WSJ
P2JW296000-8-A00100-17FFFF5178F
The Bunk of
Generational Talk
REVIEW
What’s
News
World-Wide
T he Supreme Court
agreed to quickly con-
sider two lawsuits challeng-
ing a Texas ban on most
abortions but left the restric-
tive law in place for now. A1
 The FDA said the Covid-19
vaccine from Pfizer and
BioNTech met the agency’s
criteria for immune re-
sponses in a study in chil-
dren ages 5 to 11 years. A8
 Democrats worked to
resolve disagreements
over tax increases and ex-
panded healthcare cover-
age in their social policy
and climate framework. A4
 The U.S. incurred the sec-
ond-largest budget deficit
on record in the fiscal year
ended Sept. 30, reflecting
government expenditures
tied to the pandemic. A4
 Former Giuliani associate
Lev Parnas was convicted
of campaign-finance
charges, capping the fall of
a key figure in the first im-
peachment of Trump. A4
 The U.S.’s top counterin-
telligence official said he is
narrowing his team’s focus
to safeguarding five key
technologies, including semi-
conductors and biotech. A7
 An investigation continued
into the incident in which Alec
Baldwin discharged a prop
firearm on a movie set, killing
the film’s cinematographer
and injuring the director. A3
Business & Finance
 Google takes a cut of 22%
to 42% of U.S. ad spending
that goes through its systems,
according to a newly unre-
dacted lawsuit by state at-
torneys general, shedding new
light on how it profits from
its commanding position in
the internet economy. A1
 Apple’s privacy change
on how users are tracked on
mobile devices is starting to
disrupt the online ad mar-
ket, hurting e-commerce
players and creating chal-
lenges for some tech firms. B1
 Shares of a blank-check
company tied to Trump’s
new online network surged
again amid a buying
frenzy fueled by individual
investors on social media. A1
 The Fed’s Powell indicated
he is now somewhat more
concerned about higher infla-
tion and said the central bank
is keeping careful watch. A2
 The Dow added 0.2% to
close at a record, while the
S&P 500 and Nasdaq fell 0.1%
and 0.8%, respectively. B12
 Boy band BTS agreed to
a distribution and marketing
deal with Universal Music for
the U.S. and other regions,
parting ways with Sony Mu-
sic’s Columbia Records. B1
 Goldman is giving CEO
Solomon and President
Waldron one-time stock
bonuses designed to keep
them at the bank’s helm. B11
NOONAN
Colin Powell’s Great
American Journey A15
CONTENTS
Books..................... C7-12
Business News..... B3
Food........................ D9,11
Gears & Gadgets D6-7
Heard on Street...B13
Obituaries............... A10
s 2021 Dow Jones & Company, Inc.
All Rights Reserved
* * * * * * * *
JOHN THYS/PRESS POOL
Opinion.............. A13-15
Sports........................ A16
Style & Fashion D2-3
Travel...................... D4-5
U.S. News............ A2-8
Weather................... A16
World News.... A9-10
> he’s made under $70.
THE WALL STREET JOURNAL WEEKEND
SATURDAY/SUNDAY, OCTOBER 23 - 24, 2021 ~ VOL. CCLXXVIII NO. 97
Merkel Draws Tributes in Possible Farewell to EU Summitry
AMITY: Angela Merkel talks with French President Emmanuel Macron Friday at the European Union summit in Brussels.
The departing German chancellor was praised at what could be her final appearance at a meeting of the bloc’s leaders. A10
Google Charges Over Twice Its
Rivals in Ad Fees, Suit Shows
BY KEACH HAGEY
AND TRIPP MICKLE
Google takes a cut of 22%
to 42% of U.S. ad spending
that goes through its systems,
according to a newly unre-
dacted lawsuit by state attor-
neys general, shedding new
light on how the search giant
profits from its commanding
position in the internet econ-
omy.
The share the Alphabet Inc.
Facebook Increasingly Acts Arrests at Border Set Record
To Squelch Political Groups
BY JEFF HORWITZ
AND JUSTIN SCHECK
After the Jan. 6 Capitol riot,
far-right activists launched an
online campaign to form what
they called a Patriot Party as
an alternative to the Republi-
can Party.
Facebook Inc. worked to kill
it, citing information it said
showed the movement was be-
ing pushed by white national-
ists and self-styled militias
who had worked to instigate
the riot, according to internal
company documents reviewed
by The Wall Street Journal.
Facebook engineers made it
harder for organizers to share
Musician’s
Online Career
Is a Bit Flat
i i i
Building an
audience is easier
than getting rich
BY MEGHAN BOBROWSKY
Electronic music producer
Lorenzo Mitchell dropped out
of college a couple of years
ago to seek his fortune
through social media. So far,
“I was a little overambi-
tious,” said Mr. Mitchell, who
is 21 years old and lives at
home with his family in San
Antonio.
Please turn to page A11
subsidiary takes of each ad-
vertising transaction on its ex-
change—a marketplace for ad
buyers and sellers—is typically
two to four times as much as
the fees charged by rival digi-
tal advertising exchanges, ac-
cording to the suit, which is
being led by Texas.
The unredacted filing on
Friday in the U.S. District
Court of the Southern District
of New York came after a fed-
eral judge ruled last week that
Latest in a series
Patriot Party content, re-
stricted the visibility of groups
connected to the movement
and limited “super-inviters”
from recruiting new adher-
ents, according to a March re-
view.
“We were able to nip terms
like Patriot Party in the bud
before mass adoption,” said
another memo.
The surgical strike was part
of a strategy Facebook ad-
opted early this year to stop
what it calls “harmful commu-
nities” from gaining traction
on its platform before they
EXCHANGE Trump SPAC
SHOT CHASERS
The unlikely
outsiders who won
the race to the
Covid vaccine.
B1
much of the antitrust suit
could be unsealed.
“[T]he analogy would be if
Goldman or Citibank owned
the NYSE,” said one senior
Google employee quoted in the
suit, referring to the New York
Stock Exchange.
Google has called the law-
suit flawed. “This lawsuit is
riddled with inaccuracies and
our ad tech fees are actually
lower than reported industry
averages,” said Peter Schot-
spread too far. Rather than
just taking action against
posts that violate its rules, or
that originate with actors such
as Russia-based trolls, Face-
book began putting its thumb
on the scale against communi-
ties it deemed to be a prob-
lem. In April, based on the
same policy, it took aim at a
German conspiracy movement
called Querdenken.
Internal Facebook docu-
ments, part of an array of
company communications re-
viewed by the Journal for its
Facebook Files series, show
that people inside the com-
pany have long discussed a
Please turn to page A12
Swept Up in
GameStop-
Like Frenzy
BY AMRITH RAMKUMAR
AND CAITLIN OSTROFF
Shares of a blank-check
company tied to Donald
Trump’s new online network
surged again Friday, implying
a valuation of several billion
dollars for the new firm fol-
lowing a buying frenzy fueled
by individual investors on so-
cial media.
Digital World Acquisition
Corp. shares more than dou-
bled to $94.20 on Friday after
trading as high as $175. Trad-
ing in the stock was heavy,
prompting a number of brief
Please turn to page A4
Are You a
Digital
Dinosaur?
OFF DUTY
WSJ.com
tenfels, a Google spokesman.
The suit alleges the com-
pany has deployed strategies
to “lock in” publishers and ad-
vertisers and help the com-
pany’s ad-buying tools win
more than 80% of auctions on
its exchange, a newly revealed
figure. It gives a window into
Google’s overwhelming domi-
Please turn to page A8
 Apple’s privacy change
disrupts ad market................. B1
The Border Patrol made about 1.66 million arrests of migrants
crossing the U.S.-Mexico border illegally in the 2021 fiscal
year, the highest annual number ever recorded. A2
Monthly migrant arrests along the U.S.-Mexico border
200,000 arrests
150,000
100,000
50,000
0
FY2018 ’19
Note: The U.S. reports arrest totals for the
fiscal year, from Oct. 1 to Sept. 30.
Source: U.S. Customs and Border Protection
Vaccine or Get Fired?
These Nurses Say No
They distrust the system, fear long-term
health effects and bristle at mandates
BY SARAH TOY
Carole Funk gets a flu shot
most years and is up-to-date
on all other vaccines. She re-
fuses to get the Covid-19 shot.
A nurse practitioner for
nearly 10 years, she believes
Covid-19 can kill—she knows
people who have died. Still,
she lost her job running an ur-
gent-care clinic in Strasburg,
Va., in September due to her
refusal to vaccinate, and re-
mains unmoved. “Getting fired
is not enough for me to over-
come my fear that the side ef-
HHHH $6.00
Top Court
To Hear
Texas
Abortion
Challenge
Justices will quickly
weigh two suits, leave
restrictive law in place,
adding to pivotal term
BY BRENT KENDALL
WASHINGTON—The Su-
preme Court on Friday agreed
to quickly consider two law-
suits challenging a Texas ban
on most abortions but left the
restrictive law in place for now,
adding a new blockbuster bat-
tle to a docket that already in-
cluded another major abortion-
rights case.
The court set oral arguments
for Nov. 1 but deferred acting
on an emergency request from
the Justice Department to
block the Texas law while the
federal government challenges
its legality. The Texas limits,
the most restrictive in the U.S.,
have been in effect for nearly
two months.
The case adds more urgency
to a Supreme Court term that
already was shaping up to be a
momentous one for the future
of abortion law. The justices in
December will review an appeal
by the state of Mississippi,
which is seeking to implement
an abortion ban after 15 weeks
of pregnancy.
Both states are seeking to
roll back precedents protecting
abortion rights, starting with
the 1973 Roe v. Wade decision.
The high court for years de-
clined to entertain such re-
quests, but Republican-led
states have been more willing
to test the issue after recent
Please turn to page A2
FFY2021
Y20211
TOTAL
TOTAL
ARRESTS:
ARRESTS:
1.66
1.6
66 million
milliion
’20 ’21
fects or adverse events of
these vaccines are grossly un-
derreported,” Ms. Funk said.
Ms. Funk, 50 years old, is
among more than 200 work-
ers at Virginia and West Vir-
ginia-based Valley Health Sys-
tem who resigned or were
fired over requirements that
the company’s 6,200 employ-
ees be vaccinated. They be-
long to a group of people who
have made up their minds
Please turn to page A11
 Pfizer, BioNTech say shot is
safe in 5-to-11 age group... A8
P2JW296000-7-A00200-1--------XA

A2 | Saturday/Sunday, October 23 - 24, 2021 ******* THE WALL STREET JOURNAL.

Powell Signals Heightened Inflation Risks
Fed chief says supply While the Fed has antici-
pated that price pressures
constraints have him would abate as the pandemic
watching closely for subsides, Mr. Powell said it
would be important for the
signs of price pressure central bank to stay flexible in
the months ahead. The central
BY NICK TIMIRAOS bank will “need to make sure
that our policy is positioned
Federal Reserve Chairman for a range of possible out-
Jerome Powell indicated that comes.”
he is now somewhat more Rising vaccination rates and
concerned about higher infla- the nearly $2.8 trillion in fed-
tion and said that the central eral spending approved since
bank would watch carefully for December 2020 have produced
signs that households and a recovery like none in recent
businesses were expecting memory. Inflation has soared
sustained price pressures to this year, with “core prices”
continue. that exclude volatile food and
“Supply-side constraints energy categories, the Fed’s
have gotten worse,” Mr. Powell preferred gauge, up 3.6% in
said Friday at a virtual confer- August from a year earlier.
ence. “The risks are clearly The gains largely reflect dis-
now to longer and more-per- rupted supply chains and
sistent bottlenecks, and thus shortages of labor and materi-
to higher inflation.” als.
U.S. NEWS
Mr. Powell and his col-
leagues have signaled strongly
that the Fed would formally
announce a gradual reduction,
or tapering, of its monthly
purchases of $120 billion in
Treasury and mortgage debt
at its Nov. 2-3 meeting. Offi-
cials are likely to reduce those
purchases by $15 billion a
month, allowing them to con-
clude the bond-buying pro-
gram by June.
“I do think it is time to ta-
per,” Mr. Powell said Friday. “I
don’t think it is time to raise
rates.”
The schedule for phasing
out the Fed’s stimulus pro-
gram is faster than investors
anticipated just a few months
ago. Officials don’t want to be
in a position where they feel
compelled to raise rates at a
time when they are still fuel-
ing monetary stimulus by pur-
chasing assets, and the faster
timetable partly reflects how
this year’s surge in inflation is
lasting longer than central-
bank officials and private-sec-
tor economists anticipated.
In a speech in late August,
Mr. Powell detailed five fac-
tors that supported his view
that recent elevated inflation
readings “are likely to prove
temporary.” Those included
the absence of broad-based
inflation pressures as well as
an expected slowdown in
price increases from items
that had experienced high in-
flation this year, such as used
cars and other durable goods.
But at the same time, he
concluded his assessment by
noting, “We will be looking
for evidence that supports or
undercuts that expectation.”
Inflation data and a surge
in energy prices since Sep-
tember point to some broad- output—concentrated in high-
ening in price pressures, and contact service sectors, such
other central banks have sig- as leisure, hospitality and en-
naled plans to raise rates tertainment industries. Offi-
more aggressively. That has cials “want to give full time
fueled recent bond-market ex- for that to come back” before
pectations of somewhat ear- deliberately cooling demand
lier and faster rate rises by for goods and services more
the Fed. broadly by raising rates, he
The probability of at least said.
two interest-rate increases by On the other hand, infla-
the end of next year has risen tion is running well above the
above 75%, according to fu- Fed’s 2% goal. “We see that.
tures market prices tracked We know how painful that is”
by CME Group. At the conclu- for consumers, Mr. Powell
sion of the Fed’s meeting last said.
month, investors saw around “We think we can be pa-
a 20% probability of two in- tient and allow the labor mar-
creases by the end of 2022. ket to heal,” he said. But at
Successfully managing the the same time, “no one should
economic exit from the pan- doubt that we will use our
demic remains the greatest tools to guide inflation back
challenge facing Fed policy down to 2%” if it looked like
makers, Mr. Powell said. The more persistent inflationary
virus essentially removed a pressures were taking root,
piece of potential economic Mr. Powell added.

Services Spur Growth in Big Economies Border Arrests

BY PAUL HANNON
AND DAVID HARRISON
Business activity in the eurozone slowed in October,
while the U.S., Australia and Japan saw rebounds.
Purchasing managers composite indexes
through September. Econo-
mists surveyed by The Wall
Street Journal expect the U.S. Hit the Highest
Level on Record
Business activity acceler- economy grew at a seasonally
ated in some of the world’s EUROZONE JAPAN AUSTRALIA adjusted annual rate of 3.1% in
70
largest economies owing to a the third quarter, down from
pickup in the services sector U.S. 6.7% in the second quarter.
that has offset weakness in 60 57.3 Earlier this week, China re-
manufacturing caused by sup- ported a sharp slowdown in BY MICHELLE HACKMAN 1.6 million annually at least
ply-chain bottlenecks and ris- growth in the third quarter, twice recently, in 1986 and in
EXPANDING 54.3 50.7 52.2
ing prices. 50 when the economy expanded WASHINGTON—The Border 2000. In 2019, when crossings
Surveys of purchasing man- CONTRACTING 4.9%, compared with 7.9% dur- Patrol made about 1.66 million reached a peak under the
agers conducted over recent ing the previous three months, arrests of migrants crossing Trump administration, the
40
weeks point to increased in part due to supply-chain the U.S.-Mexico border ille- Border Patrol made about
growth in the U.S., Japan and Jan. 2021 Oct. Jan. Oct. Jan. Oct. problems and energy shortages. gally in the 2021 fiscal year, the 850,000 arrests.
Australia because of easing Sources: IHS Markit; au Jibun Bank (Japan) Input prices rose steeply highest annual number ever re- The number of people who
fears of Covid-19’s Delta variant. because of supply problems, corded, according to figures re- crossed the border is likely
In Europe, however, growth composite purchasing manag- nesses said they were strug- higher labor and shipping leased Friday by U.S. Customs significantly lower than the
slowed due to reduced factory ers index for the U.S. rose to a gling to meet increased de- costs and a shortage of raw and Border Protection. total number of arrests be-
activity as businesses reported three-month high of 57.3 in mand because of supply-chain materials. The U.S. consumer- The pace of migrants coming cause the border saw an un-
difficulties getting the parts and October from 55 in September. backups and a shortage of price index rose 5.4% in Sep- across the border has emerged usually high rate of individuals
raw materials they needed. That A reading above 50 indicates available workers. tember from the previous year, as one of the most difficult is- repeatedly attempting to enter
combination likely means the growth, while a level below 50 Manufacturing activity in the Labor Department re- sues for the Biden administra- the country. About 27% of peo-
global economy will continue to signals contraction. In the eu- the U.S. slowed in October ported earlier this month. tion to tackle, posing a broad ple who crossed the border
recover in the final months of rozone, the PMI fell to a six- with firms reporting longer “While the economy looks set of logistical challenges and had tried at least once over
the year, but not at the pace month low of 54.3 in October delivery times. set for stronger growth in the providing fodder for Republi- the previous 12 months, CBP
reached in the second quarter, from 56.2 in September. Figures for gross domestic fourth quarter, the upward cans who say President Biden’s data show.
when reopenings led to a U.S. growth was driven by product to be released in the rise in inflation pressures also immigration policies provoked Mr. Biden’s first months saw
growth spurt. the service sector, which hired U.S. and Europe next week are shows no sign of abating,” said the surge. a cascading set of crises. The
Private data firm IHS at the fastest pace since June, expected to point to a slow- Chris Williamson, chief busi- A confluence of events com- number of unaccompanied chil-
Markit said Friday that its the IHS survey showed. Busi- down in the three months ness economist at IHS Markit. bined to bring about the record dren arriving at the border be-
flow of migrants. An economic
collapse across Latin America

Abortion driven by the Covid-19 pan-

demic pushed many people to
move in search of work, just as
Pace of migrants
crossing the border
Suits Go to the U.S. economy strengthened
and as U.S. employers struggle
to fill more than 10 million job
poses challenges for
the administration.
High Court openings. Gang violence, auto-
cratic crackdowns in several
countries and extreme weather
events—droughts in some re- gan to surge, leaving the ad-
Continued from Page One gions, flooding in others— ministration scrambling to
changes in the court’s member- pushed people to leave just as establish a network of make-
ship have made it more conser- a new U.S. president took of- shift shelters at convention
vative. fice with what was widely per- centers and sports arenas, to
“These are home-run swings ceived as a welcoming tone. ensure the children didn’t lan-
by these states,” said University Laura Collins, an immigra- guish in Border Patrol custody
SARAH SILBIGER/BLOOMBERG NEWS

of Illinois law-school dean tion expert at the George W. for longer than legally allowed.
Vikram Amar. “There’s no way Bush Institute, said none of This year, nearly 145,000 chil-
to uphold the Texas or Missis- these factors was likely to let dren crossed the border into
sippi statutes absent dramatic up in the coming months. She the U.S. without a parent,
changes in the existing doctrine said the trend of displacement nearly double the previous re-
and rules. And so, by the end of was accelerating around the cord in 2019.
this term, we’re going to know world, with the U.N. refugee In the past year—and espe-
whether this is an incremental agency estimating at least 82 cially in the past six months—
conservative court or a trans- million people were displaced migrants from South America
formational one.” The Supreme Court deferred acting on an emergency request to block the Texas restrictions. from their homes as of the end and the Caribbean have been
With Friday’s action, the jus- of 2020, the highest number flocking north in the hundreds
tices stepped into the Texas federal-court review. defying federal constitutional being enforced.” since World War II. “I don’t of thousands. They are spurred
battle even though lower courts The court’s latest order law and had “successfully nulli- Justice Sonia Sotomayor, think it’s going to slow down on by pandemic-battered econ-
haven’t issued final rulings on comes weeks after it voted 5-4 fied this court’s decisions writing separately on Friday, anytime soon,” she said. omies and continuing political
the law, known as SB 8, which on Sept. 1 to let the Texas law within its borders.” criticized the court for not Border crossings surpassed turmoil across the region.
bars abortions after about six go into effect. The justices’ Texas in response said it was blocking the law immediately
weeks of pregnancy. The mea- prior order came when it de- under no obligation to make its while it considers the cases.
sure limits the procedure far nied an emergency appeal by law easy to challenge and ar- “The promise of future adju-
earlier than allowed by current the abortion providers, with gued the Justice Department’s dication offers cold com-
Supreme Court precedent, the court’s majority saying lawsuit was improper. fort…for Texas women seeking
which says women have a con- there were procedural prob- “The federal government abortion care, who are entitled
PAUL RATJE/AGENCE FRANCE-PRESSE/GETTY IMAGES

stitutional right to obtain an lems with how they sued to cannot get an abortion, and the to relief now,” Justice Soto-
abortion before fetal viability. challenge the law. Constitution does not assign it mayor wrote.
Doctors generally consider via- The Justice Department any special role to protect any Despite the fast-moving
bility—when a fetus could live stepped in days later with its putative right to abortion,” the Texas proceedings, the Missis-
outside the womb—to fall lawsuit against Texas and ar- state wrote in a court brief. sippi case, set for arguments
around 21 to 24 weeks into a gued its claims didn’t face the The Supreme Court on Fri- Dec. 1, may be the one in which
pregnancy. same hurdles that prevented day said it would decide the court addresses abortion-
Texas state Sen. Bryan the high court from intervening whether the federal govern- rights issues more broadly.
Hughes, the Republican author in the providers’ case. ment can sue Texas in federal Mississippi argues that noth-
of the abortion law, said: “I am Earlier this month, a federal court and obtain a ruling ing in the text, structure or his-
encouraged that the law will re- judge in Austin sided with the “against the state, state court tory of the Constitution sup-
main in effect while the case is department and granted a pre- judges, state court clerks, other ports a right to an abortion.
before the court, and I am opti- liminary injunction blocking the state officials, or all private —Elizabeth Findell
mistic that the court will up- law, but the Fifth Circuit Court parties to prohibit SB 8 from contributed to this article. Migrants detained by Border Patrol in New Mexico in September.
hold the right of Texans to pro- of Appeals last week put that
tect life.” ruling on hold.
The law’s critics voiced
mixed views on Friday’s devel-
Under SB 8, physicians can’t
perform an abortion if they
CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL
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we may get an answer more defines as including cardiac ac- in South Carolina. A Page One Oct. 16 Off Duty article about Published daily except Sundays and general legal holidays.
quickly than we would have oth- tivity in the embryo in the article on Monday about mag- travel to the Columbia River Periodicals postage paid at New York, N.Y., and other mailing offices.
erwise,” said Texas state Rep. early weeks of pregnancy. The net fishing incorrectly said it Gorge incorrectly said Celilo Postmaster: Send address changes to The Wall Street Journal,
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Donna Howard, a Democrat who law doesn’t contain exceptions is banned in North Carolina. Restaurant and Bar is open on
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P2JW296000-7-A00300-1--------BP

THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, October 23 - 24, 2021 | A3

U.S. NEWS

Baldwin Film Set Called Rife

With Complaints of Workers
The movie set on which and they won’t be able to take
Alec Baldwin discharged a two patients. I’ll be reaching
prop firearm in an incident out to another one.”
that killed one person and Ms. Hutchins was flown by
wounded another was ham- helicopter to University of
pered by worker complaints New Mexico Hospital in Albu-
over pay and conditions, ac- querque. Mr. Souza was taken
cording to people familiar to a local Santa Fe hospital for
with the filming. his injuries, according to the
Santa Fe County Sheriff’s
By Dan Frosch, statement. Mr. Souza was sub-
JIM WEBER/SANTA FE NEW MEXICAN/ASSOCIATED PRESS

Katherine Sayre, Ben sequently released from the

Kesling and Joe Flint hospital, said a person familiar
with the situation.
The camera crew walked off Mr. Baldwin said on his
the set earlier this week, ac- Twitter feed Friday: “There
cording to the people. Workers are no words to convey my
complained about pay, long shock and sadness regarding
hours, safety and housing op- the tragic accident that took
tions, some of the people said. the life of Halyna Hutchins, a
It couldn’t be determined if wife, mother and deeply ad-
the concerns contributed to the mired colleague of ours.”
shooting incident Thursday. Mr. Baldwin said he was
Investigators on Friday fully cooperating with the po-
were trying to assess whether lice investigation.
a live round was fired by Mr. Alec Baldwin outside the Santa Fe County Sheriff’s Office in New Joe Swanson, whose com-
Baldwin with the prop gun— Mexico after he was questioned about the shooting on Thursday. pany, Motion Picture Blanks,
which would be an anomaly on has manufactured movie am-
a movie set, say film prop ex- head armorer on “The Old munition for about 35 years,
perts—or if the discharge of Way” starring Nicolas Cage, says he supplied the “Rust”
the prop firearm involved a according to a podcast inter- production with blanks and
blank. view she gave last month. dummy cartridges. Mr. Swan-
“We’re looking into every “I was really nervous about son says Motion Picture
aspect of what type of projec- it at first, and I almost didn’t Blanks makes roughly one mil-
tile was in that firearm,” said take the job because I wasn’t lion rounds a year, and has
FRED HAYES/GETTY IMAGES FOR SAGINDIE

Juan Ríos, a spokesman for sure if I was ready, but doing supplied productions including
the Santa Fe County Sheriff’s it, it went really smoothly,” “Band of Brothers” and “Black
Office. Ms. Reed said of the Nicolas Hawk Down.”
The prop gun used in the Cage film in the “Voices of the Accidental fatal gunshots
incident discharged a projec- West” podcast interview. on Hollywood sets are rare but
tile during the filming of a She said in the podcast that have occurred before. Brandon

Magical
scene in the movie “Rust” near her father Thell Reed, a veteran Lee, the son of Bruce and
Santa Fe on Thursday, accord- Hollywood armorer and movie Linda Lee, was killed in 1993
ing to the sheriff’s office. firearms consultant, had by an accidental gunshot
Halyna Hutchins, the 42-year- trained her from a young age. wound on “The Crow” set.
old cinematographer on the When reached on a cell- At least 43 people have died
film, died in the shooting, the phone of Mr. Reed, a man who Halyna Hutchins, a 42-year-old on film sets in the U.S. since
sheriff’s office said. The film’s answered said he didn’t know cinematographer, was killed. 1990, according to an Associ-
director, Joel Souza, 48, was about the accident and wasn’t ated Press investigation from
injured. there. in size as part of the effort to 2016, while more than 150 suf-
The producing company for Professionals on movie sets curb the potential spread of fered life-altering injuries.
the film, Rust Movie Produc- are trained to follow height- the virus, according to produc- “Rust” is a low-budget in-
tions LLC, in a statement ened safety protocols around tion workers. Earlier this dependent movie on which Mr.
called safety of cast and crew weapons, said Stephen Light- month, the production work- Baldwin was also a producer.
its top priority. “Though we hill, president of the American ers union, IATSE, reached a Other stars include Frances
were not made aware of any Society of Cinematographers. new, tentative contract agree- Fisher and Travis Fimmel. In
official complaints concerning “What it means is that ment with studios and stream- the movie, Mr. Baldwin plays a
weapon or prop safety on set, somebody was tired, some- ing services for better pay and grandfather who tries to res-
we will be conducting an in- body didn’t follow protocol, healthier working conditions. cue his estranged grandson
ternal review of our proce- someone didn’t hire the right Mr. Ríos of the sheriff’s of- from being executed for an ac-
dures while production is shut person,” said Mr. Lighthill, fice said investigators had ob- cidental murder.
down. We will continue to co- tained search warrants to The budget for the movie
operate with the Santa Fe au- scour the movie set Friday. He was under $6 million, a person
thorities in their investiga- said the armorer on the film familiar with the project said.
tion,” it said.
The sheriff’s office set and others had been inter- Creative Artists Agency
A representative for the declined to release viewed by investigators. Mr. presold domestic distribution
production company didn’t re- Ríos declined to release more to The Avenue, a unit of distri-
spond to a request for com-
details on the type details on the type of projec- bution company Highland Film
WEB CUFF BR ACELET
ment on working conditions or of firearm used. tile discharged from the prop Group. The domestic rights
the walkout. gun or what type of firearm were sold for about $2 million,
A call sheet for the film, re- was being used. the person familiar with that
viewed by The Wall Street There haven’t been arrests matter said.
Journal, said the person in speaking generally. or charges in connection with BondIt Media Capital, a me-
charge of the prop firearms on Particularly on independent the incident, he said. dia financing firm, handled the
set that day—known as an ar- and lower budget films, such Just before 2 p.m. local funding for the movie.
morer—was Hannah Gutierrez as “Rust,” it isn’t uncommon time on Thursday a fire-de- Mr. Baldwin’s acting career
Reed. A search warrant issued for there to be labor unrest or partment dispatcher reported includes movies, TV shows,
to law officers on Friday iden- for production crews to be ex- that two people “have been and commercials. He por-
tified the armorer on set as pected to work long hours shot accidentally” on the film trayed former President Don-
Hannah Gutierrez. with few breaks, say film pro- set, the Bonanza Creek Ranch ald Trump on “Saturday Night PAU L MO R E L L I . C O M
Ms. Reed didn’t respond to duction workers. studios, according to archived Live.”
a request for comment The Covid-19 pandemic has dispatch recordings. Minutes —Ellen Gamerman, John N YC : 8 95 M A D I S O N ( 72 N D & M A D I S O N )
Ms. Reed, 24, had recently put even more pressure on later, a first responder said, Jurgensen and Allison Prang P H L : 1118 WA L N U T S T R E E T
completed her first film as film crews. Many have shrunk “Have one aircraft available contributed to this article. 212. 5 8 5 . 42 0 0

Bell Hora

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A4 | Saturday/Sunday, October 23 - 24, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

Democrats Press for Spending Pact Deficit

Narrows
WASHINGTON—Democrats
worked to resolve disagree-
ments over tax increases and
expanded healthcare coverage
From Year-
in their roughly $2 trillion so-
cial policy and climate frame-
work, with lawmakers studying
Ago Record
a potential levy on billionaires BY JOHN MCCORMICK
to help fund the package.
Top Democrats hope to nail The U.S. incurred the sec-
down an outline for the legisla- ond-largest budget deficit on
record in the fiscal year that
By Andrew Duehren, ended Sept. 30, reflecting gov-
Natalie Andrews ernment expenditures tied to
and Kristina Peterson the coronavirus pandemic.
The $2.8 trillion deficit was
tion in the coming days, racing the second largest since 1945
to meet an Oct. 31 deadline to as a share of the nation’s gross
vote on a separate, roughly $1 domestic product and trailed
trillion infrastructure bill. Dem- only the prior fiscal year’s
ocrats have tied together the $3.1 trillion shortfall, when not
ANNA MONEYMAKER/GETTY IMAGES

House passage of the public- adjusting for inflation.

works bill with an agreement Government outlays for
on the social policy and climate 2021 fiscal year rose 4% from
package, a delicate two-step the previous year to $6.8 tril-
that has taken months. lion. Federal revenue increased
Democrats say they have 18% from the prior year to just
made progress toward an more than $4 trillion, largely
agreement this week, with due to higher receipts from in-
President Biden meeting with a dividual and corporate income
bevy of lawmakers, but critical Lawmakers are studying a potential levy on billionaires. Above, House Majority Leader Steny Hoyer speaking with reporters on Friday. taxes during a year of strong
issues remain unresolved. Mr. economic growth.
Biden hosted House Speaker unrealized gains, to fill the rev- other top Democrats, signaling the package to bolster its sup- sources, among other measures. Spending in the most recent
Nancy Pelosi (D., Calif.) at the enue hole of several hundred a potentially lengthy effort to port on Capitol Hill. Mrs. Pelosi said Friday that fiscal year was boosted by
White House on Friday morn- billion dollars left by the ab- iron out a new revenue plan. He said that the legislation Democrats still needed to reach pandemic-related costs that in-
ing, and Senate Majority Leader sence of those rate increases. On Friday, White House press wouldn’t include two years of an agreement on the bill’s cluded monthly child tax cred-
Chuck Schumer (D., N.Y.) joined Other possibilities that Ms. secretary Jen Psaki listed clos- tuition-free community col- healthcare provisions, which its, expanded unemployment
the meeting virtually. Sinema appears open to in- ing a gap in Medicare tax rules lege, that a 12-week paid leave are expected to be funded for compensation, emergency
“Much of what we want to clude an excise tax on stock as a tax proposal under live dis- proposal would likely ulti- shorter lengths of time than small-business loans and stim-
do has been written,” Mrs. buybacks and a 15% minimum cussion.The proposal would ap- mately cover only four weeks Democrats originally hoped. ulus checks to households.
Pelosi said after the meeting. corporate tax rate, designed to ply a 3.8% surtax to active busi- and that he was having diffi- Democrats who had wanted Total federal borrowing
“Just a few decisions now.” raise taxes on companies that ness income for people making culty securing support for ex- to make permanent Affordable from the public increased by
Central to the negotiations are paying low rates now be- more than $200,000 a year. panding Medicare to cover vi- Care Act subsidies that were $1.3 trillion during the most
is figuring out how to raise cause of legal use of tax breaks. The House Ways and Means sion, hearing and dental care. expanded as part of the $1.9 recently completed fiscal year
enough revenue to cover the A spokeswoman for Ms. Committee tax bill included a Mr. Biden said policy makers trillion Covid relief package to $22.3 trillion, the govern-
spending in the legislation. Sinema said she is working rule that would apply the sur- are discussing an $800 earlier this year said they ment agencies said.
Sen. Kyrsten Sinema (D., Ariz.) with Sen. Elizabeth Warren tax to that business income. voucher for dental coverage. would likely be extended, po- As a share of GDP, govern-
has thrown many of Demo- (D., Mass.), who has pushed That proposal would raise The president has also ac- tentially for three years, ac- ment revenue rose to its high-
crats’ proposed tax increases for an annual tax on the $252 billion over a decade. knowledged that a $150 billion cording to an aide. est level since the 2001 fiscal
into jeopardy, maintaining wealthiest Americans’ assets. While many of the revenue program aimed at pushing util- Lawmakers said negotia- year. That gain was driven by
that she won’t support any in- A person familiar with the measures for the legislation ities to generate more electric- tions were continuing over a two factors.
creases in marginal tax rates negotiations said Ms. Sinema are mired in uncertainty, Dem- ity from clean sources won’t be proposal to allow Medicare to Economic output rose at a
on corporations, capital gains and Ms. Warren have dis- ocrats have moved toward a part of the final bill. directly negotiate with phar- historically fast rate during the
or individuals. cussed a tax on billionaires’ as- agreement on some of the Still expected to be part of maceutical companies to lower past 12 months after contract-
That position is prompting sets and a tax on corporations’ spending programs. During a the bill are a universal prekin- the cost of prescription drugs. ing in the prior fiscal year,
Democrats to try to find a se- financial-statement income. CNN event on Thursday, Mr. dergarten program, subsidies —Richard Rubin when swaths of businesses
ries of alternatives, including a Some of the alternative Biden detailed many of the for child care and a series of tax and Lindsay Wise were closed. Revenue may
new annual tax on billionaires’ ideas face skepticism from cuts Democrats would make to incentives for clean energy contributed to this article. have also increased this year
as businesses and individuals
prepared for potential tax in-

Parnas Convicted of Campaign-Finance Charges

creases. Income realized in
2021 could be lower taxed than
income in 2022, giving taxpay-
ers an incentive to incur taxes
BY JAMES FANELLI He and a co-defendant, An- said his lawyers put up “an in- sociate of Mr. Parnas who was now.
drey Kukushkin, were also credible fight.” also a co-defendant, pleaded
Former Rudy Giuliani asso- charged with conspiring to “We are very proud of how guilty in September to one Annual U.S. budget
ciate Lev Parnas was convicted make more than $25,000 in we performed,” his lawyer Jo- count of soliciting political con- surplus or deficit
of campaign-finance charges political donations in a calen- seph Bondy said. tributions from Mr. Muraviev.
$0.5 trillion
Friday, capping the fall of a dar year with money from Gerald Lefcourt, a lawyer Mr. Muraviev wasn’t charged in FY2021
key figure in the first im- Russian tycoon Andrey Mura- for Mr. Kukushkin, said he was the case and hasn’t spoken pub- 0 -$2.8T
peachment of former Presi- viev. Federal election laws disappointed in the verdict. licly about the allegations.
CARLO ALLEGRI/REUTERS

dent Donald Trump. prohibit foreign nationals “All the jury heard was Russia Messrs. Parnas and Fruman –0.5
A federal jury in Manhattan from making contributions in and Trump and they were un- drew scrutiny after their ar-
found Mr. Parnas guilty of all U.S. elections. It is also illegal fairly selected in less than a rests in 2019, largely for their –1.0
six counts. The trial lasted to make a donation in another day,” he said. roles aiding Mr. Giuliani’s at-
nearly two weeks, with federal individual’s name. Manhattan U.S. Attorney tempts to persuade Ukrainian –1.5
prosecutors portraying Mr. Mr. Kukushkin, an operator Damian Williams said that the officials to investigate Joe Bi-
Parnas as a businessman with of California cannabis dispen- Lev Parnas faced six counts. jury found Messrs. Parnas and den, then Mr. Trump’s top –2.0
little political experience who saries that Mr. Muraviev Kukushkin “conspired to ma- Democratic rival, and Mr. Bi-
–2.5
began making large donations funded, was found guilty of sentence of 20 years in prison. nipulate the United States po- den’s son Hunter. Their efforts
to campaigns in 2018 to gain the two counts against him. U.S. District Judge J. Paul litical system for their own fi- became part of the impeach- –3.0
influence with candidates. Mr. Kukushkin faces a maxi- Oetken allowed the two defen- nancial gain.” ment inquiry of Mr. Trump,
Mr. Parnas was charged mum of five years in prison on dants to remain free before The lawyers said during the which resulted in Mr. Trump’s –3.5
with masking the true source the conspiracy count. One of their sentencing. Mr. Parnas trial that Mr. Muraviev’s money acquittal in the Senate. FY2000 ’05 ’10 ’15 ’20
of a $325,000 donation he Mr. Parnas’s charges—for fal- still faces a separate trial on was a loan for the cannabis Mr. Giuliani has denied any
made in the name of his en- sifying an affidavit submitted additional fraud charges. venture and none of his money wrongdoing with Messrs. Par- Note: Fiscal years start Oct. 1 and end Sept 30.
Not adjusted for inflation.
ergy company to a pro-Trump to the Federal Election Com- As he left federal court in was used to make donations. nas and Fruman. Mr. Trump has Sources: U.S. Office of Management
super PAC. mission—carries a maximum lower Manhattan, Mr. Parnas Igor Fruman, a business as- said he doesn’t know the two. and Budget, U.S. Treasury

AMERICAN ART SPAC Tied GameStop Corp. and others

have this year.
Also called a blank-check
ing individuals who piled in
while company insiders are
protected through special in-
trades flat, they are protected
by the right to withdraw $10 a
share plus a tiny bit of interest

Signature® Auction | November 5, 2021 To Trump firm, a SPAC such as Digital

World is a shell company that
raises money and lists publicly
centives. The sharp declines for
companies popular among indi-
vidual investors have prompted
before SPAC deals are com-
pleted.
The Digital World SPAC is

Doubles with the goal of merging with

Continued from Page One
trading halts.
The shares rose from less
than $10 to $45.50 Thursday
after the firm announced a deal
to combine with a newly
formed media company backed
by Mr. Trump that plans to
launch a Twitter-like platform
called Truth Social. The prices
of warrants tied to the stock
that give investors the right to
buy more shares at specific
prices in the future also have
soared.
The stock’s ticker, DWAC,
has been trending on several
internet platforms over the
past few days. Day traders on
platforms like Reddit have
posted photos of their quick
fortunes, inspiring others to
Norman Rockwell (American, 1894-1978) jump on board, some analysts
Home for Thanksgiving, The Saturday Evening Post cover,
said. Some posts also indicated
November 24, 1945 | Oil on canvas | 35 x 33 inches
Property from the E.M. Connor Post #193 American Legion, Winchendon,
that individuals wanted to buy
Massachusetts, Being Sold To Benefit Operational and Building Funds the stock to support Mr.
Estimate: $4,000,000 - $6,000,000 Trump’s political movement.
“This is the new hot meme
View All Lots and Bid at HA.com/8058 stock,” said Matthew Tuttle,
whose firm Tuttle Capital
Inquiries: 877-HERITAGE (437-4824) Management runs a few ex-
Aviva Lehmann | ext. 1519 | AvivaL@HA.com change-traded funds tied to
special-purpose acquisition
companies and the companies
they take public. Meme stocks
are those that become wildly
popular among online traders
Paul R. Minshull #16591. BP 12-25%; see HA.com.
Licensed by the City of New York #1364738/9-DCA; see HA.com 62624 for reasons other than their
business prospects, as
a private company such as Mr.
Trump’s. The private company
scrutiny among regulators and
lawmakers about the SPAC
structure and whether it dis-
led by Patrick Orlando, a for-
mer derivatives trader at
Deutsche Bank AG. One of the
then replaces the SPAC in the proportionately benefits insid- blank-check company team’s
stock market. SPAC mergers ers and professional investors. past SPAC deals, a roughly $7
have become popular alterna- Hedge funds that are large billion deal with energy trans-
tives to traditional initial pub- buyers of SPACs when they portation solutions firm Giga
lic offerings and have allowed initially go public often notch Energy, was terminated in
startups with scant records to outsize gains from moves like mid-September amid a share-
list publicly. the one in the Digital World price slump for many SPACs.
The gains for Digital World SPAC. They buy shares at the The combination was an-
are unprecedented even for listing price of $10 or below nounced in May.
SPACs, which are known for that level after the shares be- So far, the Digital World
wild price swings and exploded gin trading publicly. If the SPAC hasn’t released many con-
in popularity early this year stock like Digital World rises crete financial details about Mr.
alongside meme stocks. Among after a deal announcement, Trump’s new business. The Dig-
the roughly 115 SPACs that they are typically quick to sell ital World SPAC has about $290
have announced mergers but to lock in a profit. million that the social-media
not yet completed them, Digital Even if the stock falls or venture could use to fund its
World’s stock price is by far growth, though investors have
the highest, according to data Digital World Acquisition the right to pull money out at
provider SPAC Research. The share price $10 a share before the deal gets
next-best-performing SPAC in a $175
completed.
similar position trades at about In the coming months, the
$14. Nearly all SPACs begin SPAC will have to publicly re-
trading at $10. 150 lease an S-4 regulatory filing
The current Digital World with the Securities and Ex-
stock price implies a valuation 125 change Commission detailing
for Mr. Trump’s startup media the merger. The filing will in-
company in the billions of dol- clude the financial information
100
lars, several times the an- and ownership structure of
nounced valuation of $875 Mr. Trump’s new venture,
million, a figure that isn’t 75 Trump Media & Technology
strictly comparable because it Group.
includes debt. Regulators will then review
50
“It’s a level of speculation the documents, before an offi-
that I once thought unfathom- cial shareholder vote on the
able,” said Julian Klymochko, 25 deal. If the merger is ap-
who manages a SPAC-focused proved, Trump Media & Tech-
fund at Accelerate Financial 0 nology Group would replace
Technologies. Thursday Friday
Digital World in the stock
Some other SPACs that rock- market and begin trading un-
eted up have later fallen, hurt- Source: FactSet der that name.
P2JW296000-4-A00500-1--------XA

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A6 | Saturday/Sunday, October 23 - 24, 2021 NY ****** THE WALL STREET JOURNAL.

U.S. NEWS U.S. WATCH

Biden Shifts Climate Plan

NEW YORK
Real-Estate Heir
Charged With Murder
Facing congressional Real-estate heir Robert Durst
was charged with murder for
wrangling, White the 1982 disappearance of his
House effort includes wife, New York authorities con-
firmed Friday, days after he was
executive actions sentenced to life in prison for
killing his confidante in 2000.
BY ANDREW RESTUCCIA Kathleen Durst disappeared in
AND TIMOTHY PUKO 1982, when she was 29 years
old. She was declared legally
WASHINGTON—The White dead in 2017, but her remains
House, its climate agenda were never found.
mired in congressional wran- A criminal complaint filed in
gling, is hoping to show world Lewisboro Town Court on Tues-
leaders at the Glasgow climate day by a New York state police
summit that the U.S. can still investigator alleged Mr. Durst
meet President Biden’s pledge committed second–degree mur-
to dramatically reduce emis- der. The complaint cited informa-
sions despite recent legislative tion maintained by the New
BING GUAN/REUTERS
of Management and Budget fell
through amid opposition from Re-
publicans and a key Democrat.
The move was earlier re-
ported by the Washington Post.
—Andrew Restuccia
CALIFORNIA
Weekend Storm,
Flooding Expected
Northern California residents
relieved that this week’s rain
helped contain stubborn wildfires
and soaked dry gardens were
cleaning up Friday and preparing
for a massive storm this week-
end that could bring flash flood-
ing to vast areas scorched by fire.
A flood warning was posted
in part of Siskiyou County bor-
dering Oregon. The National
Weather Service said elevations

setbacks.
The Biden administration
plan includes a series of exec-
utive actions it says will make
significant progress toward
meeting the president’s pledge
to cut U.S. greenhouse-gas
emissions 50% to 52% below
2005 levels by 2030.
These include tougher
methane rules for oil and gas
production that are expected
to be announced ahead of the
summit, followed by more-
stringent emissions limits on
vehicles later this year.
U.S. greenhouse emissions
have already fallen roughly
20% from 2005 levels, accord-
ing to analysts. But emissions
are expected to tick up as the
global economy reopens after
the height of the coronavirus
pandemic.
The goal for White House
officials is to convince world
leaders that the U.S. is making
concrete progress on further
reductions. Climate negotia-
tors from nearly every country
will gather for two weeks in
Scotland starting on Oct. 31 to
hammer out a new agreement
aimed at cutting emissions.
During a CNN town hall on
Thursday night, Mr. Biden
called climate change an “exis-
tential threat to humanity.”
But analysts and even White
House allies agree the adminis-
tration needs action from Con-
gress to fund the deep changes
to the economy required to
meet Mr. Biden’s goals.
That effort has been com-
plicated by opposition from
The administration says it hopes to make significant progress in cutting greenhouse-gas emissions.
Sen. Joe Manchin (D., W.Va.),
an influential coal-state Demo-
crat who is pushing to scale
back climate-related measures.
Mr. Biden and Democratic
leaders in Congress have pro-
posed spending hundreds of
billions of dollars on measures
to reduce greenhouse-gas
emissions as part of a plan
that was originally pegged at
$3.5 trillion but is now likely
to be closer to $2 trillion.
Gina McCarthy, Mr. Biden’s
national climate adviser, said
the White House is still opti-
mistic that Congress will in-
clude significant funding for
programs to reduce green-
house-gas emissions, despite
likely cuts—including a $150
billion program aimed at
pushing utilities to shift to
cleaner sources of fuel.
“The conversations between
the president and Congress
are beginning to really accel-
erate,” Ms. McCarthy said. But
even if congressional action
stalls, she said, “we will al-
ready have identified a num-
ber of ways in which we can
underpin that [climate com-
mitment] and show the rest of
the world that we’re getting
back in a leadership position.”
Mr. Biden’s aides are work-
ing on a new U.S. climate
strategy that will outline op-
York State Police Department, above 9,000 feet in the Sierra
Westchester County District At- Nevada could get 18 inches of
torney’s office, the Los Angeles snow or more from Sunday until
District Attorney’s Office, conver- Monday morning, and warned of
sations with witnesses and re- possible power outages and road
corded interviews with Mr. closures. The service also issued
Durst, 78 years old. a flood watch for much of North-
tions for meeting the target, Higher efficiency standards Defense lawyer Dick De- ern California from Saturday
but it may not be released for passenger cars and trucks Guerin didn’t respond to a re- night to 5 p.m. on Monday.
publicly in time for the Glas- and heavy-duty vehicles would quest to comment. Rain and snow will continue
gow summit. play an even bigger role and —Omar Abdel-Baqui soaking central and Northern
U.S. officials believe there could arrive in new proposals California before spreading into
are multiple pathways for before year’s end. WHITE HOUSE Southern California on Monday.
meeting the target, but expect White House officials have —Associated Press
to rely at least in part on the been calling businesses in re- Tanden Is Named
remaining climate measures in cent days to seek support for New Staff Secretary MINNESOTA
the scaled-back legislation, like their efforts amid the move in
renewable-energy tax credits. Congress to shrink the spend- Neera Tanden, who withdrew Officer Is Charged
Earlier this year, the admin- ing proposal. from consideration to lead the In Fatal Car Chase
istration formed a task force Energy companies and White House budget office amid
of senior agency officials manufacturers have been criticism of her past social-media A Minneapolis police officer
charged with coming up with among those that have been in comments, is taking on a new has been charged with man-
dozens of actions across the touch with the administration, senior role at the White House. slaughter and vehicular homicide
federal government intended the people said. The adminis- Ms. Tanden will serve as staff for a crash in July that killed an
to address the effects of cli- tration reached out to Carrier secretary, a White House official innocent motorist while the offi-
mate change. The product of Global Corp. and Siemens AG, said, a little known but influen- cer was pursuing a stolen vehi-
their work, the national cli- among others, according to tial position that will put her at cle, a prosecutor said Friday.
mate strategy, will be released one of the people. the center of many of the Biden Officer Brian Cummings was
by the end of the year. Some companies have been administration’s policy debates. driving nearly 80 mph in Minne-
The administration is also hesitant to accept the cost of As staff secretary, Ms. Tanden apolis with his siren and lights
working on a longer-term cli- Mr. Biden’s congressional will be tasked with managing activated when his squad car
mate strategy, according to of- agenda. the decision-making process in- slammed into another vehicle,
ficials, that will lay out a road The U.S. Chamber of Com- side the White House, organizing killing 40-year-old Leneal Frazier,
map for getting to the net merce has promised to “do ev- meetings on policy issues and said Hennepin County Attorney
zero U.S. emissions by 2050 erything we can to prevent this overseeing the approval of key Mike Freeman. The crash ended
that Mr. Biden has proposed. tax-raising, job killing” bill. documents like executive orders. a chase that lasted more than
Beyond congressional ac- A group of 15 companies, She will replace Jessica Hertz, 20 blocks, including through resi-
tion, Environmental Protection including PepsiCo Inc. and a former Facebook lawyer who dential neighborhoods where the
Agency regulations are at the Royal Dutch Shell PLC, sent a is leaving the administration. posted speed limit is 25 mph.
core of the administration’s letter this week to congressio- Ms. Tanden, the former leader Lawyer Tom Plunkett, said his
near-term effort to meet the nal leaders saying they sup- of the center-left think tank the client, Mr. Cummings, was pursu-
target. Officials expect to pro- port the bill’s climate provi- Center for American Progress, will ing a suspect in a “violent carjack-
pose new requirements for oil- sions but are concerned about continue in her role as a senior ing” and that the occupants had
and-gas companies to control how the bill raises money, re- adviser to the president, a title been “on a crime spree.” The police
their methane emissions before questing a discussion of “al- she received after her nomination union didn’t respond to a message.
Mr. Biden leaves for Glasgow. ternative options.” to head the White House Office —Associated Press
© Vienna Tourist Board / David Payr

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P2JW296000-4-A00700-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 23 - 24, 2021 | A7

U.S. NEWS

Five Agencies Review

Afghanistan Pullout
BY VIVIAN SALAMA ternal discussions. The Taliban took control of
AND NANCY A. YOUSSEF The five agencies will hold Kabul on Aug. 15 after the
internal calls among the vari- U.S.-backed government col-

U.S. CENTRAL COMMAND/EPA/SHUTTERSTOCK

WASHINGTON—A number
of U.S. agencies have begun in-
ternal reviews of the Biden ad-
ministration’s handling of the
withdrawal from Afghanistan,
particularly the final depar-
ture of military and diplomatic
personnel, closure of the U.S.
Embassy, and the emergency
evacuation of diplomats and
eligible Afghan refugees from
the country.
The reviews, which have
been started separately by the
offices of inspectors general at
the departments of Defense,
Homeland Security, Health and
Human Services and State, as
well as at the U.S. Agency for
International Development,
aim to determine whether the
administration adequately
planned for and executed the
withdrawal and subsequent
evacuation and relocation of
Afghan nationals, according to
internal disclosures and U.S.
officials familiar with the in-
ous offices of inspectors gen-
eral to share periodic updates
on their findings, the officials
said. The agencies are working
with the Special Inspector
General for Afghanistan Recon-
struction and the inspectors
general at the departments of
State and Defense to coordi-
nate continued oversight work
related to Afghanistan.
The reviews amount to a
broad examination of how the
federal government managed
the withdrawal from Afghani-
stan and of questions about
whether it could have been
handled better. The Biden ad-
ministration has come under
fire for the chaotic nature of
the withdrawal, after the U.S.
troop drawdown turned into
an emergency evacuation mis-
sion for the U.S. and many of
its foreign partners based in
Afghanistan, as well as for Af-
ghans who served those gov-
ernments.
lapsed and its president fled,
two weeks before the U.S.
withdrawal deadline and long
before anyone in Washington
had anticipated.
On Thursday, Republican
Sens. Jim Risch of Idaho,
James Inhofe of Oklahoma and
Rob Portman of Ohio, ranking
members of the Senate For-
eign Relations Committee, the
Senate Armed Services Com- U.S. Marines at an evacuation checkpoint at the international airport in Kabul on Aug. 21.
mittee, and the Senate Home-
land Security and Governmen- ghanistan, its processing and and provided support for the The offices of inspectors
tal Affairs Committee, resettlement of refugees for relocation of Afghan nationals. general at the departments of
respectively, sent a letter to admissions into the U.S., and The Defense Department in- Homeland Security and Health
the inspectors general of the the emergency evacuation of spector general also is evalu- and Human Services didn’t re-
State Department, DHS, De- U.S. citizens and Afghan na- ating how well the Pentagon is spond to a request to com-
fense Department and USAID tionals, according to a letter managing and tracking dis- ment on the scope of their in-
requesting a joint review and viewed by The Wall Street placed persons from Afghani- ternal investigations.
audit of the Afghan special im- Journal. stan. It isn’t uncommon for sev-
migrant visa, or SIV, program. The Defense Department in- The USAID office of inspec- eral inspectors general at vari-
This week, the State De- spector general has begun two tor general said it plans an au- ous federal agencies to launch
partment’s acting inspector evaluations and an audit of dit of the humanitarian-assis- separate probes into the same
general informed Congress the final days of the U.S. war tance activities in Afghanistan, general issue and coordinate
that her office will review the in Afghanistan. The audit aims as well as an audit on the ter- their reviews, according to
State Department’s special im- to determine whether the Pen- mination process for Afghan- government transparency ex-
migrant visa program for Af- tagon had adequately planned related programming. perts.

Counterintelligence Focus Narrows to Key Technologies

BY KATE O’KEEFFE
WASHINGTON—The U.S.’s
top counterintelligence official
said he is narrowing his team’s
focus to safeguarding five key
technologies, including semi-
conductors and biotechnology,
seeing their protection from
rivals as determining whether
America remains the world’s
leading superpower.
The National Counterintelli-
gence and Security Center’s
acting director, Michael Or-
lando, said Thursday he is
sharpening the center’s priori-
ties in order to educate busi-
nesses and academia about the
expansive efforts by China and
Russia to collect cutting-edge
research.
The five technologies iden-
tified by Mr. Orlando include
artificial intelligence, quantum
computing and autonomous
systems such as undersea
drones and robots that can
perform surgeries. The sectors
are often depicted by scien-
tists and researchers as future
drivers of economic growth
and military dominance.
Mr. Orlando, who took up
the post in January after serv-
ing as deputy director, said at a
media briefing that losing lead-
ership in these fields could
lead to the U.S.’s being eclipsed
as the world superpower.
The narrower focus appears
to mark an adjustment, rather
than a departure, from a full-
scale counterintelligence drive
begun under the Trump ad-
ministration to stop the theft
and transfer of U.S. technol-
ogy, research and other pro-
prietary information to China.
The initiative saw counter-
intelligence officers fan out to
universities and businesses,
Losing leadership in
key fields could lead
to U.S. being eclipsed
as world superpower.
briefing them on a broader set
of fields Beijing has identified
as areas to dominate, as well
as the U.S.-China competition
over next-generation wireless
technology known as 5G. Civil
liberties and academic groups
criticized parts of that effort
for creating an environment of
suspicion that stigmatized
Chinese and other Asians.
Mr. Orlando said he isn’t
advocating across-the-board
decoupling from the Chinese
economy and that he recog-
nizes the importance of at-
tracting foreign talent, includ-
ing students, to the U.S. to
compete in these five areas.
He said that it isn’t practical
for the counterintelligence cen-
ter to look at such a wide range
of fields and that the threat of
companies like Huawei Tech-
nologies Co. dominating 5G
has already been highlighted.
As part of its new priori-
ties, the counterintelligence
center named Edward You, a
career FBI agent and an expert
on biological threats, to a new
position to focus on emerging
and disruptive technologies.
Mr. You said Thursday that a
goal is to raise awareness that
China’s efforts to develop the
world’s largest data set of ge-
netic and other biological in-
formation pose a threat be-
yond individual privacy issues.
While Chinese companies
such as BGI Group have contin-
ued harvesting global biological
data by offering genetic-testing
services, China’s government
has effectively stopped grant-
ing access to its own people’s
data, Mr. You said. “It’s a one-
way street,” he said.
A BGI spokesman accused
the U.S. of spreading disinfor-
mation and said that the com-
pany protects all data in com-
pliance with international
standards and local regula-
tions, and that the company
isn’t linked to the Chinese
government.
The new priorities of the
counterintelligence center are
in line with reports issued last
year by a House Armed Ser-
vices Committee group and
the House Intelligence Com-
mittee. Those reports urged
the Defense Department to re-
think national security, includ-
ing by investing in artificial
intelligence, quantum comput-
ing and biotechnology, and
said intelligence agencies
needed to adapt to “a chang-
ing geopolitical and technolog-
ical environment increasingly
shaped by a rising China.”

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P2JW296000-8-A00800-1--------XA
A8 | Saturday/Sunday, October 23 - 24, 2021
ANDREW CABALLERO-REYNOLDS/AGENCE FRANCE-PRESSE/GETTY IMAGES
A mother watched as her adolescent son got a Covid-19 vaccine in Fairfax, Va., in May. Eligibility will soon expand to younger children.
Schools, Pediatricians Gearing Up
For Rollout of Children’s Vaccine
BY JARED S. HOPKINS
AND JULIE WERNAU
Pediatricians, schools and
pharmacies are preparing to
host Covid-19 vaccination clinics
for millions of children, in what
will be the largest vaccine effort
since initial doses for adults
went out almost a year ago.
States and federal officials
say they anticipate thousands
of doctors’ offices will adminis-
ter most of the vaccines when
eligibility expands to 28 million
children between 5 and 11,
should regulators allow the
shots. Most states including
Colorado, Oklahoma and Vir-
ginia are also setting up thou-
sands of clinics at schools and
community-health facilities,
while some states will put vac-
cines at places frequented by
families, such as museums.
Pharmacists, who normally
don’t give vaccines to children
in many states, will also help,
after Congress granted them
permission to administer
Covid-19 vaccines to most chil-
dren during the pandemic. CVS
Health Corp. and Walgreens
Boots Alliance Inc. expect to
offer the vaccine, as do com-
munity pharmacies.
Federal officials and states
are planning for a rollout that
could get under way in early to
mid-November. The two-dose
vaccine from Pfizer Inc. and
partner BioNTech SE is cur-
rently under review by the
Suit Shows
The average Google’s Ad
CMO only lasts Dominance
40 months in
the C-suite.
And it’s hurting
CEOs’ visibility.
Boathouse is a
marketing and
technology
agency driven to
help CEOs and
CMOs outperform
together.
Join the
conversation at
boathouseinc.com.
Food and Drug Administration.
Facing no supply concerns
and having honed Covid-19 vac-
cine distribution over the past
year, state and public-health
officials say they anticipate a
smoother rollout than with
adults, when early demand out-
stripped supply, overwhelming
pharmacies and other provid-
ers. These officials also are en-
couraged by how the pediatric
Pfizer-BioNTech vaccine will be
shipped in smaller packages
than the doses for adults and
can be refrigerated for up to 10
weeks instead of needing ultra-
cold freezers that most doc-
tors’ offices lack. As a result,
practices can use more doses
before they expire, reducing
potential waste.
“This is going to be logisti-
cally a little bit easier than it
was with the adults,” said
Claire Hannan, executive direc-
tor of the Association of Immu-
nization Managers.
Still, state and public-health
officials say thousands of doc-
tors and nurses who haven’t
yet given Covid-19 vaccines will
need to learn how to order and
administer the shots. Another
challenge is predicting how
many parents will vaccinate
their children. Polls show many
parents haven’t decided. About
one-third of 217 parents of kids
5 to 11 surveyed recently by the
Kaiser Family Foundation said
they plan to wait to see how
the shot performs before inoc-
U.S. NEWS
ulating their children.
States are weighing where
to send vaccines based on
whether parents are comfort-
able sending their children to
get vaccinated at school with
permission slips or want to
discuss the shot with a health-
care worker before making de-
cisions. Some states are sur-
veying doctors’ offices about
administering vaccines and
helping them sign onto
Covid-19 vaccination programs.
Many schools are
used to administering
vaccines, particularly
in rural areas.
Virginia expects only about
one-quarter of its schools to
offer on-site vaccination, citing
communities that are vaccine
hesitant and schools that have
limited staff, said Danny Avula,
the state’s vaccination liaison.
He predicted about half of the
723,000 eligible kids in the
state will be vaccinated in the
first few months. “I don’t think
the uptake will be that signifi-
cant,” Dr. Avula said.
The Pfizer-BioNTech vaccine
appeared to safely generate a
robust immune response in
children 5 to 11 years in a
Phase 3 trial, according to the
Continued from Page One
nance of advertising, citing
Google documents that say
the company served 75% of all
online ad impressions in the
U.S. during the third quarter
of 2018.
The suit cites programs,
with code names such as Bell,
Elmo and Poirot, that helped
Google generate more than $1
billion in sales.
The case argues that
Google’s business practices
inflate advertising costs,
which brands pass on to con-
sumers in higher priced prod-
ucts. It also alleges that
Google suppresses competi-
tion from rival exchanges and
limits websites’ options for ad
delivery.
Led by Texas Attorney Gen-
eral Ken Paxton and joined by
15 states, the suit comple-
ments a separate antitrust
case by the U.S. Justice De-
partment and almost 40 state
attorneys general focused on
Google’s search services, as
well as a Utah-led lawsuit tar-
geting Google’s Play app
store. Those cases are set for
trial in 2023 or later. The Jus-
tice Department is exploring a
separate suit against Google’s
advertising business.
Lawyers for the group of
states in the Texas-led suit
put a focus on the role of
Google’s advertising ex-
change, called AdX, which
they say charges a fee of be-
tween 19% and 22% of the
prices advertisers are paying
on the exchange to reach pub-
drugmakers. The FDA con-
firmed the data on Friday.
An advisory panel to the
FDA meets Tuesday to discuss
the Pfizer clinical trial data for
the children, and an FDA deci-
sion could come within days.
Then, after an advisory panel
to the Centers for Disease Con-
trol and Prevention meets and
issues a recommendation, dis-
tribution could begin.
Pfizer and BioNTech are fur-
thest ahead with development
of a vaccine for children under
12 years old. Moderna Inc. is
conducting a clinical trial while
Johnson & Johnson has yet to
begin one.
Some children’s hospitals
will offer vaccines and join
with community and religious
groups, according to federal of-
ficials. Most hospitals, which
played a major role during the
initial U.S. vaccination rollout,
will sit out pediatric vaccina-
tions because they are short-
staffed and overwhelmed due
to recent surges in Covid-19
patients, public-health officials
said.
Many schools are used to
administering vaccines, partic-
ularly in rural areas. The Ju-
neau, Alaska, school district
plans to place vaccine clinics in
elementary schools.
“We’ll continue to have clin-
ics until we see demand go
down,” said Kristin Bartlett,
chief of staff at Juneau School
District.
lishers. That is double to qua-
druple what AdX’s nearest
competitors charge, according
to the suit.
The company’s command-
ing market share in advertis-
ing helped it secure those
larger fees, according to the
suit.
Smaller advertisers pay
even larger fees. Transacting
on a separate system called
Google Display Network, they
pay fees ranging from 32% to
40% to Google. The rates are
in line with Google’s public
statements that publishers re-
ceive 68% of revenue from
AdSense, a tool to serve ads
to smaller websites.
In internal discussions
about Google Display Net-
work, executives said the
company’s ad networks make
“A LOT of money” in commis-
sions because “we can,” ac-
cording to the suit. “Smaller
pubs don’t have alternative
revenue sources,” a Google
employee said.
When a system called
header bidding opened
Google’s ad auctions to rival
exchanges about five years
ago, a change that followed
accusations that the tech gi-
ant’s systems were anticom-
petitive, a Google executive
wrote in an email that the
system posed “an obvious di-
lemma” that could reduce
Google’s profit margins to
“around 5 percent,” according
to the unredacted suit.
The company deemed the
threat of header bidding exis-
tential because the system
would circumvent Google’s
tools. In 2016, one employee
worried that competition
from rival exchanges would
show that the 20% fee Google
charged for its exchange
“likely wasn’t justified,” ac-
cording to the suit. Others
strategized to “kill” it.
******** THE WALL STREET JOURNAL.
Pfizer-BioNTech
Shot for Ages 5 to 11
Meets FDA Criteria
BY PETER LOFTUS
AND JARED S. HOPKINS
The Food and Drug Admin-
istration said the Covid-19 vac-
cine from Pfizer Inc. and Bi-
oNTech SE met the agency’s
criteria for immune responses
in a study in children ages 5 to
11 years.
In a report released Friday,
the agency flagged the risk of
heart-inflammation conditions
including myocarditis associ-
ated with the vaccine but said
the overall benefits, in prevent-
ing Covid-19 disease and hospi-
talizations, would outweigh the
risk of the heart conditions.
The FDA assessment could
support the agency’s authori-
zation of the vaccine in chil-
dren in the coming days or
weeks, but the myocarditis risk
is likely to be a topic of debate
among advisers to the FDA
who are scheduled to first re-
view the application.
The agency confirmed data,
which the companies had re-
leased earlier in the day, show-
ing the vaccine was 90.7% effec-
tive at preventing symptomatic
Covid-19 in a study of 5- to 11-
year-olds, information that
health authorities will likely
factor as they weigh whether to
authorize the shots for use.
The vaccine was found to be
safe and tolerable, the compa-
nies said in a document they
submitted to the FDA and the
agency posted online Friday
morning.
In early October, Pfizer and
BioNTech asked the FDA to au-
thorize the vaccine for children
5 to 11 years old.
The documents were posted
ahead of a meeting scheduled
for Tuesday of a committee of
vaccine experts advising the
FDA.
The panel, the Vaccines and
Related Biological Products
Advisory Committee, will meet
to review the evidence of the
vaccine’s safety and effective-
ness in children, and vote to
recommend whether the FDA
should authorize the use.
If the vote is in favor, FDA
authorization could follow
within days. And if the Centers
for Disease Control and Pre-
vention subsequently signs off,
millions of younger children
could get a Covid-19 vaccine
for the first time.
There are more than 28 mil-
lion children ages 5 to 11 in the
U.S., according to the Ameri-
can Academy of Pediatrics.
The risk of severe Covid-19
is much lower in children than
in adults. Yet many have been
“AdX is the lifeblood of our
programmatic business,” a
company executive wrote in
an email in 2017. “What do we
do?”
The search giant sought to
undermine header bidding
through partnerships and
software that protected its
position, the suit says. Google
offered an alternative to
header bidding that appeared
to be a concession to the
competitive pressure, but the
suit says it secretly developed
a program called “Jedi” to en-
sure that Google’s exchange
won auctions.
Google employees antici-
pated that the Jedi program
could create blowback from
clients and the public, saying
The case argues that
Google’s business
practices inflate
advertising costs.
it “generates suboptimal
yields for publishers and seri-
ous risks of negative media
coverage if exposed exter-
nally,” according to newly un-
redacted material.
The company’s staff also
discussed playing a “jedi
mind trick” on the industry
by “getting publishers to
come up with” the idea of re-
moving rival exchanges “on
their own”—primarily by fos-
tering concern that header
bidding would strain a pub-
lisher’s servers, the suit says.
In 2018, Google struck a
previously reported deal with
Facebook that it code-named
“Jedi Blue.” The complaint al-
leges that Facebook engaged
in an “18-month header bid-
ding strategy” to increase its
hospitalized, and at least 691
children under 18 years have
died from Covid-19, including
146 deaths in the 5- to 11-year
age group, according to the
FDA.
Vaccination may also help
prevent children from trans-
mitting the virus, according to
many health experts.
Pfizer and BioNTech said in
September that their vaccine
was generally well-tolerated
and induced strong immune
90.7%
Effectiveness at preventing
symptomatic Covid-19 in study
responses in a study of nearly
2,270 children 5 to 11.
Each child received two
doses three weeks apart, and
each shot contained one-third
of the dosage used for adoles-
cents and adults.
The vaccine induced neu-
tralizing antibody levels in
younger children that were
comparable to those seen in
people ages 16 to 25 who
served as a control group in
the study, the companies said.
The Pfizer-BioNTech docu-
ment had new data from the
same study showing that the
immune responses appeared to
protect children from disease.
Researchers didn’t find any
cases of heart-inflammation
conditions including myocardi-
tis in children in the study. The
companies, however, said the
study was too small to detect
this potential risk.
Health authorities have said
there is an increased risk of
myocarditis with Covid-19 vac-
cines from Pfizer and Mod-
erna Inc., particularly in males
under 30 years.
SHAWN ROCCO/DUKE UNIVERSITY/REUTERS
A 7-year-old got a Pfizer shot in
a Durham, N.C., trial last month.
leverage in such a deal.
The complaint alleges
Google also developed Accel-
erated Mobile Pages, or AMP,
a version of a website hosted
on Google’s servers designed
to load quickly on mobile
phones, in part as a way to
combat header bidding.
Google explicitly designed
AMP pages not to work well
with header bidding, the suit
alleges, and deliberately made
ads that didn’t use AMP load
with a one-second delay to
give AMP what Google called
“a nice comparative boost.”
Publicly, Google claimed
the AMP sites loaded four
times faster than non-AMP
pages. But internally, Google
employees said they grappled
with being asked to “justify”
a system that actually made
websites “slower,” according
to the complaint.
Google internal documents
show that AMP pages brought
40% less revenue to publish-
ers, according to unredacted
sections of the suit.
Mr. Schottenfels, the
Google spokesman, said the
lawsuit’s claims about AMP
are false and reiterated that
its engineers designed the
system to load webpages
faster, not to harm header
bidding. He also said that
header bidding has technolog-
ical drawbacks, including that
it requires devices to use
more data. He added that
publishers had the choice to
use header bidding if they
preferred.
Texas Attorney General
Paxton said that Google’s in-
ternal communications show
it can’t justify its ad fees.
“Only a monopolist can
charge rates that are double
the rates of its competitors
and yet still increase their
market share,” Mr. Paxton
said.
P2JW296000-4-A008A0-1--------NS

THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, October 23 - 24, 2021 | A8A

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THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, October 23 - 24, 2021 | A9

WORLD NEWS
Saudis Resist Calls to Cut Oil Investments
Ahead of climate talks, Prince Abdulaziz is press-
ing the argument that such a
the kingdom is rigid zero-investment target
pressing fellow for new oil and gas develop-
ment would reduce supply be-
producers to unite fore global demand drops sig-
nificantly, risking an oil-price
BY SUMMER SAID superspike, according to peo-
AND BENOIT FAUCON ple familiar with the talks.
A spokesman for the U.N.’s
Saudi Arabia is pushing fel- Intergovernmental Panel on
low oil producers to present a Climate Change said it “does
united front at climate talks that not comment on the contents
start this month, and oppose of draft reports while work is
rising calls for a reduction in still ongoing.” He added that
Riyadh’s role as the world’s
largest crude-oil exporter, and
its reluctance so far to commit
to specific emissions cuts, has
made it a focus in the diplo-
matic positioning and negotia-
tions taking place among
countries ahead of the talks.
John Kerry, the chief climate
envoy for the Biden adminis-
tration, is expected in Riyadh
this weekend to meet Crown
Prince Mohammed bin Salman.
Saudi Arabia has told global
oil-industry executives and in-

AMR NABIL/ASSOCIATED PRESS

fossil-fuel investment, say peo-
ple familiar with the strategy,
arguing that such a move could
further increase energy prices.
The kingdom, along with key
oil-producing allies, including
the Organization of the Petro-
leum Exporting Countries, is
arguing publicly and privately
that calls for lower investment
in new oil and natural-gas de-
velopment endorsed at a United
Nations climate summit that
kicks off on Oct. 31 in Glasgow,
Scotland, could lead to higher
prices and widen the gap be-
tween rich and poor countries.
Oil-producing countries
have emerged as a formidable
group that is resisting what
they describe as an unrealistic
push by rich nations to limit
fossil-fuel investment as a way
Saudi Aramco engineers and journalists at the Hawiyah Natural Gas Liquids Recovery Plant.
of lowering greenhouse-gas
emissions. The International
Energy Agency, a group that
monitors energy issues and
whose members include much
of the developed world, said in
May that governments and
companies should immediately
cease investment in new oil
and gas development if the
world wants to achieve net-
zero carbon emissions by 2050.
Alok Sharma, the British cab-
inet minister who is chairing
the Glasgow meeting, called
COP26, repeatedly has said he
plans to use the IEA’s net-zero
emissions target as a template
for the talks. A COP26 spokes-
man said Mr. Sharma “has been
clear all countries need to pick
up the pace on driving down
emissions and safeguarding
people and nature from the
worst effects of climate change.”
He declined to comment on
“the ultimate text of the [its]
reports is decided by scientists,
based exclusively on underly-
ing scientific evidence.” The
Saudi Energy Ministry didn’t
return a request to comment.
Saudi Arabia is among a
handful of nations, along with
China and India, that have yet to
submit their latest official plans
specific conversations with in cutting emissions. Proposals
Saudi Arabia. from member governments are
Prince Abdulaziz bin Sal- due ahead of the summit and
man, the Saudi energy minis- are expected to be a starting
ter, and Saudi Arabia’s envoy point for the two-week talks.
to the Glasgow summit, Khalid Negotiators want to reaf-
Abuleif, have asked like- firm a commitment made at a
minded oil producers, includ- similar meeting in Paris in
ing Nigeria, Kuwait and Oman, 2015 that called on nations to
to push back against the IEA’s limit the rise in global tem-
investment recommendation, peratures to close to 1.5 de-
according to people familiar grees Celsius compared with
with the matter. preindustrial days.
ternational investors that it is
committed to investing in its
oil fields to expand production
and has no plans to curb such
spending, according to people
familiar with its position. In a
private conference for Bank of
America clients and analysts
in June, Prince Abdulaziz said
the country would pump “ev-
ery molecule” of its hydrocar-
bons, according to people who
attended the meeting. Bank of
America declined to comment.
Saudi Arabia has launched
an aggressive, public campaign
to help wean its economy off
oil, but the effort has strug-
gled to make much of a dent in
the kingdom’s economic reli-
ance on pumping and selling
crude. It has redoubled its
commitment to those exports.

Mass Graves Investigated as Libya Seeks an Elusive Peace

BY JARED MALSIN
TARHUNA, Libya—In Au-
gust, Hakim Naama heard the
news he had feared since his
brother, Abu Bakr, vanished
while driving home in 2019.
DNA testing had identified
him as one of 228 bodies un-
earthed by Libyan authorities
from the fields around Tar-
huna, a town south of the capi-
tal, Tripoli. He had been blind-
folded and shot several times
in the back and face, according
to Mr. Hakim and a United Na-
tions human-rights panel.
At the time of Abu Bakr’s
disappearance, a militia led by
two Libyan brothers, Mohamed
and Abdulrahman al-Kani, con-
trolled Tarhuna. The pair had
built the militia to seize the
town during the chaos that fol-
lowed the fall of dictator Moam-
mar Gadhafi in 2011, and later
allied themselves with Russian-
backed warlord Khalifa Haftar
when he began his attempt to
take the capital in 2019.
Residents and U.N. investi-
gators say their group, known
as the Kaniyat, began round-
ing up residents and carrying
out extrajudicial executions as
a means of suppressing oppo-
sition. They said the killings
accelerated during Mr. Haftar’s
14-month siege of Trip-
oli, when Tarhuna was used as
a staging post in the civil war.
Russia, Egypt and the United
Arab Emirates provided arms
to Mr. Haftar, while Turkey’s
military support helped the
Tripoli government roll back
the offensive. An estimated
2,000 people died before the
warring sides signed a U.N.-
brokered cease-fire last year.
The International Criminal
Court has launched an investi-
gation into the killings, but
hasn’t issued indictments. The
U.S., European Union and U.K.
imposed sanctions on the
leaders of the Kaniyat, includ-
ing the Kani brothers.
Locating the killers and
bringing them to account,
rights advocates say, could an investigation led by Libyan “They were trying to erase
help determine whether Libya prosecutors in Tripoli. Nearly the whole family so no one
consolidates its fragile peace every week, they find more would come after them in the
process, or slides back into a human remains. According to future,” said Hammouda al-Ha-
cycle of violence. Human Rights Watch, at least mali, a former Tarhuna resident
The political hurdles are con- 338 people have been reported who lost 14 relatives in the
siderable. Mr. Haftar is a poten- missing from Tarhuna, popula- killings after family members
tial candidate in Libya’s national tion 40,000, since 2014. turned against the Kaniyat.
elections, set for December. The The Kani brothers exercised Members of the Kani family
Kanis also were once allied with almost total control in Tarhuna, and the Kaniyat couldn’t be
the government in Tripoli, residents and investigators say. reached to comment.
which has portrayed the killings They aligned themselves with No arrests have been made,
as Mr. Haftar’s responsibility. whoever they thought would though there has been at least
Next to the road from Tar- strengthen their control, one attempt to serve an arrest
huna to Tripoli, in a field lined swinging from the government warrant, according to police in
with tall pines, workers with in Tripoli to Mr. Haftar’s forces, eastern Libya.
shovels pick every day at the according to residents. One of the Kani brothers,
reddish clay, leaving pock- The worst purges came as Mohamed al-Kani, was killed
marks as they probe the Mr. Haftar’s offensive stalled in in an exchange of fire with po-
ground for bodies as a part of early 2020, victims’ families say. lice, officials said.

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A10 | Saturday/Sunday, October 23 - 24, 2021 **** THE WALL STREET JOURNAL.

OBITUARIES
CHUCK BUNDRANT E D WA R D B . H A G E R
1942 — 2021 1931 — 2021

Seafood King Made Pollock Physician Co-Founded

Kidney Dialysis Firm
A Staple of American Diet
E
dward B. Hager was a
prominent kidney doctor
and Harvard Medical
BY JAMES R. HAGERTY history by John van Amerongen. School instructor in the late
In Seattle, Mr. Bundrant worked 1960s when he saw an opportu-
patients soared. National Medical
was valued at about $4 billion in
1996 when it was merged into
Fresenius Medical Care.
For-profit dialysis centers be-

O
ne of the boldest bets Chuck
Bundrant made in his busi-
ness career was that Ameri-
cans would be just as happy with
Alaska pollock in their fish sand-
wiches as they were with cod.
It helped make him a billionaire.
“If you don’t get a college edu-
cation, you’re going to end up dig-
ging a ditch,” Mr. Bundrant re-
called being warned by his father,
a salesman for General Foods. Af-
ter one semester at what is now
Middle Tennessee State University,
however, the young man was im-
patient to start earning a living. In
early 1961, he drove a 1953 Ford
station wagon to Seattle and be-
gan looking for work in the fishing
industry.
Mr. Bundrant started at the bot-
tom, extracting crab meat from
shells, and worked his way to the
top by founding Seattle-based Tri-
dent Seafoods Corp., one of the
world’s largest fish processors.
As the supply of cod shrank in
the 1980s, Mr. Bundrant promoted
pollock as a cheaper alternative.
Its flavor was mild. It could easily
be processed into breaded slabs or
His son, Joe Bundrant, who has
served as chief executive of Tri-
dent since 2013, said the company
had thrived on his father’s willing-
ness to take big risks.
I
n the early 1970s, the founder
commissioned a novel crab-
fishing boat with onboard
cookers and freezing equipment,
reducing reliance on shore-based
processing plants. A decade later,
at a grocery store and searched for
fishing jobs that would take him to
Alaska. A chance meeting in a bar-
bershop led to a job in Alaska,
where he packed crab meat into
trays for freezing.
He worked as a crew member on
boats, learned to fish for crab and
bought his own fishing vessels. Af-
ter he married Mary Burch in 1965,
they started a family. Long spells
at sea put a strain on the mar-
riage. “It’s either me or the boat,”
he recalled his wife saying at one
point. He considered returning to
Tennessee and buying a farm but
quickly concluded that fishing was
far more profitable.
In the 1970s, he began building
up Trident with partners Mike Ja-
cobson and Kaare Ness. Trident di-
versified from king crab to salmon,
herring and pollock.
Seeking to establish pollock as a
substitute for cod, he invited exec-
utives of the Long John Silver’s
seafood-restaurant chain to Alaska.
During a meal prepared by a Tri-
dent chef, one of the executives
praised what he thought was cod
and was shocked to learn it was
nity to make money while pro-
longing human lives.
With a colleague, Constantine
Hampers, Dr. Hager in 1968
founded National Medical Care
Inc. to build a chain of facilities
providing kidney dialysis. Hospi-
tals lacked capacity to provide di-
alysis to everyone suffering kid-
ney failure and sometimes had to
rely on committees to decide who
would get the treatment.
National Medical could charge
lower fees than hospitals and still
make a profit. Growth of the busi-
ness proved far greater than ex-
pected as the number of kidney
D AV I D K E N N E DY
1939 — 2021
Reluctant Ad Man
Found Niche in West
came controversial as regulators
and patient advocates sometimes
accused them of skimping on
quality or discouraging home di-
alysis treatments. A 1971 editorial
cartoon in the Boston Globe de-
picted dialysis equipment as a
slot machine gushing coins.
“Everybody screams in horror
when they see doctors making
money by working to develop
new systems of healthcare,” Dr.
Hager told Newsweek in 1972.
“But who should do it—the mail-
man, the stockbroker?”
Dr. Hager died Oct. 5. He was 90.
—James R. Hagerty

turned into fish paste or imitation
crab meat. Restaurants could pitch
it as a sustainable source of pro-
tein subject to strict regulation of
fishing volumes.
As a result, the once-derided
pollock has become one of the top-
selling fish in America. U.S. pro-
duction of Alaska pollock fillets is
running at more than 40 times the
mid-1980s level.
“Chuck was the first evangelist
for Alaska pollock,” said Craig
Morris, chief executive of the As-
sociation of Genuine Alaska Pol-
lock Producers.
Mr. Bundrant died Oct. 17 at his
home in Edmonds, Wash. He was
79 and had been diagnosed with
Parkinson’s disease more than a
decade ago. Forbes estimated his
fortune at $1.3 billion.
he built a mammoth processing
plant on Akutan, a remote and
barely inhabited Aleutian island.
Land was so scarce there that Tri-
dent had to “blow out the side of a
mountain” and bring in bulldozers
to flatten the plant site, as a com-
pany history put it.
Charles Hardin Bundrant, known
as Chuck, was born Jan. 31, 1942,
and grew up in Tennessee and In-
diana. During high school in Evans-
ville, Ind., he formed his own
short-lived company to make plas-
tic sheets designed to protect car
windshields from ice and snow.
His initial career plan was to be-
come a veterinarian, but the 1960
movie “North to Alaska” helped in-
spire a fascination with that state,
according to “Catching a Deckload
of Dreams,” a Trident company
pollock. The chain soon became a
major customer.
Trident merged its seafood busi-
ness into a company jointly owned
with what was then known as Con-
Agra Inc. in 1987. That provided
more capital for expansion. In the
mid-1990s, Mr. Bundrant and part-
ners bought ConAgra’s share of the
business.
Mr. Bundrant is survived by his
wife, Diane Bundrant, a sister,
three children, 13 grandchildren
and five great-grandchildren. His
earlier marriage ended in divorce.
He had little time for typical ex-
ecutive pastimes and once de-
scribed golf courses as a “waste of
good cow pasture.”
 Read in-depth profiles at
WSJ.com/news/types/obituaries
A
s a young man in the late
1950s and early 1960s, Da-
vid Kennedy was partial to
Miles Davis, abstract art and Na-
tive American culture. He was, as
he put it later, “scared to death of
being ordinary.”
So his early jobs at advertising
agencies in Chicago, as a huckster
of mainstream merchandise, were
an uncomfortable fit. Unwilling to
be categorized as an ad man, he
sometimes told people he worked
in graphic design.
With five children to support,
however, dropping out wasn’t an
option. Instead, he moved West,
to Portland, Ore., in 1979 to work
in an office of McCann-Erickson.
Three years later, he and a like-
minded colleague, Dan Wieden,
set up their own Portland-based
firm, Wieden+Kennedy, initially in
an office furnished with a bor-
rowed card table. Doing ads for
Nike Inc., including the “Just Do
It” campaigns, helped transform
their firm from a boutique into a
creative powerhouse, now with
about 1,400 employees and of-
fices overseas.
A 1985 ad for Honda scooters—
featuring a swirling collage of
New York street life along with
Lou Reed and his song “Walk on
the Wild Side”—established the
firm’s reputation for artistic so-
phistication. Making ads could be
kind of hip after all.
Mr. Kennedy, who retired in his
mid-50s to make metal sculp-
tures, died Oct. 10 of heart fail-
ure. He was 82.
—James R. Hagerty

WORLD NEWS

U.S., European Allies Try to Move Beyond Disputes

NATO defense
ministers agree to plan
to defend nations in
case of Russian attack
BY JAMES MARSON
AND NANCY A. YOUSSEF
BRUSSELS—U.S. allies have
grumbled about Washington
taking little heed of them in
the Afghanistan withdrawal
and elbowing France aside
from a multibillion-dollar sub-
marine contract.
At a two-day meeting of
NATO defense ministers that
wrapped Friday, they sought to
move on, agreeing to a new
plan to defend Europe in case
of a Russian attack and seeking
to ease tensions over Europe’s
efforts to equip itself for more
independent military action.
Points of contention re-
main. Paris is still smarting
from the U.S. deal struck to
supply nuclear submarines to
Australia, nixing an earlier
French contract. Some Europe-
ans are worried the U.S. is too
focused on China. Germany
and France are split over the
extent to which European mili-
taries should seek to operate
independently of the U.S.
Still, at the North Atlantic
Treaty Organization meetings,
there were frank conversations,
including about Afghanistan, but
no finger-pointing, according to
officials familiar with talks.
“The crisis in Afghanistan
does not change the need for
Europe and North America to
stand together in NATO amid
growing global challenges,”
Secretary-General Jens Stol-
tenberg told reporters.
Mr. Stoltenberg said many
allies commended the U.S. and
others on their evacuation of
more than 120,000 people
from Kabul in a few days.
That is in part because Eu-
ropeans recognize how much
they depend on U.S. military
might, officials say, to deter
Russia or undertake any sig-
nificant expeditionary mission.
European countries have
added billions in defense
spending in recent years, but
many, particularly Germany,
remain well short of the NATO
defense-spending target of 2%
of gross domestic product. U.S.’s commitment to the alli-
The European Union has ance. “But I don’t think we
worked to boost and stream- should be naive in terms of
line defense spending within the American pivot to Asia.”
the bloc, most of whose coun- Ministers discussed how to
tries are also NATO members. prevent terrorists from gain-
Officials at NATO expressed ing a foothold in Afghanistan
a sense of relief that President and how to use diplomatic,
Biden has reaffirmed U.S. com- economic and political lever-
mitment to the alliance, which age to pressure the Taliban
former President Donald Trump over human rights and safe
questioned. There was wariness, passage for those wanting to
however, about the U.S.’s focus leave the country.
shifting to countering China. U.S. officials said they don’t
“I don’t think it’s just rhe- believe the conflicts among al-
torical,” said a senior Euro- lies that emerged recently
pean official regarding the would be enduring.

WORLD WATCH
ETHIOPIA BRAZIL
Airstrikes Force U.N. Government Spending
Flight to Turn Back Worries Hit Markets
Ethiopian military airstrikes Brazil’s stock market has lost
on Friday forced a United Na- about $70 billion in value this
tions humanitarian flight to week after President Jair Bolson-
abandon its landing in the capi- aro moved to fund new handouts
tal of the country’s Tigray region, for the poor by altering a consti-
and a government spokesman tutional spending cap, a corner-
said authorities were aware of stone of the nation’s fiscal policy.
the inbound flight. It appeared to Brazil’s currency, the real, weak-
be a sharp escalation in intimi- ened to a seven-month low Friday,
dation tactics officials have used trading at 5.7 to the dollar, while
against aid workers amid the in- the country’s stock market has
tensifying, yearlong Tigray war. lost about 10% this week, falling
Further U.N. flights have been to the lowest level in nearly a year.
suspended to Mekele, the base of The market downturn reflects
humanitarian operations in Tigray, growing anxiety over the eco-
the World Food Program said. The nomic policies of the populist
flight with 11 passengers had been leader. When Mr. Bolsonaro took
ANDREW COULDRIDGE/REUTERS

cleared by federal authorities, but office in 2019 he promised an av-

“received instructions to abort
landing by the Mekele airport con-
trol tower,” it said. The plane
safely returned to Addis Ababa.
Ethiopian government spokes-
man Legesse Tulu said authori-
ties were aware the U.N. flight
was in the area but said the U.N.
and military flights had a “differ-
ent time and direction.”
A Tigray forces spokesman
said “our air defense units knew
the U.N. plane was scheduled to
land and it was due in large mea-
sure to their restraint it was not
caught in a crossfire.” He sug-
gested Ethiopian authorities were
“setting up the U.N. plane to be hit
by our guns.” A military spokes-
man didn’t respond to questions.
—Associated Press
MUSICAL PUMPKINS: A child played with a piano Friday at the Pop Up Farm ahead of Halloween, in Flamstead, St. Albans, Britain.
BELGIUM
EU Leaders, Obama
Give Merkel Sendoff
Angela Merkel is still Ger-
many’s chancellor, and might be
still when European Union lead-
ers meet again, yet they gave
her a big farewell party at Fri-
day’s European Union summit.
Attending her 107th summit,
Ms. Merkel was feted in an infor-
mal ceremony behind closed
doors, where they called her ev-
erything from a “compromise
machine” to the EU’s Eiffel Tower.
Ms. Merkel has been the em-
bodiment of the drive for a stron-
ger united Europe for years since
she attended her first meeting of
EU leaders 16 years ago.
“You are a monument,” said
EU Council President Charles
Michel, adding that a summit
meeting without her would be
like “Rome without the Vatican
or Paris without the Eiffel Tower.”
“So many people, girls and
boys, men and women, have had
a role model who they could
look up to through challenging
times,” former U.S. President Ba-
rack Obama said in a video ap-
pearance. “I know because I am
one of them.”
alanche of free-market policies,
appointing Paulo Guedes—a Uni-
versity of Chicago-trained invest-
ment banker—as finance minister.
But Covid-19 turned those
plans upside down. Brazil has in-
stead embarked on one of the
most generous welfare programs
during the pandemic among any
“Danke schön,” he added. developing nation, handing out
Ms. Merkel, often using the as much as $10 billion a month
clout of juggernaut Germany to in emergency payouts.
the fullest, always sought to Now, Mr. Bolsonaro is looking
keep the EU as tightly knit as for a way to fund a new $70
possible, but defended national monthly permanent stipend for
interests with equal fervor. the poor that political scientists
So, many will be sad to see say is an attempt to also boost his
her go. “Your spirit and experience dwindling approval rating ahead of
will remain with us,” said Mr. next year’s presidential race.
Michel. “You are not leaving us.” —Samantha Pearson
—Associated Press and Luciana Magalhaes
P2JW296000-4-A01100-1--------XA
THE WALL STREET JOURNAL.
Why Some
Nurses
Refuse Shot
Continued from Page One
that Covid-19 vaccines could
harm their health or infringe on
their liberties.
There’s no evidence of the
kind of underreporting Ms. Funk
cited, doctors and public-health
experts say.
The fact that these holdouts
are healthcare workers makes
them one of the most confound-
ing challenges for the vaccina-
tion drive. Around one-third of
the eligible population in the
U.S. remains unvaccinated
against Covid-19. Some of the
vaccine holdouts, health officials
believe, will ultimately be per-
suaded to get the shot. Others
might never be. Their resistance
and potential influence threaten
public-health efforts to defeat
the virus, say epidemiologists
and other health experts.
“We want to get the virus to
a point where we can manage
it,” said Ali Mokdad, professor
of health metrics sciences at the
Institute for Health Metrics and
Evaluation at the University of
Washington.
He estimates that 85% of the
population will need to be vacci-
nated before that is the case,
and even the relatively small
percentage of people who are
opposed to getting the vaccine
could be a barrier to that, con-
sidering it isn’t known when
children under the age of 5 will
be eligible. Shots for those be-
tween 5 and 11 years old could
be approved within the month.
Most healthcare workers are
required by employers to get
immunizations for other infec-
tious diseases, such as measles,
mumps, rubella and chickenpox.
Why are some resisting the
Covid-19 vaccine?
After years of experiencing
federal oversight and health
regulation up close, some nurses
and other medical workers are
skeptical of the system. They
say they are overworked and
burned out and have taken on
Vaccine holdouts
that are healthcare
workers are a
confounding issue.
enough risk during the pan-
demic without adding the dan-
gers they perceive in vaccines
they consider unproven.
Some believe the vaccine’s
development was too rushed
and are worried about the pos-
sible unknown long-term effects
on their health.
The Covid-19 vaccines, with
unprecedented investment and
international focus, were devel-
oped faster than any other vac-
cines, with the next fastest be-
ing the four-year process to
develop the mumps vaccine, li-
censed in the 1960s.
Eventually, those who decline
to get a vaccine will likely get
some immunity by getting in-
fected themselves, epidemiolo-
gists say. But they are more
likely to face a serious case of
Covid-19 and long-term symp-
toms than those who are vacci-
nated. They also pose a threat
to those who are immunocom-
promised or not yet able to get
Musician
Fine-Tunes
His Career
Continued from Page One
He has 52,000 followers on
his TikTok account, @OPRMu-
sic. But it is still tough to
command attention. More
than a million other TikTok
accounts have around the
same number, according to
Tensor Social, a social-media
analytics firm.
Of those, fewer than 100 ac-
counts will yield a social-me-
dia career lucrative enough to
support someone for more
than five years, said Sarah
Peretz, who manages social-
media strategy for clients at a
Los Angeles marketing firm.
The chance at social-media
stardom draws bloggers, danc-
ers, musicians, comedians and
videogame streamers around
the world. Venture-capital
firm SignalFire estimates that
more than 50 million people
identify as independent con-
tent creators. Facebook Inc.,
* * * *
Medical workers Brittany
Watson and Katherine Hart,
above, received religious
exemptions from their
employer’s vaccine mandate.
Carole Funk, right, lost her job.
the shot, such as very young
children or infants, public-
health experts say.
Nurses and other staff who
refuse to get vaccinated have a
double impact on the pandemic
response because healthcare
workers are already in short
supply. Two Valley Health ur-
gent-care clinics, including Ms.
Funk’s former workplace, tem-
porarily closed after several
staff members left or were ter-
minated for refusing to get vac-
cinated. Valley Health plans to
shift vaccinated employees into
the vacancies and reopen the
clinics in the late fall.
‘Individual rights’
The vast majority of Valley
Health employees complied with
a requirement to get at least a
first shot by Sept. 7, according
to Chief Executive Officer Mark
Nantz. He said he was troubled
that a group of medically
trained workers would rather
lose their jobs. He said he is
partly relieved that people op-
posed to such effective vaccines
are no longer treating Valley
Health patients.
“The idea that they feel their
individual rights trump a global
pandemic that’s killed so many
Americans—I can’t reconcile
that,” Mr. Nantz said. “It makes
me incredibly sad.”
Valley Health’s departed
workers cited a range of reasons
for their refusal, such as the be-
lief that pharmaceutical compa-
nies have undue influence over
vaccine policy. Others believe
health authorities haven’t thor-
oughly investigated reports of
post-vaccination health prob-
lems to the Centers for Disease
Control and Prevention’s ad-
verse-event reporting system.
Katherine Hart, 32, a nurse
practitioner at a Valley Health
clinic in Martinsburg, W.Va.,
said her own refusal is moti-
vated by mistrust in the govern-
ment and frustration with man-
dates and restrictions.
Her mistrust comes from a
conservative upbringing and
worldview, she said, one that
emphasizes individual rights
and personal autonomy. “The
Music producer Lorenzo Mitchell working in San Antonio.
TikTok, Snap Inc. and YouTube
earmark millions of dollars to
pay creators.
Yet social-media success is
a lot like professional sports:
Many people dream of making
it to the big leagues. Few do.
That hasn’t stopped Mr.
Mitchell and many others from
trying. “I have followers. I
don’t have the money. That’s
all right,” he said. “It’ll come.”
It might take a while. Based
on TikTok’s payout rate for
people on the platform’s exclu-
sive Creator Fund, a video
FROM PAGE ONE
government shouldn’t be telling tions to 300 employees, Mr.
us what to do,” she said. Nantz said, about half for reli-
Nurse practitioners, unlike gious reasons and half on medi-
registered nurses, can prescribe cal grounds. The majority of
treatments, order tests and di- medical exemptions were for
agnose patients—duties nor- women who were pregnant, try-
mally carried out by doctors. ing to get pregnant or breast-
Ms. Hart came down with feeding. Many said they would
Covid-19 in November 2020, she get the vaccine later. The CDC
said, and believes there is no has encouraged pregnant
need for her to get the vaccine women to get the shots.
because she thinks she is un- Those who were granted a
likely to get infected again. She religious exemption had to dem-
also wears a mask and washes onstrate a “closely held belief,
her hands when working, which even if it’s not fact-based,” said
she said offers protection in ad- Mr. Nantz. Most were approved,
dition to her immunity from and rejected applications were
prior infection. often clearly political, he said.
Research suggests that un- Ms. Hart’s fiancée, Brittany
vaccinated people are more than Watson, 32, a registered nurse
twice as likely than people who at Valley Health who was also
are vaccinated to be reinfected. granted a religious exemption,
Ms. Hart said she gets the flu is currently on strike. The two
shot every year and is up-to- have led picketing efforts out-
date on all her other vaccines. side Valley Health’s Winchester
The Covid-19 vaccine is differ- Medical Center in Virginia pro-
ent, she said, because she feels testing vaccine mandates and
that she is being forced to get it. gathered like-minded support-
She is also suspicious of the ers on Facebook and TikTok.
public-messaging around the A colleague of Ms. Hart’s, a
vaccine, calling it propaganda. vaccinated nurse practitioner,
She submitted what she said she sympathized with Ms.
called a “very half-assed reli- Hart’s conviction that people
gious exemption” to keep her should be able to decide what
job. “My Body is my temple and goes into their bodies without
taking this shot/vaccine would fear of reprisal. She also said
not glorify Him,” she wrote in she believes it’s vital for medical
the request, and it was granted. workers to be vaccinated to
Valley Health granted exemp- keep their patients safe. She
beats—musical tracks for
songs or other commercial
use—and from sponsorship
deals tied to his YouTube vid-
eos.
He started posting in 2019
CHRISTOPHER LEE FOR THE WALL STREET JOURNAL
but found his greatest success
only this year, on TikTok.
Mr. Mitchell spends hours
at his laptop, mixing sounds
for electronic music tracks. He
concocts ways to make his vid-
eos irresistible to followers.
In one, he hurdles over
stacks of plastic cups and rolls
of toilet paper that grow
higher with each successful
jump. In another, a computer-
generated rotisserie chicken
dances while he throws dollar
bills at it, a play on the phrase
with 100,000 views may earn “chicken strips” and strip
roughly $2. TikTok, which de- clubs. In both, his music plays
clined to comment, offers ad- in the background.
vice and tips to creators. “I’m just using TikTok as a
Mr. Mitchell started making way to get me from making
electronic music as a kid. Dur- videos in my bedroom to per-
ing his first year studying forming on stages and playing
computer science at California my songs on the radio,” he
State University, Northridge in said. The Plan is slow going.
Los Angeles, he sketched out Mr. Mitchell has earned a
what he called “The Plan.” It few hundred dollars selling
entailed landing 50,000 Insta- electronic beats online. Not a
gram followers and 200,000 lot, but more than he’s made
YouTube subscribers by the from online posts. He makes
time he was 22. He also hoped most of his money working
to earn $50,000 a year selling part time as a busboy at a lo-
Saturday/Sunday, October 23 - 24, 2021 | A11
added it was a loss to have good
health providers leave jobs be-
cause of the mandate.
Sharing research
Robbie Dusing, a nursing di-
rector at Valley Health’s Win-
chester Medical Center, said he
got his second vaccination shot
in early January. He said he had
been hospitalized with Covid-19
in March 2020 and continues to
have heart problems related to
the infection.
The 36-year-old said he has
shared that experience in some
of the many conversations he
has had with his staff about get-
ting inoculated. He listens to the
concerns some nurses have,
shares available research and
cites expert opinions. Some re-
mained unmoved. Many of those
say they need more time to de-
cide, while with others, “There’s
this feeling of, ‘You can’t tell me
what to do,’ ” he said.
Ms. Hart and Ms. Watson
oversee a Facebook group in
which 2,400 healthcare workers
and their supporters urge each
other to “hold the line” against
vaccine mandates. Some post
messages praising immunity to
Covid-19 through infection over
immunity through vaccination.
Research has shown that get-
ting inoculated boosts immunity
even in people who were in-
fected earlier, and that vaccine-
induced immunity generally ap-
pears to be stronger and longer-
lasting than immunity conferred
by natural infection.
CEO Mark Nantz of Valley Health,
which required vaccinations.
cal Italian restaurant.
He came closest to a break-
through hit earlier this year.
He started posting “duets” on
TikTok, videos of himself
alongside a video that had
been posted by someone else.
Imagine a split-screen view.
One duet featured Mr. Mitchell
whistling over a video of
someone playing an acoustic
guitar. It got 340,000 views.
In June, he posted a duet of
himself playing a beat while a
frog croaked in the adjacent
video. It was viewed nearly 2
million times and earned him
about $25, based on the num-
ber of views. Mr. Mitchell’s
followers asked him to turn
the snippet into a song.
He came up with the song,
“Frog,” and spent days pro-
moting its July release. On the
big day, fans couldn’t find it
on Spotify or Apple Music. He
said he hadn’t realized the
song needed to be uploaded to
the music distribution site,
DistroKid, a week in advance.
“I’m a little bummed about
that, but it’s just an amateur
mistake and my next drop, I’ll
fix that,” he said at the time.
The song eventually uploaded
and has been played more
than 90,000 times on Spotify.
PETE KIEHART FOR THE WALL STREET JOURNAL (3)
Some members promote
ivermectin, an antiparasitic drug
that some conservative media
outlets have promoted to treat
Covid-19. It is ineffective against
Covid-19 and can be dangerous
when used improperly, doctors
and health officials have said.
“Just because you’re in
healthcare doesn’t mean that
science drives your core values,”
said Leana Wen, former Balti-
more City Health Commissioner
and health policy professor at
George Washington University.
“There are other factors in peo-
ple’s lives—family members,
close friends, other beliefs and
sources of information.”
Ms. Funk said her mind is
made up for now on the
Covid-19 vaccine, though she
said she might get the shot in
the years ahead if “any negative
information about the vaccine
isn’t actively being scrubbed.”
She believes that now, main-
stream media outlets, tech firms
and public-health officials are
withholding relevant informa-
tion about the vaccine.
Public-health experts say
they may never persuade people
as skeptical as Ms. Funk to get
the vaccine. The proportion of
adults saying they wanted to
“wait and see” before getting
the vaccine shrank to 7% in Sep-
tember from 39% last December,
according to a recent poll by the
Kaiser Family Foundation. How-
ever, the proportion of people
who say they will “definitely
not” get the vaccine has only
dropped to 12% in September
from 15% last December.
Heidi Larson, director of the
Vaccine Confidence Project at
the London School of Hygiene
and Tropical Medicine, thinks
the best way to raise vaccina-
tion rates is to make connec-
tions with people still on the
fence and address their con-
cerns, to keep them from taking
guidance from people who are
against vaccinations.
Ms. Hart doesn’t believe she
and her peers are spreading lies
or conspiracy theories. People
should be able to trade informa-
tion and talk about what has
worked for them, she said.
“We’re Americans, and there
shouldn’t be any censorship,”
she said. More than 230 people
joined her Facebook group in
the past four weeks. She and
Ms. Watson are hoping to hold
another picketing event before
the end of the month.
Mr. Mitchell continues to
chase his dream undaunted, he
said. Joseph Mitchell, Mr.
Mitchell’s father, is a retired
Navy man and amateur drum-
mer. “I never got down on him
about not completing college,”
he said of his son. “If the mu-
sic thing is what you want to
pursue, then go all in.”
Mr. Mitchell’s mother,
Corina Camacho, died from
Covid-19 this month at age 52.
She had been one of his big-
gest fans. In August, she was
in the hospital on a breathing
machine, unable to be inter-
viewed for this article.
“I’m heartbroken I can’t do
this for my son right now,” she
said in a text.
“I want to prove her right
and accomplish everything I
told her I would do and more,”
Mr. Mitchell said.
One of his latest duets
gathered nearly 200,000
views. He said he now plans to
release three duets a week and
post new music and daily
video blogs, hoping something
will go viral.
Mr. Mitchell’s short-term
goal is simple: Make enough
money to quit his restaurant
job. And long-term? Win a
Grammy, he said. For Mom.
P2JW296000-6-A01200-1--------XA
A12 | Saturday/Sunday, October 23 - 24, 2021
Facebook
Squelches
Groups
Continued from Page One
different, more systematic ap-
proach to restrict features that
disproportionately amplify in-
cendiary and divisive posts.
The company rejected those
efforts because they would im-
pede the platform’s usage and
growth.
The reality is that Facebook
is making decisions on an ad
hoc basis, in essence playing
whack-a-mole with movements
it deems dangerous. By taking
on the role of refereeing pub-
lic discourse, Facebook has
strayed from the public com-
mitment to neutrality long es-
poused by Chief Executive
Mark Zuckerberg.
And because of the enor-
mous size of its global user
base—the latest count is about
2.9 billion—its decisions about
whom to silence, with no pub-
lic disclosure or right of ap-
peal, can have great impact.
Sensitive issue
The issue sits in the middle
of one of the most sensitive
debates around Facebook. Ac-
tivists on the left have been
urging the company to more
forcefully block what they see
as harmful content. Other ac-
tivists, largely on the right, ac-
cuse Facebook of censorship
directed at conservative
voices.
Matt Perault, a former di-
rector of global public policy
for the company who left for
an academic post at Duke Uni-
versity in 2019, said docu-
ments shared with him by the
Journal suggest that Face-
book’s commitment to being a
neutral platform was slipping.
“It’s understandable that
the immense pressure on tech
companies would push them
to develop aggressive solu-
tions to combat misinforma-
tion,” Mr. Perault said. “But
predictive, behavioral censor-
ship seems fraught. In the ab-
sence of data suggesting oth-
erwise, I think it’s appropriate
to be skeptical that the bene-
fits will outweigh the costs.”
Facebook spokesman Drew
Pusateri acknowledged the
tension in the company’s work
to combat dangerous viral so-
cial movements. “To find those
solutions, we’ve had to invent
new technologies and balance
difficult trade-offs that society
has struggled with for a long
time, and without needed
guidance from lawmakers and
regulators,” he said. “We know
our solutions will never be
perfect, but stories like these
exist precisely because we
confronted our toughest prob-
lems head-on.”
A senior security official at
Facebook said the company
would seek to disrupt on-plat-
form movements only if there
was compelling evidence that
they were the product of
tightly knit circles of users
connected to real-world vio-
lence or other harm and com-
mitted to violating Facebook’s
rules.
“When you start to think
about authentic people orga-
nizing on the platform and
contributing to harm, you have
to be very careful,” the official
said in an interview. “It’s very
easy to get into a place where
you’re picking and choosing.
And that isn’t fair.”
One challenge for the com-
pany has been balancing con-
cern about fairness with re-
cent history, in which groups
such as foreign trolls and
small conspiracy movements
have used Facebook to get
their message out to millions
of people.
The Patriot Party was a
loose and fast-growing collec-
tion of people and groups that
had supported Donald Trump’s
false claim that last year’s
presidential election was sto-
len from him. In the aftermath
of the Jan. 6 riot at the U.S.
Capitol, Facebook and other
social-media platforms worked
to suppress many such groups,
especially those associated
with the “Stop the Steal”
movement. In response, thou-
sands of members rallied be-
hind the Patriot Party name,
starting Facebook groups,
websites and chapters around
the country.
Facebook employees
watched the Patriot Party
movement grow in real time.
The company’s automated sys-
tems showed that conversa-
tions about the proposed pro-
Trump political movement
were disproportionately heavy
Protesters inside the U.S. Capitol on Jan. 6. Facebook aims to stop what it calls ‘harmful communities’ from gaining traction.
on hate speech and incitement
to violence, and the company’s
researchers had spotted links
between the party’s promoters
and armed movements, the
documents show.
“We need to organize our
militia to meet up with local
police and weekend warriors.
Wars are won with guns…and
when they silence your com-
mander in chief you are in a
war,” one member wrote on
Jan. 9 on a Facebook Patriot
Party page. It has since disap-
peared from Facebook, but
was archived by an advocacy
group, the Tech Transparency
Project.
Still, nothing about the idea
of founding a new political
party itself broke Facebook’s
rules.
Larry Glenn, an Ohio man
who is treasurer of the Ameri-
can Patriot Party of the U.S.,
said his group was growing
early this year largely because
of Facebook. The platform let
it spread its message and di-
rected like-minded people to
it, some of whom were in turn
directed to the party’s website.
“The website was growing
quickly. We had a lot of follow-
ers,” Mr. Glenn said in an in-
terview.
Then Facebook started
warning the group, according
to Mr. Glenn, about divisive
content posted to their group.
He said his colleagues worked
to take down rule-violating
posts, but the group was still
removed from Facebook.
“They pulled the rug out from
under us,” he said. Now, the
party is dormant, he added.
Controversy within
The targeted approach has
been controversial within
Facebook. Documents show
employees have long champi-
oned “content agnostic”
changes to the platform, which
were both technically easier
and less likely to raise free-
speech concerns.
One such employee has
been Kang-Xing Jin, who has
been friends with Mr. Zucker-
berg since their first day at
Harvard University and now
leads the company’s health-re-
lated initiatives. In late 2019,
Mr. Jin warned colleagues: If
the company didn’t dial back
on automated recommenda-
tions and design features that
disproportionately spread
false and inflammatory posts,
what he called “rampant
harmful virality” could under-
mine Facebook’s efforts to pre-
vent the spread of toxic con-
tent before the 2020 election.
“There’s a growing set of
research showing that some
viral channels are used for bad
more than they are used for
good,” he wrote in one note.
Facebook wouldn’t have to
eliminate virality to deal with
the problem, he said, just dial
it back.
Those suggestions were met
with praise from other em-
ployees, the documents show,
but generally didn’t get trac-
tion with executives, leaving
the ad hoc approach as the
company’s main weapon. A
Facebook spokesman said the
company took such concerns
seriously, and that it adopted
a proposal Mr. Jin championed
to stop recommending users
join groups related to health
or political topics, and had
taken steps to slow the growth
of newly created groups.
“Provocative content has al-
ways spread easily among
people,” said Mr. Pusateri, the
spokesman. “It’s an issue that
cuts across technology, media,
politics and all aspects of soci-
ety, and when it harms people,
THE FACEBOOK FILES
we strive to take steps to ad-
dress it on our platform
through our products and poli-
cies.”
Facebook’s trillion-dollar
business is built largely on its
unique ability to keep users
coming back, in part by maxi-
mizing the viral spread of posts
that people will share and re-
share. Mr. Zuckerberg has of-
ten highlighted the benefits of
virality. He points to the “ice-
bucket challenge,” in which
thousands of users in 2014
filmed themselves pouring
freezing water over their heads
to raise money for charity.
Executives were slow to
think about the downsides and
what to do about them. “For
the first 10 years of the com-
pany, everyone was just fo-
cused on the positive,” Mr.
Zuckerberg said in a 2018 in-
terview with Vox.
The 2016 U.S. election
changed that. Revelations of
foreign interference, bot net-
works and false information
left the company scrambling
to identify how its platform
could be abused and how to
prevent it.
Its researchers found that
company systems automati-
cally and disproportionately
spread harmful content, the
internal documents show.
Whatever content was shared,
Facebook would recommend
and spread a more incendiary
mix.
Particularly troublesome
were heavy users, the kind of
voices that Facebook’s algo-
This also suggests that we were able
to nip terms like “Patriot Party” in
the bud before mass adoption.
SOURCE: INTERNAL REPORT TITLED, ‘INFORMATION CORRIDORS: A BRIEF INTRODUCTION’
rithm had long helped amplify.
In at least nine experiments
and analyses beginning in
2017, Facebook researchers
found links popular with heavy
users were disproportionately
associated with false informa-
tion and hyperpartisan con-
tent, the documents show.
“Pages that share misinfor-
mation tend to post at much
higher rate than other pages
with similar audience size,”
one research note states.
Researchers also found that
efforts to boost the “rele-
vance” of Facebook’s News
Feed were making the plat-
form’s problems with bad con-
tent worse.
Internal experiments
In dozens of experiments
and analyses reviewed by the
Journal, Facebook researchers,
data scientists and engineers
found viral content favored
conspiracy theories, hate
speech and hoaxes. And they
discovered that as the speed
and length of the sharing
chain grew, so did the odds
that content was toxic.
To demonstrate to col-
leagues how Facebook’s dy-
namics ended up promoting a
toxic brew, a researcher cre-
ated a Facebook account for a
fictional 41-year-old named
Carol Smith, according to a
document describing the ex-
periment. The researcher
made Ms. Smith a “conserva-
tive mom” from Wilmington,
N.C., interested in “young chil-
dren, parenting, Christianity,
Civics and Community.” Her
tastes leaned right but main-
stream.
On the first day of the ex-
periment, Facebook recom-
mended humorous memes and
generally conservative groups,
which the fictional Ms. Smith
joined. By the second day, it
was recommending almost ex-
clusively right-wing content,
including some that leaned to-
ward conspiracy theories. By
the fifth day, the platform was
steering Ms. Smith toward
groups with overt QAnon affil-
iations. Selected content in-
cluded false claims of “white
genocide,” a conspiracy-theory
“watch party” and “a video
promoting a banned hate
group.”
A subsequent study of the
platform’s recommendations
to a liberal user found a simi-
lar distorting effect.
The documents show that
employees pushed for the
company to confront its reli-
ance on virality, but that its
leaders resisted.
One engineer in 2019 sug-
from the files
Ê
gested killing the reshare but-
ton, which let users quickly
spread posts across Facebook.
Other suggestions were more
incremental: to stop promot-
ing reshared content unless it
was from a close friend of the
user; to moderately slow the
platform’s fastest-moving
posts; or to lower the limit on
daily group invitations from
2,250 a day.
Facebook data scientists in-
tensified their scrutiny of viral
problems during the 2020
election run-up, putting in
place measures to analyze how
fast harmful content was
spreading. They found the
company had inadvertently
made changes that worsened
viral problems.
In Facebook’s internal com-
munications system, called
Workplace, Mr. Jin, Mr. Zuck-
erberg’s former schoolmate,
said research suggested Face-
book was in the wrong part of
the “virality tradeoff curve.”
He championed measures to
damp virality on the platform.
Many colleagues agreed that
one attractive part of his sug-
****** THE WALL STREET JOURNAL.
banned from Facebook before
the presidential election. Mr.
Schwetz later promoted the
Patriot Party.
Mr. Schwetz said Face-
book’s action against Patriot
Party groups made it more dif-
ficult for the movement to
grow. He said that was unfair.
“Facebook opened itself up to
say it’s a public platform,” he
said, but the action against the
Patriot Party shows that is un-
true.
Internal reviews of Face-
book’s performance around
the election’s aftermath
pointed to the company’s in-
ability to keep pace with the
speed of its own platform or
separate out skepticism of the
voting results from incite-
MICHAEL NIGRO/PACIFIC PRESS/ZUMA PRESS
ments to violence.
First reported by BuzzFeed
News, one internal report ac-
knowledged that Facebook had
been unable to reliably catch
harmful content that goes vi-
ral, with the broader Stop the
Steal movement “seeping
through the cracks” of Face-
book’s enforcement systems.
The report was optimistic
on one front: The company
was able to suppress the
gestion was that slowing down growth of the Patriot Party.
the spread of viral information In the weeks following the
would affect everyone, no mat- Capitol riot, Facebook began
ter where they are on the po- studying a data set of more
litical spectrum. It would help than 700,000 Stop the Steal
the company avoid the accusa- supporters, mapping out the
tions of bias that comes when way information traveled
it targets a specific group. through them.
Mr. Jin ran into skepticism Armed with the knowledge
from John Hegeman, Face- from that and similar re-
book’s head of ads. At the search, Facebook hoped it
time, Mr. Hegeman oversaw would be able to sabotage fu-
recommendations in Face- ture “harmful topic communi-
book’s News Feed. He agreed ties” and redirect what it
with Mr. Jin’s assertion that called “susceptible users” to-
Facebook’s systems appeared ward innocuous content.
to magnify its content prob- Facebook’s strategy for
lems. But he contended that dealing with movements it
most viral content is OK, and considers harmful are outlined
asked whether it would be fair, in a series of internal docu-
or wise, to cut back. ments from early this year,
“If we remove a small per- from a multidisciplinary group
centage of reshares from peo- within the company called the
ple’s inventory,” he wrote, Disaggregating Harmful Net-
“they decide to come back to works Taskforce.
Facebook less.” Under Facebook policies,
Facebook didn’t follow Mr. “an individual can question
Jin’s advice. By early 2020, ex- election results. But when it’s
ecutives responsible for Face- amplified by a movement, it
book’s election preparations can damage democracy,” said
were growing worried, the an April update from the task
documents indicate. Facebook force. “There is harm in the
lacked even “a minimal level way movements shift norms
of reactive protection” against and an understanding of col-
viral falsehoods when the lective truth.”
fourth quarter began, accord- Facebook scientists studied
ing to one document, but the how such networks rise, and
company wasn’t prepared to identified “information corri-
change course. dors”—networks of accounts,
The company moved from pages and groups—that create,
crisis to crisis in 2020. The distribute and amplify poten-
platform boosted divisive ma- tially harmful content. The
terial from QAnon conspiracy networks span hundreds of
theorists, violent armed thousands of users. Mapping
groups and the Stop the Steal them required artificial intelli-
movement, according to the gence to identify users “most
internal company analyses. at risk of being pulled into the
In each case, the documents problematic community,” ac-
indicate, Facebook’s tools tur- cording to one document.
bocharged the growth of those Once a dangerous informa-
movements, and the company tion corridor is identified, the
stepped in to fight them only documents show, Facebook
after they led to real-world vi- can undermine it. A move-
olence or other harms. That ment’s leaders can be re-
thrust it repeatedly into messy moved, or key amplifiers hit
arguments about whether its with strict limits on transmit-
controls over speech on the ting information.
platform were insufficient or Unless Facebook chose to
overbearing and biased. disclose such coordinated ac-
The company tried slowing tion, users who weren’t them-
its platform, but only as a selves removed would never
temporary, emergency re- know of the company’s inter-
sponse, part of what Facebook ventions.
referred to internally as Facebook deemed the Pa-
“Break the Glass” measures. It triot Party experiment suc-
first did so when false claims cessful enough that the com-
of election fraud took off in pany decided to keep honing
the immediate wake of the U.S. its ability to target individual
presidential election, then af- groups, such as the German
ter the Jan. 6 riot. movement called Querdenken.
In most cases, the company Though it shares some af-
rolled those measures back af- finities with QAnon and anti-
terward, according to the doc- Semitism, Querdenken as a
uments. group isn’t chronically in vio-
lation of Facebook policies, ac-
cording to the company. Offi-
Patriot problem cially it preaches nonviolence.
In the days following the But the group had been placed
Capitol riot, critics accused so- under surveillance by German
cial-media companies of fuel- intelligence after protests it
ing the insurrection. At Face- organized repeatedly “resulted
book, systems showed that in violence and injuries to the
conversations about the Pa- police,” an internal presenta-
triot Party movement were tion to Facebook’s public-pol-
disproportionately heavy on icy team stated.
hate speech and incitement to In April, some of the same
violence. Some employees, employees who tamped down
though, worried that taking the Patriot Party got to work
aim at a grass-roots movement on an experiment to see if
would mean that Facebook they could suppress Querden-
was tipping the political ken by depriving it of new re-
scales. cruits and minimizing connec-
Some movements are fol- tions between its existing
lowing Facebook’s rules but members.
also spreading content the The senior Facebook secu-
company deems “inherently rity official said the company
harmful and violates the spirit had acted against Querdenken
of our policy,” one Facebook accounts under a new “coordi-
researcher wrote. “What do nated social harm” policy.
we do when that authentic Facebook demoted
movement espouses hate or Querdenken content in news
delegitimizes free elections? feeds and prevented many us-
These are some of the ques- ers from receiving notifica-
tions we’re trying to answer.” tions about its posts.
One Patriot Party supporter “This could be a good case
was Dick Schwetz, a Pennsyl- study to inform how we tackle
vania salesman and member of these problems in the future,”
a chapter of the Proud Boys, a one researcher wrote in a doc-
violent, far-right group, who ument describing the experi-
said in an interview he was ment.
P2JW296000-4-A01300-1--------XA
THE WALL STREET JOURNAL.
Is the Public School System Constitutional?
By Philip Hamburger
T
he public school system
weighs on parents. It
burdens them not simply
with poor teaching and
discipline, but with po-
litical bias, hostility toward reli-
gion, and now even sexual and ra-
cial indoctrination. Schools often
seek openly to shape the very
identity of children. What can par-
ents do about it?
“I don’t think parents should be
telling schools what they should
teach,” Terry McAuliffe, the Demo-
cratic nominee for governor of
Virginia, said in a Sept. 28 debate.
The National School Boards Asso-
ciation seems to agree: In a Sept.
29 letter to President Biden, its
leaders asked for federal interven-
tion to stop “domestic terrorism
and hate crimes” against public
school officials. Attorney General
Merrick Garland obliged, issuing
an Oct. 4 memo directing law-en-
forcement agents and prosecutors
to develop “strategies for address-
ing threats against school admin-
istrators, board members, teach-
ers, and staff.”
Education consists mostly
in speech, and parents
have a right under the
First Amendment to
exercise authority over
what their children hear.
Mr. Garland’s memo did ac-
knowledge that “spirited debate
about policy matters is protected
under our Constitution.” That is
true but doesn’t go nearly far
enough. Education is mostly
speech, and parents have a consti-
tutional right to choose the speech
with which their children will be
educated. They therefore cannot
constitutionally be compelled, or
even pressured, to make their chil-
dren a captive audience for gov-
ernment indoctrination.
Public education in America has
always attempted to homogenize
and mold the identity of children.
Since its largely nativist begin-
nings around 1840, public educa-
tion has been valued for corralling
most of the poor and middle class
into institutions where their reli-
gious and ethnic differences could
be ironed out in pursuit of com-
mon “American” values.
The goal was not merely a
shared civic culture. Well into the
20th century, much of the political
support for public schooling was
driven by a fear of Catholicism
and an ambition to Protestantize
Catholic children. Many Catholics
and other minorities escaped the
indoctrination of their children by
sending them to private schools.
Nativists found that intolerable.
Beginning around 1920, they orga-
nized to force Catholic children
into public education. The success
of such a measure in Oregon (with
Democratic votes and Ku Klux
Klan leadership) prompted the Su-
preme Court to hold compulsory
public education unconstitutional.
The case, Pierce v. Society of
Sisters (1925), was brought by a
Meet Curtis Sliwa—a Big Apple Republican in a Red Beret
New York
If you want to run a
fool’s errand, you
could try to catego-
rize Curtis Sliwa’s
politics. Mr. Sliwa,
67, is the Republican
CROSS
COUNTRY candidate for mayor
of New York. On
By Tunku
Nov. 2, he will face
Varadarajan
Democrat Eric Ad-
ams, a favorite so
overwhelming that many New York-
ers have already anointed him
mayor. “I can’t tell you how many
people say to me, ‘Curtis, I thought
you lost,’ ” Mr. Sliwa says. “I tell
them, ‘There hasn’t been a general
election yet!’ ”
Four decades after he founded the
Guardian Angels, a volunteer crime-
prevention organization that now
has chapters in 130 cities in 13 coun-
tries, Mr. Sliwa decided to run for
office in response to the “shooting
and the looting” in New York that
accompanied protests against the
police in the summer of 2020.
He shakes his head—topped by
the red beret that has been his sar-
torial statement since 1979—and de-
scribes what he sees in the city to-
day: Guns. Burglaries. Shoplifting.
Emotionally disturbed persons hav-
ing psychotic episodes on the streets
and “defecating in the subway.”
Homeless people getting into argu-
ments with the locals—“and this,
mind you, in the Upper West Side,
the haven of liberal progressivism.”
His Guardian Angels, he says, now
patrol “even in Chinatown.” They
* * * *
religious school, not a parent. The
justices therefore framed their rul-
ing around the threat to the
school’s economic rights. But
Pierce says that parents can edu-
cate their children outside state
schools in accord with the parents’
moral and religious views.
Although the exact nature of
this parental freedom is much dis-
puted, it is grounded in the First
Amendment. When religious par-
ents claim the freedom, religious
liberty seems an especially strong
foundation. But the freedom of
parents in educating their children
belongs to all parents, not only the
faithful. Freedom of speech more
completely explains this educa-
PHIL FOSTER
tional liberty.
Education consists mostly in
speech to and with children. Par-
ents enjoy freedom of speech in
educating their children, whether
at home or through private
schooling. That is the principle un-
derlying Pierce, and it illuminates
our current conundrum.
The public school system, by
design, pressures parents to sub-
stitute government educational
speech for their own. Public edu-
cation is a benefit tied to an un-
constitutional condition. Parents
get subsidized education on the
condition that they accept govern-
ment educational speech in lieu of
home or private schooling.
There is nothing unconstitu-
tional about taxation in support of
government speech. Thus taxpay-
ers have no generic right against
public-school messages they find
objectionable.
But parents are in a different
situation. They aren’t merely sub-
sidizing speech they find objec-
tionable. They are being pushed
into accepting government speech
for their children in place of their
own. Government requires parents
to educate their children and of-
fers education free of charge. For
most parents, the economic pres-
sure to accept this educational
speech in place of their own is
nearly irresistible.
To be sure, Pierce doesn’t guar-
antee private education. It merely
acknowledges the right of parents
to provide it with their own re-
sources. And one may protest that
economic pressure is not force.
But the Supreme Court has often
ruled otherwise.
Merely denying a government
benefit will often suffice to violate
a right—as when government re-
fuses a benefit without a hearing
(Goldberg v. Kelly, 1970), denies a
grant on account of the recipient’s
religious beliefs (Trinity Lutheran
v. Comer, 2017), or subsidizes a
media organization on the condi-
tion that it refrain from editorial-
izing (FCC v. League of Women
Voters, 1984). Financial pressures
clearly count.
When government makes educa-
tion compulsory and offers it free
of charge, it crowds out parental
freedom in educational speech.
The poorer the parents, the more
profound the pressure—and that is
by design. Nativists intended to
pressure poor and middle-class
parents into substituting govern-
ment educational speech for their
own, and their unconstitutional
project largely succeeded.
Most parents can’t afford to
were never needed in Chinatown be-
fore, “but with all the attacks on
Asians, we patrol there, and also in
Flushing, Queens.”
Born in the Brooklyn neighbor-
hood of Canarsie to a Polish father
and Italian mother, Mr. Sliwa speaks
with the engaging and demotic flu-
ency of a radio talk-show host—his
“other job” for 30 years. He left his
perch at WABC right after announc-
ing his candidacy. This made sense,
even allowing for the loss of income.
How can he get elected
mayor in a city that’s 7 to 1
Democratic? ‘I think it’s
8 to 1,’ he corrects.
Under the Federal Communications
Commission’s equal-time rules, “if I
were on for four hours now,” he
says, “I’d have to give four hours to
Eric Adams.” So he’s out of a job,
“while Adams continues to get paid
as Brooklyn borough president. Even
though—let’s face it—he’s not doing
much in the borough of Brooklyn.”
Mr. Sliwa is no orthodox Republi-
can. He supported the plan for a uni-
versal basic income put forward by
Andrew Yang, the former presiden-
tial candidate who ran against Mr.
Adams in the Democratic primary,
even though many Republicans say
that UBI is “radical, socialist, com-
munist.” He would impose a new tax
on major New York institutions and
OPINION
turn down public schooling. They
therefore can’t adopt speech ex-
pressive of their own views in ed-
ucating their children, whether by
paying for a private school or
dropping out of work to home-
school. So they are constrained to
adopt government educational
speech in place of their own, in vi-
olation of the First Amendment.
A long line of Establishment
Clause decisions recognize the risk
of coercion in public-school mes-
sages. In Grand Rapids School Dis-
trict v. Ball (1985), the high court
condemned private religious
teaching in rooms leased from
public schools. “Such indoctrina-
tion, if permitted to occur, would
have devastating effects on the
right of each individual voluntarily
to determine what to believe (and
what not to believe) free of any
coercive pressures from the State,”
Justice William Brennan wrote for
the majority.
C
oercion seemed central in
such cases because of the
vulnerability of children to
indoctrination. Summarizing the
court’s jurisprudence, Justice San-
dra Day O’Connor, concurring in
Wallace v. Jaffree (1985), ob-
served that “when government-
sponsored religious exercises are
directed at impressionable chil-
dren who are required to attend
school, . . . government endorse-
ment is much more likely to result
in coerced religious beliefs.”
These precedents concern only
religion in public schools and the
coercive effect on children under
the Establishment Clause. But the
danger of coerced belief is not
confined to official religious
speech. Subjecting children to offi-
cial political, racial, sexual and
antireligious speech can be equally
coercive. And if public-school mes-
sages are so coercive against chil-
dren, it is especially worrisome
that parents are being pressured
to adopt public educational speech
in place of their own.
Rights are “exceptions” to
power, James Madison observed.
That is, rights defeat power. But
contemporary judicial doctrine al-
lows power to defeat rights—at
least when government asserts
what is called a compelling inter-
est. One might think that a state’s
compelling interest in public edu-
cation overpowers any parental
speech right. Yet because such
analysis allows power to subdue
use the money to pay for additional
officers. “What I want to do,” he
says, “is have a dedicated tax against
Madison Square Garden, Columbia
University, NYU. It’s outrageous that
they pay no property tax. They’re
not religious organizations!”
His goal is to restore the New
York City Police Department to its
size under Mayor Rudolph Giu-
liani—38,000 officers. The number,
he says, is currently “below 35,000,
and a lot of young people who
could become police officers just
don’t want to sign up as they have
in the past.” Why not? “They get
disparaged in the streets. There’s
no respect.”
He describes himself as “a popu-
list” and disparages Mr. Adams as
“Elite Eric.” In an hour-long conver-
sation at his modest campaign head-
quarters near Penn Station, Mr.
Sliwa pillories his opponent repeat-
edly for being “wined, dined, and
pocket-lined” by rich benefactors,
and portrays Mr. Adams—a former
NYPD cop—as being in thrall to “the
realtors, the developers, and the
hedge funders.” Mr. Adams, he says,
“is no longer a man of the peeps.”
Creasing up with derision, Mr. Sliwa
berates Mr. Adams for taking a vaca-
tion in Monaco. He utters the word
repeatedly, as if it were a punch line.
“Monaco—Monaco!” Now that Mr.
Adams has “tasted the life of the
uberrich, is he still going to be there
for the people in public housing?”
Mr. Sliwa concedes, nonetheless,
that Mr. Adams would make a better
mayor than the incumbent. “I don’t
Saturday/Sunday, October 23 - 24, 2021 | A13
rights, it is important to evaluate
whether the claimed government
interest is really compelling.
The U.S. was founded in an era
when almost all schooling was pri-
vate and religious, and that al-
ready suggests that any govern-
ment interest in public education
is neither necessary nor compel-
ling. Further, the idea that public
education is a central government
interest was popularized by anti-
Catholic nativists. Beginning in the
mid-19th century, they elevated
the public school as a key Ameri-
can institution in their campaign
against Catholicism.
In their vision, public schools
were essential for inculcating
American principles so that chil-
dren could become independent-
minded citizens and thinking vot-
ers. The education reformer and
politician Horace Mann said that
without public schools, American
politics would bend toward “those
whom ignorance and imbecility
have prepared to become slaves.”
That sounds wholesome in the
abstract. In practice, it meant
that Catholics were mentally en-
slaved to their priests, and public
education was necessary to get to
the next generation, imbuing
them with Protestant-style ideas
so that when they reached adult-
hood, they would vote more like
Protestants.
This goal of shaping future vot-
ers gave urgency to the govern-
ment’s interest in public educa-
tion. As today, the hope was to
liberate children from their par-
ents’ supposedly benighted views
and thereby create a different
sort of polity. Now as then, this
sort of project reeks of prejudice
and indoctrination. There is no
lawful government interest in dis-
placing the educational speech of
parents who don’t hold govern-
ment-approved views, let alone in
altering their children’s identity
or creating a government-ap-
proved electorate.
The inevitably homogenizing,
even indoctrinating, effect of pub-
lic schools confirms the danger of
finding a compelling government
interest in them. A 1904 nativist
tract grimly declared that the
public school is “a great paper
mill, into which are cast rags of
all kinds and colors, but which
lose their special identity and
come out white paper, having a
common identity. So we want the
children of the state, of whatever
see how you could be worse than Bill
de Blasio, the worst mayor of my
lifetime. He has single-handedly
taken a Miley Cyrus wrecking ball to
the city and destroyed it.”
When I ask how he rates his
chances of winning a mayoral elec-
tion in a city whose voters are Dem-
ocrats by a ratio of 7 to 1, Mr. Sliwa
replies that I’m understating the
difficulty: “I disagree that it’s 7 to 1.
I think it’s 8 to 1, even more.” A lot
of the people “who took part in the
exodus after Covid were registered
Republicans.”
Party loyalty is so strong that
Mr. Sliwa doubts his own parents
would have cast ballots for him.
“They didn’t vote for Reagan, as
Notable  Quotable: Fathers
From “Fatherhood Crept Up on
Me” by Ed Condon for the Journal’s
website, Oct. 22:
My wife and I married at 25, ex-
pecting, like good Catholics, that our
own children would simply arrive.
But they didn’t. . . . As I moved from
being “around 30” to “around 40,”
my friends’ babies grew up and be-
came teenagers. . . .
When my wife got pregnant there
was a lot of denial along with the joy.
. . . As I surveyed all the petty pas-
sions and projects with which I had
filled my life over the years, fully ac-
cepting that none of it would matter
once the baby came, I had to wonder:
nationality, color or religion, to
pass through this great moral, in-
tellectual and patriotic mill, or
transforming process.”
The idea of a common civic cul-
ture among children is appealing
when it develops voluntarily, but
not when state-approved identities
and messages are “stamped upon
their minds,” as the 1904 tract put
it. Far from being a compelling
government interest, the project
of pressing children into a major-
ity or government mold is a path
toward tyranny.
The shared civic culture of 18th-
century America was highly civi-
lized, and it developed entirely in
private schools. The schools, like
the parents who supported them,
were diverse in curriculum and
their religious outlook, including
every shade of Protestantism, plus
Judaism, Catholicism, deism and
religious indifference.
In their freedom, the 18th-cen-
tury schools established a com-
mon culture. In contrast, public-
school coercion has always
stimulated division. It was long
used to grind down the papalism
of Catholic children into some-
thing more like Protestantism.
Since then, there has been a shift
in the beliefs that public schools
seek to eradicate. But the schools
remain a means by which some
Americans force their beliefs on
others. That’s why they are still a
source of discord. The temptation
to indoctrinate the children of oth-
ers—to impose a common culture
by coercion—is an obstacle to
working out a genuine common
culture.
T
here is no excuse for main-
taining the nativist fiction
that public schools are the
glue that hold the nation together.
They have become the focal point
for all that is tearing the nation
apart. However good some public
schools may be, the system as a
whole, being coercive, is a threat
to our ability to find common
ground. That is the opposite of a
compelling government interest.
The public school system there-
fore is unconstitutional, at least as
applied to parents who are pres-
sured to abandon their own educa-
tional speech choices and instead
adopt the government’s.
Parents should begin by asking
judges to recognize—at least in
declaratory judgments—that the
current system is profoundly un-
constitutional. Once that is clear,
states will be obliged to figure out
solutions. Some may choose to of-
fer tax exemptions for dissenting
parents; others may provide
vouchers. Either way, states can-
not deprive parents of their right
to educational speech by pushing
children into government schools.
Judges will be reluctant to vin-
dicate the uncomfortable truth
that education is mostly speech.
Many have assimilated the nativist
ideal that public education is a
central and compelling govern-
ment interest. As in 1925, however,
the threat to parental speech has
become unbearable.
Mr. Hamburger teaches at Co-
lumbia Law School and is presi-
dent of the New Civil Liberties Alli-
ance.
Democrats,” he says. “They didn’t
vote for Giuliani. If they were both
alive today, and if I was only on the
Republican line, they’d vote for Eric
Adams.”
But he takes heart that he’s also
listed as an independent on the bal-
lot. That, he believes, will persuade
many New Yorkers to vote for him
and would have been sufficient to
win over mom and dad: “Lucky I got
that independent side. Because they
would’ve voted for me.”
Mr. Varadarajan, a Journal con-
tributor, is a fellow at the American
Enterprise Institute and at New York
University’s Classical Liberal Insti-
tute.
Is this me? Will I still be me when all
this stuff doesn’t matter anymore?
Who’s the person that’s going to raise
this kid, anyway?
I thought I had answered those
questions, until the doctor put that
squalling little muppet into my arms
earlier this month. In that moment, I
stood there looking at the child, then
at my wife, and then at the child
again. As my vision cleared, I realized
it wasn’t the baby I was seeing for
the first time, it was me. I’d never re-
ally known who I was until that mo-
ment. Becoming a father didn’t
change me; it helped me understand
who I’d always been and who I would
be from now on.
P2JW296000-4-A01400-1--------XA

A14 | Saturday/Sunday, October 23 - 24, 2021 **** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Confusing Mr. Biden Tarring Vouchers With a Segregationist Brush

W
hite House handlers shield President to protect Taiwan,” Mr. Biden said “yes.” When segregationist lawyer John Battle was the state’s leading litigator
Biden from the press as much as pos- CNN anchor Anderson Cooper must have fig- S. Battle Jr. charged that tuition against NAACP integration lawsuits.
grants would expedite the integration Battle’s position was not universal
sible, and Thursday’s town hall on ured this was news, because he gave Mr. Biden
of Virginia’s public-school system, he among segregationists. When tuition
CNN shows why. Even with a another chance: “So are you
friendly audience and softball The President’s town saying that the United States
unintentionally validated the logic be-
hind Milton Friedman’s arguments for
grants (vouchers) passed in 1959, they
enjoyed the support of antisegrega-
questions, Mr. Biden’s perfor-
mance revealed why so many
hall performance is would come to Taiwan’s de-
fense if—”
school choice. Daniel Kuehn would tionist lawmakers such as John A.K.
have us wave away Battle’s commen- Donovan and moderate segregationist
Americans are losing confi- cause for concern. Mr. Biden: “Yes.” tary, however, declaring it “out of “cushioners,” who saw private schools
dence in his Presidency. Mr. Cooper: —“China at- step with most segregationists” (“The as a “safety valve” to slow the pro-
One big problem is that Mr. tacked?” Segregationist History of School cess of integration. Mr. Kuehn’s com-
Biden often doesn’t seem to know what he’s Mr. Biden: “Yes, we have a commitment to Choice,” Letters, Oct. 22). mentary obscures the purpose of this
talking about. Take rising gas prices that are a do that.” This assessment would have likely unusual coalition: These legislators
growing public concern. Mr. Biden blamed the The actual U.S. policy toward Taiwan is surprised James J. Kilpatrick, the came together to outmaneuver the
arch-segregationist editor of the hard-line segregationist “massive re-
OPEC cartel for not producing more oil, but “strategic ambiguity” about U.S. intentions. The
Richmond News Leader whom Mr. sisters,” who resolved to openly defy
then he said the answer is “ultimately . . . in- Taiwan Relations Act commits the U.S. to help Kuehn enlists as a counterexample to Brown v. Board of Education (1954).
vesting in renewable energy.” Taiwan defend itself but does not include a my op-ed “School Choice’s Antiracist Voucher advocates such as Friedman
Most cars still run on gasoline, not solar or NATO-like commitment to go to war to defend History” (Oct. 19). In March 1959, Kil- looked to the program’s results rather
wind power. Electric cars remain impractical the island democracy. Many people think the patrick used his newspaper to bring than its “somewhat intermingled” in-
for most Americans. The way to reduce gas U.S. should make such a commitment explicit Battle’s arguments to statewide at- tentions. He correctly predicted that
prices is to produce more oil to increase the so Beijing doesn’t miscalculate and invade the tention, declaring in a bombastic tuition grants would accelerate inte-
supply. Mr. Biden wouldn’t have to plead with island. Was Mr. Biden announcing a change in headline: “Private Schools Are Linked gration as they grew in popularity.
OPEC to produce more if he weren’t working so U.S. policy? to ‘Engulfment’ by Negroes.” For the alternative, consider Vir-
hard to limit U.S. oil production. Apparently not, because the White House Other segregationists took notice. ginia’s Arlington County, which de-
“Do you realize that every desk va- clared itself “unalterably opposed” to
How about the supply-chain bottlenecks con- soon walked back Mr. Biden’s words. Strategic
cated by a white child in a public the use of “tax monies for tuition in
tributing to shortages and inflation? Mr. Biden ambiguity lives, or perhaps we should say stra- school means one more desk that may private schools” and borrowed from
blamed Covid and employers who won’t pay tegic confusion in the case of Mr. Biden. You be occupied by a negro child?” que- Battle’s playbook to sidestep a paper
enough to attract workers. But employers are have to wonder what the hard men in Beijing ried the chairman of the Virginia As- commitment to desegregate. In 1960
bidding up wages nearly across the economy think of this performance. Does the fast White sembly’s education committee. Robert NAACP attorneys grilled Arlington’s
and they still can’t fill the more than 10 million House retreat from Mr. Biden’s words mean the Williams, the head of Virginia’s larg- school board chairman on the holdup.
job openings nationwide. U.S. doesn’t intend to defend Taiwan? What is est teachers union, heralded Battle’s He answered by reiterating the
Asked if he’d call in the National Guard to ad- U.S. policy? Wars have started amid such mixed approach to the “grave problem with board’s policy: “No child shall be re-
dress the shortage of truckers, Mr. Biden said signals to adversaries. which we are now confronted.” These quired to attend a school in which
he would. But the deployment of the Guard is We take no pleasure in pointing this out, and other segregationist converts to that child becomes a racial minority.”
actually controlled by Governors, as the White since the U.S. needs a President who can handle Battle’s arguments against school PHILLIP W. MAGNESS
choice are unsurprising, given that Great Barrington, Mass.
House later clarified. the strains of the job. Mr. Biden was never De-
Mr. Biden’s confusion extended to foreign pol- mosthenes, and all Presidents stumble in
icy, which is supposed to be his strength. Regard- speech. But Mr. Biden’s frequent public confu-
ing Taiwan—a crucial issue with China—Mr. Bi- sion about the major issues of the day is a rea-
den misstated U.S. policy. Asked “can you vow son for the growing public concern.
Middle East Peace Doesn’t Run Through Oslo
In “Kissinger Knew That Middle Mr. Indyk minimizes the Abraham

Dodging the Constitution for a Global Tax

East Peace Couldn’t Be Rushed” (Re- Accords, calling them merely “admira-
view, Oct. 16), Martin Indyk claims ble.” Most of the countries involved
that an incremental approach to the share a common threat: Iran. They en-

P
resident Biden’s corporate tax-rate in- sions such as a dispute-resolution mechanism. Israeli-Palestinian conflict will work tered the accords because it was in
crease appears to be dead, but Treasury This would offer American companies a formal where final stage approaches have their interests, not because of decades
failed. In so doing he ignores the core of foreplay or Israel making “tangible
Secretary Janet Yellen still wants to method for contesting foreign tax demands if
issue in the conflict: The Palestinian concessions to lubricate the process.”
whack U.S. companies through officials around the world try goal isn’t statehood but the destruc- Israel can be a formidable foe or a
her global tax deal. And she is Treasury plans to adopt to stretch the meaning of the tion of Israel. Every Palestinian leader worthy ally that offers security cooper-
planning an end-run around
the Constitution to do it.
a new treaty without a OECD deal as they apply it.
But since that mechanism
has rejected every peace proposal. It ation and technological assistance for
has never made a big difference who developing and diversifying countries.
Ms. Yellen has broken a proper Senate vote. doesn’t weigh directly on has been Israeli prime minister or Nostalgically suggesting to resurrect
long bipartisan consensus to revenue, Senate rules may U.S. president, or even the specifics of the Oslo Accords is puzzling. That
sign onto new global tax rules bar it from a reconciliation the plan. There is no room for Jewish reckless gamble cost many innocent
being negotiated at the Organization for Eco- bill. U.S. companies would lose the legal cer- self-determination in any form. lives and proved that Palestinians
nomic Cooperation and Development. The deal tainty that’s supposed to be the only benefit Peace can come only when the Pal- weren’t prepared to live in peace with
comes in two “pillars” in the argot. Pillar one for them in this deal. estinian leadership gives up its dream Israel. The Israeli-Palestinian conflict
of dismantling Israel. It also needs to needs to be resolved, but assertions
introduces a new method for determining A congressional-executive agreement could accept the population exchange that that it is the cause of all Middle East
which governments get to tax the revenues of include the dispute-resolution provision. But followed the failed 1948 Arab inva- turmoil, or that its resolution will be a
the world’s 100 or so largest companies. Pillar foreign governments that have ratified their sion of Israel. While Israel uplifted all panacea for regional peace, are ficti-
two is a global minimum corporate profits tax own treaties would still have to decide whether the Jewish refugees from Arab coun- tious. Only when the parties realize the
with a rate of 15%. to accept this legislative ploy as a treaty equiva- tries, descendants of Arab refugees necessity of peace, and when they’re
Each country will need to implement this lent. American companies would have to hope haven’t been afforded similar oppor- ready to negotiate in earnest, will there
agreement in its domestic tax law, which is they do, especially when the new text is at odds tunities in most Arab countries. be a real chance for lasting peace.
where Congress comes in. Pillar one is a partic- with existing tax treaties. DORON LUBINSKY RAOUL ISAAC
ular headache for Ms. Yellen. Existing bilateral Foreign governments, especially in Europe, Atlanta Oakland, Calif.
and multilateral tax treaties specify how gov- have been burned before by Democratic Admin-
ernments carve up corporate revenue for tax istrations that didn’t submit major interna-
purposes. The OECD anticipates similar treaties tional agreements for Senate ratification. The Chappelle, Noonan and Waiting for Thermidor
to enshrine the new rules. Iran nuclear deal and Paris climate accord come Dave Chappelle’s comedy routine is Ms. Noonan may be right that
But that would require Ms. Yellen to corral to mind. They might reasonably expect Ms. Yel- much more than inappropriate. It’s a America has tired of the woke terror
67 Senators to support the OECD tax plan as a len to show she can deliver a tax deal that’s loving lesson and heartfelt tribute to and looks for a course correction, our
treaty, and there’s no chance of that. So Trea- more permanent than those agreements turned his transgender friend. Mr. Chappelle own Thermidor, as she puts it. But it
sury is looking to circumvent the treaty pro- out to be. not only accepts differences, he rel- was none other than Robespierre who
cess. One idea is a so-called congressional-exec- Several of those governments have a stick in ishes them (“Dave Chappelle May Help predicted the Revolution would be con-
utive agreement. This could enshrine the the form of the digital-services taxes they’re al- Tame Wokeness” by Peggy Noonan, cluded by a “messiah in army boots,”
elements of a treaty in U.S. law, but would re- ready imposing on U.S. tech giants such as Face- Declarations, Oct. 16). That feels so which indeed it was, in the person of
quire support from both chambers, including book and Amazon. The U.K., Italy and the others much more human than the oppres- Napoleon. Let’s hope this woke mo-
sively bland and humorless society ment hasn’t gotten so far in disman-
a filibuster-proof 60 Senate votes. are supposed to ditch those taxes once pillar
that wokeness has imposed on us. By tling life that Robespierre’s predicted
Or the Administration can try—you knew one comes into force. Will they if Ms. Yellen the way, did I tell you the one about conclusion is universally accepted to-
this was coming—reconciliation. This would al- hasn’t delivered a proper treaty? the rabbi, the priest and the black guy day—no matter what clothing the au-
low Democrats to pass the revenue-related Either of these non-treaty gimmicks raises who walked into a bar? I wish. thoritarian wears to cloak his tyranny.
parts of pillar one with 50 Senate votes plus the the prospect that U.S. companies could get all WILLIAM GOLDMAN TODD WANGSNESS
Vice President. This will probably be the Ad- the tax increases of the OECD deal but none of Palos Verdes Estates, Calif. San Jose, Calif.
ministration’s preferred option. the legal protection—and still face foreign digi-
It’s also by far the worst. The OECD’s ver- tal taxes to boot. Dodging proper constitutional
sion of pillar one includes important provi- procedure always turns out badly. We’ll Miss the Ladies Who Volunteered Time
Regarding the Chicago Art Insti- questioned that. Did she and her
Smearing South Dakota tute’s firing of its “mostly” white do-
cents (“Indocency at the Art Institute
group of ladies do something no one
else had time for? Absolutely. They

F
ew things anger progressives more these
days than the thought that somewhere
someone’s savings are out of govern-
ment’s reach. Witness the attacks on South Da-
kota, of all places, which has become the target
of a false narrative of corruption with the politi-
cal goal of expanding taxes over generational
savings.
The commotion follows publication in the
press this month of the Pandora Papers, a trove
of data on more than 29,000 private financial
accounts. Poring through the assets of the rich
and famous, reporters pointed out that more
than $360 billion is held in the form of trusts
in the Mount Rushmore State.
This was enough for the left to brand South
Dakota the Cayman Islands of the Badlands. A
Washington Post headline condemned the
state’s appeal to “wealthy foreigners and tainted
money.” The New Republic proclaimed “South
Dakota Is a Moral Sewer and Should Be Abol-
ished.” Who knew Pierre and Sioux Falls were
crime capitals?
The state’s offense seems to be that it has be-
come a destination for the financial industry, in-
cluding trusts held by foreigners. Trust assets
in the state have increased more than fourfold
in the past decade. The Pandora Papers revealed
81 foreign trusts in the state, more than twice
as many as second-place Florida.
What the critics like to bury in these stories
is that a trust is a legitimate financial vehicle un-
der federal tax law. A trust is a legal relationship
in which an owner gives an asset to another per-
son or entity who keeps or uses it for another’s
benefit. They are typically created to protect as-
sets or reduce taxes, especially estate taxes.
Trust companies vet all clients, foreign and do-
mestic, to comply with rules from the federal Fi-
nancial Crimes Enforcement Network.
“There is no evidence in the Pandora Papers
documents that any of the foreigners with trusts
in the United States sheltered criminal proceeds,”
concedes the Washington Post in paragraph 18
of its main story on the not-so-rogue state.
The growth of trusts in South Dakota is part
of its successful effort over decades to attract
a financial services industry. The state has no
income tax and relatively low capital require-
ments for trusts. Some banks moved their
credit-card businesses to the state after it lifted
a cap on interest rates.
In 1983 the state let trusts be held indefi-
nitely after death, making it a refuge for families
seeking to transfer savings across generations.
Since 1997 it has had a task force on trusts to
recommend reforms when needed. The federal
Bureau of Economic Analysis reports that fi-
nance accounted for 19% of South Dakota’s eco-
nomic output in 2020.
All of this sounds like a policy success in the
best tradition of American federalism, and that’s
the real reason progressives are unhappy. They
dislike tax and regulatory competition that lets
businesses and investors locate in the friendli-
est climes. As with the Biden Administration’s
global minimum tax, progressives want to stig-
matize states that break from the high-tax and
heavy-regulation Washington preference.
Congratulations to South Dakotans for their
policy success, and perhaps the publicity will at-
tract more trust business.
of Chicago” by Faith Bottum, op-ed, never questioned their value to the
Oct. 16) and the ensuing letters (Oct. community or themselves.
20): I write as a proud adult child of That’s what life was in those de-
one of the founding members of the cades. Many needs were met by volun-
first class of docents at the Cincinnati teers, the United Way, the Junior
Art Museum. My mother was blessed League, food banks, parishes, churches
with a fine college education, a re- and more. It wasn’t perfect for all and
warding experience during World could have been better for many. But
War II in the Waves (Women Ac- if the playing field is leveled at all
cepted for Volunteer Emergency Ser- costs, who’s going to take the time or
vice), and marriage and motherhood. make the effort to do for others?
She was a smart white woman mar- Community and civic volunteerism is
ried to a white entrepreneur in the a powerful and essential virtue rooted
1950s, ’60’s and ’70s. in the privilege of American citizenry.
She and her lady friends worked, NANCY R. COOPER
unpaid, their whole adult lives for the Cincinnati
Cincinnati Art Museum, establishing
the docent program, gift shop and
book department, as well as fundrais- Pepper ...
ing and event planning. Cincinnati’s
cultural center benefited for years
And Salt
from this group of women’s unpaid ef- THE WALL STREET JOURNAL
forts. My mom went to the museum
every Tuesday and Thursday as I grew
up, and other days as meetings de-
manded. Over the years she served as
committee secretary, treasurer and
buyer. She was only one of so many.
She didn’t go to a “job,” but we chil-
dren knew she was important and
served as the ultimate example of
“giving back.”
Was she privileged? Yes. She never
Letters intended for publication should
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THE WALL STREET JOURNAL.
Colin Powell’s Great American Journey
DECLARATIONS
By Peggy Noonan
C
ondoleezza Rice tells a
story that she wrote about
this week in the Washing-
ton Post after the death of
Colin Powell. We spoke
about it by phone.
It was 2003, President George W.
Bush’s first state visit to Britain, and
there was a dinner in Buckingham
Palace given by the queen. Ms. Rice,
then White House national security
adviser, found herself in a sitting
room off the banquet hall with Secre-
tary of State Powell and his wife,
Alma Johnson Powell. It was very
grand, the women in gowns, Colin in
white tie and tails. Talk turned to the
past. Condi and Mrs. Powell were
daughters of the segregated South,
raised in Birmingham, Ala. In 1963,
‘I was not going to let
bigotry make me a victim
instead of a full human
being,’ he wrote in 1995.
when the 16th Street Baptist Church
was bombed by white supremacists,
Condi, blocks away in her home,
heard the blast and learned that a lit-
tle girl she played dolls with had
been murdered, along with three oth-
ers. Alma’s father had been principal
of the largest black high school in
Birmingham, and her uncle principal
at the second-largest, where Condi’s
father had been a guidance counselor.
Colin, raised in the South Bronx, had
served in the South in the 1950s, and
knew Birmingham from courting
Alma.
Now here they were in a palace.
They drank a toast to their ancestors.
By Elliot Kaufman
I
f anti-Semitism is the socialism
of fools, what to make of anti-Zi-
onism? It is increasingly in
vogue on the left, and throwing its
weight around. Consider Sunrise DC,
Washington hub of the Sunrise
Movement, an activist group whose
once-fringe proposal for a Green
New Deal is now de rigueur on the
left. On Wednesday Sunrise DC an-
nounced it would pull out of an
event advocating statehood for the
District of Columbia, a cause it sup-
ports, because of the involvement of
three “Zionist organizations.”
All three groups are liberal. The
National Council of Jewish Women
gives “Israel grants” to Women Law-
yers for Social Justice and a group
helping Palestinian women. The
Jewish Council for Public Affairs
wants to “end mass incarceration,”
rejoin the Paris Climate Accord and
secure a two-state solution. The Re-
ligious Action Center of Reform Ju-
daism represents the most liberal
major Jewish denomination. It urges
“immigration justice” and promises
to “address our own behaviors,
practices and policies through the
lens of racial equity, diversity, and
inclusion.”
If even these groups can be
deemed toxic on the left—and Sun-
rise DC calls on an activist coalition
to banish them—which Jews can’t?
This points to an unavoidable fact:
Anti-Zionism means marginalizing
American Jews, some 90% of whom
have positive views of Israel per Gal-
lup’s review of studies. A token anti-
Israel fringe doesn’t change that.
Take anti-Zionist logic to its con-
clusion. If the effort for D.C. state-
hood must exclude Zionists,
shouldn’t the Democratic Party do
the same? How about university fac-
ulties, media outlets and other major
corporations? Arguing that Zionism
is racism and silence is complicity, a
successful American anti-Zionism
would arrive at Ruth Wisse’s defini-
tion of anti-Semitism: the organiza-
tion of politics against the Jews.
Justifying such a politics has al-
ways required dishonesty. In its
statement, Sunrise DC asserts: “Given
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* * * *
“They never would have
believed it,” Condi said.
No, said Colin, “but they
are smiling right now.”
The Powells and Ms. Rice
joined the procession
into dinner.
“It was such an Amer-
ican moment,” Ms. Rice
remembered.
Colin Powell lived a
big life and was a great
man. His accomplish-
ments have been widely
celebrated, but I find my-
self thinking of the world
that made him, and the
question we ask when we
look at his life.
He was born in Har-
lem in 1937 and moved
to the South Bronx be-
fore kindergarten. His fa-
ther, Luther Powell, had
immigrated to America
BARBARA KELLEY
from Jamaica and found
work in Manhattan’s
Garment District, rising
from clerk to foreman.
Powell’s mother, also a
Jamaican immigrant, worked as a
seamstress.
Colin grew up in Hunts Point, a
neighborhood full of European immi-
grants, blacks and Hispanics. He
didn’t know he was a member of a mi-
nority group, because “there was no
majority. Everybody was either a Jew,
an Italian, a Pole, a Greek, a Puerto
Rican or, as we said in those days, a
Negro,” he wrote in his 1995 autobi-
ography, “My American Journey.”
He had nothing and everything:
hardworking parents who loved
him, extended family nearby, a
church in whose life the family took
part, ethnic pride—West Indians, he
noted, are a highly self-regarding
people. And there were the schools
of New York City in the 1940s and
’50s, a jewel in the crown of Ameri-
can public education, and then City
College of New York. “I typified the
students that CCNY was created to
Will the Sun Ever Set on Anti-Semitism?
our commitment to racial justice,
self-governance and indigenous sov-
ereignty, we oppose Zionism.” The
third plank is particularly galling, as
Zionism entails the return of an in-
digenous people, the Jews, to sover-
eignty in their homeland, where
they’ve had a continuous presence
since biblical times.
Asked Thursday about the exclu-
sion of Jews and about Jewish indi-
geneity, the national Sunrise group
didn’t elaborate. It issued its own
statement distancing itself from that
of its affiliate: “Sunrise DC made a
decision to issue this statement, and
we weren’t given the chance to look
at it before it became public.” On
Friday, after critics noted that other
pro-Zionist groups had escaped the
local chapter’s notice, the national
organization issued another state-
ment: “Sunrise DC’s statement and
actions are not in line with our val-
ues. Singling out Jewish organiza-
tions for removal from a coalition,
despite others holding similar views,
is antisemitic and unacceptable.”
Sunrise DC didn’t reply to ques-
tions. Its original statement denies
the Jewish connection to the land by
Inflation Is the Mother of Big Political Change
Since excessive in-
flation is one char-
acteristic outcome
of a fiat money
system, who is re-
ally surprised that
such a moment
BUSINESS
might be on us
WORLD
again? The table
By Holman W.
would seem to
Jenkins, Jr.
have been set for a
long time: Unruly
government borrowing. Mounting
regulatory burdens and disincentives
to business and workers. A decline
in labor force participation. The pe-
culiar unwillingness of a large co-
hort of young men either to work or
pursue schooling.
Then came the pandemic and the
pandemic spending binge, which
shifted public demand away from
services (no longer available) to
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OPINION
serve, the sons and daughters of the
inner city, the poor, the immigrant.
Many of my classmates had the
brainpower to attend Harvard, Yale,
or Princeton. What they lacked was
money and influential connections.”
Yet they went on to “compete with
and surpass alumni of the most
prestigious private campuses in this
country.”
As he grew, he found that race is
complicated and race is real. When
his sister fell in love with a white boy,
there was disapproval—from Luther.
The white boy’s parents were accept-
ing—it turned out they were “a little
more tolerant than the Powells.” The
couple married, happily. Years later
when Colin met the refined and self-
possessed Alma, it was her father
who protested. He didn’t think much
of West Indians and now his daughter
was bringing one into the family.
At CCNY Powell joined ROTC and
calling Israel “a colonial project.”
Like so much anti-Zionism, this stuff
is the dregs of Soviet “anti-imperial-
ist” and Arab nationalist rhetoric.
For 2,000 years, Jews have prayed
three times a day for the restoration
of Jewish sovereignty in the land of
Israel. It is crude propaganda to
An organization behind
the Green New Deal pulls
out of a rally because it
included Jewish groups.
shunt Zionism, with its anticolonial
struggle against the British, into the
same category as, say, French coloni-
zation of Algeria. If Jews are inter-
lopers in Israel, where is their home?
If Israel is a colony, what is the
metropole?
Next, Sunrise DC complains: “Pal-
estinians living in Gaza and the
West Bank cannot vote in Israel, de-
spite the fact that these territories
are occupied and effectively gov-
erned by the state.” That is untrue.
goods that the supply chain strug-
gles to deliver.
Jerome Powell, the Fed chief, pos-
its a happy ending: Production re-
sumes, goods and services flow in
abundance, inflation is transitory.
But he knows it’s not that simple. An
apparition of central bankers is the
dread inflation psychology, but infla-
tion expectations don’t become em-
bedded in consumer heads because
of childhood trauma, but because
consumers detect a mindset of pol-
icy makers to accommodate infla-
tion. And Mr. Powell, whose renomi-
nation is pending, must subordinate
himself and his monetary decisions
to a fast-rising new agenda in Wash-
ington: a whole-of-establishment ef-
fort to keep Donald Trump from re-
turning to the White House.
Inflation is like Covid: If it gets
loose, it will dominate our politics.
It causes great unhappiness but also
makes new things possible.
In the 1970s, the inflationary cri-
sis imploded a large government es-
tablishment occupied with trying to
fix the supply and price of air
travel, truck transport, rail services
and consumer energy supplies. It
imploded a tax system that was
found to be constantly promoting
people into higher brackets even as
their real income and living stan-
dards declined.
All in all, quite a revolution in
government’s role in the economy
began under Jimmy Carter and con-
tinued under Ronald Reagan, and
was echoed all around the Western
world.
Today’s inflation would be hit-
ting an economy with rigidities of
its own, mostly of a different kind.
Saturday/Sunday, October 23 - 24, 2021 | A15
found a second home.
“The discipline, the
structure, the camarade-
rie, the sense of belong-
ing” lit him up. He be-
came a soldier.
Fort Bragg, N.C., was a
revelation to him: He met
whites who were not
Poles, Jews or Greeks—
“virtually my first
WASPs.” When he was
sent to Fort Benning, his
ROTC colonel warned
him he must be careful,
Georgia was not New
York.
It was the 1950s, be-
fore civil rights. What he
saw shocked him. “I
could go into Wool-
worth’s in Columbus,
Georgia, and buy any-
thing I wanted, as long as
I did not try to eat there.
I could go into a depart-
ment store and they
would take my money, as
long as I did not try to
use the men’s room.”
All his life he was protective of the
U.S. military. Soldiering was the
toughest, most dangerous profession,
the one in which you swear to the
Constitution and pledge your life to
protect it. It was also a haven. Every-
one lived the same; it was integrated.
“Except for the rare couple with in-
herited wealth, there was scant room
for snobbery, since most of us were
bringing home the same paycheck
and living the same standard.” It was
“the most democratic institution in
America.”
He came to regard military instal-
lations in the South as “healthy cells
in an otherwise sick body.” One
night in Fort Benning he drove off-
post to a hamburger joint. He knew
that as a black man he wouldn’t be
served inside, so he went to the win-
dow to give his order. When the
waitress finally arrived she looked
at him uneasily.
Israel intervenes to protect itself,
but Hamas governs Gaza, and the
Palestinian Authority governs Pales-
tinian parts of the West Bank. Nei-
ther Palestinian faction has held an
election in years, but Sunrise DC
doesn’t mention that. That’s another
anti-Zionist tendency: Don’t get
worked up about Palestinian depri-
vation if Israel can’t be blamed.
Sunrise DC panders to American
sensibilities by condemning Israeli
discrimination against “Black and
brown Jewish-Israelis.” These Jews
may now be useful as a cudgel against
Israel, but their history illuminates the
necessity of the Jewish state. In the
1980s and ’90s, Israel airlifted thou-
sands of black Jews from Ethiopia,
rescuing them from famine and vio-
lence. Mizrahim, the “brown” Jews of
Sunrise DC’s taxonomy, constitute a
majority of Israeli Jews. They were
absorbed after violent expulsions from
Arab lands. Anti-Zionists now demand
their return to life as a vulnerable mi-
nority under Arab rule.
Sunrise DC ends by calling Zion-
ism “incompatible” with “political
sovereignty,” as if Israel were the
only country with a minority group
Zoning rules depress the supply of
housing; licensing restrictions de-
press the supply of personal ser-
vices. Wind and solar mandates tax
the reliability of the grid. Means-
tested entitlements make it less at-
tractive at the margin for Ameri-
cans to work.
We may discover other vulnera-
bilities but two gaping ones weren’t
part of the story in the 1970s. In
1977 federal debt was 34% of GDP;
Remember the 1970s.
Neither Democrats nor
Republicans could sit out
the demand for reform.
today it’s 125%. And the share of
Americans who’ve experienced di-
rect government aid has quadrupled.
It now comprises more than 50% of
the population, and that’s before our
vast pandemic spending and Joe Bi-
den’s welfare ambitions.
Which means a lot could go ker-
blooey and fast. Rising interest rates
could double or triple today’s $400
billion interest bill on the national
debt. Overnight, this item could rival
Social Security and Medicare as the
biggest single budget outlay.
The available options would only
compound the public’s unhappiness
with inflation: large tax hikes and
spending cuts, central bank finance
of deficits (leading to more infla-
tion) or heavy-handed measures to
force private depositors to hold gov-
ernment debt, essentially expropri-
ating private savings.
“Are you a Puerto Rican?” she
asked. “No.” “Are you an African
student?”
“No,” he said. “I’m a Negro. I’m an
American. And I’m an Army officer.”
“Look, I’m from New Jersey,” the
waitress said, “and I don’t under-
stand any of this. But they won’t let
me serve you.” She offered to pass
him a burger out the back window.
He said no, he wasn’t that hungry.
He thought white supremacism a
“lunatic code,” but he wouldn’t let it
wreck him. “Nothing that happened
off-post, none of the indignities, none
of the injustices, was going to inhibit
my performance,” he wrote. “I did
not feel inferior, and I was not going
to let anybody make me believe I
was. . . . Racism was not just a black
problem. It was America’s problem.
And until the country solved it, I was
not going to let bigotry make me a
victim instead of a full human being.”
And of course he didn’t, and went
on to everything. You gather that
throughout his rise he had to balance
two outside forces. One didn’t wish
to see and celebrate his success be-
cause it undercut the urgency of
their demands and damaged their
business model. The other would
seize on his rise as evidence there’s
no real racial problem, it’s all exag-
gerated. He wouldn’t let anyone steal
his life to make their point. He’d stick
with the truth: America has a race
problem but it is a slander that it is
irredeemably racist, that progress is
impossible.
Here is the question you ask as
you look at his life, the question al-
ways in the back of your mind now as
you consider the great ones who’ve
passed: Are we still making their
kind? Or have we got so many things
wrong we aren’t quite producing
them anymore? That’s what our
fights about the schools are about:
Are we still making these astonishing
individuals built along classic Ameri-
can lines? Can we get back to the
best parts of the lost world that
made Colin Powell?
that makes competing national
claims. Anti-Zionists portray Jewish
self-determination as a unique evil,
incompatible with feminism, as per
former Women’s March leader Linda
Sarsour, and racist, as per the infa-
mous 1975 United Nations resolution
and Black Lives Matter today. The
Jewish state morphs into the univer-
sal obstacle to progress, the role
Jews always play in the anti-Semitic
imagination.
Excursions like Sunrise DC’s may
succeed in chilling the already tenu-
ous support for Israel in leftist cir-
cles. But the national Sunrise Move-
ment’s belated damage control
suggests it senses that anti-Zionism
risks marginalizing the left. Ameri-
cans are fair-minded, and whatever
they think of statehood for the Dis-
trict of Columbia or the Green New
Deal, they will recognize the exploi-
tation of unrelated campaigns to
dogpile on Israel and vilify Jewish
groups as a sign of an ideological ob-
session. One handy word for this ob-
session is anti-Semitism.
Mr. Kaufman is the Journal’s let-
ters editor.
Though Social Security benefits
nominally are indexed for inflation—
a 5.9% increase has been announced
for next year—Congress knows well
how to claw real benefits back by
taxing them. For programs like
Medicare and Medicaid that deliver
in-kind benefits, the even simpler
expedient is to cut reimbursements
to providers, which users will expe-
rience as declining quality and lon-
ger wait times.
To the upwelling of voter aggra-
vation, add Congress’s likely target-
ing of indirect benefits that effec-
tively put almost 100% of Americans
on the dole. These include the mort-
gage-interest deduction and tax-free
employer-provided health care.
When voters are angry and at
wit’s end as they are when inflation
is unraveling their expectations and
life plans, new things become possi-
ble, good and bad. Evolutionists talk
about “punctuated equilibrium.” A
bout of society-transforming infla-
tion would certainly get us off an
old and exhausted equilibrium and
onto a new one that we can hope
will prove sustainable in the long
run.
Nobody planned our giant experi-
ment in a welfare-cum-administra-
tive state. Its incoherence has long
been showing. Many of its features
aren’t even about fixing any problem
but about satisfying constituencies
who want power over their fellow
citizens.
All things that live must change
and adapt. That includes a fiscal
state that so demonstrably has run
out of gas that almost everybody,
from the most woke to the most
Trumpian, senses it in some fashion.
P2JW296000-4-A01600-2--------XA

A16 | Saturday/Sunday, October 23 - 24, 2021 **** THE WALL STREET JOURNAL.

SPORTS
Red Bull’s Unexpected Gift to F1:
BY JOSHUA ROBINSON

F
London
or much of the past de-

A Genuine Title Race

cade, your choices for
likely Formula One world
champion have been the
guy driving a Mercedes
or the guy driving a Mercedes. The
German team was so far ahead of
the field that from 2014 on that its The team is mounting the stiffest challenge yet to the dominance of Mercedes
drivers swept seven straight titles.
But from the first on-track tests
of 2021, held on an island in the
middle of the Persian Gulf, it be-
came obvious that something else
was happening this season. Mer-
cedes was still fast, yet Red Bull
was right there too. The team that
had won four championships be-
tween 2010 to 2013 was threaten-
ing to return to relevance. For
once, Formula One was in for a
genuine title fight.
No one was more surprised than
the middle-aged British man with
no engineering training in charge
of putting Red Bull back in conten-
tion, team principal Christian
Horner.
“We turned up at the first test
and the car was very competitive,”
he said during an interview this
month in London. “Really from
that point onward, we’ve managed
to keep maximizing our chances.”
If Horner is being honest, the ti-
tle charge is one year early. He ex-
pected Red Bull to push Mercedes
harder starting next year, when
sweeping regulation changes will
force every team to radically alter
the design of their cars. Yet ahead
of this weekend’s U.S. Grand Prix
in Austin, Red Bull’s Max Verstap-
pen holds a narrow advantage over Above, Red Bull’s Max Verstappen leads the driver’s standings.
seven-time world champion Lewis Christian Horner, left, is the team principal of Red Bull’s F1 team.
Hamilton in the driver’s standings.
There are only six races left on the involve needling other Red Bull landed in Sochi, on the
calendar and the entire sport ex- team principals, like his Black Sea, knowing that the car
pects the battle to go down to the rival Toto Wolff of Mer- wouldn’t possibly be as quick as
wire. cedes.) the Mercedes around the circuit’s
How Red Bull closed that gap is Horner is a CEO many 90-degree turns.
the story of a team in need that whose performance is So the team decided it wasn’t a
had won four championships to ultimately judged on the bad time to make a necessary en-
start the 2010s, only to fall off the results of a pair of gine change and incur the penalty
pace during the years of Mercedes young men hurtling that comes with it—Verstappen
dominance. By the middle of the around racing circuits at would have to start at the back of
decade, it needed a drastic move. nearly 200 miles per the grid.
Horner, the longest-serving hour. When he fought his way through
team principal in the sport, made Until this season, the field to grab more world cham-
two. Horner says, the team pionship points and finish second,
The first was promoting Ver- focused on more “op- it went down as one of the most
stappen to Red Bull. He had al- portunistic” victories, thrilling performances of the sea-
ready become the youngest F1 waiting for weekends son. Verstappen picked up another
driver to start a Grand Prix in when everything came second place in Turkey earlier this
2015, aged just 17 and 166 days, together and Red Bull month to take over the top of the
while racing for Red Bull’s devel- might be able to catch standings, making it the fourth
opment team Toro Rosso. Mercedes off-guard. And lead change in the past six races.
Once Verstappen began scoring trated at what he perceived to be a mainly a CEO. From Red Bull’s base with Verstappen at the wheel, “It’s not going to change the
points and other teams were sniff- decline in quality. A few tricky in Milton Keynes he oversees a those opportunities came with world for me if we finish first or
ing around, Horner felt he simply meetings with then-Renault chair- team of nearly 2,000 mechanics stunning regularity. From 2016 second at the end of the day,” a
had to call him up to the senior man Carlos Ghosn later—executive and engineers and a business that through 2020, he put together 10 surprisingly even-handed Verstap-
outfit. He was going to build an F1 to executive—Horner decided to found itself needing to trim €45 Grand Prix victories—already a pen said. “I’m always going to give
team around a kid barely old end the relationship ahead of the million ($52 million) in costs over huge number when you consider my best.”
HOCH ZWEI/DPA/ZUMA PRESS, BRYN LENNON/GETTY IMAGES

enough for a driver’s license. That 2019 season and look elsewhere the past year. He deals with spon- that only 31 drivers in the history What is already remarkable is
said, if anyone was ever born to for the single most important sors and auto industry titans, all of the sport have cracked double that Red Bull has kept the fight
drive a Formula One car, it might piece of his car. for an outfit that only entered the digits. this close, since the team has one
be Verstappen, whose father Jos He picked one of the worst-per- sport in 2005. Except targeting the odd race clear disadvantage that Horner
started over 100 Grands Prix and forming engines in the sport. “Red Bull are not a manufac- win and managing a 22-race cam- freely admits: some other team is
whose mother Sophie raced suc- Honda‘s return to F1, two years turer, they are a drinks company,” paign are different exercises. For- consistently building a quicker car.
cessfully go-karts. earlier, had been nothing short of a Hamilton famously said in 2011. mula One teams are strictly regu- As it turns out, that can be miti-
“Now he’s very much the fin- disaster for the McLaren team. “It’s a drinks company versus lated in how much they can spend gated.
ished article,” Horner says. “So Still, Horner felt the potential up- McLaren/Ferrari history. I don’t and how many midseason changes “We’ve got the fastest pit stops,
that was, that was a calculated side was higher with Honda’s com- know what their plan is.” they can make to equipment. The we’ve had good strategy this year,
risk.” mitment than by sticking with On race weekends, Horner be- mechanical strain of one race can and we’ve been creative,” Horner
The second gamble was more Ghosn’s apparent indifference. comes the face of the team, over- ripple out for weeks. says. “We haven’t always had the
technical. After more than a de- This is where the job of F1 team seeing strategy from the pit wall No race made that clearer than fastest car. But we’ve got a great
cade of running Red Bull cars with principal is unlike any other in and playing the games of F1 poli- the Russian Grand Prix in late Sep- car, and, and a phenomenal
Renault engines, Horner was frus- sports. Most of the week, Horner is tics. (In his case, that also tends to tember. driver.”

Weather
40s
Vancouver
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
Edmonton
30s
40s
<0
0s
Bellinger Finds His Swing
Calgaryy 30s
Winnipeg
10s BY JARED DIAMOND
Seattle 20s
Portland
Helena Ottawa
Montreal 30s BY VIRTUALLY any conceiv-
Eugene Bismarck 40s
Augusta 40s able measure, Cody Bellinger
50s Boise Billings
50s ranked among the worst play-
Mpls./St. Paul Toronto Albanyy Boston 50s
40s Pierre Sioux Falls
Hartford ers in baseball this season.
40s 40s Milwaukee Detroit Buffalo 50s 60s
Salt Lake Cityy Chicago Cleveland w York
New
70s
A total of 224 players com-
Des Moines
Reno Cheyenne
Omaha Pittsburgh
Philadelphia piled at least 350 plate ap-
Sacramento Springfield Indianapolis 80s
60s Kansas Washington D.C. pearances in 2021. Only one—
San Francisco 60s Denver St. Louis Charleston 90s
Las
Topeka Cityy
Richmond Milwaukee Brewers defensive
Colorado Louisville 100+
Vegas Springs
Wichita Nashville
60s Raleigh whiz Jackie Bradley Jr.—com-
Los Angeles
Santa Fe Memphis
Charlotte piled a lower batting average
San Diego
Phoenix Albuquerque Oklahoma Cityy 70s Atlanta Columbia than Bellinger’s .165. The
Little Rock
80s Tucson 70s Birmingham Warm Rain same goes for Bellinger’s on-
El Paso Ft. Worth Dallas Jackson
80s 80s Jacksonville base percentage of .240. The
Mobile Cold T-storms
20s Austin
Houston Orlando statistics website FanGraphs
30s
Neww Orleans Stationary Snow calculated Bellinger’s wins
80s San Antonio Tampa
Anchorage Honolulu 90s Miami above replacement at -0.8,
90s meaning he produced less on Cody Bellinger has a postseason batting average of .355.
40s 70s Showers Flurries
the field than a hypothetical
Ice call-up from Triple-A. somebody who looked utterly Nolan Arenado. Then 2021 ar-
Forecasts and graphics provided by AccuWeather, Inc. ©2021
But none of that matters lost for six months. Now as rived, leading to struggles
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
anymore. If the Los Angeles they head to Atlanta for that shattered his confidence
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 62 49 pc 52 39 r Frankfurt 54 35 pc 56 35 s
Dodgers somehow overcome Games 6 and 7 this weekend, and raised questions about a
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice their 3-1 deficit to the Atlanta the Dodgers can smell a career trajectory that once
Orlando 89 72 pc 88 72 sh Geneva 55 37 s 61 40 s
Today Tomorrow
City Hi Lo W Hi Lo W
Philadelphia 64 49 c 63 56 pc Havana 87 70 t 87 71 t Braves and advance to the comeback, with fully rested seemed so bright.
Phoenix 86 62 s 83 64 s Hong Kong 76 68 pc 78 70 s
Anchorage 43 35 pc 44 32 c Pittsburgh 54 44 sh 52 52 r Istanbul 66 57 s 61 51 sh
World Series for the fourth Max Scherzer and Walker Dodgers manager
Atlanta 75 54 s 80 60 pc Portland, Maine 55 35 c 58 43 s Jakarta 92 76 t 93 77 sh time in five years, Bellinger Buehler scheduled to pitch— Dave Roberts said Bellinger
Austin 86 70 c 87 70 pc Portland, Ore. 58 51 r 59 50 r Jerusalem 69 55 s 72 55 s will deserve the credit. He de- and a red-hot Bellinger at the hit “rock bottom” in Septem-
Baltimore 67 48 c 66 58 c Sacramento 64 57 c 62 53 r Johannesburg 84 54 s 82 52 s
Boise 57 46 sh 57 48 r St. Louis 63 58 sh 77 53 t London 58 49 pc 58 49 pc
livered the ninth-inning single plate. ber. The Dodgers suggested
Boston 62 46 c 60 50 s Salt Lake City 50 41 r 59 54 pc Madrid 67 39 s 69 41 s that drove in the go-ahead “In a way it’s a whole dif- adjustments, asking Bellinger
Burlington 50 36 pc 54 41 c San Francisco 64 59 r 64 56 r Manila 92 80 t 88 79 t run and propelled the Dodg- ferent season,” Bellinger said to work with the coaching
Charlotte 75 50 s 79 56 s Santa Fe 70 42 s 69 41 s Melbourne 58 49 sh 58 48 r
Chicago 55 42 pc 53 50 r Seattle 55 48 r 56 49 r Mexico City 75 55 t 70 54 t
ers past the San Francisco Gi- this week. “Luckily for me I staff on changes to his swing.
Cleveland 56 41 sh 52 51 r Sioux Falls 53 39 pc 46 32 r Milan 65 52 s 62 45 s ants in Game 5 of the division got a clean slate going into Bellinger agreed, no doubt
Dallas 87 72 pc 88 68 pc Wash., D.C. 67 53 pc 70 62 c Moscow 48 37 pc 41 29 c series. In Game 3 of the the postseason.” recognizing that he couldn’t
Denver 69 41 c 64 41 pc Mumbai 91 76 s 90 76 pc championship series, with the Bellinger’s dismal perfor- get much worse. So he low-
Detroit
Honolulu
56 39 c
86 75 pc 86 74 pc
53 46 r
International Paris
Rio de Janeiro
58
81
38 s
71 s
59 43 pc
84 70 r Dodgers four outs away from mance from April through ered his hands and agreed to
Houston 84 73 t 87 74 pc Today Tomorrow Riyadh 95 75 s 99 69 s falling into a 3-0 hole to the September represented an al- choke up on the bat at times.
Indianapolis 57 50 pc 67 57 t City Hi Lo W Hi Lo W Rome 72 56 pc 74 52 pc Braves, Bellinger channeled most unfathomable downfall Most importantly, he flat-
SEAN M. HAFFEY/GETTY IMAGES

Kansas City 64 57 sh 73 44 r Amsterdam 56 43 pc 55 44 pc San Juan 89 77 pc 88 78 pc

Las Vegas 76 56 pc 76 61 pc Athens 75 63 pc 75 59 t Seoul 63 40 c 63 45 s Kirk Gibson by smashing a for one of the sport’s most tened the path of his swing,
Little Rock 84 68 pc 80 62 t Baghdad 88 62 s 88 58 s Shanghai 69 59 pc 71 60 pc clutch three-run home run. exciting young stars. He reducing the dramatic upper-
Los Angeles 70 55 pc 70 57 pc Bangkok 88 76 t 88 76 pc Singapore 87 77 t 87 78 t With a three-hit showing earned National League MVP cut he previously employed.
Miami 84 76 t 85 75 t Beijing 64 36 s 65 36 s Sydney 80 63 pc 68 57 s
Milwaukee 53 41 pc 56 49 pc Berlin 51 37 pc 53 37 s Taipei City 72 70 r 74 72 r in the Dodgers’ Game 5 rout honors just two years ago. “It’s showing his character
Minneapolis 50 37 pc 50 36 c Brussels 56 40 pc 56 43 pc Tokyo 63 51 s 63 54 s on Thursday, the 26-year-old From 2017 through 2019, Bell- and testing his character,”
Nashville 73 59 c 81 63 pc Buenos Aires 70 54 pc 75 63 s Toronto 51 38 c 53 44 pc Bellinger raised his postsea- inger hit more home runs Roberts said. “He’s going to
New Orleans 84 72 s 85 72 pc Dubai 97 79 s 93 79 s Vancouver 54 46 r 55 47 sh
New York City 59 48 c 60 54 pc Dublin 57 53 r 59 45 sh Warsaw 49 37 sh 50 34 pc son batting average to .355, a than any NL player besides be a better baseball player for
Oklahoma City 84 66 pc 83 52 pc Edinburgh 59 56 c 61 48 sh Zurich 54 32 s 55 35 s stunning turnaround for St. Louis Cardinals slugger these struggles.”
P2JW296000-6-B00100-1--------XA

BUSINESS | FINANCE
DJIA 35677.02 À 73.94 0.2%
|
Made in China
How Honeywell
embedded itself in
Chinese culture B4

TECHNOLOGY |
EXCHANGE
MANAGEMENT
NASDAQ 15090.20 g 0.8% STOXX 600 471.88 À 0.5%
THE WALL STREET JOURNAL.
10-YR. TREAS. À 6/32 , yield 1.654%
******

OIL $83.76 À $1.26

Crypto Fever
Why your financial
adviser is selling you
on bitcoin B5

Saturday/Sunday, October 23 - 24, 2021 | B1

GOLD $1,795.50 À $14.30 EURO $1.1647 YEN 113.50

Apple’s
Privacy
Change
Disrupts
Ad Market
BY PATIENCE HAGGIN
AND SUZANNE VRANICA

Loose-leaf tea seller Plum Deluxe

used to gain a new customer for ev-
ery $27 it spent on Facebook and
Instagram ads. Then, Apple Inc. in-
troduced a privacy change restrict-
ing how users are tracked on mobile
devices.
Now, the company spends as
much as $270 to pick up a new cus-
tomer. “That’s a huge jump and one
that we just can’t absorb,” said Andy
Hayes, founder of Plum Deluxe of
Portland, Ore., which is now cutting
its spending.
Apple’s change, rolled out in April,
is beginning to disrupt the online ad
market, hurting e-commerce players
and creating challenges for tech com-
panies including Facebook Inc. and
Snap Inc.
Snap on Thursday cited Apple’s
change as one reason it expects its
growth to slow in the current quarter.
Snap shares fell 20% in after-hours
trading after it made that disclosure
in its earnings report. On Friday,
Snap shares fell 27% to $55.14.
Apple’s new policy requires apps
to ask users if they want to be
tracked. Many users have opted out
of tracking by popular apps, including
Please turn to page B11

Boy Band
BTS Jumps
To Universal
From Sony
HSIAO-RON CHENG

BY DASL YOON

SEOUL—The world’s biggest boy

band is joining forces with the

A Shot to Save the World

world’s largest music company.
South Korea’s BTS agreed to a dis-
tribution and marketing deal with
Universal Music Group NV for the
U.S. and other regions, parting ways
with Sony Music’s Columbia Records,
according to HYBE Co., which man-
Uğur Şahin and Stéphane Bancel were long underestimated by investors and scientists. ages the seven-member group.
But when Covid-19 threatened the globe, these two unknowns had a solution. Financial terms weren’t disclosed.

I
t was early October 2019 and
Uğur Şahin was standing in a
Kansas City, Mo., parking lot,
sweating under the blazing mid-
afternoon sun. He and a few col-
leagues had spent weeks criss-
crossing the U.S. and visiting
different cities in Europe. They
were trying to drum up investor
interest in the initial public offer-
ing of BioNTech SE, the German biotech-
nology company Dr. Şahin had started.
The trip wasn’t going well.
The investors liked Dr. Şahin but had
misgivings about his company, which was
developing vaccines and treatments to
combat various cancers and infectious
BY GREGORY ZUCKERMAN
diseases. One of its approaches was to
use a molecule called messenger RNA to
carry instructions into the body, enabling
it to ward off illness. Dr. Şahin had spent
more than two decades researching how
to teach the immune system to fight dis-
ease. He needed an IPO to help make it
happen, but investors were balking—in-
cluding the Kansas City mutual-fund man-
ager he just met.
No one yet knew that this molecule
would form the basis of one of the great-
est achievements in the history of science
and business, or that Dr. Şahin and an ex-
ecutive named Stéphane Bancel—both
heading companies outside the ranks of
pharmaceutical giants—would be instru-
mental in that success. When the
Covid-19 pandemic swept the globe in
early 2020, these two outsiders would be
the ones to introduce vaccines that would
save hundreds of thousands of lives. The
story of how they made it happen is
based on interviews with Dr. Şahin, Mr.
Bancel and nearly 100 scientists, execu-
tives, investors and others close to the
men and their companies.
In the fall of 2019, though, such suc-
cess looked unlikely for Dr. Şahin, then a
54-year-old scientist desperate for some
Please turn to page B6
Neither Universal nor Columbia Re-
cords had immediate comment.
“While we greatly appreciate our
time with Sony and will forever be
grateful for all they have done and
will continue to do, we look forward
to our new chapter in partnership
with Universal,” Seoul-based HYBE
said Friday.
Released in both Korean and Eng-
lish, BTS songs have topped the Bill-
board Hot 100 six times since Sep-
tember 2020, reflecting its tens of
millions of fans world-wide. Last
year, BTS became the first K-pop
group nominated for a Grammy.
Please turn to page B2
 Music publishers seek higher share
of streaming payments...................... B3

Carvana Hits Some

Bumps in the Road
The online seller of used cars faces customer
complaints and government scrutiny
BY BEN FOLDY AND MIKE COLIAS

C
arvana Co. says its goal
is to help consumers
sidestep everything
people hate about buy-
complaints with state regulators
and hundreds with the Better Busi-
ness Bureau about issues that in-
clude incorrect paperwork, delays
JANE HAHN FOR THE WALL STREET JOURNAL

ing used cars, thanks to getting titles and registrations, and

a shopping experience
that takes place almost entirely on-
line. The approach has won over
investors, who have enjoyed a re-
turn of more than 200% on the
stock since the start of last year.
But some customers say the ex-
perience hasn’t been as smooth as
they expected, as the nine-year-old
company gets tripped up in paper-
work and bureaucratic red tape.
Consumers have filed dozens of
other troubles with the purchasing
process. At least four states have
disciplined Carvana or are investi-
gating the company for violating
vehicle-sales rules.
In Michigan, the company is on
probation after admitting to violat-
ing state laws including those gov-
erning title transfers and vehicle
registration, according to a docu-
ment reviewed by The Wall Street
Please turn to page B7 ‘It makes me wish I’d just gone to the car lot,’ says one customer. Above, a Carvana tower in Westminster, Calif.
P2JW296000-4-B00200-1--------XA
B2 | Saturday/Sunday, October 23 - 24, 2021
AMAZON.COM INC.
 Amazon is priming its work-
force for the holiday season.
AMZN The e-commerce giant aims to
hire 150,000 seasonal employ-
1.1% ees in the U.S., a move to get
needed workers for the holi-
days amid a tight labor market. Busi-
nesses from stores and restaurants to
amusement parks and manufacturers are
competing for workers, in some cases of-
fering pay raises, hiring bonuses and
other perks. Amazon’s number of sea-
sonal hires is more than the 100,000
Amazon announced last year and
matches the number that rival Walmart
Inc. said it would add this year. Amazon
shares added 1.1% Monday.
ZILLOW GROUP INC.
 Zillow flipped its plans to buy
and sell homes. The online
ZG Mondayhome-listing platform said on
it would pause its
9.5% automated house-flipping op-
erations for the rest of the
year and instead focus on closing exist-
ing purchase contracts and selling the
homes it has on hand. Zillow said it has
stopped the practice because it was ex-
periencing backlogs related to renovat-
ing the homes and that it faces con-
straints for on-the-ground workers. The
U.S. housing market rallied during the
pandemic, but home sales volume re-
cently began to cool. Zillow shares
plunged 9.5% Monday.
Facebook told employees it would limit who can view certain discussions.
The Limits of an Open Culture
Silicon Valley long took pride in its transparency with workers. That tradition
is under threat as more internal debates and critiques spill into public view.
BY KATHERINE BINDLEY
M
any Silicon Valley
companies have
long prized trans-
parency with work-
ers, sharing access
to research, data,
presentations and recorded town
halls. Now, that openness appears
to be showing signs of strain.
More internal debates and cri-
tiques of the tech giants are spill-
ing out into public view. The most
extreme examples are leaks of sen-
sitive information, which have led
the largest tech companies and
their workforces to tighten the
reins on information and regard
each other with new wariness.
At Netflix Inc., some employees
staged a walkout Wednesday to
protest the company’s handling of
an uproar over a Dave Chappelle
comedy special. In a recent email
to staff, first reported by The
Verge, Apple Inc. Chief Executive
Tim Cook said that people who
share confidential information out-
side the company don’t belong
there. Earlier this year, Google fired
an employee from its artificial in-
telligence team over allegedly shar-
ing internal documents. And Face-
book Inc. last week told employees
it would limit who can view discus-
sions on internal platforms about
certain topics, including platform
safety, after a former employee
gathered documents that formed
the foundation of The Wall Street
Journal Facebook Files series.
These developments come as
some tech employees publicly and
privately question their work and
the effects it may have on society,
according to interviews with cur-
rent and former employees of the
companies. Some tech workers say
the increased reliance on tools
such as Slack, Discord and Zoom
in the remote-work era has led to
communicating with colleagues
they otherwise wouldn’t.
Those in the tech industry, how-
ever, say most employees they talk
with seem happy in their roles.
THE BUSINESS WEEK IN 7 STOCKS
PERFORMANCE OF CONSUMER-PRODUCTS STOCKS
Source: FactSet
3%
2
1
0 previously received. The moves will
–1
–2
–3
–4
–5
Mon. Tues. Wed.
PROCTER & GAMBLE CO.
 Corporate giants are using their size and deep pockets
to protect themselves from the global supply-chain
PG meltdown. P&G said Tuesday it enlisted backup suppli-
1.2% ers, changed shipping routes, reformulated products
and in some cases limited how much a retailer can buy
at a time. Grocery giant Albertsons Cos. said Monday it offers
alternatives to out-of-stock items and passes on price increases
to consumers. Procter & Gamble shares lost 1.2% Tuesday.
Workers say the number of their
colleagues who are disillusioned
and speaking out is a small minor-
ity that is growing and getting
louder. A recent poll of nearly 500
Facebook employees by the profes-
sional network Blind found that
74% said they believed manage-
ment’s recent defenses of the com-
pany and just 22% said they felt
Facebook puts profits over safety.
Tracy Clayton, a Facebook
spokesman, said the company “val-
ues expression, open discussion
and a culture built on respect and
inclusivity.”
‘Are we improving the world?’
When he joined Google about a de-
cade ago, Xavid Pretzer, a senior
engineer, was drawn to the com-
pany’s freewheeling, open culture
and the idea that he could make a
difference. Questions, feedback
and debate used to be more en-
couraged, said Mr. Pretzer, a stew-
ard of the Alphabet Workers
Union, which formed during the
pandemic to organize workers and
give them the ability to speak out
about the company. It had about
800 members as of January.
“People often get attracted to
these companies by the idea that
you’re not just doing it for a pay-
check. You’re trying to make the
world a better place,” he said.
These days, Mr. Pretzer said,
some employees feel their pointed
questions are now getting vaguer
answers in town halls where feed-
back and transparency used to be
the norm. The change has eroded
trust between leadership and some
employees, Mr. Pretzer said. If
companies don’t provide safe and
meaningful ways to address ethical
concerns internally, he added, “I
think some people feel like their
only option is to go externally.”
Google declined to comment.
This week, during the Journal’s
Tech Live conference, Google CEO
Sundar Pichai said that employee
activism pushes companies to be
more accountable. Mr. Pichai is
also CEO of Google parent Alpha-
bet Inc.
****
THE SCORE
MODERNA INC.
 Health regulators gave the
nation’s Covid booster cam-
MRNA paign a shot in the arm. The
Food and Drug Administra-
2% tion on Wednesday cleared
use of extra doses of Mod-
Unilever erna and Johnson & Johnson vaccines.
The FDA also said people can get a
shot that is different from what they
Kimberly- make boosters available to the majority
Clark of adults who are fully vaccinated and
passed the recommended waiting pe-
riod. Some research indicates people
who mix and match might get more
Procter & protection from the coronavirus. Mod-
Gamble
erna shares rose 2% Thursday.
NETFLIX INC.
Thurs. Fri.
 Netflix’s latest hits are get-
ting mixed reviews. The
NFLX ing streaming giant has been rid-
high from the success of
2.2% “Squid Game,” a South Ko-
rean dystopian drama that
made its debut last month and quickly
became a global phenomenon. Netflix
said Tuesday that the popularity of its
original programming helped add 4.4
million memberships in the third quar-
ter. Meanwhile, Co-Chief Executive Ted
Sarandos said Tuesday he “screwed up”
in his efforts to communicate with em-
ployees who were upset over a recent
comedy special from Dave Chappelle.
Netflix shares slipped 2.2% Wednesday.
started clamping down on infor-
mation shared internally.
Tim Carstens, a senior software
engineer who left Facebook last
month, said that working at a
large tech company means accept-
ing both the benefits and the com-
plications that come with massive
influence. Tensions arise between
leadership and workers as they
reconcile how to serve both the
market and society, he added.
“Are we improving the world or
are we making it worse?” Mr.
Carstens said, adding that malevo-
JOSH EDELSON/AGENCE FRANCE-PRESSE/GETTY IMAGES
lent actors have been able to ex-
ploit platforms and companies
have struggled to stop them. “The
problems we’re talking about are
extremely relevant today, but for
us engineers it’s not obvious how
to solve them.”
New drama at Netflix
Netflix’s leaders, who have long
emphasized employee candor and
internal debate, have been chal-
lenged by the backlash to the Dave
Chappelle comedy special, which
some employees and subscribers
said was offensive to the transgen-
der community. The company fired
an employee who it said had leaked
confidential financial information
related to the comedy special.
Netflix Co-Chief Executive Ted
Sarandos initially acknowledged in
emails to employees the concerns
of some staff while defending ar-
tistic freedom of expression. He
later said in an interview that he’d
“CEOs need to embrace the fact “screwed up” with his response to
that in the modern workplace em- employees and should have recog-
ployees want to have a say in nized that some of them were re-
where they work,” he said, though ally hurting.
he added that companies do ulti- On Wednesday, a group of dem-
mately make decisions and not all onstrators, including some Netflix
employees will agree with them. staff, gathered outside one of Net-
Apple has long been known for flix’s Los Angeles offices to protest
being more secretive than some of the comedy special, while a group
its Silicon Valley rivals. Employees of employees released demands of
have in the past year publicly ob- management. Netflix said in a
jected to new hires and accused statement: “We value our trans
the company of pay inequity and colleagues and allies, and under-
discrimination. Earlier this month, stand the deep hurt that’s been
the company fired Janneke Par- caused. We respect the decision of
rish, an employee in Austin who any employee who chooses to walk
helped lead employee organizing out, and recognize we have much
activities branded with the more work to do both within Net-
hashtag “AppleToo,” according to flix and in our content.”
her attorney, Vincent White. Mr. One former tech employee
White said he and Ms. Parrish be- wants to make it easier for em-
lieve the termination was retalia- ployees to make their concerns
tion for her decision to speak out public. Ifeoma Ozoma, who last
about pay equity and advocacy re- year alleged unequal pay and dis-
lated to union organizing. crimination during her time at
Another former Apple em- Pinterest, recently released an on-
ployee, Ashley Gjøvik, has filed line handbook for tech workers
multiple charges with the National who are considering disclosing in-
Labor Relations Board that include formation they believe is in the
allegations the memo from Mr. public interest.
Cook discouraging the release of Ms. Ozoma, who also has
confidential information and parts worked at Google and Facebook,
of Apple’s employee handbook vio- said she’s heard from a stream of
lated labor laws. She said she was tech employees curious about find-
terminated in September. ing a lawyer or working with jour-
The Verge first reported on nalists, she said.
both firings at Apple. Ms. Ozoma said when compa-
“We take all concerns seriously nies are subject to new scrutiny,
and we thoroughly investigate they often work to find out who’s
whenever a concern is raised and, sharing information. At Pinterest,
out of respect for the privacy of she said her Slack messages were
any individuals involved, we do reviewed.
not discuss specific employee mat- Pinterest didn’t comment.
ters,” said Apple spokesman Josh Changing public perceptions of
Rosenstock. companies such as Facebook and
Facebook’s circle of trust with Google may be wearing on some
employees has long started on day younger workers, analysts and for-
one, with new hires typically given mer workers say.
access to company information “A couple years ago if you said
such as internal documents, em- you worked for one of those com-
ployee discussion groups and re- panies, nine out of 10 people are
cords of town halls. CEO Mark like, ‘Oh, that’s awesome.’ Now it’s
Zuckerberg’s comments in weekly five out of 10 people say, ‘That’s
all-hands meetings usually stayed awesome,’ and five out of 10 peo-
within the company. In recent ple say, ‘Oh really? That company
years, more news about company- does bad things,’ ” said Brian
wide meetings has been made pub- Kropp, chief of research in Gart-
lic and this month the company ner’s human resources practice.
THE WALL STREET JOURNAL.
WEWORK INC.
 Will a second try at an initial
public offering work for We-
WE Work? It did on day one as
the shared-office company
13% made its debut on the New
York Stock Exchange. Shares
closed 13% higher. WeWork’s public
launch capped a comeback from an IPO
implosion in 2019 and the ouster of its
co-founder and chief executive, Adam
Neumann. The company attempted a re-
fresh under Sandeep Mathrani that in-
volved closing locations, renegotiating
leases and cutting jobs. WeWork went
public through a combination with
BowX Acquisition Corp., a special-pur-
pose acquisition company.
SNAP INC.
 Snap expects some of its re-
cent growth to disappear. The
SNAP maker of the vanishing-mes-
sage app Snapchat on Thurs-
27% day said it expects revenue
expansion to slow in the cur-
rent quarter due to a new policy from
Apple Inc. that requires apps to ask us-
ers whether they want to be tracked.
That change, Snap said, made it difficult
for advertisers to measure their cam-
paigns. The move prompted complaints
from companies that use such tracking
technology and sparked a public fight
between Apple and Facebook Inc. Snap
shares plummeted 27% Friday.
—Francesca Fontana
BTS Jumps
To Universal
From Sony
Continued from page B1
Since 2018, BTS—short for
Bangtan Sonyeondan, or “Bullet-
proof Boy Scouts,” though for
English speakers the group offers
“Beyond the Scene”—has had U.S.
distribution handled by Sony sub-
sidiary Orchard, while Columbia
Records provided U.S. marketing
and promotion.
BTS and Universal were al-
ready acquainted. The K-pop
group’s Japanese-language re-
leases were distributed by Uni-
versal Music Japan. And in Feb-
ruary, HYBE, formerly known as
Big Hit Entertainment Co., cre-
ated a joint-venture label with
Universal to debut a new boy
band. The two companies are also
co-investing in a streaming plat-
form for online K-pop concerts,
along with South Korean enter-
tainment agency YG Entertain-
ment Inc.
Universal, the record label for
big names from the Beatles to
Lady Gaga to Drake, was spun out
in September by France’s Vivendi.
When Universal and HYBE created
their joint-venture label in Febru-
ary, HYBE founder Bang Si-hyuk,
the chief producer for BTS, said
the two companies “will rewrite
global music history.”
HYBE has been aggressively
seeking deals of its own, spending
more than $1 billion in April to ac-
quire Ithaca Holdings, the Ameri-
can music-management empire be-
hind artists such as Justin Bieber,
Ariana Grande and Demi Lovato.
BTS’s latest single, “My Uni-
verse,” a collaboration with Cold-
play, made its debut this month at
No. 1 on the Billboard Hot 100—
The K-pop group was
No. 1 in U.S. album
sales during the first
half of 2021.
supplanting another BTS song,
“Butter.”
The group recently announced
it will end a roughly two-year pan-
demic break from live concerts
with a series of shows in Los An-
geles this year. BTS chose the U.S.
after reviewing Covid-19 restric-
tions in various countries, HYBE
said.
In 2019, before the pandemic
canceled world tours, BTS took in
$170 million, Forbes estimated—
more than any American band ex-
cept Metallica.
K-pop has flourished during the
pandemic. Boy band Stray Kids
and girl group Blackpink—whose
YouTube channel has more sub-
scribers than any other—have sold
more than a million albums during
the pandemic.
BTS was No. 1 in U.S. album
sales during the first half of 2021,
according to Billboard. The group
has sold the most copies of any
South Korean group ever.
HYBE’s shares, which trade on
South Korea’s stock exchange, fell
1.7% on Friday after the company
announced the BTS deal with
Universal.
—Jiyoung Sohn
contributed to this article.
P2JW296000-8-B00300-1--------XA

THE WALL STREET JOURNAL. * * * * ** * * Saturday/Sunday, October 23 - 24, 2021 | B3

BUSINESS NEWS

Music Publishers Seek More Payment ABC Says

Producer
Song owners and
songwriters ask for
higher rates from Was Fired
streaming services
BY ANNE STEELE
Following
Music publishers are de-
manding a bigger piece of the
Inquiry
streaming pie for songwriters. BY JOE FLINT
The National Music Publish-
ers Association and five major Walt Disney Co.’s ABC said
streamers—Spotify Technol- in a legal filing Friday that it
ogy SA, Apple Inc., Ama- fired “Good Morning America”
zon.com Inc., Alphabet Inc.’s executive producer Michael
YouTube and Sirius XM Hold- Corn last April after investi-
ings Inc.’s Pandora—have been gating allegations that he sex-
duking it out in front of the ually harassed and assaulted
Copyright Royalty Board, a two network staffers.
three-judge panel that sets the “The investigation deter-
statutory licensing rates that mined that it was more likely
digital-service providers pay than not that Corn violated
publishers for on-demand au- ABC’s policies. ABC then
TAS RIGHTS MANAGEMENT 2021 /GETTY IMAGES

dio streams of their songs. promptly terminated Corn’s

The publishers argued in pro- employment after 17 years of
posals that were due Wednes- service,” ABC said in a motion
day at midnight for nearly to dismiss several claims in a
doubling the current rate, lawsuit against the network
while the streamers are an- filed by Kirstyn Crawford, a
gling to pay less—rates effec- producer on “Good Morning
tively below 2008 levels. America.”
For years, publishers and ABC’s filing marked the
songwriters have bristled over first time the network has
payments from streaming and stated why Mr. Corn abruptly
say they are paltry—about one- left his position as top pro-
fifth what labels and recording Jack Antonoff, Taylor Swift, and Aaron Dessner performed in Los Angeles for the 63rd Annual Grammy Awards broadcast in March. ducer for the most-watched
artists collect. The NMPA pro- U.S. morning news program.
posed raising the rate to 40% ness—for artists, publishers proceedings establish the rate master recording copyright Amazon, YouTube and Pan- Mr. Corn has denied allega-
of what labels are paid. and labels alike. for compulsory mechanical holders; $1.50 per subscriber; dora appealed the decision, tions that he engaged in im-
“This would start to correct “How do we make modern royalties earned whenever a or $0.0015 per stream. and the U.S. Court of Appeals proper sexual contact with an-
the imbalance in terms of how music economics work for ev- song is reproduced in an on- While each service has put for the District of Columbia other woman, calling the
streaming money is divided eryone?” he said. “That should demand stream format. The forward its own proposal, Mr. Circuit last year told the copy- claims in the suit fabrications
among the parties,” the trade be our focus—preserving long- rate is set by the three judges Israelite says all five represent right board to try again. and saying he would defend
group’s chief executive, David term industry growth and en- every five years. The publish- a less-lucrative rate structure While the parties have himself vigorously. Neither Mr.
Israelite, said in an interview. suring that it benefits as many ers’ and streaming services’ for publishers than the 10.5% agreed that when the rate is Corn nor his lawyer responded
Garrett Levin, chief execu- people as possible.” proposals for 2023-27 are ex- of revenue set during the pro- determined, it will apply ret- to a request for additional
tive of the Digital Music Asso- Financial players such as pected to be made public in the ceedings in 2008. roactively, the streaming ser- comment on Friday.
ciation, which represents the Blackstone Inc. and KKR & Co. coming days. The tussle over future pub- vices meanwhile are generally In the underlying suit, Ms.
streaming companies, pointed have bet billions on song cata- The NMPA has proposed lishing payments is happening paying under the 2017 rate Crawford alleged that Mr.
to a flood of investment in logs—assets now seen as both that in a given reporting pe- while current rates are still in structure, or 10.5%. Corn sexually assaulted her
artists’ catalogs and the highly increasingly valuable thanks to riod, streamers pay publishers flux. After the publishers won YouTube said it isn’t seek- during a 2015 reporting trip.
competitive landscape for mu- the growth of online stream- whichever is the largest of a 44% increase for 2018-22—to ing lower rates in the 2023-27 The suit also alleges that Jill
sic, highlighting that stream- ing and untethered to broader four sums: 20% of their ser- 15.5% of streaming services’ proceeding. The other services McClain was sexually as-
ing has helped turn around the market fluctuations. vice’s revenue; 40% of what is overall revenue in the final didn’t respond or declined to saulted by Mr. Corn roughly a
fortunes of the music busi- The current copyright-board paid to record labels and other year of the period—Spotify, comment. decade ago when she was a
news producer at ABC. Ms.
McClain, who left ABC in 2013,

‘Squid Game’ Fashion Is Good News for Vans

isn’t a plaintiff in the suit.
Ms. Crawford also named
ABC as a defendant, alleging
the network learned of her al-
BY DAVE SEBASTIAN revenue growth for the other leged encounter with Mr. Corn
AND ALLISON PRANG three brands was all in the in 2017 and failed to investi-
double digits. gate the matter. Ms. Crawford
The dystopian hit “Squid Total revenue at VF rose made a formal complaint to
Game” is giving Vans slip-ons 23% from the comparable ABC in February of this year.
a boost. quarter a year earlier to $3.2 “Notwithstanding ABC’s
The South Korean survival billion. Profit jumped to swift and severe action
drama, Netflix Inc.’s most- $464.1 million, up from $256.7 against Corn, Ms. Crawford
watched show, revolves million. Both revenue and ad- nevertheless seeks to hold
around financially strapped justed earnings missed Wall ABC liable for his conduct,”
adults playing traditional Ko- Street’s consensus estimates, ABC said in its legal filing.
rean children’s games on a se- according to FactSet. ABC didn’t address in the fil-
cluded island for a cash prize The company saw product ing whether it was aware of
of about $40 million. Contes- delays and reduced traffic into Ms. Crawford’s allegations in
tants all sport white, slip-on its stores during surges of 2017.
sneakers, akin to the ones that Covid-19 cases weighing on its ABC said several of Ms.
Vans sells, and green track- business, according to finance Crawford’s claims stem from
suits. chief Matt Puckett. allegations outside the three-
“I’d call it a small spike,” “Retailers remain bullish on year statute of limitations. In
Steve Rendle, chief executive the upcoming holiday season, his own motion to dismiss, Mr.
and president of Vans parent and we are focused on deliver- Corn made a similar argu-
VF Corp., told analysts Friday ing products in time to sup- ment.
on the company’s second- port strong demand signals,” A lawyer for Ms. Crawford
quarter earnings call. Mr. Puckett said. said in a statement, “Neither
NETFLIX

Mr. Rendle cautioned, how- Covid-19 lockdowns in VF’s ABC’s or Corn’s arguments are
ever, that “this is not a Vans key sourcing countries have a surprise, and were com-
annual event. Contestants of Netflix hit ‘Squid Game’ all sport white, slip-on sneakers, akin to those that Vans sells. led to more manufacturing ca- pletely anticipated. It is also
“This…has helped raise pacity constraints in its sec- worth noting that it seems
some media attention that come a global phenomenon tailer’s website that will offer the weakest-performing brand ond quarter, the company said, that ABC and Corn are not on
we’ll leverage,” he said, noting since it premiered, hitting merchandise tied to “Squid when measured by revenue with port congestion and the same page with respect to
that the company will con- No. 1 in more than 90 coun- Game” and other hit shows. growth of those under VF’s other logistical challenges their view of the allegations in
tinue to build on its connec- tries, including the U.S. Dressing up like the charac- umbrella, which also includes contributing to delays. the amended complaint.”
tion to pop culture. For Netflix, “Squid Game” ters from the show has be- the North Face, Timberland VF said it is expediting In a statement, a spokes-
The company will focus on also serves as a source of mer- come a popular costume op- and Dickies. freight as needed, and that woman for the network said,
“things that we can control” chandise. The streaming giant tion for Halloween. Vans logged single-digit most of its supply chain is cur- “we will defend against the re-
and on new products, Mr. Ren- this month said it was teaming While the Vans brand got a global revenue growth for the rently operating. maining claims that ABC failed
dle said. up with Walmart Inc. to create boost from “Squid Game” in fiscal second quarter that Shares of VF fell 4.5% on to take appropriate action
The Netflix show has be- a digital storefront on the re- the latest quarter, it was still ended last month, whereas Friday, or $3.33, to $70.74. against Mr. Corn.”

Ex-Pfizer Scientist Had Qualms About Theranos Warehouse

Space Gets
BY HEATHER SOMERVILLE with Theranos and raised In this instance, according

SAN JOSE, Calif.— A former

scientist for Pfizer Inc. testi-
questions about the accuracy
of its claims.
As part of his vetting pro-
to the email that was dis-
played in court, Ms. Holmes
claimed the report was an in-
Tighter
fied in federal court Friday that cess, Dr. Weber reviewed a dependent due diligence re- BY LYDIA O’NEAL
he had advised his employer document from Theranos that port on Theranos technology.
against working with Theranos presented findings from a 15- The study had an important Warehouse availability in
Inc. more than a year before month study beginning in difference from the version Dr. the U.S. fell to record lows in
the startup altered a report so 2007 which measured how 27 Weber reviewed: the image of the third quarter, according to
JOHN G MABANGLO/EPA-EFE/SHUTTERSTOCK

it featured Pfizer’s logo and late-stage cancer patients re- the Pfizer logo at the top of figures from real-estate firms
purported to validate Thera- sponded to treatment. The each page. that show industrial space is
nos’s blood-testing devices. Theranos devices were pro- Dr. Weber said Friday the all but disappearing near some
The testimony by Shane vided to patients to use at logo was added without of the country’s busiest distri-
Weber in the criminal fraud home, and their data was Pfizer’s permission. He said bution hubs.
trial of Theranos founder Eliz- shared through the internet, before prosecutors showed Third-quarter demand for
abeth Holmes directly sup- with a cellphone or by landline him the document, he hadn’t industrial real estate exceeded
ports claims by government phone, the document shows. been aware of its existence. supply by 41 million square
prosecutors that Ms. Holmes The findings showed huge After Dr. Weber told Ms. feet, pushing the vacancy rate
had forged the document to variations between the sub- Holmes in January 2009 that to 3.6%, down from 4.3% in the
show it to investors and per- jects in the study, but Thera- Pfizer wouldn’t be using its same quarter of 2020 and the
suade them that Theranos had nos failed to adequately ex- Elizabeth Holmes earlier this month at courthouse in San Jose. machines, Ms. Holmes “asked lowest level in data going back
been checked out and ap- plain why there was this for other names at Pfizer to to 2002, according to new fig-
proved by Pfizer. variation, Dr. Weber testified. guments about its accomplish- More than a year after approach and I politely de- ures released by real-estate
Dr. Weber described Friday He conferred with colleagues ments, and the nine conclu- Pfizer passed on a collabora- flected,” according to an email firm CBRE Group Inc.
the due diligence he went who led oncology studies for sions in Theranos’s cancer tion with Theranos, Ms. he sent to his superiors that The vacancy rate for ware-
through in 2008 to assess Pfizer, and they told him they study report were “not believ- Holmes in April 2010 emailed was displayed in court. Dr. houses near the ports of Los
Theranos’s technology and de- had no interest in using Ther- able.” Walgreens Boots Alliance Inc. Weber also said his supervi- Angeles and Long Beach, Ca-
termine whether his company anos’s technology, Dr. Weber For instance, one of Thera- executives a nearly identical sors had agreed with his deci- lif.—the gateway complex that
would have any use for it, in- said. nos’s conclusions in its study copy of that cancer-patient sion to pass on Theranos. has been a major chokepoint
cluding reviewing findings He had other concerns, is that “the Theranos System study that Dr. Weber had re- Ms. Holmes’s lawyers have adding to global supply-chain
from a Theranos study involv- which he later laid out in a performed with superior per- viewed. Theranos struck a argued that her only crime is snarls—reached 1% in the quar-
ing cancer patients. Dr. Weber seven-page report he shared formance.” Dr. Weber testified partnership with Walgreens in running a failed startup and ter, CBRE found. The region’s
eventually decided that Pfizer internally at Pfizer: The in court that he didn’t agree 2013 to put its blood-testing that she lost everything when vacancy rate was 2.3% in the
shouldn’t get into business startup made unconvincing ar- with that. devices in drugstores. Theranos shut down in 2018. same quarter of 2020.
P2JW296000-4-B00400-1--------XA
B4 | Saturday/Sunday, October 23 - 24, 2021
BY TREFOR MOSS
H
ow can an Ameri-
can company
thrive in China at
a time when ten-
sions between the
two countries are
running high?
For Honeywell International
Inc., the 115-year-old Charlotte,
N.C., aerospace and industrial con-
glomerate, a strategy that deeply
entrenched its local unit in Chi-
nese life has been critical.
The architect of the strategy
was Shane Tedjarati, who took
over Honeywell China in 2004 and
has spent nearly two decades
transforming the once-moribund
unit. In that time, Honeywell
China’s revenue has grown along
with the nation’s economy, from
$360 million to more than $6 bil-
lion last year—a sixth of Honey-
well’s global revenue. His approach
was to fully immerse the company
in Chinese business and culture—
and not shy away from helping
Chinese companies achieve strate-
gic goals set by Beijing.
“Little by little, we had this Chi-
neseness in our bones,” said Mr.
Tedjarati.
Over the past two decades,
China has become an essential
market for most U.S. multination-
als, providing much of their global
growth. While operating within
China’s authoritarian system has
always presented companies with
practical and ethical challenges,
those have grown far more acute
in recent years as U.S.-China ties
have frayed, placing companies at
risk of being caught in the middle.
Just this month, for instance,
Microsoft Corp.’s LinkedIn said it
would close the Chinese version of
its site due to the country’s “chal-
lenging operating environment.”
Mr. Tedjarati moved to China
three decades ago and committed
to learning the language fluently
at the outset, he said, at a time
when foreign executives typically
parachuted into the country for
two or three years without engag-
ing deeply with its culture, people
or customs. The Canadian has
since served as a visiting professor
at Shanghai’s China Executive
Leadership Academy, an elite
school that provides leadership
training to the Communist Party’s
rising stars. He received a Chinese
green card a decade ago, making
him one of the first few dozen for-
eigners to obtain one.
Building personal relations with
local officials was important to
shielding Honeywell from the
choppy U.S.-China politics of the
past few years, he said.
“I have a very, very close rela-
tionship with Chinese officials. We
have intimate discussions, often
without interpreters,” said Mr.
Tedjarati, 58 years old, who is to
retire at the end of 2021 as Honey-
well’s chief executive for high-
growth regions such as Africa,
Latin America and Eastern Europe.
He continued to oversee China and
live in Shanghai after his promo-
tion to the global role in 2012.
Mr. Tedjarati is to be succeeded
by Ben Driggs, a Honeywell vet-
eran who has spent his career in
the U.S. and Brazil, except for
three years he spent in Shanghai a
decade ago. A team of local execu-
tives, currently led by a Shanghai
native, runs the China business
day to day.
Today, Honeywell is everywhere
in China, with facilities in over 30
cities employing 13,000 people. It
makes avionics in Shanghai, heat-
ing systems in Suzhou, medical
sensors in Nanjing, industrial con-
trol systems in Tianjin and car tur-
bochargers in Wuhan. It has sup-
plied everything from the
broadcast system for Beijing’s
“Bird’s Nest” stadium to the fire-
safety equipment for the Terra-
cotta Warriors museum in Xi’an.
It supplies components including
flight-control and navigation sys-
tems for the Comac C919, China’s
first commercial jetliner designed
to rival Boeing Co. and Airbus SE.
In 2018, it agreed to help a string
of state-owned industrials including
Sinochem Corp. and China Baowu
Steel Group Corp. to modernize by
digitizing and automating their fac-
tories. And it is helping to build a
new petrochemical-processing com-
plex in eastern China as the coun-
try overhauls its industrial infra-
structure.
Honeywell was a pioneer in a
localization approach that has
since become something of a tem-
plate for a number of other multi-
nationals doing business in China,
according to James McGregor, the
head of consulting firm APCO
Worldwide’s China business.
Numerous U.S. multinationals
grew stronger in China even as the
broader Beijing-Washington rela-
tionship crumbled during the Trump
years of trade war and efforts to pry
apart the two economies.
Walmart Inc. began a major
China expansion in 2019. Starbucks
Inc. opened over 500 Chinese stores
last year. Comcast Corp.’s Universal
Studios pressed ahead with building
a $6.5 billion Beijing theme park,
which opened in September.
Honeywell’s Formula
For Success in China
Shane Tedjarati spent two decades embedding the U.S.-based aerospace
giant in Chinese life. ‘Little by little, we had this Chineseness in our bones.’
Mr. Tedjarati at home in Menlo Park, Calif. ‘I have a very, very close relationship with Chinese officials,’ he said.
In some cases, Honeywell has
advanced in China in areas that
might have proved controversial
back home.
A decade ago, it helped Huawei
Technologies Co.—now subject to
U.S. sanctions—build three gas
pipelines linking western China
and Central Asia. Building on that
partnership, the two companies
said in 2017 that they would col-
laborate globally on smart-build-
ing technology.
It also set up a branch in Xinji-
ang, where the rounding up of Uy-
ghur Muslims in camps has
prompted severe U.S. sanctions. In
one of its deals there, Honeywell
agreed in 2017 to supply security
services with protective equipment.
Honeywell has since wound up
both its Huawei and Xinjiang ac-
tivities for commercial reasons,
said Mr. Tedjarati. No U.S. or Chi-
nese officials have ever told him
the company should do, or should
avoid doing, specific things in
China, he said.
The Honeywell booth at the 2019 China International Import Expo in Shanghai.
EXCHANGE
The company has also openly
supported China’s Belt and Road
Initiative, an ambitious global in-
frastructure program that is
viewed with suspicion in the West,
and has run a program to help
Chinese companies expand abroad.
Those partners have rewarded
Honeywell’s support with lucrative
Honeywell is everywhere
in China, employing
13,000 people in more
than 30 cities.
contracts, including recent deals to
supply a range of technologies to a
new port complex in Saudi Arabia
and a petrochemicals facility in
Brunei.
It is becoming harder for multi-
nationals to avoid controversy.
“What looks good in China may
look bad in the U.S. It’s a mine-
**** THE WALL STREET JOURNAL.
aged to retain its status as a kind
of corporate exemplar in both
countries.
When he toured a Honeywell
plant in Phoenix in May 2020, for-
mer President Donald Trump
praised the company for making
face masks on U.S. soil. That same
month, China’s premier spoke
highly of Honeywell after it opened
a new research-and-development
facility in Wuhan, helping the city
normalize several months after the
outbreak of the Covid-19 pandemic.
“I shouldn’t do any commercial
promotion for any company,” the
premier, Li Keqiang, said in his
once-a-year press briefing. “But I
highly appreciate this move.”
Honeywell was a peripheral
player in China when Mr. Tedja-
rati, previously a consultant for
Deloitte, first took charge.
On his first day, “I got into the
office—there was about a half inch
of dust on my desk,” Mr. Tedjarati
recalled. That air of neglect ex-
tended to the bottom line: Honey-
well’s local revenues were barely
budging at a time when the Chinese
economy was growing at 10% or
more a year, and “nobody knew if
we were profitable or not,” he said.
Managers were targeting only a
small share of the China market
and the company was plagued by
knockoffs. One Honeywell unit,
Garrett Motion, which produced
vehicle turbochargers, was being
especially targeted by Chinese
copycats. “In 2004 we had 100
Garrett look-alikes, we had Carrett,
Farrett, Parrett, Tarrett—you
name it,” he recalled. “All at 40%
of our cost and 50% of our capabil-
ity. And they sold well.”
Mr. Tedjarati decided that
rather than resorting to the stan-
dard practice of legal action, Hon-
eywell would instead copy the
copycats.
He saw that local rivals weren’t
just mindlessly replicating Honey-
well’s technology; they were pro-
ducing local versions in response
to feedback from Chinese busi-
nesses that bought the equipment.
“I realized those guys would go
and sit with the clients,” Mr. Ted-
jarati said. “We would do desktop
research; they had a desk at the
client’s factory.”
So Mr. Tedjarati asked his local
team to develop a no-frills version
of its turbocharger that was
roughly half the price of the com-
pany’s global equivalent. It was di-
sastrous for the imitators. “Of
those 100 local players, only three
survived and they became our sup-
pliers,” he said.
Such experiences led Honeywell
to stop viewing China as an out-
CHRISTIE HEMM KLOK FOR THE WALL STREET JOURNAL
sourcing base, but rather as a mar-
ket in its own right. Mr. Tedjarati
began benchmarking Honeywell’s
performance against Chinese ri-
vals, rather than against other
multinationals. “We studied the lo-
cals and we said we’re going to do
better than them,” he said. “The
company became energized.”
Overhauling Honeywell’s sales
team was another urgent task.
Salespeople were put through a
rigorous recruitment process, but
most interviews were conducted
over the phone by American execu-
tives. “So naturally, the people who
made it were the ones with better
field,” said APCO’s Mr. McGregor. English, but they had no idea about
“There’s one bipartisan issue in industrial sales.” Mr. Tedjarati
Washington right now, and only eliminated English as a job require-
one,” he added. “The idea that ment and ensured that all inter-
China’s a bad actor.” views were conducted in Chinese.
As an industrial supplier rather Some U.S. executives initially
than a consumer company, Honey- resisted but eventually accepted
well is relatively insulated from the the change—when “our sales pro-
kind of public backlash that has hit ductivity went through the roof,”
foreign brands including Burberry, he said.
Hennes & Mauritz AB and Tesla Mr. Tedjarati acknowledged that
Inc. in China in recent months, the business environment has be-
though in 2019 it appeared in jeop- come “more constricted” amid
ardy when the People’s Daily, the sour U.S.-China ties, though he
Communist Party’s official news doesn’t think multinationals’ hey-
outlet, named Honeywell as one of day in the country is over. Pro-
several U.S. companies that faced vided both American and Chinese
possible blacklisting by Beijing politicians focus on the benefits of
over U.S. arms sales to Taiwan. cooperation, U.S. companies that
Honeywell, which had supplied stay committed to China can still
engines for tanks, protested that it reap huge rewards, he said.
had delivered equipment directly to U.S. companies have a signifi-
the U.S. government and had no cant role to play in helping China
control over the Taiwan deal. It was to address societal problems, he
omitted from a subsequent list of argued. “China’s climate challenge
sanctioned U.S. defense companies is huge,” he said. “China’s food-se-
that China published a year ago. curity challenge is huge.”
Honeywell has generally man- He also dismissed criticism that
U.S. companies should refrain from
supporting strategic programs like
the C919 jetliner. There’s no stop-
ping a country of China’s scale from
building its aerospace capabilities
once it chooses to do so, he said,
and U.S. companies should partici-
pate and share in the rewards rather
than excluding themselves on prin-
ciple. That is safe so long as they
are careful to protect their intellec-
tual property, he said. Honeywell’s
work on the C919 has supported
hundreds of high-quality jobs at the
company’s facilities in Arizona and
Kansas, Mr. Tedjarati said.
He said that while Honeywell’s
success in China may have bene-
fited the Chinese, the biggest win-
XIN YUE/VCG/GETTY IMAGES
ners have been its mostly Ameri-
can shareholders. “We went from a
$20 billion market cap to a $160
billion market cap, and China
played a big role in that,” Mr. Ted-
jarati said.
—Thomas Gryta
contributed to this article.
P2JW296000-4-B00500-1--------XA
THE WALL STREET JOURNAL.
THE INTELLIGENT INVESTOR | JASON ZWEIG
What to Do When Your Adviser
Catches a Case of Crypto-Fever
The advent of bitcoin-related ETFs makes it easier for financial professionals
to help you add crypto to your portfolio. It also lets them earn fees on it.
Some days it
seems just about ev-
erybody is urging you
to buy bitcoin. Now,
your financial adviser
might, too.
This week, the first
cryptocurrency-focused exchange-
traded fund in the U.S., ProShares
Bitcoin Strategy ETF, raised $1.1 bil-
lion in its first two days of trading.
Advisers who want to buy bitcoin
directly for clients have to clear
some onerous regulatory hurdles
first; in comparison, buying a bit-
coin-related ETF is as easy as
ALEX NABAUM
breathing.
That could give some financial
professionals the entree into crypto
The Soaring Cost
Of Home Insurance
Inflation and catastrophes are sending premiums
higher. Consider spending money now to save later.
BY LESLIE SCISM AND J.J. MCCORVEY
T
he cost of insuring a
home is on the rise,
forcing Americans to
make tough decisions
about whether to cut
back on coverage or
make big changes to
save their wallets.
The nationwide average annual
premium for homeowners insur-
ance is $1,398 today, as estimated
by trade group Insurance Informa-
tion Institute. The group says that
from 2017 to 2020, premium rates
were up 11.4% on average. That is
higher than the nation’s 7.9% infla-
tion rate during those years.
Premiums have further in-
creased this year with an average
rate increase in the third quarter
of 6.6%, up from 4.8% in the sec-
ond quarter, according to Mar-
ketScout, a firm that monitors in-
surance rates. The cost was up as
much as 25% in parts of California
and Florida, MarketScout says, and
$20 million-plus homes with high
Knock-On Effect
The rising price of lumber has raised
claims costs for insurers, and in turn,
premium rates for consumers.
Change from a year earlier
80%
Lumber
60
40
20
0
Consumer-
–20 price index
2017 ’18 ’19 ’20
Note: Data as of Sept. 30.
Source: Labor Department data via Insurance
Information Institute
* * * *
they have long craved. If you’ve
been suffering from FOMO lately,
imagine their fear of missing out.
Millions of individual investors
already own bitcoin or other digital
currencies. Many have racked up
gains of 400% or more over the
past year. Alongside that, the stocks
and ETFs that advisers typically
recommend can feel like fossils.
In a recent survey by Bitwise As-
set Management, an investment
firm in San Francisco, 81% of finan-
cial professionals said clients had
asked in the previous 12 months
about investing in crypto. Nearly
three-quarters said clients already
own, or might own, digital assets.
Only 9% said they already have
wildfire exposure faced even
higher increases.
The increase in home-insurance
premiums is largely driven by
many of the same factors that are
putting other parts of Americans’
budgets under stress. Higher
prices of building materials and
other supply-chain disruptions, for
example, have driven up repair
and rebuilding costs for insurers.
Home insurers face other seri-
ous issues as well.
Insured damage in the U.S. from
hurricanes, severe storms, wild-
fires and other catastrophes has
tallied more than $370 billion in
2020 dollars since 2017, according
to estimates by risk modelers and
industry executives. Insurers are
filing rate increases reflecting the
increased volume of disaster
claims they have been paying.
“I think a lot of people are going
to feel increasingly stressed,” said
Kevin Mahoney, a certified finan-
cial planner and founder and chief
executive of Illumint, a financial
advisory firm for young couples.
Michael Klein, president of per-
sonal insurance at Travelers Cos.,
told analysts this week that home-
insurance costs had run above the
company’s expectations in the
third quarter due to “a combina-
tion of labor and materials price
increases.”
The company will “continue to
seek price increases in response,”
he said.
Lumber prices have been partic-
ularly volatile this year and are up
42% since September 2017. That is
one of the most relevant bench-
marks for home insurers’ repair
costs, said Dale Porfilio, chief in-
surance officer at the Insurance
Information Institute, known as
’21 Triple-I.
National averages don’t reflect
the larger pain felt in the riskiest
locations.
EXCHANGE
put some of their clients’ assets in
cryptocurrency. But 17% of the fi-
nancial professionals who haven’t
yet bought any crypto for clients
said they would in 2021—more than
double last year’s number.
“Advisers feel the pressure,” says
Ben Cruikshank, head of Flourish, a
subsidiary of Massachusetts Mutual
Life Insurance Co. “They feel the
need to offer things clients are
looking for, even if it makes them
uncomfortable.” Flourish provides
specialized financial services to ad-
visers, including making cryptocur-
rency available for their clients.
The advent of bitcoin-related
ETFs in the U.S.—the ProShares fund
is likely the first of many—makes of-
States where some homeowners
got the steepest increases over the
past 21 months include California,
Colorado, Florida and Louisiana,
where hurricanes and wildfires
have struck, according to an analy-
sis by the Triple-I for The Wall
Street Journal, using data from
S&P Global Market Intelligence.
Regulators approved increases for
some policyholders in those states
averaging above 9% a year.
In addition, the government’s Na-
tional Flood Insurance Program on
Oct. 1 began to roll out a revamped
pricing method for the policies that
many homeowners rely on. It will
decrease rates for about a quarter
of the program’s policyholders, but
some homeowners face large in-
creases.
Private-sector options are in-
creasingly available as an alterna-
tive, thanks to improved risk-mod-
eling techniques and other
technology to identify risks that
carriers are willing to underwrite.
The good news for consumers is
that these alternatives can cost
less in some locations, and may of-
fer broader coverage than the gov-
ernment policies.
As home-insurance premiums
jump, many Americans are looking
for ways to hold down costs. Of-
ten, insurers offer discounts for
Saturday/Sunday, October 23 - 24, 2021 | B5
fering crypto easier for advisers. It
also lets them earn fees on it.
So will a new service from Inter-
active Brokers Group Inc., an online
brokerage based in Greenwich,
Conn. The firm announced this
week that it will permit financial
professionals to trade bitcoin and
several other digital currencies
through its platform.
Interactive Brokers acts as a cus-
todian—safekeeping assets, han-
dling trades and maintaining re-
cords—for more than 5,700 advisers
with a total of $60 billion in clients’
assets.
Its new service will enable advis-
ers to buy crypto for their clients
and report it on the same account
statement as conventional assets
like stocks, bonds and ETFs.
Interactive Brokers’ chairman,
Thomas Peterffy, tells me that “we
did get hundreds of calls from [ad-
visers] and are following up, while
new calls keep coming in.”
Until now, financial professionals
generally haven’t been able to man-
age clients’ digital assets alongside
other holdings. That’s made it hard
to know how much risk their clients
are taking, how to minimize their
taxes and how to help them plan for
retirement. Services like Interactive
Brokers’ new offering should
change that.
One adviser found out not long
ago that a client who held $3 mil-
lion in assets with him also had $11
million in crypto, says Tyrone Ross,
chief executive and co-founder of
Onramp Invest Inc., a San Diego-
based firm that helps advisers with
digital-asset management.
Maybe you’ve never owned any
cryptocurrency and don’t want to.
Maybe you haven’t yet but you
might. Maybe you already do. What
should you be on the lookout for if
your financial adviser brings it up?
First, beware of anyone flogging
a new bitcoin-related ETF. The new
ProShares fund and those sure to
follow don’t hold digital currency;
instead, they own futures contracts,
whose returns can deviate widely
from it. ETFs owning bitcoin itself
haven’t arrived yet in the U.S.
Most advisers should understand
that; one who nevertheless recom-
mends a bitcoin futures fund is
probably “just a salesperson, not
someone focused on your long-term
goals,” warns Mr. Ross.
Be on guard against “people
making absolute guarantees about
the future,” says Mr. Cruikshank.
“You wouldn’t accept grandiose
claims based on only a few years of
data in any other asset class, and
you shouldn’t with crypto either.”
Adding crypto to your portfolio,
home improvements that mitigate
damage, such as installing hurri-
cane shutters or elevating utility
systems.
In Melbourne Beach, Fla., Mi-
chael and Kathy Brohawn faced
rapidly increasing premiums over
three years, to $5,596 in 2019, on
their 2,450-square-foot home.
They talked to their insurance
agent, Shane Robinson, owner of
agency Robinson Insurance Inc., in
Indialantic, Fla., about ways to
hold down the cost.
Last year, they installed a hurri-
cane-resistant garage door, up-
graded a couple windows not al-
ready at hurricane-strength level,
and hired a licensed home inspec-
tor to document that their roof
was tied down as per stringent
building-code standards.
Those moves cost about
$3,000—and the annual premium
dropped by roughly that amount.
“We basically got all our money
back in the first year,” Mr. Bro-
hawn said.
Anna Weber, senior policy ana-
lyst at the Natural Resources De-
fense Council, said consumers can
look to government-funded grant
programs to help subsidize some
projects. The federal flood-mitiga-
tion assistance program is tar-
geted to people who have experi-
Crypto-Curious
Percentage of advisers…
…whose clients have asked about
crypto in past 12 months
2020 76%
2021 81%
…who allocate to crypto for clients
6.3%
9.4%
…who own crypto in their personal
portfolios
17%
24%
…already allocating to crypto for
clients, who plan to add more in next
12 months
42%
78%
…not yet allocating to crypto for
clients, who plan to do so in next 12
months
7%
17%
Source: Bitwise/ETF Trends 2021 survey of financial
advisers
whether you do it or your adviser
does, requires both of you to start
from scratch.
Even a small allocation to digital
currency can transform your entire
portfolio’s risk and return. Has your
tolerance for risk changed? How
much, and why? Your investment
policy statement, which explains
your portfolio’s goals and how your
assets are positioned to achieve
them, needs to be revised. So do
your financial plan and your estate
and retirement plans.
If buying crypto is your idea,
your financial advisers are just do-
ing their job if they ask you to re-
view these documents with them
first.
If buying crypto is their idea,
then it’s your job to say “no” if it
makes you uncomfortable.
If you and your advisers together
decide to buy some crypto, insist
that they review your risk toler-
ance. They should also revise your
investment policy statement to
mandate monthly reviews of your
crypto holdings and redraft your fi-
nancial plan to account for the new
strategy. Make sure they discuss
how it would fit in your overall
portfolio and square with your fi-
nancial objectives—rather than just
how it might jack up returns.
Finally, urges Mr. Ross, ask the
most important question of all:
“How do you get paid on it, and
what will it cost me?”
FEDERICO GASTALDI
enced multiple floods and can help
households reduce the risk of fu-
ture flooding, but mostly covers
more costly refashioning, such as
home elevation.
For lower-lift floodproofing,
such as elevating outdoor HVAC
equipment, Ms. Weber directs con-
sumers to state and municipal pro-
grams. Residents should contact
their local floodplain manager or
hazard-mitigation officer to find
out what’s available and what they
might be eligible for, she said.
“Flood insurance doesn’t stop
flooding,” she said. “It can be a re-
ally important safety net if your
home is damaged in a flood, but
you can have as much insurance as
you want and it’s not actually pre-
venting that damage.”
Angela Moore, an Orlando, Fla.-
based certified financial planner,
said consumers should get into the
habit of meeting with their insur-
ance agent at least every three
years, to review what is and isn’t
covered in their policy. Home-
owners facing increases might find
fat that could be trimmed, she said.
“Sometimes these insurance
policies are loaded,” she said. “So
there may be an ability to elimi-
nate some of those extra things
and keep the coverage you might
actually need.”
P2JW296000-4-B00600-1--------XA
B6 | Saturday/Sunday, October 23 - 24, 2021
One Shot
To Save
The World
Continued from page B1
help. Soft-spoken and serious, he
wore smart business suits to the
investor meetings, rather than his
usual T-shirts, jeans and sneakers.
Dr. Şahin had close-cropped hair,
thick eyebrows and brown eyes
that were big, just like his ears.
Dr. Şahin was different from
most biotech executives. Early in
his career, the immigrant from Tur-
key demonstrated a competitive-
ness that some found excessive.
Each year, he and his lab mates
headed to a nearby park for a relax-
ing day highlighted by a relay-race.
One year his team lost by a nose.
Dr. Şahin was so upset that he had
to take a half-hour walk so his an-
ger could dissipate. Back in the lab,
someone asked how he was.
“I’m fine,” Dr. Şahin said. A lab
mate said he was surprised by the
irritation he detected in Dr. Şahin’s
voice.
In 2008, Dr. Şahin started BioN-
Tech in the German city of Mainz
with his wife, Özlem Türeci, an-
other cancer researcher. They were
all work and very little play. Each
evening the couple went home,
brewed some coffee or tea, and be-
gan a night shift of more research
and writing. They had time to
sleep only about four hours a
night, they told members of their
team. Fine, a lot of executives are
workaholics. With Dr. Şahin and
Dr. Türeci, though, it never was
the same four hours—the couple
overlapped in bed only about two
hours each night, one staffer was
told. It wasn’t entirely clear why
they had adopted the gonzo sleep
habits. Employees speculated Dr.
Şahin was trying to send a pas-
sive-aggressive message to their
researchers about the pre-emi-
nence of the company’s research.
When Drs. Şahin and Türeci and
their daughter went on a holiday,
they visited all-inclusive resorts in
the Canary Islands or elsewhere.
These weren’t traditional family
vacations, though. Dr. Şahin and
Dr. Türeci usually shipped three or
four hulking computers to the ho-
tels along with 27-inch monitors,
so they could continue their re-
search. They packed six suitcases,
at least one stuffed with scientific
papers, which Dr. Şahin sometimes
lugged to the pool.
Dr. Şahin demanded that his
team give priority to its work as
much as he and Dr. Türeci did.
Those not deemed dedicated
enough were often let go or Dr.
Şahin froze them out, former staff-
ers said.
Medical breakthroughs were Dr.
Şahin’s sole focus. Even as the
company prepared to go public in
2019, he and his wife still lived in
a modest apartment without a
television or a car. Each morning,
Dr. Şahin rode an aging Trek bicy-
cle to BioNTech’s offices.
That fall, as he tried to drum up
support for the IPO, investors had
MARZENA SKUBATZ FOR THE WALL STREET JOURNAL
Uğur Şahin, above, faced skepticism about his company and its approach as he tried to raise money in 2019.
qualms about his company and its
approach. BioNTech had been
around for 11 years but it wasn’t
close to an approved vaccine. Only
one drug was in a medium-stage,
Phase 2 trial. Just 250 patients had
been treated with the company’s
vaccines. The stock market was un-
der pressure, biotech stocks were
wilting and few investors wanted
to pay a lot for a German company
with limited signs of success.
Tired and tense, Dr. Şahin stood
in the Kansas City parking lot, ear
to a cellphone, speaking with yet
another investor. Hanging up, he
told his team the investor would
buy shares only if BioNTech re-
duced its IPO price. They faced an
ugly choice: Scrap the offering or
slash its price, hoping to get
enough investors interested. Some
of the BioNTech team sat in an
open, black van, hiding from the
baking sun. It had been a long trip
and they were ready to go home.
“We need to decide,” Dr. Şahin
told them.
Dr. Şahin chose to sell shares,
no matter the price. His company
needed money to advance its re-
search. A few days later, he rang
the bell at the New York Stock Ex-
change, a wan smile on his face.
The company raised $150 million
in the IPO, just over half what it
had hoped for, giving it a valuation
of $3.4 billion. Even with the dis-
counted price, BioNTech shares fell
more than 5% on their debut.
Some day, investors and others
would appreciate what his com-
pany was trying to do. Dr. Şahin
was sure of it.
High hopes
Dr. Şahin wasn’t the only vaccine
researcher sparking skepticism in
late 2019. In Cambridge, Mass.,
Stéphane Bancel, who ran a com-
pany called Moderna Inc., faced
even more serious doubts about
his quest to develop safe and ef-
fective vaccines and drugs using
mRNA molecules.
By then, researchers had spent
decades working with mRNA but
most experts thought the idea
folly. The molecule instructs our
cells to create necessary proteins
but is so unstable that it is quickly
chopped up by the body’s enzymes.
Injecting the molecule and hoping
it could make it all the way to the
cell to create proteins, as Moderna
and BioNTech were trying to do,
seemed a nearly impossible task.
A few pioneers—including a
Wisconsin scientist working with
children with rare genetic diseases
and a stem-cell researcher at the
Massachusetts Institute of Tech-
nology—had demonstrated mRNA’s
promise. Their work was dismissed
by much of the scientific commu-
nity. A young scientist in Mr. Ban-
cel’s company had discovered a
way to modify mRNA’s chemical
building blocks to avoid some of
the challenges to using the mole-
cule. But Moderna experienced
such difficulties developing drugs
that it pivoted to vaccines, a
crowded field with limited profit
potential that few investors valued.
A 47-year-old from the French
city of Marseille, with full lips, a
cleft chin and a taste for Steve
Jobs-inspired turtleneck shirts, Mr.
Bancel was an engineer and Har-
EXCHANGE
Stéphane Bancel, the CEO of Moderna, was viewed as an outsider in the scientific community before Covid-19.
vard Business School graduate.
That pedigree earned him respect
in some circles, but not in the sci-
entific world, where Mr. Bancel
was viewed as an outsider. By
2019, he had spent eight years
running Moderna, a name that was
a mashup of “modified” and
“RNA.” Mr. Bancel was better
known for his ability to convince
big investors that Moderna would
succeed, rather than for any scien-
tific achievement.
If anyone was going to find a
way to make mRNA work, skeptics
said, it surely wasn’t going to be
someone like Mr. Bancel. Industry
members all knew the stories from
the early days at Moderna, when
Mr. Bancel regularly ripped into his
employees, leaving them on edge.
“Fifty percent of you won’t be
‘We’re going to be the
company that can
respond to a crisis,’ Mr.
Bancel told his team.
****
around in a year,” he once told a
group.
Employees, trying to match Mr.
Bancel’s pace and expectations,
sometimes pushed themselves
harder than was reasonable. One
young scientist, Summar Siddiqui,
fell to the floor in the office
kitchen while working a 12-hour
day and was rushed to an emer-
gency room for treatment. Another
stressed-out scientist collapsed at
home, hitting his head on a table,
knocking himself unconscious. He
woke in a pool of blood and was
taken to an emergency room. Still
another passed out in the shower.
One researcher fainted in a parking
lot near Moderna’s office. After be-
ing revived by a colleague, she in-
sisted on heading into the office
but was persuaded to check into
nearby Mount Auburn Hospital.
In Mr. Bancel’s view, his ire and
impatience were necessary. Mod-
erna had a chance to revolutionize
medicine and he was sure compe-
tition was around the bend. He
had to push his team to move as
fast as possible.
“It’s not mean if the intent isn’t
to hurt,” Mr. Bancel said in an in-
terview, referring to the language
he employed. He noted that Ms.
Siddiqui is still with Moderna nine
years after the emergency-room
incident.
By 2019, Moderna’s scientists
were quietly making progress with
their mRNA vaccines. By then, Mr.
Bancel had built a loyal team. He
inspired team members with the
promise of what mRNA molecules
could do.
“We’re going to be the company
that can respond to a crisis,” he
told them.
Outside scientists, investors and
others suspected Mr. Bancel exag-
gerated his company’s potential. A
scientific publication even com-
pared Mr. Bancel to Elizabeth
Holmes, the disgraced chief execu-
tive of blood-testing startup Ther-
anos, who also had an easy way
with investors and a predilection
for black turtlenecks.
By the end of 2019, the sniping
had taken a toll. Moderna’s shares
were 15% below its own IPO price
from a year earlier, making it
harder for Mr. Bancel to raise new
money. Moderna was forced to
slash spending. Some investors
were upset the company had
shifted its focus to vaccines. The
criticisms didn’t seem fair to Mod-
erna’s researchers. They were in-
jecting mRNA molecules packed
with genetic instructions, produc-
ing ample proteins in the body
that could teach the immune sys-
tem to protect against disease.
Moderna was even working with
Anthony Fauci, director of the Na-
tional Institute of Allergy and In-
fectious Diseases, and other senior
U.S. government scientists who
were becoming intrigued by Mod-
erna’s mRNA techniques.
Moderna hadn’t tested its vac-
cines in many people, though. Like
Dr. Şahin and BioNTech, Mr. Ban-
cel’s company wasn’t close to an
approved vaccine. Moderna was
planning its very first Phase 2 clin-
THE WALL STREET JOURNAL.
FRANCE KEYSER/MYOP FOR THE WALL STREET JOURNAL
ical study for a vaccine and was
nowhere near a late-stage trial for
any of its products. The company
hoped to have a vaccine in the
market by 2023 but even that goal
seemed ambitious. Effective vac-
cines took an average of 10 years
to develop; measles, the fastest in
history, took four years. There was
little reason to expect success
from Moderna anytime soon.
‘Is it a virus?’
In December 2019, Mr. Bancel flew
to Europe with his wife and
daughters to spend the holiday
season at a home he owned in
southern France. It was a chance
to escape the pressures of running
his company and dealing with the
doubters.
One morning, just after the New
Year, Mr. Bancel woke up early and
headed to his kitchen, trying not
to wake his sleeping daughters.
Mr. Bancel brewed some Earl Grey
tea and grabbed an aging iPad on
the kitchen table. He checked his
emails and scrolled through the
latest news. One story stopped him
cold: Lung disease was spreading
in southern China.
Mr. Bancel began emailing Bar-
ney Graham, a senior U.S. govern-
ment scientist.
“Do you know what it is?” Mr.
Bancel asked.
Dr. Graham, a veteran vaccine
researcher at the National Insti-
tutes of Health, said he and his
team were aware of the outbreak.
Rumors on Twitter and China’s
Weibo social-media platform
pointed to a cluster of pneumonia
cases around the city of Wuhan, in
southern China. Dr. Graham had al-
ready emailed a younger scientist
in his lab, Kizzmekia Corbett, say-
ing they needed to prepare for
whatever was emerging in that
country. Details were scant,
though—Dr. Graham didn’t even
know if a virus or bacteria was
causing the infections.
Mr. Bancel couldn’t stop think-
ing about the spreading illness.
His scientists had no experience
with bacterial infections. But if a
new virus was in fact emerging,
maybe his team members could do
something about it. Perhaps they
could finally prove that mRNA
worked.
Mr. Bancel kept sending mes-
sages to Dr. Graham, each one
more urgent than the last.
“What’s the latest?”
“Do you know yet?”
“Is it a virus?”
Dr. Graham promised to let Mr.
Bancel know as soon as he learned
the cause of the sickness. A few
days later, as he and his family
flew back to Boston, the outbreak
remained on his mind. He doubted
the sickness in China was going to
be a huge deal.
But what if it was?
Merrymaking interrupted
By mid-January 2020, Dr. Şahin
was convinced the coronavirus
emerging in Wuhan would spread,
leading to a pandemic. He con-
vened an early-morning meeting of
BioNTech’s senior executives.
P2JW296000-4-B00700-1--------XA
THE WALL STREET JOURNAL.
“We’re going to need a vaccine,”
he said. “I think we can do some-
thing about it with our mRNA.”
Days later, though, as Dr. Şahin
walked the office, he heard em-
ployees chatter about the ongoing
Mainz Carnival, a season of merry-
making. It drove Dr. Şahin nuts. He
told employees to cancel their hol-
iday plans and stop taking public
transportation, to avoid infection.
You need to focus on a vaccine, he
told them.
“I’m serious about this,” he told
the researchers, saying that mil-
lions of people would die from the
new virus. Now, they got the mes-
sage.
Dr. Şahin called Philip Dor-
mitzer, a senior Pfizer Inc. scien-
tist. He warned Dr. Şahin against
spending too much time on a vac-
cine, reminding him that two coro-
naviruses had emerged in the pre-
vious decade before petering out.
“Remember, SARS was con-
tained,” Dr. Dormitzer said.
“MERS, too.”
Dr. Şahin ignored the warning,
pushing ahead. But he needed
help. BioNTech only had about
$300 million on its balance sheet.
He called another senior Pfizer ex-
ecutive, Kathrin Jansen, who
proved more worried about the vi-
rus. The two companies agreed to
collaborate on a vaccine.
Dr. Şahin had hope.
‘We have to try’
Mr. Bancel told his team a vaccine
was their priority. But Stephen
Hoge, Moderna’s president, was
wary. The company has just 800
employees, limited cash, and it had
never run a late-stage trial. If
Moderna built a Covid-19 vaccine
and it failed, the company was
likely doomed—investors would
never forgive it for dropping ev-
erything to build a vaccine.
Mr. Bancel was insistent. He had
committed Moderna to work with
Dr. Graham’s team at the NIH to
quickly develop a vaccine, and
later Moderna would get even
more help from the government’s
Carvana Hits
Some Bumps
In the Road
Continued from page B1
Journal. The company has been as-
sessed $10,500 in fines in Texas for
paperwork issues, according to a
state website. These actions ha-
ven’t been previously reported.
A Carvana spokeswoman said
the company remains firmly com-
mitted to improvement and is
working hard to make the car buy-
ing and shopping experience better.
“Carvana has pioneered online
car buying by continuously deliver-
ing exceptional experiences, and we
have bought and sold well over a
million cars with customers,” the
spokeswoman said, adding that the
company enjoys strong customer-
satisfaction ratings.
Carvana didn’t respond to ques-
tions about the state actions.
In August, Carvana received a
six-month suspension from selling
cars from its dealership in Raleigh,
N.C., for violating the state’s
dealer-licensing laws, with another
location put on probation for more
than a year, according to the state’s
transportation department. That
month, the company paid $850,000
to settle a civil lawsuit with four
counties in California after selling
and transporting cars without li-
censes to do so.
Some Carvana customers said
delays in getting documents from
the company have left them unable
to register their cars for nearly a
year, which they said has put them
at risk for getting ticketed or
towed. For others, those delays left
them stuck making payments on
cars that had expired tags and
couldn’t legally be driven, they
said. One man said he had to re-
turn a car to Carvana after the
Tempe, Ariz.-based company told
him it didn’t possess the vehicle’s
Hit the Accelerator
Carvana's sales have rapidly taken
off during the Covid-19 pandemic.
Retail vehicles sold
100,000 vehicles
80,000
60,000
40,000
20,000
0 mostly local and in-person under-
2017 ’18 ’19
Source: Company shareholder letters
* * * *
Employees work at a BioNTech manufacturing site in March 2021.
Operation Warp Speed. In Febru-
ary, the company shipped its first
batch of Covid-19 vaccines, to the
NIH to begin testing in mice. Early
results showed the shots elicited
antibodies to the coronavirus, a
promising, albeit early, sign.
Mr. Bancel convened a meeting
with top Moderna executives in a
ninth-floor conference room. Usu-
ally, he oozed confidence. This
time, he was serious and mea-
sured, worrying the group.
“We’ve been asked to make a
vaccine,” he said. “We have to try.”
Staffers listened somberly. They
realized the seriousness of the mo-
ment, some for the first time. They
thought of their own health, the
imminent threat to their families,
and the immense challenge ahead.
Three hours of sleep
During the summer of 2020, Dr.
Şahin was upbeat. He worked on
the vaccine’s trials, helped solve
manufacturing issues and led ne-
gotiations on deals to distribute
title.
“It makes me wish I’d just gone
to the car lot,” said Laura Sim-
mons, a public-health worker in
Kentucky. She said she was ticketed
in August for no registration while
driving on expired temporary tags
and is still waiting for Kentucky ti-
tle and registration documents for
a Hyundai Sonata she purchased
from Carvana last November.
“I’d pay more, but at least it’d be
registered, and I wouldn’t have
these headaches,” she said.
Carvana declined to comment on
specific customer complaints.
This year through September,
the Better Business Bureau has col-
lected 899 complaints from Carvana
shoppers reporting problems with
the experience. That compares with
411 complaints recorded for rival
used-car seller CarMax Inc. CarMax
sold more than three times as many
cars in its most recent fiscal year,
which ended in February, as Car-
vana did in 2020. Carvana’s sales
pace has accelerated in 2021, but
still lags behind that of CarMax.
Carvana customers have filed
dozens of complaints with state
officials in Ohio, Texas, Georgia and
North Carolina, state records show.
Many of the complaints are from
buyers like Ms. Simmons who have
been waiting months to receive a
vehicle title, which is necessary to
transfer ownership and register a
car.
Traditional dealership managers
say tracking down titles from the
seller or their lender is among the
most troublesome aspects of used-
car operations. Still, they say, de-
lays rarely prevent them from get-
ting a title to a customer within
the required window, usually 30 to
45 days, depending on the state.
“In my world, if there’s a title is-
sue, they call once or twice,” said
Brian Kramer, general manager of
Germain Toyota of Naples, Fla.
“Then, they’re standing outside my
office, staring at me until I get off
the phone.”
On a conference call with Wall
Street analysts in August, Chief Ex-
ecutive Ernie Garcia III said the
company’s efforts to buy more cars
have left it short on manpower and
resources, leading to issues such as
longer delivery times and registra-
tion delays.
“The most important thing that
we can do right now is catch up to
the demand that we’re seeing,” Mr.
Garcia said, saying that the com-
pany was hiring and investing to
expand operations.
“You always make mistakes here
and there,” he added. “And we’re
built in a way to be able to absorb
that as well when we’re properly
staffed for the volume that we’re
seeing, and today we’re behind.”
The obstacles Carvana is con-
fronting highlight the difficulties of
taking the car-dealership busi-
ness—which for decades has been a
taking—and putting it fully online.
’20 ’21
As Carvana expands, the task is
complicated by the patchwork of
Saturday/Sunday, October 23 - 24, 2021 | B7
EXCHANGE
glasses of wine, while others drank giggling uncontrollably. In an in-
beer. After a few weeks, though, stant, months of fear, pressure and
the group realized they were invit- nervousness had been released.
ing trouble with their nightly A week later, the data-safety
drinking sessions. They returned monitoring committee overseeing
to alcohol-free meetings. the Moderna vaccine’s trial was
For a healthier diversion, Mr. ready to share interim results of
Bancel joined regular Zoom calls the company’s own Phase 3 study.
with close friends. He looked ex- Dr. Hoge, representing Moderna,
hausted, sometimes joining the dialed in to the video call. He was
calls after getting three hours of terrified. Pfizer-BioNTech’s num-
THOMAS LOHNES/AGENCE FRANCE-PRESSE/GETTY IMAGES
sleep. Mr. Bancel didn’t want ses- bers had been so good. What if
sions to end, though, clinging to Moderna’s didn’t come close?
fleeting moments of calm as ten- Around noon, committee members
sions built. sent word to Dr. Hoge and Dr.
Fauci that they were ready to
‘It’s a home run’ share the results.
On Sunday, Nov. 8, just after Dr. Hoge studied the faces on
Americans voted in a contested the screen and said he thought:
presidential election, Dr. Şahin and Gimme a smile! Someone, anyone!
Dr. Türeci were told the results of The committee’s chairman ad-
the vaccine’s Phase 3 trial. It was dressed the group, recounting all
an interim analysis after a signifi- the reasons the trial had been con-
cant number of 44,000 subjects ducted and what it aimed to find.
had become infected with SARS- Dr. Hoge tried to mask his impa-
CoV- 2. tience. He thought: The goal?!
Around 10 p.m. in Germany, Dr. Dude, we’re trying to stop a pan-
Şahin and Dr. Türeci arranged a demic; that’s the goal!
call with five members of their se- Mr. Bancel and others sent mes-
shots in various countries. nior executive team. One execu- sages to Dr. Hoge on a group chat.
In late summer, though, as Dr. tive, Sean Marett, dialed in to the What’s going on?!
Şahin awaited the critical results video call in his basement, to Then the numbers were re-
of the vaccine’s Phase 3 clinical vealed: The Moderna vaccine had
trial, he became more anxious. An proved 94.5% effective at protect-
effective vaccine could help bring ‘The goal?! Dude, we’re ing people from Covid-19. Dr. Hoge
an end to the pandemic and give couldn’t believe what he was hear-
his company the opportunity to trying to stop a ing. He zoned out. Then, he pan-
produce other drugs and vaccines. pandemic; that’s the icked that he had missed some im-
Failure would mean a lengthier portant information.
pandemic and more global misery. goal!’ He stole a moment to text his
Thomas Strüngmann, a German colleagues.
businessman and longtime backer It’s a home run.
of Dr. Şahin’s work, saw that he avoid waking his sleeping children. A HOME RUN.
needed a distraction. During weekly He sat on the edge of a couch, In his home in Boston, Mr. Ban-
Sunday night calls, Mr. Strüngmann near some children’s toys. His cel met his wife in a hallway. They
began chatting with Dr. Şahin palms were sweating as he waited embraced. His 18-year-old daugh-
about books, movies, and other for the news. ter raced down from her second-
lighter topics—anything but BioN- “We got the results,” Dr. Şahin floor room, while his 16-year-old
Tech’s shots—brightening his said. daughter ran up the basement
mood. Nearly every person who had stairs. They all began crying.
Mr. Bancel and senior execu- come down with Covid-19 had
tives at Moderna needed a way to been in the placebo group. The Adapted from “A Shot to Save the
calm their own nerves ahead of Pfizer-BioNTech vaccine was 95% World: The Inside Story of the Life-
their vaccine’s late-stage results. effective. Complete silence. The or-Death Race for a COVID-19 Vac-
They decided to loosen things up staffers were stunned. Then, Mr. cine,” by Wall Street Journal re-
and share a drink during daily Marett began laughing. Within porter Gregory Zuckerman, to be
Zoom deliberations; some sipped moments, the entire group was published by Portfolio on Oct. 26.
state and local regulations that
govern how a vehicle is sold, indus-
try analysts say.
service and not receiving the paper-
work needed to register vehicles.
“Our goal is for every customer
way to resolve issues in person.
Joe Sachs, an air-traffic control-
ler in the Charlotte, N.C., area, said
Carvana’s business has won
many positive reviews on social
media, with customers saying their
to be 100% satisfied with their
Vroom experience,” a Vroom
spokesman said. “As consumers
he had planned to sell his family’s
minivan to Carvana, but paperwork
errors by the company at first pre-
transactions were easy and suc-
cessful.
In its advertising, the company
turn more and more to buying cars
online, we are investing signifi-
cantly in our people, processes and
vented the deal from going
through.
Even though the deal hadn’t
promotes itself as a new way to operations to ensure we can deliver closed, Carvana deposited payment
buy a used car, offering no-haggle the experience our customers de- in his account soon after, Mr. Sachs
prices, in-house financing and next- serve.” said. Not only was the payment it-
day home delivery in certain mar- Carvana’s six-month sales ban in self a mistake, the amount was
kets. Established in 2012, the com- Raleigh came after North Carolina around $400 short of the price he
pany has become well-known for officials found the company failed and Carvana had agreed on, he said.
its tall glass towers that dispense to provide title paperwork to the While at work the next day, he
cars purchased through the web- state’s Division of Motor Vehicles, said, he received a panicked text
site. sold a vehicle without a state in- from his wife with a picture at-
Within the past year, its sales spection, and issued out-of-state tached. In the picture, a tow truck
have taken off, helped in part by a temporary tags on a vehicle sold to was hauling their 2017 Chrysler Pa-
surge in used-car demand and a a state resident. State officials in cifica out of their neighborhood.
greater willingness among car buy- North Carolina said the actions vio- He said the van was towed with-
ers to shop for vehicles online dur- lated its dealer-licensing laws. Is- out its keys or title. Mr. Sachs said
ing the Covid-19 pandemic. sues with temporary registrations he called Carvana and said he was
Carvana said it sold more than and insurance information led to considering reporting the vehicle
200,000 vehicles in the first half of the other North Carolina probation. as stolen to the police.
2021, compared with roughly Last month, Carvana settled a After he spoke by phone with
244,000 for all of last year. different complaint in Florida after several customer-service employ-
On Wall Street, its model has the state’s motor-vehicles depart- ees, the correct payments and doc-
uments were overnighted to him,
he said, and Carvana kept the car.
“At the heart of it, I just wanted
a face-to-face interaction,” Mr.
Sachs said.
For Brian Thompson, a Carvana
buyer in Michigan, the hassle of
trying to troubleshoot with the
company got to be too much, he
said.
Mr. Thompson said he had used
Carvana last year and generally
found the experience to be easy. It
SWIKAR PATEL FOR THE WALL STREET JOURNAL
was his more recent purchase of a
Lincoln MKZ in January that he
said soured him on the company.
For months, he said, Carvana pro-
vided him with temporary registra-
tions from Georgia, Tennessee and
Arizona in lieu of registering his car
in Michigan. He said it also didn’t
provide a title, while Michigan state
law requires buyers to title vehicles
with the state within 15 days.
After several months of back
Joe Sachs, an air-traffic controller in the Charlotte, N.C., area, said and forth with Carvana, Mr.
paperwork errors disrupted the sale of his family’s minivan to Carvana. Thompson said he filed a complaint
with the Michigan attorney gen-
eral’s office.
proven popular with investors. At ment found it had failed to provide He said he was soon called by a
one point this summer, the com- title paperwork to 12 customers for state investigator, who was inter-
pany’s valuation surpassed that of up to eight months. The company ested in Carvana’s use of out-of-
Ford Motor Co. before the stock paid a $6,000 fine. state temporary registrations.
pulled back within the past month. In a different call with analysts The state of Michigan in May
As of the close of trading on Thurs- in August, a Carvana executive dis- fined Carvana $2,500 for seven vio-
day, it was valued at $52.1 billion. cussed the North Carolina sanction lations of state rules for vehicle
Carvana isn’t the only online as an outlier. dealers, including improperly issu-
auto retailer encountering cus- “This was a relatively unusual ing temporary registrations, state
tomer-satisfaction complaints, and action but is also pretty small in records show. Carvana also agreed
at least one has a higher rate of scope, relatively speaking,” said to an 18-month probation, during
such grievances. The BBB has col- Mike Levin, the company’s vice which the state can suspend or re-
lected 663 consumer complaints on president of investor relations. voke the company’s license to sell
Vroom Inc., another online-only car The Carvana spokeswoman de- cars if it fails to comply with Mich-
seller, based in New York City, this clined to comment on the Florida igan law. Neither measure was an-
year through September. The BBB settlement. nounced publicly at the time.
has an advisory on its website Some Carvana customers who In September, about eight
warning of a pattern of complaints have encountered difficulties say months after his purchase, Mr.
about Vroom. The company said it they rarely speak with the same Thompson received plates and the
sold 33,772 vehicles in the first half person twice when calling the com- title for his car, which by then he
of the year. pany or have to spend several wanted to sell.
The reports included customer hours on multiple calls before “I loved the car, but I hated the
claims that the car they received speaking to someone who can help. experience so much I didn’t want it
didn’t match the photos from As a result, these customers say, anymore,” he said. “It was horri-
Vroom’s site, unresponsive customer they wind up frustrated with no ble.”
P2JW296000-5-B00800-1--------XA

B8 | Saturday/Sunday, October 23 - 24, 2021 ***** THE WALL STREET JOURNAL.

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
35677.02 Trailing P/E ratio 23.49 26.91 4544.90 Trailing P/E ratio * 30.45 38.25 15090.20 Trailing P/E ratio *† 35.47 37.62 commodities performed around the world for the week.
s 73.94 P/E estimate * 18.93 24.01 t 4.88 P/E estimate * 22.17 25.55 t 125.50 P/E estimate *† 28.95 31.31
Stock Currency, Commodity, Exchange-
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or 0.21% or 0.11%
All-time high: Comex silver 4.72%
All-time high Current divisor All-time high
15374.33, 09/07/21
35677.02, 10/22/21 0.15188516925198 4549.78, 10/21/21 Dow Jones Transportation Average 3.83
S&P 500 Real Estate 3.22
Session high 36250 4550 15500 Hang Seng 3.14
DOWN UP Wheat 3.00
Session open Close
t

15250 S&P 500 Health Care 2.87

35750 4500
Close Open S&P 500 Financials 2.79
t

S&P 500 Utilities 2.35

35250 4450 15000
Session low Corn 2.33
S&P 500 Industrials 1.82
34750 4400 14750
Nymex crude 1.80
S&P MidCap 400 1.77
65-day 34250 4350 14500 S&P 500 1.64
moving average
65-day
S&P 500 Information Tech 1.61
33750 moving average 4300 65-day moving average 14250 Comex gold 1.60
Bars measure the point change from session's open S&P 500 Consumer Discr 1.47
14000 S&P/TSX Comp 1.38
33250 4250
Aug. Sept. Oct. Aug. Sept. Oct. Aug. Sept. Oct. Nasdaq-100 1.37
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index
Nasdaq Composite 1.29
S&P SmallCap 600 1.26
S&P 500 Energy 1.18
Major U.S. Stock-Market Indexes Trading Diary Russell 2000 1.13
Latest 52-Week % chg Volume, Advancers, Decliners Dow Jones Industrial Average 1.08
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. Russian ruble 0.98
Dow Jones Total volume* 754,521,720 21,964,698 S&P 500 Materials 0.86
Industrial Average 35765.02 35533.95 35677.02 73.94 0.21 35677.02 26501.60 25.9 16.6 12.1 Adv. volume* 367,833,257 5,359,923 Norwegian krone 0.86
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Issues traded 3,426 278 S&P 500 Consumer Staples 0.79
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Barron's 400 1071.44 1062.12 1066.83 2.44 0.23 1066.83 719.73 40.0 25.2 15.3
Unchanged 140 12 S&P/ASX 200 0.73
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Nasdaq Composite 15193.01 15021.02 15090.20 -125.50 -0.82 15374.33 10911.59 30.7 17.1 26.4 New lows 22 3 Australian dollar 0.66
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S&P
Euro area euro 0.41
500 Index 4559.67 4524.00 4544.90 -4.88 -0.11 4549.78 3269.96 31.2 21.0 18.1 Nasdaq NYSE Arca
Euro STOXX 0.40
MidCap 400 2812.36 2785.10 2796.84 3.10 0.11 2796.84 1895.57 38.8 21.3 14.5 Total volume*5,679,160,572 218,835,931 FTSE MIB 0.31
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Decl. volume*2,791,410,806 97,568,255 Soybeans 0.23
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Issues traded 4,707 1,580 iSh TIPS Bond 0.16
Russell 2000 2299.73 2277.04 2291.27 -4.92 -0.21 2360.17 1538.48 39.7 16.0 14.2
Advances 1,960 901 CAC-40 0.09
NYSE Composite 17157.39 17031.74 17122.24 39.09 0.23 17122.24 12415.42 29.7 17.9 11.4 Declines 2,550 659 UK pound 0.08
Value Line 679.66 673.74 676.53 -0.45 -0.07 685.08 459.74 37.4 18.9 7.9 Unchanged 197 20 Indian rupee 0.04
NYSE Arca Biotech 5630.40 5567.25 5613.50 -16.27 -0.29 6319.77 5212.89 4.4 -2.2 5.4 New highs 216 198 -0.05 Canada dollar
NYSE Arca Pharma 762.35 757.66 762.06 4.40 0.58 811.41 613.07 17.5 10.5 9.4 New lows 155 46 -0.14 iSh 1-3 Treasury
KBW Bank 143.18 141.28 142.61 2.04 1.45 142.61 74.79 76.1 45.7 13.7 Closing Arms† 0.76 1.10 -0.17 Nymex RBOB gasoline
PHLX§ Gold/Silver 138.49 133.82 134.34 0.83 0.62 166.01 117.06 -7.6 -6.8 24.8 Block trades* 36,056 1,020 -0.28 DAX
PHLX§ Oil Service 65.03 63.76 64.42 -0.19 -0.30 69.77 26.30 118.1 45.3 -22.0 * Primary market NYSE, NYSE American NYSE Arca only. -0.30 KOSPI Composite
PHLX§ Semiconductor 3427.13 3366.63 3370.28 -41.77 -1.22 3473.60 2222.98 42.8 20.6 39.8 †(TRIN) A comparison of the number of advancing and declining -0.31 iShNatlMuniBd
issues with the volume of shares rising and falling. An
Cboe Volatility 16.39 14.84 15.43 0.42 2.80 40.28 15.01 -44.0 -32.2 -7.7 -0.32 VangdTotIntlBd
Arms of less than 1 indicates buying demand; above 1
§ Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -0.35 Indonesian rupiah
-0.37 WSJ Dollar Index
International Stock Indexes Percentage Gainers... -0.38 iShJPMUSEmgBd
Latest YTD Latest Session 52-Week
-0.39 VangdTotalBd
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -0.41 FTSE 100
World MSCI ACWI 742.26 –0.23 –0.03 14.9 Digital World Acqn Cl A DWAC 94.20 48.70 107.03 175.00 9.84 ... -0.44 iShiBoxx$HYCp
MSCI ACWI ex-USA 350.00 0.78 0.22 7.2 SG Blocks SGBX 4.80 1.43 42.43 8.70 2.31 99.2 -0.55 iSh 7-10 Treasury
MSCI World 3151.16 –1.17 –0.04 17.1 Creatd CRTD 4.13 1.21 41.44 9.80 2.10 47.5 -0.61 S&P 500 Telecom Svcs
MSCI Emerging Markets 1293.14 0.14 0.01 0.1 Portillo's PTLO 37.43 8.33 28.63 45.00 25.72 ... -0.62 iSh 20+ Treasury
Grom Social Enterprises GROM 4.56 1.01 28.45 19.50 1.00 107.1 -0.68 iShiBoxx$InvGrdCp
Americas MSCI AC Americas 1764.39 –3.86 –0.22 20.2
Canada S&P/TSX Comp 21216.15 0.02 21.7 Yunhong CTI CTIB 2.66 0.58 27.88 5.00 1.50 27.3 -0.79 S&P BSE Sensex
3.76
Aurinia Pharmaceuticals AUPH 28.00 5.91 26.75 28.00 9.72 78.8 -0.91 NIKKEI 225
Latin Amer. MSCI EM Latin America 2134.10 –34.79 –1.60 –13.0
Salem Media Group SALM 4.70 0.99 26.68 6.82 0.78 356.3 -0.93 Bloomberg Commodity Index
Brazil BOVESPA 106296.18 –1438.83 –1.34 –10.7
0.57 Biotricity BTCY 4.24 0.77 22.01 4.32 0.67 315.7 -1.01 IBEX 35
Chile S&P IPSA 2682.95 15.09 –6.1
Babylon Holdings BBLN 10.90 1.70 18.48 13.80 9.02 ... -1.35 Nymex ULSD
Mexico S&P/BMV IPC 51889.66 –130.39 –0.25 17.8
Progenity PROG 2.96 0.46 18.40 8.24 0.66 -62.6 -1.52 South African rand
EMEA STOXX Europe 600 471.88 2.17 0.46 18.3
Benessere Cap Acqn Cl A BENE 11.69 1.58 15.63 18.90 9.84 ... -1.72 S&P/BMV IPC
Eurozone Euro STOXX 467.93 3.02 0.65 17.7
Bakkt Holdings BKKT 9.15 1.12 13.95 22.56 8.00 ... -2.40 Nymex natural gas
Belgium Bel-20 4217.69 20.49 0.49 16.5 Dutch Bros BROS 68.86 8.28 13.67 69.54 32.42 ...
Denmark OMX Copenhagen 20 1824.89 20.47 1.13 24.6 -4.39 Comex copper
Context Therapeutics CNTX 6.99 0.82 13.29 7.90 4.32 ...
France CAC 40 6733.69 47.52 0.71 21.3 -6.32 Lean hogs
Germany DAX 15542.98 70.42 0.46 13.3 Percentage Losers -7.28 BOVESPA Index
Latest Session 52-Week *Continuous front-month contracts
Israel Tel Aviv 1860.81 … Closed 24.1
Company Symbol Close Net chg % chg High Low % chg
Italy FTSE MIB 26571.73 46.58 0.18 19.5 Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Netherlands AEX 812.97 5.33 0.66 30.2 Metacrine MTCR 1.63 -2.20 -57.44 11.00 1.61 -82.1 THE WALL STREET JOURNAL
Russia RTS Index 1877.99 0.53 35.4 Xiaobai Maimai ADR HX 5.62 -3.52 -38.51 22.39 1.23 144.3
9.83
South Africa FTSE/JSE All-Share 67050.52 1.50 Ocular Therapeutix OCUL 6.91 -3.92 -36.20 24.30 6.73 -32.1 Methodology
992.94 12.9
Snap SNAP 55.14 -19.97 -26.59 83.34 37.35 27.7 Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
Spain IBEX 35 8906.40 –37.90 –0.42 10.3
Minerva Surgical UTRS 9.00 -3.00 -25.00 12.00 7.60 ... reflect total returns). Commodities are represented by the continuous front-month
Sweden OMX Stockholm 980.75 8.20 0.84 27.6 futures contract. Bond exchange-traded fund performance may diverge from that of
Switzerland Swiss Market 12056.21 17.07 0.14 12.6 Seaport Global A SGAM 9.62 -3.18 -24.84 14.49 9.12 ... their underlying index. Bond categories are represented by the following ETFs: U.S.
Turkey BIST 100 1479.93 24.51 1.68 0.2 Socket Mobile SCKT 6.77 -2.21 -24.61 35.00 2.00 165.5 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
Eargo EAR 7.78 -2.43 -23.80 76.75 6.20 -79.7 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
U.K. FTSE 100 7204.55 14.25 0.20 11.5 Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
U.K. FTSE 250 22931.66 14.61 0.06 11.9 Cambium Networks CMBM 27.40 -8.36 -23.38 66.40 20.03 17.7 iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
Agenus AGEN 4.01 -1.12 -21.83 6.79 2.50 1.8 Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Asia-Pacific MSCI AC Asia Pacific 200.17 0.36 0.18 0.1 Bonds: iShares National Muni; International Bonds: Vanguard Total International;
0.002 Altus Midstream ALTM 68.01 -16.85 -19.86 91.00 9.44 575.4
Australia S&P/ASX 200 7415.50 0.13 12.6 Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
Big Cypress Acquisition BCYP 8.44 -2.01 -19.23 12.90 8.21 129746.2
China Shanghai Composite 3582.60 –12.18 –0.34 3.2
China Finance Online ADR JRJC 7.52 -1.61 -17.63 17.90 3.52 -24.1
Hong Kong Hang Seng 26126.93 109.40 0.42 –4.1
X Financial ADR XYF 5.05 -1.04 -17.08 17.88 1.45 100.4 See an expanded year-to-date and current quarter
India S&P BSE Sensex 60821.62 –101.88 –0.17 27.4
Japan NIKKEI 225 28804.85 96.27 0.34 5.0
Nutriband NTRB 4.90 -0.92 -15.81 32.00 1.00 -32.4 list of selected global stock indexes, bond ETFs, currencies
Singapore Straits Times 3205.14 16.64 0.52 12.7 Most Active Stocks and commodities at
South Korea KOSPI 3006.16 –1.17 –0.04 4.6
Company Symbol
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High Low wsj.com/graphics/track-the-markets
Taiwan TAIEX 16888.74 –0.77 –0.005 14.6
Thailand SET 1643.42 … Closed 13.4 Phunware PHUN 633,413 19267.3 8.74 471.24 24.04 0.60
Sources: FactSet; Dow Jones Market Data Progenity PROG 185,186 308.8 2.96 18.40 8.24 0.66
Remark Holdings MARK 169,386 13615.1 2.17 138.44 4.72 0.75 Currencies
Get real-time U.S. stock quotes and
WSJ
Farmmi FAMI 157,074 37.9 0.30 -7.09 2.47 0.20
track most-active stocks, new highs/lows Snap SNAP 153,141 759.3 55.14 -26.59 83.34 37.35 U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
and mutual funds.
.com Available free at WSJMarkets.com
* Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days Country/currency
Fri YTDchg
in US$ per US$ (%) Country/currency
Fri YTDchg
in US$ per US$ (%)
Americas Vietnam dong .00004395 22755 –1.4
Argentina peso .0101 99.3620 18.2 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1770 5.6497 8.8 Czech Rep. koruna .04535 22.050 2.7

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .8083 1.2372 –2.9 Denmark krone .1565 6.3885 4.9
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001226 815.72 14.8 Euro area euro 1.1647 .8586 4.9
Colombiapeso .000265 3773.00 10.3 Hungary forint .003194 313.12 5.4
A consumer rate against its Five-year ARM, Rate Ecuador US dollar Iceland krona
1 1 unch .007753 128.99 0.9
benchmark over the past year 2.50% Mexico peso .0496 20.1807 1.5 Norway krone .1197 8.3542 –2.6
Bankrate.com avg†: 2.90% 10%
Uruguay peso .02277 43.9150 3.7 Poland zloty .2530 3.9523 5.9
5-year Credit Union of New Jersey 2.25% 2.00
Asia-Pacific Russia ruble .01423 70.295 –5.0
adjustable-rate 4.00% Tradeweb ICE 5 Euro
Ewing, NJ 609-538-4061
t

1.50
s Sweden krona .1166 8.5742 4.2
mortgage (ARM) Friday Close Australian dollar .7470 1.3387 3.0
Citizens Equity First Credit Union 2.50% Switzerland franc 1.0915 .9162 3.5
t 3.00 0 China yuan .1566 6.3849 –2.3
1.00 Turkey lira .1042 9.5991 29.1
Peoria, IL 309-633-3603 Hong Kong dollar .1286 7.7733 0.3
Ukraine hryvnia .0380 26.3500 –7.1
Haven Savings Bank India rupee .01333 74.999 2.7
2.00 2.50% One year ago 0.50 –5 s UK pound 1.3758 .7268 –0.7
s Indonesia rupiah .0000708 14123 0.5
5-year Treasury Hoboken, NJ 201-659-3600 t WSJ Dollar Index Middle East/Africa
0.00 Yen Japan yen .008811 113.50 9.9
note yield 1.00 Citadel Federal Credit Union 2.63% –10
t Kazakhstan tenge .002353 425.04 0.9 Bahrain dinar 2.6525 .3770 –0.01
Exton, PA 800-666-0191 1 3 6 1 2 3 5 7 10 20 30 2020 2021 Macau pataca .1248 8.0100 0.2 Egypt pound .0637 15.6971 –0.3
0.00 month(s) years Malaysia ringgit .2410 4.1500 3.2 Israel shekel .3118 3.2070 –0.2
N D J F M A M J J A SO Associated Bank, NA 2.88%
maturity New Zealand dollar .7154 1.3978 0.4 Kuwait dinar 3.3171 .3015 –0.9
2020 2021 Rockford, IL 800-682-4989 Pakistan rupee .00573 174.475 8.8 Oman sul rial 2.5974 .3850 ...
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.753 5.7 Qatar rial .2746 3.641 –0.01
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7417 1.3483 2.0 Saudi Arabia riyal .2666 3.7509 –0.02
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008492 1177.62 8.5 South Africa rand .0674 14.8311 0.9
Sri Lanka rupee .0049652 201.40 8.7
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -2.00 Yield (%) 52-Week Total Return (%) Taiwan dollar .03592 27.836 –0.9 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 3.25 -2.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03006 33.270 10.8 WSJ Dollar Index 88.05 –0.12–0.13 3.59
Libor, 3-month 0.12 0.12 0.11 l 0.25 -2.36
U.S. Treasury, Bloomberg 2380.650 1.180 1.110 1.190 0.540 –2.874 4.915 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.07 0.07 0.07 l 0.21 -0.34
U.S. Treasury Long, Bloomberg 4353.290 2.050 2.010 2.400 1.390 –7.255 10.170
Five-year CD, annual yield
30-year mortgage, fixed†
0.41
3.21
0.41
3.24
0.41
2.83
l
l
0.61
3.37
-1.46
-1.72 Aggregate, Bloomberg 2241.950 1.710 1.640 1.720 1.120 –0.984 5.459
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 2.48 2.46 2.28 l 2.64 -1.84
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Bloomberg 2204.870 1.960 1.880 1.960 1.180 –0.859 3.976
Jumbo mortgages, $548,250-plus† 3.22 3.27 2.85 l 3.41 -1.84 DJ Commodity 960.27 4.49 0.47 972.68 629.15 47.06 31.26
High Yield 100, ICE BofA 3442.355 3.746 3.729 4.823 3.162 7.615 5.802
Five-year adj mortgage (ARM)† 2.90 2.88 2.83 l 3.43 -1.78 Refinitiv/CC CRB Index 237.68 1.08 0.46 240.35 144.73 57.73 41.65
New-car loan, 48-month 3.58 3.58 3.58 l 4.14 -0.93 Muni Master, ICE BofA 596.425 1.006 0.948 1.157 0.687 1.949 4.884 Crude oil, $ per barrel 83.76 1.26 1.53 83.87 35.79 110.19 72.63
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 914.711 4.931 4.875 5.068 4.295 2.865 6.051 Natural gas, $/MMBtu 5.280 0.165 3.23 6.312 2.305 77.72 107.96
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Gold, $ per troy oz. 1795.50 14.30 0.80 1952.70 1677.70 -5.60 -5.16
Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
P2JW296000-4-B00900-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 23 - 24, 2021 | B9

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 Jan'22 1233.50 1240.50 1227.00 1230.75 –2.75 235,833 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March'22 1.0947 1.0970 1.0930 1.0959 .0029 337
Soybean Meal (CBT)-100 tons; $ per ton. Dec 157-080 158-240 157-080 158-090 17.0 1,194,699 Australian Dollar (CME)-AUD 100,000; $ per AUD
Contract Open March'22 156-000 157-040 155-250 156-230 16.0 606 Nov .7466 .7513 .7455 .7467 .0001 183
Dec 323.70 327.80 323.00 327.40 3.40 158,109
Open High hi lo Low Settle Chg interest Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Jan'22 321.50 325.90 321.50 325.40 2.30 92,903 Dec .7469 .7514 .7455 .7467 .0001 159,705
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 130-000 130-150 129-315 130-110 5.0 4,093,258 Mexican Peso (CME)-MXN 500,000; $ per MXN
Oct 4.5500 4.5590 4.5085 4.5260 –0.0605 563 Dec 62.65 63.00 61.93 62.09 –.49 131,839 March'22 129-075 129-185 129-035 129-150 5.5 5,293 Nov .04901 .04948 .04906 .04937 .00029 9
Dec 4.5625 4.6190 4.4610 4.4980 –0.0605 131,967 Jan'22 62.19 62.50 61.49 61.62 –.53 90,165 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec .04887 .04929 .04878 .04914 .00029 159,622
Gold (CMX)-100 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 121-147 121-225 121-127 121-195 … 3,619,196 Euro (CME)-€125,000; $ per €
Oct 1787.10 1806.90 1784.00 1795.50 14.30 129 Nov 13.56 13.60 13.47 13.51 –.06 2,423 March'22 120-280 121-000 120-245 120-310 … 44 Nov 1.1628 1.1660 1.1627 1.1641 .0013 1,890
Nov 1786.00 1813.50 1784.70 1795.70 14.40 815 Jan'22 13.82 13.83 13.72 13.75 –.07 5,585 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 1.1637 1.1667 1.1632 1.1648 .0013 654,762
Dec 109-197 109-211 109-178 109-200 –1.1 2,061,495
Dec 1783.70 1815.50 1783.40 1796.30 14.40 391,840 Wheat (CBT)-5,000 bu.; cents per bu.
March'22 109-142 109-142 109-092 109-107 –2.7 2
Feb'22 1786.80 1817.50 1785.60 1798.30 14.50 56,800 Dec 743.75 759.50 743.50 756.00 14.75 194,249
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Index Futures
April 1790.50 1818.60 1787.80 1800.00 14.60 12,243 March'22 756.00 770.50 753.50 767.50 14.00 97,621
June 1793.00 1820.00 1790.80 1801.70 14.60 16,099 Wheat (KC)-5,000 bu.; cents per bu.
Oct 99.9200 99.9225 99.9200 99.9200 .0000 128,241 Mini DJ Industrial Average (CBT)-$5 x index
July'22 99.7550 99.7700 t 99.7300 99.7300 –.0350 113,981 Dec 35476 35645 s 35412 35557 77 107,962
Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 750.00 775.00 s 750.00 774.00 26.25 124,244
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
March'22 756.75 777.50 s 755.50 776.50 22.50 67,812 March'22 35360 35555 s 35331 35471 81 910
Oct 2038.40 17.50 1 Dec
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
100-030 100-145 100-000 100-100 6.0 174,053 Mini S&P 500 (CME)-$50 x index
Dec 2008.50 2041.00 1993.00 2035.60 17.50 8,401 Eurodollar (CME)-$1,000,000; pts of 100% Dec 4530.00 4551.50 s 4515.25 4536.50 –5.25 2,308,213
Platinum (NYM)-50 troy oz.; $ per troy oz. Oct 156.350 156.350 155.175 155.425 –.825 1,473 Nov 99.8475 99.8525 99.8425 99.8500 .0050 213,156
Jan'22 160.050 160.075 156.875 157.325 –2.675 19,020
June'22 4519.00 4534.25 s 4499.75 4520.50 –4.75 46,653
Oct 1064.30 1064.30 1062.50 1050.20 2.50 333 Dec 99.8050 99.8150 99.8000 99.8100 .0050 1,256,750 Mini S&P Midcap 400 (CME)-$100 x index
Jan'22 1053.00 1080.80 1042.80 1052.10 2.40 56,382 Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec'22 99.2100 99.2400 t 99.1600 99.1900 –.0450 1,428,039 Dec 2790.60 2807.70 s 2778.00 2791.40 3.10 40,251
Silver (CMX)-5,000 troy oz.; $ per troy oz. Oct 124.750 125.000 123.975 124.100 –.875 2,043 Dec'23 98.4750 98.5200 t 98.4450 98.5000 –.0100 1,202,782 March'22 2800.40 3.10 1
Dec 129.200 129.675 128.250 128.325 –1.225 117,494
Oct 24.370 24.370 24.370 24.429 0.279 117
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index
Dec 24.220 24.920 24.185 24.449 0.279 114,568 Currency Futures Dec 15383.00 15463.50 15273.75 15341.00 –137.75 238,887
Dec 73.200 74.200 72.875 73.325 .125 97,062
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Japanese Yen (CME)-¥12,500,000; $ per 100¥ March'22 15376.50 15462.75 15277.50 15343.00 –137.50 1,710
Feb'22 76.700 77.650 76.300 76.625 –.050 47,879
Dec 82.61 84.22 s 81.76 83.76 1.26 453,545 Nov Mini Russell 2000 (CME)-$50 x index
Jan'22 81.43 82.92 s 80.62 82.50 1.14 306,825
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. .8770 .8818 .8758 .8818 .0039 173
Dec 2294.90 2305.30 2270.80 2288.80 –5.30 458,982
Nov 679.00 697.90 662.40 667.60 –11.40 946 Dec .8773 .8821 .8759 .8820 .0039 260,761
March 79.01 79.94 78.29 79.62 0.60 128,821 Canadian Dollar (CME)-CAD 100,000; $ per CAD March'22 2297.00 2302.50 2269.30 2286.80 –5.30 343
Jan'22 745.00 770.90 744.70 749.20 –4.80 870
June 76.31 77.05 75.71 76.44 0.06 171,367 Dec .8083 .8116 .8071 .8086 .0009 157,385 Mini Russell 1000 (CME)-$50 x index
Milk (CME)-200,000 lbs., cents per lb. Dec 2556.00 2560.50 s 2539.80 2551.20 –3.90 14,399
Dec 72.07 72.71 71.56 72.06 –0.12 211,133 Oct 17.90 17.90 17.85 17.87 –.03 4,137 March'22 .8082 .8114 .8071 .8086 .0009 1,869
June'23 68.49 69.12 68.15 68.65 –0.04 111,837 British Pound (CME)-£62,500; $ per £ U.S. Dollar Index (ICE-US)-$1,000 x index
Nov 19.85 19.85 19.48 19.61 –.30 4,687 Dec 93.75 93.78 93.51 93.63 –.13 56,999
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Cocoa (ICE-US)-10 metric tons; $ per ton. Nov 1.3790 1.3814 1.3737 1.3758 –.0026 645
Nov 2.5498 2.5683 2.5265 2.5389 –.0102 55,783 Dec 1.3795 1.3816 1.3735 1.3758 –.0025 149,312 March'22 93.69 93.71 93.48 93.58 –.13 1,996
Dec 2,560 2,601 2,518 2,583 28 76,250
Dec 2.5442 2.5600 2.5181 2.5312 –.0095 110,340 March'22 2,613 2,642 2,569 2,629 28 74,253
Swiss Franc (CME)-CHF 125,000; $ per CHF
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 1.0901 1.0942 1.0900 1.0929 .0028 54,363 Source: FactSet
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Nov 2.4749 2.5065 2.4524 2.4821 .0020 62,357 Dec 203.80 206.40 198.40 199.85 –3.45 120,670
Dec 2.4151 2.4467 2.3924 2.4156 –.0034 124,349 March'22 206.45 209.10 201.30 202.60 –3.55 81,196
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Nov 5.196 5.379 5.121 5.280 .165 34,475
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 19.03 19.15 18.92 19.08 .14 390,827
Bonds | wsj.com/market-data/bonds/benchmarks
Dec 5.428 5.590 5.336 5.461 .115 167,177 May 18.69 18.82 18.63 18.74 .11 139,352
Jan'22 5.508 5.692 5.453 5.565 .104 232,556 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Global Government Bonds: Mapping Yields
March 5.170 5.300 5.095 5.187 .092 152,248 Jan 37.05 –.01 1,557
April 4.039 4.106 3.989 4.012 –.015 113,427 March 36.50 … 3,274 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
May 3.926 3.994 3.884 3.904 –.022 113,472 Cotton (ICE-US)-50,000 lbs.; cents per lb. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Dec 106.29 109.05 106.24 108.26 2.12 110,082
Agriculture Futures March'22 104.25 107.00 104.25 106.19 2.04 95,042 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Corn (CBT)-5,000 bu.; cents per bu. Nov 126.85 127.65 124.40 126.00 .60 2,094 0.250 U.S. 2 0.464 s l 0.434 0.240 0.153
Dec 533.00 540.00 532.00 538.00 5.75 599,255 Jan'22 127.75 128.50 124.95 126.80 .60 8,574
March'22 541.75 548.00 540.75 546.75 5.25 351,569 1.250 10 1.654 t l 1.674 1.332 0.847
Oats (CBT)-5,000 bu.; cents per bu. Interest Rate Futures 5.500 Australia 2 0.123 t l 0.157 0.017 0.137 -30.4 -4.1
Dec 661.00 669.75 659.50 667.25 7.25 3,301
-34.7
March'22 643.75 648.25 640.00 646.00 5.50 1,235 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 1.000 10 1.813 s l 1.801 1.267 0.825 15.7 9.8 -4.2
Soybeans (CBT)-5,000 bu.; cents per bu. Dec 189-000 191-280 189-000 191-020 1-11.0 1,216,190
Nov 1224.00 1230.50 1217.00 1220.50 –3.50 210,136 March'22 190-050 1-11.0 18 0.000 France 2 -0.654 t l -0.651 -0.687 -0.691 -112.4 -111.2 -86.8
0.000 10 0.246 s l 0.241 0.010 -0.283 -141.1 -146.2 -114.9
0.000 Germany 2 -0.648 t l -0.638 -0.702 -0.760 -111.7 -109.9 -93.8
Exchange-Traded Portfolios | WSJ.com/ETFresearch 0.000 10 -0.100 t l -0.100 -0.322 -0.567 -175.7 -180.2 -143.3
Closing Chg YTD 0.600 Italy 2 -0.415 s l -0.419 -0.518 -0.311 -88.5 -88.0 -48.9
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
0.600 10 0.968 s l 0.952 0.665 0.809 -68.9 -75.0 -5.8
Closing Chg YTD iShRussell1000 IWB 255.65 –0.14 20.7
Friday, October 22, 2021
Closing Chg YTD ETF Symbol Price (%) (%) iShRussell1000Val IWD 165.21 0.22 20.8 0.005 Japan 2 -0.107 s l -0.109 -0.128 -0.134 -57.7 -57.0 -31.2
iShRussell2000 IWM 227.41 –0.24 16.0
ETF Symbol Price (%) (%) iShSelectDividend DVY 120.21 0.38 25.0 iShRussell2000Val IWN 167.18 –0.14 26.9 0.100 10 0.098 s l 0.090 0.036 0.036 -155.9 -161.3 -83.1
ARKInnovationETF ARKK 117.75 –1.60 –5.4 iShESGAwareUSA ESGU 104.01 –0.15 20.9 iShRussellMid-Cap IWR 83.27 0.11 21.5
CommSvsSPDR XLC 80.38 –2.12 19.1 iShEdgeMSCIMinUSA USMV 77.52 0.40 14.2 iShRussellMCValue IWS 120.34 0.27 24.1 0.000 Spain 2 -0.605 t l -0.590 -0.603 -0.543 -107.5 -105.0 -72.1
iShEdgeMSCIUSAMom MTUM 186.80 –0.04 15.8 iShS&P500Growth IVW
CnsmrDiscSelSector XLY 192.75 –0.36 19.9 78.19 –0.46 22.5 0.500 10 0.533 t l 0.538 0.313 0.225 -112.4 -116.4 -64.1
EnSelectSectorSPDR XLE 57.95 0.94 52.9 iShEdgeMSCIUSAQual QUAL 140.14 –0.04 20.6 iShS&P500Value IVE 153.15 0.24 19.6
FinSelSectorSPDR XLF 40.62 1.40 37.8 iShEdgeMSCIUSAVal VLUE 104.32 –0.65 20.0 iShShortTreaBd SHV 110.46 0.01 –0.1 0.125 U.K. 2 0.671 t l 0.710 0.282 -0.024 20.2 25.0 -20.2
HealthCareSelSect XLV 131.67 0.40 16.1 iShGoldTr IAU 34.15 0.59 –5.8 iShTIPSBondETF TIP 128.76 0.20 0.9
IndSelSectorSPDR XLI 104.80 0.35 18.4 iShiBoxx$InvGrCpBd LQD 132.31 0.40 –4.2 iSh1-3YTreasuryBd SHY 85.83 –0.02 –0.6 4.750 10 1.149 t l 1.205 0.707 0.286 -50.7 -49.7 -58.0
InvscQQQI QQQ 374.10 –0.84 19.2 iShiBoxx$HYCpBd HYG 86.84 –0.24 –0.5 iSh20+YTreasuryBd TLT 144.13 1.10 –8.6
InvscS&P500EW RSP 158.51 0.28 24.3 iShJPMUSDEmgBd EMB 109.51 0.39 –5.5 iShRussellMCGrowth IWP 119.44 –0.35 16.4
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
iShCoreDivGrowth DGRO 53.07 0.26 18.4 iShMBSETF MBB 107.65 0.12 –2.3 iShUSTreasuryBdETF GOVT 26.34 0.23 –3.3
iShCoreMSCIEAFE
iShCoreMSCIEM
IEFA
IEMG
76.48
63.66
0.53
–0.22
10.7
2.6
iShMSCI ACWI
iShMSCI EAFE
ACWI
EFA
104.91
80.50
0.01
0.60
15.6
10.3
JPM UltShtIncm
PIMCOEnhShMaturity
JPST
MINT
50.61
101.79
–0.08
–0.01
–0.4
–0.2
Corporate Debt
iShCoreMSCITotInt IXUS 73.50 0.33 9.4 iShMSCI EAFE SC SCZ 76.35 0.34 11.7 ProShUltPrQQQ TQQQ 141.28 –2.53 55.4 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
iShCoreS&P500 IVV 454.88 –0.12 21.2 iShMSCIEmgMarkets EEM 52.04 –0.21 0.7 SPDR Gold GLD 167.77 0.61 –5.9
iShCoreS&P MC IJH 278.77 0.17 21.3 iShMSCIEAFEValue EFV 52.25 0.38 10.7 SchwabIntEquity SCHF 39.99 0.50 11.1
expectations
iShCoreS&P SC
iShS&PTotlUSStkMkt
IJR
ITOT
113.41
103.82
0.06
–0.20
23.4
20.4
iShNatlMuniBd
iSh1-5YIGCorpBd
MUB
IGSB
115.53
54.25
0.12
...
–1.4
–1.7
SchwabUS BrdMkt
SchwabUS Div
SCHB
SCHD
109.68
78.00
–0.16
0.27
20.5
21.6
Investment-grade spreads that tightened the most…
iShCoreTotalUSDBd IUSB 52.87 0.13 –3.1 iShPfd&Incm PFF 39.06 –0.20 1.4 SchwabUS LC SCHX 109.97 –0.17 20.9 Spread*, in basis points
iShCoreUSAggBd AGG 114.06 0.19 –3.5 iShRussell1000Gwth IWF 290.26 –0.50 20.4 SchwabUS LC Grw SCHG 156.78 –0.75 22.1
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
SchwabUS SC SCHA 104.62 –0.07 17.6
–9
Schwab US TIPs SCHP 62.97 0.16 1.4
Royal Bank of Canada RY 1.150 1.25 June 10, ’25 5 12
SPDR DJIA Tr DIA 356.74 0.22 16.7 ANZ New Zealand ANZNZ 1.250 1.54 June 22, ’26 33 –7 41
Borrowing Benchmarks | WSJ.com/bonds SPDR S&PMdCpTr
SPDR S&P 500
MDY
SPY
509.51
453.12
0.14
–0.10
21.3
21.2
Ryder System R 6.950 1.95 Dec. 1, ’25 73 –7 n.a.
SPDR S&P Div SDY 123.61 0.32 16.7 Sprint Spectrum SPRNTS 4.738 2.89 March 20, ’25 168 –7 174
Money Rates October 22, 2021 TechSelectSector
VangdInfoTech
XLK
VGT
158.41
426.87
–0.35
–0.42
21.8
20.7 UBS UBS 5.125 1.51 May 15, ’24 73 –7 84
VangdSC Val VBR 178.86 0.25 25.8
–5
Key annual interest rates paid to borrow or lend money in U.S. and VangdExtMkt VXF 192.32 –0.57 16.8
Credit Suisse CS 2.950 1.37 April 9, ’25 17 19
international markets. Rates below are a guide to general levels but VangdSC Grwth VBK 293.30 –0.24 9.6 Verizon Communications VZ 4.329 2.18 Sept. 21, ’28 52 –5 51
VangdDivApp VIG 163.97 0.57 16.2
don’t always represent actual transactions. VangdFTSEDevMk VEA 52.20 0.46 10.6
Bank of America BAC 4.200 1.21 Aug. 26, ’24 43 –4 46
VangdFTSE EM VWO 51.78 –0.25 3.3
Inflation Week
Latest ago
—52-WEEK—
High Low
VangdFTSE Europe VGK 68.87 0.48 14.3 …And spreads that widened the most
Sept. index Chg From (%) VangdFTSEAWxUS VEU 63.04 0.33 8.0

level Aug. '21 Sept. '20 Switzerland 0.00 0.00 0.00 0.00 VangdGrowth VUG 306.44 –0.67 21.0 Wells Fargo WFC 3.000 1.89 Oct. 23, ’26 69 6 59
VangdHlthCr VHT 254.69 0.20 13.8
Britain 0.10 0.10 0.10 0.10 VangdHiDiv VYM 108.67 0.26 18.8 Royal Bank of Canada RY 0.500 0.68 Oct. 26, ’23 22 5 19
U.S. consumer price index Australia 0.10 0.10 0.25 0.10 VangdIntermBd BIV 88.48 –4.7 Delta Air Lines 7.000 May 1, ’25 3 90
0.16 DAL 1.95 73
All items 274.310 0.27 5.4 VangdIntrCorpBd VCIT 93.44 0.18 –3.8
HSBC Holdings HSBC 4.300 1.93 March 8, ’26 71 3 61
Core 279.884 0.13 4.0 Secondary market VangdLC VV 212.39 –0.22 20.9
VangdMC VO 252.67 0.13 22.2
John Deere Capital … 1.300 1.49 Oct. 13, ’26 28 2 25
Fannie Mae VangdMC Val VOE 147.49 0.29 24.0
International rates 30-year mortgage yields
VangdMBS VMBS 53.02 0.11 –1.9 Coca–Cola KO 3.000 2.83 March 5, ’51 77 2 73
VangdRealEst VNQ 109.04 0.47 28.4
VangdS&P500ETF VOO LeasePlan LPTY 2.875 1.50 Oct. 24, ’24 71 2 74
Week 52-Week 30 days 2.710 2.529 2.710 1.836 416.59 –0.10 21.2
Latest ago High Low 60 days 2.754 2.566 2.754 1.875
VangdST Bond BSV 81.41 0.01 –1.8 Altria MO 5.375 4.20 Jan. 31, ’44 214 2 n.a.
VangdSTCpBd VCSH 81.83 –0.01 –1.7
Notes on data: VangdShtTmInfltn VTIP
Prime rates
U.S. prime rate is the base rate on corporate VangdSC VB
52.06
230.18
0.04
0.00
1.9
18.2 High-yield issues with the biggest price increases…
U.S. 3.25 3.25 3.25 3.25 loans posted by at least 70% of the 10 largest VangdTaxExemptBd VTEB 54.55 0.09 –1.2 Bond Price as % of face value
Canada 2.45 2.45 2.45 2.45 U.S. banks, and is effective March 16, 2020. VangdTotalBd BND 84.95 0.21 –3.7 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Other prime rates aren’t directly comparable; VangdTotIntlBd BNDX 56.66 0.21 –3.2
Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location. VangdTotIntlStk VXUS 65.48 0.31 8.8 Tenet Healthcare THC 6.875 4.96 Nov. 15, ’31 115.000 1.00 113.670
Complete Money Rates table appears Monday VangdTotalStk VTI 234.36 –0.19 20.4
Policy Rates through Friday. Bath & Body Works BBWI 6.694 3.44 Jan. 15, ’27 115.419 0.67 115.368
VangdTotlWrld VT 106.69 0.06 15.2
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 143.28 0.38 20.4 Embarq … 7.995 6.92 June 1, ’36 109.750 0.50 108.500
United States Cellular USM 6.700 4.29 Dec. 15, ’33 122.600 0.45 122.000
Ford Motor F 4.750 4.31 Jan. 15, ’43 106.125 0.33 104.200
Dividend Changes Telecom Italia Capital TITIM 7.721 5.22 June 4, ’38 127.550 0.33 127.135
Dividend announcements from October 22. …And with the biggest price decreases
Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Leonardo US Holding LDOIM 6.250 4.76 Jan. 15, ’40 117.993 –2.03 n.a.
Increased Reduced Murphy Oil MUR 7.050 4.91 May 1, ’29 113.290 –1.41 n.a.
ACNB ACNB 3.8 .26 /.25 Q Dec15 /Dec01 SLM Float. Rate pfd Ser B SLMBP 3.1 .4596 /.4646 Q Dec15 /Dec03 American Airlines AAL 3.950 3.68 Nov. 15, ’25 101.000 –1.03 n.a.
Armstrong Wrld Ind AWI 0.9 .231 /.21 Q Nov18 /Nov04 Sprint Capital … 6.875 2.85 Nov. 15, ’28 125.520 –0.96 126.483
Fidelity D&D Bancorp FDBC 2.6 .33 /.30 Q Dec10 /Nov19
Initial
Heritage Financial HFWA 3.3 .21 /.20 Q Nov17 /Nov03 Southern States Bcshs SSBK 1.9 .09 Nov15 /Nov03 Howmet Aerospace HWM 6.750 2.85 Jan. 15, ’28 122.070 –0.88 n.a.
Magellan Midstream Ptrs MMP 8.1 1.0375 /1.0275 Q Nov12 /Nov05 Foreign Xerox XRXCRP 4.800 4.65 March 1, ’35 101.499 –0.75 n.a.
MetroCity Bankshares MCBS 2.5 .14 /.12 Q Nov12 /Nov03 America Movil ADR AMX 2.0 .19739 SA Nov15 /Nov05 –0.70
Natura Cosmeticos NATURA 4.125 4.17 May 3, ’28 99.739 101.200
Middlesex Water MSEX 1.1 .29 /.2725 Q Dec01 /Nov16 America Movil Cl A ADR AMOV 2.3 .19739 SA Nov15 /Nov05
Penske Automotive PAG 1.6 .46 /.45 Q Dec01 /Nov10 Rogers Commun RCI 3.3 .4059 Q Jan04 /Dec10 Netflix NFLX 6.375 2.65 May 15, ’29 125.356 –0.64 125.552
SLM Corp SLM 2.4 .11 /.03 Q Dec15 /Dec03 Tricon Residential TCN 1.6 .05675 Q Jan15 /Dec31
*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.
UFP Industries UFPI 1.0 .20 /.15 Q Dec15 /Dec01 Unilever ADR UL 3.4 .4975 Q Dec01 /Nov05
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
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
FirstCash FCFS 91.69 0.4 JefferiesFin JEF 42.85 1.0 NorthropGrum NOC 406.31 0.9 SalemMedia SALM 6.82 26.7 WooriFin WF 32.61 0.6 EksoBionics EKSO 3.88 -4.2 PassageBio PASG 8.72 -5.1
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE FirstService FSV 202.44 1.0 JonesLang JLL 264.27 3.2 NVIDIA NVDA 231.30 0.1 SanJuanBasin SJT 6.38 4.8 Workday WDAY 284.80 -0.1 EledonPharm ELDN 4.98 -5.9 PegasusDigital PGSS.U 9.94 ...
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Flagstar FBC 56.77 -1.4 KBR KBR 43.90 -0.2 OFGBancorp OFG 26.63 1.5 SanabyHealthI SANBU 10.20 -0.1 Xilinx XLNX 175.65 -0.7 Enfusion ENFN 19.05 0.6 PlusTherap PSTV 1.59 -4.6
in the latest session. % CHG-Daily percentage change from the previous trading session. Floor&Decor FND 138.89 1.1 KKR KKR 73.83 0.6 OReillyAuto ORLY 669.09 ... SandySpringBncp SASR 48.91 1.3 XilioTherap XLO 16.60 ... EnsysceBioWt ENSCW 0.22 -4.3 PrudentialSkis PUKp 25.35 -4.3
FocusFinPtrs FOCS 62.13 -0.5 KensingtonV Wt KCGI.WS 0.75 -1.3 OaktreeSpec OCSL 7.49 0.4 SchwabC SCHW 83.74 1.6 YunhongIntl ZGYHU 13.87 14.4 EzFill EZFL 2.71 -2.0 PrudentialPfd PUKpA 25.08 -4.6
Friday, October 22, 2021 Fortinet FTNT 338.82 0.3 KensingtonCapAcqnV KCGI.U 10.39 0.6 OasisPetrol OAS 111.71 1.0 SeaWorldEnt SEAS 64.87 4.0 YunhongIntlWt ZGYHW 2.64 264.8 FatBrandsB FATBB 7.00 -0.3 Pulmatrix PULM 0.68 -3.3
FrankBSP PfdE FBRTpE 25.24 0.4 Knight-Swift KNX 57.17 -0.8 OldDomFreight ODFL 323.84 1.0 ServiceNow NOW 692.97 ... YunhongIntlA ZGYH 13.00 2.9 FormaTherap FMTX 16.71 4.4 PumaBiotech PBYI 5.61 -3.4
52-Wk % 52-Wk % 52-Wk % FranklinElec FELE 89.27 -0.9 LKQ LKQ 56.99 -0.1 Olin OLN 56.41 9.4 SierraLakeAcqn SIERU 10.07 0.2 ZionsBancorp ZION 66.64 2.8 ForteBiosci FBRX 2.61 -6.0 QilianIntl QLI 3.82 -0.1
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FullerHB FUL 70.96 -0.2 LMFAcqnOpps LMAOU 10.74 1.0 Omnicell OMCL 168.69 0.1 SignatureBank SBNY 316.95 1.9 Zscaler ZS 309.69 0.7 GBS GBS 1.94 -4.7 QuinStreet QNST 14.80 -3.1
Banner BANR 60.71 2.0 Comerica CMA 88.74 2.0 GFLEnvironmental GFL 41.87 1.9 LMFAcqnOppsA LMAO 10.13 0.2 Oracle ORCL 98.27 2.0 SimonProperty SPG 145.60 0.8 Zuora ZUO 22.00 1.7 GH Research GHRS 12.38 2.8 REEAutoWt REEAW 0.72 -2.7
Highs BenessereCap BENEU 23.29 19.3
BenessereCapRt BENER 1.20 45.9
Conmed CNMD
ContextTherap CNTX
147.11 0.7
7.90 13.3
GFL Env Un
Gallagher
GFLU
AJG
95.08
165.75
1.7
1.0
L3HarrisTech LHX
LakelandFin LKFN
246.08
78.43
1.2
1.6
OtterTail OTTR
OxbridgeAcqnWt OXACW
60.75 1.8
0.44 5.0
SiteOneLandscape SITE
SoMO Bancorp SMBC
227.33 3.0
48.60 2.5 Lows
GalataAcqn
GaleraTherap GRTX
GLTA 9.56 -0.1
1.79 -9.5
Recruiter.com RCRT
RecursionPharm RXRX
2.59 -2.8
16.50 -3.2
Accenture ACN 355.35 1.9 BenessereCapWt BENEW 5.50 200.0 Copart CPRT 153.36 0.3 GeneralDynamics GD 210.21 0.7 LatticeSemi LSCC 70.52 -1.2 PHP Ventures Wt PPHPW 0.64 37.6 SportsEntAcqn SEAH.U 12.02 5.9 GenerationIncm GIPR 6.65 -2.5 RegulusTherap RGLS 0.43 -6.6
AccretionAcqn ENERU 10.14 0.1 PNC Fin PNC 217.60 1.6 ATI PhysTherapy ATIP 2.69 -4.3 RhythmPharm RYTM 10.70 -1.1
BenessereCapA BENE 18.90 15.6 CorePoint CPLG 16.24 1.1 GenuineParts GPC 137.15 -1.1 Lazard LAZ 52.51 ... SportsEntWt SEAH.WS 2.95 20.8 GeneticTechs GENE 2.74 -4.4
AdvanceAuto AAP 235.32 -0.7 PPD PPD 47.14 ... AdverumBiotech ADVM 1.92 -2.5 RoseHillAcqn ROSEU 10.03 0.1
Berkley WRB 82.74 4.3 CoStar CSGP 99.78 0.8 GitLab GTLB 120.97 6.5 LincolnElectric LECO 147.03 -0.8 Stagwell STGW 9.54 6.3 GetnetAdquirencia GET 1.80 -10.4
Alexander&Baldwin ALEX 24.88 0.5 PSBusinessParks PSB 178.67 -0.1 Afya AFYA 17.28 -4.2 SangamoTherap SGMO 8.13 ...
BigCypress BCYPU 14.69 -21.0 Costco COST 485.03 1.0 GladstoneInvt GAIN 15.31 0.5 Littelfuse LFUS 299.24 -0.5 StandexInt SXI 108.60 -0.3 Greenlane GNLN 1.80 -11.8
AllianceBernstein AB 55.28 2.3 ParabellumAcqn PRBM.U 10.04 ... Akouos AKUS 9.39 -2.7 ScopusBio SCPS 3.66 -3.9
BigCypressWt BCYPW 2.60 -12.0 CreatdWt CRTDW 4.25 80.5 GlblConsumerA GACQ 9.94 0.1 Lowe's LOW 229.86 0.6 StateStreet STT 100.45 1.3 GuardforceAI GFAI 2.16 -8.1
Ambarella AMBA 178.26 -2.0 PathfinderBncp PBHC 17.00 3.3 AkoustisTechs AKTS 7.14 -7.5 17Educ&Tech YQ 0.80 -3.5
BigCypress BCYP 12.90 -19.2 Creatd CRTD 9.80 41.4 GlobalMedREIT GMRE 16.46 -0.9 MBIA MBI 15.71 -1.0 Steris STE 235.45 1.3 HCW Biologics HCWB 2.36 -7.3
AmerantBncpB AMTBB 25.40 0.8 Paychex PAYX 124.21 1.1 AlzamendNeuro ALZN 2.04 -3.2 SiebertFin SIEB 3.03 -1.0
Biotricity BTCY 4.32 22.0 CrossAmerPtrs CAPL 22.29 2.6 GlbSpacSubUn GLSPT 10.00 0.2 McapAcqnA MACQ 10.25 0.2 StewartInfo STC 72.47 -0.9 Hookipa HOOK 4.90 -2.9
AmEqtyLf AEL 33.98 0.4 PaycomSoftware PAYC 546.69 0.4 AnPacBioMed ANPC 2.68 -4.9 SilverbackTherap SBTX 8.88 -1.0
BlackMountain BMAC.U 10.14 ... CrowdStrike CRWD 290.73 -0.2 GlblTechAcqnI GTACU 10.08 0.1 McapAcqnWt MACQW 1.50 -0.5 StifelFinancial SF 77.65 2.1 HarpoonTherap HARP 6.32 -6.7
AmerExpress AXP 189.03 5.4 Paylocity PCTY 299.87 -0.8 AppHarvest APPH 5.28 -3.6 SiNtxTech SINT 1.20 -4.0
Blackstone BX 137.84 3.9 Cullen/Frost CFR 131.77 1.8 GlobisAcqn GLAQU 11.99 -0.8 McapAcqn MACQU 10.57 0.1 StoneX SNEX 71.24 1.2
Aptinyx 2.15 -0.9
HealthcrTriangle HCTI 2.48 -3.7
PegasusDigital PGSS.U 10.01 ... APTX SiyataMobile SYTA 2.60 -8.6
AIG AIG 60.16 1.3 BlueOwlCapital OWL 17.50 -0.7 CustomersBancorp CUBI 48.01 0.4 GlobisAcqn GLAQ 11.00 ... M3-BrigadeIII MBSC.U 10.05 0.3 SunLifeFinancial SLF 57.93 0.6 HeronTherap HRTX 9.87 3.6
PenskeAuto PAG 113.48 1.5 ArcadiaBiosci RKDA 1.89 -6.8 SkydeckAcqn SKYAU 9.80 -0.2
Ameriprise AMP 298.94 0.7 BonanzaCreekEner BCEI 55.81 2.1 CyrusOne CONE 83.14 -1.7 GoGreenInvts GOGN.U 10.10 0.4 MYR Group MYRG 110.88 3.4 TelusIntl TIXT 39.39 2.3 HomologyMed FIXX 5.78 -1.3
PepperLimeHlth PEPLU 9.96 0.4 ArcoPlatform ARCE 17.55 0.5 SolidBiosci SLDB 1.96 -5.6
Amphenol APH 80.12 -0.2 BrighthouseFin BHF 52.69 0.7 DHI Group DHX 5.05 2.0 Gorman-Rupp GRC 40.20 ... MainStreetCap MAIN 43.89 0.2 TFI Intl TFII 118.55 2.2 HyzonMotors HYZN 5.27 -7.9
Phunware PHUN 24.04 471.2 AridisPharm ARDS 3.14 -1.8 SonimTech SONM 1.78 -6.0
Amplitude AMPL 70.52 1.1 Broadcom AVGO 521.38 0.2 Datadog DDOG 162.93 0.9 GraniteREIT GRP.U 80.10 1.5 MainStreetBcshs MNSB 26.85 2.3 Tecnoglass TGLS 27.94 0.7 iBio IBIO 0.78 -6.2
PhunwareWt PHUNW 19.00 1142.6 AssemblyBiosci ASMB 3.07 -3.1 SpireGlobal SPIR 5.40 -2.1
AnalogDevices ADI 180.77 -0.2 BroadcomPfdA AVGOP1633.67 1.1 DellTechC DELL 114.77 1.4 GreatAjax AJX 14.40 0.2 MaquiaCapAcqnWt MAQCW 1.88 28.3 10XCapVentII Wt VCXAW 1.67 -7.3 Imara IMRA 3.46 -0.8
PiperSandler PIPR 163.39 2.0 Athersys ATHX 1.23 -1.6 SpruceBio SPRB 4.25 -4.0
Anthem ANTM 435.96 0.7 BroadridgeFinl BR 184.85 1.0 DiamondHillInvt DHIL 194.39 1.2 GreenPlainsPtrs GPP 15.70 -0.4 MaquiaCap MAQCU 11.74 0.9 TerrenoRealty TRNO 72.35 0.5 Infobird IFBD 2.01 -1.9
PlymouthIndREIT PLYM 25.32 0.9 AvidXchange AVDX 22.00 -4.9 StrongholdDig SDIG 23.35 -2.4
Aon AON 321.90 0.4 BrookfieldMgt BAM 61.08 1.0 DigitalWorldA DWAC 175.00 107.0 GromSocialWt GROMW 3.49 25.8 Marcus&Millichap MMI 46.70 1.3 Tesla TSLA 910.00 1.8 InozymePharma INZY 8.84 -0.4
PonoCapitalWt PONOW 0.46 2.4 AytuBioPharma AYTU 2.39 -3.9 TCR2 Therap TCRR 6.57 -2.2
ApolloGlbMgmt APO 80.11 3.1 BrookfieldBusPtr BBU 49.43 1.7 DigitalWorldWt DWACW 79.22 157.8 GpoAeroportSur ASR 205.00 -1.7 Marsh&McLen MMC 169.77 0.7 TexasInstruments TXN 202.22 -1.1 InspiraTech IINN 2.27 -8.5
Pool POOL 514.96 0.8 BIMI Intl BIMI 0.53 -4.4 TD Holdings GLG 0.56 -4.8
ArchCapital ACGL 43.40 0.7 Brown&Brown BRO 66.61 1.3 DigitalWorldAcqn DWACU 143.00 121.8 H&E Equipment HEES 45.91 2.2 MercantileBank MBWM 35.78 ... Textron TXT 75.59 -0.3 KaleidoBiosci KLDO 4.30 -5.8
Popular BPOP 83.81 2.6 BoaAcqn BOAS.U 8.80 -11.0 TMCthemetals TMC 3.27 -10.7
AresCapital ARCC 21.26 0.5 BuildersFirst BLDR 59.56 0.6 DigitalOcean DOCN 96.50 -1.5 HackettGroup HCKT 21.48 0.7 MeridianBancorp EBSB 23.28 1.9 TheBancorp TBBK 31.88 0.2 Beachbody BODY 4.81 -4.2 KiniksaPharm KNSA 10.61 -2.2
Portillo's PTLO 45.00 28.6 TactileSystems TCMD 32.75 -2.4
AresMgmt ARES 81.78 0.8 BusFirstBcshs BFST 26.25 1.5 Dillard's DDS 229.13 2.2 HamiltonLane HLNE 99.08 1.5 MetroCityBkshs MCBS 22.70 3.5 TopBuild BLD 250.87 4.6 BellicumPharm BLCM 2.03 -7.2 KrispyKreme DNUT 12.71 -1.4
Power&Dig XPDIU 12.87 4.9 TalisBiomed TLIS 5.28 -7.2
ArisWater ARIS 15.89 10.0 CACI Intl CACI 288.29 0.5 DukeRealty DRE 55.80 0.6 HartfordFinl HIG 74.37 1.5 MetropolitanBk MCB 97.29 3.0 TractorSupply TSCO 214.26 -1.1 BeyondMeat BYND 91.55 -11.8 LifeMD LFMD 4.84 -5.1
Pwr&DigitalA XPDI 11.99 5.8 ThermoGenesis THMO 1.59 -10.6
AristaNetworks ANET 396.85 -1.3 CBIZ CBZ 36.24 1.8 DutchBros BROS 69.54 13.7 Headhunter HHR 58.42 1.6 Microsoft MSFT 311.09 -0.5 TradeUPAcqnWt UPTDW 0.54 20.7 BigCypress BCYPU 8.57 -21.0 LiminalBioSci LMNL 1.79 -6.7
Pwr&DigitalWt XPDIW 3.92 ... Toast TOST 48.65 -3.3
AsburyAutomotive ABG 230.97 -0.7 CBRE Group CBRE 104.26 1.5 Dynatrace DT 79.67 1.3 HeliosTechnologies HLIO 91.00 -0.2 MidAmApt MAA 202.48 1.1 Transcat TRNS 72.55 -0.1 BigCypress BCYP 8.21 -19.2 LordstownMotors RIDE 4.64 -5.7
Premier PINC 40.77 0.4 TurkcellIletism TKC 4.14 -1.0
AshfordHospPfdD AHTpD 28.27 0.5 CI Financial CIXX 23.02 -0.4 EJF Acqn EJFAU 10.60 0.4 HercHoldings HRI 192.55 1.9 MiddlefieldBanc MBCN 26.54 4.6 TriconRes TCN 14.35 1.1 Biophytis BPTS 6.00 -13.0 MadrigalPharm MDGL 75.36 1.2
Primerica PRI 171.10 0.7 TurningPtTherap TPTX 42.48 -3.1
AshlandGlobal ASH 98.44 -0.1 Cactus WHD 45.68 -0.2 EPAM Systems EPAM 649.50 0.9 HeritageCrystal HCCI 35.09 1.8 Moelis MC 72.64 -0.6 TriumphBancorp TBK 116.15 5.6 BioVie BIVI 5.34 -1.6 MedAvail MDVL 2.52 -7.5
PriorityIncmPfdK PRIFpK 24.83 ... Tuya TUYA 7.54 -7.9
AssuredGuaranty AGO 55.68 -0.3 CambridgeBncp CATC 93.70 1.7 EastGroup EGP 192.22 0.4 Hill-Rom HRC 154.92 0.1 MolinaHealthcare MOH 298.70 0.6 Procaps PROC 11.98 -0.8 TruistFinl TFC 64.78 1.4 BoneBiologWt BBLGW 0.85 -0.2 MersanaTherap MRSN 8.03 0.6 UWM Wt UWMC.WS 0.81 1.1
AstraZeneca AZN 62.06 0.9 CamdenProperty CPT 159.82 0.5 eBay EBAY 81.19 5.7 HomeDepot HD 367.03 0.4 MonolithicPower MPWR 526.09 -1.3 RaymondJames RJF 102.94 0.8 TylerTech TYL 528.95 2.1 BoneBiologics BBLG 4.49 ... Metacrine MTCR 1.61 -57.4 uCloudlink UCL 2.64 -11.5
Athene ATH 90.25 3.3 CanNtlRlwy CNI 136.22 2.1 EchoGlobalLog ECHO 48.36 0.1 HorizonTherap HZNP 117.65 ... Morningstar MORN 298.24 2.8 RaytheonTech RTX 92.32 0.3 TysonFoods TSN 82.59 1.6 BostonBeer SAM 493.05 1.6 MinervaNeurosci NERV 1.25 -2.3 UltragenyxPharm RARE 75.83 -0.2
Atlanticus ATLC 71.52 4.2 CapitalProduct CPLP 14.35 0.9 EnantaPharma ENTA 74.00 2.6 HuadiIntl HUDI 15.95 -3.7 MotionAcqnWt MOTNW 2.62 5.6 RegionsFin RF 24.36 3.5 UBS Group UBS 17.67 1.4 BurgundyTechAcqnUn BTAQU 9.20 0.1 MinervaSurgical UTRS 7.60 -25.0 UltraparPart UGP 2.26 -3.2
Atlassian TEAM 425.30 1.5 Carlisle CSL 229.47 4.0 EncoreCapital ECPG 53.29 -1.8 HubGroup HUBG 78.04 3.1 MotorolaSol MSI 250.36 0.5 ReliantBancorp RBNC 34.97 0.5 UMB Fin UMBF 103.66 1.3 BurningRockBio BNR 12.24 -2.2 MingZhuLogistics YGMZ 2.60 -7.8 VyneTherap VYNE 1.08 -1.7
AuriniaPharm AUPH 28.00 26.8 Carlyle CG 55.22 1.4 EnovixWt ENVXW 13.17 -4.5 HubSpot HUBS 819.18 1.5 MountainCrestII MCAD 10.85 -0.2 RepublicBcpKYA RBCAA 53.65 0.3 UnionPacific UNP 239.65 2.7 Cadiz CDZI 6.41 -2.7 MinorityEqualityA MEOA 9.91 0.3 VastaPlatform VSTA 4.10 -2.8
ADP ADP 218.76 1.4 CasellaWaste CWST 83.78 2.1 Entegris ENTG 138.70 2.5 JBHunt JBHT 197.71 0.9 MrCooper COOP 44.86 -0.5 RepublicSvcs RSG 133.38 1.5 UnitedRentals URI 370.38 0.8 CASI Pharm CASI 1.08 -1.8 MotusGI MOTS 0.60 -0.5 VectivBio VECT 5.90 -0.2
AutoNation AN 132.89 3.6 Celanese CE 172.51 1.6 Ent4.0TechAcqn ENTFU 10.12 0.5 IVERICbio ISEE 18.85 -5.9 MuellerIndustries MLI 49.65 2.3 RexfordIndlRealty REXR 66.02 0.3 UnitedHealth UNH 449.29 1.6 CBAK Energy CBAT 2.08 -6.3 MustangBio MBIO 2.11 -0.5 VentyxBiosciences VTYX 16.32 -11.3
AutoZone AZO 1840.55 1.4 CentralPuerto CEPU 4.13 1.2 EquityResdntl EQR 86.09 0.4 IconicSports ICNC.U 10.18 1.1 MurphyUSA MUSA 178.60 0.2 RobertHalf RHI 113.70 1.8 Uniti UNIT 14.51 -0.6 Calyxt CLXT 2.76 -2.5 Natura&Co NTCO 12.86 1.4 ViriosTherapeutics VIRI 4.30 -9.1
Avalonbay AVB 234.61 0.3 CerevelTherap CERE 40.40 4.3 EverestRe RE 281.88 0.5 IndepRealty IRT 22.60 1.2 NatlBankHoldings NBHC 43.73 1.2 RoperTech ROP 505.00 1.2 VailResorts MTN 354.94 2.4 Chegg CHGG 59.69 -2.5 NautilusBiotech NAUT 5.11 -5.5 VivoPowerIntl VVPR 4.65 -6.2
AvisBudget CAR 172.70 0.3 CeridianHCM CDAY 129.24 0.1 EvoquaWater AQUA 41.38 0.6 IndlHumanCap AXH.U 10.14 0.2 NatlStorage NSA 60.14 1.2 RossAcqnIIA ROSS 10.57 0.3 VentyxBiosciences VTYX 26.00 -11.3 ChinookTherap KDNY 10.57 -0.2 Nkarta NKTX 16.05 0.1 vTvTherap VTVT 1.39 -2.8
BJ'sWholesale BJ 61.79 2.7 Chubb CB 188.59 1.0 Exelon EXC 51.51 0.5 InnovativeIndProp IIPR 262.38 1.2 NaturalResPtrs NRP 34.24 -0.1 RossAcqnII ROSS.U 10.75 2.9 VeriskAnalytics VRSK 215.99 0.4 CodexDNA DNAY 9.50 -3.4 Nuwellis NUWE 1.86 -2.5 WaveLifeSci WVE 4.16 -1.1
B.RileyNts2026 RILYK 26.50 1.1 Cintas CTAS 428.94 0.5 ExtractionOil XOG 65.99 2.2 Insperity NSP 123.23 1.8 Netflix NFLX 665.46 1.8 RossAcqnIIWt ROSS.WS 1.47 22.3 WasteConnections WCN 134.38 0.9 CommsSystems JCS 3.68 -6.7 Nxt-ID NXTD 2.60 -12.1 WestwaterRscs WWR 3.08 -4.8
Babylon BBLN 13.80 18.5 CityOfficeREIT CIO 19.21 0.5 FactSet FDS 430.97 0.9 InspireMedical INSP 265.50 2.9 NewResidInvt NRZ 11.55 0.7 RoyalBkCanada RY 108.09 0.7 WasteMgt WM 164.59 1.6 ConcertPharm CNCE 2.68 -3.6 OcularTherapeutix OCUL 6.73 -36.2 WinVestAcqnWt WINVW 0.18 3.3
BabylonWt BBLN.WS 2.13 29.6 CleanHarbors CLH 115.32 0.7 Fastenal FAST 56.60 -0.1 ICE ICE 131.86 1.5 NewVistaAcqnA NVSA 10.31 0.9 RushEnt A RUSHA 52.86 4.4 WattsWater WTS 187.77 0.6 ConveyHolding CNVY 7.50 -1.0 OnconovaTherap ONTX 3.40 -4.2 WinVestAcqnRt WINVR 0.17 7.8
Balchem BCPC 156.22 -0.5 Cloudflare NET 184.47 -0.4 FedAgriMtg C AGM 122.40 0.7 IntrepidPotash IPI 48.93 6.8 NY CmntyBcp NYCB 14.33 -0.6 RushEnt B RUSHB 53.39 4.6 WescoIntl WCC 129.05 -1.4 Cosan CSAN 13.59 ... OncoSecMedical ONCS 1.65 -4.4 XP XP 31.66 -1.1
BankOZK OZK 46.56 -2.0 Cohen&Steers CNS 93.38 1.3 Ferguson FERG 149.76 0.3 Intuit INTU 591.63 2.2 NewcourtAcqn NCACU 10.09 0.4 RyderSystem R 89.65 1.3 WestAllianceBcp WAL 124.88 2.3 DiffusionPharm DFFN 0.44 -5.5 OntrakPfd OTRKP 11.75 -6.8 XilioTherap XLO 14.89 ...
BankofAmerica BAC 47.62 1.6 Colfax CFX 51.62 ... FintechEcosys FEXDU 10.20 0.4 IsosAcqn ISOS.U 10.68 0.5 NewHoldInvtII NHICU 10.00 0.2 STAG Indl STAG 44.00 0.8 WeWork WE 14.97 10.5 DigitalMediaWt DMS.WS 0.50 -5.7 OrchardTherap ORTX 1.85 -7.4 Xos XOS 4.10 -2.0
BankofMontreal BMO 110.26 0.5 ColfaxUn CFXA 206.58 1.8 FirstBanCorp FBP 14.09 2.5 JPMorganChase JPM 172.09 1.3 NexPointResidentl NXRT 71.03 2.0 SVB Fin SIVB 759.02 6.8 WeWorkWt WE.WS 4.21 21.2 Doma DOMA 5.78 0.2 Ouster OUST 6.45 -5.1 XosWt XOSWW 0.81 -7.4
BankNY Mellon BK 60.52 -0.1 ColliersIntl CIGI 145.78 0.8 FirstRepBank FRC 219.53 1.5 JamfHolding JAMF 48.10 4.0 Nordson NDSN 255.98 1.1 Saia SAIA 273.66 1.8 WintrustFin WTFC 92.65 1.0 DuckCreekTech DCT 30.94 -0.7 Paragon28 FNA 17.26 -5.6 Zymeworks ZYME 22.42 -1.5
P2JW296000-5-B01000-1--------XA

B10 | Saturday/Sunday, October 23 - 24, 2021 ***** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. 3.84 20.04 13.08 Flex FLEX ... 12 18.67 -0.29 s 44.93 169.77 102.11 Marsh&McLen MMC 1.3 35 169.57 1.14 6.96 64.80 42.52 SensataTechs ST ... 25 56.41 -1.07
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX s 46.71 138.89 69.39 Floor&Decor FND ... 51 136.22 1.42 34.29 391.76 239.70 MartinMarietta MLM 0.6 31 381.33 -0.36 ... 73.47 39.94 SentinelOne S ... dd 63.79 -1.97
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. 10.39 89.59 52.91 FomentoEconMex FMX 1.7 65 83.64 1.43 39.48 68.12 35.30 MarvellTech MRVL 0.4 dd 66.31 -0.76 29.67 65.73 42.83 ServiceCorp SCI 1.4 15 63.67 0.72
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those 85.21 16.70 7.61 FordMotor F 0.0 19 16.28 -0.27 11.07 68.54 51.53 Masco MAS 1.5 31 61.01 -0.13 s 24.75 692.97 448.27 ServiceNow NOW ...815 686.65 0.31
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations s 125.74 338.82 106.75 Fortinet FTNT ...108 335.29 0.95 5.58 288.27 205.10 Masimo MASI ... 73 283.35 0.89 63.90 30.41 16.12 ShawComm B SJR 3.1 21 28.78 -0.11
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 9.09 47.02 38.49 Fortis FTS 3.9 22 44.53 -0.03 0.48 401.50 281.20 Mastercard MA 0.5 50 358.67 2.46 25.17 310.43 218.06 SherwinWilliams SHW 0.7 38 306.62 -0.16
5.06 76.51 60.82 Fortive FTV 0.4 16 74.40 -0.45 11.99 182.00 116.23 MatchGroup MTCH ... 86 169.32 -6.21 14.45 39.17 26.16 ShinhanFin SHG 3.8 5 34.06 -0.09
12.24 114.00 78.81 FortBrandsHome FBHS 1.1 19 96.21 0.22 36.37 32.83 14.80 McAfee MCFE 1.9200 22.76 0.38 25.96 1650.00 875.00 Shopify SHOP ... 74 1425.85 -70.86
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 36.84 42.14 24.81 FoxB FOX 1.2 11 39.52 -0.12 -15.35 100.46 77.05 McCormickVtg MKC.V 1.7 29 80.90 0.38 -9.00 20.68 11.02 Sibanye-Stillwater SBSW 9.1 4 14.46 0.06
s-New 52-week high. standards vj-In bankruptcy or receivership or 46.02 44.80 24.93 FoxA FOXA 1.1 12 42.52 -0.09 -15.55 98.80 77.85 McCormick MKC 1.7 29 80.73 0.42 s 133.16 316.95 71.44 SignatureBank SBNY 0.7 23 315.44 5.75
t-New 52-week low. lf-Late filing being reorganized under the 14.46 163.79 105.62 Franco-Nevada FNV 0.8 40 143.45 0.49 11.12 249.95 202.73 McDonalds MCD 2.3 26 238.44 -2.96 s 70.19 145.60 59.35 SimonProperty SPG 4.1 31 145.14 1.18
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 22.97 35.94 17.97 FranklinRscs BEN 3.6 13 30.73 0.52 20.22 210.00 141.32 McKesson MCK 0.9 dd 209.09 1.90 -4.71 8.14 5.67 SiriusXM SIRI 1.0105 6.07 -0.04
four quarters. requirements. assumed by such companies. 44.77 46.10 16.68 FreeportMcM FCX 0.8 20 37.67 -0.75 -5.37 22.82 17.13 MedicalProp MPW 5.4 22 20.62 -0.17 s 41.34 227.33 115.31 SiteOneLandscape SITE ... 53 224.21 6.55
FD-First day of trading. t-NYSE bankruptcy -14.29 44.13 33.84 FreseniusMed FMS 3.0 18 35.62 -0.43 5.08 135.89 98.94 Medtronic MDT 2.0 43 123.09 1.44 8.01 204.00 134.28 Skyworks SWKS 1.4 19 165.12 -1.85
... 49.25 39.00 FreshworksA FRSH ... dd 46.92 1.87 -10.23 2020.00 1192.14 MercadoLibre MELI ... dd 1503.78 -80.16 2.35 85.65 48.62 Smartsheet SMAR ... dd 70.92 -0.56
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. ... 22.80 7.95 FullTruck YMM ... dd 16.46 -0.50 4.05 84.56 68.38 Merck MRK 3.2 37 81.15 -0.02 21.78 73.81 51.04 SmithAO AOS 1.7 25 66.76 0.03
56.94 204.25 29.30 Futu FUTU ... 30 71.80 -0.64 40.30 67.68 35.90 MetLife MET 2.9 13 65.87 0.06 -15.41 46.10 33.48 Smith&Nephew SNN 2.0 29 35.67 -0.01
YTD 52-Week Yld Net 28.96 1626.62 985.05 MettlerToledo MTD ... 49 1469.75 32.80 6.38 140.65 109.85 Smucker SJM 3.2 17 122.97 1.17
Friday, October 22, 2021
% Chg Hi Lo Stock Sym % PE Last Chg GHI 8.90 83.33 51.17 MicrochipTech MCHP 1.2 88 75.20 -0.81 10.13 83.34 37.35 Snap SNAP ... dd 55.14 -19.97
YTD 52-Week Yld Net -10.20 96.96 49.30 MicronTech MU 0.6 13 67.51 -1.13 22.96 259.99 153.27 SnapOn SNA 2.3 15 210.43 -2.08
-7.45 62.96 44.91 CardinalHealth CAH 3.9 24 49.57 0.51 -33.13 116.76 49.16 GDS Holdings GDS ... dd 62.62 -0.07 s 39.00 311.09 199.62 Microsoft MSFT 0.8 38 309.16 -1.60 20.75 429.00 184.71 Snowflake SNOW ... dd 339.78 -2.27
% Chg Hi Lo Stock Sym % PE Last Chg s 45.88 229.47 119.68 Carlisle CSL 0.9 37 227.83 8.71 s 41.57 41.87 19.04 GFLEnvironmental GFL 0.1 dd 41.31 0.77 s 59.30 202.48 110.53 MidAmApt MAA 2.0 57 201.82 2.22 7.54 60.30 35.17 SOQUIMICH SQM 0.7 74 52.41 -1.01
... 89.30 48.38 GXO Logistics GXO ... ... 85.72 -0.03
ABC s 75.45 55.22 24.43 Carlyle
51.84 147.73 84.70 CarMax
CG 1.8 8 55.16
KMX ... 20 143.43
0.77
1.53 s 33.51 165.75 101.95 Gallagher AJG 1.2 37 165.17 1.71
36.08 196.49 97.66 Middleby MIDD
-13.36 249.42 131.47 MiratiTherap MRTX
... 30 175.43
... dd 190.29
-0.46
12.99
65.43 28.26 10.10 SoFiTech SOFI
-4.97 377.00 190.10 SolarEdgeTech SEDG
... dd 20.58
...121 303.25
-0.41
-5.78
2.91 31.52 12.11 Carnival CCL 0.0 dd 22.29 -0.04 801.27 483.00 10.36 GameStop GME 0.0 dd 169.80 -11.91 30.25 6.30 3.86 MitsubishiUFJ MUFG 3.3 8 5.77 -0.03 11.74 118.50 74.51 Sony SONY 0.0 13 112.97 0.70
18.78 38.03 24.07 ABB ABB 2.0 12 33.21 0.35 16.11 51.46 36.18 Gaming&Leisure GLPI 5.4 20 49.23 -0.09
36.10 70.04 42.32 AECOM ACM ... dd 67.75 0.16 9.23 27.31 10.50 Carnival CUK 0.0 dd 20.47 -0.22 5.10 3.21 2.39 MizuhoFin MFG 4.0 6 2.68 -0.02 2.47 67.54 56.69 Southern SO 4.2 21 62.95 -1.21
44.91 58.89 32.76 CarrierGlobal CARR 0.9 19 54.66 0.34 38.02 178.81 97.47 Garmin GRMN 1.6 27 165.15 1.15 212.57 497.49 65.49 Moderna MRNA ... 41 326.54 -13.03 -1.50 83.29 49.90 SoCopper SCCO 4.2 18 64.14 -0.21
6.09 29.07 18.98 AES AES 2.4 dd 24.93 0.14 102.58 327.19 115.86 Gartner IT ... 50 324.51 4.68
27.14 57.64 33.37 Aflac AFL 2.3 7 56.54 0.42 24.23 376.83 179.24 Carvana CVNA ... dd 297.59 -4.17 36.30 231.80 90.98 MohawkInds MHK ... 13 192.12 0.27 2.19 64.75 37.48 SouthwestAir LUV 0.0 dd 47.63 -1.03
27.54 142.64 86.43 Catalent CTLT ... 43 132.73 0.42 106.82 476.31 202.02 Generac GNRC ... 58 470.32 -1.39 s 40.06 298.70 183.03 MolinaHealthcare MOH ... 28 297.89 1.64 -1.42 218.46 110.28 Splunk SPLK ... dd 167.47 -1.36
26.71 158.62 74.77 AGCO AGCO 0.6 14 130.63 -1.16 s 40.79 210.21 129.17 GeneralDynamics GD 2.3 18 209.52 1.48
1626.42 72.62 1.91 AMC Ent AMC 0.0 dd 36.60 -2.64 10.24 246.69 149.63 Caterpillar CAT 2.2 25 200.65 -0.38 -1.66 61.48 32.54 MolsonCoorsB TAP 3.1 dd 44.44 -0.01 -19.61 387.44 201.68 Spotify SPOT ... dd 252.96 -2.04
s 29.66 172.51 109.14 Celanese CE 1.6 8 168.48 2.71 20.43 115.32 56.72 GeneralElec GE 0.3 dd 104.05 0.90 -3.51 68.75 43.75 MolsonCoorsA TAP.A 2.2 dd 60.50 -0.30 16.27 289.23 151.10 Square SQ ...224 253.06 -12.02
1.72 413.19 292.79 Ansys ANSS ... 71 370.04 -0.61
29.79 9.09 3.82 Cemex CX 0.0 dd 6.71 -0.19 6.60 64.65 53.96 GeneralMills GIS 3.3 17 62.68 0.19 ... 425.84 155.01 monday.com MNDY ... dd 379.26 10.20 5.34 225.00 161.80 StanleyBlackDck SWK 1.7 17 188.09 0.15
95.07 28.18 7.45 APA APA 0.9 15 27.68 0.67
94.21 12.04 3.15 CenovusEnergy CVE 0.5 dd 11.73 0.10 38.74 64.30 33.55 GeneralMotors GM 0.0 7 57.77 -0.64 3.51 65.60 52.51 Mondelez MDLZ 2.3 20 60.52 0.36 7.08 126.32 85.45 Starbucks SBUX 1.7 48 114.55 0.11
16.61 9.62 4.22 ASETech ASX 3.2 12 6.81 -0.12
15.34 75.59 57.16 Centene CNC ... 57 69.24 14.93 49.07 30.10 Genmab GMAB ... 77 46.73 0.34 40.62 518.34 219.51 MongoDB MDB ... dd 504.89 -4.54 s 36.58 100.45 57.16 StateStreet STT 2.3 15 99.40 1.26
64.23 895.93 357.38 ASML ASML 0.4 58 800.97 13.41 0.25
22.64 27.20 19.31 CenterPointEner CNP 2.6 20 26.54 23.16 52.75 33.91 Genpact G 0.8 28 50.94 ... s 39.52 526.09 296.21 MonolithicPower MPWR 0.5122 510.95 -6.55 72.23 74.37 30.26 SteelDynamics STLD 1.6 6 63.50 0.43
-11.37 33.88 25.01 AT&T T 8.2 dd 25.49 -0.27 0.03
s 32.46 137.15 88.99 GenuineParts GPC 2.5 24 133.03 -1.48 -8.38 99.89 75.45 MonsterBev MNST ... 29 84.73 -0.52 14.73 21.99 11.41 Stellantis STLA 0.0 dd 19.56 -0.11
15.74 129.70 103.13 AbbottLabs ABT 1.4 31 126.72 1.67 -9.30 9.61 4.69 CentraisElBras EBR 11.0 10 6.34 -0.10
s 20.19 129.24 78.20 CeridianHCM CDAY ... dd 128.07 15.41 73.34 56.56 GileadSciences GILD 4.2 16 67.24 0.25 31.50 388.81 253.17 Moody's MCO 0.6 34 381.66 5.46 s 24.15 235.45 170.36 Steris STE 0.7 70 235.31 3.03
1.86 121.53 79.11 AbbVie ABBV 4.8 29 109.14 0.38 0.18
-8.50 84.20 67.96 Cerner CERN 1.2 31 71.81 ... 14.88 8.90 GinkgoBioworks DNA ... ... 13.14 -0.07 48.55 105.95 46.55 MorganStanley MS 2.8 13 101.80 1.52 18.27 47.38 30.16 STMicroelec STM 0.4 25 43.90 0.02
8.63 387.40 242.73 Abiomed ABMD ...104 352.18 2.50 -0.06
68.34 460.21 219.79 CharlesRiverLabs CRL ... 54 420.61 s ... 120.97 93.11 GitLab GTLB ... dd 120.03 7.36 s 28.69 298.24 176.75 Morningstar MORN 0.4 54 298.00 8.00 -56.10 95.12 30.71 StoneCo STNE ... 70 36.84 -2.06
35.96 189.99 99.98 AcceleronPharma XLRN ... dd 173.95 0.20 3.40
s 35.44 355.35 212.45 Accenture 10.49 825.62 572.46 CharterComms CHTR ... 39 730.93 8.07 42.68 33.26 GSK GSK 5.0 17 39.77 0.22 82.57 43.24 16.01 Mosaic MOS 0.7 11 42.01 -0.16 12.52 281.16 196.09 Stryker SYK 0.9 50 275.73 -0.71
ACN 1.1 39 353.79 6.67 -4.74
... 83.77 24.22 Global-EOnline GLBE ... ... 64.27
-14.63 104.53 71.19 ActivisionBliz ATVI 0.6 24 79.27 0.57 -6.81 139.26 109.07 CheckPoint CHKP ... 20 123.86 0.20 -2.11 s 46.73 250.36 156.30 MotorolaSol MSI 1.1 37 249.53 1.23 9.72 7.95 5.40 SumitomoMits SMFG 4.3 8 6.77 -0.02
75.36 113.40 45.51 CheniereEnergy LNG 1.3 dd 105.27 -26.65 220.81 148.69 GlobalPayments GPN 0.6 55 158.00 -1.99 -0.71 304.50 211.25 NICE NICE ... 93 281.54 1.49 33.14 209.98 135.01 SunComms SUI 1.6 96 202.31 1.67
28.69 673.88 420.78 Adobe ADBE ... 53 643.58 4.92 -0.63
s 47.27 235.32 142.59 AdvanceAuto AAP 1.7 25 231.97 -1.74 24.62 45.75 32.73 CheniereEnerPtrs CQP 6.0 23 43.93 -0.11 40.19 332.79 173.34 Globant GLOB ...173 305.07 -4.55 -20.23 66.99 25.46 NIO NIO ... dd 38.88 -1.09 s 28.30 57.93 38.53 SunLifeFinancial SLF 3.1 13 57.04 0.35
33.57 113.17 65.16 Chevron CVX 4.8 61 112.80 -1.85 108.22 77.71 GlobeLife GL 0.8 13 93.20 -0.17 9.80 46.10 30.47 NRG Energy NRG 3.2 9 41.23 0.23 36.23 25.73 10.67 SuncorEnergy SU 2.9 28 22.86 0.28
30.65 122.49 72.50 AdvMicroDevices AMD ... 43 119.82 0.49 1.06
-27.17 120.00 55.81 Chewy CHWY ...3357 65.47 -16.35 93.75 68.14 GoDaddy GDDY ... 62 69.39 -0.13 19.50 5332.08 3868.01 NVR NVR ... 17 4875.50 -24.50 -25.50 100.93 37.42 SunRun RUN ... dd 51.69 -1.27
32.91 5.29 2.60 Aegon AEG 2.7 dd 5.25 0.09 -0.03
-8.51 26.19 17.37 ChinaEastrnAir CEA ... dd 19.68 57.11 420.76 185.52 GoldmanSachs GS 1.9 7 414.32 6.73 25.73 228.72 126.80 NXP Semi NXPI 1.1 54 199.93 -1.32 -16.82 14.45 8.32 Suzano SUZ 0.0 6 9.30 0.57
... 160.69 46.50 AffirmHldgs AFRM ... dd 155.21 -0.13 -0.06
-18.08 12.39 7.85 ChinaLifeIns LFC 4.7 6 9.06 16.91 59.67 26.66 GoodRx GDRX ... dd 47.16 0.16 51.97 209.80 119.76 Nasdaq NDAQ 1.1 29 201.72 2.86 41.72 52.49 24.47 SynchronyFin SYF 1.8 7 49.19 0.10
33.32 179.57 100.65 AgilentTechs A 0.5 49 157.97 1.03 -0.06
11.12 58.40 38.58 ChinaPetrol SNP 9.9 6 49.56 4.31 80.48 60.65 Graco GGG 1.0 30 75.47 0.37 15.48 129.09 65.61 Natera NTRA ... dd 114.93 2.61 31.41 97.47 51.04 SyneosHealth SYNH ... 40 89.53 0.68
... 44.83 20.81 agilon health AGL ... ... 23.71 -0.75 -0.71
2.09 39.96 25.07 ChinaSoAirlines ZNH 0.0 dd 30.27 7.03 479.87 345.00 Grainger GWW 1.5 27 437.04 -0.76 6.42 68.49 55.89 NationalGrid NGG 8.6 21 62.82 0.26 28.93 130.93 64.62 Synnex SNX 0.8 11 105.00 -0.49
-18.98 84.43 49.20 AgnicoEagle AEM 2.5 19 57.13 0.03 -0.31
-25.38 20.49 13.53 Grifols GRFS 3.5 12 13.76 -0.11 t -29.50 23.73 12.86 Natura&Co NTCO 0.0 77 14.10 0.20 23.87 340.66 211.20 Synopsys SNPS ... 67 321.12 0.11
6.59 327.89 245.75 AirProducts APD 2.1 33 291.23 -2.66 29.24 1958.55 1172.29 Chipotle CMG ... 87 1792.21 -51.62
s 22.21 188.59 123.31 Chubb CB 1.7 10 188.11 -15.15 181.07 96.66 GuardantHealth GH ... dd 109.35 -0.17 42.04 6.49 2.93 NatWest NWG 2.5 15 6.42 0.08 5.95 86.73 53.85 Sysco SYY 2.4 77 78.68 -0.95
13.51 219.94 121.50 Airbnb ABNB ... dd 166.64 -3.86 1.89
2.64 42.87 37.25 ChunghwaTel CHT 3.0 26 39.64 -4.10 134.22 91.77 Guidewire GWRE ... dd 123.45 0.11 40.41 94.69 41.90 NetApp NTAP 2.2 25 93.01 0.27
2.80 124.91 92.64 AkamaiTech AKAM ... 31 107.93 -0.62 0.07
56.93 253.09 90.07 Albemarle ALB 0.7 38 231.51 -2.65 -2.92 93.22 77.62 Church&Dwight CHD 1.2 26 84.68 0.88 53.90 263.92 121.91 HCA Healthcare HCA 0.8 17 253.11
7.31 84.70 56.86 HDFC Bank HDB 0.3 31 77.54
-6.89
-0.16
6.76 134.33 77.97 NetEase NTES 0.8 38 102.24 0.49 TUV
75.31 34.09 13.90 Albertsons ACI 1.6 26 30.82 1.31 30.86 262.20 147.06 ChurchillDowns CHDN 0.2 49 254.90 -1.07 s 22.94 665.46 463.41 Netflix NFLX ... 60 664.78 11.62
23.91 36.00 17.25 HP HPQ 2.5 9 30.47 -0.10 8.02 120.27 84.77 Neurocrine NBIX ... 28 103.54 -0.46 35.07 55.34 38.80 TC Energy TRP 5.1 35 55.00 0.41
113.67 57.57 12.15 Alcoa AA ... 11 49.25 -0.74 3.95 272.81 160.37 Cigna CI 1.8 10 216.40 0.17 21.91 153.53 94.16 TE Connectivity TEL 1.4 29 147.60 -1.10
39.85 125.67 69.92 CincinnatiFin CINF 2.1 7 122.19 15.86 32.43 20.43 HSBC HSBC 3.6 13 30.02 0.02 6.24 58.73 37.21 NYTimes A NYT 0.5 67 55.00 ...
24.14 87.49 55.87 Alcon ALC 0.1222 81.91 0.37 2.41 13.79 23.66 16.87 Telus TU 4.4 31 22.53 0.06
s 20.76 428.94 311.69 Cintas CTAS 0.9 40 426.83 36.98 26.68 10.99 Halliburton HAL 0.7 59 25.89 0.54 6.64 30.10 16.57 NewellBrands NWL 4.1 13 22.64 -0.61
16.84 209.76 150.08 AlexandriaRlEst ARE 2.2 32 208.24 1.68 2.19
s 51.29 74.37 36.62 HartfordFinl s ... 39.39 26.92 TelusIntl TIXT ...157 39.38 0.90
-23.65 319.32 138.43 Alibaba BABA ... 22 177.70 0.28 23.15 60.27 35.28 CiscoSystems CSCO 2.7 22 55.11 -0.58 HIG 1.9 13 74.10 1.13 -3.81 75.31 53.03 Newmont NEM 3.8 16 57.61 0.43
-4.32 104.89 81.69 Hasbro HAS 3.0 29 89.50 -2.96 37.08 26.21 12.68 NewsCorp B NWS 0.8 44 24.36 0.29 s 129.29 118.55 43.77 TFI Intl TFII 0.8 23 118.27 2.58
10.51 737.45 417.36 AlignTech ALGN ... 67 590.56 -8.93 15.75 80.29 40.49 Citigroup C 2.9 7 71.37 0.86 -6.05 76.16 50.06 TJX TJX 1.6 31 64.16 -0.52
40.60 51.14 25.41 CitizensFin CFG 3.1 10 50.28 14.85 37.69 26.41 HealthpeakProp PEAK 3.5 37 34.72 -0.06 33.95 27.96 12.79 NewsCorp A NWSA 0.8 43 24.07 0.25
12.95 737.89 537.82 Alleghany Y 0.0 10 681.84 7.57 0.82 -13.33 150.20 107.56 T-MobileUS TMUS ... 37 116.87 0.02
-23.22 145.19 90.56 CitrixSystems CTXS 1.5 35 99.89 6.15 148.95 102.64 Heico HEI 0.1 69 140.54 0.15 9.42 87.69 68.33 NextEraEnergy NEE 1.8 70 84.42 0.61
14.73 148.69 95.67 Allegion ALLE 1.1 26 133.52 2.00 -0.31 36.59 224.56 124.94 TRowePrice TROW 2.1 16 206.79 2.17
-25.28 34.79 20.30 Clarivate CLVT ... dd 22.20 5.36 137.25 91.95 Heico A HEI.A 0.1 61 123.34 0.35 15.56 174.38 118.80 Nike NKE 0.7 43 163.48 1.30
11.35 62.35 45.99 AlliantEnergy LNT 2.8 23 57.38 0.63 -0.23 4.76 142.19 83.16 TaiwanSemi TSM 1.3 30 114.23 -2.06
16.44 140.00 86.51 Allstate ALL 2.5 5 128.00 1.23 63.80 26.51 7.59 Cleveland-Cliffs CLF 0.0 16 23.85 19.49 83.45 59.44 HenrySchein HSIC ... 19 79.89 0.88 9.20 26.60 21.09 NiSource NI 3.5 48 25.05 0.15
2.69 19.54 182.71 135.83 Hershey HSY 2.0 26 182.10 1.80 -13.01 214.91 144.58 TakeTwoSoftware TTWO ... 32 180.75 -1.31
42.18 56.61 25.86 AllyFinancial ALLY 2.0 7 50.70 -2.27 -20.05 231.11 156.23 Clorox CLX 2.9 29 161.44 1.38 50.38 9.79 3.21 Nokia NOK 0.0 dd 5.88 -0.07
67.91 92.79 34.82 Hess HES 1.1 dd 88.64 1.13 -9.19 6.72 4.43 NomuraHoldings NMR 6.0 29 4.84 -0.05 -22.69 19.96 13.91 TakedaPharm TAK 5.2 11 14.07 0.05
52.81 212.00 119.29 AlnylamPharm ALNY ... dd 198.61 -5.72 s 138.65 184.47 50.54 Cloudflare NET ... dd 181.35 -0.65 24.26 49.66 20.64 Tapestry TPR 2.6 13 38.62 -0.13
56.98 2925.07 1508.48 Alphabet A GOOGL ... 30 2751.33 -86.39 -0.71 57.56 47.30 Coca-Cola KO 3.1 29 54.45 0.10 29.62 16.74 8.29 HewlettPackard HPE 3.1 20 15.36 -0.13 s 26.41 255.98 178.60 Nordson NDSN 0.8 41 254.03 2.70
17.08 48.98 29.18 HighwoodsProp HIW 4.3 21 46.40 0.23 20.59 295.14 196.15 NorfolkSouthern NSC 1.4 27 286.54 3.74 113.08 57.05 15.21 TargaResources TRGP 0.7 74 56.21 0.51
58.26 2936.41 1514.62 Alphabet C GOOG ... 30 2772.50 -83.11 6.06 63.04 34.02 Coca-ColaEuro CCEP 3.8 33 52.85 -0.34 44.98 267.06 150.80 Target TGT 1.4 20 255.93 1.72
s 57.93 154.92 86.51 Hill-Rom HRC 0.6 44 154.72 0.22 34.55 126.73 76.20 NorthernTrust NTRS 2.2 20 125.32 0.09
17.61 52.59 35.83 Altria MO 7.5 20 48.22 -0.01 5.77 101.82 64.23 Cognex CGNX 0.3 50 84.92 -0.93 156.11 34.53 8.71 TataMotors TTM ... dd 32.27 -1.30
100.35 23.90 5.23 AlumofChina ACH ... 22 17.39 -0.26 -3.60 82.73 66.19 CognizantTech CTSH 1.2 25 79.00 -0.08 27.32 145.45 83.62 Hilton HLT 0.0 dd 141.66 0.16 s 33.31 406.31 282.88 NorthropGrum NOC 1.5 15 406.21 3.44
1.07 85.00 60.10 Hologic HOLX ... 9 73.61 -0.03 28.34 28.92 17.98 NortonLifeLock NLOK 1.9 26 26.67 0.38 53.33 29.91 11.91 TeckRscsB TECK 0.6109 27.83 -0.04
2.41 3773.08 2881.00 Amazon.com AMZN ... 58 3335.55 -99.46 ... 429.54 208.00 CoinbaseGlbl COIN ... 29 300.84 0.83 -31.09 308.00 120.67 TeladocHealth TDOC ... dd 137.79 -2.74
s 37.79 367.03 246.59 HomeDepot HD 1.8 26 365.99 1.37 0.20 34.48 14.77 NorwegCruise NCLH ... dd 25.48 -0.02
-14.38 3.95 2.13 Ambev ABEV ... 15 2.62 -0.01 -11.71 86.41 74.01 ColgatePalm CL 2.4 24 75.50 0.61 13.82 465.40 304.19 TeledyneTech TDY ... 46 446.16 1.88
3.31 12.92 10.26 Amcor AMCR 3.9 20 12.16 0.13 3.47 61.80 40.97 Comcast A CMCSA 1.8 20 54.22 0.19 5.91 33.42 23.23 HondaMotor HMC 2.6 6 29.92 ... -10.07 98.52 77.04 Novartis NVS 2.4 21 84.92 0.25
2.21 236.86 159.42 Honeywell HON 1.8 31 217.40 -7.12 20.67 331.68 76.59 Novavax NVAX ... dd 134.56 -4.23 -8.52 449.38 312.33 Teleflex TFX 0.4 51 376.51 -1.77
14.42 82.38 54.68 Amdocs DOX 1.8 15 81.16 0.05 s 58.23 88.74 41.34 Comerica CMA 3.1 11 88.39 1.71 -3.10 15.31 10.88 Ericsson ERIC 1.4 16 11.58 -0.35
s 59.19 117.65 66.41 HorizonTherap HZNP ... 52 116.45 -0.01 51.77 107.24 63.22 NovoNordisk NVO 1.0 35 106.01 1.60
59.61 740.61 345.19 Amerco UHAL 0.0 16 724.58 -0.31 -8.05 39.09 32.25 ConagraBrands CAG 3.7 13 33.34 ... -11.98 9.43 7.08 TelefonicaBras VIV
9.25 90.77 69.79 Ameren AEE 2.6 23 85.28 0.79 -9.87 52.51 40.48 HormelFoods HRL 2.3 27 42.01 0.35 -30.22 232.76 108.31 Novocure NVCR ... dd 120.74 -1.25 6.1 15 7.79 -0.16
87.67 186.04 80.00 Concentrix CNXC 0.5 28 185.23 3.47 9.16 5.17 3.22 Telefonica TEF 7.3 2 4.41 -0.04
16.93 19.70 11.53 AmericaMovil A AMOV 2.3 12 17.09 -0.35 28.54 106.89 64.32 DR Horton DHI 0.9 9 88.59 -0.63 24.99 55.35 31.05 NuanceComms NUAN ... dd 55.11 -0.02
... 74.25 37.71 Confluent CFLT ... dd 67.79 -1.04 15.18 27.46 16.97 TelekmIndonesia TLK 4.7 17 27.09 0.14
18.71 19.79 11.71 AmericaMovil AMX 2.0 12 17.26 0.08 15.45 18.52 10.28 HostHotels HST 0.0 dd 16.89 0.14 92.39 128.81 46.00 Nucor NUE 1.6 10 102.33 0.26
89.35 76.10 27.53 ConocoPhillips COP 2.4 65 75.72 1.13 77.48 50.51 21.19 TempurSealy TPX 0.8 19 47.92 0.14
21.43 26.09 10.63 AmerAirlines AAL 0.0 dd 19.15 -0.74 6.73 36.03 16.57 HowmetAerospace HWM 0.3 46 30.46 -0.26 45.51 72.21 37.79 Nutrien NTR 2.6 42 70.08 0.17
5.29 83.92 65.56 ConEd ED 4.1 23 76.09 0.65 15.84 208.99 125.84 10xGenomics TXG ... dd 164.03 0.18
2.77 94.21 74.80 AEP AEP 3.6 18 85.58 0.38 32.89 23.36 12.79 HuanengPower HNP 5.1 16 19.15 -0.02 111.29 140.23 36.96 Nuvei NVEI ...11254 128.30 -1.73
0.16 244.75 160.63 ConstBrands A STZ 1.4 74 219.40 0.99 44.58 24.15 8.86 Tenaris TS 0.0 29 23.06 -0.02
s 54.73 189.03 89.11 AmerExpress AXP 0.9 22 187.08 9.61 7.51 64.53 38.49 Huazhu HTHT ...176 48.41 -0.14 s 74.08 231.30 115.67 NVIDIA NVDA 0.1 81 227.26 0.34
215.03 55.48 11.61 ContinentalRscs CLR 1.0 50 51.35 1.57 -55.87 32.25 6.82 TencentMusic TME ... 23 8.49 0.17
59.00 141.25 71.80 AmericanFin AFG 1.6 5 139.32 1.68 22.50 209.65 142.34 Hubbell HUBB 2.0 29 192.07 1.26
14.78 463.59 314.29 Cooper COO 0.0 7 417.02 5.46
34.57 42.61 27.71 AmHomes4Rent AMH 1.0128 40.37 0.80 s 19.66 153.36 101.92 Copart CPRT ... 39 152.27 0.43
s 105.37 819.18 283.87 HubSpot
12.57 475.44 370.22 Humana
HUBS ... dd 814.16
HUM 0.6 24 461.85
11.68
1.04
OPQ -3.14 147.90 85.00 Teradyne
s 28.91 910.00 379.11 Tesla
TER
TSLA
0.3 23 116.12
...474 909.68
-1.42
15.68
s 58.51 60.16 29.71 AIG AIG 2.1 13 60.01 0.75 6.19 46.82 31.28 Corning GLW 2.5 38 38.23 -0.23 68.86 66.29 26.76 ONEOK OKE 5.8 21 64.81 0.50 43.58 169.56 99.66 TetraTech TTEK 0.5 47 166.24 1.75
s 43.18 197.71 119.22 JBHunt JBHT 0.6 31 195.66 1.72
26.73 303.72 197.50 AmerTowerREIT AMT 1.8 57 284.45 5.41 10.41 49.98 31.16 Corteva CTVA 1.3 26 42.75 0.04 s 46.62 669.09 424.03 OReillyAuto ORLY ... 24 663.57 0.32 4.97 13.30 8.24 TevaPharm TEVA ... dd 10.13 -0.01
14.56 189.35 131.01 AmerWaterWorks AWK 1.4 43 175.81 2.26 s 7.42 99.78 74.31 CoStar 32.07 16.91 9.66 HuntingtonBcshs HBAN 3.6 17 16.68 0.19
CSGP ...171 99.29 0.75
11.41 92.22 51.72 HyattHotels H 0.0 dd 82.72 -1.17 -23.28 66.31 35.67 OakStreetHealth OSH ... dd 46.92 0.47 s 21.29 202.22 141.33 TexasInstruments TXN 2.0 28 199.07 -2.22
s 53.45 298.94 155.33 Ameriprise AMP 1.5 34 298.20 2.09 s 27.92 485.03 307.00 Costco COST 0.7 43 481.99 4.76 96.01 34.57 8.52 OccidentalPetrol OXY 0.1 dd 33.93 1.13 74.14 1773.95 439.05 TexasPacLand TPL 0.9 50 1265.98 24.95
26.15 128.87 92.23 AmerisourceBrgn ABC 1.4 dd 123.32 0.61 20.93 179.12 79.57 IAC/InterActive IAC ... 12 152.34 -0.77
30.77 23.64 14.28 CoterraEnergy CTRA 0.0 31 21.29 0.51 2.41 294.00 199.08 Okta OKTA ... dd 260.38 0.61 s 54.40 75.59 31.82 Textron TXT 0.1 24 74.62 -0.24
8.43 140.10 96.86 Ametek AME 0.6 35 131.14 0.62 33.92 20.33 10.47 ICICI Bank IBN 0.2 26 19.90 -0.19
-27.43 377.04 203.50 CoupaSoftware COUP ... dd 245.96 -9.81 ... 29.80 22.84 Olaplex OLPX ...120 29.00 0.43 31.38 616.93 433.52 ThermoFisherSci TMO 0.2 28 611.96 3.55
-8.99 276.69 200.47 Amgen AMGN 3.4 21 209.24 0.25 64.55 8.36 3.53 ICL Group ICL 1.9 27 8.31 0.12
... 69.00 25.75 Coupang CPNG ... ... 29.00 -0.15 s 64.84 323.84 185.20 OldDomFreight ODFL 0.2 44 321.73 3.04 45.21 120.31 77.10 ThomsonReuters TRI 1.4 9 118.91 0.39
s 21.28 80.12 55.33 Amphenol APH 0.7 35 79.30 -0.19 30.40 706.95 419.12 IdexxLab IDXX ... 78 651.85 6.61
-20.44 169.50 88.67 Credicorp BAP 0.9 18 130.49 -2.26 13.77 86.38 44.50 Omnicom OMC 3.9 11 70.96 -1.43 ... 34.43 24.34 Thoughtworks TWKS ... ... 28.94 -0.32
s 20.77 180.77 115.64 AnalogDevices ADI 1.5 39 178.42 -0.39 39.20 126.30 78.64 IHS Markit INFO 0.6 81 125.04 0.71
79.82 671.12 266.74 CreditAcceptance CACC ... 12 622.42 6.72 ... 40.80 28.10 OnHolding ONON ...996 33.26 -0.45 3.44 208.95 156.13 3M MMM 3.3 18 180.80 -1.32
-7.89 86.17 46.00 Anaplan PLAN ... dd 66.18 -0.21 62.18 15.34 6.63 ING Groep ING 3.9 ... 15.31 0.05
-17.89 14.95 9.28 CreditSuisse CS 1.0148 10.51 0.10 40.45 49.78 23.86 ON Semi ON ... 38 45.97 -0.35 t ... 65.99 48.65 Toast TOST ... dd 49.62 -1.71
-19.60 79.67 51.45 AB InBev BUD 0.8 20 56.21 0.21 44.12 29.71 12.74 Invesco IVZ 2.7 11 25.12 0.12
139.00 163.18 50.55 Crocs CROX ... 15 149.76 1.16 10.67 55.25 36.18 OpenText OTEX 1.8 44 50.31 -0.16 4.68 118.13 80.77 Toro TTC 1.1 26 99.28 -0.88
2.84 9.64 6.92 AnnalyCap NLY 10.1 4 8.69 -0.02 s 33.79 290.73 118.10 CrowdStrike 43.38 265.34 150.66 IQVIA IQV ... 82 256.89 2.05
CRWD ... dd 283.39 -0.71
12.35 69.10 48.70 IcahnEnterprises IEP 14.1 dd 56.93 0.36 2.90 39.24 13.44 OpendoorTech OPEN ... dd 23.39 -0.37 27.77 73.85 42.90 TorontoDomBk TD 3.5 11 72.09 0.38
s 34.96 435.96 269.01 Anthem ANTM 1.0 19 433.34 2.93 12.52 204.62 146.15 CrownCastle CCI 3.3 59 179.12 1.18 s 51.88 98.27 55.14 Oracle ORCL 1.3 21 98.25 1.95 22.07 52.56 28.65 TotalEnergies TTE ... 20 51.16 -0.43
s 51.85 321.90 179.52 Aon AON 0.6 35 320.82 1.41 42.33 301.72 168.76 Icon ICLR ... 41 277.52 0.39
4.79 114.55 84.78 CrownHoldings CCK 0.8 20 105.00 0.43 -4.89 13.09 10.45 Orange ORAN 7.4 27 11.28 0.09 12.18 187.45 129.28 ToyotaMotor TM 2.3 44 173.40 -0.62
s 62.76 80.11 36.35 ApolloGlbMgmt APO 2.5 9 79.72 2.43 10.98 235.76 166.51 IDEX IEX 1.0 40 221.07 0.82
58.14 55.07 31.16 CubeSmart CUBE 2.6 59 53.15 0.45 10.15 242.06 192.29 IllinoisToolWks ITW 2.2 27 224.57 0.04 ... 38.75 27.25 Organon OGN 3.1 ... 35.66 0.30 s 48.11 214.26 127.78 TractorSupply TSCO 1.0 28 208.21 -2.21
12.06 157.26 107.32 Apple AAPL 0.6 29 148.69 -0.79 5.99 277.09 212.80 Cummins CMI 2.4 16 240.71 ... 22.58 100.27 58.18 Orix IX 3.3 12 94.79 0.07 -7.67 97.28 46.71 TradeDesk TTD ... 79 73.96 -7.10
57.51 146.00 56.87 ApplMaterials AMAT 0.7 24 135.93 2.59 10.58 555.77 288.01 Illumina ILMN ... 78 409.15 -2.43
s 11.58 83.14 61.64 CyrusOne CONE 2.51492 81.62 -1.44 26.77 92.84 58.77 OtisWorldwide OTIS 1.1 32 85.63 0.28 37.28 89.79 53.81 Tradeweb TW 0.4 81 85.73 1.17
... 98.60 49.41 Applovin APP ... dd 94.25 -2.05 83.50 35.20 11.96 ImperialOil IMO 2.2 dd 34.92 0.55
-24.36 101.47 64.08 Incyte INCY ... 43 65.79 -0.08 172.21 40.65 7.93 Ovintiv OVV 1.4 dd 39.09 0.70 24.80 207.06 123.08 TraneTech TT 1.3 33 181.16 0.01
29.23 170.52 92.56 Aptiv APTV 0.0 46 168.38 -1.13 DEF 35.75 24.28 14.05 Infosys INFY 1.0 34 23.01 -0.40 18.56 109.89 64.56 OwensCorning OC 1.2 10 89.82 -1.32 4.75 688.03 453.76 TransDigm TDG 0.0 76 648.23 -1.77
-4.70 43.12 26.93 Aramark ARMK 1.2 dd 36.67 -0.44 13.38 68.77 38.09 OzonHoldings OZON ... dd 46.95 -0.75 17.22 125.35 78.02 TransUnion TRU 0.3 49 116.31 1.38
39.39 36.58 13.40 ArcelorMittal MT 0.8 5 31.92 0.18 33.95 47.05 24.51 DISH Network DISH ... 10 43.32 -0.56 18.96 55.62 34.37 IngersollRand IR ... 40 54.20 0.09
12.29 123.74 98.43 DTE Energy DTE 2.8 17 116.00 0.60 19.05 309.99 214.93 Insulet PODD ... dd 304.33 0.98 -4.49 12.91 8.24 PG&E PCG ... 31 11.90 0.25 15.67 163.29 116.71 Travelers TRV 2.2 11 162.37 2.18
s 19.79 43.40 28.55 ArchCapital ACGL ... 9 43.21 0.30 s 45.02 217.60 106.85 PNC Fin PNC 2.3 16 216.08 3.35 13.14 114.61 64.26 Trex TREX ... 56 94.72 -1.03
31.36 69.30 45.68 ArcherDaniels ADM 2.2 16 66.22 1.35 41.07 333.96 211.22 Danaher DHR 0.3 42 313.38 2.64 -0.72 68.49 43.61 Intel INTC 2.8 11 49.46 -6.54
22.06 164.28 89.34 Darden DRI 2.4 23 145.40 -0.22 141.78 202.73 23.49 IntelliaTherap NTLA ... dd 131.53 -2.68 4.54 92.19 45.99 POSCO PKX 3.7 10 65.14 -0.11 30.48 96.49 47.19 Trimble TRMB ... 43 87.12 -0.57
s 73.58 81.78 40.56 AresMgmt ARES 2.3 46 81.67 0.65 s 37.43 47.14 31.54 PPD PPD ... 65 47.03 -0.01 -9.75 45.19 23.61 Trip.com TCOM ... 6 30.44 -0.76
-0.32 382.15 244.98 arGEN-X ARGX ... dd 293.16 -1.01 36.13 79.65 41.73 DarlingIngred DAR ... 27 78.52 1.89 22.26 80.57 46.71 InteractiveBrkrs IBKR 0.5 22 74.48 0.38
s 64.96 162.93 69.73 Datadog DDOG ... dd 162.39 1.47 s 14.15 131.86 92.41 ICE ICE 1.0 26 131.60 1.99 12.13 182.97 123.52 PPG Ind PPG 1.5 27 161.72 -3.28 s 34.45 64.78 40.05 TruistFinl TFC 3.0 15 64.44 0.86
s 34.40 396.85 200.35 AristaNetworks ANET ... 43 390.52 -4.96 3.30 30.80 26.15 PPL PPL 5.7 62 29.13 0.12 5.82 457.30 254.82 Twilio TWLO ... dd 358.19 -11.04
-47.87 37.18 9.92 Arrival ARVL ... dd 14.66 -0.31 -1.52 136.48 84.14 DaVita DVA ... 15 115.61 0.20 4.12 75.20 49.08 InterContinentl IHG 0.0 dd 67.80 -1.73
32.18 451.49 240.86 DeckersOutdoor DECK ... 24 379.06 -0.63 1.59 152.84 105.92 IBM IBM 5.1 24 127.88 -0.45 7.11 153.73 79.36 PTC PTC ... 64 128.11 0.12 14.94 80.75 38.93 Twitter TWTR ...134 62.24 -3.16
353.71 139.00 20.57 Asana ASAN ... dd 134.07 -1.95 0.83 103.19 77.96 Paccar PCAR 1.6 17 87.00 0.26 s 20.91 528.95 372.80 TylerTech TYL ...142 527.79 11.09
20.54 169.22 108.15 AspenTech AZPN ... 34 157.00 -2.93 26.63 400.34 221.73 Deere DE 1.2 20 340.71 -2.22 33.52 157.08 99.54 IntlFlavors IFF 2.2119 145.32 -0.53
s 56.28 114.77 58.88 DellTechC DELL ... 24 114.54 1.56 12.64 61.80 40.22 IntlPaper IP 3.5 18 53.03 -0.13 -2.84 156.54 110.87 PackagingCpAm PKG 3.0 20 133.99 -0.76 s 28.03 82.59 55.82 TysonFoods TSN 2.2 13 82.50 1.31
21.56 172.22 118.58 Assurant AIZ 1.6 22 165.59 0.56 -33.72 62.83 31.10 PagSeguroDig PAGS ... 57 37.70 -1.40 s 25.05 17.67 11.47 UBS Group UBS 2.1 9 17.67 0.25
s 23.60 62.06 46.48 AstraZeneca AZN 2.2 43 61.79 0.57 -1.17 52.28 28.74 DeltaAir DAL 0.0 dd 39.74 -0.66 57.14 39.35 17.57 Interpublic IPG 2.9 20 36.96 -0.12
11.34 69.54 43.95 DentsplySirona XRAY 0.8 35 58.30 0.02 s 55.54 591.63 312.05 Intuit INTU 0.5 79 590.80 12.45 3.74 45.00 9.47 PalantirTech PLTR ... dd 24.43 -0.35 43.09 56.30 29.34 UDR UDR 2.61375 54.99 0.20
s 108.16 90.25 30.05 Athene ATH ... 5 89.80 2.88 41.85 519.45 219.34 PaloAltoNtwks PANW ... dd 504.13 -3.87 26.80 48.55 31.84 UGI UGI 3.0 10 44.33 0.01
s 80.96 425.30 176.42 Atlassian TEAM ... dd 423.20 6.08 25.05 15.34 9.05 DeutscheBank DB 0.0 11 13.63 0.14 25.24 362.34 217.67 IntuitiveSurgical ISRG ... 74 341.52 1.89
155.79 41.98 7.73 DevonEnergy DVN 3.1213 40.44 0.74 37.64 42.48 26.87 InvitatHomes INVH 1.7145 40.88 0.58 9.85 324.68 200.03 ParkerHannifin PH 1.4 22 299.25 0.05 -46.84 14.38 6.25 UWM UWMC 5.7 25 6.98 -0.19
-1.46 104.99 84.59 AtmosEnergy ATO 2.7 18 94.04 0.59 s 32.83 124.21 79.63 Paychex PAYX 2.1 37 123.77 1.39 -10.76 64.05 32.90 Uber UBER ... dd 45.51 -0.96
1.06 344.39 233.32 Autodesk ADSK ... 52 308.58 2.90 53.24 579.00 305.63 DexCom DXCM ...110 566.57 -1.53 56.04 49.58 24.85 IronMountain IRM 5.4 22 46.00 0.25
26.85 202.35 129.16 Diageo DEO 2.0 33 201.45 1.76 ... 13.19 7.80 ironSource IS ...276 11.74 0.20 s 18.48 546.69 302.44 PaycomSoftware PAYC ...185 535.82 1.89 9.47 401.81 182.87 Ubiquiti UI 0.8 31 304.89 -22.11
s 23.58 218.76 144.59 ADP ADP 1.7 36 217.75 3.04 s 42.92 299.87 154.26 Paylocity PCTY ...234 294.28 -2.34 ... 90.00 47.20 UiPath PATH ... dd 50.80 -0.15
s 86.96 132.89 56.07 AutoNation AN ... 11 130.48 4.48 125.89 114.73 23.63 DiamondbkEner FANG 1.6 dd 109.33 0.40 -17.68 5.57 3.26 ItauUnibanco ITUB 3.2 8 4.13 -0.17
123.84 147.39 50.88 Dick's DKS 1.4 10 125.82 1.87 2.65 310.16 174.81 PayPal PYPL ... 59 240.40 -2.81 29.35 414.98 200.50 UltaBeauty ULTA ... 29 371.45 -0.43
s 54.62 1840.55 1085.85 AutoZone AZO ... 19 1832.89 25.21
7.83 191.67 117.33 Avalara AVLR ... dd 177.80 -1.34 ... 18.01 7.16 DiDiGlobal DIDI ... ... 9.19 -0.62 JKL -3.49 148.80 109.06 Pegasystems
-38.16 171.09 80.48 Peloton
PEGA
PTON
0.1838 128.61
... dd 93.83
-2.02
-1.00
20.44 26.45 13.12 UnderArmour A UAA
20.43 22.16 11.51 UnderArmour C UA
... 26 20.68
... 23 17.92
-0.25
-0.18
s 45.09 234.61 131.38 Avalonbay AVB 2.7 30 232.76 0.75 12.46 168.30 124.65 DigitalRealty DLR 3.0 88 156.89 2.11 -5.49 108.29 61.65 JD.com JD ... 24 83.07 -0.90
48.32 102.56 25.26 DigitalTurbine APPS ...138 83.89 -5.97 42.18 34.73 20.09 PembinaPipeline PBA 5.7 dd 33.64 -0.02 -11.02 63.45 51.98 Unilever UL 3.4 22 53.71 0.33
15.27 55.57 44.02 Avangrid AGR 3.4 24 52.39 0.25 s 35.19 172.09 95.24 JPMorganChase JPM 2.3 11 171.78 2.28 -13.59 142.00 52.09 PennNational PENN ... 28 74.63 -2.61 s 14.11 239.65 171.50 UnionPacific UNP 1.8 27 237.59 6.31
36.48 44.37 22.49 Avantor AVTR ... 85 38.42 -0.35 s ... 96.50 35.35 DigitalOcean DOCN ... ... 93.94 -1.47 44.89 64.32 31.41 Jabil JBL 0.5 13 61.62 -1.01
38.27 135.69 61.60 DiscoverFinSvcs DFS 1.6 7 125.18 0.34 42.72 80.40 48.49 Pentair PNR 1.1 27 75.77 0.50 8.05 63.70 32.16 UnitedAirlines UAL ... dd 46.73 0.01
40.22 228.88 134.50 AveryDennison AVY 1.3 25 217.50 1.13 7.56 179.98 141.65 JackHenry JKHY 1.1 42 174.24 2.00 59.43 320.00 163.49 Penumbra PEN ...672 279.00 0.50 21.59 12.62 5.13 UnitedMicro UMC 2.1 17 10.25 -0.12
s 350.32 172.70 28.20 AvisBudget CAR ... 66 167.97 0.46 33.64 150.72 26.00 DiscoveryB DISCB ... 21 43.30 -0.70 25.67 145.97 92.50 JacobsEngg J 0.6 40 136.93 0.06
-16.58 78.14 19.07 DiscoveryA DISCA ... 12 25.10 0.10 7.87 161.88 128.32 PepsiCo PEP 2.7 27 159.97 0.79 21.03 219.59 154.76 UPS B UPS 2.0 29 203.81 4.37
49.07 212.37 96.66 AxonEnterprise AXON ... dd 182.65 -1.95 32.97 41.04 23.80 JamesHardie JHX 0.0 47 39.44 0.51 22.91 192.00 119.95 PerkinElmer PKI 0.2 17 176.38 -0.12 s 58.81 370.38 167.25 UnitedRentals URI ... 27 368.29 2.89
19.35 53.00 39.91 BCE BCE 5.5 22 51.08 0.22 -7.37 66.70 17.34 DiscoveryC DISCK ... 12 24.26 0.08 s 73.86 42.85 18.78 JefferiesFin JEF 2.3 7 42.77 0.41
-6.49 203.02 117.23 Disney DIS 0.0277 169.42 -1.92 63.22 54.50 27.68 PetroChina PTR 6.0 10 50.14 -1.02 34.66 63.00 36.57 US Bancorp USB 2.9 13 62.74 0.56
-13.19 82.07 46.90 BHP Group BHP 10.6 13 56.72 0.79 4.03 179.92 133.65 J&J JNJ 2.6 24 163.72 0.32 -11.40 12.38 6.15 PetroleoBrasil PBR 9.0 3 9.95 -0.10 s 28.08 449.29 299.60 UnitedHealth UNH 1.3 28 449.16 6.88
2.81 68.05 37.88 BHP Group BBL 11.0 12 54.52 0.85 ... 73.43 29.57 dLocal DLO ... ... 47.50 -3.33 58.55 76.83 40.92 JohnsonControls JCI 1.5 30 73.87 -0.06
23.59 314.76 179.49 DocuSign DOCU ... dd 274.73 -5.14 -13.02 12.07 6.16 PetroleoBrasilA PBR.A 9.3 3 9.62 -0.04 -6.27 174.94 76.00 UnitySoftware U ... dd 143.85 -3.25
43.81 30.29 14.74 BP BP 4.2 12 29.51 0.07 s 77.39 264.26 101.39 JonesLang JLL 0.0 20 263.19 8.28 17.25 51.86 32.78 Pfizer PFE 3.6 18 43.16 0.30 -1.37 165.00 103.35 UniversalHealthB UHS 0.6 11 135.62 -1.73
-17.85 354.82 128.02 Baidu BIDU ... 9 177.64 -2.96 -5.45 104.74 70.10 DolbyLab DLB 1.0 33 91.84 -0.49 25.06 29.77 19.51 JuniperNetworks JNPR 2.8 45 28.15 -0.28
4.76 239.35 173.50 DollarGeneral DG 0.8 21 220.31 1.37 17.02 106.51 68.93 PhilipMorris PM 5.2 17 96.88 0.36 740.64 401.49 22.61 Upstart UPST ...527 342.56 -11.78
18.18 27.66 13.36 BakerHughes BKR 2.9110 24.64 0.37 ... 19.84 14.48 JustEatTakeaway GRUB ... dd 15.74 -0.51 18.52 94.34 43.27 Phillips66 PSX 4.4 dd 82.89 0.16 33.55 50.98 30.05 VEREIT VER 1.2 50 50.47 0.42
-1.04 102.76 77.95 Ball BLL 0.9 35 92.21 -0.83 -4.53 120.37 84.26 DollarTree DLTR ... 16 103.15 0.70 23.41 53.67 35.36 KB Fin KB 3.8 5 48.87 0.45
2.78 86.95 67.85 DominionEner D 3.3 28 77.29 ... -44.25 212.60 74.12 Pinduoduo PDD ... dd 99.05 1.90 -17.18 90.79 65.34 VF VFC 2.8 27 70.74 -3.33
33.81 6.99 2.67 BancoBilbaoViz BBVA 1.1 9 6.61 0.01 -59.41 79.40 15.15 KE Holdings BEKE ... 58 24.98 -0.08 -11.90 89.90 48.57 Pinterest PINS ...275 58.06 -3.29 18.35 33.35 22.13 VICI Prop VICI 4.8 13 30.18 0.06
-24.36 4.86 2.81 BancoBradesco BBDO 4.9 8 3.17 -0.08 21.09 548.72 319.71 Domino's DPZ 0.8 35 464.33 -3.63 s 81.63 73.83 33.65 KKR KKR 0.8 8 73.54 0.42
49.79 256.09 110.13 DoorDash DASH ... dd 213.83 -4.99 68.25 196.64 76.99 PioneerNatRscs PXD 1.2143 191.62 2.94 s 27.08 354.94 227.34 VailResorts MTN 1.0117 354.49 8.14
-25.80 8.88 5.12 BancSanBrasil BSBR 6.2 ... 6.14 -0.14 32.49 374.60 190.21 KLA KLAC 1.2 26 343.03 7.52 32.77 12.38 5.64 PlainsAllAmPipe PAA 6.6 68 10.94 -0.04 -19.33 23.18 10.38 Vale VALE 8.4 4 13.52 0.18
26.89 4.38 1.83 BancoSantander SAN 1.0 10 3.87 -0.01 34.03 176.46 108.00 Dover DOV 1.2 26 169.21 -0.38 49.58 315.39 171.82 KSCitySouthern KSU 0.7300 305.33 3.37
5.23 71.38 44.33 Dow DOW 4.8 11 58.40 -0.86 39.29 12.96 5.78 PlainsGP PAGP 6.1 dd 11.77 0.01 43.17 84.95 35.44 ValeroEnergy VLO 4.8 dd 80.99 -1.01
s 56.94 47.62 23.12 BankofAmerica BAC 1.8 14 47.57 0.74 ... 44.96 27.90 Kanzhun BZ ... ... 38.05 -0.11 ... 36.06 20.88 Playtika PLTK ... 35 27.83 -0.95 92.82 20.14 4.92 Vedanta VEDL 7.7 8 16.93 -1.22
s 44.02 110.26 59.02 BankofMontreal BMO 3.1 13 109.50 0.52 ... 107.79 41.17 Doximity DOCS ...242 64.75 -3.12 -0.18 68.60 56.61 Kellogg K 3.7 16 62.12 0.44
-13.99 75.50 57.54 DrReddy'sLab RDY 0.5 39 61.32 -0.23 -3.57 75.49 13.69 PlugPower PLUG ... dd 32.70 -0.97 17.74 343.96 235.74 VeevaSystems VEEV ...123 320.56 -4.69
s 40.69 60.52 33.19 BankNY Mellon BK 2.3 15 59.71 -0.03 8.31 37.11 26.66 KeurigDrPepper KDP 2.2 30 34.66 0.28 s 35.06 514.96 305.47 Pool POOL 0.6 38 503.08 3.75 12.26 61.09 37.83 Ventas VTR 3.3137 55.05 -1.13
22.30 68.02 40.28 BkNovaScotia BNS 4.3 12 66.09 0.17 -0.97 74.38 34.90 DraftKings DKNG ... dd 46.11 -2.81 46.50 24.57 12.12 KeyCorp KEY 3.1 10 24.04 0.26
36.64 33.00 17.66 Dropbox DBX ... dd 30.32 -0.22 39.97 69.96 37.50 PrincipalFin PFG 3.6 12 69.44 0.43 1.09 234.56 184.60 VeriSign VRSN ... 40 218.75 2.67
40.18 11.26 5.30 Barclays BCS 1.4 ... 11.20 0.15 33.41 182.49 102.77 KeysightTechs KEYS ... 40 176.22 -0.23 ... 108.75 78.96 ProcoreTech PCOR ... dd 100.45 -4.41 s 3.07 215.99 159.79 VeriskAnalytics VRSK 0.5 51 213.96 0.82
-14.49 29.60 17.56 BarrickGold GOLD 1.8 14 19.48 0.11 13.35 108.38 85.56 DukeEnergy DUK 3.8 27 103.78 0.78 -1.33 144.44 128.02 KimberlyClark KMB 3.4 23 133.04 1.76
s 38.90 55.80 36.80 DukeRealty DRE 1.8 42 55.52 0.33 1.21 147.23 121.54 Procter&Gamble PG 2.5 26 140.83 1.50 -9.91 61.95 50.86 Verizon VZ 4.8 10 52.93 -0.46
131.40 70.19 25.66 Bath&BodyWks BBWI 0.9 11 69.55 0.50 52.96 23.28 10.04 KimcoRealty KIM 3.0 25 22.96 0.10 -3.30 107.58 84.89 Progressive PGR 0.4 10 95.62 0.99 -22.35 242.99 176.36 VertxPharm VRTX ... 24 183.52 -3.57
38.08 34.80 16.08 BauschHealth BHC ... dd 28.72 0.13 1.41 87.27 55.23 DuPont DD 1.7 7 72.11 -0.13 29.26 19.29 11.45 KinderMorgan KMI 6.1 23 17.67 0.14
s ... 69.54 32.42 DutchBros BROS ... ... 68.86 8.28 44.49 145.95 93.08 Prologis PLD 1.8 55 144.00 -0.94 0.67 101.97 27.40 ViacomCBS B VIAC 2.6 7 37.51 -0.27
2.43 88.32 73.12 BaxterIntl BAX 1.4 38 82.19 0.73 10.35 50.13 31.72 KirklandLakeGold KL 1.6 15 45.54 -0.24 46.01 114.63 60.39 PrudentialFin PRU 4.0 6 113.99 0.72 6.77 101.60 28.75 ViacomCBS A VIACA 2.4 8 40.38 -0.20
-1.25 267.37 226.15 BectonDicknsn BDX 1.3 39 247.09 0.62 s 82.02 79.67 33.83 Dynatrace DT ...297 78.76 1.01 s 34.58 57.17 37.07 Knight-Swift KNX 0.7 15 56.28 -0.47
37.09 28.81 13.36 ENI E 3.9 dd 28.24 -0.02 14.24 43.60 23.25 Prudential PUK 0.8 dd 40.89 0.19 -25.61 18.86 12.94 Viatris VTRS 3.2 dd 13.94 -0.07
46.63 426.56 219.20 BeiGene BGNE ... dd 378.88 3.60 -11.26 61.23 42.47 KoninklijkePhil PHG 1.8 33 48.07 0.57 9.50 65.33 53.77 PublicServiceEnt PEG 3.2 22 63.84 0.75 5.71 252.67 179.23 Visa V 0.6 48 231.23 0.99
45.82 71.92 31.14 BentleySystems BSY 0.2117 59.07 0.72 84.48 93.43 31.22 EOG Rscs EOG 1.8 29 92.00 1.10 -20.54 12.98 8.60 KoreaElcPwr KEP 4.5 12 9.75 -0.07
s 80.94 649.50 305.83 EPAM Systems EPAM 41.31 332.95 212.22 PublicStorage PSA 2.5 45 326.33 3.82 -2.80 24.20 15.47 Vistra VST 3.1 dd 19.11 0.01
s 23.85 82.74 59.61 Berkley WRB 0.6 17 82.26 3.37 ... 96 648.41 5.74 4.96 44.95 29.21 KraftHeinz KHC 4.4 21 36.38 ... 15.31 63.91 39.92 PulteGroup PHM 1.1 8 49.72 -0.38 19.11 172.00 126.79 VMware VMW ... 34 167.06 2.36
24.74 295.08 197.81 BerkHathwy B BRK.B ... 6 289.24 2.42 66.91 87.77 34.13 EastWestBncp EWBC 1.6 16 84.64 -0.70 26.67 47.99 30.35 Kroger KR 2.1 27 40.23 0.93 2.16 59.00 45.33 Qiagen QGEN ... 26 53.99 0.43 -6.07 20.36 13.20 Vodafone VOD 6.8 dd 15.48 -0.03
25.27 445000 297817 BerkHathwy A BRK.A ... 6 435721 4041.50 7.27 130.47 78.88 EastmanChem EMN 2.6 46 107.57 0.14 s 59.90 56.99 29.60 LKQ LKQ ... 18 56.35 -0.07 1.05 201.68 124.56 Qorvo QRVO ... 21 168.01 -2.25 20.25 50.91 29.79 VornadoRealty VNO 4.7 dd 44.90 0.15
18.64 128.57 95.93 BestBuy BBY 2.4 12 118.39 0.79 35.16 171.32 101.52 Eaton ETN 1.9 35 162.38 0.26 67.82 175.37 75.25 LPL Financial LPLA 0.6 31 174.90 1.57
s 60.38 81.19 45.36 eBay -13.60 167.94 121.05 Qualcomm QCOM 2.1 16 131.62 -1.43 24.85 194.17 131.36 VulcanMatls VMC 0.8 37 185.16 0.71
-4.22 157.66 42.70 Bilibili BILI ... dd 82.10 -0.52 EBAY 0.9 4 80.59 4.38 s 29.47 246.08 158.09 L3HarrisTech LHX 1.7 34 244.73 2.98 ... 57.28 29.36 QualtricsIntl
2.35 231.25 181.25 Ecolab ECL 0.9 61 221.45 -0.85 XM ... dd 41.99 -3.98
121.34 309.63 89.19 Bill.com
59.11 543.85 250.24 Bio-Techne
BILL ... dd 302.13 -1.63
TECH 0.3146 505.26 7.81 18.67 15.91 8.50 Ecopetrol EC 0.6 14 15.32 0.01
38.61 309.60 192.79 LabCorp.ofAmerica LH
17.89 673.80 333.31 LamResearch LRCX
... 10 282.15
1.1 19 556.74
2.34
1.32
63.93 119.70 58.93 QuantaServices PWR 0.2 32 118.06 1.46 WXYZ
-3.77 66.68 53.92 EdisonInt EIX 4.4 28 60.45 1.15
-72.65 132.73 11.25 QuantumScape QS ... dd 23.10 -1.81
29.27 832.70 507.22 Bio-RadLab A BIO ... 6 753.58 -6.27 39.25 120.67 59.78 LamarAdv LAMR 3.5 36 115.88 -2.65 22.93 160.56 113.36 QuestDiag DGX 1.7 9 146.49 1.13 -0.40 106.85 80.55 WEC Energy WEC 3.0 22 91.66 0.45
8.14 468.55 223.25 Biogen BIIB ... 26 264.80 -5.41 27.80 123.27 70.92 EdwardsLife EW ... 50 116.59 0.85 -36.24 66.77 35.59 LasVegasSands LVS 0.0 dd 38.00 -0.77 9.79 82.37 60.68 W.P.Carey WPC 5.4 30 77.49 0.01
10.53 37.49 26.72 ElancoAnimal ELAN ... dd 33.90 0.30
63.22 151.51 62.57 BiohavenPharm BHVN ... dd 139.90 3.02
-15.91 92.56 71.65 BioMarinPharm BMRN ... 17 73.74 -1.34 15.58 177.74 97.48 Elastic ESTC ... dd 168.90 -0.65
s 49.67 70.52 32.75 LatticeSemi
6.70 204.91 119.29 Lear
LSCC
LEA
...140 68.58 -0.85 RS 21.38 72.29 38.35 WPP
26.23 93.97 55.83 Wabtec
WPP
WAB
2.8 dd 65.64
0.5 39 92.40
-1.25
-0.60
0.7 14 169.69 -4.10
241.44 464.00 75.34 BioNTech BNTX ... 15 278.34 -8.02 -1.76 150.30 110.15 ElectronicArts EA 0.5 61 141.07 0.44 -2.93 113.75 79.15 Leidos LDOS 1.4 20 102.04 0.61 25.87 31.21 19.52 RELX RELX 2.1 33 31.04 -0.16 22.87 57.05 33.36 WalgreensBoots WBA 3.9 17 49.00 -0.14
-17.13 97.19 68.60 BlackKnight BKI ... 45 73.22 0.83 20.24 105.99 63.65 EmersonElec EMR 2.1 25 96.64 -0.01 34.75 90.40 56.01 Lennar B LEN.B 1.2 6 82.47 -0.71 49.17 744.56 330.64 RH RH ... 39 667.57 -4.84 2.91 153.66 126.28 Walmart WMT 1.5 42 148.34 1.53
26.81 959.88 587.90 BlackRock BLK 1.8 24 914.97 11.25 33.79 43.21 26.97 Enbridge ENB 6.2 18 42.80 0.28 31.84 110.61 69.41 Lennar A LEN 1.0 8 100.50 -0.92 -2.47 99.30 76.43 RPM RPM 1.8 25 88.54 0.73 25.64 48.90 25.61 WarnerMusic WMG 1.3 90 47.73 -0.33
s 112.36 137.84 49.40 Blackstone BX 2.2 21 137.63 5.11 ... 33.20 22.02 Endeavor EDR ... ... 24.27 -0.37 13.95 356.36 266.77 LennoxIntl LII 1.2 24 312.18 1.58 18.69 142.06 65.20 RalphLauren RL 2.2 55 123.13 1.64 s 30.85 134.38 97.02 WasteConnections WCN 0.6 56 134.21 1.26
s 50.53 17.50 9.35 BlueOwlCapital OWL 0.9 dd 17.13 -0.12 -27.62 8.88 5.64 EnelAmericas ENIA 2.9 11 5.95 0.04 30.38 30.84 15.38 LeviStrauss LEVI 1.0 24 26.18 0.44 s 60.76 102.94 48.86 RaymondJames RJF 1.0 18 102.53 0.80 s 39.42 164.59 106.11 WasteMgt WM 1.4 44 164.42 2.54
-0.51 278.57 141.58 Boeing BA 0.0 dd 212.97 -1.37 59.87 11.55 4.98 EnergyTransfer ET 6.2 8 9.88 -0.01 12.00 47.70 15.98 LiAuto LI ... dd 32.29 0.25 s 28.46 92.32 51.92 RaytheonTech RTX 2.2 64 91.86 0.25 47.32 428.22 212.85 Waters WAT ... 34 364.49 3.48
7.51 2540.00 1589.00 BookingHldgs BKNG ...238 2394.59 -16.54 0.70 229.04 93.49 EnphaseEnergy ENPH ...139 176.70 -3.10 9.91 188.76 133.50 LibertyBroadbandA LBRDA 0.0 73 173.20 0.38 15.41 72.75 57.00 RealtyIncome O 3.9 72 71.75 0.58 30.17 307.81 216.25 Watsco WSO 2.6 30 294.91 -3.13
-4.85 100.26 74.32 BoozAllen BAH 1.8 20 82.95 -0.16 s 42.85 138.70 74.14 Entegris ENTG 0.2 55 137.28 3.41 11.16 194.05 135.52 LibertyBroadbandC LBRDK ... 74 176.05 0.66 22.34 159.64 92.06 RegalRexnord RRX 0.9 24 150.25 -0.52 27.79 301.76 219.80 Watsco B WSOB 2.6 30 297.82 3.82
16.67 55.55 34.30 BorgWarner BWA 1.5 14 45.08 -0.90 4.78 115.02 85.78 Entergy ETR 3.6 17 104.61 0.69 22.63 30.58 18.73 LibertyGlobal A LBTYA ... 2 29.70 0.17 53.59 71.33 33.29 RegencyCtrs REG 3.4 52 70.02 0.01 4.72 369.00 221.09 Wayfair W ... 76 236.47 -7.36
24.65 124.24 69.69 BostonProps BXP 3.3 61 117.83 0.90 24.71 25.69 16.01 EnterpriseProd EPD 7.4 14 24.43 0.03 26.05 30.49 18.36 LibertyGlobal C LBTYK ... 2 29.81 0.16 18.47 686.62 441.00 RegenPharm REGN ... 10 572.36 2.99 22.69 64.70 37.30 Weibo WB ... 59 50.29 -0.43
24.73 46.28 32.99 BostonSci BSX ...137 44.84 -0.03 39.12 279.59 135.98 Equifax EFX 0.6 48 268.28 12.81 34.56 51.34 32.50 LibertyFormOne A FWONA ... dd 51.12 0.38 s 49.44 24.36 12.52 RegionsFin RF 2.8 9 24.09 0.81 67.86 51.41 20.76 WellsFargo WFC 1.6 12 50.66 0.33
-4.73 182.50 131.01 BrightHorizons BFAM ...466 164.80 -0.88 14.96 885.26 586.73 Equinix EQIX 1.4215 821.02 10.86 28.87 55.78 35.05 LibertyFormOne C FWONK ... dd 54.90 0.13 24.67 181.21 105.01 RelianceSteel RS 1.8 12 149.29 0.93 25.41 89.80 51.66 Welltower WELL 3.0 dd 81.04 -2.11
-7.14 69.75 56.66 BristolMyers BMY 3.4 dd 57.60 -0.21 68.09 28.30 12.11 Equinor EQNR 1.3 dd 27.60 -0.15 16.16 34.99 20.19 LibertyBraves A BATRA ... dd 28.89 -0.39 43.48 327.32 162.29 Repligen RGEN ...154 274.95 4.19 32.00 92.46 45.99 WestFraserTimber WFG 0.9 3 84.82 -0.77
-3.52 41.14 31.60 BritishAmTob BTI 8.2 10 36.17 0.01 32.40 35.46 18.44 Equitable EQH 2.1 dd 33.88 0.06 12.86 31.76 19.81 LibertyBraves C BATRK ... dd 28.08 -0.51 s 38.39 133.38 86.18 RepublicSvcs RSG 1.4 38 133.27 1.98 48.67 475.35 253.85 WestPharmSvcs WST 0.2 62 421.19 -1.04
s 17.71 521.38 344.42 Broadcom AVGO 2.8 38 515.41 1.26 35.91 88.47 57.93 EquityLife ELS 1.7 61 86.11 0.93 13.34 50.57 34.21 LibertySirius A LSXMA ... dd 48.95 -0.14 25.85 301.34 177.69 ResMed RMD 0.6 83 267.50 4.46 s 103.54 124.88 38.07 WestAllianceBcp WAL 1.1 17 122.02 2.78
s 20.15 184.85 134.68 BroadridgeFinl BR 1.4 40 184.07 1.75 s 44.08 86.09 45.42 EquityResdntl EQR 2.8 48 85.41 0.32 12.53 50.39 34.04 LibertySirius C LSXMK ... dd 48.96 -0.23 1.39 71.12 51.12 RestaurantBrands QSR 3.4 28 61.96 0.47 3.00 78.19 36.59 WesternDigital WDC 0.0 22 57.05 0.25
s 48.91 61.08 28.88 BrookfieldMgt BAM 0.9 35 61.01 0.63 -17.59 266.77 168.87 ErieIndemnity A ERIE 2.0 35 202.39 3.09 60.86 129.87 70.29 LifeStorage LSI 2.7 52 128.03 1.22 s 33.35 66.02 45.90 RexfordIndlRealty REXR 1.5 97 65.49 0.19 64.54 23.79 7.39 WesternMidstrm WES 5.6 11 22.74 -0.12
17.02 58.58 42.29 BrookfieldInfr BIP 3.5 45 57.81 0.07 -0.78 51.42 41.04 EssentialUtil WTRG 2.3 28 46.92 0.31 36.18 130.02 30.95 Lightspeed LSPD ... dd 95.86 -4.08 -34.55 449.00 207.53 RingCentral RNG ... dd 248.04 -0.10 23.80 106.47 64.41 WestlakeChem WLK 1.2 14 101.02 1.02
-32.56 63.31 37.08 BrookfieldRenew BEPC 3.1 dd 39.30 -0.62 41.25 337.43 186.30 EssexProp ESS 2.5 54 335.36 2.38 44.37 275.87 129.21 EliLilly LLY 1.4 37 243.75 2.58 -12.42 95.97 55.39 RioTinto RIO 10.4 6 65.88 0.34 29.60 20.82 12.28 WestpacBanking WBK 3.4 23 19.31 0.04
s 40.24 66.61 42.72 Brown&Brown BRO 0.6 33 66.49 0.86 23.09 347.82 216.25 EsteeLauder EL 0.6 42 327.64 9.87 50.51 76.29 31.95 LincolnNational LNC 2.2 10 75.72 0.99 s 80.27 113.70 48.29 RobertHalf RHI 1.3 29 112.63 1.97 11.62 62.03 36.59 WestRock WRK 2.0 dd 48.59 0.01
-12.51 82.24 66.25 Brown-Forman B BF.B 1.0 43 69.49 0.32 35.61 251.86 113.49 Etsy ETSY ... 70 241.27 5.29 19.22 317.03 214.14 Linde LIN 1.3 50 314.15 2.84 ... 85.00 33.25 Robinhood HOOD ... dd 39.59 -1.69 10.77 41.68 26.57 Weyerhaeuser WY 1.8 12 37.14 0.35
-10.94 83.01 62.06 Brown-Forman A BF.A 1.1 41 65.43 0.51 s 20.01 281.88 193.62 EverestRe RE 2.2 8 280.92 1.34 15.61 417.98 225.00 LithiaMotors LAD 0.4 10 338.37 0.99 ... 103.87 60.50 Roblox RBLX ... dd 83.98 0.79 -0.89 50.62 34.85 WheatonPrecMet WPM 1.3 29 41.37 -0.01
44.73 92.35 40.79 Bruker BRKR 0.2 51 78.34 0.06 16.45 69.45 51.88 Evergy EVRG 3.3 19 64.64 0.55 37.11 102.85 47.97 LiveNationEnt LYV ... dd 100.75 0.18 -18.35 43.00 14.94 RocketCos. RKT 0.0 8 16.51 -0.39 18.26 257.68 171.33 Whirlpool WHR 2.6 7 213.44 5.54
s 44.30 59.56 29.73 BuildersFirst BLDR ... 11 58.89 0.34 -0.01 96.66 76.64 EversourceEner ES 2.8 24 86.50 0.41 37.76 2.83 1.36 LloydsBanking LYG 2.6 7 2.70 0.08 26.11 327.20 230.69 Rockwell ROK 1.4 24 316.30 -1.40 42.89 29.89 18.26 Williams WMB 5.7 30 28.65 0.13
... 84.80 38.91 Bumble BMBL ... ... 55.48 -0.78 -29.07 159.54 89.65 ExactSciences EXAS ... dd 93.98 -2.22 5.53 396.99 319.81 LockheedMartin LMT 3.0 15 374.60 1.46 4.08 53.90 40.25 RogersComm B RCI 3.3 19 48.49 -0.13 86.15 204.41 87.94 Williams-Sonoma WSM 1.5 15 189.58 0.96
34.69 92.38 54.00 Bunge BG 2.4 7 88.33 0.64 s 21.53 51.51 38.35 Exelon EXC 3.0 52 51.31 0.24 27.85 59.39 32.75 Loews L 0.4 10 57.56 0.06 -3.05 490.76 196.52 Roku ROKU ...196 321.88 -11.95 17.60 271.87 179.31 WillisTowers WLTW 1.3 21 247.76 0.89
6.42 357.34 190.00 BurlingtonStrs BURL ... 43 278.34 -2.53 22.11 187.93 90.52 Expedia EXPE 0.0 dd 161.67 -1.08 -7.72 140.17 75.12 LogitechIntl LOGI 1.1 15 89.69 -0.60 0.05 43.00 31.44 Rollins ROL 0.8 58 39.09 0.50 68.50 9.96 4.76 Wipro WIT 0.1 32 9.52 -0.11
s 65.69 104.26 43.17 CBRE Group CBRE ... 29 103.92 1.57 29.36 130.76 85.01 ExpeditorsIntl EXPD 0.9 21 123.03 2.85 s 42.53 229.86 146.72 Lowe's LOW 1.4 24 228.77 1.35 s 13.02 505.00 362.90 RoperTech ROP 0.5 49 487.20 5.96 -21.12 362.07 171.37 Wix.com WIX ... dd 197.17 -3.75
45.28 203.82 117.02 CDW CDW 0.8 29 191.47 0.92 60.48 194.67 106.33 ExtraSpaceSt EXR 2.7 38 185.93 0.81 -48.87 20.17 6.56 LufaxHolding LU ... 8 7.26 -0.04 -10.11 134.22 84.68 RossStores ROST 1.0 29 110.39 -0.32 -15.54 129.90 60.56 Wolfspeed WOLF ... dd 89.44 -1.56
54.15 63.40 25.30 CF Industries CF 2.0 28 59.67 -0.32 53.13 64.92 31.11 ExxonMobil XOM 5.5 dd 63.12 0.43 21.18 437.32 269.28 lululemon LULU ... 67 421.73 -2.31 s 31.31 108.09 67.78 RoyalBkCanada RY 3.2 13 107.75 0.78 s 17.19 284.80 201.62 Workday WDAY ... dd 280.79 -0.22
16.59 93.93 60.58 CGI GIB ... 24 92.47 -0.30 18.36 216.15 122.25 F5Networks FFIV ... 43 208.25 -1.42 28.00 16.60 8.51 LumenTech LUMN 8.0 dd 12.48 -0.02 13.31 99.24 51.33 RoyalCaribbean RCL 0.0 dd 84.63 0.90 -21.03 143.88 67.70 WynnResorts WYNN 0.0 dd 89.10 -1.98
6.21 104.35 84.67 CH Robinson CHRW 2.0 21 99.70 0.90 -19.11 123.66 87.27 FMC FMC 2.1 22 92.97 -0.67 -1.65 68.28 21.34 Lyft LYFT ... dd 48.32 -1.25 38.56 49.77 23.07 RoyalDutchA RDS.A 2.6 34 48.69 -0.16 t -15.20 53.08 31.66 XP XP ... 37 33.64 -0.39
19.72 221.82 146.89 CME Group CME 1.7 41 217.95 3.16 18.84 384.33 244.61 Facebook FB ... 24 324.61 -17.27 6.25 118.02 66.72 LyondellBasell LYB 4.6 8 97.39 0.83 45.46 50.05 21.79 RoyalDutchB RDS.B 3.1 35 48.89 -0.25 23.37 90.78 50.83 XPO Logistics XPO ... 21 85.56 0.53
0.08 67.98 53.19 CMS Energy CMS 2.8 20 61.06 0.26 s 29.62 430.97 294.21 FactSet FDS 0.8 42 430.97 3.98 -25.07 53.23 34.80 RoyaltyPharma RPRX 1.8 15 37.50 ... -1.68 76.44 57.23 XcelEnergy XEL 2.8 22 65.55 -0.06
17.94 49.08 28.37 CNA Fin
35.83 18.49 7.62 CNH Indl
CNA 3.3 10 45.95 0.10
CNHI 0.8 74 17.44 0.19
-19.76 553.97 380.00 FairIsaac
-37.22 73.87 27.08 Farfetch
FICO
FTCH
... 33 410.05
... dd 40.06
2.22
-2.07
MN -1.43 121.63 79.24 Ryanair
8.74 151.48 104.64 SAP
RYAAY ... dd 108.41
SAP 2.0 24 141.78
0.01
2.32
s 21.74 175.65 111.84 Xilinx
0.72 74.49 18.50 XPeng
XLNX
XPEV
0.0 56 172.59
... dd 43.14
-1.15
-0.36
11.18 53.99 33.57 CRH CRH 2.4 25 47.34 -0.04 s 14.79 56.60 42.57 Fastenal FAST 2.0 36 56.05 -0.05 25.59 168.27 94.67 M&T Bank MTB 2.8 11 159.88 0.12 37.04 456.63 303.50 S&P Global SPGI 0.7 44 450.49 5.05 26.50 138.78 84.14 Xylem XYL 0.9 61 128.76 0.69
17.09 35.89 25.13 CSX CSX 1.1 22 35.42 0.41 41.81 125.09 67.01 FederalRealty FRT 3.5 61 120.71 -0.22 29.90 43.19 25.84 MGMGrowthProp MGP 5.1 30 40.66 0.11 22.50 369.56 232.88 SBA Comm SBAC 0.7144 345.62 5.46 8.80 82.62 56.51 Yandex YNDX ...135 75.70 -0.34
28.14 90.61 55.36 CVS Health CVS 2.3 16 87.52 0.66 -10.26 319.90 216.34 FedEx FDX 1.3 15 232.98 0.14 52.43 49.13 19.55 MGM Resorts MGM 0.0 dd 48.03 -0.06 20.79 33.59 20.98 SK Telecom SKM 3.1 10 29.57 1.66 16.59 135.77 92.22 YumBrands YUM 1.6 29 126.57 -0.21
-19.65 2326.80 1674.35 CableOne CABO 0.6 32 1789.91 7.92 s 26.15 149.76 100.35 Ferguson FERG 1.6 18 149.49 0.51 42.03 31.53 16.47 MPLX MPLX 8.9 12 30.75 -0.19 2.41 79.71 58.40 SS&C Tech SSNC 0.9 28 74.50 0.09 5.92 69.67 52.18 YumChina YUMC 0.8 25 60.47 -0.17
22.23 168.61 105.93 CadenceDesign CDNS ... 69 166.76 1.31 -2.84 233.66 176.29 Ferrari RACE 0.5 41 223.00 -1.61 45.36 667.07 336.03 MSCI MSCI 0.6 78 649.09 12.66 0.62 37.13 25.23 StoreCapital STOR 4.5 40 34.19 -0.20 6.04 38.96 25.23 ZTO Express ZTO 0.0 39 30.92 -0.94
9.23 32.19 16.70 CAE CAE 0.0 99 30.30 -0.14 26.99 50.60 29.82 FidNatlFin FNF 3.2 6 49.64 0.03 21.21 53.85 33.95 MagellanMid MMP 8.1 13 51.44 0.13 s 94.19 759.02 264.60 SVB Fin SIVB ... 22 753.12 47.98 -25.56 193.54 80.46 ZaiLab ZLAB ... dd 100.75 1.03
50.87 119.81 43.07 CaesarsEnt CZR ... dd 112.05 -1.26 -11.61 155.96 114.33 FidNatlInfo FIS 1.2882 125.04 0.61 13.33 104.28 49.24 MagnaIntl MGA 2.1 11 80.24 -2.86 31.47 295.53 201.51 Salesforce.com CRM ...117 292.56 2.75 37.36 594.77 281.02 ZebraTech ZBRA ... 37 527.92 -5.69
s 59.18 159.81 86.78 CamdenProperty CPT 2.1127 159.05 0.72 65.00 45.81 22.10 FifthThirdBncp FITB 2.6 13 45.49 0.41 60.33 170.87 83.74 ManhattanAssoc MANH ...110 168.64 -0.36 2.74 54.26 44.76 Sanofi SNY 2.7 18 49.92 0.71 -5.51 166.60 103.28 Zendesk ZEN ... dd 135.23 1.20
93.51 27.42 9.01 Cameco CCJ 0.2 dd 25.93 -0.09 33.70 19.45 9.78 FirstHorizon FHN 3.5 10 17.06 0.14 13.86 22.25 13.13 ManulifeFin MFC 4.4 7 20.29 0.05 89.15 42.39 19.77 SantanderCons SC 2.1 5 41.65 -0.05 -28.96 208.11 83.93 Zillow C Z ...156 92.21 0.18
-15.82 53.77 40.05 CampbellSoup CPB 3.6 12 40.70 0.07 s 48.47 219.53 122.73 FirstRepBank FRC 0.4 30 218.14 3.29 148.58 16.84 3.73 MarathonOil MRO 0.9 dd 16.58 0.40 99.89 19.82 4.55 Sasol SSL 0.0 dd 17.71 0.40 -31.09 212.40 83.54 Zillow A ZG ...158 93.68 0.36
41.85 121.45 72.07 CIBC CM 3.8 12 121.24 0.94 7.38 112.50 67.71 FirstSolar FSLR ... 20 106.22 -0.07 63.25 67.99 26.77 MarathonPetrol MPC 3.4 dd 67.52 0.49 55.34 36.87 13.70 Schlumberger SLB 1.5 47 33.91 -0.39 -2.38 180.36 130.05 ZimmerBiomet ZBH 0.6 34 150.42 -0.39
s 23.38 136.22 98.69 CanNtlRlwy CNI 1.4 31 135.53 2.79 23.33 39.94 26.16 FirstEnergy FE 4.1 19 37.75 0.52 49.73 63.55 23.62 MaravaiLifeSci MRVI ... 51 42.00 -0.23 s 57.52 83.74 37.29 SchwabC SCHW 0.9 32 83.55 1.31 s 52.83 66.64 29.83 ZionsBancorp ZION 2.3 9 66.39 1.82
77.67 43.34 15.17 CanNaturalRes CNQ 3.5 16 42.73 0.40 -3.23 127.34 92.81 Fiserv FISV ... 66 110.18 0.02 27.86 1329.98 913.04 Markel MKL ... 7 1321.14 3.57 78.50 372.70 155.10 Sea SE ... dd 355.30 -8.00 25.99 210.10 141.41 Zoetis ZTS 0.5 52 208.51 -0.11
9.80 83.07 58.79 CanPacRlwy CP 0.8 21 76.13 1.14 10.15 237.86 130.59 FiveBelow FIVE ... 42 192.74 0.39 -27.19 606.45 396.17 MarketAxess MKTX 0.6 57 415.43 4.70 40.33 106.22 46.92 Seagate STX 3.1 16 87.23 4.99 -17.71 553.86 250.11 ZoomVideo ZM ... 84 277.58 2.80
29.42 25.94 16.39 Canon CAJ 2.6 16 25.12 0.12 -7.44 211.68 130.32 Five9 FIVN ... dd 161.43 1.01 ... 32.75 19.78 Marqeta MQ ... dd 25.41 -2.06 -2.12 202.60 133.20 Seagen SGEN ... 53 171.43 -2.47 43.69 70.25 35.50 ZoomInfoTech ZI ...302 69.30 -0.55
69.79 177.95 70.78 CapitalOne COF 1.4 7 167.84 2.15 1.65 295.36 214.88 FleetCorTech FLT ... 31 277.32 -0.02 17.31 161.42 88.92 Marriott MAR 0.0147 154.75 -0.90 2.95 144.93 114.66 Sempra SRE 3.4 19 131.17 0.91 s 54.16 309.69 120.34 Zscaler ZS ... dd 307.87 2.18

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
TotRetBdI 10.45 +0.01 -0.1 ContraK 19.86 -0.14 20.9 Guggenheim Funds Tru PIMCO Fds Instl EqIncAdml 95.05 +0.41 22.0 WelltnAdml 86.82 -0.04 15.0 IdxIntl 21.01 +0.05 9.9
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Edgewood Growth Instituti CpInc r 11.40 -0.01 10.5 TotRtnBdFdClInst 28.74 +0.03 -1.0 AllAsset NA ... NA ExplrAdml 140.59 +0.03 17.4 WndsrAdml 89.19 +0.33 26.0 MdCpGrAdml109.59 -0.08 20.4
EdgewoodGrInst 64.06 -1.06 23.7 GroCo 39.78 -0.33 21.0 Harbor Funds ShortT 9.80 -0.01 0.2 ExtndAdml 145.82 -0.81 17.7 VANGUARD FDS MdCpVlAdml 76.42 +0.26 25.7
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Fidelity GrowCoK 39.90 -0.33 21.1 CapApInst 121.25 -1.77 16.3 TotRt 10.29 +0.02 -1.3 GNMAAdml 10.56 ... -1.0 DivdGro 39.11 +0.28 19.2 SmValAdml 76.89 +0.20 27.4
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
500IdxInstPrem157.78 -0.16 22.4 InvGrBd 11.62 +0.02 -0.9 Harding Loevner PIMCO Funds A GrwthAdml 157.70 -1.08 21.3 INSTTRF2020 28.15 +0.03 7.2 TotBd2 11.05 +0.03 -2.2
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r IntlEq
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Contrafund K6 22.78 -0.14 20.7 LowP r 54.69 +0.24 22.1 30.58 +0.18 7.6 IncomeFd NA ... NA HlthCareAdml r100.21 +0.28 11.9 INSTTRF2025 29.85 +0.03 8.7 TotIntlInstIdx r140.51 +0.30 10.0
available due to incomplete price, performance or cost data. NE-Not released by Lipper; ExtMktIdxInstPre 92.54 -0.52 17.7 Magin 15.08 -0.01 21.1 Invesco Funds Y PIMCO Funds I2 HYCorAdml r 5.95 ... 3.0 INSTTRF2030 30.99 +0.02 10.2 TotItlInstPlId r140.55 +0.30 10.0
FidSerToMarket 15.62 -0.03 21.4 NASDAQ r 190.30 -1.58 17.6 DevMktY 53.69 +0.10 0.4 Income NA ... NA InfProAd 28.70 +0.05 4.5 INSTTRF2035 32.08 +0.02 11.7 TotSt 114.08 -0.21 21.5
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. John Hancock Instl IntlGrAdml 169.64 -0.44
GrowthCompanyK6 23.22 -0.18 20.7 OTC 19.71 -0.27 22.3 PIMCO Funds Instl 5.8 INSTTRF2040 33.21 +0.01 13.2 VANGUARD INSTL FDS
IntlIdxInstPrem 50.70 +0.26 11.4 Puritn 26.81 -0.04 15.4 DispValMCI 29.16 +0.01 25.0 IncomeFd 12.00 -0.01 NA ITBondAdml 12.00 +0.02 -2.9 INSTTRF2045 34.26 ... 14.6 BalInst 48.80 -0.02 11.7
Friday, October 22, 2021 MidCpInxInstPrem 32.96 +0.02 22.5 SrsEmrgMkt 25.27 -0.04 1.2 JPMorgan I Class Price Funds ITIGradeAdml 10.04 +0.02 -1.7 INSTTRF2050 34.43 ... 14.9 DevMktsIndInst 16.77 +0.06 11.8
Net YTD Net YTD Net YTD SAIUSLgCpIndxFd 21.76 -0.02 22.4 SrsGlobal 15.67 +0.04 9.3 CoreBond 11.92 +0.03 -1.4 BlChip 195.33 -3.30 18.0 LTGradeAdml 11.01 +0.07 -3.8 INSTTRF2055 34.52 ... 14.9 DevMktsInxInst 26.22 +0.10 11.9
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SeriesBondFd 10.41 +0.02 -2.2 SrsGroCoRetail 27.73 -0.24 21.8 EqInc 23.89 +0.13 22.5 DivGro 71.66 +0.34 20.2 MidCpAdml 312.87 +0.39 23.0 IntlVal 43.97 ... 9.2 ExtndInst 145.81 -0.81 17.8
SeriesOverseas 14.55 +0.10 17.3 SrsIntlGrw 20.42 +0.13 14.8
JPMorgan R Class
EqInc 38.08 +0.18 23.4 MuHYAdml 11.97 ... 2.5 LifeCon 23.58 +0.03 5.1 GrwthInst 157.71 -1.08 21.3
American Century Inv IntlVal Inst 46.02 +0.11 15.5 DivIncom I 30.90 +0.19 21.1 CoreBond 11.93 +0.02 -1.4 MuIntAdml 14.65 ... 0.3 InPrSeIn 11.69 +0.02 4.5
Ultra 91.11 -0.61 20.0 Baird Funds Dimensional Fds SmCpIdxInstPrem 29.11 -0.06 16.8 SrsIntlVal 11.64 +0.05 15.4 Growth 115.82 -1.94 19.5 LifeGro 45.10 +0.02 12.8
Lord Abbett A MuLTAdml 12.08 ... 0.9 InstIdx 397.29 -0.42 22.4
American Funds Cl A AggBdInst 11.38 +0.02 -2.0 5GlbFxdInc 10.79 ... -0.9 TMktIdxInstPrem130.74 -0.25 21.5 TotalBond 11.06 +0.02 -0.7 HelSci 112.37 +0.02 13.7 LifeMod 34.23 +0.03 8.9
ShtDurIncmA p 4.17 -0.01 0.9 MuLtdAdml 11.18 ... 0.3 InstPlus 397.31 -0.42 22.4
AmcpA p 46.05 +0.01 22.1 CorBdInst 11.76 +0.02 -1.5 EmgMktVa 32.08 -0.12 14.2 USBdIdxInstPrem 11.97 +0.02 -2.2 Fidelity SAI LgCapGow I 74.04 -1.27 21.0 PrmcpCor 35.15 -0.06 21.3
Lord Abbett F MuShtAdml 15.89 ... 0.2 InstTStPlus 89.12 -0.17 21.6
AMutlA p 52.75 +0.22 19.7 BlackRock Funds EmMktCorEq 25.57 -0.08 7.1 Fidelity Advisor I TotalBd 10.47 +0.02 -0.5
ShtDurIncm 4.17 MidCap 129.84 -0.17 14.8 STAR 34.01 -0.03 9.9
... 1.0 PrmcpAdml r183.13 -0.38 19.0 MidCpInst 69.12 +0.09 23.1
BalA p 33.51 +0.05 12.6 HiYldBd Inst 7.85 -0.02 4.7 IntlCoreEq 16.39 +0.06 14.5 GrOppI 180.10 -2.59 16.1 U.S.TreBdIdx 10.01 +0.03 -3.0 Lord Abbett I NHoriz 98.82 -0.06 20.1 TgtRe2015 16.50 +0.01 4.9 MidCpIstPl 340.86 +0.42
RealEstatAdml154.50 +0.72 30.8 23.1
BondA p 13.40 +0.02 -1.6 BlackRock Funds A IntSmCo 23.40 +0.08 15.9 NwInsghtI 44.63 -0.32 21.1 Fidelity Selects ShtDurInc p 4.17 ... 1.1 R2020 25.02 -0.02 10.0 TgtRe2020 36.75 +0.04 7.2 SmCapInst 110.32 +0.02
SmCapAdml 110.32 +0.02 19.3 19.3
CapIBA p 69.28 +0.19 11.9 GlblAlloc p 21.84 +0.02 7.0 IntSmVa 22.25 +0.06 17.0 Fidelity Freedom Softwr r 32.41 -0.05 21.3 Metropolitan West R2025 21.57 -0.01 11.4
SmGthAdml 103.04 -0.28 9.9 TgtRe2025 23.40 +0.02 8.6 STIGradeInst 10.86 ... -0.2
CapWGrA 66.25 +0.17 12.8 BlackRock Funds III TAUSCoreEq2 NA ... NA FF2020 17.82 +0.03 8.7 Tech r 29.97 -0.22 18.0 TotRetBdI 10.89 +0.02 -1.6 R2030 32.15 -0.04 13.0
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N PerA p 70.13 +0.02 15.9 CorePlusBond 10.34 +0.02 -0.9 USLgVa 46.40 +0.03 25.2 Freedom2030 K 20.57 +0.03 11.3 IncomeA1 p 2.53 ... 14.3 Old Westbury Fds VANGUARD ADMIRAL TotStAdml 114.11 -0.22 21.6 TgtRetInc 15.42 +0.02 4.4 ValueInst 55.90 +0.21 22.5
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P2JW296000-6-B01100-1--------XA
THE WALL STREET JOURNAL.
Dalian Unit
Will List in
Hong Kong
Chinese mall operator
Zhuhai Wanda tests
the investor appetite
for real-estate stocks
BY ANNIEK BAO
SINGAPORE—Chinese con-
glomerate Dalian Wanda
Group Co. said it would list its
commercial property service
unit in Hong Kong, testing in-
vestor appetite for real-estate
stocks during a Chinese hous-
ing market slump.
The unit, Zhuhai Wanda
Commercial Management
Group Co., which manages al-
most 400 malls across China,
counts real-estate tycoon
Wang Jianlin as its largest
shareholder. This unit is part
of its parent company’s efforts
to shift its business away from
capital-intensive real-estate
development.
The company didn’t dis-
close how much stock it plans
to sell or its targeted market
valuation. The firm raised
about $6 billion in July and
August at a valuation of $28
billion, according to a prelim-
inary listing document posted
on the website of Hong
Kong’s stock exchange late
Thursday.
Goldman
Executives
Granted
Bonuses
BY ORLA MCCAFFREY
Goldman Sachs Group Inc.
is giving CEO David Solomon
and President John Waldron
one-time stock bonuses de-
signed to keep the executives
at the helm of Wall Street’s
biggest bank.
The bank’s board granted
Mr. Solomon more than 73,000
restricted stock units, accord-
ing to a regulatory filing Fri-
day. Mr. Waldron received
nearly 49,000 restricted stock
units. The executives are re-
quired to hit certain perfor-
mance targets and stay with
the bank for the next five
years to receive the bonuses.
At the bank’s current stock
price, Mr. Solomon’s shares
are worth about $30 million,
and Mr. Waldron’s are worth
about $20 million.
If the bank were to hit the
top targets, Mr. Solomon’s bo-
nus would be worth more than
$50 million and Mr. Waldron’s
would be worth more than $35
million. The top targets in-
clude a share price of $717.
Goldman’s shares traded at
about $414.32 on Friday.
The bonuses aren’t part of
their regular annual compen-
sation. The bank said in a fil-
ing that it wants to “ensure
leadership continuity over the
next 5+ years”—roughly the
time frame that Mr. Solomon
is expected to stay. It also
cited “the rapidly increasing
war for talent in the current
environment.”
A number of high-level ex-
ecutives have left Goldman
over roughly the past year, in-
cluding the heads of invest-
ment banking and asset man-
agement, the general counsel
and a handful of senior part-
ners. Chief Financial Officer
Stephen Scherr is retiring at
the end of the year.
Goldman previously slashed
the 2020 pay for Mr. Solomon
and Mr. Waldron as punish-
ment for the bank’s involve-
ment with a corrupt Malaysian
government fund known as
1MDB. Mr. Solomon received a
$17.5 million compensation
package for 2020, down from
$27.5 million for 2019. Mr.
Waldron took home $18.5 mil-
lion for 2020, down from
$24.5 million for 2019.
JPMorgan Chase & Co. gave
CEO Jamie Dimon a surprise
retention bonus in July. The
Wall Street Journal reported at
the time that the value of that
bonus was about $50 million.
—David Benoit
contributed to this article.
* * * * * *
Mr. Wang was once China’s
richest man, and has amassed
billions of dollars of invest-
ments in property and enter-
tainment assets. But the 66-
year-old has kept a low profile
since 2017, after his large ac-
quisitions abroad received
scrutiny from Chinese regula-
tors eager to stem capital out-
flows.
The planned listing also
comes as rising debt defaults
at Chinese residential develop-
ers have cast a pall over
China’s housing market. In late
September, residential prop-
erty giant China Evergrande
Group missed some interest
payments to dollar bondhold-
ers, and smaller rival Fantasia
Holdings Group Co. defaulted
on debt shortly after.
Zhuhai Wanda traces its
history to 2002, but was in-
corporated in its current legal
form in March of this year. It
manages Wanda Plazas for its
parent company as well as
malls for third-party clients.
Wanda Plazas are super-
sized commercial complexes
with all-in-one shopping malls
that house cinemas, restau-
rants, clothing shops, smart-
phone and car retailers and
other business outlets, as well
as office space and hotels.
Of the 398 malls under its
Home Depot Veteran Named LaserShip CEO
BY COLIN KELLAHER
Last-mile delivery specialist
LaserShip Inc. poached a vet-
eran supply-chain executive
from Home Depot Inc. as its
new chief executive.
LaserShip, based in Vienna,
Va., said Mark Holifield will
take the helm Nov. 8.
Mr. Holifield has been exec-
utive vice president of supply
chain and product develop-
ment at the Atlanta-based
home-improvement giant since
early 2014.
LaserShip, owned by pri-
vate-equity firms American
Securities and Greenbriar Eq-
uity Group, this month agreed
to acquire OnTrac Logistics
Inc. in a roughly $1.3 billion
deal aimed at extending its
reach across a wider swath of
the U.S. at a time of surging e-
commerce demand.
“Mark’s experience building
large-scale networks will en-
able our successful combina-
Apple Hits
Online Ad
Market
Continued from page B1
Facebook and Snapchat. As a
result, those apps are getting
less data on consumers’ habits
and interests, and can’t target
ads at users as effectively.
Advertisers are finding it
harder to reach potential cus-
tomers, according to the execu-
tives, and ad prices—which
were already rising—are going
up further because of Apple’s
change. MuteSix, a digital
agency that works with direct-
to-consumer online brands,
said its clients have seen their
Facebook ad prices rise about
25%, on average.
Facebook, which publicly
opposed Apple’s change, has
warned that the change might
hurt its financial results. A
range of small online busi-
nesses, from clothing retailers
to office-furniture suppliers to
protein-powder sellers, rely
heavily on Facebook and Insta-
gram ads to reach new cus-
tomers.
Many of those companies
are struggling to cope with the
Apple change and some say
they are pulling back ad spend-
ing, according to interviews
with two dozen e-commerce
and ad-industry executives.
“Small businesses could
launch their pajama websites
and advertise on Facebook be-
cause Facebook could identify
users who most likely would
buy those pajamas based on
their activity on the web,” said
BUSINESS & FINANCE
The planned listing also comes as rising debt defaults at Chinese residential developers have cast a pall over China’s housing market.
management, 70% are owned
by its parent, the company
said.
Dalian Wanda, the parent of
Zhuhai Wanda, was the big-
gest Chinese mall operator in
2020, ahead of Seazen Hold-
ings Co. and Century Golden
Resources Services Group Co.,
which operated 100 malls and
85 malls, respectively, accord-
ing to the China Chain Store &
Franchise Association. The
subsidiary’s prospectus cited
third-party research saying
Zhuhai Wanda was the largest
mall manager in China by
gross floor area at the end of
last year.
More than 40% of Zhuhai
Wanda’s $1.66 billion in reve-
tion with OnTrac as we look to
merge the companies’ net-
works to provide expanded
customer service in 2022,”
said Will Manuel, chairman of
LaserShip and a managing di-
rector of American Securities.
Home Depot credits Mr.
74%
LaserShip’s projected reach in
the U.S. for two-day shipping
Holifield with engineering a
supply-chain transformation at
the company, adding its net-
work of rapid deployment cen-
ters aimed at supplying stores
more quickly and efficiently.
Mr. Holifield joined Home De-
pot in 2006 as senior vice
president of supply chain after
spending a dozen years at of-
Clothing retailer Sozy's
customer-acquisition cost
$100 per customer
75
50
25
0 site, the pixel collects the
2020 ’21
*Based on poll of 118 e-commerce store owners
Sources: the company (costs); eCommerceFuel (spending)
Nii Ahene, chief strategy officer
at digital ad firm Tinuiti. “It
has become a lot more chal-
lenging” for Facebook to do
that, he said.
Facebook reports quarterly
results Monday. Its ad busi-
ness, which brought in $84 bil-
lion in revenue last year, has
been resilient over the past 18
months through an advertiser
boycott and the pandemic, and
Facebook might work through
the Apple change without a
problem.
A Facebook spokeswoman
said Apple’s changes will bene-
fit its own growing ad busi-
ness. “Apple’s policy is benefit-
ing their bottom line at the
expense of businesses who rely
on personalized ads to reach
customers and grow their oper-
ations,” the spokeswoman said.
nue in the first half came from
managing the commercial
properties, such as providing
security services, cleaning and
mall maintenance.
Zhuhai Wanda counts Hong
Kong-based private-equity
group PAG, Tencent Holdings
Ltd., and property developer
Country Garden Holdings Co.
among its investors, Thurs-
day’s filing showed. Wanda
Group said the proceeds from
this IPO will be used to expand
the number of malls it man-
ages, and improve its existing
facilities and data-processing
capabilities.
The mall service provider is
the latest unit to go public un-
der Mr. Wang’s Wanda empire.
fice-supplies retailer Office
Depot.
Mr. Holifield’s departure
from Home Depot comes as
myriad sectors of the economy
grapple with supply-chain bot-
tlenecks that have led to
shortages and higher con-
sumer costs.
Home Depot said John
Deaton, who had been senior
vice president of supply
chain since 2017 before be-
coming senior vice president
of retail operations earlier
this year, will succeed Mr.
Holifield as executive vice
president of supply chain and
product development, effec-
tive Nov. 1.
Mr. Deaton joined Home
Depot in 2007 and also helped
lead the rollout of the rapid
deployment centers.
“We’re incredibly fortunate
to have such a strong bench of
talented leaders like John,
who has delivered outstanding
results with every challenge
E-commerce store owners’
change in Facebook ad
spending since iOS upgrade*
8%
Increased by 25%
or more
5% Increased by less
than 25%
25% No change in
spending
Decreased by
20%
less than 25%
Decreased by
42% 25% or more
An Apple spokesman said its
change was meant to let users
decide whether to share their
data and with whom. “These
rules apply equally to all devel-
opers—including Apple—and
we have received strong sup-
port from regulators and pri-
vacy advocates for this new
feature,” the spokesman said.
U.S. users opt into tracking
only about 16% of the times
they encounter the Apple pri-
vacy prompt, according to mo-
bile app analytics provider
Flurry.
Pregnancy and fertility tests
startup Get Stix Inc., which
does business as Stix, was
spending between $50,000 and
$100,000 a month on Facebook
ads earlier this year. The com-
pany saw its customer acquisi-
tion cost triple as the digital ad
Saturday/Sunday, October 23 - 24, 2021 | B11
Wanda Film Holding Co.,
whose shares are traded in
Shenzhen, mainly operates
cinemas as well as distributes
films. Wanda Hotel Develop-
ment Co., listed in Hong Kong,
develops and runs hotels, and
has more than 100 hotels and
resorts in China and overseas,
according to its website.
Mr. Wang delisted his flag-
ship commercial property de-
velopment unit from the Hong
Kong exchange in 2016, via a
$4.4 billion buyout. But a plan
to relist the business onshore
in mainland China was never
completed.
In 2017, Mr. Wang was one
of a handful of Chinese billion-
aires, including Anbang Insur-
Mark Holifield improved efficiencies in Home Depot’s supply chain.
he’s taken on over the past 14
years at The Home Depot,”
said Craig Menear, the re-
tailer’s chairman and chief ex-
ecutive.
The combination of Laser-
Ship and Chandler, Ariz.-based
OnTrac, slated to close by the
end of the year, comes as re-
gional package carriers are
pushing into new coverage ar-
market boomed and Apple’s
change began to roll out.
“We don’t have the capital
to weather that,” said Cynthia
Plotch, Get Stix’s co-founder.
“We needed to pull back.” Stix
cut its Facebook ad spending
by roughly half and shifted dol-
lars to other types of ads, from
TikTok to email marketing.
Stix has begun to ramp its
spending back up on Facebook
and has managed to keep the
ad costs down by improving
the creative content of its ads,
so they will get a boost from
Facebook’s algorithms.
The rise in ad prices is due
to an old-fashioned supply
crunch. Facebook’s ad targeting
relies partly on a piece of code,
called a pixel, embedded on
more than eight million web-
sites. When someone visits a
user’s information and sends it
back to Facebook. For Apple
users who opt out of tracking,
that information isn’t sent to
Facebook. This shrinks the
number of potential users ad-
vertisers can target, driving up
prices.
Get Smirk.com, a U.K.-based
company that sells teeth-whit-
ening products online and
spends roughly $2,000 a day
on Facebook ads, has seen its
Facebook ad prices jump
roughly 45% since April, said
Joseph Kent, a creative direc-
tor at Get Smirk. The company
has shifted some of its ad bud-
get to email marketing.
Office-furniture maker Steel-
case Inc. uses Facebook’s pixel
to track when users visit the
company’s site, then targets
those users on Facebook to lure
them back to the site. That ap-
proach isn’t possible if a user
has opted out of tracking.
“The smaller the pool of us-
QILAI SHEN/BLOOMBERG NEWS
ance Group Co. Chairman Wu
Xiaohui and HNA Group Co.
co-founder Chen Feng, whose
companies’ borrowings to fund
overseas projects were investi-
gated by banking regulators.
Wanda’s overseas buying
spree has included $3.5 billion
for film-production company
Legendary Entertainment and
$2.6 billion for AMC Enter-
tainment Holdings Inc., the
world’s largest movie-theater
operator. It has since sold
most of its shares in AMC.
HNA’s Mr. Chen was de-
tained by local authorities this
September for suspected
crimes, while Anbang’s Mr. Wu
was sentenced to 18 years in
prison in 2018.
BRENDAN MCDERMID/REUTERS
eas while shippers jockey for
parcel capacity.
The combined entity would
have more than 100 sorting
and delivery hubs in 30 states
and the District of Columbia,
creating a network allowing
two-day shipping to 74% of the
U.S. population.
—Jennifer Smith
contributed to this article.
ers, the higher the cost to
reach them,” said Rob Poel,
general manager of Steelcase’s
work-from-home division.
Steelcase has seen its cost-per-
click on Facebook ads increase
90% over the past six months,
thanks in part to Apple’s pri-
vacy changes.
The revenue the company
generates from Facebook has
also been cut in half, Mr. Poel
said. Steelcase’s response has
been to spend more on Face-
book to boost revenue, he said.
When a user opts out of
tracking, Facebook can still
keep targeting that user with
data it collected before the opt-
out. But that data quickly loses
value, said digital-ad consul-
tant Eric Seufert.
Another effect of the Apple
change is that Facebook is hav-
ing greater difficulty giving ad-
vertisers detailed information
about how well their ads work.
It is harder for Facebook to
take credit for driving a user to
make a purchase, said Josh
Henry-Hicks, vice president of
paid social at MuteSix.
Sports-nutrition company
Ath Sport said it has scaled
back its ad spending on Face-
book. “The big thing about it is
that we’re not able to attribute
the sales to Facebook,” said
Stuart Kam, the company’s
owner and founder.
Facebook, along with many
of its advertising customers,
says its ads are still driving
more sales than its analytics
show. A Facebook executive
wrote in a Sept. 22 blog post
that due to the Apple privacy
change, Facebook is under-
counting how often campaigns
are driving conversions—when
Apple users visit a website and
take an action like making a
purchase—by about 15%.
P2JW296000-4-B01200-27F7DF7158B

B12 | Saturday/Sunday, October 23 - 24, 2021 **** THE WALL STREET JOURNAL.

MARKETS

Dow Industrials Finish at Fresh Record

All three major Index performance this past week

indexes posted gains 2.0%

for the week boosted

S&P 500
by strong earnings 1.5

Nasdaq
BY WILL HORNER Composite
1.0
AND GUNJAN BANERJI
Dow Jones
The Dow Jones Industrial Industrial
0.5 Average
Average rose to a record Fri-
day and notched a third con-
secutive week of gains. 0
Stocks have risen in recent

JOE RAEDLE/GETTY IMAGES

days after strong earnings re-
sults from some of the biggest –0.5
U.S. corporations.
FRIDAY’S Most S&P 500
MARKETS companies that –1.0
have reported
Mon. Tues. Wed. Thurs. Fri.
earnings have beat analysts’
expectations, and corporate Financial results from companies such as Tesla showed resilience amid the supply-chain crisis. Source: FactSet
profits are expected to jump
around 35% in the latest quar- snapping a seven-session win- Management. bitcoin ETF started trading. Snap shares fell $19.97, or roughly 12% after the chip
ter from the prior year, ac- ning streak. The technology- Market volatility has edged Oil prices have kept soaring. 27%, to $55.14 after the social- maker posted earnings late
cording to Refinitiv data. heavy Nasdaq Composite lost lower this week while inves- Brent crude oil has jumped for media company said changes Thursday. Component short-
Financial results from com- 125.50 points, or 0.8%, to tors have piled into the stock nine consecutive weeks—the to Apple’s privacy rules would ages are weighing on Intel’s
panies such as Tesla and 15090.20. market, sending major indexes longest winning streak since hurt its ad business. computer shipments and
Johnson & Johnson through- All three major indexes to highs. 1999—to $85.53 on Friday, Other technology shares China’s gaming crackdown is
out the week showed that cor- notched weekly gains. The S&P The Cboe Volatility Index near its high of the year. also slipped, with Facebook hurting sales of chips used in
porate executives have been 500 was up 1.6% this week, closed at 15.01 Thursday, its Digital World Acquisition, falling more than 5% and servers.
able to insulate themselves while the Dow added 1.1%. The lowest close since February the blank-check company tak- Google parent company Al- The yield on the 10-year
from the global supply-chain Nasdaq was up around 1.3%. 2020. Some investors have ing former President Donald phabet down 3%. Treasury note rose to 1.654%
crisis and deliver strong re- On Friday, American Ex- turned to the options markets Trump’s new social network “When you look at the on Friday, from 1.574% last
sults. Some companies have press shares rose $9.61, or in recent sessions to wager on public, more than doubled in a overall index, you would think week.
been passing down higher 5.4%, to $187.08, making it the a continued stock rally, betting frenetic trading session that things are all calm,” said Brian Overseas, the pan-continen-
prices to customers. best-performing stock in the that the gains will continue was reminiscent of January’s Bost, co-head of equity deriva- tal Stoxx Europe 600 rose
Major indexes wavered Fri- Dow. The credit-card company through the end of the year. meme-stock mania. The shares tives in the Americas at Bar- 0.5%, led by its technology
day after steadily rising for posted a rise in earnings that While the broader market were halted at least six times clays. “The reality is there’s a sector.
much of the week. beat analysts’ forecasts, in has been calmer in recent ses- in trading Friday and are now lot of volatility.” Asian stock markets were
The blue-chip gauge added part helped by more consum- sions, there have been big up more than 800% this week, And recent earnings mixed. Japan’s Nikkei 225 rose
73.94 points, or 0.2%, to ers dining out. moves in individual stocks and a lurch higher that is unusual showed that some companies 0.3%.
35677.02, its first high since “It’s still a solid backdrop other assets. even for SPACs, which tend to are struggling with parts In Hong Kong, the Hang
August. for the stock market,” said Ga- Investors have piled into be volatile. Chatter about the shortages, spurring big moves Seng Index rose 0.4%, while in
The S&P 500 shed 4.88 briela Santos, global market bitcoin, sending prices to a shares permeated Reddit and in individual stocks. mainland China, the Shanghai
points, or 0.1%, to 4544.90, strategist at JPMorgan Asset high this week after the first Twitter. Intel shares dropped Composite Index fell 0.3%.

Investors See Inflation Lingering

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To advertise: 800-366-3975 or WSJ.com/classifieds
BY SEBASTIAN PELLEJERO in the coming months as busi- 10-year break-even during the period.
AND SAM GOLDFARB nesses ramp up the supply of inflation rate Fed officials themselves have
BUSINESS OPPORTUNITIES goods to meet consumer de- recently expressed concerns
3.0%
A key measure of investors’ mand and consumers further that disrupted supply chains
inflation expectations has ease supply-chain pressures by were raising the risks of more
$,,45.6 !,3 &.-"1/0"./( %)'*+ #5225,. climbed in recent weeks, add- returning to more normal 2.5 persistent inflation. At the
ing fuel to concerns about ris- spending patterns—purchas- same time, Chairman Jerome
ing consumer prices. ing fewer goods and more ser- Powell has said the central bank
As of Thursday, the gauge vices. Many, though, have re- 2.0 doesn’t expect the current spike
known as the 10-year break- vised their forecasts upward in consumer prices to lead to a
, =243 &6HK0FG2KL NFGKLKMKFH #!%R :KL2GKI2L4 $0"* ,! %-'. #)&( 0"+/("
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new regime in which inflation
, <L7FHGI26HP B36M28O0* +20 D >O* :2L2L4* :200H* B6M6LG* 6G8' consumer-price index will rise prices, rising rents and in- remains high year after year.
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by an annual average creasing evidence of a tighten- Break-even rates, notably,
, (FO025267 <LE6HGKIH +-;Q' -K CIK16IH' of 2.64% over the next decade, ing employment market. 1.0 have climbed even as investors
, :O76 2L G36 S$N according to Federal Reserve Some analysts caution that have pulled forward their fore-
Economic Data, or FRED. That break-even rates still don’t sug- casts for when the Fed will
is up from a recent low of gest serious concern about lon- 0.5 start to raise interest rates.
2.28% in late September and ger-term inflation, though they Federal-funds futures, which
the highest level since 2012. may be heading in that direc- 0 investors use to wager on in-
ANNOUNCEMENTS BUSINESS OPPORTUNITIES The break-even rate is found tion. Yield differentials between terest-rate policy, recently
’12 ’14 ’16 ’18 ’20
by looking at the difference in nominal and inflation-protected showed a 51% chance of a rate
!(+;)> 9(()BB #O%1;-Q9 H%8;()%- 8"'6)+"# *:5%'=)/'+# C)<"%/)62<"$ yields between nominal Trea- securities, for example, suggest Note: Rate derived from 10-year Treasury increase by July 2022 and 75%
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964'4"$ 8:)<4 8'/"$ ;"65#"+45'/ Treasury inflation-indexed constant maturity
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#"#3%*6"# 6+ 92= TIPS. The rate is so called be- around 2.8% but then gradually Source: Federal Reserve Bank of St. Louis month ago, respectively.
>! ,+4: %+/)*-, 38 3-6":"86"# 3- 65" *&+0" &3#$ A<)0"+ A'64 A"<!)<-'+%"
65" ':*?313*- 1*. +!;%" T?%OB% ,JRYC%JY> /))15+= !)< @( >'<4+"<6 !)< cause TIPS holders can earn the fall to roughly 2% about a de- “The question right now is
%*- ):+03#" ,+4 !411 1"7*1 84))+:6= A<)!54'&/" A<)3"%46? same return as holders of nomi- cade from now. Even those new policy framework, stating at what point does the pull
:4,(!:*,5**#0+7*#+8=%+/=&: +!-- #)/,.&(%.$"$.$$*' nal Treasurys if average annual numbers could overstate base- they would welcome inflation forward [in rate increases]
CPI inflation matches that gap line expectations because being modestly above their 2% and possible tightening make
CAREERS over the life of the bonds. break-evens can also rise based target for a time to make up investors believe that central
BUSINESS OPPORTUNITIES Rising break-even rates on increasing uncertainty about for the extended period it has banks can slow the growth of
worry some investors because the inflation outlook. spent below that level. inflation,” said Jim Vogel, in-
5 # , Z.0L4+00 Z137+10 the move suggests current in- “Break-evens are flashing Investors’ concerns over in- terest-rates strategist at FHN
9,#:&12H> :>71&,:&+1 8F: 7&/> 0H$$ # 0BYQ ZU>)[H>>H> flation pressures could last lon- maybe a yellow light here, but flation have ebbed and flowed Financial.
2+ 3( J/F:2A& 3==7N /? (%:W F>MMK)FAMMK;
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,9 LWGE=EWGEW7 V?W7:%T7?:
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*Y?& T?Y" MY"H ; 3U:>)JH 0%$H>
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JE%G9 RS:W&9+EG /:%&W&W- 0&WTE >UDA price index rose by 5.4% from a Barclays PLC. tected bonds. About $2.1 bil- pushing consumers to spend
(##2,2E)(-CF&(74,EE-44"(,41"-(&E7(," 0H[J 6H::H? # 1H>U"H :YK
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X:?$E:9#-?77E9Y%W)T?Y=%WN<T?Y terms. While that index tends break-even rates, including a mutual and exchange-traded as well. Shorter-dated inflation
92)"%"--(7= BD--(-%E5E-&"<"7(8"-2%")4" *&9&7 ?S: OEX9&7EI -?77E9Y%W)T?Y=%WN<T?Y
2)@-(%"=G"4,(D7(),42,4E),9E@(7%"-4EA to run slightly higher than the vaccine-fueled economic recov- funds that focus on TIPS dur- expectations can continue to
.0 V%W%G% (S:?=E ,9&% 0 ,YE:&T% Federal Reserve’s preferred in- ery, massive amounts of gov- ing the two weeks ended Oct. rise with commodity price con-
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A"",1E)"-"<"-?(,"#$9"---2,@(7/2)8-E,1 flation gauge, the data still con- ernment stimulus and consis- 13, according to Refinitiv Lip- cerns, but it has been surpris-
H!@(7/2)84@(%"41 COMMERCIAL REAL ESTATE firmed that inflation is much tent messaging from central per data, the largest two-week ing that the market’s pulling
(##2,2E)(-2)A7E),EA&D2-#2)8 higher than the central bank’s bankers that the Fed will be inflow in more than two forward of interest-rate hikes
),"0. + $#&*2&-%/1!-,"0.'3(, 2% annual target. patient in its approach to tight- months. That compared with a hasn’t done more to arrest the
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erally expect inflation to cool year, Fed officials announced a from all taxable bond funds pectations, some analysts say.
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earlier this month, reversing than normal was added to do- gas, or LNG. Premium prices in
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heating bills and higher manu- erage weekly builds. Invento- gas as LNG export terminals
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*DG0I0JGJ'=$06 D@@$9%.&&81 (#L81#) '#51$@54 CC( ready high prices.
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low the recent average are now
just 4.2% short, according to
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THE lated in stor- 3 down from $6.312 on Oct. 5, market. “We’re looking at a
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pected and has shrunk a deficit
which was the highest closing
price since late 2008, before
range of possibilities between
$4 to $30,” said Luke Nemes,
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ADVERTISE TODAY that prompted worries over frackers flooded the market director of energy procurement
@"74E)(--3 ,E +(/" ( )"9 +E<2"= JEE/2)8 AE7 @E,"),2(- winter price surges and even with shale gas. and market intelligence at
2)<"4,E7 @(7,)"7= *2-- 4@-2, #24,72&D,2E) 7",D7)4 ;0.;0= 2
(800) 366-3975 potential shortages. Despite the recent decline, Transparent Energy, a New Jer-
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J2/- 27 7>1 2+ 6&/2%,! $*= $F+1&#1" <2-2 .CB54;B5B4)C For more information visit: The forecasts that steer prices are still heading into sey firm that brokers fuel deals
()")!AH:U$$%A)V:U?H>@VY" commodity traders call for Source: FactSet winter higher than at any time and advises steel fabricators
wsj.com/classifieds
temperatures to remain unsea- over the past decade. Gas spent and other manufacturers that
@&K JLH<,J 4<</ G4 LIFGE/<A sonably high into November. “The weather is perfect over most of the past two winters burn a lot of gas.
MGHA.E,H I,MG3,H' Meanwhile, federal weather much of the country, and per- trading below $3. For $30 gas to happen,
1(5,L4C(1 ,R/(1 1(53C(JL4Q scientists said Thursday that fect weather does not bode This summer, some of the there would have to be an ex-
3R , 6MHMMM 02<8R/< (0/,/( their climate models predict a well for natural-gas demand,” hottest temperatures on record tended period of freezing
!%9E V?97 ?B /+&9 1EY%&WGE:I F@MMHMMM<MM second straight winter of said Tony Scott, vice president led to a lot of gas being burned weather. More likely, Mr.
'LJJ V340LC(1 1(,034,!J( 3RR(10 © 2021 Dow Jones & Company, Inc.
above-average temperatures, of energy analysis at financial- to generate electricity for air Nemes said, is that winter
X34/,X/ ZL66K GD=-9GW-9<NN All Rights Reserved. particularly in the South and data firm FactSet. “We are conditioning. Low inventories ranges from normal to warm
East. quickly closing the gap on how in Europe and Asia have and prices fall toward $4.
P2JW296000-4-B01300-1--------XA
THE WALL STREET JOURNAL.
Santa’s Got Supply
Snarls, Too
Americans are in the mood to spend this holiday season.
Some stores won’t be able to sell them what they want.
“It came without ribbons. It
came without tags. It came with-
out packages, boxes or bags.”
Christmas came to Whoville, de-
spite the Grinch’s efforts to steal
it, and it will come to the U.S. this
year, despite all the supply-chain
and staffing problems the pan-
demic has brought on. Those boxes
and bags will cost more, though,
helping the best-positioned retail-
ers avoid markdowns and offset
spiraling costs. Americans will grit
their teeth and pay up and, when
they can’t find just the right physi-
cal item, they will opt for more
virtual ones—digital games, gift
cards and subscriptions.
In terms of dollars spent, it will
be a holiday season to remember.
For companies that can’t provide
consumers with what they want,
though, it will be the season that
might have been.
When it comes to stocking
physical shelves everything, it
Expected change in retail spending
during the extended holiday selling
period in 2021 compared to 2019
Jewelry
54.7%
Luxury (excluding jewelry)
54.2
Electronics
17.4
Apparel
15.9
Department stores
4.7
Source: Mastercard SpendingPulse, which measures
overall retail sales across all payment types
BEN MARGOT/ASSOCIATED PRESS
As it prepares to go public, Instacart is looking to diversify its business.
Instacart Finds
A New Way to Deliver
Online grocery ordering plat-
form Instacart wants to continue
its pandemic run. To do that, it
needs to physically move into
more stores.
On Tuesday, Instacart said it
was buying Caper AI, a maker of
artificial-intelligence-powered
shopping cart and checkout tech-
nology. The deal underscores the
central role in-store shopping will
continue to have in the industry.
Instacart says the acquisition
will allow it to offer smart check-
out counters to retailers that can
automatically detect items placed
on them, even allowing customers
to check out right from the cart.
There is no doubt the pandemic
was a boon for Instacart. Chief Ex-
ecutive Fidji Simo said this past
week that Instacart’s transaction
value has multiplied since the be-
ginning of 2020. Data from
Bloomberg Second Measure show
Instacart’s monthly year-over-year
growth in terms of consumer sales
peaked in April 2020 at 433%.
That was a tough act for any busi-
ness to follow. Over the past six
months, Instacart’s monthly con-
sumer sales have fallen an average
of more than 7.5% versus last year.
In North America, groceries are
a $1 trillion industry with roughly
10% of purchases coming online.
Instacart believes online penetra-
tion can grow to 30% over the next
* * * *
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
seems, is in short supply. Goods
made overseas are slow to ship,
slow to arrive, and then left to sit
on the dock for days waiting to be
moved from port. Nike said last
month that it is taking roughly
twice as much time to move prod-
ucts from Asia to North America
as usual, for example. The delays
don’t end there either, with truck-
ing companies struggling to hire
enough drivers to keep goods
moving.
Retailers have labor concerns,
too. As of the end of August, there
were 1.3 million unfilled job open-
ings in the sector, according to the
Labor Department, compared with
901,000 in August 2019. Since
then, a number of retailers have
announced ambitious hiring plans
for the holiday shopping season.
Both Amazon.com and Walmart
have said they would like to hire
150,000 seasonal workers, for ex-
ample. Stores unwilling or unable
to pay up for labor face the pros-
pect of struggling to serve custom-
ers during the most profitable
time of the year.
Still, it is hardly as if nothing is
making it into ports and onto
store shelves. More shipping con-
tainers arrived at the four busiest
American container ports in July
and August than during the same
months of 2020 and 2019. Com-
merce Department figures show
the value of inventories at general
merchandise retailers, a group that
includes giants such as Walmart
and Target, as well as department
stores, came to a seasonally ad-
justed $87.2 billion in August com-
pared with $76.3 in August 2020
and $82 billion in August 2019.
Keeping things on store shelves
when demand for wares is strong
is another matter: The ratio of in-
ventory to sales at retailers of all
stripes is significantly lower than
five to 10 years. But grocers have
voiced concerns about Instacart’s
model, with many saying they
aren’t making money on the plat-
form because of high commissions.
Others complain that the platform
owns too much control over inter-
actions with their customers. It
would therefore serve Instacart
well to become more of a full-
fledged, omnichannel partner to
grocery stores—something the Ca-
per AI deal helps it accomplish.
Instacart also has said it ex-
pects to pursue a public offering.
While Ms. Simo declined to com-
ment on timing, bolstering growth
will be key. This gives Instacart a
strong incentive to play where
90% of grocery sales are still tak-
ing place: in stores.
To compete with the likes of
Amazon.com’s Whole Foods, Insta-
cart has to offer solutions. The
company already has strengthened
its advertising business, which,
among other things, helps brands
to reach consumers at the point of
sale.
A more diversified business
model will no doubt help Instacart
better position itself for an even-
tual public listing. At $350 million,
Instacart is putting some rather
expensive eggs into Caper AI’s
smart basket, but at least it isn’t
betting the whole farm on basic
grocery delivery. —Laura Forman
ON
THE
it was before the pandemic.
That’s because people are head-
ing into the holidays with plenty
of available money to spend,
thanks to rising incomes, govern-
ment relief checks and reduced
spending early in the pandemic.
Federal Reserve figures show that,
as of the end of the second quar-
ter, Americans of all incomes held
more cash and cash equivalents
than a year earlier or prior to the
pandemic. Falling Covid cases, the
expected vaccine eligibility for
younger children and the wide
availability of jobs could make it a
season of cheer for shoppers.
Many of those shoppers are
aware of supply-chain constraints
and have begun shopping for gifts
earlier than usual. Retailers are
nudging shoppers to do so: Ama-
zon started offering “Black Friday-
worthy deals” on Oct. 4 and Target
started its holiday deals event on
Oct. 10. Best Buy and Kohl’s have
also already begun their holiday
Intel Looks to the Future
By Delivering the Bad News Now
The chip maker’s early warning of shrinking margins allows it
to focus on its revival, but the road ahead looks difficult
As Intel can attest, ripping off
the bandage early is sometimes
necessary—but stings just the same.
The chip-making giant said late
Thursday that it expects annual
gross margins to fall into the
51%-53% range for the next two to
three years, a substantial come-
down. Intel’s gross margins have
typically been above the 60% mark
over the past decade. The company
has been pursuing an expensive
turnaround plan, seeking to catch
up to its rivals in the most ad-
vanced production processes and
open a foundry business to make
chips designed by other companies.
The announcement came during
the company’s call to discuss its
third-quarter results, which were
also unimpressive. Intel’s data-cen-
ter segment posted 10% sales
growth but missed Wall Street’s es-
timates for both revenue and oper-
ating profit. Sales on the company’s
PC side contracted after seven
straight quarters of gains. Intel is
facing the same constraints as
other chip makers in shortages of
key supplies, while its PC-producing
customers are held down by their
own component shortages plus
Intel's annual gross margin
70%
65
60
55
50
PROJ.
45
2010 ’15 ’20
Note: 2021-23 are midpoints of company projections.
Source: S&P Global Market Intelligence (actual); the
company (projections)
Saturday/Sunday, October 23 - 24, 2021 | B13
sales events.
Best-placed to benefit from
shoppers’ eagerness to spend are
the companies with the means and
scale to work around some of the
shipping snags to keep their
shelves well-stocked. Walmart,
Home Depot, Costco and Target
are among those paying for their
own chartered ships, for example,
which should allow them to bring
holiday-specific products most
likely to fly off the shelves. Mean-
while, retailers selling higher-value
goods such as electronics and lux-
ury items will be able to shell out
more for air freight compared with
dollar stores that sell cheaper
items. Sellers with nontraditional
sourcing models, such as Etsy, will
still face transportation delays but
could have an edge over tradi-
tional retail because those prod-
ucts are made in many people’s
homes or warehouses, not concen-
trated in a few factories abroad.
One wild card is whether con-
Intel’s Pat Gelsinger wants to make chips designed by other companies.
cooling demand. Intel shares fell
12% Friday, their first trading ses-
sion after the results and call, to
close at $49.46, their lowest price
of the year.
The revised margin projection
wasn’t a major surprise. Many ana-
lysts had been anticipating a gross-
margin decline as part of the com-
pany’s turnaround plan, with some
even projecting a drop below the
50% mark—which Intel hasn’t seen
in 20 years. But most were expect-
ing the company to give those de-
tails at an analyst meeting sched-
uled for next month. However, with
a search under way to replace retir-
ing George Davis as chief financial
officer, Intel said Thursday that it
has decided to delay that meeting
until February, so it delivered the
bad news early. That postponement
will give whoever takes over the job
an opportunity to participate in the
company’s planning process—and
avoid having to drop a bomb so
early in their tenure.
Intel will still have plenty of
tough questions to address when
the time comes. Chief Executive Pat
Gelsinger said Wednesday he be-
lieves Intel’s nascent foundry busi-
ness can eventually have a “very
LARS LEETARU
sumers will spend heavily on ma-
terial gifts—as they did last holi-
day season—when vaccinations are
allowing people to eat out and
travel again. A survey conducted
by Accenture showed that roughly
43% of consumers plan to redirect
their holiday-season spending to
gifts that don’t come in physical
packages.
A shopper who can’t find the
latest game console might opt for
a gift card from GameStop or
Steam to download video games
instead, for example. More people
may also opt for gift cards for res-
taurants or websites that offer ex-
periences like StubHub or
Groupon. Those that can’t find the
yoga pants or gym gear they want
for their friends may choose to get
fitness subscriptions for them in-
stead on Peloton or ClassPass.
Americans will spend plenty of
money this Christmas, but not ev-
ery retailer is going to get a pony.
—Justin Lahart and Jinjoo Lee
STEPHANE DE SAKUTIN/REUTERS
similar margin structure to the
leader in this business today”—
meaning Taiwan Semiconductor
Manufacturing. But TSMC has typi-
cally commanded lower gross mar-
gins than Intel, averaging just be-
low 50% over the past five years.
And the cost for chip makers to
stay competitive will keep rising.
TSMC affirmed in its own third-
quarter report earlier this month
that it intends to have about $30
billion in capital expenditure this
year compared with Intel’s pro-
jected range of $18 billion to $19
billion. Memory-chip maker Micron
announced new long-term invest-
ment plans this past week that also
represent a substantial step up rela-
tive to its history.
U.S. chip makers remain hopeful
for direct government support. Mr.
Gelsinger said that moving the ana-
lyst meeting back will also give the
company “a better view of the gov-
ernment investments from which
we expect to benefit.” Ultimately,
though, Intel will have to convince
investors that it has the technical
chops to regain pole position. With-
out that, checks from Uncle Sam
will only go so far.
—Dan Gallagher
P2JW296000-4-B01400-1--------XA

B14 | Saturday/Sunday, October 23 - 24, 2021 **** THE WALL STREET JOURNAL.

You get
to choose content
by age levels.

They get
to level up their
high jumps.
Filter their content, not their curiosity.
YouTube Kids is an app made just for
kids, that is loaded with parental
controls. So parents can do things like
filter the content their kids see based
on age, and kids can learn to jump
really, really, really high.

Parent setup is required.

Actual product video may vary from images shown.
P2JW296000-4-C00100-1--------XA

CULTURE | SCIENCE |
Listening to Baseball
For a century, radio has
been the perfect medium
for the game C3

POLITICS | HUMOR
REVIEW THE WALL STREET JOURNAL. ****
The Wilde One
The importance
of being Oscar
Books C7

Saturday/Sunday, October 23 - 24, 2021 | C1

The Bunk of
Generational Talk

E
veryone knows the drill by
now when it comes to classi-
fying Americans by genera-
tions. Baby Boomers, born be-
tween 1945 and 1964, are
portrayed as a selfish genera-
It’s time to set up a Facebook group where “we all pre-
tend to be boomers,” which has nearly
drop the silly 300,000 members, with content that’s a mix
of capitalized political rants (“MY GRANDSON
stereotypes FORGOT TO CALL ME ON MY BIRTHDAY.
THANKS OBAMA”), disgusting medical que-

tion who have “ruined every-
thing” for the young. Millen-
nials, born 1981 to 1996, are narcissists,
accused of “killing” institutions ranging from
marriage to the napkin industry. Gen Z, the
current youngest generation of adults born
since 1996, are called snowflakes, a coddled
cohort scared of “adulting.” If Generation X,
born 1965 to 1980, usually escapes the oppro-
brium, that’s only because it’s the overlooked
middle child among generational groups. As
about Baby
ries (“Good home remedies for anal trem-
ors?”) and incompetent use of graphics (“I’m
losing custody of the kids,” above an image of
Boomers, party balloons).
Most of this is just good fun, of course. But
Gen X, such stereotypes, myths and contrived con-
flicts can be genuinely destructive when they
Millennials and stand in the way of a real understanding of
generational differences, which shape our at-
Gen Z and titudes and behaviors on many key issues: re-
Please turn to page C2

discuss the real

U.K. journalist Jonathan Walker tweeted, they
are so irrelevant that people can’t even be
bothered to hate them. Mr. Duffy is a professor of public policy
These stereotypes generate endless satire
on social media. The hashtag #millennial-
issues faced by and director of the Policy Institute at
King’s College London. This essay is
problems collects fake tweets that play to the
absurdity of the clichés, such as “I cut my fin-
each age group. adapted from his new book, “The
Generation Myth: Why When You’re Born
ger slicing open an avocado and now I can’t Matters Less Than You Think,” which will
fix my topknot.” Two American 20-year-olds By Bobby Duffy be published on Nov. 9 by Basic Books.
ILLUSTRATIONS BY ROBERT NEUBECKER; ALAMY (BOOKS)

Inside
EVERYDAY PHYSICS
Poe at WEEKEND
CONFIDENTIAL
TABLE TALK

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eyes focus light and help Work The pandemic
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P2JW296000-4-C00200-1--------XA
C2 | Saturday/Sunday, October 23 - 24, 2021
Generation Myths
And Realities
Continued from the prior page
ligion, sexual activity, smoking,
drinking alcohol, connection to po-
litical parties and trust in other
people.
Our wrongheaded thinking about
generations leads us to focus on the
wrong problems. Headlines about
spendthrift young people, for exam-
ple, distract us from the huge shift
in economic policy in recent de-
cades toward the interests of older
people. We avoid facing up to a
challenge like climate change by
laying the blame on older genera-
tions while placing our expectations
for salvation on the coming genera-
tion. Across a range of issues, man-
ufacturing fake generational battles
denies us the benefits of intergener-
ational connection and solidarity.
For the 19th-century French soci-
ologist Auguste Comte, the genera-
tion was a key factor in “the basic
speed of human development.” “We
should not hide the fact that our so-
In 400 B.C., Socrates moaned about the
youth of his day and their ‘bad manners,
contempt for authority, disrespect for elders.’
cial progress rests essentially upon
death; which is to say that the suc-
cessive steps of humanity necessar-
ily require a continuous renova-
tion…from one generation to the
next,” Comte wrote. Generations
differ from one another, and that’s a
good thing, since it prevents society
turning into a “stagnant pond.”
But to see the true value of gen-
erational thinking, we need to dis-
card the clickbait headlines and bad
research. Consider, for example, the
idea that young people today are
fickle employees, prone to switching
jobs casually. A 2017 article in
Forbes examined “Millennials and
the Death of Loyalty.” It is true that
younger people change jobs more
often than older people—but that’s
always been true, and young people
today are no more flighty than in
the past. In fact, it’s older workers
who are moving more frequently
than past generations, and if any-
thing the young are holding on to
their jobs tighter than in the past,
given the tougher economic envi-
ronment. Similarly, it’s true that
young people today work fewer
hours than they did in the past, but
that’s because the working hours of
all age groups have seen a long-
term decline.
The idea that Millennials are par-
ticularly obsessed by material con-
cerns has been endlessly repeated
since a 2013 Time magazine cover
called them the “Me, Me, Me Gener-
ation.” In her 2017 book “iGen,”
Where Age Groups Agree and Disagree
Percentage of U.S. adults who say they think the rise in world temperature
caused by the greenhouse gas effect is ‘extremely’ or ‘very’ dangerous
100%
75
50
25
0 0
1993 2000
Source: U.S. General Social Survey
psychologist Jean
Twenge wrote that
young people today
“are very interested in
becoming well-off and
less focused on mean-
ing than previous gen-
erations.” This has
stuck with the public.
In a global online sur-
vey of 20,000 people
across 30 countries
that I conducted with
the research firm Ipsos,
the second most popu-
lar adjective picked out
to describe Gen Z was
“materialistic” (behind
“tech-savvy”).
But this misreads
the reality. The Euro-
pean Social Survey found that
young people are around twice as
likely as older people to say it’s im-
portant to them to be rich, but
that’s more a feature of youth than
a true generational difference. The
survey also shows that Millennials
attached less importance to mate-
rial ambitions as they got older, just
as Gen X did before them. Mixing up
lifecycle and generation effects cre-
ates lazy headlines based on fake
differences.
Our generational stereotypes are
also riven with contradictions.
While one myth claims the young
only care about cash, another paints
them as a new breed of social jus-
tice warriors. But their behavior as
consumers doesn’t bear out this
reputation. According to the Euro-
pean Social Survey, it’s actually
Baby Boomers who are most likely
to have boycotted a company in the
last 12 months, with Gen Z about
half as likely. By this measure at
least, “cancel culture” is more of a
middle-aged thing.
It is true that young people are at
the leading edge of change in cul-
tural norms around race, immigra-
tion, sexuality and gender identity.
For example, eight in 10 members of
Gen Z say there is nothing wrong
with sexual relations between peo-
ple of the same sex, compared with
around three in 10 of those born be-
fore World War II. But older people
have always fretted about the differ-
ent cultural norms of young people.
In 400 B.C., Socrates moaned about
the youth of his day and their “bad
manners, contempt for authority,
disrespect for elders.” Young people
are less set in their ways and more
Generation Z
Millennials
Generation X
Baby Boomers
Pre war
’10
REVIEW
comfortable with change than older
people; as Comte understood, that’s
how societies avoid going stale.
The gaps between young and old
on emergent cultural issues today
are no larger than gaps in the past.
Indeed, in many cases there were
bigger gaps between Baby Boomers
in their youth and their parents
than we see between young and old
today. For example, in 1990, over
60% of people born before
World War II agreed that it was
“much better for everyone if
the man was the achiever out-
side the home and the woman
takes care of the home and fam-
ily,” while under 30% of Baby
Boomers agreed. Today’s cohort
of young people isn’t unusual.
What’s really changed is the
more fractious political and
media context: The internet and
social media have given us the tools
to communicate our differences at
scale.
Among the more destructive gen-
erational myths is the idea that
older generations don’t care about
climate change and the fate of the
planet. It has crept into so many
discussions that it’s become an ac-
cepted truth. When Time magazine
named Greta Thunberg their per-
son of the year in 2019, they
called her a “standard-bearer in
a generational battle.” The singer
Billie Eilish was more direct in
an interview with the music mag-
azine NME: “Hopefully the adults
and the old people start
listening to us [about cli-
mate change]. Old people
are gonna die and don’t
really care if we die, but we
don’t wanna die yet.”
But this stereotype collapses
when you look at the evidence. A re-
cent survey by New Scientist maga-
zine and King’s College London
found that around six in 10 Ameri-
cans in all age groups say that cli-
mate change, biodiversity loss and
other environmental issues are big
enough problems that they justify
significant changes to people’s life-
styles. In fact, younger people are
most pessimistic about the impact
they themselves can have in tack-
ling climate change. Among Baby
Boomers, 53% disagree with the
idea that changing their behavior is
pointless, as compared with 34% of
Millennials.
The unthinking ageism that has
crept into much of the discussion
about climate change is a serious
problem, given the growing demo-
graphic weight and financial power
of the older population. Exaggerat-
ing the differences between genera-
tions on climate is a self-defeating
approach to a potentially existential
challenge. If we want a greener fu-
ture, we will need to act together,
uniting the generations rather than
Percentage of U.S. adults who say they view same-sex sexual
relations as ‘not wrong at all’
100%
75
50
25
1974 ’80 ’90 2000
****
trying to divide them.
Generational myths are also dan-
gerous because they distract us
from true changes caused by the
undeniably tougher economic cir-
cumstances facing younger genera-
tions. Baby Boomers enjoyed signifi-
cantly improved incomes in middle
age, earning around 25% more com-
pared with the Silent Generation
(born 1928 to 1945) when both co-
horts were 45 to 49 years old. But
Gen Xers had 5% lower real incomes
than Boomers when they were 45 to
49, while Millennials earned 5% less
than Gen Xers at 30 to 34.
The wealth gap between genera-
tions is even more dramatic. When
Baby Boomers were in their
mid-40s, they owned 40% of all
wealth in the U.S., but when Gen X
reached the same average age, they
only owned around 15%, according
to a 2019 analysis of Federal Re-
serve data by economist Gray Kim-
brough. A large part of the differ-
ence can be explained by the long
boom in housing prices and the
changing profile of home owner-
ship. In the U.S., Millennials are
around half as likely as Baby Boom-
ers to be homeowners. As a result,
people in developed countries in-
Generational myths distract us from true
changes caused by the undeniably
tougher economic circumstances
facing younger people.
creasingly doubt that today’s young
people will be better off than their
parents. The proportion of Ameri-
cans who think it’s unlikely their
kids will have a better future rose
from 25% in 1999 to 40% by 2019.
It’s not just economic factors at
play in this gloomy assessment.
There is also a real difference be-
tween generations in the frequency
of mental health disorders, particu-
larly among young women. A 2019
study by Dr. Twenge shows that the
Generation Z
Millennials
Generation X
Baby Boomers
Pre war
’10
THE WALL STREET JOURNAL.
Hippies in New York’s
Washington Square Park
in the 1960s, when the
‘generation gap’ was born.
proportion of U.S. adolescents re-
porting symptoms consistent with
major depression in the last 12
months increased from 8.7% in 2005
to 13.2% in 2017. There were no cor-
responding increases among other
age groups over this period, sug-
gesting that the cause might lie in
the growing centrality of smart-
phones and social media among the
young. And early signs are that the
Covid-19 pandemic has reinforced
this gap. For example, a shocking
40% of 18 to 21-year-olds in the U.K.
reported mental health conditions
in January 2021, much higher than
other age groups.
When there is such richness in
the realities, why are there so many
myths? It’s partly a product of a
new mini-industry of generational
market research and consulting,
which plays to executives’ anxiety
that they don’t have their fingers on
the pulse. In 2016 The Wall Street
Journal reported that, by one esti-
mate, U.S. companies spent up to
$70 million on “generational con-
sulting” the previous year, while
more than 400 LinkedIn users de-
scribed themselves solely as a “Mil-
lennial expert” or “Millennial con-
sultant.”
Politicians also play to genera-
tional differences, with Barack
Obama repeatedly lionizing coming
generations as more focused on
equality. In his autobiography “A
Promised Land,” Mr. Obama writes
that he remains hopeful because of
his faith in his fellow citizens, “es-
pecially those of the next genera-
tion, whose conviction in the equal
worth of all people seems to come
as second nature, and who insist on
making real those principles that
their parents and teachers told
them were true but perhaps never
fully believed themselves.” The evi-
dence does not suggest such a clean
break.
FROM TOP: TOPFOTO; ILLUSTRATIONS BY ROBERT NEUBECKER
The problem with such state-
ments isn’t the idea of generational
difference itself but rather how gen-
erational labels are applied. A more
accurate understanding of those dif-
ferences would help to reduce con-
flict at home, at work and in poli-
tics. It would remind us that
generations don’t have utterly dis-
tinct and unchanging characteris-
tics. People and societies change
over the long term in ways that no
stereotype about age cohorts can
begin to capture.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 23 - 24, 2021 | C3

REVIEW

BY JARED DIAMOND

A
s a child growing up
in the 1930s, Vin
Scully would take a
glass of milk, a plate
of crackers and a pil-
low into the living room of his fam-
ily’s walk-up apartment in the Wash-
ington Heights neighborhood of
Manhattan. He would crawl under-
neath a massive four-legged radio
console, put his head down and let
the sound of a baseball game wash
over him, like water rushing out
from a shower head.
“When I got old enough to really
express myself, I knew that it was
the radio that really brought me into
yearning to do baseball,” Mr. Scully
said. “The simple radio and baseball,
that was my springboard.”
Mr. Scully, now 93, spent 67 years
broadcasting Dodgers games, mov-
ing with the franchise from Brooklyn
to Los Angeles in 1958, and is widely
considered to be one of the best an-
nouncers in baseball history. He has
seen the dissemination of live base-
ball move from radio to television to
the internet, which allows anyone
with a smartphone to stream any

A Hundred Years of
game anywhere in the country.
But as technology has evolved, Vin Scully, the Dodgers’
the humble radio has endured, with broadcaster for 67 years,
the voice of the local broadcaster calls a game in 2016.

serving as the soundtrack to sum-
mer for generations of baseball fans.
Almost every day from April
through September, and into the
special season of October, baseball
on the radio is there—in the car
during a weekend road trip, at the
backyard cookout at grandma’s
house, at the beach.
This year’s World Series, starting
on Tuesday, marks a century of the
Fall Classic on the radio. On Oct. 5,
1921, a reporter from the Newark
Sunday Call stationed at the Polo
Grounds in upper Manhattan passed
reports by telegraph to the newspa-
per office. The sports editor relayed
information by phone to WJZ radio
announcer Thomas Cowan, who
would then repeat it for the listen-
ing audience. By the end of the
game, Cowan didn’t even know who
had won; it took all of his brain-
Listening to Baseball
Technology has changed since the World Series was first broadcast in 1921,
but the game and radio remain a perfect match.
another play unfolds, with little
room for extra talk.
But baseball has no clock to an-
chor the events on the field, allow-
ing radio announcers to tell ex-
tended stories between the pitches,
a hallmark trait of a great an-
nouncer. Mr. Scully, who in 1982
earned a place in the broadcaster’s
wing at the Hall of Fame in Cooper-
stown, N.Y., was famous for his abil-
wherever you are. Understanding
basketball or football on the radio
takes active listening. Baseball can
be listened to passively, the excite-
ment in the broadcaster’s voice dic-
tating the level of attention needed
at that moment.
“Radio means freedom,” Mr.
Scully said. “You have the radio on
and you can paint the garage. With
television, it’s a commitment. Radio
is your associate—you have it with
you and you’re listening while you’re
doing something else. Television,
you’re saying, ‘You’re the boss. I
can’t leave while you’re on.’”
For announcers, baseball on the
radio represents a blank canvas.
From his or her perch in the press
box high above home plate in stadi-
ums around the country, the an-
nouncer’s job is to fill it with color
in the form of words. A TV an-
nouncer has a different role—to ac-
centuate the main attraction, the
images on the screen.
Radio is far more intimate. To the
listeners, it so often feels like the
broadcaster on the other end of the
transmitter is speaking just to them.
Gary Cohen, the New York Mets’
play-by-play announcer on the SNY
television network after many years
calling Mets games on radio, says
that “all things being equal—and by
all things, I mean the money—most
people would choose to stay on ra-
dio.”
After a century of baseball on the
radio, what happens next? TV has
ruled sports for decades, and now
other options—like streaming and
social media—have given fans even FROM TOP: TOM TINGLE/THE ARIZONA REPUBLIC/ASSOCIATED PRESS; WEEGEE(ARTHUR FELLIG)/ICP/GETTY IMAGES

power simply to recite what he was
being told.
It was a primitive setup, but it
launched what has turned out to be
the perfect marriage between me-
dium and sport. Baseball has been
played since the 19th century, but it
might as well have been invented for
radio. “Television takes your imagi-
nation away,” said Al Michaels, the
longtime sportscaster who now calls
Sunday Night Football for NBC. “If
you’re listening to a game on the ra-
dio, you can dream along with the
game.”
Radio broadcasts exist for many
sports, but none of them work quite
as well as baseball. Ironically, that’s
because of a quality that today
might be the largest existential
threat to baseball: the languid pace
of the game. Basketball and hockey
are nonstop action, moving too fast
to truly appreciate with audio alone.
Football progresses at a consistent
rhythm: A team runs a play, analysts
discuss it for 30 seconds or so, then
ity to seamlessly weave innings-long
tales as the game played out. It was
an extended conversation with his
audience that lasted for nearly seven
decades. “If Vinny was telling a
story, I would just stop in the drive-
way and let the car idle, because I
had to hear the rest of the story,”
said Mr. Michaels.
The time of the average game has
ballooned to 3 hours, 11 minutes this
season—an all-time record—and Ma-
jor League Baseball is actively trying
to eliminate those dead moments.
Long games hurt TV ratings, which
bring in revenue in a way that radio
never could. In modern professional
sports TV ratings are king, and
baseball’s are declining, with fewer
people willing to commit three
hours to a sport played every day
for six months.
Radio requires no such commit-
ment, lending itself to how baseball
is ideally consumed: as a familiar
sound in the background as life goes
on, there for you when you want it,
more ways to get information about
sports into their brains. Last year,
the Oakland Athletics entered the
season without a terrestrial radio
station partner, meaning the only
way fans could hear games would be
using the team’s online streaming
platform. They eventually found a
radio partner later in the summer.
For half of this season, the Toronto
Blue Jays didn’t have a dedicated ra-
dio broadcast team, opting instead
for a simulcast aired on both TV and
radio. In July, the Blue Jays an-
nounced a radio-only broadcast
would return.
These episodes raised questions
about whether other teams might
move away from traditional radio.
Baseball on radio has lasted 100
years, surviving the rise of TV and
the internet. The practitioners of the
craft—and millions of people who
love the game—hope it lasts 100
more. “It’s a marvelous way to hear
American sailors listen to a baseball game on the beach at New York’s a sport,” Mr. Scully said. “Especially
Coney island, 1944. baseball.”

A French which also gave rise to “med-

dle,” “medley” and “melee” in
Over time, “melange” devel-
oped a number of more specific

Recipe for English. Ultimately, it goes

back to the Latin verb “mis-
cere,” the shared root for such
meanings for particular mix-
tures. In the cafes of Vienna in
the 1830s, the word was bor-

WORD ON
The Special words as “mix,” “miscella-
neous” and “promiscuous.”
rowed for a mix of steamed cof-
fee and frothed milk. Later in

THE STREET Spice of When “melange” entered

BEN
ZIMMER ‘Dune’
IN THE OPENING SCENES of
“Dune,” the science-fiction epic
that premieres this weekend in
American theaters and on HBO
Max, the character Chani,
played by Zendaya, introduces
viewers to her native planet.
the universe created by Frank
Herbert in his series of “Dune”
novels. Produced only on Arra-
kis, it is a sacred hallucinogen
with wondrous properties, ex-
tending the user’s lifespan and
also providing a kind of height-
ened awareness that makes in-
“Dune”-iverse. “Children of
Dune,” published in 1976, opens
a chapter with an imagined
dictionary entry. The first defi-
nition given for “mélange” is
“mixture of spices,” while the
second is the “spice of Arrakis
(Dune)” with its special proper-
English in the 17th century, it
served as a fancy term for
what might otherwise be called
a hodgepodge or mishmash, a
blending of incongruous ele-
ments. (Along with “melange”
and “medley,” French has sup-
plied other terms for such mix-
tures, including “pastiche” and
“potpourri.”)
In his 1653 work “Para-
doxes,” the English poet John
Hall, writing under the pen
name J. de la Salle, rhapsodizes
about women: “The sweet-
the 19th century, “melange”
could refer to certain textiles,
such as a fabric woven from cot-
ton and wool, or yarn spun from
fibers of different colors. In ge-
ology, a “melange” is a sedimen-
tary rock composed of a jumble
of disparate material.
When Frank Herbert com-
mandeered “melange” to name
the all-powerful spice of
“Dune,” he may have been in-
spired by culinary uses of the
term. A roundup of New Or-
leans cuisine syndicated in
newspapers in 1964, for in-

[Melange]
“My planet Arrakis is so beau-
tiful when the sun is low,”
Chani intones in a voice-over.
“Rolling over the sands, you
terstellar navigation possible.
Serious “Dune” fans know
that the spice is dubbed “me-
lange” in Herbert’s works, as
well as in an earlier film adap-
tation written and directed by
David Lynch in 1984. The latest
version from director Denis Vil-
leneuve doesn’t mention “me-
lange” by name (at least not in
ties. The entry even includes
an etymological note: “origin
uncertain (thought to derive
from ancient Terran Franzh).”
“Franzh” is doubtless the
language that we Terrans know
as French, which is indeed the
source of the word “me-
lange”—or “mélange” when ac-
cented in the French style.
nesses and killing languors of
their eyes, the meslange and
harmony of their colours.” And
in “Numismata,” a 1697 treatise
on ancient coins, John Evelyn
describes a metal alloy known
in antiquity as Corinthian
brass, which was thought to
fuse copper with gold and sil-
ver: “There were indeed many
stance, describes “tea that’s
treated to a melange of spices.”
Or perhaps, as Twitter user
HikerYote surmised in a widely
circulated 2018 tweet, Herbert
based the entire “Dune” cycle
on “a terrible pun”: “1. The
spice is called melange. 2. The
spice confers power and lon-
gevity. 3. Melange is a French
JAMES YANG

can see spice in the air.” this first of two planned cine- “Mélange” is derived from the exquisitely wrought Vessels word for variety.” The
That “spice,” we learn, is the matic installments), but it re- Old French verb “mesler,” said to be of that precious Me- punchline: “In other words, va-
most valuable commodity in mains a key term in Herbert’s meaning “to mix or mingle,” lange.” riety is the spice of life.”
P2JW296000-4-C00400-1--------XA

C4 | Saturday/Sunday, October 23 - 24, 2021 **** THE WALL STREET JOURNAL.

REVIEW

The Charm of Making

EVERYDAY PHYSICS
HELEN CZERSKI

Behind the
Spooky Eyes Foods You Usually Buy
Of Cats
HALLOWEEN IS ap-
proaching, and a whiff
of ghoulish menace is
squatting casually in
the darkness of Lon-
don’s evenings. Ghostly figures, sil-
houettes of witches and jagged
glowing teeth loom over me as I
walk home, but it’s their eyes that I
notice most: bright orbs watching
me through a pupil that is often a
dark vertical slit. That slit seems
like a warning, a signal that what-
ever is behind it is out to get you.
But owners of slit-shaped pupils
aren’t rare in our world: Along with
crocodiles and vipers, our cute
fluffy pet cats all have them. So why
are some eyes like this, and are they
really the ones to be afraid of?
The pupil of an eye serves a very
specific purpose: It’s the gatekeeper.
Light must pass through it to reach
the back of the eye where the light-
sensitive cells are. The pupil is
needed because when it comes to vi-
sion, more light isn’t always better.
Our eyes have an adjustable lens to
focus the light, but any lens can
only focus light from one distance
at a time, leaving the rest blurry.
Shrinking the pupil increases the
distance over which the image is in
focus—what photographers call the
“depth of field”—which in turn re-
duces blur. This is fine when enough
light can still come through the very
small pupil, but it doesn’t work in
the dark, and so there’s always a
trade-off. An animal’s pupil can tell
you a lot about that species, be-
cause it tells you which trade-offs
are most advantageous to them.
Across the animal kingdom, verti-
cal slit-shaped pupils overwhelm-
ingly belong to low-to-the-ground,
nighttime ambush predators who
also need to function during the
day. The muscle structure needed to
open and close a slit-shaped pupil is
simpler, and so in the brightest We all have mental barriers about which foods are too intimidating to prepare from
light, a cat can narrow its slits to
the tiniest sliver, and then open scratch. But once you go homemade, you may be spoiled for the packaged kind.
them up in the dark until they’re

round. A domestic cat can change
the area of its pupils (and therefore
the light it lets in) by a factor of
135, while we humans can only
change ours by a factor of 15. So
cats can see better than us in the
dark, betraying their evolutionary
origins as nighttime hunters millen-
nia before canned cat food was in-
TOMASZ WALENTA
O
ne of the most ro-
mantic moments I
ever witnessed
happened in a su-
permarket in the
ready-made sauces aisle. It was
before the pandemic, when gro-
cery shopping could be a fun date
rather than something done
masked and alone. A young
woman and man paused to look
at the shelves of bottled sauces:
pasta sauces, Thai green curry
sauce and the like. The woman
turned tenderly to the man and
said, “You have spoiled me for
sauce.” What she meant—it be-
came clear, as I eavesdropped—
was that the sauces he cooked for
her were so delicious that she
could no longer enjoy the ready-
made ones in a jar.
it’s because the packaged a can (and so much more
varieties of these foods delicious). From here, it
are now so ubiquitous might be a short step to
that we imagine them to making your own jam.
be much trickier to make One of the bestselling
than they actually are. cookbooks in the U.S.
There are plenty of this fall has been “An
traditional food cultures TABLE Unapologetic Cookbook”
where making staples TALK by a young chef named
from scratch—from Joshua Weissman, who is
BEE
cheese to bread—is less trying to persuade us to
WILSON
of a big deal than it make more foods, from
tends to be in the West. mayo to chicken stock,
One of the kings of DIY food is instead of buying them. Mr.
fermentation expert Sandor Katz. Weissman’s argument is that
In his latest masterpiece, “Sandor “you don’t know how much better
Katz’s Fermentation Journeys,” something can be until you make
he travels the world in search of it.” To this end, he offers fool-
delicious fermented things, from proof recipes for various items
pickles to tofu to kimchi. One that most of us would categorize
food that is definitely always a as foods to buy, from chicken
“buy” for me is vinegar, but Mr. nuggets to graham crackers to
Mr. Weissman’s recipe for butter
by whizzing heavy whipping
cream in a food processor for a
few minutes before straining and
rinsing in ice cold water. When
you see the finished pat of golden
butter, you think: “Wow, did I re-
ally make this?”
The truth is that no, you didn’t
really make this, unless you grow
all your own food as well as cook-
ing it. Scratch cooking is never
quite as scratch as it seems be-
cause to get back to the begin-
ning of a recipe you would have
to start with the soil or the seed
or the sun. My supposedly
scratch recipe for spaghetti car-
bonara would be nothing without
It’s rare to

Every cook seems to have their

vented. But the more interesting
trade-off is in the slit shape.
A cat—like its fellow nighttime
predators—effectively has a narrow
pupil in the horizontal direction but
a wide pupil in the vertical direc-
tion. So anything along the horizon-
tal plane is in beautiful sharp focus,
and the image is more blurred in
the vertical direction. But at the
right focal length, the image will be
perfectly in focus in both directions,
and that gives the cat an extra way
of judging distance.
An ambush predator needs to be
absolutely perfect at distance mea-
surements, because it only has one
chance to pounce. The slit gives the
cat a second way of doing this (the
other is the stereo images from
both eyes, which is how humans
judge distance); the two comple-
ment each other to produce pin-
point accuracy.
Out on the streets at Halloween,
this doesn’t sound reassuring. The
mysterious creatures staring at me
own rules about which foods
should always be prepared fresh
and which are better bought,
whether from a shop or restau-
rant. Some of these rules are cul-
tural, some are personal and
some are generational. It is a rare
person now who makes their own
ketchup (frankly, why bother?),
but pickle-making is on the rise
among the young.
In the 1980s, my mother used
to grind her own meat, using a
hefty metal mincing machine
screwed onto the kitchen table,
but she was happy to buy her
soup in cans: cream of tomato,
cream of mushroom, cream of
chicken. I’m the other way
around, as much a creature of my
times as my mother was of hers.
I make my soups fresh (to my
disappointment, I no longer enjoy
canned soup, even for nostalgia’s
sake) but think nothing of buying
ready-ground meat. This is partly
because I don’t own a mincing
machine but do own a stick
blender, which makes soup-mak-
ing a cinch.
How do we decide which foods
Katz’s description of making Jap-
anese persimmon vinegar was so
inviting that he made me want to
try it (although I may not have
the patience given that the recipe
takes 2 or 3 months to mature).
Few things are more exciting
as a cook than the moment when
you discover that a food you be-
lieved you had to buy is no trou-
ble to make. “I’m not the sort of
person who would ever make
their own cranberry sauce,” you
say. But then you try it and find
that the task of pouring fresh
cranberries and sugar and water
into a pan and heating the crim-
son berries until they burst is
scarcely more sweat than opening
Popular packaged
items such as butter,
pickles, cranberry
sauce and soup can be
surprisingly pleasing
to prepare at home.
hot sauce to butter. He even
makes his own ladyfingers:
spongy cookies that form the ba-
sis of tiramisu.
What is the point of making
your own butter or graham crack-
ers when you can buy them so
easily? Mr. Weissman offers a few
different reasons. He observes
that making your own graham
crackers—complete with poke
holes, pricked with a fork—”is an
instant ego boost, and also an
even bigger flavor boost.” As for
butter, his point is that it is “an
essential learning process” to
find out how to make “one of the
greatest foods on the planet.” It’s
certainly a fun project to follow
make your
own ketch-
up (why
bother?),
but pickle-
making is
on the rise.
the skill of the cheese-maker who
made the Parmigiano, the curer
who made the pancetta or guan-
ciale and the chickens who laid
the eggs. Behind every suppos-
edly raw ingredient in our shops
and markets there are farmers
and packers and processors and
delivery drivers (among others)
whose labor is largely hidden
from us.
Carl Sagan, the astronomer, fa-
mously said that in order to make
an apple pie truly from scratch
you must “first invent the uni-
verse.” The British food writer
Ella Risbridger, author of “Mid-
night Chicken (& Other Recipes
Worth Living For)” argues that
pre-prepared ingredients are to
ILLUSTRATION BY VIDHYA NAGARAJAN; GETTY IMAGES (4)

from the seasonal decorations with
slit-shaped eyes are definitely noc-
turnal ambush predators, capable of
pinpointing my position extremely
accurately. But since their slits are
closed up and narrow rather than
wide open and round, they’re cut-
ting out most of the light from the
street. And that means they almost
certainly can’t see me in the dark.
So I can skip through the Halloween
zoo unseen, safe because physics is
hiding me.
to make from scratch and which be celebrated precisely because
to buy? We each have our own they make it easier for us to
mental barriers about foods that cook. “There is no shame at all,”
are too intimidating to prepare, she writes, “in buying pre-rolled
but once tried, the homemade puff pastry.” Ms. Risbridger
version will often spoil you for makes a “Squash Skillet Pie’ from
the packaged version. In my ex- pre-chopped squash, pre-rolled
perience, people treat you as puff pastry and canned chickpeas.
some kind of genius if you serve It’s delicious and all the more so
them home-made pesto or flat- because it is so forgiving on the
breads even though both of these cook. Some of the best meals are
are the work of a few minutes if neither “buy” nor “make” but
you have the ingredients. I think half and half.
P2JW296000-4-C00500-1--------XA
THE WALL STREET JOURNAL.
BY CATHERINE BAAB-MUGUIRA
E
dgar Allan Poe came
of age in a literal
marketplace. Or-
phaned before age 3,
he was informally
adopted by John Allan, a trader
whose import-export business
dealt in consumer goods as well
as cotton and tobacco. As a teen-
ager he wrote his first poems on
the back of Allan’s business re-
cords.
Poe is remembered as the in-
ventor of the horror genre, thanks
to Halloween-friendly poems and
stories like “The Raven” and “The
Tell-tale Heart.” But his creative
work can be seen as another kind
of business enterprise, charting
his valiant but often futile at-
tempts to “coin one’s brain into
silver.” This makes him an in-
structive example today, when
new technologies mean that cre-
ators face some of the very same
problems that they did in the 19th
century, including an oversupplied
market and the proliferation of
free content.
Poe’s literary career was a se-
ries of what he called “novel com-
binations”—desperate attempts to
earn a living at a time when the
rules of the literary marketplace
were stacked against him. In two
decades as a professional writer
before his death in 1849 at the age
of 40, Poe is estimated to have
earned about $200,000 in today’s
dollars—an average of just
$10,000 a year. One of the chief
problems for writers at the time
was the absence of international
copyright law, which meant that
American publishers could freely
reprint European authors’ work,
leaving them understandably re-
luctant to pay for manuscripts by
American writers.
“Without an international
copyright law, American authors
may as well cut their throats,” Poe
told a friend in an 1842 letter. In
an article in 1845, he went so far
as to portray the “copyright ques-
tion” as a threat to democracy. As
Poe saw it, the danger emerged
from multiple directions. First, the
lack of intellectual-property pro-
tections repressed “the efforts of
our men of genius,” because only
the wealthy could afford to pursue
creative work. European reading
material might also carry “monar-
chical or aristocratical sentiment.”
But “by far the most important
consideration of all,” Poe said,
was the “insult and injury” perpe-
trated upon “the whole active In-
tellect of the world—the bitter
and fatal resentment excited in
the universal heart of Literature.”
It hurt America’s national charac-
ter to have such an “open and
continuous wrong” in plain sight.
The practical effect was to
force American writers into the
periodical market, which Poe
termed “the Magazine prison-
house.” But here, too, an abun-
dance of supply led to low rates,
and worse still, magazine propri-
etors rarely paid on time. As Poe
scholar Terence Whalen has
LOOK AND LEARN/BRIDGEMAN IMAGES
noted, it is no coincidence that
Poe’s characters were often ag-
grieved, disinherited men bent on
revenge.
And who can blame him? Few
artists want to cater to the mar-
ketplace to earn their living.
While he would have preferred to
concentrate on writing books, Poe
© JOHN DOLAN
* * * *
REVIEW
The Business of Being
Edgar Allan Poe
Like many artists and writers today, the author of ’The Raven’
struggled to make a living in a tough market for creators.
instead spent his A 1910 illustration for. But in recent de-
time churning out by Charles Mills cades Facebook and
essays and reviews, Sheldon shows Google have made
which were often Edgar Allan Poe available a flood of
paid on a per-page at work. free, user-created
basis. Likewise, content, once again
while his first making it more diffi-
choice was to write Romantic po- cult for writers and artists to earn
etry, he turned to producing short a living. The abundance of free or
stories in the more commercial low-cost self-published books on
gothic-horror genre. Amazon’s Kindle Direct Publishing
The irony is that Poe had these drives down demand for tradition-
market conditions to thank for his ally published books, which rely
greatest success. Forced to write on agents and editors to screen
for quick cash, and justifiably an- for quality. YouTube videos must
gry at his era’s prevailing financial rack up millions of views to earn
and legal framework, he produced creators even a modest paycheck,
the short, lurid tales of revenge which encourages them to cater to
and murder that now make him the largest possible audience.
beloved around the world. To out- To retain some individuality
pace the theft of his intellectual while appealing to a mass audi-
property, he combined literary el- ence remains a bedeviling prob-
ements old and new to create lem for those who write, paint,
genres that became hugely popu- sing, play the accordion or tell
lar, such as the closed-room mys- jokes. Art is created out of what
tery in “The Purloined Letter” and Poe described as the “flimsy ma-
the detective story in “The Mur- terial” of the brain. Traditional as-
ders in the Rue Morgue.” sets such as stocks and real estate
In the 21st century, intellectual- are difficult enough to value, but
property law has changed, and with a short story, discounting fu-
writers enjoy some of the copy- ture cash flows to reach a present
right protections that Poe hoped value is even harder, because its
EXHIBIT
WEDDING DAY
EPIPHANIES
“WEDDINGS EXIST AT the
crossroads of everything I love to
photograph: families, lovers, ner-
vous people,” writes John Dolan
in his new book “The Perfect Im-
perfect” (Damiani), a collection of
photos of weddings. Mr. Dolan,
who has photographed more
than 350 weddings
over 35 years, mainly
offers images cap- A bride at her
tured on the fly, with wedding in
occasional blurs re- Millbrook, N.Y.,
flecting the euphoric 2008.
and furious pace of
the day.
Romance takes many forms in
these pictures, from an elderly
woman kissing her surprised-
looking partner to a couple danc-
ing on a foggy dirt road, with
Saturday/Sunday, October 23 - 24, 2021 | C5
long-term reception is unpredict-
able. When artists innovate, it can
take decades or longer for the
value of that innovation to
emerge. Poe was a pauper in his
lifetime, but now that his work is
out of copyright and anyone can
reprint it for free, his popularity
is flourishing as never before. He
continues to inspire work in new
genres and media, recently ap-
pearing in holographic form as a
character in the Netflix sci-fi se-
ries “Altered Carbon.”
Poe’s example suggests that for
creators in a challenging market-
place, the best way out is through.
In the short term, a saturated
market may hurt the individual
artist’s ability to earn a living. But
it also allows for the mass audi-
ences, and even the perverse
working conditions, that can turn
a struggling freelancer into a clas-
sic.
This essay is adapted from Ms.
Baab-Muguira’s new book “Poe
for Your Problems: Uncommon
Advice from History’s Least
Likely Self-Help Guru” (Running
Press).
strings of lights and guests
barely visible. A woman holding a
bouquet near the water’s edge in
Shelter Island, N.Y., seems to be
literally jumping for joy, while in
Rome, Italy, a bride grins at the
camera as a man tries to adjust
her sparkly shoe and a waiter ig-
nores them. Behind
them all is a centu-
ries-old marble effigy
of a dead woman,
with an inscription
memorializing her.
And in Hudson, N.Y., a
festive table waits for
guests while showers of sunlight
pour down from high windows,
as if the lighting designer were
Cupid.
—Peter Saenger
ASK ARIELY
DAN ARIELY
You’re More
Likable Than
You Think
Dear Dan,
This past weekend I at-
tended a wedding. I en-
joyed getting to know
the people at my table,
but I can’t stop worrying about the
impression I left on them, and
whether I may have come across as
boring. I would like to meet up with
these people again, but I am hesi-
tant to contact them after this terri-
ble first encounter. What do you
think I should do? —Laura
On average, we tend to be more lik-
able than we think we are. Yet most
people hold very low opinions of
themselves, and especially of their
conversational abilities. This mis-
match between our perceptions of
ourselves and others’ opinions of us
is known as the “liking gap.”
The liking gap was first demon-
strated in 2018. Researchers ran-
domly paired people for 5-minute
conversations, after which each was
asked to rate how much they liked
the other and how much they be-
lieved their partner liked them.
Overall, participants made better
impressions than they thought they
had and underestimated how much
their partners liked them.
The truth may be that we spend
so much time and energy worrying
about our own behavior and the im-
pressions we’re giving out that we
miss positive signals from others,
such as smiles and laughter. It may
be useful to remember that your
conversation partners are also likely
to be worrying about their own be-
havior and impressions, leaving
them little capacity to really pay at-
tention to you. Ask yourself if you
remember and care about every lit-
tle mistake your conversation part-
ner made. Assume that your conver-
sation partner is as generous as you
are in judging other people and re-
members as few of their small mis-
takes. Chances are that you are
much more likable than you think
you are, so go ahead and contact the
other guests from the wedding.
RUTH GWILY
Dear Dan,
Why do I always run out of money
at the end of the month, even though
I’ve created a budget and try very
hard to stick to it? —Brandon
Budgets can be a helpful tool when
it comes to forecasting spending on
frequently occurring purchases like
groceries and gas. Most people,
however, fail to account for ex-
penses that feel exceptional and
don’t fit a particular recurring
spending category, such as fixing the
refrigerator or buying a birthday
gift for a friend. Exceptional pur-
chases are seen as one-offs: we
don’t normally spend on any one of
them, and so we don’t make them
part of our monthly budgets.
However, while it is unlikely we’ll
need to fix our refrigerator next
month, chances are we will have
other exceptional expenses, such as
new eyeglasses or a car inspection.
These types of expenses add up, and
before you know it, you’ve over-
spent.
By their nature, exceptional ex-
penses don’t fit any budget category,
and so it is hard to account for
them. For example, it would make
no sense to create a budget for re-
pairing refrigerators, or even one
for repairing appliances more gener-
ally. My suggestion is that you look
back at the last year, try to estimate
the magnitude of your monthly ex-
ceptional expenses and make a bud-
get that takes this sum into account.
Sure, your budget will be less clean
and less satisfying, but it may be
more realistic.
Have a dilemma for Dan?
Email your question to:
AskAriely@wsj.com
Questions may be edited or revised.
P2JW296000-4-C00600-1--------XA
C6 | Saturday/Sunday, October 23 - 24, 2021
A
merica’s slow-
moving immigra-
tion bureaucracy
may have
changed the his-
tory of rock and roll. When
Ringo Starr was 18, still going
by his given name Richard
Starkey and working in a fac-
tory in the U.K., he and a
friend decided to move to the
U.S. to be closer to the blues
and country musicians they
revered. They zeroed in on
Houston when they learned
that it was the home of blues
great Lightnin’ Hopkins.
“I figured they had a fac-
tory there where I could work,
too,” says Mr. Starr. They went
to the American consulate and
filled out visa forms. But when
they returned, eager to pick
up their papers and cross the
pond, “they gave us more
forms,” Mr. Starr recalls. “I
don’t know if you were ever
18, but that’s the wrong thing
to do to teenagers! We went,
‘More forms?! Rats.’ And we
ripped them up and went on
our way.”
Shortly after, Mr. Starr
joined the popular group Rory
Storm and the Hurricanes.
“And from then on things were
good,” he says. When he was
20, the band got a three-
month-long gig, allowing him
to quit the factory. Two years
later he joined the Beatles,
starting on a trajectory that
would change the world. “Who
knew?” Mr. Starr says with a
wry smile over Zoom from his
home studio in Los Angeles.
“That’s life and sliding doors
isn’t it? You make this choice
or that choice…you turn left or
right. It’s so random.”
What wasn’t random was
what happened to the Beatles
after Mr. Starr joined on Aug.
18, 1962: They got a lot better.
“From that moment on it
gelled,” guitarist George Harri-
son said in 1998. “The Beatles
just went on to a different
level.”
Mr. Starr’s joining was the
beginning of the Beatles as we
know them. Now the band’s
ending is being seen in a new
light, with the release of a
new special edition of their
last album, “Let It Be,” featur-
ing rehearsals, outtakes and
alternate versions. The edi-
tion, available on LPs, CDs, down-
load and streaming, also includes a
new book, “The Beatles: Get Back,”
the companion volume to a new six-
hour documentary series directed
by Peter Jackson,
The series, which debuts Nov. 25
on Disney+, includes footage filmed
for the 1970 documentary “Let It
Be,” which was released shortly af-
The pandemic didn’t stop the Beatles’ drummer from making new music.
ter the album. The film depicted a
group that was splitting apart, only
pulling it together for a rooftop per- unused material—56 hours!—which
formance that was their final live Peter went through with a fine-
appearance. The new series paints a toothed comb. He found a lot of
broader picture, with the Fab Four great footage that needed to be
laughing, collaborating and func- seen for people to understand what
tioning like a unit. Mr. Starr says we were really like.” As Mr. Starr
that he is thrilled for the public to remembers it, “No matter what the
see this perspective. mood was, if you did a count-in, no-
“I never liked the first one,” he body let you down. We were in it to
says. “It’s two hours of misery with the best of our abilities. I love that
no sign of any joy, [except] the roof memory. It was psychic; I’d be play-
footage. Then we found 56 hours of ing away and we’re all in sync.
The Whistleblowers
Are in All the
Wrong Places
MOVING
TARGETS
WHISTLEBLOWERS ARE always
JOE appearing before congressional
QUEENAN committees and revealing that
big companies are hiding the
flaws and dangers of their prod-
ucts from the public. But is there
Can any reason whistleblowing has to
be limited to tech giants like
someone Facebook? Not really.
expose As I see it, there are lots of
the real other areas of American life in
desperate need of whistleblow-
truth ers:
about Contemporary country mu-
sic. Critics wonder why every
leaf country song is about the same
blowers old achy-break heartbreak, that
or hard-drinking man that left me
high and dry, that lying Jezebel
country that broke up our happy home.
music? And, oh yes, that tractor I so
dearly love.
A whistleblower reveals that
there are thousands of country
songs that aren’t stupid and in-
terchangeable—songs that deal
REVIEW
WEEKEND CONFIDENTIAL | ALAN PAUL
Ringo Starr
Paul’s falling back in and John is Band in 1989. During the pandemic
catching the groove and George is he recorded two EP’s—“Zoom In,”
right on it. We knew each other released in March, and “Change The
very, very well.” World,” released last month.
Mr. Starr attributes the Beatles’
productivity—they recorded 13 al- cord and release music while largely
bums in seven years—to “Paul being homebound “a blessing.” These nine
such a workaholic. The other three tracks are joyous expressions of op-
of us liked to sit around the garden timism. They were largely recorded
and have a puff.” But Mr. Starr, 81, in his home studio, where he
has certainly remained consistently worked with collaborators including
active since forming his All-Starr Toto guitarist Steve Lukather, Eric
with topics like deep,
enduring love and
wonderful marriages
and dating guys who
aren’t likely to wrap
the F-150 around that
old oak tree. But the
powers-that-be delib-
erately withhold these songs a Machiavellian plot to encour-
from the public. Why? age consumers to put on a few
“Country music executives extra pounds. Otherwise, the
know that every song sounds ex- baggy, billowy jeans make you
actly the same,” the whistle- look as if you were wearing
blower asserts. “But that’s the clown pants.
way supermarkets and gas sta- According to a highly placed
tions and dentists’ offices want whistleblower, jeans makers col-
it. If country music went back to lude with ice cream companies
being twangy and daring, and and confectioners to trick the
sounded like it had something to public into gaining weight so
do with the country or the West, that their relaxed-fit jeans will
bank managers would stop look less stupid. Kickbacks are
pumping it into the lobby.” rampant, with merchants encour-
Manufacturers of “relaxed- aged to hide all the slim-fit jeans
fit” jeans. Relaxed-fit jeans, or only order them with a 24-
aimed at the slightly puffy, the inch waist. Faced with such ad-
middle-aged, or both are part of versity, consumers have no
****
He calls the ability to write, re-
choice but to purchase
excessively roomy jeans
and then start slam-
ming away the bacon-
double-cheeseburgers.
Major League Base-
ball. The powers-that-
be know how boring
baseball is; they made it
that way. A highly
ranked MLB executive
turned whistleblower
has revealed all: Though
the league keeps acting
like it’s the players’
fault that games last
four hours, in fact, pitchers re-
ceive under-the-table bribes to
endlessly readjust their caps and
fool around with the rosin bag
between throws, and batters are
instructed to step out of the bat-
ter’s box and foul off perfectly
good pitches.
Baseball is engineered to be
long and annoying because that
makes fans drink more—not just
in the stadium, but at home—
and the alcohol-producing spon-
sors like that. MLB even has top-
secret algorithms figuring out
ways to make baseball even more
annoying, like having Alex Rodri-
guez announce double-headers.
THE WALL STREET JOURNAL.
Clapton bassist Nathan East,
Tom Petty keyboardist Ben-
mont Tench and Eagles guitar-
ist Joe Walsh, Mr. Starr’s
brother-in-law. Most others
who played on the EPs, includ-
ing Paul McCartney, recorded
their tracks remotely.
“We send files back and
forth and that’s how we work
these days, because not a lot
of us want to really hang out,”
says Mr. Starr. “We’re all
pretty cautious. We’ve had the
jabs, and I don’t go out a lot.
Since June I’ve been out of the
house once. We’ve been very
serious about the pandemic.”
Mr. Starr formed the All-
Starr Band shortly after com-
ing out of rehab for a serious
‘I love that
memory. It was
psychic; I’d be
playing away and
we’re all in sync.’
drinking problem. At that
point he had only played a
handful of one-off perfor-
mances since the Beatles’ last
tour in 1966—most memorably
at George Harrison’s 1971
“Concert for Bangladesh” and
The Band’s 1976 farewell show
“The Last Waltz.” He’s since
made up for lost time, touring
steadily with a rotating group
of musicians. There have been
close to 50 All Starrs, includ-
ing The Band’s Levon Helm
and Rick Danko, Bruce Spring-
steen’s E Street Band members
Nils Lofgren and Clarence
Clemons, and piano great Dr.
John.
Many fans view Mr. Starr as
being just as much of an inspi-
ration for his sobriety as he is
for his music—an idea he
shrugs off. “I’m just a man
who hasn’t had a drink in 30-
odd years, who had a lot to
drink before that and became
very informed, more informed
[about sobriety] than about
playing or anything else,” he
says.
The pandemic forced the
cancellation of touring, and
Mr. Starr says he can’t wait
until he can get back on the
road. He is physically fit and
exudes positive energy, smiling and
joking constantly. His first words
for this interview were, “How’s the
stocks and shares in The Wall Street
Journal?” He has a consistent but
simple health routine: “I get up in
the morning, meditate, have a good
breakfast and usually go to the
gym,” he says. “I have a trainer
three times a week and usually do
something on my own a few times a
week as well, just to keep moving.
Also, I’m a vegetarian so I don’t
have to spend a year digesting beef.
You don’t need a lot of food, just
enough.”
He’s also grounded by his 40-
year marriage to actress Barbara
Bach, who accompanied him to re-
SCOTT ROBERT RITCHIE
hab and is usually by his side. “We
got married 40 years ago and we’re
still here,” Mr. Starr says. “We’re
still supporting each other and lov-
ing each other. It’s cool.”
The leaf-blowing industry.
The industry, which now employs
22 million people, has mountains
of research proving that it is
possible to build a noiseless leaf
blower. But that information has
been deep-sixed. A whistleblower
with hearing and asthma issues
reveals that the industry knows
how annoying and harmful to the
environment its products are.
What the public doesn’t know is
that the industry is run by dysto-
pian schemers that are just plain
evil. It’s got nothing to do with
money. These guys are just flat-
out tools of Satan.
The DMV. People constantly
wonder why DMV clerks are so
abusive and mean. A whistle-
blower with a nice disposition
reveals that states go out of their
way to hire hostile, unhelpful
people because otherwise these
mean people would go to work
for the U.S. Postal Service, which
would make society even worse.
And yes, the DMV uses secret al-
gorithms to track down the nas-
tiest people in America and bring
them on board. Though she can’t
PETER ARKLE
prove it, the whistleblower be-
lieves that the algorithms are
supplied by Amtrak.
P2JW296000-4-C00700-1--------XA
Reel Literature
How Merchant Ivory
brought great novels
to the big screen C12
READ ONLINE AT WSJ.COM/BOOKSHELF
The Very Essence of Aestheticism
‘The great drama,’ Wilde once quipped, ‘is that I’ve put my genius into my life; all I’ve put into my works is my talent.’
Oscar Wilde: A Life
By Matthew Sturgis
Knopf, 838 pages, $40
BY BROOKE ALLEN
I
N NANCY MITFORD’S “The
Pursuit of Love,” the young
narrator, Fanny—this is circa
World War I—asks her Aunt
Sadie what mysterious crime
Oscar Wilde had committed. Sadie,
greatly flustered, admits that she
never actually knew, but that whatever
it was, it was dreadfully bad, worse
than murder.
O tempora! O mores! A century
later, and Wilde has risen to the rank
of secular saint, a queer martyr. In the
1997 biofilm “Wilde,” Stephen Fry
played the role on a single note of
dignified forbearance, showing the
disgraced author enduring the humil-
iations and rigors of his prison and
post-prison years with high-minded
stoicism. No doubt the real Oscar
Wilde was dignified some of the time,
and certainly he deflected pain with
graceful humor on many occasions,
but that was not his characteristic
pose: Just as often, he wept, drank
and wallowed in self-pity. And as
Matthew Sturgis demonstrates in his
exhaustively researched, enlightening
and lively new biography of Wilde—
a “definitive” biography if there ever
was one—Wilde behaved with consis-
tent recklessness and self-indulgence.
The fact that many of his sexual con-
quests were underage ought at least to
raise some eyebrows in today’s world,
and surely would do so if Wilde had
been heterosexual, but such behavior
does not seem to have dulled the
moral sheen that has been accorded
him in our modern tendency to “cele-
brate” queer lives.
Once there were seven deadly sins.
Which did Wilde indulge in? Lust?
Of course. Gluttony? Ditto. Avarice?
It was not a ruling passion, but luxu-
ries cost money and thus money had
to be found: “I couldn’t really have
anything but Chippendale and satin-
wood—I shouldn’t have been able to
write.” His sin was not to hoard but to
spend too freely—and to spend other
people’s money as freely as his own.
Envy? No, he seemed free of this vice;
he very much enjoyed being Oscar
LIBRARY OF CONGRESS
Wilde as long as that venture was
going well. Pride? Not of the theo-
logical or spiritual variety, but he
possessed arrogance aplenty. (Success
“did not make him humble,” Mr. Stur-
gis comments; “it made him insuffer-
able.”) Sloth was not a habitual prob-
lem, although the trauma of prison
seemed to break his capacity for con-
centrated work. Wrath? No, not at all;
he could not even sustain it against
the two persons who harmed him
the most, Lord Alfred Douglas—the
beautiful blond Bosie—and Bosie’s
“libelous” father, the Marquess of
Queensberry.
On the contrary, Mr. Sturgis’s
chronicle repeatedly demonstrates
Why
We Hate
The Other
Of Fear and Strangers
By George Makari
Norton, 346 pages, $27.95
BY ADAM KUPER
G
EORGE MAKARI’S con-
cern with xenophobia
goes back to a child-
hood trauma. In 1974,
at the age of 13, he was
taken on a family visit to his parents’
native Lebanon. Suddenly, the trav-
elers found themselves caught in the
midst of what would become a civil
war. “To me, it was bizarre,” Dr. Ma-
kari recalls in “Of Fear and Strangers:
A History of Xenophobia.” He con-
tinues: “All these bewildering sects
were far more alike than different. All
were Levantines who spoke the same
dialect; all loved the same punning
humor, devoured the same cuisine,
abided by strict rules of hospitality,
and approached any purchase as a
three-act play: bargain, stage a walk-
out, then settle. They were quick
with proverbs and went agog when
Fairuz sang. And yet, subtle distinc-
THE TALK OF THE TOWN Wilde in New York City, ca. 1882-83.
that whatever his sins, and they were
manifold, Oscar Wilde was above all a
nice man: generous when in funds,
thoughtful, of a “conciliatory nature.”
His famous charm was of the rare
variety that makes others feel appre-
ciated and listened to; friends recalled
him as “smiling, eager, full of life and
the joy of living and, above all, given
to unmeasured praise of whatever and
whoever pleased him.” Bernard Ber-
tions in their identities
now meant life or
death.”
Today, Dr. Makari,
a psychiatrist, psycho-
analyst and the director
of Weill Cornell’s De-
Witt Wallace Institute
of Psychiatry, sees
xenophobia as a threat
to social peace, not
only in the Middle East
but also in Europe and
North America, where
recent political convul-
sions have been driven
by a bristling hostility
toward strangers and
outsiders. Dr. Makari
FPG/GETTY IMAGES
is clear that a lot of
different impulses are
often conflated here:
“ethnocentrism, ultra-
nationalism, racism, THE TEEMING SHORE An immigrant family on Ellis Island,
misogyny, sexism, anti- ca. 1930s.
Semitism, homophobia,
transphobia, or Islamophobia.” What
might they have in common? “Is there “xenophobia” to the 1880s, when psy- proved formative. The first pitted the
any one term specific enough to not chiatrists came up with a variety of Puritans, who were themselves refugees
be meaningless, while broad enough “phobias” apparently caused by trau- from religious persecution, against
to allow us to consider whatever matic experience. “Hydrophobia”—a Native Americans. The second was the
common strands exist between these fear of water—was an old term for forced migration and enslavement of
phenomena?” He thinks that there is: rabies. There followed a rash of other millions of Africans by descendants
xenophobia. And if all these disorders phobias, from claustrophobia to my per- of the country’s European settlers. The
are variants of the same affliction, then sonal favorite, phobophobia—the fear of third was provoked by the migrants,
perhaps they have the same cause being frightened. (One commentator first from Europe, then from Asia, who
and might be susceptible to the same remarked that the number of phobias arrived after the Civil War largely for
treatment.
BOOKS
THE WALL STREET JOURNAL.
enson found him “the kindest man
imaginable.”
Why, one might ask, do we need
another biography of Wilde? He has
already received three major treat-
ments—by Hesketh Pearson (1946),
H. Montgomery Hyde (1975) and, most
recently and notably, Richard Ellmann
(1987). Mr. Sturgis, an expert on the
fin de siècle who has penned engross-
ing biographies of Walter Sickert and
Dr. Makari traces the invention of different segments of the population
seemed limited only by an Ancient economic reasons.
The Long, Broad View
A rip-roaring
history of the humble
index fund C9
**** Saturday/Sunday, October 23 - 24, 2021 | C7
of Wilde’s partner in decadence Aubrey
Beardsley, cites deficiencies in Ell-
mann’s chronicle, including inaccura-
cies (a point that has long been made
by Wilde’s grandson and keeper of the
flame, Merlin Holland) and a tendency
to take the mythology that has accrued
around Wilde at face value.
Also, he points out, a great deal
of new material and research has
appeared in recent decades, such as
Greek dictionary.) Xeno-
phobia entered a medi-
cal dictionary in 1916
as a “morbid dread of
meeting strangers.”
Like many psychiat-
ric classifications, early
definitions of xenopho-
bia covered too much
ground. What began as
a psychiatric diagnosis
would soon be used to
describe the fury with
which colonized popu-
lations often turned on
settlers. These settlers,
in turn, would be ac-
cused of xenophobia by
the critics of colonial-
ism, as waves of migra-
tions in the years lead-
ing up to World War I
provoked fears of a loss
of national identity.
In the U.S., three
confrontations between
the complete transcript of the trial of
Wilde’s disastrous libel action against
the Marquess of Queensberry. (Indeed,
we learn rather more than we wish to
know about Wilde’s sexual practices
from the testimony, provided from
Wilde’s own trial, of fetching young
waiters and toothsome bellboys.) Pre-
viously unknown letters have also
been unearthed, and specialist studies
published. Mr. Sturgis felt that by inte-
grating all this material into the story,
he could “return Wilde to his times
and to the facts. To view him with a
historian’s eye, to give a sense of con-
tingency, to chart his own experience
of his life as he experienced it.” In this
he has succeeded remarkably well.
“Oscar Wilde: A Life” does not portray
a modern hero, or a gay martyr, or a
misunderstood genius: It is the story
of the man in full, with flaws and fine
qualities almost equally balanced.
“Somehow or other I’ll be famous,
and if not famous, I’ll be notorious,”
the young Wilde declared. As Mr.
Sturgis illustrates, a feeling for self-
dramatization came to him very early,
Here, at last, is a portrait
of Wilde in full, with
flaws and fine qualities
almost equally balanced.
and was encouraged in the convers-
aziones held by his equally striking
mother (known throughout Ireland as
the poet “Speranza”) in the family’s
Dublin townhouse. As Mr. Sturgis
follows Wilde through his first 25
years we are made privy to the emer-
gence of “Oscar Wilde,” a deliberately
cultivated persona; Wilde “sought to
become the very essence of Aesthe-
ticism” and to turn his life, as he
famously said, into a work of art.
In the creation of his chosen per-
sona he drew inspiration from some
powerful mentors: the art critic John
Ruskin, whose lectures Wilde attended
at Oxford; another Oxford don, Walter
Pater, whose “Studies in the History
of the Renaissance” Wilde called “the
golden book of spirit and sense, the
holy writ of beauty,” and whose gath-
erings of male undergraduates were
conducted in “an atmosphere that
delicately blurred the border between
pedagogy and pederasty”; and James
McNeill Whistler, who eventually
turned on the younger man when
Wilde started outplaying him at his
own aesthetic games.
Wilde’s affected languor was, at
least in his early days, mostly a pose;
in private he studied hard at uni-
versity, and labored to develop his
epigrammatic, apparently nonchalant
literary style. Mr. Sturgis remarks on
“the gap between the calculated exag-
gerations of his public persona and the
patent intelligence of his private self,”
and a journalist who interviewed the
Please turn to page C9
Dr. Makari notes that in 1860 60% of
the white population in the U.S. was of
British origin, while 35% were broadly
classified as German. By 1914, after 20
million immigrants had passed through
American ports, 11% of the white popu-
lation had British roots, 20% German,
30% Italian and Hispanic, and 34%
Slavic. The settled sense of identity
enjoyed by established white American
Protestants was threatened. There was,
‘Xenophobia’ once meant
a fear of meeting strangers.
Now it describes the fury
with which colonized
peoples turn on settlers.
in particular, a panic about Chinese im-
migration, even though the number of
arriving Chinese was relatively small.
This led to the passage of the Chinese
Exclusion Act in 1882, prohibiting
the immigration of Chinese laborers.
In 1892, 241 lynchings were recorded
in America. Two-thirds of the victims
were black; the remaining third were
mostly Chinese and Italian. In 1908, the
Harvard philosopher Josiah Royce
asked: “Is it a ‘yellow peril,’ or ‘black
peril,’ or perhaps, after all, is it not
some form of ‘white peril’ which threat-
ens the future of humanity in this day
Please turn to page C8
P2JW296000-4-C00800-1--------XA

C8 | Saturday/Sunday, October 23 - 24, 2021 **** THE WALL STREET JOURNAL.

BOOKS
‘You wanted to kill your father in order to be your father yourself. Now you are your father, but a dead father.’ —SIG MU N D FREU D

FIVE BEST ON DOMINEERING FATHERS

Nick Davis
The author of ‘Competing With Idiots: Herman and Joe Mankiewicz, a Dual Portrait’

Ramble Book
By Adam Buxton (2020)

1
The British comedian and podcaster
Adam Buxton is wittily aware of his
father’s long shadow. Mr. Buxton
writes that his dad, the travel writer
Nigel Buxton, was “a big personality: gruff,
pompous, conservative and harshly critical of
nearly everything I enjoyed as a youngster,”
before adding, in a semiapologetic paren-
thetical, “Wow, it’s just the introduction
and I’m already getting started on the self-
analysis and Dad-blaming.” To conceal his
lower-class background, the elder Buxton
played the role of upperclass posh toff to
the hilt, insisting, for instance—regardless
of the near catastrophic strain it caused on
the family’s finances—that his children be
sent to private school. This did not prevent
young Adam from becoming a devotee of
pop culture, a fact his father found mysti-
fying and appalling. Still, and despite certain
mysteries about the elder Buxton—what was
inside that faux-leather briefcase he’d insisted
be destroyed upon his death?—there was
clearly some wellspring of warmth inside
the man. Mr. Buxton recognizes this only
years later, well after he cast his father as
BaaadDad on his cult British television hit,
“The Adam and Joe Show.” After being
diagnosed with lung cancer, the elder
Buxton comes to live with Mr. Buxton
during the final months of his life. And
though Mr. Buxton never gets the emotional
closure he seeks (with his father “obstinately
refusing to get cinematic”), the portrait
here is both uncomprehending and loving:
JAMES MORGAN/GETTY IMAGES

a perfect reflection of filial ambivalence,

toward even the most withholding and
emotionally stunted of fathers.

Go Tell It on the Mountain

By James Baldwin (1953)

2
John, the 14-year-old narrator of I’m Keith Hernandez Oscar Wilde: Something Happened
James Baldwin’s brutal if gorgeous By Keith Hernandez (2018) His Life and Confessions By Joseph Heller (1974)

3 5
semiautobiographical first novel, By Frank Harris (1916)

has been told his whole life that he
will end up a preacher like his father, but—
though he is highly attuned to his own
spiritual existence—he is determined
to find his own path. In the first place,
Gabriel Grimes is John’s stepfather, not
father: John was born out of wedlock, a fact
that causes him enormous shame and guilt.
More important, Gabriel, a preacher at a
Pentecostal church four blocks from the
family’s rat-infested apartment, is a bitter
and violent control freak. John’s detailed
indictment of Gabriel’s character is the
heart of “Go Tell It on the Mountain,” told in
flashback in such clear, stark terms that the
reader is terrified as well. Yet Baldwin makes
it possible to grasp what accounts for the
preacher’s nature. Though it seems John may
never overcome his feelings of wickedness
and shame, by the end of the novel he will
find his way to an understanding of his
tormentor. It’s a remarkable, and even
necessary, act of forgiveness.
This memoir by the former All-Star
first baseman and current baseball
analyst Keith Hernandez is both a
lively account of his early career
and also an effort to reveal what it’s like
growing up with a demanding, baseball-
obsessed father. John Hernandez—a ball-
player whose own career was cut short
by an eye injury—went on to a career as
a fireman in San Francisco. He drilled his
boys religiously, tying a tennis ball to a
beam in the family garage for them to hit,
and throwing a ball against the garage’s
irregular wall so it would take unpredictable
bounces. He was, in short, a superb coach,
and all the kids in the local Little League
loved him. For Keith Hernandez, the
problems arose when he reached high
school, playing for other coaches. How he
channeled his frustration with his father
into success on the ball field, even as he
chafed under his father’s thumb, provides
this memoir with its delicious subtext.
4
It is not Oscar Wilde’s own father who
dominates this compulsively enter-
taining biography of the writer and
aesthete, whom the journalist and
publisher Frank Harris describes as the
“greatest talker who ever lived”—a man who
famously put his genius into his life but only
his talent into his work. It is instead the father
of Wilde’s lover, Lord Alfred Douglas, known
as Bosie. A stalk of perpetually frustrated rage,
Bosie’s father, the Marquess of Queensberry,
was so incensed by Wilde and Bosie’s relation-
ship that he walked into Wilde’s club one day
determined to have it out with the playwright.
Finding Wilde gone, he left his card, on which
he scrawled an angry, misspelled note: “To Oscar
Wilde, posing somdomite.” Long dominated by
his father, Bosie urged Wilde to take action,
which, tragically, Wilde did. He initiated a libel
lawsuit, which he would eventually lose, and as
a consequence would be arrested, tried and sent
to prison. He would be dead five years later.
Reading Joseph Heller’s devas-
tating second novel—often derided
as the “disappointing” follow-up
to “Catch-22”—is like watching
a slowly developing storm. Bob Slocum,
the narrator, is an admittedly obnoxious
narcissist whose only real pleasure seems
to come from his dealings with his un-
named “boy”—one of three children he
has with his miserable alcoholic wife.
But as horrible and haunted as Slocum is—
“something happened,” he interrupts
himself several times to say—his love
of the boy seems to hold him together
through a series of disconnected incidents
until the book’s shattering climax, when we
realize precisely what did happen. It’s like
the old saw about poker games: If you
look around the table and can’t tell who
the sucker is, it’s you. The truth devastates
Slocum—and the reader. Just who is the
domineering father, anyway? Sometimes
there’s no avoiding fate.

Of Strangers, bestowed an evolutionary advantage. gressive impulses. Instead of dealing and particular pathologies of individu-
Sports fans are simply expressing with them, we may accuse someone als. But how do whole populations
inherited tribal instincts. Even babies else of harboring those same feelings, come to share common anxieties and
influenced Joseph Goebbels, who made
terrible use of his ideas. Social media
now serves up propaganda on steroids.

Stereotypes, are frightened by a strange face. cleansing ourselves by shifting the antipathies? In 1928, the sociologist
This is a popular one-size-fits-all blame onto a scapegoat. Emory Bogardus published the land-
Yet surely not everyone is gulled—at
least not all the time. How then to ex-

Scapegoats
Continued from page C7
of great struggles and complex issues?”
Dr. Makari’s whirlwind historical
survey tells a compelling story of racial
and ethnic animosity, but he might
have paid more attention to religious
conflicts. Europe in the 16th and 17th
centuries was torn by bloody wars
between Catholics and Protestants, a
feud that still festered in 20th-century
Ireland. The Partition of India in 1947
was accompanied by violent Hindu-
Muslim confrontations and the dis-
explanation. But it is problematic. For According to yet another analytic mark study “Immigration and Race plain what is going on when strangers
one thing, anthropologists do not agree theory, the people most susceptible Attitudes.” One of its disconcerting are demonized? Dr. Makari suggests
that constant strife was the norm dur- to collective paranoia are the children findings was that the most widely dis- that some combination of these psycho-
ing the 95% of human history when of strict and demanding fathers whom liked people in the U.S. at the time were logical and sociological theories may be
small nomadic bands lived “Turks.” Though very few cobbled together to guide our thinking.
by hunting and gathering. Americans had actually en- This is probably the best that we can
The Victorian anthropologist countered a member of that manage at present. What then can be
Edward Burnett Tylor said group, they had heard about done to limit the damage? Here Dr.
that early humans would have them. And what they had Makari is less helpful. He suggests that
had to choose between marry- heard about was the massacre all will be well if society becomes more
ing out or being killed out. of Armenians in Turkey after equal, open and informed. He might as
When Europeans in the early World War I, which was pre- well add that social media should be
19th century made contact sented in the press as a better regulated, and the public better
with surviving communities slaughter of Christians at the equipped for critical thought. Failing
of hunter-gatherers, different hands of Muslims. that, we may have to relive these night-
bands were observed forming It was this power of the mares of collective hatred again and
marriage alliances and trading media to shape popular sen- again for a long time to come.
BRYAN R. SMITH/AFP/GETTY IMAGES

placement of more than 10 million
people. When communist Yugoslavia
fell apart, Orthodox Christians and
Muslims waged war in the Balkans. The
Middle East is currently going through
another cycle of Shiite-Sunni wars.
Are these religious hatreds also to be
considered xenophobia?
Then there are sometimes ferocious
confrontations between political par-
ties, or fratricidal quarrels between fac-
tions within parties. And what about all
those brawling sports fans? So many
apparently irrational fears and hatreds.
Could they all possibly come down to
the same psychic or social forces?
One idea is that there is something
fundamentally human here. Early hu-
man groups competed for territory. All
intruders were enemies. The more you
feared and hated outsiders, the better
your chances of survival. So xenophobia
partnerships that generally timent that the journalist Wal- Yet there are grounds for hope.
kept feuds from raging out of ter Lippmann came to dread. A study released in May this year by
control. An early supporter of Amer- the Pew Research Center reported that
In the aftermath of World ican involvement in World conceptions of national identity in the
War II and the Holocaust, War I, Lippmann had joined U.S. and Western Europe have recently
however, a better explanation the Inter-Allied Propaganda become more inclusive. Compared with
of mass hatreds was needed. Board in London. In 1922 he 2016, “fewer people now believe that to
The orthodox theory in Ameri- published “Public Opinion,” his truly be American, French, German or
can psychology at the time HOME AWAY FROM HOME Evening prayer at study of “how public opinion British, a person must be born in the
was behaviorism, which ex- Borough Hall in Brooklyn, N.Y., during a protest is made.” In it, he borrowed a country, must be a Christian, has to em-
plained habitual attitudes and against Donald Trump’s so-called Muslim Ban. term from the printing press: brace national customs, or has to speak
responses as the products of stereotype. We all share ready- the dominant language.” This may sug-
conditioning: Pavlov’s dogs salivated they feared and adored. Theodor made ideas that facilitate snap judg- gest that xenophobia waxes and wanes
at the sound of a bell because they’d Adorno, the lead author of the classic ments about people and situations. with recent events, and that politicians
been conditioned to recognize this as a account “The Authoritarian Personality,” These stereotypes are crude but may can fan or tamp down outbreaks of
cue for food. In the same sort of way, wrote that the typical subject “falls, as be useful in a pinch. They save time and public fear and fury. Wise and prudent
children are warned against strangers it were, negatively in love.” Cowed by trouble. leaders really might spare us a great
and so conditioned to fear others. the father-figure, he is masochistically Effective propaganda weaponizes deal of trouble.
Less orthodox, but more influential submissive to authority and sadistically stereotypes. Lippmann’s work inspired
in the long run, is the notion of pro- takes out his anger on the weak. Sigmund Freud’s American nephew Ed- Mr. Kuper, a specialist on the ethnog-
jection. Each of us half-recognizes our These psychoanalytic theories all ward Bernays, who set up the first pub- raphy of Southern Africa, has written
shameful desires, infantile fears, ag- seek to explain the personal traumas lic relations business. Bernays in turn widely on the history of anthropology.
P2JW296000-4-C00900-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 23 - 24, 2021 | C9

BOOKS
‘Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund.’ —WARREN BUFFETT, ON HIS BEQUEST TO HIS WIFE

The Rise and Rise of Index Funds

Trillions
By Robin Wigglesworth
Portfolio, 352 pages, $30
BY BURTON G. MALKIEL

I
NDEX FUNDS—which buy and hold
all the stocks in an index, such as the
S&P 500—now account for more than
40% of the money invested in mutual
funds and exchange-traded funds.
Literally trillions of investment dollars are
currently indexed. Hence “Trillions: How a
Band of Wall Street Renegades Invented the
Index Fund and Changed Finance Forever,”
CHARLES PHELPS CUSHING/CLASSICSTOCK/GETTY IMAGES; ON C7: BARBARA ALPER/GETTY IMAGES

a chronicle of financial innovation by Robin

Wigglesworth, a correspondent for the
Financial Times. “Trillions” is a magisterial,
delightfully written history offering up por-
traits of the academic scribblers and entrepre-
neurial practitioners who created the index-
fund revolution. It also contains common-
sense wisdom that will benefit all investors.
Indexing has so demonstrated its
effectiveness that Warren Buffett has directed
that his estate be invested mainly in index
funds. Several years ago, he handily won a
million-dollar bet that an index fund could
beat a curated selection of five hedge funds.
As Mr. Wigglesworth shows, today’s popu-
larity contrasts dramatically with the skepti-
cism that first greeted the idea. With con-
summate skill, he brings to life the eggheads
and the “iconoclastic” investors who guided
indexing through its difficult birth pangs
and oversaw its exponential development.
He turns an arcane and potentially dull tale
into a rip-roaring yarn.
Some of the most important figures in the
index revolution were, as Mr. Wigglesworth that he sustained trying to block much larger The press named the fund “Bogle’s Folly.” the ETF revolution was under way. Within
writes, “inconsequential in their own time.” opponents. Mr. Fama articulated the contro- Critics claimed that index funds guaranteed a decade, ETFs had changed not only the
None was more underappreciated than versial “Efficient Market Hypothesis” that mediocrity—even that they were un- nature of indexing but also the entire field
the French mathematician Louis Bachelier provides intellectual justification for indexing. American. But Bogle remained determined of investing, making passive management
(1870-1946). He was the first to suggest He also showed that security returns were and promoted the index fund with messianic an acceptable and even an above-average
that stock prices proceeded like a “random influenced by other factors in addition to zeal. Eventually, index funds became com- method of investment management.
walk”—where prices proceed in a random Sharpe’s beta, an insight that led to the mercially successful and the most disruptive Mr. Wigglesworth worries that the
and unpredictable fashion. Though he died establishment of Dimensional Fund Advisors, force in investment management. concentration of power in a few investing
in obscurity, his “Theory of Speculation” is a set of funds that uses measures such as behemoths could pose dangers. He notes as
viewed as one of the seminal works in the “value,” “size” and “quality” to form portfolios. well that ESG investing—that is, investing
history of finance. The first index fund was created in the Critics claimed that index based on the environmental and social
The names of some of the other figures are early 1970s by “bullheaded” John (Mac) effects of corporate governance—is the
better known, and three are Nobel laureates. McQuown at Wells Fargo bank. The idea
funds guaranteed mediocrity. biggest current trend affecting the invest-
Harry Markowitz’s ground-breaking 1952 of indexing drew widespread criticism, Now passive management is ment management industry. He questions
Ph.D. thesis at the University of Chicago— including condemnation from Wells Fargo’s seen as an above-average way whether ESG can provide acceptable returns,
“Portfolio Selection,” in which stocks were own trust department. While the fund never and whether it is even an effectual way
analyzed in terms of their contributions to accumulated much institutional money (“I to invest in the stock market. to make environmental progress. Mr.
the riskiness of the overall portfolio rather wouldn’t even buy it for my mother-in-law,” Wigglesworth also considers the possibility
than of their individual prospects—was one institutional investor said), it proved that the indexing movement could have
almost rejected because Milton Friedman to be the beginning of a revolution. Another important actor in the indexing some harmful effects on the economy and
initially argued that it wasn’t economics. In 1976 John Bogle created the first revolution was Nate Most. His personality distort markets, by having money invested
William Sharpe, Mr. Wigglesworth tells us, index fund that was available to individual was the opposite of the hard-charging in specific companies because of their
switched from medicine to economics investors. Bogle had been fired from his McQuown and the evangelistic Bogle. Most inclusion in an index rather than because
because he became queasy at the sight position at the Wellington Management Co. was a “geeky, avuncular former physicist,” of their individual prospects.
of blood. He ended up simplifying the following irreparable personality clashes as Mr. Wigglesworth puts it. His job at He concludes that our “financial markets
Markowitz model and made it more tractable with the Boston managers. Determined that the American Stock Exchange, a struggling have always been a dynamic ecosystem.”
by stipulating that market return—the broad his new firm, Vanguard, should have its own institution that was losing market share, was Financial innovation has often led to gloomy
performance of a vast grouping of stocks— stable of funds, and familiar with the growing to find innovative products. He recommended prognostications, but over time it has
was the major influence on portfolio returns. evidence that actively managed funds didn’t an exchange-traded index fund. As it happens, added to the ecosystem’s “vibrancy.” What
Thanks to Sharpe’s analysis, “beta”—or tend to beat the market, he launched the I was a board member of the exchange, and, is undeniable is his final message: “Pretty
relative volatility, measuring a stock’s vari- First Index Investment Trust; it tracked since a sponsor was required, I suggested much everyone saving for retirement, to
ations against a benchmark—was born as a the S&P 500 stock index. that Most approach Bogle. He summarily send their kids to university, to buy a house,
risk metric. After early doubts it became The fund was to be started with an initial rejected the idea: “Why would anyone or just for a rainy day indirectly or directly
widely used in actual practice. public offering of $150 million, underwritten want to buy the S&P 500 at 10 o’clock in reaps the benefits of the humble index fund.”
Eugene Fama was a small, slim high-school by a group of big Wall Street firms. The IPO the morning and sell it at 2 o’clock in the
athlete who claims to have invented the split- was an abject failure. Only $11 million was afternoon?” Eventually he was able to sell Mr. Malkiel is the author of “A Random Walk
end position in football to avoid the beatings raised, and the fund remained small for years. the idea to State Street Global Advisors, and Down Wall Street.”

Oscar Wilde: by Plato, Michelangelo, Shakespeare—

as not shameful, but noble, made a
tremendous impression at the time
threw Wilde a lot of good money after
bad, finally had enough, telling him
that “everyone grows tired of holding

An Aesthete and marked, it now seems clear,

a landmark in the evolving modern
up an empty sack.” And when Wilde
died, at the age of 46 (of an inner-ear

For All Time

Continued from page C7
young Wilde was not the only person
to divine, behind the mask of the
mincing aesthete, “a shrewd, sensible,
practical fellow.”
Edmond de Goncourt, who met
Wilde when he was 30, described him
as “au sexe douteux,” but Wilde him-
self probably didn’t know this at the
time; he appeared genuinely in love
with his bride, Constance Lloyd, and
reveled in family life. It was not until
a few years later, when he was se-
duced by the teenage Robbie Ross
(who would prove Wilde’s staunchest
friend during the older man’s lifetime
and nurture his literary properties
after his death), that he began to
perception of homosexuality. infection that spread to the brain), the
Mr. Sturgis does not pretend to be predominant feeling of his friends
a critic—one of his gripes against Ell- seems to have been relief. There was
mann is that he approached his biog- a “sense that an intractable problem
raphy as a literary critic rather than a had been solved.”
historian—and he does not essay any
overarching judgments. Instead he
delivers the judgments of Wilde’s own Shaw envied Wilde’s
day: “The Ballad of Reading Gaol”
turns out to have been by far the most
‘thorough’ stage sense,
popular of Wilde’s works during his his way ‘with drama,
own lifetime, a fact I found surprising. with actor and audience,
The opinions of Wilde’s more per-
ceptive contemporaries can make us with the whole theatre.’
think. George Bernard Shaw, for in-
stance, felt that “in a certain sense
Mr. Wilde is to me our only thorough Wilde’s grave, along with those of
playwright. He plays with everything: Jim Morrison and Frédéric Chopin,
with wit, with philosophy, with drama, is the most popular attraction at Père
with actor and audience, with the Lachaise Cemetery in Paris, beating out
whole theatre.” Roger Fry, writing a the likes of Balzac, Proust, Sarah Bern-
generation after Wilde’s death, re- hardt, Colette and Molière, and is
NATIONAL PORTRAIT GALLERY, LONDON

define himself as a homosexual, or,
as he would have put it, a votary of
Uranian love. Mr. Sturgis puts this into
historical perspective: “Although to
most Victorians, sex (of whatever de-
scription) was considered as some-
thing that people did—an individual
act—rather than as the expression of
a person’s ‘sexuality,’ there is no doubt
that Wilde’s new experiences gave
him, in his own eyes, an enhanced and
altered status.” He was, in other
words, at the vanguard of what would
become a fixation on sexual “identity”
in the 20th and 21st centuries. The
memorable speech he made during his
trial for gross indecency, in which he
characterized “the Love that dare not
speak its name”—the love experienced
marked that “he has a way of being frequently smeared with lipstick kisses
right, whic is astonishing at that time, by modern acolytes. His ashes reside
or any for that matter.” Robbie Ross there, under the great memorial sculp-
with prescience predicted that Wilde’s ture by Jacob Epstein, together with
works would eventually come to those of his dear friend Ross. The two
“excite wider interest than those of men had enjoyed planning some such
almost any of his contemporaries.” ending for their remains. “When the
Few others could have thought this last trumpet sounds,” Wilde announced
at the time. The master’s last years at the time, “and we are couched in
were sad ones, despite the success of BEFORE THE FALL Wilde and Lord Alfred ‘Bosie’ Douglas, 1893. our porphyry tombs, I will turn and
“Reading Gaol.” Upon his release from say, ‘Robbie, Robbie, let us pretend
prison, exiled from England with very of note with his genius and tempera- him off, forbidding any further access we do not hear!’ ”
meager resources, the regretful Wilde ment.” And his writing life was over. to his two beloved sons.
pledged himself to a life of dignity and “I find the architecture of art difficult So it was back to absinthe and rent Ms. Allen’s essays on literature
continence. But the new routine was now,” he commented sadly. Constance, boys, and sending begging letters to appear regularly in the Hudson
too depressing. No more opening who had been kind to him since his re- distant friends—and among these, Review, the New Criterion and other
nights or fashionable dinners; instead, lease and had even considered reunit- even the most generous grew tired of publications, and have been collected
he had to stick to a Bohemian existence ing with him, was so embittered by his shelling out without hope of repay- in two volumes, “Twentieth-Century
that was, as Ross noted, “entirely out offhand behavior to her that she cut ment. The author Frank Harris, who Attitudes” and “Artistic License.”
P2JW296000-4-C01000-1--------XA

C10 | Saturday/Sunday, October 23 - 24, 2021 **** THE WALL STREET JOURNAL.

BOOKS
‘Literature and film in my opinion are like saloons where bottles have no labels. I want to taste each one myself.’ —SADAAT HA SA N MAN TO

A Mirror for All Faces

MYSTERIES
TOM NOLAN

The Dog of Tithwal died under a British soldier’s

The Sleuth,
By Saadat Hasan Manto
Archipelago, 397 pages, $24
HEARD ON THE
STREET Saadat
boot (total compensation: 500
rupees), has been forced into The Scribbler
And the Boor
Hasan Manto. prostitution by her mother—for
BY BOYD TONKIN the titular amount. Yet Sarita has

‘E
an impregnable virtue that belies
VERY situa- her horrifying plight. Somehow
tion has its she sees “goodness in every- ‘A LINE TO KILL’ (Harper,
own music,” thing,” and her influence trans- 374 pages, $27.99), Anthony
the narrator forms a drive to the beach with Horowitz’s third murder
tells us in three predatory kids from Hy- mystery pairing a stand-in
Saadat Hasan Manto’s story derabad into a spell of innocent for himself (a veteran English
“Mummy.” During his brief life— delight. novelist and screenwriter), with
he died in 1955, from the effects Both Manto’s ladies of the ex-police detective Daniel
of chronic alcoholism, at age Bombay night and his love-struck Hawthorne, takes place mostly
42—Manto found the right notes village girls find that men’s vows at a literary festival on tiny
for a huge variety of human dra- vanish like mist in the hills. In the Alderney, one of the Channel Islands. “There’s
mas. The Urdu-language author Kashmir-set story, “I’m No Good never been a murder on Alderney,” more than
published more than 20 collec- For You!,” a dreamy young Mus- one resident tells Hawthorne and Horowitz.
tions of short stories. He also lim, Haneef, refuses to honor his But that’s about to change.
wrote screenplays for the Bom- promises to a Hindu girl, Sumitri, The sleuth and the scribbler are there
bay film industry, radio plays and after her brother-in-law rapes her. to promote the first of their three proposed
a ceaseless flow of journalism. Manto’s young men may pursue Inspector Hawthorne novels. Horowitz sums
Frequently peopled by pimps, romance across divides of faith or up the rest of the event’s participants:
prostitutes, hoodlums, gamblers class, insisting that “all is right in “an unhealthy chef, a blind psychic, a war
and hard-drinking bohemians the religion of love.” When crisis historian, a children’s author, a French
(like their creator), his fictional strikes, their courage often falters. performance poet. . . . Not quite the
dispatches from the seamy side Communal unrest and vio- magnificent seven.” Then there’s Charles le
of midcentury South Asian soci- lence throw ever-deeper shadows Mesurier, the online-
eties saw him prosecuted for ob- over Manto’s vision. In “Mozail,” THIS WEEK gaming entrepreneur
scenity six times: three cases un- the hoydenish, streetwise hero- bankrolling the event,
der the Raj in British India, three ine—one of his affectionately- A Line to Kill a wealthy and boorish
ARCHIPELAGO

in newly independent Pakistan. drawn characters from Bombay’s By Anthony Horowitz figure who patronizes
Anti-Muslim rioting in Bombay, Jewish community—sacrifices or taunts most of the
the city he loved and chronicled, her own life to save a Sikh friend men he meets and,
prompted his family to move from a Muslim mob. Manto gives though married, puts the moves on every
north to Lahore after the Partition readers to measure Manto’s screen-struck parasites and fanta- formal religion, its doctrines and its pretty woman.
of India in 1947. achievement. Translations have sists. Through their alcoholic haze devotees, a consistently hard time. In the wake of a party thrown at his lavish
An endlessly fertile storyteller, been patchy, although Vintage is- drifts the legendary “Mummy”: an The spendthrift playboy in “Babu estate, le Mesurier is fatally stabbed in the
Manto charmed even his accusers. sued the excellent selection “Bom- Anglo-Indian (mixed-race) woman Gopi Nath” shuttles happily be- neck with a knife. The local police chief drafts
He once befriended the Pakistani bay Stories” in 2014. This scarcity called Stella Jackson who runs a tween whorehouses and shrines be- the much more experienced Hawthorne to
judge who had just fined him for a makes Archipelago’s new collection genteel bordello. Like the movies cause “both establishments are an run “a second investigation, in parallel” to
scandalous tale. “Society itself is of 32 stories all the more welcome. themselves, Mummy conjures a illusion.” Sardonic satire gives way the official one. Horowitz, too, swings into
obscene,” he told the judge. “All I Mostly translated by Khalid Hasan “simple and beautiful and reas- to searing tragedy, however, in the professional mode: “Without realizing it,
do is represent its essence. It is en- and Muhammad Umar Memon, suring” world of pain-free pleasure Partition-era stories. Group identity I had stumbled onto—or into—the third
tirely understandable but with four contri- where her rum- and Scotch- acquires a deadly cutting edge. book in our three-book contract.”
that people with ugly butions from Aatish guzzling clients “felt no emotional In the riot-torn Amritsar of “The So who killed the odious Charles le
faces vent their anger The Urdu story- Taseer, the volume unease.” Instead, Manto shifts that Assignment,” fires lighten the night Mesurier? Was it the victim’s put-upon wife,
at the mirror.” comes with a preface unease onto the reader. We sky “like giants spitting out flames” who will now inherit his fortune? His dodgy
In recent decades,
teller’s cast by Vijay Seshadri glimpse the despairing inertia of while yesterday’s loyal friend of business manager, whom he was about to fire?
this compassionate includes pimps, that sketches the the men and the peril and confu- another creed may become today’s Or one of the island’s residents, enraged by
muckraker — who whoresand qualities of Manto’s sion of Mummy’s teenage charges. assassin. le Mesurier’s scheme to drive a power line
came from a Kashmiri “firm, precise, and During this story about self-delud- Manto could paint hatred but through a graveyard holding the island’s
Muslim family—has hard-drinking limpid Urdu prose.” ing sentimentalism and the harm it these stories never indulge it. A World War II dead?
been canonized into bohemians (like His empathy, obliq- spreads, his friend Chadda tipsily keen eye and a large heart hallmark The crime novelist pursues unlikely
an unlikely literary uity and narrative toasts “this man called Manto,” these tales. He shows not just the solutions and red herrings while the ex-cop
saint. Across the sub-
their creator). economy invite com- who “claims that he can fathom the looter’s fury or the brothel visitor’s utters Holmesian pronouncements. His job,
continent, disciples parisons with Che- depths of the human soul.” For lust, but mornings-after with their Hawthorne insists, is simply to find the
pay homage. Two re- khov. These readable, Chadda, that’s “a lot of rubbish.” sadness and remorse. In “Yazeed,” truth: “What happens next isn’t up to me.”
cent films have dramatized his life: idiomatic translations have all the Readers may disagree. the Muslim farmer Karim Dad has Yet Horowitz senses his partner is acting
one Pakistani, one Indian. That agile swiftness and understated At his darkest, Manto can make seen his father butchered but de- unusually cheerful: “I was certain he was
might have amused the fiercely poignancy that parallel suggests. the three-way transaction between cides to put a cap on grief. In the keeping something from me.” One local,
nonsectarian author. Many of his But the world they bring to life can client, prostitute and pimp look like true spirit of Manto’s art, he shuns the war historian taking part in the festival,
stories drench the murderous ab- be brutal indeed. an eternal triangle that captures “futile name-calling” and the lure of indicts the detective to his face: “You don’t
surdities of intercommunal strife in Manto’s style encompasses droll the essential geometry of all hu- vengeance. “Let go of it, my dear,” really care how you get your results. . . .
bitter irony. In “Toba Tek Singh,” fable, mordant satire and grainy re- man relations. His sex workers, he advises his wife Jaina, herself You don’t seem to have any understanding
an “exchange of lunatics” agreed alism. “Mummy” itself shows him though, have a strength and dignity bereaved by sectarian killers. “Save of morality.”
by the new-minted states sends be- at his bittersweet best. Set in the that dispels any hint of low-life some tears for the future.” Le Mesurier’s death (and subsequent ones)
wildered asylum inmates across the Indian city of Pune during World titillation. They refuse victimhood. are duly explained with the help of some
India-Pakistan border while the War II, it depicts Manto himself— In “A Woman’s Life,” Saugandhi Mr. Tonkin, literary editor of the key coincidences and a split-second time-
title character expires “on the thin or, at least, a fictional avatar of the defiantly reflects that “you’ll never Independent from 1996 to 2013, table worthy of Agatha Christie. But there’s
strip of no-man’s-land” between. author—as he spends a debauched be able to reach the woman who is recently received the Benson enough intrigue left regarding the mysterious
Despite his renown, it has holiday with movie-business pals: inside this body!” In “Ten Rupees,” Medal from the Royal Society Hawthorne to keep readers tantalized until the
proved hard for English-language bit-part actors, wannabe directors, 15-year-old Sarita, whose father of Literature. inevitable next entry in this addictive series.

The Compassion Artist

SO CENTRAL and inalienable
is the role of trauma in the
present-day understanding of
personhood that fiction on the
subject often seems flatfooted.
No longer is it sufficient for a
novel simply to reveal a char-
acter’s traumatic past, since the
past is now presumed to be a
place of emotional and physical
FICTION damage; nor is it enough merely
SAM SACKS to chart a character’s recovery,
since “recovering” and “living”
are virtually synonymous in
usage. Today a deeper engage-
ment is required. Hanya
Yanagihara’s “A Little Life”
caused shock waves by pushing
Elizabeth child-abuse narratives to their
Strout’s logical—or perhaps absurdist—
much- end point. And in a quieter but
no less comprehensive fashion,
loved Elizabeth’s Strout’s Lucy Barton
alter ego, novels, of which “Oh William!”
Lucy (Random House, 240 pages,
$27) is the latest, have become
Barton, essential to the contemporary
joins canon by taking a wider view on
her the interpersonal responsibilities
—between family and friends,
ex- but also between strangers—
husband shared among a society bound
on a by its traumas.
“My Name Is Lucy Barton”
journey (2016) introduced the preter-
into naturally sensitive narrator who
self- grew up amid poverty and abuse
discovery. in rural Illinois and went on to
write successful books about her
childhood and life in its shadow.
The mysteries of memory and
perspective come to the fore in
the linked stories in “Anything
Is Possible” (2017), involving the
people Lucy left behind in her
hometown, who have decidedly
mixed feelings about her
interpretation of the past. Lucy
narrates again in “Oh William!,”
and while her own grief and
fears are carefully considered,
the novel’s focus is on the psy-
chological crisis that assails her
aging and lonely ex-husband.
Left by his third wife and
afflicted by night terrors,
William has become haunted
by a possible family secret,
and the novel follows his trip
to Maine—accompanied by Lucy,
who is mourning the death of
her beloved second husband—to
dig into his ancestral history and
uncover its truths. This story, his
search for the origins of family
trauma, is well told, though one
can’t shake the sense that its
details are slightly beside the
point. When trauma is universal,
its specifics are interchangeable.
The power of “Oh William!”
is found instead in Lucy’s sup-
porting role, as she works to
offer comfort and compassion
to a man who was not always
kind to her during their
marriage. The solitude and
vulnerability that she described
with such tender precision in
“My Name Is Lucy Barton” must
here be imagined oppressing
someone other than herself, and
her thoughts are pulled by two
conflicting impulses: the self-
absorption of addressing one’s
own sorrows and the selfless-
ness of acknowledging those
of others.
This is a struggle beset by
confusion—“Oh, I don’t know
what to say!” is the sort of
outburst common to Lucy’s
reflections—but it’s a lucid,
disarming, wholly approachable
kind of confusion, one that
bespeaks humility rather than
despair. It’s typical of this
wonderful character that after
a lifetime of contemplation,
the only certainty she’s willing
to venture is one that, even
still, she poses as a question:
“But who ever really knows
the experience of another?”
THIS WEEK
Oh William!
By Elizabeth Strout
The Days of Afrekete
By Asali Solomon
Siege of Comedians
By Susan Daitch
Two paths for living are
contrasted in Asali Solomon’s
novel “The Days of Afrekete”
(Farrar, Straus & Giroux,
190 pages, $26), which inter-
twines a biting satire of upper-
middle-class mores with a
wistful love story. In the present
action, a black Philadelphia
woman named Liselle Belmont
is hosting the world’s most
depressing dinner party, to
“celebrate” her white husband
Winn’s losing campaign for
Congress. Not only does she
have to keep up appearances
for the guests attached to her
husband’s failed run, she has
to decide what to make of her
recent discovery that the FBI
is investigating Winn for finan-
cial impropriety. Glimpsing the
collapse of her empty, ordered
existence, she leaves a voice-
mail message for an estranged
lover from college, Selena
Octave, and the novel begins
to introduce flashbacks to that
relationship, which is all ardor
and excitement compared to the
“generic dream” of her marriage.
Ms. Solomon lands some
excellent blows in her depiction
of the personalities and pos-
turing that fill the dinner party.
(When a minister’s arrival is
preceded by the smell of his
cologne—“baby powder with
a kerosene edge”—you know
what sort of glad-hander you’re
in for.) The flashbacks with
Selena, which are briskly re-
capped rather than fully drama-
tized, lack the same vividness,
creating an ironic imbalance,
since the novel means to
champion the challenging,
heterodox life Liselle and Selena
might have dared to make
together above the conven-
tional one Liselle settled for.
Ms. Solomon brings the novel to
a climactic reunion scene that is
sweet but frustrating—it is here,
at the book’s conclusion, that I
was most eager to discover
what might happen next.
Historical reconstruction
takes both figurative and
literal forms in Susan Daitch’s
ingenious contrapuntal novel
“Siege of Comedians” (Dzanc,
328 pages, $16.95), whose
triptych of connected stories
begins by introducing a “forensic
sculptor” whose job is to mold
plausible likenesses of murder
victims based on their un-
identified remains. (“Bones can
talk,” she says. “The jaw and
eye sockets reveal the most.
The nose keeps information to
itself.”) In the second section
a forensic linguist pursues a
monomaniacal quest to uncover
the life of a Nazi filmmaker who
was never brought to justice.
Finally Ms. Daitch travels back
in time to 17th-century Vienna,
tracing the fortunes of a brothel
owner and her workers as
the city is attacked by the
Ottoman army.
What is being exhumed
and meticulously pieced back
together (often unsuccessfully)
in these sorties into the near
and distant past? Mostly the
fates of anonymous women
who have been owned, trafficked
and killed across the centuries.
That brutal motif, as well as
the novel’s mangled chronology
and open-ended, fragmentary
sections, makes “Siege of
Comedians” sound something
like Roberto Bolaño’s gothic
“2666.” Yet for all its latent
darkness, the novel is inquisitive
rather than morbid, exhibiting
a boundless curiosity in its
characters’ unusual professions,
a delight in the uncanny ways
that history connects and
repeats itself and a quixotic
sense of hope that whatever
has been lost to time might,
one day, be found and restored.
P2JW296000-4-C01100-1--------XA
THE WALL STREET JOURNAL.
‘One’s life has value so long as one attributes value to the life of others.’
Inseparable
By Simone de Beauvoir
Ecco, 157 pages, $26.99
BY BENITA EISLER
S
IMONE DE BEAUVOIR,
born in 1908 in Paris, was
the older of two daughters
of a strict Catholic couple,
and as a child dreamed of
becoming a nun. Instead, she lost her
faith when she was 14 and by her early
40s had become Mother Superior of
the new belief called existentialism,
a humanist response to the devastation
of World War II. In fact, there was little
“new” about it, except in France. There
its theorists—Jean-Paul Sartre, Beauvoir
and Maurice Merleau-Ponty—freely
pillaged German philosophy from
Hegel to Martin Heidegger and Edmund
Husserl and called it their own. Unlike his
fellow-philosophers, Sartre’s real gift
was that of a publicist. His slick formula
for existentialism—“Existence precedes
essence”—popularized a dynamic for all
human action, in which “contingency,”
or chance, rolled the dice.
Beauvoir’s passionate life began early,
and chance was on her side. Her father’s
financial losses after World War I forced
the family into poverty and crammed
them together into small, smelly quarters.
But the parents’ compensation was social
status, and so the girls were admitted to
a fashionable convent school, the Cours
Adeline Désir. It was here, on her first
day of class, that Simone, at age 9,
fell in love.
ASSOCIATION ÉLISABETH LACOIN/ÉDITIONS DE L’HERNE
Her classmate Élisabeth Lacoin,
known as Zaza, was a smaller version
of Simone. She had a narrow face, olive
skin and dark eyes, and both girls had
brown hair, cut short. Unlike Simone,
who concealed her thoughts behind
what she would later call a “conformist
mask,” Zaza was direct, funny, fearless
and competitive. At 10 she exuded an
air of authority. Then, a few days later,
she was gone.
Zaza had been injured in a camping
accident when the hem of her skirt
caught fire. Before the flames could be SCHOOLGIRLS Élisabeth ‘Zaza’ Lacoin and Simone de Beauvoir in 1928.
extinguished, her flesh was burned and
swollen. For the next several months,
recovering at her family’s country house while
immobilized in bed, she endured constant pain
and endless solitude. When she returned to
class, she was determined to keep up. Her first
words to Simone were an urgent plea to borrow
her notes from the missing year: She needed
them now.
The spirited Zaza became Simone’s purest
love—the nuns called the two “the inseparables”
—and her early death in 1929, a month short
of her 22nd birthday, made their friendship
immortal, incorruptible by time. (A portrait
survives of the two young women, sitting on
the grass, photographed in profile but facing
each other. It shows each with one hand hidden
from the camera. Are they holding hands?) In
the years immediately following Zaza’s death,
Beauvoir vowed to write about their friendship,
but each of several attempts was soon abandoned. Beauvoir’s adopted daughter, Sylvie Le Bon-
Colors, Shapes and Friendly Objects
MOST YOUNG FAMILIES will
know Mo Willems principally
as the creator (and enabler)
of a certain pigeon that must
not, under any circumstances,
be allowed to drive the bus.
With his “Pigeon” stories,
his comic easy-reader series
“Elephant & Piggie” and
“Unlimited Squirrels,” and
CHILDREN’S the “Knuffle Bunny” books
BOOKS that first brought him fame,
MEGHAN Mr. Willems has become some-
COX GURDON thing of a hero to the under-6
age cohort. This prolific
humorist has, it turns out,
a pensive side. As artist-in-
residence at the Kennedy
Center, and while under the
influence of Beethoven, Mr.
Picture Willems expressed himself
books by way of abstract paintings.
and A selection of these artworks
forms the illustration for
reference “Opposites Abstract”
works (Hyperion, 38 pages, $14.99),
that a concept book for children
and their parents.
acquaint As the title indicates,
young Mr. Willems is exploring ideas
readers that oppose one another, or
contrast in some way. With a
with typical concept book, the oppo-
the sites would be clear cut: Up or
thinginess down? Hot or cold? Wet or dry?
That’s not what happens here.
of the The pairings Mr. Willems has
world. contrived do not so much
establish essential differences
between things as draw our
attention to certain relativistic
qualities. For instance, the
initial two paintings in the
book depict a circle on a square
* * * * Saturday/Sunday, October 23 - 24, 2021 | C11
BOOKS
—SIMO N E D E B EAU VO IR
Un Premier Amour
fully tells Sylvie, she knew exactly how
to do it without hitting the bone.
Andrée’s new love, barely tolerated
by her mother, is an exuberant fellow-
Catholic, a student named Pascal Blondel.
Beauvoir modeled Pascal on the young
Merleau-Ponty, the future existentialist
philosopher. In the novel, Pascal is
horrified by Andrée’s self-mutilation and
aghast at her blasphemy. She was, he
fears, drifting toward the bleak heresy
of Jansenism, which denies free will and
accepts an absent God. More frightening
still, Andrée tells Pascal that God “hates”
her. Pascal, alas, fails Andrée in both
sacred and profane love, and retreats
to the excuse that they are both “too
young” to be engaged. Together he and
Andrée’s mother persuade the desperate
girl to spend two years in Cambridge,
England, alone. She is already dying,
Beauvoir-as-narrator tells us, “assas-
sinated” by the two conspirators’
“spiritualistic crime” and by a broken
heart. (In real life, Zaza’s cause of death
was likely viral encephalitis.)
Beauvoir memorializes
a formative childhood
friendship in a novella
written in 1954 and now
published for the first time.
A piñata’s worth of surprises bursts
from this novella of just 128 pages. First,
“Inseparable” shows us an unknown side
of Simone de Beauvoir—a Romantic in
the great French tradition. Sartre called
this little novel “trivial” and recom-
mended she destroy it. He wasn’t reacting
out of envy—he was, after all, a best-
selling novelist himself—he just found
this experiment in Romanticism unworthy
of her talents as a progressive thinker.
(Margaret Atwood, in her witty intro-
duction to “Inseparable,” imagines the
conversation: “The inner life of young
girls of the bourgeoisie? . . . Pouf. Enough
with this small-scale pathos, Simone.”)
The bigger surprise here, at least to
me, is Beauvoir’s genius as a fiction
In 1943, Beauvoir became a published author, de Beauvoir, it at last appeared in France, as writer. In her time, we, her female readers,
and soon was producing essays on social and “Les Inséparables.” It now appears in America, were so captivated by her ideas and theories—
political issues, travel pieces, autobiographies in a serviceable translation by Sandra Smith. on gender, sex, politics—that we forgot to lose
and novels. In 1949, her assault on the inferior In Beauvoir’s fictionalized pages, Sylvie ourselves in her delicious literary style. Tender
position of women in society, “The Second Sex,” accepts that her love for Andrée must compete and wicked, Beauvoir uses everything here:
made her reputation in France and beyond. with the girl’s other attachments—starting nature, families, poverty and wealth, and
In her new role as a public intellectual, she felt with Andrée’s mother. In real life, Zaza’s family, the material world of things—clothes, décor,
she needed the private space afforded by fiction the Lacoins, came from an old military line that pots and pans. Beauvoir pledged her art to
in which to rework memories of her earlier was both strict and religious: one child became the promise that one day Zaza would live on.
selves. For a novella of 1954—her first work a Catholic priest, another a nun. Mme. Lacoin This last, unpublished novel seems a miracle of
after the 600-page Prix Goncourt-winning “The was indeed Zaza’s idol but she was also a wily raising the dead from icy memory, of conjuring
Mandarins”—she again revisited her schooldays manipulator of her children. In the novel, the openness of youth, its all-consuming love
and her passionate attachment to Zaza. Simone Andrée’s fervent Catholicism exposes her and loss. Beauvoir’s glittering words reward us
became “Sylvie,” Zaza was renamed “Andrée,” mother’s hypocrisies: her social climbing and by remembering how we were.
and the distance proved liberating, the work her obsession with making the “right” marriage
at last possible. The little novel, untitled, was for Andrée despite her “brutal” suspicion of Ms. Eisler is the author of several works on
completed in mere months but not published marital love. Andrée punishes this adored but French culture, including “Chopin’s Funeral”
in Beauvoir’s lifetime. (She died, at age 78, flawed woman through self-mutilation: At a and “Naked in the Marketplace: The Life of
in 1986.) Last year, through the efforts of family picnic, she picks up an ax and delib- George Sand.” She has also translated essays
erately drops it onto her own foot. As she glee- by Jean-Paul Sartre and Maurice Merleau-Ponty.
background. The first resembles In the second four, Ms. Higgins “Blue” in 2018, which traced the prising depth and history to
a full moon during a lunar smuggles a little orange fish friendship and aging of a boy things that may not naturally
eclipse, with a dark orb (con- into the selection: “Yellow under and his dog. Now comes “Red” excite our curiosity, as children
taining, we see on second look, diamond / diamond over green / (Neal Porter, 34 pages, $18.99), ages 6-10 will discover in
an even darker center) that yellow over diamond under which tells of a solitary fox kit. “Encyclopedia of Ordinary
seems to float against a dimly guppy over green.” The shifting As in her previous color- Things” (Albatros, 96 pages,
lit sky. The text asks: “Is this positions of the shapes and the stories, our eye travels in “Red” $16.95), a compendium that,
dark?” The following page steady introduction of surprises through thickly painted land- if it does not live up to its
shows a lighter orb (with a make reading this book feel like scapes with little cutouts that pretensions, nonetheless
white center) against a gray the best kind of educational frame daubs of color from other contains interesting tidbits.
field and the question: “Is this pictures. We encounter the little Written by Štěpánka Sekaninová
light?” Well, it depends. The THIS WEEK fox, “dark red” as it traverses a and illustrated by Eva Chupí-
pattern persists through other shadowy forest. We learn that ková, the book acquaints young
abstract images arranged to Opposites Abstract the animal is lost, and see that readers with the origins and
evoke dualities, such as By Mo Willems it is vulnerable too, in its con- historical uses of 11 familiar
mechanical/organic, individual/ tacts with the human world. At objects: shoes, skates, umbrellas,
group, and intentional/ Circle Under Berry one point, the kit bounds across eyeglasses, dolls, perfume,
accidental. These concepts are By Carter Higgins an autumn meadow, heedless of “horse toys” (such as the hobby-
comparatively sophisticated, the dangerous “rust red” nails horse), tights (and stockings),
making “Opposites Abstract” Red that sprout from a pile of old toilets, beds and toothbrushes.
less than ideal for babies and By Laura Vaccaro Seeger wood in the foreground. Our Ms. Chupíková’s pictures are
toddlers, but those farther alarm gives way to pity as, on stylized and slightly distem-
along in their development Encyclopedia of the next page, the woebegone fox pered. In the shoe section,
will find it a mind-stretcher. Ordinary Things lifts its paw, “blood red” from its she depicts a minstrel wearing
Carter Higgins has hit the By Štěpánka Sekaninová encounter with the spikes. leather slippers so elongated
sweet spot with “Circle Under Illustrated by Eva Chupíková There’s a stronger sense of that their curved tips must be
Berry” (Chronicle, 48 pages,
$15.99), a sparkling and inge-
melancholy in “Red” than in the
other two books of the informal
secured to his waistband; in the
pages devoted to perfume, we
nious concept book for children game. While reading (and re- trilogy; a result, Ms. Seeger see Cleopatra surrounded by the
ages 2-4 that I suspect will reading, because it’s that sort explains in a brief afterword, seven flowers and herbs used in
become a nursery staple. of book) “Circle Under Berry,” I of her distress at the country’s her favorite scent. Ms. Sekani-
Essentially, Ms. Higgins moves kept thinking of Emily Gravett’s political polarization. There’s nová’s text, meanwhile, is light,
colorful shapes around from clever and rather beautiful nothing political in the story, informal and sometimes more
one clean white page to another 2006 picture book “Orange Pear though, and thanks to a tender speculative than authoritative.
while asking the reader, in Apple Bear,” which would be a final scene of reunion, children For instance, she writes that
straightforward prose, to notice lot of fun to read alongside it. ages 3 to 7 won’t be left feeling umbrellas may have originated
what she’s doing. Described Three times, picture-book bereft. Any number of non- in prehistory when “our ances-
here, her text may sound facile creator Laura Vaccaro Seeger fiction books will tell children tors became annoyed with
but in combination with the has wrought meaning and about the exceptional, the un- getting sunburnt from being
pictures it positively tingles. serendipity from the permu- usual and the bizarre. exposed to direct sunlight all
“Circle under berry / berry over tations of a single hue. First What’s far less common, the time, and so they plucked
square / circle over berry under came “Green” in 2012, which understandably enough, are a large leaf—a palm leaf, when-
orange over square,” we read considered the many shades and books about the bland and ever possible—and hid them-
over the opening four pages. tints of that color. Then came quotidian. Yet there is sur- selves in its shade.” Maybe!
P2JW296000-4-C01200-1--------XA

C12 | Saturday/Sunday, October 23 - 24, 2021 **** THE WALL STREET JOURNAL.

BOOKS
‘It was a bit like the U.S. government. I was President, Ismail was Congress and Ruth was the Supreme Court.’ —JAMES IVORY ON MERCHANT IVORY PRODUCTIONS

A Life With a View

Solid Ivory performances are as stiff as the ladies’
By James Ivory crinolines or as starched as the gentlemen’s
collars.
Farrar, Straus & Giroux, 416 pages, $30
“Solid Ivory” may not make those nay-
BY MALCOLM FORBES sayers see the light and acknowledge the
“a highly sexed man” who enjoyed “tempo-
rary infatuations” throughout their relation-
ship. But ultimately their bond was unshakable.
“I was a bit like a powerful French matriarch,”
recalls Mr. Ivory, “who knows her husband
film set in all the years I was at the USC
film school,” he confesses. “I didn’t know
what a director did until I went on Ray’s set.”
Mr. Ivory then shares some of his techniques:
he is against multiple takes and reshoots

I
supreme artistry of “Howards End,” “A Room has mistresses, but who also knows that she (“It’s never as good as what we did the
N 1993, the film director James Ivory With a View” and “The Remains of the Day.” is at the center of his world.” first time, even when it was done badly”);
was in Bhopal, India, where his However, they, along with the rest of us, may Unsurprisingly, Merchant looms large in he casts actors who possess not conventional
partner Ismail Merchant was shooting well be charmed and edified by Mr. Ivory’s the book. We hear of his conservative Muslim good looks but rather “a kind of individual
the film “In Custody.” One day a slow- insightful selection of scenes from memory upbringing in Bombay, his move to New York distinction”; and he is prepared to compro-
witted interviewer told Mr. Ivory and his absorbing self-portrait of an artist. and his initial encounter with Hollywood— mise to avoid ruffling feathers—which is
that the Delhi press had been hostile toward The book’s opening sections cover Mr. a decidedly bittersweet one, for despite why he didn’t insist that Daniel Day-Lewis
“Howards End,” Merchant Ivory Productions’ Ivory’s early years growing up in Klamath securing an Academy Award nomination for cut his too-long fingernails. “It’s better to
prize-garlanded have long nails
film from the and wonderful
previous year: performances.”
“They had found This section of
it too ‘picture- the book is a mere
postcardy’ and 50 pages and some
too ‘literary.’” readers will wish
Mr. Ivory was that it had been
taken aback: “No filled out further,
film can ever be either with more
‘too literary,’” he on the nuts and
answered, before bolts of filmmaking
asking if they’d or reflections on,
meant to say and commentaries
“too literate”? about, classic
JAMES IVORY; ON C7: MARY EVANS/MERCHANT IVORY/RONALD GRANT/EVERETT COLLECTION

His interviewer Merchant Ivory

considered this, movies. The
then admitted section called
they’d actually “Portraits” features
written “literate.” both. While there
“Well no film are both thumbnail
can ever be too sketches and more
‘literate,’” Mr. detailed profiles
Ivory replied. He of the likes of
left harboring no Vanessa Redgrave,
ill will toward his Bruce Chatwin
interlocutor. “Such and Raquel Welch
Toads are to be (“I treated her as
treasured, and an actress, and not
like certain Indian as a star. That was
pickles, counted on my fatal mistake”),
to spice up a long, it’s somewhat
dull day.” disappointing to
This exchange find no anecdotes
comes from Mr. about Merchant
Ivory’s memoir Ivory luminaries
“Solid Ivory,” a such as Anthony
collection of stories PLACE SETTING James Ivory with Emma Thompson and Anthony Hopkins on the set of ‘Howards End’ (1992). Hopkins, Emma
from a remarkable Thompson, Paul
life and a glittering career. This particular Falls, Ore. Certain events stand out as his first short film, “The Creation of Woman” Newman and Helena Bonham Carter.
story showcases Mr. Ivory’s caustic wit. But character-shaping. He is ridiculed by his (1961), he was unable to get a seat at the And yet despite these shortcomings there
it is also notable for that “picture-postcardy” classmates for asking Santa Claus for a doll’s ceremony and could only watch it on tele- is still a lot to admire here, from tales of
putdown. “Merchant Ivory” was more than house, and from that day on regards himself vision. Mr. Ivory also reveals that Merchant extended trips to Venice in the ’50s and
an accomplished producer-director double as being “a bit apart from all the others.” was a great chef but a terrible skinflint. Kabul in the ’60s to accounts of a glitzy ball
act; it also became recognized as a genre, He learns the fates of his grandfathers—one “I did it for the curry,” Hugh Grant wryly in an English house and a death-defying
synonymous with award-winning period- a rabble-rouser who incited a factory strike, said of working with him. dinner party at a maharajah’s palace. The
costume films adapted from the works of the other a hardened gambler who met a Mr. Ivory devotes another chapter to the book is especially compelling when Mr. Ivory
watery grave—and their murky outlines fire third member of their “triumvirate.” In 1960 offsets his triumphs with some hard knocks,
his creative imagination. And he remembers both men approached Ruth Prawer Jhabvala such as when he was blackballed during
As a director, James Ivory has how his father, who managed a lumber com- to adapt her novel “The Householder” for Oregon Rush Week or dropped as co-director
learned to favor distinctive pany, catered big dinners for his mill workers: their first feature. “But I’ve never written from the 2017 film “Call Me by Your Name.”
“That was the lesson my father’s cookhouse a screenplay,” she said. “Well, I’ve never pro- In the case of the latter it all worked out in
features over bland good looks taught me,” he says, “to feed hungry men as duced a movie, and Jim has never directed the end: Mr. Ivory wrote the screenplay and
—and to make sure to give his if they were stars and never skimp there.” one,” Merchant replied. Jhabvala, who died received an Oscar for his trouble at the 90th
performers a solid meal. Mr. Ivory goes on to divulge youthful in 2013 at 85, would go on to adapt many Academy Awards—making him, at the tender
romantic encounters with various boys and more novels for the pair. Mr. Ivory depicts age of 89, the oldest winner in its history.
men, from first crushes to more serious a woman of privilege (“Ruth never lifted a As memoirs go, “Solid Ivory” is candid,
authors such as Henry James, E.M. Forster entanglements. As a student at the University finger, except to her typewriter. Her servants informative and infused with warmth, verve
and Kazuo Ishiguro. The films they made of Southern California’s cinema school in the did everything”) but also of talent and fierce and humor. Sit back and enjoy a series of
together, for over 40 years until Merchant’s early 1950s, he falls in love with one of his intelligence. well-executed master shots and captivating
death in 2005, have proved critically divisive. roommates at Dr. Zeck’s—a boarding house One standout section entitled “Making close-ups.
Aficionados relish sumptuous dramas owned by the dean of men and “a hothouse Movies” offers a fascinating look at Mr.
in which complex characters in refined of sexual desire.” Love doesn’t bloom again Ivory’s craft. He explains how he derived Mr. Forbes is a writer in Edinburgh, Scotland.
environments wrestle with suppressed until 1961 when he meets the man who will guidance and inspiration from watching the His work has appeared in the Times Literary
passions and illicit desires. Detractors scoff become his long-time collaborator and life Indian director Satyajit Ray at work on a film Supplement, the Economist, the Literary
at twee, soft-focus melodramas in which the partner, Ismail Merchant. Mr. Ivory calls him in Calcutta. “We never visited a Hollywood Review and other publications.

Bestselling Books | Week Ended October 16

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 16,000 locationsacross the U.S.,
representingabout 85%ofthe nation’s booksales.
The Storyteller 1 1 Midnight in Washington 6 New State of Terror 1 New Apples Never Fall 6 7 Print-book data providersincludeall majorbooksellers,
Dave Grohl/Dey Street Adam Schiff/Random House B. Clinton & L. Penny/Simon & Schuster/St. Martin’s Liane Moriarty/Holt webretailersand food stores.Ebook dataproviders
includeall majore-book retailers.Freeebooks and
To Rescue the Republic 2 New Atomic Habits 7 — The Christmas Pig 2 New Silverview 7 New those sellingforless than99 centsare excluded.
Bret Baier & Cahterine Whitney/Custom House James Clear/Avery J.K. Rowling/Scholastic John le Carré/Viking The fictionand nonfictioncombinedlists include
aggregatedsalesfor allbook formats (exceptaudio
The Boys 3 New American Marxism 8 7 The Wish 3 2 Dog Man: Mothering Heights 8 8 books, bundles,boxedsets andforeign
Ron Howard & Clint Howard/Morrow Mark R. Levin/Threshold Nicholas Sparks/Grand Central Dav Pilkey/Graphix language editions)and featurea
combinationof adult,youngadultand
Peril 4 2 E.R. Nurses 9 New The Lincoln Highway 4 1 MistytheCloud: AVeryStormyDay 9 New juvenile titles. Thehardcover fiction
Bob Woodward & Robert Costa/Simon & Schuster James Patterson & Matt Eversmann/Little, Brown Amor Towles/Viking Dylan Dreyer/Random House Books for Young Readers and nonfictionlists alsoencompassa
mixof adult,young adultandjuvenile titles whilethe
The Forever Dog 5 New The Beatles: Get Back 10 New Cloud Cuckoo Land 5 3 TheBoy,theMole,theFoxandtheHorse 10 — business listfeatures onlyadulthardcover titles.
Rodney Habib & Karen Shaw Becker/Harper Wave The Beatles/Callaway Arts & Entertainment Anthony Doerr/Scribner Charlie Mackesy/HarperOne 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

Midnight in Washington 1 New The Storyteller 1 1 State of Terror 1 New State of Terror 1 New Atomic Habits 1 1
Adam Schiff/Random House Dave Grohl/Dey Street B. Clinton & L. Penny/Simon & Schuster/St. Martin’s B. Clinton & L. Penny/Simon & Schuster/St. Martin’s James Clear/Avery
The Money Will Follow 2 — To Rescue the Republic 2 New The Lincoln Highway 2 1 The Wish 2 2 Human-Centered Communication 2 New
Michael Emoff & Adam Emoff/King of Kings Bret Baier & Cahterine Whitney/Custom House Amor Towles/Viking Nicholas Sparks/Grand Central Ethan Beute/Fast Company
Rigged 3 New Midnight in Washington 3 New Apples Never Fall 3 5 The Lincoln Highway 3 1 Play Nice but Win 3 —
Mollie Hemingway/Regnery Adam Schiff/Random House Liane Moriarty/Henry Holt Amor Towles/Viking Michael Dell/Portfolio
60 Days to Linkedin Mastery 4 New The Boys 4 New Temptation After Dark 4 New The Christmas Pig 4 New Beyond Happiness 4 New
Josh Steimle et al./Taft House Ron Howard & Clint Howard/Morrow Marie Force/HTJB J.K. Rowling/Scholastic Jenn Lim/Grand Central
E.R. Nurses 5 New Peril 5 3 Silverview 5 New Apples Never Fall 5 6 Dare to Lead 5 4
James Patterson & Matt Eversmann/Little, Brown Bob Woodward & Robert Costa/Simon & Schuster John le Carré/Viking Liane Moriarty/Holt Brené Brown/Random House
To Rescue the Republic 6 New The Forever Dog 6 New God Rest Ye, Royal Gentlemen 6 New Cloud Cuckoo Land 6 3 StrengthsFinder 2.0 6 3
Bret Baier & Catherine Whitney/Custom House Rodney Habib & Karen Shaw Becker/Harper Wave Rhys Bowen/Berkley Prime Crime Anthony Doerr/Scribner Tom Rath/Gallup
The Boys 7 New E.R. Nurses 7 New Swamp Sweets 7 6 Silverview 7 New Extreme Ownership 7 6
Ron Howard & Clint Howard/Morrow James Patterson & Matt Eversmann/Little, Brown Jana DeLeon/J&R John le Carré/Viking Jocko Willink & Leif Babin/St. Martin’s
Peril 8 5 Rigged 8 New The Wish 8 — Little Blue Truck’s Halloween 8 — Courage Is Calling 8 —
Bob Woodward & Robert Costa/Simon & Schuster Mollie Hemingway/Regnery Nicholas Sparks/Grand Central Alice Schertle/Clarion Ryan Holiday/Portfolio
It’s Better to Be Feared 9 New Some Things I Still Can’t Tell 9 New Verity 9 — It Ends With Us 9 — The Human Element 9 2
Seth Wickersham/Norton Misha Collins/Andrews McMeel Colleen Hoover/Grand Central Colleen Hoover/Atria Loran Nordgren/Wiley
Vanderbilt 10 9 It’s Better to Be Feared 10 New The Book of Magic 10 — Room on the Broom 10 — The Five Dysfunctions of a Team 10 8
Anderson Cooper & Katherine Howe/HarperCollins Seth Wickersham/Liveright Alice Hoffman/Simon & Schuster Julia Donaldson/Puffin Patrick M. Lencioni/Jossey-Bass
P2JW296000-4-C01300-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 23 - 24, 2021 | C13

PLAY
NEWS QUIZ DANIEL AKST From this week’s
Wall Street Journal
NUMBER PUZZLES SOLUTIONS TO LAST
WEEK'S PUZZLES
Cell Blocks Cell Blocks
1. Colin Powell died real company—called what?
at 84. Which of Divide the grid
these wasn’t among  A. Totally Legitimate into square or
the posts he held? Enterprises rectangular blocks,
each containing For previous
 B. Fortress Encryption weeks’ puzzles,
one digit only.
 A. Secretary of  C. Data Shield LLC and to discuss
Every block must
State  D. Bastion Secure strategies with
contain the number
 B. Secretary of other solvers, go
of cells indicated by
Defense to WSJ.com/
6. Sexual desire among Amer- the digit inside it.
 C. Chairman of the puzzles.
icans is at a low ebb, a new
Joint Chiefs of Staff
study found. According to one Killer Sudoku
 D. National security advisor
psychologist, why? Level 3 Suko
2. Beset by electricity shortages,  A. “They’re feeling really
China is scrambling to boost coal schlubby.”
production. How much of the  B. “They’re worried about
world’s supply does it consume? catching Covid.”
 C. “They’ve spent too much
 A. A quarter time together.” Killer Sudoku Level 4
 B. Half  D. “They’re aging out of sex.” As with standard
 C. Two thirds Sudoku, fill the
 D. Three quarters grid so that every
7. Mawlawi Zubair Mutmaeen column, every row
used to run Taliban suicide- and every 3x3 box Read My Lips!
3. With the help of a “Miyake bombing squads in Kabul. contains the digits F A C E U P G U P P I E S S H R I L L
event” in 993, scientists deter- What’s his Taliban job now? 1 to 9. Each set of U G A N D A E N H A N C E H O O D I E
mined that Vikings settled North N OWY O U S E E I T N OWY O U D O N T
cells joined by
A N N O S T E E R R S
America as early as 1021. What’s  A. Head of diversity, equity dotted lines must A D S C H E S H I R E C A T C AM
a Miyake event? and inclusion add up to the R AM I T H OM E P A R E N T A G E
 B. Commissioner of women’s target number in AM I N O I NMA T E S O A S E S
MA T T E S R O A C H E S I G U E S S
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designer  C. Police chief for a district of Within each set S K I S T O T L A M S R I A I L S
 B. A sun-darkening volcanic Kabul of cells joined by S E N A H I S S E H R S L L D
dotted lines, a digit S I G N E MO T C U H Y P E
eruption resulting in tighter tree  D. Director of jihad operations P S I D A R T G U N M E H
rings cannot be repeated. A P P E A S E S T E A D N A T A S H A
 C. A celestial incident that L O R D M A V E E L I A N S T A R
8. The invasive Jorō spider, from A L E V E E R S AWA Y U S E
flooded the earth with
Asia, is spreading fast across Suko MA S H S E X Y I MA C WN B A
carbon-14 O R S I N O E L V E S U N I T E S
which state (and into others
 D. The burial of a leader pre- Place the numbers O U T O F B O D Y E X P E R I E N C E
nearby)? I R A N A I R F E E T U N A C A N
served well enough for soft-tis- 1 to 9 in the spaces
D E T E S T S T P S A N G L E R S
sue dating so that the number
 A. California
in each circle is equal
 B. Georgia Spell Weaving
FROM TOP: CHERISS MAY/NURPHOTO/GETTY IMAGES; ANTHONY TRENDL

to the sum of the

4. Spanx founder Sara Blakely is  C. New Jersey four surrounding N A
selling a majority stake—to  D. Washington spaces, and T A B J
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

whom? each color total R I G E E T

is correct. L E N O N C E T
 A. Maidenform N T P I L O T S O P
 B. Nike S U T E N S I L T R AW
 C. Blackstone L L T A T I D R Y C E L L T
V E E S C A P E C L A U S E A B
 D. Tesla J O H N N Y M A T H I S P O D I UM
T S N O R I T S A C E G R A L T A
5. To recruit talent, according S U L I T U A N K S A T N O D
T Y A L P E G A T S O T R
to researchers, a ransomware N D U B R EWO L F S
gang allegedly pretended to be a G N O B A L L I B
I N E B S E N
K L O D I
Answers are listed below the B U O
crossword solutions at right. T

Answers to News Quiz: 1.B, 2.B, 3.C, 4.C, 5.D, 6.A, 7.C, 8.B
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 43 What the 1 E2 A3 I 4 B5 T6 P7 Q8 V9 U 10 L 11 O 12 S 13 K 14 N 15 V 16 R 17 M 18 Q 19 F 20 I
despairing have
18 19 20
45 Potato chips 21 J 22 T 23 A 24 U 25 G 26 E 27 P 28 H 29 B 30 L 31 C 32 K 33 F 34 O 35 U 36 J 37 R 38 V 39 P 40 Q 41 E

21 22 23 24 preserver, of a
42 S 43 H 44 N 45 M 46 D 47 K 48 U 49 B 50 V 51 I 52 C 53 E 54 T 55 O 56 A 57 P 58 G 59 M 60 U
sort
25 26 27 28 29
46 Sewing machine 61 Q 62 F 63 N 64 H 65 I 66 D 67 V 68 A 69 E 70 G 71 S 72 B 73 C 74 V 75 N 76 R 77 K 78 P 79 Q 80 O 81 H
30 31 32 33 part
47 Harmon of 82 J 83 U 84 L 85 I 86 V 87 G 88 B 89 D 90 S 91 N 92 Q 93 I 94 J 95 P 96 E 97 T 98 C 99 M 100 O 101 U 102 K
34 35 36 37 38 39 40
“Rizzoli & Isles”
103 T 104 B 105 F 106 Q 107 L 108 S 109 R 110 A 111 P 112 I 113 J 114 N 115 V 116 G 117 K 118 T 119 E 120 D 121 Q
41 42 43 44 48 Snorkeling venue
50 Manhattan 122 M 123 U 124 H 125 P 126 C 127 L 128 F 129 O 130 I 131 K 132 U 133 J 134 T 135 A 136 R 137 V 138 Q 139 P 140 H
45 46 47 48 49 50 51 52
relatives
141 E 142 I 143 D 144 T 145 N 146 B 147 J 148 S 149 V 150 U 151 L 152 P 153 C 154 D 155 A 156 E 157 M 158 Q 159 F
53 54 55 56 57 58 51 Team VIP
59 60 61 62 63 64
52 Blockades 160 N 161 U 162 O 163 R 164 L 165 S 166 V 167 G 168 J 169 K 170 A 171 H 172 P 173 T 174 I 175 E 176 U 177 C 178 V 179 N
53 Full-bodied
65 66 67 68 69 Italian wine 180 K 181 F 182 S 183 B 184 H 185 Q 186 R 187 T 188 E 189 V 190 D 191 U 192 I 193 A 194 M 195 P 196 U 197 E 198 Q 199 C 200 L

70 71 72 73 74 54 Wild party 201 D 202 S 203 A 204 U 205 T 206 P 207 E 208 Q 209 H 210 B 211 I 212 V 213 O
55 Savvy about
75 76 77
57 Shoshone
78 79 80 81 82 83 84 85 speaker Acrostic | by Mike Shenk
60 Simple tops To solve, write the answers to the clues on the L. Team that’s retired ____ ____ ____ ____ ____ ____ ____ ____
86 87 88 89
61 Turntable fig. numbered dashes. Then transfer each letter to the the numbers of Dan 10 30 164 84 127 107 151 200
90 91 92 93 94 95 96 97 98 99 62 Soothe correspondingly numbered square in the grid to spell Marino, Bob Griese
63 Oscar-winning a quotation reading from left to right. Black squares and Larry Csonka
100 101 102 103 104
title role for separate words in the quotation. Work back and
105 106 107 108 109 Sean Penn M. Fast-food chain ____ ____ ____ ____ ____ ____ ____
forth between the word list and the grid to complete that holds Coney 122 157 59 194 17 99 45
64 Young Ron the puzzle. When you’re finished, the initial letters of
110 111 112 113 114 115 Island’s annual hot
Howard role
the answers in the word list will spell the author’s dog eating contest
116 117 118 67 Dandy name and the source of the quotation.
119 120 121 68 Spew wild words N. Net sales? (Hyph.) ____ ____ ____ ____ ____ ____ ____ ____ ____
A. Flurry of brief, ____ ____ ____ ____ ____ ____ ____ ____ 145 160 179 91 14 44 114 63 75
71 Hit 203 2 110 170 193 135 155 56
impassioned online
Parts Unknown | by Freddie Cheng 74 Snow, in
posts ____ ____ O. Coffee-flavored ____ ____ ____ ____ ____ ____ ____ ____
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Across 49 Fixes for some 94 “...can’t do 5 Cotton from 76 Atones for name is Italian for
1 Deserves computer marathons since Arkansas 77 Noisy birds B. 1949 MGM musical ____ ____ ____ ____ ____ ____ ____ ____ ____ “pick me up!”
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7 Sponsor of New lacking oxygen...”
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152 139 206 195 27 125 111 78
of July fireworks easily...” 100 Blitzer’s goal of mountains 79 Stop wondering, Jules Munshin sing attraction with a
show 56 Shade 101 Contented sighs 8 Followers maybe “New York, New total drop of ____ ____ ____ ____ ____
6 95 172 39 57
58 “Spark” singer 103 Flips (through) 80 Tour transport York” (3 wds.) 2,425 feet (2 wds.)
12 Chicken choice 9 Fellini’s farewell
Amos 104 “Annabel Lee” 81 Sitcom planet
18 Patch type 10 Nikkei unit C. Playwright ____ ____ ____ ____ ____ ____ ____ ____ Q. Spike Lee film in ____ ____ ____ ____ ____ ____ ____ ____
59 Info on a toy writer 83 Brewery supply 153 98 126 31 73 199 177 52 which Denzel 61 208 18 138 79 158 121 198
19 Foucault’s 11 Its largest city is who wrote the
package 105 Wong of “Always 84 ___ Simbel Washington plays a
farewell Omdurman screenplay for Judy ____ ____ ____ ____ ____
60 Fast walk Be My Maybe” (Egyptian Garland’s “A Star Is jazz trumpeter 92 40 185 7 106
20 Common coffee 12 Victoria’s Secret
variety 62 Simple animals 106 Turning tool buys temple site) Born” (2 wds.) (3 wds.)
21 “Woe is me! 65 Color TV 108 Lilibet, to William 13 X-ray dosage 88 They play with
pioneer 109 1980 NFL MVP blocks D. Kings and queens, ____ ____ ____ ____ ____ ____ ____ ____ R. French city whose ____ ____ ____ ____ ____ ____ ____
People don’t like units 89 190 143 154 66 46 201 120 cathedral is located 136 16 109 76 163 186 37
high-fiving me...” 66 “...my Brian 89 Amazed cries e.g.
14 Flow out at the end of Rue
23 “...my veins are pronunciation 110 “...I have an 90 Romanov ruler
sucks...” 15 Run a fever, say E. Head out (3 wds.) ____ ____ ____ ____ ____ ____ ____ ____ Jeanne d’Arc
shot...” inscrutable 91 Good lighting? 197 69 141 96 207 188 156 119
69 Tamper with expression” 16 Stadium official
25 Murray who won 92 Overhead hazard S. Computer virus ____ ____ ____ ____ ____ ____ ____ ____ ____
17 Laotzu’ s ____ ____ ____ ____ ____ 165 182 71 202 148 108 90 12 42
Wimbledon twice 70 Something 113 Character
philosophy in the winter 175 53 1 41 26 that stays hidden
26 Evening stroll comfortably whose creation until triggered by
20 Answer to 93 “Huh-uh”
familiar is making the F. London football specific conditions
27 Not quite right 10 complaints “Enough?” 95 Check out ____ ____ ____ ____ ____ ____ ____
(2 wds.)
72 “My treat!” club nicknamed 128 181 105 62 33 159 19
29 City on in this puzzle 22 Popularizer of furtively
73 Self-contained “The Gunners”
Guanabara Bay 116 Noted uptown the Republican 96 Frilly fabric T. 1999 cult film ____ ____ ____ ____ ____ ____ ____ ____
75 Spirited air written and 173 144 5 97 22 118 205 103
30 World Athletics Manhattan elephant and 97 Each G. One trading dollars ____ ____ ____ ____ ____ ____
president 76 Anaphylaxis restaurant until Democratic directed by Mike ____ ____ ____
98 More fibrous for quarters 58 87 25 116 70 167
Sebastian treatment, for 2011 donkey symbols Judge (2 wds.) 134 187 54
short 99 Really little
31 Polite refusal 117 Kingdom ruled 24 Ellipsis trio 102 Really large H. Ariana Grande’s ____ ____ ____ ____ ____ ____ ____ ____ ____
77 “...people think 140 184 43 124 64 28 81 209 171 U. Getting young ____ ____ ____ ____ ____ ____ ____ ____
32 Tizzy by Tupou VI 28 Beginning for dial 106 Highway Instagram account 123 176 9 48 83 196 132 150
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33 Sleeveless 118 Lot units or deal division has over 250 million
stare...” work long hours by ____ ____ ____ ____ ____ ____ ____
garment 78 La Scala choice 119 Anchor spot 31 Trinity’s love in 107 Didn’t just pass taking advantage of 60 161 191 101 204 24 35
“The Matrix” I. Title question of a ____ ____ ____ ____ ____ ____ ____ ____
34 “...I can’t dance...” 82 Garrulous 120 Brewery supply 108 Darling pooch, in 93 211 65 112 51 192 85 130 their enthusiasm
1982 Primo Levi
32 Vietnam flag
37 “...I’m awful at 85 Masada Natl. Pk. 121 Site for a bite “Peter Pan” novel (4 wds.) ____ ____ ____ ____
V. Site of Mt. Logan,
weight lifting...” Down feature 3 142 20 174 ____ ____ ____ ____ ____ ____ ____ ____
setting 109 Baseball card North America’s 38 67 86 212 137 189 115 8
41 Reaction to a 33 Resign from number
86 Take over 1 How a burglar second-highest ____ ____ ____ ____ ____ ____
sock might be caught 35 Hapless sort 111 Serpent in J. External acoustic ____ ____ ____ ____ ____ ____ ____ ____
mountain (2 wds.) 74 50 178 15 149 166
87 Noodles made 36 168 82 113 147 94 21 133
42 Roti alternative from buckwheat 2 Previously, 36 74-Down, after Kipling stories meatus, familiarly
melting (2 wds.) Get the solutions to this week’s Journal Weekend
s

44 Sight-based flour poetically 112 Little lie

45 “Dynamite” 88 Pointer, e.g. 3 Truckers’ 38 Chimp, e.g. 114 Tobiko, in a sushi Puzzles in next Saturday’s Wall Street Journal.
K. System of online ____ ____ ____ ____ ____ ____ ____ ____ ____
supergroup 90 “...it takes me competition 39 Sgt.’s superiors restaurant modified spelling 77 32 131 117 102 180 13 47 169 Solve crosswords and acrostics online, get pointers
47 Jazz trumpeter forever to get a 4 May race, for 40 Off the hook, so 115 Place for that may be arcane on solving cryptic puzzles and discuss all of the
Sandoval jab...” short to speak pampering to a n00b puzzles online at WSJ.com/Puzzles.
P2JW296000-4-C01400-1--------XA

C14 | Saturday/Sunday, October 23 - 24, 2021 **** THE WALL STREET JOURNAL.

REVIEW
ICONS

An Artist, Not a Gentleman

The 18th-century English satirist William Hogarth had some surprising things
in common with his Continental contemporaries.

BY TOBIAS GREY

W
illiam Hogarth’s
sketching habit
did not go down
well in France,
where it led to his
arrest for spying. He was only re-
leased after he managed to prove he
was an artist by drawing several dis-
obliging caricatures. The pugnacious
Englishman immortalized the inci-
dent a few months later in his 1748
oil painting “The Gate of Calais,”
which depicts a side of British beef
being drooled over by some emaci-
ated French soldiers and a pudgy-fin-
gered friar.
The satirical painting is one of the
first on display in “Hogarth and Eu-
rope,” a new show opening Nov. 3 at
Tate Britain in London. The show’s
catalog notes that Hogarth, who was
born in London in 1697 and lived his

FROM LEFT: TATE; THE NATIONAL GALLERY, LONDON

whole life there, is often viewed as
“an insular patriot, xenophobe or
trailblazer of blunt nationalism.” But
the show’s co-curator Alice Insley
says that this idea fails to take into
account Hogarth’s admiration for the
work of European artists.
The show, which includes some
150 works mostly from public collec-
tions, draws parallels between Hog-
arth and his continental contempo-
raries. “If you look at the beef in the
center of ‘The Gate of Calais’ it is ac-
tually very Chardin-like,” says Ms. In-
sley. Hogarth’s French contemporary
Jean-Siméon Chardin (whose paint-
ing “The House of Cards” is discussed
in Masterpiece, below) specialized in
still lifes. “We know that Chardin and
Hogarth by the 1730s were painting
in very similar ways, certainly in
their treatment of surfaces with this
kind of rich, strongly lit treatment of
still life details,” says the exhibition’s
co-curator Martin Myrone. “But they
wouldn’t have seen each other’s work
until the 1740s at the earliest.”
In the exhibition, one of Chardin’s
most famous still lifes, “The White
Tablecloth” from 1731-32, is dis-
played alongside Hogarth’s painting
“The Tête à Tête,” made a decade
later as part of his “Marriage A-la-
Mode” series about the disastrous
outcome of an arranged marriage.
Hogarth’s painting “has this wonder-
ful hung-over breakfast which is
played out on a beautiful white table-
cloth so I think it will be really fasci-
nating to see the two paintings to-
gether,” Ms. Isley says. Above: Hogarth’s customs and the ways
The curators believe ‘The Tête à Tête’ Hogarth often drew in-
that these sorts of cre- from ‘Marriage A- spiration from European
ative kinships bubbled la-Mode’ (1743-45). genre painting.
up during the first half Top left: ‘The Ms. Insley cites the
of the 18th century, as Painter and His work of the Italian
European artists became Pug’ (1745). painter Giuseppe Crespi
less reliant on the pa- as a major influence on
tronage of the state and Hogarth, particularly in
began to work more like freelancers. his series of paintings on the highs
The demands of the market led to and lows of an opera singer, which
many of them centering “their art now only exists in fragments. The
around urban themes, around social show gives an idea of Crespi’s flair
satire and social commentary,” Mr. for depicting the kind of lowlife be-
Myrone says. havior that is now often dubbed Hog-
Hogarth developed a reputation arthian: In his “Courtyard Scene”
for excelling in these areas through (1710-15), a disgruntled washer-
his “moral modern subjects,” which woman looks on as a cat slashes at a
told stories sequentially through a man relieving himself against a wall.
series of pictures. The show includes A less obvious influence on Hog-
paintings and engravings from his arth is Jean-Antoine Watteau, whose
best known series, such as “Mar- decorous paintings such as “The
riage A-la-Mode,” “A Rake’s Prog- Pleasures of the Ball” (1714)—lent for
ress” and “A Harlot’s Progress.” The the show by the Dulwich Picture Gal-
curators explore the tension be- lery—were very well known in Eng-
tween their satirical view of foreign land. Both artists share “the interplay
between theater and reality,” Mr. My-
rone says. “You can see this in the
way there are gestures and glances
which connect across their pictures
and suggest a kind of narrative move-
ment, even if it’s just figures sitting
in a room or dancing together or
seated together in a landscape.”
Hogarth’s appreciation for the
work of foreign artists extended to
engravers of his own work. The
hugely popular prints of “Marriage A-
la-Mode” were mostly engraved by
French Huguenot artists living in
London. Hogarth’s neighborhood of
Covent Garden was a nest of artists,
cabinet-makers and pigment sellers
who often came from abroad. His
friend Jean André Rouquet, an expa-
triate Swiss miniaturist, helped to es-
tablish Hogarth’s reputation in Eu-
rope by publishing a French-language
monograph of his engravings. Rou-
quet’s miniature painting of a be-
wigged, almost cherubic-looking Hog-
arth is one of several portraits of the
artist in the show.
It is a very different persona from
the one Hogarth chose in his 1745
self-portrait “The Painter and his
Pug,” which hangs in the show along-
side a 1739 self-portrait by Hogarth’s
Dutch contemporary Cornelis Troost.
Both employ pictorial traditions from
17th-century Dutch painting, such as
placing a portrait within a picture
and using a stage-like curtain as a
framing device. But whereas Troost
presents himself as a courtly gentle-
man, Hogarth is dressed defiantly in
the garb of a working artist and has
accentuated the scar on his forehead.
“Hogarth’s self-portrait suggests
that this was him deliberately culti-
vating a frank image of himself as
what you see is what you get,” Ms.
Insley says. “He’s clearly positioning
himself within a European visual
tradition of self-portraits, but then
he’s also quite clearly painting him-
self as someone who is not the art-
ist-gentleman.”

MASTERPIECE | ‘THE HOUSE OF CARDS (PORTRAIT OF JEAN-ALEXANDRE LE NOIR)’ (C. 1740-41), BY JEAN-SIMÉON CHARDIN

Showing That
The lighthearted across the genres, passages of fluid
subject belies the brushwork—as seen in the creamy
true solemnity of white cards—have led some to pro-

Life Is More
the work. pose a later date on stylistic
grounds as well. It is above all,
however. the striking visual conun-

Than a Game
BY MARY TOMPKINS LEWIS
JEAN-SIMÉON CHARDIN’S en-
chanting “The House of Cards (Por-
trait of Jean-Alexandre Le Noir)” is
the current subject of the National
Gallery Masterpiece Tour, that Lon-
don museum’s annual traveling
program designed to engage di-
verse new audiences at smaller in-
stitutions across Britain. The circa
1740-41 painting, one of the French
artist’s four autograph variations
on this genre theme, has evoked re-
cent speculation as to its meaning
and place in his career.
Chardin’s canvas, probably ex-
hibited at the Paris Salon in 1741,
was likely commissioned by Jean-
Jacques Le Noir, a cabinet maker
and close friend who ordered sev-
eral family portraits, including, pre-
sumably, this one of his young son,
shown in profile and leaning
slightly over a small wooden table.
The table, covered with bright
testifies to Chardin’s
gifts in multiple
genres. After admis-
sion in 1728 to the
Académie Royale in
Paris as a still-life
artist, when paint-
ings of fruits, flowers
and common objects
were held in low regard, he turned
to depicting everyday figures at
work or play in highly accom-
plished but unassuming scenes that
delighted his contemporaries and
many connoisseurs. Here, the hand-
some young sitter with rose-tinted
cheeks sports soft clusters of curls,
a stylish jacket with deep, buttoned
cuffs, and a velvety black tricorn
hat trimmed with gold. Enthralled
with his playful undertaking and
oblivious to his surroundings, he
studies the blank card in his left
hand and rests his right arm on the
table just above a drawer that
slides open at center.
a nod to the elder Le Noir’s profes-
sion, light pours in at left—illumi-
nating the masonry wall behind,
the stacked playing cards, the gam-
ing table’s polished edge and tiny
nails that trace its horizontal ex-
panse. It also highlights the table
drawer, which seems to project for-
ward into our space. A trompe l’oeil
detail that challenges the flattened
format of the canvas and the clois-
tered confines of its sitter, the open
drawer invites the spectator into
the physical space of the painting.
Modern artists from Paul Cezanne
to Alberto Giacometti—and per-
haps even Jasper Johns?—would
works were seen as
vanitas images, gen-
tle admonitions
against idleness and
reminders of the
fleeting nature of
human endeavor, as
a contemporary en-
graver suggested
when he appended a
moralizing verse to
reproductions of the
painting in 1743.
Many of Chardin’s
genre scenes were conceived as
pendants, and the undated “The
House of Cards” has been consid-
ered a companion and close in date
to “The Young Schoolmistress” (c.
1737; also National Gallery, Lon-
don), whose mirror-like image of
an industrious young woman tutor-
ing a tiny child would have offered
a corrective moral exemplum.
Recent curators however, have
suggested that such traditional in-
terpretations of “The House of
Cards” and the painting’s proposed
chronology bear revision. The can-
vas, alone among such works in
Chardin’s oeuvre, was identified
drum of the painting’s table drawer
that suggests this was Chardin’s
definitive and culminating work in
the evocative series.
Though in the related versions
the image’s open drawer is filled
with brusquely painted, emblem-
atic face cards that compel a more
narrative reading, it lies curiously
empty in the London painting, ac-
knowledging our presence in its
magical space and drawing us into
a muted dialogue about the illu-
sions—and deceptions—of art. Ka-
tie Scott, a recent scholar, has sug-
gested that the real subject here is
the unadulterated imagination of a
young man at the threshold of ma-
turity, and also, one might argue, of
the realms of art and reality. The
unshakable order and gravity of
this monumental genre work make
sense when it is seen in this heroic
context, and as far more than a
prosaic moral image. When, in
1763, the French philosopher Denis
Diderot described Chardin’s works
as existing between nature and art,
he perfectly captured the unique
character of “The House of Cards”
and of its modest painter’s magnifi-
NATIONAL GALLERY, LONDON

green baize, holds a gambling chip
and coin, crisply folded playing
cards, and the precariously con-
structed title subject.
A naturalistic and stunningly
beautiful image of meticulous and
motionless absorption, the painting
Chardin, the son of a billiard-ta-
ble maker by trade, often rendered
in exquisite detail the finely crafted
furniture he painted. (His earliest
surviving canvas, now at the Musée
Carnavalet, depicts a public billiard
game.) In this work, which may be
be inspired by Chardin’s subtle illu-
sionistic conceit.
The quiet solemnity of “The
House of Cards,” so at odds with its
lighthearted theme, suggests that
more than visual gambits are here
at play. In Chardin’s day, such
and exhibited specifically as a por-
trait, and the apparent age of the
sitter, who would have been 10
years old in 1741, argues for the
painting’s completion closer to its
Salon debut. Although Chardin’s
style did not evolve consistently
cent achievement.
Ms. Lewis, who taught art history
for many years at Trinity College,
Hartford, Conn., writes about art
for the Journal and other
publications.
P2JW296000-4-D00100-1--------XA
The Official
Preppy
Revival of
2021
How the look
has evolved D2
FASHION | FOOD | DESIGN | TRAVEL | GEAR
STAY FIT MORE
FUTURISTICALLY
The latest rowing
tech leaves old-school
machines looking
downright prehistoric.
Is Your Tech Dating You?
From wired headphones to wooden rowing machines, gear can leave you looking seriously behind the times.
Here, nine items due for extinction—and great upgrades to try instead. Plus, tips to ensure your
digital conduct isn’t making you seem older than your years.
BY MATTHEW KITCHEN
E
VERY FASHION choice you
make broadcasts to the
world who you want to be.
So if you’re still rocking Ed
Hardy shirts and acid wash
jeans, you’re admitting that you were
last cool about a decade ago—and per-
haps not entirely cool to begin with. The
same is true of tech, where the gadgets
you use daily tell a story, whether that
narrative defines you as an ardent first
adopter, a respectably up-to-date player
or an out-of-touch Luddite.
“Tech has always been an act of con-
spicuous consumption. But now it has
become about status signaling, even pea-
cocking,” said Matt Klein, a cultural re-
searcher and the creator of Zine, a news-
letter that studies how technology and
psychology interact. “People want to sig-
nal their choices and tech is evolving so
fast, it’s easy to draw distinctions and
determine who’s behind the curve.”
Inside
HOW ‘DUNE’ STYLE IS DONE
Adopt the function-first look of the sci-fi
film’s hero, played by Timothée Chalamet D3
OFF DUTY
THE WALL STREET JOURNAL. ****
more than 18% in the first quarter
of 2020, according to the Interna-
tional Data Corporation. And
whatever you do, don’t bring a
tablet to a concert to snap pho-
tos. Aside from the device’s mea-
sly storage and weak camera, it
will give you away as clueless.
The Upgrade Consider the iPhone
13 Max Pro (from $1,099, ap-
ple.com). Its 6.7 inch screen offers
three cameras, more function and
up to one terabyte of storage
Tablet Computers with a negligible difference in size
How they date you We’ve al- from the 8.3-inch screen on the
ready seen the full life-cycle of iPad Mini. But if you want the ex-
the tablet’s popularity, from “tech tra real estate, a hybrid laptop is
disrupter” to outdated novelty, more with-it. Lenovo’s ThinkPad
with leading purveyors annually X1 Fold (from $1,749, lenovo.com)
changing their tablets’ color and has a bendable 13-inch OLED
size because they don’t know how touch screen and operates with
else to market them. Year-over- the versatility of a tablet, laptop
year tablet sales in the U.S. fell and e-reader in one.
FANTASY ISLANDS? PHILLY WELCOMES YOU
Some homeowners dream of two-island An insider’s guide to visiting the
kitchens. Others find the trend troubling. D8 City of Brotherly Love D4
The Spawn of
A Truck and a
Crossover
Meet the
Hyundai Santa
Cruz D7
Saturday/Sunday, October 23 - 24, 2021 | D1
CUT THE CORDS
Getting tangled up in
wired earbuds is so
2010. New wireless
models signal you’re
more au courant.
RENÉ MILOT
Some people show off and demon-
strate their tech cred by filling their
houses with the latest smart speakers,
smart locks and smart thermostats.
Some broadcast that they are plugged
into cultural norms by acquiring the lat-
est exercise equipment. Still others want
the world to know they are against the
tech invasion, knowingly donning the
outmoded aesthetic of calculator
watches and flip phones, a trickier way
to be trendy.
“Do we upgrade tech in our life more
often for function or perception?” Mr.
Klein asked. “My gut tells me perception.
I don’t like that answer, but I think that
is the case.” Here, we examine devices
that might make you appear out of step
with progress—from wired earbuds that
awkwardly droop and tangle to that
dashboard GPS that leaves you behind
on the road to tomorrow—and offer the
best alternatives and upgrades so that
you don’t end up looking like a dino.
Please turn to D6 for more dated gear.
WAY BEYOND CARROT CAKE
Think beets and parsnips are unlikely to yield
tasty desserts? You’d be surprised. D9
P2JW296000-4-D00200-10100400008
D2 | Saturday/Sunday, October 23 - 24, 2021
APT PUPILS
At left, a teenage
student epitomizing
preppy style in the
1950s and, at right, a
prep-inspired look
from London
designer Molly
Goddard’s fall line.
MATT CHASE (ILLUSTRATION); GETTY IMAGES (1950S TEEN)
FASHION WITH A PAST / NANCY MACDONELL
Why Preppy Style Is
American Style
IN 1937, Life magazine sent a jour-
nalist to Vassar College to observe
student life at the wealthiest of the
Seven Sisters. Along with ho-hum
details about academics, the ensuing
article included a revelation that al-
tered the way American women
dress: an illustrated breakdown of
what Vassar girls wore—tweed
skirts, Brooks Brothers sweaters,
polo coats, saddle shoes and jeans.
So enthusiastic was the re-
sponse to Life’s fashion reporting
that Macy’s hurriedly launched an
ad campaign announcing that any-
one could buy every item Life
listed at its stores, a development
the magazine trumpeted under the
headline “Vassar Girls Set Styles
for Millions.” Preppy, a look whose
name comes from the “prep
schools” its adherents attended,
had germinated in America’s elite
universities. But now it had slipped
loose the bonds of the quad and
implanted itself in both the coun-
try’s closets and its brainpan.
In the decades since, everyone
from Black jazz musicians to Japa-
nese hipsters has embraced prep,
and it’s provided the building blocks
STYLE & FASHION
for two fashion empires (hello,
Ralph and Tommy). Preppy may go
dormant for periods, but it always
comes roaring back—politely, of
course. It’s currently roaring, as evi-
denced in some of the unlikeliest
collections this fall. Both streetwear
maestro Demna Gvasalia of Balen-
ciaga and English tulle queen Molly
Goddard riffed on Fair Isle knits. At
Philosophy, Lorenzo Serafini built
his entire collection around a
torqued view of school-days classics
like kilt skirts and letterman sweat-
ers. His impetus? All the memories
that kids who lost out on a year of
in-person school have missed, he
said. If you’re wondering whether
this fall trend has staying power,
the Miu Miu spring 2022 collection,
a subversively sexy take on prep
staples, holds the answer.
Perhaps most tellingly, the re-
sale site the RealReal reported
that, while searches for streetwear
brands have dropped, searches for
Ralph Lauren, preppy’s proud stan-
dard-bearer, were up 234% for the
first half of 2021 compared with
the same period last year.
Preppy is bubbling up in the
wider culture, too. “Slim Aarons
Style,” a new book of photos by the
lensman who put a glamorous spin
on madras and Bermuda shorts,
has just come out. The revamp of
“Gossip Girl” showcases neo-prep
as interpreted by a multiracial,
gender-fluid cast. And a Showtime
remake of the 1999 film “The Tal-
ented Mr. Ripley,” an icon of the
Preppy may go dormant
for periods, but it always
comes roaring back.
aesthetic, has been announced,
starring Dakota Fanning and An-
drew “Hot Priest” Scott.
In our unsettling reality of Covid
variants and supply-chain disrup-
tions, preppy stalwarts like navy
blazers and rugby jerseys provide a
reassuring approximation of nor-
mal. This is especially pertinent in
the U.S., where a revived culture
war has bred collective confusion
**** THE WALL STREET JOURNAL.
about what it means to be an
American. One result: We’re re- SCHOOLED IN STYLE
evaluating the aesthetic that de- Five key pieces that will help
signer Michael Bastian, the creative you master the preppy look,
director of Brooks Brothers, calls no matter how long ago you
“the style [Americans] invented.” graduated.
Although we now think of
preppy style as conservative, its
history is more nuanced. The Ivy
League look, as it was originally
known, originated on college cam-
puses in the 1920s in response to
students’ desire to dress more ca-
sually and comfortably than the
prevailing mode, while simultane-
ously creating a distinct sartorial
identity. (F. Scott Fitzgerald de-
scribes this phenomenon in “This
Side of Paradise,” his classic
preppy novel.) Instead of wearing
suits, college men gravitated to
gray flannel trousers and tweed
blazers; women rejected dresses
for clothes they sourced in men’s
departments, like the sweaters and
coats the Vassarites were favoring.
It wasn’t until 1949 that Brooks
Brothers sold its first garment de-
signed for women, a pink Oxford-
cloth button-down. This develop-
ment was considered important
enough to rate a full page in Vogue
and the cover of Life. In the 1970
film “Love Story,” Ali MacGraw,
playing a working-class Radcliffe
girl, calls Ryan O’Neal’s privileged
Harvard hockey player “preppy”—
thereby popularizing the term and
establishing the style as shorthand
for elite American good taste. “The
Official Preppy Handbook,” pub-
lished in 1980 and reprinted an as-
tonishing 41 times, confirmed this
perception.
“The Handbook” is overwhelm-
ingly white, but preppy is more of
a class signifier than a racial one.
Students at historically Black col-
leges and universities adhered to
preppy codes, as did the well-off
Miles Davis, who wore Brooks
Brothers in the late 1940s and ’50s.
So did fashion designer Jeffrey
Banks, who wrote a book on the
subject (and another one on tar-
tan, a preppy pattern he calls his
“everlasting love”). Preppy contin-
ues to hold sway, Mr. Banks ar-
gued, because it’s associated with
institutions that many of us have
foundational memories of, like
family and school. “You can always
fall back on those pieces, that
style,” he said. “It is always appro-
priate.” When norms change rap-
idly, as they are now, “appropri-
ate” takes on a new significance.
Katherine Cousins, the global
brand president for Sperry, which
has been retooling its boat shoes
and duck boots via collaborations
with tastemakers like Gwyneth Pal-
trow and Rebecca Minkoff, links
preppy’s longevity to its mutability.
“You can fuse a personal style onto COLLEGIATE CLASSICS
it, which is so important right now.” From top: Rugby
Preppy, really, is prototypical Shirt, $98, kule.com;
American sportswear. That’s what Bag, $645, apc-us.com;
Mr. Bastian of Brooks Brothers, the Blazer, $298,
oldest continually operating apparel brooksbrothers.com;
brand in the U.S., is getting at when Loafers, $825, tods.com;
he suggests it’s time to rename Wales Bonner Skirt, $860,
preppy: “It’s elitist. I prefer ‘classic matchesfashion.com
American’ or ‘American heritage.’”
ROUTINELY VS. RARELY
Rafael Silva
In their wardrobes, most
people have everyday
workhorses and seldom-
worn stars. The ‘9-1-1: Lone
Star’ actor shares his.
Worn Routinely thing. They are re- live in Los Angeles
Here is the thing: ally a multidimen- and I still wear Ha-
When you grow sional type of vaianas Brazil Flip
up in Brazil like I footwear. Now I Flops all the time.
did, it is impossible Even when I’m in
not to have some New York City I’ll
Havaianas. When I wear them. They
was a kid, we remind me of my
wore them all the home country. I
time—to play out- wear them so of-
side, to chase ten that I need a
chickens, to chase new pair almost
cattle—for every- every six weeks.
Worn Rarely I cowboy hat out- of honest, hard-
come from a fam- side of the farm- working people. It’s
ily of farmers in land, which is OK. I interesting how we
Brazil. When I lived don’t get to wear relate to things.
in New York and it often, but when I Most people see a
was trying to see this hat, I think cowboy hat and
launch my career, I think they know
bought this cow- what it represents.
boy hat from a But for each and
store in lower every person, each
Manhattan to re- object means
MATTHEW COOK
mind me of home. something differ-
I think people give ent. —Edited from
you weird looks an interview with
when you wear a Todd Plummer
P2JW296000-4-D00300-1--------XA
THE WALL STREET JOURNAL.
In the newly released film, leading man Timothée Chalamet has a wardrobe that’s as vast as the desert
planet he traverses. How to steal his sci-fi style—because believe it or not, you’ll want to.
FOUND IN SPACE
Timothée Chalamet
wearing a surprisingly
stylish outfit as Paul
Atreides, his character
in Denis Villeneuve’s
‘Dune.’
CHIABELLA JAMES
BY TODD PLUMMER
I
F YOU HAVEN’T been back to
the movies yet, now might be
the time: The long-awaited,
thrice-delayed Denis Ville-
neuve adaptation of Frank
Herbert’s seminal 1965 novel “Dune”
will hit theaters on Oct. 22. The futur-
istic epic stars Timothée Chalamet
doing what he does best: playing an
angsty teen, in this case Paul At-
reides, on an archetypal hero’s jour-
ney to save us all. And much like the
real-life Mr. Chalamet, his character is
nothing short of a fashion plate.
Just because “Dune” is “sci-fi”
doesn’t mean its costumes are dis-
jointed from reality. On the contrary,
the film’s costume designers, Jacque-
line West and Bob Morgan, avoided
sci-fi clichés, steering clear of gleam-
ing metallics and perky “Beam me up,
Scotty” vibes. Instead, they gravitated
toward what they call “mod-eval”—a
blend of modern and medieval styles.
Tarot cards, paintings by Goya and
Caravaggio, ecclesiastical costumes
from 14th-century Europe’s Avignon
Papacy, and traditional garments like
Japanese hakamas and Moroccan
djellabas all served as inspirations. “I
didn’t want to have it look like a sleek
JEWELS THAT TELL TIME
HARRYWINSTON.COM
* * * *
STYLE & FASHION
To the ‘Dune’ and Back
future, like a…spaceship alien film,”
said Ms. West. “I wanted to combine
different cultures because I think
that’s what the future will be.”
For some, this future-leaning way
of dressing—from romantic, hard-
edged suiting to dusty tonal outfits—
is already here. Sure, some of the
film’s style elements (armor-plated
chest protectors, for example) are
best left to cosplayers, but others will
add some elegant spice to your every-
day outfit. Here, four “Dune” trends
that modern Earthlings can plausibly
integrate into their wardrobes.
Intergalactic Tailoring
Before he and his family head to Arra-
kis, where (spoiler alert) things start
to go south, Mr. Chalamet’s character
is seen on his home planet “Caladan”
wearing a specific type of suit: a
strict, Nehru-collar jacket, elongated
to hit below the hips. It’s made from a
sturdy bottle-green wool that Mr.
Morgan called “subtly elegant.” He
and Ms. West looked to suiting worn
by the Romanovs, a real-world impe-
rial family that met an untimely end.
This tailoring—minimal, protracted,
strict but not skinny—recalls the col-
lections of Haider Ackermann (a Cha-
lamet favorite) and Rick Owens.
800 988 4110
Saturday/Sunday, October 23 - 24, 2021 | D3
New York data analyst Michael
Smith, 27, is a Rick Owens collector
and has long favored similar silhou-
ettes. “It’s flattering on pretty much
anyone,” he said. A long suit jacket is
a “cooler, fresher” play on propor-
tions, agreed New York stylist Mat-
thew Mazur. “It’s about [separating]
yourself from everyone else.” A key
tip: Avoid black, lest you look like an
undertaker. That’s why the costume
designers opted for that emerald
shade—it was just enough color to
tone down the tailoring’s intensity.
Head-to-Toe Desert Hues
Blending in with the landscape is a
matter of life or death for the film’s
desert-dwellers, so Ms. West took in-
spiration from “every color of sand
and rock” in Jordan, one of the loca-
tions where “Dune” was shot. Accord-
ing to the costume designers, Mr.
Chalamet loved these tonal costumes.
The look has already infiltrated
pop culture. At last month’s Met Gala,
Fear of God designer Jerry Lorenzo
wore a head-to-toe beige outfit of his
creation. Though it included sweat-
pants (an odd choice for a reportedly
$35,000-per-plate fundraiser), he
somehow looked luxe. Channel Mr.
Chalamet—and Mr. Lorenzo—by
building an entire look from pieces in
one color family (as we’ve done at
left), or sticking to a single shade. Mr.
Mazur said the final result is “super
chic and expensive-looking.”
Hardworking Clothes
In the “Dune” universe, function dic-
tates form when it comes to cloth-
ing. For much of the film, Mr. Cha-
lamet wears a “stillsuit,” a body-
hugging jumpsuit with various tubes
and pouches that turn perspiration
into potable drinking water.
While the average urbanite can
probably just carry a S’well bottle,
lately we’ve seen a shift toward util-
itarian garb. Tech consultant Drew
Cardelia, 25, relies on Gore-Tex,
moisture-wicking and antimicrobial
fabrics to support his lifestyle as a
New Yorker who commutes out-
OTHERWORLDLY OUTFIT / THREE PIECES THAT COLLECTIVELY doors without a car. He favors
BRING ‘DUNE’ STYLE DOWN TO EARTH brands like Arc’teryx, Snow Peak,
Post Archive Faction and Veilance.
The Functional “I’ve invested an uncomfortable
Trouser amount of money in remaining
Greg Lauren Cargo moisture-wicked,” he said.
Pants, $839,
matchesfashion.com Capes—Kind Of
To shield themselves from desert
winds and sand, the “Dune” charac-
ters wear earth-toned capes inspired
by traditional Moroccan garments.
Andrew Wood, 29, a Fitchburg,
Mass., wilderness therapist who dab-
bles in cosplay, contends that his
cloak, which he made for a costume
but now wears regularly, adeptly
blocks the New England chill.
Not everyone is so confident.
Rick Owens showed gauzy men’s
capes for spring 2022, but Mr.
Smith, the data analyst and Rick Ow-
ens collector, will probably sit out
this trend. “I would likely get stuck
in a subway door and die,” he said,
but conceded he’d wear one if style
The Stellar The Sand-Hued were the sole factor. The cape-curi-
Sport Coat Hoodie ous might look to Gabriela Hearst,
Cotton Jacket, Hooded Sweatshirt, who sells mammoth men’s scarves
$1,550, $50, uniqlo.com and a jacket with a detachable pon-
fearofgod.com cho. Even the most conservative of-
fice-goers could safely pull those off.
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D4 | Saturday/Sunday, October 23 - 24, 2021 **** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

1

JOURNAL CONCIERGE / AN INSIDER'S GUIDE

Philadelphia
6 2

This historic heavyweight of a city is a booming cultural

and culinary destination, too. To help you devise your
own first-class field trip, we enlisted expert guidance.

THE OLD JOKE about his hometown—I came for the history but stayed for the cheeses-
teaks—amuses Rob McElhenney, co-creator and star of the TV sitcom “It’s Always Sunny
in Philadelphia.” As he puts it, “It always amazed me that the birthplace of America could
be reduced to a sandwich.” While many Philadelphians still pledge their allegiance to a
particular cheesesteak purveyor (for Mr. McElhenney, it’s Jim’s South St. [6]), the city’s
food scene is infinitely richer these days, drawing inspiration from well beyond the North-
east. For good food as well as other diversions, visit neighborhoods like Fishtown and
Northern Liberties where a young, hipster vibe is emerging. If it’s the Revolutionary era
you’ve come for, head straight to the Old City, lined with landmarks including Indepen-
dence Hall (timed-entry tickets required) and the Liberty Bell. Below, more of the city’s
greatest hits and unsung standouts, according to four local authorities. —Janet O’Grady

5 3

4
JILLIAN GUYETTE FOR THE WALL STREET JOURNAL

PHILADELPHIA STORIES Clockwise from top: Boathouse Row on the Schuylkill River Trail; Material Culture, an antique and home furnishings shop in the East Falls neighborhood; Nigel Johnson,
manager of the Franklin Fountain; the JG SkyHigh bar, on the 60th floor at the Four Seasons Hotel Philadelphia; the Conservatory at Longwood Gardens; a cheesesteak at Jim’s South St.

THE ACTOR THE ACADEMIC THE PLAYWRIGHT THE RESTAURATEUR

Rob McElhenney Adam Grant Quiara Alegría Stephen Starr
Co-creator and star Professor at the Wharton Hudes Owner of 34
of ‘It’s Always Sunny School of the University Pulitzer Prize winner; restaurants,
in Philadelphia’ and of Pennsylvania; author co-wrote the musical including the new
‘Mythic Quest’ of ‘Think Again’ ‘In the Heights’ LMNO in Fishtown

WALK THIS WAY / Schuylkill River
Trail [1] As a child, my world consisted of
walking one square mile, past the row houses
of my relatives on Moyamensing Ave.,
through South Philly to the Mummers Mu-
seum. Now my favorite walk is along the
Schuylkill River Trail, winding from Boathouse
Row to the Falls Bridge.
STRONG SUIT / Philadelphia Museum of Art
It has a special place in my heart, especially
its armor section, where my wife and I were
astonished to see a full suit of armor made
for a child. 2600 Benjamin Franklin Parkway
PARIS IN PHILLY / Parc I’ve long loved the
classic French dishes and everything about
this brasserie on Rittenhouse Square. 227 S
18th St.
OPEN ACCESS / The Mann Center for the
Performing Arts I spent so much time as a
child there, listening to music in the open air.
5201 Parkside Ave.
TRANSPORTING TREAT / The Franklin
Fountain [3] The cotton-candy ice cream is
delicious, and it feels like taking a time ma-
chine back to the 1950s. 116 Market St.
COMIC SERIES / The Met Philadelphia It’s a
historic opera house and concert hall. I go for
the stand-up comedy. In the last few years,
they’ve hosted comedians ranging from Ali
Wong to Jim Gaffigan. 858 N. Broad St.
WINTER BLOOM / Longwood Gardens
[5] For a favorite walk, it’s hard to argue
with Longwood Gardens in the winter. The
holiday lights are spectacular. 1001 Long-
wood Rd., Kennett Square
MASTERS OF LITERATURE / Joseph Fox
Bookshop They’ve kept great literature and
big ideas alive for 70 years. They’re an inde-
pendent, family-owned bookstore with a
range of fiction and nonfiction titles, as well
as a top-notch collection of children’s books.
1724 Sansom St.
DUMPLING DESTINATION / David’s Mai Lai
Wah At this Chinatown restaurant, you can
actually taste the egg in their dumpling
wrappers. The ginger dipping sauce is
straight-up medicinal. 1001 Race St.
PEACE TIME / Garland of Letters Book-
store I love the entrancing multi-incense
aroma that gives you a lungful of tranquility
the moment you step inside. 527 South St.
MEDIUM RARE / Taller Puertorriqueño
This nonprofit sells art and one-of-a-kind
crafts, including gorgeous, playful vejigante
masks and books by Latinx authors from
Philly and around the globe. 2600 N 5th St.
TREASURE TROVE / Material Culture [2]
I go here for antiques and treasures from
around the world that walk to the beat of
their own drum. I bought an old wooden al-
tar there that became a bench for our din-
ing table. It was a bargain, too.
700 Wissahickon Ave.
HEART OF THE CITY / The Franklin
Institute An interactive science museum, it’s
famous for its walk-through model of a heart.
Over the years I have enjoyed taking all my
children there. 222 N 20th St.
HAPPY HIDEOUT / Valley Green With its
many walking trails, Valley Green [also
known as Wissahickon Valley Park] is one of
my favorite places to escape for a slice of se-
renity in the city.
COMFORT FOOD / Villa di Roma The Italian
Market is one of the oldest, largest open-air
markets in America. It also has restaurants
including Villa di Roma, which serves the dish
that most says “Philadelphia” to me: Chicken
Neapolitan. 934 S. 9th St.
MUTUAL FUND / Audi Feastival I co-chair
this event held every October. It supports
the performing arts collective FringeArts,
bringing together the best of art and food
in our city. 140 N. Columbus Blvd.

PLUS, DON'T MISS

Four Seasons Hotel Philadelphia at Comcast Center [4] The pool on the 57th floor is reserved for guests, but even if you aren’t spending the night you can tuck
into the bar on the 60th floor. From $725 a night / Lokal The Old City location of this small hotel group offers stylish lofted rooms and midcentury furniture. From
$270 a night / Zahav Chef Michael Solomonov, winner of several James Beard awards, picked up another one in 2019 for this Israeli-inspired restaurant in Old City.
237 St. James Place / Perla A few nights a week this modern Filipino bistro in East Passyunk serves a traditional kamayan meal, a lively affair where you feast
with your hands. 1535 S 11th St. / The Museum of the American Revolution Brush up on your early American history by taking your time poking around the
110,000-square-foot space. Across the street is Alexander Hamilton’s First Bank of the U.S. 101 S. 3rd St.
P2JW296000-4-D00500-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 23 - 24, 2021 | D5

ADVENTURE & TRAVEL

Alone Again in
How to steer clear of the
crowds in one of the
country’s most popular
parks? Grab a kayak
and a guide Yellowstone
BY BRIGID MANDER

O
UR KAYAKS slid
through the water,
each splash from our
paddles dappling
light on the sand vis-
ible below. Before heading out for a
remote lakeside camp deep in Yel-
lowstone National Park, my three
friends and I had packed the boats
with tents, sleeping bags and three
days worth of food. Compared with
struggling along under the weight
of a backpack, it was a delightfully
effortless way to haul our stuff.
The scenery we glided by could
have been any pretty mountain
lake, save for the grizzly bear, elk
and mule deer tracks imprinted in
the volcanic sand beaches and the
white steamy wisps that rose from
an unseen hydrothermal hot pot.

Although all four of us live in
Jackson, Wyo., just over an hour
south, we typically avoid Yellow-
stone in summer and fall, leaving it
to the throng of visitors. But when
my friend Barbara and her husband,
Dan, invited me on this guided,
three-day backcountry kayaking
trip, it was too tempting to pass up.
Barbara had hired Chase
Moulton, a mutual friend who works
as a backcountry kayak guide for a
local river outfitter, Rendezvous
River Sports. (The company’s three-
day trips, which run from June to
mid-October, start at $995 a per-
son.) Chase supplied the kayaks and
charted the well-off-the-beaten-path
route. We would launch from Lewis
Lake and paddle up a channel to
Shoshone Lake, which at 8,050 acres
is the largest lake in the Lower 48
still inaccessible by road. Our tour
would also take in the Shoshone
Geyser Basin, reached only via the
lakes or a 20-mile round-trip hike.
For all its protected geologic
and natural wonders, Yellowstone
has long drawn crowds. And it’s
only growing worse: In August, the
park saw just under a million visi-
tors, shattering records. In Sep-
GLIDE SHOW Guide Chase Moulton leading the author and friends up the Lewis Channel toward Shoshone Lake in Yellowstone National Park.
tember, when we undertook our
trip, another 882,078 arrived—an-
other record and a nearly 30% in-
crease from just two years prior.
Indeed, just a couple of hours be-
fore we launched our kayaks, we
were waiting in a line of cars at the
park entrance, only to join a two-
lane road jammed with other vehi-
cles. Each scenic pullout overflowed
with camera-toting mobs.
Most visitors head right to the
park’s most easily accessed sights.
But Yellowstone contains more than
10,000 hydrothermal features, along
with 500 active geysers. The park
sprawls across 2 million acres,
plenty of space to ditch the crowds.
As soon as we hit the water, all
signs of civilization were wonder-
fully absent. Along the far lake-
shore, September’s yellow meadows,
red bushes and orange aspen foliage
fronted a pine forest. We waved at a
couple other kayakers heading the
opposite direction as we entered the
three-mile Lewis Channel to access
Shoshone Lake. After 2 miles, we
hopped out into shin-deep water.
Chase handed us straps to pull our
supply-laden kayaks behind us in
the water like large, wayward dogs.
It was miraculously easy, and soon,
the lake was before us.
We found our campsite
nestled in a cove with a
beach of black sand.
Shoshone’s nearly 30 miles of
shoreline has about 20 reserva-
tion-only park campsites, each
with designated tent sites and 20-
foot-high bear hangs. As we pad-
dled by, most seemed unoccupied.
A duo in a red canoe overtook our
party, varnished paddles flashing
in practiced unison. They were the
only people we saw.
We found our campsite nestled in
a small cove with a beach of black
obsidian-glass sand—a reminder
that Yellowstone is the caldera of an
active supervolcano. A moose had
left her tracks in the sand, and logs
formed a curved staircase leading
up 30 feet over the lake to our tent
sites. The evening sunlight
streamed through the trees, and our
black beach glistened. Dan handed
everyone metal cups of Nebbiolo
from a bottle he’d stashed in his
kayak. We sat on a weathered log
facing the lake in happy silence.
The next morning, to get to the
geyser basin, we had to cross to the
other shore at a place called Breezy
Point. The waves grew into white-
caps as we crossed, swamping our
tiny boats. With 5 miles still be-
tween us and the basin, Chase de-
clared the water too rough. We re-
treated to the shore in relief and
spent the day exploring pumice
BRIGID MANDER
stone beaches close to camp and
mountain stream deltas. “This is the
longest I haven’t looked at a screen
in a very long time,” said Dan.
The next day, whipping winds
again squashed our plans to reach
the geyser basin so we leisurely
paddled back to Lewis, enjoying
the scenery and a picnic lunch be-
fore making our way to the lake’s
parking lot in the late-day sun.
Although I’d never even heard of
Shoshone Geyser Basin before, our
two failed attempts made us all
even more determined to see it. So
a few days later we returned to the
park and set out on foot for the
20-mile hike. When we finally ar-
rived, the awesome scenery at the
basin—steaming vents and deep
pools of gurgling blue-green water
dotting the ground, patches of flu-
orescent green moss—made me
temporarily forget my aching feet.
But I still wished we could have
kayaked back to the parking lot.

Fly the Coop

For this Thanksgiving, we suggest
indulgent alternatives to slaving over the
bird: no-fuss getaways that feature a feast

Jory restaurant at Oregon’s Allison Inn & Spa

A Fine-Wine Fete Bars Inn on Cape Cod,

Surrounded by hundreds of
wineries and situated on 35
acres, the Allison Inn & Spa
in Oregon’s Willamette Val-
ley presents a fine starting
point for an oenophile’s ad-
venture. The region’s annual
cellar-stocking event—when
dozens of wineries open
their doors and their special
vintages to the public—kicks
off Thanksgiving weekend,
giving you another reason
not to cook this year. Slough
off holiday anxiety with
some pinotherapy at the
spa, then hasten to Jory, the
restaurant where the
Thanksgiving meal will be
partially sourced from the
resort’s 1.5-acre garden.
Rooms from $495, Thanks-
giving dinner for $75
Cornucopia on the Cape
With its own 8-acre farm,
the beachfront Chatham
The farm stand at Chatham
Bars Inn in Cape Cod
Mass., debuts a small
pumpkin patch in fall. The
Thanksgiving Grand Buffet
starts at 11:30 a.m. (there
are a few timed seatings to
space guests out), extends
until 6 p.m., and includes
everything you’d never
serve at home: caviar, lob-
ster, maki rolls, clam chow-
der, plus chef stations
where be-toqued pros carve
up the bird. From $1,000
for a two-night package
Chicago With All the
Trimmings
Book a room at the 316-key
Langham Chicago, occupy-
ing a posthumous 1971
Mies van der Rohe sky-
scraper where every corner
is sharp and every window
frames a picture-worthy
view. For Thanksgiving, the
hotel restaurant, Travelle at
the Langham, is presenting
a prix fixe menu with all
the traditional trimmings—
the main attraction served
family-style at your table.
Spend the rest of the long
weekend taking an archi-
tectural boat tour, a bike
ride on the elevated 606
pedestrian park, and a trip
up to the new viewing deck
atop what everyone still
calls Sears Tower. Rooms
from $500; Thanksgiving
dinner, $110 per adult
—Heidi Mitchell
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D6 | Saturday/Sunday, October 23 - 24, 2021 **** THE WALL STREET JOURNAL.

GEAR & GADGETS

Third-Party GPS Systems
How they date you While everyone
else is smoothly navigating traffic
with the latest smartphone apps,
you’re still waiting for the old
Garmin suctioned to your wind-
shield to stop “Rerouting…”
The upgrade As smartphones swal-
low all our tech into one device,
new apps are doing a much better
job of pointing drivers in the right
direction and helping them avoid
road congestion and pitfalls on the
way. Along with directions, Map-
Quest’s app broadcasts live feeds
from traffic cameras so you can see
how bad the trip looks ahead, while
Waze and TomTom invite users to
flag hazards and lurking police cars
so others can steer clear of both,
and highlight the locations of speed
cameras along your journey so you
can slow down in time to avoid a
ticket. The best part: All three apps
are free for iOS and Android.
. store.google.com), with its bright,
Dusty Old Rowing Machines
How they date you You’re stuck in
the 1970s, pulling stretched cables
on an old rower and imprecisely
tracking your workout progress
with…blinking lights.
The Upgrade Jump into on-demand
video exercise classes via the
screen on a high-tech machine. “De-
vices like the Peloton are a demon-
stration of who we are or who we’d
like to be,” said Jason Mars, profes-
sor of computer science at the Uni-
versity of Michigan and CEO of
Jaseci Labs, a startup that aims to
create conversational A.I. “That ab-
solutely plays into how these
things gain popularity.” But some
enthusiasts say even Peloton’s ex-
ercise bikes are so 2020: Too many
people already have one, they don’t
offer a full-body workout and re-
gardless of innovative design, still
look like stationary bikes. The true
next evolution of in-home fitness,
gym rats say, is the smart rower.
Whether you opt for the water-
based Ergatta ($2,199, ergatta.com)
or the sleek and modern Hydrow
($2,695, hydrow.com), which touts
a similar screen as the Peloton for
guided workouts, you’ll get a good
pump on and never feel the need
to hide your fitness machine in the
basement next to the washer/dryer.
Prehistoric Tech
Old-School Thermostats
How they date you You’re fidgeting
with the dial on your thermostat’s
analog display, forced to ask house
guests to layer up while they are
wishing they were sitting warm and
cozy in their own smart-thermo-
stat-controlled homes.
The upgrade Google’s Nest Learn-
ing Thermostat (from $249,
colorful interface and seven pleas-
ing casings, easily syncs to any
smartphone so it can recognize
when you’ve left the house and op-
timize the temperature to avoid
waste. Nest devices have saved
more than 84 billion kWh of energy
since 2011, according to the brand.
But beyond providing a comfortable
environment as soon as you walk in,
“It’s satisfying and it’s tactile,” Mr.
Mars said. “The design, the en-
hanced feeling it offers a home, and
that click when you turn it are all
very Apple-esque.” It’s true that
Nest’s intelligent design can prove
frustrating initially—it will try to
“correct” against your wishes at
first. But as you dial in the temper-
ature over time, it learns and logs
your habits, noting that you like to
sleep in a cool room but wake to a
warmer kitchen, and adjusts accord-
ingly and automatically.
Wired Earbuds
How they date you Attempting to
unspool yourself from the tangled
mess of headphone cords dropping
from your ears as you stumble dis-
tractedly down the street isn’t a
cool or youthful look.
The upgrade Once you embrace the
freedom Bluetooth technology brings
via wireless earpods, you’ll wonder
how you lived any other way. Short
of a better haircut, the new Apple
AirPods 3 (from $159, apple.com) are
the best way to get your head no-
ticed. They might be today’s univer-
sal status symbol, but if you don’t
operate in the Apple ecosystem, fear
not: Sony’s WF-1000XM4 True Wire-
less Noise-Canceling In-Ear head-
phones ($280, sony.com) are stylish
yet minimalist and offer sonic bene-
fits similar to AirPods along with a
significantly better 8-hour battery
life. Hard core audiophiles can up-
grade to Sennheiser’s Momentum
True Wireless 2 buds ($300, crutch-
field.com), which kick your eardrums
with a wall of sound and sit in your
ears a bit more discreetly than other
premium brands.
Key Locks
How they date you You’re still rely-
ing on filthy copper keys, the secu-
rity equivalent of a typewriter, to
keep possessions and loved ones
safe—that is, when you or your dog
walker isn’t losing them.
The upgrade Your savvier neighbors
have long since started securing their
doors with next-generation smart
locks. Formidable yet sleekly de-
signed, they can strongly and smartly
guard your home from intruders.
Most models now sync to your phone
and can be set to automatically dead-
bolt when they sense you’ve gone to
work or the market. You gain entry
via a unique punch code or app that
releases the lock only when you’re
within proximity. The Nest x Yale lock
(from $249, store.google.com) will
even alert your smartphone if some-
one attempts to break in. If you rent
your space on Airbnb, Igloo’s Deadbolt
2S ($229, igloohome.co) keeps your
space safe, gives the home a hand-
some high-tech update, and can be
set to automatically align with your
listing calendar to create new pin
codes for each guest.
Magnetic Strip Credit Cards
How they date you You’re strug-
gling to swipe—and dreading having
to dig around in your bag for cash—
or worse, wiping the strip on your
shirt tail to “get it to work,” while
more modern shoppers look askance.
The upgrade Tap-enabled cards and
mobile payments. To take advantage
of the snazzy “tap to pay” method
you’ll find at most cash registers na-
tionwide, you might first have to
reach out to your bank for a tap-en-
abled card. (Most major banks now
offer the feature). Once you have
your new card in hand, just line its
edge up with the tap-to-pay symbol
on the cashier screen and wait for
the beep. Better yet: Leave your
whole wallet at home. Banking apps
like Google Pay or Apple Pay are
“faster, more reliable, [and] instantly
better,” according to Mr. Mars. “When
you pay with a smartphone, you look
competent. You look tech savvy.”
Both apps store your credit cards
and let you hover your device over a
credit card terminal to securely finish
checking out. Google Pay adds the
benefits of letting you track spending
and easily and privately reimburse
friends after a night out.
Having to Ask a Friend to
Charge Your Phone for You
How it dates you You’re begging
the bartender to juice up your
iPhone so you can call an Uber
home. You look desperate, not cool
and self-sufficient. Asking to get
your phone charged at the bar is
the tech version of bumming a ciga-
rette, Mr. Mars joked. “Sure, it isn’t
a lot to ask for, but there is an im-
plicit shame wrapped into it.”
The upgrade Buy a portable charger.
While first-generation power banks
were a bulky novelty, the latest de-
signs are smaller, smarter and more
stylish. The easily stashable Pow-
eradd Slim 2 ($12, ipoweradd.com) is
about the size of a lipstick tube yet
offers the latest smartphones a
nearly 70% charge in only an hour.
Look even more suave with the heft-
ier INIU MegaPower 2000mah ($25,
iniu.shop), which can handle three
devices at once (friends will thank
you) and charge iPhone batteries
from dead to 60% in 35 minutes.
Corded Vacuums
How they date you You’re te-
diously spending a nice Saturday
wrangling the cord of a dusty
1980s-era Bissell from room to
room, as your cutting-edge spouse
performs a slow eyeroll.
The upgrade Go cordless. It seems
unlikely a device you would never
want friends to see you use could
double as a status symbol—but mere
mention of the latest series of Dyson
cordless vacuums can get a dull house
party talking. Neighbors will ask if you
went for the v8 ($400, dyson.com) or
paid double for the Outsize model,
which at 0.14 gallons has nearly triple
the entry-level model’s bin capacity
and can run two hours on a full
charge. It is nimble, powerful and
stores easily in the hall closet. Anyone
who says they’d rather have a
Roomba has never seen it try to clean
up a knocked-over potted planet
when company was on the way.

FROM SENDING a
terse text that ends in Up-to-Date Do Download Spotify
Beyond unearthing
a period—leaving the
recipient wondering
whether the sender is
Digital Etiquette new artists, the best
reason to download a
music app is to share
angry—to posting Your virtual conduct can ‘age’ you, too. your taste with friends
something on Insta- Here, some do’s and don’ts. (and romantic part-
gram that is better ners). While more than
suited to LinkedIn, 10 million people have
people’s interactions hopped off Pandora
with software are as since it was bought
much of a giveaway two years ago, accord-
when it comes to ex- ing to Music Business
posing a lack of tech Worldwide, dropping
currency as the gad- its active user base to
gets they tote around. around 55 million, Spo-
Here, strategies for tify—with its impres-
making sure even your sive algorithm for dis-
Gen Z co-workers covering new music—
think you’re with-it. now boasts more than
165 million users. (A
Don’t Paste a long Pandora spokesman
URL link into an said the app “delivers
email the perfect songs for
Do Hyperlink the text each user…in a way
instead that no other stream-
Nothing uglies up an ing services can.”)
email exchange or re-
veals that you’re be- Don’t Ask for a menu placard at your table) how to hyperlink a Don’t Get cash from
hind the times quite Do Learn to scan QR to easily access the URL (see above), or an ATM to reimburse
like a 10-line URL link Codes eatery’s offerings on- even change a setting a friend
with more symbols People’s unwillingness line. on a Gmail inbox, they Do Use Venmo
than letters (See our to touch potentially can simply type a Dragging a cohort
poor dinosaur’s faux germy surfaces and Don’t Squirrel away query into YouTube’s along to an ATM so
pas above). In most devices during the pan- your microwave man- search bar and watch you can hand her a
email servers, however, demic has greatly ac- ual the video with the bundle of sticky bills is
you can hide a hideous celerated the adoption Do Watch how-to vid- most views. Some are like insisting on com-
URL by hyperlinking it of unique QR codes. At eos on YouTube better than others, so municating with her by
to related text in the most restaurants, only You can finally clear if the first one seems snail mail. Venmo and
body of your note. It’s the out-of-it still ask out that drawer of old too tedious, keep look- CashApp help you au-
usually as simple as for the opportunity to appliance manuals you ing to find one that tomatically find friends
highlighting the text, squint at a sticky keep “just in case.” The suits your experience in your contacts list or,
performance instruments for heroic endeavours
typing Control + K on menu; instead use your tech-savvy know that, level. if you’re sitting to-
extend your international limited warranty
RENÉ MILOT

from up to 8 years on panerai.com PC or Command + K smartphone’s camera should they need to gether, you can scan
on Mac, and pasting to scan the QR code troubleshoot a device, Don’t Listen to music each other’s unique QR
the URL in. Voilà. (typically found on a jump-start a car, learn on Pandora codes. Plus: No line ups.
P2JW296000-4-D00700-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 23 - 24, 2021 | D7

GEAR & GADGETS

DUAL IDENTITY The Santa Cruz,
billed as a Sport Adventure Vehicle,
functions in many ways like a
pickup but is built like a crossover.
Hyundai. But the rear cargo bed is
only 48.4 inches deep with the tail-
gate closed, with a maximum ca-
pacity of 27 cubic feet, compared
to the Colorado’s 41.3 cubic feet.
Is that a sacrifice? Twenty-seven
cubic feet happens to be one cubic
yard, as in garden compost. Unload
one of those and get back to me.
My wife and I had to take an old
dishwasher to the dump. No prob-
lemo, compadre. The walls of the
cargo bed have exceptionally beefy
tie downs on sliding rails (SEL

Santa Cruz’s smaller

dimensions are thematic
with its role as a vehicle
that can go from city
streets to wooded trails.

trim and above). The rear bumper

HYUNDAI

has step insets in the corners. Us-

ers close the tonneau with the
help of the webbed nylon strap,
RUMBLE SEAT / DAN NEIL like those on wetsuit zippers.
The Santa Cruz is offered with

2022 Hyundai Santa Cruz:

one of two gas engines, a naturally
aspirated 2.5-liter (191 hp/181 lb-ft)
and 2.5-liter turbocharged
(281/311). Our Limited trim tester

Less Brawn, More Versatility

was equipped with the latter, and
manual-mode paddle shifters.
The resulting powertrain was
just OK, really. In crowded, stop-
and-go-like-hell traffic, the Hyun-
dai was often slow to rouse and
THE MOMENT I laid eyes on the loathe to stir. The powertrain is
Hyundai Santa Cruz, I thought, 2022 HYUNDAI SANTA CRUZ LIMITED pretty noisy, too, from the driver’s
Brah, that is so money. seat, at low speeds and at high
Allow me to translate from my Base price $39,720 revs. But if you give it a good kick,
native hipster. I was struck by the Price, as tested $41,100 (incl. $1,185 the Santa Cruz can muster an 8-
evident rightness of it. When it destination) second dash to 60 mph, or there-
comes to real-world use, this af- Powertrain Inline four-cylinder turbo- abouts, depending.
fordable four-door, five-seater charged DOHC 2.5-liter; eight-speed The craziest part of the Santa
would serve millennial truck buy- dual-clutch automatic transmission; Cruz lies beyond the door thresh-
ers so much better than the on-demand multi-mode AWD olds. For the money, the cabin dé-
chrome-plated pituitary cases that Power/torque 281 hp at 5,800 cor, tech content and materials are
currently dominate the market. rpm/311 lb-ft at 1,700-4,000 rpm top-notch. But the premium-sedan
Closer to their needs, more on the Length/width/height/wheelbase vibe is a significant departure
money, n’est-ce pas? 195.7/75.0/66.7/118.3 inches from expectation, even a mood
The timing seems right, too. Curb weight 4,123 pounds swing. Did I make reservations at
The average transaction price of 0-60 mph 8 seconds (est.) this supper club? A waterfall of
new-vehicle purchases in the U.S. EPA estimated fuel economy gloss-black fascia cascades over
hit $45,031 in September, accord- 19/27/22 mpg, city/highway/combined the dash and around the broad
ing to Kelley Blue Book. The tartly Payload 1,609 pounds max. glass touch screens. A band of pol-
styled, feature-rich Santa Cruz Towing capacity 5,000 pounds ished trim circuits the cabin, a
starts at $23,990 (SE trim level); Cargo capacity 27 cubic feet wainscoting that conceals the air
our fully loaded Limited—with a vents as it crosses the mid-dash.
turbo 2.5-liter, 281-hp engine, The gabardine-like dash-and door
AWD, an eight-speed automatic “Sport Adventure Vehicle” and One thing Santa Cruz is not is thick composite body cladding, accents, the pica-thin metal ac-
dual-clutch transmission, scads of claims the Santa Cruz represents midsize. With an overall length of capped nose, slick-backed wind- cents. Chef’s kiss.
driver-assistance functions, comms an “entirely new vehicle cate- 195.7 inches, it’s one whole shoe shield, angled backlight and open Just don’t try to wash it out
and connectivity—still came in un- gory”—which will come as a shock size smaller than the Honda Ridge- bed, the Santa Cruz looks like a with a hose.
der the national average. to the Honda Ridgeline. In any line (210.2) or Chevy Colorado running shoe by Claes Oldenburg. For millennial buyers, the value
But what is it? You might be event, the indispensable bit is the with the short cargo box (212.7). Probably just a coincidence. might just lie in the electronics.
tempted to call it a pickup, except integrated tonneau. Here “[o]pen- The Santa Cruz is also about a Where other lifestyle vehicles The Limited model gets all the
that the Santa Cruz is built like a bed flexibility coupled with closed- fist-width narrower and lower at seem content to sing around the driver-assist candy, including For-
crossover, using unit-body, not cabin security meets the changing the roof than the midsize competi- campfire, the Santa Cruz wants to ward Collision-Avoidance Assist,
body-on-frame construction. It’s al- everyday needs of its adventure- tion. The dimensions are thematic go clubbing. That grille is sure as with Pedestrian, Cyclist and Junc-
most an SUV, except for the fact oriented buyers,” said Hyundai Mo- with its role as an urban week- hell ready to party. Eight daytime tion-Turning Detection.
that the all-wheel-drive system tor North America president and ender, a vehicle that can go from running lamps are embedded in In addition to Bluetooth-enabled
(HTRAC) does not have a low-range CEO José Muñoz, the old smoothie. narrow city streets to—hopefully, the grille opening, presenting a Apple CarPlay and Android Auto,
gear. However, Santa Cruz does That being the case, I was sur- if the weather holds—narrow “parametric jewel design with the Santa Cruz comes with a
have SUV-like lockable storage for prised that the tonneau is not stan- wooded trails. high-tech precision detailing.” Day- three-year subscription to its
bulky and wet gear, thanks to the dard on all trim levels. I under- Nor does it trade in the rustica- Glo binky not included. Bluelink Connected Car package—a
heavy-duty cargo-bed tonneau, the stand some customers might not tions of pickup styling generally. The Santa Cruz definitely lives phone-as-gateway technology with
sliding cover that locks into the want it; I just don’t understand The softly polygonal exterior smaller than a nominal midsize features including remote start
tailgate. That works a treat. those customers. Dude, don’t you doesn’t try to evoke tool-ness—or pickup, for good and bad. The with climate control, remote door
For this new, liminal being, remember when those dirtbags an angry toolbox, in the case of trucklette has a curb-to-curb turn- lock/unlock, and others.
Hyundai proposes the phrase stole your speargun? Jeep Gladiator. Actually, with its ing radius of 20 feet, according to Rad.
RIGHTS RESERVED .
22K VIRGIN G OLD, $222,000; WIDE WAVE R ING , 22K VIRGIN G OLD, $7,500. © B ELPERRON , LLC. A LL
AND
COURONNE CUFFS , E MERALD
PAIR OF

M Y S T Y L E I S M Y S I G N AT U R E
74 5 F I F T H AV E N U E , N E W YO R K • 2 1 2 702 9 0 4 0 • B E L P E R RO N . CO M
P2JW296000-4-D00800-1--------XA
D8 | Saturday/Sunday, October 23 - 24, 2021
Does Anyone Need Two Kitchen Islands?
MARTHA Stew-
YES art-types who ap-
proach cooking as
performance have embraced
the more-is-more idea of two
kitchen islands: one for food
preparation, another for
gathering and entertaining.
“There’s a dinner-theater
component to double is-
lands,” said Chicago designer
Marshall Erb, who first de-
signed a double-island
kitchen for a kosher family
that needed to separate meat
and dairy during meals. “It’s
interactive, like a chef’s table
in a fine restaurant.” Park &
Oak, an interior-design stu-
dio in Glen Ellyn, Ill., re-
cently completed an open-
concept kitchen that includes
an island pair: one of navy-
painted cabinetry topped
with white quartzite, and a
second whose quartzite wa-
terfalls down the sides, of-
fering no storage but accom-
modating six bar stools for
kids, guests and back-seat
chefs. “About one in four of
our clients requests a double
island, and it’s always those
who love to entertain,” said
the firm’s co-founder Chris-
tina Samatas.
The concept can also
serve aesthetic goals.
Heather Weisz, founder of
HW Interiors in Wellington,
Fla., used the strong lines
of parallel islands, clad on
three sides with boldly
veined white porcelain, to
direct the eye to a blue mo-
saic feature wall behind the
kitchen’s stove (shown).
“It’s a visual alley, like
looking down a road to-
ward the sunset,” she said.
JESSICA GLYNN
As Ms. Weisz points out,
the extra storage the is-
lands provide obviates the
DESIGN & DECORATING
ALLEY KITCHEN Parallel islands in this Wellington, Fla., kitchen by HW Interiors beautifully lead the eye to the mosaic-tile wall
behind the range, but some design pros find the trend excessive.
need for upper cabinetry,
leaving room for art, lights,
even windows.
The pandemic’s effects on
how we live has also altered
the kitchen equation. As de-
mand for hyper-flexible
spaces rises, double islands
have become “a place for
stay-at-home work, school-
ing, cooking and eating,”
said Summer Kath, execu-
tive vice president of design
at Cambria, a provider of
****
THAT’S DEBATABLE
natural quartz. Ryan Ser- NAYSAYERS
hant, a high-end New York NO blame the open-
City Realtor and “Million concept craze for
Dollar Listing” star, noted giving rise to island dou-
that island duos make his bling. When taken to ex-
job easier. One such pair, he tremes, they point out,
said, helped him close a airy wall-free design can
nearly $15 million sale on a leave a gap between
Manhattan home last year. kitchen and living room
“That’s the post-Covid way that looks empty rather
of thinking when it comes than grand. But just be-
to luxury real estate,” he cause an open-concept
said. “Why have one if you space can accommodate
can have two?” two hulking blocks doesn’t
LIVE BEAUTIFULLY
Who doesn’t love to live well? To be perfectly at ease, in comfort and style?
Innovative product designs paired with gorgeous fabrics and control
systems so advanced, shades can be scheduled to automatically adjust
to their optimal position throughout the day — keeping out the chill
of winter, the heat of summer, and creating the perfect balance of light
and privacy…morning, noon, and night.
© 2021 HUNTER DOUGL AS INC.
THE WALL STREET JOURNAL.
mean it should, say design
experts. “People like the
idea of them but not the
function—one island al-
most always goes unused,”
said Chicago interior de-
signer Kara Mann, who
added that all that cabine-
try can give a kitchen,
which is symbolically the
heart of a home, an overly
industrial sense of utility.
Oakland, Calif., designer
Kelly Finley agrees. “They
create lots of lines and re-
mind me of a laboratory
classroom,” she said. “You
can imagine students sit-
ting across from each
other with microscopes.”
Add extra plumbing, appli-
ances and fixtures, and
the look becomes even
more industrial, a turnoff
for Chicago designer Sum-
mer Thornton. “Unless you
are cooking commercially,
I don’t see the point,” she
said.
Another strike against
the concept: The addi-
tional pathway created by
the parallel masses can in-
terrupt the flow of a well-
designed room, said Bob
Bakes, co-founder and
head of design at Bakes &
Kropp, a kitchen design
and cabinetry company
based in New York City.
And though double is-
lands might be marketable
in the luxury real-estate
world, Minneapolis designer
Bria Hammel finds that as a
result of the pandemic,
owners of more-moderate
homes prefer smaller, more-
intimate and defined kitch-
ens that preclude such ex-
cess. An additional island
might require upward of
120 square feet, said Victo-
ria Sass, another Twin Cit-
ies designer, who added
that many people can’t
stomach the extra $50,000
or more that one can add to
the cost of a project.
Ms. Sass would prefer
to fill an oversize kitchen
with a dining table or a
sofa rather than keep up
with the dual-island wave.
“It’s a showy statement of
affluence,” she said.
—Allison Duncan
P2JW296000-4-D00900-17F7FF7178F

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 23 - 24, 2021 | D9

EATING & DRINKING

Beyond Parsnip Flans
These rich caramel-
topped flans get a
then drain parsnips.
2. Heat 1/2 cup sugar
and 2 tablespoons re-

Carrot
unique earthy depth
from their main ingre-
dient: parsnips.
Active Time 25 min-
served cooking water
in a 10-inch skillet
over high heat until
sugar liquefies. Con-

Cake
utes
Total Time 33/4 hours
(includes chilling)
Makes 8 flans
1/
2 pound parsnips,
peeled and finely
Beet cupcakes? Eggplant chopped
4 cup sugar
3/
brownies? Vegetables give 2 tablespoons water
these dessert recipes delicious 1/
2 cup half and half
depth and texture 2 large eggs
2 teaspoon vanilla
1/
tinue cooking over
high heat, swirling pan
occasionally, until
sugar caramelizes to a
dark amber. Immedi-
ately divide caramel
among the ramekins.
3. In a blender, purée
parsnips with half and
half, eggs, vanilla, salt
and remaining 1/4 cup
sugar until smooth.
Pour mixture through

extract a medium-mesh sieve

BY IAN KNAUER 1/
4 teaspoon salt into a bowl, then di-

I
vide among ramekins.
HAVE GROWN to really love vegeta- Equipment 4. Place ramekins in

F. MARTIN RAMIN/THE WALL STREET JOURNAL, FOOD STYLING BY KIM RAMIN

bles. But I didn’t always feel this way.
As a kid I was fed vegetables that
weren’t particularly well cooked or
seasoned, and I was constantly told I
had to eat them. No one likes anything they
are told they have to eat, and the negative as-
sociation affected my eating choices well into
adulthood.
Food associations work both ways. Ask 10
people what their favorite food is and I bet six
will tell you chocolate. The thing is, chocolate
tastes pretty bad until you add sugar, or fat, or
dairy. Still, presented with the question, those
10 people don’t say “sugar, or fat, or dairy.”
They say “chocolate.”
Following that logic, I’ve been dreaming up
recipes that use vegetables in desserts. It’s not
so far-fetched. You probably already love car-
rot cake, where the veg brings sweetness and
moisture to the mix. Many vegetables will lend
a unique sweetness or pop of color, but keep-
ing things moist, even ooey gooey, is the key
reason veggies work so well in desserts.
In my case, it helps in no small part that I
fell in love with and married an organic vege-
table farmer, whose associations with eating
vegetables are almost entirely positive. There
is palpable pride and excitement on the farm
when the crew is harvesting. They will come in
from the field with brimming crates of purple,
shiny eggplants and bushel baskets overflow-
ing with glowing sweet peppers. One of my fa-
vorite things to do is harness that harvest and
shape it into joyful food. Now that the afore-
mentioned spouse and I have a seven-month-
old baby, and she has started to eat cooked
vegetables, I want to ensure positive associa-
tions for her—not to mention make good use
 Find recipes for beet red velvet cupcakes (pic-
tured here) and eggplant peanut butter brown-
ies at wsj.com/food.
of what is so abundantly on hand.
Using beets in red velvet cake wasn’t my
own invention. Sure, it’s a lot more modern to
add a few drops of red food coloring, but clas-
sically, the root vegetable was used to bring an
8 (1/3 cup) ramekins, roasting pan and care-
1 (13-by-9-inch) fully pour boiling wa-
roasting or baking ter into pan, avoiding
pan splashing, until it
reaches halfway up
1. Preheat oven to 350 ramekins. Bake until
degrees. Bring a cou- flans are set but
ple quarts of water to slightly wobbly in the
a boil. center, 15-20 minutes.
2. Place parsnips in a Transfer ramekins to
medium saucepan refrigerator and chill
and cover with completely, 3 hours.
1/
2-inch water. Cover 5. To serve, run the tip
and bring to a boil. of a knife around inte-
Cook parsnips until rior edge of ramekins
very tender, 5-6 min- and invert flans with
utes. Reserve 2 table- their caramel onto
spoons cooking water, dessert plates.
earthy depth, some sweetness and a subtle red first bite of. I brought it to the farm for the
color to the cake batter. I have been applying crew to try. There was sincere skepticism fol-
this thinking to all sorts of other vegetables. lowed by surprise and finally delight.
One of my current favorites is the eggplant. Since then I’ve been playing variations on
A few seasons ago my wife handed me a the theme every time eggplant is in ample
crate of eggplants on their way to the com- supply. I’ve headed down caramel trails and
post pile and asked if I could save them by lemon tracks and, recently, a peanut butter
cooking them. Eggplant is a blank flavor can- path, which makes for a moist, sweet-salty
vas. (It’s also technically a fruit, but few peo- brownie in which the main ingredient is the
ple think of it or use it as such.) It takes on vegetable. It’s a mind-bender of a dessert.
what touches it in a recipe. If you fry it in ol- Once I descended into this veggie dessert
ive oil, it tastes like olive oil. If you blend it rabbit hole, it was hard to stop coming up with
with chocolate, it tastes like chocolate. So new ideas. Parsnips in custards. Sorrel in
that’s what I did. Then I added eggs, honey panna potta. Zucchini in cakes.
and almond flour, and the lowly eggplant was I hope to teach my daughter that vegeta-
transformed into what I ended up calling egg- bles are not just a thing you have to eat.
plant brownie cake, a dense, fudgy dessert Maybe some day when she is asked about her
that is still mostly eggplant. It remains one of favorite food, instead of chocolate she’ll have
my favorite recipes to watch people take a learned to say beets, or eggplant, or parsnips.

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photo courtesy blackberry farm.

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THE WALL STREET JOURNAL.
DAVIDE BONAZZI
ON WINE / LETTIE TEAGUE
The Great (Potential)
Champagne Drought of 2021
IF YOU WANT TO BUY a case of
Veuve Clicquot Champagne at a
state store in Pennsylvania, you’ll
have to buy two bottles and wait un-
til the next day to buy two more.
And the next day another two, and
so on and on—while supplies last.
VC is one of the wines currently ra-
tioned by the Pennsylvania Liquor
Control Board (PLCB) in response to
the supply-chain disruption roiling
the wine world right now.
The supply chain for countless
products is or has been disrupted—
and that includes wine. There are
ships languishing in ports and unde-
livered cases cramming warehouses
to capacity, not to mention wine-
makers awaiting shipments of labels
and bottles. The result: empty
shelves at wine shops as well as the
aforementioned rationing.
The pandemic played a role in the
wine world’s supply chain woes; dis-
tributors struggled to keep up with
the sharp increase in consumer de-
mand and rolling state-by-state
shutdowns crimped the labor mar-
ket. The situation will get worse be-
fore it gets better according to the
wine-industry experts I spoke with
in recent weeks, though they didn’t
all predict that Champagne will be
scarce this holiday season.
Returning to those bottlenecked
bottles of Veuve Clicquot in Pennsyl-
SLOW FOOD FAST / SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES
The Chef
Joe Papach
His Restaurant
The Harvey House
in Madison, Wis.
What he’s known
for Partnering with
his wife, Shaina
Robbins Papach, to
turn an old train
depot into a fine-
dining destination.
Reinventing the
supper club. Using
regional traditions
as a jumping-off
point for modern
Midwestern cooking.
WSJ+ members
Sign up for a chicken
Kiev cooking class
with chef Joe Papach
at wsjplus.com/
slowfoodfast.
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.
* * * *
EATING & DRINKING
vania: “We were notified by some
vendors that what we had in stock
was all that we’d have for the rest of
the year,” said Shawn Kelly, press
secretary of the PLCB, about the de-
cision to limit sales. (He emphasized
that he prefers the word “limit”
over “ration.”)
I asked how long the limiting
would last. “Indefinitely,” Mr. Kelly
replied. As of this writing, Veuve
Clicquot is one of 43 wine and spir-
its products under such limits at all
PLCB-operated stores, and according
to Mr. Kelly, that number may grow.
(In Pennsylvania, wine and spirits
sales are controlled by the state.)
Anticipating supply issues has
changed the game for other retail-
ers, too, including Phil Bernstein,
general manager of MacArthur Bev-
erage, a Washington, D.C., retailer
founded in 1957. Mr. Bernstein has
stocked up pre-emptively on certain
wines—Champagne in particular.
“We started hearing about these is-
sues months ago,” he said.
As early as last spring, New York-
based wine importer David Bowler
saw suppliers struggling to keep up
with demand, and he made the bold
decision to draw a record amount on
the business’s line of credit and buy
as much wine as he could from
many of his producers. “We began to
order large amounts back in May
Chicken Kiev With Mustard Potato Salad
GROWING UP in Indiana, Joe Papach liked encasing a knob of herbed butter and coats
the frozen-food-aisle chicken Kiev his mom them in a magic breading made with instant
served. But his final Slow Food Fast recipe mashed potato flakes. As the patties fry, the
produces an airy, unfailingly tender rendi- herb butter goes molten and the exterior
tion worthy of love. puffs to a golden crisp. A mustard-spiked po-
In place of the usual chicken fillets he tato salad makes the ideal match, said Mr.
uses ground chicken. After chilling the mix- Papach: “It has enough acid to cut through
ture to firm it up slightly, he forms patties the meal’s richness.”
Time 40 minutes Serves 4 whole eggs, 2 tablespoons
1 pound ground chicken flour and 2 teaspoons salt un-
2 whole eggs plus 1/4 cup egg til well combined. Cover and
whites set in freezer until meat firms
2 tablespoons plus 2 cups slightly, about 7 minutes.
all-purpose flour 2. Place butter in a small
Kosher salt and freshly bowl and stir in parsley, 2 ta-
ground black pepper blespoons dill and tarragon.
1 stick unsalted butter, at Season with a third of the
room temperature lemon zest, salt and pepper
2 tablespoons parsley leaves to taste. Cover and freeze un-
3 tablespoons plus 1 til firm, about 10 minutes.
teaspoon chopped dill 3. Place potatoes in a pot,
2 tablespoons chopped cover with cold water and
tarragon salt generously. Bring to a boil
Zest of 2 lemons over high heat and cook until
1 pound fingerling potatoes potatoes are fully tender,
1 tablespoon Dijon mustard about 15 minutes. Strain po-
2 tablespoons whole-grain tatoes and transfer to a large
mustard bowl. While hot, stir in mus-
2 tablespoons crème fraîche tards, crème fraîche and 1 ta-
1/
4 cup cornstarch blespoon dill. Season with
1 box (16 ounces) instant salt, pepper and half the re-
mashed potato flakes maining lemon zest.
3 cups canola oil 4. Form chicken mixture into
4 large patties (about 4
1. In a large bowl, mix chicken, ounces each). Place 1 heaping
and June. I wanted to have the
goods here,” Mr. Bowler said. He es-
sentially doubled his usual wine or-
der—“a lot more wine, probably
more than we’ve ever had.” So far
the gamble has paid off: Bowler
Wine has been setting new sales re-
cords each month, Mr. Bowler said.
Messrs. Bernstein and Bowler
aren’t alone in stockpiling bottles.
“There is an unprecedented volume
of wine arriving in the U.S.,” noted
Alexi Cashen, co-founder and CEO of
There may not only be
empty shelves in wine
stores but also a
shortage of employees
to ring up sales.
Elenteny Imports, a wine and spirits
distribution and logistics company
based in New York. “This swelling of
inventory has caused warehouses to
refuse new product at their main
[locations] and seek out emergency
storage facilities.” But even if the
wine gets to a warehouse, thanks to
a shortage of trucks and truck driv-
ers there is no telling when the wine
will actually get delivered. Over and
—Kitty Greenwald
spoonful herb butter at cen-
ter of each patty and mold
meat to enclose butter.
(Freeze remaining herb but-
ter for another use.)
5. Set a wide pot over me-
dium heat and add oil. Heat oil
until it reads 350 degrees on
a deep-fry thermometer.
6. In a medium bowl, beat egg
whites with cornstarch to
make a slurry. In another
bowl, place 2 cups flour. In a
third, place instant potatoes.
7. Dredge patties in flour, coat
in egg-white slurry and trans-
fer to bowl with potato flakes
to coat. Shake off excess.
8. Fry patties until golden and
cooked through, about 4 min-
utes per side. Transfer patties
to a paper-towel lined plate
and season with salt.
9. Garnish with remaining dill
and lemon zest. Serve hot
chicken kievs with warm po-
tato salad.
Saturday/Sunday, October 23 - 24, 2021 | D11
over again, Ms. Cashen has had to
field the same question: “So my
wine is in the warehouse—but when
can I sell it?”
The process of getting wine to a
warehouse starts with getting wine
on a ship (or, less commonly, if the
importer has a lot more money to
spend, a plane). The ships need to
be able to dock in a port on the East
or West Coast. At the time of this
writing, around 70 ships were wait-
ing to dock in Los Angeles and Long
Beach. The waiting costs money as
well as time: Ocean carriers start to
charge detention fees on containers
out too long being delivered; demur-
rage fees apply to containers sitting
at the port too long and typically in-
crease over time. “We’re seeing con-
tainers waiting two to three weeks,”
Ms. Cashen said.
Shipping rates have increased ex-
ponentially since the beginning of
this year and are still rising accord-
ing to Caroline Dewhirst, director of
business development at Hillebrand
North America. Her parent company,
Hillebrand—the Mainz, Germany-
based global freight-forwarding and
logistics concern—is one of the larg-
est players in global wine ship-
ments. Ms. Dewhirst explained that
the cost of shipping by sea to the
West Coast of the U.S. from Asia
rose by 380% this year over last
BOX OF TRICKS Want to make the crispiest, airiest breading for a
chicken Kiev? The secret is instant mashed potato flakes.
based on a July 2021 versus July
2020 review; from South America,
185%. The cost of shipping from Eu-
rope to the East Coast of the U.S.,
meanwhile, rose by 110%. Prices for
shipping by air, rail and truck have
risen, too, if not quite so sharply.
Demand for items key to wine
production and purveying—bottles,
corks, labels—has spiked as well. Ac-
cording to Shawn Fitzgerald, chief
marketing officer of Thomas (for-
merly known as the Thomas Regis-
ter of American Manufacturers),
there was a 77% increase in demand
for wine boxes and a 172% increase
in demand for wine bottles in Sep-
tember 2021 over the previous
month. The situation has even led to
“a rationing of sorts,” said Mr.
Fitzgerald.
Scott DeFife, president of the
Glass Packaging Institute, contends
that in the case of wine bottles, scar-
city of materials is not the prob-
lem—at least not domestically.
“There is no shortage of glass in
North America. We have all the raw
materials we need,” he said. He did,
however, concede that the same lo-
gistics problems cited above apply to
bottles shipped from abroad: “There
are absolutely import issues and
supply-chain issues for everyone. If
you are looking for a new supplier
now, the bandwidth is tight.” It’s
also much harder for wine producers
to find special bottle types—espe-
cially if the bottle was once sourced
in China or India, he noted. “It might
take a quarter or more to get that
sorted out,” said Mr. DeFife.
Aron Weinkauf, winemaker and
vineyard manager at Spottswoode
Winery in St. Helena, Calif., has had
trouble finding the glass bottle the
winery normally uses for its
Spottswoode Sauvignon Blanc. “It’s
a unique color with much smaller
production volumes,” he explained.
His supplier has told him that the
bottle may not be available for some
time. Mr. Weinkauf is currently
“working on Plan B and C” for a new
bottle, in a different color glass.
A bourbon supplier to Gary Fisch,
proprietor of several Gary’s Wine &
Marketplace stores in New Jersey
and Napa, asked Mr. Fisch if he’d
mind if a particular bottle of bour-
bon came in a PET bottle instead of
glass. (PET is a type of polyester
molded into plastic bottles.) Mr.
Fisch responded, “PET is better than
empty shelves.” Mr. Fisch is also
contending with a labor shortage:
He estimates he needs to hire at
least 45 more staffers by the holi-
days, including cashiers, drivers,
store managers, cheese managers
and baristas. “In Napa we need…ev-
ery job,” he wrote in an email.
What is normally the most profit-
able season of the year—called OND
(for October-November-December)
by retailers and wholesalers—is
upon us. There may not only be
empty shelves in wine stores but
also a shortage of employees to ring
up sales.
Here’s hoping there is Cham-
pagne enough for buyers and sellers
alike—not to mention good reason
to raise a toast—by the end of the
year and hopefully sooner.
 Email Lettie at wine@wsj.com
DREW ESCRIVA FOR THE WALL STREET JOURNAL, FOOD STYLING BY TYNA HOANG, PROP STYLING BY EMILY EISEN; MICHAEL HOEWELER (PORTRAIT)
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