarian,” she
dressy fashion,” said Søren Kolborg said. “We’ve seen a huge shift from
Sørensen, stylist and content-cre- women using our sneakers for spe-
ation manager for Wood Wood, a HIGH FUNCTION cific activities to wearing them for
Copenhagen retailer that sells a GOES HIGH everyday life.”
slew of sneaker options along with FASHION Los Angeles stylist Dianne Garcia
its own clothing line. From left: Model Yohannes always keeps a fresh pair of
The past few years have been an Hailey Bieber in sneakers on hand for her celebrity cli-
emotional roller coaster and many colorful Balenciaga ents. Her advice for adding sneakers
people have altered their lifestyles sneakers in Los to a fashionable, everyday look? Start
and their priorities, spending more Angeles in January; with shoes in “classic [base] colors
time with family or in nature. Fash- model Bella Hadid like white or black, with hints of navy
ion is reflecting that. “Sneakers are teams a leather or silver. They’re so neutral they can
a part of this anti-fashion move- jacket and trousers almost go with anything.” For those
ment we’ve been hearing about with Salomon drawn to more vibrant athletic
lately,” said Mr. Sørensen. “They running shoes in New shades like greens and reds, just
signal that there is more to life than York in February. know that “those colors can compete
fashion.” Comfort, he said, is the with a look,” she said. Plan your outfit
dominant trend. from the ground up.
Brittany Bathgate, a fashion influ- Ms. Bathgate won’t mind if the
encer in Norwich, England, rarely trend sticks around. “After years of
wore trainers, as she calls them, until breaking in stiff leathers or wobbling
recently. The 31-year-old, who has around in heels,” she said, “this is a
over 400,000 Instagram followers, very freeing feeling.”

SPORTY SPICE / THREE PAIRS OF ATHLETIC SNEAKERS RESONATING WITH THE FASHION AND CELEBRITY SETS

Blue Crush Over the Rainbow Neutral Party

GETTY IMAGES (BIEBER, HADID)

Asics’s minimal Gel-Kayano 14 performance shoes nod to the With their colorful accents and stacked soles, luxury brand Designed for ultra-distance races, Salomon’s XT-6 Advanced has
brand’s cult-favorite 2008 mesh-nylon style of the same Balenciaga’s Runner sneakers were inspired by designs from the become popular among trendy types—even those who only race
name. Sneaker, $140, Asics.com 1990s and ’00s. Sneaker, $1,150, Balenciaga.com from the Uber to the office door. Sneaker, $190, Salomon.com
 D4 | Saturday/Sunday, February 26 - 27, 2022
JAMES BOAST
A MATTER OF LIFE AND DÉCOR / MICHELLE SLATALLA
Seeds or Seedlings: Is Getting
A Jump-Start Cheating?
MOST EDIBLE GARDENs are too
much work. I learned this the hard
way, when we lived on Long Island
and shared a community garden
with six friends.
The plot was the last one avail-
able and undesirable: swampy,
weed-filled, rocky and sloped. But
we had big dreams. “Watermelons,”
suggested Ford, who grew up in
Texas. “Okra,” said Jean, who grew
up in South Carolina. “Papayas,”
said my husband, who is from Mars.
We sent away for exotic seeds
and researched germination and soil
nutrients. We pulled out all the
rocks and broken bottles and nour-
ished the soil with the finest ma-
nure. By the last frost date, we had
transformed that ratty wasteland
into a picture-perfect plot that could
be the centerfold spread in Modern
Farmer magazine.
But then things went bad—fast.
By June, we’d used up all our energy
and had none left for actually tend-
ing crops. The lettuce wilted from a
lack of water. Weeds crowded out
the herbs. The anemic corn was
mostly devoured by wily raccoons.
A Call to Home-Office Order
Whether you’re living with ad hoc storage or just
want a refresh, here are some chic suggestions
FILE UNDER FINISHES Organic touches, like the grasscloth fronts of Crate
& Barrel’s Granger collection, soften the utilitarian edge of office storage.
DESIGN & DECORATING
And the following spring? Someone
else took over the plot that we had
abandoned.
Ever since, I’ve been reluctant to
grow most edibles (last year’s har-
vest in my northern California gar-
den consisted of a handful of straw-
berries). Which is crazy avoidance
behavior! Everybody knows organic,
homegrown food tastes better, costs
less and is healthier.
So with the siren song of seed
catalogs reminding me that late win-
ter is the time to take action, this
year I realized I needed a better plan
for an edible garden.
“I’m scared because I don’t want
to be a big failure,” I confessed to
Christian Douglas, a San Rafael, Ca-
lif., landscape designer who adds ed-
ibles to all of his clients’ gardens.
“I hear this from a lot of people,
but what you need to think about in-
stead of being a failure is to have lit-
tle successes,” Mr. Douglas said.
“You can grow food, but it doesn’t
have to be a farm.”
In other words, start small. “Peo-
ple are busy, so do what is most effi-
cient for you—just get a few healthy
seedlings from a local nursery, or
weave some artichoke plants into
your landscape. Artichoke is a beau-
tiful, architectural plant with amaz-
ing flowers,” Mr. Douglas said.
It turns out Mr. Douglas is on to
something. Research shows that one
of the biggest reasons gardeners
don’t plant edibles is that they’re
afraid that tending an edible garden
will be too much work.
“The top barrier to growing edi-
ble gardens is that they take too
much time,” said Tenley Conway, a
professor of environmental geogra-
phy at the University of Toronto
who studies gardeners’ motivations.
In a recent study, Prof. Conway
conducted in-depth interviews of 38
Toronto-area gardeners and learned
that the 23 study participants who
grew food were typically seasoned
gardeners willing to spend a lot of
time tending their edible gardens.
“One of their main motivations is
that gardening was a hobby for
them,” she said, adding that the me-
dian length they had been actively
growing edible gardens was 11 years.
But for the other 15 gardeners in
SOME OF US have never committed to properly out-
fitting a home office, pressing into service random
hand-me-downs and college leftovers. But if, as seems
likely, the future of toil includes some form of working
from home, the need to store suffocating piles of
work-related ephemera more elegantly can’t be ig-
UNORDINARY ORGANIZERS / THREE STORAGE OPTIONS TO SPIFF UP YOUR WORKSPACE
A Plum Job
Originally designed in 1994, Kar-
tell’s Italian-made rollable storage
features drawers of recycled plas-
tic for eco-conscious home-office
workers. Its painted-metal hard-
ware and frame limn a chic,
monochromatic silhouette, while
three new colors help you escape
the grayscale doldrums of stan-
dard-issue office furniture: pale
blue, pale green and this rich,
jammy plum. “Orange, red and
other warm colors will bring com-
fort,” Ms. Vasconcellos said. Kar-
tell Matte Mobil 3 Drawer Stor-
age with Wheels, about $829,
Kartell.com
* ***
the study who either had given up
on edibles or never tried growing
them, “the time element was too
much,” she said. “It requires an in-
vestment of time to get a plot
started, and then week in or week
out you need to tend it or else an en-
tire season of harvest can be lost.”
What are some ways to reduce
the time commitment?
“Have reasonable expectations.
Don’t expect to have a major harvest
your first year,” she said. “Instead,
look for steps you can skip.”
For instance, instead of getting
seduced by exotic offerings in seed
catalogs and trying to germinate
your own crops, buy seedlings from
a local nursery.
“A lot of people feel you’re not
actually doing it if you buy things
from a nursery instead of starting
plants indoors from seed, but there’s
no shame in it—and you can be a lot
more successful that way if you’re
just starting out,” said Luci Imbach,
owner of Island Harvest Vegetable
Gardens on Nantucket.
Seed packets can be seductive—I
find their beautifully colored illus-
nored. Juliana Lima Vasconcellos, an architect and in-
terior designer in Rio de Janeiro, finds that clients
prioritize calm in their home workspaces. So we found
cabinets with soothing good looks, most of which can
tuck under your desk and replace the anarchy of fold-
ers and envelopes stashed there. —Nina Molina
A Sturdy Supporter
The boxy utility of Room &
Board’s file cabinet is offset by its
earthy hue and on-trend matte-
lacquer finish. “This is an elegant
color. I think it would be beautiful
in a room with a lot of wood,” Ms.
Vasconcellos said of the Copenha-
gen File Cabinet in sage. The
case, made of medium-density fi-
berboards (MDF), can be fur-
nished with casters or a steel
base. Jenon Bailie, director of
merchandise and design at Room
& Board, said, “My daughter just
got one that she uses at college
as file storage and as a night-
stand.” $699, RoomAndBoard.com
THE WALL STREET JOURNAL.
trations of mature vegetables irre-
sistible—but it requires months of
effort to coax a harvest from the
kernels in those paper envelopes.
For inexperienced gardeners, it can
be daunting to try to provide ade-
quate sunlight, moisture and
warmth to germinate specimens
strong enough to withstand the va-
garies of wind, rain and temperature
after they’re transplanted outdoors.
In contrast, seedlings you buy at
a local nursery have a head start.
Raised under optimal conditions,
they have already developed robust
root balls and are primed to thrive.
Even Ms. Imbach, who starts
most of her clients’ edible plants
from seed on heat mats in a hoop
house, buys some seedlings from lo-
‘The top barrier to
growing edible gardens is
they take too much time.’
cal nurseries to get a jump on the
growing season. (“Herbs like rose-
mary or thyme can take a long time
to get to a solid size,” she said.)
“It can be expensive to start
seeds, in addition to being time
consuming, because you need a re-
ally good setup,” she said. “I see
people all the time try to stick
seed cells in a windowsill, and
they end up with seedlings that
aren’t good quality. It’s starting off
on the wrong foot.”
To successfully germinate seeds
indoors requires a major effort,
agreed Nadia Hassani, an edible gar-
dener whose blog Green Card Gar-
dener tells the story of her garden-
ing journey from Germany, where
she grew up, to Pennsylvania, where
she lives now.
“They can get very leggy in-
doors,” she said, meaning they can
get unnaturally spindly and weak. If
you are starting a tray of seeds, she
recommends investing in a set of
LED grow lights to mimic the inten-
sity of sunlight and a small tabletop
fan to mimic the windy conditions
they will encounter outdoors. If you
are trying to germinate a garden’s
worth, you should consider invest-
ing in a hoop-house kit (and if it’s
unheated, heat mats).
Another way to start small is with
an edible garden in a planter box or
a raised bed on wheels, especially if
you live in an apartment with a bal-
cony. Wheels allow you to move
your garden as the sun shifts, in-
creasing plants’ exposure to hours of
direct light.
“In a planter box, you can start
with soil that already has the right
level of nutrients,” said Raúl Fernan-
dez, owner of Victory Garden L.A.
“It’s more foolproof.” In fact, you
can grow pretty much anything in a
planter box.
I did a bit of research and learned
you can even grow papayas in a
planter box where I live. It’s too
much work for me. But I know
someone who might be interested.
A Natural Selection
Ms. Vasconcellos’s favorite of the
bunch, this Indonesia-constructed
file cabinet, with its oak veneer
and grasscloth-fronted drawers,
brings nature back into the home,
an aesthetic move desired by
many of her clients today. Sebas-
tian Brauer, vice president of
product design and development
at Crate & Barrel, praises the “ca-
sual, laid-back look” of the cabi-
net. At 30 inches tall, it might
not fit under a desk, but its finer
proportion lets it easily double as
a living-room side table. Granger
Small Natural Oak File Cabinet,
$499, CrateAndBarrel.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 26 - 27, 2022 | D5

DESIGN & DECORATING

CHIC TRICK

Shake Up Your
Seating Plan
Want to ensure that at least the chairs at your
next dinner party are interesting? Show
standard, matching seats the door.

BY ALICE WELSH DOYLE combines perches of disparate

W
styles but of one color and era,
HEN YOU walk said the eclectic approach “makes
into a dining for a more relaxed atmosphere.”
room equipped Manhattan designer Ashley Whit-
with charismatic taker covers the back side of din-
chairs—seats ing chairs with a fabric different
that deviate from the traditional from the rest of the seat’s uphol-
carbon-copy set, that differ from stery, not only because the trick
each other in design or uphol- “keeps a room from being too se-
stery—the odds that you’ll enjoy rious” but for practical reasons. SAME MODELS, COMPLEMENTARY UPHOLSTERY
an evening of conviviality seem to “The back of the chair is a great The Appeal “I like to mix fabrics to of all the materials and make sure The Caveats Mr. Cotton warns

STEPHEN KENT JOHNSON/OTTO (BILLY COTTON); READ MCKENDREE / JBSA (ASHLEY WHITTAKER); LISA PETROLE (STEPHANE CHAMARD)
improve. “If you like order and for- place to use a more precious fab- prevent the army of chairs that can you have juxtapositions that speak against being eclectic for the sake of
mality, this might not suit your ric such as a Fortuny or an an- feel like a boardroom,” said Mr. Cot- to each other,” he advised. The New being eclectic. “You don’t want it to
style,” said New York City interior tique textile without worrying ton, who upholstered identical arm- York City pro used two textural fab- look messy.” The two fabrics he used
designer Billy Cotton of upholster- about damaging it.” chairs with two complementary tex- rics handwoven in Morocco to con- tie together neatly with identical col-
ing dining chairs in compatible but Here, the three designers tiles in a 19th-century farmhouse in trast with the formal wallpaper and orways and compatible geometric
varied patterns. Toronto-based de- share the ins and outs of over- East Hampton, N.Y. add to the décor’s layered, collected motifs. But they differ enough to
signer Stephane Chamard, who turning dining-chair convention. The Tips “Think about the alchemy quality. avoid a matchy-matchy look, he said.

DIFFERENT MODELS, SAME COLOR TWO TEXTILES PER CHAIR

The Appeal Mr. Chamard lent a The Appeal “A wonderful
modern attitude to a 1920s-era din- color or design for a [chair]
ing room in Toronto with six differ- back—the first thing you see
ent black chairs, a favorite tech- in a dining room—is a defining
nique that he uses in his own home. punctuation mark,” said Ms.
He likes that guests can choose the Whittaker. In a Darien, Conn.,
chair most comfortable for them, breakfast space she clad
“and they each have a unique seat,” seats and uppers with family-
he said. friendly pleather and intro-
The Tips You don’t want your table duced a more-precious floral
to look like a flea market stall. Mr. print on the backs.
Chambard suggests seats from the The Tips Ms. Whittaker ad-
same era of design or with the same vises tying the two fabrics
finish. In addition, he said, “Pick ones together by adding trim to
with interesting lines that sit nicely the seat in colors that com-
together as a group.” plement the back.
The Caveats “This treatment works The Caveats In a very con-
best in an open loft-like space be- temporary or neutral
cause the lines of the chairs can be scheme, two textiles might
seen, and it makes sense,” he added. feel fussy, but Ms. Whitta-
“In a small dining room, the effect ker doesn’t see many pitfalls
would not be the same.” to the trick.
 D6 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

Christian Seely, CEO of Quinta do
Noval—one of the oldest Port
houses, founded in 1715—the wines
are certified by the IVDP “on the ba-
sis of the character and quality,” and
not merely on their numerical age.
“I think this is right,” he said. “Just
because a wine might have a mathe-
matical average age of over 10 years
old, it would not be certified if the
quality was not good enough.”
Symington Family Estates, based
in Vila Nova de Gaia, owns several
Port brands, including Graham’s and
Dow’s. When I emailed the com-
pany’s CEO, Rupert Symington, he
replied, “In order to pass muster
with our regulator, we typically have
to age the wines longer than their
Does it really matter if
the wine is a blend
of vintages that may
or may not add up to
a decade?
strict average age, so our customers
are getting even better value than
they think.”
Like many oenophiles, I have al-
ways favored 20-year-old tawnies.
KOTRYNA ZUKAUSKAITE
versus the oak barrels the Graham’s
tawnies age in. “This results in a
slightly stickier mouthfeel,” he said.
“I always associate Dow’s 10 Year
Old with candied orange peel.”
Five 10-year-old tawnies I tasted
truly stood out. The Quinta das Car-
valhas 10 Year Old Tawny Porto ($19
half bottle), was one of the richest
and sweetest. The W. & J. Graham’s
Aged 10 Years Tawny Port ($30) and
Quinta do Noval 10 Year Old Tawny
Port ($27) were also full-bodied and
rich but marked by a bright acidity.
The Taylor Fladgate 10 Year Old
Tawny Porto ($26) and the Dow’s
Aged 10 Years Old Tawny Port ($32)
were drier, with nutty, savory pro-
files. The aromas of these wines
ranged from fig and gingerbread to
roasted nuts and vanilla—the very
scents of seductive desserts.
The rest of the 10-year-old taw-
nies ranged from less impressive to
downright disappointing. These
looked and tasted more like ruby
Ports, their fruit less integrated with
oak. But the five I liked were wines
I’d definitely drink over and over
again. And since an open bottle of
tawny Port (refrigerated) can last a
month, a tiny glass can be a pleasant
weekly or twice-weekly ritual—and
a cheap one as well.
All tawny Ports are fairly high in

But the Dutch radiocarbon dating alcohol—around 20%—and for that

study, and what it revealed about
slippery age definitions, begged the
question: Do 10-year-old tawnies
consistently taste that much youn-
ger than 20-year-olds? To find out, I
ON WINE / LETTIE TEAGUE bought 10 bottles of tawny aged 10
years (or so their labels said).
The accessible price of a 10-year-
reason they are generally consumed
at the end of a meal, with or without
dessert. But some wine profession-
als, like Yannick Benjamin, wine di-
rector of Contento restaurant in
New York, find these wines work
well with a savory course. Mr. Benja-
min might pair a 10-year-old tawny

The Fuzzy Math

old tawny Port is definitely part of with a savory dish like a duck liver
the appeal. The wines I purchased mousse. “The wine needs to be
ranged between $19 and $35 a bot- richer than the dish, and the resid-
tle—a bit more than half the price of ual sugar of the wine overcomes the

Of Tawny Port
WHAT IF THAT “10-year-old” tawny
Port on the shelf was actually closer
to seven or eight years old? Would it
really matter, or is eight years old
close enough?
Research undertaken recently by
the University of Groningen Centre
for Isotope Research in the Nether-
lands, commissioned by Dutch jour-
nalists, found by way of radiocarbon
dating that some tawny Ports were
not as old as their labels stated. The
findings have sparked controversy:
A number of companies have post-
poned tawny Port sales, while Port
producers have questioned the re-
search methods. I was intrigued
nevertheless. It made me wonder
how reliable a measure of quality
age actually is.
Port is a wine produced from
grapes grown in the Douro Valley of
Portugal and fortified with grape
spirit to halt fermentation before all
the sugar is converted to alcohol,
then aged at lodges in the Douro re-
gion and in cellars in the city of Vila
Nova de Gaia. Whereas ruby Ports,
bottled young, retain their ruby-red
color, tawny Ports, aged in wood, ac-
quire a paler, brownish hue over
time owing to oxidation (though a
basic tawny, aged just a brief time,
can be as red as a ruby).
Tawny Ports are made from
blends of different wines—young
and old—according to the style of
the particular house. The wines used
for blending may be aged in wood
for a few years or for several de-
cades. Generally the longer the ag-
ing, the more expensive the wine. (A
40-year-old tawny Port will cost
substantially more than its 10-year-
old counterpart.)
The Instituto dos Vinhos do
Douro e do Porto, I.P. (IVDP) deter-
mines whether a Port qualifies for
its designated age via samples pro-
ducers submit to the organization’s
board prior to bottling. According to
their 20-year-old counterparts. As
Adrian Bridge, CEO of Fladgate Part-
nership—parent company of several
port houses, including Taylor Flad-
gate—explained, aging Port costs
money. “As CEO I’m looking at stock
that’s tied up. We put wine aside for
decades,” he said. Mr. Bridge charac-
terized the Dutch study as “a tem-
pest in a teacup.” He told me the
wines that go into the Taylor Flad-
gate tawny blends are aged for years
beyond their stated label age.
Some of the wines I purchased
tasted much younger and fruitier,
with little detectable influence of
oak, while others were more aus-
tere, with more pronounced acidity
and the influence of oak. Ports aged
in different types or sizes of oak will
often vary notably in character. Mr.
Symington noted that the Dow’s
tawnies are aged in larger oak vats,
fat and richness.” By contrast, he
noted, 20-year-old tawny is a more
delicate wine “best accompanied by
something simple like aged Parme-
san or Comté.”
Linda Milagros Violago, who
oversees the wine program at Canlis
restaurant in Seattle, pairs a
Niepoort 10 Years Old Tawny Porto
with a chocolate cake with chocolate
icing. But she also likes to pair
tawny Port with something simple
like cheese or nuts.
Does it really matter if the wine is
a blend of vintages that may or may
not add up to a decade? In practice,
not so much. After all, the producers
whose Ports I liked have been mak-
ing consistently excellent wines for
hundreds of years. Isn’t that the
(real) point?
 Email Lettie at wine@wsj.com.

OENOFILE / 10-YEAR-OLD TAWNY PORTS THAT DELIVER TOP VALUE

Dow’s Aged 10 Years
Old Tawny Port $32 A
beautifully balanced
tawny from one of the
top names in Port. Al-
though Dow’s is fa-
mous for its vintage
Ports, this slightly drier
tawny style aged in
large vats was one of
my very favorites in
this tasting.
W. & J. Graham’s
Aged 10 Years Tawny
Port $30 This tawny
Port is richer and
sweeter in style than
the 10-year-old Dow’s.
(Both are owned by
Symington Family Es-
tates based in Vila
Nova de Gaia, Portu-
gal.) It’s a delicious, al-
most sumptuous Port.
Quinta das Carvalhas Quinta do Noval 10 Taylor Fladgate 10 Year
10 Year Old Tawny Year Old Tawny Port Old Tawny Porto $26
Porto $19 (half bottle) $27 This wonderfully This is the bestselling
Quinta das Carvalhas is aromatic tawny Port 10-year-old tawny Port
the name of a grand es- marked by notes of lic- in the U.K., according to
tate owned by Real orice and spice is made the website of Taylor
Companhia Velha, a from a blend of wines Fladgate, one of the top
company that produces that are over a decade names in tawny. This el-
a wide range of wines, old. This wine offers egant, nutty Port, made
including Port. This is a the perfect balance of from a blend of wines
rich, toffee-like tawny—a mellow (oak) and more than a decade old,
dessert unto itself. bright (fruit). shows why.

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

Chicken Pulao Served With Yogurt and Limes

JENNY HUANG FOR THE WALL STREET JOURNAL, FOOD STYLING BY TYNA HOANG, PROP STYLING BY BETH PAKRADOONI; MICHAEL HOEWELER (PORTRAIT)

TOO OFTEN in New York, chef Chintan Pan- lined version of one served at Mr. Pandya’s
dya finds dishes he grew up with in Mumbai Manhattan restaurant Dhamaka.
rendered unrecognizable. Sometimes, even “You toast the spices in ghee first to bring
the name is wrong. “What is often served as out their essential oils,” he said. This tech-
biryani is in fact pulao,” the chef said nique, called tarka, makes a fragrant base
Unlike biryani, a more elaborate, time- that permeates the entire dish. The chicken
The Chef: consuming rice dish, a pulao comes together sears in the same pot where the stock sim-
Chintan Pandya quickly. This recipe, made with chicken mers, then they cook together with the rice
thighs, basmati rice, ginger, garlic, onions, and vegetables—an efficient way to build a
His Restaurants: tomatoes and warming spices, is a stream- very flavorful meal. —Kitty Greenwald
Semma, Adda In-
dian Canteen, Dha- Total Time 30 minutes 6 cups chicken stock Lay in chicken thighs, skin-
maka and Rowdy Serves 4 21/2 cups basmati rice, rinsed side down, and sear until skin
Rooster, all in New 4 tablespoons ghee thoroughly turns golden, about 4 min-
York City, plus, 2 tablespoons whole garam Plain yogurt and lime utes. Flip and cook until meat
opening later this masala wedges, to serve whitens and lightly browns in
year, Kebabwala 4 green cardamom pods spots, about 3 minutes. Re-
and Masalawala. 3 whole cloves 1. Heat 3 tablespoons ghee in move partially cooked chicken
2 blades mace a wide pot. Add garam from pot and set aside. Pour
What He’s Known 3 bay leaves masala, cardamom, cloves, stock into the same pot and
For: Real-deal 3 dried red chiles mace, bay leaves and dried bring to a simmer.
regional-Indian 3 tablespoons minced ginger red chiles, and sauté until 4. Add rice to pot with sau-
dishes prepared 3 tablespoons minced garlic they crackle, 1 minute. Add téed vegetables and spices.
with proper 21/2 tablespoons turmeric ginger and garlic, and sauté Stir to coat and pour in sim-
technique and a 2 teaspoons red chile until aromatic, 1 minute. Stir mering broth. Nestle chicken
nuanced knowledge powder in turmeric and red chile pow- into pot and cook over me-
of the cuisine. 1 medium yellow onion, der and sauté until aroma dium heat at a steady sim-
minced blooms, about 30 seconds. mer, covered, until rice and
1 medium tomato, finely 2. Add onions and tomatoes meat cook through, 15-17
chopped and sauté until onions soften, minutes. Season with salt
4 small fresh green chiles, 3 minutes. Stir in chopped to taste.
julienned green chiles and half the 5. Garnish rice and chicken
1/
3 cup roughly chopped chopped cilantro. with remaining cilantro.
fresh cilantro 3. In a separate medium pot, Serve with dollops of yogurt
6 bone-in, skin-on chicken heat remaining 1 tablespoon and lime wedges alongside WARMING TREND Seared chicken thighs finish cooking in a pot of
thighs ghee over medium-high heat. each serving. simmering rice lit up with cardamom, ginger and chiles.
 THE WALL STREET JOURNAL.
Crown Jewels
Louisiana has its king cake, France, its galette des rois. This Mardi Gras, let us eat both.
BY VALLERY LOMAS
O
F ALL THE cu-
linary benefits
of growing
up in Baton
Rouge, king
cake was certainly the most
colorful. In bakeries and
grocery stores, it was al-
ways easy for me to spot
this buttery, yeast-risen
ring adorned with purple,
green and gold sprinkles.
During the Carnival season
leading up to Mardi Gras,
from Girl Scout meetings to
church picnics, king cakes
were ubiquitous.
Not until I studied abroad
in Paris did I discover the
king cake’s cousin, the galette
des rois, baked for the feast
of the Epiphany (Jan. 6). It
actually looked more like a
breakfast pastry to me than a
cake—flaky layers of puff pas-
try filled with frangipane, the
Find a recipe for galette des rois at wsj.com/food.
POWER TOOL
Secret Weapon
Why the best kitchen scissors are
actually fabric shears
WHETHER THE TASK is
as big as breaking down a
chicken or as small as pro-
ducing a scallion garnish
for a bowl of ramen, scis-
sors will likely make faster,
neater work of it than a
knife and cutting board
would. But shop for a pair
of kitchen shears, and you’ll
often find tools tricked out
with bottle openers, herb
strippers and all manner of
other extraneous nonsense.
The best kitchen scissors
have none of that. In fact,
they’re not even kitchen
scissors. Chef Peter Ser-
pico, author of the forth-
MATTHEW COOK
coming cookbook “Learning
Korean” (May 10, W.W.
Norton & Company), con-
* * * *
same combination of ground
almonds, sugar and eggs
found in almond croissants.
These two desserts book-
end the Carnival season
between the Epiphany
and Mardi Gras, and
they both make a
game of dessert. The
fève—originally a bean,
now often a porcelain trin-
ket—hidden inside a galette
des rois makes a winner of
the lucky one to receive the
slice containing it. He or she
becomes king or queen for
the day and gets to wear a
paper crown (which typically
comes with a galette des rois
purchased in a bakery). The
Epiphany, after all, commem-
orates the arrival of the bibli-
cal three kings in Bethlehem.
Though Jan. 6 is the most
popular date for French
households to serve the gal-
ette des rois, you’ll find it
throughout the month of
firmed that in many res-
taurant kitchens—including
his own—using fabric
shears is a popular move.
“They’re usually sharper
and more heavy duty,” he
said. At Mr. Serpico’s just-
opened Philadelphia restau-
rant KPod, they’re always
close at hand: “We use
them to cut up braised
meat, cut up sweet potato
noodles, cut ends off let-
EATING & DRINKING
January and even up until
the beginning of Lent.
Inside a king cake, a tiny
plastic baby waits to deter-
mine who has the honor of
providing the next cele-
bration’s king cake.
And at this time of
year, there is always
another celebration. For
Louisianans, Jan. 6 marks
the day bakeries start to
sell king cakes, and produc-
tion will continue through
the two weeks leading up to
Mardi Gras, replete with
balls, parties and parades,
and, finally, Fat Tuesday it-
self—the last chance to
feast before the 40-day
Lenten season, when many
people swear off such indul-
gent treats.
Though we call both of
these desserts “cake,” nei-
ther one is a true cake—no
layers of tender crumb, no
frosting in between. A king
cake is more akin to a bri-
oche or a giant cinnamon
roll shaped into a circle (the
king’s “crown”). The classic
filling consists of cinnamon
and sugar, though fruity fill-
ings such as strawberry and
apple are common, as is
cream cheese or a combina-
tion of that and fruit. In the
recipe at right, I’ve opted
for a tangy blackberry-
lemon center.
Thanks to the quality and
wide availability of frozen
puff pastry throughout
France, you’re more likely to
find homemade galettes des
rois there than you are
OH, SNIP The Kai 5210
dressmaking shears are
equally handy in the kitchen.
tuce.” The soft-handled,
8-inch model 5210 dress-
making shears from Japa-
nese cutlery manufacturer
Kai—designed to cut “mul-
tiple layers of denim with
ease,” according to the
company’s website—are
more than up to the task
of, say, separating sturdy
kale leaves from their ribs.
From $22, kaiscissors.com
—Matthew Kronsberg
Saturday/Sunday, February 26 - 27, 2022 | D7
Blackberry-Lemon
A NICE RING A tiny King Cake
plastic baby isn’t the If you want to tuck the tra-
only surprise inside ditional plastic baby inside,
this king cake. The do it once the cake has
blackberry-lemon baked and cooled, before
filling is a tangy twist. decorating with icing and
sprinkles.
Total Time 4 hours
Serves 12
For the dough:
1 cup warm water
2 large eggs, at room
temperature
1/
3 cup granulated sugar
1 package (¼ ounce)
instant yeast
4 cups all-purpose flour,
plus more as needed
11/2 teaspoons kosher salt
5 tablespoons unsalted
butter, at room
temperature
Grated zest of 3 lemons
Softened butter or vege-
table oil, for the bowl
For the filling and topping:
21/2 cup fresh blackberries
1/
2 cup granulated sugar
Zest and juice of 1 lemon
1 large egg
2 cups confectioner’s sugar
3 tablespoons unsalted
butter, melted
2 teaspoons vanilla extract
3-4 tablespoons whole milk
or water
1/
4 cup each purple, green
and yellow sugar
1. Make the dough: In the
bowl of a stand mixer fitted
with a dough hook, combine
warm water and 2 eggs. Add
sugar, yeast, flour, salt, 5 ta-
blespoons butter and lemon
zest. Knead on low speed
until ingredients come to-
gether, about 2 minutes.
home-baked king cakes in 2. Increase speed to medium
Louisiana. When I returned and knead until dough is
to France for a gap year fol- smooth and elastic, 8-10
lowing law school, my minutes more. You’ll know
French roommates taught it’s ready when a single ball
me to sketch the curved forms on the dough hook
sunburst or chevron design and it thwacks the side of
onto the puff pastry before the bowl as the hook moves.
baking—my favorite part. 3. Remove bowl from mixer
The truth is, a home cook and shape dough into a ball.
can easily pull off either of Transfer dough ball to a
these recipes, and have a lightly oiled large bowl.
good time doing it, too.
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Cover bowl with plastic or a
clean damp towel and let
rise until it doubles in size,
11/2-2 hours.
4. Line a baking sheet with
parchment paper. Use your
fingers to deflate dough,
then use a rubber spatula to
scrape dough out onto a
lightly floured work surface.
5. Prepare the blackberry-
lemon filling: In a saucepan,
combine blackberries, sugar,
lemon zest and lemon juice.
Smash blackberries and stir.
Heat over medium, stirring
occasionally, until thickened,
about 10 minutes. Transfer
to a heatproof bowl, and let
cool completely.
6. Line a baking sheet with
parchment paper. Divide
dough into 2 equal pieces
and roll each piece into a
rope 18 inches long. Use a
rolling pin to flatten each
rope to a rectangle 6-8
inches wide.
7. Smear blackberry filling on
CHELSIE CRAIG FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES, PROP STYLING BY SOPHIE STRANGIO; GETTY IMAGES (BABY)
both rectangles, leaving a 1-
inch border all around. Roll
each rectangle lengthwise,
tightly, like a jelly roll. Twist
rolls around one another,
then bring ends together to
form an oval ring on the pre-
pared baking sheet. Cover
with a clean dish towel and
let rise until doubled in size,
about 45 minutes. Preheat
oven to 350 degrees.
8. In a small bowl, beat egg.
Brush egg wash all over sur-
face of dough ring. Transfer
ring to oven and bake until a
deep golden-brown, 35-40
minutes. Transfer to a cool-
ing rack to cool completely.
9. While cake is in oven, pre-
pare vanilla glaze: Sift con-
fectioner’s sugar into a bowl.
Whisk in melted butter, va-
nilla and milk, and continue
whisking until smooth.
10. Once cake cools to room
temperature, drizzle with va-
nilla glaze and sprinkle with
purple, green and yellow
sugar before serving.
—Adapted from ‘Life Is
What You Bake It’ by Vallery
Lomas (Clarkson Potter)
NYC LOCATION
Phone Orders Accepted
 D8 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

Top of the Bucket List: A Voyage to Antarctica

MOON OVER NARNIA Most Antarctica trips take place during the region’s summer, when it’s light out almost 24 hours a day, but you might catch a scene like this in the wee hours of the morning.

Continued from page D1

sister and her husband. My objec-
tives: Spend time with my family
and meet as many penguins as pos-
sible.
Back in September of 2019, my
dad texted me to ask if I could swing
a 12-day family vacation in Antarc-
tica the following December (which
is Antarctic summer, so no risk of a
Shackleton “getting trapped in the
ice and being stranded for a year”
scenario). I didn’t even know going
to Antarctica was a thing. It is, ap-
parently—a big one. “It’s a bucket-
list trip,” said Matt Nilsson, a senior
product executive at tour operator
Audley Travel. “After lockdowns,
people are thinking, ‘Let’s get back
out there and do it big.’ Antarctica is
an obvious choice for that.” Possibly
the ultimate bucket-list trip, Antarc-
tica lets truly well-traveled types
step onto their seventh continent
and earn some major bragging
rights. Others, said Sheri Bluestein,
my voyage’s expedition leader, go
because they are “curious about the
world around them and are worried
about climate change.” I did hear
more than a few guests give the THE SEAL DEAL A Weddell seal wakes up from a nap at Neko Harbor in front of the National Geographic Endurance.
bleak “we wanted to see Antarctica
while it’s still here” explanation. curs via intimate cruise ship—more wear. I’m a New York-based fashion his. “We’d better still be able to go,” the world, to board the ship. We,
I told Dad I could probably join or less ceased. Our trip was post- editor with admittedly eccentric he said from his hospital bed. Four however, due to pandemic restric-
him for a once-in-a-lifetime trip to poned for a year. My family and I tastes, so the thought of sporting months later, we finally did, after tions, met our fellow passengers at a
the earth’s most remote continent, spent most of the pandemic to- drab wilderness gear made me enduring extensive medical exams Miami airport hotel, were tested for
and five days later, we were booked gether in Massachusetts. Antarctica cringe. (Anyone else concerned (to board Lindblad’s Antarctic Covid and then hopped on a 12-hour
with Lindblad Expeditions, which he came up at least once a day. My about assembling a fashion-forward cruise, you need a doctor to attest charter flight to Ushuaia.
chose because of the company’s stepmother was focused on what polar wardrobe should consult our you’re unlikely to die down there), Unlike Shackleton’s ordeal, my
longtime partnership with National birds she might see; my dad poured guide at right.) Antarctica was like days of isolation and an entire night expedition was a success. On my 12-
Geographic. We’re a clan of super- over books about late-19th- and a beacon during the darkest days of spent filling out—and botching—an day trip, I met hundreds of gregari-
nerds, and the alliance meant we early-20th-century polar explorers. Covid—something to look forward indecipherable Covid affidavit for ous, tottering penguins, many of
had access to an abundance of sci- My brother-in-law practiced using to while we hid from the world. the Argentine government. whom wobbled right up to me be-
entists and experts, many of whom his Canon EOS R5 camera for a year In August, however, my dad got Pre-pandemic, Lindblad passen- fore jumping on their “penguin high-
gave onboard talks. so he wouldn’t flub a single wildlife Covid. He was hospitalized twice. gers would first rendezvous in Bue- ways,” narrow pathways the pen-
Then Covid happened, and Ant- shot. My sister and I mostly dis- Antarctica was the last thing on my nos Aires and then fly together to guins erode in the snow from their
arctic tourism—most of which oc- cussed what the hell I was going to mind, but it was the first thing on Ushuaia, the southernmost city in nests to the sea. I witnessed parents

ICE PACK / FOUR WAYS TO EXPERIENCE ANTARCTICA, FROM MODESTLY PRICED, ACTION-PACKED ITINERARIES TO WHOLLY INDULGENT VOYAGES ON LUXURY LINERS
JEFF MAURITZEN (ANTARCTICA), MICHELLE SOLE (QUARK EXPEDITIONS), ROGER PIMENTA (SCENIC ECLIPSE), ALY MILLER (MAP)

FOR ADVENTURERS ON A BUDGET
If you’re looking to hit the Antarctic Peninsula
but are turned off by the typically steep price
tag, Quark Expeditions’ Antarctic Explorer 11-
day itinerary offers plenty of bang for the
buck. “It’s a solid adventure with not as many
frills,” said Ashton Palmer, president of travel
agency Expedition Trips, which specializes in
small-ship cruises. Even so, you’ll still find a
number of luxuries aboard some of Quark’s
ships, such as a spa, sauna and gym. When it
comes to outdoor activities, the expedition of-
fers camping (guests can snooze under the
stars in a mummy-style sleeping bag) and
kayaking, and on the Ultramarine ship, heli-
copter tours. From $7,825 a person
FOR THE SEASICKNESS-AVERSE
The Drake Passage—the stretch of ocean be-
tween Cape Horn and Antarctica—is sometimes
glassy and calm. But more often, it’s a choppy ride
with at least 20-foot waves that will rock even
the most stable of ships—and turn the strongest
of stomachs. To skip all that, try Silversea’s Ant-
arctica Bridge trip, which ranges from five to nine
days. The fare includes round-trip flights from
your hometown to Santiago, Chile; round-trip
charter flights from Santiago to Punta Arenas, on
the country’s southern tip; and round-trip charter
flights to Antarctica’s King George Island where
you’ll meet a luxury boat. Audley Travel’s Matt
Nilsson said Silversea is the most popular option
for their high-end clients. From $16,600 a person
FOR SUPER LUXURY SEEKERS
The Scenic Eclipse is about as luxe as you can
get while cruising around Antarctica. “That’s
definitely a five-star vessel,” said Mr. Palmer of
the ship, which can carry 288 guests but has a
cap of 200 in polar regions. The ship offers
eight restaurants, a spa and spacious state-
rooms (the smallest is 345 square feet), and
the company’s all-inclusive 16-day Beyond the
Antarctic Circle itinerary is among the only
Antarctic cruises that hit that extreme south-
ern latitude. But don’t expect to laze on board
all day getting pampered. Available excursions
include submarine rides, helicopter tours, pad-
dleboarding, shore landings and, starting next
season, heli-skiing. From $19,525 a person
FOR NATURE NERDS
Most cruises have experts to guide you, but
thanks to its partnership with National Geo-
graphic, Lindblad’s cruises host scientists do-
ing their own research in Antarctica, as well
as Nat Geo photographers who will give you
pointers whether you’re shooting with a pro
camera or an iPhone. Guests can attend ex-
perts’ lectures, accompany them on landings
and, when Covid restrictions lift, join them for
meals. “Lindblad has always done a great job
with...naturalists and lecturers. They’re proba-
bly the leader in that area,” said Mr. Palmer.
The 14-day Journey to Antarctica itinerary of-
fers a polar plunge, kayaking and hiking. From
$15,380 a person
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 26 - 27, 2022 | D9

ADVENTURE & TRAVEL

I Spy, Antarctica Edition
Some critters and natural spectacles are tougher to spot than
others in this icy wilderness. Here, a scorecard for competitive
sightseers—1 point for the most common sighting, 9 for the rarest.

Gentoo Penguin Leopard Seal Snow Petral

With Chick

5 7 3
Wandering Albatross Emperor Penguin Blue Whale

6 9 8
Killer Whale Arched Iceberg Chinstrap Penguin

4 2 1

BEAK EXPERIENCE Dozens of bird species are found in the Antarctic Peninsula, including the blue-eyed cormorants. The National Geographic Orion in Antarctica’s Gerlache Strait.

windows. Humpback whales glided
by during dinner more days than
not. ArJay, our waiter, memorized
my favorite wine and had a glass
ready for me each time I sat
down. Crew members practically
carry you onto the Zodiacs, small
inflatable boats that take you from
the ship to the shore. And during
our Christmas Day excursion—a
while the sun set behind mammoth
tabular icebergs. During a visit to a
penguin colony, I saw—and heard—
an iceberg split in half. (It sounded
a bit like those ASMR videos in
which celebrities crunch on potato
chips.) I kayaked around a rusted
shipwreck from 1915. And I got to
do it all with my family, which, in
the midst of a pandemic, was a gift.

Most of our meals were served in a restaurant on

deck five with wrap-around windows. Humpback
whales glided by during dinner more days than not.

Zodiac ride through a field of Sven-Olof Lindblad, the com-

Gentoos, whose beaks look like they’re coated in lipstick, march on a ‘penguin highway,’ in Neko Harbor on Andvord Bay.
feeding their fuzzy chicks and a
frantic waddle of Gentoo penguins
scurrying across an iceberg to evade
a killer whale.
The term “expedition” might
seem a dramatic descriptor for a
family vacation. “The word suggests
that things are difficult and perhaps
uncomfortable,” said Ashton Palmer,
president of specialized travel
agency Expedition Trips. He insists
that’s not the case. “I would say the
average age [of passengers] is be-
tween 45 and 60…These are very
accessible trips.” Indeed. One
woman aboard my cruise celebrated
her 90th birthday. Even so, relax-
ation doesn’t top the itinerary. “You
can sleep when you get home,” said
Ms. Bluestein, the expedition leader,
during our first briefing. Jeff Mau-
ritzen, a photographer for National
Geographic who traveled with us,
agreed. “This isn’t a vacation,” he
said. “You’re going to be tired at
the end of the trip because you
were doing stuff the whole time and
you were learning the whole time.”
It still felt like a vacation. We
weren’t roughing it, though our
days spent sailing through the fa-
mously turbulent Drake Passage
left me so seasick that I nearly
threw up on Dr. Tom Hart, a ma-
rine biologist who specializes in
penguins, while he was giving a
lecture. (Hot tip: If your boat’s re-
ception area, as mine did, has a
candy dish filled with seasickness
pills, take them.) In my room on
deck seven, I had a balcony and a
hammock from which to watch
icebergs drift by. Most of our
meals were served in a restaurant
on deck five with wraparound
ice—staff pulled up alongside us
to serve hot chocolate (with op-
tional peppermint schnapps).
Is taking a cruise during Covid
an asinine idea? That would depend
on whom you ask. Lindblad re-
quired that everyone on our expedi-
tion be vaccinated. We were tested
twice before boarding our flight and
again every 72 hours after that.
These measures made little impact
on my trip. But the two guests who
tested positive on board would
likely tell a grimmer story. They
were moved to cabins with different
air circulation systems than the rest
of the boat, and spent the bulk of
the journey in confinement.
Luckier passengers like yours
truly had an unforgettable trip.
Along with 55 other guests, I did a
“polar plunge” and inelegantly leapt
into the 31-degree open ocean wear-
ing nothing but a bathing suit. One
night, while sitting on the observa-
tion deck, I watched shades of or-
ange and fuchsia saturate the sky
pany’s founder whose father
brought some of the first groups of
tourists to Antarctica in 1966, said
such family trips are becoming
more common. The International
Association of Antarctica Tour Op-
erators clocked a record-breaking
62 ships during the 2019/2020 sea-
son. Antarctic tourism is not yet
back to pre-Covid numbers—only
around 30 ships are expected for
the 2021/2022 stint—but it’s
quickly building.
I will never forget standing on my
balcony after enduring the Drake
Passage and seeing my first iceberg.
I felt like I’d arrived in some kind of
pristine Narnia. As romantic as that
sounds, “Antarctica is still a poten-
tially dangerous place,” said Mr.
Lindblad, stressing the importance
of traveling on a polar-class ship
with an experienced staff. I’m sure
that’s true. I had guides that made
makeshift steps out of grates and
snow so I could daintily climb
ashore. I felt pretty safe.

Orange Parka Optional

A fashion editor smartens up the South Pole dress code

Before any good Antarctic expedi- waterproof salopettes instead of

tion, you’ll receive a recommended unflattering nylon pants; and a mo-
packing list. Some companies even hawk-topped hat in lieu of a stan-
JEFF MAURITZEN (ANTARCTICA), LILY ZARRELLA (KATHARINE ZARRELLA); SON OF ALAN (ILLUSTRATIONS)

offer items like waterproof pants dard beanie. One thing I don’t ad-
and gloves for rent onboard. vise tweaking? The
But, being a fash- boots. Your ship
ion editor, I tend should have pairs to
to gravitate to- borrow or rent,
ward clothes with which will be
a little something cleaned with bio-
extra. While the cide daily to kill liv-
standard-issue ing organisms so
suggestions are all you don’t trek any-
fine and func- thing foreign onto
tional—which shore during your
should be your top various landings. Plus,
concern—they’re not exactly chic. they need to be warm and water-
So I made a few adjustments: I proof, so don’t try anything fancy.
opted for my favorite cat-eye sun- To make the rest of your look “fash-
glasses over ski goggles; shapely ion,” consult our picks at left.

POLE VAULT Above: Author Katharine K. Zarrella, wearing a Gigi Burris

hat, Aztech Mountain salopettes and the Lindblad-issued boots and coat.
Clockwise from top left: Salopettes, $695, AztechMountain.com; Coat,
$1,470, Fusalp.com; Sunglasses, $1,495, Chanel, 212-334-0055; Backpack,
$299, Patagonia.com; Long Underwear Top, $135, Bottom, $135, Ibex.com;
Gloves, $155, HestraGloves.us; Beanie, $215, Woolrich.com
 D10 | Saturday/Sunday, February 26 - 27, 2022
VOLKSWAGEN OF AMERICA
RUMBLE SEAT / DAN NEIL
What’s the Buzz? A Groovy,
Electrified Minibus From VW
THE DUNNING-KRUGER EFFECT is
a pernicious force in our society. I
know all about it.
It is a cognitive bias whereby
people assume an expertise in a
complex subject they do not un-
derstand while gainsaying the
judgment of those who do.
Take me, for example: I think it
was madness that VW Group de-
cided to build the lustless and ano-
dyne ID.3 hatchback (2019) and
ID.4 crossover (2020) before it
pulled the trigger on its new and
magical ID. Buzz van, which the
German giant has been teasing for
more than a decade, in one form
or another.
With European deliveries begin-
ning this fall, the all-electric peo-
ple mover and/or cargo van—emo-
tionally descended from
generations of beloved splitties,
transporters, microbuses and pop-
top campers—has consumers in ev-
ery global market shaking their
money-clenching fists at dealer-
ships. You could walk across the
ocean on the free-floating goodwill.
Now, to me, the ID. Buzz would
have been the EV to start with—
the lead-pipe cinch, the slam dunk,
the most charismatic vehicle yet to
LIKE ANY self-respecting cof-
fee snob, I have a battery of
beans and grinders and brew-
ing apparatuses at home. But
crafting a perfect espresso
shot is one trick I’ve always
been content to leave to prac-
ticed baristas with way-be-
yond-my-budget, cafe-quality
espresso machines.
That is, until a pal tipped
me off to the Flair Pro 2—
the flagship in a suite of
manual espresso machines
that has been earning acco-
lades from bean nerds since
a 2016 launch. As a devotee
of low-tech java gadgets like
the moka pot and AeroPress,
I was curious if the sexy
Flair offered more than geek
cachet. Could I really pro-
duce top-level espresso at
home for a few hundred
bucks, using little more than
my own elbow grease?
F. MARTIN RAMIN/ THE WALL STREET JOURNAL
Minimalist and compact—
the components come zipped
inside their own petite suit-
case—the Flair harks back to
the first modern espresso
machines invented by Achille
Gaggia and popularized in It-
aly during the postwar years.
And its brewing action is
achieved just as simply, by
pulling forcefully down on a
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.
emerge from the electrification’s
drawing boards and a priceless op-
portunity for VW to turn the sooty
pages from Dieselgate.
But what do I know? I’ve never
been the chairman of any supervi-
sory boards. I get outvoted at
breakfast.
I was so keen to drive the ID.
Buzz that last month I traveled to
Milton Keynes, Buckinghamshire,
to spend an hour behind the wheel
To me, the ID. Buzz
would have been the EV
to start with—an
opportunity to turn the
page from Dieselgate.
of a camouflaged pre-production
prototype, disguised as a Peter
Max poster. In brief, it was awe-
some: smart, chic, refined, spa-
cious, urbane (excellent turning ra-
dius). Up to nine USB ports, to give
you some idea of the use-case.
There will even be an ID. Cali-
fornia camper package, with a tent
and stove and sink. Take my stu-
lever to force pressurized
hot water over a puck of
tamped, finely ground coffee:
hence the expression “pull-
ing a shot.”
Still, despite the machine’s
elemental design—no power
cords, no water reservoirs, no
frothing accessories—my
maiden voyage quickly ran
aground, thanks to an instruc-
tion booklet apparently trans-
lated from Klingon (though
the company is based in Cali-
fornia). But YouTube soon set
me on the right path: I me-
thodically weighed my beans
and set my grinder to its fin-
est setting, keyed my electric
kettle to 200 degrees, pre-
heated the brewing chamber,
tamped coffee into the basket,
inserted it into the portafilter
and set it onto the frame with
the pressure gauge. Then, the
moment of truth: I pulled—
hard. (Seriously: It’s a good
thing I’ve been working on my
push ups.) The reward? A
clean, concentrated shot of
espresso blanketed with a
flawless layer of crema—the
best I’ve had outside a cafe
and the finest in my kitchen
by a long shot.
But was it really a ritual I’d
want to repeat every time I
GEAR & GADGETS
pid money, you bastards.
The Buzz’s voluminous “tophat”
structure snap-fits on the same
electric-vehicle platform as the
current ID.4, stretched almost 9
inches between the axles. While
most of the test vehicle’s interior
was hidden with “embargo” blan-
kets—pending the official unveil-
ing in March—I could see that the
central touchscreen display and
graphics and multi-function steer-
ing wheel were pretty much the
same as ID.4, by design. The ID.
Buzz’s gear selector and B mode
switches are on a stalk, whereas
the ID.4 design locates these in a
physical rotary selector. What lit-
tle of the two-tone, split-level, ve-
gan-leather upholstery that peeked
out looked fab.
The propulsion widgets are like-
wise shared with the ID.4: a single
150-kW (201 hp) permanent-mag-
net motor toils quietly between
the rear wheels, surging up to 310
Nm (229 lb-ft) of torque. Ditto the
chassis bits: front strut suspension
and multi-link rear. All-wheel drive
will be optional in future models.
The 77-kWh (net) battery residing
underfoot is good for about 250
miles of range on the European cy-
Espresso That’s Worth a Workout?
We asked a longtime coffee connoisseur to weigh in on the Flair Pro 2,
a buzzy espresso machine that requires a little muscle to master
POUND ONE OUT The Flair Pro 2’s function relies on a lever, $325, FlairEspresso.com
* ***
cle, VW says.
Performance-wise, the ID. Buzz
is a model of adequacy. Based on a
few skittering, full-throttle exits
from Milton Keynes’s many round-
abouts, I would expect 0-60 mph
acceleration in the low 9-second
range, in good conditions. Top
speed is limited to a socially re-
sponsible 90 mph.
The prototype rolled on photo-
genic 21-inch wheels, which made
the ride quality pretty crisp.
As with ID.4, Buzz comes with a
B (for “battery”) drive mode,
which raises the regenerative brak-
ing effect to make the car operable
with one pedal at urban speeds, al-
most entirely. I flipped into B
mode on my roughly 60-mile drive
and it worked like a champ, albeit
a little wheezy at times. The up-
take of the regen-braking effect
was firm and seamless.
VW’s moon buggy charges
pretty fast, too, from 5-80% bat-
tery capacity in less than 30 min-
utes in ideal conditions (up to 170
kW, says VW). And get this: The ID.
Buzz will be capable of bi-direc-
tional charging, allowing the vehi-
cle to provide back-up power to
your home (additional equipment
THE WALL STREET JOURNAL.
MAGIC BUS Volkswagen will reveal
the production version of its all-
electric ID. Buzz next month, with
first deliveries in Europe in the fall.
required), or even load-leveling
and cyclic storage of intermittent
renewables like solar and wind, or-
ganized in microgrids. So groovy.
But then VW had to harsh my
Buzz. It turns out, the vehicle will
be made in two sizes: the standard
version, with two rows of seating,
for the rest of the world; and, for
the U.S. market, a long-wheelbase
version, with three rows of seat-
ing. Wolfsburg concluded the two-
row version wouldn’t sell in Amer-
ica. Mm-kay. That would not have
been my call. I’m sure I’m not see-
ing the whole chessboard.
That’s the beauty of modularity,
VW’s executroids pointed out.
With additional inches between
the wheels, the Stateside version
can accommodate a larger battery
pack, which will allow it to attain
a more marketable 300 miles of
range, or thereabouts. The first
U.S.-spec models will reach our
shores in 2024….
Wait. Wut? Are you kidding me,
Jesus? 2024? I would like to point
out that if management had a mil-
lion of these rainbow ponies in the
U.S. today, it would sell a million.
So who’s fault is it you don’t have
a million?
Sorry, sorry. Just… disappointed.
The ID. Buzz and I will meet
again, don’t know where, don’t
know when—except it will be two
years hence, apparently. In the
meantime, I should caution that all
the platform commonality comes
at a cost to what many cherished
most about VW vans: the driving
position. The pedestal-like driver’s
seat, the low floorboards, the
nose-to-the-glass panorama, like
sitting in the front row of God’s
IMAX? Those were some delightful
death traps, weren’t they?
In the globally homologated ID.
Buzz, the passengers sit at a pru-
dent distance from the wind-
shield, with the added protection
of seat belts and airbags. Still,
there is something of the old
perch left. The driver’s seat is ele-
vated and the windshield head-
liner lofty; the scuttle is low and
the hoodline falls off to nothing.
The four large roof pillars open
up corner views of the road, but
they are pretty intrusive.
I would have done that better.
2022 VW ID. BUZZ
Base price $45,000–$65,000 (est.)
Propulsion All-electric, with single
rear-mounted permanent-magnet
motor (150kW) and single-speed
transmission/reduction gear; 77-kWh
lithium battery pack; 11 kW inverter.
Power 201 hp/150kW
Torque 229 lb-ft (310 Nm)
Length/wheelbase/width/height
185.5/117.6/78.1 (excl. mirrors)/76.3
inches
Curb weight 4,600 lb (est.)
0-60 mph 9 sec (est.)
Range 250 miles (est.)
Charging rate 5-80% capacity in
under 30 minutes
Luggage compartment volume
39.6 cu ft.
craved a 3 p.m. cortado?
“From a geeky point of view, I
love the way it feels like I’ve
really worked to earn that
beautiful shot,” said Ever
Meister, author of “New York
City Coffee: A Caffeinated
History” and coffee-industry
consultant and educator. “But
is this the machine for some-
one who wants a latte before
work in the morning or to
save money on cafe visits?
Probably not.”
Another caveat: As my
husband learned the hard
way as he eyed my demi-
tasse, since the Pro is only
designed to pull one shot at
a time, it’s hardly conducive
to companionship. “Think of
it like a Civil War bayonet,”
said Ms. Meister. “You can
fire it once, but then you
have to clean all the parts.”
Is any of this a deal
breaker? Not for a cup this
fine—especially considering
that the Flair 58 (on presale
since last year and launching
this spring) promises a
streamlined workflow that
makes it easier to pull consec-
utive shots. Still, my barista
can breathe easy. She’s not
out of a job quite yet.
—Sarah Karnasiewicz
 JOURNAL REPORT

© 2022 Dow Jones & Company. All Rights Reserved. * * **

TRAVEL THE WALL STREET JOURNAL. Saturday/Sunday, February 26 - 27, 2022 | R1

ACROSS
AMERICA,
ANDRÉ CARRILHO

ON A At a combined age of 127, we rode 3,800 miles. What were we thinking? And what did we learn?

TANDEM
A
s we pedaled over the Golden Gate
Bridge to head across America on our tan-
dem bike last summer, we knew we would
belonged on tourist brochures. But now we
were at a dead stop in the early afternoon,
facing what our GPS showed in dark red, signi-

BIKE
hit a wall somewhere down the road. It
happened 17 riding days in, rounding a
canyon bend in southern Utah.
“Look up ahead,” Steve said, steering
the bike to a stop. There it was, a rising
stretch of pavement we thereafter would call simply The
Wall. We stared silently.
BY STEPHEN KREIDER YODER It had been a nearly flawless morning of smooth two-
AND KAREN KREIDER YODER lane pavement, light traffic and canyon land scenery that
fying a grade greater than 12%. We had ridden
50 miles since morning and climbed 2,800
feet—a short day, but we had suffered a flat
along the way. We were heading into a heat
wave, the afternoon RV traffic was picking up
and it was getting hard to stay in the saddle.
We had another 1,800 feet to climb. We had
never cut a day short dead in our tracks.
Please turn to page R4

Budget-Conscious Ski Vacations Inside

’Pod hotels’ are for
skiers who want to
focus on the slopes
BY BRIGID MANDER
A ski vacation rarely comes
to mind when you think of
bargain trips. That’s been es-
pecially true over the past de-
cade, as hotels in skiing areas
have tended to go upscale,
adding amenities and raising
prices.
Now some enterprising ho-
teliers have come up with
what they hope is a market-
ing sweet spot: a midrange
accommodation loosely based
on the Japanese model of pod
hotels targeted at business
travelers, featuring sleeping
spaces with room for little
more than a bed. Upscale,
moderately priced versions of
this model have begun to
spring up in skiing locations.
These new pod hotels aim
for a boutique-hotel vibe, with
touches like high-quality lin-
ens and bedding, creative de-
sign aesthetics and original
artwork. But privacy is limited,
as sleeping pods share com-
mon lounging areas and bath-
rooms. The bottom line is the
greatest appeal.
Pod hotels offer “a level of
quality with some creature-
comfort sacrifices, but it
comes down to the goal of
your trip: If you’re never in the
hotel, you have more to spend
on dining and experiences”
like skiing, says Samantha Pa-
til, co-founder of Well Trav-
eled, a members-only travel
and booking platform.
Filling the gap
Deirdre Donnellan, a nurse
from Vancouver, British Co-
lumbia, stayed in the new
Pangea Pod Hotel on a re-
Please turn to page R11
Crowd-Free
A More Accessible Ride These five lesser-known
U.S. mountain towns of-
E-bikes, which allow riders fer outdoor summer ad-
to pedal as little or as much venture for those who
like quieter locales. R6
as they want, are opening
up cycling vacations to
new types of people. R2
Scan this code with a phone
camera app or a QR code
reader to hear a podcast on
the best/worst U.S. airlines
from WSJ’s annual rankings.
R2 | Saturday/Sunday, February 26 - 27, 2022
E-Bikes Are Making
Cycling Vacations
Accessible to
A New Crowd
Face it: Not everybody likes riding bikes.
Electric bikes let both fans and detractors
pedal as much or as little as they want.
BY JEN MURPHY
J
eremy Dubow, an
avid cyclist and Chi-
cago business owner,
never thought he
would be able to take
a cycling vacation with
his partner, Kathleen
Kustra. A five-mile
bike ride in the city was enough
to tell them it wouldn’t work, he
says. He would get annoyed hav-
ing to slow his pace to wait for
Ms. Kustra, or she would get frus-
trated trying to keep up with him.
That all changed in 2019 when
he convinced her to join him on a
cycling trip to Tucson, Ariz., using
an electric bike. The e-bike has
been the equalizer for the couple,
they say, allowing Ms. Kustra to
finally enjoy her partner’s passion,
joining him on one or two group
cycling trips a year. “I’m looking
Tell Us Your Stories
Travel is worthwhile
because it creates lasting
memories. Tell us about
your best or worst travel
experience. Why does
the memory stick with you?
Send replies to
reports@wsj.com and we
may publish them in a
coming issue.
JOURNAL REPORT | TRAVEL
for the hardest trip with the most
miles and most climbing,” says
the 45-year-old Mr. Dubow. ”And
now not only can she keep up,
she pushes me.”
E-bikes are outfitted with a
motor that gives riders extra
oomph. While some have a throt-
tle the rider simply presses to
achieve top speed, most require
the rider to pedal to get a power
Even some devoted cyclists are starting
to see the benefits of e-bikes, especially
on trips with hilly terrain when they
haven’t had time to train.
boost. Riders choose the level of
assistance they want, ranging
from eco-mode, the least amount
of help, to turbo mode, which
might boost speed up to 28 miles
an hour.
“I’m able to ride mileage and
hills I wouldn’t be able to do on a
regular bike but at an effort that
feels comfortable,” says Ms. Kus-
tra, a 38-year-old tax consultant
who has since purchased her own
e-bike. “It’s opened up so many
more possibilities for us to travel
and ride together.”
No free ride
E-bikes date to the late 1880s,
but it wasn’t until the early
2000s that they entered main-
stream production. Early versions
were heavy and clunky, and early
adopters were often snubbed for
being lazy or cheating. While
modern e-bikes are lighter—they
weigh about 40 pounds, roughly
twice as much as a regular bike—
they aren’t a free ride. In fact, a
recent Miami University study
found that while riders engage in
higher-intensity exercise when us-
ing a nonelectric bike, the amount
of exertion on an e-bike, if on low
assist levels, still provides moder-
ate-intensity exercise.
Newer models with longer-last-
ing batteries have helped e-bikes
take off in the past decade. Ac-
cording to NPD Group, sales of
electric bikes are growing 16
times as fast as for general cy-
cling bikes. And nearly every bike-
tour operator now has e-bikes in
its fleet, including outfitters such
as DuVine, Butterfield & Robinson
and Backroads.
Backroads, based in Berkeley,
Calif., introduced e-bikes in 2014,
expecting them to appeal to us-
ers in hilly destinations like the
Alps. “We never expected demand
across all age groups,” says
founder Tom Hale. “We’ve seen
that they’re not just for grandma
and grandpa. They’ve enabled a
whole new group of people to ex-
plore actively.”
When Robin Jeffries told her
family she wanted to celebrate
her 70th birthday by going on a
family cycling trip, her younger
son, Ryan, was resistant. “He is a
person of size and doesn’t enjoy
strenuous exercise,” she says. The
family decided on a Backroads
trip to Nova Scotia. Ms. Jeffries
and her older son used road bikes,
while her husband and younger
son used e-bikes. Mr. Jeffries
used just enough assistance to
keep up with his wife and older
son. The younger son put his bike
in turbo mode so he could finish
the ride quickly and enjoy a beer
while waiting for his family. “I
was worried I’d have to ride in the
support van most days, but I was
able to cycle the entire trip,” says
Ryan, age 38. “If my mom asked
me to go on another family cy-
cling vacation, I’d do it again if I
could use an e-bike.”
Ms. Jeffries, who is now 73,
* ***
and her husband, 74, both agree
she is the stronger cyclist. The
couple, who are retired and live in
Palo Alto, Calif., take a group cy-
cling trip at least once a year. Be-
fore e-bikes became available,
they would ride separately and
meet up at lunches or the end of
the day. “Now 90% of the time
we ride together and don’t feel
like either of us is pushing the
other out of our comfort zone,”
she says.
A fun vacation
The increased availability of e-
bikes from tour operators is also
making the sport less intimidat-
ing for noncyclists. Sue and Mike
Raney, a retired couple in Las Ve-
gas, had always been daunted by
the sport’s spandex outfits and
clip-in shoes. “Cycling seemed too
serious for a fun vacation,” says
Ms. Raney, 64. After two knee
surgeries in 2020, her doctor rec-
ommended a cycling trip over any
other active vacation.
In July 2021, she and Mr.
Raney, 73, joined operator Great
Bike Tours for a trip in New
Hampshire and used e-bikes. She
had her bike on some level of as-
sist most of the time, while her
husband didn’t. He says he felt he
got just as great a workout as he
would have on a normal bike. “We
were able to keep up with people
half our age,” says Ms. Raney.
“One man wore a different Iron-
man jersey every day and was so
hard-core, and on a really big hill I
put my bike in turbo mode and
blew past him thinking, ‘Eat my
dust, Ironman.’ ”
When five other couples in-
vited Silvia Hayakama, age 50,
and her husband, Daniel, on a
weeklong Backroads cycling trip
to Spain in September 2021, they
weren’t sure they would be able
to keep up. An office-manage-
ment training coordinator in
Phoenix, Ms. Hayakama is fit from
hiking, running and doing yoga.
THE WALL STREET JOURNAL.
Cyclists, some on e-bikes, leave
the Iglesia Fortificada de San Mi-
guel in Austria during a bike tour
run by outfitter DuVine. A rider,
below, travels uphill on an e-bik-
ing trip through Ishikawa, Japan,
run by Butterfield & Robinson.
But she isn’t a cyclist, and her
husband has bad knees. “I wanted
it to feel like a vacation where I
could enjoy Spain and my friends,”
she says. “I wasn’t looking to test
myself.” The couple opted for e-
bikes, which allowed them to get
a workout while still being able to
chat with friends. They’re already
planning their next trip.
Even devoted road cyclists like
Alison and John Sawyer, who long
snubbed e-bikes, are starting to
see the benefits. The retired cou-
ple from Orange County, Calif.,
made a last-minute decision to
use e-bikes on a fall 2019 bike
trip to Corsica and Sardinia with
outfitter Ciclismo Classico. They
hadn’t trained for the hilly terrain
and worried they would be miser-
able on normal bikes.
“If we’d been stubborn and
used regular road bikes we’d have
been the last people pulling into
lunch every day and that’s no
fun,” says the 68-year-old Ms.
Sawyer. Mr. Sawyer, 73, says he
isn’t sure he could have com-
pleted a 12-mile climb in Sardinia
without the assist. “It really saved
us,” he says.
The couple says they would be
willing to consider using e-bikes
again, depending on their fitness
level and the destination’s terrain
and cuisine. “The meals we had in
Corsica and Sardinia would knock
your socks off, and after a multi-
course lunch and a few bottles of
wine, I was very happy to have an
e-bike,” says Mr. Sawyer.
Ms. Murphy is a writer who splits
her time between Colorado and
Hawaii. She can be reached at
reports@wsj.com.
CLOCKWISE: GWEN KIDERA/DUVINE CYCLING; BUTTERFIELD & ROBINSON; SHERYL DERMAWAN
THE WALL STREET JOURNAL. * * * *
AN ISLAND
VACATION TAILORED
TO REDISCOVERY
MORE THAN AN ESCAPE,
TRAVELERS ARE FINDING
TRIPS TO BERMUDA ALLOW
THEM TO RECONNECT WITH
PERSONAL PASSIONS.
Choosing the perfect getaway, as it turned out, was
easier than Parker had expected. Her criteria: an easy
trek from New York City with international appeal. It
also had to feel safe for travel under current global
public health circumstances.
PASSION PROJECTS
With such diverse vacation experiences available
within its 21 square miles, Bermuda is seeing a lot of
activity from visitors like the Parkers longing to recon-
nect with passions they’ve had to put on the wayside
during the past few years.
“There truly isn’t just one unique thing about
Bermuda, but rather a variety of them that make it
stand out against other Caribbean destinations,”
says Charles Jeffers II, CEO of Bermuda Tourism
Authority. “Travelers can easily satisfy their need for
outdoor adventure with everything from cliff jumping
to whale watching. However, opportunities for relax-
ation are easy to find with our abundance of secluded
pink sand beaches and unique wellness experiences,
like Natura Spa’s subterranean massages in an evoca-
tive cave beneath Grotto Bay Beach Resort.”
With an ever-expanding events calendar in 2022,
visitors will once again be able to immerse themselves
in Bermudian culture. Celebrations like Bermuda Day
in late May and the return of SailGP, an international
sailing competition, offer unparalleled opportunities
to uncover the heart and soul of the country.
Bermuda is also becoming increasingly popular
with those searching for eco-friendly vacation desti-
nations. “Because sustainability is key to preserving
Bermuda’s unique way of life, it’s always been an in-
nate local practice,” Jeffers says. “An array of eco-ini-
tiatives, including electric vehicles for rent, rainwater
collection systems that supply drinking water and
The Wall Street Journal news organization was not involved in the creation of this content.
Wall Street Journal Custom Content is a unit of The Wall Street Journal advertising department.
Saturday/Sunday, February 26 - 27, 2022 | R3
Special Advertising Feature
Taking in the fresh air and ocean views from her private terrace at The St.
Regis Bermuda Resort, Kim Parker remembers feeling a sense of normalcy
in an environment that’s anything but average. After almost two years of
being grounded, the young mother had finally booked the first vacation
since the pandemic’s start for her family of three. Revisiting her love of trav-
el had given Parker a much-needed respite from the daily grind, as well as
the right environment to enjoy a wealth of activities with her family.
TAKING THE STRESS
OUT OF TRAVEL
Thanks to streamlined safety protocols taking ef-
fect this spring, getting to Bermuda is more conve-
nient than ever. Additionally, the island’s hotels and
resorts have adapted to continue providing the world
class hospitality for which they’ve long been famed.
“Between our seamless travel authorization pro-
cess, utmost health security standards and lavish ac-
commodations, we assure that our guests can indulge
in all of our amenities, including the pink sand beach-
es for which Bermuda is renowned,” says Sebastien
Maingourd, general manager of The Loren at Pink
Beach. “We can’t wait to welcome visitors back to our
beautiful island.”
For visitors like Kim Parker and her family,
Bermuda provided the ideal, stress-free escape, re-
sparking their love of travel and exploration.
“I think the beauty of the island and the people
living there set it apart,” she says. “There is a natural
over 465,000 miles of protected marine area, help cre- joy and kindness to everyone we meet that is genuine.
ate a more responsible travel experience.” Just being in another country felt like an adventure.
We are so happy and so grateful—and will most defi-
For foodies like Parker, the island’s culinary scene nitely be back!”
provided some truly memorable moments. “We en-
joyed the freshest fish in all different forms—grilled
wahoo, conch fritters and fish chowder,” she says.
“The quality was exceptional and it felt like a local ex-
perience, which we really appreciated.”
In fact, some travelers are becoming so enamored
with the island, they’re sticking around long past their
anticipated departure date. The world has embraced
the so-called “digital nomad” trend, and Bermuda
is perfectly set up to provide an extraordinary work-
life balance.
“Remote work shows no signs of disappearing and
Bermuda is an ideal location for those interested in
either extending their usual trip or transitioning to a
full-time island lifestyle,” Jeffers says. “Our Work From
Bermuda residential Visa program, close proximity to
the U.S. and luxurious long-term accommodations
make it easy to come for a visit and find yourself re- VISIT:
turning to stay awhile. The warm and welcoming per-
sonality of Bermudians and beautiful island scenery
GOTOBERMUDA.COM
certainly doesn’t hurt either!”
The Work from Bermuda Certificate allows digital
nomads to work remotely from the island in a stun-
ning and worry-free environment, with a variety of
hotel properties, from resorts to cottages, offering
extended-stay packages. The program also includes
the flexibility to travel back and forth seamlessly and
to bring the family along as well.
R4 | Saturday/Sunday, February 26 - 27, 2022
Crossing America
On a Tandem Bike
Continued from page R1
Would this be the first time?
Not for the first time, we
asked ourselves: Why had we
thought it was a good idea to
ride a tandem bike for 3,800
miles at a combined age of 127?
An anniversary gift
We had begun dreaming of this
trip six years before, after Steve
surprised Karen with an anniver-
sary gift of a used tandem bike.
We had never tired of cruising by
car on two-lane roads through
deserts and mountains and wheat
fields. It would surely be richer at
10 miles an hour.
First, we mastered the bike.
Steve took the “pilot” post up
front, Karen rode “stoker,” and we
wobbled off on a bike path near
home in San Francisco. Our prim-
ers were instructions from leg-
endary bike mechanic Sheldon
Brown and “The Proper Method,”
an essay by Bill McCready,
founder of tandem maker San-
tana Cycles. They taught us to
mount, ride and dismount while
communicating every move. It
was like ballroom dancing: Part-
ners put in equal effort, but the
one in control—the pilot—bore re-
sponsibility. We repeated Bill’s
words: “The stoker makes no mis-
takes.”
The bike immersed us in natu-
ral beauty in a way our car
couldn’t. We took weekend bike-
camping trips south along coastal
Highway 1, north to Sonoma Val-
ley wine-country roads, east to
the Sacramento River delta levee
tops. During Covid lockdowns, we
cycled 20 miles most evenings
along the beachfront Great High-
way.
Riding tandem solved two cou-
ples-cycling conflicts: No one
could race ahead, and we could
talk without riding double file.
Fortunately for us, we still had
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JOURNAL REPORT | TRAVEL
plenty to say after 42 years of
marriage, and we’ve always rel-
ished adventures while traveling
in odd ways. Before ever dating,
we hitchhiked to Iowa from Indi-
ana. Our first date was a daylong
motorcycle trip, and our honey-
moon was hitchhiking around
Japan all summer. We’ve been
backpackers together on buses
and trains and boats in more than
30 countries, sometimes with in-
fants, most recently in Algeria. It’s
what we do.
Our cross-country fantasy be-
gan to seem rational, and we put
up a U.S. wall map, pressing push-
pins into towns along a route
across nine states. The first test
would be whether we could make
it across the Sierra Nevada. Steve
wasn’t sure. “Of course we can,”
Karen insisted.
And we’re off
We left late last May, crossing
the Golden Gate at 5:10 a.m. on
our Co-Motion Speedster, a ro-
bust tandem bike made in Oregon
and named by someone unaware
of our riding pace while carrying
100 pounds of tent, sleeping bags,
cookstove, clothes, tools, spare
parts, water and a honey-bear
mascot with emergency-energy
powers. The day before, as is
custom, we had launched our tour
by dipping the back wheel in the
Pacific.
The ride across California’s
Central Valley took us on rural
roads through wheat fields, vine-
yards and ranches into the Sierra
foothills.
On Day 4, at 5,000 feet, we
found hospitality of a kind we
would encounter all along our
route. On Route 88, the Cook’s
Station bar and grill welcomes
bike campers. Unfortunately, the
bar was closed; fortunately, the
people there had agreed to leave
three bottles out for us, two of
water and one of wine. We
pitched our tent among tables on
the deck.
Ahead of our expectations, we
crested the Sierra at Carson Pass,
altitude 8,574 feet. “That wasn’t
so hard,” Steve said. Karen
agreed, and we began what we
call the “whee,” the downhill pay-
back for a cycling ascent.
The whee makes it easy to for-
get the pain of climbing. To make
it to the pass, we’d plotted the
day not just by miles, but by alti-
tude gain and grade. Our thighs
burned, but we took quick breaks
every 15 minutes for water or
shots of energy from Honey Bear.
Karen urged us on by reading out
the remaining feet of climb from
the GPS display. We resisted Ly-
cra-cyclist speeds—“We’re hiking
now,” was our mantra while plod-
ding uphill at a walking pace
made possible by the extra-low
gears Steve had installed. We
stuck to two of our principles:
Don’t talk uphill, and never walk
the bike.
Downhill in a park at 4,800
feet in Genoa, Nev.—a trading
post on the 19th-century emi-
grant trail—a tourist, newly re-
tired, grilled us about our trip and
then said she wanted to give us a
hug. She wouldn’t be the last to
express love and awe, one of the
secret vanities of riding tandem
at 60-something.
At Fallon, Nev., we pitched our
tent at the Churchill County Fair-
grounds for $7, showering in live-
stock-washing stalls. We knew to
camp there thanks to the Adven-
ture Cycling Association (we’re
members), which maps just over
50,000 miles along 32 U.S. and
Canadian touring routes and lists
city parks, churches, fire stations
and campgrounds that welcome
TANDEM DAY 27:
CROSS-COUNTRY START: Highest altitude,
Ocean Beach, Monarch Pass
San Francisco (11,312 ft.)
Utah Colo.
Nev.
Calif.
Kan.
DAY 17:
Calf Creek DAY 36:
campground Walnut, Kan.
cyclists. Our plan stuck closely to
the association’s routes and over-
night recommendations, with
Karen navigating from the stoker
saddle from GPS and paper maps.
Our map led us on Highway 50
along the old Pony Express route
by a salt-lake basin and the Sand
Mountain dunes to Middlegate, a
desert crossroads with fuel
pumps, bar, motel, free cyclist
camping and tumbleweeds rolling
through. The next day, we pitched
our tent in the crumbling Nevada
mining town of Austin, where a
motel manager let us shower free
and sold us free-range eggs.
“No services next 78 miles,”
our map warned as we left our
next stop, Eureka, and we filled
our water containers with a col-
lective four gallons. Taking a
break day in Baker, Nev., we met
Kim Seong-geun from South Ko-
* ***
rea, who kept popping up on later
days—one of dozens of touring
cyclists we would encounter who
provided counsel and camarade-
rie.
Our fears of reaching an im-
passe were unfounded, even on
Day 15’s climb to 10,350 feet in
the badlands of Cedar Breaks Na-
tional Monument in Utah.
Then came The Wall, in Grand
Staircase-Escalante National
Monument. We had no drive left.
Dejected, we turned off the road
and headed ¼ mile downhill to
Calf Creek campground and found
just one site unoccupied. But
could we make it up The Wall
even tomorrow morning?
Before dawn
Our mood turned after we found
cold beer.
At a nearby campsite, a family
invited us to join them for a Fat
Tire. Back at our site, the creek
bed nearby was smooth stone,
and we bathed looking up at the
DAY 58:
‘Mount
Vesuvius’
Ill.
Mo.
Ky.
DAY 61, FINISH:
Yorktown, Va.
Note: Days are riding
segments within
12-week trip.
canyon walls. To bed at 6:45 p.m.,
we woke at 3 a.m. and estab-
lished a new principle: Climbs
shrink before dawn. We were
soon outside a cafe eating a
breakfast burrito and warm cof-
fee cake in Boulder, Utah. Maybe
we could make Virginia after all.
We wouldn’t hit a wall that
hard again. On Day 20 at Hite
Outpost, Utah, the temperature
hit 108, but we got up at 2 a.m.
the next day and pressed on past
Bears Ears. On Day 27, we scaled
our highest altitude, Monarch
Pass in Colorado, at 11,312 feet.
The climbs would be easier
now, we told each other. We were
wrong.
After riding through the Kan-
sas prairies, we found the Ozarks
and Appalachians more grueling,
with steeper inclines, higher hu-
midity and narrower shoulders—
THE WALL STREET JOURNAL.
3,819
miles covered in total
63
miles-a-day average pace
98.9
miles covered on
longest one-day ride
4.6
miles covered on
shortest one-day ride
7
flat tires during
course of trip
11,312
feet scaled on
highest altitude ride.
61
days spent riding
12
weeks on the road,
including breaks.
Source: Stephen Kreider Yoder and
Karen Kreider Yoder
and with more bike-chasing dogs,
as bite marks in one rear saddle-
bag attest.
Our riding often ended with us
in our sleeping bags by 7 p.m., our
legs still throbbing even after a
hearty dinner from the camp-
stove. We got up still sore at 3
a.m. only thanks to a little con-
test: The first to let out the
sleeping-pad air won, after which
there was no further sleeping.
The next contest was whether
Karen could make coffee before
Steve got the tent down; Karen
began winning after she per-
fected her technique.
We rode eastward with one
looming dread: “Mount Vesuvius.”
That’s what westbound cyclists in
Colorado had darkly called the
climb that would be our last ma-
jor ascent, a narrow, winding
1,500-foot rise from tiny Vesu-
vius, Va., with some of the route’s
steepest grades. We used our
predawn principle, inching up in
the darkness at 3 miles an hour,
stopping every 15 minutes, calling
out “we’re hiking now” and zig-
zagging when we could to reduce
the grade just a few percentage
points. We emerged, exhausted,
on the Blue Ridge Parkway to
pleasant pedaling in the early
light.
Then came the whee, marred
only when our front brake over-
heated the rim, bursting the
tube—the last of our trip’s seven
Va.
flats.
On our 61st riding day, we cy-
cled an easy 63 miles by old plan-
tations along the Virginia Capital
Trail and through Colonial Wil-
liamsburg to dip our front wheel
in the beach off Yorktown, the
end of Adventure Cycling’s
TransAmerica trail and destina-
tion of the 1976 Bikecentennial
route established to celebrate
America’s bicentennial.
We sipped IPA at the York-
town Pub and asked, what did we
learn? A lot:
CLOCKWISE FROM TOP LEFT: STEPHEN KREIDER YODER(4); KAREN KREIDER YODER
We could do it, and safely. We’re
pretty old, but we averaged 63
miles a day covering 3,819 miles—
including an Ohio River ferry and
a lift through a dynamiting zone—
using principles we had begun de-
veloping on shorter trips: Plot at-
tainable days, then push each
other to make it there; keep a
modest pace and rest often while
absorbing the scenery; aim to get
up at 3 a.m., riding by 4:30 a.m. to
avoid heat and traffic, and stop
for lunch at 9 a.m.; make fun of
the poor drivers trapped in their
cars; congratulate ourselves at ev-
ery day’s end. We broke up the 61
riding days with off days and lon-
ger breaks with family, taking 12
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 26 - 27, 2022 | R5

JOURNAL REPORT | TRAVEL

weeks in all.
Our bright headlight an-
nounced us upfront. In back, a
California flag projected two feet
into the road from a pole with a
flashing red light on the end.
Karen watched her mirror, calling
out “car!” when a vehicle ap-
proached and waving just before
it passed “to let them know we’re
humans.” At a general store east
of Bryce Canyon, a driver who
had passed us said: “You send out
an aura of safety.”

America is hilly. We knew that.

But not really. We climbed a little
over 184,000 feet, our GPS app
tells us, more than six Mount
Everests. By car, Nevada was long
flat stretches punctuated by
mountain passes; by bike, it was
the converse. The hills out of
Kentucky’s hollers were blips on
the map compared with soaring
Rockies inclines, but they took ev-
ery ounce of energy.

There isn’t an ugly state. There

wasn’t a day that didn’t surprise
us with the beauty of the earth
and towns in it. Our maps routed
us mainly onto rural roads and
Main Streets where pickups hud-
dled outside cafes. Kansas vistas
weren’t peaks and mesas but
towering cumulus over wheat-
field oceans and grain-elevator
monuments; our last morning
there, the mist lifted to reveal a
herd of longhorns.

Oh, there was plenty of ugly.

The hazard-strewn shoulder of
busy Antioch Bridge the day we called out to cattle, which feigned mix of eggs, hash browns, bacon, road”; the woman laying on her man leaned out his pickup win-
left home comes to mind, and interest, and to sheep, which sausage, ham, onions, tomatoes, horn tailgating us in the Ozarks. dow and demanded to know
spewing from towns everywhere mostly did not. peppers and cheese smothered in But we had no scary close where we had ridden from.
was the sprawl of strip malls and homemade green-chile sauce. She calls. Most drivers held back until We answered, hesitantly. He
storage units. But soon, we al- Food is an unguilty pleasure. clearly didn’t know us. they could pass safely, and hun- threw his head back with a full-
ways knew, the route would di- Ride all day, gobble what you That was breakfast. Each day, dreds waved or gave thumbs-ups. throated laugh: “From San Fran-
rect us on to roads where wild- want: Doughnuts! Pancakes! Bis- we’d stop for a gourmet mid- We logged only four observed cisco? Well, God bless America!”
flowers were our constant cuits and gravy! At Dove Creek morning picnic lunch—typically an middle fingers.
companions and where we could Dinner Bell, just over the state array of hard cheese, anchovies, West of Torrey, Utah, we held We exceeded our hopes. When
watch great blue herons launch line into Colorado, our menu crackers, pickles, carrot slices, ap- up traffic several times in one- people along the route asked
slowly from streams or hear coy- choice was obvious: “Plate of ples and chocolate. We ate ice lane construction zones. After we “why?” we responded “why not?”
otes yelp before dawn. Farm ani- Crap,” $10. The server warned we cream by the pint. And large bags cleared the last zone, a pilot-truck It was the same reason hikers set
mals were our audience: We might not be able to finish the of chips. driver opened her window as she off on the Pacific Crest Trail, but
slowed to pass and yelled: “You with better downhills. We feel
Most drivers are considerate. guys are awesome!” compelled once in a while to do
Facing page: The Yoders in Grand Staircase-Escalante National Sure, we encountered jerks: the something crazy to dynamite our-
Monument in southern Utah. Above: The couple stopped for lunch just semi driver who passed us down- Americans are hospitable. Wher- selves out of our comfort zone,
outside Hite Outpost, Utah, during a heat wave. Below: At Wyant’s Store hill in Nevada, then braked hard ever we stopped, curious people and we succeeded.
in Crozet, Va., they breakfasted on ‘Dave’s Mess.’ Lower left: In Nevada, and turned in front; the pickup approached to chat: Where are
each day started with four gallons of water. Lower right: The Fordsville driver in Colorado who got out you from? Why are you doing We get along on the road. An
Volunteer Fire Department in Kentucky, where the couple spent a night. and demanded we “get off the this? Do you get along? Welcome old cycling saw has it: “Wherever
to our town, and God bless you. your relationship is going, a tan-
Many offered water or food. dem will take it there faster.” We
When we were huddled in a farm occasionally argued about dumb
building during a thunderstorm stuff—directions, or when to
near Boone, Colo., a passerby in a stop—but spent most of our sad-
truck drove us and the bike to dle time pointing out scenery and
better shelter. sounds and smells, analyzing the
Eager hosts were everywhere. world’s problems, singing in har-
We camped in city parks that of- mony, or silently absorbing the
fered us free pool admission. On moving picture of rural America.
Day 36 east of Walnut, Kan., the We were transient, but it felt
Immanuel Lutheran Church sign like the right place. Poring over
proclaimed “bicyclists welcome.” our trip photos this month, Karen
We set aside toys in a Sunday- said: “It makes me homesick.”
school room for our sleeping So there’s this alluring bike
bags; a note in the kitchen said, route called the Southern Tier,
“Help yourself to ice and food from San Diego to St. Augustine,
items,” which included fried Fla. We’ve started poking push-
chicken, sausages and ice cream. pins along it on our wall map. Au-
After our longest ride, Day 45 tumn would be the perfect time
at 98.9 miles (century schmen- to set off.
tury), we slept next to the red
trucks at the volunteer fire de- Stephen Kreider Yoder is an
partment in Fordsville, Ky. editor on The Wall Street
On Day 59, we pedaled into Journal’s enterprise desk. Karen
Mineral, Va., looking for the volun- Kreider Yoder is a retired
teer fire department that wel- professor and K-5 teacher. They
comed camping. can be reached at
At a red light, a disheveled karenstevetandem@gmail.com.
R6 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.

JOURNAL REPORT | TRAVEL

A
s the pandemic
forced more
American travel-
ers to seek out
beautiful vistas in
their own country
instead of ventur-
ing abroad, many
flocked to well-known mountain
towns in the West. That meant
places like Jackson Hole, Wyo.,
and Aspen, Colo., were overrun
with record numbers of visitors
last summer—up to 50,000 a
day—seeking fresh air, wide-open
spaces and access to nature.
This summer, if you want to
escape the crowds, consider bas-
ing yourself out of one of these
lesser-known mountain hubs,
which serve as gateways to other
areas that are just as gorgeous.
You won’t find five-star hotels or
glamping outposts. You will spot
more wildlife than A-listers. And
you’re guaranteed to have the
trails all to yourself.

Packwood, Wash.
Tucked between the foothills of
Mount Rainier National Park and
Mount St. Helens National Volca-
nic Monument, Packwood is the
perfect low-key base camp for na-
ture enthusiasts, particularly dur-
ing wildflower season in July and
August. The 3.5-mile Naches Peak
Loop is one of the park’s most
popular hiking trails for a reason.
The moderate-effort trail traces a
section of the famed Pacific Crest
Trail and winds past flowing
streams, meadows of blue lupine
and magenta paintbrush, deliver-
ing stunning views of Mount
Rainier. As summer nears, check
for the reopening of the Grove of
the Patriarchs. This flat, 1.5-mile
loop in Mount Rainier National
Park feels like a setting from Lord
of the Rings, with its dense
stands of ancient red cedars,
western hemlocks and Douglas
firs. For a bit more of a challenge,
the park’s 3-mile Silver Falls Trail
follows the Ohanapecosh River
through old-growth forest to a
70-foot waterfall, then loops back
along the river’s west side. A
lesser-visited gem for hiking just
southeast of town is Goat Rocks
Wilderness in Gifford Pinchot Na-
tional Forest, which features wild-
flower meadows and sapphire-
hued alpine lakes. You’ll want to
work up an appetite to indulge in
the legendary burgers and milk-
shakes at the ski-themed cafe
Cliff Droppers, or a few pints of
Tree Line IPA at Packwood Brew-
ing Co.
Dubois, Wyo.
The Old West town of Dubois
[pronounced doo-boyz] doesn’t
have the cachet of Jackson Hole,
which lies just 90 miles east, but
that’s exactly what makes it a
great alternative base for explor-
Five Mountain Towns That Promise
Crowd-Free Summer Adventures
ing Wyoming’s national parks. It’s
about the same distance away
from Grand Teton and Yellow-
stone—60- and 90-minute drives,
respectively—and still oozes an
authentic cowboy spirit. With a
population of barely 850 year-
round residents, you’ll find your-
self rubbing shoulders with locals
at the Friday night rodeo or do-si-
do-ing during the Tuesday night
square dance at the Rustic Pine
Tavern, a landmark watering hole.
If you don’t want to battle the
park crowds, there’s plenty to do
nearby, from fly-fishing on the
Wind River to hiking the wild-
flower meadows of Bonneville
Pass in Shoshone National Forest.
Dubois recently welcomed its first
boutique stay, the eight-cabin 3
Spear Ranch. The owner hails
from one of Wyoming’s oldest
ranching families, so it’s no sur-
prise horseback riding is at the
heart of the experience.
Del Norte, Colo.
It’s easy to drive straight through
Del Norte on the main drag, High-
way 160, without even realizing it.
The unassuming one-stoplight
town boomed from trade along
the Old Spanish Trail and mining
Del Norte, Colo., above, offers
mountain bikers an extensive
network of trails. Visitors to
Dubois, Wyo., below, will find red-
rock cliffs nearby and a town
that still oozes cowboy spirit.
in the 1880s and missed becom-
ing Colorado’s capital by a single
vote. Since then, its population
has dwindled from 10,000 to
1,500, but a quiet revitalization is
under way. An extensive network
of new trails, largely built by the
local nonprofit Del Norte Trails
Organization, rivals what you
would find in mountain-bike desti-
nations like Crested Butte, Colo.
and Moab, Utah, and you’ll rarely
be sharing them. The beginner- to
intermediate-friendly single-track
routes in Penitente Canyon wind
through both high alpine and des-
ert ecosystems, while Bishop’s
Rock is a 40-acre slickrock play-
ground for mountain-biking ex-
perts that’s free of designated
trails. A new bike shop at the re-
cently renovated motor lodge
Mellow Moon rents and repairs
bikes and has beer on tap for
postride celebrations. Beyond the
trails, you can fish the Rio Grande
or spend a day exploring Great
Sand Dunes National Park, lo-
cated an hour’s drive away.
Sisters, Ore.
Sisters might seem artsy com-
pared with its adventure-mecca
neighbor, Bend, but don’t let all of
the antique shops and art galler-
ies along the main strip fool you.
Named for the Three Sisters
mountains that loom in the back-
ground, the tiny town is an under-
the-radar gateway for hiking, bik-
ing and rock climbing. The
Peterson Ridge Trail system, a 25-
Are places like Jackson Hole and
Aspen too packed with tourists?
Try these alternatives.
BY JEN MURPHY
mile network of single-track trails offer even more thrills. Major trail
and Forest Service roads, is min- development over the past de-
utes from the center of town and cade has transformed old logging
rewards riders with dazzling views roads into a nearly 80-mile sys-
of the Cascade Mountains. Count- tem of mountain-bike-specific
less area hiking trails lead to trails. Last summer, former Olym-
spectacular waterfalls. The most pic mountain biker Adam Craig
dramatic, Proxy Falls, is also one teamed up with the Sugarloaf
of the most accessible. A moder- trail crew to construct five new
ate loop hike that starts just off gravity-fed mountain-bike trails
Highway 242 winds through lava covering 10 miles with 2,000 ver-
fields and forest, delivering hikers tical feet. For a deep backcountry
to the 225-foot cascade. Equally experience, you can hike or bike
awe-inspiring are the towering through cedar and white birch
spires of Smith Rock State Park. forests and overnight at four
Avid cyclists can bike there from comfy, off-the-grid lodges oper-
A nearly 80-mile system of mountain-bike
trails around Sugarloaf Mountain in
Carrabasset Valley, Maine, offers adventure
after the snow melts.
town via the 37-mile Sisters to ated by Maine Huts & Trails. The
Smith Rock Scenic Bikeway. If you best biking is around and be-
would rather save your energy to tween Poplar and Stratton Brook
tackle the park’s hiking trails and Huts. For a low-effort, high-re-
bolted climbing routes, it’s 40 ward hike, opt for an overnight at
minutes to reach by car, but leave Flagstaff Hut. Set on the east
early to score parking. shores of sprawling Flagstaff
Lake, it’s reachable by an easy
2.2-mile hike from the trailhead,
Carrabasset Valley, Maine leaving plenty of time to use the
New England skiers descend on hut’s complementary canoes, kay-
this valley in the winter to schuss aks and paddleboards.
down the slopes of Sugarloaf
Mountain, then disappear in the Ms. Murphy is a writer who splits
summer to feast on lobster rolls her time between Colorado and
along the coast. However, when Hawaii. She can be reached at
the snow melts, the area’s trails reports@wsj.com.
FROM TOP: GETTY IMAGES/ISTOCKPHOTO; ALAMY
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 26 - 27, 2022 | R7

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R8 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.

JOURNAL REPORT | TRAVEL

Reflections of a Lifelong Traveler

In the nearly half-century I’ve spent crisscrossing the globe, much has changed. But the reason I do it hasn’t.
BY PICO IYER

T
HE FIRST TIME I ever received a job offer,
my parents left a message for me at the
tiny guesthouse where I was staying in
Sardinia: I needed to call an office in New
York, instantly. But it was a Friday afternoon
during a World Cup summer, so the only
public center for placing international phone
calls was already closed for the day. As it was on
Saturday. Sunday, too. Monday turned out to be a
national holiday. Finally, almost four days after I
received the summons, I was able to step into a large
hangar-like hall, take a number and wait in line to
receive an instrument on which I could talk (for a few
exorbitantly priced minutes) to Midtown Manhattan.

Three years later—by now
firmly installed in my new job
writing about the world for Time
magazine—I spent four months
traveling around Asia to write a
book. Throughout those 120 days,
I was able to call home exactly
once, when at last I got to Singa-
pore, the rare city that offered a
similar public facility from which
overseas phone calls could reli-
ably be placed.
Such stories must sound sur-
real, almost fictitious, to those
who have grown up with What’s
App and Yelp, as if I’m reporting
from the age of the horse-drawn
carriage. How could I possibly find
anything without GPS? How did I
ever meet up with friends if nei-
ther of us had texting capacities
or even email? What must it
have been like to wander around
the souk in Morocco’s ancient city
of Fez without a clue?
“Wonderful,” is the short an-
swer, and in much the same way
it might be today. As I watched
fin whales breaching by the side
of our ship in my 60s in Antarc-
tica, I was moved exactly as I had
been when I first laid eyes on the
splendor of Machu Picchu at the
age of 17. Over almost half a cen-
tury of often ceaseless traveling,
I’ve witnessed changes, some of
them dramatic, in the ways we
record our trips, the cities we visit
(ever more diverse and built-up
and traffic-jammed), even in my
fellow travelers. Many of our ev-
eryday activities in the digital age
would look like science fiction to
someone from an analog time.
Yet the reason I travel hasn’t
changed much at all. The chance
to get lost, to be gloriously liber-
ated from my daily routine, to be
reminded of all I don’t know and
could never guess, to face wonder
and terror and beauty—all that is
as rich as it was in my boyhood.
And the feelings I bring home
from my trips haven't changed
much either: The jangle of a gam-
elan orchestra in the back alley-
ways of Bali after dark spooks me
just as much today with its eerie
dissonance as it did in 1984. The
car to Agra still breaks down,
amid cows and bicycles and
“three-wheelers” and elephants,
and affords me a glimpse of ev-
eryday India I could seldom get at
the Taj Mahal. People may meet
one another in ever fresher ways
in the age of online dating, but
the sensation of falling in love—
like the challenge of sustaining a
relationship—is similar at heart to
everything that our grandparents
knew.
A flying childhood
I was born only a year after jet
lag entered our consciousness—
thanks to the global crisscross-
ings of Secretary of State John
Foster Dulles in 1956—and I was
determined to make the most of
a planet open to my generation
as to none before. By the time I
was 9, I was flying alone to
school over Greenland three
times a year; after my parents
moved to California, we discov-
ered that it would cost less for
me to continue going to my very
good school in England—and fly-
ing home for every long holiday—
than to attend the best local
school in Santa Barbara.
By the time I was 17 I was
spending the summer zigzagging
around India for three months,
meeting uncles and cousins and
grandparents for the first time.
That fall found me back in Eng-
land for a final term of school. In
the winter I worked in a Mexican
restaurant in California, to save
up for a long trip. And by spring, I
was jolting by bus, with an
equally hapless school friend, all
the way from Tijuana down to La
Paz, in Bolivia (flying only over
the Panama Canal). It seemed a
natural progression that I would
finance some of my grad-school
studies by spending two sum-
mers writing parts of seven
guidebooks on Europe, and then
join the staff of Time and begin
writing on world affairs.
Of course places change all the
time, and you can never see the
same sight twice. It breaks my
heart to think of the little cluster
of whitewashed Tibetan houses
cause of the harrowing reports
that foreign travelers like myself
had sent out. When I visit the Ti-
betan capital in this century, it’s
to see a gaudy mini-Vegas of
high-rises and karaoke bars
where, by one scholar’s count,
even as of 2006, there were 658
brothels. The Potala is less a tem-
ple now than a theme-park back-
drop for photos.
In Kyoto, Japan, near where
I’ve lived for 34 years, the tourist
crowds grew so intense by late
2019 that the narrow lane to the
celebrated 10,000 torii shrine be-
came almost impassable. When I
made a pilgrimage to the most
hushed of the city’s rock gardens,
I was greeted by a cacophony of
shouts as deafening as the Tower
of Babel. An area that’s home to
just 2.5 million people saw 88
million visitors that year, and the
government hopes to double the
number of international visitors in
the years to come.
Engineers from Bangalore
A deeper change appears every
time I board one of the Los An-
gles-to-London planes that were
my second home as a kid. In
those days, most of my fellow
passengers looked to be English
PHOTOS (FROM TOP): MACDUFF EVERTON, PICO IYER, HIROKO TAKEUCHI

under the protective gaze of the technicians on their way back

thousand-roomed Potala Palace
that I witnessed in Lhasa in 1985;
by the time I returned five years
later, armed soldiers were patrol-
ling the rooftops, and all Tibet
was under martial law, partly be-
Top: British writer and world
traveler Pico Iyer reads above
the beach in Santa Barbara, Calif.,
his official city of residence for
many decades. Middle: Mr. Iyer
on a rooftop in Havana in 1991.
Left: Mr. Iyer in Singapore in
September 1988.
from Hollywood or the wealthy of
Beverly Hills off to sample Eu-
rope. Now, on the same flights,
I’m likely to be surrounded by en-
gineers from Bangalore, who
could scarcely have dreamed of
such a journey when I was grow-
ing up, and tourists from Beijing
who, while I was at school, would
have been mired in the imprison-
ment of the Cultural Revolution.
Travel has grown dramatically
more democratic: Airfares have
fallen, after accounting for infla-
tion, and many of the tourists ob-
scuring my view of the Golden
 THE WALL STREET JOURNAL.
Temple in Kyoto come from na-
tions where few could dream of
seeing Japan when the century
began.
More wonderfully, quite a lot of
my fellow passengers now may
be English social workers who
have been in Brazil not to gape at
the beaches, as I did when a
teenager, but to offer what they
can to those living in the desper-
ate favelas; or lawyers from Seat-
tle on their way to bring their ex-
pertise to those being forced into
sex slavery near the Himalayas.
Travel has acquired a conscience
as more people take long trips
not to get something but to give.
Three years ago I taught for a se-
mester in New Jersey; I was hum-
bled every hour by how the teen-
agers I met were not only familiar
with Nauru and Kyrgyzstan and
other places I’d barely heard of
(their well-endowed university of-
ten funding their trips), but truly
felt that the problems of Kampala
and Kolkata were as much their
concern as were the tensions of
Newark.
I’m glad we’re all much more
keenly aware than when I began
traveling of the terrible, some-
times devastating cost of most
modern forms of transportation.
The never-ending pandemic has
reminded us how contagion can
fly across the globe as fast as
any sightseer, and I’m grateful, for
many months of each year, to live
with no form of transportation
other than my feet. Perhaps it’s
too late, but if travel has become
self-questioning, and if the young
address head-on the environmen-
tal issues my friends and I too of-
ten sleepwalked past, maybe
we’re finally inching forward.
Selfie-importance?
As for our real knowledge of our
global neighbors, I’m sometimes
less sanguine. In the Age of the
Image, I often suspect that we
know less about Cuba or Iran
than we did when we were aware
of how little we knew. And like
anyone growing older, perhaps, I
worry that people are more trav-
eling to consume meals in other
places—one of the few things not
yet available online—than to con-
sume other cultures. To go to
Egypt to collect Instagram im-
ages of yourself in front of the
pyramids seems almost a be-
trayal of what travel is about if
you believe—as I do—that the
PHOTOS (FROM TOP): HIROKO TAKEUCHI, MALIK HUE, JALSA URUBSHUROW, SARA MEINZ FOR THE WALL STREET JOURNAL (2)
* * * *
JOURNAL REPORT | TRAVEL
Above: Mr. Iyer sits at a cafe
on Temple Road in Dharamsala,
India, five minutes by foot from
the Dalai Lama’s home, in 2003.
Right: Mr. Iyer on a train in
Varanasi, a city in the
northern Indian state of Uttar
Pradesh, in 2016. Below:
Mr Iyer on the steppes in
Mongolia in August 2015.
grace and liberation of the activ-
ity is that it reminds you that
you’re not the center of the world
and that it’s more important to
put other cultures inside you than
simply to place yourself inside
other cultures.
And yet...
The sensation of making your
slow way on foot, for 20 minutes,
through the narrow approach to
the great sandstone Treasury at
Petra in Jordan is as heart-stop-
ping now as it ever was; when I
took that trip early on New Year’s
Day earlier this century, only one
other person was in view. A year
earlier, I had taken my widowed
mother, who was nearing 70, to
mark New Year’s Eve in a place
she had dreamed of as a little
girl—Easter Island—and it proved
just as otherworldly as she had
hoped, right down to the fact that
getting the vegetarian fare she
needed proved all but impossible.
Look at a guest book near the
Grand Canyon tonight and I don’t
think the gasps of delight, though
1.4 billion
1.2
1.0
0.8
0.6
0.4
0.2
0
1960
Source: United Nations World Tourism Organization - World Tourism Barometer (2019); OurWorldInData.org
phrased differently, would express
different emotions from those in
decades past.
If anyone reading this article
were to arrive in Sardinia tomor-
row, in fact, the churches and piaz-
zas she would try to visit are very
much the ones that I was relishing
all those years ago; in taking to
the road, after all, we’re often
seeking out precisely what seems
old and outside the realm of
International
tourist arrivals
per year by region
’70 ’80 ’90 2000
Saturday/Sunday, February 26 - 27, 2022 | R9
change. And if you click on the
photo that visitor to Bangkok has
posted on his Facebook page, I’m
guessing it might be very similar
to the bewitching if ambiguous
smile that I registered back in
1985.
“The one thing that doesn’t
change,” Proust wrote in the sec-
ond volume of “Remembrance of
Things Past,” “is that at any and
every time it appears there have
Africa
Middle
East
Asia &
Pacific
Americas
Europe
’10 ’18
$1.47
trillion
Total global receipts from
inbound tourism in 2019
(pre-Covid)
$1,002
Average receipt per tourist
arrival
7%
Share of tourism in total
exports (goods plus ser-
vices)
808
million
The number of tourist trips
that were made by air in
2018
58%
The percentage of all tour-
ist trips in 2018 that were
made by air
Source: U.N. World Tourism Organization
been great changes.” In the world
of travel, this is certainly true at
the level of technology, conve-
nience and surface. When it comes
to the depths? I’m not so sure.
Mr. Iyer is the author of 15 books,
including, most recently, twinned
works about his longtime home,
“Autumn Light” and “A Beginner’s
Guide to Japan.” He can be
reached at reports@wsj.com.
R10 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.

INSIDER JOURNEYS FOR

ART, STYLE AND DESIGN
CONNOISSEURS

photo courtesy Ett Hem Utsida

Make this year one to remember with two exceptional

European Insider Journeys hosted by WSJ. Magazine
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Stockholm Style & Design

June 7–12, 2022
Tour revered galleries and museums and visit historic
homes and design shops, including the world-
famous Svenskt Tenn, Drottningholm Palace and the
Indagare-adored hotel Ett Hem. It’s the perfect trip to
reinvigorate your sense of style.

South of France Art & Design

September 15–20, 2022
Visit the LUMA foundation and the Fondation Vincent
van Gogh in Arles, dine at the Michelin three-star
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© 2022 DOW JONES & COMPANY, INC. ALL RIGHTS RESERVED.6DJ8713

 THE WALL STREET JOURNAL.
Forget the Snow Globe.
Tattoos Are the New
Souvenirs for Travelers.
S
arah Cattoor can
say “travel” in mul-
tiple languages. Her
husband, Ryan
Greening, can do
the same for
“cheers.” And if ei-
ther of them ever
forgets, the words are always
with them, in colorful tattoos that
wreathe their arms in foreign lan-
guages.
Nearly 30% of Americans have
at least one tattoo, according to
global market research firm Ipsos.
So perhaps it isn’t surprising that
as tattoo culture has grown, it
has become increasingly common
to commemorate a trip by bring-
ing home fresh ink, say people in
the travel industry. For these
tourists, tattoos are more lasting
and meaningful souvenirs than
shot glasses and snow globes.
Ms. Cattoor, 44, and Mr. Green-
ing, 41, live in Des Moines, Iowa,
where they own several bars and
restaurants. While they have
been traveling together since
2008, they began collecting body
art abroad in 2018 while on a trip
to Estonia, when Mr. Greening
spontaneously decided to get his
first international tattoo.
Now, whenever Ms. Cattoor
gets inked abroad, so does her
husband, using the same color
and font as his wife. She has col-
lected tattoos that say “travel” or
“wander” in the local language of
nine countries, while he opts for
the local version of “cheers.”
“We’ve gone so many random
places that I sometimes have a
hard time remembering, but
those tattoo experiences always
stand out,” says Ms. Cattoor.
“You’re both in there together,
and the tattoo people are gener-
ally so friendly and chatty. It’s an
experience that not everyone has
traveling.”
A shoulder piranha
Tattoos, which in many cultures
are associated with rites of pas-
sage, can be especially meaning-
ful when a trip turns into some-
thing more than a vacation. Last
year, Heide Brandes, a freelance
journalist celebrating her 50th
birthday, organized a trip for her-
self and three friends to the Am-
azon rainforest in Brazil. When
their luggage missed a connecting
flight in São Paulo, Ms. Brandes
and friends had to head upriver
from Manaus with little more
Budget-Conscious
Ski Vacations
Continued from page R1
cent weekend trip to ski at the
Whistler Blackcomb, a resort a
few hours from her home. “I
needed something…just big
enough for me, without the bells
and whistles,” says the 31-year-
old. “Pangea was ingeniously de-
signed, with all the facilities you
need, and my pod was my private
space. I really liked it, it was really
CLOCKWISE FROM TOP LEFT: THE THOMPSON SEATTLE; ACKIE WREN; ALANA PATERSON FOR THE WALL STREET JOURNAL
novel.”
Pangea opened in 2018. It of-
fers eight suites containing from
6 to 18 pods each—88 pods in
all—with shared bathroom facili-
ties. Each rectangular pod space
is about 7 feet by 6 feet, can be
closed off and contains a double
bed, charging outlets, shelves and
some small storage spaces.
The hotel’s design touches and
commissioned artwork by mural-
ist Ola Volo contribute to an up-
scale aesthetic and lively feeling.
The property has a restaurant,
cocktail bar and rooftop bar, and
a storage room for guests’ gear.
Each pod runs from 39 to 199 Ca-
nadian dollars a night, equivalent
to about $31 to $156, depending
on the season.
The hotel was the brainchild of
Russell and Jelena Kling. The duo
lived in Manhattan for about a
decade, where he worked in fi-
nance and she in medical re-
search. In 2009 they both quit
their jobs to take three years off
* * * *
JOURNAL REPORT | TRAVEL
than the clothes on their backs.
Ms. Brandes says she spent nine
days in the jungle with one pair
of underwear and none of the
survival gear she had packed.
When they returned to Ma-
naus, the four friends decided to
honor their experience with coor-
dinated tattoos, each of them
choosing to put a piranha some-
where on their body. Ms. Brandes
opted for her shoulder.
“There’s a pride in knowing we
did this trip,” she says, “and this
tattoo means it will stay with me
the rest of my life.”
Experts say travelers should
exercise caution when selecting a
tattoo parlor, especially overseas
where the practice is often not
subject to the same licensing re-
quirements as in countries such
as the U.S. or Canada.
“Tattoo infections have been
widely reported—you’re putting a
foreign material into your skin,
and there’s risk of infection or
contamination,” says Geeta Yadav,
a Toronto-based dermatologist.
When in doubt, Dr. Yadav says,
travelers should always confirm
that an artist sterilizes instru-
ments between clients. And col-
ored dyes, especially red, are
more likely than black dyes to
trigger adverse skin reactions, so
she encourages travelers to con-
sider their choice of dyes care-
fully. A new law in the European
Union in January places sweeping
restrictions on chemicals in col-
ored tattooed ink.
A skier rests in a ‘pod’ at the Pangea Pod Hotel in Whistler in Canada.
and travel abroad, eventually set-
tling in Whistler. During that trip,
they noticed a big hole in the
type of lodging available in popu-
lar destinations. “Our options
were often over $500 a night, or
some rat-infested place miles out
of town,” says Mr. Kling. “While
we were able to pay [high prices],
we didn’t want to, and we real-
ized there is a product that has
gone missing from the market.”
Ms. Patil says “Luxury travel
isn’t going anywhere, but there
Getting inked is a
permanent reminder of
where you’ve been. But
be cautious when
picking a tattoo parlor.
BY DEBRA KAMIN
Land and sea
The travel industry, meanwhile,
has been trying to profit from the
rising tattoo tide. Virgin Voyages,
Richard Branson’s new cruise line,
offers tattooing aboard its ships.
On land, such hotels as the Holly-
wood Roosevelt in Los Angeles,
the Dave Gordon Tel Aviv and the
LINQ in Las Vegas have dabbled
with in-house tattoo artists
tucked into their properties.
The Thompson Seattle, a bou-
tique hotel in downtown Seattle,
in November began featuring lo-
cal tattooist Lolli Morlock as part
of an “artist-in-residency” pro-
gram. Ms. Morlock, whose tattoos
Tattoos are considered taboo in some
countries around the world, so people
traveling in those areas might struggle
to find a willing artist.
draw on colorful pop art, has used
a pop-up studio in the hotel’s
lobby on certain weekends. Next,
the hotel plans to feature Daniel
Winter, a Los Angeles-based tat-
tooist who operates under the
name Winter Stone.
When a trip is truly notewor-
thy, says Mr. Winter, a meaningful
tattoo “makes the experience so
much cooler.”
Whitney Brown, general man-
ager of the Thompson Seattle,
says her hotel’s decision to offer
hasn’t been much aimed at all the
middle travelers in their 20s to
40s.” She adds, “I don’t think the
hotel industry understands the
millennial traveler who has
money to spend but doesn’t want
to waste it.”
Another pod hotel, Cache
House, opened in downtown
Jackson, Wyo., in early 2020. It
has 50 pods with queen beds. De-
sign touches inside the pods,
which are just slightly larger than
the bed, include wainscoting,
Saturday/Sunday, February 26 - 27, 2022 | R11
tattoos reflects a shifting view in
society about the body art.
“We are moving away from the
idea that getting tattoos is a re-
bellious thing,” she says. “It’s re-
ally about self-expression.” When
it comes to souvenirs from a trip,
she adds, “people want something
experiential, where they don’t just
put it in a drawer when they get
home.”
Jackie Wren, a public-affairs of-
ficer in the Army Reserve who
lives in Washington, D.C., has 11
tattoos—one for nearly every
country she has visited, and for
every U.S. city where she has lived.
“It’s not feasible to just buy things
everywhere you go and carry them
around,” says Ms. Wren, 38.
In Bali, she got a tattoo of tra-
ditional Indonesian art, its curves
looping between her breasts.
While in London, she added a tat-
too that includes a compass. And
in Thailand, she says, a Buddhist
monk used an ancient method to
give her a sak yant tattoo on her
back: a geometric etching repre-
senting a particular blessing
which is also spoken by the monk
during the application.
“Tattoos in general are some-
thing I can take with me as a tac-
tile, permanent memory of where
I’ve visited,” says Ms. Wren. “The
pin maps people have in their
homes? I have a pin map on my
body of the places I’ve been.”
There are some countries
where travelers will struggle to
brass finishings, relaxing lighting,
a soft, heavy privacy curtain,
shelving for small items and a bit
of extra space at the foot of the
bed. The common area for guests
feels like a traditional hotel lobby,
with stylish couches, art and
heated floors. Guests share bath-
room facilities.
Proprietor Erik Warner says
the need for variety in ski lodging
has grown acute. “There are very
few affordable places to stay.”
Cache House pod rates run from
$59 to $149 a night.
Pod hotels straddle a fine line
in designing their accommoda-
tions, according to Henry Harte-
veldt, president of Atmosphere
Research Group, a travel-industry
research and advisory firm.
“There’s a risk to pod hotels of
scope creep if they try to go too
upmarket,” he says. “A key attri-
bute of pod hotels is that they
are usually convenient, inexpen-
sive, clean, attractive, but mini-
malistic. Guests who stay in pod
hotels don’t want, or expect, lux-
ury.”
Privacy, pandemic issues
Of course, shared lounging and
bathroom spaces aren’t for every-
one. To address some of those
concerns, some pod hotels work
with groups to book entire suites
to minimize shared spaces with
strangers. In addition, some offer
female-only suites.
The pandemic has blunted en-
thusiasm for the pod concept.
Dan Sherman, chief marketing of-
Jackie Wren, above, has a tattoo
for nearly every country she has
visited, including a traditional
sak yant tattoo that she received
in Thailand from a Buddhist
monk. Artist Lolli Morlock, left,
tattoos a client at the Thompson
Seattle hotel in late 2021.
find a tattoo artist. In parts of
East Asia, the Middle East and
Africa, tattoos are considered ta-
boo. Ms. Wren says she tried, and
failed, to get a tattoo while visit-
ing Ghana a few years ago.
For those searching for a place
to get a tattoo, Ms. Cattoor has a
suggestion. “Going to a bar for a
beer, you’re always going to find
someone that’s going to direct
you to a tattoo shop,” she says. In
Estonia, where tattooing is
banned for minors but otherwise
goes largely unregulated, the cou-
ple found an artist in the back of
a hair salon. At a tattoo parlor In
Cuba, they were at the shop for
12 hours, Ms. Cattoor says, partly
due to power failures, but also
because they enjoyed talking to
the tattooists so much.
There are several countries,
like Sweden and Mexico, that she
and her husband visited before
their tattoo habit started. They
also have made a few day trips—
like to Bosnia and Montenegro
while vacationing in Croatia—that
were too short to squeeze in a
visit to a local tattoo parlor. Now
they want to retrace their steps
to collect the ink they missed.
“When we went to Germany, we
weren’t doing this yet,” she says.
“But that trip doesn’t count un-
less we go back and do it there.”
Ms. Kamin is a writer living in
San Diego. Email her at
reports@wsj.com.
ficer of Ski.com, an Aspen, Colo.-
based ski-vacation booking plat-
form, says interest in the
opposite of a pod experience—
renting entire private homes to
minimize shared spaces—is an in-
creasingly common request.
Pangea and Cache House are
expecting partial occupancy this
winter because of the latest wave
of Covid infections. But bookings
are picking up for spring skiing,
says Mr. Warner of Cache House.
And in the long run he and Mr.
Kling are hoping to expand their
pod business.
Mr. Kling says he has been sur-
prised by the broad age range of
his customers and the number of
couples who book at Pangea. “I
think that is a reflection of how
the market has priced out so
many people.”
“The segment does have
growth potential,” says Mr. Harte-
veldt. “Gen-Z travelers, for exam-
ple, may appreciate pod hotels’
simplicity. And, with smaller phys-
ical footprints, they may also per-
ceive pod hotels to be a more en-
vironmentally responsible option.”
Ms. Patil also sees potential
for pod hotels. “The modern trav-
eler values the overall experience,”
she says. “These are a perfect fit
for beach and ski towns, espe-
cially because skiing is expensive.
You’re making some sacrifices on
privacy, but I think the quality and
personality will attract travelers.”
Ms. Mander is a writer in
Wyoming. She can be reached at
reports@wsj.com.
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