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News
World-Wide
U kraine said it had
opened talks on evacu-
ating soldiers trapped in
the Azovstal steel mill in
Mariupol in stages, as the
EU was preparing a pro-
posal to boost funding for
Ukraine’s military. A1, A6
 Israeli security forces
and Palestinians clashed vi-
olently in the West Bank be-
fore the funeral of a promi-
nent Palestinian-American
journalist in Jerusalem. A7
 South Korea said it would
offer vaccines to help with
a nationwide outbreak of
Covid-19 in unvaccinated North
Korea, the first major outreach
to Pyongyang by Yoon. A8
 House Democrats plan
to fast-track a vote on relax-
ing regulations regarding
baby formula in an effort to
boost availability, as Capitol
Hill moved more urgently
to address shortages. A3
 Biden signed into law a
bill that requires federal
judges and Supreme Court
justices for the first time
to promptly disclose stock
purchases and sales. A4
 Child-abuse investigations
against parents of transgen-
der children have been cleared
to move forward in Texas af-
ter the state Supreme Court
struck down an injunction. A5
 Died: Sheikh Khalifa
bin Zayed al Nahyan, 73,
president of the U.A.E. A7
Business & Finance
 Musk said his planned
acquisition of Twitter was
“temporarily on hold” be-
cause of concerns about
fake accounts, a surprise
twist that jolted investors
and raised questions about
his willingness to go
through with the $44 bil-
lion transaction. A1, A4
 U.S. stocks ended higher
Friday after a punishing
week of losses across major
indexes. The Nasdaq jumped
3.8%, its largest one-day
percentage gain since No-
vember 2020. The S&P 500
gained 2.4%, while the Dow
industrials rose 1.5%. A1
 After years of adding jobs
at a rapid pace, some of
America’s fastest-growing
companies have signaled
in recent weeks that they
plan to take a more cau-
tious approach to bringing
on new workers. A1
 Activist investor HG
Vora Capital Management
is offering to acquire Ryder
System in a $4.4 billion deal
that would take the fleet
management and supply-
chain operator private. B3
 The Treasury Department
outlined actions it plans to
take to address illicit-finance
risks, saying Russia’s invasion
of Ukraine had underscored
the need to close regulatory
loopholes and step up the
fight against corruption. B11
NOONAN
Trump and Biden
Or Lincoln
And Douglas? A13
CONTENTS
Books..................... C7-12
Business News...... B3
Food.......................... D6,9
Gear & Gadgets D12-13
Heard on Street...B12
Obituaries................. A9
s 2022 Dow Jones & Company, Inc.
All Rights Reserved
REVIEW
THE WALL STREET JOURNAL WEEKEND
* * * * * * * * SATURDAY/SUNDAY, MAY 14 - 15, 2022 ~ VOL. CCLXXIX NO. 112
RENA EFFENDI FOR THE WALL STREET JOURNAL
Tymofiy Zozulia, who lost his mother and stepfather in a Russian attack, sits in the kitchen
of his aunt’s house. The 12-year-old recounts the sorrow and fear of wartime in his diary.
‘I Cannot Imagine My
Life Without Parents’
BY ISABEL COLES
SHEVCHENKOVE, Ukraine—
The first entry in Tymofiy Zo-
zulia’s war diary is dated
March 12, days after Russian
forces occupied this village east
of Kyiv, Ukraine’s capital. By
then, his mother and stepfather
were dead, but the 12-year-old
had yet to discover the truth.
“For four days my brother
Serafim and I are staying with
our auntie,” Tymofiy wrote in a
blue notebook. “We often went
to hide in their neighbor’s cel-
Putin Drives Finland
Into NATO’s Arms
For many Finns, the Ukraine invasion recalls
the 1939 Soviet assault of their homeland
BY SUNE ENGEL RASMUSSEN
RAATE ROAD, Finland—
When Russian President
Vladimir Putin invaded
Ukraine, he sought to divide
and weaken NATO. Nowhere
has that strategy backfired
more than in Finland.
If the Nordic country
joins the North Atlantic
Treaty Organization along-
side Sweden in coming
weeks, as expected, Mr. Pu-
tin will get a highly milita-
rized NATO member next
door. Russia’s border with
NATO will more than double
EXCHANGE
Opinion............... A11-13
Sports....................... A14
Style & Fashion D2-3
Travel...................... D4-5
U.S. News............ A2-5
Weather................... A14
World News....... A6-8
> SEEING RED
Investors are
discovering there is an
alternative to stocks,
after all. B1
lar. I have lost count of how
many times we went to the cel-
lar but that’s OK. My mom and
[stepfather] Sirozha have been
stuck in Kyiv since last week.”
For Tymofiy, the war began
when he returned from school
on Feb. 23 and learned he
would stay home the next day.
His mother, Yuliya Vashchenko,
and her partner, Serhiy Ye-
sypenko—nicknamed Sirozha—
instructed him to switch off the
lights early that evening, he re-
called.
In the dark, he wrote in his
at the stroke of a pen, with
an additional 830 miles.
Finland’s president and
prime minister on Thursday
said they hoped Finland
would apply for NATO mem-
bership without delay, con-
solidating a political major-
ity for Finnish membership.
That would be a historic
pivot. For seven decades, Fin-
land has maintained a unique
security model based on a
heavily armed military and a
society prepared to mobilize
in an invasion—combined
with diplomacy to placate
Please turn to page A10
Graduation Is Here, but the Caps and Gowns Are Not
Ceremonies lack the usual pomp due to supplier circumstances
BY MELISSA KORN
AND LINDSAY ELLIS
A chartered jet arrived on
the tarmac at Houston’s Wil-
liam P. Hobby Airport in the
early-morning hours, packed
with precious cargo. The
goods were unloaded quickly,
then driven to their final des-
tination. There was no time to
waste.
Inside were a dozen boxes
of gowns, tassels, hoods and
other graduation regalia, ar-
riving just hours before a Rice
University ceremony was set
to begin.
Similar scenes have played
out about a half-dozen times
in recent weeks, with private
diary before trying to sleep,
but his mind was racing. “I had
millions of questions,” he said.
“The uncertainty was killing
me.”
Russia invaded Ukraine the
following day, but the war
didn’t immediately come to
Shevchenkove, about 30 miles
northeast of Kyiv. Ms. Vash-
Please turn to page A6
 Josh Zumbrun: How a ratio
shapes military strategy..... A2
 Kyiv seeks release of troops
trapped in steel plant........... A6
Big Cryptocurrencies Post Gains
The largest cryptocurrencies showed signs of recovery
following a roughly weeklong selloff, while beleaguered
stablecoin TerraUSD continued to tumble. B1, B11
Value in circulation, select cryptocurrencies
$ 2 trillion
1
0 nies have signaled in recent
Oct. 2021 Jan. 2022
Note: Data as of Thursday
i i i
and commercial planes, as
cap-and-gown maker Herff
Jones scrambles to deliver its
signature products to gradu-
ates around the country.
The Varsity
Brands Inc. subsid-
iary is trying to
avoid what, in its
industry, would be
a disaster: Gradua-
tions without
much pomp, due to
supplier circum-
stances. Lesson in
Students from
colleges in North Carolina,
Virginia, Texas and elsewhere
ordered commencement rega-
lia weeks before the ceremo-
nies, and many are still await-
WSJ.com
Musk Says
Twitter Deal
Is ‘On Hold’
Elon Musk said his planned
acquisition of Twitter Inc. was
“temporarily on hold” because
of concerns about fake ac-
counts, a surprise twist that
jolted investors and raised
questions about his willing-
ness to go through with the
$44 billion transaction.
By Dean Seal,
Sarah E. Needleman
and Cara Lombardo
Mr. Musk’s grenade came
in a tweet posted at 5:44 a.m.
Eastern Time that was fol-
lowed just over two hours
later by another saying he
was “still committed to ac-
quisition.” Lawyers close to
Mr. Musk urged him to send
that follow-up tweet, accord-
Stocks Bounce Back
To Cap Cruel Week
BY CAITLIN MCCABE
AND CORRIE DRIEBUSCH
U.S. stocks ended higher Fri-
day after a punishing week of
losses across major indexes.
Traders welcomed a reprieve
from the brutal spring selloff
that has left virtually no corner
of the market unscathed. This
week brought several shocks
for the market. Data showed in-
flation is still running hot, dis-
appointing investors. Crypto-
currencies swooned after a so-
called stablecoin unexpectedly
crashed. The S&P 500 on
Thursday flirted with bear
Dogecoin BNB
Cardano Ethereum
Solana Bitcoin
XRP
March May
Source: CoinMarketCap
ing their arrivals. No tassel to
flip. No cap to toss. No hood
to…hood.
When gear did arrive, some
of it got a failing grade. Stu-
dents at San Fran-
cisco State Univer-
sity received tassels
emblazoned with the
year 2020. On the
school’s website, the
company pledged to
deliver the correct
tassels before the
logistics ceremony later this
month.
The morning of Rice’s doc-
toral convocation, an associate
dean emailed students and pro-
fessors that more gear had ar-
Please turn to page A10
How to
Decode
Wedding
Dress Codes
OFF DUTY
HHHH $6.00
ing to people familiar with
the matter.
The initial announcement
was unorthodox not just in its
timing and format, but be-
cause Mr. Musk referenced a
recent Twitter disclosure
about fake and spam accounts
that it has made consistently
for years—and because Mr.
Musk has already signed an
agreement for the purchase
and waived detailed due dili-
gence on the deal.
The sudden shake-up fueled
questions about whether Mr.
Musk is committed to a deal
that was struck amid a sharp
decline in technology stocks
Please turn to page A4
 CEO says more changes are
in store for Twitter................ A4
market territory, a level 20%
lower than a recent high, and
the Dow Jones Industrial Aver-
age posted weekly losses for
the seventh consecutive week,
its longest losing streak since
July 2001.
The Nasdaq Composite
jumped 434.04 points, or 3.8%,
to 11805.00, its largest one-day
percentage gain since Novem-
ber 2020. The S&P 500 gained
93.81 points, or 2.4%, to
4023.89, while the Dow indus-
trials rose 466.36 points, or
1.5%, to 32196.66. All three in-
dexes finished below highs
Please turn to page A2
Large Tech
Companies
Hit Pause
On Hiring
BY CHIP CUTTER
Twitter Inc. is freezing
most hiring. Amazon.com Inc.
recently said it is overstaffed
in its warehouses. Uber Tech-
nologies Inc. told employees to
consider hiring a privilege.
After years of adding jobs
at a rapid pace, some of Amer-
ica’s fastest-growing compa-
weeks that they plan to take a
more cautious approach to
bringing on new workers. The
shift by these technology gi-
ants raises questions about the
direction of the overall U.S. job
market and comes during a pe-
riod of volatility in the stock
market amid concerns over
rising interest rates.
Economists cautioned that,
overall, the job market re-
mains robust, with the unem-
ployment rate in April at 3.6%,
layoffs at historically low lev-
els and many companies still
eager to bring on more work-
ers—if they can even find
them. While employment in
the tech sector has grown rap-
idly and intensified competi-
tion for talent across the
country, the industry em-
ployed about 8.7 million peo-
ple at the end of 2021, or 5.7%
of the overall U.S. workforce,
according to CompTIA, an in-
dustry trade group.
The slowdown in hiring at
some companies suggests that
executives are becoming more
risk averse and “less prepared
to tolerate sort of growth at
Please turn to page A9
A2 | Saturday/Sunday, May 14 - 15, 2022
THE NUMBERS | By Josh Zumbrun
How a Ratio Shapes Military Strategy
Early in
Russia’s inva-
sion of
Ukraine, it
wasn’t just
Moscow that
believed its offensive could
succeed quickly. In February,
even U.S. officials warned
Kyiv could fall in days.
Russians had numbers on
their side, or more precisely
a number: the 3:1 rule, the
ratio by which attackers
must outnumber defenders
in order to prevail. It is one
of several “force ratios” pop-
ular in military strategy.
Russia, it seemed, could
amass that advantage.
Ukraine has renewed in-
terest in force ratios. Other
ratios in military doctrine in-
clude the numbers needed to
defeat unprepared defenders,
resist counterinsurgencies or
counterattack flanks. Though
they sound like rules of
thumb for a board game like
Risk, the ratios have been
taught to generations of
both American and Soviet
and then Russian tacticians,
and provide intuitive sup-
port for the idea Ukraine
was extremely vulnerable.
“I would imagine that
most of them are thinking in
those terms, that you need
something on the order of a
3:1 advantage to break
through,” said John
Mearsheimer, a University of
Chicago professor whose
work focuses on security
competition between great
powers. “It’s clear in this
case that the Russians badly
miscalculated.”
Modern versions of the 3:1
rule apply to local sectors of
combat. A Rand Corp. study
determined a theater-wide
1.5-to-1 advantage would al-
low attackers to achieve 3:1
ratios in certain sectors.
Overall, Russia’s military
has quadruple the personnel
and infantry vehicles, triple
the artillery and tanks, and
nearly 10 times the armored
personnel carriers, according
to the International Institute
for Strategic Studies, the
London-based think tank.
With 190,000 Russian
troops concentrated to in-
vade in February, and
Ukraine’s military spread
across the country, (only
30,000 troops, for example,
were estimated to be in
Ukraine’s east near the Don-
Markets
Rise to Cap
Cruel Week
Continued from Page One
seen earlier in the session.
The moves higher followed
a late-session rally Thursday
that helped the Nasdaq Com-
posite eke out a gain. Risk-on
sentiment carried into interna-
tional stock markets over-
night. By Friday morning in
the U.S., investors were scoop-
ing up shares of beaten-down
technology companies before
the opening bell.
Even with Friday’s gains, all
three major indexes finished
the week with losses of at least
2%. The S&P 500 fell 2.4%,
while the Nasdaq Composite
lost 2.8%, their sixth consecu-
tive weekly declines. The Dow
industrials dropped 2.1%.
Traders and investors were
unwilling to call a bottom.
“Will this week be the low
for the year? I doubt it,” said
Andrew Slimmon, senior port-
folio manager at Morgan Stan-
ley Investment Management.
“I wouldn’t be surprised if we
get a deeper growth scare
sometime this summer.”
Investors are confronting
issues not seen in decades as
inflation continues to hover
near a four-decade high. Many
traders believe a recession is
increasingly likely as the Fed-
eral Reserve attempts to get
pricing pressures under con-
trol. Many institutional and in-
dividual investors alike have
begun to discount the idea
that the Fed can engineer a
so-called soft landing, during
which inflation falls but unem-
ployment stays low and the
economy keeps growing.
Though Mr. Slimmon said
he believes there is more
short-term pain in store for
stocks, he remains optimistic
bas region) it appeared Rus-
sia had the numbers to over-
whelm Ukraine.
Russia’s struggles under-
score how real wars are far
more complex, said Stephen
Biddle, a Columbia Univer-
sity professor who served on
strategic assessment teams
for U.S. Gens. David Petraeus
and Stanley McChrystal in
Iraq and Afghanistan.
“The empirical evidence
for it is extremely weak,”
said Mr. Biddle. “It’s not
some law of science. It cor-
responds to some degree of
intuition, but it’s a lousy so-
cial-science theory.”
Ratios don’t account for
Western intelligence and ma-
teriel support, for Ukrainian
resolve, for low Russian mo-
rale, for Russia’s logistical
struggles, or for severe Rus-
sian tactical errors, like leav-
ing tanks exposed in col-
umns on major roadways,
Mr. Biddle said.
(In planning real combat
operations, the U.S. uses far
more detailed analyses than
rules of thumb, he said.)
T B
hese ratios originate
from 19th-century Eu-
ropean land wars.
In his seminal 1832 text
on military strategy, “On
War,” the Prussian General
Carl von Clausewitz pro-
claimed: “The defensive form
of warfare is intrinsically
stronger than the offensive.”
By the Franco-Prussian War
in 1870, Prussians distilled
this to requiring triple the
attackers. Prussia decisively
triumphed; maybe they were
on to something.
World War I, with years of
stalemate in the trenches as
combatants struggled to
break through defenses, lent
further credibility to the idea.
English Brig. Gen. James
Edmonds, writing shortly af-
ter World War I, recorded an
early version of the rule: “It
used to be reckoned in Ger-
many that to turn out of a
position an ebenbürtigen
foe—that is, a foe equal in
all respects, courage, train-
ing, morale and equipment—
required threefold numbers.”
After World War II, Col.
A.A. Sidorenko promoted the
ratio in Soviet military doc-
trine. The U.S. incorporated
ratios in the 1955 update to
the Army Field Manual that
umpires used to referee war-
Friday was Nasdaq’s best day since 2020; it fell 2.8% for the week.
Index performance this past week
0%
–2
–4
–6
Dow Jones
Industrial
Average
–8 S&P 500
Nasdaq
Composite
–10
Monday Tuesday Wednesday
Source: FactSet
in the longer term, and said he
thinks the market will rebound
by the end of the year, citing
some fairly upbeat earnings
reports. More than three-quar-
ters of S&P 500 companies
have reported a positive earn-
ings-per-share surprise for the
first quarter, in line with prior
quarters, according to FactSet.
“I spend a ton of time talk-
ing to companies and listening
to company conference calls,
and what I can tell you is I
don’t hear collectively the
weakness out of companies
that I’m seeing in the stock
U.S. NEWS
According to ‘force ratio’ rules of thumb, these are the number of
attacking troops necessary to succeed at certain missions:
Attacker : Defender ratio
Attack prepared/fortified defender
Attack a hasty defender
Counterattack a flank
Delay an enemy
Hold territory
A look at the balance of forces between Russia and Ukraine
at the start of the war
Active-duty troops
Russia 900,000
Reserve troops
2,000,000
Main battle tanks
2,927
Armored reconnaissance
vehicles
1,700
Armored personnel carriers
6,050
Infantry fighting vehicles
5,180
Artillery
4,984
Sources: Army Field Manual 6-0: Commander and Staff Organization and Operations (force ratios);
International Institute for Strategic Studies (Russia/Ukraine forces)
game outcomes.
There were skeptics. Ac-
cording to a monograph on
the ratios’ history by Army
Maj. Joshua T. Christian,
General of the Army Omar
Bradley was one critic, wor-
rying that tacticians were
constraining their strategies
in deference to overly sim-
plistic rules of thumb. Yet
the ratios remain in the U.S.
10-minute intervals
Thursday Friday
market,” Mr. Slimmon said.
On Thursday, Fed Chairman
Jerome Powell acknowledged
that getting inflation under
control could create a short-
term hit to the economy. He re-
peated his view that further
half-percentage point increases
would likely be appropriate at
coming meetings, but said the
central bank could consider
larger increases if economic
data necessitate such steps.
Federal Reserve Bank of Cleve-
land President Loretta
Mester said Friday that half-
point increases were appropri-
3:1
2.5:1
1:1
1:6
20–25 : 1,000*
*members of the population
4.6:1 Ratio = 100,000
Ukraine 196,600
2.2:1
900,000
3.4:1 =100
858
3.1:1
547
9.7:1
622
4.3:1
1,212
2.7:1
1,818
Erik Brynildsen/THE WALL STREET JOURNAL
Army Field Manual today.
In the 1980s, the ratios
were central to a fierce de-
bate over whether the So-
viet-led Warsaw Pact, with
superior numbers to NATO in
Europe, could sweep to vic-
tory in conventional war. On
one side, Mr. Mearsheimer
argued Soviet-aligned forces
would struggle to reach the
3:1 ratio where it counted,
ate at the next two meetings.
This week’s inflation report
offered little solace to investors,
especially after data showed
that price pressures were
largely broad-based. Gasoline
prices eased, but prices rose for
groceries and dining out, airline
travel and other services.
That forced many to sell off
BRENDAN MCDERMID/REUTERS
riskier investments and pile
into assets perceived as safer.
Growth and technology stocks,
which are typically hurt by
higher interest rates, in partic-
ular were walloped. The risk-
off sentiment rippled else-
where, leading to sharp
plunges in cryptocurrencies.
“This week was like a pivot
in the markets. The mood has
changed from evaluating if we
can live in an economy with
higher rates to [investors] ask-
ing: ‘Are we on the brink of a
recession?’” said Florian Ielpo,
head of macro at Lombard
Odier Investment Managers.
On Friday, however, tech-
nology stocks were among
those that led the rebound.
Nvidia added $15.31, or 9.5%,
to $177.06, PayPal advanced
$4.54, or 6.1%, to $78.83 and
Netflix gained $13.33, or 7.6%,
to $187.64. The S&P 500’s in-
formation technology segment
ended the day up 3.4%.
Twitter shares fell $4.36, or
9.7%, to $40.72 after Tesla Chief
Executive Elon Musk tweeted
that his deal to buy the social-
media company and take it pri-
vate is “temporarily on hold”
pending details on the amount
of fake accounts on the social-
media platform. Mr. Musk later
tweeted that he was committed
to the acquisition, helping
Twitter trim premarket losses
of more than 20%. Tesla shares
rose $41.59, or 5.7%, to $769.59.
Robinhood surged $2.13, or
25%, to $10.69 after Sam Bank-
man-Fried, the founder of the
cryptocurrency exchange FTX,
disclosed a 7.6% stake in the
brokerage.
Energy stocks were some of
the biggest gainers Friday, ris-
ing with the price of oil. Brent,
* *** THE WALL STREET JOURNAL.
Cleveland
Fed Chief
Sees Need
and thus could not swiftly
crush NATO.
He argued then and now
that the rule applies nar-
For Steep
rowly to forces engaged in
immediate breakthrough bat-
tles. Today, if Russia can
Rate Hikes
amass enough force in one
location, he worries, it could BY MICHAEL S. DERBY
punch through the Ukrainian
line. Once punctured, the Federal Reserve Bank of
tide can turn rapidly—such Cleveland President Loretta
as, he said, when Nazis in- Mester said the U.S. central
vaded France via the lightly bank needs to press forward
defended Ardennes Forest. with aggressive rate rises, and
Other scholars, like that by early fall it may be able
Joshua Epstein, promoted to take stock of whether it can
dynamic mathematical mod- slow down or will need to
els to assess the military bal- speed up the process of remov-
ance. Then a Brookings Insti- ing support from the economy.
tution fellow, he argued “Given economic condi-
ratios were useless, citing tions, ongoing increases in the
examples where defenders or fed-funds rate are called for,
attackers prevailed far out- and unless there are some big
side the ratio. surprises, I expect it to be ap-
(For Risk, the math actu- propriate to raise the policy
ally is clear: Attackers win rate another 50 basis points at
most large battles if they each of our next two meet-
have 86% of the defending ings,” Ms. Mester said in a Fri-
force, plus two. Just 88 at- day speech text.
tackers will usually beat 100 After those two increases,
defenders; that makes a the federal-funds target rate,
mockery of the 3:1 rule.) now at between 0.75% and 1%,
would be within the range of a
efore consensus was stance that neither stimulates
reached, the Cold War growth nor restricts it, Ms.
ended. Mr. Epstein Mester said. Around that time,
turned his mathematical members of the rate-setting
modeling to diseases; he is Federal Open Market Commit-
now an epidemiologist at tee will start to have a sense
New York University. of what comes next for mone-
Still, he said of Ukraine: tary policy, she said.
“It’s obvious in this case, the “If by the September FOMC
force ratio, the number of meeting, the monthly readings
static units, are a very poor on inflation provide compelling
predictor of what’s going to evidence that inflation is mov-
happen on the battlefield.” ing down, then the pace of rate
To Mr. Epstein, force ra- increases could slow, but if in-
tios exemplify a quip from flation has failed to moderate,
H.L. Mencken—and a lesson then a faster pace of rate in-
Russia is learning the hard creases may be necessary,” Ms.
way: “There is always a well- Mester said. She added that it
known solution to every hu- will take time to get inflation
man problem—neat, plausi- back to the Fed’s 2% target.
ble and wrong.” The Cleveland bank presi-
i i i dent is a voting member of the
This is my first Numbers FOMC this year. At the start of
column after 15 years report- this month, the FOMC acceler-
ing on the U.S. and global ated the rate-rise campaign it
economies. Like previous began in March with a half-per-
Numbers columnists, I will centage-point rate increase. Fed
examine interesting num- leader Jerome Powell suggested
bers, their history, how after the FOMC meeting that
they’re created, how they’re more rate rises of that magni-
used, and how they’re tude are coming, but leaned
abused. That Mencken quote, against something even more
incidentally, sums up my aggressive as the Fed seeks to
goal—to celebrate numbers lower the highest levels of in-
when they’re neat, to inter- flation seen in 40 years.
rogate whether they’re plau- In a Marketplace radio pro-
sible, and to always be mind- gram interview Thursday, Mr.
ful that even neat, plausible Powell said that the outlook for
numbers can be wrong. the Fed is challenging and
many of the factors driving
events now are beyond the cen-
the global crude oil bench-
mark, rose 3.8% to $111.55. Oil
prices ticked lower this week,
tral bank’s power to influence.
He added that the Fed may
have fallen behind in what it
but remain up more than 40%
since the start of the year.
Bitcoin rose to $29,800.33
needs to do, saying, “If you had
perfect hindsight you’d go back
and it probably would have
as of 5 p.m. ET level of
$28,572.24 on Thursday. Else-
where in the cryptocurrency
been better for us to have
raised rates a little sooner.”
Ms. Mester on Friday said
markets, the beleaguered sta- much of the economy is strong,
blecoin TerraUSD continued to while adding that “the current
spiral lower, trading around 13 pace of wage increases is incon-
cents, according to CoinDesk. sistent with maintaining price
TerraUSD broke its typical peg stability.” She also said that
to $1 last weekend following a while there have been some
wave of selling of the token. positive signs in the latest in-
Its sister token Luna also has flation data, “I will need to see
fallen precipitously this week, several months of sustained
trading at less than half a downward monthly readings of
penny, down from more than inflation before I conclude that
$60 on Monday. inflation has peaked.”
In the bond market, the
yield on the benchmark 10-year
U.S. Treasury note climbed to
2.932% from 2.815% Thursday,
CORRECTIONS 
reversing a four-day slide that
came as investors piled back
AMPLIFICATIONS
into bonds. Yields climb when
bond prices decline. Hurricane Matthew struck
Overseas stock markets also the U.S. in 2016. An April 14
traded higher Friday. In Europe, Future of Everything graphic
the pan-continental Stoxx Eu- about fortifying homes against
rope 600 climbed 2.1%. In Asia, extreme weather events incor-
Hong Kong’s Hang Seng added rectly referred to Hurricane
2.7%, while Japan’s Nikkei 225 Michael.
jumped 2.6%. The Shanghai
Readers can alert The Wall Street
Composite gained 1%. Journal to any errors in news articles
—Caitlin Ostroff by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
contributed to this article.
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 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 14 - 15, 2022 | A3

U.S. NEWS

House Eyes Relaxing

Baby-Formula Rules
BY LINDSAY WISE
AND SIOBHAN HUGHES
WA S H I N G T O N — H o u s e
Democrats plan to fast-track a
vote on relaxing regulations
regarding baby formula in an
effort to boost availability, as
Capitol Hill moved more ur-
gently to address recent short-
ages amid growing concern
from parents.
“It is unconscionable and
tragic that, right now, families
cannot find safe, affordable
baby formula,” Speaker Nancy
Pelosi (D., Calif.) said in a let-
ter to colleagues announcing a
vote next week.
The bill would grant emer-
gency authority to the WIC
federal nutrition program to
FOTOSEARCH/GETTY IMAGES
to pregnant and postpartum
women and young children,
subject to income caps.
Earlier Friday, the House
Oversight Committee launched
an investigation into four
manufacturers of baby for-
mula, asking for information
related to a supply shortage.
Similac maker Abbott Lab-
oratories and Enfamil pro-
ducer Reckitt Benckiser
Group PLC account for
roughly 80% of infant formula
sales in the U.S., according to
Euromonitor.
The shortage has been
caused by a mix of supply-
chain issues and a recall lead-
ing to empty shelves at some
stores, product restrictions and
panic among parents and care-

relax some nonsafety-related givers searching for formula.

regulations, with the goal of
easing access to formula. Mrs.
Pelosi said that about half of
formula sold nationwide is
purchased with WIC benefits,
but program rules restrict the
Abolitionist and author Frederick Douglass is shown seated on the left at the 1850 Fugitive Slave Law Convention, in Cazenovia, N.Y. types of formula that recipi-
Abbott initiated a recall and
closed a plant earlier this year
in Sturgis, Mich., where Simi-
lac and other brands are made
after federal regulators said a
germ that can be deadly in in-
fants, was detected in the

Slavery Role-Playing Lesson

ents can buy.
WIC, or the Special Supple-
mental Nutrition Program for
Women, Infants and Children,
is federally funded but admin-
plant, but not in the products.
Abbott said Friday it has
agreed, through Aug. 31, to
cover the costs of competitors’
formula in states where it has

For Colleges Taken Off Market

istered by the states. The pro- the WIC contract but Similac
gram provides food assistance isn’t available.

Students acting part
of white supremacists,
or listening to them,
called uncomfortable
BY DOUGLAS BELKIN
The directors of a role-play-
ing game that requires stu-
dents to debate slavery pulled
it from print recently after
college students and profes-
sors complained that advocat-
ing for, or listening to, the
views of white supremacists
made them uncomfortable.
The move has sparked de-
bate among historians, and
some professors who use the
lesson plan said withdrawing
the game infringes on academic
freedom and teaching about
race in America. Nationwide,
schools from kindergartens to
colleges are scrutinizing mate-
rials resulting in an increase in
book bans at public schools and
a series of protests preventing
controversial figures from
speaking on campuses.
The game is one of 30 his-
toric debates in a series called
Reacting to the Past. College
students at about 500 colleges
and universities spend weeks
reading about different histor-
ical events. They include the
debate in Athens over democ-
racy in 403 B.C.E. and the
17th-century trial of Galileo.
Students assume a charac-
ter from a selected period and
play a game that falls some-
where between Dungeons and
Dragons and Model United Na-
tions. The scenario is staged, a
game master directs the de-
bate but students script their
own arguments, build their
own coalitions and forge their
own compromises.
Last month, Reacting to the
Past removed from print the
game featuring Frederick
Douglass, an escaped slave
turned abolitionist and author.
The game was launched in
2010 but was drawing increas-
ing concern from professors
that students may either sym-
pathize with the white su-
premacist rhetoric at the core
of the debate—or be offended
by it, said Nicolas Proctor, edi-
torial board director of React-
ing to the Past.
“Racist speech can easily
create an unsafe environ-
ment,” he wrote in an email to
the game’s co-creator. It “can
be demoralizing and trigger-
ing, particularly for African-
American students.”
Reacting to the Past was
created almost 30 years ago
by Barnard College professor
Mark Carnes as a way to ener-
gize his classroom. The game
has spread beyond colleges to
universities in Europe and
Japan, senior centers and pris-
ons. Some high schools are
now picking it up.
The Frederick Douglass
game, which has as many as 75
characters, including women’s
right activist and abolitionist
Sojourner Truth and Confeder-
ate Gen. Robert E. Lee, sells
around 1,000 copies a year,
making it a bestseller among
the series, Dr. Proctor said.
The game is effective be-
cause it requires empathy to
succeed, said Mark Thompson,
who uses the game in his in-
troduction to rhetoric class at
California State University at
Stanislaus. The shift in per-
spective helps students under-
stand how others can hold
vastly different beliefs because
they are products of their time
and context.
Jae Basiliere, director of
the Center for Teaching and
Learning at Northern Vermont
University, played the game at
a conference in 2018. Dr.
Basiliere listened to a man
portraying Samuel Morton,
one of the founders of long-
debunked American scientific
racism, deliver a presentation
designed to convince his audi-
ence that Black people were
inferior to white people.
In a re-enactment set in
1845, the man filled two water
bottles—representing the skull
of a Black person and a white
person—with beans. Then he
poured out the beans to show
the greater capacity of the
white person’s skull.
“I found myself so dis-
gusted that I could not think
back and reflect on the learn-
ing experience,” said Dr.
Basiliere, a member of the Re-
acting to the Past editorial
board that made the decision
that resulted in pulling the
game from print.
To ameliorate any discom-
fort students feel from cham-
pioning racist characters, Hi-
lary Green, a history professor
at the University of Alabama,
has her students wear
nametags to remind class-
mates they are in character.
She said she has used the PAU L MO R E L L I . C O M
game in several classes be- N YC : 8 95 M A D I S O N ( 72 N D & M A D I S O N )
cause it gives students a sense
of how messy history is. “It P H L : 1118 WA L N U T S T R E E T
wasn’t like all the people in 212. 5 8 5 . 42 0 0
the North wanted to free the
slaves,” Dr. Green said. “As a
nation we have a tendency to
mythologize history.”
The Reacting to the Past
board asked Mark Higbee, a WILD CHILD
history professor at Eastern DROP EARRING
Michigan University and co-cre-
ator of the game along with
James Brewer Stewart, profes-
sor emeritus at Macalester Col-
lege, to create different ver-
sions of the game by removing
the racist characters and cen-
tering one version on a debate
between abolitionists.
“We don’t want to white-
wash anything but also want
to give instructors more op-
tions,” said Dr. Proctor, who
teaches history at Simpson
College in Iowa.
The creators said they de-
cided such changes would di-
lute the game and refused to
make them.
“They are scared to death
of confronting racism in
American history because it
could blow up in their face,”
said Dr. Higbee. “They want to
rework it and take out all the
controversy and leave it as a
viable game but there is no
way to do that.”
*10 Irresistible Days prices are valid in the USA until 05/22/22, not to be used in conjunction with any other offer. Contact store for more details.
Photo by Flavien Carlod and Baptiste Le Quiniou, for advertising purposes only. TASCHEN.

Bubble 2. Designed by Sacha Lakic.

French Art de Vivre

A4 | Saturday/Sunday, May 14 - 15, 2022
Democrat Faces Primary Test in Oregon
Centrist Rep. Schrader
faces new voters in a
redrawn district and a
challenge from the left
BY ELIZA COLLINS AND CHAD DAY
BEND, Ore.—The list of
things people are unhappy
about is long in this competi-
tive Oregon district where
longtime Democratic Rep. Kurt
Schrader is facing a serious pri-
mary challenge for his newly
reconfigured U.S. House seat.
Liberals say they are angry
at Democrats in Washington,
D.C., for not doing enough with
their slim majority in Congress.
There is general frustration
with state and local leaders,
who are largely Democratic,
over widespread homelessness
and crime in nearby Portland
and its outskirts. Covid-19 re-
strictions have turned off some
Democrats and fired up Repub-
licans.
Mr. Schrader is working to
convince voters here that they
shouldn’t send someone new to
Congress and instead elect him
for an eighth term. The centrist
Democrat—one of a dwindling
number of fiscally conservative
members of the party known as
Blue Dogs—is facing pressure
from constituents on his left
and right who are eager for a
political shift.
First, Mr. Schrader must
make it through next Tuesday’s
primary, where he is being
challenged from his left over
not doing more to move the
Democratic agenda through
Congress. Mr. Schrader raised
concerns about the cost of
Democrats’ social-policy and
climate package and in commit-
tee opposed a bill to allow the
government to negotiate the
price of prescription drugs.
If he makes it to the general
election, Mr. Schrader, like
Democrats across the country,
will face a political environ-
ment that is favoring the Re-
Biden Signs Judicial Ethics Law on Stock Disclosures
BY JAMES V. GRIMALDI
WASHINGTON—President
Biden signed into law on Fri-
day a bill that requires federal
judges and Supreme Court jus-
tices for the first time to
promptly disclose stock pur-
chases and sales and post
their financial disclosure re-
ports online in a publicly ac-
cessible, searchable database.
The law now will allow liti-
gants and the public to deter-
mine more promptly whether
judges have failed to recuse
themselves from a case in
Musk Deal
For Twitter
‘On Hold’
Continued from Page One
that has made Twitter less
valuable on paper than it was
a month ago when he made his
offer of $54.20 a share. Twit-
ter shares, which were already
trading well below that level,
fell 10% in Friday trading to
$40.72.
People in Twitter’s camp
said Mr. Musk’s first tweet was
a surprise and that he hadn’t
reached out to the company
ahead of time. But they played
down its significance and said
the second tweet, indicating
that the deal is still on, is the
one that matters. The com-
pany continues working to
complete the acquisition and is
supplying Mr. Musk with all
the relevant information under
the terms of the contract, ac-
cording to a person familiar
with Twitter’s response.
Twitter CEO Parag Agrawal
on Friday said, “While I expect
the deal to close, we need to
be prepared for all scenarios,”
a day after he internally an-
nounced a hiring freeze and
cost cuts.
Mr. Musk was aware of
questions about fake and spam
accounts on Twitter when he
agreed to the acquisition—he
has raised concerns about it in
his own tweets for years. In
Friday’s post on his verified
Twitter account, he said:
“Twitter deal temporarily on
hold pending details support-
ing calculation that spam/fake
accounts do indeed represent
less than 5% of users.”
publican Party. Election fore-
casters say Democratic House
seats like his that were once
seen as long shots for a GOP
win are now in play.
Once-a-decade congressional
redistricting has left him run-
ning in a slightly less Demo-
cratic area. Mr. Schrader,
whose old district wrapped
around the Portland suburbs
and stretched to the coast, is
now running to represent large
sections of central Oregon
where he is new to voters.
Mr. Schrader’s willingness to
break with congressional Dem-
ocrats has created an opening
for Jamie McLeod-Skinner, a
small-business owner and an
emergency-response coordina-
tor from outside Bend. Ms.
McLeod-Skinner, well known in
central Oregon from her unsuc-
cessful runs for Congress and
secretary of state, is running to
Mr. Schrader’s left.
Mr. Schrader and his allies
say he is the only Democrat
who can hold on to the seat,
which the nonpartisan Cook Po-
litical Report rates as leaning
Democratic. While some voters
said Mr. Schrader’s brand of
centrism makes sense here, in-
terviews with more than two
dozen voters in the district also
show an electorate eager for
change.
Standing on the porch of a
Democratic voter on a recent
Saturday, Ms. McLeod-Skinner
asked: “If I had a magic wand,
what is one thing you’d change
about Congress?” He re-
sponded, “How much time do
you have?”
Mr. Schrader said he wants
to propel the Democratic
agenda forward but will push
back when he believes his party
is out of touch.
In an interview in Sunriver, a
resort town outside Bend, Mr.
Schrader said he represents
“people that want to get things
done, that are socially progres-
sive, but also want the econ-
omy to work.” Democrats, he
said, shouldn’t “throw money
which they own shares in a
party to a lawsuit over which
they are presiding. Until now,
the public had to wait months
or years for the judges and
federal court system to release
disclosure forms.
Lawmakers said they
drafted the bipartisan, bicam-
eral Courthouse Ethics and
Transparency Act in response
to a Wall Street Journal inves-
tigation that found that 152
federal judges around the na-
tion have violated U.S. law and
judicial ethics by overseeing
1,076 court cases involving
He linked to a May 2 report
about a Twitter securities fil-
ing that said it estimates that
false or spam accounts repre-
sented fewer than 5% of its
daily active users. The com-
pany has reported the same
figure in its annual reports
since it went public in 2013.
Late Friday, Mr. Musk sig-
naled he would try to check
the figure and urged others to
do the same. “To find out, my
team will do a random sample
of 100 followers of @twitter. I
invite others to repeat the
same process and see what
they discover,” he wrote in a
tweet. Prompted by some of
his more-than 90 million
Twitter followers, Mr. Musk
then proceeded to spell out
ideas on how to proceed. “If
we collectively try to figure
out the bot/duplicate user per-
centage, we can probably
crowdsource a good answer,”
he added.
Mr. Musk, asked on Twitter
whether he had thought about
the issue before making his
$44 billion purchase commit-
ment, said “I relied upon the
accuracy of Twitter’s public
filing.”
It couldn’t be determined if
the latest tweets were a nego-
tiating tactic to abandon the
transaction or reprice the deal.
Many big tech stocks have
been falling, including shares
of Tesla, which have retreated
29% since Mr. Musk’s invest-
ment in Twitter became pub-
lic. Mr. Musk is using his Tesla
holdings to help fund the Twit-
ter deal. Meanwhile, Twitter’s
stock price has traded below
Mr. Musk’s offer price as in-
vestors wondered if the deal
might get reworked or not get
done.
Susannah Streeter, an in-
vestment analyst at Har-
greaves Lansdown, said there
P W L C 10 11 12
U.S. NEWS
Rep. Kurt Schrader, right, faces
a House primary challenge
from Jamie McLeod-Skinner,
above, with voting set to end
next Tuesday. The district
includes Bend, top.
out the door.”
Ms. McLeod-Skinner said Mr.
Schrader’s record is too conser-
vative and that he negotiates
legislation away from maxi-
mum impact, which leaves vot-
ers uninspired. “To win in a
close race, you got to hold your
base and you got to win cross-
companies in which they or
their family owned stock.
The new law comes as the
federal judiciary and U.S. Su-
preme Court are under in-
creased scrutiny, particularly
after the leak of a first-draft
Supreme Court opinion that
would overturn the 1973 rul-
ing legalizing abortion.
Separately, the House Judi-
ciary Committee this week also
passed a bill along party lines
to require the Supreme Court to
write itself a code of conduct.
Sponsored by Sens. John
Cornyn (R., Texas) and Chris
If the deal falls apart, Elon Musk, seen attending the Met Gala
this month, could owe Twitter $1 billion depending on the reason.
will be skepticism whether the
fake accounts are the real rea-
son for the delaying tactic.
“The $44 billion price tag is
huge, and it may be a strategy
to row back on the amount he
is prepared to pay to acquire
the platform,” she said.
After Hindenburg Research
LLC, an activist short seller,
this week called the Twitter
deal overpriced and said that
there is “significant risk” it
could get repriced lower, Mr.
Musk tweeted in response: “In-
teresting. Don’t forget to look
on the bright side of life some-
times!”
If the deal does fall apart,
Mr. Musk could owe Twitter $1
billion depending on the rea-
son for the breakup.
Because Mr. Musk waived
doing detailed due diligence
on the deal, it could make it
more difficult for him to back
out over something like a dis-
crepancy in the number of
spam accounts. If he tries to,
the company could attempt to
force him to complete the deal
under a legal protection called
H T G K R F A M 1 2 3 4 5 6
over voters,” she said. “He’s
lost the base.”
A leaked draft opinion that
indicated the Supreme Court
could be on the brink of over-
turning Roe v. Wade could mo-
tivate Democrats and indepen-
dents who had otherwise been
lacking enthusiasm to vote in
Lower-court judges
and the Supreme
Court are under
increased scrutiny.
Coons (D., Del.), the Court-
house Ethics and Transpar-
ency Act passed the Senate in
April and the House in Febru-
ary. The law extends to the ju-
diciary the same stock-trading
reporting requirement that ap-
“specific performance,” though
that maneuver is rarely suc-
cessful in practice.
In 2020, luxury-goods con-
glomerate LVMH Moët Hen-
nessy Louis Vuitton SE tried to
back out of a deal to buy Tif-
fany & Co. for $16.2 billion af-
ter the pandemic hurt demand
for high-end jewelry. Tiffany
sued to enforce the agreement
and LVMH countersued, argu-
ing the business had been so
deeply damaged that their
original agreement was no lon-
ger valid. The two sides later
agreed to cut the price by a
relatively modest $430 million
and settle related litigation.
Mr. Musk’s initial tweet Fri-
day could be seen as critical of
Twitter, which could further
complicate things. The merger
agreement stipulates that he
can tweet about the deal so
long as he doesn’t disparage
the company or any of its rep-
resentatives.
Before Friday, Mr. Musk had
appeared to be moving for-
ward on the deal in meetings
with Twitter and hadn’t at-
7 8 9 O I X X ******** THE WALL STREET JOURNAL.
ter the leak, Mr. Reiswig said
he expected to vote for a Demo-
crat in the general election be-
cause of the threat of abortion
being made illegal. “I am still
aligned with the left on most
issues,” he said.
In Oregon, four of the six
county Democratic parties in
the district broke precedent
this year and overwhelmingly
voted to endorse Ms. McLeod-
CELESTE NOCHE FOR THE WALL STREET JOURNAL (3)
Skinner.
Some Democrats have begun
to worry about Ms. McLeod-
Skinner’s viability in the race,
prompting President Biden last
month to make his first en-
dorsement of the election cycle.
Voters in the new district sup-
ported the president by about
8.6 percentage points in 2020,
according to a Wall Street Jour-
nal analysis. That is slightly
less than the 9.4-percentage-
point presidential margin in
Mr. Schrader’s old district.
“We don’t always agree, but
when it has mattered most,
Kurt has been there for me,”
Mr. Biden said.
Mr. Schrader has a 96.4%
voting record with Mr. Biden,
according to the nonpartisan
website FiveThirtyEight. A vote
against allowing the govern-
ment to negotiate drug prices
in a House committee has be-
come a flashpoint. Mr. Schrader
said that provision, part of a
large social-policy and climate
package, wouldn’t make it
through the Senate, and he put
forward a different drug-pric-
ing bill. He voted for the
roughly $2 trillion package
when it came to the House
floor. It stalled in the Senate.
Manuel Gutierrez, 49, a
teacher from Bend, said he
planned to support Ms. McLeod-
November. Skinner and couldn’t understand
Before the draft leaked, Ken why the president would sup-
Reiswig, a 30-year-old software port someone who had opposed
developer and independent pieces of his agenda. “Perhaps
voter from Bend, said he was they were meaningless votes
open to any candidate in a gen- meant to prove his ‘centrist’
eral election because, under bona fides,” he said. “But they
Democratic leadership, the have to mean something at
country was struggling. But af- some point.”
plies to members of Congress Such resistance to ethics and
and administration officials transparency measures is com-
under what is known as the mon, said retired House Judi-
STOCK, or Stop Trading on ciary Chairman Jim Sensen-
Congressional Knowledge, Act. brenner (R., Wis.). “They think
The law gives the Adminis- it is an attack on judicial inde-
trative Office of the U.S. pendence,” he said.
Courts 180 days to create a Members of the House have
searchable online database of expressed concern about
judicial financial disclosure whether the Administrative
forms. Once the system is Office is prepared to deliver
launched, judicial financial the new system in time. Lob-
disclosures must be posted byists for the judiciary per-
within 90 days of being filed. suaded Senate sponsors to
While officially neutral on modify the legislation to allow
the bill, judges privately raised the courts to write a report if
concerns about the proposals. they can’t meet the deadline.
tempted to restart negotia-
tions, but he had started ask-
ing questions about the
Twitter
number of spam accounts on
the platform, people familiar
with the matter said.
CEO Says
Twitter has warned that its
estimate of fake and spam ac-
counts is based on a sampling
To Expect
EVAN AGOSTINI/INVISION/ASSOCIATED PRESS
of accounts and that “the ac-
tual number of false or spam
accounts could be higher than
More Shifts
we have estimated.” BY MEGHAN BOBROWSKY
Mr. Musk’s tweets Friday
are the latest twist in the un- Twitter Inc.’s chief execu-
orthodox attempt to take over tive said more changes were in
the social-media giant by the store for the social-media
world’s richest man. It began company a day after he an-
with Mr. Musk buying a large nounced a hiring freeze and
chunk of Twitter shares on the spending cuts to employees.
open market earlier this year Parag Agrawal, who de-
as a passive investor, which scribed himself as a “‘lame-
soon turned into a full-fledged duck” CEO amid a $44 billion
buyout offer, outlined in a takeover bid by Elon Musk,
four-paragraph letter and sev- said in a tweet thread on Fri-
eral text messages to Twitter’s day: “Regardless of the com-
chairman. pany’s future ownership, we’re
The per-share offer price of here improving Twitter.”
$54.20 contained a veiled ref- Mr. Agrawal tweeted hours
erence to marijuana. The latest after Mr. Musk said the deal
bombshell comes on a super- was “temporarily on hold”
stitious date: Friday the 13th. over concerns about fake ac-
Truist Securities analyst counts on the platform. Later,
Youssef Squali said he could the billionaire and Tesla Inc.
see a scenario where Mr. Musk chief tweeted that he was “still
tries reducing the offer price committed to the acquisition.”
by 15% to 20%, to $46 or $43 a “While I expect the deal to
share. “If he’s successful, then close, we need to be prepared
his ability to secure funding for all scenarios and always do
while lowering his reliance on what’s right for Twitter,” Mr.
Tesla shares increases pretty Agrawal said in a tweet.
dramatically,” Mr. Squali said. Mr. Agrawal added that the
In addition to financing cutbacks he disclosed for
from Wall Street, Mr. Musk Twitter this week reflect “a
has had to sell at least $8.5 very challenging macro envi-
billion of Tesla shares to fund ronment.” Rising inflation and
the deal. He has also assem- Russia’s invasion of Ukraine
bled a cast of 19 investors, have dented advertising
from a Saudi prince to Silicon spending broadly after a pan-
Valley stalwarts, to put up an- demic-fueled high.
other $7 billion. The Twitter boss said he
—Georgia Wells, was prepared for “making hard
Anna Hirtenstein decisions as needed” going for-
and Dave Michaels ward, adding “you can expect
contributed to this article. more change for the better.”
 THE WALL STREET JOURNAL.
Abortion-Pill Providers Gird for Rush Court Allows
Investigation
They expect a surge in
demand if Roe v. Wade
is overturned but see
limits on telemedicine
BY DOMINIQUE MOSBERGEN
Providers of abortion pills
in the U.S. and abroad are pre-
paring for a surge of patients
from states that are expected
to restrict access if Roe v.
Wade is overturned.
As many as 26 states are
expected to ban or restrict ac-
cess to abortion if the Su-
preme Court overturns Roe v.
Wade, as a draft opinion
leaked this month suggested it
may. Abortion-rights advo-
cates expect patients in states
where abortion is restricted to
look elsewhere, despite poten-
tial legal and safety risks.
Planned Parenthood and
other abortion providers said
they are expanding clinical op-
erations in states where abor-
tion is expected to remain le-
gal. “Those who have enough
privilege and resources to
travel, they’ll do that,” said
Meera Shah, chief medical of-
ficer of Planned Parenthood
Hudson Peconic in New York.
After Texas passed legisla-
tion last year banning abor-
tion after about six weeks,
neighboring states reported a
rush of patients. Many people
sought medication abortions
through telemedicine provid-
ers as well. Minneapolis-based
telemedicine provider Just the
Pill served 900 patients in the
first four months of this year
following the passage of the
Texas law, compared with
1,300 in all of 2021, said Julie
Amaon, Just the Pill’s medical
director. Now Just the Pill is
expanding to handle more re-
quests from patients if Roe v.
Wade is overturned.
“We’ve been crazy busy,”
Dr. Amaon said.
Medication abortion ac-
counts for the majority of U.S.
abortions, according to the
Guttmacher Institute, a policy
group that supports abortion
rights and tracks abortion sta-
tistics. Abortion pills are pre-
BORDER POLICY
Federal Judge Hears Moon Goes Blood
Case on Migrant Curbs Red This Weekend
An attorney arguing for 21
states urged a federal judge to
block Biden administration plans to
lift pandemic-related restrictions
on migrants requesting asylum.
Drew Ensign told U.S. District
Judge Robert Summerhays the
lawsuit Arizona, Louisiana and
19 other states filed to block the
plan was “not about the policy
wisdom” behind the announce-
ment to end the plan May 23.
But, Mr. Ensign said, the Cen-
ters for Disease Control and Pre-
vention didn’t follow proper ad-
ministrative procedures requiring
public notice and gathering of
comments on the decision to end
the restrictions imposed under
what is known as Title 42 author-
ity. The result, he said, was that
proper consideration wasn’t given
to likely resulting increases in bor-
der crossings and their possible
effects, including the diversion of
border law enforcement resources.
Jean Lin, with the Justice De-
partment, argued the CDC was
within its authority to lift an emer-
gency health restriction it felt was
no longer needed. She said the
CDC order was a matter of health
policy, not immigration policy.
Judge Summerhays gave no
indication when he would rule.
—Associated Press
JANE ROSENBERG/REUTERS
IN THE DOCK: Frank James, the man accused of shooting 10 passengers in a New York City subway
car in April, pleaded not guilty in a federal court in Brooklyn on Friday to charges of carrying out a
terrorist attack on mass transit and discharging a firearm. If convicted, he faces life in prison.
* * * * * *
If the Supreme Court overturns the landmark abortion-rights ruling, many states plan restrictions.
scription-only in the U.S. Two
medications—mifepristone
and misoprostol—are typically
used in a medication abortion
regimen. Misoprostol can be
used alone if mifepristone is
unavailable. Patients can le-
gally obtain the drugs at clin-
ics or through U.S.-based tele-
medicine providers like Just
the Pill, Hey Jane and Choix.
Until the Covid-19 pan-
demic, the Food and Drug Ad-
ministration required patients
to collect mifepristone from a
clinic. The restriction was
lifted last year. More than 30
states, however, require a cli-
nician to see a patient in per-
son before prescribing mife-
pristone. States including
Texas and Indiana have partial
bans on abortion pills.
Patients in states with re-
strictions have sometimes
found workarounds, providers
said. Dr. Amaon said Just the
Pill patients in South Dakota
have traveled to neighboring
Wyoming for telemedicine
consultations and to collect
abortion pills from P.O. boxes
or courier drop boxes. Wyo-
ming is among the 13 states
with laws that would effec-
tively ban abortion immedi-
ately were Roe v. Wade over-
turned. “We will serve in these
U.S. WATCH
LUNAR ECLIPSE
A total lunar eclipse will
grace the night skies this week-
end, providing longer than usual
thrills for stargazers across
North and South America.
The celestial action unfolds
Sunday night into early Monday
morning, with the moon bathed
in the reflected red and orange
hues of Earth’s sunsets and sun-
rises for about 1 1/2 hours, one
of the longest totalities of the
decade. It will be the first so-
called blood moon in a year.
Observers in the eastern half
of North America and all of Cen-
tral and South America will have
prime seats for the whole show,
weather permitting. Partial stages
will be visible across Africa, Eu-
rope and the Middle East. Left
out: Alaska, Asia and Australia.
“This is really an eclipse for
the Americas,” said NASA’s Noah
Petro, a planetary geologist who
specializes in the moon. “It’s go-
ing to be a treat.”
A total eclipse occurs when
Earth passes directly between
the moon and the sun, and casts
a shadow on our constant, cos-
mic companion. The moon will
be 225,000 miles away at the
peak of the eclipse—around mid-
night on the U.S. East Coast.
—Associated Press
U.S. NEWS
states right up until the day
we can’t,” Dr. Amaon said.
U.S.-based telemedicine
providers could be prosecuted
for providing abortion consul-
tations or sending abortion
pills to patients in states
where abortion is restricted,
legal experts said.
Lawmakers in some states
that support abortion rights
Abortion pills from
overseas suppliers
typically ship in
unmarked packages.
are considering laws to pro-
tect providers from prosecu-
tion. Connecticut recently
passed a bill including a clause
that would prevent abortion
providers from being extra-
dited to other states.
Patients in many states
where abortion is restricted
are expected to have to leave
their state to receive telemedi-
cine care from a U.S. provider
and to pick up abortion pills,
abortion-rights advocates said.
Alternatively, they said, pa-
tients could procure abortion
WASHINGTON
President Biden’s
Assets Disclosed
President Biden earned
roughly $29,500 from book sales
during his first year in office, a
new financial disclosure form
shows, a sharp fall from the mil-
lions he made after his first
White House tenure as vice
president.
Mr. Biden’s 2021 disclosure
was made public Friday, along
with that for Vice President Ka-
mala Harris, and shows a
straightforward financial picture
of the president, who carries a
30-year mortgage on his per-
sonal residence in Delaware with
an interest rate of 3.375%.
Mr. Biden had previously re-
leased his tax returns outlining
his income, including a presiden-
tial annual salary of $378,333.
The outside income is mod-
est compared with the $15.6
million Mr. Biden reported earn-
ing in the two years after he left
the Obama administration, gen-
erated through sales of his 2017
book “Promise Me Dad,” paid
speaking engagements and his
role as a professor at the Uni-
versity of Pennsylvania.
Mr. Biden reported numerous
other assets, including several
bank accounts with holdings up
to $500,000.
—Alex Leary
Saturday/Sunday, May 14 - 15, 2022 | A5
drugs has been used as evi-
dence against them.
FDA rules generally don’t
allow the importation of pre-
scription drugs or distribution
of drugs that it hasn’t ap-
proved. The FDA in 2019 sent
a warning letter to Aid Access
for distributing drugs the
agency hadn’t approved in the
U.S. Aid Access said in a letter
of response that the FDA was
limiting constitutionally pro-
tected access to medical abor-
tions. The FDA didn’t pursue
further action. Dr. Gomperts
said she doesn’t intend to cur-
tail Aid Access’s work if Roe v.
KEVIN LAMARQUE/REUTERS
Wade is overturned.
The FDA said the sale of
unapproved mifepristone for
abortion bypasses important
safeguards. Drugs may be con-
taminated, counterfeit, contain
varying amounts of active in-
gredients or contain different
ingredients altogether, the
pills from providers overseas. agency said.
“What we’ve already seen is A 2017 study funded by Gy-
an incredible surge in re- nuity Health Projects, a non-
quests,” said Rebecca Gomp- profit research group focused
erts, a physician and founder on abortion and other repro-
of Aid Access, a nonprofit tele- ductive-health services, evalu-
medicine abortion provider ated the chemical composition
based in Austria. of mifepristone and misopros-
Aid Access patients receive a tol pills from 18 online phar-
telemedicine consultation and a macies based outside the U.S.
prescription for abortion pills The mifepristone pills all con-
that are shipped to the U.S. tained about 200 milligrams of
from India. The pills are identi- the active ingredient. The
cal in composition to FDA-ap- misoprostol pills, labeled as
proved mifepristone and miso- containing 200 micrograms,
prostol, Dr. Gomperts said. contained levels ranging from
Abortion pills from Aid Ac- 34 micrograms to over 200
cess and other overseas phar- micrograms of misoprostol.
macies are typically shipped in A regimen of 200 milli-
unmarked packaging, making grams of mifepristone and 400
them hard for law enforce- or more micrograms of miso-
ment to detect, abortion- prostol is typically used to ter-
rights advocates said. Still, le- minate pregnancies under 10
gal risks for patients remain, weeks, according to the Gutt-
said Jill E. Adams, executive macher Institute.
director of If/When/How, a re- Nisha Verma, a fellow at
productive-rights advocacy the American College of Ob-
group. Her organization has stetricians and Gynecologists,
represented clients facing said evidence indicates that
charges related to self-man- “people can safely carry out a
aged abortion, including some medication abortion without
who have obtained pills from direct doctor supervision
Aid Access and online pharma- when they have access to ac-
cies based internationally. Ms. curate information, reliable
Adams said that clients ha- medications and support if a
ven’t been charged specifically rare complication arises.”
for obtaining abortion pills —Denise Roland
but the procurement of the contributed to this article.
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Of Parents
In Cases of
Transgender
BY ELIZABETH FINDELL
AUSTIN, Texas—Child-
abuse investigations against
parents of transgender chil-
dren have been cleared to
move forward in Texas, after
a state Supreme Court deci-
sion Friday struck down an
injunction holding them at
bay.
The state’s Department of
Family and Protective Ser-
vices in February began inves-
tigating some families whose
transgender adolescents re-
ceived gender-affirming medi-
cal care. The probes followed
a February order from Gov.
Greg Abbott stating that such
care could constitute abuse.
A state judge in March
found Mr. Abbott’s directive
unconstitutional and ordered
such investigations to halt
statewide.
Friday’s Supreme Court de-
cision overturns a temporary
injunction placed as the case
was appealed. The court ruled
to keep the injunction in place
for only the family who filed
the lawsuit, as its case moves
forward, but said it was other-
wise overly broad.
The court opinion noted
that Mr. Abbott doesn’t have
the authority to order the de-
partment to undertake investi-
gations and said the agency
was never obligated to follow
his order. “DFPS alone bears
legal responsibility for its de-
cisions,” it wrote.
Requests to the department
for comment weren’t returned.
Paul Castillo, senior counsel
with Lambda Legal and who is
representing the family that
filed suit, called the court’s
Friday opinion a win. The
opinion, he said, makes it
clear that the investigation is
harmful to his clients and that
department shouldn’t be look-
ing to Mr. Abbott to make its
investigative decisions.
A6 | Saturday/Sunday, May 14 - 15, 2022
Kyiv Seeks Release of Troops in Steel Mill
U.S., Germany press
Russia for cease-fire,
as the conflict becomes
a war of attrition
BY JAMES MARSON
AND LAURENCE NORMAN
ODESSA, Ukraine—The
Ukrainian government said it
had opened talks on evacuating
soldiers trapped in the
Azovstal steel mill in Mariupol
in stages, as the European
Union was preparing a pro-
posal to boost funding for
Ukraine’s military.
Both the U.S. and Germany,
meanwhile, urged immediate
cease-fires in calls with Rus-
sian leaders on Friday, while
fighting continued in Ukraine’s
east and Russia maintained its
blockade of Ukraine’s key sea-
ports, preventing the export of
millions of tons of grain.
U.S. Defense Secretary Lloyd
Austin spoke with Russian De-
fense Minister Sergei Shoigu
for the first time since Feb. 18,
according to Pentagon spokes-
man John Kirby. Russia’s De-
fense Ministry said the call
took place “at the initiative of
the American side.”
German Chancellor Olaf
Scholz, speaking to Russian
President Vladimir Putin,
blamed Moscow for worsening
the food crisis, the chancellery
said.
The conflict is turning into a
U.K. Sanctions Putin’s Tales of
Reputed Girlfriend Grief in a
BY MAX COLCHESTER Boy’s Diary
LONDON—The U.K. sanc-
tioned Alina Kabaeva, a retired
Olympic rhythmic gymnast
who several Western govern-
ments believe to be Vladimir
Putin’s girlfriend, as part of a
crackdown on people close to
the Russian president.
The move is part of a wider
attempt by Western allies to
intensify pressure on Mr. Putin
to end the war in Ukraine. Af-
ter initially targeting Russian
oligarchs and other high-pro-
file business figures, Western
governments increasingly are
focusing on individuals per-
sonally close to Mr. Putin or fi-
nancially connected with him.
The European Union also
plans to hit Ms. Kabaeva with
sanctions when the bloc moves
to further penalize Russia, ac-
cording to two EU diplomats.
The U.K. Foreign Office said
it also sanctioned Ms. Kabaeva’s
grandmother and Mr. Putin’s
ex-wife, Lyudmila Ocheretnaya,
along with several of Mr. Putin’s
cousins. The British govern-
ment said Ms. Kabaeva is al-
leged to have “a close personal
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THE UKRAINE CRISIS
Sgt. Vadim Shishimarin is the first Russian soldier to stand trial for killing an unarmed Ukrainian civilian.
war of attrition, raising pres-
sure on the U.S. and its allies
to continue supplying Ukraine
financial and military aid to
counter a neighbor with a big-
ger arsenal.
Ukrainian Deputy Prime
Minister Iryna Vereshchuk said
she met with representatives
from the United Nations and
the Red Cross who then went
to Russia for talks Thursday,
with the aim of reaching a deal
to evacuate several hundred
fighters that Russian forces
have surrounded at the plant.
The families of fighters
there have waged a public cam-
relationship” with Mr. Putin and
is rumored to be his partner.
The Biden administration
has held off on sanctioning
Ms. Kabaeva out of concern
that it could further escalate
hostilities between Russia and
the U.S., The Wall Street Jour-
nal previously reported. A Bi-
den administration official
said Friday the U.S. is continu-
ing to look into sanctioning
Ms. Kabaeva, but declined to
comment further.
The U.S. government believes
Ms. Kabaeva to be the mother
of at least three of his children,
the Journal has reported. The
69-year-old Mr. Putin has never
acknowledged a relationship
with Ms. Kabaeva, 39.
British officials say Ms. Ka-
baeva is part of a group of Pu-
tin confidants with links to
Bank Rossiya, an entity sanc-
tioned by the U.S. and U.K for
its close ties to the Kremlin.
The Kremlin didn’t reply to
requests to comment Friday.
After Ms. Kabaeva retired
from gymnastics, she entered
politics as a lawmaker for Mr.
Putin’s ruling United Russia
party.
paign for Kyiv to intensify ef-
forts to save them. Hundreds of
civilians have been removed
from the Azovstal plant to
Ukrainian territory. Russia has
besieged Mariupol for two
months and whittled down ter-
ritory controlled by Ukrainian
forces to the Azovstal plant.
In a social-media post, Ms.
Vereshchuk said negotiations
were focused on evacuating 38
severely wounded fighters at
the plant.
“Currently, very difficult ne-
gotiations are under way on
the next stage of the evacua-
tion mission—the rescue of the
Continued from Page One
chenko and Mr. Yesypenko had
spoken of leaving, but they
stayed in the village, according
to relatives.
On March 8, Tymofiy awoke
to find his mother and stepfa-
ther had gone to a local mar-
ket. Tymofiy switched on car-
toons for his 5-year-old half-
brother and poured him a bowl
of cereal for breakfast.
Around 11:30 a.m., his
mother called. “Tymofiy, both
of you hide in the bathroom!
Quick!” she said, according to a
later entry in his diary. Ty-
mofiy took Serafim and his or-
ange cat, Simba, down to the
cellar. Russian forces had en-
tered the village.
Several streets away, Ty-
mofiy’s aunt, Olena Strilets,
and her partner, Serhiy Pro-
vornov, had also sought refuge
in their cellar. When the shell-
ing subsided, Mr. Provornov
went out. He returned with the
color drained from his face, Ms.
Strilets recalled. Russian forces
had opened fire on the car car-
rying Ms. Vashchenko and Mr.
Yesypenko, he told her. They
were both dead.
Ms. Strilets and Mr. Provor-
nov rushed to get the boys and
brought them home, explaining
that the children’s parents had
gone to Kyiv.
Despite having just lost her
younger sister, Ms. Strilets said
she hid her anguish from the
boys. Unbeknown to Tymofiy,
the adults began negotiating
with the Russians for permis-
sion to remove his mother’s
and stepfather’s bodies from
the street. With the help of a
neighbor, relatives loaded their
remains into a minivan on
March 10 and took them to the
family home, where they were
buried in the yard, according to
Ms. Strilets and Mr. Provornov.
Tymofiy received messages
from classmates expressing
sympathy for his loss, and
asked his aunt what had hap-
pened, she recalled. Perhaps
his house had been damaged,
Ms. Strilets told him.
“How do you tell the kids
their parents are gone?” she
said later.
In a notebook, Tymofiy was
recording his experience.
“The hope for victory is fad-
ing rapidly!” he wrote on
March 13. “I’ve gotten used to
shells flying over my head. We
still don’t have electricity. We
are running out of bread—and
patience…”
As they grew accustomed to
the rhythms of war, the kids
were allowed out to play dur-
ing lulls in the shelling, and
Ms. Strilets’s story began to
crack. Her teenage son said a
neighbor’s daughter had
blurted out that the boys’ par-
ents were dead. Still, Ms. Stri-
* ***** THE WALL STREET JOURNAL.
would be spent to help EU
countries provide heavy weap-
ons for Ukraine. The decision
still needs signoff by member
states, and a senior diplomat
involved in discussions said
Friday that the proposal was
still under discussion.
In the U.S., a $40 billion bill
making its way through Con-
gress includes more than $18.7
billion in military and security
aid, both to Ukraine and to
backfill already distributed U.S.
defense supplies.
G-7 countries on Friday also
VIACHESLAV RATYNSKYI/REUTERS
discussed how to help Ukraine
circumvent the Russian block-
ade of its key seaports and en-
able the export of grain to
avoid a global food crisis. Some
25 million tons of grain are
waiting to be exported in
Ukraine because its ports are
either blocked or surrounded
by naval mines, said German
seriously wounded, medics,” Agriculture Minister Cem Öz-
Ukrainian President Volodymyr demir, whose country holds
Zelensky said in his nightly the rotating G-7 presidency.
video address. “It is a large G-7 agriculture ministers wel-
number of people.” comed their Ukrainian col-
On Friday, the EU’s top dip- league, Mykola Solsky, to their
lomat, Josep Borrell, said the meeting in Stuttgart, Germany.
bloc planned to add €500 mil- Ukrainian officials, mean-
lion, equivalent to $520 mil- while, have suggested swapping
lion, to a fund set up to repay Russian prisoners of war for
European countries that pro- Ukrainians trapped at the steel
vide weapons to Ukraine, mill in Mariupol. Ms. Veresh-
bringing the total provided by chuk said Turkey was acting as
Brussels for weapons deliveries an intermediary in talks.
to €2 billion. Kremlin spokesman Dmitry
Speaking at a Group of Peskov said Friday that soldiers
Seven foreign ministers meet- trapped in the plant could leave
ing, Mr. Borrell said the money if they put down their weapons,
Clockwise from top, Tymofiy Zozulia writing in his diary in the home of his aunt, Olena Strilets; a
photo of Yuliya Vashchenko and Serhiy Yesypenko, Tymofiy’s deceased mother and stepfather, on
Ms. Strilets’s phone; pages from Tymofiy’s diary about Russia's invasion of Ukraine.
lets said nothing. was somber. The adults were
In the end, it was Serafim busy arranging a proper burial
who revealed the truth. “Mum for Ms. Vashchenko and Mr. Ye-
and dad were killed,” declared sypenko. Their remains were
the boy, according to Ms. Stri- dug up from the garden by men
lets. Tymofiy asked his aunt if caught looting during the occu-
it was true. She said it was. pation, who have been drafted
On March 18, Tymofiy scrib- to clean up after the Russians
bled in red, with a drawing of a as community service, accord-
devil shooting sparks from its ing to relatives.
eyes. “I found out what hap- “I cannot imagine my life
pened to my mum and Sirozha. without my parents,” Tymofiy
They were killed!” wrote Ty- wrote as preparations were
mofiy. “Auntie Lena hid this made for a funeral on April 12.
until the very last moment…” Less than a month after the
The following day, he re- funeral, the family gathered on
ceived another blow. “Today the annual Day of the Dead,
my dog Bonya died because of when Ukrainians visit the
the shelling. He was killed by a graves of deceased relatives.
fragment of the enemy’s shell,” This year, the tradition
Tymofiy wrote. “The shell itself served to take stock of the
struck my friend lllia Tysh- thousands of soldiers and civil-
chenko’s fence. The shrapnel ians killed since Russia invaded
damaged a lot; our neighbor’s the country, including 226 chil-
fence…; a tree, our fence.” dren, according to Ukrainian
In the margin, he wrote: officials. Nearly two-thirds of
“Dreams don’t come true.” Ukraine’s estimated 7.5 million
The diary is blank for the children were displaced within
next eight days. At some point the first six weeks of the war,
he drew a smiling devil, two according to Unicef.
ghosts, and two sad human fig- “Prayer and patience—I
ures on its cover. have no other remedy for you,”
“We still have no electricity a priest told Ms. Strilets and
or gas. Connection (cell ser- her mother as they entered the
vice) is starting to vanish and graveyard.
so is hope,” read an entry While the adults grieved, the
dated March 27. children darted around the
By the next time Tymofiy cemetery collecting chocolates
wrote, Russian forces had left placed on graves.
the village as the front shifted The Kremlin and the Russian
east. “Yesterday and today police ministry of defense didn’t re-
brought us stuff, clothes, sweets, spond to a request for com-
etc.,” he wrote on April 10. ment about the Russian occu-
The occupation was over, pation of the village. Moscow
but the mood in the household has denied that it deliberately
adding that all the wounded
would get medical care.
Ms. Vereshchuk said Ukraine
and Russia are holding roughly
the same number of prisoners
of war, without giving a figure,
but that Moscow also is hold-
ing about 2,000 Ukrainian civil-
ians on Russian soil.
On Friday, a Russian soldier
became the first to stand trial
for killing an unarmed Ukrai-
nian civilian, the first war-
crime case to go to court since
Russia’s invasion began.
Ukrainian prosecutors say
Sgt. Vadim Shishimarin shot
dead a 62-year-old man in a
village in northeastern Ukraine.
In a video posted online by the
Ukrainian Security Service, a
man identified as the suspect
appears to admit to having
killed the man after receiving
an order to target civilians.
Sgt. Shishimarin appeared
Friday at the Solomyansky dis-
trict court. The trial will con-
tinue on May 18, Ukraine’s
prosecutor-general office said.
Sgt. Shishimarin’s attorney
declined to comment. The As-
sociated Press cited him as
saying the soldier hadn’t de-
cided how to plead.
Ukrainian prosecutors say
they are investigating more
than 10,700 potential war
crimes involving more than
600 suspects.
Fighting in the east re-
mained heavy, Ukraine’s mili-
tary said, adding that it had
pushed back Russian attacks.
RENA EFFENDI FOR THE WALL STREET JOURNAL (3)
targets civilians.
The couple met about seven
years ago, after Ms. Vash-
chenko divorced Tymofiy’s fa-
ther. Together they had Se-
rafim. They were saving up to
buy a second car and planned
to expand their home’s garage,
relatives said. Ms. Vashchenko
had also bought a plot of land
on which to build Tymofiy a
house, for him to occupy when
he is an adult.
After the couple was killed,
Mr. Yesypenko’s sisters moved
into the spacious house where
the family used to live.
The boys remained with Ms.
Strilets in a small bungalow,
but Mr. Yesypenko’s sisters
wanted custody. The dispute
was referred to a local body
that ruled in Ms. Strilets’s fa-
vor. Mr. Yesypenko’s sisters
plan to appeal.
At Ms. Strilets’s house, Ty-
mofiy offered a tour of the
neighborhood where he has
spent the war. The sights in-
clude a crater left by a missile
that killed his dog, and the spot
where it is buried. “There was
so much blood,” he said. “It
was awful.”
After the war, Tymofiy wants
to finish his studies, undertake
military service and attend the
same college as his mother. He
aspires to become a doctor.
Meanwhile, he plans to con-
tinue keeping a diary. “Maybe
someday, someone will want to
know about my story,” he said.
—Nina Tararuieva
contributed to this article.
 THE WALL STREET JOURNAL. * * * * NY / NE Saturday/Sunday, May 14 - 15, 2022 | A7

WORLD NEWS
U.S. Eases Some
Syria Sanctions to
Prevent ISIS Return
BY JARED MALSIN
ISTANBUL—U.S. officials
said Friday that Washington’s
easing of sanctions on parts of
Syria outside Damascus’s con-
trol is needed to alleviate an
economic crisis and prevent a
resurgence by Islamic State
militants, as Turkey criticized
MAYA LEVIN/ASSOCIATED PRESS
tation by terrorist groups, es-
pecially ISIS.”
Islamic State seized a huge
swath of Iraq and Syria in 2014,
using the area to launch an in-
ternational terrorist campaign.
The militants lost their last
piece of territory in Syria in
2019 at the hands of U.S.-
backed forces, as Iranian-backed

the policy shift. forces defeated them in Iraq.

The Treasury Department
issued a license on Thursday
that permits private-sector ac-
tivity in certain areas of Syria
not controlled by President
Bashar al-Assad’s regime.
It is one of President Bi-
Israeli police clashed Friday with mourners carrying the casket of slain Al Jazeera journalist Shireen Abu Akleh in Jerusalem. den’s first major policy moves
on Syria since he took office.
Islamic State has shown
signs of regrouping in recent
years. In one instance, it
staged a prison break in
northeastern Syria in January
that left about 500 people
dead. The group’s leader, Abu
Ibrahim al-Hashimi al-Quray-
shi, killed himself during a

Israeli Forces, Palestinians

The U.S. has about 900 sol-
diers stationed in northeast-
ern Syria supporting Kurdish-
led forces that control the
area, part of Washington’s
raid by U.S. forces in Syria in
February, U.S. officials said.
Islamic State’s re-emer-
gence in Syria has been fueled
in part by an economic crisis

Clash as Journalist Is Buried broader effort to counter Is-

Israeli security forces and wearing protective gear that
Palestinians clashed violently identified her as a member of
in the West Bank before the the press.
funeral of a prominent Pales- Israeli forces raided an ad-
tinian-American journalist in jacent area Friday, exchanging
gunfire with armed Palestin-
By David S. Cloud in ians. A member of the Israeli
Jerusalem and Stephen security forces later died.
Kalin in Jenin, West Bank Running gunbattles in and
around Jenin on Friday left 13
Jerusalem on Friday in a day Palestinians wounded, accord-
of violence that saw the death ing to the Palestinian Author-
of an Israeli police officer. ity Health Ministry. Friday’s
The funeral for Shireen Abu violence followed clashes in
Akleh began with a melee Fri- recent weeks between Israeli
day when Israeli security security forces and Palestin-
forces shoved and assaulted ians, especially in Jenin.
the people carrying her casket In initial findings released
to a church in the Old City. Friday of its investigation of
The 51-year-old Al Jazeera her death, Israel’s military
reporter, a Palestinian Chris- said a firefight was under way
tian born in East Jerusalem, about 200 yards from where
was killed Wednesday by a Ms. Abu Akleh was killed, but
shot to the head as she cov- that it is unable to determine
ered clashes in the Jenin refu- yet whether she was shot by
gee camp in the West Bank af- Israeli forces or Palestinian
ter Israeli security forces militants.
entered the area. She was In Jerusalem, videos showed
that police struck mourners
with batons when they sought
to remove her casket from a
vehicle as it left the hospital
grounds, causing the coffin to
nearly fall to the ground.
One of the marchers said
police had ordered that the
casket be carried in a vehicle.
A spokesman for the police
said officers arrested six
mourners who threw stones
and “damaged the funeral pro-
cession vehicle, even trying to
prevent it from driving once
the coffin was inside.”
After the funeral, the cas-
ket, draped in a Palestinian
flag, was carried through the
narrow streets as hundreds of
mourners chanted “Palestine
is Arab” and other nationalist
slogans as they proceeded to
the Greek Orthodox cemetery
outside the city walls, where
she was buried.
The police largely stepped
aside, allowing the mourners a
rare show of Palestinian na-
tionalism in the Old City, which
Israel captured in 1967 and
that the Palestinians claim as
their capital. One mourner was
seen being taken into custody.
“We have all seen those im-
ages. They’re obviously deeply
disturbing. This is a day where
we should all be marking—in-
cluding everyone there—the
memory of a remarkable jour-
nalist who lost her life,” White
House press secretary Jen
Psaki said Friday.
Israeli security forces iden-
tified the officer who died Fri-
day as 47-year-old Sgt. Maj.
Noam Raz, a 23-year veteran
of the elite Yamam counterter-
ror unit.
Prime Minister Naftali Ben-
nett said: “We lost a hero to-
day, a brave fighter who gave
his life for the security of Is-
rael during a complex and del-
icate initiated counterterrorist
operation.”
lamic State extremists.
The U.S. decision allows
transactions in agriculture,
construction, finance, trans-
portation and other areas of
the economy. It applies to ar-
eas under the control of the
U.S.-backed Syrian Democratic
Forces in northeastern Syria
and other areas under the con-
trol of Turkish-backed forces.
The U.S. will maintain sanc-
tions on Mr. Assad’s govern-
ment. His regime has clawed
back control over much of the
country after years of war
with rebels with the help of
Russia and Iran.
“Our aim is to prevent the
resurgence of ISIS by mitigat-
ing growing economic insecu-
rity and restoring essential
services liberated from the
terrorist group,” Ethan Gold-
rich, a deputy assistant secre-
tary of state responsible for
Syria, told reporters on Friday,
using an acronym for Islamic
State. “International donor
funds are stretched thin. With-
out economic stability these
areas are vulnerable to exploi-
brought on by the continuing
conflict, U.S. sanctions, the
economic collapse of Lebanon
next door and years of
drought, leaving millions de-
pendent on aid.
Turkish President Recep
Tayyip Erdogan on Friday said
his government couldn’t ac-
cept the American policy shift,
according to the country’s
state-run news agency.
Ankara has for years op-
posed the U.S. partnership
with Kurdish militias in Syria,
which include offshoots of the
Kurdistan Workers’ Party, a
group that is designated a ter-
rorist organization by both
Turkey and the U.S.
Sam Heller, a Beirut-based
Syria analyst and fellow with
Century International, a think
tank, said the new American
policy was needed. “Aid is not
enough to keep people fed,”
Mr. Heller said. “Whatever the
scope of U.S. and allied part-
ner countries in stabilization
assistance, it’s not enough to
sustain people. For people to
live it depends on people liv-
ing in a functioning economy.”

U.A.E. President Oversaw Join the Best Sporting

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Dhabi who shunned the lime-
light even as he oversaw his
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mation, has died. He was 73.
Sheikh Khalifa took power
in 2004 following the death of
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OBITUARY U . A . E . ’ s
SHEIKH founder, but
KHALIFA BIN had been ailing
ZAYED AL in recent years.
NAHYAN He underwent
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nounced stable, but was rarely
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The U.A.E. government said
the leader died Friday. The
country will hold 40 days of come and experience the world’s finest
official mourning, with flags at Sheikh Khalifa took power in 2004 following the death of his
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dent. Leaders of Abu Dhabi’s power across the region. Scores of people were arrested
royal family traditionally have While never quite as brash on Sheikh Khalifa’s watch. They
held the role of president of as neighboring Dubai, Abu were tried for associating with
the federation of seven emir- Dhabi built out its infrastruc- Islamist groups and plotting to
ates that make up the U.A.E. ture and undertook large new overthrow the state. Rights
“The U.A.E. lost its righ- projects during Sheikh Khal- groups have alleged govern-
teous son,” Sheikh Mohammed ifa’s 18 years at the helm. The ment security forces used tor-
tweeted, praising his half projects included new islands ture in state security facilities.
brother for empowering the with residential and office If announced as the succes-
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my brother, my mentor and During his time in power, widely expected to continue
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Condolences were sent Abu Dhabi’s economic strategy Khalifa.
from around the world. The and massive energy wealth—the As the crown prince and
U.S. Embassy in the U.A.E. U.A.E. capital has most of the chairman of the strategy-set-
said: “He was a true friend of nation’s oil, the seventh-largest ting Abu Dhabi Executive
the United States.” proven reserves in the world. Council, Sheikh Mohammed
The U.A.E. and Israel estab- Like many of its peers in has been involved in charting
lished diplomatic relationships the Persian Gulf, Abu Dhabi is the emirate’s economic course.
under the monarchy of Sheikh trying to diversify economic Despite Sheikh Khalifa’s title
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A8 | Saturday/Sunday, May 14 - 15, 2022 * ****** THE WALL STREET JOURNAL.

WORLD NEWS

Covid Rules Drive Some From China Seoul

BY SHEN LU Friday, accounting for most
Will Offer
AND STELLA YIFAN XIE

More than two years of bor-

new cases nationwide. Though
cases have come down dramat-
ically since late March, author-
North
der restrictions and a pro-
tracted lockdown of Shanghai
are prompting some Chinese
ities in recent days have tight-
ened restrictions in Shanghai,
vowing to eradicate the virus.
Korea
citizens to contemplate emi-
gration, a prospect once un-
thinkable for many of them.
Even for those with the fi-
nancial means to leave, the
process has become more
Vaccines
The planned departures, complicated. China has tight-
many by middle- or upper-class ened border controls and BY DASL YOON
residents of Shanghai, China’s stepped up measures to pre-
most prosperous city, come as vent capital flight. Restrictions SEOUL—South Korea said it
the country reaffirms its com- have increased on notariza- would offer vaccines to help
mitment to a strict Covid-19 tions for immigration-related with a nationwide outbreak of
policy that sharply diverges purposes, especially asset no- Covid-19 in unvaccinated
from the rest of the world. tarizations for those trying to North Korea, the first major
One Shanghai resident was emigrate through investment- outreach to Pyongyang by

close to securing a coveted
Shanghai residency permit.
But the citywide lockdown,
which has lasted more than
six weeks, has shaken her and
left her looking for a way out.
She is planning to emigrate to
the U.S., where her employer
is based.
Another Shanghai resident,
Chester Yu, began planing to
leave China in early 2020 when
the initial outbreak swept
across China. Authorities had
locked down his parents’ resi-
dential compound in the central
Chinese province of Anhui
while he was visiting, leaving
Mr. Yu’s family confined to their
compound for three months.
“I felt like I was in jail,” re-
called Mr. Yu, 26 years old,
who was studying for a mas-
ter’s degree at a university in
Shanghai. “I could sense
where China was heading.”
When the lockdown was
lifted, Mr. Yu applied for a
passport. Last year, he paid an
immigration agency the equiva-
lent of about $440 to help him
apply to a language school in
Japan. He obtained a Japanese
residence permit in October.
Now locked in his apartment
A worker makes a delivery in Shanghai, which has been locked down for more than six weeks.
in Shanghai as he finishes his
master’s degree, Mr. Yu said he
feels numb after witnessing the
suffering across Shanghai,
where people have been taken
to quarantine centers against
their will and migrant workers
have been forced to sleep in
the streets as their compounds
lock them out. He is waiting
for restrictions to lift enough
to apply for a visa at the Japa-
nese consulate and leave after
he graduates this summer.
In recent weeks, The Wall
Street Journal has spoken to
more than a dozen Chinese
citizens contemplating or ac-
celerating exit plans as Shang-
hai’s lockdown drags on and
Beijing redoubles its commit-
ment to a zero-Covid strategy.
Immigration lawyers and
agents say they have seen a
surge in inquiries during the
past month. Emigration-focused
chat groups have sprung up on
China’s ubiquitous WeChat mes-
BLOOMBERG NEWS
immigration programs, said a President Yoon Suk-yeol since
U.S.-based immigration lawyer taking office this week.
and an Australia-based immi- North Korea said on Satur-
gration agent. day 21 more people had died af-
For those weighing emigra- ter it reported its first con-
tion, the hurdles begin with firmed death from Covid-19 on
securing a passport. China’s Friday. A total of 524,440 peo-
saging app and on encrypted times, according to WeChat’s National Immigration Admin- ple have come down with a fe-
platforms such as Telegram. publicly available data. A istration in August restricted ver that state media said “ex-
During the past two month later, on April 15, there passport issuance and renewal plosively spread nationwide”
months, said Ying Cao, a New were 72 million such searches to citizens who can supply from late April. Leader Kim
York-based immigration law- and shares. documentation showing that Jong Un called the outbreak the
yer, inquiries from Chinese As searches for emigration they are leaving for school, biggest crisis since the coun-
high-net-worth individuals and have surged, the word itself work or business purposes, try’s foundation, according to
middle-class professionals appears to have become sensi- citing the need to minimize the latest report.
have surged 10-fold compared tive. Analytics tools operated the risk of travelers bringing Mr. Yoon said Seoul would
with a year earlier. by Chinese internet giants back infections. In the first six offer medical aid to North Ko-
“They feel like it’s 1949 all Baidu Inc. and Weibo Corp. no months of 2021, China issued rea, including vaccines. Pyong-
over again,” said Ms. Cao, re- longer provide data on search 335,000 passports—just 2% of yang hasn’t requested help,
ferring to the exodus of more interest for the term. Baidu the number during the same but South Korea will consult
than two million Chinese peo- declined to comment. Weibo period in 2019. with the North about plans to
ple to Taiwan and Hong Kong didn’t respond to requests to This week, Chinese immi- send support, a presidential
as the Communist Party won comment. gration authorities said they spokeswoman said.
control of the Chinese main- While the desire for emigra- would more strictly regulate North Korea had no re-
land. “There is a shared sense tion is believed to be limited approval of exit permits to sponse, but it has rejected mil-
of fear and urgency to get out.” largely to young, wealthy city curtail what they called “un- lions of vaccines offered by
Searches on WeChat for dwellers, their growing sense necessary outbound travel.” the Covax initiative, a program
yimin, the Chinese word for of alienation reflects rising do- financed mostly by Western
emigration, started increasing mestic discontent over Beijing’s governments to help lower-in-
in March, around the time that Covid strategy, which seeks to Watch a Video come countries with inocula-
Shanghai was tightening Covid crush even small outbreaks of Scan this code tions. Those doses included
controls in response to a surge the virus with severe restric- for a video on vaccines from AstraZeneca
in cases. On March 15, Chinese tions on people’s movements. frustrations PLC and China’s Sinovac.
users searched or shared con- Shanghai said it recorded over Shanghai’s Some analysts say that
tent involving yimin 16 million 2,096 new Covid infections Covid lockdown. North Korea could be hesitant
to accept vaccines from other
countries because of interna-

Rate Rise Slows Canada’s Housing Market

tional monitoring requirements
attached to them. North Korean
authorities have long been wary
of foreign observers and aid
workers operating in the coun-
BY PAUL VIEIRA International house Sales in Toronto, Canada’s try because of concerns they
price index, quarterly largest urban area, fell 27% in might weaken the government’s
OTTAWA—Canada’s 12-year April from the prior month, control over the population.
300
real-estate boom appears to be Canada and 41.2% from the same pe- However, North Korean offi-
coming to an end following riod a year ago. Over the past cials privately have shown an
the Bank of Canada’s recent 250 10 years, home sales across interest in mRNA vaccines, ac-
rate increases, which have the Toronto area have in- cording to a March report
triggered a sharp decline in creased by an average of 8%
residential sales and a slow- 200 between March and April,
down in home-price gains. which marks the start of the
The slack in one of the Ca- busy spring house-hunting
Pyongyang said on
JAMES MACDONALD/BLOOMBERG NEWS

nadian economy’s main en-
gines of growth illustrates the
trade-offs faced in countries
where central bankers are rac-
ing to douse red-hot inflation
by raising interest rates.
In Canada, the impact on
housing carries extra weight,
given the outsize role the sector
has played in fueling the coun-
try’s recovery from pandemic
lockdowns and restrictions.
Housing accounted for about
20% of Canada’s economic
growth last year, and invest-
ment in Canadian residential
real estate overtook spending
by businesses on structures,
machinery and equipment
starting in mid-2020.
Prices in Canada’s housing
market have accelerated at a
faster pace relative to most de-
veloped-world peers for more
than a decade, according to
data from the Federal Reserve
Bank of Dallas. The country’s
housing market recorded fur-
ther growth during the public-
health crisis, fueled by demand
for bigger homes and rock-bot-
tom borrowing rates.
As of March, residential
home prices in Canada had
surged 53% from February
Economists say early housing data suggest the Bank of Canada
underestimates the effect of rate hikes; homes in British Columbia.
2020, according to the Cana-
dian Real Estate Association’s
main house-price index.
Even the U.S. didn’t see such
a run-up during the pandemic.
The S&P CoreLogic Case-Shiller
National Home Price Index,
which measures average home
prices in major metropolitan
areas across the U.S., rose
about 35% in the period.
The Bank of Canada, like
the Federal Reserve and other
central banks, is moving
quickly to tighten monetary
policy in the face of the high-
est inflation since the early
1990s. Canadian central-bank
officials acknowledge that an-
nual inflation, as of April near-
ing 7%, accelerated faster than
forecast. This prompted them
150
100
U.S.
50
0
2000 ’05 ’10 ’15
Note: Seasonally adjusted
Source: Federal Reserve Bank of Dallas
to lift the benchmark rate in said officials could lift rates by
March by a quarter point to another half-point in June.
0.50%, followed by a half-point The goal is to raise the
increase in April to 1.0%. benchmark rate until it reaches
Bank of Canada Gov. Tiff neutral, or the level at which
Macklem told lawmakers in monetary policy neither stimu-
April that officials had been lates nor shrinks economic ac-
caught off guard by the persis- tivity, central-bank officials
tence and pervasiveness of sup- said. The bank estimates neu-
ply-chain constraints and their tral to be between 2% and 3%.
effects on inflation. The war in Economists and real-estate
Ukraine has led to higher agents say early housing data
prices for fuel, food and other suggest the central bank is un-
commodities. “We did get some derestimating the fallout from
things wrong,” he said. higher rates on economic activ-
Yet, Bank of Canada officials ity. Data for Canadian existing-
say they are confident they can home sales in April are set for
raise rates and bring inflation release Monday, but early fig-
down to its 2% target, while ures from local real-estate
maintaining solid growth of boards in Toronto and Vancou-
4.2% this year and slowing to ver, British Columbia, point to a
3.2% in 2023. Mr. Macklem has marked slowdown nationwide.
season, according to data com-
piled by Realosophy, a Toronto
real-estate brokerage.
The average price for a resi-
dence in Toronto declined 3.5%
in April from March to 1.25
million Canadian dollars, or the
equivalent of $961,000. That
remains 15% higher than a year
’20 ago, although the annual gain
for April marks a slowdown
from March’s 18.5% advance
and February’s 27% jump. The
share of Toronto-area homes
that sold above the original
asking price fell in April to
69%, down from a peak of over
80% as of February.
A similar picture has
emerged in Vancouver. Home
sales in April fell about 25%
from the previous month, and
34% from the same year-ago
month. Steve Saretsky, a Van-
couver real-estate agent, told
clients in a monthly note that
house prices, mostly in suburbs,
are beginning to slide, and he
expects declines to become
more pronounced this year.
Mortgage rates, which lend-
ers set based on long-term bond
yields, have surged from roughly
1.5% in the fall to over 4% this
month, or a 12-year high.
Saturday that 21
more people had
died from Covid-19.
from the Center for Strategic
and International Studies, a
Washington-based think tank.
South Korea’s supplies include
mRNA vaccines, but the gov-
ernment said it doesn’t have
an estimate on the doses it
could provide North Korea.
There also would be logisti-
cal challenges. Pyongyang
lacks the extreme cold-storage
systems that are required for
mRNA vaccines from Pfizer
Inc. and Moderna Inc.
Without vaccines, North
Korea may be facing one of its
worst health crises in recent
years. Widespread malnourish-
ment and a fractured health-
care system mean the country
is particularly vulnerable to a
respiratory epidemic.
North Korea ranked 193rd
out of 195 countries in terms
of its ability to manage a
healthcare crisis, according to
the 2021 Global Health Secu-
rity Index, a project involving
the Johns Hopkins Center for
Health Security. It cited weak-

Climbers Notch Historic nesses in areas such as real-

time surveillance of disease
and healthcare access.

Feats Trekking Mount Everest

BY ALLISON PRANG
Several historic firsts were
reached at the top of Mount
Everest this week: An all-Black
group of climbers, the youn-
gest American woman to sum-
mit and a woman making a re-
cord-setting 10th climb.
Lhakpa Sherpa, a 49-year-
Separately, an all-Black
group of trekkers from the Full
Circle Everest Expedition also
reached the top of the mountain
this week, a representative for a
logistics provider for the climb-
ers’ expedition said. North Face,
which sponsored the group,
said on Instagram that the
climbers were the first all-Black
Access to complex health
services is limited in rural ar-
eas, and North Korea faces
hurdles in delivering health
services because of fuel short-
The Westlakes, a family of ages that have intensified un-
five, often would climb moun- der international sanctions.
tains on family trips. Then More than 10 million North
Lucy and her father, Rodney Koreans, or about 42% of the
Westlake, started tackling big- population, were undernour-
ger mountains. “Before we ished from 2018 to 2020, ac-
know it, here she is,” said her cording to the United Nations.
mother, Amy. Health experts warn that
The spring climbing season, given North Korea’s limited
which usually runs from April testing capabilities, the figures
NARENDRA SHRESTHA/EPA/SHUTTERSTOCK

old woman from Nepal, scaled
the 29,032-foot mountain in
the Himalayas for the 10th
time, her brother confirmed.
Ms. Sherpa last reached the
top of the mountain in May
2018, marking her ninth time
making the trek, the most of
any female climber, according
to the Guinness World Re-
cords. Her first time reaching
the top of Mount Everest was
in May 2000.
team to attempt the summit.
Lucy Westlake, an 18-year-
old from Naperville, Ill., also
reached the top of Everest this
week. The trek made her the
youngest American woman to
reach the summit, according
to Pemba Sherpa, managing
director for Xtreme Climbers
Treks and Expedition, the
company responsible for her
trip logistics. She made the
trek with a Sherpa guide.
to May, is the busiest of the released by state media proba-
year. Sherpa guides often help bly represent a fraction of in-
climbers make the trek up fections, and there could be a
Mount Everest, which strad- large number of deaths because
dles China and Nepal. the population remains unvacci-
Last year, Nepal reopened nated. North Korea and Eritrea
the mountain to foreign climb- are the only countries that ha-
ing expeditions after closing it ven't distributed vaccines, said
for the 2020 climbing season the World Health Organization.
due to the pandemic. The first Mr. Kim visited the state
recorded summit of the moun- emergency epidemic preven-
tain was in 1953 and thousands Lhakpa Sherpa, a 49-year-old woman from Nepal, climbed the tion headquarters Thursday
of people have climbed it since. 29,032-foot Mount Everest for the 10th time this week. and ordered lockdowns.
THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, May 14 - 15, 2022 | A9

OBITUARIES
DOUG MCCORMICK R AY S C O T T
1949 — 2022 1933 — 2022

Cable TV Executive Ardent Bass Angler

Catered to Women
I
n the mid-1990s, Doug McCor-
mick was the man in charge
of the cable-television net-
work for women.
As chief executive officer of
Built Fishing Empire
acquired iVillage in 2006 for
about $600 million. After the sale
of iVillage, he worked as a ven-
ture capitalist focused on televi- BY JAMES R. HAGERTY Depression by running a fleet of
sion and internet investments. carts selling ice cream. His mother

Lifetime Television, he promised In his spare time, Mr. McCor-
“an oasis for women on the dial.” mick wrote or co-wrote songs re-
That oasis included documenta- corded by Gladys Knight (“It’s Me
ries, original movies, reruns and Again”), Dusty Springfield (“Get
women’s basketball. Yourself to Love”) and Paul Anka
His success at Lifetime won him (“Brought Up in New York”). At an
a board seat in 1999 at iVillage event for Lifetime advertisers, he
Inc., which operated websites for sang “My Girl” with Carly Simon.
women. He was named president Mr. McCormick died May 9. He
of the company in April 2000 and was 72 and had been treated for
became CEO a few months later. liposarcoma, a rare cancer.
The iVillage sites were strug- When people remarked on the
gling in the wake of the dot-com irony of a man running a cable
crash. Mr. McCormick eliminated network for women, he sometimes
pop-up ads and diversified by noted that Nickelodeon wasn’t
selling iVillage-branded vitamins managed by a 12-year-old.
and supplements. NBC Universal —James R. Hagerty
E A R L D E VA N E Y
1 9 47 — 2 0 2 2
R
ay Scott’s vision came on a
rainy Saturday in March
1967 when he was lying on a
Ramada Inn bed in Jackson, Miss.,
watching TV in his underwear.
He was an Alabama-born insur-
ance salesman obsessed with bass
fishing and eager to find a way to
make money out of it. If basketball
games and golf tournaments at-
tracted throngs, he wondered, why
wouldn’t a bass-fishing contest?
“My idea was ludicrous to any-
one but myself,” Mr. Scott said
later. “There was no business plan,
nothing.” He quickly invented one.
Starting with four fishing bud-
dies, he began compiling a list of
their fishing pals and soon had
500 names. In a letter, he told
each of them: “Your good friend is
participating in the All-American
Bass Tournament and he has rec-
ommended you to be in our com-
Mr. Scott died May 8 at a reha-
bilitation center in Alabama. He
was 88.
His idea spawned bigger and
gaudier tournaments, Bassmaster
was a hairdresser.
After graduating from high
school, Mr. Scott said, he was “a
lost ball in high weeds,” unsure
what to do with his life. He consid-
ered becoming a Baptist preacher
but then began selling funeral in-
surance in the early 1950s. Work-
ing in poor neighborhoods, he col-
lected money in 20-cent-a-week
installments and, perfecting his
natural genius for salesmanship,
told customers their graves would
be “a foot deeper and a nickel
cheaper” than those that came
with rival policies.
Drafted into the Army in 1954,
he served in West Germany and
then used the GI Bill to pay for
business studies at what is now
Auburn University. After graduat-
ing, he joined Mutual of New York,
an insurer. Mr. Scott showed his
scorn for the company’s sales

Civil Servant Battled petition, claiming that you are an

avid bass fisherman and gentle-
man of high standards.”
magazine, websites and cable-tele-
vision shows. Anglers including
Bill Dance and Tom Mann became
methods by burning a stack of its
brochures in his backyard. He de-
veloped his own techniques.

Government Fraud Mr. Scott attracted 106 contend-

ers who paid $100 apiece to com-
pete for $5,000 in cash prizes and
a trip to Acapulco. The first tour-
TV stars.
Wearing a cowboy hat and
fringed Western jacket, Mr. Scott
At BASS, he sold memberships
partly by giving solitary anglers a
sense of belonging to a cause, with
fired starter pistols to open com- a sew-on patch to prove it. Member-

I
n 41 years as a public servant,
Earl Devaney spent much of
his time searching for fraud
and waste. He once had a camera
mounted inside a stuffed alligator
head to film an Interior Depart-
Mr. Devaney, a former college
football lineman, also headed
criminal enforcement at the Envi-
ronmental Protection Agency and
was appointed by President Ba-
rack Obama in 2009 to monitor
nament, at Beaver Lake in Arkan-
sas, wasn’t profitable but reeled in
precious publicity.
Mr. Scott saw a bigger business
opportunity in selling member-
ships in the Bass Anglers Sports-
petitions and presided over rau-
cous weigh-ins when contestants
returned with their writhing prey.
He arrived at one event on an ele-
phant’s back.
ship reached 650,000 in the 1990s.
Mr. Scott is survived by his
wife, Hope Susan Scott, along with
four children, 10 grandchildren and
three great-grandchildren. An ear-
lier marriage ended in divorce.

ment official on a fishing trip in
Louisiana, where he was a guest
of a company subject to regula-
tion by the department.
The Interior Department,
where he served as inspector gen-
eral, provided plenty of colorful
misbehavior to enliven his re-
ports. In 2008, he reported that
some employees of the depart-
ment’s Minerals Management Ser-
vice, responsible for collecting
royalties from oil and gas compa-
nies, used cocaine and had sex
with representatives of those
firms.
spending under a $787 billion
economic-stimulus program. He
won praise for his work from
both Republicans and Democrats.
Mr. Devaney died April 15 in Boca
Raton, Fla. He was 74 and had
suffered a heart attack.
Known as a watchdog, he was
once asked which type of canine
he resembled. “I’m something like
a basset hound,” he said. “If you
take my bone, I’m going to bite
you, but I am not going to go nip-
ping after your heels just for the
sake of it.”
—James R. Hagerty
man Society, or BASS. To some, it
sounded like a nonprofit organiza-
tion, but BASS was a private busi-
ness owned by Mr. Scott, and it
earned him a fortune as well as re-
nown as “the father of modern
bass fishing,” as the firm’s flagship
magazine called him.
Trout fishing had prestige and a
literary tradition, but the humble
bass churned up a populist frenzy
that enriched makers of boats and
fishing gear. “There was a heat out
there bigger than even I thought,”
Mr. Scott told The Wall Street
Journal in 1995.
M
r. Scott sold the business
in 1986 and built a luxury
resort on 200 acres in
Pintlala, Ala. The property featured
three lakes, including one with un-
derwater landscaping—“a city for
bass,” as one friend put it—and
pumps to control oxygen levels.
His guests included President
George H.W. Bush. Mr. Scott sold
that property in 2017 and moved
into smaller quarters.
Ray Wilson Scott Jr. was born
Aug. 24, 1933, in Montgomery, Ala.
His father, a former cattle farmer,
supported the family during the
He used his influence to pro-
mote preservation of bass habitats
and catch-and-release fishing.
In the 1990s, he faced a class-
action lawsuit accusing him of dis-
guising BASS as a nonprofit soci-
ety to attract members. Mr. Scott
denied that he had ever concealed
his profit motive. “Make no mis-
take about it,” he said. “I went into
this with one idea, and that was to
make money.” A federal judge dis-
missed the suit in 1999.
 Read in-depth profiles at
WSJ.com/news/types/obituaries

FROM PAGE ONE WORLD WATCH

Tech Firms dealer Carvana Co. told em-

ployees that the company
would cut 12% of its work-

Hit Pause force, or around 2,500 work-

ers. Fitness-equipment maker
Peloton Interactive Inc. said in

On Hiring February that it would cut

Continued from Page One
all costs,” said Julia Pollak,
chief economist at the job site
ZipRecruiter. “Many of these
companies grew so fast in the
pandemic; perhaps they over-
extended a little.”
The shifting hiring land-
scape in technology has wor-
ried some workers, who have
expressed concerns on sites
such as LinkedIn about re-
2,800 jobs, including about
20% of its corporate positions.
At smaller companies and
startups, many entrepreneurs
will likely be more prudent
about how to spend their com-
pany’s cash in an era when it
may not be as easy to raise
large sums of money quickly,
said Vinod Khosla, a promi-
nent venture capitalist. That
may cause some CEOs to think
differently about whether to
add new positions or expand
their teams, he said.
STEPHEN LOCK/I-IMAGES/ZUMA PRESS

scinded offers or difficulties The shifting focus extends

getting hired. While few large
technology companies have
announced layoffs, many have
said they want to do more to
hold down spending. Facebook
parent Meta Platforms Inc.
said last week it would sharply
slow its hiring after it more
than doubled the size of its
workforce since 2018.
Twitter CEO Parag Agrawal
Workers express
concerns on sites
like LinkedIn about
rescinded offers.
told staff in a memo Thursday
that the company would pause
hiring and review the job of-
fers it has made to candidates.
Mr. Agrawal said Twitter,
which agreed to be acquired
by Elon Musk for $44 billion,
planned to spend less on con-
tractors and consultants,
travel, marketing and other
costs.
Uber CEO Dara Khosrow-
shahi told staff in a note this
month that the company will
“treat hiring as a privilege”
and be more deliberate about
when and where it adds new
employees. Mr. Khosrowshahi
said the company needed to
focus on profitability, and that
the market and investor senti-
ment had shifted.
Some companies that grew
earlier in the pandemic have
run into trouble. Online car
beyond tech. At Scotts Mira-
cle-Gro Co., CEO Jim Hagedorn
told investors last week that
the company aimed to reduce
its overhead expenses by
roughly 10% ahead of the next
fiscal year. Mr. Hagedorn said
the company would “run skin-
nier” and be “more mindful of
redundant roles, processes and
other structural issues that
can lead to inefficiencies.”
Among entrepreneurs,
many conversations have
turned more recently on how
to conserve funds, said Maria
Colacurcio, chief executive of
the technology company Syn-
dio Inc., an analytics platform
that helps employers identify
and fix pay discrepancies.
“Everyone’s shifting to cash
preservation, runway, ‘I don’t
want to raise money in this
environment,’ ” Ms. Colacurcio
said.
Across the economy, job
growth has remained strong in
white-collar professions, man-
ufacturing and other indus-
tries, ZipRecruiter’s Ms. Pollak
said. “Employers are in no
hurry to get rid of workers. On
the contrary, they are hungry
for new candidates and they
are holding on to the workers
they have for dear life,” she
said.
Still, the moves at large,
well-known technology compa-
nies were likely to draw atten-
tion and have an outsize effect
on sentiment about the job
market, particularly in an en-
vironment when many are
anxious about what is next for
the economy, she said.
HORSING AROUND: Queen Elizabeth II attended the Royal Windsor Horse Show on Friday, her first public appearance in person in weeks.
The 96-year-old has curtailed her schedule in recent months as she recovered from Covid-19 and coped with an unspecified ailment.
RUSSIA
WNBA’s Griner
Detention Extended
A Russian court extended the
pretrial detention of WNBA bas-
ketball star Brittney Griner on
alleged drug charges, further de-
laying the outcome of a case
that U.S. officials say is based
on a wrongful arrest.
At a hearing Friday outside
Moscow, the court ordered Ms.
Griner to be held until June 18,
Russian news agencies reported.
Ms. Griner’s lawyer, Alexander
Boykov, didn’t respond to a re-
quest to comment.
The Phoenix Mercury star
was detained after flying into
Moscow’s Sheremetyevo Airport
a week before the war with
Ukraine started on Feb. 24. Rus-
sian authorities have said that a
drug-sniffing dog smelled nar-
cotics in Ms. Griner’s luggage,
and X-ray screening found elec-
tronic vape cartridges with hash-
ish oil, resulting in her arrest on
charges of drug smuggling.
White House spokeswoman
Jen Psaki declined to comment
on the extended detention.
—William Mauldin
NEW ZEALAND
Prime Minister Tests
Positive for Covid-19
New Zealand Prime Minister
Jacinda Ardern, who championed
a zero Covid-19 strategy from
early in the pandemic, has
tested positive for the virus and
will stay at home for a week.
A government statement on
Saturday said Ms. Ardern’s
symptoms were moderate. It is
likely she caught the virus from
her partner, New Zealand televi-
sion personality Clarke Gayford,
who tested positive earlier this
month. A post from Ms. Ardern’s
Instagram account said that her
3-year-old daughter Neve also
had tested positive.
Ms. Ardern had been isolated
at her home in Auckland, New
Zealand’s largest city, since May
8 under the rules for household
contacts of people who test
positive for the virus.
New Zealand has this year
dropped most of the Covid-19
restrictions it imposed on the
public, after more than 95% of
people age 12 and over were
vaccinated.
—Stephen Wright
INDIA
At Least 27 Killed
In Building Fire
A massive fire erupted Friday
evening in a four-story commer-
cial building in the Indian capital,
killing at least 27 people and
leaving several others injured,
said the fire-control room.
Dozens of people were rescued
from the building, which mostly
contains shops, the control room
said. The building is located in
New Delhi’s Mundka area.
The Press Trust of India news
agency said 12 people suffered
burns and 50 were evacuated.
Twenty-seven fire engines
battled the blaze for more than
five hours. A search operation
continued to look for survivors,
fire officials said. The cause of
the fire wasn’t immediately clear.
Fires are common in India,
where building laws and safety
norms are often flouted by
builders and residents.
“My condolences to the be-
reaved families. I wish for the
speedy recovery of the injured,”
India’s President Ram Nath
Kovind tweeted.
—Associated Press
VATICAN
Pope to Visit Canada,
Apologize for Abuse
Pope Francis will visit Canada
in July to apologize in person for
abuse suffered by indigenous
people by the Catholic Church.
The Vatican on Friday said
the pope would go to Canada on
July 24, and visit Edmonton,
Quebec and Iqaluit, a small town
in the far north. About half the
population of Iqaluit is Inuit. The
pope leaves Canada on July 29.
Last month, he made a his-
toric apology for abuses in Can-
ada’s church-run residential
schools and expressed “sorrow
and shame” for the lack of re-
spect for indigenous identities,
culture and spiritual values. He
said then that he wanted to go
to Canada to deliver the apology
personally to survivors of mis-
guided Catholic missionary zeal.
Vatican spokesman Matteo
Bruni said the pope is “accepting
the invitation of the civil and ec-
clesiastical authorities and the
indigenous communities” in mak-
ing what the Holy See termed
an “apostolic journey.”
—Associated Press
A10 | Saturday/Sunday, May 14 - 15, 2022
Putin’s
Finland
Problem
Continued from Page One
Russia by staying out of NATO.
Moscow’s unprovoked inva-
sion of Ukraine—which Rus-
sians once ruled, as they did
Finland—upended assump-
tions behind the model.
“Russia is much more un-
predictable than we ever
thought,” said Piritta Asunmaa,
director general of political af-
fairs at the Finnish foreign
ministry and former ambassa-
dor to NATO. “It is much more
willing to take risks and even
take heavy losses, and it’s also
capable of mobilizing 150,000
men on the border of a neigh-
boring country without general
mobilization,” said Ms. Asun-
maa, who is also disquieted by
Russia’s “loose talk of using
weapons of mass destruction.”
Sweden’s foreign ministry
on Friday presented a report
to parliament that supported a
Swedish bid for NATO, saying
it would deter Russian aggres-
sion. Sweden has maintained a
nonaligned position similar to
Finland’s for decades.
Russia has in recent weeks
threatened Finland and Swe-
den with consequences if they
join NATO, and Russia’s for-
eign ministry in a statement
after Thursday’s announce-
ment said: “Russia will be
forced to take retaliatory
steps, both of a military-tech-
nical and other nature.”
Kremlin representatives
didn’t respond to requests for
comment.
National identity
The key to understanding
why Finland stood outside
NATO—and why it has now
swung in favor of joining—is
the 1939-40 Winter War, when
the nation repelled a massive
invasion that Moscow ordered.
As residents of the eastern
Finnish wilderness in the Suo-
mussalmi region watched Rus-
sian troops invade Ukraine this
February, they recalled when
their parents and grandpar-
ents faced a similar onslaught.
“It reminded us of the Winter
War,” said Esko Matero, 85,
who was age 2 when his family
fled the 1939 Red Army attack.
He pointed to the field out-
side his red wooden house,
where an estimated 800 Sovi-
ets died during the weeklong
Battle for Raate Road, a deci-
sive moment in the four-month
conflict that ended when local
Finns eventually routed as
many as 700,000 Soviet sol-
diers. There were so many bod-
ies, Mr. Matero said, they had
to be removed with a snow-
plow. “The battle for Raate
Road is our pride,” he said.
“But it was also a tragedy.”
The Winter War is a corner-
stone of Finnish national iden-
tity. “It’s a part of our heri-
tage,” said Finland’s defense
minister, Antti Kaikkonen,
seated in his ministry beneath
a painting of Carl Gustaf Emil
Mannerheim, commander-in-
chief during the war. Mr. Kaik-
konen rested his glass of Coke
on a table used during the
conflict to pore over maps and
plot strategy.
Finland’s nonalignment had
deep historical roots. On the
Suomenlinna Castle outside
Helsinki, an 18th-century in-
scription reads: “Posterity,
stand here upon your ground
Graduates
Scramble
For Gowns
Continued from Page One
rived overnight, but some items
were still missing, including all-
important hoods. To recognize
their academic achievement,
some graduate students are
“hooded” on stage, with a pro-
fessor draping what looks like a
backward silk scarf over their
heads and around their necks.
Faculty could pass their own
hoods to students for the cere-
mony, the administrator sug-
gested, or, if the professor was
hooding more than one stu-
dent, take back the hood from
graduate No. 1 to then place it
on graduate No. 2. Rice said
that every student ultimately
had a hood for the ceremony.
Sherry Yue Qiu, who re-
ceived her master’s in bioengi-
neering at Rice, arrived at her
ceremony with no regalia,
and never rely on outside
help.” After a century under
Russian rule, Finland gained
independence in 1917, but it
was the Winter War that
united the nation.
The Soviets invaded in No-
vember 1939 after Finland re-
fused to cede territory to Mos-
cow. Expecting little resistance,
the Red Army planned to pa-
rade through Helsinki on Sta-
lin’s birthday three weeks later.
Instead, Soviet soldiers faced
tens of thousands of Finnish
fighters who raced at them on
skis through the woods, clad in
white camouflage that earned
their most notorious sniper the
moniker White Death.
During the Battle for Raate
Road, the Finns cut Soviet
supply lines, much as today’s
Ukrainians have done. As the
Soviets, who were mostly
Ukrainians, struggled with the
cold and harsh terrain, the
Finns wore them down. By the
time the Red Army retreated,
25,000 Finns had died in total
during the war, and at least
five times as many Soviets.
“What Stalin forgot, and
what Putin is forgetting now,
is that if you fight for your
own home, it makes the differ-
ence,” said Eero Schroderus, a
78-year-old amateur historian
who lives near Raate Road and
has written several plays
about the Winter War.
Finland stayed out of NATO
after the alliance formed in
1949 largely to avoid provok-
ing Russia. In a sign of neu-
trality, Finland hosted the 1973
Conference on Security and
Cooperation in Europe that led
to the Helsinki accords, a dip-
lomatic treaty among Euro-
pean countries, the U.S. and
Canada aimed at reducing ten-
sions between the Soviet
Union and the West.
Finland harbored no illu-
sions that rapprochement
brought security guarantees.
While other European nations
decreased military spending
and relaxed counterintelli-
gence measures after the Cold
War, said Mr. Kaikkonen, the
defense minister, “We didn’t.”
Since the mid-1990s, Finland
has made sure its military was
interoperable with NATO,
meaning that its forces could
conduct operations alongside
NATO troops and that it bought
and produced equipment that
could work together with that
of members of the alliance. But
Finland went further. Its artil-
lery arsenal of 1,500 cannons is
the largest in Western Europe.
It has bought advanced Ameri-
though she had ordered it
weeks prior. That morning, she
nabbed a spare black gown for
undergraduates and a tassel-
less cap from a box of extras
and lined up. Then a staff
member approached with a
dark blue gown for master’s
students and a tasseled cap. “I
was getting upgraded,” Ms.
Qiu said.
In an email to employees on
Monday, Herff Jones President
Jeff Blade cited a combination
of staff shortages earlier this
year, broader supply-chain and
logistics woes, and record or-
der numbers for the series of
sartorial snafus. Covid-related
shutdowns in China stranded
some materials, too.
Operations are also busy at
Balfour & Co., a competing re-
galia retailer, where employees
are working extra shifts and
shipping items overnight, said
CEO Ryan Esko. The company
has faced shipping delays and
unexpected labor shortages, but
Mr. Esko said it is meeting
original demand for orders.
Still, last-minute orders have
jumped, including from stu-
dents who graduated in 2020
FROM PAGE ONE
can surface-to-air missiles and
has one of the continent’s best
cyber defenses. Military service
is still mandatory.
Finland made its first major
break from neutrality in 1995,
joining the European Union
alongside Sweden. “Since join-
ing the European Union, we
haven’t described ourselves as
a neutral country,” said Mr.
Kaikkonen. “We’ve been a
member of the Western family
after that.”
The country remained mili-
‘Russia is much
more unpredictable
than we ever
thought.’
tarily nonaligned but grew
closer to NATO, contributing
to missions in Bosnia, Kosovo
and Afghanistan. Russia’s in-
vasions of Georgia in 2008
and Crimea in 2014 reinforced
the resolve among Finnish se-
curity officials not to let their
guard down but didn’t alter
Finland’s NATO relationship.
Alexander Stubb, a former
Finnish foreign and prime
minister, said the response to
those invasions killed his opti-
mism that Finland might join
NATO in his lifetime: “I had al-
most given up hope.”
But after Russia’s invasion
of Ukraine, public backing for
Adjunct professor Wadeeah Beyah altered too-large graduation
gowns at North Carolina Central University.
and 2021 and can just now at-
tend ceremonies.
Herff Jones’s two Illinois
plants are operating up to 19
hours a day, six days a week,
the company said. A senior ex-
ecutive was stationed alongside
seamstresses last week, pulling
gowns from sewing machines
to pack into boxes. He then
drove them to North Carolina
Central University, more than
700 miles away. Since those
gowns were sized for tall grad-
uates, an adjunct professor
from NC Central’s human sci-
* *** THE WALL STREET JOURNAL.
Finnish trenches near the Russian border from the Winter War;
Esko Matero, 85, above right, was age 2 when his family fled the
1939 Red Army attack; left, a tank during a Finnish military drill in
May with forces from the U.S., U.K. and other Western countries.
bilize a wartime army of
280,000 troops and has an ad-
ditional 600,000 reservists,
among Europe’s largest armed
forces per capita.
Finnish building codes re-
quire apartment blocks and
other large buildings to include
shelters able to withstand
bombs and chemical attacks.
That has resulted in under-
ground tunnels and shelters
throughout the country that
can house more than four mil-
lion people, about 70% of the
population.
The National Emergency
Supply Agency is responsible
for building stockpiles of goods
and securing services, coordi-
nating more than 1,000 compa-
nies to create direct links be-
tween the private sector and
state. Finland stockpiles five
months’ worth of imported fuel
and six months of grain. Drug
Finnish NATO membership manufacturers must stockpile
jumped to 53% in late Febru- three to 10 months of medicine.
ary from around 20% weeks
earlier, and to 76% on May 9,
according to polls by national Simulation games
broadcaster Yle. Company executives go
“People like me who have through simulation games re-
always been in favor of NATO hearsing national emergencies,
membership should almost said Janne Känkänen, NESA’s
thank Putin, but that is a bit chief executive officer. More
morbid,” Mr. Stubb said, add- than 10,000 civil-society and
ing: “The cost of us joining business leaders have partici-
NATO is high if you think the pated in monthlong national
reason is the war in Ukraine.” defense courses, in which they
Finland broke with a de- get to know one another’s roles
cadeslong policy of not ship- in an emergency. Regional
ping weapons into war zones courses, such as in remote re-
when it decided to send anti- gions near the Russian border,
tank weapons, assault rifles have trained 60,000 of them.
and food packages to Ukraine. “Sometimes people ask if
Helsinki this year increased there is one thing they can
its military spending to 1.96% learn from Finland,” said Petri
of gross domestic product— Toivonen, secretary-general of
NATO’s target for 2024 is 2%— the security committee. “I al-
up from 1.34% in 2020 and ways highlight the national
1.85% in 2021 and completed a defense courses.”
$9.4 billion purchase of 64 U.S. Over the past decade, Fin-
F-35 jet fighters. land experienced the kind of
With Finland in its ranks, Russian nonmilitary attacks
NATO would gain a member other Western countries now
that has spent decades devel- expect. In 2015 and 2016, Fin-
oping what it calls “compre- land accused Russia of sending
hensive security,” a society- thousands of migrants toward
wide strategy to repel the kind its northern border in what
of Russian aggression on dis- Finnish officials say was Mos-
play in Ukraine. cow’s show it was willing to
Sweden, another close use migration as a weapon.
NATO partner, last year autho- Russia at the time denied steer-
rized the biggest increase in ing migrants towards European
military spending in 70 years borders. It agreed to close the
and takes an all-of-society ap- border temporarily for third-
proach to mobilization, though country nationals after months
not to Finland’s extent. of migrant streams in 2016.
Under Finland’s comprehen- “It was a test ball,” said
sive-security model, it can mo- Sinikukka Saari, an expert on
and wide, stiff shoulders, didn’t
exactly match Old Dominion’s
more subdued all-black student
garb. “I literally looked like the
president of the university
walking in with this robe,” said
Dr. Valentine.
Desvan Moody is scheduled
to receive his master’s degree
AYANA HERNANDEZ/NCCU
in school counseling from Loy-
ola University Maryland this
weekend. His gown, cap and
keepsake tassel arrived. His
hood and official tassel for the
cap have not. Mr. Moody said
that as a first-generation col-
lege graduate, now earning an
advanced degree, the ceremony
ences department swooped in is especially meaningful for
with last-minute alterations. him. He has spent the past few
Kesha Valentine’s regalia days shuttling around Balti-
hadn’t arrived a few days be- more to borrow hoods from lo-
fore she was set to get her cal alums for him and his
Ph.D. in education at Old Do- classmates.
minion University in Norfolk, A Loyola spokeswoman said
Va. So she secured a hood and the school is confident the
tam—the poofy hat that looks Herff Jones regalia will arrive
like a hexagonal or octagonal in time.
throw pillow—from a friend, In San Antonio, when stu-
and a robe from a co-worker dents from the University of
whose own ceremony wasn’t the Incarnate Word’s pharmacy
until the following week. school lined up behind the
The billowing black robe, stage at their May 7 gradua-
with blue striped velvet sleeves tion, a whisper made its way
JUUSO WESTERLUND FOR THE WALL STREET JOURNAL (3)
the post-Soviet region at the
Finnish Institute for Interna-
tional Affairs. “We see the
Russians doing this now in a
more systematic way in Be-
larus towards Poland.”
Kremlin-linked media out-
lets have prodded Finland with
disinformation campaigns, try-
ing to build a narrative of
Finnish authorities mistreat-
ing or discriminating against
people of Russian descent,
Finnish security officials say.
“We have been a kind of
target country,” said Teija Tii-
likainen, director of the Hel-
sinki-based European Centre
of Excellence for Countering
Hybrid Threats, “where Russia
has also been able to test its
instruments.”
As Finland’s mood has
swung behind NATO member-
ship, the country has been hit
by denial-of-services cyberat-
tacks on the Nordea banking
group and on the foreign and
defense ministries. Finnish of-
ficials blame Moscow. Russian
planes violated Finnish air-
space in early April during a
speech by Ukrainian President
Volodymyr Zelensky to Fin-
land’s parliament and again in
early May during a large mili-
tary exercise in the country in-
volving the U.S. and other
NATO nations, according to
Finnish intelligence.
Some Finns are on the
fence, including Ella Snellman,
a dancer in her early 20s. “I
don’t know enough about it to
have an opinion,” she said,
adding that she doesn’t want
to feed the war industry.
Near the Russian border,
residents like Väinö Kinnunen,
90, are less reticent. “Of
course!” he shouted when asked
whether Finland should join
NATO. “We are a small country.
We have no other option.”
In 1943, he said, Soviet par-
tisans—an irregular military
force that routinely attacked
eastern Finland during World
War II—found Mr. Kinnunen’s
family in their sauna and ma-
chine-gunned to death 10
members, including his par-
ents, grandparents and two
siblings. Mr. Kinnunen, then 11,
survived with a sister.
The Ukraine bloodshed
awakened his childhood
trauma. “We have gone
through the same as the Ukrai-
nians,” he said. “We are com-
rades that share the same fate.”
down the row: “Pass up your
hoods. Pass them forward!”
Eunice Lee did as she was
told. She’d gotten her regalia
weeks ago, but as of two days
before graduation, 32 of her
classmates, about one-third of
the class, still hadn’t. The game
of pass-the-hood allowed the
whole class to be in full dress
while they strode across the
stage. After they had gone
through, Ms. Lee said, they
quickly redeployed the sashes
to classmates still in line.
Back at Rice, Nia Teague was
due to wear a hood when she
graduated last week with a
bachelor’s degree in psychol-
ogy. Her Herff Jones package
was missing that item, so an
administrator scrounged one
up from another school hours
before the ceremony. It was in
Sam Houston State University’s
official orange, but it would do
the job.
After the festivities, at 10:12
p.m., Ms. Teague got a cheery
notification from Herff Jones:
“Congratulations on your
achievement! Please be advised
that your cap & gown order has
been shipped.”
THE WALL STREET JOURNAL.
How Disagreement Became ‘Disinformation’
By Barton Swaim
T
he preoccupation with
“misinformation” and
“disinformation” on the
part of America’s en-
lightened influencers last
month reached the level of com-
edy. The Department of Homeland
Security chose a partisan scold,
Nina Jankowicz, to head its new
Disinformation Governance Board
despite her history of promoting
false stories and repudiating valid
ones—the sort of scenario only a
team of bumblers or a gifted sati-
rist could produce.
Less funny but similarly para-
doxical was Barack Obama’s April
21 address lamenting online disin-
formation, in which he pro-
pounded at least one easily dis-
provable assertion. Tech
companies, the former president
said, “should be working with, not
always contrary to, those groups
that are trying to prevent voter
suppression [that] specifically has
targeted black and brown commu-
nities.” There is no evidence of
voter suppression in “black and
brown communities” and plenty of
evidence of the contrary, inasmuch
as black and Latino voter partici-
pation reached record levels in the
2020 election.
America’s enlightened
influencers mistake their
interpretations of the facts
for the facts themselves.
One of the great ironies of
American political life in the
2020s is that the people most ex-
ercised about the spread of false
information are frequently ped-
dlers of it. Their lack of self-un-
derstanding arises from the belief
that the primary factor separating
their side from the other side isn’t
ideology, principle or moral vision
but information—raw data requir-
ing no interpretation and no argu-
ment over its importance. It is a
hopelessly simpleminded world-
view—no one apprehends reality
without the aid of interpretive
lenses. And it is a dangerous one.
The roots of this self-deceiving
outlook are complicated but worth
a brief look.
The animating doctrine of
early-20th-century Progressivism,
with its faith in the perfectibility
of man, held that social ills could
be corrected by means of educa-
tion. People do bad things, in this
view, because they don’t know any
better; they harm themselves and
others because they have bad in-
formation. That view is almost to-
tally false, as a moment’s reflec-
tion on the many monstrous acts
perpetrated by highly educated
and well-informed criminals and
tyrants should indicate. But it is
an attractive doctrine for a certain
kind of credentialed and self-as-
sured rationalist. It places power,
including the power to define what
counts as “good” information, in
the hands of people like himself.
Trans Sports Give Utah Republicans a Ticket to Override
Daniel Thatcher
thought he’d thrown
away his political
career. The 45-year-
old Utah state sena-
tor had been one of
a small number of
CROSS
COUNTRY Republican legisla-
tors—two in the
By Tunku
Senate, two in the
Varadarajan
House—to back Gov.
Spencer Cox’s veto
of a law that would bar transgender
students from girls’ sports. Of the
four GOP renegades, Mr. Thatcher
was the only lawmaker up for re-
election. While campaigning to be
re-nominated from “a swing district
that had become very, very red after
recent redistricting,” he heard voter
after voter tell him he’d lost their
support for going soft on the trans-
gender ban.
Mr. Thatcher, a devout Mormon,
says he acted in accord with his
faith: “I took the question to God. He
gave me peace with doing the right
thing.”
The law, H.B. 11, had passed on
March 4 with large Republican ma-
jorities in both House and Senate.
On March 22 Mr. Cox vetoed the bill.
Explaining his veto in a passionate
public letter, Mr. Cox had found fault
with the “bad process” by which the
bill was put to a vote, saying there
had been insufficient time to debate
its contents and get “constituent in-
put.” His objections were also sub-
stantive, making clear that he re-
jected a transgender ban on
principle. “Rarely has so much fear
and anger been directed at so few,”
he wrote.
Mr. Cox’s move incensed Republi-
can lawmakers, who voted on March
* * * *
There was also, among a host of
intellectuals in the middle of the
last century, the expectation of a
“postpartisan” future of techno-
cratic centrism in which the large
ideological questions are mostly
settled. What is mainly needed
from the political process, the
thinking went, isn’t visionary lead-
ership but skillful management.
Arthur M. Schlesinger Jr.’s “The
Vital Center” (1949) is an expres-
sion of that outlook, as are John
Kenneth Galbraith’s “The Affluent
Society” (1958) and Daniel Bell’s
“The End of Ideology” (1960).
These writers wanted the cool
control of experts, not the messy
brawling of democracy, which they
felt lent itself too easily to revolu-
tion. “The tendency to convert
concrete issues into ideological
problems, to invest them with
moral color and high emotional
charge,” Bell wrote, “is to invite
conflicts which can only damage a
society.”
The technocratic impulse is now
an integral part of our politics.
Those most given to it tend to
view themselves not as adherents
of any conception of political life
but simply as people who acknowl-
edge the world as it is. They re-
gard differing outlooks as devia-
tions from reality that can only
cause trouble for no good reason.
They believe their critics, who look
at the same facts but draw differ-
ent conclusions, aren’t simply mis-
taken but irrational, corrupt or
both.
No politician deployed the rhet-
oric of technocratic postpartisan-
ship more openly than Mr. Obama.
In a 2007 speech to Google em-
ployees, early in his campaign for
president, he expressed it con-
cisely. “The American people at
their core are a decent people,” he
allowed. “There’s a generosity of
spirit there, and there’s common
sense there.” You could hear the
“but” coming. “But,” he said, “it’s
not tapped.”
He continued: “Mainly people—
they’re just misinformed, or they
are too busy, they’re trying to get
their kids to school, they’re work-
ing, they just don’t have enough
information, or they’re not pro-
fessionals at sorting out all the
information that’s out there, and
so our political process gets
skewed. But if you guys give them
good information, their instincts
are good and they will make good
decisions. And the president has
the bully pulpit to give them good
information.”
The self-regard implicit in that
observation is astounding. More
important is its naiveté. The prev-
alence of bad information is noth-
ing new. Lies, half-truths, wild ex-
aggerations and farcical inventions
are part of democratic politics and
always have been. Mr. Obama’s re-
marks reveal a failure to under-
stand that large, complex argu-
ments always involve assumptions
and philosophical commitments
arising from background, experi-
ence and personality.
For him—and he shows no signs
of change since he made those re-
marks 15 years ago—politics is a
25 to override his veto. This was the
vote on which Mr. Thatcher stood by
the governor. “Spencer Cox is a good
man who was put in a bad position,”
he tells me.
Rep. Kera Birkeland, a sponsor of
H.B. 11, was unimpressed by her gov-
ernor’s veto. “I think he failed to
hear the concerns and the stories of
frustration from the 35,000 girls
competing in athletics within our
state.” Her belief is as passionately
held as the governor’s.
GOP Gov. Spencer Cox’s
veto allowed everyone to
claim the high ground
on a controversial issue.
“I wrote and sponsored the bill to
preserve the integrity of women’s
sports,” she says. “As a mother of
student athletes and a high school
coach, it is obvious to me that
there’s an unfair advantage when
someone born biologically male later
competes against girls.” The law she
fought for is “a practical, common-
sense approach that most of our
state supports.” As a representative,
she says, “I want to uphold the val-
ues of those I represent. The over-
ride was a great success for
women.”
Ms. Birkeland is sure the issue
will weigh on the minds of Utah’s
voters in the midterms—and in
2024, when the governor is expected
to seek re-election. “People will re-
member who took a stand for
women.”
Her view finds an echo with Mike
OPINION
simple Manichaean struggle in
which the righteous and well-in-
tentioned use good data, and the
malign and ignorant use bad. Mr.
Obama’s most ardent admirers, ac-
cordingly—I think of the founders
of the “explainer” site Vox.com—
view themselves not as proponents
of a particular ideological convic-
tion but as disseminators of good
data.
It was during the Obama years,
not coincidentally, that “fact
checking” took firm hold in Ameri-
can journalism. This doesn’t refer
to the old-fashioned practice of
scrubbing an article for errors be-
fore publication. Instead, media
organizations issue “fact checks”
of statements by public officials,
candidates and pundits. Websites
such as Snopes.com, Politi-
Fact.com, FactCheck.org and the
Washington Post’s Pinocchio-issu-
ing Fact Checker consider them-
selves America’s arbiters of truth.
But what looked like a renewed
appreciation for factual accuracy
quickly became, as this newspa-
per’s James Taranto pointed out
relentlessly, an easy way to lend
peremptory authority to badly ar-
gued opinion pieces and to under-
mine defensible arguments as
“false” or “mostly false” or “lack-
ing context.” In many instances
these allegedly scrupulous fact-
checkers would count true state-
ments “false” even as they con-
ceded the statements were true.
D
uring a 2020 presidential
debate, to take one memora-
ble instance among hun-
dreds, Joe Biden claimed the
Obama administration hadn’t sepa-
rated children from parents caught
illegally crossing the border from
Mexico. CBS’s fact-checking unit
then published a piece claiming
Mr. Biden’s statement was “true”
on the grounds that “the Obama
administration only separated mi-
grant children from families under
certain limited circumstances.”
The fact checkers’ prestige had
begun to wane years before the
2020 election, but the belief that
our direst social and political ills
stem from the circulation of false
information hasn’t lost its appeal
among opinion makers. A report
published in 2021 by New York Uni-
versity’s Stern Center for Business
and Human Rights recommended a
Schultz, the House majority leader.
“I couldn’t go into a grocery store,”
he says, “without moms saying how
important the bill was.” Five days
before the governor’s veto—which
Mr. Cox had made clear was com-
ing—Lia Thomas became the first
transgender swimmer to win a Divi-
sion I championship when she
coasted to victory in the women’s
500-yard freestyle. “The parents of
the state were very upset,” Mr.
Schultz says, “and really concerned
that Gov. Cox would veto the law.”
He asked the governor to reconsider
his veto—without success. “I was
disappointed,” he tells me.
Troy Williams, executive director
of Equality Utah, a gender-rights ad-
vocacy group, has a different view.
“Gov. Cox gave lawmakers across the
country a masterclass in political
courage,” he says in an email. “He
has empathy and compassion for
vulnerable children,” and was
“rightly frustrated” with how H.B. 11
Notable & Quotable: Pro-Choice No More
From a Feb. 10, 2021, blog post by
the Planned Parenthood Advocacy
Fund of Massachusetts. Politico re-
ported on Thursday that the House
Pro-Choice Caucus issued a memo to
staff describing the word “choice” as
“harmful language”:
“Choice” assumes that everyone
can get an abortion, and someone
just has to choose whether or not
they want one. . . . Black feminists
and feminists of color have pointed
out that this isn’t the case: the legal
right to choose to have an abortion
Saturday/Sunday, May 14 - 15, 2022 | A11
PHIL FOSTER
federal “Digital Regulatory Agency”
to police online content. A New
York Times technology columnist
wrote favorably of recommenda-
tions by “experts” that “the Biden
administration put together a
cross-agency task force to tackle
disinformation and domestic ex-
tremism, which would be led by
something like a ‘reality czar.’ ”
Meet Czarina Jankowicz.
Censorship, to adapt a phrase
Mr. Obama is fond of, is an idea
whose time has returned. A quar-
ter-century ago the word “censor-
ship” was almost a profanity in
American politics. By the
mid-2010s it was permitted, even
praised, so long as it targeted het-
erodox thought. Speakers on col-
lege campuses were shouted down
without a word of protest from
people who in the 1980s had de-
fended the public funding of sacri-
legious photographs. Commenta-
tors in mainstream journals of
opinion advocated the reinstate-
ment of the Fairness Doctrine,
which required broadcasters to
present both sides of controversial
issues and had the effect of chill-
ing debate on every contentious
question. A large number of re-
spected academics and intellectu-
als suddenly believed the U.S. gov-
ernment had a duty to stop people
from saying things those same ac-
ademics and intellectuals held to
be factually inaccurate.
Skeptics mostly attribute this
new support for censorship to bad
faith. I prefer a more charitable
explanation. The new censors sin-
cerely mistake their own interpre-
tations of the facts for the facts
themselves. Their opinions, fil-
tered unconsciously through bi-
ases and experience, are, to them,
simply information. Their views
aren’t “views” at all but raw data.
Competing interpretations of the
facts can be only one thing: misin-
formation. Or, if it’s deliberate,
disinformation.
It is in many ways a strange
outcome. From the 1970s to the
early 2000s, academic philoso-
phies associated with “postmod-
ernism” coursed through Ameri-
can higher education. They held
that there was no objectively
knowable truth, only subjective in-
terpretation. As if to demonstrate
postmodernism’s total impractical-
ity, yesterday’s straight-A college
was “crammed through in the wan-
ing hours of the legislative session.”
This last point—alleging proce-
dural flaws in the law’s passage—is
rejected by Brad Wilson, speaker of
the Utah House. “None of the ele-
ments of the bill that passed,” he
says, “were new discussion points.”
There were, he insists, “no elements
of H.B. 11 that were not discussed
thoroughly, and entirely, and multi-
ply over the last few years.” On the
bill’s substance, he says that “there’s
a narrative that it’s targeting a cer-
tain segment of the population. But
it’s not about being against anyone,
it’s about being for something—pre-
serving girls’ sports and ensuring
they’re done in a fair way.”
The governor’s office said he
had no time for a telephone or
Zoom interview for this article be-
cause he was locked in prepara-
tions for a trade mission. A spokes-
woman said that he wouldn’t be
able to respond to some brief
does not always mean someone can
actually get an abortion. “Choice” ig-
nores the lived realities of people, es-
pecially Black people and people of
color, who face barriers that are of-
ten compounded by racist and clas-
sist policies that keep them from the
care they need. . . . Full access to care
means not just the ability to get care;
it also means that care should be re-
spected and affirmed, without social
judgments. Well-meaning folks often
contrast “pro-choice” with “pro-abor-
tion,” as in, I’m pro-choice, not pro-
abortion. But that’s hurtful to people
students have now retreated into a
risibly facile non-philosophy in
which there is no interpretation,
only objective “fact.”
Such was the mental disposition
of America’s enlightened politicos
and media sophisticates when the
pandemic hit in early 2020. The
challenge of public policy, as they
saw it, was not to find practical,
broadly acceptable solutions. The
challenge, rather, was to find and
implement the scientifically “cor-
rect” solution, the one endorsed
by experts. Sound policy, for them,
was a matter of gathering enough
data and “following” it.
But of course you can’t follow
data. Data just sits there and waits
to be interpreted.
When Covid-19 came ashore, the
country’s political class, in thrall
to the authority of public-health
experts and the journalists who
listen to them, was singularly ill-
equipped to lead in a sensible way.
What the pandemic required was
not the gathering and mastery of
information and the quick imple-
mentation of “data driven” policy.
The data was wildly elusive,
changing shape from day to day
and yielding no obvious interpre-
tation. No one understood the
spread of this astoundingly resil-
ient virus, least of all the experts
confidently purporting to under-
stand it. There was, in fact, no
clinically correct response.
T
he situation called for the
acknowledgment of risk, the
weighing of costs against
benefits, the clear declaration of
reasonable compromises between
competing interests. What hap-
pened was an exercise in societal
self-ruin—in the U.S. and else-
where in the developed world. Pol-
iticians, especially those most in-
clined to see themselves as
objective, pro-science data-follow-
ers, ducked accountability and de-
ferred to experts who pretended to
have empirically proven answers
to every question put to them.
They gave us a series of policies—
business shutdowns, school clo-
sures, mask mandates—that
achieved at best minor slowdowns
in the disease’s spread at the cost
of tremendous economic destruc-
tion and social embitterment.
With the two-year pandemic re-
sponse now all but over, what
stands out most is the absence of
any acknowledgment of error on
the part of anyone who advocated
these disastrous policies. There is
a reason for that absence other
than pride. In the technocratic,
data-following worldview of our
hypereducated decision makers,
credentials and consensus are sure
guides to truth, wisdom is nothing
next to intelligence, and intelli-
gence consists mainly in the abil-
ity to absorb facts. That mindset
yielded a narrow array of prescrip-
tions, which they dutifully em-
braced, careful to disdain alterna-
tive suggestions. They can hardly
be expected to apologize for fol-
lowing the data.
Mr. Swaim is a Journal editorial
page writer.
emailed questions either. Todd
Weiler, another Republican state
senator who backed the governor’s
veto, made an attempt to persuade
him to answer my questions. He
failed. “I tried,” Mr. Weiler says in
an email. “it isn’t going to happen.
I think he wants to move on.”
For the record, Sen. Thatcher’s
political career hasn’t come to an
end. On April 23, at the Utah Repub-
lican Convention, he was renomi-
nated for his district with 60% of the
vote, eliminating the need for a
bruising Republican primary in
which he’d have had to defend his
position on H.B. 11. In a hurried call,
made while taking his young son to
the doctor, he says, “I genuinely
thought I’d lose.”
Mr. Varadarajan, a Journal con-
tributor, is a fellow at the American
Enterprise Institute and at New York
University Law School’s Classical
Liberal Institute.
who’ve had abortions. It implies that
abortion isn’t a good thing. . . .
So what can someone say instead
of just “pro-choice”? You can abso-
lutely say:
• pro-abortion, pro-abortion
rights, pro-abortion access, or pro-
abortion equity—abortion isn’t a
dirty word.
• pro-reproductive health care or
pro-reproductive freedom when
you’re talking about more than abor-
tion.
• “I support abortion access” or
“I’m a supporter of abortion access.”
A12 | Saturday/Sunday, May 14 - 15, 2022 * ***** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

What Caused the Baby Formula Shortage? Noonan, Roe and Lasting Abortion Questions

B
y now you’ve heard that some 40% of the U.S. import restrictions aren’t essential for In “The End of Roe Will Be Good birth control, including an employee
nation’s baby formula is out of stock, product safety. They merely raise prices for for America” (Declarations, May 7), who told me she was taking days off
Peggy Noonan argues that the acri- to have her fourth abortion. I thought
causing new mothers to hunt from store consumers and limit choice.
mony caused by Roe v. Wade (1973) the advent of birth-control and morn-
to store to feed their infants. Further limiting competi- will be lessened if decisions are left to ing-after pills would alleviate the
This should never happen in Tariffs, government tion is the Special Supplemen- voters in the states. It isn’t clear why need for this archaic practice, but I
America. How did it? Here’s
the government part of the
labeling rules and state tal Nutrition Program for
Women, Infants, and Children
changing the venue of the decision
will help, but once you decide to let
was wrong.
The government should provide
story you won’t hear from the welfare monopolies all (WIC) for low-income moth- people vote on whether to legalize free birth-control pills to women in
political class. ers. By the Department of Ag- abortion, why not let each woman be the states that limit abortion. This
Abbott Laboratories in Feb-
play major roles. riculture’s estimate, WIC ac- sovereign? Let each woman decide for could also be the balm to help quell
ruary recalled several brands counted for between 57% and herself whether she supports abortion. the abortion controversy that has
and shut down a plant in Mich- 68% of all infant formula sold RUTH GASS torn America apart for 50 years.
igan after complaints that four infants fell se- in the U.S. Under the welfare program, each San Francisco H. JACK BASKIN, M.D.
Winter Park, Fla.
verely ill with a dangerous bacteria after ingest- state awards an exclusive formula contract to
I was a lifelong pro-choice Demo-
ing its powdered formula. The Food and Drug a manufacturer. crat. I paid for two friends’ abortions Since Roe is about death, I don’t
Administration launched an investigation and Companies compete for the contracts by of- and escorted one through protesters agree with Ms. Noonan that I need to
onsite inspection, noting earlier findings that fering states huge rebates on the formula women outside the clinic. Then I became respect the opposing view. Excepting
had detected the bacteria at the plant. can buy. The rebates equal about 85% of the pregnant, and at 16 weeks I had an rape, pregnancy can easily be
It’s not clear when the FDA was made aware wholesale cost, according to a 2011 USDA study. amniocentesis test in which my doctor avoided. Expecting me to respect
of the problems at the plant and why it didn’t Women can only use WIC vouchers to purchase inserted a long needle into my abdo- selfishness (my body, my choice) and
take action sooner. Abbott said this week that formula from the winning manufacturer. These men. He had to insert it four times to the killing of those dividing, living
“after a thorough review of all available data, rebates reduce state spending, but there’s no avoid the fetus, who kept swimming cells goes, well, against life, in the
there is no evidence to link our formulas to such thing as free baby formula. toward it. The doctor laughed and vast majority of cases.
used the words “daredevil” and “risk PATRICIA HALDEMAN
these infant illnesses.” The FDA said Friday the Why would manufacturers give states an
taker.” His words left no doubt that at Williamsburg, Va.
Centers for Disease Control and Prevention enormous discount? Because the contracts ef- 16 weeks, she already had her own
closed its investigation after finding no more fectively give them a state monopoly. Stores personality. That was the moment I As an obstetrician who practiced
cases of infant illness. give WIC brands more shelf space. Physicians became pro-life and, also, a Republi- for 25 years, I recognize that one can
Some conservatives blame the FDA for caus- may also be more likely to recommend WIC can. The Democrats left me no choice. hold in mind two competing ideas si-
ing a scare, but the agency had no choice but brands. After 30 states switched their WIC con- JOAN DASH multaneously: that a wanted, healthy
to investigate the complaints and warn consum- tracts between 2005 and 2008, the new pro- Ballston Spa, N.Y. pregnancy is an amazing gift, and that
ers. The real culprit is government policies that vider’s market share increased on average by an unwanted, rape-caused, abnormal
have limited formula options. 84 percentage points. I lived through a time when abor- or dangerous pregnancy is a curse.
Last year Abbott accounted for 42% of the i i i tion was illegal. The law didn’t stop Many women I’ve treated have felt
U.S. formula market, about 95% of which is pro- America’s baby-formula shortage illustrates women or girls from obtaining abor- opposite feelings about their own
tions. The ones with money left the pregnancies, depending on the cir-
duced domestically. There are only four major how bigger government can make big business
country for the procedure; the ones cumstances. I’ve seen very, very few
manufacturers of formula in the U.S. today: bigger, thereby limiting competition and with no money had to play with the women who made these decisions
Mead Johnson, Abbott, Nestle, and Perrigo. One choice. This is especially worth noting as Dem- cards they were dealt. Many died try- lightly. By all means, we need much
reason the market is so concentrated is tariffs ocrats push to expand entitlements and gov- ing to obtain the procedure. It wasn’t more compassion and support for
up to 17.5% on imports, which protect domestic ernment control over the private economy pretty. Is this what we want in 2022? poor mothers and those with pro-
producers from foreign competition. Non-trade with Medicare for All, free child care, universal JANICE LATMAN foundly disabled children. We also
barriers such as FDA labeling and ingredient re- pre-K and more. Franklin Lakes, N.J. need much more responsibility from
quirements also limit imports even during It also illustrates that global trade has its the impregnators. But let’s let women
shortages. uses, and there are costs to the faddish drive As an endocrinologist, I treated decide how to deal with a pregnancy,
Canada’s strong dairy industry has attracted to produce everything in America. Members of many women for infertility who were especially before viability.
investment in formula production. But the both parties in Congress want to subsidize do- desperate to become pregnant. I also DAWNA EASTMAN-GALLO
saw many who used abortion for Golden, Colo.
Trump Administration sought to protect do- mestic production, but this can create its own
mestic producers by imposing quotas and tar- supply-chain vulnerabilities. Globalization now-
iffs on Canadian imports in the USMCA trade adays may be a dirty word, but having diverse
deal. The FDA can inspect foreign plants, so the suppliers is an economic strength.
Grid May Delay Renewable-Energy Transition
Regarding “Power Warnings Grow generation sites are, to the coastal
Another Miss for Politicized Science Across U.S.” (U.S. News, May 9):
Wind and solar resources are the de
population centers. The transmission
capacity of the U.S. electricity grid is

T
he public’s confidence in scientific insti- life of the mother is compromised. facto choices for new renewable gen- wholly inadequate for that purpose.
tutions has suffered greatly during The Lancet editors lament that Justice Al- eration. The best onshore wind re- Grid transmission capacity will be
Covid-19 as lockdowns and mask man- ito’s leaked draft opinion is based on “an 18th sources are in the band of plains a gating factor that determines how
states running from central Texas to much new renewable generation and
dates outlived the underlying century document”—you the Canadian border. The best solar new battery storage gets added to the
evidence. Don’t expect that to The Lancet decides know, the U.S. Constitution— resources are in a band that runs grid and when. Failure to promptly
improve as an ostensibly pres- it has expertise in and ask what “kind of society from Texas to California. solve the grid’s long-distance trans-
tigious medical journal tries has the USA become when a A look at a map reveals the prob- mission problems will put the timeta-
to politicize medicine with an American law. small group of Justices is al- lem. The grid of the future must ble for the energy transition at risk.
editorial denouncing Supreme lowed to harm women, their transport large volumes of renewable RANDALL D. HOLMES
Court Justice Samuel Alito. families, and their communi- energy from the middle of the coun- President, Meadowbrook Energy
The Lancet exhorts this week that, “The fact ties that they have been appointed to pro- try, where most of the best renewable Mount Kisco, N.Y.
is that if the US Supreme Court confirms its tect?” The Justices are beholden to the law
draft decision” overturning Roe v. Wade, and are no more qualified to settle the politi-
“women will die. The Justices who vote to cal consequences than, well, medical doctors A Career Criminal and a Joke Justice System
strike down Roe will not succeed in ending are to wade into rights guaranteed by the Con- When 118 people are responsible Per your editorial, William Piccone
abortion, they will only succeed in ending safe stitution. for more than 2,400 crimes (“Shop- is a career criminal and serial thief,
abortion. Alito and his supporters will have These journals are supposed to be forums for lifting as Usual in Seattle,” Review & with 60 criminal charges in the past
women’s blood on their hands.” debate and academic rigor. And there is a de- Outlook, May 6), they are professional five years. He allegedly stole from the
Allow us to offer some peer editorial review. bate worth having in the medical profession criminals. Their day job is larceny. same store 27 times in 97 days. Seat-
The Court’s draft decision doesn’t end abortion about abortion: Less than a quarter of American And who knows how many crimes tle’s director of public defense, Anita
in America. It returns the question to the states, ob-gyns perform abortions, according to one they committed for which they Khandelwal, attributes this to Mr. Pic-
where the public and elected representatives survey. The top reason for declining? Personal weren’t caught? The increase in crime cone’s unmet needs, specifically his
would debate and vote. objections to the practice. won’t abate until the focus returns to housing instability, and opines that
Many states would continue to allow the pro- The Lancet is trying to lend the imprimatur protecting victims by keeping the providing housing to him is the opti-
people who prey on them in prison. mal path to public safety.
cedure throughout pregnancy. Some may ban of science to an American legal and political de-
ALBERT TEICHMAN I wouldn’t normally expect to find
it in most instances. Others would likely end up bate. But the journal will damage the pro-abor- New York myself in agreement with Ms. Khan-
closer to where public opinion is: Allowing tion cause if the public starts to dismiss medical delwal, but I do so wholeheartedly in
abortion early in pregnancy and in certain in- expertise as merely another vehicle for the pro- this instance. Washington should pro-
stances later, such as cases of rape or when the gressive agenda. We Did Not Know We Were vide Mr. Piccone guaranteed resi-
dence in a big house for an extended
Taking a Presidential Cruise period—something along the lines of
Does Biden Want Higher Gas Prices? I learned from Bob Greene’s “Presi-
dential Cruises Are a Thing of the
10 to 20 years.
JOHN BRENAN

A
nother week, another example of the vestment and thus regulatory certainty. Past” (op-ed, May 11) the fate of the Corvallis, Ore.
Biden Administration’s energy incoher- Liberals say offshore sales won’t immedi- USS President Wilson, the ship on
which I sailed from Honolulu to San
ence. On Tuesday the President blamed ately increase oil production or reduce gasoline
record gasoline prices on prices. But the cancellation
Francisco in 1948. At the time it was Didn’t Patton Fight Nazis?
still outfitted as a troop transport.
Vladimir Putin. The next day He cancels offshore oil creates more uncertainty and I was coming to the “mainland,” as
I can’t say I understand Daniel
the Interior Department an- sends another signal that the Ford’s point when he writes that Ste-
nounced the cancellation of
lease sales, despite Administration wants to keep
we called it then. On board were hun-
phen Moore’s book “Patton’s Payback”
dreds of Chinese fleeing Mao’s take-
surging global prices. U.S. oil and gas investment in commendably “doesn’t use ‘Nazi’ as a
three offshore oil and gas over and, in our cabin, 26 Russian-
synonym for anything Germanic. The
lease sales, setting up the pos- the ground. Jewish women, full of questions
word appears just five times in the
sibility that there won’t be Russian production may about life in the U.S. We wondered,
book” (Bookshelf, May 11).
any during his Presidency. be headed for long-term decline owing to too. There were also employees of
Pardon me, but I had thought that
It’s been nearly a year since a federal judge sanctions and the departure of Western pro- Morrison-Knudsen returning from
my late father, along with millions of
jobs overseas. They were promised
blocked President Biden’s oil and gas leasing ducers. This makes it more likely that oil others, was indeed fighting to defeat
passage on a luxury liner. What a dis-
ban on federal lands. Yet the Administration prices will stay high even if there is a cease- appointment it must have been!
Nazism and those Germans who
has interpreted the injunction as merely horta- fire in Ukraine—that is, unless U.S. investment fought under Hitler’s banner.
LOIS LINDQUIST
tory. After dragging its feet, Interior last No- and production ramp up. The Saudis have re- ALLEN TORREY
Sunnyvale, Calif.
vember held an offshore sale in the Gulf of Mex- peatedly rebuffed President Biden’s pleas to Chapel Hill, N.C.
ico under a five-year leasing plan finalized by pump more.
the Obama Administration. His Administration is nonetheless doing ev- Will Biden Try Buttons Next?
A liberal federal judge vacated those sales erything it can to limit U.S. investment and pro- As President Biden passes the
Pepper ...
in January, on the legal stretch that the govern- duction. The Obama five-year offshore plan ex- blame for inflation (“Biden Casts Him- And Salt
ment didn’t consider the greenhouse-gas emis- pires in June. Yet the Administration’s budget self as the Inflation Hero” by Karl
THE WALL STREET JOURNAL
sions of the oil that would be produced by the indicates it doesn’t plan to hold another sale in Rove, op-ed, May 12), I think of Presi-
leases and consumed abroad. The Administra- the Gulf until at least fiscal year 2024. dent Gerald Ford. Nearly 50 years ago,
tion chose not to appeal, and it now blames the Some investors are starting to rethink their he likewise used worthless rhetoric in
judge for its decision to cancel three auctions aversion to fossil fuels as prices and producer the face of inflation. Ford’s plan was
that were scheduled this year under the Obama profits climb. BlackRock has been a climate WIN buttons and volunteerism to
five-year plan. scold. But this week the financial firm said it “Whip Inflation Now.” Alan Green-
span, then chairman of the Council of
Interior also cites a lack of interest from in- is unlikely to support shareholder resolutions
Economic Advisers, later called the
dustry, but the November sale drew strong de- that seek to limit oil and gas investment “as we plan “unbelievable stupidity.” But at
mand. Two lease sales would have been in the do not consider them to be consistent with our least Ford had a plan.
Gulf of Mexico and the other in Alaska’s Cook clients’ long-term financial interests.” Nor are THOMAS J. STRAKA
Inlet. Alaskan producers filed comments with they in consumers’ interest. Pendleton, S.C.
Interior supporting the sale. It seems Interior Now would be the time for Mr. Biden to pivot
simply didn’t care. as well, but he refuses. The only explanation is
Letters intended for publication should
The Gulf of Mexico has among the lowest that he and his advisers are unwilling to chal- be emailed to wsj.ltrs@wsj.com. Please
break-even production costs (about $30 per bar- lenge the climate dogmatists in his party. The include your city, state and telephone
rel) and greenhouse-gas emissions of any oil field gentry left trumps the middle class. As a result number. All letters are subject to
in the world. But offshore production, unlike Americans could be paying higher energy editing, and unpublished letters cannot “Welcome to the benefit concert
be acknowledged.
shale drilling, requires substantial up-front in- prices long after he leaves the White House. for hearing loss.”
THE WALL STREET JOURNAL.
Trump and Biden or Lincoln and Douglas?
DECLARATIONS
By Peggy Noonan
T
his goes under the heading
“Wouldn’t it be nice.”
When I’m on the road
the biggest thing I hear
about is the frustration of
voters. The exact subject matter has
evolved over the years (“When will
they stop the wars?”) but I detect
now a theme that Washington oper-
ates with a view only to itself, not us.
It has its own internal conversations
and exigencies, its own psychodra-
mas. (Joe Biden’s domestic agenda
was driven by his desire for a legacy:
He must go big and be understood as
a second FDR! Kevin McCarthy went
to Mar-a-Lago and resurrected Don-
ald Trump shortly after the Capitol
riot because Kevin desires to be
speaker!) It’s about political figures
and their needs; everything else (is
this good for the country?) seems
like an afterthought. It has always
been so, but it seems more so now.
American politicians have
grown cowardly and out of
touch. Wouldn’t it be nice
to do something about it?
All this gets distilled, among regu-
lar, intelligent, more or less centrist
people on the ground, into a question:
Is the next presidential election really
going to be Trump vs. Biden again?
Donald Trump will be 78 on Election
Day 2024, Mr. Biden 81. Is this the
best we can do? They’re old and
they’re them; can’t we move beyond
them and the worlds they represent?
There have been some good politi-
cal histories and memoirs of the past
few years, and the best speak to this
sense of stuckness.
Most of those who worked with
Mr. Trump have been unsparing: He
Slavery, Anti-Semitism and Harvard’s Missing Moral Compass
By Ruth R. Wisse
A
recent report, “Harvard and
the Legacy of Slavery,” notes
that the university’s faculty,
staff and leaders held more than 70
black slaves between 1636, when
Harvard was founded, and 1783,
when Massachusetts abolished
slavery. In atonement, President
Lawrence Bacow reports, the uni-
versity intends to dedicate $100
million of its endowment to help
address “the persistent corrosive
effects of those historical practices
on individuals, on Harvard, and on
our society.”
A Harvard Crimson editorial
speaks with even stronger moral
conviction of the desire for rightful
justice that spreads “like wildfire”
when oppression strikes anywhere in
the world. Moved to right past
wrongs, the editors propose to help
“free Palestine” by boycott, divest-
ment and sanctions against Israel,
which stands accused of pushing
“Palestinians toward indefinite
statelessness, combining ethnona-
tionalist legislation and a continued
assault on the sovereignty of the
West Bank through illegal settle-
ments that difficults [sic] the pros-
pect of a two-state solution.”
Despite differences in literacy and
purpose, the initiatives from Har-
vard’s president and Harvard’s stu-
dents are eerily similar. Addressing
genuine distress—of American
blacks in one case, Palestinian Arabs
in the other—both gestures misiden-
tify the cause and, by misdirecting
responsibility for the misery, make it
impossible to ameliorate deplorable
conditions.
Black Americans indeed still
struggle to overcome the corrosive
effects of slavery, but Harvard’s ad-
ministration wouldn’t have insinu-
ated itself into the problem by mis-
appropriating guilt for deeds it
didn’t commit in the past unless it
means to obscure the wrongs it is
committing in the present.
In the America we inherited, citi-
zens bear responsibility for their ac-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
Karen Miller Pensiero, Managing Editor
Jason Anders, Deputy Editor in Chief
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Thorold Barker, Europe; Elena Cherney, Coverage;
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Training & Outreach; Alex Martin, Print &
Writing; Michael W. Miller, Features & Weekend;
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Matthew Rose, Enterprise; Michael Siconolfi,
Investigations
Paul A. Gigot
Editor of the Editorial Page
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* * * * Saturday/Sunday, May 14 - 15, 2022 | A13
OPINION
was harebrained, selfish, knew noth- speaking with eloquence and reason,
ing of history and didn’t feel enough in good faith, with good nature.
respect for our institutions and ar- Imagine someone who would concede
rangements to bother learning. These what can honorably be conceded
aren’t books that say Mr. Trump is about policy achievements in the
“crass” or “uses the wrong fork,” or Trump era but also speak of why the
is “brash” or “uncouth.” They say he former president, with his nature,
was wild and menacing. Former De- doesn’t and can’t fit the future. “Let’s
fense Secretary Mike Esper, in “A Sa- talk about what the GOP establish-
cred Oath,” says Mr. Trump wanted ment did that left their own voters so
to attack Mexican drug cartels with eager to sweep them away. Let’s talk
missiles, and then deny the missiles about what was good about that.
PETER NEWARK AMERICAN PICTURES/BRIDGEMAN IMAGES
came from us. Let’s talk about what was built in its
None of these books seem to regis- wake, and what now must be recon-
ter because those who oppose Mr. structed.” Address everything, in-
Trump, already familiar with the cluding conspiracism, and explain
principle (he’s mad), don’t need to why it is just another way of quitting,
hear of its numerous applications. of choosing an alternative world to
Those who support him won’t listen get lost in. “Make this world better.”
or care. Their narrative is that fancy And then hear a thoughtful reply.
people will never understand Mr. Democrats: Speak honestly of
Trump and criticize him only because what your progressives are doing to
he threatened their power and stand- your party and its reputation. Every-
ing. What opponents dismiss as igno- thing—socialist economic policy,
rance was originality and boldness, a woke cultural extremism. What are
search for breakthrough solutions to they getting right, and what wrong?
chronic problems. If he broke the es- What would progressives change and
tablishment’s china shop, fine—the The 1858 Lincoln-Douglas debates what preserve? Should the party de-
china was junk anyway. tach itself from alignment with peo-
But one recent history makes dif- its prospects. Messrs. Martin and fearing their supporters and saying ple who insist mothers don’t exist
ferent points and has larger themes. Burns report on a series of memos nothing. They should start trying to but “birthing persons” do, that
“This Will Not Pass” by Jonathan from Mr. Biden’s pollster during his persuade. women don’t exist but “cervix ha-
Martin and Alex Burns captures the first year. Early on the pollster I suggest the ridiculous, a series of vers” do? Why is it that progressive
insularity of Washington and the sounds the alarm on what the admin- Lincoln-Douglas-type debates that solutions often seem to emerge from
closed-off nature of the conversations istration is getting wrong, from ille- are tied not to an upcoming election a keyboard as opposed to lived expe-
that consume it. It is deeply reported, gal immigration to crime. No one but to the idea of the meaning of rience? Is life really so abstract? Why
with sourcing from both parties and pays him mind. They don’t want to things. does progressive feeling always seem
criticisms of both, which is refreshing. upset party progressives, who are a For Republicans the subject would cold, lacking in feeling toward those
It also captures both parties’ refusal small but significant part of the base. be: Let’s talk about Trump. with whom you share a nation?
to be honest with their own voters. The Republicans are afraid of the For Democrats: Let’s talk about the Challenge the progressives di-
On the Republican side it revolves Trumpers. The Democrats are afraid progressive movement. rectly: Do you love America? Why?
around Mr. Trump. Party leaders, of- of the progressives. Both parties fear Abraham Lincoln and Stephen A. Why don’t you talk about this? Do
ficeholders, operatives and donors large parts of their base. So they lie Douglas conducted seven debates in you approach the vulnerable with a
despise what he represents: the dete- to them—“I’m with you!”—or mis- 1858, each about three hours long. feeling of protectiveness? Is there
rioration of everything. They say so lead. This is self-corrupting and They were intensely covered in na- some discrepancy between your
in private, not public. They don’t try leaves a frozen field in which not tional newspapers because they were claims of higher sensitivity and your
to persuade anyone, or say, “Try to enough gets done. Why compromise talking about the meaning of the tendency to push people around?
see it my way”; they hunker down with Republicans if you’re trying to great issue then facing the country, Why should you gain control of one
and hope it will pass. Mr. Trump has assure progressives you hate them? slavery, and what to do about it. Also of America’s two great parties?
a hold on about a third of the party: Why compromise with Democrats if both Lincoln and Douglas were bril- Neither party has such conversa-
You win or lose with that third. The it opens you to suspicion with the liant, Lincoln actually a genius, so it tions. But I have never met a human
Republican Party as an entity, and a Trumpist part of the base? wouldn’t be dull. being yet who was completely imper-
solid portion of its own voters, is ut- And so, the “Wouldn’t it be nice” Today’s politicians aren’t as gifted vious—completely—to a sincere, re-
terly divided. part. and eloquent as Lincoln or Douglas, spectful appeal to reason.
On the Democratic side, what can’t Both parties would benefit in the but all parties have brilliant folk, so a And anyway it’s good, always, to
be discussed is what the progressive long term from facing the issues few of them could do it. talk about the meaning of things.
movement is doing to the party and they’re dodging. They must stop Imagine an anti-Trump person This is what C-Span is for.
tions, not blame for institutional relation between declared intentions that converts “a tragic past into a countries occupy 640 times more
history. For much longer than it and their outcome. Instead, Harvard game of recrimination.” That sport, land than Israel. The Arab League,
housed slave-owners, Harvard did intends to double down on its misdi- practiced against the Jews and once not the Jews, refused to partition
the hard work of transmitting the rected benevolence. encouraged by a handful of unscru- Palestine in 1947, the better to en-
founding principles and texts of this Compensating further, Harvard pulous black leaders, has now be- sure their refugees were a perma-
country to those who must inspire now tries to appease the campaign come the trendiest grievance move- nent casus belli. The Crimson’s edi-
and strengthen Americans of the to shame white Americans into self- ment on campus. Anti-Semitism was tors can’t plead stupidity as an
next generation. A truthful inquiry renunciation. It thus betrays the already a problem when Harvard’s excuse for their calumnies—unless
would have featured professors who founders of the school, its alumni Prof. Henry Louis Gates lamented it they claim they were admitted
taught and students who fought to in 1992. Rather than investigate its through preferential treatment for
overcome slavery, 117 of them killed meteoric rise in the form of anti-Zi- underachievers.
in that brave cause. An official report and a onism, Harvard is expunging Jewish I was privileged to teach at Har-
Indulgent self-blame is an escape visibility (in 2020, for example, re- vard for 21 years, and the gratitude
from moral responsibility, and in this student editorial reflect moving the word “Semitic” from the I feel is in no way diminished by my
case from the university’s proper pur- the confused state of name of a museum that had been es- dismay at seeing this great univer-
pose. Harvard has harmed African- tablished to demonstrate the com- sity succumb to ideas that, if left un-
Americans—and every other minor- higher education’s values. mon origin of “three Abrahamic challenged, may yet bring down the
ity—by transgressing the Civil Rights faiths”). Meanwhile, Harvard allows republic. This country was founded
Act of 1964, which belatedly, in what thuggish students to harass Israeli not on slavery but on ideas of hu-
Martin Luther King Jr. called “a sec- and the descendants of slaves who speakers. man worth, and Harvard was en-
ond emancipation,” outlawed racial know the only antidote to slavery is As for the Crimson editorial, trusted with their protection. May it
discrimination. Rather than foster an self-reliance. The focus on white Arab claims of victimhood at the yet surprise us by recovering its
integrated intellectual community, guilt deprives African Americans of hands of the Jews is the most dar- moral compass.
Harvard has used group preferences in agency. ing political inversion since Wilhelm
hiring and admissions. The resulting False expiation also obscures what Marr preached anti-Semitism to Ms. Wisse is a professor emerita
explosion of racial politics ought to a bold Harvard professor described prevent Jews from “conquering Ger- at Harvard and author of the mem-
have inspired an investigation into the as the “hateful sport of victimology” many from within.” The 21 Arab oir “Free as a Jew.”
What Did the Steele Dossier Hoax Cost America?
A Wall Street Jour- company; and Charles Dolan, a U.S. valence they had only by associa- participation in the collusion lie or
nal investigative public-relations executive from tion with the false Steele narrative. their cowardice in not opposing it.
report this week whom the Cyprus company was Mr. Trump’s joke about Russia re- A conundrum in this regard is
underlines just seeking unrelated advice. leasing Hillary’s emails was just Fiona Hill, who worked in the
how frivolous were As Ms. Galina and Mr. Dolan that, an inappropriate joke. And so Trump White House as a Russia ex-
the claims in the would later tell investigators, they on, right through to his unfortunate pert and who also, amazingly, was
Steele dossier, and were shocked to learn Mr. performance at the Helsinki summit the nexus for introducing Mr. Steele
BUSINESS
how nonexistent Danchenko had recorded their idle and his ill-advised alighting on to Mr. Danchenko, and Mr.
WORLD
was the attempt by chitchat and speculation about the Ukraine policy for half a second. An Danchenko to Mr. Dolan. If anybody
By Holman W.
Christopher Steele, upcoming 2016 election and passed unseasoned (and blowhardy) politi- was in a position to blow a whistle
Jenkins, Jr.
the vaunted British it along as “intelligence.” To be em- cian was flailing under an unprece- on the Steele hoax, it was Ms. Hill.
ex-spy, to verify or phasized with extreme prejudice is dented assault from fabricated trea- However you slice it, for three-plus
even vet them. Mr. Steele’s studious incuriosity son allegations and a press years all interests and equities in-
The sources for many of the about the sourcing of the garbage determined to paint his election as volved in U.S.-Russia policy were
Steele allegations consisted of three he passed on to the Clinton cam- illegitimate. subordinated to the collusion circus,
people “brought together over a mi- paign, with the only interesting and it’s hard to argue the conse-
nor corporate-publicity contract,” question being how cognizant was quences have been good.
not one of whom had any inside the Clinton campaign or did it also Along with the press, what Five years have passed since a
knowledge of Kremlin politics or the not care. column here on the Steele dossier
Trump campaign: the itinerant Because, unless you’re a coward about the Russia ‘experts’ titled “Anatomy of a Witch Hunt,”
Washington-based, Russia-born re- like 90% of the media and 100% of who played along or failed which began by citing Timur Kuran
searcher Igor Danchenko; a child- the foreign-policy class in Washing- and Cass Sunstein’s invaluable 1999
hood friend, Olga Galina, who was ton, you realize now the furor that to oppose the collusion lie? law review article on “availability
employed by a Cyprus-based internet consumed the country for three cascades,” as certain irresponsible
years did not originate with Donald media frenzies have come to be
Trump or even Russia, but with a Mr. Trump may be a compendium known.
Clinton-sponsored hoax. of human vices but he will always Deserving mention in the same
To the extent that it soiled our be the president who withstood the breath is the late Bob McClory of
Robert Thomson politics, damaged U.S. standing and most insidious, organized slur in Northwestern’s Medill School of
Chief Executive Officer, News Corp foreign relations, or influenced the modern memory. His enemies did Journalism, a former Catholic priest
Almar Latour calculations and miscalculations of that for him, not least among them who thought deeply about the dif-
Chief Executive Officer and Publisher
Vladimir Putin, the blame lies in one a largely cretinous media that ference between the verbs “to be-
DOW JONES MANAGEMENT: place only. Whatever the Kremlin’s showed its true colors, which lieve” and “to know”—and why the
Daniel Bernard, Chief Experience Officer; own six-figure investment in Face- turned out to have nothing to do discipline of news confines itself to
Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
book and Twitter memes or even its with fearless and searching concern the latter. From day one, had re-
trafficking in stolen Democratic for the truth. porters focused on the one thing
Counsel, Chief Compliance Officer; Dianne DeSevo,
Chief People Officer; Frank Filippo, EVP, Business emails, nothing in Vladimir Putin’s Worth noting, in light of recent they knew to be indubitably true af-
Information & Services; Robert Hayes, Chief bag of tricks inflicted one-millionth events, is also the coterie of “ex- ter talking to Mr. Steele, they would
Business Officer, New Ventures; the damage on American life that perts,” in and out of government, have found the real story: A paid
Aaron Kissel, EVP & General Manager, WSJ;
Josh Stinchcomb, EVP & Chief Revenue Officer,
the Steele fabrications did. upon whom we rely to shape atti- foreign agent was circulating scurri-
WSJ | Barron’s Group; Jennifer Thurman, Chief As can also be seen now with tudes and policy toward such places lous tales whose truth he wouldn’t
Communications Officer perfect clarity, Mr. Trump’s own as Russia and Ukraine. Since Amer- vouch for, whose sources he
contributions to the collusion leg- ica is likely to have a GOP president wouldn’t reveal, without any docu-
EDITORIAL AND CORPORATE
HEADQUARTERS:
end, which are still adduced by cer- and Congress again, we might need mentation, in a bet that some Wash-
1211 Avenue of the Americas, New York, N.Y., 10036 tain morons in the press as evi- an entirely new foreign-policy elite, ington journalist could be gulled
Telephone 1-800-DOWJONES dence, received whatever shaky untainted and uncorrupted by their into reporting them.
A14 | Saturday/Sunday, May 14 - 15, 2022 * *** THE WALL STREET JOURNAL.

SPORTS
Erriyon Knighton finished
fourth in the 200 meters
at the Tokyo Olympics.
Below, Usain Bolt during
the 2008 Beijing Games.
thing, you do it better.”
Knighton’s rapid progression is
even more auspicious when look-
ing at the friendly runway he faces
this year. This July, the track and
field world championships—most
recently held in Qatar, London and
Beijing—will be held at the lav-
ishly rebuilt Hayward Field at the
University of Oregon, the birth-
place of Nike Inc.
On May 28, Knighton will race
in Hayward’s star-studded Prefon-
taine Classic meet, joining one of
the fastest 100-meter fields in his-
tory. It will feature the medalists
from the Tokyo Olympics—100-
meter champion Lamont Marcell
Jacobs of Italy, American Fred Ker-
ley and De Grasse—along with
reigning world champion Christian
Coleman and Trayvon Bromell,
winner of last year’s U.S. Olympic
trials.
Knighton ran a 10.04 seconds in
the 100 in April, and Mike Hollo-
way, Knighton’s coach and one of
Team USA’s Tokyo Olympics
coaches, said he’s just getting
started.
“The goal is to be an all-around
sprinter,” Holloway said. “The goal
is to run the 100, the 200. He’ll
line up and run a 400 on occasion
as he gets older.”
Track and field’s place on the
global stage hasn’t been the same
since the 2017 retirement of Bolt,
who had become its most spectac-
ular long-running character. The 6-
foot-5 Jamaican won 11 world

The Teenager Surpassing Usain Bolt

championships and swept the 100-
and 200-meter golds at the 2008,
2012 and 2016 Olympics. He ex-
ulted in his huge victory margins,
eyeing competitors as he streaked
past them and punctuating wins
Erriyon Knighton, 18, has shattered the 200-meter junior record to join track’s elite sprinters by cocking his arms into an ar-
cher’s pose.
BY RACHEL BACHMAN mer 200-meter world champion The setting of Knigh-

E
and NBC Sports analyst, calls ton’s blistering 200 high-
rriyon Knighton seized Knighton’s feat the junior equiva- lights the challenge of
the lead halfway lent of Bob Beamon breaking the grabbing public attention
through a 200-meter long jump world record by nearly in the fractured setup of
race last month. He two feet. American track and field.
hasn’t looked back, and “If one junior in history, who is Knighton’s mark came on
now he’s running with a giant. considered the greatest sprinter of the same weekend as two
Knighton’s time of 19.49 seconds all time, has broken 20 (seconds), larger events—the Drake
in the April 30 LSU Invitational in and now this kid is half a second— Relays and Penn Relays—
Baton Rouge, La., vaulted him a which is a lifetime in the sprints— at a meet that wasn’t tele-
half-second ahead of Usain Bolt’s faster, then yes. It’s not an exag- vised.
time at the same age, 18. The mark geration to say that this is the The LSU Invitational
cements Knighton as one of the most Beamon-esque junior perfor- was even overshadowed
top sprinters globally ahead of the mance that we have seen.” on campus by all-day tail-
world championships this July in Knighton has gained on Bolt by gating for a Garth Brooks
Eugene, Ore., the first time the running more and more like him. concert that night.
event has ever been held in the Knighton is 6-foot-3 and still Word of Knighton’s run
United States. Knighton could be growing, his coach says, while the spread organically, by a
in the field depending on how he retired Bolt is 6-foot-5. Both men video clip that rocketed FROM TOP: PATRICK SMITH/GETTY IMAGES; ANJA NIEDRINGHAUS/ASSOCIATED PRESS

performs at the U.S. champion- have a long stride and a rapid step around social media.
ships in June. turnover—a nearly unbeatable Knighton will race in
How fast was Knighton’s 200? combination. June’s U.S. championships,
Fast enough that it would have “Speed is all about covering where he must place in
won the gold medal at last sum- ground,” said John Regis, the U.K. finish third and qualify for the To- know it was coming this early into the top three or four (depending
mer’s Tokyo Olympics. Faster than record-holder in the 200 meters kyo Games. the season. I also didn’t know that on rules exceptions) to qualify for
all but three men—Bolt, Jamaica’s and Knighton’s agent. “If you’re In Tokyo, Knighton became the it was going to come this early in the team that goes to the world
Yohan Blake and retired American able to turn your legs at the same youngest man to race in an indi- my career, either. I thought I was championships.
star Michael Johnson—have ever rate as somebody who’s 5-foot-9 vidual Olympic track final in 125 going to run 19.4 when I’m like, 20 The fact that worlds are in Eu-
run the event. and I am 6-foot-3, I will always years. He finished fourth in the or something, like when I get gene, Ore., means more than just a
Knighton’s mark not only bet- win. And that’s what Erriyon’s able 200, behind winner Andre De stronger and older.” U.S.-friendly audience. It will make
tered Bolt’s Under-20 world record to do. He’s able to generate so Grasse of Canada and two Ameri- Knighton was a sought-after for an easier physical adjustment
of 19.93. It pulled him to within much speed and frequency in his can teammates, Kenny Bednarek high-school football player but for all American athletes, including
.30 seconds of Bolt’s overall 200- long stride.” and Noah Lyles. turned professional in track and the nation’s fastest-rising sprint-
meter world record. Knighton is no overnight sensa- But even Knighton, who’s set to signed with Adidas shortly before ing star.
Bolt set that all-time mark, 19.19 tion. graduate from Hillsborough High his 17th birthday. He has a fluid, “We have the home court ad-
seconds, at the 2009 world cham- At last summer’s U.S. Olympic School in Tampa, Fla., later this relaxed running style that reflects vantage this time, versus getting
pionships in Berlin, the day before trials, he beat Bolt’s Under-20 month, was shocked by the speed his approach to the sport. acclimated to a different time
his 23rd birthday. Knighton turned world record twice—once in a of his season-opening race. “There’s no tension,” Regis said. zone,” Holloway said. “So, abso-
18 in January. qualifying heat and again in the fi- “I knew it was coming,” Knigh- “He’s actually enjoying what he lutely it’ll help him to be here in
Ato Boldon, the Trinidadian for- nal, where he ran 19.84 seconds to ton told NBC Sports, “but I didn’t does. In life, when you enjoy some- the United States.”

Weather

50s
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
Edmonton 30s 50s
60s
40s <0 The Leafs Are Pushed to the Brink
Vancouver Calgary 60s 40s 0s
60s 10s
Winnipeg 70s 70s BY LAINE HIGGINS
Seattle 50s 20s
Portland 80s
Helena Ottawa
Montreal 30s THE TORONTO MAPLE LEAFS
70s 50s Bismarck
Eugene
Billings Augusta 40s have been here before. “Here”
Boise
60s 40s Mpls./St. Paul Toronto Albanyy Boston 50s being the brink of elimination
60s Pierre Sioux Falls
Milwaukee Detroit Buffalo Hartford 60s in the first round of the Stan-
New York
Reno 70s Salt Lake Cityy Cheyenne 70s
Des Moines Chicago Cleveland
70s ley Cup playoffs, despite lead-
80s 70s Philadelphia
Omaha Pittsburgh 80s ing the series early on after
Sacramento Denver Springfield Indianapolis
San Francisco 80s Washington D.C. romping through the regular
CHRIS O’MEARA/ASSOCIATED PRESS

Colorado Topeka Kansas Charleston 90s

Las Springs 80s
City
St. Louis Louisville
Richmond season.
Vegas Wichita 100+
90s Nashville Raleigh Over the past decade in
Los Angeles Charlotte
Santa Fe Memphis particular, the Leafs have de-
San Diego
100s Phoenix Albuquerque Oklahoma City Columbia
veloped an unfortunate ten-
Little Rock Atlanta
Tucson Warm Rain
El Paso Ft. Worth Dallas k
Jackson
Birmingham dency of ripping through the
Mobile 80s Jacksonville Cold T-storms
regular season in style, only
20s 90s
30s
Austin
Houston 90s to collapse in dramatic fash-
100s
40s San Antonio
New Orleans
Tampa Orlando
Stationary Snow ion in the first round of the
80s
30s playoffs. They have suffered
50s Honolulu Miami
Anchorage
70s
Showers Flurries five consecutive early exits Toronto players react after a Game 6 loss to Tampa Bay.
50s
and own a 55-year champion-
Ice ship drought. have to do so by knocking off It should have been a boon
Forecasts and graphics provided by AccuWeather, Inc. ©2022
And now, having squan- the two-time defending Stan- for Toronto: many of the Ca-
U.S. Forecasts City
Today Tomorrow
Hi Lo W Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W dered a 3-2 series lead over ley Cup champions from nadian teams were having
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; Tampa Bay in this year’s play- Tampa Bay. down years and the Leafs’
Omaha 86 59 s 72 52 pc Frankfurt 76 54 pc 81 59 pc
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Today Tomorrow
Orlando 90 70 pc 91 70 t Geneva 76 55 pc 81 57 t offs, they find themselves fac- History compounded the first-round opponents, the
Philadelphia 76 64 t 83 65 t Havana 87 69 pc 84 69 pc
City Hi Lo W Hi Lo W Phoenix 104 73 pc 104 75 s Hong Kong 83 75 r 78 68 sh
ing a decisive seventh game pressure for this Maple Leafs Montreal Canadiens, barely
Anchorage 55 39 pc 53 41 s Pittsburgh 78 61 t 78 58 t Istanbul 74 59 s 73 58 c in Toronto on Saturday. team. In 2018-19—the last sea- squeaked into the bracket.
Atlanta 83 67 c 85 66 pc Portland, Maine 80 60 pc 71 54 c Jakarta 92 78 t 92 78 t During the 2021-22 regular son with the usual playoff for- Then Toronto did what To-
Austin 93 68 pc 96 67 s Portland, Ore. 66 55 r 70 55 sh Jerusalem 91 65 pc 77 53 s
Baltimore 74 62 t 83 64 t Sacramento 92 57 s 86 52 s Johannesburg 71 52 pc 69 51 pc
season, Toronto had the mat before the pandemic—To- ronto does best. The Leafs
Boise 68 49 pc 82 53 s St. Louis 84 65 pc 84 59 t London 70 54 pc 73 58 t NHL’s top goal scorer in Aus- ronto blew a 3-2 series lead dropped the first game, but
Boston 82 63 c 76 61 c Salt Lake City 77 53 pc 83 59 s Madrid 86 57 pc 82 55 pc ton Matthews, who netted 60 against the Boston Bruins in won the next three to put
Burlington 87 64 t 82 60 t San Francisco 71 54 s 66 55 pc Manila 96 83 t 95 82 t goals. The Leafs had the sec- the first round. In the NHL’s themselves on the brink of
Charlotte 82 64 t 87 64 t Santa Fe 84 50 s 86 53 s Melbourne 67 55 c 69 52 s
Chicago 79 62 t 69 55 c Seattle 62 50 r 61 49 r Mexico City 82 55 pc 81 54 pc ond-best face-off percentage Canadian bubble the following advancing. But in three con-
Cleveland 80 62 t 78 56 t Sioux Falls 73 50 c 70 48 pc Milan 81 62 t 82 62 t in the league—a sign that season, the Leafs didn’t even secutive series-clinching
Dallas 95 71 pc 97 73 pc Wash., D.C. 75 64 t 82 65 c Moscow 61 47 r 59 44 r games happen on their make it out of the qualifying games, two of which went to
Denver 80 48 c 78 51 c Mumbai 91 85 pc 91 85 s
terms—and the fourth-most round needed to make the overtime, the Leafs lost.
Detroit
Honolulu
81 64 t
85 72 s
82 56 t
84 72 s
International Paris
Rio de Janeiro
75
78
58 pc
69 pc
82 61 t
80 70 r points in the league at the playoff field, losing the deci- On Thursday in Game 6,
Houston 90 71 pc 94 72 pc Today Tomorrow Riyadh 95 75 pc 99 75 s
City Hi Lo W Hi Lo W end of the regular season sive Game 5 to the Columbus the Maple Leafs squandered a
Indianapolis 83 62 t 83 56 t Rome 76 54 pc 75 53 pc
Kansas City 85 62 pc 75 52 c Amsterdam 68 51 pc 76 59 pc San Juan 86 75 pc 86 75 pc with 115. Blue Jackets. third-period lead and lost to
Las Vegas 96 71 s 100 71 s Athens 77 62 s 79 64 pc Seoul 70 45 pc 72 48 pc Such a run would usually Then in 2020-21, when the the Lightning in overtime.
Little Rock 88 68 t 89 66 pc Baghdad 98 73 s 104 76 s Shanghai 73 60 s 70 58 r be rewarded with a conquer- Canadian government required “We had plenty of opportu-
Los Angeles 89 62 s 80 60 pc Bangkok 92 81 t 93 81 t Singapore 91 80 t 89 79 t
Miami 87 74 t 90 74 t Beijing 75 49 pc 78 49 pc Sydney 79 66 pc 77 60 sh able opponent in the first a strict quarantine for anyone nities to finish the game and
Milwaukee 76 59 t 70 54 c Berlin 70 48 pc 73 51 pc Taipei City 74 69 r 72 64 r round, but not so in the crossing the border, the NHL finish the series,” said To-
Minneapolis 75 52 s 71 52 pc Brussels 71 52 pc 79 62 pc Tokyo 77 60 c 66 60 c stacked Eastern Conference. reshuffled its divisions and did ronto coach Sheldon Keefe “It
Nashville 81 65 t 86 66 pc Buenos Aires 66 49 pc 60 48 s Toronto 75 58 pc 76 53 t
New Orleans 85 70 t 90 74 pc Dubai 90 73 s 96 80 s Vancouver 57 50 c 57 49 r Not only would the Maple away with its two conferences, didn’t go our way, but [there
New York City 71 62 c 76 64 pc Dublin 62 47 pc 60 53 pc Warsaw 66 49 pc 68 47 pc Leafs have to dispatch their putting all seven teams in the is] lots of belief in our
Oklahoma City 86 65 pc 91 63 pc Edinburgh 63 45 pc 63 49 pc Zurich 75 52 c 79 56 pc tortured history, but they’d Great White North in one unit. group.”
 BUSINESS | FINANCE
DJIA 32196.66 À 466.36 1.5%
|
Down to Earth
Parking a flying car
is even harder than
it sounds B6

TECHNOLOGY |
EXCHANGE
MANAGEMENT
NASDAQ 11805.00 À 3.8% STOXX 600 433.48 À 2.1%
THE WALL STREET JOURNAL.
10-YR. TREAS. g 1 , yield 2.932%
* * * * * *

OIL $110.49 À $4.36

Still Alluring
How long can TikTok
keep its users on
the hook? B12

Saturday/Sunday, May 14 - 15, 2022 | B1

GOLD $1,807.40 g $16.40 EURO $1.0413 YEN 129.22

TerraUSD
Left Out
As Crypto
Stabilizes
BY CAITLIN OSTROFF

The largest cryptocurrencies

showed signs of recovery following a
roughly weeklong selloff, while be-
leaguered stablecoin TerraUSD con-
tinued to tumble.
Bitcoin was up about 4.3% Friday
from its 5 p.m. ET level Thursday,
trading around $29,800.33, after fall-
ing below $26,000 Thursday. Ether,
the second-largest cryptocurrency
by market value, rose 6.2%.
TerraUSD fell to 10 cents early
Friday, having declined 82% over the
previous 24 hours, according to
CoinDesk. It recovered to about 14
cents in the late afternoon, but re-
mained down from about 42 cents
Thursday. The formerly third-larg-
est stablecoin—a type of cryptocur-
rency known for its stability—has
come off its $1 peg following a wave
of selling that started at the week-
end. Its decline has taken its sister
token, Luna, down with it and has
weighed on bitcoin. Luna fell to less
than a half-cent Friday, down from
more than $60 Monday.
The blockchain underlying Ter-
raUSD and Luna had been twice
halted as its network validators seek
to stabilize the digital assets. Bi-
nance, the largest cryptocurrency ex-
Please turn to page B11

 What you need to know about

stablecoins .............................................. B11

Vision Clash
Precipitated
Fast Collapse
ROB DOBI

Of CNN+
The Market’s Next Act
The mantra for many investors has long been a simple one: ‘There is no alternative’ to stocks.
BY LILLIAN RIZZO

CNN’s new owner, Warner Bros.

Discovery, said on April 21 that it
was shutting down the weeks-old
streaming service CNN+, leaving sev-
eral hundred employees to look for
That strategy is under threat as rates rise, inflation accelerates and market losses mount. new jobs.
A week later, several of those

F
or years after the 2008-09 fi-
nancial crisis, interest rates
were so low that many inves-
tors argued that to get a de-
cent return, you had to put a
hefty chunk of your portfolio
in the stock market. That conviction was
so popular that Wall Street gave it a
name: TINA, short for “there is no alter-
native” to stocks.
Sure, the stock market was riskier than,
MULTIPLE ISSUES
The bad news: Stocks
are falling. The
worse news: They’re
still pricey. B4
BY AKANE OTANI
say, government bonds that are guaran-
teed to pay out coupons every year. But
returns on stocks were so much better
than practically everything else in the
markets that investors saw few viable al-
ternatives for where to put their money.
The Federal Reserve has turned that
dynamic on its head.
INSIDE
The central bank, determined to rein
in inflation, has begun what could be its
most aggressive campaign of interest-
rate increases since the 1980s. Investors
expect the Fed to bring rates to around
3% by early 2023 from near zero at the
start of 2022. Once-loved stocks, as a re-
sult, have tumbled to multiyear lows.
The shift is inflicting pain on markets
and investors of all stripes as losses
Please turn to page B4
CAGE MATCH
‘Don’t fight the Fed,
especially when
they’re fighting
inflation.’ B5
staffers received packages from CNN:
boxes filled with network-branded
gear, from pens to food containers,
as well as items such as a popcorn
maker and headphones, people who
received the gifts said.
Some came with welcome notes.
“This is an incredible time to be part
of CNN,” one note said. “Build rela-
tionships and take time to connect
with colleagues and learn so that you
make the most of your time here.”
The ill-timed gifts, which CNN
says were sent mistakenly, were an-
other gut punch for staffers who
had bet on CNN+—drawn by the
promise of growth in streaming—
only to watch it collapse in epic fash-
ion.
CNN’s short-lived experiment is
the story of a $300 million-plus bet
gone wrong. It’s about power plays
in a big corporate merger—the union
Please turn to page B10

The Return-to-Work
Rebellion Gets Serious
BY KATHERINE BINDLEY work converts in other sectors have

S
ome of the economy’s most
in-demand employees are
about to find out how much
power they have over where
and how they work.
After months of return-to-work
starts and stops, many tech compa-
nies, including Alphabet Inc.’s
Google, Apple Inc. and Microsoft
Corp., are telling remote workers it’s
finally time to come back for good,
or at least show up part of the week.
Employees who fled the Bay Area
and other high-cost tech hubs earlier
in the Covid-19 pandemic—or who
just prefer to work from home—now
face hard choices: move back, try the
super commute, or hold out for a
as more employers call staff back to
offices. A competitive job market,
plus the relative ease with which
businesses adjusted to work-from-
home over the past two years, has
emboldened many professionals to
try to say goodbye to offices perma-
nently.
Two-thirds of the workforce said
they would find a new job if required
to return to the office full-time, ac-
cording to a survey of more than
32,000 workers by ADP Research In-
stitute. Of those who quit their jobs
in 2021, 35% cited wanting to move
to a different area, according to the
Pew Research Center.
If highly skilled tech workers have
trouble flexing their market value,
DAVID PLUNKERT

concession or new job elsewhere. though, it’s likely many other remote
How the emerging power strug- workers wanting to stay put will, too.
gles play out will be a telling indica- Some tech professionals have al-
tor of how much leverage remote- Please turn to page B6
 B2 | Saturday/Sunday, May 14 - 15, 2022
TYSON FOODS INC.
 Tyson’s prices keep heating
up. The nation’s biggest meat
TSN processor by sales reported
soaring second-quarter profit
2.2% as the company raised prices
for beef, chicken and pork.
Chief Executive Officer Donnie King said
Tyson’s price increases are consistent
with inflation, despite criticism from the
White House, lawmakers and regulators
that accuse the industry of using its
scale to inflate Americans’ food bills. Ty-
son said its cost of goods sold increased
by 15% over the quarter as the company
paid more for animal feed, freight and
labor expenses. Tyson shares gained
2.2% Monday.
PELOTON INTERACTIVE INC.
 The ride keeps getting
steeper for Peloton. The
PTON once-hot stationary bike
maker reported falling sales
8.7% and mounting losses due to
weaker demand and a return
to prepandemic lifestyles. Revenue fell
24% in the quarter, marking Peloton’s
first year-over-year decline since going
public in 2019. The company also signed
a commitment letter for loans from JP-
Morgan Chase & Co. and Goldman
Sachs Group Inc. Peloton last month
said it would cut prices of stationary
bikes and treadmills and raise monthly
online workout subscriptions. Peloton
shares lost 8.7% Tuesday.
Summer is almost
here, bringing tem-
porary jobs for
young Americans—
and a first brush
with U.S. taxes.
Many summer
workers won’t owe income tax be-
cause they don’t earn enough, even
in a hot job market. But they’ll of-
ten owe Social Security and Medi-
care taxes, and perhaps state and
local levies as well.
These early paychecks are a
great introduction to one of life’s
few certainties. Just as with later
earnings, summer paychecks come
with tax complexities and pitfalls.
They even provide what the pros
call “planning opportunities,”
which are strategies that legally
lower taxes either now or later.
Of course, young workers may
not find these issues scintillating—
which is where parents, grandpar-
ents and guardians come in. For
summer job holders and their fam-
ilies, here are important tax ques-
tions and answers.
What taxes could summer workers
owe?
The three most important are
federal income taxes, federal pay-
roll taxes for Social Security and
Medicare, and state income taxes.
Their details vary according to
whether the worker is an employee
earning wages or a self-employed
person who has a gig or contract.
For 2022, no federal income tax
is due on wages (for employees) or
net income (for self-employed
workers) up to $12,950 earned by
single people. Above that, income-
tax rates kick in at 10%.
Federal payroll taxes for Social
Security and Medicare go toward
disability, retirement, and health-
care benefits you can claim later.
For employees, they apply from
the first dollar of wages, and the
rate is 15.3% (12.4% for Social Se-
curity and 2.9% for Medicare), al-
though the employee pays only
half that percentage. The employer
pays the other half.
Self-employed taxpayers often
owe the full 15.3% payroll tax on
their net earnings, although they
can deduct half of it.
Because payroll taxes are flat
taxes, lower earners often owe far
more in payroll taxes than income
taxes, says Mark Luscombe, princi-
pal tax analyst for Wolters Kluwer
Tax & Accounting.
State and local income taxes
vary widely, so check the ones in
your area.
Why do summer paychecks have
so many deductions?
Young workers often ask this.
The answer is that employers typi-
cally must send part of each em-
ployee’s paycheck to tax authori-
Today’s summer workers
will have tomorrow’s
full-time jobs. Might as
well start learning now.
ties so filers don’t have a big bill
at tax time. These amounts are
called withholding, and the com-
pany will report totals for 2022 on
a W-2 tax form, along with wages,
to the worker in 2023. The IRS
gets the data as well.
KIERSTEN ESSENPREIS
If the company is withholding as
though the summer worker will be
employed all year, the deductions
could be too high. The worker has
two options: fill out an IRS W-4
THE BUSINESS WEEK IN 7 STOCKS
PERFORMANCE OF ENTERTAINMENT STOCKS
Source: FactSet
10%
0
–10
–20
–30
Mon. Tues. Wed.
WALT DISNEY CO.
 Old-school entertainment giants are flipping the
script on streaming rivals. Walt Disney on Thursday
DIS showed a better-than-expected quarterly jump in
2.9% Disney+ subscribers, avoiding the slowdown that
dogged rival Netflix Inc. Meanwhile, AMC Entertain-
ment Holdings Inc. reported first-quarter sales more than
five times the year-ago period as moviegoers return to the-
aters. Disney shares gained 2.9% Friday.
TAX REPORT | LAURA SAUNDERS
The Taxing Part of the Summer Job
Young workers’ first paychecks can offer a great introduction to one of life’s
few certainties. Here’s what they—and their parents—need to know.
form to lower withholding, or file
a return next year to claim a re-
fund.
My teen’s paycheck has no
deductions. Why not?
The most likely reason is that
the company considers him or her
a self-employed gig worker, con-
tractor, or other nonemployee
working for hire, as described ear-
lier. Instead of a W-2 form, such
workers get a 1099 tax form re-
porting gross pay to them and the
IRS.
Many tax rules are different for
1099 recipients, both for better
and worse. No taxes are withheld,
and the worker can deduct ex-
penses that employees can’t. But
as described above, Social Security
and Medicare payroll taxes are
higher.
Melissa Labant, an attorney and
CPA with the accounting firm CLA
who has two teenagers about to
start summer jobs, urges workers
to check up front whether they’ll
get a W-2 or a 1099 tax form.
Are the taxes different if a child
works in a family business?
Often they are—for the better.
Children under age 18 who are em-
ployed in a parent-owned business
that’s not a corporation, such as a
sole proprietorship or partnership
with no outside partners, don’t
owe federal payroll taxes. That’s a
tax break equal to 15.3% of their
pay.
Even without a payroll-tax ex-
THE SCORE
Netflix
Disney
AMC
Thurs. Fri.
emption, family businesses typi-
cally can deduct a child’s pay. The
wider the gap between the par-
ents’ top tax rate and the child’s,
the bigger the benefit. For parents
with a top rate of 32%, Uncle Sam
often picks up about one-third of
the cost of the child’s pay, while
the child owes income taxes on it
at a low rate or zero.
Michael Tripp, a top staffer at
Shared Economy Tax, a firm pro-
viding advisory and tax services to
more than 400 short-term rental
owners, explains how these breaks
can combine.
He says his clients often employ
their teenagers to clean the fam-
ily’s rentals at a suitable hourly
rate for annual pay of about
$6,000. The parent/owner then
gets a tax deduction for the teen’s
wages and owes no federal payroll
tax on them. The total cost of hir-
ing an outside contractor would
likely be higher.
Because the children don’t earn
a lot, they typically don’t owe in-
come taxes and don’t need to file a
return. Often part or all of the pay
goes into a custodial account the
child claims when he or she is
older.
“For a large family with several
short-term rentals, the tax savings
can be significant,” says Mr. Tripp.
So can parents hire their children
to do household chores or clean
their rooms?
Not so fast! The parents can’t
take a deduction unless the child is
* ***
CARVANA CO.
 Carvana is downshifting. The
online car dealer plans to lay
CVNA off 12% of its workforce after
closing a deal to expand op-
5.4% erations that forced the com-
pany to borrow on onerous
terms. In an email to employees that
was reviewed by The Wall Street Jour-
nal, Carvana CEO Ernie Garcia III said
that the company overshot its growth
strategy and would cut around 2,500
workers, centered on its operations. Car-
vana, which offers an almost entirely
online shopping and selling experience
of used cars, saw a huge expansion in
its business during the pandemic. Car-
vana shares declined 5.4% Tuesday.
WEWORK INC.
 More people want space to
work at WeWork. The shared-
WORK office company on Thursday
said gross desk sales reached
10% prepandemic levels amid the
gradual return of employees
to in-person work. The company saw
lower sales during the pandemic as the
Covid crisis forced many office workers
to work from home and as companies
reassessed their real-estate needs. In
2020, WeWork brought in new CEO
Sandeep Mathrani, who has since re-
freshed operations by closing locations,
renegotiating leases and cutting thou-
sands of jobs. WeWork shares added
10% Thursday.
working for their business, and the
tax filer has to be able to prove to
the IRS’s satisfaction that real
work was done.
Ms. Labant says her rule of
thumb is that children should only
be hired to do work the parent
would pay someone else for—and
that doesn’t include room-clean-
ing. Mr. Tripp adds that the short-
term rental owners he advises who
employ their children typically
have them fill out checklists and
time sheets.
What about tax-saving strategies?
Often the best strategy is to use
summer pay to fund a Roth IRA
savings account. For young earn-
ers, Roth IRAs can be a great deal
because the contributions are in
after-tax dollars, even if the
worker didn’t owe tax on these
earnings. The contributions can
then be invested and grow tax-de-
ferred for decades, and withdraw-
als in retirement can be tax-free as
well.
That alone is a freebie, but
there’s more: If a parent, grandpar-
ent or friend wants to provide a
head start on savings, that person
could give the young worker a
cash gift to fund the Roth IRA and
let her keep her earnings.
Another key advantage of Roth
IRAs is that—unlike with tradi-
tional IRAs—contributions can be
withdrawn penalty-free. Only with-
drawals of the account’s earnings
are subject to restrictions and pen-
alties.
So say a worker makes total
contributions of $40,000 to a Roth
IRA between ages 18 and 30. He
could then withdraw up to $40,000
tax- and penalty-free for any rea-
son, such as to help with a down
payment.
The 2022 limit on contributions
to a Roth IRA is $6,000 for most
single filers, and the saver can’t
put in more than the amount of
earned (not investment) income.
So if a student earns $4,000 as a
summer employee, that’s typically
how much she can contribute to a
Roth IRA. The rules are more com-
plicated for self-employed workers
but still are beneficial.
What about filing a tax return
next year?
If summer workers are due a re-
fund, owe payroll taxes on gig
work, or want a record showing
enough income to fund a Roth
IRA—among many other things—
they should file.
Parents aren’t allowed to sim-
plify the process by including this
income on their own returns, even
if it’s earned by a dependent child.
If a return is due, the child must
file it.
But many won’t need to file if
they’re single, their wages had no
withholding and were less than
$12,950, and they didn’t have other
income, credits, or deductions.
Of course, parents should ex-
plain all this, as today’s summer
workers will have tomorrow’s full-
time jobs. Might as well start
learning now.
THE WALL STREET JOURNAL.
APPLE INC.
 A decline in tech stocks is
gnawing at Apple’s market
AAPL dominance. State-owned oil
company Saudi Aramco, with
2.7% a capitalization close to $2.4
trillion, surpassed Apple as
the largest company in the world by
market value as of Thursday’s close, ac-
cording to Dow Jones Market Data. The
iPhone maker is a staple investment
among individual and institutional inves-
tors given its general ability to weather
market storms, but investors seemed to
be reassessing their love affair with the
company as higher interest rates make
tech stocks less attractive. Apple shares
lost 2.7% Thursday.
TWITTER INC.
 A tweet from Elon Musk
raised doubts about his Twit-
TWTR ter plans. The entrepreneur
tweeted on Friday that his
9.7% $44 billion acquisition of the
social-media platform was
“temporarily on hold pending details
supporting calculation that spam/fake
accounts do indeed represent less than
5% of users.” Mr. Musk included a link
to a Reuters report about a recent Twit-
ter securities filing with those statistics.
The Tesla Inc. chief executive later
added that he remains committed to
the deal. Twitter shares fell 9.7% Fri-
day.
—Francesca Fontana
United
Hammers
Out New
Deal With
Its Pilots
BY GINGER ADAMS OTIS
United Airlines Holdings Inc.
said it reached an agreement in
principle with the union repre-
senting its pilots, the first major
airline to reach this step in con-
tract talks this year.
Neither side offered details on
the preliminary agreement. The
Air Line Pilots Association, which
had been negotiating for higher
pay and other improvements for
its 13,700 United pilots, told its
members in a statement that the
deal had to be formalized.
The union said the terms will
go before an executive council of
the union in coming weeks. If ap-
proved, the deal would be pre-
sented to United pilots for review
and ratification.
American Airlines Group Inc.,
Delta Air Lines Inc. and South-
west Airlines Co. are still in the
process of their own negotiations
with pilots unions.
“United Airlines was the only
airline to work with our pilots
The terms will go
before an executive
council of the union in
coming weeks.
union to reach an agreement dur-
ing Covid,” United’s chief execu-
tive officer, Scott Kirby, said.
The agreement in principle on
Friday comes just as United ramps
up for what could be a busy travel
season. The Chicago-based airline
has said it expects to return to
profitability this quarter as heavy
demand for travel continues into
the summer.
A rapid rise in jet fuel prices
has threatened to slow momen-
tum on profitability, but carriers
have said they are largely able to
recover the higher costs by rais-
ing fares.
Some carriers have been
struggling with the growth of de-
mand for travel. JetBlue Airways
Corp., Spirit Airlines Inc. and
Alaska Air Group Inc. announced
recent trims to summer sched-
ules. Southwest also tempered
flying plans due to staffing con-
straints.
Airlines got billions of dollars
in government funds during the
pandemic to continue paying
workers so they could avoid mas-
sive layoffs. The pandemic also
accelerated a shortage of pilots
that has been looming over the
industry for years. Airlines are
trying to bring on pilots at a
faster clip than ever before, but
training infrastructure can’t keep
pace.
United shares on Friday traded
up about 4.3%.
—Alison Sider
and Jennifer Calfas
contributed to this article.
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, May 14 - 15, 2022 | B3

BUSINESS NEWS

Investor Seeks Ryder Buyout Moderna Says It

BY DEAN SEAL
AND LYDIA O’NEAL
to its closing price Thursday.
Ryder’s shares, which fell as
much as 25% from late March
Activist investor HG Vora
Capital Management LLC is
offering to acquire Ryder Sys-
tem Inc. in a $4.4 billion deal
to mid-April amid growing in-
flation and other signs of
weakness in the U.S. economy,
rose more than 18% in trading
that would take the fleet man- Friday to $83.77 following a
agement and supply-chain op- trading pause for volatility
erator private. around the announcement of
HG Vora owns a 9.9% stake the acquisition proposal.
in Ryder and said in a regula- Miami-based Ryder said it
tory filing Thursday it was pro- would “carefully review and
posing to buy the rest of the evaluate the indication of in-
transportation and logistics terest” to determine what is in
company’s shares outstanding the best interest of its share-
at $86 a share, a 20% premium holders.
Ryder’s stock traded close
to $90 a share as recently as
October 2021 but slipped back
to as low as $63.11 a share, the
closing price on April 8, as
concerns about inflation and
potential weakness in the U.S.
weighed on investors.
Ryder, which has been un-
dertaking an ambitious expan-
sion of its supply-chain ser-
vices business, earned a $519
million net profit last year,
swinging from a $122.3 million
loss in 2020 as the Covid-19
pandemic battered supply
chains.
The company recently
raised its guidance for the
year, to a range of $13 to $14
adjusted earnings per share
from $11 to $12 per share, af-
ter first-quarter revenue
jumped 28% year-over-year to
$2.85 billion.
HG Vora said it would fund
the acquisition with capital
from its own funds as well as
lender commitments.
Ryder said Morgan Stanley
& Co. is acting as financial ad-
viser on the acquisition offer
and Wachtell, Lipton, Rosen &
Katz is acting as legal adviser.
Wasn’t Aware of
New CFO’s Probe
BY JOSEPH WALKER
Moderna Inc. released new
details about the abrupt de-
parture of Chief Financial Of-
ficer Jorge Gomez, saying
that it didn’t know of an in-
ternal investigation by his
former employer Dentsply Si-
rona Inc. until it was dis-
closed Tuesday.
Within an hour of learning

Diesel-Fuel Crunch Benefits

of the investigation Tuesday,
top Moderna executives, in-
cluding Chief Executive

DENTSPLY SIRONA INC.

Stéphane Bancel, met with

Refiners, Vexes Other Industries

external lawyers to discuss
the matter further, Moderna
said Friday.
At a special meeting of
BY JOE WALLACE U.S. average retail fuel prices Share-price performance Global stockpiles of refined Moderna directors that day,
oil products including diesel the board decided “that it Former Moderna Chief
$5.50 a gallon 70%
An extended surge in diesel have fallen to precariously low was appropriate to separate Financial Officer Jorge Gomez
prices is challenging Wall Diesel levels, the International Energy Mr. Gomez from Moderna,”
Street bets that inflation is 60 Valero Agency said Thursday. Short- the company said. counted for, the company said
easing. 5.00 Energy ages are starting to crimp mo- Mr. Gomez was immedi- in the regulatory filing with
A global shortfall of the bility in several African coun- ately informed of the deci- the Securities and Exchange
50
fuel—the workhorse for much tries, Yemen and Sri Lanka. Jet sion, Moderna said. Commission.
of the world economy—is fuel has run low in Mexico, ac- Moderna, based in Cam- The company is also inves-
4.50
straining industries from 40 cording to the intergovernmen- bridge, Mass., disclosed Mr. tigating whether certain for-
trucking to farming and add- tal organization. Gomez’s departure the fol- mer and current Dentsply ex-
ing to the pressure consumers Marathon The diesel crunch is another lowing morning. ecutives directed the
30
face from higher energy 4.00 Petroleum result of the stop-start trajec- “We are confident that company’s use of incentives
prices. Europe, dependent on Regular tory of Western economies Moderna conducted all appro- and other actions to achieve
imports of Russian diesel that unleaded 20 since the start of the pandemic. priate due diligence on this executive compensation tar-
are expected to slump because gasoline When the U.S. and Europe went matter prior to the hiring of gets last year, the filing said.
3.50
of sanctions, is particularly into hibernation in 2020, en- Mr. Gomez, based on avail- Moderna also said in an
10
vulnerable. ergy demand tanked. Several able information,” Moderna SEC filing Friday that the
Motorists and businesses are struggling refineries, including said. company would be able to
feeling the pinch. In the U.S., 3.00 0 Gunvor Group’s facility in Bel- Mr. Gomez, who took over as terminate or suspend sever-
national average retail diesel Jan. 2022 March May Jan. 2022 March May gium and Shell PLC’s in Con- finance chief on Monday, didn’t ance payments made to Mr.
prices rose to an all-time high vent, La., shut their doors. respond to a request to com- Gomez, and to seek repay-
for a 15th straight day on Fri- Sources: AAA (fuel prices); FactSet (stocks) The problem is more acute ment. ment, if he is found to have
day, reaching $5.56 a gallon, ac- in diesel than in gasoline be- Dentsply, a maker of dental committed wrongdoing by
cording to AAA. They have shot wholesale market have leapt whole career—and I started my cause diesel and jet fuel are drills and X-ray machines Dentsply or the agency.
up 56% in 2022, outstripping 88% over the past year. The own company in 1981—was as produced from the same slice based in Charlotte, N.C., said Moderna had said earlier
gains in the benchmark price availability of fuel is likely to massive as the situation at the of the crude barrel. When refin- in a regulatory filing Tuesday this week that it would pay
for crude oil. Retail unleaded worsen as sanctions on Russia moment,” he said. ers started to spit out jet fuel that its board’s audit commit- Mr. Gomez $700,000, or one
gasoline prices have risen 35% tighten, exposing a flaw in the Rising energy prices are a to meet demand from airlines tee had begun an investigation year’s pay, as part of his sev-
to a national average of $4.43 a region’s energy setup. major factor contributing to the last year, diesel production in March after current and for- erance package. Mr. Gomez
gallon. Governments in recent de- persistence of inflation, which sputtered and supplies fell. mer employees alleged certain forfeited his $500,000 sign-
Diesel is used in the U.S. cades pushed drivers to adopt has sparked steep declines in Profit margins for refiners in financial reporting matters. ing bonus and other bonus el-
mostly in trucks, which means diesel cars but didn’t upgrade the stock and bond markets. the West have ballooned as The investigation is look- igibility, the company said.
higher prices add to shipping the refinery industry so it could The S&P 500 fell 1.6% Wednes- traders try to encourage the in- ing into Dentsply’s use of in- On Friday, Moderna shares
and delivery costs. Inventories produce the fuel in greater day after a gauge of U.S. con- dustry to ratchet up produc- centives to sell products to rose $7.74, or 6% to $137.91.
of distillates, which also include quantities. That meant buying sumer prices came in higher tion. Executives on recent earn- distributors and whether the Dentsply Sirona shares
heating oil, fell recently to a 17- more diesel from Russia, the than Wall Street expected. ings calls said they were incentives were properly ac- gained 1% to $38.23.
year low in the midst of lower energy superstore on Europe’s The winners are petroleum running at full speed and, in
refining activity and higher de- doorstep. refiners, which convert crude some cases, seeking to maxi-
mand domestically and abroad,
according to the U.S. Energy In-
formation Administration. Sup-
plies are particularly tight
Helge Ippendorf, chief exec-
utive of Via Logistik GmbH, a
company based near the Ger-
man city of Cologne that trucks
into usable fuels and are enjoy-
ing a rare stretch of profitabil-
ity. Shares of Valero Energy
Corp. and Marathon Petro-
mize output by postponing
maintenance.
Netflix to Workers:
along the East Coast, where in-
ventories have dropped to their
lowest level since at least 1990.
artwork, road-safety materials
and other wares, is shelling out
4,000 euros, the equivalent of
leum Corp., two of the biggest
U.S. refining companies, have
gained 66% and 50% this year,
Watch a Video
Scan this code
to see a WSJ
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In Europe, where diesel cars
Our Content, Quit
$4,150, a week for diesel, 80% making them the second- and documentary
account for a bigger chunk of more than a year ago. tenth-best performers on the about global
the auto fleet, prices in the “No other impact in my S&P 500, respectively. supply chains.

BY TALAL ANSARI didn’t. Netflix co-Chief Execu-

Rapper’s Creativity Extends to Business Netflix Inc. has a new mes-

sage for its employees: Be pre-
pared to work on content you
BY NEIL SHAH may not agree with. And if you
don’t like that, you can quit.
Kendrick Lamar’s new album In an update to its culture
isn’t just about music. It is guidelines, the streaming giant
about starting a new chapter in added a section called “artistic
his career: entrepreneur. expression” that details how it
The Pulitzer Prize-winning offers an array of program-
rap superstar Thursday night ming for many audiences.
released his fifth studio album, “We let viewers decide
“Mr. Morale and the Big Step- what’s appropriate for them,
pers.” It is his first album in versus having Netflix censor
five years and the last for his specific artists or voices,” Net-
longtime record label Top flix says in the updated part of
Dawg Entertainment. its culture memo. The com-
The 34-year-old Compton- pany added that it supports
born rapper is known for his offering diversity in stories,
technical virtuosity, inventive “even if we find some titles
flows and politically charged counter to our own personal
music. Now he is gaining more values.”
DANIEL LEAL/AGENCE FRANCE-PRESSE/GETTY IMAGES
tive and Chief Content Officer
Ted Sarandos stood by the
special in emails to staff. He
later said he “screwed up” in
his efforts to communicate
with employees.
At Twitter Inc., employees
have reacted to the prospect
of a takeover by Elon Musk
with a mix of enthusiasm, fear
and humor, with some pushing
back at the idea of a Musk-
owned Twitter.
Walt Disney Co. was criti-
cized for how it initially stayed
quiet on new legislation in
Florida that governs how gen-
der and sexuality are taught in
schools. After pressure from
some employees and critics,
Disney vowed to fight against
the legislation and promised to
stop political donations in the

control over his business and “Depending on your role, state. Florida’s legislature has
expanding his activities through you may need to work on ti- since repealed the company’s
his new multidisciplinary media tles you perceive to be harm-
company, pgLang, which in- ful,” Netflix says. “If you’d find
cludes a record label. it hard to support our content
Mr. Lamar is the latest in a breadth, Netflix may not be
‘We let viewers
long line of hip-hop superstars the best place for you.” decide what’s
to start their own businesses A Netflix spokesman said
after succeeding in the label the company updated its cul-
appropriate for
system. Jay-Z, Rihanna and ture page on Thursday for the them,’ Netflix says.
Kanye West have experienced first time since 2017. He said
huge success combining music Netflix had spent the past 18
with high-profile product months discussing cultural is-
launches or investments in lu- sues internally with employ- special tax privileges.
crative companies to build their Kendrick Lamar is expanding his activities through his multidisciplinary media company, pgLang. ees. The new language was For Netflix, the company
empires. added, he said, “so that pro- spokesman said employees
“I see him becoming more of in 2004—before the rapper career since. Founded in 2004, of dollars in cases where a label spective employees could un- were given a chance to offer
an entrepreneur,” says Marcus joined Top Dawg’s artist roster. Top Dawg Entertainment has a fears losing an artist vital to its derstand our position, and feedback on the new culture
J. Moore, a music journalist and Through pgLang, Mr. Lamar joint venture with Interscope reputation, industry insiders make better informed deci- guidelines. He said the com-
author of the recent biography, is also branching out beyond Records and Dr. Dre’s Aftermath say. Mr. Lamar could also seek sions about whether Netflix is pany received more than 1,000
“The Butterfly Effect: How Ken- music, including a partnership Entertainment. In August, Mr. to gain ownership of old record- the right company for them.” comments, which helped shape
drick Lamar Ignited the Soul of with “South Park” creators Trey Lamar referred to his new al- ings he doesn’t own. Prominent Netflix and other companies the new part of the memo.
Black America.” Parker and Matt Stone. There bum as “my final TDE album.” music lawyer Don Passman, have come under pressure from Netflix is coming off a dis-
In a sign of these changes, are plans for a feature film at Music superstars like Mr. La- whose clients include Taylor employees, shareholders and appointing quarterly report
the credits for Mr. Lamar’s new Paramount Pictures, pgLang mar have unusual leverage Swift and Adele, now handles politicians on how they react to last month that showed it lost
album include pgLang along said in January. these days when negotiating Mr. Lamar, too. cultural and political issues. subscribers for the first time
with labels Top Dawg Entertain- Mr. Lamar’s latest album with record labels when their Brian Zisook, senior vice Netflix, for instance, supported in over a decade. Revenue also
ment, Interscope Records and “might be a grand statement contracts expire. It couldn’t be president of operations at the comedian Dave Chappelle last grew at its slowest pace in
Aftermath Entertainment. before he fades back into the learned whether Mr. Lamar has streaming service Audiomack, year following his stand-up years amid rising competition
Over the past year, Mr. La- ether and focuses on books or already signed a new deal for says that like Taylor Swift, special “The Closer” on the from new and existing stream-
mar has grown pgLang, which film,” Mr. Moore says. his future recordings. Drake and The Weeknd, Mr. La- streaming platform, which ing rivals. The company said it
he launched in 2020 with cre- When it comes to his music, Music-industry lawyers ex- mar would benefit from having sparked criticism for remarks is exploring offering a lower
ative collaborator and former Mr. Lamar is likely to have pect a new deal for Mr. Lamar a major-label partner rather about transgender people that priced ad-supported version of
Top Dawg Entertainment co- more control, industry insiders to include ownership of so- than going it alone. some found offensive. the platform to help boost its
president Dave Free. Mr. Free, say. The new album fulfills his called master recordings Mr. Lamar and pgLang The special prompted a subscriber base.
who has said that “pgLang” contract with Top Dawg Enter- (sound-recording copyrights), a weren’t available for interviews. protest in front of Netflix’s Los Shares of Netflix, which
stands for “program language,” tainment, a hip-hop and R&B- favorable profit split and other Representatives for Interscope Angeles offices and calls for surged at the beginning of the
has worked with Mr. Lamar focused label that signed him as generous terms. Such deals can didn’t respond to requests for Netflix to remove the show pandemic, have fallen by
since Mr. Lamar’s first mixtape a teenager and has nurtured his be in the hundreds of millions comment. from its platform, which it nearly 70% this year.
 B4 | Saturday/Sunday, May 14 - 15, 2022
‘TINA’ Trade
Gets Tested
With Losses
Continued from page B1
mount for hedge funds, day trad-
ers and the funds that manage
more than $4.5 trillion in retire-
ment savings for U.S. firefighters,
police officers, teachers and other
public workers.
It is also hurting startups that
just a year ago had found an easy
way to raise money. A growing
list of companies trying to go
public through SPACs, or special-
purpose acquisition companies,
have canceled their plans, citing
market volatility. And traders of
cryptocurrencies and nonfungible
tokens, or NFTs, have taken a
drubbing as the Fed’s policy shift
dented the allure of once-highfly-
ing risky investments.
Investors are moving their
money out of stocks and into ul-
trasafe assets that had largely
been unloved for the past de-
cade—such as cash, Treasury bills,
certificates of deposit and money-
market funds.
Investors put $51.4 billion in
global money-market funds in the
week through April 27, the most
for a week since October, accord-
ing to Refinitiv Lipper. During the
entire month of April they yanked
$19.2 billion out of stock ex-
change-traded funds—the biggest
outflows since 2019, according to
Morningstar Inc.
Meanwhile, 47% of global fund
managers surveyed by Bank of
America Corp. in April said they
had larger-than-average cash posi-
tions in their portfolios—the high-
est level since April 2020.
The good news for some of
these investors is that conserva-
tive bets are now starting to pro-
vide more bang for their buck.
Three-month Treasury bills are
now offering a yield of around
0.97%, up from near zero for most
of the past two years. Capital One
Financial Corp. is giving holders
of five-year certificates of deposit
an annual percentage yield of
2.25%, and the Treasury Depart-
ment’s inflation-adjusted I Bonds
are making interest payments of
9.62% to investors for the next six
months.
“There’s a lot of sitting on
hands,” said Jason Draho, head of
asset allocation Americas at UBS
Global Wealth Management, add-
ing that many UBS private-wealth
clients are holding cash.
Stocks Are Way Down.
They’re Still Expensive.
The S&P 500 still has plenty of room to fall, if history is any guide
ROB DOBI
U
.S. stocks are off to their
worst start to a year in
more than a half-century.
By some measures, they
still look expensive.
Wall Street often uses the ratio of
a company’s share price to its earn-
ings as a measuring stick for
whether a stock appears cheap or
pricey. By that metric, the market as
a whole had been unusually expen-
sive for much of the past two years,
a period when especially easy mone-
tary policy turbocharged the popular
view that low interest rates gave in-
vestors few alternatives to stocks.
Even after falling 18% to start
2022, the S&P 500 traded Thursday
‘I don’t want to buy stocks’
If stocks were still rising the
way they did the past several
years, these alternatives would
likely be of little interest to inves-
tors.
After all, the S&P 500 delivered
annualized returns of 17% over the
past decade. But between investor
worries about tightening mone-
tary policy, inflation, and Covid-19
lockdowns and supply-chain dis-
ruptions slowing global growth,
the stock market has had an indis-
putably grim year.
The S&P 500 is now down 16%
in 2022—on course to deliver its
worst return since 2008.
The stock market had an epic run after the 2008-09 financial crisis, thanks in part to rock-bottom interest rates, which
encouraged investors to pile into stocks instead of putting their money into bonds offering meager returns. Now that
the Fed is raising interest rates again, many worry stocks are losing their luster.
10-year U.S. Treasury yield
5%
RECESSION
4
3 profits would remain strong.
2 Fed’s interest-rate increases wind
1
0 Investors are moving out
2008 '10
Dec. 2007: Fed cuts
rates to near zero in
response to
S&P 500 Index mortgage crisis
5000
4000
3000
2000
1000
0 fect? Probably not immediately,
2008 '10
Source: Tullett Prebon (treasury yield): FactSet (S&P 500)
Even bonds, which have been
hit by their own brutal selloff,
have managed to beat the stock
market so far this year. The
Bloomberg U.S. Aggregate Bond
Index, which includes Treasurys,
mortgage-backed securities and
investment-grade corporate debt,
has returned negative 9.4% in
2022.
“Before, people were saying ‘I
don’t want to own bonds anymore
because they yield too little; I’ll
buy stocks instead.’ Today, they’re
saying, ‘I don’t want to buy stocks
because they’re falling,’ ” said Andy
Kapyrin, co-chief investment offi-
cer at RegentAtlantic, which man-
ages roughly $6 billion in assets.
What’s unusual about investors’
BY KAREN LANGLEY
at 16.8 times its projected earnings
over the next 12 months, according
to FactSet. That is still above the
average multiple of 15.7 over the
past 20 years, but down from a re-
cent peak of 24 in September 2020.
The index rose Friday, leaving it
down 16% for the year.
Worries about inflation and the
path of the Federal Reserve’s inter-
est-rate increases have spurred the
recent turmoil in markets and pro-
voked vigorous debate over the ap-
propriate valuations for stocks in
today’s environment. The S&P 500’s
decline through Friday is its worst
year-to-date performance since
1970, according to Dow Jones Mar-
EXCHANGE
reactions is that, in the past de-
cade, money managers typically
were quick to swoop in after sell-
offs to pick up discounted
shares—or in Wall Street par-
lance, to “buy the dip.” That
helped keep stock drawdowns rel-
atively short.
This time around, the market
hasn’t gotten the same lift.
The S&P 500 posted its sixth
consecutive week of losses Friday,
a streak last matched in length
during the height of the 2011 Eu-
ropean debt crisis. Many investors
see the tumult as the consequence
of the Fed finally winding down
easy money policies that sent
As of May 13
'15
March 2020: Global Jan. 2021: 'Meme
pandemic, market
turmoil leads Fed to
stocks' surge as retail
traders pile into
emergency rate cut markets
'15
shares soaring and encouraged
people to keep putting money into
the stock market because they felt
they had no other palatable
choices.
One reason stocks have strug-
gled to make a comeback, inves-
tors say, is simple math. The S&P
500 has a dividend yield of
around 1.5%. Amid this year’s tu-
mult, the yield on the 10-year U.S.
Treasury note is around 2.9%. The
argument for holding stocks be-
comes less attractive when inves-
tors have an essentially risk-free
alternative on their hands, Mr.
Draho said.
Stock investors faced with ris-
ing interest rates and falling
stocks have historically been re-
ket Data.
One source of uncertainty is the
rising concern that the Fed’s mone-
tary tightening will tip the economy
into a recession, a scenario in which
equity multiples typically decline.
Higher interest rates reduce the
worth of companies’ future cash
flows in commonly used pricing
models. Already, some investors
worry that the market’s expectations
for corporate earnings are too high,
given the economic hurdles ahead.
Michael Mullaney, director of
global markets research at Boston
Partners, which manages $91 billion,
said he thinks the S&P 500 is fairly
valued based on today’s rates but
* ***
warded for sticking it out in the
market. For instance, the Fed
raised interest rates in 1986 and
1987 to try to fight inflation. After
stocks careened on Black Monday,
the central bank immediately low-
ered rates again, helping stocks go
on to produce double-digit per-
centage returns the following two
years.
More recently, stocks fell in
2018 after the Fed raised rates
and indicated it would continue to
do so the following year. The cen-
tral bank then wound up cutting
rates three times—effectively tak-
ing away its 2018 rate increases—
to try to give the U.S. economy a
'20
This year: Stocks tumble as
inflationary pressures,
interest rates rise
'20
buffer from a trade war with
China and slowing global growth.
The S&P 500 once again rallied,
rewarding investors with double-
digit percentage returns in 2019,
2020 and 2021. Returns on cash
and cash-like investments trailed
well behind stocks over that pe-
riod.
What’s given investors pause is
the feeling that this time, the Fed
may approach things differently.
Many believe there is little chance
of the central bank reversing
course on its monetary-policy
tightening anytime soon, even if
the market rout deepens substan-
tially from here. That is likely to
keep the TINA effect at bay for
some time.
expects valuations to fall further.
The valuation of equities tends to
fall during tightening cycles and
earnings growth also tends to slow
in these periods, even during
stretches of time that aren’t marked
by high inflation. That means inves-
tors must anticipate a potentially
even more austere market environ-
ment in coming months.
What’s more, it is early yet in the
Fed’s cycle, and Mr. Mullaney said
he expects the central bank will
need to lift its benchmark rate
higher than is currently expected to
curb inflation. By the end of the
Fed’s campaign, he expects the S&P
500 to trade at about 15 times its
projected earnings. Add in a reces-
sion, and the market’s valuation
would likely fall to 13 or 14 times
earnings, he said.
“We’re going to be in a volatile
market until we get some concrete
evidence that significant inroads
The market turbulence
has drawn comparisons
to the bursting of the
dot-com bubble in 2000.
have been made on quelling the in-
flation problem,” Mr. Mullaney said.
Bubble burst?
The market turbulence has drawn
comparisons to the bursting of the
dot-com bubble in 2000.
Analysts at Citigroup Inc. wrote
this week that the U.S. stock market
entered bubble territory in October
2020 and is now exiting that bubble,
though they said equities aren’t as
stretched as during the dot-com era.
Forward multiples climbed as
high as 26.2 times earnings in
March 2000. In the selloff that fol-
lowed, they plummeted. By 2002,
the S&P 500 traded at a low of 14.2
times its next year’s earnings. In
2008, when the country was in a
severe recession, that figure hit 8.8.
While few stocks have been
spared in this year’s tumble, tech-
nology and other pricey growth
stocks have suffered the most acute
pain. The Russell 1000 Growth in-
dex has fallen 24% this year, while
its value counterpart has slumped
8.1%.
Members of the growth bench-
mark include Apple Inc., whose
THE WALL STREET JOURNAL.
The Fed has indicated its top
priority at the moment is to rein
in price pressures. Fed Chairman
Jerome Powell himself said restor-
ing price stability would be “abso-
lutely essential” at a panel hosted
by the International Monetary
Fund in April.
“Economies don’t work without
price stability,” he added.
Few places to hide
The question many investors
have: How long will it take for the
Fed to get inflation under control?
And how will markets fare in the
meantime?
Wall Street analysts have
sketched out a few ways the rest
of the year could go.
In one scenario, the Fed pulls
off what’s called a soft landing:
cooling down the economy enough
to get inflation back near its 2%
target, but avoiding actually tip-
ping the economy into a recession.
That might help make stocks at-
tractive again since corporate
In a less-upbeat scenario, the
of stocks and into assets
that had largely been
unloved for a decade.
up putting the economy at risk of
recession. Bond yields should then
fall, since they typically go down
when investors are less optimistic
about the economy and go up
when they see higher growth and
inflation in the future.
Would that revive the TINA ef-
say Goldman Sachs Group Inc. ana-
lysts led by chief U.S. equity strat-
egist David Kostin.
For starters, corporate earnings
would likely suffer. Going back to
1949, the median per-share earn-
ings decline during a U.S. reces-
sion has been 13%, the team wrote
in a research note. Stock prices
would then likely fall further. The
S&P 500 has had a median fall of
24% from peak to trough during
past recessions, the team found.
The not-so-nice takeaway for in-
vestors may be that, after a long
and unusually strong period for
the markets, simply parking
money in stocks likely won’t de-
liver the type of returns they got
used to over the past decade.
“When the Fed goes through
this kind of process, there are very
few places to hide,” said RegentAt-
lantic’s Mr. Kapyrin. “It’s no longer
the market’s friend.”
shares are down 17% this year; Mi-
crosoft Corp., down 22%; Ama-
zon.com Inc., down 32%; and Tesla
Inc., down 27%.
The value gauge, by contrast, is
headlined by stocks including Berk-
shire Hathaway Inc., up 3.8% in
2022; Johnson & Johnson, up 3.4%;
UnitedHealth Group Inc., down
3.3%; and Exxon Mobil Corp., up
45%.
Tesla shares, for example, en-
tered the year trading at 120 times
the company’s projected earnings
and late this week were priced at
about 54 times, according to Fact-
Set. Exxon Mobil, on the other
hand, was trading at 10.5 times fu-
ture earnings at the end of 2021, a
multiple that has dropped to 9.4.
The earnings equation
Prices are just one component of
stock valuations. The other? Corpo-
rate earnings. When earnings rise
and prices stay steady, valuations
contract. If earnings decline, that
makes stocks look even more ex-
pensive at the same price levels.
So far, earnings have been a rare
bright spot in a market rattled by in-
flation data, shifting Fed policy and
headlines about the war in Ukraine
and rising Covid-19 cases in China.
With the latest reporting season
wrapping up, analysts expect that
profits from companies in the S&P
500 rose 9.1% in the first quarter
from a year earlier, versus their
forecasts for 5.9% growth on Dec.
31, according to FactSet. For the
year, profits are projected to grow
10%, an improvement from the 7.4%
growth they expected at the end of
last year.
The strong results are partly the
result of unusually high profit mar-
gins, which suggests many compa-
nies have managed to pass higher
costs along to customers through
price increases. Analysts estimate
that the S&P 500 net profit margin
will come in at 12.3% for the first
quarter, above the five-year average
of 11.2%.
There are reasons for concern.
Companies this earnings season
have been mentioning variations of
“weak demand” at the highest rate
since 2020, according to BofA
Global Research.
If earnings were to disappoint,
that would make the stock market’s
valuations even more expensive
than they already appear—absent
another move lower in share prices.
 THE WALL STREET JOURNAL.
ROB DOBI
Thinking of buying this dip? The stock-market volatility may last
longer than investors have come to expect over the past few decades.
fall too far.
In 2022, that dream has turned
to a nightmare.
With the Fed determined to sti-
fle inflation, the threat of rising in-
terest rates has knocked $10 trillion
off the market value of U.S. stocks
and hammered bonds with the
worst returns since 1842.
You won’t be able to get through
this kind of market the way you did
the past few years. Buying the dips,
or amassing stocks as they drop in
the faith that they’ll quickly re-
100%
The cheapest corners of the market
include companies from the energy,
healthcare and materials sectors,
which have performed better than
the S&P 500 so far this year. Oil
producers ConocoPhillips, Occidental
Petroleum and drugmaker
Bristol-Myers Squibb
are among the inexpensive names
with strong share-price gains.
50
ConocoPhillips
Bristol-Myers Squibb
PERFORMANCE, YEAR TO DATE
0
-50
S&P 500 price-to-earnings, next 12 months
25 times
20
15
10
2003 '05
Note: Chart distributes S&P 500 stocks from left to right by where they rank in forward price/earnings ratio as of Dec. 31, 2021. Excludes companies that didn't have a P/E ratio because they were projected to report a net loss over the next year. Market capitalization and performance figures as of May 12.
Source: FactSet via Dow Jones Market Data
THE INTELLIGENT INVESTOR | JASON ZWEIG
How to Avoid Getting
Eaten Alive by the Fed
Investors have
long shared a dream:
that the Federal Re-
serve will always
flood the markets
with cheap money
whenever asset prices
Occidental Petroleum
Chevron
Lockheed Martin
20-YEAR AVERAGE
'10 '15
* * * *
cover, used to be almost a delight;
now it’s going to hurt. And forget
about getting rich with a couple
swipes of a finger or clicks of a
mouse. Those days are gone—al-
though investors with discipline,
patience and courage will still pre-
vail in the end.
For years, investors have be-
lieved the Fed would listen to their
cries of pain. Think of 2018-19,
when the Federal Reserve raised
rates but then retreated after
stocks fell almost 20%—or early
2020, when the Fed slashed interest
rates again and infused the markets
with cash. Investors celebrated.
Professional investors call this
the “Fed put,” a notion derived
from trading in put-option con-
tracts. Owning a put enables you to
The Higher They Climb, the Further They Fall
U.S. stocks have sold off sharply this year, and the most expensive names have gotten hit the hardest.
The drawdown has left the S&P 500 cheaper than it has been in more than two years. But with
interest rates poised to rise, some analysts caution that stock valuations could have further to fall.
The chart below shows stocks in the S&P 500 arranged from least to most expensive as of Dec. 31,
together with their share-price performance so far this year.
Kraft Heinz
TREND LI
NE
Index performance, year to date
0 companies that heavily
–5
–10
–15
–20
–25%
'20 Jan.
EXCHANGE
sell the underlying asset for a spec-
ified price by a given date. That
shields you from any declines be-
low that price until the option ex-
pires.
Likewise, when the public be-
lieves the Fed stands ready to pour
cheap money into the markets, that
keeps stocks and other assets from
collapsing in price, effectively creat-
ing a free put option for investors.
Of course, the central bank
doesn’t have an explicit policy of
propping up stocks, bonds, real es-
tate and the like. Former Fed Chair
Ben Bernanke has warned that “the
effects of such attempts on market
psychology are dangerously unpre-
dictable.”
However, as William Poole, ex-
president of the Federal Reserve
S&P 500 stocks, valuation vs. performance
CHEAPEST STOCKS
MARKET CAPITALIZATION
Growth
Feb. March April
Saturday/Sunday, May 14 - 15, 2022 | B5
Investors face a big test as interest rates rise, inflation accelerates and the
Federal Reserve embarks on an aggressive monetary policy tightening campaign.
Weekly Federal Funds Target Range
2.5%
2.0
1.5
1.0
0.5
0
2018
Note: Not seasonally adjusted
Source: Federal Reserve via St. Louis Fed
Bank of St. Louis, once wrote,
“There is a sense in which a Fed put
does exist”—namely, that big losses
in financial markets can undermine
the central bank’s objectives of low
unemployment and stable prices.
Steady economic growth is the end,
but supporting markets can be an
indirect means to that end.
From 1994 through 2008, a 10%
fall in stock prices, on average, was
associated with rate cuts by the Fed
of nearly 1.3 percentage points over
the next 12 months, according to
Anna Cieslak, a finance professor at
Duke University. The central bank
has tended to cut rates in such
downturns by more than investors
expected, she says.
But with inflation above 8%, cut-
ting interest rates anytime soon
would be like testing a flame-
thrower in a dynamite factory.
“The Fed put is kaput,” says Ed
Yardeni, president of Yardeni Re-
search Inc., a firm that advises on
investment strategy. “The Fed can’t
possibly respond to the cries of the
stock market when inflation is such
a big problem.”
What’s more, even the newly ag-
gressive Fed isn’t likely to be able
to cool inflation down as quickly as
it wishes.
“The idea is that we can engi-
neer a painless reversal in inflation
without sustaining damage to the
real economy,” says Carmen Rein-
hart, chief economist at the World
Bank. “That idea is not based on
prior historical experience, and I
don’t think it’s in the cards.”
There’s no modern precedent
suggesting the Fed can lower infla-
tion by at least 4 percentage points
without knocking the economy into
recession.
Anything can happen, of course.
If the U.S. dollar continues to surge
in value, the cost of imports could
fall. Russia might retreat from
Ukraine; Covid-19 might retreat
from China. Oil prices could slide.
But investors should always hope
for the best while expecting the
worst. Inflation is likely to run hot-
ter and last longer than the past
RANK BY P/E RATIO MOST EXPENSIVE
$2 trillion
$500 billion
Alphabet Apple
Microsoft
Meta
Shares of the giant tech PayPal
Value influence the direction of the
S&P 500 have suffered this year
as investors dial back what they
are willing to pay for future growth.
Apple, Microsoft, Google parent
Alphabet, Amazon.com and Facebook
parent Meta Platforms are all down
by double-digit percentages.
May
Andrew Mollica and Erik Brynildsen/THE WALL STREET JOURNAL
RECESSION
'20 '22
few decades have accustomed us to.
That means the Fed, long a paper
tiger, will have to keep pushing
rates higher until the cost of living
finally backs down.
“It’s time for an update to that
old adage, ‘Don’t fight the Fed,’ ”
says Mr. Yardeni. “Now it’s ‘Don’t
fight the Fed, especially when
they’re fighting inflation.’ ”
With the Fed put expiring, what
should you do?
First, avoid long-term bonds and
bond funds, which are highly sensi-
tive to rising interest rates and have
lost 20% or more so far this year.
Be fully prepared, if you buy the
dips, for stocks to drop farther and
stay down longer. Dips can turn
Investors can still
prosper in this market
by exercising discipline,
patience and courage.
into dives, and recoveries won’t al-
ways be as swift as they’ve been in
the past decade.
Put your purchases on autopilot—
for example, buy a fixed dollar
amount automatically once a
month—so you won’t be tempted to
give up near the bottom. In the end,
opportunistic buying should pay off,
although it could take years.
Lean toward assets that can bene-
fit from inflation. Returns on Series
I savings bonds, or I bonds, will keep
pace with (although won’t exceed)
the rate of inflation. Several issues
of Treasury inflation-protected secu-
rities, while not cheap, currently
provide a small cushion if the cost of
living shoots even higher. Although
stocks have been pounded this year,
in the long run they are a decent
hedge against moderate inflation. A
small allocation to commodities
might also help.
Above all, don’t take big risks to
try catching up. The Fed isn’t go-
ing to bandage investors’ mistakes
anymore.
There have been few places to hide
during the 2022 market decline, but
inexpensive value stocks have held
up better than pricier growth stocks,
which are more susceptible to rising
interest rates.
Tesla
Amazon
Nvidia
Etsy
Netflix
B6 | Saturday/Sunday, May 14 - 15, 2022 * *** THE WALL STREET JOURNAL.

EXCHANGE
like New York, and the necessity of
retrofitting existing structures to
be strong enough to accommodate
flying vehicles and also provide
them massive bursts of electricity
for charging.
Setting those aside, every place
that a vertical-take-off-and-landing
vehicle is intended to land must be
relatively free of surrounding
structures—not just today, but in-
definitely, says Mr. Petersen.
Preserving such glide paths
could mean, for example, that own-
ers of property adjacent to verti-
KEYWORDS | CHRISTOPHER MIMS
Archer declined to comment on
its vertiport plans.
Jeremy Ford, head of property
strategy at Reef, says that many
U.S. cities already have heliports,
but that it is still “very early in-
nings” in terms of figuring out
how and where vertiports will ac-
tually be constructed.
Ricky Sandhu is at the forefront
of trying to solve the vertiport
problem, and he says that skeptical
analyses of what’s next for the fly-
ing car industry are “absolutely
right and completely on the
money.”
He is founder and chief
executive of Urban-Air
Port, which recently
opened what it says is the
world’s first operational
urban vertiport, called Air
One, in a parking lot near
a train station in Coven-
try, England. Mr. Sandhu
is an architect who has
led design teams on major
infrastructure projects. In
2017, while consulting for
Airbus on its flying-car ef-
forts, he had a lightbulb
moment: For this new
mode of transportation to really
take off, someone needed to work

A Jetsons Commute
with landlords, local air-traffic
controllers, national governments
and city zoning boards to give the
vehicles places to touch ground.

Isn’t Arriving Soon

Among the biggest challenges to flying cars: parking
The startups and designing and building flying cars
investors that have that work, and getting them certi-
sent hopes soaring fied as safe by the Federal Aviation
for “flying cars” could Administration. Those challenges
be in for a rough are considerable. Setting aside the
landing, in more ways cost of designing a prototype flying
than one. car in the first place, the process of
Hundreds of companies, new submitting those designs to the
ones and legacy aviation players FAA, testing them to verify they
alike, are working on such vehi- meet the agency’s specifications,
cles—also called air taxis or eV- and revising them can take years
TOLs (short for electric vertical and is projected by analysts to cost
take off and landing). Five such up to $1 billion all by itself.
startups have gone public in the To date, most of the early inves-
past 12 months. They are trying to tors in these companies have be-
Air One has for the past few
weeks hosted around 10 drone
flights a day. Despite close collabo-
ration with local and national air-
traffic controllers and the city of
Coventry, which is funding the ver-
tiport, Air One has had teething is-
sues, says Mr. Sandhu. Recently,
for example, a large cargo drone
was supposed to fly from Air One
and land on the roof of a parking
deck elsewhere in the city. But the
builders of an office tower under
Archer Aviation and Joby Aviation hope to land their air taxis, top left development near the flight path
and right, respectively, at ‘vertiports’ on the roofs of Reef Technologies raised safety objections, so the
parking structures, as illustrated in the rendering above. drone could only take off, fly in a
circle and land again.
“Without the proper infrastruc-
ond 90%” of the problem of rolling ports might never be allowed to ture, investment in eVTOLs is at
out flying cars, says Mr. Petersen. build anything higher than the ver- risk,” says Mr. Sandhu.
Mihir Rimjha is a senior avia- tiport—a particularly tricky and For future vertiports, “permit-
tion consultant at HMMH, a firm potentially controversial issue if ting is a real issue,” says Mike Wh-
that helps governments and busi- cities are to play host to many itaker, a former FAA administrator
nesses with transportation plan- such vertiports. who is now chief commercial offi-

FROM TOP: ARCHER AVIATION; ANDREW KELLY/REUTERS; ARCHER AEROSPACE

shape a near future in which taking
a flying cab is an economically via-
ble alternative to taking a terres-
trial one.
The biggest stumbling block to
that sci-fi vision, though, is rather
down-to-earth: Flying-car compa-
nies haven’t figured out how to
site, permit and construct enough
places for their vehicles to land
and take off to allow a workable
business model.
The problem could have huge im-
plications for the nascent flying-car
industry, and for any hope that we
will be commuting by air anytime
soon. Early entrants to the indus-
try, such as Joby Aviation, Lilium,
Wisk, Airbus and Archer Aviation,
have focused on the challenges of
haved as if solving those challenges
is 90% of the work required to
make flying cars commercially via-
ble, says Todd Petersen, a consul-
tant at Palo Alto, Calif.-based La-
cuna Technologies, which creates
software for cities to help them
manage their transportation net-
works.
That ignores a range of other is-
sues once the vehicles are ready to
fly: where they will land and take
off, how they will be integrated
into existing air-traffic control sys-
tems, and whether the public will
accept a large number of newfan-
gled and comparatively large air-
craft flying over their homes. Sort-
ing out all that regulation and
ground infrastructure is the “sec-
ning. He has studied what are
called “vertiports”—like heliports,
but for eVTOLs, in work commis-
sioned by NASA. He says that
building out networks of rooftop
vertiports in U.S. cities, on build-
ings and parking decks, will be
critical for making flying taxi ser-
vices and even privately owned
flying cars a viable means of
transportation. And, he adds, the
companies haven’t been realistic
about the hurdles involved.
For starters, there is the prob-
lem of how many suitable vertiport
sites exist in America’s major cit-
ies. Here are just some of the fac-
tors that affect that equation:
noise, the lack of airspace not al-
ready claimed by airports in cities
Joby and Archer, which both
went public last year, have said they
aim to gain vertiport access by join-
ing with SoftBank-funded Reef
Technologies, which manages park-
ing lots and multistory parking
decks across the U.S. Joby said last
year that its collaboration would
give it access to “an unparalleled
range of rooftop locations across all
key metropolitan areas in the U.S.,
as well as a mechanism to fund the
acquisition and development of new
skyport sites.”
A spokeswoman for Joby said
that the company is “focused ini-
tially on existing aviation infra-
structure and convertible assets,”
such as the aforementioned park-
ing garages.
cer at Supernal, a subsidiary of
Hyundai that is working on a flying
car of its own. It’s possible that cit-
ies will be forced to put vertiports
in outlying areas and that access
to such an amenity could cause
more real-estate development
around such an asset, he adds.
All the time and effort required
to create the ground infrastructure
for flying cars could also mean
companies that can afford to play
a long game could be the ones that
ultimately succeed. If falling stock
prices and a scarcity of investment
force consolidation in the flying-
car industry, this could mean leg-
acy aerospace companies, not dis-
rupters, might someday build our
Jetsons future.

A Moment Google recently called its work-

ers back on a hybrid schedule that
requires most to be in the office

Of Truth for
three days a week. Some employ-
ees have complained that because
the policy is implemented based

Tech Jobs
Continued from page B1
ready thrown down the gauntlet.
Ian Goodfellow, a director of ma-
chine learning at Apple, announced
to staff this month that he was re-
signing, in part because of the
company’s return-to-office policy.
“I believe strongly that more flexi-
bility would have been the best
policy for my team,” Mr. Goodfel-
low wrote in a goodbye note, ac-
cording to a tweet from a reporter
from the Verge. Mr. Goodfellow de-
clined to comment. Apple didn’t
comment.
A group called Apple Together
says more than 1,400 current and
former employees signed an open
letter to company executives ask-
ing for them to reconsider the of-
fice-return policy, which requires
employees to work in-person on
Mondays, Tuesdays and Thursdays
as of last month. Apple employs
more than 165,000 people.
“Stop treating us like school
kids who need to be told when to
be where and what homework to
do,” the letter reads.
Office mandates are proving to
be recruiting opportunities for
some competitors: Airbnb Inc. last
month announced employees could
work from anywhere without tak-
ing a pay cut. In the three days fol-
lowing the announcement, the
company’s careers page received
around 800,000 visitors, according
to a spokeswoman. Twitter Inc.
from the Bay Area this past No-
vember and is now using the com-
pany’s flexible work policies to
lure new hires.
“My access to top talent has
gone through the roof,” he says. “It
takes me half the time to recruit
great people when I tell them they
can work anywhere.”
Mr. Regan says he’s currently
‘I will find somewhere
else to work because
there are a lot of remote
opportunities.’
trying to sign on someone he ran
into while skiing who had also
moved to Lake Tahoe from the San
Francisco area. “Her employer
become not a perk but something
companies needed to offer in order
to hang on to talent. Eager to stay
competitive, companies have in-
creasingly accommodated their
workers and in some cases, walked
back in-office requirements.
Some of those called back have
found jobs elsewhere. Christina
Patterson, 30, was managing client
partnerships for a clothing-rental
startup. She says that by the time
she got called back to her New
York office in March, she had
grown allergic to in-person work.
Since the fall of 2020, she had
been working for months at a time
from Tulum, Mexico, and wasn’t
ready to give it up.
Desperate to find a new role
ahead of the March deadline to re-
turn to work, Ms. Patterson texted
an executive she’s friendly with at
a Chicago-based startup, offering
Sean Regan moved with his family
to Lake Tahoe, left. Christina
Patterson, above, found a new
employer so she could stay remote.
purchases. The new job didn’t re-
quire a move or any commitment
to come into the office. Her last
day at the old job was the Friday
before she was supposed to go
back to her old office.
“I was like, ‘Phew, I missed that
very narrowly,’ ” she says.
Some tech workers who have re-
located and don’t have permission
to stay remote say they’re in a
standoff with HR: They’ve been
called back to the office but ha-
ven’t moved yet. They’re looking
for remote-friendly roles both in-
ternally or elsewhere.
“If the time comes where they
say: ‘Here’s an ultimatum, you
show up in an office or you find
somewhere else to work,’ I will
find somewhere else to work be-
cause there are a lot of remote op-
portunities,” says one engineer
who works for a North Carolina
largely on local managers’ discre-
tion, it can feel arbitrary. “If you
have a friendly manager and a
friendly VP who support you, then
your odds are pretty good,” says
Andrew Gainer-Dewar, a senior en-
gineer and member of the Alpha-
bet Workers Union. “If you don’t,
then things get tough.”
More than 14,000 of Google’s
approximately 166,000 employees
have requested to go fully remote
or to transfer to a new location,
and the company has approved
85% of those requests, according
to a spokeswoman. “We know our
employees have many choices
about where they work,” she said.
“So we continue to provide top of
market compensation.”
Until August, Laura de Vesine
was a senior engineer for Google
living in San Jose, Calif., near the
company’s offices. She jumped
ship before officially being called
back after growing tired of uncer-
tainty surrounding when she’d
have to return to work. She knew
she wanted to move to a lower-
cost city where she wouldn’t de-
pend so much on a car, such as
Philadelphia.
Such a move would have in-
volved a 15% pay cut from Google,
she says. “Is my work actually
worth less?” she says she asked
herself. If she wanted to keep her
Bay Area salary, she worried she’d
be required to report at least a few
times a week to Google’s New York
City office.
Instead, she made the move to
Philadelphia and took a remote
role with a New York-based cloud-
CLAIRE WARD; FOREST ALETHEA

and Zillow Group Inc. have said
most employees can work from
wherever they want and executives
of Facebook parent Meta Platforms
Inc. are living all over.
Sean Regan, head of product
marketing with software maker At-
lassian Corp., moved to Lake Tahoe
wants her to go back to the office,”
he says. “I’m recruiting her to stay
put and work for us.”
Workers in tech have long had
the advantage: Their skills are
highly sought-after in nearly every
industry. As the pandemic has
dragged on, flexibility started to
to be her remote assistant. “She
was like, ‘I’ll do you one better: We
need someone in business develop-
ment,’ ” Ms. Patterson says.
She took the role at the startup,
SwayPay, which makes an app for
consumers to earn cash for posting
TikTok videos featuring recent
bank and bought a house this year
in New York’s Catskill Mountains,
where he plans to stay.
Companies with disappointing
earnings can always scale back
signing bonuses but continue to of-
fer remote work as a perk for new
hires, he added.
computing company. She says she
is now making around 20% more
than her former salary and has the
assurance she won’t have to give
up her remote status.
“I could have confidence it
wasn’t a temporarily remote offer,”
she says.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 14 - 15, 2022 | B7

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
32196.66 Trailing P/E ratio 18.31 29.63 4023.89 Trailing P/E ratio * 20.48 37.04 11805.00 Trailing P/E ratio *† 26.15 35.86 commodities performed around the world for the week.
s 466.36 P/E estimate * 16.93 20.63 s 93.81 P/E estimate * 17.45 22.57 s 434.04 P/E estimate *† 22.12 27.52
Stock Currency, Commodity, Exchange-
Dividend yield 2.23 1.75 Dividend yield * 1.53 1.38 or 3.82% Dividend yield *† 0.84 0.74 index vs. U.S. dollar traded in U.S.* traded fund
or 1.47% or 2.39%
All-time high: Wheat 6.40%
All-time high Current divisor All-time high
16057.44, 11/19/21
36799.65, 01/04/22 0.15172752595384 4796.56, 01/03/22 Nymex RBOB gasoline 5.29
Soybeans 4.09
34800 4550 14600 Russian ruble 3.76
65-day moving average Shanghai Composite 2.76
65-day moving average 65-day moving average
14000 DAX 2.59
34100 4425
FTSE MIB 2.44
iSh 20+ Treasury 2.03
33400 4300 13400
BOVESPA Index 1.70
Session high
CAC-40 1.67
DOWN UP 32700 4175 12800
iSh 7-10 Treasury 1.50
t

Session open Close

Euro STOXX 1.39
Close Open 32000 4050 12200 VangdTotIntlBd 1.13
t

Japanese yen 1.02

Session low 11600 VangdTotalBd 0.92
31300 3925
Bars measure the point change from session's open STOXX Europe 600 0.83
11000 iShiBoxx$InvGrdCp 0.76
30600 3800
Mar. Apr. May Mar. Apr. May Mar. Apr. May WSJ Dollar Index 0.67
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index
Nymex crude 0.66
iSh TIPS Bond 0.45
FTSE 100 0.41
Major U.S. Stock-Market Indexes Trading Diary iSh 1-3 Treasury 0.31
Latest 52-Week % chg Volume, Advancers, Decliners S&P 500 Consumer Staples 0.30
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. Corn 0.28
Dow Jones Total volume*1,111,064,131 18,944,241 Mexico peso 0.27
Industrial Average 32276.05 31862.79 32196.66 466.36 1.47 36799.65 31730.30 -6.4 -11.4 8.3 Adv. volume*1,025,999,544 17,719,606 IBEX 35 0.19
Transportation Avg 14695.95 14359.37 14456.41 136.14 0.95 17039.38 14000.78 -9.2 -12.3 11.9 Decl. volume* 81,380,265 1,097,142 S&P/BMV IPC 0.08
Issues traded 3,469 287 -0.04 Canada dollar
Utility Average 994.65 978.23 992.74 9.90 1.01 1071.75 869.74 9.4 1.2 8.1
Advances 2,663 213 -0.06 iShJPMUSEmgBd
Total Stock Market 40585.40 39793.20 40426.49 1042.25 2.65 48929.18 39343.92 -6.8 -16.9 11.8
Declines 695 67 -0.16 S&P 500 Communication Svcs
Barron's 400 938.50 908.08 931.38 23.29 2.57 1127.20 900.96 -7.4 -15.8 11.4
Unchanged 111 7 -0.52 Hang Seng
Nasdaq Stock Market New highs 12 1 -0.62 UK pound
Nasdaq Composite 11856.71 11510.26 11805.00 434.04 3.82 16057.44 11364.24 -12.1 -24.5 15.6 New lows 202 32 -0.67 South Korean won
Nasdaq-100 12429.28 12069.13 12387.40 441.90 3.70 16573.34 11945.50 -7.5 -24.1 19.1 Closing Arms† 0.34 0.13 -0.68 Indian rupee
Block trades* 5,148 188 -0.69 iShNatlMuniBd
S&P
-0.79 Indonesian rupiah
500 Index 4038.88 3963.90 4023.89 93.81 2.39 4796.56 3930.08 -3.6 -15.6 12.7 Nasdaq NYSE Arca
-0.84 Nymex ULSD
MidCap 400 2446.64 2390.01 2430.83 61.02 2.57 2910.70 2348.01 -10.7 -14.5 9.0 Total volume*5,854,820,359 362,165,773 -0.93 South African rand
SmallCap 600 1197.01 1169.36 1189.33 27.89 2.40 1466.02 1147.42 -12.2 -15.2 8.4 Adv. volume*5,178,453,688 307,799,817 -0.94 S&P 500 Health Care
Decl. volume* 647,538,926 54,160,619 -1.01 iShiBoxx$HYCp
Other Indexes
Issues traded 5,051 1,735 -1.28 Euro area euro
Russell 2000 1804.38 1748.24 1792.67 53.28 3.06 2442.74 1718.14 -19.4 -20.2 5.6
Advances 3,613 1,420 -1.31 Swiss franc
NYSE Composite 15304.20 14931.10 15257.36 326.26 2.19 17353.76 14902.14 -7.1 -11.1 6.8 Declines 1,248 305 -1.33 S&P 500 Utilities
Value Line 568.58 549.12 565.76 16.64 3.03 696.40 543.51 -15.0 -15.8 2.6 Unchanged 190 10 -1.52 KOSPI Composite
NYSE Arca Biotech 4557.74 4387.07 4521.58 134.51 3.07 6022.37 4265.88 -18.7 -18.1 1.1 New highs 13 7 -1.56 Bloomberg Commodity Index
NYSE Arca Pharma 820.93 813.81 818.69 3.24 0.40 887.27 714.12 12.1 -1.0 13.0 New lows 316 58 -1.61 S&P SmallCap 600
KBW Bank 108.51 106.38 107.31 1.15 1.08 147.56 106.17 -19.7 -18.8 3.8 Closing Arms† 0.36 1.23 -1.80 Chinese yuan
PHLX§ Gold/Silver 126.13 121.70 124.87 2.68 2.19 167.76 117.06 -20.6 -5.7 22.0 Block trades* 34,938 1,498 -1.81 S&P/ASX 200
PHLX§ Oil Service 73.79 71.61 73.38 3.26 4.64 87.06 48.31 18.5 39.2 -4.6 * Primary market NYSE, NYSE American NYSE Arca only. -1.90 Comex copper
PHLX§ Semiconductor 2988.33 2863.41 2970.37 143.16 5.06 4039.51 2811.94 -0.4 -24.7 28.2 †(TRIN) A comparison of the number of advancing and declining -1.94 Australian dollar
issues with the volume of shares rising and falling. An
Cboe Volatility 31.20 28.78 28.87 -2.90 -9.13 36.45 15.01 53.5 67.7 12.0 -2.02 S&P MidCap 400
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -2.13 NIKKEI 225
-2.14 Dow Jones Industrial Average
International Stock Indexes Percentage Gainers... -2.15 Lean hogs
Latest YTD Latest Session 52-Week
-2.41 Nasdaq-100
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -2.41 S&P 500
World MSCI ACWI 629.19 13.92 2.26 –16.6 Veru VERU 13.00 3.97 43.96 17.50 4.34 72.0 -2.49 S&P 500 Materials
MSCI ACWI ex-USA 287.05 5.00 1.77 –16.6 Inotiv NOTV 16.55 4.59 38.38 60.66 11.25 -28.5 -2.55 Russell 2000
MSCI World 2701.33 61.58 2.33 –16.4 Expensify EXFY 20.49 5.25 34.45 51.06 13.58 ... -2.59 S&P/TSX Comp
MSCI Emerging Markets 1004.52 16.70 1.69 –18.5 Duolingo DUOL 89.77 22.79 34.03 205.00 60.50 ... -2.61 S&P 500 Industrials
A2Z Smart Technologies AZ 4.63 1.17 33.82 12.36 2.91 -38.3 -2.80 Nasdaq Composite
Americas MSCI AC Americas 1535.12 38.19 2.55 –16.0
Canada S&P/TSX Comp 20099.81 2.03 –5.3 Lightspeed Commerce LSPD 21.37 5.20 32.16 130.02 15.03 -63.6 -2.84 Norwegian krone
400.76
Latin Amer. MSCI EM Latin America 2244.00 1.57 5.4
PagSeguro Digital PAGS 13.47 3.25 31.80 61.65 9.53 -67.1 -2.91 S&P 500 Energy
34.59
1.17 Affirm Holdings AFRM 23.71 5.67 31.43 176.65 13.64 -56.1 -2.98 Dow Jones Transportation Average
Brazil BOVESPA 106924.18 1236.54 2.0
2.90 8.6 Payoneer Global PAYO 4.73 1.13 31.39 11.20 3.33 -52.4 -3.41 S&P 500 Consumer Discr
Chile S&P IPSA 3046.29 85.83
0.55
Vaccitech ADR VACC 4.02 0.93 30.10 17.99 2.97 -76.0 -3.50 S&P 500 Information Tech
Mexico S&P/BMV IPC 49579.90 270.58 –6.9
indie Semiconductor INDI 6.94 1.54 28.52 16.33 5.07 -31.1 -3.58 S&P 500 Financials
EMEA STOXX Europe 600 433.48 9.08 2.14 –11.1
Viridian Therapeutics VRDN 13.52 2.96 28.03 22.00 9.47 -22.4 -3.72 S&P BSE Sensex
Eurozone Euro STOXX 413.32 9.20 2.28 –13.7
PLx Pharma PLXP 2.59 0.56 27.59 21.50 1.93 -76.6 -3.87 S&P 500 Real Estate
Belgium Bel-20 3944.56 14.35 0.37 –8.5 Celularity CELU 7.34 1.57 27.21 13.40 3.63 -27.4 -3.92 Comex gold
Denmark OMX Copenhagen 20 1615.80 … Closed –13.3 Robinhood Markets HOOD 10.69 2.13 24.88 85.00 7.71 ...
France CAC 40 6362.68 156.42 2.52 –11.0 -4.72 Nymex natural gas
Germany DAX 14027.93 288.29 2.10 –11.7 Percentage Losers -6.01 Comex silver
Latest Session 52-Week *Continuous front-month contracts
Israel Tel Aviv 1874.25 … Closed –5.2
Company Symbol Close Net chg % chg High Low % chg
Italy FTSE MIB 24048.29 482.06 2.05 –12.1 Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Netherlands AEX 694.13 19.04 2.82 –13.0 Actelis Networks ASNS 2.40 -1.60 -40.00 4.00 2.39 ... THE WALL STREET JOURNAL
Russia RTS Index 1132.23 –7.82 –0.69 –29.0 Brilliant Earth Cl A BRLT 4.48 -2.27 -33.63 20.39 4.46 ...
South Africa FTSE/JSE All-Share 68650.66 2.08 –6.9
Tenon Medical TNON 6.52 -2.34 -26.41 59.89 6.35 ... Methodology
1398.77
Spain 1.68 FIGS FIGS 9.64 -3.21 -24.98 50.40 9.23 ... Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
IBEX 35 8338.10 137.70 –4.3
2.35 Direct Digital DRCT 2.00 -0.45 -18.37 5.49 1.18 ... reflect total returns). Commodities are represented by the continuous front-month
Sweden OMX Stockholm 811.67 18.63 –21.7 futures contract. Bond exchange-traded fund performance may diverge from that of
Switzerland Swiss Market 11650.42 144.29 1.25 –9.5 Direxion S&P Biotech Bear LABD 60.30 -12.91 -17.63 85.28 16.67 145.9 their underlying index. Bond categories are represented by the following ETFs: U.S.
Turkey BIST 100 2419.23 28.25 1.18 30.2 Sky Harbour Group SKYH 7.23 -1.40 -16.22 43.41 5.25 -27.7 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
MicroSect FANG+ -3X Invr FNGD 74.71 -14.33 -16.09 98.10 32.50 -1.2 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
U.K. FTSE 100 7418.15 184.81 2.56 0.5 Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
U.K. FTSE 250 19921.89 441.01 2.26 –15.2 Enfusion ENFN 8.40 -1.60 -16.00 23.21 7.80 ... iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
MicroSectors FANG -3x Inv BERZ 35.69 -6.78 -15.96 46.72 15.32 ... Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Asia-Pacific MSCI AC Asia Pacific 160.07 2.53 1.60 –17.1 Bonds: iShares National Muni; International Bonds: Vanguard Total International;
1.93 Direxion Dly Semi 3 Bear SOXS 49.34 -9.23 -15.76 116.90 31.20 -52.6
Australia S&P/ASX 200 7075.10 134.07 –5.0 Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
0.96
Blue Water Vaccines BWV 5.66 -1.05 -15.65 90.90 3.26 ...
China Shanghai Composite 3084.28 29.29 –15.3
Direxion Dly DJ Bear 3X WEBS 42.25 -7.55 -15.16 55.24 13.12 88.4
Hong Kong Hang Seng 19898.77 518.43 2.68
–15.0
Rockwell Medical RMTI 2.02 -0.35 -14.90 11.66 1.92 -79.9 See an expanded year-to-date and current quarter
India S&P BSE Sensex 52793.62 –136.69 –0.26 –9.4
Direxion Hi Beta Bear 3X HIBS 10.96 -1.88 -14.64 15.81 7.05 -7.5 list of selected global stock indexes, bond ETFs, currencies
Japan NIKKEI 225 26427.65 678.93 2.64 –8.2
Singapore Straits Times 3191.16 25.98 0.82 2.2 Most Active Stocks and commodities at
South Korea KOSPI 2604.24 54.16 2.12 –12.5 Volume % chg from Latest Session 52-Week wsj.com/graphics/track-the-markets
Company Symbol (000) 65-day avg Close % chg High Low
Taiwan TAIEX 15832.54 215.86 1.38 –13.1
Thailand SET 1584.38 –0.14 –0.01 –4.4 ProShares UltraPro QQQ TQQQ 197,292 53.1 31.63 10.87 91.68 26.69
Sources: FactSet; Dow Jones Market Data ShiftPixy PIXY 177,296 13024.6 0.51 154.87 3.85 0.17
Advanced Micro Devices AMD 137,903 26.1 95.12 9.26 164.46 72.72 Currencies
Scan this code to get real-time U.S. stock quotes ProSh UltraPro Shrt QQQ SQQQ 126,142 16.3 52.44 -10.76 65.35 28.15
and track most-active stocks, new highs/lows Apple AAPL 113,668 20.3 147.11 3.19 182.94 122.86 U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
and mutual funds. * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
Fri YTDchg Fri YTDchg
Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004331 23088 1.0
Argentina peso .0085117.4137 14.3 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1976 5.0609 –9.2 Czech Rep. koruna .04205 23.782 8.7

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7747 1.2908 2.1 Denmark krone .1400 7.1451 9.2
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001162 860.40 1.0 Euro area euro 1.0413 .9604 9.2
Colombiapeso .000243 4109.17 1.1 Hungary forint .002699 370.56 14.1
A consumer rate against its 30-year mortgage, Rate Ecuador US dollar Iceland krona
1 1 unch .007464 133.98 3.2
benchmark over the past year Tradeweb ICE 3.50% Mexico peso Norway krone
Bankrate.com avg†: 5.64% 20% .0498 20.0987 –2.0 .1024 9.7621 10.8
Friday Close
t Uruguay peso .02394 41.7700 –6.6 Poland zloty .2224 4.4968 11.6
First Federal Bank of Wisconsin 3.13% 2.80
WSJ Dollar Index Asia-Pacific Russia ruble .01504 66.500 –11.1
5.00% Waukesha, WI 262-542-4448 10
2.10
s Sweden krona .0994 10.0592 11.1
30-year fixed-rate Australian dollar .6940 1.4409 4.7
FirstBank Southwest 3.25% One Switzerland franc .9982 1.0018 9.8
t

China yuan .1473 6.7890 6.8

t

mortgage 3.75 0 Turkey lira .0646 15.4794 16.2

Amarillo, TX 806-355-9661 year ago 1.40 Hong Kong dollar .1274 7.8500 0.7
s Ukraine hryvnia .0338 29.5500 8.0
India rupee .01291 77.482 4.0
First Montana Bank, Inc. 3.38% Euro
t

10-year Treasury 2.50 0.70 –10 UK pound 1.2264 .8154 10.3

Indonesia rupiah .0000684 14613 2.5
note yield Libby, MT 406-293-0280 Yen
s

Japan yen .007739 129.22 12.3 Middle East/Africa

1.25 0.00 –20
Chippewa Valley Bank 3.50% Kazakhstan tenge .002316 431.74 –0.8 Bahrain dinar 2.6532 .3769 –0.01
Superior, WI 715-398-3551 1 3 6 1 2 3 5 7 10 20 30 2021 2022 Macau pataca .1236 8.0910 0.7 Egypt pound .0546 18.3160 16.6
0.00 month(s) years Malaysia ringgit .2274 4.3980 5.6 Israel shekel .2937 3.4049 9.5
J J A S O N D J F M AM Raymond James Bank, NA 3.50%
maturity New Zealand dollar .6295 1.5886 8.6 Kuwait dinar 3.2570 .3070 1.5
2021 2022 St. Petersburg, FL 800-718-2265 Pakistan rupee .00517 193.375 9.7 Oman sul rial 2.5976 .3850 –0.01
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0191 52.324 2.6 Qatar rial .2747 3.641 –0.03
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7180 1.3927 3.3 Saudi Arabia riyal .2666 3.7511 –0.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0007821 1278.57 7.5 South Africa rand .0619 16.1634 1.4
Sri Lanka rupee .0027778 360.00 77.4
Federal-funds rate target 0.75-1.00 0.75-1.00 0.00 l 1.00 -1.50 Yield (%) 52-Week Total Return (%) Taiwan dollar .03356 29.797 7.5 Close Net Chg % Chg YTD%Chg
Prime rate* 4.00 4.00 3.25 l 4.00 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .02879 34.730 4.5 WSJ Dollar Index 96.68 –0.27–0.27 7.96
Libor, 3-month 1.44 1.40 0.11 l 1.44 -1.07
U.S. Treasury, Bloomberg 2181.060 2.870 3.020 3.020 0.780 –7.332 0.107 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.08 0.08 0.07 l 0.08 -0.59
1.04 0.41 l -0.93 U.S. Treasury Long, Bloomberg 3552.990 3.260 3.370 3.370 1.720 –12.864 –0.778
Five-year CD, annual yield
30-year mortgage, fixed† 5.64
0.84
5.47 3.00 l
1.04
5.64 1.47 Aggregate, Bloomberg 2026.430 3.470 3.620 3.620 1.340 –8.446 0.142
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 4.88 4.75 2.28 l 4.88 1.25
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Bloomberg 2021.230 3.520 3.740 3.740 1.590 –8.195 –0.685
Jumbo mortgages, $647,200-plus† 5.65 5.45 3.03 l 5.65 1.26 DJ Commodity 1189.05 14.60 1.24 1264.48 853.12 34.08 25.66
High Yield 100, ICE BofA 3124.005 7.140 6.886 7.438 3.162 –7.481 1.234
Five-year adj mortgage (ARM)† 3.79 3.73 2.82 l 3.82 -0.42 Refinitiv/CC CRB Index 308.58 4.52 1.49 315.95 200.00 51.79 32.80
New-car loan, 48-month 4.43 4.34 3.41 l 4.43 -0.34 Muni Master, ICE BofA 546.132 3.140 3.063 3.140 0.687 –8.550 –0.139 Crude oil, $ per barrel 110.49 4.36 4.11 123.70 62.05 69.02 46.91
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 774.777 7.076 7.013 7.121 4.516 –14.889 –1.874 Natural gas, $/MMBtu 7.663 -0.076 -0.98 8.783 2.886 158.80 105.44
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1807.40 -16.40 -0.90 2040.10 1721.50 -1.66 -1.10
B8 | Saturday/Sunday, May 14 - 15, 2022 * *** THE WALL STREET JOURNAL.

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

Metal & Petroleum Futures Oats (CBT)-5,000 bu.; cents per bu. Sept 161.80 168.00 159.10 163.30 2.00 1,543 British Pound (CME)-£62,500; $ per £
May 654.50 … 1 May 1.2188 t 1.2156
1.2259 1.2243 .0068 903
Contract Open
Open High hi lo Low Settle Chg interest
July 626.00 626.75 609.75 617.75 –6.75 1,914 Interest Rate Futures June 1.2199 t 1.2156
1.2264 1.2242 .0068 253,618
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
Copper-High (CMX)-25,000 lbs.; $ per lb. May 1712.25 1723.25 1712.25 1723.25 63.00 10 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
June .9982 1.0021 .9967 .9984 .0015 51,453
May 4.1085 4.1495 4.0680 4.1805 0.0755 2,520 July 1614.75 1651.50 1614.00 1646.50 32.75 304,400 June 158-030 158-030 155-020 155-100 –3-18.0 1,270,435
Sept 155-020 –3-16.0 1,863 Sept 1.0053 1.0089 1.0036 1.0052 .0016 388
July 4.0860 4.1850 4.0550 4.1750 0.0745 109,225 Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD
Gold (CMX)-100 troy oz.; $ per troy oz. May 406.40 7.00 13 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
June 140-190 140-200 138-280 139-030 –1-27.0 1,179,746 May .6894 .6941 .6852 .6923 .0092 40
May 1825.00 1825.00 t 1801.80 1807.40 –16.40 133 July 396.20 412.60 396.20 409.30 13.30 162,858
Sept 139-270 139-270 137-310 138-050 –1-26.0 33,951 June .6858 .6944 .6856 .6925 .0092 156,014
June 1821.40 1827.60 1797.20 1808.20 –16.40 276,490 Soybean Oil (CBT)-60,000 lbs.; cents per lb.
May 89.76 89.76 88.28 88.34 –.18 16 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN
July 1821.00 1830.00 t 1801.20 1811.30 –16.60 176 June 119-230 119-235 119-030 119-055 –26.5 3,613,891 May .04934 .04972 .04934 .04974 .00059 10
July 83.00 83.95 82.38 83.79 1.27 155,802
Aug 1828.10 1834.20 1804.00 1814.80 –16.80 239,047 Sept 119-110 119-110 118-200 118-225 –27.0 82,109 June .04908 .04952 .04908 .04950 .00060 163,278
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Oct 1833.00 1840.20 1812.00 1822.30 –17.00 13,239 May 17.15 .22 48 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
Dec 1841.40 1850.40 1820.50 1831.10 –16.70 33,628 July 17.23 17.54 s 17.17 17.37 .20 7,861 June 113-077 113-080 112-267 112-307 –15.0 3,735,699 May 1.0384 1.0420 t 1.0351 1.0405 .0035 1,401
Palladium (NYM) - 50 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Sept 112-162 –15.7 52,538 June 1.0392 1.0434 t 1.0362 1.0417 .0035 685,229
May 1918.10 57.10 1 May 1167.25 65.75 27 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
June 1881.50 1952.00 1861.50 1917.70 57.10 5,288 July 1172.75 1198.50 1158.50 1177.50 –1.25 162,546 June 105-236 105-240 105-196 105-218 –4.1 2,277,876 Index Futures
Platinum (NYM)-50 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu. Sept 105-106 –4.4 5,100
May 936.40 –0.50 2 May 1252.75 –1.25 13 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini DJ Industrial Average (CBT)-$5 x index
July 1265.50 1292.00 s 1256.50 1282.00 12.00 96,173 May 99.2350 99.2350 99.2325 99.2350 .0000 356,953 June 31556 32201 31556 32120 468 83,945
July 932.30 952.20 922.70 930.70 –0.70 51,366
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. July 98.5700 98.5750 98.5600 98.5700 –.0150 335,523 Sept 32110 472 813
Silver (CMX)-5,000 troy oz.; $ per troy oz. Mini S&P 500 (CME)-$50 x index
May 20.640 t 20.640
21.035 20.984 0.227 745 May 156.975 158.600 156.700 157.875 1.000 3,193 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Aug 167.500 168.900 166.300 168.025 1.500 26,895 June 86-150 –30.0 12,438 June 3916.25 4036.00 3915.50 4019.75 92.50 2,249,215
July 20.635 t 20.420
21.085 21.001 0.228 113,466 Sept 4022.75 93.00 23,234
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cattle-Live (CME)-40,000 lbs.; cents per lb. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
June 132.475 132.725 131.275 132.075 .425 64,436 March 99.4925 99.4925 99.4900 99.4900 –.0025 499,082 Mini S&P Midcap 400 (CME)-$100 x index
June 106.65 110.64 106.29 110.49 4.36 134,011 133.300 133.450 t 131.975 132.350 –.425 123,860 June 2356.40 2444.10 2356.10 2427.10 61.80 60,957
Aug June'23 97.0100 97.0150 96.9250 96.9700 –.0850 658,800
July 104.91 108.77 104.64 108.63 4.23 236,261 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Eurodollar (CME)-$1,000,000; pts of 100% Sept 2434.90 61.80 3
Aug 102.90 106.39 102.66 106.27 3.85 122,098 May 99.925 100.150 99.900 100.000 –.100 1,101 May 98.5350 98.5475 98.5300 98.5375 –.0050 126,916 Mini Nasdaq 100 (CME)-$20 x index
Dec 95.71 97.90 95.34 97.85 2.66 243,753 July 98.000 101.300 98.000 101.200 3.350 49,727 June 98.1550 98.1750 98.1300 98.1700 –.0050 1,004,166 June 11891.50 12432.00 11891.50 12382.75 435.50 251,537
June'23 90.00 1.82 130,000 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 96.9400 96.9450 96.8750 96.9000 –.0850 1,347,436 Sept 11910.75 12463.75 11910.75 12414.75 436.25 3,132
Dec 84.96 1.27 128,388 May 985.00 995.00 920.00 920.00 –84.00 30 Dec'23 96.8800 96.8850 96.7850 96.8400 –.0800 1,176,693 Mini Russell 2000 (CME)-$50 x index
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. July 782.80 815.00 765.00 769.70 –8.10 1,657 June 1730.00 1804.00 1730.00 1789.50 52.00 530,613
June 3.9212 .0051 44,599 Milk (CME)-200,000 lbs., cents per lb. Currency Futures Sept 1791.20 52.90 562
July 3.7608 .0245 67,548 May 24.95 24.99 24.92 24.97 .02 5,495 Mini Russell 1000 (CME)-$50 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June 24.10 24.20 23.70 23.83 –.27 5,233 Japanese Yen (CME)-¥12,500,000; $ per 100¥ June 2208.50 55.80 14,096
June 3.8066 3.9733 s 3.7970 3.9578 .1661 81,029
Cocoa (ICE-US)-10 metric tons; $ per ton. May .7766 .7791 .7726 .7731 –.0076 415 U.S. Dollar Index (ICE-US)-$1,000 x index
May 2,483 22 10 June .7795 .7799 .7732 .7738 –.0076 238,997 June 104.84 105.07 s 104.50 104.62 –.28 56,644
July 3.6596 3.7985 s 3.6532 3.7848 .1398 75,775 2,435 2,476 t 2,411 2,469 36 115,520
July Canadian Dollar (CME)-CAD 100,000; $ per CAD Sept 104.58 104.80 s 104.32 104.40 –.29 587
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Coffee (ICE-US)-37,500 lbs.; cents per lb. May .7679 .7749 .7661 .7733 .0085 478
June 7.673 7.919 7.515 7.663 –.076 66,105 May 212.90 –2.10 66 June .7664 .7749 .7662 .7732 .0085 143,916 Source: FactSet
July 7.776 8.022 7.618 7.765 –.070 190,142 July 215.90 216.85 209.65 213.90 –1.40 92,643
Sept 7.705 7.955 7.571 7.714 –.064 84,770 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Oct 7.687 7.940 7.554 7.704 –.064 95,130 July 18.72 19.20 18.68 19.17 .53 326,503
18.81 19.28 18.79 19.26 .50 183,819
Jan'23
May 4.507 4.646 4.507
7.995 –.059
4.558 .016
62,613
60,959
Oct
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks
July 36.50 –.06 776
Agriculture Futures Cotton (ICE-US)-50,000 lbs.; cents per lb.
July 145.53 146.62 143.55 145.20 –.33 86,007
Global Government Bonds: Mapping Yields
Corn (CBT)-5,000 bu.; cents per bu. Dec 127.52 128.65 126.69 127.99 .32 81,344 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
May 808.00 808.00 808.00 794.50 –19.00 85 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
July 790.50 797.00 777.50 781.25 –10.25 612,017 July 164.25 174.45 162.05 167.05 2.60 9,556 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Exchange-Traded Portfolios | WSJ.com/ETFresearch 2.500 U.S. 2 2.597 s l 2.520 2.340 0.159
2.875 10 2.932 s l 2.815 2.688 1.666
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 2.750 Australia 2 2.563 t l 2.633 2.139 0.087 -2.7 -1.1 -7.0
Closing Chg YTD iShRussellMCValue IWS 110.56 2.43 –9.7 1.000 10 3.403 t l 3.429 3.077 1.763 47.3 57.6 10.3
Friday, May 13, 2022 iShRussell1000 IWB 221.31 2.60 –16.3
ETF Symbol Price (%) (%) 0.000
Closing Chg YTD iShS&P500Growth IVW 64.17 3.28 –23.3 France 2 0.110 l 0.110 0.130 -0.607 -248.7 -253.4 -76.4
ETF Symbol Price (%) (%) iShCoreUSAggBd AGG 102.51 –0.43 –10.1 iShS&P500Value IVE 146.18 1.56 –6.7
iShSelectDividend DVY 125.19 1.23 2.1 iShShortTreaBd SHV 110.22 0.01 –0.2
0.000 10 1.403 s l 1.377 1.276 0.275 -152.9 -147.5 -138.6
CnsmrDiscSelSector XLY 152.32 3.94 –25.5
iShESGAwareUSA ESGU 89.51 2.58 –17.0 iShSilver SLV 19.42 1.57 –9.7
CnsStapleSelSector XLP 76.95 1.50 –0.2
iShEdgeMSCIMinUSA USMV 72.18 1.62 –10.8
0.000 Germany 2 0.111 s l 0.053 0.077 -0.653 -248.0 -259.0 -81.0
DimenUSCoreEq2 DFAC 24.89 2.30 –14.1 iShTIPSBondETF TIP 118.71 0.52 –8.1
EnSelectSectorSPDR XLE 80.78 3.42 45.5
iShEdgeMSCIUSAQual QUAL 120.22 2.45 –17.4 iSh1-3YTreasuryBd SHY 83.14 –0.04 –2.8 0.000 10 0.951 s l 0.845 0.766 -0.118 -197.9 -200.7 -177.9
iShGoldTr IAU 34.39 –0.78 –1.2 iSh7-10YTreasuryBd IEF 102.61 –0.52 –10.8
FinSelSectorSPDR XLF 33.53 1.45 –14.1
HealthCareSelSect XLV 128.60 1.06 –8.7
iShiBoxx$InvGrCpBd LQD 111.65 –0.53 –15.7 iSh20+YTreasuryBd TLT 115.98 –1.48 –21.7 0.000 Italy 2 0.760 s l 0.681 0.442 -0.219 -183.0 -196.3 -37.5
iShJPMUSDEmgBd EMB 89.30 –0.17 –18.1 iShUSTreasuryBdETF GOVT 24.05 –0.37 –9.9
IndSelSectorSPDR XLI 93.10 1.27 –12.0 0.950 10 2.850 s l 2.714 2.382 1.065 -13.8 -59.6
InvscQQQI QQQ 301.94 3.71 –24.1
iShMBSETF MBB 98.28 –0.26 –8.5 JPM UltShtIncm JPST 50.19 –0.06 –0.6 -8.0
iShMSCI ACWI ACWI 89.14 2.64 –15.7 ProShUltPrQQQ TQQQ 31.63 10.87 –62.0
InvscS&P500EW RSP 144.50 2.29 –11.2 iShMSCI EAFE EFA 66.99 2.78 –14.9 SPDRBlm1-3MTB BIL 91.45 0.01 0.02
0.005 Japan 2 -0.055 t l -0.049 -0.068 -0.124 -264.5 -269.3 -28.1
iShCoreDivGrowth DGRO 50.06 1.27 –9.9 iShMSCIEmgMarkets EEM 40.49 2.77 –17.1
iShCoreMSCIEAFE IEFA 63.08 2.82 –15.5 iShMSCIEAFEValue EFV 47.02 2.26 –6.7
SPDR Gold GLD 168.79 –0.81 –1.3 0.200 10 0.245 t l 0.251 0.240 0.095 -268.5 -260.2 -156.5
iShCoreMSCIEM IEMG 49.95 2.76 –16.6 SPDRS&P500Value SPYV 39.23 1.55 –6.6
iShNatlMuniBd MUB 105.07 –0.24 –9.6
iShCoreMSCITotInt IXUS 60.03 2.69 –15.4 iSh1-5YIGCorpBd IGSB 50.99 –0.06 –5.4
SPDRPtfS&P500 SPLG 47.22 2.30 –15.4 0.000 Spain 2 0.494 s l 0.416 0.409 -0.485 -209.7 -222.7 -64.2
iShCoreS&P500 IVV 403.41 2.44 –15.4 SchwabIntEquity SCHF 33.39 2.74 –14.1
242.61 –14.3
iShPfd&Incm PFF 33.13 0.94 –16.0
SchwabUS BrdMkt SCHB 47.11 2.59 –16.6 0.700 10 2.010 s l 1.912 1.697 0.584 -92.0 -94.0 -107.7
iShCoreS&P MC IJH 2.61 iShRussell1000Gwth IWF 232.91 3.54 –23.8
SchwabUS Div SCHD 76.30 1.11 –5.6
iShCoreS&P SC IJR 97.46 2.37 –14.9 iShRussell1000Val IWD 154.61 1.74 –7.9
SchwabUS LC SCHX 47.57 2.57 –16.4 0.125 U.K. 2 1.248 s l 1.176 1.489 0.108 -134.3 -146.7 -4.9
iShS&PTotlUSStkMkt ITOT 89.11 2.65 –16.7 iShRussell2000 IWM 178.07 3.17 –20.0
SchwabUS LC Grw SCHG 61.52 3.80 –24.9 4.250 10 1.745 s l 1.665 1.802 0.900 -118.7 -76.1
iShCoreTotalUSDBd IUSB 47.39 –0.32 –10.5 iShRussellMid-Cap IWR 69.86 3.04 –15.8
SchwabUS SC SCHA 41.53 3.28 –18.9
-118.5
Schwab US TIPs SCHP 58.09 0.59 –7.6 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
SPDR DJIA Tr DIA 322.23 1.45 –11.3

Borrowing Benchmarks | WSJ.com/bonds SPDR S&PMdCpTr

SPDR S&P 500
MDY
SPY
443.71
401.72
2.63
2.39
–14.3
–15.4 Corporate Debt
SPDR S&P Div SDY 124.54 1.21 –3.5
TechSelectSector XLK 135.86 3.32 –21.9 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Money Rates May 13, 2022 UtilitiesSelSector
VanEckGoldMin
XLU
GDX
71.43
30.88
1.19
2.32
–0.2
–3.6
expectations
Key annual interest rates paid to borrow or lend money in U.S. and VangdInfoTech
VangdSC Val
VGT
VBR
350.38
161.03
3.78
2.45
–23.5
–10.0
Investment-grade spreads that tightened the most…
international markets. Rates below are a guide to general levels but VangdExtMkt VXF 140.62 4.14 –23.1 Spread*, in basis points
VangdSC Grwth VBK 208.55 4.59 –26.0 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
don’t always represent actual transactions. VangdDivApp VIG 150.66 1.55 –12.3
VangdFTSEDevMk VEA 43.55 2.81 –14.7 Morgan Stanley MS 3.950 4.17 April 23, ’27 126 –30 153
Week —52-WEEK—
Inflation Latest ago High Low
VangdFTSE EM VWO 41.48 2.47 –16.1
Bnp Paribas BNP 4.375 4.41 Sept. 28, ’25 158 –13 151
VangdFTSE Europe VGK 56.60 2.91 –17.1
April index Chg From (%)
Switzerland 0.00 0.00 0.00 0.00 VangdFTSEAWxUS VEU 52.29 2.71 –14.7 Mitsubishi Ufj Financial MUFG 2.193 3.63 Feb. 25, ’25 85 –8 89
level March '22 April '21 VangdGrowth VUG 237.81 3.76 –25.9
Britain 1.00 1.00 1.00 0.10 VangdHlthCr VHT 235.08 1.52 –11.8 Transatlantic Holdings … 8.000 5.10 Nov. 30, ’39 180 –8 n.a.
U.S. consumer price index Australia 0.35 0.35 0.35 0.10 VangdHiDiv VYM 108.07 1.26 –3.6
VangdIntrCorpBd VCIT 81.25 –0.28 –12.4 Texas Eastern Transmission … 7.000 4.87 July 15, ’32 193 –7 185
All items 289.109 0.56 8.3
VangdLC VV 183.69 2.57 –16.9 –6
Core 290.846 0.53 6.2 Secondary market VangdMC VO 211.98 3.09 –16.8
Caterpillar Financial Services … 0.800 3.20 Nov. 13, ’25 41 48
VangdMC Val VOE 140.62 2.02 –6.5 Siemens Financieringsmaatschappij … 3.250 3.34 May 27, ’25 54 –6 n.a.
Fannie Mae VangdMBS VMBS 48.19 –0.43 –8.8
International rates 30-year mortgage yields VangdRealEst VNQ 96.78 2.64 –16.6 Amazon.Com AMZN 3.000 2.99 April 13, ’25 18 –5 20
VangdS&P500ETF VOO 369.16 2.36 –15.4
Week 52-Week 30 days 4.732 4.952 4.972 2.216
Latest ago High Low 60 days 4.817 5.047 5.074 2.261
VangdST Bond
VangdSTCpBd
BSV
VCSH
77.21
76.95
–0.09
–0.04
–4.5
–5.3
…And spreads that widened the most
VangdShtTmInfltn VTIP 50.61 0.36 –1.5
Notes on data: Blackrock BLK 3.200 3.59 March 15, ’27 70 41 70
Prime rates VangdShortTermTrea VGSH 59.12 –0.03 –2.8
U.S. prime rate is the base rate on corporate 188.08 3.24 –16.8 13
U.S. 4.00 4.00 4.00 3.25 loans posted by at least 70% of the 10 largest
VangdSC VB Citigroup C 3.400 4.06 May 1, ’26 117 112
VangdTaxExemptBd VTEB 49.28 –0.32 –10.3
Canada 3.20 3.20 3.20 2.45 U.S. banks, and is effective May 5, 2022. Other VangdTotalBd BND 75.94 –0.37 –10.4 Deutsche Bank Ag DB 0.898 3.74 May 28, ’24 114 12 100
prime rates aren’t directly comparable; lending VangdTotIntlBd BNDX 50.84 –0.31 –7.8
Japan 1.475 1.475 1.475 1.475 practices vary widely by location. Complete Societe Generale S.A. SOCGEN 4.250 4.45 April 14, ’25 167 12 n.a.
VangdTotIntlStk VXUS 54.12 2.69 –14.9
Money Rates table appears Monday through VangdTotalStk VTI 200.90 2.68 –16.8
Policy Rates Friday. VangdTotlWrld VT 90.36 2.76 –15.9 Bp Capital Markets … 3.506 3.29 March 17, ’25 49 9 50
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 140.09 1.33 –4.8 Daimler Trucks Finance North America … 3.650 4.21 April 7, ’27 132 9 121
Tennessee Gas Pipeline … 7.000 4.53 March 15, ’27 165 9 n.a.

Dividend Changes High-yield issues with the biggest price increases…

Bond Price as % of face value
Amount Payable / Amount Payable / Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record 2.19
Transocean RIG 6.800 13.90 March 15, ’38 55.000 60.125
Increased Banco Bradesco Pref ADR BBD 4.4 .00367 M Jul08 /Jun03
Brookfield Asset Mgmt BAM 1.2 .14 Q Jun30 /May31 Telecom Italia Capital S.A. … 6.375 8.60 Nov. 15, ’33 83.971 1.76 n.a.
Alerus Financial ALRS 2.8 .18 /.16 Q Jul08 /Jun17
Brookfield Reinsurance BAMR ... .14 Q Jun30 /Jun15 We Mc WEWORK 7.875 19.17 May 1, ’25 75.375 0.88 85.000
Atlanticus 7.625% Pfd. B ATLCP 8.0 .4831 /.47004 Q Jun15 /Jun01
CI Financial CIXX 4.9 .1391 Q Oct14 /Sep30 0.75
Bunge Ltd BG 2.3 .625 /.525 Q Sep02 /Aug19 American Airlines … 11.750 7.67 July 15, ’25 111.250 113.280
Crescent Point Energy CPG 2.0 .0502 Q Jul04 /Jun15
Dine Brands Global DIN 2.7 .51 /.46 Q Jul08 /Jun20
Eneti NETI 0.6 .01 Q Jun15 /May23
Kelly Services Cl A KELYA 1.7 .075 /.05 Q Jun09 /May26
First Majestic Silver AG 0.3 .006 Q Jun10 /May25 …And with the biggest price decreases
Kelly Services Cl B KELYB 1.6 .075 /.05 Q Jun09 /May26
GeoPark GPRK 2.2 .082 Q Jun10 /May26 –0.94
Kite Realty Group Trust KRG 3.7 .21 /.20 Q Jul15 /Jul08 Zf North America Capital … 4.750 5.87 April 29, ’25 97.000 n.a.
Gpo Aeroport Sureste ADR ASR 4.9 7.41133 A Jun13 /May31
Pangaea Logistics Solns PANL 5.8 .075 /.05 Q Jun15 /Jun01 Gpo Aeroportuario Pac ADR PAC 2.5 3.15015 SA May26 /May13 Navient NAVI 6.125 7.00 March 25, ’24 98.500 –0.63 n.a.
Psychemedics PMD 4.3 .07 /.05 Q Jun24 /May27 Grupo Aeroportuario ADR OMAB 5.8 1.82121 A May24 /May23 Dish DBS … 5.875 11.26 Nov. 15, ’24 88.563 –0.44 93.500
Reduced Manulife Financial MFC 5.1 .255 Q Jun20 /May25
Osisko Gold Royalties OR 1.6 .0425 Q Jul15 /Jun30 Deutsche Bank Ag DB 4.500 5.18 April 1, ’25 98.202 –0.28 98.270
National Bankshares NKSH 4.4 .72 /.74 SA Jun01 /May23
United-Guardian UG 4.4 .37 /.65 SA Jun01 /May23 Pan American Silver PAAS 2.2 .12 Q Jun03 /May24 Ford Motor Credit … 3.087 3.72 Jan. 9, ’23 99.601 –0.27 99.375
SFL SFL 8.1 .22 Q Jun29 /Jun15
Stocks Stantec STN 1.3 .1391 Q Jul15 /Jun30 Prime Security Services Borrower … 5.750 7.16 April 15, ’26 95.250 –0.25 95.303
Pyxis Tankers PXS 1:4 /May13 Sun Life Financial SLF 4.4 .5331 Q Jun30 /Jun01 Bath & Body Works BBWI 6.875 7.69 Nov. 1, ’35 93.276 –0.22 94.222
Rockwell Medical RMTI 1:11 /May13 Sources: FactSet; Dow Jones Market Data
*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.
Foreign KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Note: Data are for the most active issue of bonds with maturities of two years or more
Banco Bradesco Ord ADR BBDO 4.0 .00333 M Jul08 /Jun03 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
CitiusPharmWt CTXRW 0.11 -2.6 FNB PfdE FNBpE 25.02 -0.4 HorizonGlobal HZN 2.35 -2.1 MisterCarWash MCW 10.87 -6.5 PowerFleet PWFL 2.21 -1.3 SkylightHealth SLHG 0.55 3.3
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American CitiusPharm CTXR 0.86 -0.3 FangHoldings SFUN 2.83 -14.5 IDW Media IDW 1.28 -3.0 MontereyCap MCACU 9.92 -0.2 PrimeImpactIWt PIAI.WS 0.13 -6.9 Soligenix SNGX 0.38 -6.7
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest ClimateReal II Wt CLIM.WS 0.25 4.3 FinanceofAmWt FOA.WS 0.17 9.7 IG Acqn Wt IGACW 0.13 -13.7 MonumentCirWt MONCW 0.12 -7.3 PrimeNumberI PNACU 9.93 -0.6 SoundFinBancorp SFBC 37.20 -0.8
session. % CHG-Daily percentage change from the previous trading session. CogentBio COGT 3.79 3.6 FinInstitutions FISI 26.54 -1.5 InsuAcqnIII Wt IIIIW 0.11 -11.1 MotiveCapII Wt MTVC.WS 0.25 -24.2 PriorityIncmPfdL PRIFpL 23.32 -1.3 SoundPointWt SPCMW 0.14 -20.9
CompassDigitalWt CDAQW 0.22 -42.7 FinTechAcqnVWt FTCVW 0.50 3.5 IconicSportsWt ICNC.WS 0.16 ... MotiveCapII MTVC.U 9.90 -1.2 PriorityIncmPfdD PRIFpD 23.95 -1.4 SportsTekAcqnWt SPTKW 0.07 -8.7
CompassPfdA CODIpA 23.03 -0.4 FintechEcoWt FEXDW 0.08 -12.4 iMediaBrandsNts IMBIL 18.40 -1.3 MountainI Wt MCAAW 0.14 -8.6 ProcessaPharm PCSA 1.69 -7.2 StratimCloud SCAQU 9.79 -0.1
Friday, May 13, 2022
ComSovereignPfdA COMSP 11.20 8.4 FirstBancshares FBMS 30.59 -0.4 InceptionGrowth IGTAU 9.93 -0.1 MountainCrestIII MCAEU 9.81 -4.1 ProFrac PFHC 17.60 0.6 StratimCloudWt SCAQW 0.05 -7.0
52-Wk % 52-Wk % 52-Wk % ComSovereignWt COMSW 0.11 -17.0 ForesightAuto FRSX 0.50 2.5 IndependenceWt ACQRW 0.23 3.4 Moxian MOXC 1.06 7.0 ProspectorCap PRSRU 9.82 ... SummitHlthcrWt SMIHW 0.10 -21.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Conifer CNFR 1.42 -3.7 FortistarSustWt FSSIW 0.14 -2.0 InhibikaseTherap IKT 0.66 -2.0 NSTS Bancorp NSTS 10.58 -1.3 ProtagenicWt PTIXW 0.10 -9.1 SummitHotelPfdE INNpE 21.44 -3.9
CornerGrowthAcqn COOLU 9.84 -0.3 FortressTransPfdB FTAIO 21.98 0.3 InspiraTechWt IINNW 0.24 -13.8 NamTaiProperty NTP 4.02 -5.7 ProvidentFin PROV 14.50 -0.5 SummitHotelPfdF INNpF 20.42 0.2
AdverumBiotech ADVM 0.81 -8.1 B.RileyPrin150Wt BRPMW 0.37 -3.6 CorvusPharm CRVS 1.01 ... FortressVal III Wt FVT.WS 0.26 -18.3 IntelligentMedWt IQMDW 0.14 8.2 NatlPrestoInds NPK 68.87 ... SunlinkHealth SSY 0.96 11.2
Highs AgileGrowth
AgileTherap
AGGRU
AGRX
9.79
1.57
-0.3
-1.2
B.RileyPrin250Wt BRIVW
ByteAcqnWt BYTSW
0.21
0.12
-3.9
-4.7
CrixusBH3AcqnWt BHACW 0.16 -20.0 FortressValueIV Wt FVIV.WS 0.25 -20.7 IntlMediaAcqnWt IMAQW 0.07 -21.4 NemauraMedical NMRD 2.15 1.3
PublicStoragePfI PSApI
PyrophyteAcqnWt PHYT.WS
21.90
0.18
0.5
-28.0 SutroBioph STRO 4.43 -6.1
AimfinityInvtI AIMAU 10.00 -0.4 CrownElectrokin CRKN 0.88 -4.1 FosterLB FSTR 12.11 0.3 IntlMediaAcqn IMAQU 9.15 -3.2 NeoleukinTherap NLTX 0.92 -8.4 Qumu QUMU 0.98 -6.5 TelaBio TELA 7.23 6.3
AgroFresh AGFS 1.55 4.3 Babcock&WilcxNt26 BWSN 23.05 -0.1 Cuentas CUEN 0.62 -5.3 4D Molecular FDMT 8.93 -4.4 InterPrivateII Wt IPVA.WS 0.24 3.8 TLGAcqnOneWt TLGA.WS 0.11 -5.3
Amdocs DOX 84.50 -0.7 NeuroOneMed NMTC 0.51 -1.7 RBB Bancorp RBB 19.96 -2.6
AimfinityInvtI AIMAU 9.89 -0.4 BabcockWilcoxPfdA BWpA 21.16 4.3 CustomersBncpNt34 CUBB 23.39 -1.0 4DpharmaWt LBPSW 0.12 1.8 iStarPfdI STARpI 24.47 -0.2 TraconPharm TCON 1.61 1.8
ArgusCapitalA ARGU 10.17 2.2 NewRelic NEWR 41.66 -2.6 RCF Acqn Wt RCFA.WS 0.25 -26.5
AirspanNetworksWt MIMO.WS 0.12 -19.8 BabcockWilcoxNts BWNB 21.15 0.5 Cybin CYBN 0.39 -2.1 FrequencyElec FEIM 7.18 3.2 iStarPfdG STARpG 23.52 -0.9 TSR TSRI 7.10 1.5
BlockHR HRB 32.36 6.1 NewResidentInvPfdD NRZpD 22.27 -1.3 RF Acqn RFACU 9.97 -0.3
AlabamaPwrPfdA ALPpQ 23.86 -1.9 BannerAcqnWt BNNRW 0.26 ... CynergisTek CTEK 0.69 ... FrontierInvtWt FICVW 0.08 6.1 JaguarGlbGrwI Rt JGGCR 0.12 57.0 TZP Strategies Wt TZPSW 0.10 31.7
DorchesterMnls DMLP 28.11 6.5 NewAge NBEV 0.26 -12.8 RF Acqn A RFAC 9.80 -0.3
AlexcoRes AXU 0.75 5.5 BaoshengMedia BAOS 0.35 -16.8 DHB Capital Wt DHBCW 0.14 5.0 FutureFinTech FTFT 0.45 -1.5 JupaiHoldings JP 0.39 -36.4 TaboolaWt TBLAW 0.47 1.7
FirstGuarBcshs FGBI 28.75 0.9 NextNav NN 4.36 3.1 RF Acqn Rt RFACR 0.10 ...
AlgonquinNt2079 AQNB 24.03 -2.2 BatteryFutureWt BFAC.WS 0.21 -5.0 DataIO DAIO 3.01 1.3 GAMCOGlbGoldPfB GGNpB 22.60 -0.5 KL Acqn Wt KLAQW 0.15 -5.9 TaylorDevices TAYD 8.75 0.1
GenieEnergy GNE 7.55 11.3 1.10 10.8 15.45 0.1 NightDragon NDACU 9.75 -0.1 RF Acqn Wt RFACW 0.09 -18.2
AllarityTherap ALLR BayFirstFinancial BAFN DAVIDsTEA DTEA 1.87 1.5 G&P Acqn GAPA.U 9.82 0.1 KairosAcqnWt KAIRW 0.05 14.1 TenonMedical TNON 6.35 -26.4
GroceryOutlet GO 37.82 4.0 0.12 -20.0 9.94 -0.8 NobleRockWt NRACW 0.15 -9.9 RF Industries RFIL 5.48 2.7
AlphaStarRt ALSAR BeardEnerTran BRD.U DayOneBiopharm DAWN 6.53 10.1 GSI Tech GSIT 3.00 3.7 KairousAcqnWt KACLW 0.11 -8.8 TimberlandBncp TSBK 25.38 -0.7
HF Sinclair DINO 47.58 4.0 NorthAtlAcqn NAACU 9.13 -3.8 RMGAcqnIIIWt RMGCW 0.26 7.4
AmerEqInvPfdA AELpA 23.11 -2.9 BigSkyGrowthWt BSKYW 0.22 ... DenaliCapAcqn DECAU 9.98 -0.3 GSRIIMeteoraWt GSRMW 0.09 -5.6 Karooooo KARO 21.80 -10.5 TransActTechs TACT 4.81 -1.6
HaymakerIII HYACU 10.33 0.2 NorthAtlAcqnA NAAC 9.15 -3.5 RaMedicalSys RMED 0.27 0.6
AmHomes4RentPfdH AMHpH 24.84 0.2 BiomX PHGE 0.64 -7.5 Deswell DSWL 3.25 -1.2 GSquaredI Wt GSQD.WS 0.23 7.9 KernelWt KRNLW 0.06 -14.0 TravelCtrsNt30 TANNZ 25.00 -1.1
HuronConsulting HURN 59.33 2.9 NorthernStrIII Wt NSTC.WS 0.13 -5.0 RainTherap RAIN 2.54 -10.8
AmericasTechWt ATA.WS 0.07 -24.1 BiteAcqnWt BITE.WS 0.08 5.0 DiamondHeadWt DHHCW 0.15 22.9 G3VRMAcqnRt GGGVR 0.11 3.3 KeyTronic KTCC 5.00 -1.0 TrilogyMetals TMQ 0.83 2.2
InnovSolSuprt ISSC 8.96 9.7 NorthernStrIV Wt NSTD.WS 0.09 ... ReadyCapPfdE RCpE 20.55 -0.7
AnaptysBio ANAB 20.24 -0.4 BlackDiamond BDTX 1.77 -3.8 Digimarc DMRC 17.09 -9.4 GabelliEquityPfdK GABpK 22.69 1.7 KeyarchAcqn KYCHU 9.91 1.3 TrineIIAcqnWt TRAQ.WS 0.14 ...
JohnMarshallBncp JMSB 26.00 3.7 NorthViewRt NVACR 0.07 -0.5 ReadyCapPfdC RCpC 20.31 -0.3
AngelOakMtg AOMR 12.60 -3.7 BlockchainMoonWt BMAQW 0.06 49.4 DigitalMedia DMS 1.35 -2.9 Gaming&HospWt GHACW 0.12 -14.2 KinrossGold KGC 3.92 2.5 TwelveSeasII Wt TWLVW 0.10 -19.8
KingswoodA KWAC 10.26 ... NouveauMonde NMG 4.92 -3.7 RechargeAcqnWt RCHGW 0.08 3.1
AnnalyCapPfdI NLYpI 23.00 -1.1 BlueBird BLBD 12.41 -7.6 Disruptive I Wt DISAW 0.11 -26.4 GenAsia I Wt GAQ.WS 0.20 -36.3 KronosBio KRON 3.78 -2.3 TwoHarborsPfdC TWOpC 20.35 0.1
MurphyUSA MUSA 251.51 1.7 NuSTAR PfdA NSpA 21.94 -0.2 RedboxWt RDBXW 0.12 -3.5
AppliedBlockchn APLD 1.73 ... BlueOceanWt BOCNW 0.12 -15.8 DriveShackPfdD DSpD 18.93 -1.6 GenesisGrowthWt GGAAW 0.12 -14.1 LDH Growth I Wt LDHAW 0.19 4.0 UMH Prop UMH 18.76 0.7
NACCO Inds NC 53.82 4.4 Nuvalent NUVL 7.80 -4.0 RedwoodsAcqnWt RWODW 0.08 -11.1
APxAcqnI Wt APXIW 0.14 -12.5 BlueSafariRt BSGAR 0.18 -0.5 DuPont pfB CTApB 87.00 -0.7 GigaMedia GIGM 1.49 -1.3 LakeshoreAcqnII LBBB 9.90 -0.2 UMH PropPfdC UMHpC 24.57 -0.6
NL Industries NL 8.35 -0.6 Nyxoah NYXH 12.81 -7.3 ReinsuranceGrpDeb RZA 25.01 -0.4
ArborRaphaCapBioI ARCKW 0.11 -20.2 BrickellBiotech BBI 0.19 -10.0 E.MergeTechWt ETACW 0.06 3.1 GigCapital5 GIA.U 10.05 -0.6 LandcadiaIV Wt LCAHW 0.22 -20.5 UMH PropPfdD UMHpD 24.66 -0.3
PenskeAuto PAG 116.72 6.3 OFSCreditPfdC OCCIO 23.52 -1.2 RenovacorWt RCOR.WS 0.10 41.5
ArborRealtyPfdD ABRpD 20.87 -0.4 BridgetownWt BTWNW 0.24 13.2 EPR PropPfdE EPRpE 31.20 1.4 GlassHouses GLHAU 9.80 -0.9 LarimarTherap LRMR 2.41 -0.4 USWellServicesA USWS 0.61 -6.2
ProFrac PFHC 18.95 0.6 OTR Acqn OTRAU 9.20 -20.9 Renovacor RCOR 2.10 -2.8
ArchCapitalPfdG ACGLN 18.16 0.2 BrilliantEarthA BRLT 4.46 -33.6 EPR PropPfdG EPRpG 22.01 -0.5 GlblBlockchain GBBKU 9.93 -0.2 LazardGrowthIWt LGACW 0.23 0.4 UTime UTME 1.18 -1.7
SFL SFL 11.14 4.9 OTRAcquisition OTRA 8.08 -4.3 RenttheRunway RENT 4.01 -1.7
ArctosNthStar ANAC.U 9.79 -0.8 BuildAcqnWt BGSX.WS 0.06 0.3 ESM Acqn Wt ESM.WS 0.16 -22.7 GlbNetLeasePfdA GNLpA 22.55 1.1 LearnCWInvtWt LCW.WS 0.25 -8.8 Uxin UXIN 0.41 -3.7
SachemNts2027 SCCF 24.85 -0.2 OmniLitAcqnWt OLITW 0.16 -1.3 RepareTherap RPTX 8.68 -2.1
ArgoGroupNts42 ARGD 22.35 0.8 BullpenParlayAcqUn BPACU 9.93 -0.1 EVI Industries EVI 12.00 -1.6 GlbPtrII Wt GPACW 0.16 -10.5 LegatoMergerIIWt LGTOW 0.21 -4.4 ViaOptronics VIAO 3.12 -3.1
ScorpioTankers STNG 28.56 9.9 OncoSecMedical ONCS 0.67 3.6 RevolutionWt REVHW 0.20 -31.5
AriszAcqnWt ARIZW 0.10 -0.1 CEA Inds Wt CEADW 0.26 -11.9 EaglePointNts29 ECCV 22.66 -0.7 GoldenFalconWt GFX.WS 0.10 -5.4 LexariaBioscience LEXX 1.92 -6.4 VTEX VTEX 4.06 2.0
SenecaFoods A SENEA 57.08 2.8 OncternalTherap ONCT 0.69 -4.4 RexfordIndPfdB REXRpB 24.20 -0.2
ArmourResPfdC ARRpC 22.39 -0.5 CenaqEnergyWt CENQW 0.08 -1.2 EaglePointNts31 ECCW 24.66 -0.4 GolubCapital GBDC 14.32 -1.2 LibertyBroadPfdA LBRDP 25.35 0.7 VahannaTechI Wt VHNAW 0.06 -8.0
Sylvamo SLVM 48.74 7.0 1895Bancorp BCOW 9.92 -0.4 RiceAcqnII Wt RONI.WS 0.47 ...
ArogoCapWt AOGOW 0.11 -26.6 C5 Acqn CXAC.U 9.96 -0.5 EaglePointPfdD ECCpD 22.18 -1.1 GoresIX A GHIX 9.63 -0.2 LibertyTripAdvB LTRPB 10.94 -4.9 ValleyNatlPfdA VLYPP 24.16 -1.4
Torm TRMD 12.46 5.3 OpiantPharm OPNT 7.34 23.2 RigelResourceWt RRAC.WS 0.24 -19.8
AscendantDigWt ACDI.WS 0.25 -29.0 CHS PfdB2 CHSCN 24.02 -3.2 EdibleGarden EDBL 1.67 -2.1 GoresTechWt GTPAW 0.61 -3.3 Lifevantage LFVN 3.80 3.8 VallonPharm VLON 0.69 -25.4
USGasolineFd UGA 70.84 3.6 OvidTherap OVID 2.18 -2.9 RiverNorthPfdA RMPLp 25.01 0.1
AspenInsPfd AHLpC 23.31 -0.4 CHS PfdB4 CHSCL 25.63 -1.6 EffectorTherap EFTR 1.75 -7.2 GreatAjax AJX 8.68 1.0 LightJumpWt LJAQW 0.10 0.8 ValorLatitudeWt VLATW 0.13 -4.1
Valhi VHI 41.64 5.6 OysterPtPharma OYST 4.67 -2.2 RockwellMedical RMTI 1.92 -14.9
Atento ATTO 13.24 -5.9 CHS PfdB3 CHSCM 24.27 -3.0 EllingtonFinPfdA EFCpA 22.92 0.6 GreatElmCap GECC 12.73 -4.5 LineageCell LCTX 1.10 -5.1 ValuenceI A VMCA 9.98 -0.2
Parts Id ID 1.31 -11.5 SciStratWt SSAAW 0.11 -20.0
Lows AthenaConsumer ACAQ.U
AthenaCnsmrWt ACAQ.WS
10.02
0.10
-0.3
1.9
CONXWt
CamdenNational CAC
CONXW 0.35
42.28
-0.2
-2.4
Embecta
EmersonRadio
EMBC
MSN
24.61
0.57
-8.8
-1.0
GreenlandTech GTEC
HTG Molecular HTGM
2.60
0.55
-2.1
0.3
LionheartAcqnII LCAP
LiqTechIntl LIQT
9.06
0.48
-3.5
-45.4 P&FIndustries PFIN 5.21 8.0 ScionTechII Wt SCOBW 0.08 24.9
VerbTech
VincerxPharma VINC
VERB 0.29
2.11
-1.1
-6.1
AcresCmclPfdC ACRpC 22.72 -0.6 AtlCoastal II Wt ACABW 0.05 10.1 Canna-GlobalWt CNGLW 0.09 -10.0 EmpowermentI EPWR.U 9.82 -0.1 HallmarkFin HALL 2.67 -8.2 LixiangEduc LXEH 3.48 -20.0 PHP Ventures Wt PPHPW 0.13 -5.6 ScreamingEagle SCRMU 9.79 -0.3 Vodafone VOD 14.42 -0.5
AEA-BridgesWt IMPX.WS 0.54 ... AtlStreetAcqnWt ASAQ.WS 0.05 8.0 CartesianGrwII RENEU 9.96 -0.1 EmpowerIWt EPWR.WS 0.08 ... HamiltonLaneI Wt HLAHW 0.14 1.8 LumentFinPfdA LFTpA 24.35 -0.2 PoetTech POET 5.34 8.9 ScreamingEagleWt SCRMW 0.39 -3.0 VorBiopharma VOR 4.13 -4.1
AGNC InvtPfdD AGNCM 22.02 -1.5 AtlanticusNts26 ATLCL 23.44 0.9 CascadeAcqn CAS.U 10.01 -0.8 EnbridgeNts2078 ENBA 24.25 -1.6 HealthcrTriangle HCTI 0.61 1.2 MINDTech9%PfdA MINDP 13.75 -0.9 ParsecCapWt PCXCW 0.10 -41.2 SeabridgeGold SA 13.42 1.1 VyantBio VYNT 0.64 -2.1
AGNC InvtPfdE AGNCO 22.19 -0.7 AtlasNts2027 ATCOL 24.80 -1.3 CatalystPtrsWt CPARW 0.25 0.3 EnerTransferPfdE ETpE 23.40 -0.4 HlthcrTrAmerPfdA HTIA 23.02 -0.1 MarblegateAcqnWt GATEW 0.06 44.0 PennyMacPfdC PMTpC 21.03 -0.6 SenesTech SNES 0.39 -2.7 WaveLifeSci WVE 1.16 -4.7
AGNC InvtPfdF AGNCP 21.39 -0.9 Auddia AUUD 1.36 -5.4 Celcuity CELC 5.31 -7.0 Enfusion ENFN 7.80 -16.0 Heartbeam BEAT 1.20 -2.2 Marygold MGLD 0.97 2.0 Peraso PRSO 1.49 7.5 SeniorConnectI SNRHU 9.85 -0.1 WelsbachTechRt WTMAR 0.09 -21.2
AMTD IDEA AMTD 1.75 1.6 AusterlitzII Wt ASZ.WS 0.30 -16.4 CentessaPharm CNTA 5.37 -2.5 EnjoyTechWt ENJYW 0.08 26.9 HeliusMedical HSDT 1.35 8.1 MasonIndlTechWt MIT.WS 0.17 -10.5 PerpetuaRscs PPTA 3.07 -4.0 SenstarTech SNT 2.11 2.3 WescoPfdA WCCpA 27.52 ...
ASPACIIAcqn ASCBU 9.94 -0.3 AustinGold AUST 1.72 1.5 Cepton CPTN 2.34 -3.5 EnphysAcqn NFYS.U 9.67 -0.3 HennessyAdvNts HNNAZ 24.65 ... MediaAlpha MAX 9.68 -0.3 PetIQ PETQ 14.65 0.6 SeraPrognostics SERA 1.69 -0.6 WidePoint WYY 2.78 -2.5
AccelerateDiag AXDX 0.65 2.1 AuthenticEquity AEACU 9.85 -0.1 ChardanNex2 Wt CNTQW 0.07 9.3 Equillium EQ 2.13 0.9 HeritageInsurance HRTG 3.01 -2.9 MegaMatrix MTMT 1.15 -0.8 PioneerBancorp PBFS 9.81 ... Sientra SIEN 1.18 -7.8 WillametteVallPfA WVVIP 4.75 -2.7
AclarionWt ACONW 0.01 -25.5 AvalonGloboCare AVCO 0.45 -7.5 Chase CCF 79.72 -0.7 ErytechPharma ERYP 1.06 -3.5 HighTide HITI 1.73 -10.0 MeiwuTechnology WNW 0.62 1.9 PivotalInvtIII Wt PICC.WS 0.13 10.7 SierraLakeWt SIERW 0.10 -10.4 Winc WBEV 2.24 6.1
AcropolisInfr ACRO.U 9.71 ... Aware AWRE 2.54 4.7 ChickenSoupPfdA CSSEP 21.09 6.1 EveHolding EVEX 6.02 -1.4 HippoWt HIPO.WS 0.16 -5.3 MercurityFintech MFH 1.02 2.5 PlumAcqnIWt PLMIW 0.24 -16.6 SigilonTherap SGTX 0.75 -7.3 WirelessTel WTT 1.44 1.3
ActelisNtwks ASNS 2.39 -40.0 AxcellaHealth AXLA 1.35 5.0 ChinaGreenAg CGA 7.04 5.4 EveloBiosci EVLO 1.63 -11.8 HomeBancorp HBCP 34.15 -1.0 MillerIndustries MLR 24.13 -1.1 PortageFintechWt PFTAW 0.25 -8.0 SignalHillWt SGHLW 0.16 -20.0 XBiotech XBIT 5.73 -7.6
ADialPharmWt ADILW 0.24 -16.6 AxonPrime APMIU 9.70 -1.4 ChinaXiangFood BTOG 0.73 4.1 EvoAcqnWt EVOJW 0.07 -38.3 HomePlateAcqnWt HPLTW 0.09 7.7 MinervaNeurosci NERV 0.33 1.3 PostHldgsWt PSPC.WS 0.26 -29.7 SimonPropWt SPGS.WS 0.25 0.7 XtantMedical XTNT 0.48 -4.4
AdvHumanImaging AHI 0.85 -1.7 BRileyFinlNt2026 RILYG 22.59 -2.1 ChromaDex CDXC 1.51 3.0 Exagen XGN 4.82 -8.5 HomologyMed FIXX 1.39 -10.8 MinervaSurgical UTRS 1.61 14.9 PostHldgsPtr PSPC.U 9.72 0.2 SiyataMobileWt SYTAW 0.18 -12.9 ZimmerEnerWt ZTAQW 0.16 -11.8
AdvMergerPtrsWt AMPI.WS 0.23 -15.0 B.RileyNts2028 RILYZ 21.50 -0.5 Cingulate CING 1.05 15.7 Figs FIGS 9.23 -25.0 HorizonII Wt HZON.WS 0.23 -19.4 Minim MINM 0.54 -4.3 PoweredBrandsWt POWRW 0.12 -3.3 SkydeckAcqnWt SKYAW 0.22 -21.2 ZynerbaPharma ZYNE 0.84 -4.9
THE WALL STREET JOURNAL. * * * * * Saturday/Sunday, May 14 - 15, 2022 | B9

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. 33.01 24.24 14.67 FirstHorizon FHN 2.8 13 21.72 0.08 -21.68 188.52 112.15 ManhattanAssoc MANH ... 66 121.78 6.33 -34.32 311.75 154.64 Salesforce CRM ...111 166.91 6.49
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX -19.40 66.73 49.09 FirstIndRlty FR 2.2 28 53.36 1.38 -8.55 22.19 16.63 ManulifeFin MFC 5.1 6 17.44 0.68 3.85 58.10 46.92 Sanofi SNY 2.4 18 52.03 0.81
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. -31.52 222.86 136.31 FirstRepBank FRC 0.8 18 141.42 1.41 64.43 29.00 10.41 MarathonOil MRO 1.0 9 27.00 1.87 47.99 25.90 12.74 Sasol SSL 0.0 25 24.27 1.00
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -26.28 123.12 59.60 FirstSolar FSLR ... 32 64.25 2.85 49.84 96.90 50.19 MarathonPetrol MPC 2.4 21 95.88 3.14 36.03 46.27 25.89 Schlumberger SLB 1.7 28 40.74 1.71
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 2.21 48.85 35.42 FirstEnergy FE 3.7 20 42.51 0.30 -19.95 63.55 23.16 MaravaiLifeSci MRVI ... 19 33.54 1.26 -21.99 96.24 63.34 SchwabC SCHW 1.2 24 65.61 0.66
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. -7.34 119.86 89.91 Fiserv FISV ... 38 96.17 2.62 7.41 1519.24 1155.00 Markel MKL ... 10 1325.45 34.39 -66.30 372.70 54.06 Sea SE ... dd 75.40 13.95
-29.44 237.86 133.75 FiveBelow FIVE ... 29 145.98 6.89 -35.96 498.97 249.89 MarketAxess MKTX 1.1 41 263.38 6.12 -28.56 117.67 76.28 Seagate STX 3.5 10 80.71 2.61
-26.14 211.68 80.52 Five9 FIVN ... dd 101.42 8.50 0.70 195.90 127.23 Marriott MAR 0.7 37 166.40 3.36 -12.27 192.79 105.43 Seagen SGEN ... dd 135.63 8.53
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 4.36 282.02 200.78 FleetCorTech FLT ... 22 233.59 8.57 -7.98 183.14 131.96 Marsh&McLen MMC 1.3 25 159.95 3.98 -7.51 70.72 53.87 SealedAir SEE 1.3 18 62.40 -0.73
s-New 52-week high. standards vj-In bankruptcy or receivership or -11.29 19.50 14.88 Flex FLEX ... 8 16.26 0.57 -24.44 446.46 316.73 MartinMarietta MLM 0.7 31 332.84 5.27 21.76 173.28 119.56 Sempra SRE 2.8 51 161.06 3.10
t-New 52-week low. lf-Late filing being reorganized under the -45.03 145.89 66.68 Floor&Decor FND ... 28 71.47 0.60 -34.20 93.85 41.25 MarvellTech MRVL 0.4 dd 57.57 5.18 -26.92 65.58 42.67 SensataTechs ST 1.0 22 45.08 0.87
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -4.66 89.59 67.53 FomentoEconMex FMX 1.9 30 74.09 1.43 -21.15 71.06 48.78 Masco MAS 2.0 24 55.37 0.81 -4.49 72.07 51.51 ServiceCorp SCI 1.5 14 67.80 1.36
four quarters. requirements. assumed by such companies. -35.00 25.87 11.62 FordMotor F 3.0 5 13.50 1.06 -53.54 305.21 112.07 Masimo MASI ... 35 136.04 7.86 -30.27 707.60 406.47 ServiceNow NOW ...412 452.65 19.71
FD-First day of trading. t-NYSE bankruptcy -21.66 371.77 199.01 Fortinet FTNT ... 74 281.55 14.89 -7.38 399.92 305.61 Mastercard MA 0.6 35 332.80 11.56 -11.47 31.60 25.63 ShawComm B SJR 3.4 17 26.86 0.97
0.99 51.66 43.12 Fortis FTS 3.5 24 48.75 0.32 -41.39 182.00 67.87 MatchGroup MTCH ... 87 77.51 4.03 30.65 58.68 36.32 Shell SHEL 2.2 10 56.70 1.48
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -23.32 79.87 56.06 Fortive FTV 0.5 33 58.50 0.97 22.36 26.99 17.95 Mattel MAT ... 9 26.38 1.17 -22.38 354.15 233.32 SherwinWilliams SHW 0.9 40 273.33 -1.21
-34.85 109.23 66.01 FortBrandsHome FBHS 1.6 12 69.65 0.98 4.87 107.02 77.05 McCormickVtg MKC.V 1.5 36 100.04 1.20 7.09 39.17 29.00 ShinhanFin SHG 4.6 5 33.10 1.61
Friday, May 13, 2022 YTD 52-Week Yld Net -8.40 44.95 31.35 FoxA FOXA 1.4 14 33.80 0.35 3.79 107.35 77.85 McCormick MKC 1.5 36 100.27 2.40 -70.78 1762.92 308.06 Shopify SHOP ...324 402.48 48.97
% Chg Hi Lo Stock Sym % PE Last Chg -8.84 40.91 28.96 FoxB FOX 1.5 13 31.24 0.38 -8.59 271.15 217.68 McDonalds MCD 2.3 26 245.04 0.85 -7.26 20.64 10.51 Sibanye-Stillwater SBSW 8.9 4 11.63 0.86
YTD 52-Week Yld Net -1.89 169.32 124.95 Franco-Nevada FNV 0.9 35 135.68 0.45 30.44 339.94 184.43 McKesson MCK 0.6 45 324.24 2.23 -37.80 374.76 179.05 SignatureBank SBNY 1.1 12 201.20 12.02
-9.96 137.19 100.66 CanNtlRlwy CNI 2.1 20 110.62 -0.66 -25.08 38.27 23.63 FranklinRscs BEN 4.6 7 25.09 0.57 -22.94 24.13 17.38 MedicalProp MPW 6.4 10 18.21 0.33 -26.91 171.12 111.17 SimonProperty SPG 5.8 18 116.78 1.16
% Chg Hi Lo Stock Sym % PE Last Chg -16.03 51.99 30.02 FreeportMcM FCX 1.7 10 35.04 0.70 -0.75 135.89 98.38 Medtronic MDT 2.5 28 102.67 1.56 -3.31 7.29 5.76 SiriusXM SIRI 1.4 18 6.14 0.15
43.98 70.60 29.53 CanNaturalRes CNQ 3.9 10 60.83 3.24
ABC -3.66 84.22 64.37 CanPacRlwy
0.61 25.48 21.00 Canon
CP 0.9
CAJ 2.9
22 69.31
13 24.58
1.21
-0.06
-10.01 42.45 28.75 FreseniusMed FMS
-24.97 22.80 4.12 FullTruck YMM
1.7
...
15 29.21 0.42
dd 6.28 0.28
-41.04 1970.13 640.00 MercadoLibre MELI
17.97 91.40 70.89 Merck MRK
...218 794.96
3.1 16 90.41
72.03
-0.42
-33.30 197.62 97.59 Skyworks
-30.10 86.74 57.05 SmithAO
SWKS
AOS
2.2 13 103.48
1.9 19 60.01
3.53
0.95
-24.52 39.11 27.74 ABB ABB 2.4 12 28.81 0.66 -19.73 177.95 111.58 CapitalOne COF 2.1 5 116.46 2.91 -40.95 384.33 169.00 MetaPlatforms FB ... 15 198.62 7.38 -9.39 44.47 29.40 Smith&Nephew SNN 2.3 26 31.37 1.47
-13.96 79.97 58.36 AECOM ACM 0.9 46 66.55 1.31 8.00 64.53 45.85 CardinalHealth CAH 3.5 dd 55.61 0.63 GHI 1.49 73.18 55.21 MetLife MET 3.2 8 63.42 0.51 6.19 146.74 118.55 Smucker SJM 2.7 27 144.23 -0.48
-16.71 27.00 19.14 AES AES 3.1 dd 20.24 0.79 -1.00 275.13 178.73 Carlisle CSL 0.9 24 245.65 1.64 -26.05 1714.75 1168.31 MettlerToledo MTD ... 37 1255.11 41.99 -47.37 83.34 20.95 Snap SNAP ... dd 24.75 1.98
-3.61 67.20 51.28 Aflac AFL 2.8 9 56.28 0.17 -31.38 60.62 34.62 Carlyle CG 3.5 5 37.67 2.12 -26.02 43.71 25.91 GFLEnvironmental GFL 0.2 dd 28.00 1.27 -23.01 90.00 63.34 MicrochipTech MCHP 1.6 30 67.03 1.60 0.52 257.98 197.75 SnapOn SNA 2.6 14 216.49 1.74
5.25 150.68 108.56 AGCO AGCO 0.8 10 122.11 3.94 -29.62 155.98 85.36 CarMax KMX ... 13 91.66 0.40 -4.51 187.02 135.50 Gallagher AJG 1.3 36 162.02 4.54 -22.79 98.45 65.67 MicronTech MU 0.6 9 71.92 4.21 -53.25 405.00 126.01 Snowflake SNOW ... dd 158.36 17.76
-36.54 413.89 230.72 Ansys ANSS ... 49 254.57 14.03 -29.03 31.52 12.72 Carnival CCL 0.0 dd 14.28 1.02 -33.69 344.66 77.58 GameStop GME 0.0 dd 98.39 8.82 -22.36 349.67 238.60 Microsoft MSFT 0.9 27 261.12 5.77 65.79 90.87 40.53 SOQUIMICH SQM 0.5 40 83.61 7.19
53.03 45.27 15.54 APA APA 1.2 6 41.15 3.12 -28.02 27.31 11.93 Carnival CUK 0.0 dd 13.31 0.95 -7.89 51.46 41.81 Gaming&Leisure GLPI 6.3 20 44.82 1.59 -21.65 231.63 154.07 MidAmApt MAA 2.4 35 179.76 2.41 -17.22 389.71 200.86 SolarEdgeTech SEDG ... 75 232.25 20.33
-15.24 9.62 6.17 ASETech ASX 3.3 6 6.62 0.29 -25.90 58.89 36.23 CarrierGlobal CARR 1.5 13 40.19 1.09 -25.56 178.81 97.36 Garmin GRMN 2.6 18 101.36 1.89 -28.98 201.34 127.02 Middleby MIDD ... 16 139.73 7.47 -31.16 133.75 79.94 Sony SONY 0.5 14 87.01 3.11
-31.13 895.93 509.55 ASML ASML 0.9 37 548.32 25.96 -83.47 376.83 28.35 Carvana CVNA ... dd 38.31 0.91 -23.57 369.00 221.50 Gartner IT ... 27 255.52 7.92 5.31 6.78 5.15 MitsubishiUFJ MUFG 3.3 7 5.75 0.09 7.39 77.23 60.12 Southern SO 3.7 34 73.65 0.25
6.86 25.57 16.62 AT&T T 5.6 8 19.84 0.12 5.26 229.18 170.82 CaseysGenStores CASY 0.7 24 207.74 3.80 -35.64 524.31 197.94 Generac GNRC ... 30 226.49 12.46 -7.45 3.21 2.30 MizuhoFin MFG 4.5 6 2.36 0.03 -10.78 80.07 54.03 SoCopper SCCO 7.5 12 55.06 0.36
-21.93 142.60 104.63 AbbottLabs ABT 1.7 25 109.88 1.91 -23.31 142.64 86.34 Catalent CTLT ... 36 98.18 3.18 8.56 254.99 182.66 GeneralDynamics GD 2.2 19 226.31 2.82 -45.70 497.49 119.01 Moderna MRNA ... 4 137.91 7.74 0.35 63.68 36.75 SouthwestAir LUV 0.0 46 42.99 0.66
13.37 175.91 105.56 AbbVie ABBV 3.7 22 153.50 -0.79 -1.17 246.69 179.67 Caterpillar CAT 2.2 17 204.33 1.30 -20.56 116.17 71.14 GeneralElec GE 0.4 dd 75.05 1.77 -23.49 221.68 117.56 MohawkInds MHK ... 9 139.38 0.49 41.20 8.68 3.81 SouthwesternEner SWN ... dd 6.58 0.17
-29.24 379.30 227.25 Abiomed ABMD ... 86 254.16 19.81 -15.20 176.50 132.26 Celanese CE 1.9 8 142.52 3.50 8.49 73.99 56.67 GeneralMills GIS 2.8 20 73.10 0.89 -6.98 350.19 239.20 MolinaHealthcare MOH ... 25 295.89 6.18 -12.03 176.66 84.63 Splunk SPLK ... dd 101.80 8.04
-30.82 417.37 274.79 Accenture ACN 1.4 29 286.77 5.56 63.93 20.47 7.20 CenovusEnergy CVE 1.6 26 20.13 1.02 -34.83 67.21 34.58 GeneralMotors GM 0.0 6 38.21 2.65 6.03 70.00 51.21 MolsonCoorsA TAP.A 2.5 12 61.50 0.30 -54.67 305.60 89.03 Spotify SPOT ... dd 106.09 9.01
16.85 99.46 56.40 ActivisionBliz ATVI 0.6 25 77.74 0.36 -0.10 89.92 59.67 Centene CNC ... 33 82.32 1.09 -25.88 49.07 27.42 Genmab GMAB ... 40 29.32 1.00 20.67 61.48 42.46 MolsonCoorsB TAP 2.7 11 55.93 0.36 -35.53 219.59 117.53 StanleyBlackDck SWK 2.6 15 121.61 1.14
-28.50 699.54 370.27 Adobe ADBE ... 40 405.45 16.96 11.18 33.00 23.97 CenterPointEner CNP 2.2 12 31.03 0.64 -18.88 54.03 37.68 Genpact G 1.2 22 43.06 0.71 0.11 69.47 57.62 Mondelez MDLZ 2.1 22 66.38 0.70 -35.37 126.32 68.39 Starbucks SBUX 2.6 20 75.60 5.70
-11.95 244.55 187.16 AdvanceAuto AAP 2.8 22 211.21 2.31 34.32 9.61 5.17 CentraisElBras EBR 3.6 12 8.18 0.42 -14.78 37.90 27.06 Gentex GNTX 1.6 21 29.70 1.01 -45.97 590.00 227.60 MongoDB MDB ... dd 286.03 40.40 -4.77 27.00 21.88 StarwoodProp STWD 8.3 11 23.14 0.73
-25.64 138.02 92.28 AdvDrainageSys WMS 0.4 36 101.23 4.45 -46.01 130.37 48.93 CeridianHCM CDAY ... dd 56.40 4.47 -3.87 142.97 115.63 GenuineParts GPC 2.7 21 134.78 2.08 -12.50 580.00 301.53 MonolithicPower MPWR 0.7 75 431.67 43.25 -25.58 104.87 65.80 StateStreet STT 3.3 9 69.21 1.59
-33.90 164.46 72.72 AdvMicroDevices AMD ... 35 95.12 8.06 1.44 94.46 69.08 Cerner CERN 1.1 48 94.21 0.01 11.18 6.88 4.19 Gerdau GGB 0.5 3 5.47 0.19 -7.44 99.89 71.78 MonsterBev MNST ... 35 88.89 3.21 19.43 100.37 50.54 SteelDynamics STLD 1.8 4 74.13 -0.61
5.67 6.22 3.89 Aegon AEG 3.2 6 5.22 0.19 6.45 23.99 18.97 ChangeHlthcr CHNG ... dd 22.76 0.16 -14.10 74.12 57.19 GileadSciences GILD 4.7 17 62.37 -0.11 -26.02 407.94 276.79 Moody's MCO 1.0 27 288.96 3.37 -23.40 21.99 13.06 Stellantis STLA 7.8 3 14.37 0.70
-31.69 71.38 40.98 AerCap AER ... 6 44.69 2.83 -37.41 460.21 217.19 CharlesRiverLabs CRL ... 29 235.81 9.10 -48.80 137.00 30.74 GitLab GTLB ... dd 44.54 6.69 -17.95 109.73 76.75 MorganStanley MS 3.5 10 80.54 1.95 -11.19 255.93 188.10 Steris STE 0.8 74 216.18 -2.21
-25.22 179.57 112.64 AgilentTechs A 0.7 30 119.38 3.25 -27.70 825.62 410.33 CharterComms CHTR ... 17 471.39 6.13 -1.77 46.97 37.80 GSK GSK 4.6 16 43.32 0.85 -28.96 350.21 229.33 Morningstar MORN 0.6 57 242.95 9.79 -19.13 52.15 34.65 STMicroelec STM 0.5 15 39.53 2.51
-29.00 44.83 14.36 agilon health AGL ... dd 19.17 2.17 4.84 149.62 107.85 CheckPoint CHKP ... 20 122.20 1.59 -9.60 200.25 114.80 GlobalPayments GPN 0.8 35 122.20 4.38 58.54 79.28 28.26 Mosaic MOS 0.7 9 62.29 3.55 -12.77 281.16 224.02 Stryker SYK 1.2 44 233.27 5.27
-4.70 74.50 45.42 AgnicoEagle AEM 3.2 26 50.64 0.03 -5.69 539.87 403.00 Chemed CHE 0.3 29 498.94 -0.53 -18.78 79.49 43.59 GlobalFoundries GFS ... ... 52.77 3.07 -20.76 273.65 196.09 MotorolaSol MSI 1.5 30 215.29 13.75 -10.60 7.74 5.79 SumitomoMits SMFG 4.9 7 6.07 0.20
-23.19 316.39 216.24 AirProducts APD 2.8 24 233.71 2.30 33.63 150.00 80.06 CheniereEnergy LNG 1.0 dd 135.53 3.52 -40.55 354.62 159.56 Globant GLOB ... 82 186.73 14.81 -33.18 319.88 179.13 NICE NICE ... 70 202.86 12.74 -22.40 211.79 155.51 SunComms SUI 2.2 53 162.93 5.48
-27.05 212.58 111.22 Airbnb ABNB ...105 121.45 5.51 25.69 61.91 38.00 CheniereEnerPtrs CQP 5.3 24 53.09 2.63 2.62 108.61 85.25 GlobeLife GL 0.9 13 96.18 1.03 -54.83 55.13 11.67 NIO NIO ... dd 14.31 1.21 -14.49 58.49 46.23 SunLifeFinancial SLF 4.4 9 47.62 0.82
-15.70 123.25 93.74 AkamaiTech AKAM ... 27 98.67 1.27 33.12 97.61 48.19 ChesapeakeEner CHK 2.3 dd 85.89 1.40 -15.18 90.43 65.70 GoDaddy GDDY ... 41 71.98 2.88 30.33 24.06 11.46 NOV NOV 1.1 dd 17.66 0.59 45.19 37.93 17.10 SuncorEnergy SU 3.6 11 36.34 1.06
-2.12 291.48 152.58 Albemarle ALB 0.7 96 228.82 15.37 43.05 174.76 92.86 Chevron CVX 3.4 16 167.87 3.16 5.37 17.20 7.75 GoldFields GFI 2.2 13 11.58 0.53 -1.83 46.10 31.94 NRG Energy NRG 3.3 3 42.29 0.90 -5.28 12.82 8.37 Suzano SUZ 1.2 9 10.23 0.75
-0.76 37.99 18.60 Albertsons ACI 1.6 11 29.96 -0.01 -52.57 97.74 22.68 ChewyA CHWY ... dd 27.97 1.97 -19.75 426.16 293.90 GoldmanSachs GS 2.6 6 306.99 7.58 -27.34 5982.44 4087.17 NVR NVR ... 11 4293.57 45.82 16.86 33.84 18.24 Switch SWCH 0.6724 33.47 0.07
-2.10 98.09 31.00 Alcoa AA 0.7 15 58.33 3.75 -10.38 23.46 15.77 ChinaEastrnAir CEA ... dd 16.58 0.28 -60.45 17.15 2.31 Grab GRAB ... 3 2.82 0.12 -20.10 239.91 164.75 NXP Semi NXPI 1.9 23 181.99 8.33 -27.68 52.49 32.05 SynchronyFin SYF 2.6 5 33.55 0.52
-18.90 88.78 63.92 Alcon ALC 0.3 93 70.65 1.78 -12.64 10.79 6.93 ChinaLifeIns LFC 5.9 7 7.19 0.15 -24.58 81.09 58.41 Graco GGG 1.4 24 60.80 0.76 -29.77 214.96 141.22 Nasdaq NDAQ 1.6 21 147.49 3.16 -31.72 104.18 66.73 SyneosHealth SYNH ... 30 70.11 1.53
-25.35 224.95 159.75 AlexandriaRlEst ARE 2.8 60 166.45 4.49 7.18 55.77 40.60 ChinaPetrol SNP 13.2 5 49.85 1.06 -7.89 529.91 391.16 Grainger GWW 1.4 21 477.33 8.09 3.72 80.20 59.53 NationalGrid NGG 4.5 26 75.01 1.90 -25.10 377.60 229.04 Synopsys SNPS ... 48 275.99 13.93
-25.93 230.89 73.28 Alibaba BABA ... 24 87.99 6.90 -15.21 36.35 23.50 ChinaSoAirlines ZNH 0.0 dd 25.15 0.88 15.41 19.07 10.10 Grifols GRFS 3.7 11 12.96 0.44 -9.55 50.33 40.65 NatlRetailProp NNN 4.9 26 43.48 0.76 7.87 91.53 68.05 Sysco SYY 2.3 44 84.73 2.12
-58.08 737.45 250.64 AlignTech ALGN ... 31 275.52 15.99 -24.59 1958.55 1242.71 Chipotle CMG ... 55 1318.28 37.16 1.38 167.24 103.70 GpoAeroportuar PAC 2.5 24 139.37 4.31 -25.72 70.04 43.13 NatlStorage NSA 3.9 51 51.40 1.33
25.38 862.87 585.10 Alleghany Y 0.0 12 837.00 5.24 -17.75 157.46 110.94 ChoiceHotels CHH 0.7 25 128.30 2.98 -16.35 279.02 199.76 HCA Healthcare HCA 1.0 10 214.92
-18.36 79.39 50.61 HDFC Bank HDB 1.4 19 53.12
1.12
0.32
-14.73 7.00 4.99 NatWest NWG 5.2 7 5.21 0.10 TUV
-14.84 148.69 105.06 Allegion ALLE 1.5 22 112.78 1.60 6.84 218.99 155.78 Chubb CB 1.5 11 206.54 1.10 -22.59 96.82 68.23 NetApp NTAP 2.8 16 71.21 1.53
-4.93 65.37 54.46 AlliantEnergy LNT 2.9 22 58.44 0.42 -0.26 45.87 39.12 ChunghwaTel CHT 2.9 26 42.10 0.23 s 42.95 47.58 27.16 HF Sinclair DINO 3.4 14 46.86 1.80 -9.16 120.84 68.62 NetEase NTES 1.3 24 92.46 4.50 19.08 59.06 44.77 TC Energy TRP 5.2 21 55.42 1.00
-2.36 41.47 26.11 HP HPQ 2.7 7 36.78 0.94 -68.85 700.99 162.71 Netflix NFLX ... 17 187.64 13.33 -13.40 130.93 93.49 TD Synnex SNX 1.2 16 99.04 3.16
8.96 144.46 106.11 Allstate ALL 2.7 10 128.19 0.64 -4.24 105.28 80.76 Church&Dwight CHD 1.1 30 98.15 0.72 -22.39 166.44 119.81 TE Connectivity TEL 1.8 17 125.22 2.61
-16.87 56.61 37.05 AllyFinancial ALLY 3.0 5 39.58 1.43 -19.50 262.20 175.01 ChurchillDowns CHDN 0.3 30 193.92 8.78 1.86 38.61 24.31 HSBC HSBC 4.0 11 30.71 1.16 -1.23 108.02 71.88 Neurocrine NBIX ...115 84.12 1.29
57.85 42.60 17.82 Halliburton HAL 1.3 21 36.10 1.54 84.51 49.30 19.17 NewFortressEner NFE 0.9 25 44.54 4.22 2.93 27.50 21.48 Telus TU 4.2 25 24.26 0.49
-25.42 212.00 117.58 AlnylamPharm ALNY ... dd 126.47 5.14 -31.97 78.28 49.52 Ciena CIEN ... 17 52.36 1.90 -8.71 56.86 32.46 Ternium TX 6.5 2 39.73 0.52
-19.47 3042.00 2202.27 Alphabet C GOOG ... 21 2330.31 67.09 12.87 269.97 191.74 Cigna CI 1.7 16 259.19 -0.84 0.74 78.17 59.86 HartfordFinl HIG 2.2 10 69.55 0.45 3.89 29.50 20.36 NewellBrands NWL 4.1 14 22.69 0.52
-9.51 105.73 81.16 Hasbro HAS 3.0 34 92.10 2.59 5.21 86.37 52.60 Newmont NEM 3.4 49 65.25 -0.10 -27.90 120.50 75.65 TFI Intl TFII 1.3 11 80.83 2.81
-19.88 3030.93 2196.49 Alphabet A GOOGL ... 21 2321.01 64.13 10.80 143.22 108.88 CincinnatiFin CINF 2.2 10 126.23 1.41 -24.67 77.35 54.49 TJX TJX 2.1 21 57.19 1.19
11.92 57.05 42.53 Altria MO 6.8 32 53.04 0.87 -15.16 461.44 338.00 Cintas CTAS 1.0 33 375.97 9.76 -12.70 34.83 26.36 HealthcareAmer HTA 4.5 70 29.15 0.41 -20.22 26.21 16.57 NewsCorp B NWS 1.1 21 17.95 0.35
-16.65 37.69 29.22 HealthpeakProp PEAK 4.0189 30.08 0.27 -20.04 27.51 16.54 NewsCorp A NWSA 1.1 21 17.84 0.46 8.92 150.20 101.51 T-MobileUS TMUS ... 57 126.33 2.30
-28.40 23.90 9.00 AlumofChina ACH ... 9 9.83 0.59 -21.79 64.28 47.47 CiscoSystems CSCO 3.1 18 49.56 1.27 ... 35.40 24.78 TPG TPG 6.4 ... 27.67 1.54
-32.19 3773.08 2048.11 Amazon.com AMZN ... 55 2261.10 122.49 -21.11 80.29 45.40 Citigroup C 4.3 6 47.64 1.08 -13.26 139.65 105.00 Heico A HEI.A 0.2 48 111.48 2.78 14.00 192.84 135.87 NexstarMedia NXST 2.1 8 172.12 4.71
-4.85 159.29 122.94 Heico HEI 0.1 59 137.22 3.57 -25.24 93.73 67.22 NextEraEnergy NEE 2.4 95 69.80 1.29 -37.98 224.56 112.65 TRowePrice TROW 3.9 10 121.96 2.72
2.14 3.95 2.50 Ambev ABEV 3.6 18 2.86 0.08 -19.70 57.00 36.83 CitizensFin CFG 4.1 8 37.94 0.15 -24.40 145.00 85.39 TaiwanSemi TSM 1.7 20 90.96 3.27
6.33 13.18 10.66 Amcor AMCR 3.8 21 12.77 0.20 4.82 121.87 78.07 CitrixSystems CTXS 1.5 45 99.15 -0.68 7.71 92.68 70.25 HenrySchein HSIC ... 18 83.51 -1.24 22.57 28.21 16.02 NielsenHoldings NLSN 1.0 17 25.14 -0.51
16.77 231.59 167.80 Hershey HSY 1.6 29 225.91 3.38 -32.20 179.10 105.00 Nike NKE 1.1 30 113.01 5.11 -38.14 195.82 101.85 TakeTwoSoftware TTWO ... 24 109.93 3.72
s 10.06 84.50 68.33 Amdocs DOX 1.9 20 82.37 -0.56 -38.99 34.79 11.71 Clarivate CLVT ... dd 14.35 0.93 5.28 17.56 13.17 TakedaPharm TAK 4.9 11 14.35 0.09
-26.97 769.90 505.32 Amerco UHAL 0.0 9 530.37 13.36 -0.18 34.04 15.81 Cleveland-Cliffs CLF 0.0 3 21.73 0.49 -24.05 46.00 14.15 HertzGlobal HTZ ... dd 18.98 0.51 9.82 32.59 23.65 NiSource NI 3.1 20 30.32 0.71
54.36 117.33 61.93 Hess HES 1.3 49 114.27 5.88 -21.54 6.40 4.51 Nokia NOK 0.3 15 4.88 0.21 -22.39 48.01 26.39 Tapestry TPR 3.2 11 31.51 0.88
4.61 99.20 79.35 Ameren AEE 2.5 24 93.11 0.50 -9.22 191.75 127.02 Clorox CLX 2.9 43 158.28 1.25 36.45 81.50 37.13 TargaResources TRGP 2.0 dd 71.28 2.95
-9.17 22.39 14.39 AmericaMovil A AMOV 2.1 11 19.12 -0.45 -49.52 221.64 51.00 Cloudflare NET ... dd 66.38 9.65 6.99 35.71 22.33 HessMidstream HESM 7.4 16 29.56 0.81 -14.09 5.65 3.57 NomuraHoldings NMR 4.9 9 3.72 0.11
1.14 17.76 12.99 HewlettPackard HPE 3.0 6 15.95 0.33 -16.96 272.28 197.20 Nordson NDSN 1.0 25 211.97 2.14 -5.06 268.98 184.00 Target TGT 1.6 16 219.73 2.46
-8.81 22.60 14.51 AmericaMovil AMX 1.8 11 19.25 -0.51 10.99 67.20 52.28 Coca-Cola KO 2.7 28 65.72 1.21 -17.76 35.38 18.48 TataMotors TTM ... dd 26.39 2.27
-7.68 26.04 12.44 AmerAirlines AAL 0.0 dd 16.58 1.09 -6.58 63.04 42.33 Coca-ColaEuro CCEP 4.2 21 52.25 2.80 -12.90 48.98 37.19 HighwoodsProp HIW 5.1 14 38.84 0.55 -16.25 299.19 238.62 NorfolkSouthern NSC 1.9 20 249.32 3.26
-12.44 167.99 114.70 Hilton HLT 0.4 53 136.59 4.16 -12.93 135.15 100.05 NorthernTrust NTRS 2.7 14 104.15 1.58 28.94 44.93 19.32 TeckRscsB TECK 1.0 6 37.16 1.52
13.02 65.02 45.75 AmCampus ACC 2.9161 64.75 ... -35.73 92.17 45.66 Cognex CGNX 0.5 32 49.98 3.39 -8.23 493.97 374.65 TeledyneTech TDY ... 33 400.95 16.18
12.05 104.81 80.22 AEP AEP 3.1 19 99.69 1.16 -17.29 93.47 66.19 CognizantTech CTSH 1.5 18 73.38 -0.16 -0.37 81.04 60.10 Hologic HOLX ... 13 76.28 2.01 16.99 490.82 344.89 NorthropGrum NOC 1.4 13 452.83 2.05
-28.67 420.61 280.63 HomeDepot HD 2.6 19 296.03 6.34 -7.81 30.91 23.47 NortonLifeLock NLOK 2.1 17 23.95 0.28 -15.23 428.36 256.77 Teleflex TFX 0.5 27 278.46 9.56
-2.96 199.55 149.88 AmerExpress AXP 1.3 16 158.75 5.48 1.08 278.34 222.04 Coherent COHR ... dd 269.42 2.15 -29.62 13.72 7.30 Ericsson ERIC 2.1 10 7.65 0.19
4.92 152.29 117.57 AmericanFin AFG 1.6 7 144.07 2.18 -73.11 368.90 40.83 CoinbaseGlbl COIN ... -9.91 33.42 24.73 HondaMotor HMC 3.2 6 25.63 0.54 -1.89 95.17 79.09 Novartis NVS 2.5 8 85.82 0.44
6 67.87 9.37 -7.18 236.86 174.42 Honeywell HON 2.0 26 193.53 0.61 12.83 11.78 7.62 TelefonicaBras VIV 6.6 14 9.76 0.03
-14.01 44.07 34.79 AmHomes4Rent AMH 1.9 78 37.50 1.57 -8.13 85.61 72.20 ColgatePalm CL 2.4 32 78.40 0.85 -5.32 122.16 78.71 NovoNordisk NVO 1.1 32 106.04 1.69
-16.08 120.53 82.51 HorizonTherap HZNP ... 25 90.43 2.44 -48.61 12.24 3.32 NuHoldings NU ... dd 4.82 0.82 16.04 5.39 4.10 Telefonica TEF 3.2 3 4.92 ...
2.99 65.73 44.54 AIG AIG 2.2 5 58.56 0.15 -17.58 61.80 39.47 Comcast A CMCSA 2.6 13 41.48 0.09 0.93 33.20 20.44 TelekmIndonesia TLK 4.3 17 29.26 -0.37
-20.46 303.72 220.00 AmerTowerREIT AMT 2.3 40 232.66 7.16 -12.34 102.09 63.07 Comerica CMA 3.6 11 76.26 0.22 9.01 55.11 40.48 HormelFoods HRL 2.0 31 53.21 0.89 8.45 187.90 87.71 Nucor NUE 1.6 4 123.79 -0.85
-36.81 110.45 64.13 DR Horton DHI 1.3 5 68.53 0.97 31.58 117.25 57.08 Nutrien NTR 1.9 13 98.95 3.54 48.23 33.28 18.80 Tenaris TS 0.0 12 30.92 1.23
-22.44 189.65 142.63 AmerWaterWorks AWK 1.8 21 146.48 0.66 -2.62 76.50 61.81 CommerceBcshrs CBSH 1.6 16 66.94 -0.11 -40.15 16.53 2.95 TencentMusic TME ... 15 4.10 0.21
-19.98 40.85 23.96 AmericoldRealty COLD 3.4 dd 26.24 1.02 5.10 39.09 30.06 ConagraBrands CAG 3.5 17 35.89 0.22 14.43 21.63 14.67 HostHotels HST 1.2 56 19.90 0.70 -39.80 346.47 135.43 NVIDIA NVDA 0.1 46 177.06 15.31
6.16 37.66 27.41 HowmetAerospace HWM 0.2 48 33.79 0.94 -11.51 92.65 59.74 TenetHealthcare THC ... 8 72.29 1.45
-13.28 332.37 236.35 Ameriprise AMP 1.9 10 261.61 10.64 -18.02 208.48 136.74 Concentrix CNXC 0.7 18 146.44 6.43
15.05 167.19 111.34 AmerisourceBrgn ABC 1.2 19 152.89 1.74 42.57 107.71 51.41 ConocoPhillips COP 1.8 11 102.91 3.31 -29.50 28.77 13.05 HuanengPower HNP 5.2 dd 18.62
-20.94 59.86 21.98 Huazhu HTHT 0.0 dd 29.52
-0.03
3.11
OPQ -34.35 168.91 98.64 Teradyne
-27.18 1243.49 546.98 Tesla
TER 0.4 20 107.35
TSLA ...104 769.59
5.49
41.59
-17.68 148.07 118.28 Ametek AME 0.7 27 121.04 0.63 11.81 99.22 71.17 ConEd ED 3.3 22 95.40 1.05 2.34 42.74 32.49 OGE Energy OGE 4.2 8 39.28 0.39 -26.28 192.91 116.01 TetraTech TTEK 0.7 27 125.18 1.51
8.19 258.45 198.64 Amgen AMGN 3.2 24 243.40 -1.32 -0.82 261.52 207.35 ConstBrands A STZ 1.3 dd 248.92 3.70 -6.77 212.54 170.76 Hubbell HUBB 2.2 21 194.18 -0.27
-46.01 866.00 295.53 HubSpot HUBS ... dd 355.87 46.14 10.02 75.07 48.51 ONEOK OKE 5.8 19 64.65 1.86 -3.12 11.54 7.23 TevaPharm TEVA ... dd 7.76 0.25
-19.43 88.45 64.52 Amphenol APH 1.1 26 70.47 1.84 ... 68.68 38.00 ConstellationEner CEG 1.0 ... 54.61 1.14 -10.00 748.68 519.32 OReillyAuto ORLY ... 20 635.62 13.28 -9.94 202.26 160.50 TexasInstruments TXN 2.7 19 169.74 3.84
-9.69 191.95 143.81 AnalogDevices ADI 1.9 50 158.74 5.85 29.24 66.86 29.32 ContinentalRscs CLR 1.5 11 57.85 1.04 -5.38 472.68 351.20 Humana HUM 0.7 19 438.89 9.95
-13.68 218.18 155.11 JBHunt JBHT 0.9 22 176.44 3.81 121.04 64.98 21.62 OccidentalPetrol OXY 0.8 10 64.08 4.86 8.25 1714.78 946.29 TexasPacLand TPL 0.9 33 1351.93 56.24
39.93 70.25 39.92 Anaplan PLAN ... dd 64.16 0.03 -21.76 463.59 309.43 Cooper COO 0.0 17 327.79 10.13 -56.42 276.30 80.31 Okta OKTA ... dd 97.70 10.01 -17.93 79.45 60.36 Textron TXT 0.1 18 63.36 1.41
-18.26 26.96 14.57 AngloGoldAsh AU 1.1 11 17.15 0.88 -26.16 161.12 105.41 Copart CPRT ... 25 111.96 3.97 -15.37 17.79 12.55 HuntingtonBcshs HBAN 4.8 18 13.05 0.17
9.12 228.66 175.50 HuntingIngalls HII 2.3 15 203.78 0.01 -52.63 30.41 11.73 Olaplex OLPX ... 39 13.80 0.88 -18.86 672.34 438.72 ThermoFisherSci TMO 0.2 28 541.42 15.62
-7.50 79.67 52.65 AB InBev BUD 0.7 24 56.01 1.98 -4.54 44.57 33.21 Corning GLW 3.0 28 35.54 0.33 -23.79 373.58 245.56 OldDomFreight ODFL 0.4 28 273.12 3.47 -20.71 123.60 91.55 ThomsonReuters TRI 1.9 28 94.85 1.88
-13.94 9.64 6.32 AnnalyCap NLY 13.1 4 6.73 0.19 17.32 62.04 40.60 Corteva CTVA 1.0 24 55.47 1.42 ... 41.65 24.09 Huntsman HUN 2.4 6 34.88 0.65
-12.83 108.10 67.70 HyattHotels H 0.0598 83.60 3.36 -7.65 27.19 21.50 OldRepublic ORI 4.1 5 22.70 0.31 -15.95 206.81 139.74 3M MMM 4.0 16 149.30 -0.29
84.46 39.24 10.91 AnteroResources AR ... dd 32.28 0.10 -4.02 21.30 13.24 Cosan CSAN 4.0 6 15.04 0.72 8.66 65.30 39.90 Olin OLN 1.3 7 62.50 2.22 -56.81 69.93 11.91 Toast
4.94 533.68 355.43 Anthem ANTM 1.1 19 486.45 1.93 -37.65 179.12 72.29 IAC/InterActive IAC ...532 81.50 4.66 TOST ... dd 14.99 0.70
-26.37 101.05 49.00 CoStar CSGP ... 74 58.19 2.61 -3.92 38.20 24.81 OmegaHealthcare OHI 9.4 16 28.43 0.50 -19.96 115.68 75.89 Toro TTC 1.5 23 79.97 1.04
-6.64 341.98 223.19 Aon AON 0.8 45 280.60 4.86 -12.41 612.27 375.50 Costco COST 0.7 40 497.27 11.09 -10.71 22.34 16.28 ICICI Bank IBN 0.3 19 17.67 -0.21
20.48 12.96 6.43 ICL Group ICL 1.3 19 11.65 0.49 5.10 91.61 65.76 Omnicom OMC 3.6 13 77.01 1.48 -7.24 86.02 62.81 TorontoDomBk TD 3.8 11 71.13 0.59
-19.24 55.82 42.30 AptIncmREIT AIRC 4.1 9 44.15 0.54 56.74 33.00 14.28 CoterraEnergy CTRA 2.0 14 29.78 0.71 -17.29 71.25 34.01 ON Semi ON ... 17 56.18 3.20 8.17 60.03 40.33 TotalEnergies TTE ... 8 53.50 1.81
-25.17 81.07 49.18 ApolloGlbMgmt APO 3.0 17 54.20 2.63 -45.00 706.95 330.66 IdexxLab IDXX ... 43 362.18 14.23
-54.59 46.00 8.98 Coupang CPNG ... dd 13.34 1.88 -22.11 55.25 35.04 OpenText OTEX 2.4 21 36.98 1.48 -12.94 213.74 155.05 ToyotaMotor TM 2.5 8 161.33 2.79
-17.15 182.94 122.86 Apple AAPL 0.6 24 147.11 4.55 -6.51 75.23 54.35 II-VI IIVI ... 29 63.88 1.35
8.09 182.11 88.67 Credicorp BAP 0.9 11 131.94 11.24 -18.39 106.34 68.97 Oracle ORCL 1.8 27 71.17 0.44 -15.40 241.54 170.82 TractorSupply TSCO 1.8 23 201.85 5.32
-28.91 167.06 102.99 ApplMaterials AMAT 0.9 16 111.86 5.10 -14.41 703.26 381.93 CreditAcceptance CACC ... 9 588.58 27.11 -30.32 15.97 8.97 ING Groep ING 8.6 ... 9.70 0.54
-22.50 29.71 16.76 Invesco IVZ 4.2 6 17.84 0.56 14.79 13.09 9.85 Orange ORAN 6.1219 12.11 0.04 -43.34 114.09 39.39 TradeDesk TTD ...258 51.92 7.08
-58.14 116.09 27.04 Applovin APP ...438 39.46 2.72 -32.47 11.19 6.07 CreditSuisse CS 0.5 dd 6.51 0.27 14.75 39.48 27.25 Organon OGN 3.2 7 34.94 0.59 -32.82 102.33 59.82 Tradeweb TW 0.5 58 67.27 1.74
-12.22 155.29 103.25 Aptargroup ATR 1.4 33 107.51 1.06 -26.03 285.61 198.11 IQVIA IQV ... 38 208.71 6.18
-23.67 298.48 130.00 CrowdStrike CRWD ... dd 156.29 16.48 -11.82 112.91 82.05 Orix IX 3.5 9 89.75 2.74 -31.70 207.06 130.01 TraneTech TT 1.9 23 137.98 3.55
-40.51 180.81 88.15 Aptiv APTV 0.0 83 98.13 6.64 8.99 59.11 48.93 IcahnEnterprises IEP 14.8 dd 54.05 1.00
-15.45 209.87 157.16 CrownCastle CCI 3.3 53 176.49 4.44 -13.74 92.84 71.07 OtisWorldwide OTIS 1.5 26 75.11 2.11 -11.39 688.03 537.55 TransDigm TDG 0.0 44 563.81 13.88
-8.71 39.95 31.22 Aramark ARMK 1.3270 33.64 1.34 -31.87 313.00 199.01 Icon ICLR ... 85 211.00 4.28
-6.29 130.42 95.27 CrownHoldings CCK 0.8 dd 103.66 2.15 33.98 57.60 21.91 Ovintiv OVV 2.2 14 45.15 2.75 -29.41 125.35 80.31 TransUnion TRU 0.5 50 83.71 2.05
-14.17 37.87 26.36 ArcelorMittal MT 2.1 2 27.32 0.79 -21.22 240.33 181.13 IDEX IEX 1.3 30 186.17 1.69
-24.02 57.34 41.41 CubeSmart CUBE 4.0 41 43.24 1.17 3.01 109.24 79.35 OwensCorning OC 1.5 9 93.22 1.20 10.45 187.98 144.44 Travelers TRV 2.2 11 172.78 -0.59
3.53 50.73 36.52 ArchCapital ACGL ... 10 46.02 0.78 -15.87 249.81 195.25 IllinoisToolWks ITW 2.4 24 207.64 0.05
-1.06 147.39 100.35 Cullen/Frost CFR 2.4 19 124.73 1.60 -3.46 13.19 8.24 PG&E PCG ...122 11.72 0.15 -53.49 140.98 51.76 Trex TREX ... 31 62.80 1.96
26.34 98.88 56.91 ArcherDaniels ADM 1.9 16 85.39 0.95 -38.61 526.00 208.35 Illumina ILMN ... 51 233.56 16.14
-7.80 270.84 187.72 Cummins CMI 2.9 15 201.12 1.68 3.28 38.69 23.71 PLDT PHI 3.2 14 36.89 0.46 -24.39 96.49 59.89 Trimble TRMB ... 34 65.92 3.24
-15.68 90.08 50.46 AresMgmt ARES 3.6 32 68.53 4.68 37.87 54.15 23.94 ImperialOil IMO 2.2 13 49.77 2.27
-21.48 228.14 156.20 PNC Fin PNC 3.8 13 157.44 -1.86 -15.19 42.04 14.29 Trip.com TCOM ... dd 20.88 1.39
-11.01 356.78 249.50 arGEN-X ARGX ... dd 311.64 21.35 DEF 2.04 88.26 61.91 Incyte
-23.15 26.39 17.98 Infosys
INCY ... 18 74.90
INFY 1.2 28 19.45
-0.61
-0.08 -5.59 85.97 51.86 POSCO PKX 4.4 4 55.03 2.63 -20.91 68.95 45.51 TruistFinl TFC 4.1 10 46.31 -0.16
-24.42 148.57 79.62 AristaNetworks ANET ... 37 108.65 6.98 -29.04 182.97 111.32 PPG Ind PPG 1.9 27 122.36 -0.96 -57.93 412.68 87.67 Twilio TWLO ... dd 110.79 11.57
-6.85 137.95 107.11 ArrowElec ARW ... 7 125.07 2.92 22.53 39.54 23.57 DCP Midstream DCP 4.6 20 33.67 1.82 -29.45 62.64 41.60 IngersollRand IR 0.2 19 43.65 0.72
-35.70 46.31 17.04 DISH Network DISH ... 6 20.86 0.85 -25.19 324.81 181.00 Insulet PODD ...319 199.06 10.03 -4.29 30.71 25.27 PPL PPL 2.8 36 28.77 0.43 -5.78 73.34 31.30 Twitter TWTR ...178 40.72 -4.36
8.90 170.16 122.29 AspenTech AZPN ... 41 165.75 3.34 1.42 189.83 147.03 PSBusinessParks PSB 2.2 12 186.79 0.69 -33.38 557.55 333.39 TylerTech TYL ... 92 358.36 13.16
16.53 194.12 144.18 Assurant AIZ 1.5 25 181.62 2.27 8.59 140.23 108.22 DTE Energy DTE 2.7 28 129.81 1.10 -15.34 58.41 42.01 Intel INTC 3.3 7 43.60 0.76
-7.83 44.18 27.28 DXC Tech DXC 0.0 dd 29.67 1.55 -30.60 82.83 52.18 InteractiveBrkrs IBKR 0.7 19 55.12 1.68 -9.57 153.73 96.55 PTC PTC ... 27 109.55 3.23 3.26 100.72 69.88 TysonFoods TSN 2.0 8 90.00 0.46
8.39 71.70 53.63 AstraZeneca AZN 2.2 dd 63.14 1.69 -5.11 97.56 77.96 Paccar PCAR 1.6 15 83.75 0.26 -3.13 21.48 14.42 UBS Group UBS 2.9 8 17.31 0.61
-50.46 483.13 161.04 Atlassian TEAM ... dd 188.90 20.66 -24.26 333.96 233.71 Danaher DHR 0.4 29 249.19 9.64 -28.15 139.79 93.52 ICE ICE 1.5 14 98.27 2.77
-14.98 164.28 116.03 Darden DRI 3.4 16 128.07 3.89 -7.12 73.79 58.06 InterContinentl IHG 1.4 42 60.57 1.81 14.14 168.50 124.78 PackagingCpAm PKG 2.6 16 155.40 -1.11 -18.69 61.06 45.08 UDR UDR 3.1 98 48.78 0.84
7.82 122.95 85.80 AtmosEnergy ATO 2.4 21 112.96 0.87 -54.20 29.29 6.44 PalantirTech PLTR ... dd 8.34 1.00 -15.29 48.55 33.05 UGI UGI 3.6 6 38.89 1.02
-29.92 344.39 175.41 Autodesk ADSK ... 88 197.07 12.02 11.62 87.44 58.70 DarlingIngred DAR ... 19 77.34 5.48 -0.04 145.99 114.56 IBM IBM 4.9 22 133.60 0.70
-38.88 199.68 76.80 Datadog DDOG ...136075 108.86 10.03 -12.27 157.08 113.40 IntlFlavors IFF 2.4 61 132.16 3.63 -11.81 640.90 328.14 PaloAltoNtwks PANW ... dd 491.01 12.50 -0.98 40.51 30.02 US Foods USFD ... 65 34.49 1.76
-15.33 248.96 187.29 ADP ADP 2.0 31 208.79 1.31 -6.06 47.45 26.11 ParamountB PARA 3.4 5 28.35 1.23 -41.83 52.36 21.69 Uber UBER ... dd 24.39 1.10
5.85 133.48 88.32 AutoNation AN ... 6 123.68 5.01 -12.05 136.48 94.38 DaVita DVA ... 12 100.05 -3.00 1.72 61.80 40.45 IntlPaper IP 3.9 11 47.79 0.21
-32.70 451.49 225.62 DeckersOutdoor DECK ... 16 246.51 9.81 -14.23 39.98 30.45 Interpublic IPG 3.6 13 32.12 0.83 -8.99 51.19 28.50 ParamountA PARAA 3.2 5 30.37 1.04 -21.85 344.77 218.15 Ubiquiti UI 1.0 28 239.69 15.08
-4.54 2267.40 1367.96 AutoZone AZO ... 18 2001.11 46.35 -16.59 340.00 253.85 ParkerHannifin PH 2.0 21 265.35 4.91 -59.12 90.00 13.66 UiPath PATH ... dd 17.63 2.35
-37.72 191.67 67.59 Avalara AVLR ... dd 80.41 6.24 6.94 446.76 320.50 Deere DE 1.1 20 366.69 3.71 -42.20 716.86 339.36 Intuit INTU 0.7 47 371.76 17.87
-19.73 61.54 43.16 DellTechC DELL ... 6 45.09 1.35 -37.74 369.69 206.60 IntuitiveSurgical ISRG ... 50 223.69 12.00 -12.32 141.92 97.23 Paychex PAYX 2.6 32 119.69 1.76 -3.99 438.63 312.24 UltaBeauty ULTA ... 22 395.89 18.04
-17.97 259.05 194.61 Avalonbay AVB 3.1 26 207.21 3.12 -30.50 558.97 259.95 PaycomSoftware PAYC ... 75 288.56 13.57 -14.17 61.81 43.11 Unilever UL 4.0 17 46.17 0.98
-10.73 55.57 42.20 Avangrid AGR 4.0 21 44.53 0.45 -1.92 48.54 29.75 DeltaAir DAL 0.0 49 38.33 1.66 -18.57 45.80 34.45 InvitatHomes INVH 2.4 94 36.92 1.05
-31.48 69.07 35.00 DentsplySirona XRAY 1.3 20 38.23 0.38 ... 58.61 41.67 IronMountain IRM 4.7 34 52.33 0.43 -28.02 314.50 152.97 Paylocity PCTY ...110 169.98 9.31 -8.40 278.94 195.68 UnionPacific UNP 2.0 22 230.76 4.83
-28.69 44.37 28.64 Avantor AVTR ... 35 30.05 0.17 -58.20 310.16 71.83 PayPal PYPL ... 26 78.83 4.54 -1.16 60.59 30.54 UnitedAirlines UAL ... dd 43.27 1.77
-19.52 229.24 156.51 AveryDennison AVY 1.7 20 174.29 1.84 -22.32 16.70 9.16 DeutscheBank DB 0.0 7 9.71 0.27 29.33 5.89 3.60 ItauUnibanco ITUB 2.8 10 4.85 0.12
55.96 69.75 24.05 DevonEnergy DVN 5.2 13 68.70 4.09 9.17 12.38 7.68 Pearson PSO 2.8 32 9.17 -0.11 -28.46 12.68 7.49 UnitedMicro UMC 2.6 9 8.37 0.41
-1.08 545.11 65.87 AvisBudget CAR ... 6 205.13 -14.81
1.67 59.34 48.12 BCE BCE 5.5 20 52.91 0.85 -37.66 659.45 302.61 DexCom DXCM ...162 334.74 23.22 JKL 25.85 41.21 28.89 PembinaPipeline PBA 5.0 21 38.17
s 8.13 116.72 72.35 PenskeAuto PAG 1.6 7 115.94
0.96
6.92
-16.94 233.72 173.19 UPS B
-13.20 414.99 269.37 UnitedRentals URI
UPS 3.4 15 178.04
... 14 288.44
0.91
5.42
5.29 80.50 51.88 BHP Group BHP 11.0 10 63.54 1.56 -13.78 223.14 175.46 Diageo DEO 2.1 27 189.81 7.49 -26.43 92.69 41.56 JD.com JD 0.0 dd 51.55 2.88
23.72 147.99 65.93 DiamondbkEner FANG 2.1 9 133.43 6.39 -31.51 80.40 48.24 Pentair PNR 1.7 15 50.02 0.55 -13.48 63.57 47.68 US Bancorp USB 3.8 10 48.60 0.01
-6.91 74.09 43.25 BJ'sWholesale BJ ... 20 62.34 -0.07 -24.79 172.96 115.37 JPMorganChase JPM 3.4 9 119.09 1.05 0.01 177.62 144.08 PepsiCo PEP 2.6 24 173.72 3.32 -15.11 218.38 158.38 UnitedTherap UTHR ... 13 183.44 2.07
14.49 34.16 22.64 BP BP 4.2 dd 30.49 0.88 -21.43 147.39 82.81 Dick's DKS 2.2 7 90.35 0.90 -17.31 72.11 52.33 Jabil JBL 0.6 11 58.17 1.97
-70.08 18.01 1.37 DiDiGlobal DIDI ... dd 1.49 0.03 -1.44 58.13 38.82 PerformanceFood PFGC ...171 45.23 2.23 -3.33 553.29 383.12 UnitedHealth UNH 1.2 27 485.40 6.60
-21.41 209.17 101.62 Baidu BIDU ... 26 116.94 9.06 5.05 205.37 147.50 JackHenry JKHY 1.1 36 175.43 -0.44 -26.09 203.16 137.37 PerkinElmer PKI 0.2 24 148.61 5.76 -72.66 210.00 29.09 UnitySoftware U ... dd 39.10 4.01
41.77 39.78 19.23 BakerHughes BKR 2.1105 34.11 2.20 -25.83 178.22 125.11 DigitalRealty DLR 3.7 27 131.19 4.08 -4.42 150.32 114.11 JacobsEngg J 0.7 46 133.08 2.87
-9.22 135.69 98.38 DiscoverFinSvcs DFS 2.3 6 104.90 3.55 10.02 57.87 38.63 PetroChina PTR 6.4 6 48.64 1.03 -3.86 165.00 116.23 UniversalHealthB UHS 0.6 11 124.66 1.17
-27.55 98.09 67.11 Ball BALL 1.1 20 69.75 0.49 -32.46 41.85 26.02 JamesHardie JHX 1.1 24 27.48 0.89 32.15 16.09 9.20 PetroleoBrasil PBR 20.0 5 14.51 0.39 40.37 36.73 22.25 UnumGroup UNM 3.5 8 34.49 0.36
-14.14 7.25 4.76 BancoBilbaoViz BBVA 5.5 7 5.04 0.18 -30.71 187.58 99.47 Disney DIS 0.0 74 107.33 3.02 14.98 189.00 117.64 JazzPharma JAZZ ... dd 146.49 3.68
-48.02 314.76 64.84 DocuSign DOCU ... dd 79.17 9.33 34.42 14.84 8.89 PetroleoBrasilA PBR.A 21.3 4 13.59 0.48 -35.00 87.36 45.13 VF VFC 4.2 13 47.59 0.34
14.17 4.42 2.54 BancoBradesco BBDO 4.0 8 3.01 -0.12 -20.90 44.47 28.99 JefferiesFin JEF 3.9 6 30.69 0.83 -15.46 61.71 38.48 Pfizer PFE 3.2 11 49.92 -0.47 -4.58 33.35 26.23 VICI Prop VICI 5.0 18 28.73 1.29
22.79 22.74 15.60 BancodeChile BCH 5.3 9 19.29 0.30 -20.98 104.25 69.18 DolbyLab DLB 1.3 36 75.24 1.84 3.38 186.69 155.72 J&J JNJ 2.6 24 176.85 -1.02
-1.48 262.20 185.15 DollarGeneral DG 0.9 23 232.33 0.47 9.93 112.48 85.64 PhilipMorris PM 4.8 18 104.43 1.06 -27.70 376.24 221.38 VailResorts MTN 3.2 45 237.07 5.84
21.60 9.02 5.18 BancSanBrasil BSBR 9.5 ... 6.53 0.14 -35.79 81.77 49.42 JohnsonControls JCI 2.7 30 52.21 1.20 30.55 96.76 63.19 Phillips66 PSX 4.1 16 94.60 3.41 9.99 23.18 11.16 Vale VALE 17.4 4 15.42 0.27
15.96 23.45 15.37 BcoSantChile BSAC 4.5 9 18.89 0.50 13.44 177.19 84.26 DollarTree DLTR ... 28 159.40 0.21 -27.95 275.76 184.21 JonesLang JLL 0.0 10 194.07 4.82
6.43 88.78 70.37 DominionEner D 3.2 23 83.61 0.71 2.77 29.70 20.23 PilgrimPride PPC ... 34 28.98 0.70 66.02 129.27 58.85 ValeroEnergy VLO 3.1 20 124.70 4.29
-13.68 4.38 2.68 BancoSantander SAN 2.6 5 2.84 0.12 -14.70 38.14 25.48 JuniperNetworks JNPR 2.8 30 30.46 0.79 -35.30 143.11 23.21 Pinduoduo PDD ... 47 37.72 3.49 -32.37 343.96 156.57 VeevaSystems VEEV ... 66 172.78 8.63
18.71 44.33 27.64 BanColombia CIB 3.0 15 37.50 0.73 -39.58 567.57 321.15 Domino's DPZ 1.3 26 340.94 13.09 -0.91 55.31 42.29 KB Fin KB 5.1 5 45.74 1.32
-50.50 257.25 57.60 DoorDash DASH ... dd 73.71 8.12 3.75 88.34 62.78 PinnacleWest PNW 4.6 14 73.24 -0.14 7.61 64.02 45.44 Ventas VTR 3.3145 55.01 1.42
-20.95 50.11 34.26 BankofAmerica BAC 2.4 10 35.17 0.10 -37.72 54.49 7.31 KE Holdings BEKE ... dd 12.53 0.73 -40.94 81.77 18.32 Pinterest PINS ... 45 21.47 1.31 -34.95 257.03 162.64 VeriSign VRSN ... 23 165.11 0.70
-5.16 122.77 95.37 BankofMontreal BMO 3.3 10 102.16 1.84 -26.86 184.04 128.31 Dover DOV 1.5 17 132.83 1.48 -30.78 83.90 47.51 KKR KKR 1.2 11 51.57 3.42
19.11 71.86 52.07 Dow DOW 4.1 7 67.56 0.52 43.99 272.47 133.73 PioneerNatRscs PXD 6.7 16 261.89 9.89 -22.96 231.57 167.37 VeriskAnalytics VRSK 0.7 29 176.21 2.55
-25.17 64.63 41.77 BankNY Mellon BK 3.1 11 43.46 0.65 -21.78 457.12 286.58 KLA KLAC 1.2 16 336.42 21.87 12.63 12.38 8.64 PlainsAllAmPipe PAA 8.3 46 10.52 0.31 -7.27 59.26 45.55 Verizon VZ 5.3 9 48.18 0.12
-12.47 74.86 59.05 BkNovaScotia BNS 5.1 10 62.75 1.09 -22.24 75.50 47.88 DrReddy'sLab RDY 0.6 22 50.86 0.61 16.63 15.35 12.33 KT KT 4.3 6 14.66 0.59
-54.10 64.58 9.77 DraftKings DKNG ... dd 12.61 1.24 9.37 12.96 9.24 PlainsGP PAGP 7.8166 11.09 0.36 12.35 292.75 176.36 VertxPharm VRTX ... 26 246.72 5.87
-27.54 12.20 7.10 Barclays BCS 4.2 ... 7.50 0.26 -47.13 44.96 13.46 Kanzhun BZ ... dd 18.44 0.79 -46.76 46.50 12.70 PlugPower PLUG ... dd 15.03 1.45 -18.11 16.29 9.66 Viatris VTRS 4.3 81 11.08 0.23
7.53 26.07 17.27 BarrickGold GOLD 2.0 19 20.43 0.09 -15.36 33.00 19.32 Dropbox DBX ... 22 20.77 0.82 13.33 75.56 59.54 Kellogg K 3.2 16 73.01 0.09
4.19 116.33 95.48 DukeEnergy DUK 3.6 23 109.30 0.45 -27.36 582.26 377.52 Pool POOL 1.0 23 411.16 8.41 -8.07 252.67 186.67 Visa V 0.8 32 199.23 5.26
-26.91 82.00 44.17 Bath&BodyWks BBWI 1.6 10 51.01 2.47 0.95 39.35 32.44 KeurigDrPepper KDP 2.0 22 37.21 0.35 -3.19 80.36 58.66 PrincipalFin PFG 3.7 12 70.02 2.40 7.95 27.10 15.76 Vistra VST 2.9 28 24.58 1.17
-14.92 89.70 69.72 BaxterIntl BAX 1.6 35 73.03 0.38 -18.31 66.22 44.40 DukeRealty DRE 2.1 20 53.62 1.65 -19.50 27.17 17.90 KeyCorp KEY 4.2 8 18.62 0.09
-21.43 22.88 14.30 Dun&Bradstreet DNB ... dd 16.10 0.60 -6.09 165.35 131.94 Procter&Gamble PG 2.4 27 153.62 1.63 -13.55 167.83 96.58 VMware VMW ... 23 100.18 0.57
1.33 277.29 229.24 BectonDicknsn BDX 1.4 39 248.44 -1.28 -33.82 209.08 127.93 KeysightTechs KEYS ... 27 136.67 6.06 5.04 120.17 89.35 Progressive PGR 0.4 29 107.82 -0.98 t -2.01 20.32 14.42 Vodafone VOD 6.9 dd 14.63 -0.07
-50.96 426.56 120.00 BeiGene BGNE ... dd 132.87 1.39 -20.60 86.28 62.10 DuPont DD 2.1 21 64.14 0.89 -7.64 79.06 58.69 KilroyRealty KRC 3.4 39 61.38 1.03
-41.36 80.13 29.41 Dynatrace DT ...131 35.39 2.85 -23.76 174.54 113.39 Prologis PLD 2.5 26 128.35 4.42 -17.25 50.91 33.58 VornadoRealty VNO 6.1 54 34.64 0.39
-33.60 71.92 26.32 BentleySystems BSY 0.4115 32.09 1.36 -2.63 145.79 117.32 KimberlyClark KMB 3.3 27 139.16 -0.45 -6.51 124.22 94.51 PrudentialFin PRU 4.7 8 101.19 1.03 -19.06 213.65 156.53 VulcanMatls VMC 1.0 37 168.02 2.91
22.58 71.53 47.13 Berkley WRB 0.5 14 67.33 0.98 3.07 32.56 21.91 ENI E 4.8 5 28.50 0.58 -5.68 26.57 19.54 KimcoRealty KIM 3.4 14 23.25 0.75 -30.64 43.05 21.84 Prudential PUK 1.4 dd 23.88 1.27
3.18 544389 407773 BerkHathwy A BRK.A ... 8 465011 3380.00
3.80 362.10 270.73 BerkHathwy B BRK.B ... 8 310.36 2.30
39.91 132.35 62.81 EOG Rscs EOG
-52.24 725.40 168.59 EPAM Systems EPAM
2.4 17 124.28
... 41 319.25
3.77
24.75
18.16 20.19 15.01 KinderMorgan KMI 5.9 41 18.74 0.31 2.77 75.61 58.96 PublicServiceEnt PEG 3.1 dd 68.58 0.29 WXYZ
-21.69 62.29 44.22 Knight-Swift KNX 1.0 10 47.72 -0.38 -14.96 421.76 270.43 PublicStorage PSA 2.5 31 318.53 4.39
-27.03 74.73 51.40 BerryGlobal BERY ... 10 53.84 1.15 75.15 45.50 15.71 EQT EQT 1.3 dd 38.20 0.49 -33.89 57.65 23.07 KoninklijkePhil PHG 3.4 6 24.36 1.06 5.17 106.82 86.84 WEC Energy WEC 2.9 24 102.09 1.27
-25.59 59.32 39.61 PulteGroup PHM 1.4 5 42.53 0.37
-15.00 141.97 83.38 BestBuy BBY 4.1 9 86.36 -1.00 -9.58 93.51 65.87 EastWestBncp EWBC 2.2 11 71.14 1.07 -3.61 12.28 8.20 KoreaElcPwr KEP 5.0 dd 8.81 0.36 11.96 208.38 123.01 WEX WEX ... 57 157.18 6.66
-26.34 229.84 150.91 EastGroup EGP 2.6 35 167.83 2.88 -18.31 36.71 17.30 PureStorage PSTG ... dd 26.59 1.38
-55.60 129.24 14.93 Bilibili BILI ... dd 20.60 1.69 23.37 44.95 32.78 KraftHeinz KHC 3.6 45 44.29 1.24 -17.00 58.00 41.32 Qiagen QGEN ... 20 46.13 1.86 -0.87 86.48 72.90 W.P.Carey WPC 5.2 30 81.34 2.06
-52.42 348.50 89.87 Bill.com BILL ... dd 118.54 18.55 -14.77 130.47 98.24 EastmanChem EMN 3.0 17 103.05 2.02 17.96 62.78 35.91 Kroger KR 1.6 24 53.39 -0.83 -19.83 83.69 57.61 WPP WPP 3.5 16 60.57 1.91
-32.98 201.46 98.23 Qorvo QRVO ... 11 104.81 3.65
-28.91 543.85 335.02 Bio-Techne TECH 0.3 67 367.77 19.21 -18.22 175.72 138.69 Eaton ETN 2.3 26 141.33 -0.42 -14.89 60.43 42.36 LKQ LKQ 2.0 14 51.09 0.97 -5.78 100.05 76.30 Wabtec WAB 0.7 27 86.79 0.83
-26.22 193.58 122.17 Qualcomm QCOM 2.2 14 134.93 3.16
-33.55 832.70 468.86 Bio-RadLab A BIO ... dd 502.11 19.30 -29.85 81.19 45.19 eBay EBAY 1.9 dd 46.65 0.49 8.92 220.80 127.03 LPL Financial LPLA 0.6 31 174.37 3.87 -16.51 55.96 41.80 WalgreensBoots WBA 4.4 6 43.55 0.39
-55.17 49.03 14.15 QualtricsIntl XM ... dd 15.87 0.96
-17.01 468.55 187.16 Biogen BIIB ... 20 199.11 4.79 -30.95 238.93 154.85 Ecolab ECL 1.3 42 161.99 2.26 10.76 279.71 200.71 L3HarrisTech LHX 1.9 25 236.18 0.62 2.32 160.77 132.01 Walmart WMT 1.5 30 148.05 0.57
-1.82 140.04 84.40 QuantaServices PWR 0.2 34 112.57 3.64
2.31 151.51 65.68 BiohavenPharm BHVN ... dd 141.00 0.40 17.53 19.81 11.52 Ecopetrol EC 9.6 7 15.15 0.23 -22.15 317.17 232.01 LabCorp.ofAmerica LH 1.2 11 244.62 -0.02 -23.11 39.70 16.51 WarnerBrosA WBD ... 9 18.10 0.99
-21.17 174.16 125.77 QuestDiag DGX 1.9 9 136.39 0.30
-12.02 94.20 71.59 BioMarinPharm BMRN ...444 77.73 1.35 -4.09 73.32 54.14 EdisonInt EIX 4.3 43 65.46 0.60 -31.60 731.85 442.53 LamResearch LRCX 1.2 15 491.92 31.49 -32.65 50.23 24.39 WarnerMusic WMG 2.1 38 29.08 0.31
-38.39 464.00 121.32 BioNTech
-16.35 84.27 52.00 BlackKnight
BNTX 1.0 3 158.84 0.84
BKI ... 21 69.34 -0.07
-24.70 131.73 88.01 EdwardsLife
-21.53 37.49 20.51 ElancoAnimal ELAN
EW ... 40 97.55
... dd 22.27
4.11
0.58
-18.23 124.32 93.63 LamarAdv LAMR 4.4 23 99.19 3.07 RS -7.59 145.62 115.75 WasteConnections WCN 0.7 51 125.93
-5.39 170.18 136.97 WasteMgt WM 1.6 35 157.90
3.14
2.42
0.24 85.72 49.71 LambWeston LW 1.5 40 63.53 2.09
-32.79 973.16 586.05 BlackRock BLK 3.2 15 615.33 14.93 18.84 238.97 122.85 ElbitSystems ESLT 1.0 33 206.93 4.12 -7.86 59.84 28.88 LasVegasSands LVS 0.0 dd 34.68 4.54 -13.49 32.71 25.89 RELX RELX 2.4 27 28.21 0.78 -14.00 428.22 288.32 Waters WAT ... 28 320.42 6.47
-16.67 149.78 85.65 Blackstone BX 2.6 15 107.82 8.40 -5.28 148.93 109.24 ElectronicArts EA 0.6 45 124.94 3.99 -27.50 204.91 122.67 Lear LEA 1.7 37 132.64 6.46 -16.59 101.48 75.11 RPM RPM 1.9 24 84.24 0.06 -17.50 318.98 245.26 Watsco WSO 3.4 21 258.13 2.53
-47.90 289.23 65.10 Block SQ ... dd 84.15 8.39 -9.99 105.99 81.01 EmersonElec EMR 2.5 17 83.68 0.93 14.33 111.12 81.07 Leidos LDOS 1.4 20 101.64 1.07 -15.93 140.24 91.53 RalphLauren RL 2.8 15 99.93 4.47 -16.05 65.00 44.96 WebsterFin WBS 3.4 15 46.88 0.79
-25.35 17.89 9.65 BlueOwlCapital OWL 3.6 dd 11.13 0.57 12.05 47.42 36.20 Enbridge ENB 6.1 19 43.79 1.11 -32.55 96.42 60.03 Lennar B LEN.B 2.3 5 64.50 1.63 51.88 34.61 11.77 RangeResources RRC 0.0 dd 27.08 0.01 -11.13 60.30 40.92 WellsFargo WFC 2.3 9 42.64 0.83
-36.82 258.40 120.28 Boeing BA 0.0 dd 127.20 4.06 -44.68 35.28 17.42 Endeavor EDR ... dd 19.30 0.96 -33.92 117.54 70.67 Lennar A LEN 2.0 6 76.76 2.39 -5.39 117.37 81.96 RaymondJames RJF 1.4 13 94.99 2.99 3.03 99.43 71.34 Welltower WELL 2.8393 88.37 1.29
-12.39 2715.66 1796.45 BookingHldgs BKNG ...170 2101.89 48.84 3.12 7.47 5.14 EnelAmericas ENIA 1.5 13 5.61 0.18 -31.67 354.62 206.57 LennoxIntl LII 1.7 18 221.63 3.81 6.81 106.02 79.00 RaytheonTech RTX 2.4 33 91.92 0.44 -9.82 102.61 64.72 WestFraserTimber WFG 1.2 3 86.00 0.89
-5.02 91.46 69.68 BoozAllen BAH 2.1 19 80.53 0.91 34.26 12.48 7.96 EnergyTransfer ET 7.2 10 11.05 0.39 -30.44 30.09 16.34 LeviStrauss LEVI 2.1 12 17.41 0.36 -5.84 75.40 62.46 RealtyIncome O 4.4 66 67.41 2.02 -34.98 475.35 288.12 WestPharmSvcs WST 0.2 34 304.97 8.98
-14.80 55.55 34.85 BorgWarner BWA 1.8 14 38.40 1.73 -13.75 282.46 113.40 EnphaseEnergy ENPH ...134 157.79 16.85 -32.02 37.45 16.86 LiAuto LI ... dd 21.82 1.70 -26.65 176.91 118.82 RegalRexnord RRX 1.1 23 124.82 0.98 -29.34 124.93 71.68 WestAllianceBcp WAL 1.8 8 76.07 1.93
-2.14 133.11 105.18 BostonProps BXP 3.5 32 112.71 1.61 -21.17 158.00 99.83 Entegris ENTG 0.4 33 109.24 5.94 -27.22 194.05 107.40 LibertyBroadbandC LBRDK ... 21 117.25 1.63 -9.90 78.78 61.48 RegencyCtrs REG 3.7 24 67.89 2.34 -10.37 78.19 43.85 WesternDigital WDC 0.0 10 58.45 2.90
-6.64 47.49 37.96 BostonSci BSX ... 75 39.66 0.87 4.01 126.81 98.50 Entergy ETR 3.4 22 117.17 1.00 -30.02 188.76 103.31 LibertyBroadbandA LBRDA 0.0 21 112.59 2.11 2.22 747.42 492.13 RegenPharm REGN ... 9 645.52 11.56 16.43 27.29 17.97 WesternMidstrm WES 7.7 12 25.93 1.17
21.57 78.17 53.22 BristolMyers BMY 2.8 27 75.80 -0.50 18.76 27.65 20.42 EnterpriseProd EPD 7.1 13 26.08 0.30 -17.09 30.58 21.41 LibertyGlobal A LBTYA ... 1 23.00 1.06 -8.81 25.57 18.02 RegionsFin RF 3.4 8 19.88 0.06 -4.71 25.34 15.69 WesternUnion WU 5.5 7 17.00 0.34
13.23 47.23 33.62 BritishAmTob BTI 6.8 10 42.36 1.41 -7.35 52.03 37.60 Envista NVST ... 23 41.75 0.17 -14.31 30.49 21.83 LibertyGlobal C LBTYK ... 1 24.07 1.19 7.69 129.63 94.32 ReinsGrp RGA 2.5 20 117.91 3.61 34.41 141.19 78.06 Westlake WLK 0.9 7 130.55 3.36
-6.69 27.19 21.02 BrixmorProp BRX 4.0 24 23.71 0.80 -32.31 300.11 188.90 Equifax EFX 0.8 32 198.19 5.53 -5.49 64.70 38.52 LibertyFormOne A FWONA ... 47 56.08 1.96 14.96 211.66 135.46 RelianceSteel RS 1.9 7 186.49 -0.76 4.17 62.03 40.78 WestRock WRK 2.2 16 46.21 -1.25
-11.60 677.76 425.70 Broadcom AVGO 2.8 34 588.24 16.67 -21.99 885.26 621.34 Equinix EQIX 1.9122 659.80 29.92 -3.54 71.17 43.25 LibertyFormOne C FWONK ... 52 61.00 2.18 -43.21 327.32 137.21 Repligen RGEN ... 60 150.40 6.33 -6.00 43.04 32.65 Weyerhaeuser WY 1.9 11 38.71 0.49
-23.78 185.40 132.68 BroadridgeFinl BR 1.8 30 139.34 2.93 28.71 39.15 18.45 Equinor EQNR 1.7 10 33.89 0.14 -9.18 32.69 24.50 LibertyBraves A BATRA ... dd 26.11 0.43 -6.14 145.98 106.46 RepublicSvcs RSG 1.4 31 130.89 3.17 -7.62 51.91 36.39 WheatonPrecMet WPM 1.5 24 39.66 0.27
-20.98 62.47 44.12 BrookfieldMgt BAM 1.2 20 47.71 2.28 -15.19 37.13 25.73 Equitable EQH 2.6 7 27.81 1.27 -11.35 31.27 23.34 LibertyBraves C BATRK ... dd 24.91 0.49 -24.42 301.34 189.40 ResMed RMD 0.9 37 196.86 4.55 -22.03 249.88 164.52 Whirlpool WHR 3.8 7 182.96 0.50
-2.02 69.01 52.44 BrookfieldInfr BIP 3.6 42 59.58 1.04 -17.43 88.70 67.57 EquityLife ELS 2.3 48 72.38 2.43 -22.44 56.19 37.51 LibertySirius C LSXMK ... 22 39.44 -0.04 -14.70 70.74 49.37 RestaurantBrands QSR 4.2 19 51.76 1.72 33.60 37.05 23.53 Williams WMB 4.9 29 34.79 0.17
-5.65 45.43 31.10 BrookfieldRenew BEPC 3.7 dd 34.75 0.51 -17.17 94.32 71.86 EquityResdntl EQR 3.3 21 74.96 0.84 -22.26 56.26 37.73 LibertySirius A LSXMA ... 22 39.53 -0.02 -15.57 84.68 53.30 RexfordIndlRealty REXR 1.8 78 68.48 1.96 -25.44 223.32 120.50 Williams-Sonoma WSM 2.5 9 126.11 1.06
-17.62 74.00 51.41 Brown&Brown BRO 0.7 27 57.90 1.84 -14.37 234.96 158.46 ErieIndemnity A ERIE 2.7 30 164.98 0.19 -24.77 154.45 94.97 LifeStorage LSI 3.5 34 115.24 2.87 -1.69 91.09 59.58 RioTinto RIO 12.0 5 65.81 1.39 -13.33 268.19 197.29 WillisTowers WTW 1.6 7 205.83 4.47
-6.67 76.15 57.92 Brown-Forman A BF.A 1.2 38 63.27 1.56 -15.53 53.93 42.03 EssentialUtil WTRG 2.4 26 45.35 1.61 5.58 314.00 193.11 EliLilly LLY 1.3 43 291.63 0.81 1.06 76.17 48.65 RitchieBros RBA 1.6 23 61.86 2.95 -12.81 42.00 26.14 WillScotMobile WSC ... 40 35.61 2.24
-8.32 81.57 62.33 Brown-Forman B BF.B 1.1 40 66.80 1.60 -15.88 363.36 283.42 EssexProp ESS 3.0 49 296.28 4.06 -4.46 148.54 121.66 LincolnElectric LECO 1.7 24 133.25 0.05 -74.25 179.47 19.25 Rivian RIVN ... dd 26.70 2.40 -36.99 9.96 6.01 Wipro WIT 1.1 21 6.15 -0.07
-28.24 92.35 55.80 Bruker BRKR 0.3 32 60.21 1.86 -35.06 374.20 225.39 EsteeLauder EL 1.0 26 240.39 9.39 -20.76 77.57 50.55 LincolnNational LNC 3.3 8 54.09 2.21 -16.17 125.77 83.46 RobertHalf RHI 1.8 16 93.49 0.56 -30.15 142.33 63.44 Wolfspeed WOLF ... dd 78.07 7.61
-21.96 86.48 39.24 BuildersFirst BLDR ... 6 66.89 2.89 -57.94 307.75 75.61 Etsy ETSY ... 31 92.08 4.22 -10.87 352.18 267.51 Linde LIN 1.5 40 308.77 7.43 -39.81 85.00 7.71 Robinhood HOOD ... dd 10.69 2.13 15.72 39.71 26.98 WooriFin WF 4.9 4 37.18 2.03
17.37 128.40 71.73 Bunge BG 2.3 9 109.58 0.41 2.23 308.20 234.87 EverestRe RE 2.2 8 280.02 6.03 0.78 387.63 272.20 LithiaMotors LAD 0.6 7 299.28 18.30 -68.04 141.60 21.65 Roblox RBLX ... dd 32.97 4.39 -33.27 307.81 168.90 Workday WDAY ...1956 182.29 10.37
-40.83 357.34 168.56 BurlingtonStrs BURL ... 29 172.50 0.47 -1.46 73.12 59.46 Evergy EVRG 3.4 19 67.61 0.81 -23.76 127.75 74.23 LiveNationEnt LYV ... dd 91.25 4.16 -42.07 22.68 6.91 RocketCos. RKT 0.0 5 8.11 0.18 -13.72 93.86 65.23 WyndhamHtls WH 1.7 22 77.35 2.71
-25.54 111.00 76.97 CBRE Group CBRE ... 14 80.80 2.47 -1.80 94.63 78.44 EversourceEner ES 2.9 24 89.34 0.42 -16.47 3.00 2.01 LloydsBanking LYG 4.9 5 2.13 0.07 -41.57 354.99 197.10 Rockwell ROK 2.2 37 203.82 1.11 -22.07 136.83 56.36 WynnResorts WYNN 0.0 dd 66.27 7.71
-17.31 208.71 159.91 CDW CDW 1.2 23 169.34 2.55 -32.82 133.99 46.15 ExactSciences EXAS ... dd 52.29 4.03 22.44 479.99 324.23 LockheedMartin LMT 2.6 19 435.17 0.58 4.49 64.55 44.19 RogersComm B RCI 3.2 20 49.77 0.80 -29.58 53.08 17.89 XP XP ... 17 20.24 0.66
46.74 113.48 43.19 CF Industries CF 1.5 13 103.86 5.63 13.46 50.71 31.20 Exelon EXC 2.9 18 46.73 0.88 9.33 68.20 51.35 Loews L 0.4 10 63.15 1.21 -57.13 490.76 75.12 Roku ROKU ...100 97.84 10.34 10.03 76.05 61.16 XcelEnergy XEL 2.6 25 74.49 0.94
-8.63 93.93 76.98 CGI GIB ... 18 80.86 3.05 -27.08 217.72 126.04 Expedia EXPE 0.0113 131.78 3.44 -28.20 140.17 56.23 LogitechIntl LOGI 1.6 16 59.22 1.33 -0.47 40.11 28.50 Rollins ROL 1.2 51 34.05 0.82 -54.66 56.45 18.01 XPeng XPEV ... dd 22.82 2.32
-1.71 112.15 84.67 CH Robinson CHRW 2.1 15 105.79 -1.92 -16.90 137.80 94.95 ExpeditorsIntl EXPD 1.2 13 111.59 0.45 -24.95 263.31 182.08 Lowe's LOW 1.6 16 194.00 2.30 -12.51 505.00 417.54 RoperTech ROP 0.6 41 430.33 1.49 -30.03 138.78 80.00 Xylem XYL 1.4 36 83.91 1.12
-12.41 256.94 185.79 CME Group CME 2.0 26 200.10 4.09 -21.07 228.84 142.51 ExtraSpaceSt EXR 3.4 29 178.96 4.24 -52.67 57.75 13.25 Lucid LCID ... dd 18.01 2.32 -19.44 131.23 84.44 RossStores ROST 1.3 19 92.06 2.94 -18.75 139.85 108.55 YumBrands YUM 2.0 21 112.83 2.32
6.76 73.76 57.92 CMS Energy CMS 2.6 15 69.45 0.87 45.22 92.05 52.10 ExxonMobil XOM 4.0 15 88.86 2.56 -1.24 13.04 4.08 LufaxHolding LU 5.8 5 5.56 0.46 -7.62 119.41 95.02 RoyalBkCanada RY 3.9 11 98.05 1.91 -21.15 69.67 33.55 YumChina YUMC 1.2 20 39.30 1.83
0.14 50.33 41.44 CNA Fin CNA 3.6 10 44.14 0.69 -31.11 249.00 160.28 F5 FFIV ... 30 168.57 5.45 -20.99 485.82 278.00 lululemon LULU ... 41 309.29 15.29 -19.86 98.27 56.15 RoyalCaribbean RCL 0.0 dd 61.63 3.85 8.14 91.23 33.71 ZimIntShipping ZIM 61.3 2 63.65 4.33
-14.85 17.13 13.06 CNH Indl CNHI 1.9 12 14.38 0.67 6.26 140.99 87.27 FMC FMC 1.8 20 116.77 2.22 -7.65 15.45 9.31 LumenTech LUMN 8.6 6 11.59 0.12 12.16 147.70 92.01 RoyalGold RGLD 1.2 27 118.00 0.12 -10.24 34.82 19.72 ZTO Express ZTO 0.0 28 25.33 0.73
-25.72 54.54 37.47 CRH CRH 3.0 12 39.22 0.98 -23.50 495.39 317.55 FactSet FDS 1.0 34 371.81 5.39 -53.19 63.07 17.24 Lyft LYFT ... dd 20.00 1.41 0.23 47.10 34.86 RoyaltyPharma RPRX 1.9 27 39.94 0.99 -43.40 615.00 309.00 ZebraTech ZBRA ... 22 336.86 20.14
-11.09 38.63 29.48 CSX CSX 1.2 19 33.43 0.43 -16.63 553.97 340.48 FairIsaac FICO ... 24 361.53 8.80 15.71 118.02 84.17 LyondellBasell LYB 4.2 6 106.72 0.96 -4.63 42.43 25.57 RyanSpecialty RYAN ...151 38.48 4.40 -2.05 153.43 87.90 Zendesk ZEN ... dd 102.15 5.16
-5.51 111.25 79.33 CVS Health CVS 2.3 16 97.48 -0.77 -17.75 64.75 48.84 Fastenal FAST 2.4 31 52.69 0.46 -18.89 127.25 74.12 Ryanair RYAAY ... dd 83.00 2.75 -36.48 124.70 34.45 Zillow C Z ... dd 40.56 2.61
-36.00 2136.14 1049.81 CableOne CABO 1.0 18 1128.59 5.49
-23.56 192.70 118.11 CadenceDesign CDNS ... 53 142.44 6.62
-14.93 140.51 108.53 FederalRealty FRT
-18.31 319.90 192.82 FedEx FDX
3.7 35 115.97
1.4 14 211.29
3.20
3.09
MN -29.55 151.48 94.79 SAP
-28.62 484.21 322.20 S&P Global
SAP 1.5 20 98.71
SPGI 1.0 24 336.85
1.74
7.19
-35.49 124.90 33.26 Zillow A ZG ... dd 40.14
-6.63 164.90 105.23 ZimmerBiomet ZBH 0.8112 115.07
2.85
1.97
-7.65 34.19 20.96 CAE CAE 0.0 82 23.31 1.68 -31.94 183.67 111.81 Ferguson FERG 2.1 15 122.09 1.34 8.46 186.95 128.46 M&T Bank MTB 2.9 13 166.58 0.85 -14.10 391.15 283.52 SBA Comm SBAC 0.8 84 334.17 10.77 -15.20 75.44 47.06 ZionsBancorp ZION 2.8 9 53.56 0.08
-41.21 119.81 46.08 CaesarsEnt CZR ... dd 54.99 5.16 -25.08 278.78 178.87 Ferrari RACE 0.8 36 193.91 4.92 -19.45 51.17 33.70 MGM Resorts MGM 0.0 12 36.15 1.63 -10.01 65.22 52.84 SEI Investments SEIC 1.4 13 54.84 0.95 -32.25 249.27 158.27 Zoetis ZTS 0.8 38 165.33 2.25
-18.30 180.37 120.13 CamdenProperty CPT 2.6 43 145.99 1.77 -21.73 56.44 38.87 FidNatlFin FNF 4.3 5 40.84 1.16 4.33 35.49 26.01 MPLX MPLX 9.1 10 30.87 0.73 0.45 55.30 24.35 SK Telecom SKM 4.6 8 26.79 1.40 -48.43 406.48 79.03 ZoomVideo ZM ... 21 94.84 9.87
0.92 32.49 15.34 Cameco CCJ 0.4 dd 22.01 1.42 -11.59 152.20 85.00 FidNatlInfo FIS 1.9 66 96.50 2.55 -33.39 679.85 376.41 MSCI MSCI 1.0 45 408.14 20.16 -27.03 84.85 58.31 SS&C Tech SSNC 1.3 20 59.82 0.44 -31.42 79.17 37.86 ZoomInfoTech ZI ...164 44.03 3.71
16.31 51.94 39.76 CampbellSoup CPB 2.9 17 50.55 0.54 -17.41 50.64 34.35 FifthThirdBncp FITB 3.3 10 35.97 0.19 4.61 53.85 43.58 MagellanMid MMP 8.5 11 48.58 0.71 -20.41 37.13 25.83 StoreCapital STOR 5.6 25 27.38 0.92 -52.31 376.11 127.62 Zscaler ZS ... dd 153.23 15.60
-8.91 132.48 102.28 CIBC CM 4.5 9 106.17 2.48 -22.15 947.71 610.67 FirstCitizBcshA FCNCA 0.3 16 646.00 18.90 -25.18 104.28 54.60 MagnaIntl MGA 3.0 14 60.56 3.81 -33.76 763.22 422.74 SVB Fin SIVB ... 15 449.28 13.71 23.59 11.25 5.57 Zynga ZNGA ... dd 7.91 0.17

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Stock 226.34 +4.44 -6.9 Contra 14.23 +0.39-23.2 CapApInst NA ... NA ParnEqFd 52.89 +1.16-16.5 BalAdml 41.90 +0.57-13.8 TxMCapAdml207.33 +5.34-16.1 MdCpVlAdml 72.85 +1.44 -6.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. DoubleLine Funds ContraK 14.28 +0.39-23.1 Harding Loevner PGIM Funds Cl Z CAITAdml 11.01 -0.02 -9.0 TxMIn r 13.98 +0.37-14.8 SmValAdml 69.19 +1.64 -9.6
TotRetBdI 9.49 -0.03 -7.8 CpInc r 9.97 +0.05 -9.9 IntlEq NA ... NA HighYield 4.84 ...-10.2 CapOpAdml r161.11 +4.83-16.8 USGroAdml 113.02 +5.38-32.9 TotBd2 9.88 -0.04 -9.9
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Edgewood Growth Instituti GroCo 26.19 +1.06-28.2 Invesco Funds Y TotalReturnBond 12.69 -0.07-11.4 DivAppIdxAdm 40.89 +0.63-11.9 ValAdml 54.65 +0.73 -4.3 TotIntlInstIdx r116.05 +2.94-15.0
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, DevMktY
EdgewoodGrInst 39.12 +1.75-35.3 GrowCoK 26.29 +1.06-28.2 35.04 +0.88-25.5 PIMCO Fds Instl EMAdmr 34.49 +0.76-15.6 WdsrllAdml 72.10 +1.65-11.9 TotItlInstPlId r116.08 +2.94-15.0
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r InvGrBd TotSt
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not
Fidelity 10.42 -0.04 -9.5 John Hancock AllAsset 11.60 +0.10 -8.0 EqIncAdml 89.30 +1.08 -2.6 WellsIAdml 64.14 +0.11 -8.0 97.79 +2.54-16.6
500IdxInstPrem139.90 +3.28-15.1 LowP r 49.39 +1.02 -8.2 BondR6 14.24 -0.04-10.8 ShortT 9.64 +0.01 -1.0 ExplrAdml 93.00 +3.41-21.9 WelltnAdml 71.99 +0.87-13.7 VANGUARD INSTL FDS
available due to incomplete price, performance or cost data. NE-Not released by Lipper; Contrafund K6 17.90 +0.50-22.9 Magin BalInst
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
11.19 +0.35-24.3 John Hancock Instl TotRt 9.13 -0.03-10.3 ExtndAdml 106.70 +4.20-23.0 WndsrAdml 77.53 +1.65 -4.9 41.91 +0.57-13.8
ExtMktIdxInstPre 66.85 +2.63-23.0 NASDAQ r 148.95 +5.46-24.3 DispValMCI 25.67 +0.57 -7.3 PIMCO Funds A GNMAAdml 9.72 -0.03 -7.3 VANGUARD FDS DevMktsIndInst 14.00 +0.37-14.8
FidSerToMarket 13.29 +0.35-16.4 OTC 14.31 +0.48-27.0 JPMorgan I Class IncomeFd 10.90 +0.01 -7.4 GrwthAdml 122.43 +4.46-25.8 DivdGro 35.13 +0.52 -8.2 DevMktsInxInst 21.88 +0.58-14.8
Friday, May 13, 2022 GrowthCompanyK6 16.42 +0.68-28.2 Puritn 23.35 +0.38-13.9 CoreBond 10.70 -0.04 -8.8 PIMCO Funds I2 HlthCareAdml r 82.94 +1.43-10.3 IntlVal 36.35 +0.97-12.6 ExtndInst 106.69 +4.20-23.0
Net YTD Net YTD Net YTD InflPrBdIndInsPr 10.45 +0.03 -6.4 SAIUSQtyIdx 16.10 +0.36-15.0 EqInc 22.49 +0.28 -5.2 Income 10.90 +0.01 -7.3 HYCorAdml r 5.32 +0.01 -9.1 LifeCon 20.29 +0.17-11.8 GrwthInst 122.44 +4.46-25.8
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret IntlIdxInstPrem 41.77 +1.05-15.3 SrsEmrgMkt 16.40 +0.54-22.0 JPMorgan R Class PIMCO Funds Instl InfProAd 26.42 +0.07 -6.0 LifeGro 37.94 +0.74-14.6 InPrSeIn 10.76 +0.03 -6.1
MidCpInxInstPrem 27.02 +0.79-15.5 SrsGlobal 12.80 +0.32-15.0 CoreBond 10.72 -0.04 -8.7 IncomeFd 10.90 +0.01 -7.3 IntlGrAdml 97.67 +4.16-29.9 LifeMod 29.11 +0.40-13.2 InstIdx 341.42 +7.99-15.1
American Century Inv Artisan Funds MktNeutI 13.77 +0.09 -5.1 SAIUSLgCpIndxFd 19.30 +0.45-15.1 SrsGroCoRetail 14.76 +0.60-27.7 Lord Abbett A ITBondAdml 10.63 -0.04 -9.9 InstPlus 341.42 +7.99-15.1
Ultra 65.04 +2.51-25.8 IntlVal Inst 38.56 +0.95 -9.0 Columbia Class I Price Funds PrmcpCor 29.71 +0.67-11.7
SeriesBondFd 9.35 -0.04 -9.7 SrsIntlGrw 14.69 +0.40-23.2 ShtDurIncmA p 3.97 ... -3.7
BlChip 124.99 +5.04-29.7 ITIGradeAdml 8.72 -0.04-11.5 InstTStPlus 71.17 +1.84-16.5
American Funds Cl A Baird Funds DivIncom I 29.22 +0.40 -7.2 STAR 26.91 +0.48-15.7
SeriesOverseas 11.10 +0.31-22.9 SrsIntlVal 10.14 +0.26 -9.2 Lord Abbett F
DivGro 64.98 +1.06-12.1 LarCapAd 92.77 +2.32-16.4 MidCpInst 57.99 +1.72-16.5
AmcpA p 33.93 +1.16-25.4 AggBdInst 10.14 -0.04-10.2 Dimensional Fds ShtDurIncm 3.97 TgtRe2015 13.17 +0.08 -9.9
SerLTTreBdIdx 6.74 -0.09-20.3 TotalBond 9.89 -0.03 -9.8 ... -3.4
Growth 72.29 +3.00-32.0
LTGradeAdml 8.53 -0.10-20.8 MidCpIstPl 286.00 +8.51-16.5
AMutlA p 50.15 +0.69 -5.3 CorBdInst 10.40 -0.04-10.2 5GlbFxdInc 10.12 ... -5.4 SmCpIdxInstPrem 22.11 +0.66-19.8 Lord Abbett I TgtRe2020 27.52 +0.28-11.3
Fidelity SAI MidCpAdml 262.51 +7.81-16.5 RealEstaInstl 21.23 +0.55-16.0
BalA p 29.98 +0.36-10.1 BlackRock Funds EmgMktVa 28.31 +0.58 -8.5 ShtDurInc p 3.97 ... -3.4
HelSci 84.02 +2.24-19.3 TgtRe2025 17.75 +0.23-12.7
TMktIdxInstPrem111.62 +2.89-16.4 TotalBd 9.37 -0.03 -9.5 MuHYAdml 10.45 -0.04-11.9 SmCapInst 90.14 +2.84-16.6
BondA p 12.04 -0.04 -9.4 HiYldBd Inst 6.93 +0.02-10.0 EmMktCorEq 21.74 +0.50-13.1 LgCapGow I 52.07 +1.94-29.2 TgtRe2030 33.22 +0.50-13.5
TotalMarketIndex 14.06 +0.37-16.2 Fidelity Selects Metropolitan West MuIntAdml 13.30 -0.03 -8.8 SmCapIstPl 260.18 +8.20-16.6
CapIBA p 65.07 +0.88 -6.7 BlackRock Funds A IntlCoreEq 13.94 +0.36-13.3 USBdIdxInstPrem 10.74 -0.04 -9.7 Softwr r TotRetBdI 9.71 -0.03-10.4 MidCap 91.64 +2.96-21.9 TgtRe2035 20.50 +0.35-14.0
22.15 +0.74-23.4 MuLTAdml 10.61 -0.03-11.6 STIGradeInst 10.18 -0.02 -4.9
CapWGrA 52.96 +1.40-16.5 GlblAlloc p 18.00 +0.29-13.5 IntSmCo 18.14 +0.49-16.6 Fidelity Freedom Tech r 20.31 +0.86-28.1 TRBdPlan 9.10 -0.04-10.4 NHoriz 49.19 +2.47-36.0
MuLtdAdml 10.63 ... -4.4 TgtRe2040 35.93 +0.70-14.5 STIPSIxins 25.36 +0.06 -0.6
EupacA p 50.59 +1.49-21.9 BlackRock Funds III IntSmVa 19.10 +0.47-10.6 FF2020 13.72 +0.16-12.9 First Eagle Funds MFS Funds R2020 19.54 +0.23-12.0
MuShtAdml 15.54 ... -1.9 TgtRe2045 24.12 +0.53-15.0 TotBdInst 10.01 -0.04 -9.8
FdInvA p 64.40 +1.71-15.0 iShS&P500IdxK474.05+11.11-15.1 LgCo 28.67 +0.67-15.1 FF2025 12.59 +0.18-13.5 GlbA 60.11 +0.77 -6.8 IIE 28.02 +0.60-16.2 R2025 16.97 +0.23-13.1 PrmcpAdml r146.40 +3.74-13.6 TgtRe2050 39.78 +0.90-15.2 TotBdInst2 9.88 -0.04 -9.9
GwthA p 55.85 +2.01-24.8 BlackRock Funds Inst US CoreEq1 31.43 +0.72-13.5 FF2030 15.68 +0.24-14.2 Franklin A1 MFS Funds Class I R2030 25.24 +0.42-14.4 RealEstatAdml137.15 +3.51-16.1 TgtRe2060 40.74 +0.92-15.2 TotBdInstPl 10.01 -0.04 -9.8
HI TrA p 9.43 +0.02 -8.8 EqtyDivd 20.85 +0.37 -3.5 US CoreEq2 28.56 +0.63-13.3 FF2035 13.43 +0.26-15.3 IncomeA1 p 2.38 +0.02 -3.7 GrowthI 143.40 +4.46-26.3 R2040 27.37 +0.61-16.5 SmCapAdml 90.14 +2.84-16.6 TgtRet2055 44.28 +1.00-15.2 TotIntBdIdxInst 30.56 -0.07 -7.4
ICAA p 44.21 +1.05-14.4 StratIncOpptyIns 9.66 ... -4.0 US Small 40.01 +0.89-14.8 FF2040 9.47 +0.22-16.1 FrankTemp/Frank Adv ValueI 49.42 +0.61 -9.3 Schwab Funds SmGthAdml 73.34 +3.22-25.9 TgtRetInc 13.02 +0.08 -9.8 TotStInst 97.83 +2.53-16.5
IncoA p 24.23 +0.29 -5.6 Bridge Builder Trust US SmCpVal 40.43 +0.81 -6.9 Freedom2025 K 12.57 +0.18-13.5 IncomeAdv 2.35 +0.01 -4.1 Northern Funds 1000 Inv r 86.68 +2.21-16.3 STBondAdml 10.13 -0.01 -4.0 WellsI 26.48 +0.05 -8.0 ValueInst 54.65 +0.73 -4.2
N PerA p 51.24 +1.54-22.8 CoreBond 9.33 -0.04 -9.8 US TgdVal 28.06 +0.60 -6.9 Freedom2030 K 15.67 +0.25-14.1 FrankTemp/Franklin A StkIdx 44.17 +1.03-15.2 S&P Sel 61.91 +1.45-15.1 STIGradeAdml 10.18 -0.02 -4.9 Welltn 41.69 +0.51-13.7 WCM Focus Funds
NEcoA p 45.47 +1.63-26.5 CorePlusBond 9.24 -0.03 -9.8 USLgVa 43.11 +0.71 -6.0 Freedom2035 K 13.42 +0.27-15.2 Growth A p 115.07 +3.91-23.5 Nuveen Cl I TSM Sel r 68.75 +1.78-16.4 STIPSIxAdm 25.34 +0.06 -0.6 WndsrII 40.63 +0.93-12.0 WCMFocIntlGrwIns 19.76 +0.66-28.6
NwWrldA 67.50 +1.81-21.5 Intl Eq 11.01 +0.31-17.7 Dodge & Cox Freedom2040 K 9.48 +0.23-16.0 RisDv A p 84.48 +1.41-12.7 HYMunBd 15.54 -0.11-14.4 TIAA/CREF Funds TotBdAdml 10.01 -0.04 -9.8 VANGUARD INDEX FDS Western Asset
SmCpA p 58.23 +2.13-27.2 LargeCapGrowth 18.05 +0.57-23.3 Balanced 100.80 +1.21 -6.9 Fidelity Invest Guggenheim Funds Tru Old Westbury Fds EqIdxInst 28.64 +0.73-16.2 TotIntBdIdxAdm 20.36 -0.05 -7.4 ExtndIstPl 263.31+10.37-23.0 CoreBondI 11.36 -0.04-12.5
TxExA p 12.11 -0.04-10.0 LargeCapValue 16.17 +0.30 -6.2 Income 12.77 -0.03 -8.7 Balanc 25.95 +0.46-14.4 TotRtnBdFdClInst 24.96 -0.11-11.6 LrgCpStr 14.99 +0.38-20.4 VANGUARD ADMIRAL TotIntlAdmIdx r 29.02 +0.73-15.0 IdxIntl 17.35 +0.44-15.0 CorePlusBdI NA ... NA
WshA p 55.01 +0.92 -8.7 Calamos Funds Intl Stk 43.57 +1.17 -7.9 BluCh 128.76 +5.53-29.9 Harbor Funds Parnassus Fds 500Adml 372.01 +8.71-15.1 TotStAdml 97.82 +2.54-16.5 MdCpGrAdml 80.44 +3.37-26.5 CorePlusBdIS NA ... NA
B10 | Saturday/Sunday, May 14 - 15, 2022 * ***** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Carlyle Sees Opportunities in Volatility

Turmoil in markets through secondary and co-in- ment’s private-equity strate- ers continue to be priced very,
vestment funds as well as sep- gies? very high and it’s obviously
means private-equity arately managed accounts. Ms. Bagijn: The biggest op- very hard to assess exactly
firms need money to The segment, which in- portunity clearly is on the sec- what to buy and what not to
cludes the AlpInvest brand, ondary side, with the volatility. buy. One of the key focus areas
rebalance portfolios generated $22 million in fee- A lot of private-equity pro- for us is the strategic options a
related earnings in the first grams [for investors] are self- company has, and also the
BY PREETI SINGH quarter, up 66% from $13 mil- funding and given that distri- strategic options under the
lion a year earlier. butions might turn negative, it control of the [fund] general
Managers of investment “As a managed-account pro- might lead to portfolio rebal- partners we work with. A vola-
firm Carlyle Group Inc.’s vider, we have long-term sta- ancing. Also with the incredible tile climate requires more un-
Global Investment Solutions ble revenues and the carry increases in net asset values in derwriting skill from the team.
segment, which deploys around that we generate comes off a 2021, quite a number of [fund WSJ Pro: What trends do
$6 billion annually on behalf of widely diversified portfolio,” limited partners] have an over you see among investors?
investors, expect recent market said segment head Ruulke allocation, which creates op- Ms. Bagijn: Competition has
volatility to spur an increase in Bagijn, referring to the seg- portunities on the secondary increased on the larger end of
secondary deal flow. ment’s share of Carlyle’s in- side. When the cycle turns, it the market, so talent and [lim-
“[Limited partners] need to vestment profits. takes a while before these ited partners] are focusing
rebalance and rejigger their The firm’s solutions busi- transactions find their clearing their attention on smaller
portfolios in light of what’s ness commits $20 million to price, but bid-ask prices will deals, smaller funds. We have
CARLYLE GROUP

happening in $100 million to each fund it change to the benefit of buy- seen a growing number of
BOSS TALK the markets, backs and can put up to $500 ers. emerging managers, and they
and we are million into co-investment WSJ Pro: What challenges are harder to assess for sure. It
seeing increased activity levels deals and as much as $1 billion do private-equity co-invest- helps us that we can some-
in our Solutions business,” into secondary deals through Ruukle Bagijn leads Carlyle’s Global Investment Solutions segment. ments and secondary markets times start a new relationship
Kewsong Lee, Carlyle’s chief AlpInvest funds dedicated to face as an upshot of market with a co-investment or with a
executive, said during the those strategies, Ms. Bagijn between $2.5 billion and $4 ating for private-equity invest- volatility? secondary [deal] so we can
firm’s first-quarter earnings said. billion to secondary invest- ments. Her responses have Ms. Bagijn: In about 65% of later decide if we are going to
call last month. Over the past few years, the ments, she said. been edited for clarity and the co-investments we do, we support that manager through
Carlyle’s Global Investment solutions business has commit- Ms. Bagijn recently spoke brevity. are the single or the largest co- committing to blindpool funds.
Solutions segment is a $65 bil- ted $1 billion to $2 billion each with WSJ Pro Private Equity on WSJ Pro: Where do you see investor in the deals. Some We are seeing opportunities
lion business focused on help- to co-investments and primary the opportunities and chal- the biggest opportunities for companies are already trading across the U.S. as well as Eu-
ing investors manage capital fund investments annually, and lenges volatile markets are cre- investments across your seg- at a much lower price and oth- rope and Asia.

Inside the especially in a legacy media

industry that is searching for a
future-proof business model.
The chief executive of the
newly formed Warner Bros.
Discovery, David Zaslav, de-
said the new owners should
have been more open to input,
given Discovery’s lack of experi-
The venture took on
startup-type excitement. Alex
MacCallum, a New York Times
attended said they took as an
ominous sign. Staffers con-
cerned about Discovery’s lack

Collapse Interviews with more than a

dozen people involved in CNN+
describe a culture where excite-
cided to end CNN+ after learn-
ing the $5.99-a-month service
signed up roughly 150,000
ence in the news business.
Still, several staffers said
they were concerned, even be-
veteran and CNN+ general
manager, had a clock in her of-
fice counting down to the
of experience in news weren’t
reassured when Mr. Zaslav
mentioned Discovery’s news

Of CNN+ ment over what one top pro-

ducer described as CNN’s
“Apollo Mission”—a reference
subscribers in its first few
weeks and was being watched
by somewhere between 5,000
fore the launch, about the ser-
vice’s business strategy. One
producer noted that CNN+
March 29 launch. In the early
going, CNN+ employees were
told to spend whatever they
channel in Poland, TVN24.
A few days later, after press
reports saying the CNN+ ser-
to the program that success- and 10,000 people at any given launched without any way for needed on travel or flying vice wasn’t getting traction,
Continued from page B1 fully landed the first humans moment, people familiar with users to sample it—unlike Ap- guests in, and they were told Mr. Morse had a meeting for
of Discovery with CNN-parent on the moon—gave way to the the situation said. ple TV+, for example, which to hire aggressively, network hundreds of staffers, from tal-
WarnerMedia that was con- realization that failure was ar- In Discovery’s view, those initially gave people purchas- staffers familiar with the situ- ent to producers to engineers,
summated in April—and riving swiftly and mercilessly. figures were a poor sign. CNN ing new Apple devices a year ation said. people familiar with the meet-
starkly different visions about Many employees of the stream- executives argued that CNN+ of free service. Discovery and WarnerMedia ing said. Mr. Morse told staff-
the future of the streaming ing service started in the past was on track to hit an internal One challenge was that completed their merger on Fri- ers to ignore the public noise
business. six months or even just a few target of two million U.S. sub- CNN+ didn’t carry live pro- day, April 8. The following and said CNN+ was meeting ex-
For the more than 400 weeks before the service scribers in the first year and gramming from the CNN TV Monday, Andrew Morse, the pectations, but didn’t say what
workers involved, it’s also the launched. Several said they left that currently-active-users was channel. Doing so without the head of CNN’s digital opera- the expectations were—leaving
story of the dashed hopes of stable jobs or freelancing gigs. the wrong metric to judge a support of cable providers tions and executive in charge some employees concerned.
those caught up in a startup’s CNN+ staffers who are not new service, the people said. who carry the channel could of CNN+, met with top Discov- Warner Bros. Discovery
woes. CNN+’s rise and fall placed in other internal roles In interviews, several CNN+ jeopardize lucrative distribu- ery executive JB Perrette—the completed plans to shut down
speaks to the risks people are will get six months of sever- staffers said they were frus- tion contracts. CNN+ did plan company’s new head of global the service on April 14, a per-
willing to take to be on the ance so long as they don’t leave trated Discovery made what to add live TV and held talks streaming—and incoming CNN son familiar with the decision
ground floor of something big, the company within 90 days. they see as a snap judgment and with major providers before chief Chris Licht, people famil- said. Mr. Licht wasn’t slated to
the service’s launch, including iar with the meeting said. Dis- take over at CNN for another
about the possibility of dis- covery’s executives got their few weeks. He was aware
ADVERTISEMENT
tributing the app through their first financial readout on plans were being drawn up to
set-top boxes, two people fa- CNN+ and said they were un- make the shutdown announce-
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
miliar with the planning said.
Also on CNN+’s road map: a
convinced it had a path to suc-
cess.
ment and didn’t want that to
be his first interaction with
plan to offer CNN+ in a dis- They pointed to Discovery’s CNN+ staffers, the person said.
counted bundle alongside War- challenges in launching niche He went to the CNN+ office on
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Andrew Morse, the executive in charge of CNN+, speaking at the launch event in New York in March.
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CNN+ was taking shape, hav-

that CNN+ had a National Public Radio vet-
             
 
   
 
 

         

 
  ! 
" "
 ing signed deals with Fox path to success. eran Audie Cornish was in the
FLORIDA INVESTOR ALERT News veteran Chris Wallace, process of shooting the third
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 THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, May 14 - 15, 2022 | B11

MARKETS

TerraUSD’s Plunge Raises

Questions About Cryptos
BY CAITLIN OSTROFF
A breed of cryptocurrencies
touted for their purported sta-
bility has come under scrutiny
as regulators, individual inves-
tors and veteran digital asset
traders watched one spiral from
its $1 peg to pennies.
The recent fall of TerraUSD
and its sister stablecoin Luna
saddled investors with billions
of dollars in losses and rico-
cheted back into other crypto-
stashed around $180 billion in
them as of mid May.
Why are they becoming
popular?
Traders prefer to buy coins
such as bitcoin, ether and doge-
coin using digital assets that
are pegged to the dollar be-
cause when they buy or sell,
only the price of the crypto as-
set varies.
Stablecoins also allow for
fast trading without the settle-
neering to maintain their links
to the dollar.
In the past, the algorithmic
stablecoin TerraUSD maintained
its $1 price by relying on trad-
ers to take on an arbitrage
function between the values of
Terra and Luna. When Terra fell
below the peg, traders would
“burn” the stablecoin—remov-
ing it from circulation—by ex-
changing TerraUSD for $1
worth of new units of Luna.
That action reduced the supply

WOOHAE CHO/BLOOMBERG NEWS

currencies. Their plunge has
raised urgent questions about
the regulation of digital assets,
and undermined crypto devel-
opers’ claims they could create
a new form of finance not
marred by the destabilizing
bank runs that occasionally
happen in traditional finance.
Here’s what you need to
know about stablecoins and
what happened:
What is a stablecoin?
Cryptocurrencies such as bit-
coin are volatile digital assets
that are prone to big swings
that sometimes happen in sec-
onds. A mere tweet or comment
from Tesla CEO Elon Musk can
send them moving sharply.
Stablecoins are supposed to
do away with that volatility.
Through different designs, their
value is pegged to that of gov-
ernment-issued currencies like
the U.S. dollar. In theory, one
stablecoin equals one dollar, no
matter which way other crypto-
currencies are moving.
These coins have become a
larger part of the crypto ecosys-
tem over the last two years,
with professional traders and
individual investors alike having
ment times associated with
government-issued currencies,
which can take days.
If someone wanted to sell
bitcoin and quickly lock in their
dollar profits, they could buy a
stablecoin immediately on ma-
jor cryptocurrency exchanges.
How do they work?
There are two main catego-
ries of stablecoins: those that
are backed by assets and those
that are backed by algorithms.
The most popular stable-
coins, like tether and USD Coin,
maintain their levels with as-
sets. The assets backing USD
Coin consist only of cash and
short-term U.S. government se-
curities, according to its issuer.
Tether Holdings Ltd.—the
issuer of the largest stablecoin
by market value, tether—says
its value is backed by both safe
investments, such as cash and
short-term U.S. government se-
curities, and riskier ones, in-
cluding short-term IOUs known
as commercial paper, secured
loans to companies and other
cryptocurrencies.
So-called algorithmic stable-
coins aren’t backed by assets,
instead using financial engi-
of TerraUSD and raised its
price. Conversely, when Ter-
raUSD’s value rose above $1,
traders could burn Luna and
create new TerraUSD, thus in-
creasing the supply of the sta-
blecoin and lowering its price
back toward $1.
Do Kwon, a South Korean de- Do Kwon, a South Korean developer, created the stablecoin TerraUSD, which was launched in 2020.
veloper, created TerraUSD. The
coin launched in 2020 and be- platform. Big transactions over fort to maintain the peg for sold, expecting that the assets
fore its collapse had swelled to that May weekend knocked Ter- TerraUSD in mid-May, accord- won’t be able to rally back to
a size of more than $18 billion. raUSD from its $1 value. ing to the fund’s data dash- their original levels. And even
The instability prompted board. cryptocurrency enthusiasts say
What caused TerraUSD to more investors to pull their Ter- The fund’s selling of large this has shaken their faith.
break from its peg? raUSD from Anchor and sell the amounts of bitcoin contributed
Traders said the catalyst for coin. to a sharp drop in bitcoin’s
the drop—which began over the That, in turn, led more inves- price earlier this week, analysts What are regulators
weekend of May 7-8 and snow- tors to withdraw from Anchor, and traders said. As TerraUSD doing?
balled the following Monday, creating a cascading effect of and Luna began falling the week The episode has also refo-
May 9—was a series of large more withdrawals and more of the selloff, bitcoin also de- cused policy makers’ attention
withdrawals from Anchor Pro- selling. TerraUSD deposits at clined, going below $26,000 on on the lack of regulation around
tocol, a kind of crypto bank cre- Anchor fell to about $1.6 billion Thursday, May 12. stablecoins and the broader
ated by developers at Mr. by May 13, Anchor’s website cryptocurrency market. Trea-
Kwon’s firm, Terraform Labs. shows. What happens next? sury Secretary Janet Yellen has
Such platforms are used by Mr. Kwon tried to rally his renewed calls for Congress to
digital-currency investors to What did this mean for followers following the selloff of pass legislation to to govern
earn interest on their coins by other cryptocurrencies? both coins. The blockchain un- stablecoins.
lending them out. A reserve fund of about $3 derlying TerraUSD and Luna And Pennsylvania Sen. Pat
By early May, investors had billion in bitcoin and other was twice halted as its network Toomey, the Banking Commit-
deposited more than $14 billion cryptocurrency resources, validators seek to stabilize the tee’s top Republican, has ex-
of TerraUSD in Anchor, accord- owned by the Luna Foundation digital assets. pressed an interest in moving
ing to the platform’s website. Guard, a nonprofit co-founded But both TerraUSD and Luna quickly on related legislation.
The bulk of the stablecoin’s sup- by Mr. Kwon, had been largely have fallen sharply from their —Paul Kiernan
ply was parked in the Anchor depleted amid an emergency ef- prior values. Many traders have contributed to this article.

Treasury Tackles
Illicit Finance
BY DYLAN TOKAR
The U.S. Treasury Depart-
ment outlined actions it plans
to take to address illicit-finance
risks, saying Russia’s invasion
of Ukraine had underscored the
need to close regulatory loop-
holes and step up the fight
against corruption.
The national strategy for
combating illicit finance, re-
leased Friday, is the latest iter-
ation of a report the Treasury
produces every two years. But
this year’s strategy might be
ERHAN DEMIRTAS/BLOOMBERG NEWS
fraud, drug trafficking and cy-
bercrime as the crimes that
generate the largest amount of
illicit proceeds. It also identi-
fied emerging risks, including
the abuse of cryptocurrencies
and rising domestic extremism.
The Biden administration
tied its work on illicit finance
to larger national-security goals
even before the Ukraine inva-
sion. It has said that fighting
corruption should be a core na-
tional-security priority, and
more recently pointed to Rus-
sia’s invasion of Ukraine as one

among the most important it example of how corruption de-

has produced, Treasury offi-
cials said, given Russia’s ag-
gression against its neighbor.
“Illicit finance is a major na-
tional-security threat and no-
where is that more apparent
than in Russia’s war against
Ukraine, supported by decades
The largest cryptocurrency, bitcoin, was up about 4.3% Friday, trading around $29,800.33, after falling below $26,000 Thursday. of corruption by Russian
elites,” said U.S. Treasury As-
Cryptocurrency prices since the end of 2020 sistant Secretary Elizabeth
Rosenberg.
Bitcoin Ethereum Dogecoin Among its priorities for ad-
dressing that threat, the Trea-
$70,000 $5,250 $0.70 sury said Wednesday, is imple-
menting regulations that limit
the ability of illicit actors such
60,000 4,500 0.60
as corrupt Russian oligarchs to
covertly access the financial
system through shell compa-
50,000 3,750 0.50
nies and all-cash real-estate
purchases. The report released
Friday responds to a number of
40,000 3,000 0.40
illicit-finance risks to the U.S.
financial system identified by
30,000 2,250 0.30 the Treasury in March. The
Treasury at the time named
stabilizes nations and poses a
threat to U.S. interests.
The administration has im-
posed far-reaching economic
measures against Russia, and
has stepped up sanctions
against individuals and compa-
nies it alleges are involved in
corruption. On May 8, it an-
nounced new measures banning
Americans from providing ac-
counting and management-con-
sulting services to Russian
companies. That step was in
line with the strategies re-
leased Wednesday, the Trea-
sury said.
Treasury has been imple-
menting a corporate-transpar-
ency law, an effort it said was
its top priority in countering
various illicit-finance threats.
The law calls for the Treasury
to create a corporate-owner-
ship registry that lawmakers
hope will limit the use of anon-
ymous shell companies.

20,000 1,500 0.20

10,000 750 0.10

Angeles Equity Nears
0 0 0
Target for Second Fund
2021 ’22 2021 ’22 2021 ’22
BY CHRIS CUMMING in 2014 by Timothy Meyer and
AND PREETI SINGH Jordan Katz, who formerly co-
Sources: CoinDesk (bitcoin); Kraken (ethereum, dogecoin) headed investments in the in-
Angeles Equity Partners is dustrials sector for Beverly Hills,

TerraUSD Traders prefer to buy coins

such as bitcoin, ether and
dogecoin using digital assets
backstop. When it fell below
the peg, traders would burn
the stablecoin—removing it
Meanwhile, TerraUSD was
sold for stablecoins backed by
traditional assets through var-
more than two-thirds of the
way toward the fundraising
target for its latest fund, giving
Calif.-based Gores Group LLC.
Angeles Equity makes control
investments in smaller North

Continues that are pegged to the dollar

because when they buy or sell,
the price is moving only on
from circulation—by exchang-
ing TerraUSD for $1 worth of
new units of Luna. That action
ious liquidity pools that con-
tribute to the stability of the
peg, as well as through cryp-
the private-equity firm a fresh
batch of capital to invest in
lower midmarket companies.
American companies valued at
up to $250 million and aims to
find businesses with recurring

To Stumble one side. They also allow for

Continued from page B1
change by volume, suspended
trading of both TerraUSD and
Luna late Thursday. On Friday,
both the blockchain and Bi-
nance’s trading of TerraUSD
and Luna resumed.
Stablecoins have surged in
popularity the past two years
and now act as the grease
that moves the gears of the
cryptocurrency ecosystem.
fast trading without the set-
tlement times associated with
government-issued currencies,
which can take days.
While the most popular
stablecoins maintain their lev-
els with assets that include
dollar-denominated debt and
cash, TerraUSD is an algorith-
mic stablecoin, which relies
on financial engineering to
maintain its link to the dollar.
In the past, TerraUSD main-
tained its $1 price by relying
on traders who acted as its
reduced the supply of Ter-
raUSD and raised its price.
Conversely, when Ter-
tocurrency exchanges. The
sudden outflow spooked some
traders who began selling Ter-
raUSD’s value rose above $1, raUSD and Luna.
traders could burn Luna and A reserve fund of about $3
create new TerraUSD, thus in- billion in bitcoin and other
creasing the supply of the sta- cryptocurrency resources,
blecoin and lowering its price owned by the Luna Foundation
back toward $1. Guard, has been largely de-
That financial engineering pleted amid an emergency ef-
to maintain its peg began to fort to salvage TerraUSD, ac-
falter last weekend with a se- cording to the fund’s data
ries of large withdrawals of dashboard. The fund’s selling
TerraUSD from Anchor Proto- contributed to a sharp drop in
col, a sort of decentralized bitcoin’s price earlier this past
bank for crypto investors. week, analysts and traders said.
The vehicle, Angeles Equity
Partners II LP, has held a first
close of $350 million, according
to two people familiar with the
matter. The fund is expected to
close at just under $600 mil-
lion by the end of the summer,
above the $500 million target,
one of the people said.
Angeles Equity’s debut ve-
hicle gathered $360 million
and closed in 2017.
The Santa Monica, Calif.-
based firm didn’t reply to a re-
quest to comment.
Angeles Equity was founded
revenue in fragmented indus-
tries that can be consolidated.
Angeles Equity made its lat-
est investment in Agile Occu-
pational Medicine, a Gardena,
Calif.-based operator of occu-
pational healthcare clinics, in
a deal announced Wednesday.
Despite a slow start, Angeles
Equity’s first fund has yielded
a net internal rate of return of
18.7% as of June 30, 2021,
based on the latest public data
from the Los Angeles City Em-
ployees’ Retirement System,
which invested in the vehicle.
 B12 | Saturday/Sunday, May 14 - 15, 2022
Can TikTok Keep
Users Hooked?
The app capitalized on consumers’ bite-sized attention
spans. Now rivals are competing for the same eyeballs.
If the sun is setting on Face-
book, then TikTok is dancing in
the moonlight. How long can its
short-form video hold consumers’
fickle attention?
Just a few years ago, China-
based ByteDance’s TikTok was an
app for kids, with videos of anthro-
pomorphic pets or freakishly tal-
ented children dancing. Now it
seems like everyone is using it, no
matter their age. Its growth has
come at the expense of its competi-
tion, such that just about every so-
cial-media company is now pouring
money into copycat products.
TikTok’s founding genius is that
it capitalized on consumers’ short
and capricious attention with a
seemingly infinite collection of
music-backed videos under 60 sec-
onds algorithmically tailored to us-
ers’ interests. Those still bored in
under a minute can simply swipe
until something else catches their
eye.
In its latest installment of what
it believes is the longest-running
TikTok average monthly active users
1.50 billion
1.25
1.00
0.75
0.50
0.25
0 form Reels. Pinterest last year
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2020 ’21 ’22
Note: Data represents iPhone and Android combined.
Source: data.ai Intelligence
NIKOLAY DOYCHINOV/AGENCE FRANCE-PRESSE/GETTY IMAGES
War, or politics, could cause natural gas supply disruptions in Europe.
Europe Is Still Counting
On Gas From Russia
A supply disruption could create major shortages
A disruption in the flow of Rus-
sian gas to Europe this year is
suddenly all too easy to imagine.
Europe’s natural-gas supply
seems a lot less secure even than a
few weeks ago. Last month, Mos-
cow said it would end deliveries to
Poland and Bulgaria, and the
stakes rose again this week, after
Ukraine’s gas-transport operator
said it would stop transporting
Russian gas through a key part of
the country’s network. This
prompted Moscow to sanction 31
European energy companies.
Liquefied natural gas, or LNG, is
Europe’s primary swing source of
the fuel, and prices at Europe’s
Dutch hub have been jittery. The
benchmark jumped 13% Thursday
as traders scrambled to assess the
likely effect of the new Russian
sanctions, before falling back
slightly early Friday. German Econ-
omy Minister Robert Habeck said
Thursday that the sanctions would
cut out about 3% of the country’s
Russian gas deliveries, which he
said could be sourced from other
suppliers.
Despite the volatility, the mar-
ket may not have fully baked in
even a moderate supply disrup-
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
survey of digital media consumer
behavior in America, Edison Re-
search found 82% of polled U.S.
adults now use social media, un-
changed from last year. That
means that, unlike most other sec-
tors in tech like food delivery,
ride-hailing or dating, social media
apps are competing for the same
users, not new ones.
It is a game that TikTok is win-
ning. Back in 2019, 70% of 10-year-
old girls with smartphones in the
U.S. were using TikTok. Today, Edi-
son Research’s survey shows Tik-
Tok is the third-most used social-
media app across users of all ages,
topping Twitter, Snapchat, Pinter-
est and LinkedIn.
But among younger users, gains
appear to have come at the partic-
ular expense of Facebook. More
people aged 12 to 34 are now us-
ing TikTok than Facebook, accord-
ing to the survey, a marked change
from just two years ago, when
Facebook was leading TikTok in
that demographic by 39 percent-
age points. It isn’t just young peo-
ple who are straying from social-
media incumbents: Just 5% of
people aged 35 to 54 were using
TikTok two years ago; now more
than a third of them are. Over that
period, the percentage of that age
demographic using Snapchat and
LinkedIn didn’t grow at all, while
it declined 5 percentage points on
Pinterest.
Broadly, TikTok’s gains illustrate
its early ability to bridge the age
gap—a unique point of differentia-
tion among its social-media com-
petitors.
Facebook and Instagram now
have the short-form video plat-
added Watch, where users can
scroll through short videos and se-
ries of pictures. Snapchat launched
short-form video product Spotlight
tion. Europe’s LNG benchmark
peaked at 227 euros a megawatt-
hour, equivalent to around $236,
soon after Russia invaded Ukraine.
It has more than halved since,
though prices remain well above
prepandemic levels.
Some might dismiss this week’s
With trust all but gone,
there are now real risks
to Europe’s natural gas
supply.
drama as saber-rattling: Russia
and Europe remain energy-interde-
pendent and gas has flowed
throughout all manner of regional
conflicts. With trust gone, though,
there are now real risks to supply.
A disruption in Russia’s gas flows
to Europe has been the base case
of think tank Eurasia Group, ac-
cording to analyst Henning
Gloystein.
There are physical risks.
Ukraine is home to the infrastruc-
ture that transported about one-
third of Europe’s imports of Rus-
ON
THE
in late 2020. Last year, YouTube
globally launched Shorts, offering
a platform for videos under 60
seconds. And even Twitter in De-
cember said it was testing out an
updated “Explore” tab that follows
a TikTok-like scrolling format that
seems to favor short-form video
tweets.
TikTok, like its social-media
predecessors, is free to download
and operates an ad-based model.
As a private company, its exact
revenue isn’t publicly known. But
eMarketer estimates TikTok gener-
ated nearly $4 billion in ad reve-
nue last year and will triple that
sum this year to become bigger
than the combined ad business of
Twitter and Snapchat. By 2024,
the firm’s estimates show TikTok’s
revenues essentially reaching par-
ity with YouTube at over $23 bil-
lion.
From an advertising perspec-
tive, Stifel’s Mark Kelley called
TikTok a “manageable threat” to
social-media incumbents, noting
the platform has historically
lacked the targeting and measur-
ing tools available from competing
sian gas in the last three
months of 2021, and
some oil pipelines too.
While Russian forces
have refocused on the
southeast of Ukraine,
missile strikes continue
around the country.
There is a real chance
some energy infrastruc-
ture is hit, either inten-
tionally or by accident.
Hostilities would make
repairs tricky, particu-
larly as Ukrainian trans-
port companies and the
Russian energy produc-
ers had acrimonious re-
lationships long before
the invasion.
Politics also might
cause a supply disrup-
tion. Initial sanctions
steered well clear of European en-
ergy flows, but no longer. The U.S.
banned Russian oil purchases and
the European Union is finalizing a
similar embargo. Those sanctions,
or other developments like Finland
or Sweden seeking to join NATO,
could prompt Moscow to retaliate
by shutting off gas to more Euro-
pean countries. Kyiv might also be
tempted to stop the flows that
help fund Russia’s invading forces.
To replace Russian gas, Europe
would need to buy the entire LNG
spot market, Shell’s chief executive
said last week. While technically
possible, that is unrealistic. Any
significant supply disruption
would therefore create shortages.
A scenario where Russia com-
pletely cuts off energy exports to
Europe, including gas, would likely
cause extreme prices, a large re-
duction in demand and possibly
even power rationing, although
blackouts could still be avoided,
says Fabian Rønningen of Rystad
Energy.
Rystad estimates that current
European storage levels would last
through most of 2022, barring un-
expected weather events. But the
outlook for next winter is darker.
Germany is most reliant on Rus-
sian gas, although estimates for
the economic impact of losing it
vary widely, from less than 1% of
German economic output, to 12%,
in an analysis that included sec-
ond-order effects.
Pipeline diplomacy has kept
Russian gas flowing into Western
Europe for decades, but the rea-
sons to think this time is different
just keep coming.
—Rochelle Toplensky
* ***
platforms that advertisers lust af-
ter. Evercore ISI analyst Mark Ma-
haney said that, while advertisers
are clearly looking to experiment
with TikTok, he has yet to see big
brand advertisers fully engage.
TikTok seems to be furiously
working to address some of its
shortcomings from both an adver-
tiser and user perspective. Earlier
this year, the platform enhanced
its ability to target and measure
its value proposition to advertisers
by enabling first and third-party
cookies on top of its existing tools.
TikTok is also expanding from
its short-form underpinnings. Less
than a year after it raised the max-
imum length of a video to three
minutes, TikTok said early this
year that it is extending that
length to 10 minutes. Traditional
YouTube videos can be up to 15
minutes and verified users’ videos
can be hourslong.
It could be that advertisers will
come, wherever the users are. Sim-
ilarweb data show traffic to Tik-
Tok’s ads site was up nearly 200%
in the first quarter. Users of Tik-
Tok’s Android app spent an aver-
Crypto’s Merry Band
Returns to Robinhood
An investment by FTX’s founder may be a bullish
signal, but the online brokerage faces a long road
One of the biggest names in
crypto is bullish on the future of
Robinhood Markets. That makes
sense. But others might think twice
before settling down in Sherwood
Forest.
The disclosure on Thursday that
Sam Bankman-Fried, the 30-year-
old billionaire who founded the
cryptocurrency exchange FTX, had
bought a 7.6% stake in Robinhood
sent the online brokerage’s shares
soaring, up nearly 25% on Friday.
To be sure, the stock is still down
some 40% this year, and is nearly
90% off its peak price.
Some traders might be thinking
this is a prelude to a takeover, Elon
Musk-style, or even a merger or al-
liance with FTX. However, all cur-
rent signs point to this being a per-
sonal and passive investment for
Mr. Bankman-Fried.
The nature of the filing doesn’t
rule out an active role, but it said
that Mr. Bankman-Fried currently
has no intention to be active and
views this as an “attractive invest-
ment.” Robinhood also has a special
class of shares for its co-founders
that give them voting control of the
company, making an aggressive
takeover a difficult proposition.
Crypto might be in a crisis mo-
ment to many observers, but to the
industry’s leaders and believers it is
a time, as Warren Buffett has put it,
to be greedy when others are fear-
ful.
There aren’t many people—be-
sides Mr. Buffett, perhaps—who
could earn a 20%-plus return in a
day with their stamp of approval on
a stock. But when it comes to
crypto, the talismanic Mr. Bankman-
Fried evidently has the market’s
ear.
Robinhood now trades at a mar-
ket value of around $9 billion, but
has cash-and-equivalent resources
of around $6 billion—that is not
counting cash segregated for cus-
tomers and its deposits at clearing-
houses. So if you are bullish on
crypto’s future, Robinhood might
look quite attractively valued.
THE WALL STREET JOURNAL.
JAMES STEINBERG
age of more than an hour and 22
minutes a day on the service in
March—more than for Facebook,
Instagram, Twitter, Snapchat, or
YouTube, data from Similarweb
shows.
Internally, TikTok’s rapid rise
has required a grueling grind. A
recent investigation by The Wall
Street Journal revealed a U.S. of-
fice culture that is described as
demanding and secretive, with
several former employees describ-
ing 85 hours of meetings a week in
addition to their regular work, and
instances of culture clash with the
Beijing-based parent company. Tik-
Tok had about 1,500 employees in
the U.S. last year and has plans to
add 10,000 more, according to the
Journal’s report.
But will its investment continue
to pay off?
“I can’t sit here and say in 10
years they’ll be the dominant plat-
form still,” says Evercore ISI’s Mr.
Mahaney; however he also noted
that a billion-plus users will proba-
bly buy you at least “a few years”
in the sun.
—Laura Forman
Robinhood Markets share price,
year-to-date
$20
18
16
14
12
10
6
2022 May
Source: FactSet
It has a license to offer crypto
trading in New York—which FTX
US currently doesn’t—and is a place
where many people who don’t usu-
ally invest might go to start trading
crypto for the first time. It has also
recently more than doubled the re-
bate rate it gets from sending
crypto orders to trading venues.
Even so, crypto transaction reve-
nue grew just 13% sequentially in
the first quarter due to a sharp
drop in activity levels. Still, this
suggests that any rebound in crypto
trading or prices could be quite lu-
crative for Robinhood.
For the crypto-skeptical investor,
however, Robinhood’s road ahead
still looks long. It needs to boost its
average revenue per user—at $53 as
of the first quarter—by roughly $30
to help get to positive adjusted
earnings before interest, taxes, de-
preciation, and amortization by
year-end, the company has said.
In these difficult times for
crypto, it might be smart for believ-
ers to pick a leader to follow, espe-
cially if they have a long time hori-
zon. But if you’re not expecting a
rebound anytime soon, judging
Robinhood on other dimensions re-
mains challenging.
—Telis Demos
CULTURE | SCIENCE |
‘Maverick’ Returns
The daredevil nickname
began as a label for
wayward cows C3

POLITICS | HUMOR
REVIEW THE WALL STREET JOURNAL. * * **
The Go-Between
Fouad Ajami, an eloquent
link between the West and
the Middle East Books C7

Saturday/Sunday, May 14 - 15, 2022 | C1

LIZZIE GILL FOR THE WALL STREET JOURNAL; SOURCE PHOTOGRAPHS: ASSOCIATED PRESS(3), GETTY IMAGES(3); POST HILL PRESS (BOOKS)

The End of Roe v.Wade

T
he recent leak of a
draft Supreme Court
opinion overruling
Roe v. Wade has
prompted many com-
For a constitutional mentators to charge
that a hyper-politicized, conservative
scholar and pro- Court is on the verge of losing its le-
gitimacy and plunging America into a
choice Democrat, constitutional abyss. Should the draft
there are reasons become the Court’s ruling, they argue,
it would threaten a wide range of ba-
to endorse the sic rights and perhaps the rule of law
itself.
leaked draft opinion These are dire assessments, re-
overturning the flecting the country’s intense, long-
standing divide over the issue of
1973 abortion abortion. But they don’t stand up to
scrutiny.
decision—and to see Consider first the fact of the leak
it as vindication itself in the Mississippi abortion case
now under review, Dobbs v. Jackson
for a range of Women’s Health Organization. It is a
huge leak. Never before has a full
liberal priorities. draft, footnotes and all, of a would-be
majority opinion seeped out to the
By Akhil Reed Amar world while a Supreme Court case of
major moment was still under consid-
eration. But based on what we now
know, the leak of Justice Samuel Al-
ito’s draft is less troubling than sev-
eral previous episodes in Court his-
Top: Justice Samuel Alito (left),
author of the draft opinion in
Dobbs, and Justice Harry
Blackmun, who wrote the
majority opinion in Roe v. Wade.
Bottom: The U.S. Supreme
Court flanked by an anti-
abortion demonstration in 1976
(left) and an abortion rights
demonstration in 1971 (right).
tory, in which various justices
themselves blabbed either in the mo-
ment or soon after a decision. At
present, there is no evidence that any
justice was directly involved in deliv-
ering the draft to Politico.
Nor is there anything unusual in
the leaked draft’s treatment of prece-
dent. Supreme Court precedents
strictly bind lower courts, but they do
not bind the Supreme Court itself. In-
deed, an essential function of the
Court is to revise incorrect or out-
dated prior rulings. Over the last cen-
tury, the Court has overruled itself
about twice a year—roughly the same
rate at which the Court has over-
turned acts of Congress.
Precedents fall for many reasons.
Sometimes the world changes in ways
that mock the logic and expectations
of the old ruling. Sometimes opposing
lines of cases evolve and clash, and
something must give. Most funda-
mentally, sometimes the Court comes
to believe that an old case egre-
giously misinterpreted the Constitu-
tion, so the old case must go.
In 1954, in Brown v. Board of Edu-
cation, the justices rightly buried
their predecessors’ 1896 ruling in
Plessy v. Ferguson, which had pro-
claimed the dubious doctrine of “sep-
arate but equal.” The best argument
for this burial was that the Constitu-
tion really does promise racial equal-
ity, and racial segregation—American
apartheid—was not equal. Likewise,
the New Deal Court properly repudi-
ated dozens of earlier Gilded Age
cases that read property and contract
rights far too broadly and in the pro-
Please turn to page C2
Mr. Amar is a professor of
constitutional law at Yale and the
author, most recently, of “The
Words That Made Us: America’s
Constitutional Conversation, 1760-
1840.”

Inside
TABLE TALK
Hoop WEEKEND
CONFIDENTIAL
SCHOOL SHOOTINGS

Our supermarkets are

full of ‘fresh’ foods, but Dreams
how fresh are they? The A backboard in the
only real way to know family driveway lets
Jason Gay try to
freshness is by tasting it, mesmerize his kids
writes Bee Wilson. C3 with his sky hook. C6
Reality TV star
Defensive drills
don’t prevent
and entrepreneur tragedies. New
Bethenny Frankel threat-analysis
found success as a teams can step
late bloomer. C6 in earlier. C4
C2 | Saturday/Sunday, May 14 - 15, 2022
A Precedent With
Weak Constitutional
Reasoning
Continued from the prior page
cess invalidated minimum-wage,
maximum-hour, worker-safety and
consumer-protection laws of various
sorts—laws that are now seen, quite
rightly, as perfectly proper.
The liberal Warren Court also
overruled a staggering number of
precedents, introducing now famil-
iar terms to our constitutional lexi-
con. Mapp v. Ohio (1961) dramati-
cally expanded the “exclusionary
rule,” Reynolds v. Sims (1964)
sweepingly mandated “one person,
one vote,” and Miranda v. Arizona
(1966) required the now iconic
“Miranda warning.” These cases and
dozens like them jettisoned earlier
settled precedents that, in the
minds of the justices, mangled the
Constitution. As law professor
Philip Kurland once wryly observed,
“the list of opinions destroyed by
the Warren Court reads like a table
of contents from an old constitu-
tional casebook.”
Today, the Supreme Court’s 1973
opinion in Roe v. Wade, written by
Justice Harry Blackmun, is similarly
ripe for reversal. In the eyes of
many constitutional experts across
the ideological spectrum, it too
lacks solid grounding in the Consti-
tution itself, as Justice Alito demon-
strates at length in his leaked Dobbs
draft. (Full disclosure: The draft
cites me and several others as con-
Many experts
across the
ideological
spectrum believe
that the Supreme
Court decision in
Roe v. Wade lacks
solid grounding in
the Constitution
itself.
stitutional scholars who oppose Roe
but personally support abortion
rights.) Even the late Justice Ruth
Bader Ginsburg was sharply critical
of the decision.
In Roe, the Court did not even
quote the constitutional language it
purported to interpret in handing
down its ruling—the Due Process
Clause of the 14th Amendment. That
clause holds that the government
may not deprive any person of “life,
liberty or property, without due
process of law”—that is, without
fair legal procedures, such as impar-
tial judges and juries, defense attor-
neys and the like. The Texas abor-
tion law at issue in Roe in fact
provided for fair courtroom proce-
dures, which made the decision’s
“due process” argument textual gib-
berish.
Constitutional history also cut
hard against Roe. When Americans
adopted the 14th Amendment in the
1860s, almost no one thought it
barred laws against abortion. Virtu-
ally every state back then prohib-
ited abortions. Roe likewise ran
counter to state laws still on the
books almost everywhere in the
1970s. The opinion clumsily cited
various earlier precedents involving
“privacy” rights related to contra-
ception and erotic expression, but in
a devastating concession, the Roe
Court admitted that the presence of
a living fetus in abortion scenarios
made the matter “inherently differ-
ent” from all previous privacy cases.
And Roe said nothing, amazingly,
about the relationship of abortion
rights to women’s equality.
Does Justice Alito’s
draft, as many are now
claiming, inflict collat-
eral damage on other
areas of constitutional
case law, such as the
Warren Court’s prece-
dents on contraception
and interracial mar-
riage?
It does not. In fact,
the Dobbs draft rein-
forces these iconic
opinions by explaining
why they were right—
namely, because the
freedoms recognized
in these cases were
“deeply rooted in the
Nation’s history and
tradition.” These wa-
tershed rulings were
once controversial in
conservative constitu-
tional circles, thanks
to the influential work of Robert
Bork, but now they are safe.
As a constitutional scholar at
Yale and later as an unsuccessful
nominee to the Supreme Court,
Bork denounced a landmark contra-
ception case, Griswold v. Connecti-
cut (1965), in which the Court de-
clared unconstitutional
Connecticut law criminalizing the
use of contraception, even inside
the marital bedroom. Bork consid-
ered the law “nutty” but argued
that there was no broad constitu-
tional “right to privacy,” as the
Court had declared in its ruling.
But there were other, more con-
servative grounds for the Griswold
decision. In an earlier case involving
the same Connecticut law, Poe v.
Ullman (1961), Justice John Mar-
shall Harlan explained why the issue
was simple for a traditionalist such
as himself: “The utter nov-
elty” of the Connecticut law
was “conclusive.” No other
state had ever “made the use
of contraceptives a crime.”
In the 1972 case of Eisen-
stadt v. Baird, the Court ex-
tended Griswold to invalidate
a Massachusetts statute that
banned the distribution of
contraceptives to unmarried
individuals. By then, such
laws were fast becoming out-
liers in America, rarely en-
forced even if on the books.
Today, no state or political
party is seriously trying to
undo this precedent. In his
2006 Senate confirmation
hearings, Justice Alito, a tra-
ditionalist self-consciously in
the Harlan mold, minced no
words on the issue: “I do
agree with the result in
Eisenstadt.” His leaked draft
opinion in Dobbs says much
the same thing.
Justice Alito has never
said anything remotely simi-
lar about Roe. For traditionalists,
there is an essential difference be-
tween the contraception and abor-
tion cases. Whereas the Court in
Griswold sided with 49 states
against the outlier Connecticut, the
Court in Roe invalidated the laws of
at least 49—perhaps all 50—states.
The Dobbs draft takes pains to cite
this stunning fact.
In keeping with a long line of
cases and the spirit of the written
Constitution, Justice Alito notes
that rights which are neither ex-
plicit nor implicit in the Constitu-
tion’s text and history generally
need strong roots in the mores and
practices of the American people.
One way to measure these mores
and practices is to count state laws:
How many states recognize a puta-
tive right and how many try to
REVIEW
abridge it? How often and how
strictly are laws on the books in
fact enforced?
Consider another landmark War-
ren Court case that the Dobbs draft
cites with implicit approval, Loving
v. Virginia, which struck down laws
against interracial marriage. The
a Court’s opinion expressly noted that
by 1967—the year the case came
down—more than two thirds of the
states allowed interracial marriage.
Many of the rest allowed interracial
couples to marry elsewhere and
then return home as lawful spouses.
Today, interracial marriage is even
more firmly established as a bed-
rock feature of American life.
The ruling in Roe v. Wade, by
contrast, has been under fierce and
relentless attack for decades in
most states. It has been unremit-
tingly condemned in the quadren-
Mildred and Richard Loving were the plaintiffs in Loving v. Virginia, the 1967 case
in which the Supreme Court invalidated laws prohibiting interracial marriage.
nial party platforms of one of Amer-
ica’s two major parties, a party that rights explicitly mentioned in the
has won half of the presidential
elections since Roe. Roe is also deci- racial and gender equality—warrant
sively different from various contra- stricter judicial protection, even
ception and marriage cases because,
as Justice Alito’s draft opinion
stresses, abortion uniquely involves
destroying unborn human life, typi-
cally long after conception and im-
plantation.
Perhaps surprisingly, the draft’s
logic also buttresses certain impor-
tant LGBT rights. As the Court em-
phasized in its landmark ruling in
Lawrence v. Texas (2003), which in-
validated anti-sodomy laws, such
laws were almost never enforced in
America against private consensual
conduct, but rather only in cases of
rape or public indecency. Justice
Anthony Kennedy’s majority opinion
reported that only 13 states at the
time still had laws prohibiting con-
sensual adult sodomy and only four
states singled out same-sex sodomy.
Even in these outlier states, there
was “a pattern of nonenforcement
with respect to adults acting in pri-
vate.”
Justice Kennedy’s later landmark
opinion for the Court, Obergefell v.
Hodges (2015), which required all
states to recognize same-sex mar-
riage, raises rather different issues. equality issues more seriously as
The Dobbs draft does not directly
challenge Obergefell and purports to
limit its own thrust to abortion
cases. But the draft’s logic could be lapse.
seen to undermine the Obergefell
decision, which was issued over the
Supreme Court nominee Robert
Bork at his 1987 Senate
confirmation hearing.
* ***
dissents of Justices Alito and other
conservative justices, who argued
that same-sex marriage was not
deeply rooted in American tradition.
The status of same-sex marriage
is obviously changing, however, and
such unions are fast becoming a pil-
lar of modern American life. Every
year, same-sex marriage, unlike
abortion, becomes more widespread
and accepted—more deeply rooted
and less controversial. And cru-
cially, Obergefell is at heart a gen-
der equality case. Traditional mar-
riage laws discriminated on the
basis of sexual orientation—allow-
ing straight people but not gay peo-
ple to pursue marital happiness.
These laws also discriminated on
the basis of sex: Patrick was allowed
to marry Mary, but Patricia was not.
Tradition and state-counting are
sound ways of thinking about un-
enumerated American liberties, but
Constitution—such as the rights of
when such rights contradict domi-
nant customs. The Dobbs draft says
little—too little—about sex and gen-
der equality. Advocates for repro-
ductive rights also slighted issues of
equality in their oral argument in
Perhaps
surprisingly, the
logic of Justice
Alito’s draft
opinion buttresses
certain important
LGBT rights even
as it highlights the
flaws of the
abortion ruling.
Dobbs, recapitulating one of the
biggest flaws of the Roe opinion it-
self. Later drafts of Justice Alito’s
opinion will likely need to take
the dissents of the Court’s liberals
begin to circulate, no doubt high-
lighting and criticizing this major
In the end, Dobbs will probably
be decided by a 6-3 vote, with Jus-
tice Alito joined by the four other
justices who reportedly endorse
his draft (Thomas, Gorsuch, Ka-
vanaugh and Barrett). Chief Jus-
tice John Roberts, who reportedly
THE WALL STREET JOURNAL.
Demonstrators hold up pictures of
the justices at a rally for abortion
rights outside the Supreme Court,
December 2021.
is less keen on the draft, will likely
uphold the Mississippi law on the
narrow grounds that it gives a wa-
vering pregnant woman enough
time—15 weeks—to decide. In re-
cent decades, less than 5% of all
abortions have occurred after 15
weeks.
So long as abortion remains legal
in many blue states—and nothing in
the Dobbs draft dictates other-
wise—most women who miss dead-
lines in their red home states
should be able to travel to get the
treatment they desire. Indigent
women will doubtless experience
special burdens, which makes it im-
perative for charities to ramp
up assistance for women in
distress.
A very different issue, how-
ever, would arise were Repub-
licans to sweep national elec-
tions in 2024 and then pass a
national abortion ban. This is
the scenario that should set
off the loudest alarm bells for
Americans who support abor-
tion rights.
As for concerns about judi-
cial partisanship more gener-
ally, we must remember that
in recent years conservative
justices have repeatedly
crossed the aisle to give liber-
als victories in high-profile
cases. This is not an everyday
event, but nowhere else in
America do conservatives
cross over nearly so much
when it matters. Thus, Chief
Justice Roberts joined liberals
to uphold Obamacare in three
different cases over the course
of eight years and also crossed
the aisle to invalidate the
Trump administration’s improper
treatment of noncitizens in the 2020
census. He also joined liberals to af-
firm sweeping rights of gay employ-
ees in the private sector, in an opin-
ion authored by a Trump appointee,
Justice Gorsuch. The chief justice
and another Trump appointee, Jus-
tice Kavanaugh, also sided with the
liberals in little noticed but hugely
consequential cases involving the
presidential election of 2020.
Notwithstanding the alarms trig-
gered by the Dobbs leak and draft,
FROM TOP: BILL CLARK/CQ-ROLL CALL, INC/GETTY IMAGES; BETTMANN ARCHIVE/GETTY IMAGES; CHARLES TASNADI/ASSOCIATED PRESS
what I told the Senate back in 2018,
testifying as a Never Trumper in
support of Brett Kavanaugh’s nomi-
nation to the Court, remains true:
“Americans generally and with good
reason view today’s Court more fa-
vorably than today’s Congress and
Presidency. The current justices are
outstanding lawyers who do loads
of close reading, careful writing,
and deep thinking; try hard to see
other points of view; spend lots of
time pondering constitutional law;
and spend little time posturing for
cameras, dialing for dollars, tweet-
ing snark, or pandering to unin-
formed extremists or arrogant do-
nors. Can today’s President and
Congress say the same?”
In short, I am a Democrat who
supports abortion rights but op-
poses Roe. The Court’s ruling in the
case was simply not grounded ei-
ther in what the Constitution says
or in the long-standing, widely em-
braced mores and practices of the
country. Perhaps I’m wrong in
thinking that, and perhaps the
Dobbs draft is wrong too. But there
is nothing radical, illegitimate or
improperly political in what Justice
Alito has written.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 14 - 15, 2022 | C3

REVIEW

What Counts as Fresh Food?

T
o celebrate the spring
in Rome, they some-
times eat a vegetable
stew called vignarola.
Like the summer suc-
cotash of the American South or the
ratatouille of France, vignarola is a
vegetable stew that, in its ideal
form, is radiant with freshness. It is
made from artichokes, tiny fresh
fava beans and freshly shelled peas,
all braised together with spring on-
ions and white wine with fresh mint
added at the end. Vignarola is a
mellow mixture of all things green
and new. It would once have
marked the start of the new season
after the hungry gap of late winter.
But in an era when frozen peas are
available all year round, the dish’s
dazzling spring freshness no longer
means as much.
The great miracle of our modern
food system has been to supply us
with the freshness of spring all year
round—or at least with an approxi-

A farmer can
taste a huge
difference
between a
leaf that is
one day old
or three.

mation of it. We can buy juicy fra-

grant herbs in the depths of winter
and spring chickens in the fall.
When I find myself getting twinges
of nostalgia for the food of the
past, I remember how grim it must
have been to survive for half the
year on little but salt pork, bread
and molasses (as described in Laura
Ingalls Wilder’s books for children).
Before refrigeration and modern
methods of agriculture, even butter
and eggs were seasonal foods. Nine-
teenth-century American cookbooks
included unappetizing recipes for
keeping eggs “perfectly good” by
coating them in a thick layer of
grease or submerging them in salt-
water. Somehow, these don’t sound
perfectly good—or at least not as
good as living in a time when fresh
eggs are available year-round.
On the other hand, in our world
of apparent freshness, how often do
you ever taste something that is
truly fresh? When you look closely,
much supermarket produce isn’t
quite as fresh as it seems. I recently
met a British farmer who produces
salad greens. He told me that he
can taste a huge difference between
a leaf that is a day old and three
days old and that by five days, the
flavor is greatly dulled, but the
leaves would still look green and
bright, so the average shopper
would be none the wiser. The same
goes for much of the food you buy.
The label says “fresh” but what this
actually means is something closer
to “not rotten.”
Our entire food supply is based
The word ‘fresh’ is strangely hard to define, and not every food needs to be fresh to be good.
But there are certain rare experiences of freshness that will stop you in your tracks.
deception, because something can As consumers, we are constantly
only be truly fresh when it is right asking ourselves whether things are
out of the ground or just cooked. fresh enough. We sniff the bottle of
The “fresh” food and drink in our milk before we pour it on our ce-
supermarkets has often been on a real; we inspect a fillet of fish with
surprisingly long journey in the suspicious eyes before we buy it.
global cold chain before it reaches But Ms. Freiberg notes that U.S.
us. A case in point is food law is fuzzier on the
“fresh” orange juice. Ac- question of freshness than
cording to the 2010 book you might expect. Many re-
“Squeezed: What You Don’t frigerated foods can be la-
Know About Orange Juice,” beled as “fresh” even if
by Alissa Hamilton, “fresh” they are weeks old, and
orange juice advertised as fruit can still be “fresh” af-
“not-from-concentrate” ter it is irradiated or
may sit for as long as a TABLE waxed. In 2000, the Food
year in cold storage tanks TALK and Drug Administration
before it is packaged and held a meeting in Chicago
BEE
shipped to stores. This isn’t to discuss the meaning of
WILSON
at all the same thing as tak- the term “fresh” and to de-
ing a whole orange, cutting cide whether there should
it in half and squeezing its bright be a more honest term to describe
juice straight into a glass as the certain “fresh” foods that are actu-
perfume of the zest fills the air. ally processed. Should these be re-
The word “fresh” is strangely named “fresh-like”? A Florida lob-
hard to define, which was one of byist for the American Fresh Juice
“Fresh is a state of being.”
I sometimes wonder whether the
desire for freshness is, paradoxi-
cally, part of the appeal of pro-
cessed food, with its many kinds of
packaging for the purpose of seal-
ing in and opening up. The crackle
of a newly opened bag of chips, the
fizz when you release the tab of a
soda, the big reveal of peeling back
the foil on a tub of sugary yogurt—
all of these can feel like a fresh
start, even if what’s inside the
packet isn’t exactly fresh.
It may be impossible to measure
true freshness in food, but you
know it when you taste it. It is the
sweet snap of a green bean that has
been picked that day or the way a
walnut tastes at the start of the
season straight from the shell. A
couple of years ago in the early
summer, a friend served me a sim-
ple dish of boiled potatoes that
were so fresh and waxy that every
other potato I’d ever eaten seemed
no idea that the grains of rice could
have such an ambrosial warm tex-
ture, sticky and separate at the
same time.
Not every food needs to be fresh
to be good. Vignarola aside, it is
hard to beat a frozen pea. I also
love pickled lemons and canned to-
matoes and stinky aged cheeses. A
canned peach is an underrated
thing, and a dried apricot is often
tastier than a fresh one.
But there are certain rare times
when you taste something so fresh
it stops you in your tracks. For me,
the food most likely to do this is as-
paragus, which is one vegetable I
try to buy in bundles from the mar-
ket ever since reading that the
green spears start to lose their sug-
ars even a day after harvest.
Slightly less fresh asparagus is still
a treat, of course. But there is
something about a really fresh
spear, trimmed of its tough stalk
and simply steamed or roasted and
ANA GALVAÑ

on the idea of “fresh” and “keeping the themes of an excellent book Council argued that it was pointless stale in my memory. It was similar dipped in hollandaise sauce, that
things fresh.” But to keep things from 2009 called “Fresh: A Perish- to try to pin the term down. “Fresh to the moment I tasted freshly tastes as fresh as sap rising. It is as
fresh is a kind of contradiction or able History,” by Susanne Freiberg. is not a measurement,” he argued. made sushi for the first time: I had if you are eating spring itself.

From them to a nearby rancher. That

rancher, Augustine Toutant-
the practice of rounding them
up, known as “mavericking”—

Unbranded Beauregard, continued rounding

Cattle to
WORD ON
THE STREET Political
BEN
ZIMMER Wildcards
THE SEQUEL TO THE 1986
blockbuster “Top Gun,” soon to
hit theaters, changes the title of
the original by adding a single
word: “Maverick,” the handle
for Tom Cruise’s character,
Navy test pilot Pete Mitchell.
The publicity effort surround-
ing “Top Gun: Maverick” has
An accompanying website allows
fans to generate their own Mav-
erick-esque call signs.
“Maverick” is an apt choice
for the Pete Mitchell character,
whose reckless style puts him
at odds with an elite training
program for Navy fighter pilots.
As defined by the American
Heritage Dictionary, a “maver-
Maverick gave rise to “maver-
ick” has long been wrapped up
in tall tales of the American
frontier.
In his 2017 book “Maverick:
The American Name That Be-
came a Legend,” Texas histo-
rian Lewis F. Fisher set out to
find the truth behind the term.
Sam Maverick was a powerful
up unbranded cattle from the
region, and the name “maver-
ick” was bestowed on them.
Around cowboy campfires, leg-
ends spread about Maverick
and his cattle, some painting
him as a cattle thief and others
as a nonconformist who refused
to brand his calves because he
objected to the cruelty.
“Maverick” began appearing
in print soon after the Civil
War. Recently, word researcher
Bill Mullins uncovered the earli-
est known examples in Texas
newspapers. In July 1866, the
Austin-based paper The South-
ern Intelligencer reprinted an
item from the town of Goliad
about a local rancher, who ob-
soon flourished in accounts
around the country. The label
then transferred to people who
were somehow masterless or
uncontrolled. Early on, it had
negative connotations. An 1880
article in the Galveston Daily
News quoted a judge nominated
by Democrats to the Texas
Court of Appeals as saying that
the party should “crush radi-
cals” and “especially those in-
dependent gentlemen, those
political mavericks.”
It wasn’t until the 20th cen-
tury that “mavericks” were
seen in a more positive light, in
large part thanks to the public
profile of Sam Maverick’s
grandson Maury Maverick, who
served in Congress in the 1930s

[Maverick]
made much of the nickname.
One promotional trailer from
Paramount Pictures explains
how military aviators are tradi-
ick” is “a person who shows in-
dependence of thought and ac-
tion, especially by refusing to
adhere to the policies of a
group to which that person be-
longs.”
Long before “maverick” got
attached to rugged individual-
ists, the term originated in
Texas to designate unbranded
landowner and politician, serv-
ing as mayor of San Antonio
and senator in the Texas legis-
lature. He bought a herd of
about 450 cattle in 1847 but
didn’t put much energy into
tending them, leaving them to
wander about without being
branded.
Maverick and his sons
served, “What a harvest of
‘Maverick’s’ has been reaped by
some persons.” And in February
1867, the Texas Countryman
printed “Rules for Stock-Rais-
ers” from Corpus Christi, with
one rule being, “Whenever you
find a maverick, drive it home
and brand it, and then take a
ride round to see that there are
as an independent-minded
Democrat. Popular culture also
played a part, with the televi-
sion show “Maverick” debuting
in 1957, featuring James Garner
as riverboat gambler Bret Mav-
erick. Since then, the “maver-
ick” moniker has been adopted
by politicians like Sen. John
McCain, sports teams like the
JAMES YANG

tionally assigned “call signs”—in stray cattle, associated with the rounded up the cattle in 1854 no cattle thieves in the neigh- NBA’s Dallas Mavericks and, of
the film, these include “Maver- 19th-century land baron Samuel and drove them to a ranch near borhood.” course, a fictional fighter pilot
ick,” “Rooster” and “Iceman.” A. Maverick. But how exactly San Antonio, before selling Tales of “mavericks”—and with a need for speed.
 C4 | Saturday/Sunday, May 14 - 15, 2022
MIND & MATTER
ALISON GOPNIK
Not Everyone
Can Picture
Things
CLOSE YOUR EYES and
imagine a brightly-lit
plain white china teapot.
If you’re like me you can
vividly “see” the reflec-
tions on the surface, the precise angle
of the spout. But, much to my surprise,
my friend Ed can’t conjure up any such
image—there aren’t any pictures in his
mind. It turns out that there are other
people like Ed; the neuroscientist Adam
Zeman at the University of Exeter calls
their experience “aphantasia”—the ab-
sence of imagery.
But here’s what is really surprising.
Ed is Ed Catmull, a co-founder of Pixar
and a pioneer of computer graphics;
making pictures is his business. A tea-
pot like the one you just imagined was
the basis of an important early com-
puter-generated image called “the Utah
teapot,” created at the University of
Utah where Ed had been a student. But
how could anyone make pictures like a
teapot without mental imagery?
Ed didn’t realize his experience was
unusual until he was in his 60s. A med-
itation teacher told him to focus on a
mental image like a candle flame—and
he couldn’t do it. Ed was curious how
many other people were like him, so he
surveyed colleagues at Pixar. There was
tremendous variation: About 3% said
they had little or no mental imagery,
while a similar percentage were “hy-
perphantasic” with imagery that was
almost painfully vivid, and there was a
wide range in between.
There was no correlation between
seeing mental images and creating
them. But all the computer-graphics ex-
perts had thought, like Ed, that every-
body else had the same experience they
did. My husband, Alvy Ray Smith, the
other co-founder of Pixar, spent years
making pictures with Ed without ever
suspecting that their mental imagery
was so different.
So if the aphantasic folks can do ev-
erything with pictures that people with
mental images do, how can we tell
whether their experience really is dif-
ferent, beyond just their say-so? A new
study in the journal eLife by Lachlan
Kay, Rebecca Keogh and colleagues at
the University of New South Wales
tries to answer that question. They
studied 48 random undergraduates and
TOMASZ WALENTA
18 people who were aphantasic. They
showed the participants bright and
dark triangles and measured how much
their pupils involuntarily contracted
when looking at the bright shape or ex-
panded when the shape was dimmed.
Then they asked the participants to
imagine the same sequence of trian-
gles. The undergraduates’ pupils con-
tracted or expanded just as if they
were looking at the actual shapes; but
aphantasics’ pupils didn’t change at all.
The lack of unconscious dilation con-
firmed that they didn’t see the mental
images. If Ed and I try to imagine a
bright teapot, my pupils will contract,
but his won’t.
For centuries, philosophers assumed
that thinking meant having particular
conscious experiences. But in the 20th
century, psychologists and neuroscien-
tists discovered that many of our men-
tal abilities depend on unconscious
processes. The character of our con-
scious experiences is only indirectly re-
lated to the way that we understand
the world and act on it. Aphantasia
suggests the same thing.
You may feel that you can tell what
the teapot looks like from another an-
gle because you rotate your mental im-
age. But actually your brain processes
the information about the teapot and
uses it to make predictions, in much
the way the computer-graphics algo-
rithms do. As Ed describes it, “I would
stand in front of the whiteboard with
some drawings I put up; then the prob-
lem would go somewhere in my brain,
and I didn’t have the conscious ability
to access it.” The conscious mental im-
age, in other words, is just a side effect.
You can even figure out how to make
an animated teapot dance without ever
visualizing it at all.
How We Can Prevent
School Shootings
Active-shooter drills don’t head off tragedies, but collaborative threat-
assessment teams can recognize threatening behavior in time to intervene.
BY MARK FOLLMAN
W
hen a 15-year-
old student
opened fire at
Oxford High
School in
Michigan last November, accord-
ing to police, students and teach-
ers quickly hid in classrooms and
barricaded doors. Police rushed in
and apprehended the alleged
shooter within about three min-
utes. Authorities praised the
school’s lockdown drills and other
preparations for saving lives. One
official described the collective re-
sponse as “executed perfectly.”
But the preparedness and hero-
ism did not keep four students
from being killed. Six other stu-
dents and a teacher suffered gun-
shot wounds. Residents of Oxford
Township, just north of Detroit,
were traumatized. When the
county prosecutor announced
murder and terrorism charges
against the accused shooter, she
made an important observation:
“We really can’t train ourselves
out of this tragedy.”
Much of America still has not
learned that lesson, even as mass
shootings have grown more fre-
quent and more lethal in the past
decade. Though such attacks in
schools and elsewhere remain a
small fraction of overall American
gun violence, they make an outsize
impact. The term “active shooter”
is now part of our lexicon, and
schoolchildren everywhere take
part in frightening defensive drills.
School districts arm staff and pour
resources into building fortifica-
tions and response plans, fueling a
multibillion-dollar security indus-
try accessorized with items like
“bulletproof” ballistic-plated back-
packs for kids. But no credible re-
search has shown that these mea-
sures have value beyond the salve
of safety theatrics.
Improving gun laws is essential,
but the nation’s estimated 400
million firearms are loosely regu-
lated in many states, a status quo
unlikely to change soon. What
more can we do to end these trag-
edies? One answer is to shift our
focus from active-shooter response
to active-shooter prevention.
Behavioral threat assessment is
an emerging method that brings
together experts in mental health,
law enforcement, education and
other fields to intervene with indi-
viduals who show signs of plan-
ning violence. Extensive case re-
search shows that, contrary to
A student hides behind a book
cart during an active-shooter
drill at a public library in Clifton
Park, N.Y.., Nov. 8, 2017.
REVIEW
popular myth, mass shooters don’t
just suddenly “snap,” nor do they
burst forth from extreme social
isolation. Mass shooters plan and
prepare, and they engage in warn-
ing behaviors often noticeable to
people around them. Therein lies
the opportunity to act.
For the past decade, I’ve stud-
ied scores of mass shootings and
looked into the work of threat as-
sessment teams, including a range
of school and workplace cases
where brewing attacks were pre-
vented. The approach relies on
specialized training among leaders
who are mostly already in place in
a school system, company or insti-
tution. In every case that I learned
about from threat assessment ex-
perts and examined in confidential
files, the person of concern
showed a mix of identifiable warn-
ing signs—a set of behaviors and
circumstances that suggested po-
tential danger.
The warning signs fall into
eight areas:
• Entrenched grievances: Shoot-
ers often stew over mistreatment
or injustices, real or perceived.
• Threatening messages: Signs of
intent, or “leakage,” can be veiled
or direct, noticeable in talk, writ-
ing or online posts.
• Patterns of aggression: Acts
such as domestic violence indicate
a capacity to harm and correlate
with risk.
• Stalking behavior: Fixation and
harassment are red flags that were
first studied in political assassins
and celebrity stalkers.
• Emulation. This is the so-called
copycat problem; mass shooters
often signal that they identify with
past attackers.
• Personal deterioration: Break-
downs of routine and loss of resil-
ience point to tendencies that can
culminate in a murder-suicide.
• Triggering events: A major fail-
* ***
ure in school, work or a relation-
ship can set violence in motion.
• Attack preparation: Acquiring a
gun, practicing at a range and sur-
veilling a venue are common in the
days or weeks before an attack.
The Oxford tragedy was no ex-
ception. Afterward, investigators
found ample prior evidence of the
accused perpetrator’s aberrant be-
haviors, expressions of despair
and angry intent. No single ele-
ment forecasts violence; it is how
they coalesce in each person’s case
that threat assessors must evalu-
ate.
The prevention method seeks to
manage potential threats with
constructive measures rather than
punishment, which tends only to
delay or even provoke danger.
Many mass shooters have been
kicked out of school, fired from
Warning
signs that
suggest
potential
danger fall
into eight
areas.
jobs or served with restraining or-
ders. By treating mental health
problems and improving would-be
attackers’ educational, employ-
ment or living circumstances, the
method aims at heading off vio-
lence while getting help to people
in serious need of aid.
In an era of multiplying and es-
calating threats, the model’s prom-
ise lies partly in its shared respon-
sibility. Planned violence cannot
be treated solely as a school or pa-
rental problem; it is fundamentally
THE WALL STREET JOURNAL.
A memorial outside Oxford High
School on Dec. 3, 2021, after the
fatal shooting of four students.
an issue for the wider community.
In 2019 I observed a program
run by the Salem-Keizer school
district in Oregon, a K-12 system
serving 42,000 children. The dis-
trict’s Student Threat Assessment
Team, among the first of its kind,
was developed after the Colum-
bine massacre in 1999, in part by
using research from the U.S. Se-
cret Service. (After Columbine, ex-
perts tapped the study of presi-
dential assassins as a basis for
thwarting school shooters.)
The team’s members from the
school district and local agencies
have evaluated more than 50 cases
a year of individual behavior that
generates concerns. They make
recommendations to smaller
teams of administrators and coun-
selors in the district’s 65 schools.
The school teams handle most bul-
lying or other garden-variety un-
wanted behaviors, contacting par-
ents and intervening with
education and counseling support.
They enlist the specialists’ help
when behavior appears more
threatening.
Proving results is tricky. Dozens
of cases that I learned about—
from schools with such programs
and a specialized FBI team that as-
sists local communities on re-
quest—involved students and oth-
ers who were found to be in crisis,
took steps toward planned vio-
lence and in some instances had
access to weapons. But how can
we know if the interventions pre-
vented an attack?
Forensic psychologist Reid
Meloy, a leading expert in the
field, favors an analogy to fighting
heart disease. Cardiologists, he
notes, can’t determine how many
of their patients never had heart
attacks because of the preventive
care they provided. But they can
do a lot to mitigate risk: “You try
to lower the probability.”
The threat-assessment ap-
proach is spreading. Programs are
now mandatory for schools in a
handful of states, and the method
is used at some Fortune 500 com-
panies. The Secret Service pub-
lishes case research and offers
training; last year 26,000 people
participated.
Managing troubled individuals
is complex and must be balanced
with the need to safeguard their
FROM TOP: SCOTT OLSON/GETTY IMAGES; MIKE GROLL FOR THE WALL STREET JOURNAL
civil liberties and well-being, but
behavioral threat assessment is
the most promising method now
available. In a society where fire-
arms are easy to obtain and men-
tal-health care is lacking, it allows
concerned communities to take ac-
tion in preventing tragedies that
have become an all too familiar
feature of American life.
Mr. Follman is the national
affairs editor at Mother Jones.
This essay is adapted from his
new book, “Trigger Points: Inside
the Mission to Stop Mass
Shootings in America,” published
by Dey Street Books, an imprint
of HarperCollins, which like The
Wall Street Journal is owned by
NewsCorp.
 THE WALL STREET JOURNAL.
Herbie Cohen’s Secrets to
Negotiating Anything
The author’s father, a professional negotiator, taught him seven rules that can
help clinch any deal—well, almost any deal.
BY RICH COHEN
I
f it’s true that a winning
book title makes a prom-
ise, I believe that my fa-
ther Herb Cohen—hereaf-
ter known as Herbie—
came up with the greatest title
ever. In the book that captured
his philosophy of business and
life, he made not one but two
huge promises: “You Can Negoti-
ate Anything: How to Get What
You Want.” The book, written in
longhand on yellow legal pads in
our basement in Glencoe, Ill., was
published in 1980, whereupon it
began its climb from the self-help
section at the Northbrook Court
Dutton’s to the bestseller list.
Forty-two years after publication,
it’s considered a business classic.
For me, the immediate effect
of Herbie’s notoriety came from
my high-school teachers, who be-
tween 1982 and 1986 answered
my every protest with the phrase:
“You can’t negotiate everything in
this class, Mr. Cohen.” But the
long-term effect came from Her-
bie’s philosophy, which, as he
would say, is not about business:
“It’s about life!”
Herbie worked for dozens of
Fortune 500 companies in the
years that followed, training their
executives and representing the
firms in every variety of union
and takeover deal. He served as
an adviser to several presidential
administrations and worked for
the FBI, CIA and Justice Depart-
ment. The logo of his own busi-
ness, Power Negotiations, shows
a handshake, each hand with its
thumb up—a symbol for win-win
deals.
I’ve observed my father in ev-
ery sort of action. Herbie battled
school administrators in Win-
netka, Ill., and Soviet negotiators
as a member of the U.S. delega-
tion at the START talks on nu-
clear arms control in the 1980s.
He advised me on how to close on
a used Toyota, and he advised
President Jimmy Carter on how
to win the release of American
hostages in Iran.
I have distilled
his philosophy to Author Rich
FROM TOP: PALANI MOHAN/FAIRFAX MEDIA/GETTY IMAGES; COURTESY RICH COHEN
seven rules, a list Cohen
that had been (center)
five before he with his
corrected me, father and
saying, “Haven’t son, 2020.
you ever played
craps? The num-
ber is seven.”
Know the language
What you say can be less impor-
tant than how you say it. To ex-
plain, Herbie quotes a lyric from
the movie “Dr. Doolittle”: “If peo-
ple asked me, can you speak rhi-
noceros, I’d say, ‘Of courserous.’”
Then he tells a story: “I’d been
hired to represent a tycoon in a
big deal, and he’s nervous as hell,
and keeps after me about my
* * * *
strategy, my game plan, and
though I keep telling the guy
‘Let’s get there, talk to the other
side, wait and see,’ he can’t calm
down, so, finally, realizing that
the guy is a fanatical football fan,
I say, ‘You want my game plan?’
He says, ‘Hell yeah!’ I say, ‘We’re
going to set up in the single wing,
send the flanker in motion, pull
the guard, fake the handoff, run
the receiver on the post and go
for the end zone.’ And he sits
back and says, ‘Great plan!’ And
though I had no idea what I’d just
said, I’d soothed my client enough
to give me the room to work.”
Dumb can be better
than smart
The most powerful sentence in
any negotiation is often “I don’t
understand, help me.” It turns
your perceived weakness into a
strength, disarms the other side
and gets them working for you.
Don’t forget to negotiate
Several years ago, for reasons I
won’t go into, I found myself
without a home. I had a wife and
children and another baby on the
way. We’d made offers on several
houses in New Jersey, each re-
sulting in a bidding war we lost.
In desperation, my wife and I
picked a house we could tolerate
and simply met the asking price,
figuring that would do it.
“Wrong,” said Herbie. “The
sellers won’t be glad you met
their price. They’ll think: ‘Damn!
We set it too low. We could’ve
gotten more.’ They’ll be unhappy
and look for a way out. You’re not
getting that house.” Later, after
our offer had indeed been re-
jected, Herbie explained the pur-
pose of the offer/counter-offer
ritual in deal-making: It’s not be-
cause you’re greedy, it’s because
you want the deal to stick. “They
REVIEW
need to think they’ve gotten ev-
erything possible out of you,” he
said. “They’ll be satisfied only
when they think you’ve stretched
just beyond your limit. That’s
when you’ll get your house.”
Control the information
A summer job I was applying for
during college required a profes-
sor’s recommendation. When I
told Herbie I’d gotten my Spanish
teacher to do it, he asked what
was in the letter. “There’s no way
to know,” I said. “The professor
If you treat
life as a
game and
have fun,
you’ll
perform
better.
gives it to the placement office,
and they send it direct.”
“Have I taught you nothing?”
Herbie asked, hotly. “You can’t
just send out a letter like that
without knowing what’s in it! In-
formation is the most important
thing you have.”
“But how can I know what’s in
it?”
“Easy. Tell them you’ve applied
for an internship at Power Nego-
tiations”—his business—“and
have them send it here.”
The recommendation, which
arrived three days later, began:
“Though Mr. Cohen is not the
smartest student in the world…”
The what versus the how
How a person or idea is pre-
sented can be more important
than its substance. When I asked
Saturday/Sunday, May 14 - 15, 2022 | C5
The author’s father, Herb
Cohen, in 1990.
my father why we frequented the
worst restaurant in our town, he
said, “Because they give us the
booth.” This is the How over the
What. Richard J. Daley, though he
often seemed corrupt, won six
mayoral elections in Chicago, an-
other example of the How over
the What. When he was in charge,
the business of the city seemed
handled. “I was sitting at O’Hare,
delayed by a November storm,”
Herbie told me. “And the guy next
to me looks out the window and
says, ‘It never snowed this early
when Daley was mayor.”
A nose that can hear is worth
two that can smell
Being different—unusual, weird—
can be more effective than being
qualified. Herbie used me to try
to prove this. When I was consid-
ering graduate school—I never
did go—he sent applications on
my behalf, without telling me, to
Cal Tech and MIT. “But I’ve only
taken a single math class since
high school,” I said later, “and it
was called Fundamentals and
Math.”
“That’s the thing,” he said.
“They’ve never seen an applica-
tion like yours. The admissions
office looks at genius kid after ge-
nius kid. Then your crazy applica-
tion pops up. It makes no sense.
It’s different. It’s strange. It’s a
nose that can hear! Kids at those
schools have been the smartest in
every room since fifth grade. Sud-
denly, for the first time, they’ll be
surrounded by kids just as smart.
They’re going to need someone to
feel superior to in math—that can
be you!”
Improvise
When I received rejections from
MIT, Cal Tech and several other
schools Herbie applied to in my
name, he insisted this had been
his intention all along. “You say
you want to be a writer,” he told
me. “Well, the most crushing ob-
stacle a writer faces is rejection.
All those letters from all those
schools, all those skinny enve-
lopes? I’m preparing you for your
career.”
In the end, all Herbie’s lessons
share a philosophy: If you treat
life as a game and have fun, you’ll
perform better, be happier and,
as a bonus, be more successful.
It’s a worldview he encapsulates
in a single phrase: “The key is to
care, but not that much.”
This essay is adapted from Mr.
Cohen’s new book, “The Adven-
tures of Herbie Cohen: World’s
Greatest Negotiator,” published
this week by Farrar, Straus and
Giroux.
HISTORICALLY SPEAKING
AMANDA FOREMAN
Typos Have
Been Around
As Long as
Writing Itself
THE LINCOLN Memo-
rial in Washington,
D.C., is 100 years old
this month. The be-
loved national monu-
ment is no less perfect for having
one slight flaw: The word “future”
in the Second Inaugural Address
was mistakenly carved as “Eu-
ture.” It is believed that the artist,
Ernest C. Bairstow, accidentally
picked up the “e” stencil instead
of the “f.” He tried to fix it by fill-
ing in the bottom line, but the
smudged outline is still visible.
Bairstow was by no means the
first engraver to rely on the power
of fillers. It wasn’t uncommon for
ancient Egyptian carvers—most of
whom were illiterate—to botch
their inscriptions. The seated Pha-
raoh statue at the Penn Museum in
Philadelphia depicts Rameses II,
third Pharaoh of the 19th dynasty,
who lived during the 13th century
BC. Part of the inscription ended
up being carved backward, which
the artist tried to hide with a bit
of filler and paint. But time and
wear have made the mistake, well,
unmistakable.
Medieval scribes were notori-
ous for botching their illuminated
manuscripts, using all kinds of
paint tricks to hide their errors.
But for big mistakes—for example,
when an entire line was dropped—
the monks could get quite inven-
tive. In a 13th-century Book of
Hours at the Walters Museum in
Baltimore, an English monk solved
the problem of a missing sentence
by writing it at the bottom of the
page and drawing a ladder with
man on it, pulling the sentence
by a rope, to where it was meant
to be.
THOMAS FUCHS
The phrase “the devil is in the
details” may have been inspired
by Titivillus, the medieval demon
of typos. Monks were warned that
Titivillus ensured that every
scribal mistake was collected and
logged, so that it could be held
against the offender at Judgment
Day.
The warning seems to have had
only limited effect. The English
poet Geoffrey Chaucer was so en-
raged by his copyist Adam
Pinkhurst that he attacked him in
verse, complaining he had “to rub
and scrape: and all is through thy
negligence and rape.”
The move to print failed to
solve the problem of typos. When
Shakespeare’s Cymbeline was first
committed to text, the name of
the heroine was accidentally
changed from Innogen to Imogen,
which is how she is known today.
Little typos could have big conse-
quences, such as the so-called
Wicked Bible of 1631, whose print-
ers managed to leave out the
“not” in the seventh command-
ment, thereby telling Christians
that “thou shalt commit adultery.”
The rise of the newspaper dead-
line in the 19th century inevitably
led to typos big and small, as well
as those unfortunate and unlikely.
In 1838, British readers of the
Manchester Guardian were in-
formed that “writers” rather than
“rioters” had caused extensive
property damage during a protest
meeting in Yorkshire.
In the age of computers, a sin-
gle typo can have catastrophic
consequences. On July 22, 1962,
NASA’s Mariner 1 probe to Venus
exploded just 293 seconds after
launching. The failure was traced
to an inputting error. A single hy-
phen was inadvertently left off
one of the codes.
The history of the typo is the
history of humanity writ small, a
reminder that we are all fillable.
C6 | Saturday/Sunday, May 14 - 15, 2022 * *** THE WALL STREET JOURNAL.

REVIEW

B
ethenny Fran- drank what she called “a
kel has lived skinny girl’s margarita”—a
much of her low-calorie version with
life on screen just tequila, lime and a
and out loud. splash of orange liqueur.
In her eight seasons on When it caught on, she
Bravo’s popular reality TV started selling a ready-to-
show “The Real House- drink version under the
wives of New York,” and brand name Skinnygirl
then on her own spinoff Margarita, and her con-
“Bethenny Ever After,” she tract with Bravo meant
invited cameras to chroni- she could keep most of the
cle everything from her proceeds for herself. In
therapy sessions to her 2011, she sold the Skinny-
water breaking before the girl liquor brand to the
birth of her daughter Bryn company that makes Jim
in 2010. Her 2.6 million Beam for a reported $100
followers on Instagram million.
can watch her dye her
own hair, while listeners
to her podcast “Just B” ‘I’m a late
have heard her hard-won
tips for surviving a messy
bloomer, so I
divorce. know for a fact
Yet Ms. Frankel, 51, in- that you
sists that she is actually
an introvert. “I’m basically can start
90% homebody,” she says succeeding
over the phone from her
home in Connecticut, anytime.’
which she shares with
Bryn and her fiancé, Paul
Bernon, a businessman “That was all the plan-
and film producer. “Right ets aligning,” Ms. Frankel
now, I’ve just finished the says of the deal. She re-
Wall Street Journal photo tained the right to license
shoot and I’m already back the brand for other cate-
in pajamas,” she says, add- gories of consumer goods.
ing that she is snacking on Yet she worries that “Skin-
peanuts brought home nygirl” now sounds more
from a recent Mets game prescriptive than body
and is covered in shells. positive, which is why she
“They just looked so good, released her line of swim-
so American and authen- suits under the brand
tic,” she says with a laugh. “Bethenny” last year. “If I
In her new book “Busi- were doing a new apparel
ness is Personal,” Ms. launch, I would do it under
Frankel writes that when ‘Bethenny,’” she says.
she does take the time to Today Ms. Frankel de-
be camera-ready, she scribes reality TV as a “pe-
makes the most of it. “I al- tri dish of emotions and
ready have a face on to- gotcha and people and al-
day, so let’s knock it all cohol” that is “extremely
out. Let’s promote the bad for the nervous sys-
book, let’s do social, be- tem.” But she returned to
cause this mask is coming “Real Housewives” in 2015
off,” she says. She urges after Bravo offered her
readers to be similarly what she calls “an unprec-
“ruthless” with their time, in busi- edented amount of money.” After
WEEKEND CONFIDENTIAL | EMILY BOBROW
ness and in life: “Successful people leaving again in 2019 when she felt

are efficient people and squeeze ev-
ery drop out of the sponge.”
“Business is Personal,” her 10th
book, is the first to distill some of
the lessons of her own career. Ms.
Frankel says she was still bouncing
checks a little over a decade ago.
Now she is rumored to be worth
around $80 million, according to
Inc. magazine, largely thanks to her
Skinnygirl brand, which sells every-
thing from jeans to vitamin supple-
ments through licensing deals with
manufacturers. She objects to press
accounts that present her success
”as if it happened overnight, like
magic.” By revealing all the sweat
and strategy involved, she hopes to
inspire a similar determination in
others: “I’m a late bloomer, so I
know for a fact that you can start
succeeding anytime.”
Ms. Frankel writes that her un-
stable, nomadic childhood forced
Bethenny Frankel
A TV star and entrepreneur took years to become an overnight success.
was 18. An only child, she says she
learned at a young age that if she
wanted security, she had to build it
for herself.
Eager to get to work, Ms. Frankel
says that college felt like “purga-
tory”: “I just wanted to be on the
road already.” With a degree in psy-
chology and communications from
New York University, she high-tailed
it to L.A. in 1992 with ambitions to
act, but instead worked as a nanny
to Paris and Nicky Hilton, heirs to
the hotel fortune, and as an assis-
business for herself.
Ms. Frankel returned to New York
and became a health-food chef,
starting a line of gluten-free cookies
in 2003. She would bake “all night
in borrowed spaces,” then deliver
the goods to stores and private cli-
ents the next morning in an “awful
car with a cracked windshield,” she
writes. She sought a show on the
Food Network but was told by a top
executive that it was “never going to
happen,” so she set her sights on
“The Apprentice,” which was then
late 30s when producers from Bravo
approached her with a new reality
show about wealthy housewives in
New York. Even though she was
broke and unmarried at the time,
she promised to be good TV. Her
agent warned that the show would
be a train wreck, but Ms. Frankel
felt she had nothing to lose. “I
mean, I was nobody,” she says.
“Anything was something.”
On “Real Housewives,” which
premiered in 2008, Ms. Frankel dis-
tinguished herself from the gaggle
the show was no longer a good fit
for her brand (Bryn told her it was
“trashy”), Ms. Frankel now prefers
to produce her own shows, such as
“The Big Shot with Bethenny,” a
business-competition reality show
that streamed on HBO Max last year.
After years of hustling, Ms. Fran-
kel says her days now feel like they
belong to her again. This leaves her
more time to spend with her daugh-
ter—“I love being a parent, I love
being her parent”—and to work on
BStrong, the disaster-relief initia-
tive she started after Hurricane
Harvey devastated Texas and Loui-
siana in 2017.
In partnership with Global Em-
powerment Mission, a nonprofit
that handles the logistics, BStrong
raised funds to distribute tens of
millions of dollars in survival kits
and cash cards to people affected by
disasters around the world, includ-
JINGYU LIN FOR THE WALL STREET JOURNAL

her to be self-reliant. “I was an
adult before my time,” she says.
Her absentee father and stepfather
were both horse trainers, so she re-
calls growing up at racetracks in
New York and Los Angeles and
placing bets by age 6. Meals were
irregular and mostly in restaurants,
and she estimates that she went to
13 different schools by the time she
tant to Hollywood producer Jerry
Bruckheimer. “I was sitting in the
movie holding seats till he was
ready to sit down,” she says. She
worked in PR but felt stifled by
“stupid, arbitrary corporate rules,”
such as a ban on personal phone
calls while stuffing envelopes. “Peo-
ple just want to own you,” she says.
She realized she needed to be in
casting for season two.
In 2005 she earned a spot on a
spin-off of “The Apprentice,” in
which Martha Stewart replaced Don-
ald Trump as the host. The winner
got a job at Martha Stewart Living
Omnimedia; Ms. Frankel finished in
second place and got nothing. “First
runner up is not a ticket to any-
where,” she writes. She was in her
by being quick-witted, sharp-
tongued and funny. Even before the
show gained a following, she real-
ized it could offer more than fame.
Although she was paid less than
$7,300 for the first season, she en-
sured her contract didn’t give
Bravo’s producers a cut of her fu-
ture earnings.
On the show, Ms. Frankel often
ing nearly $20 million worth of sur-
gical masks and hazmat suits early
in the Covid-19 pandemic. It is now
helping to evacuate refugees and
distribute over $125 million in aid in
Ukraine. “It feels like the hardest
work I’ve ever done, but giving
grants didn’t feel immediate
enough,” she says. “I’m just a person
who can get things done quickly.”

The Eternal driveways, and that these haz-

ards build reflexes and charac-

Optimism of the ter. They look at me and think:

Can you just fix the driveway,
buddy.

JASON Driveway Hoop The family fun is nice, but

GAY
I’M PROUD TO REPORT that I
A recently unlocked a life goal
backboard and installed a basketball hoop
rises, and in the driveway. OK, that’s a
lie—I didn’t install anything.
so do a Two strong gentlemen with a
father’s van and a ladder came over
delusions and did it, connecting a
bracket to a big metal pole,
of and then a backboard to the
excellence. bracket, and the whole thing
took about 45 minutes and
looks fantastic.
Honestly, with a little sweat
and commitment, I probably
could have done it myself,
poorly, crookedly, dangerously.
By now it would have fallen off
the pole and maimed a squir-
rel. Somewhere, my do-it-your-
self father is cringing from
everyone knows this
is the critical period,
in which you have to
decide if you’re going
to be a family that
shoots baskets or a
family that looks at
the strange orange
hoop in the driveway and won-
ders who put it there.
So far, so good. The kids are
into it, and so is my wife. We
have played games of 21 and
one-on-one and more than a
few family rounds of H-O-R-S-
E, P-I-G, and P-I-G-S. “P-I-G-S”
is a game my 9-year-old son
invented for whenever he’s
losing a game of P-I-G. “I said
we’re playing P-I-G-S,” he says.
“Not P-I-G. I’m still alive.” The
ruin every relaxing activity
with an onerous lesson, I con-
sider it my personal responsi-
bility to use these basketball
sessions to teach the children
not only about the sport but
also about its legends. For ex-
ample: As my father once did
to me, I am dazzling them with
my incredible Kareem Abdul-
Jabbar-style sky hook. It’s es-
sential to say “Kareem!” when
you perform a sky hook, or the
when shooting a sky hook is,
in fact, Kareem Abdul-Jabbar.
I don’t want to give the
wrong impression here. Our
basketball setup is not very
professional. The small drive-
way has bulges, bumps and
cracks. There’s a tree which
cuts off an entire area of
shooting, and this probably
means my kids will never play
for the Golden State Warriors.
Still, I tell my children that
it’s when the kids run off to
school that it becomes Dad’s
time to shine. Or at least shine
in my own mind. How the
neighbors must howl at this
strange dad, playing alone,
dribbling off his foot, bricking
shot after shot, hurting the
rim, occasionally missing the
backboard entirely.
I don’t need to see any vid-
eotape. I’m enjoying the illu-
sion. In my mind, my shot
looks as pretty as Steph
Curry’s—a long arc of perfect
spin that splashes gently into
the net. In reality, it looks like
someone heaving a frozen tur-
key up to a fire escape. I must
end every shooting session
with a swish—this is good
luck, you can’t end on a miss—
and sometimes it takes a stag-
gering amount of time to do it.
ZOHAR LAZAR

embarrassment. kid is already gaming the sys- ball will not go in. Everyone there are countless basketball I’m not ashamed. I’ll get bet-
Anyway: The hoop is up. It’s tem. He’s ready for this world. knows this. The only person greats who grew up shooting ter. Or not. This is my hoop,
been up for two weeks, and Because it’s a father’s job to who does not say “Kareem!” hoops on wobbly rims on dirt my dream.
 BOOKS
Everything Bagels Mona Lisa’s Only Rival
How Zabar’s and The allure of
Zingerman’s cornered Leonardo’s ‘Lady
the deli C12 With an Ermine’ C11

READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * ** Saturday/Sunday, May 14 - 15, 2022 | C7

Civilization’s Ambassador
In times of conflict, Lebanon’s Fouad Ajami eloquently explained the Arab world to the West, and vice versa
When Magic Failed boy but also to America, his land of ians—“men and women who carried mother, who rarely got any money by Ajami’s refusal to hide or soften his
By Fouad Ajami adoption, which shaped and quick- their homelands on their backs”— from her ex-husband, made ends contempt for his father. “I had to do
ened the brilliance within him. as well as fellow Shiite Muslims meet by taking in piecemeal stitch- without my father,” he writes, “and I
Bombardier, 228 pages, $28
His village of Arnoun straddles from the arid countryside in search ing work, which she did on a sewing had to get around him.” The man who
BY TUNKU VARADARAJAN history: Situated at the foot of a of a better life. By this point, his machine she’d received as part of did most to nurture young Fouad
castle built by Christian crusaders in parents had divorced, and his father her dowry. was his paternal grandfather, who was

F
OUAD AJAMI spent his the 12th century, it is but a few miles had remarried, but the whole awk- It is surprising to read that his pained by his own son’s treatment of
whole life, it would seem, from the border with Israel, which ward ménage shifted to the Leba- mother was “an unlettered woman” Fouad’s mother. He ensured that she
shaking off “the curse was scrapping its way into existence never lost his family’s protection
of Arnoun,” and took great pride in the
his hard- achievements of his grandson.
scrabble native village— In the most heartbreaking
joyless and inbred—in passage of the book, the grand-
southern Lebanon. “We father tells Fouad’s father that
were from Arnoun,” he his teenage son composes
writes of his family in poetry. “My father asked for my
“When Magic Failed,” poetry,” Ajami writes, “and it
a posthumous memoir was duly submitted to him that
of his childhood. “We night.” He took the notebooks
would be from it no mat- to his bedroom, as the callow
ter how far we traveled.” poet waited for a father’s ver-
In the world beyond, dict. It was never delivered. His
Arnoun was a badge of father never spoke to him about
backwardness, proof that them. “I waited the next day.
IMAGES

the Ajami clan came But no acknowledgment was to

from a place that moder- come. The notebooks of poetry
PHOTO ILLUSTRATION BY THE WALL STREET JOURNAL; PHOTOS: GEORGE H.W. BUSH PRESIDENTIAL LIBRARY AND MUSEUM, ISTOCK

nity had scorned—and just vanished.” Ajami learned

left behind. later—he doesn’t tell us from
Ajami, who died of whom—that his father had
cancer in 2014 at age 68, found his son’s poems of love
was among America’s “unbecoming of a young man.”
most clear-headed think- At the age of 17, in 1962,
ers on Middle Eastern Ajami left Lebanon for college
affairs. He taught at in America, never to return
Princeton and Johns for anything other than cursory
Hopkins and was, at the visits. As a child, he had often
time of his death, a fel- wheedled money for movie
low at Stanford’s Hoover tickets out of his mother,
Institution. While a few spending it at theaters that
others competed with screened American westerns,
him in their mastery of whose posters were “pure
the politics and history works of seduction.” It is amus-
of the Arab world, none ing, here, to picture the incen-
could match him for diary impact of Jane Russell on
eloquence and for the the boys of the Beirut ghetto.
melodic loveliness of his “We fell for the films,” he
prose. The author of writes, “and for the country
numerous books, Ajami that was turning them out.”
is best known for “The He “knew so little of the dis-
Dream Palace of the tant land” that he “took its
Arabs” (1998), in which films for its reality.” The reality
he parsed the disenchant- would prove seductive in a
ment—and disconnection different way, sealing a lifelong
from reality—of Arab in- pact with America that had
tellectuals and writers. begun in childhood fantasy.
We have only to Ajami’s departure was
glance at today’s carnage WORLD CITIZEN President George H.W. Bush greets Ajami in the Oval Office, February 1991. fueled as much by his “des-
in Eastern Europe to be perate need to get away” from
reminded that conflicts between cul- when Ajami was born in 1945. So the nese capital together. There young who “stood in awe of those who could Lebanon as by his hunger for the sort
tures—which sometimes turn into Arnounis—as the villagers are called Fouad “shuttled” between the spar- make out letters and pitied people like of education he could not get in the
war—are the result not just of geo- —have in their weary bones the stuff tan room with a tin roof that his herself who had been denied that kind land of his birth. He flourished,
political rivalries but of competing of conflicts past and present. mother had rented and the house of power.” Ajami’s method of storytell- winning a MacArthur “genius” award
visions of how best to order society Although the Ajamis were more that his father had built for himself ing carries with it the imprint of an al- two decades after emigrating and the
or interpret the arc of history. It falls prosperous than many of their neigh- most atavistic polish, as if literature National Humanities Medal in 2006.
to a select few at these moments bors, they lived frugal lives, eking out had forever flourished within his fam- From America, he writes, “I could do
of collision to act as cultural trans- a profit from their olive groves and A clear-headed thinker ily. This is suggested by his old-fash- what had to be done for my mother.
lators: to explain one civilization to the tobacco they grew. Male members on the Middle East, ioned cadences and an almost stub- She had yearned for a place of her
another. Ajami would perform such a of the family migrated abroad in born reliance on the past perfect tense own; now I could provide it.” In an
role many times over the course of search of fortunes that weren’t always
he found a place in (”there had been,” for example, in- acknowledgment at the book’s end,
his career, not least after 9/11, when made. Even Shaykh Muhammad Ajami the corridors of power. stead of “there was”). Yet we learn Ajami’s widow, Michelle—who shep-
the Bush administration sought his —Ajami’s beloved grandfather, the Here he evokes his humble that there was little or no schooling in herded the memoir into print—tells
wisdom on the lands in which the family patriarch—had spent a few the generations before his father— us that he insisted that one word
U.S. was then attempting to pursue years in Montevideo, in Uruguay.
origins, for the most part who was no scholar himself and whose be etched on his gravestone in a small
its own civilizational mission. His untraveled grandmother referred fondly remembered. proudest moment was getting a short cemetery in Maine. That word was
“When Magic Failed” offers a to the city as “Minat al Badawi,” mak- letter published in a modest Beirut the name of his village, “Arnoun.”
gentle backstory to Ajami’s later, and ing a Spanish place-name musically newspaper. The yellowed clipping had
grander, life as a sage who had the Arabic even as she mangled it. and his new family. Fouad and his pride of place in his home. Mr. Varadarajan, a Journal
ear of an American president and his At the age of 4, Ajami moved older brother attended a small Ajami’s early life was dominated by contributor, is a fellow at the
war cabinet. And its tale is a tribute from Arnoun with his parents to live school that his father set up in the the conflict between his parents and American Enterprise Institute
not just to the seemingly improbable in a ghetto in Beirut inhabited by ghetto, where “beatings and Arabic the hatred they had for one another. and at NYU Law School’s
achievements of a Lebanese country displaced Armenians and Palestin- grammar were the specialty.” His A melancholy book is made more so Classical Liberal Institute.

Treating the tured therapeutic activities including

singing, acting and French lessons.
Social reformers such as Dorothea Dix
Insanity seemed to run in families,
suggesting that “hereditary taint” was
the source of its apparent incurablilty.

Terminally galvanized support for public insane

asylums as alternatives to poorhouses,
Fear of the hereditary transmission of
mental disease motivated government-
prisons or homelessness. Optimism authorized involuntary sterilization of
Troubled
JERRY COOKE/GETTY IMAGES

abounded as reformers predicted cure more than 23,000 individuals in the

rates as high as 80%.
By century’s end, it became obvious
Desperate Remedies that such predictions were wildly inac-
By Andrew Scull curate. These asylums included many
Belknap/Harvard, 494 pages, $35 patients with conditions that carried
bleak prognoses such as senility,
BY RICHARD J. MCNALLY mental handicap, dementia praecox
(schizophrenia) and general paresis
of the field who once proclaimed that
U.S., according to Mr. Scull. He notes
that the superintendent of California’s
Stockton State Hospital boasted in 1938
about how the Nazi regime credited
her state’s program for inspiring the
Nazi’s own sterilization of 250,000
presumably unfit “useless eaters.”
ilis, in the brains of those who had per- Radical measures were endorsed

O
URS IS A time of his- of the insane (GPI), a mysterious, pro- mental illness was nothing but a myth, ished from GPI. Such etiological knowl- across the political spectrum. As Mr.
torical reckoning for gressive disease characterized by delu- or claimed that diagnoses merely were edge later enabled doctors to prevent Scull observes, “Such well-known
many fields, and psy- sions, hallucinations, mood disturbance, stigmatizing labels imposed upon peo- the development of GPI by treating progressives as Clarence Darrow joined
chiatry is no exception. apathy and dementia, culminating in ple who failed to conform with societal recently infected patients with anti- in the chorus, advocating efforts to
An indisputable master- death. The reputation of psychiatry norms. Indeed, the author emphasizes biotics. This breakthrough inspired ‘chloroform unfit children’ so as to
piece among a flurry of reappraisals is reached its nadir by century’s end. Asy- the intense suffering experienced by ‘show them the same mercy that is
Andrew Scull’s “Desperate Remedies: lum superintendents functioned more individuals with major mental illness shown to beasts that are no longer
Psychiatry’s Turbulent Quest to Cure like prison wardens than directors of and acknowledges the challenges faced After a century fit to live.’” Religious leaders, among
Mental Illness”—a comprehensive, therapeutic institutions. by their families and by the psychia- many others, prevented any such
fascinating and persuasive narrative Therapeutic helplessness in the face trists struggling to help them. Yet he
of asylums, hopelessness “mercy” killings in America.
of the past 200 years of psychiatry of intractable psychopathology, Mr. is unsparing in his critiques when mo- about recoveries set Women were disproportionately
in America. Scull makes clear, was professionally tives of money, power and fame have the stage for reckless among the recipients—or victims—of
The author, an emeritus professor at demoralizing for psychiatry. The rest of tempted psychiatrists to disregard the these remedies. As Mr. Scull writes:
the University of California, San Diego, his book traces the history of psychia- welfare of those under their care. treatments like lobotomy. “Shut up in every sense of the term,
begins his narrative in the early 19th try through its next century, when During the first half of the 20th cen- deprived of all legal rights, stigmatized
century, with the establishment of in- great hopes gave rise to daring treat- tury, hopelessness about recovery set as barely human, and seen as an enor-
stitutions to house members of affluent ments of varying effectiveness, and the the stage for recklessness in treatment. hope that biology might provide clues mous burden on the public purse, the
New England families who were men- asylum system largely came to an end. In 1913, scientists made a major discov- to causes and cures. This, in turn, set mentally ill were uniquely vulnerable
tally ill. These well-staffed asylums, Mr. Scull has a background in soci- ery, identifying Treponema pallidum, the stage for some of the very des- to therapeutic experimentation, and ex-
situated in bucolic surroundings, fea- ology, but differs sharply from critics the spirochete bacterium causing syph- perate remedies of Mr. Scull’s title. Please turn to page C8
C8 | Saturday/Sunday, May 14 - 15, 2022
‘By watching her I began to think there was some skill involved in being a girl.’
FIVE BEST ON GIRLS AND WOMEN
Chelsea Bieker
The author, most recently, of the story collection ‘Heartbroke’
Bastard Out of Carolina
By Dorothy Allison (1992)
1
Ruth Anne “Bone” Boat-
wright’s mother, Anney—
who was 15 when Bone
was born—marries Glen
after a series of tragic events
thrust her deeper into poverty.
But her husband isn’t the savior or
deliverer of stability she imagined
he would be. He begins to abuse
Bone under Anney’s nose. It is
only through the lens of this
extreme poverty that we can
understand the binds that keep
Anney beholden to Glen. At 12,
Bone is a lively and astutely
observant narrator: “I wanted my
life back, my mama, but I knew I
would never have that. The child
I had been was gone with the
child she had been. We were new
people, and we didn’t know each
other anymore.” Dorothy Allison
is particularly adept at creating
characters who are, however
victimized, strengthened by the
power of autonomy. In this semi-
autobiographical novel, she
explores with wry and intelligent
wit an all-too-common childhood
struggle. The book’s conclusion
GETTY IMAGES
is realistic if heart-shattering,
one that refuses to look away
from the ugliness in life. The
result is an instant classic.
Animal
By Lisa Taddeo (2021)
2
Every aspect of this novel
is informed by events that
occurred when its narrator,
Joan, a woman in her 30s,
was a child. In a direct address to
an unknown person, Joan explores
the reasons for the tragic events
that have landed her in her current
hellish life. This is a story about
the lasting effects of trauma, the
earliest caused, the book tells us,
by an infant’s separation from its
parents—hardly the worst of the
torments that life visits on humans,
especially those born female.
“Animal” is concerned with the
violence and oppression women
experience daily. Its view is un-
mistakable in its evocation of
the horrors of such violence, its
contempt for the idea that a little
violence won’t hurt a woman, that
“what doesn’t kill you makes you
stronger.” Joan is here to argue
that such treatment is a living
Psychiatry’s
Desperate
Remedies
Continued from page C7
periments there most certainly were.”
Psychiatrist Henry Cotton wondered
if infections could cause psychosis, de-
pression, anxiety and other disorders.
During his time at Trenton State Hos-
pital (1907-30), his team performed
surgery on psychiatric patients, remov-
ing organs suspected of harboring in-
fection: teeth, tonsils, thyroid glands,
cervices, ovaries and colons. According
to Cotton, his surgical bacteriology
cured 85% of his patients of psychiatric
illness. Alas, in their zeal to kill bac-
teria, Cotton’s team inadvertently killed
at least 44% of their patients. Cotton’s
surgical cure for psychopathology
passed from the scene after he did.
Insulin-coma (shock) therapy was
another desperate midcentury remedy.
The psychiatrist Manfred Sakel had
noticed that a drug addict receiving
insulin had briefly slipped into a coma
and later improved. This prompted him
to wonder whether inducing a coma
in patients with schizophrenia might
prove therapeutic by destroying their
“sick” brain cells. Sakel’s reportedly
positive outcomes are difficult to inter-
pret, as he selected patients based on
recent onset and favorable prognosis.
Seizures caused by near-daily treat-
ments, not coma, may have been re-
sponsible for any benefits.
The (incorrect) belief that epilepsy
and schizophrenia could not co-exist
in the same person inspired another
common approach. Running an electric
current through the brains of patients
to produce seizures became the fa-
death. “Am I supposed to be quiet?”
Lisa Taddeo asks, in the voice
of Joan. “Or shall I be very bad
and take it out on the world?”
Long Live the Tribe
of Fatherless Girls
By T Kira Madden (2019)
3
This coming-of-age memoir,
rife with narrative suspense,
takes us to the privileged
world of Boca Raton, Fla.,
and to its author’s tumultuous
childhood under the tutelage of
parents who were both larger-than-
life and addicts. T Kira Madden tells
the story of an adolescence wizened
before its time, ever-daring in her
exploration of her sexuality, grief
and, most notably, the shocking past
she uncovers. The book’s separately
titled chapters can read like stand-
alone essays, but there is genius
in the way they braid together to
create a much larger narrative of
a biracial girlhood burdened by
concern over her parents and the
assault she endured in middle
vored method, despite the fact that it
induced terror and produced fractures
in about one-third of patients who
flailed violently during the seizure.
(Today’s electroconvulsive therapy is
administered under general anesthesia
and muscle relaxants, preventing frac-
tures and fear. Posttreatment memory
deficits remain a concern, but ECT is
considered an effective intervention for
patients with melancholic depression.)
Another remedy was lobotomy,
pioneered by Egas Moniz, a Portuguese
neurologist whose innovation earned
him the 1949 Nobel Prize in Physiology
or Medicine. Its most enthusiastic
advocate in America was neurologist
Walter Freeman. He would hammer a
modified ice pick through the patient’s
skull just above her eyeball and wiggle
it around to destroy the target neural
fibers. Although not certified as a
surgeon, Freeman barnstormed the
country, lobotomizing patient after
patient, sometimes as many as 20 in
a row, including very young children.
Lobotomies “worked,” in a sense:
Agitated, combative patients became
passive, childlike, compliant. The treat-
ment did not cure patients, but abol-
ished their personalities by blunting
cognition, emotion and initiative.
Psychiatry has become
psychopharmacology.
By 2005 only 10.8%
of practitioners regularly
provided psychotherapy.
Lobotomy gradually fell from favor,
replaced by the major tranquilizer
chlorpromazine (Thorazine), which
appeared on the market in 1954, cele-
brated as a “chemical lobotomy.”
Thorazine proved invaluable for psy-
BOOKS
school. This tremendously relat-
able work careens to an utterly
unexpected and redemptive ending.
The book’s power derives from the
steadfast grace and love that the
author summons when writing
about the greatest of life’s pains:
“No one can hurt you the way a
mother can. No one can love you
the way a mother can.”
Jell-O Girls
By Allie Rowbottom (2018)
4
At first glance, “Jell-O Girls”
may appear to be a history
of the iconic American
dessert. (In 1899, Allie
Rowbottom’s extended family
bought the patent for Jell-O for
$450.) But what forms the core of
this fascinating cultural history is
a heart-stopping story of mothers
and daughters and what it means
to grow up under a family curse
while trying to desperately evade it
yourself. Ms. Rowbottom’s mother,
Mary, hell-bent on dodging the fate
of generations before her who were
chiatrists working in state hospitals;
it rendered patients far more tractable
than before. The drug also attenuated
hallucinations and delusions, earning
it the new label of “antipsychotic.”
The serendipitous discovery of other
compounds having mood-elevating
effects (e.g., imipramine) and mood-
stabilizing effects (e.g., lithium) trans-
formed the treatment of people diag-
nosed with melancholic depression
and bipolar disorder, respectively.
The advent of psychopharmacology
in the 1950s facilitated, but did not
cause, the emptying of state psychi-
atric hospitals. The deinstitutionali-
zation of people with major mental
illness resulted from an unusual con-
vergence of left-wing and right-wing
political critiques, as Mr. Scull empha-
sizes. Critics on the left were appalled
by the decrepit, overcrowded and
understaffed hospitals. Critics on the
right objected to taxpayers picking
up the tab for the enormous expense
incurred by maintaining these insti-
tutions. Some states were spending
as much as one-third of their annual
budget housing psychiatric patients.
State hospitals once housed 500,000
patients; today the total population
is less than 55,000, even though the
American population increased by 33%
since the 1950s.
So, where did everyone go? Patients
were released to boardinghouses and
group homes, while receiving medica-
tion from psychiatrists based in com-
munity mental-health centers. Unfor-
tunately, as Mr. Scull elsewhere wrote,
“treatment in the community has
turned out to be a shell game with
no pea.” Today the three largest facili-
ties housing Americans with mental
illness are the Los Angeles County jail,
Chicago’s Cook County Jail and New
York’s jail on Rikers Island. Many other
individuals with major mental illness
reside in homeless shelters or on the
* ***
— H A R P E R L E E , ‘ TO K I L L A MO C K I N G B I R D ’
plagued by alcoholism, suicides,
cancer and more, set herself to the
task of writing a feminist memoir
while fighting her own reoccurring
cancer diagnoses—a memoir she
would sadly not finish before her
death. “Jell-O Girls” is her daughter’s
continuation of that fearless explo-
ration. It is at its heart a story
about grief and a girlhood at once
haunted and inspired by the op-
pressed women in her family who
came before her. “The curse,” Ms.
Rowbottom writes, “was the sick-
ness that silence becomes when
swallowed, lumps of unspoken words
ticking like bombs. Our task was to
reclaim and speak, to take up space
with our bodies and our voices.
This is how we save ourselves,
my mother constantly reminded.”
The New Wilderness
By Diane Cook (2020)
5
When Bea realizes that
living in the overly
populated and polluted
futuristic “City” is killing
streets. In other words, we are back to
where we were when Dorothea Dix
began her crusade for asylums in the
mid-19th century.
As for the psychiatrists, after World
War II, they migrated from the institu-
tions to the far more lucrative setting
of private practice. Psychiatry’s pres-
tige soared in the 1950s, aided by
Hollywood films portraying psycho-
analysts as wise healers and by popular
books accessible to an educated audi-
ence. Most practiced psychoanalytic
psychotherapy or one of the neo-
Freudian psychodynamic variants.
DR P.
MARAZZI/
SCIENCE SOURCE
But the reign of psychoanalysis
was brief. Psychiatry is now nearly
synonymous with psychopharma-
cology. Mr. Scull cites data showing
that by 1996 only 44.4% of outpatient
visits to a psychiatrist involved any
kind of psychotherapy, and nine years
later it had dropped to 28.9%. By 2005,
only 10.8% of psychiatrists regularly
provided any kind of psychotherapy;
most recipients paid out of pocket.
Managed-care reimbursement rates for
medication are higher than for psycho-
therapy, and medication-maintenance
sessions are so brief that psychiatrists
can squeeze 2-3 patients into an hour
THE WALL STREET JOURNAL.
her young daughter, Agnes, she
agrees to join an experimental new
group and move to the Wilderness
State, the last bit of wild land left.
This revelatory novel dances
between the perspectives of a
mother and a daughter as Agnes
comes of age more attuned to the
animal life and cycles around her
than any memory of the City she
once knew. Yet the complicated
dynamics of adolescence remain,
and Agnes is forced to reckon
with a betrayal she cannot, and
may never, understand. “The New
Wilderness” is an imaginative
and astounding portrait of the
ties between desperation and
parenthood and of the truth that,
however situations may change,
some elements of the original
will always remain. Both Bea’s
and Agnes’s perspectives offer
compelling evidence that some
betrayals are necessary for survival.
“Agnes wanted a mild mother,
one who seemed to love her
exactly the same every day,”
Diane Cook writes. “She thought,
Mild mothers don’t run away.”
rather than spending that time with
a single psychotherapy patient.
Randomized controlled trials of cog-
nitive-behavioral therapies match or
exceed the efficacy of medication for
obsessive-compulsive disorder, social-
anxiety disorder, panic disorder, buli-
mia nervosa and less severe forms of
depression. Clinical psychologists, how-
ever, are the mental-health profession-
als who often deliver these treatments.
Mr. Scull’s major concern is for
patients diagnosed with schizophrenia
and bipolar disorder, for whom psy-
chiatrists are the primary treaters.
Although medication remains the
mainstay of treatment, it has become
increasingly apparent that as many
as 67% to 80% of patients either fail
to respond or cease taking medication
because of intolerable side effects.
Moreover, clinical researchers have
confirmed that patients who are able
to remain on antipsychotic medi-
cation commonly develop cerebral
atrophy and tardive dyskinesia, an
involuntary movement disorder.
Despite upbeat advertising campaigns
for new drugs, there have been no true
breakthroughs in psychopharmacology
for more than a half-century. Indeed,
pharmaceutical companies are now
abandoning psychiatry.
Mr. Scull closes by asking: “Does
psychiatry have a future?” His mel-
ancholy question partly reflects the
failure of advances in genomics and
neuroscience to yield actionable in-
sights that improve the lives of people
with major mental illness. Indeed, the
humbling conclusion of these advances
is to underscore just how complex the
genetics and neuroscience of mental
illness really are.
Mr. McNally, professor of psychology
and director of clinical training at
Harvard University, is the author
of “What Is Mental Illness?”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 14 - 15, 2022 | C9

BOOKS
‘Life was all of a piece, work not separated from play.’ —S USA N G LAS PELL

Utopia by the Sea

The Shores of Bohemia
By John Taylor Williams
FSG, 343 pages, $35
BY CHRISTOPH IRMSCHER

I
T HAD BEEN Edna St. Vin-
cent Millay’s idea: Relaxing
on her daybed, she told her
would-be lover, literary critic
Edmund Wilson, to hug her
lower half, while she instructed poet
John Peale Bishop, another ardent
admirer, to hold on to her upper one.
Who had gotten, the three wondered,
“the better share”? Millay’s little
experiment was, joked one of her
biographers, a perfect example of
HARRY RANSOM CENTER, THE UNIVERSITY OF TEXAS AT AUSTIN

“burning the candle at both ends”

(a phrase Millay had made famous in
her poem “First Fig”). It also recalled
an arrangement she inaugurated
earlier that year, when she asked
Bishop and Wilson to visit her in
Truro, Cape Cod, on alternate week-
ends—a practice that would not have
raised eyebrows. That’s at least the
impression conveyed by John Taylor
Williams’s “The Shores of Bohemia,”
a chronique scandaleuse of bad or
baddish behavior on the Cape during
the first half of the 20th century.
For it seems that burning the candle
at both ends was what everyone— PIER GROUP An undated photo of vacationers in Provincetown, Mass., where cheap lodgings made it a destination for artists and writers.
writers, artists, architects and activ-
ists—did back then, with a vengeance. desires appeared magnified, larger Provincetown Players) to the vari- tling with new ideas. And even as play- Wellfleet. Perched, like artfully ar-
Mr. Williams’s Bohemians gravi- than life. In Mr. Williams’s descrip- ously hued leftists and ex-leftists of wright Tennessee Williams basked ranged driftwood, on a bluff overlook-
tated to the narrow upper portion of tion, the Cape Cod Bohemians’ drink- the 1930s and ’40s (Dwight Mac- in the kindness of strangers supplied ing the bay, Hatch House consists of
the peninsula, the “outermost of outer ing and lovemaking was athletic donald, Waldo Frank, the Partisan by gay-friendly Provincetown, it was modular units with shutters that fully
shores,” in the words of naturalist rather than recreational, a fierce Review crowd) to the academically there, too, that he drafted some of open to the outdoors. Step on the
Henry Beston. “Between two seas a competition with no clear winners. employed sunseekers of the 1960s his most enduring works, including deck and you’ll see, through the gaps,
strip not wide / Splits ocean side from Provincetown was their oceanside (Daniel Aaron and Alfred Kazin). “The “A Streetcar Named Desire.” the sand and the beach grass below
harbor side,” rhymed Wilson in an un- Babel, “Greenwich Village sunburnt,” list could go on,” sighs Mr. Williams, —a tacit acknowledgment that who-
published poem, seeking to capture according to Floyd Dell, an editor and often it does. ever resides here does so only with
the urgency artistic Cape Codders felt of the socialist monthly the Masses. Mr. Williams’s account is as breezy Edna St. Vincent Millay, nature’s temporary consent.
as they settled, on tiny incomes and Many locals happily participated: as a spring day by the shore, an Hatch House, built in 1961 for the
great expectations, in a landscape During the prohibition years, the approach that honors the spirit of
Eugene O’Neill and film critic Robert Hatch, was the
that looked as if it had been only Portuguese fishermen of Province- his seaside colony even as it occa- others found kindred masterpiece of the largely self-taught
provisionally squeezed from the sea. town outran the coastguard to supply sionally disregards the facts. Eastman spirits (and parties) John (“Jack”) Hall, who, along with
In 1930 a powerful storm washed the booze that kept the parties buzz- left Soviet Russia in 1924, not 1927; his Wellfleet neighbors Jack Phillips
Eugene O’Neill’s house, once owned ing. Remoteness—the ferry from Stalin, an artificial name, doesn’t amid Cape Cod’s dunes. and Hayden Walling, pioneered a new
by arts patron Mabel Dodge, into the Boston ran only in good weather— mean “steel” but “man of steel”; style of vernacular architecture fusing
sea. No one was surprised. bred intimacy, and nicknames prolif- Aaron’s father was a lawyer, not modernist innovation with a profound
Known as “Ike” to clients and erated: Edmund Wilson was “Bunny,” a furrier; and Henry Beston’s The best of Mr. Williams’s subjects, respect for the ancient rhythms of life
friends, Mr. Williams, a Boston lawyer the handsome socialist Max Eastman “Fo’castle” at Eastham was not a ran- buoyed by their environment, reimag- by the sea. As it happens, Hall, also
and literary agent, represented many the “Sleepy Adonis,” the novelist John dom rented shack but a custom-built ined the porous boundaries between known for his expressive paintings,
of the more recent figures who once Dos Passos simply “Dos.” marvel of architectural economy. nature and humankind, from the “old was the author’s fondly remembered
camped out on the Cape. The title of On the Cape, writers and artists The bibulous Bohemia invoked in davil, sea” spilling into the lives of father-in-law. And although “The
his book springs from what some con- “multiplied, like the jellyfish in the Mr. Williams’s book was a short-lived the characters in O’Neill’s play “Anna Shores of Bohemia” is structured as
sider Shakespeare’s biggest blunder harbor,” the novelist Mary McCarthy paradise, inhabited by freewheeling Christie” (1921) to the radiant colors a kind of lament for the golden days
and others a daring plot device—the unkindly observed. Intended as a visionaries enjoying their moment of in Helen Frankenthaler’s light-filled before the Cape was overrun by
attribution, in “The Winter’s Tale,” group biography, Mr. Williams’s book gloriously irresponsible intransigence canvases from the ’60s. Those who RVs and clam shacks, Mr. Williams’s
of a seacoast to the landlocked terrain is at times more “group” than “biog- in the sun. Yet what’s ultimately more attended performances of O’Neill’s own effort is evidence enough that
of Bohemia. If Shakespeare’s fantasy raphy,” its pages popping with the interesting than how much these “Bound East for Cardiff” (1916) would the old fascination still sparkles.
kingdom was a wasteland roamed by names of the well-known and for- writers and artists partied is how watch the tide splash through the
bears, Mr. Williams’s realm is densely gotten, from the free spirits of the much they got done anyway. Un- floorboards of the fish house used by Mr. Irmscher is the author of
populated (though perhaps no less first generation (such as Jig Cook, shaven and hung over, Edmund the Provincetown Players—an experi- “Max Eastman: A Life” and the
feral). Against the backdrop of the Susan Glaspell and John Reed, who Wilson would be back at his desk ence one finds echoed, decades later, literary executor of the estate
ubiquitous, unforgiving ocean, human joined Eugene O’Neill in founding the early in the morning, his mind bris- in the experimental Hatch House in of Daniel Aaron.

preface, the coverup of Jane Stan-
The Case of ford’s unsolved murder “is a re-
minder that conspiracies can be quite
Hawaii but declined to name brother Charles Lathrop,
a killer. Acknowledging his
debt to Cutler, Mr. White re-
pulled every possible lever in
corrupt San Francisco to make

The College real.” Offering a detective story with

more twists and turns than a Dashiell
Hammett novel, Mr. White leads us
Widow through his research into the laby-
veals the “why” of the story,
pulling out the lens for a
wider view. He uses Jane
sure the police investigation
into her death petered out
and the newspapers dropped
Stanford’s death, as he puts it, the murder story. Both men
STANFORD SPECIAL COLLECTIONS AND UNIVERSITY ARCHIVES

rinth. Along the way, Mr. White
uncovers a century-long campaign
Who Killed Jane Stanford? kicked off by the university’s first
By Richard White president to cloud the circumstances
Norton, 362 pages, $35 of Jane Stanford’s death. But he fails
to make us care much for any of
BY JULIA FLYNN SILER this dastardly cast of characters—
“to reveal the politics, power wanted to foreclose challenges
struggles, and scandals of to her bequests that a murder
Gilded Age San Francisco.” charge could trigger.
As a leading chronicler of Just as Mr. White is un-
that era, Mr. White is an adept sympathetic to Stanford, he’s
and engaging tour guide to equally searing in his treat-
this corrupt and vivid world, ment of Jordan and Lathrop.

S
including the victim. as well as to Jane Stanford’s San Francisco detectives
TANFORD UNIVERSITY “Who Killed Jane Stanford?” puts devotion to spiritualism. “wanted to eliminate the mur-
opened its doors to stu- to rest any lingering doubts that the I found myself envying the der, not the murderer,” ob-
dents in 1891, just two university’s co-founder was, in fact, undergraduates in Mr. White’s served the sheriff in Hawaii
years before its co- murdered. After surviving an initial classroom, in which he used who first oversaw the case.
founder Leland Stanford poisoning attempt at her Nob Hill the murder to teach historical They succeeded, as did Jor-
died. For a dozen years after her hus- mansion, Stanford fled to Waikiki. research methods. He brought dan, who had been about to
band’s death, Jane Stanford almost She was accompanied by her long- the class to the university NAMESAKE Jane Stanford in 1875 with her lose his post as university
single-handedly financed and oversaw serving private secretary, Bertha archives, where an archivist 7-year-old son, Leland Jr., for whom the president. Stanford’s death
the fledgling institution—including Berner, and a maid. After a pleasant pulled Jane Stanford’s death university would be named. meant that didn’t happen:
fending off a legal challenge to the mask from its box and showed Jordan remained in leadership
Stanford estate that went to the U.S. it to the students, “who reacted with her dead husband, and their much- at the university for another 11 years.
Supreme Court—on its journey to Was the death of audible gasps as if her corpse had mourned son, Leland Jr, who had died White declares him an “accessory
becoming one of the world’s wealthi- walked in the room. At that moment of typhoid at age 15. In his epilogue, after the fact.”
est and most exclusive universities
Stanford University’s Jane Stanford leaped across the Mr. White confesses to sympathiz- Mr. White has done an astonishing
Despite these accomplishments, eccentric co-founder century and came among us like an ing with at least one suspect, who job of sifting through the available
Jane Stanford has been largely over- murder? A historian apparition at one of her séances.” endured Stanford’s demands and clues—and turning up an impressive
looked by historians of the American Mr. White, however, is not seeking cruelty. The subtitle of Mr. White’s array of new details, including a
West. But writers and readers with an takes up the evidence. justice for the victim. “I wish I could book might as well have been “Why mysterious pharmacist with shifting
interest in lurid crime are fascinated say that seeing the mask of Jane she deserved what she got.” addresses. He teases us through
by her horrifying demise. In February Stanford’s face, only a little more than The result is that the narrative nearly 300 pages before naming
of 1905, she died an agonizing death picnic on the Pali—a cliff overlooking a day dead, sparked a desire in me to largely relegates its subject to the role the person he believes was respon-
in a Honolulu hotel room; she had the Pacific—with freshly baked ginger- see justice done. It didn’t. She was of victim—rather than to her rightful sible for Stanford’s murder—though
ingested strychnine. Jane Stanford’s bread, Stanford and Berner returned dead. I saw an aged woman and I place as the forceful woman who kept toward the end he admits “the evi-
poisoning remains one of the most to their hotel, had an early supper, initially wondered not who killed her, the university alive in its early years. dence is circumstantial.” Mr. White
dramatic unsolved murders of its day. and retired for the evening. Not long but why?” Jane Stanford becomes a That emphasis may, in part, be due to does not produce the smoking gun
In “Who Killed Jane Stanford? A after, Berner and the maid heard Jane means to an end for Mr. White, her the incomplete or distorted material to definitively solve this famous
Gilded Age Tale of Murder, Deceit, crying out for help and saw her cling- death a frame for a tale of social Mr. White had to work with. Adding murder. But he does—in the parlance
Spirits, and the Birth of a University,” ing to the doorframe. She realized turmoil that detours into San Fran- another layer of mystery to the case, of early-20th-century detectives—
the historian Richard White turns she’d been poisoned, exclaiming “This cisco’s underworld and the links that he notes that “rarely have I encoun- thoroughly “sweat” the historical
his sights on this dramatic true- is a horrible death to die!” connected bribe-taking police with tered more documents that have record. In this fascinating “why-
crime story. An emeritus professor at Many of the more gruesome details the Chinese gangs known as “tongs.” vanished and more collections and dunit,” he makes a convincing case
Stanford and author of “Railroaded,” of Stanford’s death already had been On the whole, the portrait ren- reports that have gone missing than for why Jane Stanford’s murder was
a history of the transcontinental rail uncovered by a retired Stanford neu- dered of Stanford, who became one of in this research.” Those absences covered up for so long.
boom, Mr. White is also a brilliant, rology professor, Robert W.P. Cutler. California’s leading philanthropists, were intentional, as Mr. White details.
acerbic guide into a world that reso- In his slim 2003 book “The Mysteri- is not appealing. She appears here as “Who Killed Jane Stanford?” shows Ms. Siler’s most recent book is
nates with the present. ous Death of Jane Stanford,” he ob- a selfish and unlikable rich woman, us the lengths to which the uni- “The White Devil’s Daughters:
“In an age of surreal conspiracy tained and analyzed the toxicologist’s who spent the final decades of her versity’s first president, David Starr The Women Who Fought Slavery
theories,” Mr. White writes in the report and coroner’s inquest from life focused on aggrandizing herself, Jordan, working alongside Jane’s in San Francisco’s Chinatown.”
C10 | Saturday/Sunday, May 14 - 15, 2022 * *** THE WALL STREET JOURNAL.

BOOKS
‘Everyone believed in dreams, but didn’t believe in reality.’ —YA N L I A N K E , AU T H O R O F ‘ TH E DAY TH E S U N D I E D ’

MYSTERIES

Fictional Heroes One Shot

TOM NOLAN

The Subplot
By Megan Walsh
Columbia Global Reports,
In the
135 pages, $16
BY LEE LAWRENCE
Serengeti

A
S DEMOCRACIES THE SPECTER of the late
around the globe Ernest Hemingway hovers
wrestle over where over the psyches of several
to draw the line be- characters in Chris Bohjalian’s
tween free speech “The Lioness” (Doubleday,
and unlawful lies and what—if 313 pages, $28), an account
any—rules should govern social- of Hollywood types on a
media platforms, we might assume photographic safari in
that under nondemocratic govern- Tanzania in 1964.
ments such matters are cut and Leader of this pack is Katie Barstow,
dried. Not so. Anyone who has a movie star just married to a Beverly Hills
ever lived in a communist country gallerist. Her companions include her older
knows that the rules are often brother and his wife; her best friend (and
vaguely worded and the system fellow actress) and her screenwriter-spouse;
enforcing them capricious. A book her publicist (a veteran of Okinawa and
the authorities ignore today might “perhaps,” judges the screenwriter, “the last
trigger their anger tomorrow. genuine man in L.A.”); the black leading-man
GETTY IMAGES

In China, writes Megan Walsh who played opposite Katie in a recent

in “The Subplot: What China Is “controversial” film; and Katie’s agent.
Reading and Why It Matters,” Shepherded by a legendary safari leader
some call this the “anaconda in the FLIPPING PAGES The Shenzhen Zhongshuge bookstore in Shenzhen, China. who guided Hemingway, the California crew
chandelier” with the onus being on savor the physical beauty of their exotic
“publishers and writers to second- unprecedented diversity of voices. analyses. She does this so deftly Chinese fiction and the inventive- location: “The stars
guess what might cause the snake Some who lived through the Cul- that we move seamlessly from, say, ness with which some writers have THIS WEEK stretched forever
to strike from above.” tural Revolution, for example, only an idealized vision of life as a young consciously dodged or confused the here . . . and offered a
Outside China, many assume to see it—and their own past— woman in premodern rural China— anaconda—whether by presenting The Lioness zodiac one constellation
that anything that gets past the erased from the “correct views of as scripted by Li Ziqi and dissemi- fact as fiction, inventing other- By Chris Bohjalian at a time.” Beneath that
censors must be, at best, without history,” publish haunting stories nated in highly popular online worldly societies, or, like countless extraordinary sky, though,
artistic merit or, at worst, propa- of alienation. In Mo Yan’s “Life and videos—to science-fiction penned generations before them, making was “a world without
ganda. After all, Xi Jinping made Death Are Wearing Me Out,” the by astrophysicists, coders and engi- clever use of the homophones people, a cosmos of rivers with prehistoric-
it clear in 2014 that art and litera- narrator is reincarnated as one neers in which the authors probe and visual puns that the Chinese looking hippos . . . And on the land? There
ture should “take patriotism as its animal after another, never coming the limits of transhuman life or spin language offers to write one thing were too many predators to count.”
muse, guiding the people to estab- back as a human and therefore cautionary dystopias. In the chapter while expressing another. The predators who are soon menacing
lish and adhere to correct views incapable of affecting or partici- “Pushing Boundaries,” the richness But she also soberly appraises this well-intentioned but naive ensemble are
of history, the nation, pating in China’s of Uyghur, Tibetan and Mongo- present and future dangers. Al- two-legged: a group of Russian-speaking
the country, and cul- often violent transi- lian writings follows discussions ready the mere act of using their mercenaries who without warning kill the
ture.” Yet to consider In China, tion from feudalism of China’s underground comics native Turkic language can land tour’s head guide and take the travelers
banned books the to socialism to capi- scene and the clandestine realm Uyghur authors inside a re-educa- and their porters prisoner. The captives are
only ones worth
not all good talism. Among ethnic of danmei, a genre imported from tion camp. Control over internet separated into three groups and driven to
reading, Ms. Walsh screeds go minorities, Ms. Walsh Japan in which young women write platforms is tightening. Recent isolated locations; their captors are brutal
argues, is still a po- unpublished. shows how Tsering about romance between boys—in developments in Hong Kong may and uncommunicative.
litical litmus test. “It Woeser and Pema itself a fascinating window into cut off an outlet for writers on “The Lioness” alternates forward-moving
would benefit us as Tseden expose the China’s gender dynamics. the mainland at a time when scenes with flashback sequences, provoking
foreign readers want- murky, painful reali- Contemporary developments authoritarianism poses a growing retrospective insight and suspenseful
ing to understand Chinese soci- ties of being “happy Tibetans”; and often have historical precedents. threat to their counterparts across foreshadowing. The ordeal seems a kid-
ety—as well as our own—to seek how the Uyghur author who goes During the 1920s, in the immediate the globe. napping, but to what end? Might it be
out fictional worlds, rather than by the pen name Tarim writes love wake of the May Fourth Move- All the more reason to heed Ms. somehow connected to the “situation” in
the broad-brush political and poems in his native tongue but ment, the plight of rural migrant Walsh’s call and pay attention to East Africa? (“Situation was the word that
economic narratives of the public uses Chinese for political verses. workers was told in stories known how writers in China have been re- was sometimes used by the press, a polite
domain.” In a poem translated by Ms. Walsh, as diceng wenxue—“bottom rung” sponding to political and societal euphemism for upheaval and slaughter.”)
Ms. Walsh began exploring he asks: “Friends say / Chinese or “subaltern” fiction—mostly upheavals. To her credit, Ms. Walsh Do the abductors hope to be paid a large
the world of China’s writers and poetry needs metaphor / I ask / written by middle-class urban au- doesn’t corral the information into ransom for the return of their celebrity
artists in 2004 while she was living Is that the same as a bat liking thors. Not anymore. Today, in what a neat and tidy thesis. She expli- prisoners? Or might this operation have
in Beijing. In “The Subplot,” the the dark?” Ms. Walsh calls “one of the most citly states: “This is not a compre- something to do with the fact that Katie’s
London-based arts writer compiles There is also plenty of entertain- significant literary breakthroughs hensive overview, but a glimpse.” husband’s father works for the CIA?
a kaleidoscopic picture of fiction ing fare in Chinese fiction today— in post-Reform China,” the esti- But the glimpse is enough to short- Once all the puzzle pieces (including a
written and published in mainland light, even silly romance novels; mated 300 million Chinese who circuit any impulse we might have modern-day epilogue) are in place, the result
China over the past 10 to 20 years. personal accounts that come across have migrated from rural areas to from afar to reduce China’s vast is an adventure story of satisfying unity, with
Despite a proliferation of trendy like verbal selfies; tales of super- work in cities have wrested control array of writers to a dichotomy of enough surprises to still qualify as a mystery.
bookstores, most fiction reaches its heroes and crime; legal mysteries over their own narratives. Whether dissenters and conformists. Engag- Recurring allusions to Hemingway, who
audience online in what Ms. Walsh —all reflecting particularities of poets like Xu Lizhi and Xie Xiang- ing, informative and—considering defined courage as “grace under pressure,”
describes as “the largest self-gen- Chinese society, from its social nan, memoirists like Fan Yusu or the ground it covers in 135 pages— add additional literary flair. One of the cap-
erating industry of unregulated, stratification to the general ac- novelists like Sheng Keyi, these astonishingly nuanced, “The Sub- tives decides: “I’d rather die charging like
free-market fiction in the world.” ceptance of state surveillance in writers are forging stories from plot” primes us to dig into her list a rhino than bleating like a goat.” But when
The confluence of technology, exchange for low crime rates. their personal experience of disillu- of suggested further reading. is the best time to make one’s move? In the
economic growth, periods of rela- Throughout, Ms. Walsh weaves sionment, danger and exploitation. words of that legendary safari leader: “When
tive creative freedom and the per- together thumbnail descriptions, Ms. Walsh is unabashed in her Ms. Lawrence writes about Asian you [have] your one shot in the Serengeti,
sistence of writers has produced an historical contexts and trenchant admiration for the creativity in and Islamic art for the Journal. you damn well better take it.”

Fuelling the Myth and Striving for Beauty

THEIR NAMES are little known,
but two of the most important
artists of the 20th century are
Doug Bower and Dave Chorley,
who in 1991 revealed that they
were responsible for hundreds
of the crop circles that had
appeared in the fields of western
England since the late 1970s.
Working at night and using only
FICTION rope and planks of wood for
SAM SACKS tools, the pair had developed a
sensational new visual medium
that not only spawned copycats
throughout the world but gave
rise to an entire field of so-called
circle scientists who attributed
the phenomenon to paranormal
In the activity. The beauty and seeming
rural mystery of the designs gave
them a folkloric staying power
Britain remarkably at odds with the
of the fragile nature of the form, and
1980s, these qualities have been nicely
two conjured in Benjamin Myers’s
novel “The Perfect Golden
inspired Circle” (Melville House,
outsiders 211 pages, $27.99), a sensitive
spark fictionalization of their making.
Mr. Myers’s version is con-
the densed into a single summer
world’s in 1989. His duo of crop circlers
imagi- consists of Redbone, a “crust-
punk” hippie who dreams up
nation increasingly complex geometric
with patterns, and Calvert, a severely
a hoax traumatized veteran of the Falk-
so lands War who does the legwork
of finding usable fields. The odd
elegant couple is united by a comple-
one could mentary hatred of England and
call it love of its land and roots. Begun
as a lark, the crop circles provide
art. them a lifeline. Their shared code
is to “fuel the myth and strive
for beauty.”
The contrasting public and
private aspects of the stunt are
shown in parallel. In the back-
ground, through invented news-
paper clippings, we read of the
growing media sensation sur-
rounding the crop circles, the
mass pilgrimages by UFO-
spotters, and the farmers who
make a mint charging for access.
But Mr. Myers focuses more
on the creative act itself. The
chapters chronicle each midnight
mission in the fields, depicting
both the challenge to remain
undiscovered and the illicit thrill
of completion. Anonymity and
secrecy are key to the work but
also a source of deep melancholy,
and the novel uncovers a
plaintive connection between
artistic transcendence and
personal loneliness. The contro-
versies attached to crop circles
ultimately fade out behind the
touching individual quests for
meaning. “The next one is always
a beacon,” the outcast artists
think, “beaming hope across the
strange and haunted landscapes
of their solitary existences.”
Scorpions are the misunder-
stood entities in Steve Almond’s
page-turning novel “All the
Secrets of the World” (Zando,
403 pages, $28). It centers on
Lorena Saenz, the 14-year-old
American-born daughter of an
undocumented Honduran immi-
grant living in Sacramento in the
early 1980s. For a high-school
science project Lorena is paired
with her affluent classmate
Jenny Stallworth, becoming a
semi-regular presence at Jenny’s
house and, more covertly, form-
ing an inappropriate simpatico
with her peculiar father, Marcus,
a scorpiologist. Then Marcus
vanishes during a research trip
to Death Valley. Certain cryptic
confidences lead Lorena to be-
lieve that he has faked his death.
But authorities assume he
was murdered, and rapidly,
to Lorena’s horror, their investi-
gation focuses on her wayward
older brother Antonio.
THIS WEEK
The Perfect Golden Circle
By Benjamin Myers
All the Secrets
of the World
By Steve Almond
A Musical Offering
By Luis Sagasti
If there is a weakness to this
book it is in the incongruity be-
tween the two paths it follows
from this point onward. Marcus’s
story, which involves a polyga-
mous Mormon compound in
Mexico, is bizarre and largely
unbelievable. The official scape-
goating of Antonio Saenz, how-
ever, is carefully and convincingly
presented, building to a devasta-
ting portrayal of systemic injustice.
Feared and despised for its
sting, the scorpion, Mr. Almond
reminds us, is in fact an ex-
ceedingly wary creature, more
at risk from people than to them.
Like scorpions, Antonio makes
for a likely culprit, and with a
crushing sense of momentum
the novel portrays the fiction
constructed by increasingly
powerful agencies to establish
his guilt. The alleged crime,
seized upon by the tabloids, be-
comes a prioritized federal case,
and in a clever twist, owing to
the Stallworths’ distant acquain-
tance with Nancy Reagan, it is
used by the president as a pre-
text for his sweeping anti-crime
initiative and war against drugs.
“Truth, in its confounding subtlety,
retreated,” writes Mr. Almond;
“conjecture came to the fore.”
The novel’s dark, exciting
ending finds Lorena searching for
the missing scorpion researcher
with the help of a police officer
tormented by his role in rail-
roading her brother. Mr. Almond’s
writing is always swift and
absorbing, even when the book
grows somewhat miscellaneous,
and a sense of enigma persists
beyond the final explanations.
There are some secrets that
remain hidden simply because
no one is willing to believe them.
Then there is the kind of
secrecy that attaches to infini-
tude. How, for instance, should
one play one of the masterpieces
of Western civilization, Bach’s
Goldberg Variations? Since there
can be no definitive version, we
are left with endless variations
on variations, spiraling in ever
more intricate patterns. The
formal analogy to the art of
narrative is at the heart of
Argentine writer Luis Sagasti’s
light-fingered work of fiction
“A Musical Offering” (Charco,
117 pages, $14.95), translated
by Fionn Petch.
Taking the Goldberg Vari-
ations as both his model and
primary material, Mr. Sagasti
shuffles together diverse re-
enactments and meditations on
shared themes. In the chapter
that imagines the original
performances of Bach’s work—
composed to help the insomniac
Count Keyserling fall asleep—
he shifts from considerations of
Scheherazade’s nocturnal story-
telling in “The Thousand and
One Nights” to the John Lennon
song “How Do You Sleep?”
A fascinating section on the
silences between each variation
lends itself to notes on John
Cage’s “4’33”” and to the se-
renely monochromatic paintings
in Houston’s Rothko Chapel.
The effect of Mr. Sagasti’s
technique is to suggest occult
connections and circularities
in experience, or at least in
its artistic renderings. This can
lead to silliness. Who cares that
Chaplin, Hitler and Wittgenstein,
all born in April 1889, “were all
rocked to sleep to the sound
of Brahms’ ‘Lullaby’”? But if
“A Musical Offering” lacks
Bach’s sublime architecture,
it possesses other fitting traits:
fluidity, charm, emotion and
disarming brushes of grace.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 14 - 15, 2022 | C11

BOOKS
‘I love those who can smile in trouble.’ —LEONA R DO DA VINCI

Portrait of a Portrait
What the Ermine Saw torian’s “stubborn allegiance to facts.”
By Eden Collinsworth The closer the narrative comes to
the present, the less the author em-
Doubleday, 253 pages, $27
bellishes. Perhaps as a result, the final
BY CAMMY BROTHERS phase of the book, which recounts the

A
Nazi fascination with “Lady,” is the
LTHOUGH LEONARDO’S most compelling. It is here that we
“Mona Lisa” is the meet the art historian Rose Valland
artist’s most famous and learn of her daring efforts in
painting, it may not Occupied Paris to track down artwork
be his most intriguing, stolen by the Nazis. In this last, bleak
accomplished or beautiful. It may not section, we also learn of how Leo-
even be his best portrait. A strong nardo’s portrait was coveted by a
contender in that last category is Nazi commander, who hung it above
“Lady With an Ermine” (ca. 1490), his desk while presiding over the
whose subject has been identified systematic murder of Poland’s Jews.
as the Milanese noblewoman Cecilia With the recent interest in Leo-
Gallerani, probably around 16 years nardo as engineer, inventor and
old when she sat for her portrait. scientist, it is good to see attention
Unlike “Mona Lisa,” for which return to his work as a painter, as in
Leonardo employed the smoky, hazy the case of Francesca Fiorani’s “The
technique known as sfumato, “Lady” Shadow Drawing: How Science Taught
presents Cecilia’s features with clarity. Leonardo How to Paint” (2020).
Her expression is not so much But Ms. Collinsworth, a former media
enigmatic—as Mona Lisa is often
described—as it is focused. She looks
off to the side of the frame with a Princes, dukes and
calm but determined gaze, intelligent
and watchful. Her features are regular
enterprising women fill
and beautiful, her clothing modest. this story of the life of
She wears a blue dress with only a remarkable painting.
limited adornment on the sleeves;
a single strand of beads hangs from her
neck and a thin black band runs across
her forehead. The most surprising executive whose books include
element of the portrait is the small “Behaving Badly: The New Morality
animal she holds, a white ermine who in Politics, Sex, and Business” (2017),
mimics her expression and whom she doesn’t concern herself with the
cradles in the crook of her arm while qualities or character of the portrait.
caressing it with an elegant hand. Readers hoping to find here a re-
In “What the Ermine Saw: The vealing account of Leonardo’s mastery
Extraordinary Journey of Leonardo as a portrait painter, his artistic tech-
da Vinci’s Most Mysterious Portrait,” nique, or his impact on his contem-
Eden Collinsworth describes the poraries and later generations will
circuitous journey taken by the be disappointed. Instead Ms. Collins-
21-by-15-inch panel painting, from worth tells the story of an excep-
Leonardo’s studio in the 15th century tionally beautiful painting across time.
to the National Museum in Krakow, The result is an often engaging, occa-
Poland, today. sionally convoluted, at times gripping
The story begins with an intro- tale of princes, dukes and enterprising
duction to Cecilia, a well-educated women, all leading up to the unlikely
young woman and the lover of Duke outcome that the painting should
Ludovico Sforza. She lived in the currently reside in Krakow.
Castello Sforzesca even after the It is little less than a miracle that
duke married Beatrice d’Este in 1491, any artifacts from 500 years ago
ALAMY

but was eventually nudged out by
the duke’s wife. While her portrait ERMINE, AND I’M YOURS ‘Lady With an Ermine’ (ca. 1490) by Leonardo da Vinci.
accompanied Cecilia out of the castle
(presumably Beatrice was not fond of
seeing it), Ms. Collinsworth tells us that
Beatrice’s sister, the renowned art collector
Isabella d’Este, borrowed it in 1498.
For more than two centuries afterward
the painting’s whereabouts remained
unknown, until it was purchased in 1800
by Adam Jerzy, the son of Poland’s Princess
Izabela Dorota Czartoryska. Stationed in Italy
by the Russian czar but with little to occupy
his time, Jerzy began acquiring Italian art
for the family collection. Soon the fate of
“Lady” is entangled with that of Poland,
and Ms. Collinsworth’s story takes on the
character of a national drama as the portrait
becomes part of the messy diplomacy
between Poland and Russia. Eventually
it finds its way back to the Czartoryski
Collection, where it stays until the out-
break of World War II.
have survived at all, let alone works
that are delicate and sought after.
“During the some four hundred years
Among the felicities of Ms. Collinsworth’s that can strain credulity. In her account of preceding Germany’s occupation of Poland,”
book is its cast of appealing and sympathetic Beatrice Sforza’s response to news of the Ms. Collinsworth writes, “Lady With an
women who carved their own identities and duke’s affairs, the author writes that the Ermine survived epidemics, fires, floods,
public profiles to attain their aims. Isabella duchess “found a self-numbing relief in sex greed, theft, ancient grudges, retribution,
d’Este, neither physically prepossessing nor orgies—sex being the one thing she could and bombing. It had been spirited away in
exceptionally rich, nonetheless became one do without thinking about anything else a horse’s saddlebag and traveled by carriage,
of Italy’s premier art collectors. Princess while doing it. Whether a coping mechanism possibly by boat, certainly by truck and
Czartoryska achieved many of her ends or the blind compulsion to punish herself for car during dangerous nocturnal escapes.”
through sexual diplomacy, cultivating the pain caused to her by others, sex became In recounting the portrait’s tale, Ms. Collins-
powerful men as lovers and allies, a prac- her own frenzied current of self-harm, and worth proves herself a skilled portraitist in
tice apparently tolerated by her husband. she collapsed during a woozy all-nighter.” her own right. But while her book reveals
In the chapters on the period when the Here as elsewhere, the risk of anachronism the story of how the painting has been
painting disappeared, Ms. Collinsworth seems high. In another example, the author miraculously preserved over the centuries,
focuses on the amorous affairs of her pro- imagines how the duke would have justified “What the Ermine Saw” leaves unanswered
tagonists. Readers may find the details here his infidelity, not through “a lack of character the question of why it has mattered so
amusing or irrelevant—or feel impatient for on his part so much as a distaste for Bea- much to so many for so long.
the return of the painting itself. As lively a trice’s emotional neediness.” Ms. Collinsworth
narrator as the author is, it sometimes feels writes that “only when no facts could be Ms. Brothers is an associate professor at
as if she might be better suited to historical found did I engage in speculation.” Indeed, Northeastern University and the author of
fiction, with her tendency for saucy details she expresses some disdain for the art his- “Giuliano da Sangallo and the Ruins of Rome.”

Giant Monsters, First Contact

JAMIE GRAY, the hero of John
Scalzi’s “Kaiju Preservation
Society” (Tor, 264 pages,
$26.99), is assistant director
of marketing for a startup
meal-delivery company, and
he expects to climb the ranks
before long. Then he’s de-
moted, and to add insult to
injury, his conniving boss is
SCIENCE only prepared to offer him
FICTION the role of delivery man.
TOM In sci-fi, ever since Neal
SHIPPEY Stephenson’s “Snow Crash”
(1992), such operatives are
known as “deliverators.”
They’re responsible for one
of the four things at which
America (according to
Mr. Stephenson) outclasses
New the world: music, movies,
works microcode and high-speed
pizza delivery. Sci-fi nerds
of recognize one another,
specu- so when Jamie announces
lative himself as a “deliverator” to
fiction one of his “deliverationees,”
the guy immediately offers
center him the kind of job only a
on sci-fi nerd would understand:
nuclear- working on a parallel Earth,
part of the multiverse.
powered His charge is to take care
beasts of kaiju, giant monsters whose
and most famous exemplar is
Godzilla. Kaiju are part of the
astro- fauna of the parallel world,
naut where everything developed
clones. differently, mainly because
there was no dinosaur-
extinguishing asteroid impact
millions of years ago. But
why do kaiju need protecting?
The fearsome creatures seem
more than capable of taking
care of themselves.
The answer is that they’re
nuclear-powered. Kaiju have
evolved to grow their own
reactors, and this makes
them not only highly
dangerous to themselves—
they get too hot and blow up
—but also to us. They are
drawn to nuclear power,
even if it’s in a parallel world
like ours. So when we started
setting off atomic bombs,
kaiju homed in on them,
and since the explosions
“thin the barrier between
universes,” they’ve been
getting through. Many times,
says Mr. Scalzi, starting in
May 1951, after the nuclear
test at Enewetak Atoll.
All hushed-up, of course,
but it’s no coincidence that
the original “Godzilla” movie
appeared only a few years
later. Japanese sailors saw
the first kaiju intrusion,
and the story got through
to filmmakers. Our world
has grown careful about
“multidimensional tears,”
Mr. Scalzi assures us, but no
chances at all can be taken
with unstable and nuclear-
powered beasts. That’s why
they need to be tended and
controlled.
It’s all easier to take in if
you have a sci-fi background.
The genre’s incurable opti-
mism also sees this scenario
as a great opportunity.
As long as conniving CEOs
don’t bribe their way into
the parallel world to get
hold of kaiju eggs . . .
THIS WEEK
The Kaiju
Preservation Society
By John Scalzi
Mickey7
By Edward Ashton
“The Kaiju Preservation
Society” is more like “Death-
world” than “Jurassic Park,”
full of references and allu-
sions to Mr. Stephenson’s
“Snow Crash” and much
more. Fortunately, you don’t
have to be a sci-fi nerd to
appreciate all of them.
It’s a great romp all the
way through, with under-
tones of self-mockery and
satire. You can tell Mr. Scalzi
had fun writing it.
Monsters are one sci-fi
theme, “first contact” is
another. What does every
starship trying to establish a
beachhead on an alien planet
need? An Expendable, writes
Edward Ashton in “Mickey7”
(St. Martin’s, 296 pages,
$27.99). Someone to do jobs
that are probably fatal, like
clean out the antimatter
chamber, or explore a totally
unknown environment.
How do you get someone to
volunteer for that assignment?
The pitch is that when
Expendables die, they will
immediately have a new body
“bioprinted,” along with a
“personality download”—
all the Expendable’s thoughts
and memories, previously
stored. The Expendable
will be immortal, right?
That’s not how it seems
to Mickey Barnes, known
as Mickey7 because he’s died
and been literally reincarnated
six times already. Now he’s
on the alien planet, but
stuck in an ice-crevasse,
apparently beyond all hope
of rescue. Sure, as soon as he
dies his handlers will create
Mickey8, identical in every
way right up to his last upload.
It’ll be like closing his eyes
and opening them again.
But, says something deep
inside Mickey7, Mickey8
won’t be me. I’ll be dead.
Something will be missing.
Maybe the soul.
In any case there’s a
complication: After his
crewmates have given up on
him, Mickey7 gets rescued by
an alien, which picks him up
in its enormous mandibles
and returns him to the
grounded starship. But by
then his successor is also in
existence, and the skipper
doesn’t need two of them
taking up irreplaceable
resources. As soon as he
finds out, either Mickey7
or Mickey8 will be booked
for the “corpse hole” to be
reprocessed. After all, they
aren’t human, are they?
They’re constructs.
That’s the scenario, a multi-
faceted twist on a familiar
sci-fi theme, and Mr. Ashton
works through all the many
possible consequences with
great dash and continuous
invention. What would people
do with bioprinters and
personality downloads?
Duplicate themselves over and
over again, quite likely. Until
they run out of raw materials.
The fun is trying to keep up
with Mr. Ashton’s twists and
turns, and the extra fun is
that you never do.
“Mickey7” is slated, so
we’re told, to be director
Bong Joon Ho’s next film,
after his award-sweeping
“Parasite” from 2019.
The book has enough ideas
and excitement to become
one of the great sci-fi films.
Because deep inside “Mickey7”
there’s the question of identity.
What makes us us?
C12 | Saturday/Sunday, May 14 - 15, 2022 * *** THE WALL STREET JOURNAL.

BOOKS
‘When I die and go to heaven, I hope the Zabar’s up there is as good as the one down here.’ —N EIL S IMO N

Schmear Ye, Schmear Ye

Zabar’s
By Lori Zabar
Schocken, 216 pages, $28

Satisfaction Guaranteed
By Micheline Maynard
Scribner, 236 pages, $27.99

BY RIEN FERTEL

T
HE DELI IS DYING. That’s
the lesson behind popular
histories of Jewish-Amer-
ican foodways, like David
Sax’s “Save the Deli”
and Ted Merwin’s “Pastrami on Rye.”
According to Mr. Merwin, the number
of kosher New York delicatessens has
plummeted by 99% since the 1930s.
But nontraditional Jewish restaurants
have recently redefined what it means
to eat deli. Two new books chronicle
MICHAEL GOLD FOR THE NEW YORK TIMES; ON C7: GETTY IMAGES

the roots of this reformed cuisine.

“Zabar’s: A Family Story, With
Recipes,” by Lori Zabar, begins in the
Ukrainian village of Ostropol, a small,
historically Jewish community situated
halfway between Kyiv and Lviv and the
birthplace of Lori’s grandfather Louis.
Louis Zabar survived Polish, then
Russian, pogroms, during which his
father and a sister were murdered,
before arriving in New York in 1922.
With his new wife, Lilly—a family ac-
quaintance from back home—Louis
(pronounced “Louie”) opened produce
stands in the Yiddish-fluent Brooklyn
neighborhoods of Brighton Beach LOX, STOCK & BARREL Zabar’s appetizing counter in 1971.
and Flatbush. But handling fruits and
vegetables caused him to break out in landed the ceiling; food processors and no matter one’s celebrity. Unless your bustling entrepreneurial fleet with dance of locally produced goods and
allergic rashes, which Louis relieved by other new must-have kitchen gadgets name was Barbra Streisand. “Barbra an unmistakably hip vibe. In 2003, services.” This simple act of hopeful,
plunging his hands into briny barrels overstuffed the upstairs mezzanine. likes herring and sturgeon,” Zabar’s Inc. magazine named Zingerman’s prognostic storytelling might sound
of pickled herring. “If I walk out onto Zabar’s floor and I financial manager, Joy Watman, told “the coolest company in America.” a little woo-woo—what Murray Klein
In 1934, Louis and Lilly opened can see my shoes,” Klein often said, New York magazine in 1982, “and she According to Micheline Maynard’s would think of visioning!—but it’s hard
Zabar’s at 80th Street and Broadway “it’s not busy enough.” The orange, can get any special treatment here. “Satisfaction Guaranteed: How Zinger- to argue with Zingerman’s success.
on Manhattan’s Upper West Side. The brown and white logo-wrapped shop- Anything.” (Zabar’s finally abandoned man’s Built a Corner Deli Into a Global In 40 years, a closet-size corner deli
couple now specialized in deli meats ping bag, one of New York’s most iconic its Babs-only delivery policy in 2015.) Food Community,” Zingerman’s cool has transformed itself into a $65 mil-
and “appetizings”—foods that pair designs, would hit the streets in 1972. Lori Zabar, who died in February factor begins with its co-founders, Paul lion community of businesses (or ZCoB,
with bagels, such as cured fish and at the age of 67, offers a loving portrait Saginaw and Ari Weinzweig. The pair for short), co-owned by managing part-
cream cheese—joining a prewar wave of a business family. “Zabar’s” is not a make for a dynamic duo. Mr. Saginaw ners who have honed their own visions.
of “kosher-style” storefronts that The big-city deli that tell-all but rather an embrace-all. Even is the business strategist who eschews Today the ZCoB umbrella includes a
would feed generations of modern, uncle Eli, who left the family business business-as-usual. “I don’t buy into bakery, creamery, candy factory, farm,
non-kosher-keeping Jewish patrons, as
could survive, and the in 1973 to open his own store, E.A.T., traditional economic theory that the Korean restaurant, consulting company
well as gentiles looking for a quick and small-town upstart that is celebrated. Recipes, most attributed business of business is business,” he (ZingTrain) and mail-order catalog.
filling bite. (The dearly remembered has learned to thrive. to Lilly Zabar, round out each chapter: tells Ms. Maynard. Mr. Weinzweig is The mail-order business, which dissem-
Reuben’s Restaurant and Delicatessen latkes, stuffed cabbage, sweet noodle the management philosopher, a self- inates the deli’s original college-town
advertised: “From a sandwich to a kugel. Longtime staffers are honored. proclaimed “lapsed anarchist” who pop-aesthetic to more than two million
national institution.”) Their names and stories point to how condemns the “value of hierarchy,” subscribers, has not only kept Zinger-
Louis soon re-entered the produce Klein was the king of publicity far Zabar’s has come. From a Jewish- which he deems unnatural. “The more man’s afloat during the pandemic but
trade and, over the next decade and a stunts. He sold smoked salmon at cost American produce stall to a global you share,” he says, “the better it goes supports, with roughly 41% of ZCoB’s
half, expanded his fiefdom to include and challenged Macy’s to numerous culinary destination filled with prod- for everyone.” total revenue, the slim-to-nonexistent
enough stores that by midcentury it price battles, including what became ucts and staffed by people from the Sharing starts with Messrs. Saginaw profit margins of Zingerman’s less-
must have been difficult not to shop at known as the 1983 holiday season’s world over, including Olga Dominguez, and Weinzweig’s quirky guiding prin- lucrative ventures.
a Zabar’s. Friends dubbed Louis “the Great Caviar War. “Blood will run in who began working at Zabar’s in 1972, ciples, including what they call open- Though written by a company out-
Octopus,” and the Upper West Side had the streets,” he declared—picture him soon after immigrating from the book management: the candid commu- sider, “Satisfaction Guaranteed” is even
teasingly become, according to Lori scaling the deli-counter ramparts— Dominican Republic. “She was seven- nication of financial numbers—minus more reverential than Lori Zabar’s
Zabar, “the Zabar shtetl.” before slashing the price of a $200, teen years old and knew nothing about the cost of rent and salaries—among memoir. To paraphrase Mr. Saginaw,
After Louis’s death in 1950, his 14-ounce tin of Beluga by nearly 40%. cheese,” writes Zabar. Today Ms. employees. Another guiding principal, the business of Ms. Maynard’s book is
sons—Eli, Saul, and Lori’s father, Stan- Selling the caviar at a loss, Zabar’s won Dominguez is the store’s chief cheese- called visioning, is a concept that will all business. It lacks the Zingy-ness
ley—considered dismantling the family the war. monger, overseeing one of the nation’s be familiar to dream manifesters and that makes a pilgrimage to Zingerman’s
empire, which was losing $200,000 a Manhattanites flocked to Klein’s largest dairy departments. Oprah acolytes. About a dozen years such an unforgettable experience.
year, before turning to Murray Klein, reimagined superstore, rescuing If Zabar’s represents the classic into their business, Zingerman’s own- For now, it seems, the deli is in safe
a Ukrainian émigré and former Zabar’s Zabar’s from financial ruin. Not that big-city delicatessen that could sur- ers began drafting inspiring forecasts hands, sandwiched within a sliced
store manager blessed with the vaude- customers always got what they vive, Zingerman’s, of Ann Arbor, of success. “Throngs of people are mill- bagel, lightly toasted, with a cream-
villian’s knack for bridging the theatric wanted. Leonard Bernstein discovered Mich., is the small-town upstart that ing around the Roadhouse parking lot,” cheese schmear. We nosh on.
and the chaotic. Klein transformed that the store wouldn’t dispatch an has learned to thrive. Founded in Mr. Weinzweig wrote in a 2005 vision
Zabar’s into a one-stop gourmet empo- order of smoked whitefish to his Da- 1982, the kosher-style deli has be- plan for an anticipated farmer’s mar- Mr. Fertel’s next book is a human
rium. Salami and copper cookware gar- kota penthouse. Zabar’s didn’t deliver, come the flagship institution in a ket, “amazed and excited at the abun- history of the brown pelican.

Bestselling Books | Week Ended May 7

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPD BookScangatherspoint-of-salebook data
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan 16,000locationsacrossthe U.S.,
representingabout 85%ofthe nation’s booksales.
Finding Me 1 1 Outdoor Kids in an Inside World 6 New 22 Seconds 1 New Dream Town 6 3 Print-book data providersincludeall majorbooksellers,
Viola Davis/HarperOne Steven Rinella/Random House James Patterson/Little, Brown David Baldacci/Grand Central webretailersand food stores.Ebook dataproviders
includeall majorebook retailers.Freeebooks and
The Mothers and Daughters of... 2 6 Build 7 New Oh, the Places You’ll Go! 2 2 The Homewreckers 7 New those sellingforless than 99centsare excluded.
Shannon Bream/Broadside Tony Fadell/Harper Business Dr. Seuss/Random House Young Readers Mary Kay Andrews/St. Martin’s The fictionand nonfictioncombinedlists include
aggregatedsalesfor allbook formats (exceptaudio
Killing the Killers 3 New The Palace Papers 8 3 Cat Kid Comic Club: On Purpose 3 1 I Kissed Shara Wheeler 8 New books, bundles,boxedsets andforeign
Bill O’Reilly & Martin Dugard/St. Martin’s Tina Brown/Crown Dav Pilkey/Graphix Casey McQuiston/Wednesday language editions)and featurea
combinationof adult,youngadultand
This Will Not Pass 4 New Atlas of the Heart 9 9 Run, Rose, Run 4 4 Beautiful 9 6 juvenile titles. Thehardcover fiction
Jonathan Martin & Alexander Burns/Simon & Schuster Brené Brown/Random House James Patterson & Dolly Parton/Little, Brown Danielle Steel/Delacorte and nonfictionlists alsoencompassa
mixof adult,young adultandjuvenile titles whilethe
Atomic Habits 5 2 Half Baked Harvest Every Day 10 — Book of Night 5 New The Boy, the Mole, the Fox and... 10 — business listfeatures onlyadulthardcover titles.
James Clear/Avery Tieghan Gerard/Clarkson Potter Holly Black/Tor 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

This Will Not Pass 1 New Revealing Revelation 1 New 22 Seconds 1 New 22 Seconds 1 New Atomic Habits 1 1
Jonathan Martin & Alexander Burns/Simon & Schuster Amir Tsarfati/Harvest House James Patterson & Maxine Paetro/Little, Brown James Patterson & Maxine Paetro/Little, Brown James Clear/Avery
Killing the Killers 2 New Killing the Killers 2 New Book Lovers 2 New Book Lovers 2 New Build 2 New
Bill O’Reilly & Martin Dugard/St. Martin’s Bill O’Reilly & Martin Dugard/St. Martin’s Emily Henry/Berkley Emily Henry/Berkley Tony Fadell/Harper Business
A Woman of No Importance 3 — Finding Me 3 1 Under One Roof 3 New Oh, the Places You’ll Go! 3 8 Experience, Inc. 3 New
Sonia Purnell/Viking Viola Davis/HarperOne Ali Hazelwood/Berkley Dr. Seuss/Random House Young Readers Jill Popelka/Wiley
River of Time 4 — The Mothers and Daughters of... 4 6 When She Dreams 4 New It Ends With Us 4 3 StrengthsFinder 2.0 4 5
Naomi Judd/Center Street Shannon Bream/Broadside Amanda Quick/Berkley Colleen Hoover/Atria Tom Rath/Gallup
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P.J. DiNuzzo/Morgan James Jonathan Martin & Alexander Burns/Simon & Schuster Mary Kay Andrews/St. Martin’s Delia Owens/Putnam Jonathan A. Krane/Matt Holt
The Case for a Debt Jubilee 6 — Atomic Habits 6 4 Seabreeze Shores 6 New Cat Kid Comic Club: On Purpose 6 1 Dare to Lead 6 8
Richard Vague/Polity James Clear/Avery Jan Moran/Sunny Palms Dav Pilkey/Graphix Brené Brown/Random House
Revealing Revelation 7 New Build 7 New Lone Wolf 7 — Verity 7 6 Total Money Makeover 7 —
Amir Tsarfati/Harvest House Tony Fadell/Harper Business Jodi Picoult/Atria Colleen Hoover/Grand Central Dave Ramsey/Thomas Nelson
The Palace Papers 8 1 The Palace Papers 8 2 Dream Town 8 4 The Seven Husbands of Evelyn Hugo 8 9 Extreme Ownership 8 6
Tina Brown/Crown Tina Brown/Crown David Baldacci/Grand Central Taylor Jenkins Reid/Washington Square Jocko Willink & Leif Babin/St. Martin’s
Out of the Corner 9 New Outdoor Kids in an Inside World 9 New The Book Woman’s Daughter 9 New The Homewreckers 9 New Disrupting the Game 9 New
Jennifer Grey/Ballantine Steven Rinella/Random House Kim Michele Richardson/Sourcebooks Landmark Mary Kay Andrews/St. Martin’s Reggie Fils-Aimé/Harper Leadership
Just Tyrus 10 2 Summer Bridge Activities, K - 1 10 — The Investigator 10 5 Dream Town 10 4 The Five Dysfunctions of a Team 10 9
Tyrus/Post Hill Summer Bridge Activities/Summer Bridge Activities John Sandford/Putnam David Baldacci/Grand Central Patrick M. Lencioni/Jossey-Bass
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 14 - 15, 2022 | C13

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

1. Ferdinand Marcos 6. U.S. drug overdose Cell Blocks Cell Blocks

Jr. was elected deaths exceeded Divide the grid
president of the 107,000 in 2021, a into square or
Philippines. record. What rectangular blocks,
For previous
Name his accounted for most each containing
weeks’ puzzles,
closest of them? one digit only.
and to discuss
challenger. Every block must
strategies with

A. Fentanyl contain the number
of cells indicated by other solvers, go

A. Rodrigo
B. Heroin to WSJ.com/
Duterte
C. Cocaine the digit inside it.
puzzles.

B. Sara Duterte-
D. Methamphetamines
Carpio Killer Sudoku

C. Maria Leonor Robredo Level 4 Suko
7. Faced with protests,

D. Benigno Aquino III
Mahinda Rajapaksa resigned
as prime minister—of which
2. TerraUSD was in the news. country?
Why?

A. Bangladesh

A. Investors are flocking to
B. Pakistan Killer Sudoku Level 1
such farmland REITs.
C. Malaysia As with standard

B. The cryptocurrency
D. Sri Lanka Sudoku, fill the
plummeted from its dollar peg. grid so that every

C. The startup turns old dollar column, every row
8. About how big was the and every 3x3 box Ice Melt
bills into compost.
federal deficit in April? contains the digits

D. The University of South A N D WA G P A I N B I B I
Dakota venture grows cold- 1 to 9. Each set of C O O I OW A N I P S O R O MA N

A. $77 billion cells joined by O F T D R A G O N R O L L N A S A T V
weather bananas. R E E B O K S T H E P E O P L E S C H O

B. $154 billion dotted lines must N A D A T H R A L L S U E P O I

C. $308 billion add up to the R U N S R I O T L I G E R O S R I C
3. Who just met with Ukrainian
D. There was a $308 billion target number in A L I N C H A I N S R A T H O L E
First Lady Olena Zelenska? surplus. its top-left corner. T U R N I P C OM O U I D O O
I S A A C C OM P E T I T I V E P R
Within each set L U G E R A E U R T I D E P I G

A. Condoleezza Rice 9. To ease a baby-formula of cells joined by L AM B O R B P U N S L R E C R U

B. Kim Kardashian dotted lines, a digit L O O A D O S P I C E T A E E P
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

shortage, Similac’s parent is P O L D I S P A T C H E R N A R C O

C. Jill Biden importing the stuff—from
cannot be repeated.
I I I H U H K E V O D D S O N

D. Anne-Marie Slaughter where? S P E N C E R M E D I C A L D E V
H E D G E U S E M E K N E E S I E S
Suko O R I E S T N T E S T S C E L L
4. The latest 12-month inflation
A. Iceland O F F O F T H E MA Y O R I S E E Y O U
number was 8.3%. Which of
B. Ireland Place the numbers T O I L E D R E G I M E N T A L OW N
1 to 9 in the spaces so that A R C E D N O U N D R I N K R E G
these rose even more?
C. Italy T M E N SWA G G A S E R E

D. Israel the number in each circle is
equal to the sum of the four

A. Gasoline Code 13
surrounding spaces, and

B. Meat each color total is correct.

C. Airfares S K E T C H S I N A T R A

D. All of the above W I N S L O W G A R L I C
FROM TOP: EZRA ACAYAN/GETTY IMAGES; GETTY IMAGES

E L MA I D E N S C C F H
5. Philip Morris agreed to pay A L A R M S E O W H A L E
$16 billion for Swedish Match— T E R A A S T R A I N E D
which is in what business?
Y R QWX P H E M V Z J T

A. Smokeless tobacco
The “Code 13” phrase is SIGN OF BAD LUCK. S Q U A S H E D U E O E O
ACROSS 1. S + KETCH 5. SINATRA (anag.) 10. WINS + LOW 11. GAR(L)IC (“cigar” anag.)

B. Online dating 12. MA(I + DEN)S 14. A(L + ARM)S 15. WHALE (2 defs.) 17. S + TRAINED 23. SQUA(SHE)D Q U I R E R A G R A N T S

C. Magazine publishing 25. QUIRE (“choir” hom.) 26. G + RANTS 28. L(A + RAM)IE 29. A(THE + N) + S
30. TRUDEAU (“true dough” hom.) 31. TO + A + DIES (“side” anag.) 32. PRE(AM)P
U I S D L A R A M I E S S

D. Reusable matches A T H E N S T R U D E A U
DOWN 1. SWEATY (anag.) 2. KILLER (hid.) 3. TSAR (first letters, & lit.) 4. CLIMb + AX
5. S(W)EE + THE ARTS 6. IGNORE (anag.) 7. ARCH + I’VE 8. RI(F)LE 9. A + C(HE)D T O A D I E S P R E A M P
12. MAR(QUI)S 13. CAN + ZONE 16. AWARDED (“war dead” with “a” shifted) 19. PH(R)ASE
Answers are listed below the 20. MUR + MUR (rev.) 21. JETS + AM 22. TOSS-UP (anag.) 23. SQUAT (2 defs.)
crossword solutions at right. 24. QUIT + O 27. AIDE (anag.)

Answers to News Quiz: 1.C, 2.B, 3.C, 4.D, 5.A, 6.A, 7.D, 8.D, 9.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 18 19 38 Hammer or
20 21 22
anvil, e.g. A A
40 “Numero Zero”
23 24 25 author B B
26 27 28 29
42 “Race Matters”
writer Cornel C C
30 31 32 33 34 35 36 44 Thoroughly
37 38 39 40 41 42
enjoy D D
45 Eldest of the von
43 44 45 46 47 48 Trapp children
46 Segments of
E E
49 50 51 52
geometry
53 54 55 56 57 58 47 Clarification
F F
lead-in
59 60 61 62 63 64
50 Put a lid on G G
65 66 67 68 69 70 71 72
52 Online posting
73 74 75 76 77 78 54 Reason for some
H H
R ratings
79 80 81 82 83 84
55 Start I I
85 86 87 88 89 90 57 Column that’s
91 92 93 94 95
slanted J J
58 Clutter
96 97 98 99
59 Tournament K K
type
L L
100 101 102 103 104 105 106 107
60 Vegan’s protein
108 109 110 111 112
souce
113 114 115 116 117 118 119 120 64 Big name in
Rows Garden | by Patrick Berry
streaming Answers fit into this flower garden E Girl that Ricky Nelson bids hello Dependable, as a source of
121 122 123
66 “What ___?” in two ways. Row answers read to, in a 1961 song (2 wds.) income
124 125 126 68 Dragon roll fish horizontally from the lettered Resort hotel chain founded by Always-remembered athletes
69 Ninny’s lack markers; each Row contains two Jimmy Buffett, named for his Abandon the game plan (2 wds.)
Eye Shadow | by Alan Arbesfeld 70 Bikini event, for consecutive answers reading left to biggest hit Faint remnants
short right (except Rows A and L, which F Golden Age of Hollywood actress Appetizer served with toast
Across 50 Tahrir Square site 93 Conscientious 5 Scathing contain one answer reading across
objector, maybe? 71 Farsi speaker who renounced her German points
1 Bear Bryant’s 51 Laughing at, 6 What a the nine protruding spaces).
maybe 95 “Live free or die,” weekend at a 74 Club flashers citizenship in 1939 (2 wds.) Item tossed by a groom
bailiwick Blooms are six-letter answers that
53 Renders e.g. spa resort 77 Punk offshoot Meteoric creation Worked in the garden
8 About 18% of all fill the shaded and unshaded
people ineffective 96 Meritorious provides 81 Small stream G Rock band named after the Ballpoint brand
hexagons, reading either clockwise
15 Alternative to 55 Singer called 98 Second fiddles, 7 Pianist Schnabel 82 Emphasize, in a inventor of a horse-drawn Don who directed “Dirty Harry”
way
or counterclockwise. Bloom clues
Home Depot “The Voice of initially 8 Comet et al. seed drill (2 wds.) Medium Blooms
are divided into three lists: Light,
20 Darkroom liquid the Civil Rights 99 Live-in help 9 Mischievous 83 Some bikes Out-of-left-field comment
Movement” Medium and Dark. Answers to Emotional ordeal
for lessening 100 Recorded sprite 84 Play the market? Light clues should be placed in (2 wds.)
56 Hover ominously Bring to light
darkness 101 They bring people 10 Tony-winning 86 “Pronto!” hexagons with white centers; H It voted to secede from New
59 Third member of director van Hove 87 Mouth, informally Coverlets with patches
21 Too anxious for home, for short Medium answers belong in the York City in 1993 (2 wds.)
romance the 500 home 11 Salon offering
High chair?
104 Still life 89 Kerfuffle hexagons with gray centers; and Unpaid position in the U.S.
22 Cat-___-tails run club Leonine families
components 12 First name in 90 Ticked off Dark answers belong in hexagons government (2 wds.)
23 Regretted 61 Major work cosmetics Loudmouth at a carnival
107 Spleen 91 “Told you so!” with black centers. All three Bloom I Common inclusions on a list of
dressing casual? 62 Long of “Soul 13 Diamond choice Gussied (up)
Food” 108 Scopes Trial org. sayer, e.g. lists are in random order, so you “superfoods” (2 wds.)
25 Extremely 14 Gave the 92 Board game with must use the Row answers to figure Tap dancer, in slang
63 Traveling 109 Willamette Valley Portfolio contents
26 Deeply disturbing city once-over stones out where to plant each Bloom. Complete
experience company J Many a performer in Buffalo Bill’s
111 Puts up 15 One of Chief 94 Camp sights, Wild West show (2 wds.) “Bonanza” actor Michael
27 There are 28 in a 65 Exponent’s Wiggum’s
113 Cardio program briefly Surveyor’s stand
Monopoly game indication officers on Snack for a marathoner (2 wds.)
popularized in the 95 More in need of Articles of faith
29 Melville mariner 67 “And don’t forget “The Simpsons” ventilating K It explains why an ambulance
that Mideast 1990s Beloved babysitter, informally
30 Lingerie buy 16 Ashore siren drops in pitch after it
peninsula”? 115 Demand shouted 97 Applied in a Easily-removed footwear
33 “She Walks in 17 How a barmaid slapdash manner passes by you (2 wds.)
72 Fairy tale fiends during a blackout Dark Blooms
Beauty” poet at a French should reach the 99 Esoteric Rows 1960s TV show saved from
73 Saves postage on tourist site? table, having not cancellation by a blitz of fan Like golf courses
34 Coward in a 102 Kicked off A Opportunity to see police work
a tax return spilled a drop? letters (2 wds.) Water down
library 121 Rivendell 103 “Medic! Medic!” firsthand (Hyph.)
75 Formerly called residents 18 Very hot L A large stadium might have Symbols on a four-key keypad
35 Members of a B Person whose business is going
76 Long haul 19 Where to find 105 Go off course
household 122 Like the “Game of under? (2 wds., Hyph.) several Certain sweaters (Hyph.)
78 Hospital VIPs wrecks 106 Fabled writer?
37 Some wedding Thrones” pilot Situation that’s tough to get out Light Blooms Highest part of a castle, often
parties 79 “Aw, shoot!” 24 Group for 110 Fundraising
123 The least bit of (2 wds.) Remington products Person at the plate
78-Across target, often
39 Spot 80 Person with no 124 Forays “Abracadabra” alternative False rumor
class? 28 Greet warmly 112 Unintended C WWII reporter who famously
41 Shrank 125 Charges for a opened his newscasts with the Pining for company Airplane engine
30 Angel’s antithesis revelation
43 Org. 83 Olympians in red, tutor
white and blue 114 CIA forerunner line “This is London” (3 wds.) Largest country in the European Property’s value beyond what’s
44 Apt sportscast 126 Puzzle 31 Injudicious still owed
116 Quattro preceder Seeks to learn (about) Union
nickname for 85 House work, of a 32 Like playing
quarterback sort Down hooky when 117 Migratory D 1215 document forced from King Element discovered by the Curies Ornamental recesses
Manning after a 87 Simple question 1 Weaponize singer Stubbs pattern John by the English barons
Get the solutions to this week’s Journal Weekend Puzzles in next
s

monster game? type 2 Ring around refuses to? 118 “U slay me!” (2 wds.)
48 Mormons, 88 Show displeasure Hawaii 34 Take home 119 It follows Sondheim musical featuring the Saturday’s Wall Street Journal. Solve crosswords and acrostics
initially 91 Non-___ (food 3 Spots 36 Cherokee Strip printemps song “No Place Like London” online, get pointers on solving cryptic puzzles and discuss all of the
49 Subsequently label) 4 Complete failure city 120 Bird blew it (2 wds.) puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, May 14 - 15, 2022 * *** THE WALL STREET JOURNAL.

REVIEW
ICONS

Images
That
Face Facts
Photographer Robert Adams has
spent decades documenting the
American West in all its natural glory and
human-made eeriness.

PHOTOS: ROBERT ADAMS, COURTESY FRAENKEL GALLERY, SAN FRANCISCO

BY PETER SAENGER Katherine Anne Porter’s 1962

R
obert Adams’s photo-
graphs often seem to
demand that viewers
do a double-take.
Seemingly ordinary
subjects like tree stumps, tract hous-
ing or the moon seen from a parking
lot “require very careful looking and
careful consideration,” says curator
Sarah Greenough, before they reveal
the photographer’s deeply personal
visions of nature—and, sometimes,
his despair at what humans have
done with it.
“American Silence: The Photo-
graphs of Robert Adams,” a new ex-
hibition opening May 29 at the Na-
tional Gallery of Art in Washington,
D.C., traces a long artistic career that
began in the 1960s. Unusually for a
photographer, Mr. Adams, born in
1937, started out as an English pro-
fessor. He wrote his dissertation on
the significance of point of view in
Robert Adams, ‘Sunday School Class, Church in a New Tract’ (1969).
novel “Ship of Fools,” and a
fascination with different
perspectives shows up in his
photography as well. One of
his earliest pictures, “Sunday
School Class, Church in a New
Tract” (1969), shows a class
meeting outside a generic
building in Colorado Springs,
Colo. Nothing indicates that it
is a church, yet as Ms. Gree-
nough notes, the brilliance of
the light and the way the roof
echoes a mountain ridge be-
hind it give the picture a spir-
itual stillness.
Mr. Adams is a former Boy
Scout with plenty of experi-
ence sleeping outdoors or un-
der a tent, and the first part of the
roughly 175-item exhibition shows
off his skill at capturing the glorious
landscapes of the American West. In
this section of the show, titled “The
Gift,” clouds glower, a lone tree
Robert Adams, ‘Pikes Peak, Colorado Springs’ (1969).
seems to have no match for miles,
and poplar stands reveal intricate
patterns of branches and trunks.
Many of these black-and-white pic-
tures show the influence of the
famed Western photographer Ansel
Adams (no relation to Robert).
In the second, much larger section
of the exhibition, titled “Our Re-
sponse,” Mr. Adams documents what
humans have done with nature’s
gifts. There are many pictures of fea-
tureless tract housing; “Pikes Peak
Park, Colorado Springs” (1969)
shows a housing project with no sign
of a peak or a park, bleached in light
that causes a house to cast an enor-
mous shadow. On closer inspection,
a toddler can be seen pushing a toy
cart, seemingly unsupervised in this
otherwise unpeopled world.
Mr. Adams’s 1983 book “Our Lives
and Our Children: Photographs
Taken Near the Rocky Flats Nuclear
Weapons Plant” focused on an acci-
dent-prone site outside Denver that
has since closed. To dramatize local
fears of a possible nuclear disaster,
Mr. Adams embarked on a project
that involved taking more than 3,000
photographs of unsuspecting people
on the streets of Denver, concealing
his camera with a bag of groceries.
“The actual taking of those pictures
was very, very hard,” Mr. Adams said
in an interview. When he saw a po-
tential subject, he had to shift the
bag to his other arm and shoot with-
out looking through the viewfinder.
In the book, Mr. Adams selected and
sequenced the pictures to make his
subjects appear increasingly worried
and fearful. By the end they seem to
be looking to the sky or over their
shoulder, as if some terrible accident
had occurred.
‘The mission of
visual art…is to
avoid lies and at the
same time avoid
giving up.’
ROBERT ADAMS
Other pictures take an ironic per-
spective. “Pikes Peak, Colorado
Springs” (1969) has a similar title to
Mr. Adams’s photo of the housing
project, but this one shows the maj-
esty of the mountain that inspired
the lyrics to “America the Beautiful.”
An unlovely Frontier gas station
stands in front of it, however; the
cropping of the photo breaks the
word “Frontier.” Despite this symbol
of ruined promise, the mountain is
beautifully detailed as it catches the
dusk’s last light. In “Fort Collins,
Colorado” (1977), a spindly tree
stands alone at the edge of an empty,
floodlit parking lot, its branches
seemingly reaching out to the cres-
cent moon.
The final section of the exhibition
covers Mr. Adams’s 2017 book “Ten-
ancy,” published the year he turned
80. Here he focuses on the last 2
miles of Oregon’s Nehalem River,
which runs parallel to the Pacific,
forming a narrow spit of land. The
first set of photos includes ghostly
tree trunks and stumps on the inland
side of the spit. The artist says that
many of these photos depict “the di-
rect or indirect result” of clear-cut-
ting—a logging method bitterly op-
posed by many environmentalists,
including Mr. Adams. Other photos
show the spit’s fragile interior, in-
cluding small trees and wetlands and
the spectacular views of the ocean,
and people who come to marvel at
the scenery.
“The mission of visual art…is to
face facts and yet find a way to mea-
sure affirmation, to avoid lies and at
the same time avoid giving up,” said
Mr. Adams in the interview. In its
portraits of hope and despair, “Ten-
ancy,” he added, “is an attempt at
that sort of balance of yes and no.”

MASTERPIECE | ‘STILL LIFE WITH QUINCE, CABBAGE, MELON, AND CUCUMBER’ (C. 1602), BY JUAN SÁNCHEZ COTÁN

Nature as if Under a Microscope bellishments. Gloom and illumina-

BY WILLARD SPIEGELMAN
SOME PICTURES EMERGE from
mysterious origins; others embody
mystery itself. Juan Sánchez Cotán’s
“Still Life With Quince, Cabbage,
Melon, and Cucumber” (c. 1602)
does both. We know something of
the picture’s provenance but not
much else about it—why it was
painted, or for whom—and its con-
tents have provoked speculation for
generations.
What does it all mean? This may
not be the right question to ask.
Rather, how does the picture draw
us in, or why does it still appeal to
us?
Sánchez Cotán (1560-1627) was
born outside Toledo, Spain, where
he worked as a religious painter. El
Greco, a more famous and flamboy-
ant artist, was a friend. Sánchez Co-
tán is best known for his still lifes,
which constitute only a minor part
of his output. In 1603 he abandoned
his studio and joined a Carthusian
monastery in Granada. There, he
continued to paint devotional pic-
tures and do manuscript illumina-
tions as a lay brother. But before he
left Toledo he auctioned off his be-
longings. An inventory lists 60
paintings, including 12 still lifes, of
which seven survive.
will bring Spanish works from other
American collections to Dallas. Here
they will hang among the riches of
the Meadows’s own superb collec-
tion of Spanish art.
When Sánchez Cotán entered the
monastery, he gave this painting (c.
27 by 33 inches) to the Archbishop
of Toledo. It was then bequeathed to
Philip III and the royal collection,
then to Philip IV. Two centuries
later, Napoleon invaded Spain and
installed his brother Joseph on the
throne. When Joseph Bonaparte ab-
dicated (1813) and moved finally
to—of all places—Bordentown, N.J.,
he installed his new collections, in-
cluding this painting, at Point
Breeze, his rural estate. Later, his
daughter lent the still life to the
Pennsylvania Academy of Fine Arts.
It was eventually sold to Anne R.
and Amy Putnam, who gave it to the
San Diego Museum (appropriately in
the Spanish-themed Balboa Park) in
1945.
The picture’s provenance does
nothing to explain its power.
The work will surprise a viewer
whose experience of still life derives
from ostentatious Dutch, Italian, or
later French examples. Rather than
abundance, we have paucity; rather
than a showy display, we have single
items held up as under a micro-
tion harmonize, as do austerity and
sensuality.
Sánchez Cotán masterfully com-
bined naturalism (the cabbage ribs
are delicately, minutely striated),
trompe l’oeil, and proto-abstraction.
He has arranged his items deliber-
ately along a curvilinear plane,
which some scholars say makes an
astronomical or mathematical refer-
ence, from top to bottom. The cu-
cumber—more than three-quarters
of it in shadow—projects out to the
viewer, moving off its ledge. Seen up
close, the smaller melon slice looks
like two pure chunks of color, or-
ange and white, rather than a par-
tially illuminated piece of fruit. And,
regarding color, the whole picture is
a study in shades of green and or-
ange, inflected with beige and white
and set within and against an omi-
nous, somber background.
Most interesting, the quince and
cabbage are hanging by strings, not
a farmers’ market. A powerful, frame that suggests a only to preserve them from decay (a
There is no clutter. mysterious still life window, a ledge, a dis- naturalistic detail) but also to imply
The picture is a bode- far different from play box, a little cubby perhaps the presence of a breeze.
gón, a subgenre that Dutch, Italian, or later hole, a staging site. It is Notice that those strings are not
Sánchez Cotán helped French examples. a container that is also quite parallel: The skewed geometry
to popularize. The an opening, but open- disturbs what would otherwise be
kitchen, not the dining room, pro- ing onto what looks like the abyss. an even “stiller” picture.
vides the setting. The bodegón cele- Light streams down from the top Sánchez Cotán helped initiate
brates ordinary local ingredients, an and left into the box, encasing the what became the golden age of
early farm-to-table experience. chosen items in rich chiaroscuro. Spanish painting. Among his artistic
The four items (five if you count Shadow competes with brightness. descendants was Diego Velázquez,
the melon as two separate pieces) Blackness grounds everything. (Dur- as keen an observer of ordinary do-
SAN DIEGO MUSEUM OF ART

Currently on loan to Southern
Methodist University’s Meadows
Museum from the San Diego Mu-
seum of Art (until June 26), the still
life with quince et al. is the first of-
fering in a projected series called
“Masterpiece in Residence,” which
scope. These are not life’s riches,
they are reminders of its ephemeral-
ity. (Still life, nature morte in
French, is often a memento mori.)
Rather than a cornucopia at a ban-
quet table, we see what might be
the remains of the last half hour at
are ripe, and ready for eating. The ing a 1976 restoration, radiography mestic activity as he was of the hu-
quince is beginning to suffer bruis- revealed that originally this back- man body and of affairs at court.
ing and discoloration. The melon is ground was darker still.) The items Modesty has an afterlife as well as a
juicy, beads of moisture oozing from appear almost sculpted rather than compelling grandeur of its own.
within. Ripeness implies that rotten- painted. Even the picture’s frame,
ness will surely follow. contemporaneous but not original, is Mr. Spiegelman writes about
Most arresting is the setting, a of a deep black wood with gold em- books and the arts for the Journal.
 OFF DUTY
Knots of Note Warning:
Three well-known Rave Review
guys on why Ford’s new F-150
they maintain Lightning is a hit
ties with ties with Dan Neil
D3 D12
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE * * ** Saturday/Sunday, May 14 - 15, 2022 | D1

Listening to vows
Going to a black- at the beach?
tie affair? Opt Go breezy—but
for all-out, over- not basic.
the-top glamour.

The nuptials are

at a quirky local
spot? Try a pop-
bright pantsuit.

I Thee Wear
Though nothing like you’ve seen before, weddings are happening again.
Here, how guests should dress for a whole range of new-wave nuptials.
BY JESSICA IREDALE tween New York and Toronto, will have attended

P
EAK WEDDING season is upon us.
Perhaps you’re already invited to cere-
monies in the coming months, or
maybe you’ve just noticed that your
Instagram feed is flooded with images
from wedding celebrations that appear more lav-
ish, far-flung or quirky than you remember seeing
in a while. It’s not your imagination. The Covid-19
pandemic has produced a wedding backlog. Ac-
cording to a report published in Reuters, the U.S. is
on track to host 2.5 million weddings in 2022, the
most since 1984.
So what’s a guest to wear? “People are really
starting to make their weddings their own and
not follow the rules,” said Stacy Smallwood,
founder and owner of luxury boutique Hampden
in Charleston, S.C., a top U.S. wedding destina-
tion. For guests as well, there’s definitely a step-
it-up attitude.
By September, Jessica McBain, 34, who works
eight weddings this year: one in Mexico, one in
Portugal and the rest in New York’s Hudson Valley
and Canada. “I would say half of them have a very
specific theme,” she said, including “beach formal”
for the festivities in Mexico, where the couple
wanted a “colorful crowd.” She went for a Paco Ra-
banne silver-and-purple halter dress and flats.
Just as ready-to-wear is embracing flesh-baring
cuts, so are guests. “Skin is in,” said Katherine Hol-
mgren, co-founder of the brand Galvan London.
“We’ve definitely seen women being more expres-
sive and sexy.” Designs in bold silhouettes and
bright colors have been wedding-guest favorites.
That said, there’s a desire for comfort. Loeff-
ler Randall, a ready-to-wear and accessories la-
bel, can’t keep its block-heels—favored by brides
and guests—in stock. “People want to be com-
fortable and be themselves,” said Jessie Randall,
the brand’s co-founder and chief creative officer.
Here, a guide to dressing for four types of
weddings you might encounter during the post-
TATJANA JUNKER

as an account executive and splits her time be- lockdown nuptials boom.

Turn to Page D2 for a guide to contemporary wedding-guest wear

Inside

TRIKES AREN’T JUST FOR KIDS COUPLES RETREATS TO OSLO WE GO MASSIVE FLAVOR
Why fully grown adults are increasingly Enjoy al fresco romance—and ice cream— A walking (and diving) guide to the The secret to superior sautéed shrimp?
choosing three wheels D13 with a tête-a-tête bistro set D10 Norwegian city’s revitalized waterfront D4 Shrimp-shell sauce D6
 D2 | Saturday/Sunday, May 14 - 15, 2022 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

Four Types of Post-Lockdown Weddings—and What to Wear
Outdoorsy Elegance Chicly Quirky

Allison Haywood’s June wedding is at a 16th-
century estate in Terrassa, Spain. As originally
planned by Ms. Haywood, 30, a realtor based in
Atlanta, the event was to take place in June of
2020. It was then pushed back to fall 2021 and
is finally happening on June 5. Prepandemic,
she considered black tie, but expectations have
“mellowed,” she said. She and her husband have
been legally married for two years and her
dress-code priorities now are comfort and exu-
berance. When friends ask what’s appropriate,
she replies, “Wear what makes you feel good.”
While that might not extend to a knee-length
polyester brunch dress, there are otherwise “no
rules,” she said. If you’re invited to a similar do, a
dress like this—cotton but intriguingly pattern-
blocked, ruffled and with a lace waist—can
straddle the worlds of formal and fun.
As a wedding photographer, Lauren Miles
has seen it all. “This year especially, it feels like
the whole Roaring Twenties vibe is coming
back,” she said. “It’s lots of champagne towers
and pearls and glamour and fun.” Ms. Miles
and her fiancé, a former wedding videographer,
wanted something a little less roaring. Sched-
uled for a Thursday in June, their wedding will
be at Blockhouse PDX in Portland, Ore., an
events venue set up like an open kitchen
within a plant nursery. Their bridal party is a
party of one—their dog Harrison. “Our vibe is
‘spring garden party,’” said Ms. Miles. Her only
dress-code guidance for attendees is “some-
thing you can dance in.” That means sun-
dresses of any length, eccentric suits (like the
one here) and jumpsuits are welcome for
women. Linen suits, no tie, fit the bill for men.

Extremely Extra Beachy but Not Banal

Recently engaged Alana Yokoyama, 31, a
San Francisco financial adviser, hasn’t yet
chosen a date or venue, but she’s zeroing in
on Las Vegas black tie with “elevated club
vibes,” she said. “So, feathers and velvet and
fur, whatever.” Before Covid, Ms. Yokoyama
was considering a classic country-club set-
ting. But now, “we want a big party that can
go until 4 a.m.” She expects guests to dress
in explosive black tie—tuxedos, gowns, sequin
jumpsuits—anything goes as long as it’s for-
mal and fabulous. Hampden’s Ms. Smallwood
has seen many such over-the-top dress
codes. Among her bestselling labels for occa-
sion dressing this season is Kika Vargas. “Her
dresses are huge balloons,” she said. “I love
that women are taking that risk…You look
like a cupcake but no one cares.”
New York stylist Britt Theodora styled the
entire bridal party for her twin sister’s wed-
ding last month in San Diego, Calif. The
ceremony was on the beach and the recep-
tion was at the Darlington House, a seaside
venue in La Jolla. The bride hoped her wed-
ding would evoke a Nancy Meyers movie.
“They’re in amazing houses, but it’s cozy,
not pretentious—very inviting and warm,”
Ms. Theodora said of Ms. Meyers’s milieus.
The relaxed dress code meant optional ties,
but all the men wore suits. Most female
guests opted for long floral dresses and
many rented breezy styles from Rent the
Runway and the Albright Fashion Library. “I
think they wanted something that felt
more off-the-runway but then you’re not
stuck with it,” she said.

Just Say ‘I Don’t’
Three brides-to-be on gauche guest outfits they
will absolutely not tolerate
At Alana Yokoyama’s
black-tie Las Vegas bash,
do not even consider: “Ca-
sual outfits. Don’t wear a
denim jacket. Don’t wear
flip-flops that look like
TARA JACOBY
At Allison Haywood’s
party at a Spanish estate,
don’t dare wear: “A cottony
sundress type of thing.”
At Lauren Miles’s spring
OUTDOORSY ELEGANCE Clockwise
from left: Hat, $237, JanessaLeone.com;
Silvia Tcherassi Dress, $950, Bergdorf-
Goodman.com; Earrings, $395, UllaJohn-
son.com; Bag, $1,795, Proenz-
aSchouler.com; Sandals, $825, Tods.com
EXTREMELY EXTRA Clockwise from
left: Earrings, $143, Shop-Daphine.com;
Dress, $2,195, us.GalvanLondon.com;
CHICLY QUIRKY Clockwise from left: Cinq
à Sept Blazer, $695, BergdorfGood-
man.com; Earrings, $450, AgmesNYC.com;
By Malene Birger Pants, $450,
Ssense.com; Sandals, $300, Souliers-Mar-
tinez.com; Bag, $1,795, BienenDavis.com
BEACHY BUT NOT BANAL Clockwise
from left: Bracelets, $198, $148, Tory-
Burch.com; Dress, $1,265, Erdem.com;

they’re fancy but they’re garden party, skip: “Jeans, Bag, $2,400, Bulgari.com; Necklace, Scarf, $250, Aerin.com; K.Jacques San-
not. I don’t want suits—I sneakers, T-shirts, polos $256, Missoma.com; Sandals, $895, dals, $340, Bloomingdales.com; Clutch,
want everyone in tuxedos.” and shorts.” YSL.com $980, Toteme-Studio.com
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 14 - 15, 2022 | D3

STYLE & FASHION

BY JAMIE WATERS

T
HOUGH IT might
seem counterin-
tuitive, suits owe
a big thank you
to increasingly
lax office dress codes. With
many men—including lawyers
and businessmen, aka
“suits”—released from strin-
gent sartorial requirements,

GETTY IMAGES (STYLES, WOLFE, WHITEHEAD), SHUTTERSTOCK (AHMED), COMME DES GARCONS (BASQUIAT), ISTOCK (BACKGROUND)
the classic workplace uniform
has started to shed its reputa-
tion as stiff and corporate. A
lot of men wearing suits lately
do so out of choice and com-
mit to tailoring in order to
stand out, not blend in.
Among those increasingly de-
lighting in Savile Row attire:
artists, writers, musicians and
other bohemian types associ-
ated with more-casual fare.
Belgian artist Luc Tuymans
often adopts a minimalist
black-suit-and-T-shirt look,

‘It’s about taking

something classic
and making it your
own—and being a
bit disrespectful.’

while novelist Colson White-

head (right) paired a teal two-
piece with a psychedelic tur-
tleneck for an event last year.
Artist Julian Schnabel teams
tailoring with pajama tops
and scuffed Vans sneakers. ARTS 101 Creative types to study before you pursue advanced bohemian suiting. From left: Harry Styles at the Brit Awards in 2020; Tom Wolfe in 1988;
Some of recent history’s novelist Colson Whitehead in New York in 2021; actor Riz Ahmed at the 2022 Oscars; Jean-Michel Basquiat on the Comme des Garçons runway in 1987.
greatest suit-wearers have

been artistic souls. Think of
Tom Wolfe, not the sort to
deal with torts, in his immacu-
late, white three-piece and
cheeky spectator shoes; young
David Hockney’s wonderfully
chaotic cocktail of louche tai-
loring, loud ties and crinkled
shirts; or Jean-Michel Bas-
quiat, who tossed on his gray,
paint-splattered Armani with
the ease of a smock. But such
dapper examples were once
the exception. Today, men
sporting suits might very well
be more familiar with MoMA
than Nasdaq.
At Atelier Saman Amel, a
Stockholm tailor with custom-
ers in the U.S., about 40% of
clients are in creative indus-
tries, a figure that’s growing
“quite a lot,” said co-founder
Dag Granath. “Among the cre-
ative classes, suits are just
kind of cool,” agreed Mark
Cho, co-founder of the Ar-
moury, a tailor with stores in
New York and Hong Kong.
Free spirits tend to wear
tailoring differently than most
bankers, often favoring looser
fits, textured fabrics and play-
ful accessories. It’s about tak-
ing “something classic, but
then making it your own—and
being a bit disrespectful,” said
Mr. Granath. Here, four ways
to artfully sully the suit.
Far-From-Empty Suits
Artists have made would-be-stiff suits cool by wearing them with personality. How to adopt the liberated look.
Go Big-ish
Drape, volume and an easy
slouchiness define today’s
artist suit. Jackets are often
free of darts, with a
“straight up, straight down”
silhouette supplanting the
nipped-in hourglass shape,
according to Mr. Cho. Mean-
while, said Mr. Granath, full-
bodied pants “nibble” on the
shoelaces. While not totally
unstructured, the tailoring is
languid and flowing, noted
Charlie Porter, author of
“What Artists Wear,” a new
book out this month. As an
example, he points to New
York artist Stephen Tashjian
(aka Tabboo!), who looks so
comfortable in his emerald-
green, slightly flared Gucci
suit you can imagine him
loafing about—or painting—
in it. But, cautioned Mr.
Granath, don’t confuse re-
laxed with awkwardly over-
size. Emulate actor Riz Ah-
med in a silky maroon
number at this year’s Oscars
(above), not Justin Bieber
drowning in a jumbo gray
suit at the Grammys.
The jacket should “hug”
your neck and its shoulder
line should be extended but
not padded, said Mr.
Granath. There’s a “clear dis-
tinction between something
that looks like it’s been
handed down [and] some-
thing that’s been properly
made for you [with] a gener-
ous silhouette.”
Make It a Double
One defining design for cre-
ative folks, according to Mr.
Granath, is a double-breasted
jacket that wields dagger-like
peaked lapels with attitude.
John Pizzarelli, 62, a jazz mu-
sician in New York, unfail-
ingly wears his double-
breasted suits from local
tailor Paolo Martorano but-
toned up, whether he’s on-
stage or at dinner. He has, he
said, always found that look
“rather elegant.”
When unbuttoned, though,
the double-breasted topper
becomes coolly nonchalant.
“The flappiness is quite nice,”
said Mr. Cho. If you ask Sa-
man Amel, the other co-
founder of the Stockholm tai-
loring brand, guys should
treat such designs more like a
cardigan than a delicate piece
of finery.
Eschew the Routine
To ensure he’s channeling
Louis Armstrong not Gordon
Gekko, Mr. Pizzarelli chooses
suits in slightly offbeat tex-
tiles—say, a chocolate-brown
weave with a gold window-
pane check. Michael Kagan,
41, a New York artist, also
goes for fabrics that aren’t too
“classic.” He recently bought a
double-breasted two-piece
from the Armoury to wear to
his exhibition opening. Ren-
dered in inky-blue wool-cot-
ton twill, it’s essentially a
jazzed-up chore jacket.
Mr. Granath said textured,
matte textiles can bring suits
to life. He recommends flan-
nel, cashmere and covert
cloth, a heavy twill that,
thanks to its excellent drap-
ing qualities, has “a dramatic
vibe.” For warmer months,
Mr. Cho suggests weighty
linens and wool-silk-linen
blends, which become pleas-
antly (but not sloppily) wrin-
kled, plus medium-weight
cottons whose colors fade
over time. All project a
knowing, unstuffy worn-ness
that’s more bohemian than
by-the-book.
Keep Accoutrements
Casual—and Colorful
To maintain a certain breez-
iness in his navy suits, Mr.
Kagan buttons up a cham-
bray shirt instead of a
staunchly starchy one. Simi-
larly, Mr. Amel and Mr. Cho
have observed many of their
arty clients pairing suits
with a knitted polo, not a
neatly pressed shirt. And
creative types tend to be
“more expressive” with ac-
cessories, said Mr. Cho.
They loop on leather belts
as thin as lariats, sub in
cheery silk scarves for ties,
or follow Mr. Pizzarelli’s
lead and pull on pink or pur-
ple socks. As for shoes, slip-
ons are on-point. Think
chunky tasseled loafers or,
in Mr. Kagan’s case, laceless
Common Projects sneakers.
If you’re feeling bold, Mr.
Granath said, offset slick tai-
loring with rugged, hiking-
style boots such as Prada’s
all-black Cloudbust Thunder.
Seems doubtful you’d find a
banker in those.

Don’t Knock It ’Till You Tie It

In most offices, you’re about as likely to see a tie as you are to spot a BlackBerry on
Sand Hill Road. But ties aren’t just business-formal fashion accessories—they R E N D E Z-VO U S
can be expressions of personal style and hold sentimental value. Here, notable
neckwear devotees shed light on the ties they’ll forever hold dear.
W I T H OT TO M A N
OUTDOOR
Simon Kim
Restaurateur

“ I have about 75 ties, and 90% of

them are Hermès. But I have this one
Hermès tie that my sister gave me.
She is an art dealer with very meticu-
lous taste. It has a red background
with little blue-and-white turtles. She
gave it to me when I was straight out
of college and whenever I wore that tie
to an interview, I had a 100% success
rate in landing the job.
”
Ottoman Outdoor. Noé Duchaufour-Lawrance.
Made in France - ligne-roset.com

Michael Strahan Ken Fulk

R E N D E Z - V O U S W I T H Y O U
Television Personality and former Interior Designer
New York Giants Defensive End
“ I’m a creature of my upbringing—of
“ Most of my ties remind me of spe-
cial moments. When I went up to space
my preppy years growing up in Vir-
ginia when I had every color Izod shirt,
[with Jeff Bezos on Blue Origin in every color Polo shirt, wore them reli-
2021] I got some space ties with space- giously and washed all of them until
ships and stars and rockets…That’s the they were pastels. I remember this
great thing about a tie. It can have its beautiful ritual of my father standing
own individual story. It’s something you behind me and showing me how to tie
PAUL TULLER

can share or keep close to yourself…But different tie knots—and I still have this
the one tie I’ll never part with is a black blue and yellow repp stripe tie from
tie. A straight-up black tie.
” ”
Eljo’s in Charlottesville.
D4 | Saturday/Sunday, May 14 - 15, 2022 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

WALKING & GAWKING

Fjord
Movement
In Oslo, an old port has turned into a
booming and highly walkable art and

KNUT EGIL WANG FOR THE WALL STREET JOURNAL; ALY MILLER (MAP)
architecture ’hood. But the sea still beckons.

BY DEBORAH DUNN

L
IKE URBAN waterfronts all over the world, Oslo’s
central Bjorvika district spent much of its history
sentenced to hard labor. Wrapped around the slate-
blue waters of the Oslofjord, it grew into a ship-
building center and trading port beginning in the
1600s. By the late 20th century, it was an unloved industrial site
and closed harbor, hemmed in by a major highway. “It was hor-
rible,” said Liv Tessem, at the Department of Culture at the Mu-
seum of Oslo. In 2000, flush with oil wealth, the Norwegian gov-
ernment and city officials formalized their decade-old plan to
overhaul the capital’s seafront and set to work on Bjorvika. The
highway was plunged underground, cultural institutions lured ART WALK The Oslo Opera House (at left) sits opposite the new Opera Beach and down the path from the new Munch museum.
from other neighborhoods and international architects invited
to join design competitions that would redefine the cityscape. seum opened, revealing prime
First up: the Oslo Opera House, which arrived in 2008, with its harbor views and the exten-
expansive sloping roof. The Barcode Project—a dozen mis- sive works of Edvard Munch,
matched high-rises—followed a few years later. The rest of the Norway’s most prominent
plan took longer to materialize. By the time Norway unsealed its painter, imaginatively dis-
borders in January—one of the last European countries to wel- played throughout the mu-
come back tourists from the U.S.—Bjorvika was wholly trans- seum. Edvard Munchs plass 1
formed. Top-tier restaurants, boutiques, galleries and flashy
condos now coexist with a wildly popular library, an armada of SHOP
floating saunas and a sandy beach, frequented by toddlers and Envelope 1976 Celine Aagaard
swans. The mammoth Munch museum opened last fall. Tracey and Pia Nordskaug, founders
Emin’s colossal sculpture “Mother” kneels on a pier nearby. of the eco-conscious fashion
“The idea was to give the fjord back to the people. It’s for every- label Envelope 1976, opened
one now,” said Ms. Tessem. Below, a few recommended spots in their first permanent retail
the neighborhood to get you going. Bring your swimsuit. shop near the opera house last
September. There, in an aus-
tere space, adorned with large
stones that Ms. Aagaard hand-
picked from a local quarry
(leftovers from a kitchen reno-
vation, she said), you can
browse luxury knits, silk
dresses and sweatpants made
with recycled cashmere, all in
signature Norwegian neutrals.
Operagata 75c

Dapper Oslobukta This mod-

ern menswear shop—mostly
stocked with well-priced, high-
quality Scandinavian, French
and Japanese designers—is
HOME STYLE Oslo-based Envelope 1976’s concept store. also a bistro, where you can
dine on breakfast, lunch or din-
STAY the sitcom “Seinfeld.” The un- Oslo Opera House Likened to ner or grab a coffee made
Amerikalinjen A whimsical disputed star of the weekend an iceberg sliding into the sea, from Dapper’s beans by cult
time warp of a hotel, Amerikal- breakfast rush are the butter- the futuristic, marble-clad Norwegian roaster Fuglen.
injen opened in 2019, a hundred milk pancakes served with home of the Norwegian Na- Operagata 36
years after the building’s origi- birch syrup. Dinners are fancier tional Opera & Ballet was de-
nal tenants, the Norwegian- but just as convivial. The un- signed by the homegrown ar- SWEAT and SWIM
America shipping line, first missable dessert is a hand- chitecture firm Snohetta. Salt and Kok “Floating saunas
moved into its newly built churned ice cream sundae Performances spill outdoors in have really boomed in the last
headquarters and ticketing of- paired with port. Operagata 30 the summer months, but most two years,” said Torunn
fice, a short walk from the har- times of year, the building Tronsvang, founder of travel
bor. Many of the old details re- Brasserie Rivoli Chef Kari In- draws a crowd: tourists flood- company Up Norway. “It’s more
main, like the carved wooden nera closed her more formal ing the lobby admiring artist of a Finnish thing, but they’re
ceilings and marble floors. The restaurant in the tony Frogner Olafur Eliasson’s wall-size light everywhere here now.” You can
new occupants added in a few neighborhood in favor of this installations, strollers prome- book a reservation ahead of
nostalgic touches of their own, Norwegian-French brasserie in 3D-printers at Deichman Bjorvika, Oslo’s main public library. nading up the slanted roof to time or try walking in, and
including a small library fur- Bjorvika. “I always missed the take in the views (“Please walk spend an hour or two in the
nished with a reproduction of a sea,” said Ms. Innera, who grew Norway standards, at least) best new public library in 2021 on our roof,” reads the website) sauna and diving into the fjord.
1920s train car. Rooms are styl- up on a tiny island in northern that’ll gird you for an exhaus- by an international library as- and friends parked on the out- For solo travelers, Ms.
ish but snug (book a Deluxe or Norway. Along with beef tar- tive tour of the Munch mu- sociation. The six-story struc- door terrace with glasses of Tronsvang recommends Salt,
a suite if you require elbow tare, entrecôte and blinis with seum next door, pop into Koie ture contains far more than an sparkling wine. Kirsten Flag- where the glass-fronted com-
room). On Friday nights, the lojrom served year round, the Ramen’s surgically spare dining impressive book and art collec- stads Plass 1 munity sauna is furnished with
basement jazz club spotlights kitchen leans into the seasons. room for a bowl of housemade tion. Seek out the digital DJ its own bar and often a DJ. For
American all-stars. Most days, This summer’s menu includes a noodles and fried chicken. station or the stacks of vinyl Munch Museum Like most couples, she suggests booking
the lobby turns into a hopping lavish shellfish platter—lobster Operagata 39 records, use one of the 3-D urban renewal projects, Bjor- a private session in one of
cocktail scene as soon as the in a choux pastry, house- printers or sewing machines to vika has courted controversy. KOK’s floating saunas.
sun sets. From $245 a night. smoked shrimp on toast, mus- SEE make your own souvenirs or Much of the criticism has Maaemo’s Mr. Bang has a
sels with tarragon butter—best Deichman Bjorvika Deichman head to the first-floor restau- been leveled at the angular standing appointment once or
EAT and DRINK enjoyed at one of the outdoor operates 22 public libraries in rant for a veal filet or poached facade of the 13-story Munch twice a week at one of the
Maaemo Chef Esben Holmboe tables. Operagata 3 Oslo, but the new main branch, halibut. In warmer months, museum, wrapped in a Bjorvika saunas. “You quickly
Bang earned three Michelin which opened in June 2020, the excellent bar opens its gloomy gray aluminum mesh become addicted to it,” said Mr.
stars for his first iteration of Koie Ramen For a deeply fla- has garnered all the attention outdoor terrace. Anne-Cath. looming over the fjord. But Bang. “It’s very cleansing, for
Maaemo, a champion of sea- vorful, inexpensive meal (by and was named the world’s Vestlys plass 1 tempers cooled once the mu- the body and soul.”
sonal New Nordic cooking. He
pulled off the same trick again
in 2021, a year after moving the
whole operation into the
ground floor of a new high-rise
in Bjorvika. “We wanted a
space that we could mold into
what we wanted and to facili-
tate a more luxurious experi-
ence,” said Mr. Bang. The new
mold includes a lounge area
meant to mimic a cushy living
room, where patrons start their
17- to 18-course tasting menu
with small bites, such as king
crab and smoked reindeer
heart, before moving on to the
main dining room. If you’re feel-
ing less gluttonous, book a ta-
ble at the Conservatory, Mr.
Bang’s tiny new cocktail bar
around the corner from
Maaemo but so well hidden
you’re likely to work up a thirst
just looking for it. Dronning Eu-
femias gate 23, Rostockgata 42

The Vandelay Maaemo’s more

casual offshoot, the Vandelay is
an all-day restaurant named for NOODLE AROUND From left: Tonkotsu ramen at Koie Ramen Munch, where all the ramen noodles are hand-made and the menu is as tastefully minimalist
the fictional Art Vandelay in as the decor; the Sorenga Seawater Pool opened in 2015 as part of the city’s master plan to develop more recreational areas in and around the Oslofjord.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 14 - 15, 2022 | D5

ADVENTURE & TRAVEL

Why Fly When You Can Rumba?

BY WILLIAM SERTL

R
IGHT NOW, my neigh-
bors are somewhere
mid-Atlantic aboard
the Queen Mary 2
sailing to Southamp-
ton. Passionate cruisers until Covid
turned them into involuntary land-
lubbers, they booked the minute
that Cunard lifted restrictions last
November. Just before they left
New York, they reminded me, “It’s
a crossing, not a cruise.” I already
knew that. About 25 years ago,
I boarded the Queen Elizabeth 2 in
Southampton for a westbound
crossing to New York.
If you think you crossed the At-
lantic on a ship within the past 50
years, you are probably not wrong.
But that was likely a repositioning
cruise, designed to get a ship from
one cruising ground, say the Ca-
ribbean, to another, perhaps Eu-
rope. Or your ship was circumnavi-
gating the globe on a world cruise.
Except for Cunard, the venerable
Atlantic “shuttle” ended abruptly
in 1974 when the glorious French
oceanliner France stopped cross-
ing (and eventually became the
cruise ship Norway).
Charles Dickens was
one of Cunard’s
earliest passengers.
I’ve always thought that a
crossing should be on everyone’s
bucket list. I suspect some people
will disagree with me, but I firmly
believe that six consecutive days
at sea is more glamorous than a
simple trip to Istanbul or Bangkok.
It’s not as hard to pull off as Ever-
est. As for the Pyramids, they turn
up so often in books and on TV
you might ask, “Do I really need to
see them up-close?”
Cunard’s ocean-faring days date
to 1840, after Canadian-born Sam-
uel Cunard was awarded the first
British transatlantic mail contract.
RMS (Royal Mail Ship) Britannia
sailed from Liverpool to Halifax,
Nova Scotia and Boston. Charles
Dickens was one of the decade’s
earliest passengers. So was Freder-
ick Douglass, to whom Mr. Cunard
Transatlantic crossings are back but still rare, catering to nostalgic travelers with time on their side
apologized after a segregated pas-
sage, vowing “nothing of the kind
will again take place on the steam-
ships in which I am concerned.”
The original Queen Mary
launched in 1936, ferrying countless
celebrities across the pond. Other
Atlantic greyhounds from Cunard
followed, notably Queen Elizabeth
(1938). Queen Elizabeth 2 arrived in
1967. The original Queen Mary was
the old salty dog though, logging
1,000 crossings before beginning
her new life in Long Beach, Calif., in
1971, as a hotel (currently closed).
The Queen Mary 2 arrived on the
scene in 2004 to take up the route.
Although a behemoth with
room for 2,500 passengers, the
Queen Mary 2 was still built for
speed, with a thicker hull and
sharper prow to slice through
stormy seas. Her aft decks taper
and are open to the sky, avoiding
the bulky look of yet another
condo that slid off the Jersey Pali-
sades and floated out to sea.
For Cunard’s first ship in over a
ABOARD GAMES Clockwise from
left: Deck tennis, one of the
activities on Cunard’s Queen Mary,
circa 1950; Elizabeth Taylor on
the Queen Mary; Cunard’s new
Queen Anne, slated to launch in
January 2024. .
decade, the company dipped into the
Royal archives again to christen the
Queen Anne, slated to set sail in
January 2024. Bookings go on sale
next week, May 18, for passage on
the maiden voyage, a seven-night
cruise out of Southampton with an
overnight call in Lisbon. You can
also reserve through April 26, 2024,
for cruises of varying lengths—in
the Canary Islands, western Medi-
terranean, Caribbean, and along the
coast of Norway—some of which
will cross the Atlantic.
What to Expect
On Your Crossing
 If you’re leaving from the
U.S., you will leave from New
York and sail back to port there.
(Sorry, Fort Lauderdale.) You
will not stop anywhere in be-
tween. (Sorry, Bermuda.)
 A few nights will call for for-
mal dress, a nod to the glory
days of first-class travel. Bring a
black tie.
 There may be someone “in-
teresting” on board who was
not paid by the company to be
on board. On my crossing, it was
master caricaturist Al
Hirschfeld. For a 2019 east-
bound voyage on the Queen
Mary 2, Meryl Streep, Dianne
Wiest and Candice Bergen ap-
peared on deck for the filming
of HBO’s “Let Them All Talk,”
with passengers urged to play
extras. In the old days, the best
celeb to spot was Elizabeth Tay-
lor, who spent her honeymoon
in 1950 on the original Queen
Mary with first husband Conrad
“Nicky” Hilton, Jr. She crossed
with Cunard multiple times, in-
cluding on the QE2 with RB2,
aka Richard Burton, whom she
married and divorced twice.
 You will have ample time to
take advantage of all the ship-
board activities, every single
one. Now’s the time to learn
how to fold a napkin into a
swan, dance the rumba or
throw a rubber ring across a
net in pursuit of a deck tennis
superiority. Or you can do
what I did and skip all the ac-
tivities and do nothing other
than eat, nap and read. For
me, that’s the best part about
a crossing—an endless week-
end with zero guilt.

BAGGAGE CLAIM

Double
Agents
Dakine’s sporty
bags come in
cute patterns
but they’re built
to endure rugged
adventures
and the passage
of time

CONSCIOUS
COUPLING
Dakine’s Tram
ski bag ($120)
and Status
Roller 42L bag
($210),
LUCY HAN

dakine.com

THE LUGGAGE and adventure- bag and suitcase still matched,

sport brand Dakine was born
on Maui in 1979, when surfer-
builder-tinkerer Rob Kaplan
started making surf leashes
meant to be indestructible. In
1986 Dakine had moved to
windsurfing-central in Hood
River, Ore., and begun years of
expansion into bike and snow
sports, apparel and more. I dis-
covered the brand nearly 20
years ago, when my then-boy-
friend, who had a great eye for
accessories, bought himself a
Dakine snowboarding bag and
matching rolly suitcase in a
retro brown-plaid pattern. (The
closest match today is the
“Status Roller 42L” suitcase
and ski bag. The plaid is long
gone but romantics can opt for
the “Solstice Floral.”) Back then,
we were a snowboarder/skier
duo, based in Europe, hitting
Courchevel, Zermatt, Chamonix.
I started “borrowing” the suit-
case as women-in-love will, and
eventually took it over. We
married; moved back to the
U.S.; and had two children. The
but increasingly their owners
went on vacation separately.
After countless mountains and
nearly two decades of mar-
riage, my husband and I agreed
to divorce. He got the bag; I got
the suitcase.
Distinguishing Features The
Hood River office of Dakine,
now owned by luxury holding
company Marquee Brands,
closed in 2020, in favor of a
corporate location in Califor-
nia. But our Dakine luggage,
as per Mr. Kaplan’s vision,
powers on. No zippers have
broken, no stitching has come
undone, the retractable han-
dle of my suitcase was sticky
for a few years and then
healed itself.
Packing Tip Use the zippered
outer pockets to store a stash
of travel-emergency essen-
tials—Advil, contact lenses,
bathing suit. You never know
when a mountain resort has a
hot tub. —Valerie Stivers
 D6 | Saturday/Sunday, May 14 - 15, 2022 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

Anderson Valley Plan
HOTELS AND RESTAURANTS
The Madrones and the
Brambles At this upscale en-
clave, guest rooms and cottages
run $275-$350. A fine-dining
restaurant, The Wickson, offers
a well-priced, locally focused
wine list. The Madrones is also
home to two winery tasting
rooms and a high-end cannabis
dispensary. TheMadrones.com

Boonville Hotel & Restaurant

This iconic roadside hotel/cot-
tage complex has a restaurant,
wine shop and kitchen garden.
From $195 a night, including
breakfast, BoonvilleHotel.com

Indian Creek Inn Three reno-

vated lodges decorated with
artwork by co-owner Elizabeth
Ashiku-Orr sit high on a hill
ALAMY; PEPE SERRA (MAP)

overlooking the Goldeneye Con-

fluence Vineyard. From $190 a
night, IndianCreekInn.biz

The Company Kitchen This ca-

sual restaurant and bar offers
GRAPE ESCAPE The Anderson Valley region in Northern California offers beautiful vineyard views as well as outstanding wines. burgers and Mexican fare by
chef Libby Favela, a mainstay of
the Anderson Valley community,
ON WINE / LETTIE TEAGUE as well as a shortlist of local
wines and beers. 8651 Highway
128, Philo

World-Class Pinot Noir and a Mosswood Market Café &

Bakery At this friendly cafe, the
breakfast pastries and the sand-
wiches are good, the delicately

Welcome Well Worth the Trip flaky empanadas, outstanding.

14111 Hwy 128, Boonville

WINERY TASTING ROOMS

The first in a three-part one of the few changes be-
series about California’s tween my first trip to the
Anderson Valley. valley almost two decades
ago and my visit last month.
IF YOU WANT to travel back Another: the proliferation of
to a time when it was easy great Pinot Noir by local
and cheap to taste good Cali- winemakers and producers
fornia wine, I have some ad- from outside the valley who
vice: Go to Anderson Valley. have purchased vineyards
As with any time-travel here. Both have helped get
story, there are a few obsta- the word out that Anderson
cles to overcome. For start- Valley is one of the best
ers, Anderson Valley is re- places to grow Pinot in Cali-
mote—about three hours fornia and maybe the world.
north of San Francisco, in There are no corporate
You’ll find friendly
locals, good food and
reasonable prices.
Mendocino County—and the resorts or hotels here. In
final leg of the journey fea- fact, there are fewer than
tures a few hair-raising 100 hotel beds in the entire
turns. Hotel rooms are lim- valley, according to the An-
ited, and few could be called derson Valley Winegrowers
luxe. The restaurants are Association.
open on limited days and For more than three de-
hours; ditto the winery tast- cades, Johnny Schmitt has
ing rooms. But if that doesn’t owned the Boonville Hotel in
dissuade you, you’ll find the town of Boonville (popu-
friendly locals, good food and lation around 1,000), which
reasonable prices, not to marks the beginning of the
mention first-rate wines. 18-mile-long Anderson Valley
The addition of air condi- wine region. Mr. Schmitt’s
tioning to some hotels was late parents, Don and Sally
Schmitt, founded the famed
French Laundry in Napa in
the 1970s and later moved
north to Mendocino, where
they launched Philo Apple
Farm, still a working farm,
kitchen and collection of
tastefully rustic guest cot-
tages in Philo.
Set high on a hill over-
looking the vineyards on the
outskirts of that charming
hamlet, the Indian Creek Inn
is a collection of three lodges
owned by Kevin Orr, his wife,
Elizabeth Ashiku-Orr, their
son, Travis Orr, and Eliza-
beth’s brother, Phillip
Ashiku. Next to Indian Creek
Inn is the Madrones, the val-
ley’s luxury option. Owner
Jim Roberts built the Italian-
inspired group of buildings
as a residence and design
business, and in 2011 he
turned it into a small inn and
restaurant (The Wickson).
Later he added tasting
rooms for Drew Family Cel-
lars and Long Meadow
Ranch winery, plus a stylish
cannabis dispensary, the Bo-
hemian Chemist.
The Wickson and the
Boonville Hotel’s restaurant
offer the valley’s most am-
bitious dining and compre-
hensive wine lists, but
there are good casual op-
tions as well. In Boonville,
Offspring Pizza at the Far-
rer Building, run by the
team at the Boonville Hotel,
serves delicious wood-fired
pizza. A few doors down, at
Mosswood Market Café &
Bakery, the empanadas are
so ardently sought-after
that when I arrived just be-
fore noon to buy a few,
they had long been sold
out. (I placed an order for
the following day, and they
were well worth the wait.)
At the Company Kitchen in
Philo, I was pleased to see
Libby Favela at the helm.
She was working as a chef
in the valley when I visited
two decades ago, and her
signature tacos did not dis-
appoint. There is a shortlist
of local wine and beers
here, and a $15 corkage fee
if you bring your own.
The reasonable prices ex-
tend to the valley’s tasting
rooms, too. Tastings have al-
ways been free at Husch
Vineyards. “It would feel
weird to us to charge,” said
Zac Robinson, whose family
purchased Husch in 1979. His
sister and co-owner, Amanda
Holstine, runs the tasting
room; her husband, Brad
Holstine, is the winemaker.
The $15 per person tasting
fee at Handley Cellars is rela-
tively new, necessitated by
Covid and increased ex-
penses, according to co-
owner Lulu Handley. (It’s also
waived with a three-bottle
purchase.) “It was a big deal
for us to start charging,” she
said, sounding pained. Her
mother, Milla Handley, was
one of the region’s pioneers.
At Drew Family Cellars,
Jason Drew makes the
wines, and his wife, Molly
Drew, hosts tastings on
weekends by appointment
and walk-ins “as space per-
mits.” At Baxter Winery,
Phillip Baxter is the wine-
maker and his wife, Claire
Baxter, runs the tasting
room—but, she noted, she
stopped doing the pouring
when their children were
“old enough to pull bottles
off the shelf.”
Modesty abounds in this
region, but there is nothing
modest about the quality of
its wines. Stay tuned for
parts two and three of this
time-travel story, to learn
more about the Anderson
Valley Pinots and sparkling
wines that have earned a
most ardent following.
 Email Lettie at
wine@wsj.com
Baxter Winery Tasting Room
Winemaker Phillip Baxter pro-
duces first rate single-vineyard
Pinot Noirs, and his wife, Claire
Baxter, oversees their small
tasting room. BaxterWinery.com
Drew Tasting Room Molly
Drew conducts tastings at this
cozy tasting room. Her husband,
Jason Drew, makes exceptional
Pinot Noir as well as Syrah,
Chardonnay, Viognier and Al-
bariño. DrewWines.com
Handley Cellars The late Milla
Handley founded Handley Cel-
lars in 1982; it’s now run by her
daughter Lulu Handley. Well
known for Pinot Noirs, Handley
also produces appealing spar-
kling wines. HandleyCellars.com
Husch Vineyards Co-owner
Amanda Holstine offers a wide
range of well-priced wines at
the rustic tasting room of this
Anderson Valley stalwart, in-
cluding a terrific Chenin Blanc,
made by her husband, Brad Hol-
stine. HuschVineyards.com
Navarro Vineyards Tasting
Room The tastings are still free
here, on the patio or in the gar-
den. Known for Gewürztraminer,
the winery produces a range of
other wines, too, including Pinot
Noir. NavarroWine.com

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

Whole Shrimp With Garlic and Shrimp-Butter Sauce

JENNY HUANG FOR THE WALL STREET JOURNAL, FOOD STYLING BY SEAN DOOLEY, PROP STYLING BY CATHERINE PEARSON;MICHAEL HOEWELER (PORTRAIT)

A SMART MOVE gives this shrimp recipe its evinces the more-informal spirit of her new
intense umami flavor. The third Slow Food restaurant, Mel’s, as well as the meticulous
Fast contribution from chef Melissa Rodri- technique fundamental to all her cooking.
guez features a lemon-herb marinade and a Here she toasts shrimp shells and pulver-
quick sauté in garlic-infused olive oil. But the izes them along with shallots, garlic and red
game-changing element of this dish is a part chile flakes in a rich compound butter;
of the shrimp typically thrown away: melted and poured over the shrimp, it
The Chef “Shrimp shells are underutilized,” the chef heightens the savory flavor mightily. Served
Melissa Rodriguez said. “They’re just packed with flavor.” with a scattering of crisp-fried garlic chips,
Ms. Rodriguez earned an international fresh herbs and sliced scallions, this is a
Her Restaurants reputation at Del Posto, the Manhattan tem- showstopper of a dish simple enough to pull
Mel’s, in New York ple of high-end Italian cooking. This dish off any night of the week. —Kitty Greenwald
City; Al Coro and
2/
Discolo, both soon Total Time 30 minutes 3 of the minced parsley, 1-2 minutes. Use a slotted
to open, also in Serves 4 smashed garlic, lemon zest spoon to transfer garlic chips
Manhattan 1 pound whole shrimp and 1 teaspoon chile flakes. to a paper towel-lined plate.
8 cloves garlic Set seasoned shrimp aside. 4. Add seasoned shrimp to
What She’s Known 2 tablespoons olive oil plus 2. Set a medium sauté pan garlic oil, cooking in batches
For Italian cooking more for frying over medium heat and add 2 to avoid overcrowding. Sauté
1/
with finesse and 2 bunch parsley, minced tablespoons butter. Add re- each batch until shrimp just
technical command Finely grated zest and juice served shrimp shells and curl and turn pink on both
in the service of of 1 lemon toast until crisp and pink, sides, about 3 minutes. Trans-
inviting flavor 2 teaspoons chile flakes about 2 minutes. Transfer fer cooked shrimp to a serving
combinations 8 tablespoons butter toasted shells to a food pro- plate. Pour out pan drippings
1 large shallot, thinly sliced cessor. Roughly chop 2 garlic and transfer shrimp-butter
1 teaspoon black cloves and add to food pro- from food processor to pan.
peppercorns cessor along with 1 teaspoon Cook until melted and aro-
6 mint and/or basil leaves, chile flakes, shallots, pepper- matic, 1-2 minutes.
roughly torn corns and 6 tablespoons but- 5. Spoon sizzling shrimp but-
1 scallion, thinly sliced ter. Blend until finely minced ter over plated shrimp. Scat-
and evenly combined. ter fried garlic chips, reserved
1. Peel shrimp and devein, 3. Thinly slice remaining gar- parsley, torn fresh mint and/
leaving tails intact. Reserve lic. Slick a large sauté pan or basil, and sliced scallions
shells. Smash 1 clove garlic. In with ½-inch oil and set over overtop. Season with lemon
a medium bowl, toss shrimp medium heat. Add sliced gar- juice. Serve with toasted FULL PLATE Add toasted bread, a green salad or both to make this
with 2 tablespoons olive oil, lic and fry until lightly golden, bread and/or a green salad. delicious shrimp a satisfying meal.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 14 - 15, 2022 | D7

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D8 | Saturday/Sunday, May 14 - 15, 2022 * *** THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 14 - 15, 2022 | D9

EATING & DRINKING

IN MY KITCHEN

Wilo Benet
The author of ‘SaltySweet’ talks favorite flavors,
go-to gear and the world’s best sandwich

M
AYBE WHEN you think of Puerto Rican food, you think
of such staples as rice and beans or lechón (roast pork).
But according to chef Wilo Benet, a particular flavor
combination defines his island’s cuisine: “The merging
of the sweet and savory reveals itself more often than it
has been officially acknowledged or discussed.” A traditional piñon, for FIND FLAVOR Clockwise from left:
example, combines beef and sweet plantains in a satisfying casserole. A Mr. Benet at home; some favorite
popular breakfast sandwich stacks egg, ham and cheese on sweet Ma- conservas from Spain; the Time-Life
llorca bread sprinkled with powdered sugar. In Mr. Benet’s new book, ‘Foods of the World’ series, a trusted
“SaltySweet” (May 18, New Hills), the chef examines that irresistible resource. Inset: a gin and tonic.
combination in the Puerto Rican kitchen and places it in the context of
other world cuisines.
Over four decades, Mr. Benet’s career has taken him from Le Bernar-
din in New York City to the governor’s mansion in San Juan and his own
Pikayo, one of the island’s top reservations for 28 years. His current res-
taurant, Wilo Eatery & Bar in the San Juan suburb of Guaynabo, became
a pandemic hit with a combination of grab-and-go and outdoor dining as
well as a spacious modern dining room and an innovative craft cocktail
bar. There, Mr. Benet fully indulges his penchant for what he calls “the
most gratifying and complete flavor profile.” Recently he welcomed us
into his home kitchen for a glimpse into how he strikes that salty-sweet
balance every day.

The first thing people tend to no- cessors, bamboo steamers

tice in my kitchen at home is: the
very large stainless steel kitchen
table in the center of the room.
There’s every gadget under that ta-
ble that we need—or not—such as
blenders, spice grinders, food pro-
and plates.
A food I could happily have every
day of my life is: a sandwich. It’s
my favorite way of eating and what
I feel is the most complete food.
Providing it was engineered prop-
erly, you get all the goodness in one
bite. Something like a Katz’s Deli
corned beef sandwich, which I al-
ways say would be my last meal,
makes the case for good, casual, re-
laxed, enjoyable eating.
stitute for white wine altogether. I
just love to cook with it. Add a lit-
tle sprinkle to some shallots in a
pan, let it reduce until it evaporates
and you have some very nice fla-
vors going on.
The ingredients I’m most excited
I love it when dinner guests bring:
a recipe they are proud of, to share.
I love the element of sharing. I’m a
professional cook, but I can also dig
things that are not made profes-
sionally, things that are just deli-
cious, period. Love and care are
transferable emotions. Any hu-
phy is a particularly big deal for me.
I take trips to do off-roading in
places such as Colorado and Iceland
and the Skagit Valley in Washing-
ton State, and I take pictures of ea-
gles, owls, all the different birds
that I see.

ERIKA P. RODRIGUEZ FOR THE WALL STREET JOURNAL

Find a recipe for Mr. Benet’s
pepperoni, fontina and pesto panini
with honey at wsj.com/food.
The cookbooks I find myself turn-
ing to again and again are: the
Time-Life “Foods of the World”
cookbook series. The recipes are on
the money, with great, sound advice
on technique.
My pantry is always stocked with:
olive oil, salt, vinegars of all kinds
and, most important, Spanish
Sherry. I’m always using it to de-
glaze, and I tend to use it as a sub-
about right now are: radishes and
radish sprouts. I love that they are a
pungent element, but when you bite
into them they are not necessarily
spicy. I’m also crazy about fish from
Veta de Palma, a fish farm in south-
ern Spain, which I think is the most
important sustainable farm on the
planet. They produce daurade and lu-
bina [sea bass] of the highest quality.
Oh, and I love all the high-end conser-
vas from Spain, like mussels or razor
clams in a tin. They are out of sight!
man being wants to be taken
care of by someone. So if
some of those emotions
are transferred into my
house with the recipes
you brought, then that’s
fantastic.
If I’m not in my kitchen I
am: off-road motorcycling. I’m
also into target practice, and I
spend a lot of time in my
photo studio. Bird photogra-
I’d say my favorite mixed drink
is: gin and tonic, especially
while in Spain. I love this
drink’s acidity, the fruiti-
ness, the sugar in the
tonic water. A well-made
gin has lots of complexity.
I would have a gin and
tonic with my Katz’s Deli
sandwich as my last meal
before I die.
—Adapted from an interview
by Kathleen Squires

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D10 | Saturday/Sunday, May 14 - 15, 2022 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

Dip à Deux since the 1920s. The result: a

With faux-cane legs rendered
in powder-coated aluminum
and all-weather “rattan” in
subdued shades of slate, this
duo from British brand OKA
is a durable update of the
classic woven French bistro
sets made by Maison Gatti
timeless European-country-
house vibe that evokes rose
gardens and leisurely after-
noon teas (or scoops of Van
Leeuwen Earl Grey ice
cream). Bedarra Bistro Table,
$495, Bedarra Bistro Chairs,
$395 each, oka.com/us

Cream Date
Scoop up a new bistro set and pair it
with a style-appropriate frozen dessert
BY SARAH KARNASIEWICZ

W
HEN THE TEMPERATURE spikes,
there’s no cooler combo than a shady
bistro table set and a bowl of ice
cream. Indeed, centuries since their
debut on the sidewalks of Paris, the
bistro table and chairs remain an al fresco icon. Com-
pact enough to fit on a city balcony or tight terrace,
the sets can ably conjure both the summertime charm
of the small-town scoop shop and romantic dinners.
Whether your summer aesthetic skews cottagecore or
country-club chic, contemporary designers have got
you covered. Here are five fresh sets matched to frozen
treats we’d like to linger over.

Lob a Fruity Grenade
The combo of peacock-green
glazed tile and curlicue black
rattan adds up to serious Medi-
terranean allure. Our not-at-all-
random suggestion: Pair it with
Sahadi’s pomegranate mahlab
ice cream. After all, Andalucia,
Spain—whose spirit this nou-
veau-boho table evokes—is
home to Islamic architectural
monument the Alhambra and
renowned for both Moorish
mosaics and pomegranates.
(And “Grenada,” this table’s
name, is derived from the
Spanish word for pomegran-
ate.) Grenada Table, $558,
Positano Dining Chairs, $248
each, Anthropologie.com
Give a Toss
A collaboration between
Spanish firm Kettal and Lon-
don-based, Cypriot-born de-
signer Michael Anastassiades,
the Ringer collection gets its
playful name from the way
the chairs’ straight posts and
minimalist curves call to mind
the old-fashioned lawn game
horseshoes. Shown here in
ivory aluminum (but available
in 30 colors) the spirit is sim-
ple yet still luxe—just like Ben
& Jerry’s Milk & Cookies ice
cream, a favorite flavor of
children of every age. Table,
from $2,392, chairs, from
$1,830 each, Kettal New York,
917-409-2650
F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI (ICE CREAM)

Mmmmm in Amalfi Crash a Country Club

This spirited pairing from the
female-led Italian design firm
Alma reinvigorates the classic
shapes of turn-of-the-century
bistro sets with a dose of
sexy European glam-
our and functional
new materials.
Shown here in
a glossy lip-
stick red,
the sinuous
steel and
high-pressure-
laminate table is
built to last, and the pol-
ished nylon chairs are both
UV-resistant and stackable,
ideal for indoors or out—
wherever you want to savor
a coppetta of tart and
creamy Talenti raspberry
cheesecake gelato. Bistro Ta-
ble, from $889, Marlene Side
Chairs, $484 each, Design-
Public.com
McKinnon and Harris—a Rich-
mond, Va., company founded
30 years ago by siblings Anne
and Will Massie—is fairly ob-
sessed with historic detail
and craftsmanship. Hence, its
reputation as the go-to “out-
door living” brand for the
yacht and tennis club set.
With their classically preppy
Greek key design, the new
Abbot chairs and Feolin cafe
table—shown here in Tif-
fany’s-esque blue and white— superrich Frutero coconut ice
would suit any Palm Beach cream—with two spoons,
estate. The perfect acces- natch. Table, from $8,000,
sory? Channel those luxe Chairs, from $4,250 each, Mck-
tropical vibes with a bowl of innonHarris.com

CHIC TRICK panse, noted Jacksonville, Fla., de-

signer Andrew Howard, who hid a
powder-room door among white

Jib Dandy stile-and-rail panels (shown at right)

for a home in Ponte Vedra, Fla.
When the door is open, a view of
Psst. Over here . . . blue-and-white lattice wallpaper and
Discreet jib doors offer azure wainscoting provides a vibrant
contrast—an “aha” moment. Bonus:
aesthetic, practical and Any room that’s not chopped up by
fanciful benefits. multiple doorways will seem larger.

The Tips Grubby hands can easily

The Appeal A jib door—that is, one stain a touch-latch door, warns Ms.
camouflaged with the same decora- Mathison. If the surface is glossy and
tion that surrounds it and sans visi- easy to clean, no problem, but if wall-
ble jambs—disappears into the wall, paper covers the surface at “push”
Nancy Drew-like. “I love the history, level, she recommends adding an in-
novelty and secrecy of jib doors and conspicuous recessed ring pull. That This sly jib door hides a colorful
the way they trick the eye,’’ said said, she’d reserve jib doors for little- powder room by Andrew Howard, a
Mallory Mathison, an interior de- used portals. In an Atlanta home, she Jacksonville, Fla., designer.
signer in Atlanta. Perhaps the most installed one as a discreet passage
famous examples stateside are from a butler’s pantry to a formal specialized hinges are installed to
found in the White House Oval Of- dining room that sees little wear and make them invisible,” said Mr. How-
fice, where damask wallpaper (this tear, concealing the door’s existence ard. Another of his cautions: When
administration’s choice) and paneled by extending hand-painted Gracie hardware is embedded in the door
wainscoting continue nearly seam- wallpaper and paneling across it. On and humidity causes woodwork to
ERICA GEORGE DINES (PANTRY); LUCAS ALLEN (POWDER ROOM)

lessly across two doors that frame
a fireplace. In grand 18th- and 19th-
century estates, jib doors let ser-
vants enter and leave public rooms
without, heaven forbid, the risk of
sharing a doorway or stairwell with
superiors. Far more dramatic: On
the night that rioters stormed Ver-
sailles, in 1789, Marie Antoinette
fled to a secret stairway to the
King’s chambers via the jib door in
her bedroom suite.
Their trompe l’oeil character
means a functional door can exist
without visually interrupting an ex-
the pantry side, the designer hung a
painting to further pass the door off
as a wall. If you’re not sure you’d
want to constantly give guests direc-
tions to a concealed powder room,
Mr. Howard—who’s seen library
bookcase walls that conceal safes
and gun closets—counters, “When
clients are entertaining a crowd,
[they] simply leave the door ajar.”
The Caveats Find a carpenter with
experience installing these odd ele-
POETIC PORTAL Hand-painted wallpaper and wainscoting disguise a jib door ments. “A jib door takes expert skills
into a pantry from a dining room by Atlanta designer Mallory Mathison. because of the way the soss or other
contract and expand, the door might
stick or bulge out slightly. And instal-
lation isn’t cheap. Budget at least
$2,000, he says, to retrofit an exist-
ing door and more for the hinges
and latch hardware. While your con-
cealing elements—wainscoting, base-
board molding, wallpaper—can also
add to the expense, don’t discount
the romance factor. “I do think a jib
door conjures images of speakeasies
and private gossip spaces—a sense
of mystery and discovery outside of
the everyday,” said Ms. Mathison.
—Alice Welsh Doyle
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 14 - 15, 2022 | D11

DESIGN & DECORATING

SQUARE PLAY Multicolored coffers relax the d’Ornano London living room.

Vive le Stuff
A French beauty magnate’s homes are opulent
yet homey—and packed with mementos

BY REBECCA MALINSKY

I
SABELLE D’ORNANO hasn’t
painted the walls in her
many homes since she
moved in—45 years ago for
two of them—though she
certainly has the means to. The co-
founder of French luxury-beauty
brand Sisley Paris has let the green
faux-marble walls in the living room
of her Paris home, for example, re-

CHRISTINA VERVITSIOTI-MISSOFFE
main the steady canvas for an ever-
growing trove of contemporary art,
antique furniture and dramatic
chandeliers. “If you can start with a
base you love, the rest will fall into
place,” advises the unabashed col- Above: Wallpaper is converted into a
lector. The newly released “Isabelle family photo gallery. Right: Carpeting
d’Ornano: What A Beautiful World!” unifies the Paris home’s décor.
by Christiane de Nicolay-Mazery
(Abrams) celebrates the octogenar- their Paris home, they covered the living room of her London house, a London living room, she had a deco- Display Physical Photos
ian’s more-is-more décor style. We marble floors throughout the apart- space divvied into areas of sofas and rative painter fill the squares in the Madame d’Ornano concedes that
took this opportunity to ask the ment with a heavily figured carpet, chairs, Madame d’Ornano unified overhead millwork with cheery col- displaying family snapshots is no
beauty mogul and grandmother of creating a sense of coziness and flu- the room and countered the formal ors. World travels inform her other longer considered high style, but
10 to share strategies for creating a idity from room to room. “I didn’t architecture with striped wool car- charismatic ceiling treatments: Lat- she is not about to scroll her phone
balance of elegance and approach- want the space to feel too formal,” pet on every inch of floor. tice work at the Vatican inspired the to review meaningful moments.
ability by living with what you love. said Madame d’Ornano about her in- top side of the Paris flat’s foyer, and “Photos on the wall you look at au-
sistence upon wall-to-wall carpet. Look Up the dining-room ceiling is papered tomatically,” she said. And the pic-
Embrace Carpeting She also believes that without defin- The ceiling presents an oft-over- in a Turkish-style floral to resemble tures help the opulent spaces read
When she and her late husband, Hu- itive end points at the doorways looked opportunity for decoration, Ottoman-empire tents. Her high ceil- homey. In the Loire Valley house,
bert D’Ornano, co-founder of Sisley chopping up the flow, a space feels said Madame d’Ornano. To tame the ings allow for such extravagance, she cheekily integrated photos into
and son of Lancome co-founder bigger and more open, allowing for stateliness of all-white walls and a but “even in a low room, you can al- wallpaper (above left), making a
Guillaume d’Ornano, moved into more decoration. In the very large ponderous coffered ceiling in her ways change the color,” she said. gallery of a hallway.

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D12 | Saturday/Sunday, May 14 - 15, 2022
RUMBLE SEAT / DAN NEIL
Ford’s 2022 F-150 Lightning
Makes a Thunderous Debut
YOU MIGHT NEED to grab
hold of something. You are
about to read a rave review
of Ford’s first full-size elec-
tric pickup, the 2022 F-150
Lightning, which I drove at
a press event in San Antonio
earlier this month. My posi-
tivity may not be suitable
for all audiences.
And if you already put
down a bunch of money on
a posh Rivian R1T electric
pickup, before seeing the
Lightning? Oh man, you
Stone
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should avert your eyes. Af-
ter all the hype over Rivian
last year, the Ford is the
stump-humping electro-
truck to want.
Can I be real with you? I
was moved by Ford’s presen-
tation. I got misty, like that
bloke Keith on “The Great
Pottery Throw Down.” The
Lightning represents an
American manufacturing tri-
umph, a brand resurrection, a
win for working people, a ve-
hicle segment stepping out of
Ronald, Connecticut
Use code 53 H 19 for FREE
to order Pleated
GEAR & GADGETS
the darkness into the light. I
can’t believe they got all
those smart people to move
to Michigan.
But then, it really needed
to be good. Ford’s F-Series
has been the best selling
family of vehicles in the U.S.
for 45 years (726,004 sales in
2021, including fleet sales).
It’s not overstating to say the
electric pickup initiative rep-
resents an existential stress
test for management.
The basics: The Light-
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ning—with dual-motor four-
wheel drive and choice of a
standard-range battery (230
miles) or extended-range (up
to 320 miles)—is assembled
in the new Rouge Electric
Vehicle Center in Dearborn,
Mich., adjacent to existing
F-150 production. The
painted aluminum-panel
bodies go in and finished
pickups come out.
Being about the same size,
shape and height as any
Crew Cab 4x4 with a short
cargo box, the Lightning will
look comfortably familiar to
Americans. That’s strategic. If
Tesla’s Cybertruck is an an-
gular modernist home hang-
ing off the cliff of public ac-
ceptance, the Lightning is
prairie revival.
Likewise, the cabin décor,
digital UX, switches and dis-
plays are almost all regular
business in current models.
Ford’s plan is a kind of pro-
duction mainstreaming,
whereby the electric trucks
get knocked together,
shipped and sold pretty much
like other F-150s.
The common silhouette
belies the change under the
hood, where there is…noth-
ing. The drive components—
the fore and aft e-motors,
battery pack and power elec-
trics—all fit nicely between
the boxed-steel frame rails. In
the space where an IC engine
might dwell there is instead
the Mega Power Frunk: a
14.1-cubic-foot cargo box with
a 400-pound capacity, suffi-
cient to hold eight 50-pound
sacks of cement. I trust by
2022 FORD F-150 LIGHTNING
MSRP $39,974 to $90,874
Price, as tested $93,509
(Platinum)
Propulsion Battery electric,
with front/rear transverse
mounted AC synchronous,
permanent-magnet motors,
single-speed automatic trans-
mission, locking rear differen-
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.
* ***
now there is a bar band in
Dearborn by that name.
Here’s where things start
to look different. Unlike other
auto makers dipping their
toes in electrification, Ford
says it will not prioritize
building profitable, high-spec
units to the exclusion of its
steady commercial clientele.
Which brings us to the dis-
ruptively priced, entry-level
Lightning Pro SR. With the
available $7,500 federal tax
credit included, the Pro SR
This electric pickup
is an existential
stress test for Ford.
tally starts at $32,474. That
nets a fully credentialed, gen-
erously equipped Ford pickup
with boxed-steel frame, four-
wheel drive, 775 lb-ft of
torque, locking rear differen-
tial, plus fun vinyl seats and
floors. When fitted with the
optional towing and trailering
packages ($2,775 combined
for Pro models), this donkey
can tow 10,000 pounds and
haul 2,235 pounds. And you
are still out the door for less
than 40 grand.
May I say, finally. An EV
that isn’t a soft-handed, over-
priced toy for white-collar
commuters. Something I can
use. Actually, the Pro SR
looks like a pickup-based
business owner’s best friend,
the tradesman truck to
launch a thousand sole pro-
tial and full-time four-wheel
drive; 131.1-kWh liquid-cooled
battery pack; 17.6 kW on-
board charger.
Power/torque 580 hp/775
lb-ft
Length/wheelbase/width/
height 232.7/145.5/96.0/78.3
inches
THE WALL STREET JOURNAL.
NICE PRICE The electric
version of Ford’s bestselling
F-Series starts at under
$40,000, before incentives.
prietorships, thanks to its
beautiful circuitry. Get this:
Equipped with the optional
Pro Power Onboard system,
the Lightning can supply 9.6
kW of AC power to 11 outlets,
including one 240V socket in
the cargo bed. No generator,
no noise, no smell, all day.
OMG, 9.6 kW and 240V?
You know what people can
do with that kind of porta-
ble power? You could run a
farrier’s electric forge, or a
stick welder, a job site com-
pressor the size of an ele-
phant, or a mobile sailmak-
ing shop, or shortwave radio
station playing Swedish folk
music they can hear in Swe-
den. I leave it to America’s
entrepreneurial imagination
to explore the possibilities.
All the while the Lightning
would be aiding the bottom
line. For starters, scheduled
maintenance is 40% lower
compared with a gas-pow-
ered F-150. When working
America gets a load of these
babies they’ll never go back.
That’s strategic, too.
OK, Trucker McTruckster,
I know you have questions.
Can the Lightning trailer a
large and heavy powerboat
up and down a hilly two-
lane at Texas speeds? Dude,
yeah, literally like it wasn’t
even there. That’s 775
pound-feet of seamless
torque at the end of your
toe. The Lightning is a land
locomotive. I really like the
optional onboard scales fea-
ture, which measures the
load and tongue weight and
helps calibrate brake bias
for truck and trailer, baking
in both regen and friction-
braking force.
What about range? Eh, it’s
enough. Yes, you can expect
to draw down the battery
faster when towing/hauling,
depending on the burden.
You can expect a comparable
hit to efficiency in a gas-
powered truck, too.
Charging? At a DC fast
charger (150 kW) the Light-
ning can pack up to 54 miles
of electro-range in 10 min-
utes. Homeowners with the
optional Ford Charge Sta-
tion Pro on their garage
walls can fully recharge the
ER battery in 8 hours—over-
night, like a cellphone.
What if the power goes
out? Ford says exactly. The
Lightning supports vehicle-
to-load charging. Paired
with the Charge Station Pro,
the available Ford Intelligent
Backup Power—contained in
a second wall-mounted de-
vice—monitors home elec-
trical service and, if there is
an interruption, automati-
cally switches to the Light-
ning’s onboard battery,
much like a Tesla Power-
wall. Fully charged, the 131-
kWh battery could keep the
average house in the U.S.
running three days at its
usual rate, and up to 10 days
with some power rationing.
That should do the job.
Curb weight 6,590 pounds
Maximum towing/payload
8,500/1,656 pounds (Platinum)
0-60 mph <5 secs (Platinum)
Estimated charge time 41
minutes at 150 kW DC fast
charge (ER battery)
Estimated range between
charges 300 miles
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 14 - 15, 2022 | D13

GEAR & GADGETS

Can I Get TRAINING WHEELS | A trio of tricycles that provide a stable,

balanced ride, even when you’re carrying a week’s worth of groceries.

Another
Wheel?
Wanting an easier ride,
1
The Starter Trike
unembarrassed adults are Ideal for short trips
around the neighborhood,
trading their bikes for trikes the Trailmate DeSoto
Classic comes standard
BY SARAH ROBERTSON with a single-speed free-

A
wheel but customers
RE THREE wheels better than can upgrade to add more
two? Yes, says a growing num- speeds. Part of its
ber of adult tricycle enthusiasts stripped-back vintage de-
who want more stability and sign, the handlebars are
cargo-carrying capacity when bent to reduce tension
they hit the road. According to market re- on the wrists. $650,
search firm NPD Group, U.S. bicycle sales rose TrailMate.com
to $5.3 billion in 2021, a 60% increase over
prepandemic, 2019 numbers. And sales of
bikes that help riders enjoy cycling in a safer
way and/or overcome mobility issues are par-
ticularly on the rise, the firm said.
“Tricycles are right at the top of that list
for us,” said Drew Bowman, director of eCom-
merce for Los Angeles-based SixThreeZero,
which introduced its tricycle a year and a half
ago. “We’ve discovered the market is really
hungry for this.”
Fans cite plenty of reasons for making the
switch. Since three wheels provide far more

2
balance, it takes real determination to fall.
Mounting is easier because the bar connecting
the wheels is pretty low. Riders sit up
straighter—pumping pedals positioned in
front of the seat—a more ergonomic riding
posture that takes pressure off the lower back,
shoulders and knees. Others value adult trikes
as “suburban cargo carriers,” like a heart- The Classic Cruiser
friendly alternative to the golf cart. While ex- The Schwinn Deluxe
pending relatively little energy, riders can haul Meridian Tricycle is suited
hundreds of pounds of cargo. And the tricycles for easygoing short rides on
typically come with large rear baskets, which terrain with gentle hills. A
let you cart groceries, beach gear, coolers and control on the handlebars
golf clubs with no risk of denting cans, crack- lets you shift through three
ing eggs and scuffing putters due to a spill. speeds and the trike has a
large, sturdy mesh-and-fab-
ric cargo basket. Downside:
The bike comes in only one
Sales of bikes that help color, red. $900, Schwinn-
riders enjoy cycling in a safer Bikes.com
way are on the rise.

But for some, adult tricycles have an em-

barrassing image that is hard to move past. To

3
combat the giggle factor and appeal to a youn-
ger buyer, manufacturers are updating the
old-fashioned frame with the same trendy col-
ors, sleek metals and ergonomic features that
high-end, two-wheel counterparts boast.
Some trike companies are also introducing
electric versions. Sales of SixThreeZero’s Evry-
Journey e-trike are growing faster than those The Power Tripper
of any bike in the brand’s electric segment. E- Think of SixThreeZero’s
trikes especially appeal to riders in their early EVRYjourney 250W
retirement stage, who need help going up hills Tricycle as a luxurious, ergo-
and don’t especially want to burn rubber. nomically designed chair
Longtime biker Rochelle Kornegay, 75, re- with a motor. It comes with
cently bought an e-trike after balancing on a an LED display to show
two-wheeler became a little arduous. Her Hoo- speed and motor usage and
ver, Ala., neighborhood is full of people driv- a foam-packed leather
ing golf carts but she still wanted to cycle with seat. Top speed is 15 mph in
her granddaughters. She tricked out her trike full electric and 28 mph in
with side mirrors, an electric horn, a rearview pedal assist.
camera and lights. “When I was telling people $2,200, SixThreeZero.com
I had a tricycle on order, people laughed,” said
SERGE BLOCH

Ms. Kornegay. “Since they’ve seen me on it,

they’re not laughing anymore. Several of my
neighbors are very jealous.”

Running on Marshmallows
Why trendy shoes with sky-high soles are the
best running sneakers you can buy right now

AT 6-FOOT-3 and “two hundred but evidence suggests that larger

2 3 and change,” Cam Held, 33, was
pretty sure he wouldn’t be reliving
his high-school track days. The
Portland, Maine, photographer re-
vised his expectations, however,
when he found a sneaker from
Hoka. Unlike the flat, minimalist
running shoes so popular when he
F. MARTIN RAMIN/ THE WALL STREET JOURNAL
soles might endure. Dr. Deena
Horn, a podiatrist at New York
City’s Weill Cornell Medicine, said
she prescribes sneakers with big-
ger soles to runners “all the
time,” especially to those with
foot pain. “You’re always better
off with support.” She said some

was a competitive athlete, the people worry they’ll misstep with

1 | Rocker-and-Roll
“Hoka invented this cate-
gory, and continues to drive
[it],” said running-shoe re-
tailer Jeff Metzdorff, who
counts the brand among his
store’s best sellers. The
Bondi X, which debuted last
fall, is Hoka’s latest expres-
sion of bigger-is-better. The
unabashedly chunky sole
has garnered attention not
only for its thickness, but
1 These thick
also for its precisely-crafted
“meta-rocker,” which gives
the shoe a notably smooth
transition between strides.
($200, Hoka.com)
2 | Secret Support
Its heel height measures in
at a generous 33mm, but
the Vanish Carbon is much
more than a mere “max
cushion” shoe. Hidden deep
inside all that foam is a pro-
prietary carbon half plate–
designed to propel your foot
forward with kinetic energy,
but also to adapt to your
foot’s natural flex. And at a
positively feathery (for this
category, at least) 7.3
ounces for the men’s and
6.2 for the women’s, the
shoe is lightweight enough
to provide extra cushion
without slowing you down.
($240, AltraRunning.com)
BIGGER IS BETTER
trainers offer
far more support
than their
minimalist rivals.
3 | The Box Grater
“Weird for a reason” is how
On, the hip Swiss sneaker
maker of the moment, char-
acterizes its latest release,
the Cloudmonster, which
features an exponentially
amped-up iteration of the
brand’s CloudTec honey-
comb sole. The pillowy, re-
sponsive result lives up to
its nephological name.
($170, on-running.com)
Hoka sneaker has a thick, cush-
ioned sole. “Before I got my Hokas,
I was having so much shin and
knee pain that it really kept me
from doing back-to-back days of
running,” said Mr. Held. Now, he’s
training for his first half-marathon
since high school.
This style of marshmallowy
sneaker appeals widely. Jeff Metz-
dorff, owner of Mill City Running
in Minneapolis, said he’s been sell-
ing shoes with similarly chunky
soles—which would have been
considered déclassé a decade
ago—to everyone from seniors
clocking a few miles a week to col-
lege athletes training for competi-
tion. “I know it sounds crazy,” said
Mr. Metzdorff. “There is rarely a
one-size-fits-all shoe, but this type
of shoe checks all the boxes for
who the consumer is in 2022.”
Sneaker trends come and go,
cushioned sneakers, but that this
really only happens if you’re al-
ready prone to rolling an ankle.
Most runners, she said, find the
shock absorption that big, cushy
soles offer helpful.
Bigger soles might provide more
support and comfort for the every-
day runner, but don’t assume
they’ll transform you into some-
thing you’re not. As Cristine
Agresta, a licensed physical thera-
pist who researches running shoe
technology at the University of
Washington, put it, “There is no
magic shoe that’s going to make
you run better.”
So as long as you’re not expect-
ing to become the next Usain Bolt,
opt for a little comfort. To try the
trend yourself, consider lacing up
one of the three new chunky sneak-
ers in our guide (see left).
—Todd Plummer
D14 | Saturday/Sunday, May 14 - 15, 2022 * *** THE WALL STREET JOURNAL.