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CONTENTS Obituaries............ A14 nation’s highest court. peals for the District of Co-
Books....................... C7-12 Opinion............ A15-17 lumbia Circuit, one of the na-
Business News......... B3 Sports..................... A18 By Ken Thomas, tion’s most influential courts
Design & Decorating D4-5 Style & Fashion D2-3
Food............................ D6-7 U.S. News.......... A2-5 Jacob Gershman and often a steppingstone for
Gear & Gadgets... D10 Weather................ A18 and Jess Bravin Supreme Court justices.
Heard on Street......B14 World News.. A6-13 She joined that court in
“For too long our govern- June after eight years as a
CAR TROUBLE ment and our courts haven’t federal trial judge in the na-
>
Prices are soaring, looked like America,” Mr. Biden tion’s capital, where she wrote
vehicles are in short said Friday at the White House, more than 550 opinions, in-
supply and buyers say introducing the judge as a cluding one from 2019 in
“proven consensus builder” and which she ruled former White
they’ve had enough. a “distinguished jurist.” House counsel Don McGahn
s 2022 Dow Jones & Company, Inc.
All Rights Reserved B1 “I believe it’s time that we didn’t have absolute immunity Judge Ketanji Brown Jackson speaking at the White House after
have a court that reflects the Please turn to page A4 President Biden announced her as his Supreme Court pick.
.
U.S. NEWS
Consumer Spending Rose by 2.1% in January
BY DAVID HARRISON from a year earlier, the fastest New orders for nondefense Spending on goods and If the price were to rise to “That could cool off growth
pace in four decades. capital goods excluding air- services, change since about $115 a barrel, it could even more,” he said. “That’s
U.S. consumer spending After adjusting for infla- craft, a closely watched proxy February 2020 push overall U.S. annual infla- the biggest concern I have be-
rose briskly in January and tion, consumer spending was for business investment, rose tion to around 10%, according cause of this conflict.”
30%
prices climbed faster, adding up 1.5% in January while 0.9% in January from the pre- to Joseph Brusuelas, chief Already there are signs in-
to other signs that the econ- household income after taxes vious month, the report said. Goods economist at RSM US. flation is beginning to wear on
omy started the year on a was down 0.5%. Holding back households, 20 That would prompt house- families. Income after taxes
solid footing despite the Omi- Recent economic data indi- however, has been the persis- holds to spend more of their and adjusting for inflation fell
cron wave of Covid-19 infec- cate that the U.S. economy tence of the pandemic—the 10 incomes on gas and less on for the sixth straight month in
tions. But economists warned gained momentum last month, Omicron wave of Covid-19 other goods and services, Mr. January to the lowest level
the conflict in Ukraine could with employers adding a ro- peaked in January in the U.S. Brusuelas said. It would also since March 2020, the Com-
curb growth in the coming bust 467,000 jobs in January And the fastest pace of infla- 0 weaken consumer confidence, merce Department said.
months if it leads to higher and retail sales rising a sea- tion in about four decades which, over time, could lead The saving rate, the share
gasoline prices. sonally adjusted 3.8% from De- could also make people think –10 Services consumers to pull back on of income left over after pay-
Spending rose a seasonally cember. twice about leaving their some discretionary purchases. ing for expenses, fell to 6.4%
adjusted 2.1% in January from Rising wages and bank ac- home or shelling out on big –20
That could shave 1 percentage in January, the lowest level
the previous month, rebound- counts fattened by govern- purchases. point of economic growth over since December 2013.
ing from a revised 0.8% de- ment stimulus programs have Moves in the U.S. and Eu- the course of a year. The University of Michigan
cline in December, the Com- also given people cash to rope to sanction Russia over –30 “The American middle-in- Surveys of Consumers said
merce Department reported spend. its invasion of Ukraine could 2020 ’21 ’22 come household is the one Friday its measure of con-
Friday. Personal income was Manufacturers’ orders for limit the supply of Russian oil that’s going to bear the bur- sumer sentiment fell to 62.8 in
Note: Seasonally adjusted; inflation adjusted
unchanged on the month, fol- durable goods—those meant and natural gas, which could Source: Commerce Department via St. Louis den of adjustment here,” he February, its lowest level in
lowing the expiration of the to last at least three years— raise gasoline prices in the Fed said. more than a decade.
federal government’s monthly also rose last month, accord- U.S. and push inflation higher Faster inflation could also Despite those headwinds,
child tax credit. ing to a separate Commerce still. Economists at Oxford Brent crude-oil prices, the force the Federal Reserve to economists anticipate con-
The department’s measure report. Orders were up 1.6% in Economics estimate the con- international benchmark, raise interest rates faster than sumer spending will rise this
of inflation—the personal-con- January from the previous flict could add about half a briefly rose above $100 a bar- anticipated, said Gus Faucher, year as the fear of Covid-19
sumption-expenditures price month to a seasonally adjusted percentage point to U.S. infla- rel on Thursday for the first chief economist at the PNC Fi- fades and people spend down
index—rose to 6.1% in January $227.5 billion. tion this year. time in almost eight years. nancial Services Group. savings.
U.S. WATCH
Inflation Gauge
Hits 38-Year High
WASHINGTON
Adam Johnson traveled to strong consumer demand and from a year earlier, with core
Washington to attend a rally as pandemic-related supply con- CPI up 6%. Producer prices
Congress met early last year to straints propelled price gains. climbed 9.7% on a 12-month
certify Joe Biden’s win over The Commerce Depart- basis last month. Because the
then-President Donald Trump. ment’s personal-consumption- core PCE index is mostly
Mr. Johnson was one of the expenditures index measure of drawn from those two indexes,
hundreds of Trump supporters core inflation, which excludes the latest reading doesn’t
who later stormed the Capitol to volatile food and energy costs, yield much new information
stop the session, according to rose 5.2% in January from a about inflation.
federal prosecutors. year ago, up from 4.9% in De- The Labor Department’s CPI
A widely circulated Getty Im- cember. That marks the sharp- typically runs higher than
ages photograph showed Mr. est 12-month increase since Commerce’s index, in part be-
Johnson in the Capitol Rotunda, April 1983. cause they capture different
smiling and waving to the cam- On a monthly basis, the pools of spending. The CPI
era while holding the House core PCE price index climbed a measures changes in living
speaker’s lectern. seasonally adjusted 0.5% in costs based on what urban
He was arrested and was January from the prior month, consumers pay out of pocket
charged days later with know- SYNCHRONIZED SNOWBLOWING: Two workers teamed up to clear snow from the sidewalk outside the same pace as in the previ- for a hypothetical basket of
ingly and unlawfully entering a re- of Berkshire Superior Court in Pittsfield, Mass., on Friday. ous three months. goods and services. The PCE
stricted building, theft of govern- The Commerce Depart- index, by contrast, includes
ment property and violent entry tional finance and trade, as well NORTH CAROLINA SAN DIEGO ment’s measure of overall con- prices in rural areas, as well
and disorderly conduct on Capitol as its work with the World Bank sumer inflation increased 6.1% as those paid by organizations
grounds. Mr. Johnson reached a and International Monetary Fund. Ex-Governor McCrory Court-Martial Set in from a year earlier, the fastest that spent on behalf of house-
plea agreement in November; he Mr. Shambaugh served as a Files for Senate Run Ship’s Destruction pace since 1982. The data re- holds—for example, employer-
pleaded guilty to one count of en- member of the White House flect prices in January, before sponsored healthcare plans.
tering and remaining in a re- Council of Economic Advisers dur- Former North Carolina Gov. A sailor accused of starting the Ukraine-Russia tensions As a result, the weight as-
stricted building or grounds. ing the Obama administration. His Pat McCrory officially filed as a fire that destroyed the USS Bon- pushed oil prices to seven- signed to some goods and ser-
—Talal Ansari research has focused on interna- U.S. Senate candidate Friday, homme Richard will face a court- year highs. The most-widely vices differs between the two
tional economics, including the eu- calling himself best-suited to martial for arson, the Navy said held futures for Brent crude, indexes—as does their relative
TREASURY rozone crisis and the relationship represent the state during “seri- Friday. Seaman Recruit Ryan which call for delivery of oil in impact on each index. Used
between exchange-rate regimes ous times” at home and abroad. Mays, 20 years old, faces two May, exceeded $100 a barrel car and truck prices make up a
Ex-Obama Official and monetary policy. He also Mr. McCrory, who served as counts in military court for the on Thursday after Russia’s in- much smaller share of the
Nominated for Post worked on the Biden transition governor from 2013 through 2016 July 2020 blaze that injured doz- vasion of Ukraine threatened core PCE index than of core
team and is a senior nonresident and was Charlotte mayor for 14 ens of personnel aboard the am- to scramble the region’s ex- CPI. The sharp rise in prices
President Biden nominated fellow at the Brookings Institution. years, had announced his plans to phibious assault ship as the fire ports. for used autos has therefore
Jay Shambaugh, a professor at Andy Baukol, a career Trea- seek the Republican nomination burned for five days and sent acrid The continued pickup in translated to a relatively big-
George Washington University sury official, has served in the last April. Mr. McCory is expected smoke wafting over San Diego. core prices adds to pressure ger increase in core CPI.
and former economic aide in the position in an acting capacity. to face U.S. Rep. Ted Budd, former It marked one of the worst on Fed officials to begin rais- Housing constitutes around
Obama administration, to serve The post has been a stepping- Rep. Mark Walker and combat noncombat warship disasters in ing interest rates this spring one-fifth of the core PCE in-
as the Treasury Department’s stone for some of Washington’s veteran Marjorie Eastman, among recent memory and the vessel to cool the economy and bring dex; its weight in the core CPI
top economic diplomat. top economic policy makers, in- others in the GOP primary. had to be scrapped. down inflation, said Veronica index is nearly double that
If confirmed by the Senate to cluding Federal Reserve governor The front-runner for the Dem- Defense lawyer Gary Barthel Clark, an economist at Citi- share. Meanwhile, healthcare
be the undersecretary for inter- Lael Brainard, and former Trea- ocratic nomination, former state said the seaman maintains his group. services typically make up
national affairs, Mr. Shambaugh sury secretaries Timothy Geith- Supreme Court Chief Justice innocence and looks forward to “The consistent trend of around 18% of the core PCE in-
would help lead the Biden admin- ner and Larry Summers. Cheri Beasley, filed Thursday. proving it at trial. even higher inflation should dex, compared with around 9%
istration’s approach to interna- —Andrew Duehren —Associated Press —Associated Press keep the Fed pursuing much of core CPI. The sharper rise
tighter monetary policy in the in housing costs relative to
coming months,” she said. prices for medical-care ser-
BY JENNIFER HILLER known as the New York Bight, shore energy projects. The by pandemic-related challenges Personal consumption expenditure price indexes,
was the first lease auction in auction of just one parcel sur- and have proven especially change from previous year
A U.S. auction of locations federal waters since 2018 and passed $1 billion and by itself susceptible to shipping back-
for offshore wind farms on the the start of an ambitious easily eclipsed the previous logs, component delays and
Atlantic coast resulted in a re- schedule to parcel out ocean record of $405 million in win- rising raw-materials prices, 10%
cord $4.37 billion in winning blocks for new wind farms that ning bids, set in the 2018 lease which could pressure project
PCE price index
bids, officials said Friday, a would ring the coastal U.S. sale of coastal waters off Mas- costs for developers. Offshore
sign of robust interest in de- Coming auctions this year sachusetts. The government wind in the U.S. already is Core PCE price index
veloping renewable energy in are planned for waters off said it was the highest-gross- more expensive than other
federal waters. North Carolina, California and ing competitive offshore en- forms of renewable energy.
Auction winners for parcels in the Gulf of Mexico. More ergy lease sale in history. The projects have encoun- 5
covering nearly a half million leasing will follow in waters “If there was ever any doubt tered opposition from the
acres off the coast of New that include the central Atlantic, about the appetite for offshore commercial fishing industry,
York and New Jersey included Oregon and the Gulf of Maine. wind in the U.S., the results of which has raised concerns
a partnership of Shell PLC and “We expected this lease to be this should put that to rest,” about the impact on liveli- RECESSIONS
EDF Renewables Inc., a part- hotly contested. The U.S. market said analyst Adam Wilson of hoods and ecosystems, and
nership of U.S.-based firms In- is maturing,” said James Cotter, S&P Global Market Intelligence. coastal residents who object 0
venergy LLC and energyRe, general manager of Americas There are plenty of hurdles to transmission cables and 1980 '85 '90 '95 2000 '05 '10 '15 '20
and a partnership of Engie SA, offshore wind for Shell. for the new industry. Wind-tur- other infrastructure passing Note: Seasonally adjusted monthly data
EDP Renewables and fund The steady diet of federal bine manufacturers are beset through their communities. Source: Commerce Department
manager Global Infrastruc- auctions is expected to help
ture Partners. bolster the U.S. industry and its
The sale is the first for the
Biden administration and marks
suppliers. If a developer doesn’t
succeed in one auction, another
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dent’s bid to help jump-start an “What makes the U.S. op- A graphic with a U.S. News Siesta Key Public Beach Ac- 1211 Avenue of the Americas, New York, N.Y. 10036
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try as he seeks to decarbonize ing forward and more stable ternal deaths incorrectly omit- fied as Siesta Key Public Ac- Periodicals postage paid at New York, N.Y., and other mailing offices.
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President Biden has said he in place a schedule for lease 100,000 live births. Florida. which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of
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offshore wind by 2030, enough tional Ocean Industries Associ- Adesa U.S. usually facilitates Some Wall Street Journal
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U.S. NEWS
Conservatives Meet,
Trump Looms Large
BY JOHN MCCORMICK sizable shadow over CPAC, as rarely taught in K-12 schools.
he has for more than a decade. The theory’s supporters argue
ORLANDO, Fla.—A gather- Mr. Trump is set to speak that the legacy of white su-
ing this week of staunch con- Saturday evening and is heav- premacy remains embedded in
servatives highlights the dis- ily favored to win a straw poll society through laws and insti-
connect between Donald of attendees that will report tutions that fundamentally
Trump’s supporters and Re- findings Sunday afternoon, shape America.
publicans who fear possible near the end of the four-day “What it is doing to our
U.S. NEWS
Senate both passed bills ban- about 24 weeks of pregnancy. able to bullying. It drew a re- school districts from withhold- don’t feel comfortable talking
ning abortion after 15 weeks GOP-led states in recent buke from President Biden, ing information about a stu- about their sexuality with their
of pregnancy last week. Flor- years have tried to enact bans who called it “hateful” in a dent’s mental, emotional or parents need to be able to con-
ida’s House of Representatives on abortion earlier than what tweet earlier this month. physical health, including gen- fide in another adult. The bill’s
advanced its bill in a 78-39 is allowed under current Su- Lawmakers in several other der identity, from parents. An- wording that instruction must
vote just after midnight on preme Court precedent, which states, including Iowa, South other provision allows parents be age-appropriate is so broad
Feb. 17 following hours of de- falls around 24 weeks of preg- Carolina and West Virginia, to sue school districts over al- that it is hard to know what is
bate—and an interruption nancy. Lower courts have have introduced similar mea- supremacy is entrenched in leged violations of the bill. restricted, they say.
from protesters. blocked those laws. sures in the past year. A bill U.S. laws and institutions—or Republican Rep. Joe Hard- Brian Kerekes, a 37-year-old
The bills in each state now One current exception is filed in Tennessee would for- increase transparency around ing, sponsor of the House ver- high-school teacher in Kissim-
move to other chambers. Law- the Texas Heartbeat Act, bid schools from using text- school curricula. sion of the bill, said Tuesday mee, Fla., said students have
makers who support the bills which bans abortion after books and instructional mate- The Florida gender and sex- during a floor debate that the approached him to share their
expect them to be finalized about six weeks of pregnancy rial that promote or support uality bill is the latest in a measure doesn’t limit the gender identity. He said he
and signed into law, as gover- and was enacted in September. LGBT lifestyles. string of legislation centered speech of students or curtail considers it his job to provide
nors in those states have The law created a new en- Debating what goes on in on these issues in the wake of discussions of different types a safe space for them to learn,
voiced antiabortion views. forcement structure that al- the classroom has proved a po- the 2015 Supreme Court deci- of families, including those and to respect requests such
The legislation would allow lows private citizens to bring larizing and a galvanizing sion legalizing same-sex mar- with same-sex parents. as which pronouns students
the states to more easily and civil lawsuits against abortion force in local politics across riage, said Cathryn Oakley, Proponents of the bill say would like used.
quickly enforce laws similar to providers as well as anyone the country. Conservative law- state legislative director and they are trying to ensure par- The bill “adds stress and
Mississippi’s should the Su- who aids or abets an abortion. makers have proposed legisla- senior counsel at Human ents, not teachers, are the ones anxiety,” he said. “But that
preme Court uphold that 15- The Supreme Court has al- tion to ban teaching about Rights Campaign, a gay-rights discussing issues of sexuality isn’t going to stop me from be-
week ban, the lawmakers say. lowed that law to stay in ef- critical race theory—which ar- advocacy group. Previous pro- and gender with their children. ing there to support a student
Abortion-rights advocates fect as a challenge continues. gues that the legacy of white posals include bills banning “In the school system, there if they need help.”
$12M
sion. States.” and in this original oil on canvas titled
Citing the Journal report, The commission includes Fleurs dans le parc, his skillful eye captures
three lawmakers serving on eight members of Congress
the commission wrote last and 16 private citizens se-
blooming flowers on a warm, serene day.
week to Daniel DiLella, who is Funds the Semiquincentennial lected by the Democratic and Charreton transports the viewer into the scene, as the tranquility of the park
chairman of both the federal Commission has received Republican leaders of the and the softness of the petals radiate from the canvas. Today, Charreton’s
commission and the House and Senate. works are held in the collections of the Musée d’Orsay in Paris and the
America250 Foundation, call- Twelve nonvoting, ex offi- Boston Museum of Fine Arts, among others. Circa 1933. Signed (lower left).
ing for a prompt investigation cio members include cabinet
of the issues. The women allege they suf- secretaries, officials such as Canvas: 38”h x 52”w; Frame: 461/2”h x 591/2”w. #31-4709
“Given that the foundation fered a hostile workplace, un- the librarian of Congress and
is partially financed with fed- equal pay and retaliation at retired Supreme Court Justice
erally appropriated money, we the America250 Foundation. Anthony Kennedy.
are also concerned as repre- They claim the federal com- The commission has re-
sentatives of the taxpayers. mission, which the foundation ceived some $12 million in
That these funds would be was established to support, federal appropriations so far,
misused or discrimination in and the American Battlefield most of which it has turned
any way involved in their ex- Trust, a nonprofit selected by over to the America250 Foun-
penditure is unacceptable,” then-Interior Secretary Ryan dation.
wrote Sen. Robert Casey (D., Zinke to provide administra- The commission is next
Pa.), Rep. Dwight Evans (D., tive support to the commis- scheduled to meet on March 622 Royal Street, New Orleans, LA • 888-767-9190 • ws@rauantiques.com • msrau.com
Pa.) and Rep. Bonnie Watson sion and which later helped 9, when its agenda includes
Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
Coleman (D., N.J.). create the foundation, failed items that would solidify Mr.
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
The day after receiving the to supervise the organization. DiLella’s control of the body
lawmakers’ letter, Mr. DiLella A representative of the and ratify past actions of the
said he said he took “seriously Battlefield Trust didn’t imme- foundation, which several
these allegations including fi- diately respond to a request commissioners have ques-
nancial mismanagement.” He for comment. tioned.
.
FROM TOP: CHRISTOPHER OCCHICONE FOR THE WALL STREET JOURNAL; DANIEL LEAL/AGENCE FRANCE-PRESSE/GETTY IMAGES
Russian First Wave Controlled by Areas penetrated by Russian ground troops
attacks* Second Wave or allied to Russia Thursday Feb. 24 advance
Sumy
Antonov Airport
Kharkiv
Kyiv
Lutsk
POLAND Borispol Airport Luhansk
Zhytomyr Popasna
ve
Debaltseve
Brody
Lviv Vinnytsia UKRAINE Donetsk
Zaporizhzhia Controlled by
separatists
Ivano-Frankivsk Mariupol
Berdyansk
TRANSNISTRIA Mykolayiv Melitopol
Sea of Azov
Kherson
MOLDOVA
ROMANIA Odessa
CRIMEA
200 miles
Sevastopol Black Sea
200 km
An apartment block on the left bank of Kyiv was destroyed by a Russian projectile, top. Ukrainian
*Locations are approximate; Sources: Organization for Security and Cooperation in Europe (Russia-controlled area Max Rust and Emma Brown servicemen pick up the body of an Ukrainian man who was shot when a Russian armored vehicle
Data as of Friday in eastern Ukraine); Dr. Phillip Karber, Potomac Foundation, Ukrainian officials (attacks) THE WALL STREET JOURNAL drove past him, on a sidewalk in the north of the capital city.
A10 | Saturday/Sunday, February 26 - 27, 2022 * ***** THE WALL STREET JOURNAL.
WASHINGTON—Oil’s surge
On Stake
past $100 a barrel after Rus-
sia’s attack on Ukraine intensi-
fies the economic troubles
In Rosneft
confronting President Biden, BY MAX COLCHESTER
whose administration has AND JENNY STRASBURG
been struggling for months to
reel in rising inflation. LONDON—The British gov-
Benchmark U.S. oil futures ernment is pressuring British
ended lower on Friday, set- oil giant BP PLC to offload its
tling at $91.94, down 0.9% on minority stake in Russian oil
the day. With prices at their company PAO Rosneft, citing
highest since 2014, Mr. Biden the Russian oil giant’s links to
said he was prepared to re- the Kremlin and accusing Ros-
lease more oil from the gov- neft of fueling the Russian
MANDEL NGAN/AGENCE FRANCE-PRESSE/GETTY IMAGES
$3.6 billion into U.S. stock ex- shed almost 8% Thursday. President Vladimir Putin on the
change-traded funds alone for The Stoxx Europe 600 rose board of the Russian Geograph-
the week through Thursday, 3.3%, but remained down 1.6% ical Society, the person familiar
with more than $3 billion go- for the week. Japan’s Nikkei with the discussion said.
ing into the broad SPDR S&P 225 rose 1.9%, and the CSI According to the organiza-
500 ETF Trust, according to 300, which comprises the larg- tion’s website, Mr. Putin chairs
FactSet. est stocks listed in Shanghai the board, which includes Mr.
The gains pushed indexes and Shenzhen, both rose 1% Looney as well as heads of
sharply higher, undoing much after falling Thursday. Hong Russian banks and other enti-
of the damage stocks suffered Kong’s Hang Seng Index ties that have been subject to
following Russia’s incursion A panel displayed the euro exchange rate at an office in St. Petersburg, Russia, on Friday. slipped 0.6%. Western sanctions. The organ-
into Ukraine earlier in the Futures for Brent crude, the ization supports arts and
week. The S&P 500 ended up officer at St. Gotthard Fund main broadly unaltered,” said midday Thursday after Presi- global oil benchmark, edged other cultural causes, accord-
adding 0.8% for the four-day Management. “Right now we Seema Shah, chief strategist at dent Biden outlined additional down 1% to $94.45 a barrel, ing to the website, which says
trading week. However, the have to focus on what’s hap- Principal Global Investors. “A sanctions on Russia. while European natural-gas trustees serve voluntarily.
broad benchmark remained pening in Kyiv, how bloody the modest path higher—but one Other markets have also prices retreated by more than Mr. Looney has served on
stuck in a correction after de- coming days will be, and I that could be hit with signifi- been roiled by the conflict. Be- one-fifth after rocketing the organization’s board since
clining more than 10% from its would say definitely the Rus- cant volatility and uncer- fore falling Friday, oil prices Thursday. Brent topped $100 a 2020, replacing former BP
January high on Tuesday. sian sanctions still can be tainty.” reached their highest level in barrel early Thursday before CEO Bob Dudley, according to
The Nasdaq Composite stepped up.” Stocks initially appeared set nearly a decade. Wheat fu- falling back. the BP spokesman. He said Mr.
ended up adding 1.6% over the On Friday, the Dow Jones for major losses this week. tures also have surged. Rapid inflation and the Looney has attended one vir-
last four days, while the Dow Industrial Average added On Monday, while markets So far, investors have re- prospect of tighter monetary tual meeting related to the
Jones Industrial Average 834.92 points, or 2.5%, to were closed for a holiday, Rus- sponded positively to stiffen- policy were complicating the board role, in April 2021. BP
clawed itself out of a big loss, 34058.75. It was the Dow’s sian President Vladimir Putin ing restrictions on Russian outlook for some traditional declined to comment further.
ending the week roughly flat. best day since November deployed troops into an east- companies and individuals, haven assets such as Treasury Rosneft contributes roughly
Bitcoin, meanwhile, gained 2020. The S&P 500 gained ern region of Ukraine. Stocks with markets either recovering bonds, the U.S. dollar and a third of BP’s oil-and-gas pro-
1.6%, as the cryptocurrency 95.95 points, or 2.2%, to sold off sharply Tuesday as in- some losses or rallying after gold, said Yung-Yu Ma, chief duction.
neared $40,000. Oil prices fell. 4384.65. The Nasdaq Compos- vestors pondered how the the unveiling of sanctions this investment strategist for BMO The BP-Rosneft relationship
Investors sold bonds, pushing ite advanced 221.04 points, or fighting, its effect on commod- week. Given the scale of Mos- Wealth Management in the intensified a decade ago,
the yield on the benchmark 10- 1.6%, to 13694.62. ity markets and retaliatory cow’s attack, investors are U.S. through mutual interest in
year U.S. Treasury back near Some analysts and inves- Western sanctions would rip- preparing for potentially In bond markets, the yield jointly exploring for oil and gas
2%. Other haven assets, such tors said the end-of-week rally ple through a world economy stricter restrictions, such as on the benchmark U.S. 10-year in the Russian Arctic. At the
as gold and silver, fell. had more to do with investors already grappling with ele- cutting off Russia from vital Treasury note rose to 1.984% time, BP was reeling from its
Despite the rebound, inves- pricing in expectations that vated inflation and coming in- international financial infra- from 1.969% Thursday. Yields April 2010 Deepwater Horizon
tors said they are bracing for the Fed will take a less aggres- terest-rate increases by major structure. and prices move inversely. drilling-rig disaster in the Gulf
further turbulence. Even after sive path on interest-rate in- central banks. Most sectors of the stock Gold prices slipped 2% to of Mexico, which was costly fi-
Moscow suggested it was open creases. Several said they be- By Tuesday’s close, the S&P market registered gains over $1,886 a troy ounce. nancially and reputationally.
to negotiations, which helped lieve the conflict in Ukraine 500 shed 1%, leaving it down the week. Technology stocks, “It looks like the military BP is Rosneft’s biggest pri-
send the stock market higher adds too much uncertainty to more than 10% from its early- which have played a major action in Ukraine could be vate shareholder, said the Rus-
Friday, Kyiv came under re- the economic picture, making January record in its first cor- role in the market’s twists and protracted,” said Mr. Ma, add- sian company. According to a
newed bombing and land at- a quarter-point rate increase rection in more than two turns in recent sessions, added ing that this would make December 2021 Rosneft business
tacks. more likely next month rather years. The selling continued 1.3% over the four trading short-term market movements update, BP is the “leading Brit-
“I do not think that this than the half-point some offi- into Wednesday and most of days, with Google parent Al- difficult to predict. ish investor in the Russian econ-
highly volatile period is al- cials had previously suggested. Thursday as Russia began its phabet rising 3.1%. —Dave Sebastian omy with a total investment of
ready coming to an end,” said “Ultimately, the long-term invasion of Ukraine. However, The utilities, healthcare and and Caitlin Ostroff $18 billion.” The figure fluctu-
Daniel Egger, chief investment path for risk assets will re- stocks staged a turnaround real-estate sectors all added contributed to this article. ates based on Rosneft’s value.
.
From left, clockwise: Russian President Vladimir Putin with President George W. Bush, President Obama,
President Biden and President Trump. Successive American leaders have sought to keep the possibility for
cooperation with Russia open, through varying tactics, despite major strategic differences.
2017 2021
Misreading 2014
allowed Georgia and Ukraine
to eventually be admitted but
with no date set.
ern leaders imagined Mr. Putin Putin told him that Ukraine
would go through with a full- wasn’t a real country, accord-
scale invasion, having miscal- ing to Western officials.
culated his determination to In August that year, Mr. Pu-
use force—on a scale that re- tin invaded Georgia, routing a
calls the Soviet invasion of U.S.-trained Georgian military.
Czechoslovakia in 1968—to re- Western experts say the Rus-
store Russian control over the sia learned from the military
nations on its periphery. mishaps in that incursion and
Russian forces moved by air subsequently upgraded its
and land to attack Kyiv on Fri- equipment and shifted toward
day after launching an inva- a professional, rather than a
sion Wednesday. A Russian conscript, army.
Foreign Ministry spokes-
woman said Russia was ready
for negotiations, but the goals Slighted by U.S.
of its combat operation to “de- Pro-Russians wearing military fatigues in 2014, as Moscow increased its aggression toward Ukraine. When Mr. Obama visited
militarize” Ukraine remained. Russia in 2009, he met Mr. Pu-
“It was strategic narcissism Putin’s invasion plans. The halting NATO expansion. Mr. Bush attempted to build NATO had meanwhile con- tin at his dacha. There, ac-
and an associated failure to misreading of Mr. Putin, how- “The West did not underes- a personal relationship with tinued its expansion to East- cording to a memoir by the
consider the emotion, ideol- ever, cuts across multiple U.S. timate Russia’s military capa- him. In their first meeting at a ern European countries that U.S. president, he received an
ogy, and aspiration that drives administrations. bilities. It watched the deter- summit in Slovenia in June had been in the Soviet-aligned “animated and seemingly end-
Putin and the Siloviki around Former President George W. mined military modernization 2001, Mr. Bush said: “I looked Warsaw Pact in 1999 and then less monologue” on the slights
him,” said H.R. McMaster, the Bush said he had looked into program since the Georgian the man in the eye and found in 2004, when the alliance was Mr. Putin felt the U.S. had
retired three-star Army gen- Mr. Putin’s eyes and found him war in 2008, and saw some of him very straightforward and also enlarged to cover the made, including expanding
eral who served as former U.S. trustworthy. Former President its fruits in the militarily suc- trustworthy… I was able to get three Baltic states that had NATO and invading Iraq.
President Donald Trump’s na- Barack Obama dismissed Mr. cessful intervention in Syria in a sense of his soul. He’s a man been part of the Soviet Union. After Russian forces seized
tional security adviser, refer- Putin’s Russia as a “regional 2015,” said William Courtney, who’s deeply committed to his The U.S. and its allies saw en- Crimea from Ukraine in 2014,
ring to the small circle of power” threatening its neigh- the former U.S. ambassador to country and the best interests largement as a way to encour- Mr. Obama dismissed the de-
hard-line advisers around the bors out of weakness. Former Georgia and Kazakhstan dur- of his country.” age reform in the newly velopment as the actions of a
Russian president. President Donald Trump saw ing the Clinton administration. After the Sept. 11 attacks, emerging democracies. NATO’s “regional power that is threat-
the U.S.’s European allies, and “But the West may have un- Mr. Putin was the first foreign new members were looking to ening some of its immediate
their reluctance to assume derestimated the Kremlin’s leader to call Mr. Bush to offer sit under the U.S. security um- neighbors, not out of strength
Open disdain more of the burden for de- willingness to use force in Eu- condolences and cooperation brella should Russia threaten but out of weakness.” The fol-
Mr. Putin’s all-out assault on fense, as a bigger problem rope, and against a people in fighting terrorism. to absorb them again. lowing year, after Russian
Ukraine has put the West on its than putting the Kremlin on which Putin claims are one He offered intelligence and forces intervened in Syria on
back foot, where it is now notice. President Biden sought with Russians.” logistical support to the U.S. President Bashar al-Assad’s
struggling to find ways to de- to build a “stable, predictable” Mr. Putin’s early coopera- as it invaded Afghanistan, over Railed against NATO behalf, U.S. officials played
ter the Kremlin’s aggression relationship with Mr. Putin tion with the West morphed the heads of some in Russia’s Mr. Putin’s anger over en- down the significance, saying
and to influence a Russian with a summit meeting in into animosity over his two military establishment. Mi- largement became clear in a it might even lead to a Russian
leader who has openly ex- June. decades in power. The Russia chael McFaul, who would later speech he made at the annual quagmire.
pressed disdain for the West The attack exposes compla- he inherited had a broken bu- become an adviser to the Munich Security Conference in Successive U.S. presidents
and called into doubt its will- cency in Europe, which al- reaucracy and an economy the Obama administration at the 2007, where he surprised his sought to keep the possibility
ingness to take decisive action. lowed its military to shrink size of Belgium. Now he over- time praised the relationship audience as he railed against for cooperation amid the dif-
The costs of the West’s fail- and did little to reduce its en- sees a government and mili- as “another chance to really the unipolar world dominated ferences. Mr. Shea, the former
ure to deter Russia are now be- ergy dependency on Russia, tary fueled by years of high end the Cold War.” by the U.S. There he laid out NATO official, said in retro-
ing borne by Ukraine, which for despite Moscow’s increasingly energy prices. Thomas Graham, the senior his grievances against NATO spect that the West should
14 years has existed in a strate- aggressive behavior, which in- When Mr. Putin became National Security Council offi- expansion, leveling allegations have acted earlier and more
gic purgatory: marked for po- cluded cyberattacks on West- president in 1999, he cut a cial for Russia affairs in the of broken promises from the firmly.
tential membership in the ern targets. Even as the West very different figure from his Bush administration, said that West that NATO wouldn’t shift “We should have imposed
North Atlantic Treaty Organi- imposes sanctions on Russia, predecessor, Boris Yelstin. Mr. the U.S.-led invasion of Iraq eastward and depicting en- in my opinion the sanctions on
zation but never admitted into it is sending hundreds of mil- Yeltsin had a jovial, backslap- was the first of several events largement as a threat to Rus- Russia that we are imposing
the alliance and the security lions of dollars daily to pay for ping relationship in public that Mr. Putin would have ob- sia. today either in 2008 or 2014,
guarantees that it provided. Russian gas. with former President Bill jected to if Russia carried Enlargement “represents a because then Putin might have
Longer term, the invasion Western leaders took com- Clinton. Mr. Putin was a closed more sway. serious provocation that re- got the message that the West
has ruptured the already chilly fort in the limited nature of book. “Putin didn’t believe in duces the level of mutual would react vigorously and
relations between the Western Mr. Putin’s earlier military in- By the time Mr. Putin came these things but didn’t see trust. And we have the right to might have been deterred,”
alliance and Moscow. terventions. Those were con- to power—via the KGB and lo- much point in opposing them ask: Against whom is this ex- Mr. Shea said.
When Mr. Putin’s forces in- sidered deniable, smaller-scale cal politics in his native Saint because the West was going to pansion intended?” he said. Ukrainian President Volod-
vaded Georgia in 2008 after it operations that sought to Petersburg—Russia was inside do them anyway,” Mr. Graham Tensions ratcheted up fur- ymyr Zelensky, days before
was promised eventual NATO mask the extent of Russia’s the Group of Eight and was said. “He told people that he ther a year later. Mr. Putin Russia launched war on his
membership, and recognized role. Russian actions also in- being consulted by NATO al- was not going to oppose them was invited to a NATO summit country, likened the West’s
two breakaway areas, the cluded hacks on the Demo- though staying outside the al- publicly because it would just in Bucharest, where leaders posture toward Russia to the
West reacted by temporarily cratic National Committee in liance. make him look bad.” were discussing a route into mistakes of appeasement in
suspending dialogue, before 2016 and cyber attacks on its Mr. Putin’s suspicions to- the alliance for Georgia and the 20th century. He criticized
returning to business as usual. neighbors. The U.S. and its al- ward the West became more Ukraine. While Mr. Bush Western nations for not im-
Sanctions imposed after Rus- lies neither marshaled the mil- International scene pronounced with the so-called wanted the countries to be ad- posing sanctions earlier.
sia’s annexation of Crimea in itary and economic leverage to In his early exchanges with colored revolutions beginning mitted in short order, France “What are you waiting for?”
2014 also didn’t bite. forestall his invasion of Western leaders and new on in 2004 that toppled leaders and Germany opposed the he said. “We don’t need sanc-
In recent months, senior Ukraine nor presented a major the international scene, Mr. of former Soviet states, and move. tions after the bombardment
U.S. officials have laid out Mr. diplomatic concession, such as Putin appeared respectful. later with the Arab Spring. In the end, a compromise begins.”
.
A12 | Saturday/Sunday, February 26 - 27, 2022 * ***** THE WALL STREET JOURNAL.
India Is Walking
Fine Line in Ties
With Moscow
BY SHAN LI can have our cake and eat it
AND RAJESH ROY too here—that we don’t really
have to pick sides at all,” said
NEW DELHI—As the U.S. and Sreeram Chaulia, dean at O.P.
its allies condemn Russia’s inva- Jindal Global University’s
sion of Ukraine, India is trying School of International Affairs
to maintain a tricky balance be- in Sonipat, India.
tween a decadeslong strategic Mr. Chaulia said the inva-
relationship with Moscow and sion of Ukraine hasn’t changed
New Delhi’s role in an emerging New Delhi’s calculus that stay-
coalition of democracies. ing neutral is more advanta-
MIKHAIL METZEL/KREMLIN PRESS POOL
you see me alive,” he told the Mr. Zelensky rose to popu- few hours throughout the past
leaders, according to two Eu- larity as a stand-up comic and two days, including an emo-
ropean officials familiar with actor in a sitcom on which he tional address early Friday in
his comments. portrayed a schoolteacher which he said he was in Kyiv
Russian disinformation cam- turned president. and his family was in Ukraine.
paigns have tried to sow the Now, Ukraine’s president is “We are not traitors,” he
impression since Thursday that using his characteristic raspy said, in response to online ru-
Mr. Zelensky had fled his capi- voice not to raise laughs but to mors that he and his family
tal city. lash Russia, rally Ukrainians had fled.
A person with the president and exhort world leaders to Mr. Zelensky recounted tales
said that he is in good spirits help Ukraine and levy tougher of heroic Ukrainian defiance in
and determined to remain in sanctions on Moscow. President Volodymyr Zelensky addressed Ukraine on Thursday after the attacks began. the face of Russian assaults, in-
Kyiv. “We aren’t afraid of any- cluding 13 border guards on an
“The president is ready to thing,” he said early Friday. in Donbas and crush the cor- Russia in 2014. A court ordered exaggerated. island in the Black Sea who he
die, but will stay,” the person “We aren’t afraid to defend our ruption that has dogged a pro-Russian lawmaker and Even as the number of said had been wiped out after
said. country. We aren’t afraid of Ukraine since it declared inde- close friend of Mr. Putin to be troops around Ukraine ex- refusing to surrender. He said
“The enemy has marked me Russia.” pendence from the Soviet held under house arrest on ceeded 100,000 in January, he they would be recognized as
as Target No. 1, my family as Mr. Zelensky’s firmness is Union in 1991. treason charges. said an invasion was unlikely Heroes of Ukraine, the coun-
Target No. 2,” Mr. Zelensky winning him praise even He won a visible early politi- In Russia’s eyes, said people as he sought not to spread try’s highest honor.
told Ukrainians in a televised among former critics. cal success, securing a prisoner close to Mr. Zelensky, he began panic or undermine the coun- In a fresh televised address
address in the small hours of “President Volodymyr Zel- exchange with Moscow, as well to look and sound like his pre- try’s economy. as day broke in Kyiv after a
Friday morning. “They want to ensky has made many really as inching toward a deal with decessor, Mr. Poroshenko, As the U.S. warned Wednes- night of missile and air attacks,
destroy Ukraine politically by bad mistakes, and I’m sure will Russia to advance peace talks. whom Moscow cast as a war- day that a Russian invasion Mr. Zelensky again appeared
destroying the head of the make many more, but today But street protests urged monger for his refusal to sub- was imminent, Mr. Zelensky’s defiant against Russia, and
state.” he’s showing himself worthy of Mr. Zelensky not to be rail- mit to its demands. office tried to reach the Krem- took another swipe at the West
His voice echoed off the the nation he’s leading,” Olga roaded into a deal. Western “For the Russians, that was lin but received no answer, ac- for its weak response.
walls of a media-briefing room Rudenko, chief editor of the diplomats and advisers warned the end,” said one person close cording to Ukrainian officials. “This morning we are de-
devoid of journalists because of Kyiv Independent news web- him Russia was trying to hood- to him. After Russian missiles and fending our state alone, as we
increased security measures site, wrote on Twitter on Fri- wink him into an agreement Mr. Zelensky looked for sup- airstrikes hit cities across the did yesterday. The world’s
around him. day. that would give Moscow sway port in the West but was disap- country Thursday, Mr. Zelensky most powerful forces are
On Friday, Ukraine’s army Political opponents also over Ukraine’s future via its pointed by the response, allies recorded a one-minute video, watching from afar,” he said.
was putting up a stern resis- have rallied to the cause. Petro proxies in eastern Ukraine, said. He was particularly irri- apparently on his cellphone, “Did yesterday’s sanctions con-
tance to the Russian invasion, Poroshenko, who faces a trea- which had been fighting Kyiv tated by what he saw as the calling on Ukrainians to be vince Russia? We hear in our
slowing its progress. Mr. Zel- son investigation that he calls since 2014. Mr. Zelensky took a West’s duplicitous position of calm. sky and see on our land that
ensky switched from a suit to a politically motivated, appeared firmer line, and talks stalled. saying Ukraine would be a “We are working. The army this is not enough.”
khaki T-shirt and delivered on CNN carrying a Kalashnikov The Ukrainian president be- member of NATO one day, but is working,” he said. “I will be Later, he also appealed in
calm but firm speeches from rifle in central Kyiv. Asked how gan pushing for closer ties with not offering a clear path to ac- in touch with you constantly.” Russian to Mr. Putin, calling for
behind a lectern at the presi- long he thought Ukrainian de- the North Atlantic Treaty Or- cession. Mr. Zelensky worked the talks to stop the killing. Then
dential administration building fenders could hold out, he said: ganization. He launched a pub- When the U.S. began warn- phones with Western leaders, he addressed the Ukrainian
in central Kyiv. “Forever.” lic campaign calling for Ukraine ing of a potential full-scale in- urging them to impose stron- army: “You are all we have. You
Mr. Zelensky went from po- Mr. Zelensky took office in to regain control of Crimea, the vasion late last year, Mr. Zel- ger sanctions on Russia. Speak- are all that is defending our
litical novice to president after 2019 pledging to end the war Black Sea peninsula seized by ensky said the threat was ing to European Union leaders, state. Glory to Ukraine!”
.
WORLD NEWS
China Orders Hong Kong to Curb Covid-19
Beijing sends teams On Jan. 21, officials ordered
a five-day lockdown of a hous-
to rein in Omicron ing block at the center of the
before Xi’s visit on outbreak, a move unpopular
with residents.
handover anniversary After the Lunar New Year
holidays, a popular time for
HONG KONG—As Covid-19 family gatherings, daily con-
cases spiraled and elderly firmed cases started spiking,
Hong Kong residents lay on rising into the thousands.
gurneys outside overwhelmed Many who tested positive for
hospitals, Chinese Vice Pre- Covid called ambulances or
mier Han Zheng summoned showed up at hospital emer-
the city’s leader, Carrie Lam, gency rooms even if they had
to a closed-door meeting in no or mild symptoms, in line
the mainland city of Shenzhen. with public guidance at the
time to seek treatment. The
By Natasha Khan, flood of people swamped the
Keith Zhai city’s hospitals.
and Dan Strumpf The city’s hospital chief
told Chinese state media this
Mr. Han, Beijing’s highest- week they needed the main-
ranking official overseeing land’s help to cope.
Hong Kong affairs, passed on a Hong Kong’s testing capac-
PRINT EDITION
© 2022 Dow Jones & Co., Inc. All rights reserved. 6DJ8710
.
A14 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.
OBITUARIES
D U VA L L H E C H T JEFF HYLAND
1930 — 2022 1 9 47 — 2 0 2 2
C
ommuting to his job in one of his life’s greatest pleasures. chitect but wasn’t good at math. the Clampett residence in “The
downtown Los Angeles in the He pursued that sport while For five years after college, he Beverly Hillbillies.”
early 1970s, Duvall Hecht got serving as a pilot in the U.S. Ma- devoted himself mostly to surf- He was especially fond of a
tired of listening to what he called rines in the mid-1950s. At the 1956 ing. Then he obtained a real-es- Beverly Hills property known as
“bad music and worse news.” He Olympics in Melbourne, Mr. Hecht tate license and proved extraordi- Enchanted Hill. Mr. Hyland ar-
tried propping a reel-to-reel tape and his partner, Jim Fifer, defeated narily successful at selling high- ranged a sale of the property in
player on the passenger seat and a Russian team to win gold medals end homes. In 1993, he joined the late 1990s to Microsoft co-
listening to books for the blind. in pair-without-coxswain rowing. Rick Hilton to found a Beverly founder Paul Allen for $20 mil-
Then Mr. Hecht, a marketing He later flew for Pan American Hills brokerage, Hilton & Hyland. lion. Mr. Hyland’s final major
manager for a securities firm who World Airways but quit after a year. Clients liked his encyclopedic transaction was the recent resale
had won a gold medal in rowing at It was like driving a bus, he said. knowledge of grand estates and of the property to Eric Schmidt,
the 1956 Olympics, hit on a busi- He earned a master’s degree in his stories about dysfunctional the former chief executive of
ness idea: recording books on cas- communications at Stanford. He Hollywood couples or reclusive Google, for $65 million.
sette tapes, then becoming popular taught English at Menlo College billionaires who had lived in them. Mr. Hyland died Feb. 16. He
as players were installed in more and then went into the securities In 2019, Mr. Hyland repre- was 74 and had been under treat-
cars. In 1975, Mr. Hecht set up industry, following his father. sented a buyer from Saudi Arabia ment for sarcoma.
Books on Tape Inc., using seed In his free time, he founded a in a roughly $120 million deal for —Katherine Clarke
money partly raised by selling his rowing program at the University
10-year-old Porsche. of California, Irvine where he
He was years ahead of the later Mr. Hecht died Feb. 10 at his served as a coach and fundraiser
rush by big publishers to churn home in Costa Mesa. He was 91. for decades. He also served at vari- JA N C O L L I N S
out abridged bestsellers, some- “Listening is just returning liter- ous times as a rowing coach at 1929 — 2022
times read by big-name actors. Mr. ature to its original form, before Menlo College and the University
Hecht’s strategy was different: He Gutenberg got into the act,” he of California, Los Angeles.
preferred unabridged books, even
if that meant several dozen tapes
for “War and Peace.” He also fa-
once said.
After selling the recorded-books
business, he had trouble finding
After seven years of truck driv-
ing, he took a job as a financial
writer at an investment firm. He
Publisher Embraced
vored little-known actors, who
charged less and tended not to dis-
tract the reader with stagy vocal
another job that interested him.
The solution was to revive a boy-
hood dream and learn to drive
also invented a scooter, dubbed the
Zipper, to improve mobility for
people with physical challenges. He
‘Good News’ Bible
flourishes. Tapes were rented or long-haul trucks. After a six-month sold only a few of them but zipped
A
sold through the mail. course, he began driving for a around on one in his later years. s a British publisher in the image in a mirror.” Though jeered
“We have weavers and sculptors haulage company in his mid-70s He met Ann Marie Rousseau, a 1970s, Jan Collins found his by those who preferred the more
who rent from us,” Mr. Hecht told and later bought his own Freight- fine-arts photographer and painter, greatest success with a jar- stately language of the King
The Wall Street Journal in 1986. liner truck. He spent seven years after she entered an essay contest ringly modern Bible rather than James version, the series proved
“There’s even an undertaker who as a truck driver. sponsored by Books on Tape. racy novels or success manuals. immensely popular. The American
listens with a tiny earpiece during Though she didn’t win, her entry Mr. Collins was a senior execu- Bible Society says about 244 mil-
D
funerals.” riving a truck “is my medi- caught his eye and led to corre- tive and descendant of the lion copies have been published.
Most of the customers, he said, tation,” he told the Orange spondence and later a meeting be- founder of William Collins & Sons, Amid internal discord over
were overachievers, people “crazy County Business Journal. tween them. They married in 2002. established in 1819 by a Glasgow management of Collins, he left in
with frustration because they’re “It’s solitude. You can hardly find Ms. Rousseau survives him, schoolmaster. When the American 1981 and sold his stake to a com-
two hours behind the wheel and that anymore.” along with four children and three Bible Society in the mid-1960s pany controlled by Rupert Mur-
all that time is going down the It also gave him more time to grandchildren. Two earlier mar- produced “Good News for Modern doch, now executive chairman of
sewer.” listen to books. riages ended in divorce. Man,” Jan Collins embraced it. News Corp, which owns The Wall
Based in a converted sail-mak- The son of a stockbroker, Duvall He liked his Bombay gin served His company became a distributor Street Journal. Collins is part of
ing loft in Costa Mesa, Calif., the Young Hecht was born April 23, on ice, in a bucket glass, with two of the plain-English Bible in Brit- News Corp’s HarperCollins.
business employed dozens of peo- 1930, in Los Angeles. At Beverly onions. ain and later elsewhere in Europe. Mr. Collins died Jan. 29. He
ple and had steady demand from Hills High School, he was named In his final holiday greeting “Good News” and its later in- was 92 and had prostate can-
libraries and people who wanted Most Popular Boy. After a year at card, he wrote: “There are still les- carnations were aimed partly at cer. During the Covid-19 lock-
to hear the whole book. Mr. Hecht Menlo College, he transferred to sons to learn from life.” people with little formal educa- down, he played 1,000 holes of
sold the firm to Bertelsmann’s Stanford University, where he tion or those who spoke English golf at a course in his backyard to
Random House unit in 2001 for an studied journalism. Though he Read in-depth profiles at as a second language. “Through a raise money for charity.
estimated $20 million. didn’t make the Stanford football WSJ.com/news/types/obituaries glass, darkly” became “like a dim —James R. Hagerty
WORLD WATCH
For more information:
In Memoriam wsj.com/inmemoriam
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Mr. Gui went missing in 2015
Covid Protests Likely from his seaside home in Thai-
INMEMORIAM
Every Wednesday and Saturday To Grow on Weekend land and turned up months later
in China. He was convicted in
To learn more, visit The number of cars and 2020 of “illegally providing intel-
WSJ.com/InMemoriam trucks blocking the streets out- ligence overseas” and sentenced
© 2022 Dow Jones & Company, Inc. All Rights Reserved. side New Zealand’s Parliament to 10 years in prison.
was thinning Friday, although —Associated Press
.
OPINION
Will Democrats Throw It All Away in 2024?
By Elaine Kamarck for Democrats has con- shapes competition be-
And William A. Galston tinued since the 2020 tween the parties.
I
election. By the middle National politics
n recent years, a substantial of this month, 43% of hasn’t always been this
portion of the Democratic Hispanics reported that way. Of the 17 presiden-
Party has convinced itself of they felt closer to the tial elections between
myths about the electorate Republican Party than to 1920 and 1984, 10 were
that don’t comport with re- the Democrats. At the settled with popular-
ality. That’s a prescription for de- same time, gaps emerged vote margins of 10
feat, with dire consequences if the between Hispanics and points or more, and five
Republican Party nominates Don- African-Americans on yielded landslides ex-
ald Trump again in 2024. His re- key issues. Hispanics are ceeding 20 points. But
turn to the Oval Office would re- much more likely than in the nine elections be-
new the threat he poses to African-Americans to tween 1988 and 2020,
democracy. view police misconduct no candidate has come
The Democratic Party’s first as isolated incidents close to a 10-point mar-
duty is to protect our constitu- rather than evidence of gin. In four of these
tional institutions by preventing systematic bias, and only elections, the winner
that outcome, and every other 35% of Hispanics have a failed to secure a major-
consideration, however worthy, favorable view of critical ity of the national popu-
DAVID GOTHARD
must yield to this overriding ne- race theory, compared lar vote; two of them
cessity. But the party is refusing to with 60% of African- didn’t get even a plural-
confront the unyielding require- Americans. As the school ity. Five of the past six
ments of electoral success. board recall election in presidential elections
Mr. Trump’s victory in 2016 San Francisco shows, had popular-vote mar-
wasn’t the aberration many Demo- Asian-Americans who gins of less than 5
crats think it was, and his re-elec- see selective educational points.
tion defeat wasn’t a foregone con- institution as the key to During this 32-year
clusion. He received 11 million upward mobility can also period, both parties
more votes in 2020 and increased clash with other minor- proved unable to estab-
his share of the popular vote by ity groups. lish a stable national
about one point. The Republican • Economic determin- majority, and the White
Party’s shift toward populism and ism. Much has changed House has changed par-
a working-class orientation in- since Franklin D. Roose- ties five times. Of the
creased its share of occasional and velt took office, but for roughly one billion
new voters, especially in Pennsyl- some Democrats it will always be Ocasio-Cortez, compared with Democratic Party runs from the votes cast for the major-party can-
vania and the Midwest. 1933. Too many believe that eco- 26% who supported a center-left far left—where a concept like dem- didates in the past nine elections,
Yet beguiled by three comfort- nomic issues are the “real” issues party corresponding to Mr. Biden. ocratic socialism is very popular— Democrats received 51.2%, Republi-
ing myths—that people of color and cultural ones are mostly diver- (The survey didn’t mention any to the center, and Democrats’ dom- cans 48.2%.
think and vote alike, that econom- sions invented by their adversaries politician by name.) inance in the electorate means Even though deepening parti-
ics trumps culture, and that a pro- for political purposes. But for Most Americans want evolution- that they can succeed without pay- sanship has reduced the number of
gressive majority is emerging— Americans across the political ary, not revolutionary, change. ing attention to voters outside swing voters, the narrow margins
Democrats have failed to respond spectrum, social, cultural and reli- Americans turn to government their coalition. Many in the new of recent national elections have
to the threat posed by the new Re- gious issues are real and fre- when problems arise that the mar- generation of political activists made these voters more important
publican coalition. Consider each quently more important than eco- ket can’t solve. But contrary to the have been drawn into politics by than ever. If the parties remain
of these errors: nomic ones. These issues shape hopes of some progressives, they Mr. Sanders and left-wing advo- ideologically polarized, that reality
their identity and reflect their aren’t turning to socialism as an cacy groups. They regard centrist will dominate national politics un-
deepest convictions. alternative to capitalism. For im- Democrats as corporate shills and til one party breaks the deadlock
If they don’t broaden their The myth of economic deter- portant segments of the popula- have never talked to Republicans, of the past three decades and cre-
appeal to swing voters, minism goes a long way toward tion, especially those who remem- let alone fervent evangelical and ates a decisive national majority.
A
explaining why Democrats have ber the Cold War and those who pro-life voters. (The same can be
they’ll end up relying had such a hard time winning back escaped from failed socialist states said in reverse for young conser- s evidence, consider the dif-
on Republicans to save the votes of the white working in Eastern Europe and Latin Amer- vative activists.) ference between the elec-
class—and why they seem to be ica, socialism was a disaster, and a For reasons of education, in- tion of 2016, which the
democracy from Trump. losing support among Hispanic party that seems sympathetic to it come and geography, many Demo- Democratic nominee narrowly
working-class voters as well. is unacceptable. cratic voters and leaders are far lost, and 2020, which the Demo-
These voters aren’t indifferent Similarly, progressives who be- removed from the daily experi- cratic nominee narrowly won. Al-
• Unity among people of color. to programs from which they ben- lieve that their cultural attitudes ences and cultural outlooks of though Mr. Biden increased the
Early in the century, many Demo- efit. But by taking cuts in Social enjoy the support of a popular ma- noncollege voters. This is why ad- Democrats’ share of the popular
crats came to believe that long- Security and Medicare off the ta- jority are living in a bubble de- vocates hijacked the criminal jus- vote by only 3 points over 2016,
term demographic trends would ble, Mr. Trump removed the key fined by education, income and ge- tice reform movement with a di- he improved on Mrs. Clinton’s
inexorably produce a Democratic obstacle to a blunt cultural appeal ography. Time after time, sastrous slogan—“defund the performance by 9 points among
majority. The expectation was that based on anti-immigrant senti- Republicans use progressive over- police”—that residents of crime- suburban voters, 10 points among
decades of robust immigration ment, nationalism and opposition reach in areas such as crime, im- ridden communities, minority as independents, and 12 points
from Latin America and the Asia- to political correctness. That im- migration and education to drive well as white, rejected and that among moderates. These gains
Pacific region would steadily in- proved Republican prospects in wedges between swing voters and cost Democrats as many as a were decisive in the five states—
crease the diversity of the U.S. places with above-average shares the Democratic Party. This pattern dozen House seats in 2020. Arizona, Georgia, Michigan, Penn-
population. As these Americans of white working-class voters, in- won’t end until Democrats break When we first wrote about sylvania and Wisconsin—that
entered the electorate, they would cluding nearly all the swing states out of the mindset that dominates these matters more than three de- shifted from the Republican to
join forces with other people of of 2016 and 2020. deep blue areas. cades ago, Democrats had given the Democratic column.
M
color—especially African-Ameri- Democrats who think that mobi- the impression of being the party There is no guarantee that these
cans and Native Americans—to lizing their base will be sufficient uch of this cultural bubble that sympathized with criminals swing voters will stick with the
strengthen support for the Demo- to win elections overlook the sheer is a consequence of chang- more than with their victims—that Democratic nominee next time,
cratic Party. number of white noncollege voters ing educational patterns in is, a party outside the moral main- and recent polls suggest that they
Barack Obama’s two presiden- in key states. In seven of eight the electorate. Starting in 2000, stream. Although many of today’s are pulling away. Between March
tial victories provided some sup- swing states, they outnumber vot- whites with four-year college de- cultural issues are different, the 2021 and January 2022, approval
port for this belief, but later de- ers of color, often substantially. grees moved toward the Demo- problem remains, and Democrats of Mr. Biden’s performance as
velopments called it into question. Democrats shouldn’t ignore the crats as whites without four-year will remain on the cultural defen- president declined by 21 points
Nationally, support for Democratic core of their coalition, but to win degrees maintained their long- sive until they pursue social among independents and 22 points
presidential candidates among they need to walk a fine line be- term movement away. Mr. Biden’s change with policies and lan- among moderates. Reversing these
Hispanic voters fell from 71% in tween mobilizing the base and at- candidacy continued the shift of guage—and at a pace—that can losses will be the key to success in
2012 to 66% in 2016 and 59% in tracting voters outside it. educated voters toward the Demo- command a sustainable majority. 2024.
2020. In Florida, home to large • The emerging progressive ma- cratic Party while reversing only Not only must Democrats over- To win in 2024, Democrats must
numbers of antisocialist Cuban jority. It’s true that recent de- modestly the shift of voters with- come the myths that distort their shape their policies and strategies
and Venezuelan refugees, Joe Bi- cades have seen an increase in the out four-year degrees in the oppo- understanding of what building a around this hard, enduring reality.
den received only 53% of the His- share of voters who describe site direction. And as Democrats national majority requires, they If they refuse to do so, they will be
panic vote, compared with Hillary themselves as liberal. But moder- have gained ground among col- must also face up to the basic relying on Republicans to save de-
Clinton’s 62%. He fell short of her ates and conservatives continue lege-educated voters, they have in- structure of contemporary Ameri- mocracy from Donald Trump.
share among Hispanics in seven of their predominance. The most re- creased their support in upper-in- can politics, which in many re-
nine swing states. Unless Demo- cent survey of voters’ ideology come jurisdictions. spects works against them. Ms. Kamarck is a senior fellow
crats can improve their perfor- found that only 7% of the elector- The progressives’ cultural bub- Everyone senses that partisan- at the Brookings Institution. She
mance among Hispanics, Florida ate consider themselves very lib- ble is also the result of the in- ship is more intense and more served as a senior adviser to Vice
will remain out of reach, turning eral. Another survey described creasingly intense geographic po- comprehensive than it was four de- President Al Gore, 1993-97. Mr.
Texas blue will be an impossible five hypothetical political parties larization that has shaped the cades ago, and that building bipar- Galston is a Journal columnist and
dream, and the party’s entire Elec- and found that only 9% of voters outlook of a new generation of po- tisan coalitions is far more diffi- senior fellow at Brookings. He
toral College strategy will be in associated themselves with a far- litical activists. In deep blue states cult. But we are closely divided as served as deputy assistant to Pres-
jeopardy. left party whose positions like Massachusetts and California, well as deeply divided, and the ab- ident Clinton for domestic policy,
The erosion of Hispanic support matched those of Rep. Alexandria the political spectrum within the sence of a stable national majority 1993-95.
A16 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Taking NATO’s Article V Seriously American LNG Is a Strategic and Green Asset
V
ladimir Putin’s likely conquest of Ukraine ments in Lithuania, Latvia or Estonia. Your editorial “Biden’s Regulators low increased substitution of natural
raises an uncomfortable question: Could The West will have to prepare for the worst, Empower Putin” (Feb. 19) reminds me gas for coal. This will help to mitigate
of the 1970s crude-oil price-control climate change by significantly reduc-
Russia next attack a member of NATO? especially given Mr. Putin’s remarks that he
program. Rather than limit OPEC’s ing emissions of the most important
The alliance had better prepare doesn’t want NATO forces in pricing power, our policy geniuses re- contributor to climate change.
for the possibility because the After he swallows any frontline states on Rus- duced the price responsiveness of PROF. RICHARD J. PIERCE JR.
Russian dictator has all but Ukraine, Putin will sia’s periphery. Non-NATO na- global supply and demand, thereby George Washington University
promised to test it. tions Finland and Sweden enhancing OPEC’s market power. Washington
“The United States will de- target the alliance. took part in Friday’s NATO I remember, as a young analyst at
fend every inch of NATO terri- summit, and Russia’s foreign the American Petroleum Institute, us- The new policy, which must be ap-
tory with the full force of ministrywarned the countries ing a simple supply-and-demand analy- plauded as a course correction, re-
American power,” President Biden said Thurs- would “face some military and political conse- sis to compute an OPEC price of $2 to quires the Federal Energy Regulatory
day. “There is no doubt—no doubt that the quences” if they pursued membership. Those $3 higher than the price without U.S. Commission to include consideration
United States and every NATO ally will meet our threats are all the more reason for them to join price controls. At 1970s prices, this of greenhouse-gas emissions in ap-
was a significant effect. As we proving natural-gas pipelines and ter-
Article V commitments, which says that an at- the alliance.
strengthen Russia’s hydrocarbon in- minals. The problem is that FERC it-
tack on one is an attack on all.” Mr. Putin staged a cyberattack against Esto- dustry by restricting our own, and suf- self “doesn’t plan to consider the
It’s good Mr. Biden made that clear about the nia in 2007, with almost no repercussions. What fer the resulting higher energy prices, downstream emissions of LNG facili-
NATO pledge to defend any member under at- kind of Russian attack would trigger an Article it appears nothing has been learned. ties, which is the Energy Depart-
tack. But the U.S. and Europe also warned Mr. V intervention? Mr. Putin understands that if he BRUCE L. PETERSEN ment’s purview.” This bureaucratic
Putin about invading Ukraine, yet they did little did attack a NATO member and the alliance Summerfield, N.C. division of labor is ridiculous when it
to deter him and still haven’t delivered the failed to respond, NATO is effectively dead. interferes with FERC’s taking a holis-
“massive consequences” they promised if he did Western leaders have to expect that he’ll con- The editorial states that “U.S. LNG tic view on natural-gas facilities, con-
invade. Mr. Putin might consider Mr. Biden’s clude the reward is worth the risk. exports will have no impact on down- tradicting its pipeline-analysis mis-
words Thursday as a challenge to break NATO, The Ukraine invasion has triggered revision- stream emissions.” Not so. By in- sion, which “may include emissions
creasing the volume of natural gas from upstream production and down-
especially if he suffers little for his Ukraine ists to say NATO should never have expanded
available in Europe and the intensity stream consumption.”
slaughter. after the collapse of the Soviet Union. But the of competition among suppliers, U.S. ROBERT ALMEIDA
NATO nations held a virtual summit on Fri- best argument for expansion was that the alli- LNG exports will lower prices and al- Scarsdale, N.Y.
day and decided to activate its response force ance would be useful someday if Russia threw
for the first time. Secretary General Jens Stol- up a modern Napoleon Bonaparte bent on re-
tenberg said that “thousands of troops” would building the empire. Someone like Vladimir Pu-
be deployed to reassure frontline states, includ- tin. Does anyone think that Mr. Putin wouldn’t
ing troops from France, Germany and the U.S. have already moved on the Baltics if they
What Do We Want to Get Out of Our History?
More than 100 planes and 120 ships have also weren’t members of NATO? In “What’s Really at Stake in Amer- man as a band leader, having mis-
already been deployed. The alliance will survive this new threat only ica’s History Wars?” (Review, Feb. 12), taken him for Paul Whiteman.
Yet if Russian forces moved today on the Bal- if its nations take their obligations seriously. Adam Kirsch notes the debilitating ig- Don’t bother looking for the good
norance of history: “Actual historical old days of civics education; they
tic states or even Poland, it’s unclear whether Angela Merkel, the former German Chancellor,
understanding requires a much never were.
NATO could repel them. The U.S. has ordered on Friday condemned Russia’s invasion of greater investment of effort and imag- SOL GITTLEMAN
more than 12,000 troops to Europe this month, Ukraine “in the strongest terms” and called it ination than giving a thumbs-up or Lexington, Mass.
bringing the total to nearly 100,000. But Ameri- “a profound turning point in European history.” down to this or that name.” One might
can deployments are spread around the Conti- Now she tells us. No one did more than Mrs. argue that to do good history is to en- America’s schoolchildren deserve a
nent. While NATO has a rotational forward pres- Merkel to make Europe and NATO vulnerable to gage in an act of ordered and empa- history education that reflects a
ence in the Baltic states and Poland, most forces Russia with her energy policies and failure to thetic imagination. To do history is to good-faith effort to recognize both
are far from the eastern front. spend more on defense. engage sources, such as documents the good and the bad in the country’s
More forward deployments, with perma- European members in particular will have to and memories, critically, with creativ- past. That which has endured carries
nent troops and munitions, are essential. The rearm, and start immediately. Once Mr. Putin ity and charity. One frequent result is some weight against that which has
small Baltic states near Russia are the most sets up his puppet state in Ukraine, and moves a lesson in humility, and compassion, passed away, and students equally de-
neither of which would seem to domi- serve this fact to be pointed out for
likely Putin target given their strategic posi- his forces to NATO’s borders, the Russian will
nate our public conversation. their consideration. That is, American
tion, ethnic Russian minorities and smaller look for the right moment to expose it as an alli- TOM JODZIEWICZ history has gradually produced
military forces. There’s also the risk of hybrid ance in name only. He’ll succeed unless NATO Irving, Texas greater degrees of freedom, security
attacks to undermine the democratic govern- learns the lesson of Ukraine. and prosperity, degrees unprece-
If Americans in a 2019 poll demon- dented in mankind, while whittling
W
atching the indifferent brutality of of Ukrainian officials, and everything the U.S. not long after the attack on Pearl Har- and Martin Luther King Jr., these
Vladimir Putin’s assault on Ukraine has said about Mr. Putin’s plans has turned out bor, took a survey of students heading achievements flowed from America’s
to dozens of the country’s best col- founding principles. America is a
is sickening, but it’s vital that the to be true. He has proven many times that as-
leges. Nearly half couldn’t identify the place where the good has usually out-
world not look away. This is sassination is central to his U.S. presidents during the Civil War lasted the bad. That’s important to
the bloody consequence of It’s shameful the business model. or World War I; almost all said that keep in mind when trying to under-
unchecked imperialism, and West did so little to Ukraine’s forces are put- Will James was Jesse James’s brother. stand our history.
it’s a warning of what will be- ting up brave resistance de- Most couldn’t find St. Louis on a map, JORDAN ADAMS
come more common as the help Kyiv defend itself. spite being overwhelmed in and a majority identified Walt Whit- Hillsdale, Mich.
multi-decade Pax Americana firepower. One soldier sacri-
recedes. There are also stir- ficed himself to blow up a
ring examples of heroism that the world bridge to stop a Russian tank column. Another Predicting the Inflation Rate Is Not So Easy
shouldn’t forget. offered an expletive to a Russian gunboat de-
Russian troops are closing in on Kyiv, with manding surrender before he and a dozen oth- Steve Hanke and Nicholas Hanlon’s tion of exchange to predict inflation, it
op-ed “Powell Is Wrong. Printing was based on the argument that veloc-
U.S. officials saying Mr. Putin wants to decapi- ers were killed by shelling. Europe and the U.S.
Money Causes Inflation” (Feb. 24) ity was relatively stable and predict-
tate the government as quickly as possible. should be ashamed for not doing more to help presents a ridiculous argument about able. Regardless of the merits of that
Thousands of paratroopers may be dropped Ukrainians defend themselves. how money causes inflation based on argument in the past, it is not true to-
to take the city center after missile and artil- The wars of recent decades have largely the equation of exchange MV=PY. As day. The Fed has an enormous, argu-
lery attacks reduce the resistance. The Krem- been fought in the Middle East or Afghanistan, opposed to a true equation, this rela- ably self-inflicted, challenge in stabi-
lin signaled it is willing to talk with Ukraine, often clandestinely with special forces away tion is a mathematical identity. The lizing inflation. Focusing on the
but only as long as the democratically elected from the cameras. They have been horrible but authors’ “predicted” inflation simply growth in M2 will not help it meet
government in Kyiv surrenders. have been wars to defeat terrorist insurgen- rewrites the identity in terms of this challenge.
President Volodymyr Zelensky has stayed in cies, topple dangerous dictators, or defend growth rates. “Predicted” inflation (P) EM. PROF. GEOFFREY WOGLOM
Kyiv and rallied his countrymen to resist. In a against missile attacks as in Israel. is equal to the growth in money sup- Amherst College
moment that should haunt European leaders, This is a war of imperial conquest by a ply (M) and the growth in velocity (V), Seabrook Island, S.C.
less the growth in real gross domestic
Mr. Zelensky told them on a video call that “this stronger nation subjugating the weak. West-
product (Y).
might be the last time you see me alive.” U.S. erners who have lived in peaceful comfort for I use quotation marks for “pre- Indoctrination in the Schools
intelligence believes the Russians have a kill list decades should absorb the awful lesson. dicted” because these are not true
It’s a shame there’s no Geneva
predictions. They would be true pre-
P
only if they included a prediction for
a woke revolution (“San Francisco
resident Biden has made his pick for the have made the choice that most progressives velocity. Otherwise, this remains a
Schools the Left” by Peggy Noonan,
U.S. Supreme Court: Judge Ketanji wanted. Democratic Rep. Jim Clyburn, whose simple identity.
Declarations, Feb. 19). During the
Brown Jackson of the D.C. Circuit Court endorsement in the 2020 South Carolina pri- When monetarists used the equa-
Covid era, children have borne the
of Appeals. She has a thin ap- mary helped Mr. Biden win the brunt of the collateral damage. I hope
pellate record. At least on reg- Biden’s nominee for the White House, pushed for dis- You Think U.S. Debt Is Bad? primary education becomes a central
ulation and business ques- issue in the midterm elections. We’ve
tions, she’s probably to the
Supreme Court is the trict Judge J. Michelle Childs.
She attended state schools, Try Multiplying It By Three seen too many casualties in the past
left of retiring Justice Ste- top progressive choice. which is another form of di- I enjoyed Tunku Varadarajan’s
two years.
phen Breyer. We’ll see what versity the Supreme Court NOAH BLOOMBERG
“The Weekend Interview with John
Chicago
Senate vetting brings, but the lacks, and she was the first Cochrane” (Feb. 19), especially the
GOP shouldn’t indulge in the left’s scorched- black woman to be partner at a major South sentence, “The borrowing and money-
Ms. Noonan does a superb job de-
earth tactics. Carolina law firm. printing in 2020-21 was different: ‘It
scribing the events leading to San
Judge Jackson’s elevation wouldn’t change Republican Sen. Lindsey Graham all but said came without a corresponding in-
Francisco’s school-board recall. But
the Supreme Court’s direction in the near term, he’d vote for Judge Childs. Yet progressives crease in expectations that the gov-
she misses one point. Remote learning
ernment would someday raise sur-
since she’d replace a fellow liberal. But at age 51 smeared her as corporate stooge, and President allowed parents to see what is actu-
pluses by $5 trillion in present value
she could serve for three decades. Although Biden is nothing if not a man who follows his party. to repay the debt.’” My only quibble
ally being taught: critical race theory.
Judge Jackson clerked for Justice Breyer, she Reacting to the nomination of Judge Jackson, an TONY LIMA
is with Mr. Cochrane’s focus on the
might lack his pragmatic and independent Ivy Leaguer, Mr. Graham was wary. “The radical Hayward, Calif.
U.S. government’s $20 trillion in on-
streak. He is less hostile to business and reli- Left has won President Biden over yet again,” he balance sheet debt. The off-balance
gious liberty than Justice Sonia Sotomayor. tweeted Friday. “I expect a respectful but interest- sheet debt related to unfunded Social
What about Judge Jackson? It’s hard to know ing hearing in the Senate Judiciary Committee. Security, Medicare and Medicaid eas- Pepper ...
for sure. She was confirmed to the D.C. Circuit The Harvard-Yale train to the Supreme Court con- ily adds up to three times as much—
last June, but her first opinion didn’t arrive until tinues to run unabated.” $60 trillion—if not more.
And Salt
this month. It was a victory for public-employee As Mr. Graham says, the public is owed hear- Why do we assume that these un- THE WALL STREET JOURNAL
unions on a matter of administrative law. It was ings that are respectful, thorough and, yes, funded off-balance-sheet obligations
will come with “a corresponding in-
also unanimous, as was her second opinion. As even interesting. Judge Jackson is on Harvard’s
crease in expectations” that govern-
a district judge since 2013, Judge Jackson made board of overseers, while the Supreme Court ment would someday raise surpluses
hundreds of rulings. That is a different kind of is poised to consider the school’s racial prefer- by $60 trillion to repay this debt?
work, involving judicial fact finding and so forth, ences in admissions. Some of her prominent Purists complain that Social Security
and we’ll soon discover how much can be rulings as a district judge were reversed. An- and medical promises are not legally
gleaned from it. other has a footnote on the first page to explain debt. So what? Is there any political
Mr. Biden’s other criteria that must be men- that it “uses the term ‘noncitizen’ in lieu of the appetite to renege on these promises
tioned, unfortunately, are race and sex. He prom- term ‘alien.’” given the sorry state of our politics?
ised in 2020 to put a black woman on the High All fair game. But Republicans should refuse PROF. SHIVA RAJGOPAL
Court, and Judge Jackson is a black woman. But to engage in the politics of personal destruction Columbia Business School
New York
the Senate should focus on her record. “I’ve ex- that Democrats routinely wage. Many Republi-
perienced life in perhaps a different way than cans may be frustrated that they don’t have
Letters intended for publication should
some of my colleagues because of who I am,” she more leverage, but elections have consequences. be emailed to wsj.ltrs@wsj.com. Please
said last year. But she added that “race would Mr. Biden won in 2020, and then President include your city, state and telephone
be the kind of thing that would be inappropriate Trump’s claims of a stolen election in Georgia number. All letters are subject to “In the interest of not screwing
to inject into my evaluation of a case.” cost the GOP control of the Senate. Conserva- editing, and unpublished letters cannot things up, I’m going to take
be acknowledged.
It’s notable, though, that Mr. Biden seems to tives are paying the price again. a nap in my car.”
.
OPINION
I
hand-calculated bank balances. Our What is important from the West
t is ugly and will get uglier. world is run by computers vulnera- is unity and strength—not “tough-
Vladimir Putin isn’t going to ble to devastating cyberattacks. Su- ness” but strength. You don’t have
stop anytime soon. You don’t detenland was a quick and largely to make a great show of determina-
launch a full-scale military as- unresisted invasion. Ukraine won’t tion if you’re really determined, you
sault on another nation and be bloodless, and there’s no reason just have to be who you are.
MASSIMO PERCOSSI/SHUTTERSTOCK
two days later say, “Oh, I think I’ve to believe it will be quick. Mr. Putin is alone, not that he
made my point,” and go home. He The point is we are not repeating cares; everyone knows who the bad
was never interested in negotia- history. This war is uncharted terri- guy is in this drama. No country has
tions, he was never open to argu- tory. So no, we’re not living through said he is in the right, not one, not
ment, he set this in motion and will something you streamed on Netflix; even China. He is alone, burnishing
follow through to the imagined vic- you don’t know the end of the story; his credentials as a junior monster
tory point in his head. and if you’re in government you of history.
He has shocked the West. He may or may not be Churchill, we’ll The opinion of the world matters
wanted to shock the West. see. and has a force of its own.
In doing so he has shattered the When I was a kid they used to Ukrainians protest outside the Russian Embassy in Rome Thursday. Wars are expensive, occupations
European peace, broken interna- say a coward dies a thousand extremely so; it costs money to keep
tional law, and attempted to re-es- deaths, the brave man but one. In I see little profit in continuing to Bisserbe and Bojan Pancevski in an army on the ground, to fuel and
tablish brute force as a primary po- time I came to think no, the imagi- go over who blew it most since the their Wednesday front-pager in the feed it. There is the human cost:
litical determinant of the future. All native die a thousand deaths, the collapse of Soviet communism. Did Journal. young men will die. This will all cost
this constitutes a major upheaval. dullard but one. You have to main- the West in its blithe triumphalism Mr. Macron, a French official Mr. Putin and the cost will increase
tain an eye for peril and see its im- miscalculate by letting NATO move said, found Mr. Putin “more rigid, with time. He knows this, he’s fac-
plications. The world is in new peril. east? Did our diplomats, those more isolated” than in the past. tored it in, but the West should
The war is uncharted On the unimaginative end of the Brooks Brothers smoothies, patron- In his speech to the Russian peo- make it costlier wherever possible.
spectrum there is J.D. Vance, a can- ize the old apparatchiks in their ple on Monday, Mr. Putin’s mind cir- All the West is going to have to
territory. We don’t know didate for the Republican U.S. Sen- boxy gray suits? Yes, they did. I’m cled within a tightening narrative of play a long, cool, careful game.
how far he plans to go, but ate nomination in Ohio, whose where George Kennan was: It was a grievance. Lenin and Stalin failed to Leaders and officials should do
Theory of Enacted Populism appar- mistake to enlarge NATO by admit- make Ukraine’s standing clear, nothing to provoke. In Europe they
he isn’t stopping soon. ently involves hearing the most ting former Warsaw Pact states; it Khrushchev messed up Crimea. The should speak in one voice to the ex-
careless thing a voter says in a diner fueled resentment, encouraged para- speech has been called fiery but it tent possible: define, describe, be
and repeating it with an air of in- noia and embarrassed democrats in wasn’t; it was preoccupied with the precise, no histrionics. Don’t taunt.
We will find out if world leader- genuous self-discovery. “I gotta be Moscow who’d pushed against com- historically arcane and made no at- Britain’s defense minister, Ben Wal-
ship is up to it, and American lead- honest with you, I don’t really care munism at some cost. tempt to persuade anyone outside lace, said Wednesday they’d “kicked
ership equal to the moment. So far what happens to Ukraine one way or But that debate shouldn’t freeze Vladimir Putin’s head. It had the the backside” of the Russians in the
the North Atlantic Treaty Organiza- another,” he said on Steve Bannon’s thought now. Argue later who was wound-up particularity of the local Crimean war in the 1850s, and “can
tion, that fractious alliance, has held podcast. He cares about fentanyl the biggest jerk 25 years ago. grocer when he talks about his 30- always do it again.” That war is
together, and the U.S. tactic of pub- coming over the border and killing Whether the U.S. and the West were year feud with the butcher down the mostly remembered most for the
licly sharing its intelligence proved our kids. So do a lot of us, but re- wrong or not, Mr. Putin is still street. Charge of the Light Brigade. Some-
wise. sponsible people care about both. wrong to invade Ukraine. It was Mr. Putin’s speech the times it’s good to quiet your rousing
People draw parallels to World This is a lousy moment for mindless Is Mr. Putin mad? Are his actions night the war began that had real voices and concentrate on not let-
War II, and there are some, but this pandering. the result of increasing instability? menace. In an unscheduled state- ting this become World War III.
isn’t 1938. The speaker of the House, You may not care about war but “[Emmanuel] Macron noticed a ment on Russian television, he The West is on the right side. It
on returning Wednesday from the war cares about you. Russia isn’t change in Mr. Putin’s demeanor warned those nations that might should keep its height, keep its
Munich Security Conference, said, Upper Volta with a gas station; it’s when speaking to him on the “consider interfering” with Russia’s nerve and hold together. Be cool,
“This is our moment. . . . This is a Upper Volta with a gas station, the phone over the course of the pan- actions that they “will face conse- press hard, resist.
Sudetenland.” There was something world’s largest nuclear arsenal, and demic. ‘He tended to talk in circles, quences greater than any you have Let the world see what happens
bizarrely rah-rah and certainly half- a furious owner. What he does may rewriting history,’ a close aide to faced in history.” to a man who does what Vladimir
baked about her statement. have repercussions. If you would Mr. Macron said.” This is from re- That was some kind of threat Putin is doing. Show gravity. Be-
Hitler’s annexation of Sudetenland lead, you don’t get not to care. porters Ann M. Simmons, Noemie from a man with a nuclear arsenal cause it’s all very grave.
P
Toronto A key shift occurred three years that famous meeting between Mr. bellicosity, Canadian patriotism and hyperbolic response from Mr.
rime Minister Justin Trudeau ago when Mr. Trudeau publicly ac- Trudeau and Mr. Trump. That year progressivism went hand in hand. Trudeau and his allies—especially
met Donald Trump for the first ceded to the farcical claim that Can- marked Canada’s 150th birthday. But, suddenly, an alliance with pro- his wholly unnecessary invocation of
time five years ago this month. ada is perpetrating a genocide But instead of joining the national gressive true believers required the Emergencies Act. (Thankfully,
The moment became legendary for against indigenous women. Last year party, many indigenous leaders re- agreeing that Canada is a racist and Mr. Trudeau abruptly revoked Can-
many Canadians who relished the he had the Canadian flag lowered for fused to help celebrate a country genocidal hellhole. ada’s emergency status on Wednes-
sight of our young, charismatic leader more than five months in response created at their ancestors’ expense. When in 2019 Mr. Trudeau was day, only two days after ordering his
imposing his cheery manners on the to the discovery of a presumed revealed as a hypocrite who’d lec- caucus to vote for it, when signs
bumptious American president. burial site near a former boarding tured the world on social justice emerged that its implementation
“Sunny ways” had been one of Mr. school for indigenous children. Each ‘Sunny ways’ were once the while hiding evidence of his wearing might be blocked by the usually qui-
Trudeau’s campaign mantras. The passing month seemed to bring new blackface—he can’t remember how escent Senate.)
whole scene was peak Trudeau. and more flamboyant gestures of prime minister’s bywords. many times he painted himself when “We become what we hate,” goes
It wasn’t simply that Mr. Trudeau contrition. Now he’s turned into a young to look like a black person— the old expression. Even so, Mr.
stood up to American protectionism Mr. Trudeau deserves the scorn that only turbocharged his perfor- Trudeau’s transformation is a shock-
during trade negotiations. He also he is now receiving—including from divisive demagogue. mative approach. The white son of ing one. In 2017, when I watched
projected a genuinely patriotic vision principled liberals who understand privilege had even more to prove. him take the stage in Washington,
of Canada at a time when Canadians, that invoking emergency powers to When George Floyd was killed in I’d never have believed anyone who
Europeans and some Americans were silence political enemies sets a terri- The ensuing culture-war eruption 2020, Mr. Trudeau took a knee— told me that, in only five years, the
eager to applaud leaders who rejected ble precedent. But in fairness, Mr. was volcanic, with Canadian media though Minneapolis isn’t a Canadian two men shaking hands would be
Mr. Trump’s political style. Trudeau isn’t solely responsible for (especially the already-quite-woke city—making clear that he was be- practicing the same divisive style of
That’s all changed, as demon- the climate of hysteria that now suf- Canadian Broadcasting Corp.) holden not only to the parochial rites politics.
strated by Mr. Trudeau’s shrill re- fuses Canadian progressive politics. launching into maudlin spasms of of Canadian wokeism but also to the
sponse to the Freedom Convoy, the His rise to power coincided with national self-recrimination. American variant. Mr. Kay is an editor and podcast
trucker protest against vaccine man- America’s Great Awokening, and nei- Mr. Trudeau, who had succeeded I didn’t support the Freedom host with Quillette, a columnist for
dates, which occupied downtown Ot- ther Mr. Trudeau nor anyone around in politics by presenting himself as Convoy because I didn’t agree with Canada’s National Post and a co-au-
tawa until last weekend. The cheeri- him could have predicted how radi- both a great patriot and an unim- the protesters’ demands, and I was thor of “Magic in the Dark: One Fam-
ness has been gone for a while. Over calized the social-justice movement peachable progressive, couldn’t have put off by some of the genuinely ily’s Century of Adventures in the
the past few years Mr. Trudeau has would become. it both ways. When Canada’s defining radical elements among the original Movie Business.”
attacked his critics in vicious ways,
including a 2021 rant in which he
linked vaccine skepticism to racism
and misogyny. This month he and his
Liberal Party colleagues went fur-
Should We Grow Up About Energy?
ther, calling protesters right-wing Let’s touch on a manager Chris James, the billion- erean of Wilkes University. techno-industrial experiments.
extremists and suggesting they were few energy-related aire founder of Engine Co. 1, could That’s the complicated story. The Ironies abound. The computer
Nazi sympathizers. When questioned subjects in the not have been confused on this much simpler story is the lack of models used to forecast future tem-
in Parliament about his decision to wake of Russia’s point. Blather aside, quite clearly any pocketbook incentive in the peratures by necessity must take ac-
declare a nine-day national emer- market-roiling ac- he meant to place a bet on Biden wider public to allow fracking. In the count of aerosol trends. So refusing
gency in response to localized pro- tions in Ukraine. priorities and other factors to drive Eastern U.S., fracking took off be- to learn about particulate effects al-
tests, Mr. Trudeau declared that Exxon was already up the price of oil. cause most land and the accompany- ready is infeasible.
BUSINESS
some of his Conservative critics riding high on the This brings up a question. Why ing mineral rights are privately held. Unfortunately, some scientists,
WORLD
were allied with “people who wave recovery of oil was Mr. James nevertheless able to like many journalists, pretend to be
By Holman W.
swastikas.” The direct target of his prices. The world calculate media reporters would inquirers into reality when they are
Jenkins, Jr.
outburst was Melissa Lantsman—a has shown it’s not gobble up his climate-change snake Joe Biden, Europe’s really advertising their affiliation
member of Parliament and a descen- remotely prepared oil? Quote the snake oil salesman with their chosen virtue movements.
dant of Holocaust survivors. to do without fossil fuels. And a but maybe at least mention he’s sell- fracking failures, and The consistent failure of the climate
What is most astonishing about beneficiary has been Engine No. 1, ing snake oil. Why does our news scientists who don’t want movement has been its towering
Mr. Trudeau’s metamorphosis from the hedge fund that fought a noisy media so often fail us in obvious lack of realism. Developed and de-
upbeat unifier to dour social-justice battle last year for Exxon board ways? to know about aerosols. veloping nations were never going
scold is its speed. If you read his seats, saying it wanted to lead the i i i to forgo energy use, but higher and
2014 memoir, “Common Ground” (on oil giant away from fossil fuels, a You can tell many stories or one lower carbon paths to the future
which I worked as an editorial assis- claim the media bought hook, line story about why Europe didn’t de- Homeowners and farmers directly were still possible. The U.S. and oth-
tant), you’ll find plenty of soaring and sinker. velop its fracking potential, which profited from drilling. In Europe, ers might have enacted carbon taxes
language about Canada, but nothing But wait. People invest in oil became richly apparent by the early mineral rights are controlled by the long ago to foster the necessary
about a supposed epidemic of white companies to make money from oil, 2010s. Had it done so, NATO coun- state, leaving local interests no in- technologies. They still might,
supremacy and Nazi-inspired hate not wind and solar. Veteran fund tries would be in a stronger position centive to go along or put up with though not because of the climate
now vis-à-vis Vladimir Putin and costs and inconveniences. lobby’s persuasiveness. It’s far more
soaring energy prices. i i i likely to happen now because politi-
Every country is different goes A petition has been attracting sig- cians want revenues to finance pro-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY the complicated story. Farmers and natures from scientists calling for a growth tax cuts.
Rupert Murdoch Robert Thomson townspeople didn’t want the disrup- ban on most research on solar geoen- Give the public a choice between
Executive Chairman, News Corp Chief Executive Officer, News Corp tion and alleged risk of drilling; en- gineering to cool the planet. A Har- believing climate change is the end
Matt Murray Almar Latour vironmental crusaders insisted on vard experiment, in conjunction with of the world or a crock, they will
Editor in Chief Chief Executive Officer and Publisher
investment in wind and solar in- Sweden, on injecting aerosol particles choose crock. Even more so if choos-
Karen Miller Pensiero, Managing Editor DOW JONES MANAGEMENT: stead; German utility managers into the atmosphere was postponed ing “end of the world” also means
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer;
Neal Lipschutz, Deputy Editor in Chief
claimed they had Russia over a bar- due to activist protests. volunteering to surrender their stan-
Mae M. Cheng, SVP, Barron’s Group; David Cho,
Thorold Barker, Europe; Elena Cherney, Coverage; Barron’s Editor in Chief; Jason P. Conti, General
rel and Russia would always supply Deciding not to learn about a dard of living.
Andrew Dowell, Asia; Brent Jones, Culture, Counsel, Chief Compliance Officer; Dianne DeSevo, gas at a lower price than shale. technology, of course, is silly and Making climate change an anti-
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business Kremlin anti-shale propaganda unrealistic, and only surrenders the human, anti-progress, anti-prosper-
Writing; Michael W. Miller, Features & Weekend; Information & Services; Robert Hayes, Chief played a role. Even Romania, with a initiative to less responsible actors. ity creed was the biggest mistake
Emma Moody, Standards; Shazna Nessa, Visuals; Business Officer, New Ventures;
Matthew Rose, Enterprise; Michael Siconolfi,
long history of oil and gas develop- The signers say the risks are un- of all if the goal was to advance cli-
Aaron Kissel, EVP & General Manager, WSJ;
Investigations Josh Stinchcomb, EVP & Chief Revenue Officer,
ment, faltered. France imposed a known but so are the risks of the mate policy, though more useful if
WSJ | Barron’s Group; Jennifer Thurman, Chief moratorium. So did the U.K. Poland CO2 experiment already underway. the real purpose was assuring true
Paul A. Gigot
Editor of the Editorial Page Communications Officer has difficult geology but also a big They complain about the lack of a believers they are special. This can
Daniel Henninger, Deputy Editor, Editorial Page; national-security interest in pro- global regulating authority for be seen again in the parade of fops
Gerard Baker, Editor at Large EDITORIAL AND CORPORATE
HEADQUARTERS:
ceeding, and yet stumbled over “civil geoengineering, but no such au- piously demanding humanity forgo
1211 Avenue of the Americas, New York, N.Y., 10036 society” resistance, according to a thority exists for emissions or hu- the potential of solar geoengineer-
Telephone 1-800-DOWJONES fascinating study by Andreea Mai- manity’s countless impromptu ing.
.
A18 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.
SPORTS
The NFL’s Offseason QB Dominoes
BY ANDREW BEATON
T
he best and worst clue
about the most impor-
tant event of the NFL’s
offseason landed Mon-
day night. In an enig-
Packers star Aaron Rodgers says he still hasn’t made a decision about returning to Green Bay.
matic Instagram post about grati- Whatever he chooses will send ripples across the league.
tude, quarterback Aaron Rodgers
thanked a long list of people with a
series of photos.
It didn’t provide any clarity on
the future of Rodgers, the Packers
star quarterback who has been
noncommittal about remaining in
Green Bay. But that didn’t stop
football cryptologists from trying
to decode the post’s meaning.
Did thanking his Packers coaches
and teammates mean he plans to
return? Or was it a farewell? What
about the last picture, from the
game Rodgers missed after testing
positive for Covid-19, of the two
wide receivers who typically flank
him during the national anthem
standing with an empty space in
between them?
Rodgers didn’t give many more
answers about his intentions when
he joined a sports talk program the
next day, but the next step in his
football career is the biggest ques-
tion hanging over the league. He’s
the reigning Most Valuable Player,
for back-to-back-seasons, and he
might just be the first domino to
fall during an offseason that will be
dominated by quarterback rumors.
Rodgers could bolt from Green
Bay. Russell Wilson’s long-term fu-
ture with the Seattle Seahawks
isn’t certain. Jimmy Garoppolo’s
tenure in San Francisco appears
finished. Deshaun Watson may fi-
nally get a trade out of Houston af-
ter sitting out the season. And
that’s just the start of a list that in-
cludes lower-tier quarterbacks,
others in the draft and more poten-
Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
Vancouver
20s Edmonton
d
Calgary
0s 0s <0
0s
MLB Labor Talks Face a Deadline
10s
30s
Winnipeg
10s BY JARED DIAMOND
Seattle
40s 10s 20s
Portland
Helena 20s Ottawa
Montreal 30s NEARLY THREE MONTHS
Bismarck
40s Billings 20s Augusta 40s after Major League Baseball
Eugene Boise
30s Mpls./St. Paul Toronto Albany Boston 50s team owners locked out play-
40s ers and caused the sport’s
50s Pierre Sioux Falls
Milwaukee Detroit Buffalo
Hartford
60s
Reno 20s 40s Chicago Cleveland
30s
Neww York
70s
first work stoppage in more
Des Moines
Cheyenne Omaha
Pittsburgh
Philadelphia than a quarter-century, this
Sacramento Salt Lake City Springfield Indianapolis 80s
JULIO AGUILAR/GETTY IMAGES
30s Denver
10s Colorado Topeka Washington D.C. weekend will determine how
San Francisco Kansas Charleston 90s
Las Springs City Richmond far the two sides are willing
60s St. Louis Louisville 100+
Vegas Wichita
Nashville 50s Raleigh to go to achieve their eco-
Los Angeles
Santa Fe Memphis 40s
Charlotte nomic goals.
San Diego 70s
Phoenix Albuquerque Oklahoma City
Atlanta
Columbia After a week of face-to-face
Little Rock
Tucson Birmingham Warm Rain talks in Jupiter, Fla., the par-
Ft. Worth Dallas Jackson 70s
El Paso 60s
30s Jacksonville ties are running up against a
50s Mobile Cold T-storms
0s-0s 60s Austin New Orleans crucial deadline. A league
10s Houston Orlando
Stationary Snow
spokesman said this week MLB commissioner Rob Manfred is hoping to avoid missing games.
20s 80s San Antonio Tampa
80s that if a new collective bar-
Anchorage Honolulu 40s Miami
30s Showers Flurries gaining agreement isn’t in players to go on strike. MLB After a plodding pace to
40s 70s place by Monday, opening day commissioner Rob Manfred the negotiations—the owners
Ice won’t happen on March 31 has said that missing games waited six weeks to make a
Forecasts and graphics provided by AccuWeather, Inc. ©2022
and the regular season will be would be “a disastrous out- new proposal after initiating
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
truncated. come for this industry.” the lockout on Dec. 2—the ur-
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 42 18 s 54 23 s Frankfurt 45 29 pc 47 27 s
It would be the first time It’s no secret what the gency has picked up. The par-
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice real games have been players want. Better compen- ties have met every day since
Orlando 86 62 pc 85 60 s Geneva 48 30 s 48 29 s
Today Tomorrow
City Hi Lo W Hi Lo W
Philadelphia 39 29 s 52 23 pc Havana 86 66 s 86 65 pc scrapped because of a labor sation for young players, Monday in Jupiter at Roger
Phoenix 68 45 s 74 50 pc Hong Kong 68 59 s 68 62 s
Anchorage 36 29 c 34 29 c Pittsburgh 35 25 pc 43 18 pc Istanbul 52 41 pc 51 42 pc
dispute since the strike of fewer restrictions that would Dean Stadium.
Atlanta 62 50 c 54 42 r Portland, Maine 29 16 s 38 10 sf Jakarta 88 76 t 89 76 t 1994 that led to the cancella- discourage front offices from A growing group of players
Austin 41 33 r 57 28 pc Portland, Ore. 49 40 r 53 48 r Jerusalem 48 36 sh 55 40 s tion of the World Series. signing free agents and rules have been in attendance for
Baltimore 42 27 s 55 26 pc Sacramento 63 41 s 68 40 s Johannesburg 79 58 t 78 61 s
Boise 40 19 s 43 24 c St. Louis 40 26 pc 52 28 s London 51 37 pc 50 42 s
So far, neither party has to incentivize competition some or all of the sessions, in-
Boston 31 22 s 41 16 pc Salt Lake City 35 17 s 42 22 pc Madrid 54 40 pc 59 36 pc lost anything tangible. Players among clubs are among the cluding stars like Max Scher-
Burlington 27 19 pc 33 6 sf San Francisco 60 46 pc 64 47 s Manila 90 78 pc 90 78 pc aren’t paid during spring top priorities. zer of the New York Mets and
Charlotte 57 43 c 52 34 r Santa Fe 45 15 s 49 23 s Melbourne 81 61 pc 79 65 pc
Chicago 34 25 s 39 23 s Seattle 48 40 r 50 44 r Mexico City 75 50 pc 75 45 s
training, which was supposed Management has a much Gerrit Cole of the New York
Cleveland 33 26 s 37 19 sf Sioux Falls 38 14 s 41 17 s Milan 57 30 pc 54 28 s to have started across Florida shorter list of asks: an ex- Yankees.
Dallas 39 30 r 56 31 s Wash., D.C. 44 32 s 53 32 pc Moscow 39 27 pc 34 24 c and Arizona last week. Own- panded postseason format The sides aren’t close on
Denver 37 20 s 55 29 s Mumbai 90 75 pc 91 75 pc ers make a tiny portion of that would generate an esti- any of the core economic is-
Detroit
Honolulu
33 24 pc 36 15 sf
82 69 s 83 68 s
International Paris
Rio de Janeiro
49
85
31 s
75 pc
51 33 s
85 74 s their overall revenue from mated $100 million in addi- sues. The union is asking for
Houston 47 40 r 58 36 r Today Tomorrow Riyadh 88 58 s 79 53 pc Grapefruit and Cactus League tional annual revenue and the minimum salaries to start at
Indianapolis 36 22 pc 43 22 s City Hi Lo W Hi Lo W Rome 52 40 r 54 37 c games, which have been de- overall protection of a finan- $775,000, up from $570,500 in
Kansas City 40 21 s 54 28 s Amsterdam 47 32 pc 48 32 s San Juan 83 72 sh 84 72 pc
Las Vegas 58 37 s 62 43 pc Athens 60 50 pc 62 45 r Seoul 49 25 sh 47 29 s layed until at least March 5. cial system that has generally 2021, and increase by $30,000
Little Rock 37 32 c 53 30 pc Baghdad 72 49 pc 73 49 s Shanghai 62 40 s 58 45 s In theory, the owners could operated to its benefit in re- each year; the owners are at
Los Angeles 74 48 s 76 50 pc Bangkok 90 74 c 92 76 c Singapore 84 77 sh 86 77 t lift the lockout at any time cent years. The union has in- $640,000 with $10,000 raises.
Miami 81 71 pc 83 66 pc Beijing 52 18 pc 54 27 pc Sydney 71 70 sh 75 70 sh
Milwaukee 34 26 s 36 23 pc Berlin 44 30 pc 44 26 pc Taipei City 68 57 pc 66 57 c and open spring training dicated that if players aren’t Players have proposed putting
Minneapolis 33 17 s 30 15 pc Brussels 47 32 pc 50 33 s Tokyo 54 43 s 61 42 s camps while the sides negoti- compensated for a full season, $115 million into a perfor-
Nashville 46 35 c 48 30 c Buenos Aires 81 72 t 78 66 t Toronto 29 23 c 31 8 sf ate, but there is no indication it would be reluctant to grant mance-based bonus pool for
New Orleans 66 57 pc 60 46 sh Dubai 84 68 s 86 69 pc Vancouver 43 40 r 49 43 r
New York City 34 28 s 44 21 s Dublin 50 44 c 50 46 pc Warsaw 43 30 pc 39 23 s that they consider that an op- owners the additional playoff young players; the league is
Oklahoma City 39 21 c 55 27 s Edinburgh 50 38 c 49 43 pc Zurich 44 25 pc 45 23 s tion. Doing so would allow the inventory they seek. pitching $20 million.
EXCHANGE
.
BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. * * ** Saturday/Sunday, February 26 - 27, 2022 | B1
DJIA 34058.75 À 834.92 2.5% NASDAQ 13694.62 À 1.6% STOXX 600 453.53 À 3.3% 10-YR. TREAS. g 4/32 , yield 1.984% OIL $91.59 g $1.22 GOLD $1,886.50 g $38.90 EURO $1.1273 YEN 115.51
Drugmakers
Enjoy Huge
Pandemic
Windfall
BY PETER LOFTUS
SEC Plan
H
ow hard is it to buy a car to- markups. Others have taken their concerns
Auto prices are skyrocketing,
day? For Kevin Peters, it re-
cently involved a one-way flight
and 330-mile road trip to avoid
new vehicles are in short
directly to automotive CEOs via personal
letters.
Car companies say they don’t want deal-
Seeks More
Disclosure on
overpaying for a new truck. supply and buyers say the ers charging above sticker and in some
Mr. Peters initially spent wheels have come off the cases are pushing back, but dealerships are
three weeks shopping around San Diego independent businesses that control the fi-
for a new F-150 Lariat pickup, only to en-
counter extra charges of $5,000 to $8,000
above the suggested retail price. He de-
car market: ‘The whole
model is broken.’
nal transaction.
Many dealers say they must make do
with their scant vehicle supplies and be re-
Short Selling
cided to fly to a dealership in Las Vegas, alistic about what the market will bear, es- BY PAUL KIERNAN
where he got what is considered a bargain: pecially for high-demand models. In ex-
He paid the sticker price of $73,520. BY MIKE COLIAS AND NORA ECKERT treme cases, dealerships are charging WASHINGTON—Investors who
“The rules have changed so dramati- $35,000 to $40,000 above the manufac- make big bets against company
cally,” he said. “Despite being armed with turer’s suggested retail price, or MSRP, on stocks could soon have to report
information, the dealer’s position is ‘This is ness’s century-old retailing model and luxury cars that normally sell for $80,000 more information about their posi-
kind of a take-it-or-leave-it proposition.’ ” prompting a broader rethinking of the en- or more. tions to the Securities and Exchange
Pandemic-related supply-chain problems trenched way Americans buy cars. Before the pandemic, practically nobody Commission.
are stretching the new-vehicle shortage Consumers are revolting. Like Mr. Pe- paid above the sticker price for a new car. The SEC proposed rules Friday
into a second year, with near-empty dealer ters, many are expanding their searches Last month, an unprecedented 82% of buy- aiming to increase transparency
lots, sky-high prices and monthslong waits outside their hometowns and even across ers did, according to consumer research around “short selling,” whereby
for new wheels. The prolonged disruption state lines. Some are banding together on- site Edmunds.com. traders borrow company shares and
is now exposing fault lines in the car busi- line to call out dealers charging the biggest Please turn to page B8 then sell them in hopes of buying
the stocks back at a lower price in
the future.
The commissioners, three Demo-
crats and one Republican, voted
unanimously in favor of the plan.
THE INTELLIGENT INVESTOR | JASON ZWEIG The rules could be finalized after the
agency receives and analyzes feed-
back from the public.
against Ukraine, my inbox such certainty; in a world dis- “This would provide the public
brimmed with reports from invest- rupted by war, the U.S. economy right, at least for now. But what the Federal Open Market Commit- and market participants with more
ment firms on what you should do may be too frail to withstand a big the Fed does is seldom a foregone tee, the Fed’s rate-setting panel, visibility into the behavior of large
next—buy consumer-staple stocks, increase in rates. conclusion, no matter how strong indicated it would likely begin short sellers,” SEC Chairman Gary
sell European and Taiwanese Now that the conflict has sent a consensus forms in the market. raising rates “relatively soon.” Gensler said in a statement.
shares, buy oil tankers or palla- oil prices near $100 a barrel, in- That’s because no one can ac- Then came the terrorist attacks of Hedge-fund industry representa-
dium, sell bitcoin, buy gold, sell vestors are suddenly sure the Fed count for geopolitical bolts from Sept. 11, and the Fed slashed rates tives sharply criticized the SEC’s
bonds. won’t be able to act decisively the blue. by 1.5 percentage points in less proposal, saying it will increase
Remember, though: Just weeks against inflation. They might be At its meeting in August 2001, Please turn to page B7 Please turn to page B13
.
THE SCORE
THE BUSINESS WEEK IN 7 STOCKS
TAX REPORT | LAURA SAUNDERS tax credits last year could have
lower refunds or higher taxes due
than expected on returns they’re
Drugmakers
A Pop Quiz That Could Help preparing now.
A: True. Millions of taxpayers
received partial prepayments of
Enjoy Covid
You Avoid Tax-Season Surprises
expanded child credits for 2021
last year via direct deposit. As a
result, these amounts won’t be
Windfall
available to boost refunds or Continued from page B1
lower a tax balance due, and boosting vaccine manufacturing
many filers could be in for bad capacity. The company has
Now is the time to test your knowledge of the code, before you file your return surprises when they complete pledged to provide up to 650 mil-
their 2021 returns. lion doses to the Covax initiative
that supplies vaccines to lower-
income countries.
Tax-filing season counts—can qualify for lower tax have itemized because they save Q: (True or false): I underfunded Forecasts from companies and
is in full swing. rates if they hold an asset for at more with the larger standard de- the child-care Flexible Spending Wall Street analysts point to at
It’s always a com- least a year before selling it. duction, and the number of re- Account offered by my company least $90 billion in combined drug
plicated time and A: True. The lower rates on long- turns showing mortgage-interest last year because of pandemic un- and vaccine sales for full-year
this year is worse term capital gains apply to sales of deductions has dropped sharply. certainties. But when the day-care 2022, a Journal review found.
than usual. There are investments held longer than a center stayed open, I spent thou- On Thursday, Moderna re-
added wrinkles from year. The rate is 0, 15% or 20%, de- sands of dollars on child care and ported $17.7 billion in sales of its
the pandemic with stimulus pay- pending on taxable income, plus a Q: (True or false): I have until the now I don’t get a tax break. Covid-19 vaccine Spikevax for
ments and expanded child tax 3.8% surtax for higher earners. mid-April filing deadline in 2022 to A: False. Just for 2021, Congress 2021, and predicted it would gen-
credits. The IRS’s backlog means make my 2021 charitable contribu- greatly expanded the child- and erate at least $19 billion in Covid
it’s unlikely to answer your phone tions, just as I do for 2021 tradi- dependent-care tax credit so it ap- vaccine sales this year. For Mod-
call or respond to your mail soon. Q: (True or false): State and local tional and Roth IRA contributions. plies to 50% of qualified expenses erna, the vaccine has been trans-
So let’s take a step back and see tax deductions (SALT) are now A: False. Under current law, the up to $16,000 for up to two chil- formational, pushing it into the
how much you know about your capped at $10,000 per return, so deadline for making tax-deductible dren. Many parents aren’t aware top ranks of the biopharmaceuti-
taxes. To find out, I’ve come up married couples can file separately donations for last year was Dec. 31, of this expansion. cal industry.
with a quiz. Don’t worry about The Cambridge, Mass., com-
flunking: Even if you do, you’ll pany gave employees at the man-
learn about moves that could ager level and below a one-time
lower your tax bill or prevent mis- bonus in January. And it is using
steps that raise it. its vaccine proceeds to double
All these issues, and many oth- spending on research and devel-
ers, are discussed in the WSJ Tax opment, pursue acquisitions and
Guide 2022, which is now out and license deals, and to increase its
available to Wall Street Journal stock buyback program. The com-
subscribers. The fifth edition of pany is developing a combination
this annual ebook summarizes and flu and Covid vaccine, and is test-
updates key provisions of the U.S. ing experimental vaccines against
individual income tax in plain Eng- other viruses in late-stage studies.
lish—or as near to it as my col- “What you’re going to see is re-
league Richard Rubin and I could ally a huge expansion of the pipe-
get, considering that we’re writing line,” Mr. Bancel said in an inter-
about the tax code. view. “Cash is a thing we’ve been
Here’s the quiz: lacking to scale this platform and
now we have it. So we’re going to
Question: What’s the top income- invest as much as we can.”
tax rate on wages for 2021 and Moderna now has about $17.6
2022? billion in cash, cash equivalents
a) 91% and investments, or about 13
b) 39.6% times the amount it had before
c) 37%
d) 28%
Answer. 37% is currently the top It is difficult to
rate on wages, bonuses, and other
ordinary income. Unless Congress predict what lies
acts, this rate will return to 39.6% ahead for the industry
in 2026, when the 2017 tax over-
haul’s rates sunset. in the pandemic.
The highest top income-tax
rates—above 90%—were in effect
from World War II to the early the pandemic. Its workforce has
1960s, according to the Tax Foun- more than doubled from a year
dation, which advocates for lower ago to 3,000 employees.
rates and a simpler tax system. Pfizer, already one of the big-
The lowest top rate since 1945 was and get two $10,000 deductions. 2021. Some advocates want to ex- Q: Key changes made by the 2017 gest pharmaceutical companies
28%, which applied from 1988 to A: False. The SALT deduction tend the deadline to the April due tax overhaul will sunset at the end before the pandemic, reported
1990 as a result of the 1986 tax for married couples filing sepa- date, but Congress hasn’t done so. of 2025. Which one of these 2017 $36.8 billion in global sales for
overhaul. rately is $5,000 for each spouse’s changes is permanent? its Covid-19 vaccine, Comirnaty,
return. To get two $10,000 deduc- a) The doubling of the base in 2021, the highest one-year
tions, the couple would have to di- Q: Unreimbursed medical expenses child tax credit to $2,000 per tally for a pharmaceutical prod-
Q: (True or false): Inflation ad- vorce and file as single taxpayers. are deductible to the extent they child, from $1,000 uct in history. Pfizer co-devel-
justments have raised the maxi- exceed 7.5% of adjusted gross in- b) The doubling of the gift- and oped the vaccine with BioNTech
mum amount workers can contrib- come. Which of these expenses estate-tax exemption, which SE. And Pfizer recently intro-
ute to traditional IRAs and Roth Q: Before the 2017 tax overhaul, 33 qualify for the deduction? for 2022 is $12.06 million per duced the antiviral pill Paxlovid,
IRAs for 2022. million tax filers took a mortgage- a) Contact lenses and cleaner person which has shown strong efficacy
A: False. The maximum contri- interest deduction on Schedule A. b) A wig after chemotherapy c) A switch in the method of in- in clinical trials.
bution to traditional and Roth For 2019, the latest IRS data avail- c) Bandages flation-indexing for tax provi- Pfizer expects combined sales
IRAs is $6,000 for both 2021 and able, how many returns listed a d) Nursing-home expenses sions that often produces from these Covid products of at
2022 for workers under age 50. mortgage-interest deduction? e) Medicare Part B and D lower increases least $54 billion for 2022.
Maximum IRA contributions rise in a) 27 million premiums d) Repeal of the deduction for And Pfizer plans to put the in-
$1,000 increments, and the accu- b) 21 million f) All of the above employees’ home offices flux of cash to use on acquisi-
mulated inflation of recent years c) 13 million A: All of the above. Although the A. C: Potentially slower inflation tions and license deals.
hasn’t yet lifted the limit to d) 8 million 7.5% threshold is a high hurdle to indexing for many provisions, The Covid revenue outlook is
$7,000. A: 13 million. The 2017 tax over- receiving a benefit, taxpayers even though inflation is heating uncertain for some companies. If
However, inflation adjustments haul nearly doubled the standard who itemize deductions on up now. The other provisions ex- the pandemic transitions to an
did raise the maximum contribu- deduction—the amount taxpayers Schedule A can deduct a wide va- pire at the end of 2025, unless endemic phase, companies may
tion to 401(k) and similar plans to deduct if they don’t itemize key riety of unreimbursed expenses Congress acts. sell fewer doses of drugs and vac-
$20,500 for 2022 from $19,500 for write-offs on Schedule A—and it ranging from acupuncture to X- cines, but may raise prices to off-
KIERSTEN ESSENPREIS
2021. also removed or capped some key rays. For more information, see set that, said Ronny Gal, a Bern-
deductions. It lowered to $750,000 IRS Publication 502. SCORE: U.S. income taxes are stein analyst.
from $1 million the amount of debt confusing and the details change He said companies are asking
Q: (True or false): Investors with on which interest can be deducted frequently, so you know a lot if themselves: “How do we turn this
assets in taxable accounts—rather for new mortgages. Q: (True or false): Taxpayers who you got even one answer right! into an ongoing business, and
than tax-favored retirement ac- Since then, many fewer filers got direct deposits of 2021 child how big will it be?”
.
sexual misconduct, in violation Yearlong freight contracts, trik Berglund, CEO of Norway-
of CNN’s standards, according which contribute up to three- based transportation data and
to people familiar with the quarters of annual revenue for procurement specialist Xeneta.
matter. ship operators, will largely be “The top five operators con-
Allison Gollust, who re- settled at the TPM conference trol three-quarters of all con-
signed last week as CNN’s mar- in Long Beach, Calif., this com- tainer capacity. That’s a lot of
keting and communications ing week. The average price to pricing power to very few
chief, through a spokeswoman move a 40-foot box from players.”
denied offering advice to An- CNN review found Allison Gollust offered then-anchor Chris Cuomo advice to help his brother. China to the U.S. West Coast is Earnings for container ship-
drew Cuomo and said the no- likely to be between $7,000 pers took off during the pan-
tion that her communications company’s standards. York governor in August after a the request, while Ms. Gollust and $8,000, a record high for demic, as demand for manu-
with Chris Cuomo could be As part of a wide-ranging state report found he had sexu- provided a phone that didn’t annual freight pacts and factured goods like appliances,
considered as such was “pa- probe into Chris Cuomo’s assis- ally harassed multiple women. have all of the communications higher than last year’s average cars and home-improvement
tently ridiculous.” tance of his brother, investiga- “Allison Gollust never of- investigators were seeking, ac- of around $5,500, according to materials soared, with not
When Ms. Gollust resigned tors hired by CNN reviewed fered advice or counsel to An- cording to people familiar with executives of carriers and im- enough ships to move them.
last week, CNN parent Warner- text messages between Ms. Gol- drew Cuomo. Period. If she the matter. porters involved in the talks. At the same time, labor short-
Media Chief Executive Jason lust and Chris Cuomo, who was wanted to advise the governor, Investigators later asked Ms. After two years of supply- ages from Covid-19 outbreaks
Kilar told employees that an in- fired by the network in Decem- she could have called or texted Gollust for her BlackBerry, and chain disruptions and trans- at ports across the world and
vestigation had determined Ms. ber. In one of them, Ms. Gol- him directly (she didn’t),” Risa she provided her newest Black- portation delays through the not enough truck, rail and
Gollust, former CNN President lust—who prior to working at Heller, a spokeswoman for Ms. Berry device, they said. Investi- Covid-19 pandemic, importers warehousing capacity ex-
Jeff Zucker and Chris Cuomo CNN was briefly a top aide to Gollust, said in a statement. gators later determined that are putting a premium on reli- tended delivery times.
had violated company policies, Andrew Cuomo—sent Chris “The farfetched notion she was they were still missing commu- ability and predictability of To replenish falling inven-
including CNN’s news stan- Cuomo a sentence she said she laundering covert advice to the nications from Ms. Gollust, the services, with some seeking tories, a number of importers
dards and practices; he didn’t would have added to a state- Governor through casual con- people said. longer-term freight contracts, booked sailings with spot
offer details as to how. Warner- ment that Andrew Cuomo had versations with a colleague is The investigators raised the analysts say. More than a rates that were separate from
Media is a unit of AT&T Inc. issued earlier that day in Feb- patently ridiculous. These are issue to Ms. Gollust, and she quarter of all shipping con- their annual freight contracts.
CNN anchors have pressed ruary of last year, after an ac- innocuous, mundane conversa- handed in a third device, her tainers entering the U.S. are Some importers paid daily
Mr. Kilar for more information cuser went public, some of the tions that are being spun into a older BlackBerry, they said. cargo for large importers such rates of more than $20,000
related to the exits of Ms. Gol- people said. nefarious tale.” A person close to Ms. Gollust as Walmart and Amazon.com per box in sailings across the
lust and Mr. Zucker, who re- In another message, she A spokesman for Chris said she gave investigators the Inc., among others, according Pacific Ocean last year, with
signed earlier this month citing asked Chris Cuomo whether an- Cuomo said that the former an- phones she was asked for each to ship operators and freight vessels waiting for weeks to
his failure to disclose a consen- other accuser ever said publicly chor wasn’t interested in “fin- time she was asked for them. forwarders. unload cargo at choked ports
sual romantic relationship with that the then-governor had ger pointing between Ms. Gol- Ms. Heller said WarnerMe- “We are now increasingly that had no space to bring in
Ms. Gollust. Ms. Gollust has never touched her—something lust and WarnerMedia.” dia investigators have been seeing importers sign up to more containers. Large im-
said she regretted not disclos- Ms. Gollust said Chris Cuomo “Chris’s lawyer has been re- fully aware of Ms. Gollust’s yearly contracts early as well porters also went as far as
ing the relationship at the ap- had told her in a previous con- questing to see the results of communications since the mid- as to contracts of a longer du- chartering their own ships to
propriate time. versation, those people said. WarnerMedia’s investigation dle of January, before the com- ration,” said Lars Jensen, chief get around port delays.
People familiar with the Ms. Gollust went on to tell for weeks, and the right thing pany finished its investigation. executive officer of Denmark- Spot prices to send a con-
matter say there were multiple Chris Cuomo that if such a to do is for WarnerMedia to Other text messages re- based advisory firm Vespucci tainer from Shanghai to Los
factors that led to Ms. Gollust’s statement existed, CNN should honor that request and also viewed during the investigation Maritime. “It is about manag- Angeles have eased but con-
departure, including what they report it, they said. make the results public,” the showed Andrew Cuomo had ing risk in an environment tinue to hover around $16,000,
describe as her mischaracteriz- There was also a message in spokesman said. mentioned to Ms. Gollust cer- where the uncertainty about according to the Freightos Bal-
ing the timing of the relation- which Ms. Gollust conversed As part of the probe, which tain questions he wanted to be the stability of the supply tic Index, compared with
ship with Mr. Zucker; not with Chris Cuomo about the was conducted by law firm Cra- asked by CNN during an inter- chain in 2022 continues to be about $4,700 a year earlier.
promptly handing over a device lawyers assigned by the New vath, Swaine & Moore LLP, both view that aired on March 28, very high.”
that contained some of her York attorney general to inves- Mr. Zucker and Ms. Gollust 2020, regarding the coronavi- Representatives from several Scan this code
communications; and exchang- tigate Andrew Cuomo, they were asked to turn over their rus pandemic, some of the peo- carriers and cargo owners de- with your mobile
ing messages with Andrew and said. Andrew Cuomo, who has phones to investigators, the ple said. A spokesman for An- clined to comment on the device for a
Chris Cuomo that the company denied touching anyone inap- people said. drew Cuomo didn’t respond to freight talks. A range of compa- video on supply-
deemed were in violation of the propriately, resigned as New Mr. Zucker complied with calls seeking comment. nies in recent months have said chain issues.
session for delivery of envelopes stray animals, cherished pets and all wildlife except mosquitoes.
will take place on April 25, 2022, Corporate titles and flights on the Concord had never been important.
from 9:00 am to 12:00 pm, at the B3 What captivated Pierre was the joy of work in the country he loved.
headquarters (Rua XV de Novembro,
275, Centro), in São Paulo. Date Love is patient, love is kind. It does not envy, it does not boast, it is
of Public Session: April 28, 2022, not proud.
at 2:00 pm, at B3’s headquarters.
Fernando S. Marcato - Secretary of
1 Corinthians 13:4
State for Infrastructure and Mobility. Pierre passed away on January 23, 2022 with his family by his side.
He is survived by his wife, Daphne, his sons James (Michelle) and
Andre, his brother Michel and granddaughters Taylor and Natalie.
Starbucks said it will bargain with unionized workers in good faith.
.
EXCHANGE
The Morgan Creek-Exos SPAC ETF is
down almost 50% from a year ago.
$25
20
15
10
0
March 2021 2022
Source: FactSet
A
million by the same measure. A com-
pany spokesman declined to com-
startup battery maker ment.
that wooed investors The stock tumble of many of these
with rapid growth fore- startups shows how serious investors
casts said it would miss have become about demanding that
its revenue target by as companies deliver on their promises
much as 89%. A for growth. Hedge fund Morgan
scooter-rental app is expected to Creek Capital Management has an
bring in less than 20% of what it
projected this year. An electric-bus
company that planned to boost reve- ‘I feel like we are in a
nue faster than any U.S. startup ever
told investors to disregard its pro- position right now in the
jections. world where SPAC is a
Dozens of startups that went
public in a pandemic-fueled stock- four-letter curse word.’
market frenzy are missing the pro-
jections they used to win over in-
vestors, many by substantial exchange-traded fund that tracks
margins and just a few months af- SPACs and the startups that merge
ter making those forecasts. with them; it is down almost 50%
Nearly half of all startups with from a year ago, according to Fact-
less than $10 million of annual reve- Set.
nue that went public last year “It has been a really bad 12
through special-purpose acquisition months,” said CEO Mark Yusko. “Ex-
companies, known as SPACs, have pectations are down, valuations are
failed or are expected to fail to meet down.”
the 2021 revenue or earnings targets The average stock price for the 63
they provided to investors, according companies in the Journal’s study is
to a Wall Street Journal analysis. roughly $5. Companies that use
The underperformance of these SPACs to go public have an initial
nascent companies—most of them stock price of $10.
tech startups—bolsters one of the Companies missing their numbers
biggest concerns many investors and Helbiz, which makes apps that rent scooters like the one pictured above, is not expected to meet some targets. are in a tricky spot, said venture cap-
others raised about the SPAC boom italists. They must either slow their
of the past two years. Critics of $14 billion in just three years. It public offerings strongly discourage Proponents of the SPAC process spending, which would stunt their
SPACs say the loosely regulated go- was a stunningly rapid pace—five companies from making forecasts say projections give stock-market in- growth and make it more difficult to
ing-public process allows startups to years faster than Alphabet Inc.’s about future performance, compa- vestors the ability to bet on startups meet projections. Or they can raise
attract investors with bullish finan- Google, the fastest U.S. startup ever nies that list publicly by merging by gauging their future potential, of- more capital, which will likely be
cial projections, despite having little to reach that level of revenue—par- with SPACs—sometimes called blank- fering the opportunity for huge re- challenging, given their low stock
or no revenue in their history. ticularly given Arrival hadn’t yet check companies—have freely used turns that are generally confined to prices, and lenders are less likely to
In November, eight months after produced any vehicles. forecasts, often presenting investors investors who can access the private provide debt to companies with lim-
electric bus and van maker Arrival The company declined to com- with charts showing enormous markets. Without giving projections, ited income, venture capitalists said.
SA’s public listing through a SPAC ment for this article. Its stock is growth. it would be extremely difficult for Enrique Abeyta, editor at Empire
merger, Chief Executive Denis Sver- down roughly 85% since listing. “The practice was perhaps being many early-stage startups to go pub- Financial Research, which gives in-
dlov offered an update on an earn- Investors and academics have crit- abused,” said Amy Lynch, a former lic, because they don’t have a track vestment guidance, said he expects
ings call with investors. “We with- icized speculative companies’ use of SEC regulator who now advises in- record yet. half of the companies that went pub-
draw our long-term forecasts,” he projections, saying they are used to vestors on regulatory issues. She said Some startups have followed lic with a SPAC last year will be out
said, adding that the company was create buzz and attract investors. some of the companies’ projections through. Battery company Solid of business or delisted within five
putting forward “a more conserva- The U.S. Securities and Exchange were “beginning to get outside the Power Inc., indoor-farming startup years. He is looking for opportunities
tive view.” Commission has indicated it is con- realm of feasible outcomes.” Local Bounti Corp. and healthcare- in the market to short their stock.
It was a different tone from the sidering new limits on the practice The Journal’s analysis covered the software firm Pear Therapeutics Inc. “I feel like we are in a position
pitch the company gave investors and some federal lawmakers have 63 companies that went public are each expected by analysts to right now in the world where SPAC
when it went public in March: Its advanced bills to curtail it. While through a SPAC deal last year and meet or exceed their 2021 revenue is a four-letter curse word,” said Mr.
revenue would grow from zero to regulations around traditional initial had less than $10 million in trailing projections; each company has reve- Abeyta.
sales at the time of their listing. Of nue of around $4 million or less. The SEC last year signaled new
those 63, at least 30 didn’t meet Professors who examined the is- rules were coming when it added
SPACs fall short of 2021 revenue projections their projections, according to the sue found a correlation between am- SPACs to its regulatory agenda, al-
New estimate Original projection Journal’s analysis of data provided bitious forecasts and poor stock per- though no details were provided.
by Jay Ritter, a University of Florida formance. Michael Dambra, an SEC Chairman Gary Gensler has
Lion Electric professor who studies public listings, associate professor of accounting at warned against “misleading hype” in
Nikola
and from FactSet. A total of 199 University at Buffalo, and two co-au- the sector, while the agency’s former
SPAC deals were completed last year. thors looked at SPACs from 2010 general counsel has said companies
Velodyne Lidar The revenue cutoff was designed through 2020 and concluded in a face greater legal risk for financial
to capture companies with no or 2021 working paper that high- projections than is commonly be-
Romeo Power very little commercial production. growth revenue projections are likely lieved.
Electric Last Mile The Journal compared the compa- to be “overly optimistic and mislead- John Coates, who served as SEC
Solutions nies’ initial projections with either ing to uninformed investors.” general counsel and worked on SPAC
analysts’ estimates from FactSet, up- “The more aggressive your reve- regulation before he left the agency
Canoo* dated company forecasts or earnings nue is, the more likely you are to un- last fall, said he began taking a closer
Lordstown Motors*
reports. derperform,” Mr. Dambra said in an look at projections after companies
The companies in the Journal’s interview. with little or no revenue began publi-
ARRIVAL SA; SPADA/ZUMA PRESS
Helbiz analysis that are poised to miss their One Silicon Valley battery maker cizing projections of revenue five or
2021 revenue projections on average faced skepticism when it announced six years in the future.
XL Fleet fell short by 53%. Companies that are a SPAC deal a year ago. Enovix Corp. “Even mature, well-run companies
behind on their earnings projections had been around for 14 years and are cautious about going out five
AppHarvest have estimated losses that are on av- had yet to make a commercial sale of years,” Mr. Coates said. “I don’t
$0 million 50 100 150 200 erage about 40% greater than what its product. know why a brand-new company
they projected at the time of their “We have got to build the com- that’s never sold anything would feel
*Esimate no revenue for 2021 Sources: FactSet; company filings SPAC deal. pany and hit our numbers,” CEO Har- comfortable about that.”
.
INVESTORS,
YOU DESERVE A
SPOT BITCOIN ETF.
Since its inception in 2013, Grayscale has never stopped working towards
converting Grayscale Bitcoin Trust ( SYMBOL: GBTC ) to a Bitcoin ETF.
If you support the conversion, write to the SEC using the letter below:
Dear SEC,
OR, simply
I’m writing to support the conversion of Grayscale Bitcoin Trust (symbol: GBTC), send an email
currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the to the SEC by
United States.
scanning the
QR code.
A Spot Bitcoin ETF would allow investors like me to:
Sincerely,
grayscale.com/comment
This is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal, nor shall there be any sale
of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
To date, GBTC has not met its investment objective and the Shares have not reflected the value of the digital assets held by GBTC, less GBTC’s expenses and other liabilities,
but have instead traded at both premiums and discounts to such value, which at times have been substantial.
This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular.
This material is strictly for illustrative, educational, or informational purposes and is subject to change.
.
EXCHANGE
Type the words KEYWORDS | CHRISTOPHER MIMS large: production.
“battery” and “break- So much money and research
through” into your and development has already been
2,000-mile range is within reach. say, ‘We have the best lithium-sul- to the inherent complexity of high- sults are reported is often a kind of sort of high-performance battery
“People like a breakthrough, but fur battery in the world, but it’s not capacity batteries. It’s easy to take sleight-of-hand, says Ms. Hamilton. nirvana.
when we write papers we try to good enough for automotive appli- them for granted, seeing how Such reports tend to play down the But Dr. Li cautions that commer-
avoid using these kinds of words,” cations yet,’ my claims get dis- they’re in practically every gizmo fact that a real-world battery must cializing his team’s technology will
says Xin Li, a researcher at Harvard counted,” she adds. we buy nowadays. But at the molec- perform well by at least a half- take years, and there are many
University whose team recently The decades since lithium-ion ular level, what goes on inside the dozen different measures that mat- challenges remaining, not to men-
published a paper on a new kind of batteries were first commercialized average lithium-ion battery is a ter for electric vehicles. Those in- tion the unknown obstacles that
higher-capacity solid-state battery in 1991 demonstrate that real break- complex cascade of chemical reac- clude delivering power for typically arise on the long path be-
in the scientific journal Nature. throughs in what they can deliver tions that—and this is the really acceleration, storing a lot of energy tween research findings and scaled-
“There are too many battery ‘break- are few and far between. tough part—unfold one way when per gram of weight to enable long up production.
throughs’ in my opinion in the past “When we started Tesla in 2003, the cell is charged, do the reverse range, lasting for thousands of The result of these long develop-
5 years, and not many can be imple- the batteries were just good when it is discharged, and must re- charge and discharge cycles, operat- ment cycles is that, even when bat-
mented in a commercial product.” enough, but what we had noticed peat the process countless times. ing in a wide range of temperatures, tery tech “breakthroughs” finally
There are tangible costs to the was that they got better at about Many approaches that in theory and not catching fire too easily make it to market, they might just
hype. Investors can struggle to cut 7% to 8% a year, and had for a long could double or triple the capacity when damaged. amount to the next, incremental in-
through the thicket of claims, and time,” says Marc Tarpenning, a co- of existing batteries haven’t been Also, batteries can’t cost too crease in the capacity of existing
startups that are forthright about founder of the company. “It’s been made to work beyond a few charge much, since their price is the pri- battery packs, which continue to
their results may lose out. 19 years, and we still haven’t had a cycles. A prime example are lith- mary driver of the cost of electric get better all the time anyway, says
“It makes it very difficult to step change in battery capacity—it ium-sulfur batteries, which on pa- vehicles. Mr. Tarpenning: “By the time they
raise capital,” says Ms. Hamilton, just ticks along at 7% to 8% per per could have nearly 10 times the Even when a promising new bat- finally get those things into produc-
whose company is working to year.” capacity of current cells. The only tery technology can be made to tion, it could be, ‘Oh, it’s just an-
change the materials for a key bat- The reasons progress has been problem: If you make one the same work by all the measures that mat- other 8% improvement, look at
tery component, to pack in more more evolutionary than revolution- way you make current batteries, it ter, another challenge looms just as that.’ ”
Amid Chaos 0
–2
iShares Core
MSCI Europe ETF
EXCHANGE
New Sticker
Shock Hits
Car Buyers
Continued from page B1
Dealers, for their part, are di-
vided on the practice. Some say the
charges are a reasonable reflection
of the upside-down market, and
that the auto industry is one of
many where inflation is visible, es-
pecially for small dealers trying to
compensate for choked inventories.
Other dealerships on principle
say they don’t charge above MSRP,
with the exception of some new,
high-demand models. They say the
practice can permanently damage
their reputation with buyers and
hurt repeat business.
In today’s market, though, it is
becoming more difficult to refrain
from charging more, especially as it
becomes commonplace, dealers say.
Mike Stanford, a Ford-Lincoln
dealer in southeast Michigan, said
he doesn’t charge above the sticker
and has tried to hold the line even
on popular models in short supply.
But he said it’s a decision that
can sometimes leave him feeling
burned. For instance, a buyer
walked into his dealership recently
looking for a Ford Bronco. The
buyer indicated he was a Bronco
fan, Mr. Stanford recalled, and told
the sales manager he was excited to
drive in a local park with his wife
with the car’s removable top off.
The dealership sold the vehicle for
the $54,000 sticker price.
The next day, his staff saw the
same Bronco listed for resale online
for $20,000 more—using the deal-
ership’s own photos of the vehicle,
he said.
“I don’t think it is right to gouge
the customer,” he said. “But I don’t Historically there has been ample Kevin Peters, above, flew to Las
think it is right for customers to supply, and most car buyers pay a Vegas from San Diego so he could
gouge us, either. But that’s the mar- price that represents a discount get a new pickup truck for its
ket today.” from MSRP—anywhere from a few sticker price. Kat Adair, left, says
Ford declined to comment on thousand dollars to as much as she’s done with dealers after
specific customer experiences. $10,000 in the competitive market paying $2,000 extra for a Toyota.
Some car companies are pushing for big pickup trucks.
back on dealer markups, worried The prolonged inventory short-
that perceived price gouging will age has flipped this traditional car- A letter from Hyundai’s top U.S.
turn off customers and hurt their buying dynamic. sales executive, Randy Parker, sent
brand images. The reputational Auto makers haven’t recovered to dealers this past Tuesday warned
risks are higher than ever, with from the early days of the Covid-19 that charging above MSRP risks
Tesla Inc. and other new electric- pandemic, when nearly all auto facto- alienating customers. Dealers found
ries in North America shut down for to be doing so could have vehicle
almost two months. A computer-chip shipments curtailed and advertising
shortage that emerged in late 2020 support cut, he said.
Last month, 82% of new- continues to depress factory output, “With great regularity our cus-
car buyers paid more further hamstringing efforts to catch tomers around the country are voic-
up. Russia’s invasion of Ukraine this ing displeasure,” Mr. Parker wrote.
than sticker price, past week could portend more sup- Other auto makers such as Kia
according to Edmunds. ply-chain snarls in the future. and Volkswagen emphasized that
The number of cars and trucks the dealers are independent fran-
on dealership lots hit a record low chises and have control over pric-
of about 973,000 in September ing, although they stressed cus-
car startups offering buyers a way 2021, according to research firm tomer experience is paramount and
to skip the dealership and buy di- Wards Intelligence. Vehicle stocks dealers should avoid upcharging
rectly from the manufacturer, side- were about 1.1 million last month, when possible.
stepping the car-lot haggling that roughly one-third the historical Some auto makers, such as Toy-
many buyers dislike. norm. Demand remains strong, ota and Honda, are pulling individ-
General Motors Co., Ford Motor helping push prices on both new ual dealers aside to talk about their
Co. and Hyundai Motor Co. have and used cars to records. charging above MSRP. Jack Hollis,
warned dealers that they could Dealer markups—used sparingly Toyota Motor North America’s se-
have their vehicle shipments re- before the pandemic—have become nior vice president of auto opera-
duced if they are caught signifi- pervasive. Buyers last month paid tions, said the company has encour-
cantly marking up cars. But car an average of $728 above the aged dealers to look at the bigger
companies are limited in what ac- sticker, or 1.6% on average. That picture instead of trying to capital-
tions they can take, due to state represents a reversal from a year ize on the current market.
franchise laws that protect a dealer- earlier, when vehicles sold for an “If you’re thinking about it in the
ship’s autonomy. average of $2,152 below MSRP, ac- short term, I think you’re mis-step-
“The whole model is broken,” cording to Edmunds. ping,” said Mr. Hollis. “If that cus-
said Kat Adair, a 55-year-old Texas Dealerships are required to dis- tomer experience is great during
resident who recently purchased a close the price increase, sometimes this time, they’ll be with you.”
new car. called a market adjustment, on the Car companies are also trying to
Ms. Adair said she has always label. The higher price also can take dillac brand after her experience After her experience buying the make longer-term changes inter-
dreaded dealership negotiations, different forms, such as dealers last month trying to buy a new Es- 4Runner, Ms. Adair said she would nally to help stabilize pricing and
but this time, the experience was add-ons like wheel protection and calade SUV. The luxury model lists stick to buying from Tesla from improve the experience, especially
particularly grueling. After she and brake-light features that would oth- for $73,000 to around $100,000, but now on. She said she ordered a as they gear up to challenge Tesla
her husband got quotes for $10,000 erwise be optional but are now re- the four dealerships she contacted Model Y compact SUV in August, in the electric-vehicle market.
to $15,000 above MSRP, they were quired as part of the higher price. added another $15,000 to $35,000 before she bought the Toyota, and Ford, GM and other auto makers
relieved to buy a Toyota 4Runner James Brands, a 79-year-old resi- to the price, she said. found the process much smoother, have said they envision customer
for what she described as a steal: dent of upstate New York, was so “I don’t want the car that badly mostly because the advertised price orders being a bigger part of the
$2,000 over its sticker price of shocked about the price inflation he and would probably never look to is what consumers end up paying. business in the future, a departure
about $49,000. encountered trying to buy a Ford drive one in the future, even if the “I will never buy another car from the historical norm, in which
“I don’t feel like it’s fair that you Maverick pickup truck that he de- market adjusted down,” she said. from another regular dealership American shoppers have picked
have to be a good negotiator to get cided to write a letter to Ford Chief A Cadillac spokesman declined to again after this,” Ms. Adair added. cars straight off the lot, often driv-
a fair price,” she said. Executive Jim Farley. comment on individual transactions For many smaller dealerships, the ing them home the same day. While
A Toyota representative declined Mr. Brands said he was dismayed but said the brand doesn’t condone financial hardship of losing sales preordered cars still are delivered
to discuss specific customer experi- to find the dealership had tacked on dealerships charging above MSRP, revenue to the inventory shortage is through the dealer, that process
ences. $6,480 to the list price of the Maver- and said most don’t. driving them to charge more for the should give car companies more
For decades, American consum- ick, a $20,000 truck that Ford touts Karen Patton was so fed up with vehicles they do have in stock, said control over pricing and allow them
ers have been conditioned to expect as a more affordable alternative to seeing widespread markups on the Paul Walser, chairman of the Na- to plan production schedules better,
a deal on a new car. Advertisements its bigger, more expensive vehicles. Ford Bronco, a popular SUV that tional Automobile Dealers Associa- analysts and executives say.
promoting factory-cash rebates and “Many of your Ford dealers are, went on sale in 2021, that she tion, a trade group representing Still, auto executives and analysts
discounts have long been a staple of in my opinion, stabbing you and posted a 1,500-word message on an more than 16,000 U.S. dealerships. expect the dearth of new cars and
the car business. Dealers, who act Ford Motor Company in the back,” online Bronco forum. When the Cal Thomas, who until recently lofty prices to stick around at least
RAJAH BOSE FOR THE WALL STREET JOURNAL; ILANA PANICH-LINSMAN FOR THE WALL STREET JOURNAL
as middlemen, control the final Mr. Brands wrote in a letter that he pricing of her vehicle changed after owned a Chevrolet and Buick deal- into 2023. While the computer-chip
price, because they own the vehicle. showed to The Wall Street Journal. she had reserved it, she encouraged ership in Florida, said his lots were problem is expected to gradually
The MSRP is required by law to Sherry Farag, a Florida physician, readers to document each dealer in- so empty that he wasn’t sure his ease through this year, dealership in-
be displayed on the window sticker. said that she has soured on the Ca- teraction to combat late-stage business would survive. He resorted ventories are so thin and underlying
markups. She even dropped the to marking up some vehicles sold to vehicle demand so strong that it is
name of a Ford communications other dealerships, but said he re- expected to take at least a year to
U.S. light-vehicle inventory Average vehicle price, manager to contact if the dealer fused to charge customers more. He substantially restock lots.
change from a year earlier doesn’t budge. ultimately decided to sell his deal- Mike Manley, CEO of AutoNation
4 million 30% Ms. Patton also included tips on ership, because he wasn’t making Inc., the U.S.’s largest dealership
how to avoid overpaying, such as enough to sustain operations on chain by sales, said less than 2% of
Used encouraging customers to bring a what little inventory he had. vehicles at AutoNation were sold
25 spouse or older relative to the deal- Mr. Thomas said he sympathizes above sticker last year.
3 ership and have them “release the with smaller dealerships, like his, Longer-term, said Mr. Manley,
20 waterworks.” that struggled during the past two who also is also a former car com-
“I bought new cars off of a lot years. “I think it’s a shame that deal- pany CEO, dealerships are going to
before, and it was just never like ers are put in that situation,” he said, stock fewer vehicles with more lim-
2 15 this,” Ms. Patton said. adding that he has had to take pay ited options, and custom ordering
Other shoppers are permanently cuts to keep his business going. will become more the norm. Al-
10 New defecting to Tesla, which has no Ford’s Mr. Farley expressed frus- ready, much of AutoNation’s incom-
1 dealerships and instead sells cars tration on a recent earnings call ing vehicle inventory has been pre-
through its company-owned stores that roughly 10% of the brand’s sold to buyers who had previously
5
or its website. While Tesla has dealerships were selling vehicles placed factory orders through its
raised prices over the past year, above sticker. He said future sup- stores, the company said.
0 0 some shoppers say they prefer plies of sought-after vehicles may “There are going to be a number
2020 ’21 ’22 2017 ’19 ’21 knowing the price upfront, and be withheld from dealers who are of changes in the coming years and
newer electric-car companies are flagged. “We have very good intelli- this will be the catalyst,” Mr. Man-
Source: Wards Intelligence (inventory); JD Power (price) following Tesla’s lead on sales. gence of who they are,” he said. ley said.
.
MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
34058.75 Trailing P/E ratio 18.89 31.47 4384.65 Trailing P/E ratio * 23.83 43.74 13694.62 Trailing P/E ratio *† 31.76 38.46 commodities performed around the world for the week.
s 834.92 P/E estimate * 17.90 20.67 s 95.95 P/E estimate * 19.49 22.47 s 221.04 P/E estimate *† 24.78 29.12
Stock Currency, Commodity, Exchange-
Dividend yield 2.06 1.95 Dividend yield * 1.41 1.50 or 1.64% Dividend yield *† 0.74 0.75 index vs. U.S. dollar traded in U.S.* traded fund
or 2.51% or 2.24%
All-time high: Wheat 5.77%
All-time high Current divisor All-time high
16057.44, 11/19/21
36799.65, 01/04/22 0.15172752595384 4796.56, 01/03/22 S&P 500 Health Care 2.71
S&P 500 Real Estate 2.69
36900 4800 15800 Nymex ULSD 2.44
65-day moving average Nymex RBOB gasoline 2.16
65-day moving average 65-day moving average 15250 Nymex natural gas 2.12
36000 4675
S&P 500 Utilities 2.03
S&P 500 Communication Svcs 1.84
35100 4550 14700
Norwegian krone 1.82
Dow Jones Transportation Average 1.58
34200 4425 14150
Session high Russell 2000 1.57
DOWN UP Nymex crude 1.53
t
Session open Close 33300 4300 13600 S&P 500 Energy 1.31
Close Open S&P 500 Information Tech 1.29
t
Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7869 1.2708 0.5 Denmark krone .1515 6.6015 0.9
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001247 802.19 –5.8 Euro area euro 1.1273 .8871 0.9
Colombiapeso .000256 3913.70 –3.7 Hungary forint .003091 323.55 –0.3
A consumer rate against its New car loan Ecuador US dollar Iceland krona
1 1 unch .007983 125.26 –3.5
benchmark over the past year 2.50% Mexico peso .0491 20.3463 –0.8 Norway krone .1132 8.8312 0.3
Bankrate.com avg†: 3.55% Tradeweb ICE 14%
t
Uruguay peso .02365 42.2850 –5.4 Poland zloty .2433 4.1106 2.1
First Command Bank 2.49% Friday Close 2.00
WSJ Dollar Index Asia-Pacific Russia ruble .01192 83.863 12.1
4.00% Fort Worth, TX 888-763-7600 7
1.50
s Sweden krona .1066 9.3848 3.7
Australian dollar .7231 1.3829 0.5
New car loan 2.80% Switzerland franc 1.0804 .9256 1.5
t
B10 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.
MARKET DATA
Futures Contracts Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest
Metal & Petroleum Futures May 1654.00 1670.00 1579.00 1584.50 –69.50 307,833 June 182-200 183-300 181-090 182-050 –3.0 1,217,683 Swiss Franc (CME)-CHF 125,000; $ per CHF
Soybean Meal (CBT)-100 tons; $ per ton. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March 1.0810 1.0840 1.0776 1.0799 –.0004 47,100
Contract Open
March 465.00 469.70 448.00 448.30 –16.60 11,882 March 152-150 153-070 151-210 152-080 –6.0 87,637 June 1.0853 1.0879 1.0817 1.0839 –.0003 498
Open High hi lo Low Settle Chg interest
May 455.20 460.70 441.70 442.70 –12.90 204,173 June 154-070 154-290 153-100 153-310 –7.0 1,059,974 Australian Dollar (CME)-AUD 100,000; $ per AUD
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March .7164 .7239 .7140 .7233 .0073 189,372
March 4.5000 4.5205 4.4485 4.4720 0.0160 10,868 March 72.47 72.98 68.16 68.75 –3.25 12,569 March 126-145 126-215 126-000 126-080 –7.0 364,864 June .7173 .7247 .7150 .7242 .0074 1,885
May 4.5075 4.5285 4.4560 4.4850 0.0240 116,896 May 72.50 73.04 68.22 68.93 –3.04 163,048
Gold (CMX)-100 troy oz.; $ per troy oz. June 126-130 126-205 125-290 126-055 –7.5 3,493,408 Mexican Peso (CME)-MXN 500,000; $ per MXN
Rough Rice (CBT)-2,000 cwt.; $ per cwt. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March .04851 .04907 .04847 .04895 .00054 164,642
March 1906.90 1920.00 1883.60 1886.50 –38.90 4,991 March 15.11 15.13 15.03 15.11 –.01 641
April 1906.50 1925.00 1884.40 1887.60 –38.70 461,270 March 117-312 118-005 117-195 117-255 –5.2 366,064 June .04780 .04824 .04764 .04812 .00054 380
May 15.38 15.44 15.32 15.42 … 7,048
June 1909.50 1928.00 1887.70 1890.80 –38.60 89,332 June 117-172 117-220 117-080 117-140 –6.5 3,617,352 Euro (CME)-€125,000; $ per €
Wheat (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March 1.1200 1.1279 1.1170 1.1268 .0076 686,940
Aug 1913.80 1931.40 1891.50 1894.20 –38.80 27,146 March 923.25 952.50 s 841.50 843.00 –83.00 5,650
Oct 1918.00 1935.00 1895.00 1898.00 –39.00 8,052 March 107-213 107-223 107-176 107-205 –2.4 221,181 June 1.1239 1.1315 1.1207 1.1305 .0078 10,654
May 930.25 960.75 s 859.75 859.75 –75.00 169,393
Dec 1922.70 1937.50 1900.40 1903.20 –38.40 17,467 June 107-085 107-110 107-058 107-083 –3.2 1,839,789
Wheat (KC)-5,000 bu.; cents per bu.
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 953.00 973.00 s 877.50 886.75 –76.25 3,921
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Index Futures
March 2388.50 2479.00 2318.00 2360.70 –140.40 450 Feb 99.9175 99.9200 s 99.9175 99.9200 ... 317,060
May 959.75 981.00 s 891.00 891.00 –75.00 100,532 Mini DJ Industrial Average (CBT)-$5 x index
June 2411.00 2487.00 2313.00 2365.70 –136.20 7,225 April 99.6350 99.6400 99.5900 99.6000 –.0300 421,677
Platinum (NYM)-50 troy oz.; $ per troy oz. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 33036 34034 32762 33994 838 77,712
March 161.850 162.350 159.300 160.025 .925 7,423 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 32914 33919 32663 33889 831 1,291
March ... ... ... 1048.90 –12.00 7 March ... ... ... 96-225 –6.0 75,864
April 166.525 167.500 163.775 164.750 .950 14,742 Mini S&P 500 (CME)-$50 x index
April 1060.30 1067.20 1045.60 1050.10 –12.00 49,616 Eurodollar (CME)-$1,000,000; pts of 100%
Silver (CMX)-5,000 troy oz.; $ per troy oz. Cattle-Live (CME)-40,000 lbs.; cents per lb. March 4266.75 4384.25 4227.50 4380.00 96.00 2,305,695
Feb 141.200 141.800 138.850 139.275 –1.250 489 March 99.3800 99.3850 99.3200 99.3275 –.0550 943,442 June 4259.00 4376.25 4219.50 4372.50 96.50 81,716
March 24.320 24.525 23.900 23.997 –0.690 15,996
April 143.150 144.175 141.300 141.925 –.375 143,514 June 98.8500 98.8650 98.7800 98.8050 –.0550 1,028,068 Mini S&P Midcap 400 (CME)-$100 x index
May 24.330 24.550 23.920 24.017 –0.693 116,198
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 98.0850 98.1150 98.0300 98.0600 –.0550 1,340,024 March 2573.60 2660.90 2551.60 2659.30 74.00 48,116
93.32 95.64 90.06 91.59 –1.22 342,089 April 105.525 106.425 103.550 103.675 –1.850 104,936 Dec'23 97.6750 97.7050 t 97.6150 97.6550 –.0400 1,248,534 June ... ... ... 2666.70 71.40 4
April
May 91.48 93.73 88.49 89.89 –1.05 228,535 June 116.200 117.125 113.675 113.875 –2.225 58,610 Mini Nasdaq 100 (CME)-$20 x index
June 89.29 91.51 86.67 87.93 –0.91 209,674 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Currency Futures March 13909.50 14196.25 13760.25 14180.50 214.00 255,901
Dec 82.04 83.74 80.28 81.03 –0.65 256,800 March 1319.90 1331.10 1295.00 1312.40 .40 758 June 13906.75 14197.75 13766.50 14183.00 216.00 3,031
May 1203.40 1218.00 1183.90 1199.70 –.20 1,442 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini Russell 2000 (CME)-$50 x index
June'23 78.23 79.41 76.50 77.14 –0.65 104,614
Milk (CME)-200,000 lbs., cents per lb. March .8660 .8686 .8640 .8653 .0006 197,189 March 1984.20 2040.60 1966.00 2039.00 45.50 522,453
Dec 75.48 76.52 73.85 74.50 –0.72 123,309
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Feb 20.91 20.93 20.90 20.92 –.03 4,223 June .8680 .8704 .8659 .8672 .0006 2,910 Mini Russell 1000 (CME)-$50 x index
March 2.9081 2.9729 2.8045 2.8495 –.0474 19,530 March 22.61 22.61 21.82 21.90 –.61 5,253 Canadian Dollar (CME)-CAD 100,000; $ per CAD March 2375.20 2423.90 2368.50 2423.90 53.30 16,075
April 2.8572 2.9308 2.7687 2.8058 –.0489 84,602 Cocoa (ICE-US)-10 metric tons; $ per ton. March .7804 .7877 .7799 .7866 .0063 133,670 U.S. Dollar Index (ICE-US)-$1,000 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 2,568 2,571 2,568 2,576 –2 425 June .7806 .7876 .7800 .7866 .0064 10,397 March 97.04 97.23 96.51 96.62 –.50 52,425
March 2.7728 2.8396 2.7095 2.7273 –.0437 16,952 May 2,621 2,643 2,601 2,614 –2 95,387 British Pound (CME)-£62,500; $ per £ June 96.90 97.15 96.45 96.54 –.50 2,163
April 2.9159 2.9855 2.8550 2.8741 –.0424 131,128 Coffee (ICE-US)-37,500 lbs.; cents per lb. March 1.3375 1.3438 1.3365 1.3410 .0027 185,488
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 243.35 243.35 239.50 240.05 .70 1,314 June 1.3365 1.3431 1.3362 1.3405 .0028 5,552 Source: FactSet
April 4.573 4.716 4.417 4.470 –.171 148,671 May 239.90 242.60 237.50 238.65 .75 129,106
May 4.591 4.724 4.435 4.485 –.171 184,611 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
June 4.645 4.773 4.484 4.528 –.171 72,763 March 18.33 18.38 17.95 17.99 –.33 37,541
July 4.696 4.822 4.536 4.578 –.171 85,193 May 17.96 17.97 17.56 17.60 –.31 339,390
Sept 4.684 4.798 4.528 4.568 –.171 69,908 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks
Oct 4.716 4.832 4.552 4.589 –.172 83,656 May ... ... ... 35.40 … 2,647
Agriculture Futures
Cotton (ICE-US)-50,000 lbs.; cents per lb.
March 120.00 122.21 120.00 122.12 –.47 124
Global Government Bonds: Mapping Yields
May 119.50 120.40 115.86 118.63 –.53 110,892 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Corn (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
March 696.75 707.00 657.00 659.50 –35.50 60,422 March 136.75 137.50 135.30 136.10 –.35 878 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
May 692.00 701.75 655.25 655.75 –34.50 688,727 May 137.00 138.35 135.20 135.90 –.85 9,600
Oats (CBT)-5,000 bu.; cents per bu. Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
March 655.50 669.50 635.25 644.25 –11.75 105 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
652.25 666.50 613.25 614.50 –38.75 2,265
Interest Rate Futures
May 1.500 U.S. 2 1.584 s l 1.544 1.025 0.166
Soybeans (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
March 1661.50 1678.50 1585.50 1590.25 –71.25 20,861 March 181-010 182-130 179-230 180-160 –4.0 71,195
1.875 10 1.984 s l 1.969 1.784 1.513
2.750 Australia 2 1.218 s l 1.179 0.933 0.130 -37.3 -40.9 -4.6
1.000 10 2.235 s l 2.171 1.941 1.744 25.2 20.0 21.9
Exchange-Traded Portfolios | WSJ.com/ETFresearch 0.000 France 2 -0.311 s l -0.323 -0.637 -0.560 -190.2 -191.0 -73.5
Closing Chg YTD 0.000 10 0.708 s l 0.665 0.331 0.034 -127.6 -130.6 -149.1
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
0.000 Germany 2 -0.378 s l -0.423 -0.648 -0.645 -196.9 -201.0 -82.1
Closing Chg YTD iShRussell2000Val IWN 154.56 1.48 –6.9
Thursday, February 24, 2022 0.000 10 0.230 s l 0.172 -0.076 -0.229 -179.9 -175.4
ETF Symbol Price (%) (%) iShRussellMid-Cap IWR 74.48 1.85 –10.3 -175.4
Closing Chg YTD iShRussellMCValue IWS 113.65 0.67 –7.1
ETF Symbol Price (%) (%) iShSelectDividend DVY 119.99 –0.83 –2.1 iShRussell1000 IWB 237.71 1.66 –10.1
0.000 Italy 2 0.102 s l 0.071 -0.103 -0.246 -148.9 -151.6 -42.1
iShESGAwareUSA ESGU 96.28 1.77 –10.8
CnsmrDiscSelSector XLY 172.77 2.29 –15.5
iShEdgeMSCIMinUSA USMV 72.62 1.03 –10.2
iShS&P500Growth IVW 71.95 3.07 –14.0 0.950 10 1.844 s l 1.815 1.288 0.796 -13.9 -15.7 -72.9
CnsStapleSelSector XLP 73.54 –1.72 –4.6 iShS&P500Value IVE 148.69 0.03 –5.1
DimenUSCoreEq2 DFAC 26.47 1.42 –8.6 iShEdgeMSCIUSAQual QUAL 127.00 1.89 –12.8 iShTIPSBondETF TIP 125.12 0.41 –3.2 0.005 Japan 2 -0.027 s l -0.030 -0.063 -0.091 -161.9 -161.7 -26.7
EnSelectSectorSPDR XLE 67.11 –0.78 20.9 iShEdgeMSCIUSAVal VLUE 102.84 0.34 –6.1 iSh1-3YTreasuryBd SHY 84.41 0.08 –1.3
iShGoldTr IAU 36.08 –0.63 3.6 0.100 10 0.208 s l 0.187 0.141 0.152 -177.5 -178.4 -137.3
FinSelSectorSPDR XLF 37.88 –1.20 –3.0 iSh7-10YTreasuryBd IEF 110.89 0.24 –3.6
iShiBoxx$InvGrCpBd LQD 122.98 0.47 –7.2
HealthCareSelSect XLV 127.06 0.40 –9.8
iShiBoxx$HYCpBd HYG 83.14 0.71 –4.4
iSh20+YTreasuryBd TLT 136.77 0.07 –7.7 0.000 Spain 2 0.003 t l 0.043 -0.541 -0.395 -158.8 -154.4 -57.0
IndSelSectorSPDR XLI 96.82 1.28 –8.5 iShRussellMCGrowth IWP 96.82 4.25 –16.0
InvscQQQI QQQ 340.49 3.36 –14.4
iShJPMUSDEmgBd EMB 98.98 –1.01 –9.2
iShUSTreasuryBdETF GOVT 25.52 0.04 –4.3 0.700 10 1.211 s l 1.173 0.636 0.482 -77.3 -79.9 -104.3
iShMBSETF MBB 103.81 0.20 –3.4
151.10 0.96 –7.2 JPM UltShtIncm JPST 50.40 0.04 –0.2
InvscS&P500EW RSP
iShMSCI ACWI ACWI 96.43 0.42 –8.8 0.125 U.K. 2 1.208 t l 1.258 0.902 0.112 -38.3 -32.9 -6.4
iShCoreDivGrowth DGRO 51.26 –0.06 –7.8 ProShUltPrQQQ TQQQ 49.56 9.79 –40.4
iShMSCI EAFE EFA 72.82 –1.34 –7.4
iShCoreMSCIEAFE IEFA 68.77 –1.36 –7.9 SPDRBlm1-3MTB BIL 91.41 ... –0.0 4.750 10 1.462 s l 1.449 1.168 0.787 -52.2 -52.3 -73.8
iShMSCI EAFE SC SCZ 65.71 –0.79 –10.1
iShCoreMSCIEM IEMG 56.90 –1.98 –4.9 SPDR Gold GLD 177.14 –0.65 3.6
iShMSCIEmgMarkets EEM 46.49 –2.06 –4.8 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
iShCoreMSCITotInt IXUS 66.12 –1.43 –6.8 SPDRS&P500Growth SPYG 62.31 3.03 –14.0
iShMSCIEAFEValue EFV 49.63 –3.03 –1.5
iShCoreS&P500 IVV 430.14 1.57 –9.8 SchwabIntEquity SCHF 36.13 –1.39 –7.0
iShNatlMuniBd MUB 112.62 –0.04 –3.1
iShCoreS&P MC
iShCoreS&P SC
IJH
IJR
258.34
104.88
1.44 –8.7
1.69 –8.4
iSh1-5YIGCorpBd
iShPfd&Incm
IGSB
PFF
52.59
35.85
0.11
0.56
–2.4
–9.1
SchwabUS BrdMkt
SchwabUS Div
SCHB
SCHD
101.44
75.14
1.75
–0.70
–10.2
–7.0
Corporate Debt
iShS&PTotlUSStkMkt ITOT 96.08 1.79 –10.2 iShRussell1000Gwth IWF 262.39 3.23 –14.1
SchwabUS LC SCHX 102.27 1.73 –10.1 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
SchwabUS LC Grw SCHG 140.27 3.59 –14.3
iShCoreTotalUSDBd IUSB 50.66 0.12 –4.3 iShRussell1000Val IWD 158.36 0.13 –5.7
SchwabUS SC SCHA 91.50 2.29 –10.6
expectations
iShCoreUSAggBd AGG 109.46 0.18 –4.0 iShRussell2000 IWM 198.04 2.62 –11.0
Schwab US TIPs
SPDR DJIA Tr
SCHP
DIA
61.04
332.34
0.41
0.25
–2.9
–8.5
Investment-grade spreads that tightened the most…
SPDR S&PMdCpTr MDY 472.32 1.48 –8.8 Spread*, in basis points
Peachtree Corners Funding Trust … 3.976 2.84 Feb. 15, ’25 103 2 n.a.
Dividend Changes Baxter International BAX 1.322 2.49 Nov. 29, ’24 91 1 n.a.
Dividend announcements from February 25. PNC Financial Services PNC 4.050 3.01 July 26, ’28 111 1 n.a.
Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record High-yield issues with the biggest price increases…
Increased Initial Bond Price as % of face value
Allison Transmission ALSN 2.1 .21 /.19 Q Mar18 /Mar07 Medallion Financial MFIN 3.8 .08 Mar31 /Mar14 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Cohen & Steers CNS 2.7 .55 /.45 Q Mar17 /Mar07
Foreign
Coterra Energy CTRA 9.9 .15 /.125 Q Mar17 /Mar07
Agnico-Eagle Mines AEM 3.1 .40 Q Mar15 /Mar07 Howmet Aerospace HWM 5.950 4.91 Feb. 1, ’37 110.916 2.45 111.553
Crown Holdings CCK 0.7 .22 /.20 Q Mar24 /Mar10
Athene Holding Pfd. B ATHpB 5.8 .35156 Q Mar30 /Mar15
CTO Realty Growth CTO 6.9 1.08 /1.00 Q Mar31 /Mar10
Athene Holding Pfd. D ATHpD 5.7 .30469 Q Mar30 /Mar15 American Airlines AAL 3.750 6.35 March 1, ’25 93.000 2.00 92.999
Danaher DHR 0.4 .25 /.21 Q Apr29 /Mar25
Athene Pfd. A ATHpA 5.9 .39687 Q Mar30 /Mar15
eBay EBAY 1.6 .22 /.18 Q Mar18 /Mar10 Athene Pfd. C ATHpC ... .39844 Q Mar30 /Mar15 WeWork WEWORK 7.875 11.74 May 1, ’25 90.000 1.94 89.750
First Savings Fincl Gp FSFG 2.0 .13 /.12 Q Mar31 /Mar17 AXIS Capital Holdings AXS 3.1 .43 Q Apr18 /Mar31
Genco Shipping & Trading GNK 13.5 .67 /.15 Q Mar17 /Mar10 AXIS Capital Pfd. E AXSpE 5.6 .34375 Q Apr18 /Mar31 Venture Global Calcasieu Pass VENTGL 4.125 4.26 Aug. 15, ’31 98.995 1.76 98.000
Installed Bldg Products IBP 1.4 .315 /.30 Q Mar31 /Mar15 Chubb CB 1.5 .80 Q Apr08 /Mar18
Kronos Worldwide KRO 5.2 .19 /.18 Q Mar17 /Mar08 Eaton Corp. PLC ETN 2.1 .81 Q Mar31 /Mar11 Ford Motor F 4.750 4.98 Jan. 15, ’43 97.000 1.69 96.441
ManTech Intl Cl A MANT 2.1 .41 /.38 Q Mar25 /Mar11 Fortress Techs Pfd. B FTAIpB 8.0 .50 Q Mar15 /Mar07
McGrath RentCorp MGRC 2.2 .455 /.435 Q Apr29 /Apr15 Gerdau ADR GGB 0.5 .03952 Q Mar23 /Mar09 Embarq … 7.995 7.98 June 1, ’36 100.125 1.63 100.209
Natl Storage Affiliates NSA 3.4 .50 /.45 Q Mar31 /Mar15 Hudbay Minerals HBM 0.2 .0079 SA Mar25 /Mar08
Occidental Petroleum OXY 1.3 .13 /.01 Q Apr15 /Mar10 Orion Engineered Carbons OEC 0.5 .0207 Q Apr06 /Mar29 Bath & Body Works BBWI 6.875 5.80 Nov. 1, ’35 110.000 1.50 109.750
Outfront Media OUT 4.4 .30 /.10 Q Mar31 /Mar04 Pan American Silver PAAS 2.1 .12 Q Mar21 /Mar07
Prologis PLD 2.1 .79 /.63 Q Mar31 /Mar18 Rio Tinto ADR RIO 10.2 .62 Apr21 /Mar11 Dish DBS … 5.125 8.08 June 1, ’29 84.000 1.50 82.513
Rattler Midstream RTLR 8.9 .30 /.25 Q Mar14 /Mar07 Rio Tinto ADR RIO 10.2 4.17 SA Apr21 /Mar11
Ryerson Holding RYI 1.7 .10 /.085 Q Mar17 /Mar03 Royal Bank of Canada RY 3.4 .9431 Q May24 /Apr25
Silgan Holdings SLGN 1.5 .16 /.14 Q Mar31 /Mar17 Royal Bank of Canada PfC2 RYpT 6.4 .42188 Q May06 /Apr26 …And with the biggest price decreases
St. Joe JOE 0.7 .10 /.08 Q Mar29 /Mar07 Skylight Health Pfd. A SLHGP 18.1 .1927 M Mar21 /Feb28
Steven Madden SHOO 2.0 .21 /.15 Q Mar25 /Mar11 Sprott SII 2.6 .25 Q Mar22 /Mar07 Teva Pharmaceutical Finance Netherlands … 2.800 4.30 July 21, ’23 98.000 –0.73 99.114
Sturm Ruger RGR 4.8 .86 /.79 Q Mar25 /Mar11 Stantec STN 1.0 .1415 Q Apr18 /Mar31
Texas Pacific Land TPL 1.1 3.00 /2.75 Q Mar15 /Mar08 Teck Resources Cl B TECK 5.3 .09812 Q Mar31 /Mar15 Ford Motor Credit … 3.370 3.10 Nov. 17, ’23 100.438 –0.17 100.400
Thermo Fisher Scientific TMO 0.2 .30 /.26 Q Apr14 /Mar16 Teck Resources Cl B TECK 5.3 .39248 Mar31 /Mar15
Universal Display OLED 0.8 .30 /.20 Q Mar31 /Mar17 Willis Towers Watson WTW 1.5 .82 Q Apr15 /Mar31 Dish DBS … 5.000 4.02 March 15, ’23 101.000 –0.13 101.775
US Physical Therapy USPH 1.8 .41 /.38 Q Apr08 /Mar14 Special
Vistra VST 2.7 .17 /.15 Q Mar31 /Mar22 Lumen Technologies LUMN 5.800 3.14 March 15, ’22 100.100 –0.03 100.170
Coterra Energy CTRA 9.9 .41 Mar17 /Mar07
Wendy's Co WEN 2.0 .125 /.12 Q Mar15 /Mar07 Installed Bldg Products IBP 1.4 .90 Mar31 /Mar15
Xcel Energy XEL 2.9 .4875 /.4575 Q Apr20 /Mar15 Main Street Capital MAIN 6.0 .075 Mar30 /Mar22 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Note: Data are for the most active issue of bonds with maturities of two years or more
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. Source: MarketAxess
B12 | Saturday/Sunday, February 26 - 27, 2022 * ****** THE WALL STREET JOURNAL.
China Query
Stalls Morgan
Stanley Plan
Securities regulator in advance of large share
sales, according to people fa-
asks for more details miliar with the situation. The
of SEC’s investigation investigators are asking for in-
formation from Morgan Stan-
into its block trading ley, Goldman Sachs Group Inc.
and several large hedge funds.
BY REBECCA FENG Morgan Stanley confirmed
late Thursday that federal inves-
A U.S. investigation into tigators are probing its block-
block trading by Wall Street trading business, adding that it
SCOTT OLSON/GETTY IMAGES
8%
and the absence of another lift behavior changed because of pecting sales of $2.32 billion. statements. proprietary trading of bonds,
to consumers’ bank accounts the Covid-19 pandemic, and Higher supply-chain costs The Wall Street Journal re- among others. It is on track to
from government stimulus made it clear that multibrands contributed to net income fall- ported that federal investiga- lift that stake to 94.06% by in-
would dent sales. destinations matter. ing 16% from a year earlier to tors are examining whether jecting $110 million into the
Comparable sales, or sales The CEO said other brands The minimum decline in sales $103 million, or $1.02 a share. bankers might have improp- unit, diluting its local partner’s
at stores open for at least a the company sells including Foot Locker expects this year Stripping out one-time items, erly tipped hedge-fund clients ownership to 5.94%.
year, are expected to decline Adidas, Puma, New Balance Foot Locker’s adjusted per-
by between 8% and 10% this and Crocs showed momentum share earnings were $1.67,
year, Foot Locker projected.
Nike accounted for 70% of
Foot Locker’s merchandise
purchases in 2021. Foot Locker
last year.
“There’s nothing like a
retro Jordan launch that
comes on a Friday and sells on
Last year the company ac-
quired sportswear retailers
WSS and Atmos, which gave
which came in ahead of ana-
lysts’ forecasts.
For the current year, the
company expects a range of is-
Block Rallies With
said Friday no one vendor
would account for more than
60% of total purchases in the
a Saturday. That’s a tough dy-
namic to overcome,” Mr. John-
son said.
Foot Locker a bigger presence
internationally and outside of
malls. In addition to expand-
sues to weigh on profits in-
cluding stepping up merchan-
dise promotions, supply-chain
Outlook on Growth
2022 fiscal year. Nike didn’t reply to a re- ing those brands, it plans to costs and expenses tied to re-
“We continue to have a quest to comment. open four larger pilot stores ducing its store count. The BY PETER RUDEGEAIR for high-tech growth stocks
strong relationship with Nike, Cristina Fernandez, an ana- that would provide a one-stop company also forecast ad- like Block at the prospect of
and they remain an important lyst at Telsey Advisory Group shop for everything related to justed earnings of $4.25 a A rosier-than-expected out- higher interest rates, com-
partner for our business, espe- LLC, said Foot Locker’s chal- sports and wellness. share to $4.60 a share, lower look for growth for financial- bined with projected slow-
cially in basketball, children lenge will be replicating the Overall the company ex- than the $6.41 a share that an- tech services like Square and downs at competitors like Pay-
and sneaker culture,” Chief Ex- sales success that Nike brands pects to cut its store footprint alysts expected. Cash App spurred a record Pal Holdings Inc., contributed
rally in the stock price of their to a nearly 60% drop in the
parent company, Block Inc. Block’s share price since Au-
pany late Thursday reported and the company added about John Demsey—who serves as “Sesame Street.” The post,
an $80.4 million net loss for 2,000 U.S. food-service outlets executive group president and which contained the N-word
the three months ended Dec. to its roster, compared with oversees some of the com- with some letters replaced with
31, saying weaker demand for the prior quarter. pany’s biggest brands including asterisks, no longer appears on
its products in U.S. supermar- Beyond, founded in 2009, MAC and Clinique—said in an Mr. Demsey’s account.
kets compared to year-earlier uses yellow pea protein, po- Instagram post Friday that he Mr. Demsey declined to com-
levels more than offset higher tato starch and other ingredi- is “terribly sorry and deeply ment further. Estée Lauder de-
revenues from the company’s ents to make burger patties, ashamed” for his actions. He clined to elaborate on Mr. Dem-
international and U.S. food- The meat alternatives company aims to introduce new products. sausages and nuggets. said he did not read the meme sey’s comment that he posted
service business. Beyond shares peaked before posting it. the meme without reading it.
U.S. grocery sales dropped is taking multiple steps to re- 9.2% Friday, partially recover- above $234 in mid-2019 after The New York-based cosmet- Mr. Demsey, 65 years old,
nearly 20% in the quarter, re- juvenate sales, including ing from an even steeper drop. the initial public offering at a ics giant on Tuesday suspended one of the industry’s highest-
flecting what Beyond said was launching new products and Mr. Brown said Beyond also price of $25 earlier that year. Mr. Demsey without pay for an profile executives, was instru-
lower demand, fewer shipping boosting sampling in grocery had focused its U.S. innovation Shares have fallen since then indeterminate amount of time. mental in tapping a diverse
days versus the year-earlier stores following a slowdown on restaurants last year, giving as meat alternative makers “Not only did I hurt many range of women as MAC am-
period, increased discounts during the pandemic. priority to business with fast- have dealt with pandemic-re- people whom I respect, the ter- bassadors or collaborators, es-
and lost market share. Chief “We certainly think the cat- food chains and a joint ven- lated challenges and uncer- rible mistake that I made has pecially Black music stars, in-
Executive Ethan Brown said egory is going to recover,” Mr. ture with PepsiCo Inc. Earlier tainty around the products’ undermined everything I have cluding Rihanna, Mary J. Blige
the company considers lower Brown said on a conference this year, Beyond introduced growth prospects. Beyond’s been working for since I began and recently Saweetie.
grocery sales a temporary dis- call Thursday. Beyond Fried Chicken in over stock has fallen about 71% in my career 31 years ago,” he His Instagram account has
ruption to growth, and that it Beyond shares closed down 4,000 KFC stores, while the past 12 months. wrote in the post. “I hope that more than 73,000 followers.
.
MARKETS
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entiment was de- bottom and so rebound. The stocks of GameStop—up 8% traders buy back stocks they
pressed, and a moment regular American Associa- Thursday—and AMC Enter- had bet against, or shorted—
of panic-selling hit tion of Individual Investors tainment—up 12%—that are such as GameStop or the
when the market opened, survey this week found the so disconnected from reality tech and growth sectors that !!"
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with the CBOE VIX index of highest proportion of self- that sentiment dominates. had been in decline for
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highest opening level since decade, and close to the low- turn on its own though, and had been bought on margin,
2020. In Thursday’s column, est proportion of bulls. can explain only part of to reduce their borrowing. ( ''" $ '*
I quoted a line usually, and Last week’s Investors In- Thursday’s reverse—al- Sharp market reversals are BUSINESS OPPORTUNITIES /0'%1,'%2
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probably wrongly, attributed telligence examination of though a better tone was typically exacerbated by a 3*%* ) 4'/%*'5 ,'%2
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other captures the fear that equal to bullish for the first undamentals were also change. Sentiment by its na- .
war brings to markets: “Buy time since the March 2020 very helpful. These ture can swing about, and COMMERCIAL REAL ESTATE
on the sound of cannon, sell selloff. And a 10-day split roughly into two. while it is good sense to buy //,
on the sound of trumpets.” smoothed measure of inves- First, the sanctions imposed when others are fearful, they
When fear dominates, it is tor opinion from the options on Russia weren’t as tough can always get more fearful.
time to buy, and many did.
Fear receded, tracked by the
price of gold giving back all
market showed the equal-
highest proportion of buying
of bearish puts—used to pro-
as they could have been. In-
vestors who feared a bigger
hit could thus take more risk
Sanctions could be beefed
up, especially if Russia’s ac-
tions enrage public opinion
its gains to end the day tect from falls—to bullish again. Russia’s major exports in Europe enough that Ger-
% * +,
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lower than it started. calls—used to bet on rising will be untouched, with ex- many’s politicians judge that
Why was the reverse so stock prices—since shortly emptions for energy and ag- it is worth accepting the
quick, though? One reason after the pandemic panic be- ricultural sales. That is good pain of still higher natural-
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could be that investors were gan. for the West’s economy, as it gas prices. And by its nature
$%&'( )*+'+
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SEC Seeks
But a recent academic a month how many shares report data on each loan to an
Continued from page B1 study questioned the SEC’s their clients have sold short oversight body, such as the Fi-
costs without making markets
safer for investors.
conclusion, saying that a “non-
trivial fraction of the trading
via a mechanism called short- nancial Industry Regulatory
Authority, within 15 minutes.
B14 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.
CULTURE | SCIENCE | POLITICS | HUMOR THE WALL STREET JOURNAL. * * ** Saturday/Sunday, February 26 - 27, 2022 | C1
I
n January 2012, on a windy wrong, and if I just stopped eating
beach by a derelict hotel in
Vietnam, my partner, Jim,
and I were reading by the wa-
ter when I noticed a strange
rash on my inner arm, seven
The Lonely sugar, or pizza, say, I’d be fine.
My tendency to ignore my symp-
toms came in part from the fact that I
grew up in a family that was largely in-
different to matters of health. My par-
or eight raised red bumps arranged in
a circle. It looked like Braille, I
thought. But what was it trying to tell
me? “Look at this,” I said to Jim. He
Odyssey of ents were from large Irish-American
Catholic families. They were pragmatic
and rather stoic. They thought you
didn’t go to the doctor unless you were
Chronic
glanced at the angry, inflamed rash burning up with fever or had a bad fall
and said, “That’s strange.” or a wound that needed stitching. In
It was far from the first mysterious that case, you got a diagnosis, you took
symptom I’d experienced. Fifteen years medicine or had surgery, and you got
earlier, not long after I graduated from better, more or less in that order. They
college and spent a weekend with my
family at the Connecticut shore, I be-
gan experiencing something I called
“electric shocks”: flickering pains
along my limbs, as if I were being
Illness saw doctors as unquestionable experts.
If they told you nothing was wrong,
nothing was wrong.
But when I looked at the rash, I was
convinced it meant something. All of
stung by tiny bees. A few months later, For one woman, years of mysterious these little problems, I thought—they
I started waking at night covered in Please turn to page C2
hives and soaked in sweat. Soon, I and debilitating symptoms presented
spent days swallowed up by fatigue
and joint pain. I had trouble remem-
a challenge that the health care Ms. O’Rourke is a poet and the editor
bering names and faces. The symptoms
came and went. I toggled between the
system seemed unequipped to handle. of the Yale Review. This essay is
adapted from her new book “The
conviction that something had to be By Meghan O’Rourke Invisible Kingdom: Reimagining
wrong—I didn’t feel OK—and the con- Chronic Illness,” which will be
viction that I was doing something published on March 1 by Riverhead.
Inside
LANGUAGE
Breaker EVERYDAY PHYSICS WEEKEND
CONFIDENTIAL
REVIEW
dizzy and exhausted I could barely psychiatrist T.F. Main wrote in a confirmed the presence of a tick-
walk around the block, and at one 1957 paper, “is one who from great borne co-infection called bartonella.
point I fainted. It felt as if my body suffering and danger of life or san- Dr. Horowitz told me that he
were made of sand that I had to ity responds quickly to a treatment thought my body was in fact quite shivering violently one warm sum- you wake up. But the baby just grew
hold together through sheer will. that interests his doctor and there- strong, and that was how I had mer night. The electric shocks were and grew, as babies are supposed to.
In the fall and winter of 2012, I after remains completely well.” The coped for so long. He put me on a so painful that I found myself rub- I marveled at what it was like to
went to see more high-level physi- patient whose symptoms fail to go month of doxycycline and other bing my arms until they bruised. I live at last in a body that worked.
cians and specialists, many of whom away after a course of antibiotics, medications meant to help my body can’t do this, I thought. Women with autoimmune diseases
didn’t accept insurance. Debt ac- the patient with medically unex- get rid of the infection. The next day, though, I felt more can feel much better while preg-
crued on my credit cards. By then, I plained pain—these are precisely But the night before I was sup- energetic than I had in years. It was nant, in fact; I was one of them.
had nine doctors—a GP, an endocri- the worst kind of patient. posed to start, I hesitated. I knew a beautiful morning. I put on my I remained uncertain and anxious,
that antibiotics are damaging to the running sneakers, lacing them but as the pregnancy went on, the
microbiome—I had embarked on a tightly. Ten minutes later, I was feeling evolved. My body had failed
diet designed to heal the gut when nearly jumping for joy during a run me; my body was now not failing
I first got sick. And who knew if I through the park. My pace was slug- me. Perhaps all along my idea of
really did have Lyme disease, or gish, but I ran 3 miles. failure had been wrong. Perhaps my
whether antibiotics would help me? As the weeks passed, I got body had been working hard to keep
I had read terrifying stories online steadily better. Soon I was running me as well as it could despite a seri-
about people who only got sicker 5 miles. I had energy to read and ous, life-altering infection, and I
during their Lyme treatment. But see friends. The night sweats that needed to find a new story about it.
Jim was aghast. “What do you have had been waking me up vanished. I A story that allowed for the contin-
to lose?” he asked me. felt like a young person again: ready gency of identity, of health, of hope.
With that, I got a glass of water to see what possibility the day held. One that saw survival of any kind as
and began the treatment. Dr. Horo- The idea that Lyme disease can a form of strength. What I had expe-
witz had warned me that I might cause ongoing symptoms that are rienced was life itself, the body
feel worse at points, due to what’s hard to treat has long been con- straining to survive despite the odds
tested within the medical establish- stacked against it.
ment. But by the time I began treat- In the summer of 2016, I gave
With chronic illnesses the ment in 2014, many researchers had birth to a baby, a boy. He arrived
patient doesn’t have a problem embraced the notion that tick-borne curled like the first letter of his
that can be solved quickly, disease can trigger long-term symp- name, C—screaming and then curi-
which is frustrating to doctors. toms in a subset of patients. Studies ous.
.
REVIEW
EVERYDAY PHYSICS
HELEN CZERSKI
How
Knuckles Get
Cracking
I STILL OCCASIONALLY
find myself amazed at
the details our ears and
brains can pick up on.
My quiet work time was
recently interrupted by a person in
the room next door. I couldn’t see
them, but I knew exactly what they
were doing: cracking their knuckles.
It’s such a distinctive sound, but
what’s really surprising is that it’s so
loud. The sound generated is notice-
ably different from that of creaking
hips or knees—it’s specific to fingers.
What’s going on?
Joint cracking is the sort of thing
that everyone has an opinion on and
mine is: I can’t do it, and I wouldn’t
want to. I have occasionally made the
mistake of mentioning this during
talks to school kids, and the reliable
result is a deafening flood of clicks as
500 children succumb to irresistible
temptation.
The usual suspect in the infraction
is the joint at the base of each finger.
People pull their finger away from the
ROBERT NEUBECKER
The Spontaneous
At the joint, one bone has a curved
bulge which sits snugly in a shallow
cup forming the base of the next bone
up. The space in between them is
around a 10th of an inch wide and
Origins of Language
filled with synovial fluid, the body’s
equivalent of engine oil. It’s viscous
and sticky, and it keeps the joint run-
ning smoothly. If you pull on a finger
this gap gets gradually wider so that
the fluid is now in tension because it’s
pulled in both directions.
For those with the right sort of
Which came first, grammatical rules or their exceptions? For decades, linguists bet joint to make the cracking sound—ex-
on rules, but disorder and flux may turn out to be language’s most essential traits. actly what makes the difference is
still a mystery—the drama is sudden.
X-rays and MRI scans show that at
BY NICK CHATER AND maticalization”: the curious pro- a verb to give the future tense In that case, shouldn’t the the moment of cracking, a gas-filled
MORTEN H. CHRISTIANSEN cess through which words with and, in some cases, have eroded. world’s languages diverge wildly cavity pops into existence in the syno-
L
concrete, specific meanings trans- So, for example, to have in the from one another? Chomsky has vial fluid, relieving the tension in the
anguage is a curious mute into components of gram- first person is ai, ho and he, in claimed that the world’s lan- liquid. Gas which had been dissolved
mix of order and dis- mar, such as pronouns, preposi- French, Italian and Spanish, re- guages are so profoundly similar in the liquid comes rushing in to fill
order. Anyone who tions, conjunctions, verb endings spectively, and the future tense that to an imagined Martian sci- this new gap. Once the bubble exists,
has struggled to mas- and more. of, for example, I will sing, is entist, all humans would appear it just sits there until the gas redis-
ter English has con- Sometimes this process occurs chanterai, cantarò, cantaré. to be speaking a single tongue,
fronted its baffling assembly of through erosion, meaning the There is a final puzzle: Where shaped by the same underlying
regular verb patterns (Kisha gradual truncation of syllables or do words with a purely grammati- universal grammar. But in a 2009
wanted), quirky sub-rules (Pablo even words: going to becomes cal function come from? What is analysis, the linguists Nick Evans
rang) and wild exceptions (Barlow gonna; did not becomes didn’t. the origin of in, the, a, and, be- and Stephen Levinson showed
went). And English is no special Over longer periods of time, ero- cause, not and the rest? The his- that supposedly universal proper-
case. All 7,000 of the world’s lan- sion can be far more dramatic. torical analysis of languages indi- ties of languages aren’t universal
guages are characterized by ele- Starting with the Latin mea cates a powerful general tendency at all. Instead, languages are as-
gant rules, quasi regularities and domina (my mistress), we prog- for words with initially concrete tonishingly varied. For example,
strange inconsistencies. ress through French ma dame or meanings (nouns, verbs) to gradu- some languages, such as Chinese,
So which came first, the order madame (for Mrs.), to English ally become bleached of meaning, have no inflectional markers to
or the disorder? Answering this madam, ma’am, mum, and some- ultimately playing a standardized, indicate gender and tense, while
question turns out to be crucial to times even just ’m (as in Yes’m). purely grammatical role. Consider others, such as Turkish, use a
understanding how language In fact, the path from Old Eng- the origin of the ne…pas con- complex system of inflections to
TOAMSZ WALENTA
works. lish (the language of Beowulf and struction, signaling negation in pack a whole sentence’s meaning
For more than a half-century, the Arthurian legends), through French. Starting with the Latin into a single word.
the language sciences have pro- Middle English (the language of non dico (I do not say), there is a Even among garden-variety Eu-
ceeded from the theory that order Chaucer), to the English of today, shift to je ne dit (with the erosion ropean languages, we find odd ex-
came first. Noam Chomsky, the is a story of erosion—of collapsed of non to ne). Emphasis is then ceptions: Danish speech patterns
founder of modern linguistics, distinctions and lost endings. Old added by adding pas (step), so are very opaque, seemingly delay- solves into the surrounding liquid.
proposed in the 1980s that each English nouns had a complex sys- that we have, je ne marche (une) ing Danish children in learning This is why you can’t crack a knuckle
child is born with a genetic blue- tem of case markings (nomina- pas (I won’t walk a step). their native tongue. They know twice in a row—a bubble already ex-
print (a “universal grammar”) tive, accusative, genitive, dative This ne…pas construction 30% fewer words at 15 months ists, and it’s easy to stretch it as the
that captures deep patterns com- and instrumental) and three gradually applies not just to walk- and take nearly two years longer joint extends without making another
mon to all languages. Similarly, grammatical genders, which ap- ing or running but to any verb. to learn the past tense than do one.
the psycholinguist Steven Pinker plied not just to nouns but to de- Thus pas became bleached of any Norwegian children, whose lan- There’s still a debate in the scien-
writes of an inborn “language in- guage is very similar. Of course, tific world about whether the sound
stinct” that captures the rules of Danes do eventually learn to un- comes at the moment of bubble for-
language. derstand Danish, but even as mation or a partial collapse immedi-
An alternative possibility is
The idea of a spontaneous order adults they seem to process their ately after formation. At the moment,
gaining ground, however—one emerging from chaos may sound native language differently than MRI video isn’t quick enough to see
that holds that language starts implausible, but in nature it is Norwegians do theirs. Thus, lin- for sure. Bubbles are extremely effi-
from disorderly, ad hoc, commu- guistic diversity has real implica- cient at making sound, which explains
nicative signals. Order—in the ubiquitous, from snowflakes tions for how we learn and use the loudness.
form of regular verb endings, to flocks of birds. language. Most joint crackers have perfectly
grammar rules and much more— Language is always in flux. healthy joints, although there has
emerges slowly, spontaneously Those who argue, with Pinker and been a persistent myth that regular
and always incompletely, over monstratives and adjectives. All meaning concerning steps. In Chomsky, that order came before joint-cracking can cause arthritis. This
countless interactions and across of that has since been rendered some varieties of colloquial disorder relegate this flux to mar- has been debunked, both by system-
many generations. invisible. French, the ne has also disap- ginal importance by presuming atic scientific studies and by allergist
The idea of a spontaneous or- But now we have a puzzle. If peared, leaving just je dit pas. In that a genetic blueprint keeps Donald L. Unger. For his lifelong effort
der emerging from chaos may complex case markings and verb this way, a noun, pas (meaning a language within tight bounds. But on the subject, Dr. Unger was awarded
sound implausible. But in nature endings tend gradually to disap- step), has mutated by degrees to if we understand order as sponta- the 2009 Ig Nobel Prize (a satirical
it is ubiquitous, from the self-or- pear, where do they come from in have the most abstract of gram- neous, change becomes the funda- prize given right before the Nobels
ganization of snowflakes and the first place? The answer is that matical roles. mental fact of language. Our con- for “achievements that first make
flocks of birds to the hexagonal they were formed by the fusion of So while the sounds of lan- tinual reinvention and reworking people laugh, and then make them
basalt columns of the Giant’s once-independent words. guage continually simplify and of human language, conversation think”). As a child Dr. Unger was
Causeway in Northern Ireland. Consider the Latin construc- erode, meanings continually by conversation, is the source of chastised for his cracking habits, so
The chemist and philosopher Mi- tion cantare habeo: I have (some- broaden, sometimes resulting in its incredible richness, with all of he conducted his own stubborn exper-
chael Polanyi, and later the econ- thing) to sing. By saying that you words that are almost entirely its wondrous patterns and quirks. iment, cracking the knuckles on his
omist Friedrich Hayek, pointed to have something to sing, you sug- emptied of meaning and play a right hand—but not on his left—every
spontaneous order in human af- gest that singing will occur in the purely grammatical role. The Dr. Chater is a professor of day for 60 years. By the time he was
fairs by stressing that markets future, if it occurs at all. Over story replays across all the behavioral science at Warwick 83, neither hand had arthritis. But the
produce an orderly system of time, the meaning of construc- world’s languages: A complex ma- Business School in England. dissenting relatives were mostly long
prices and production from the tions like this one broadened to chinery of grammar builds up, Dr. Christiansen is a professor gone, depriving him of his “I told you
chaos of the marketplace. apply to any future action, such piece by piece, through the end- of psychology at Cornell so” moment.
Perhaps it is also the case that as sleeping or laughing. But the less shaping and reshaping that University and of the cognitive So if you’re going to crack your
the order of language arises not independent verb habere remains, successive generations of speak- science of language at Aarhus knuckles, current medical evidence
from a hard-wired instinct within which creates a new way of talk- ers bring to bear. We don’t need University in Denmark. This suggests that you can do it without
the genes and mind of each indi- ing about things that will happen evolution to build patterns of essay is adapted from their harm, and you can also appreciate a
vidual but from the cumulative in the future—that is, it creates a grammar into our genes—they book, “The Language Game: bit of bubble physics while you’re at
result of social interactions new future tense. emerge spontaneously through How Improvisation Created it. But do please spare a thought for
among individuals. To see such a In the modern descendants of the interplay of countless pro- Language and Changed the those of us who squirm at such
process in action, consider the re- Latin, the forms of have are often cesses of grammaticalization, World,” published by Basic sounds, and go and play with your
markable phenomenon of “gram- tacked on to the infinitive form of over centuries and millennia. Books on Feb. 22. bubbles a safe distance away.
.
REVIEW
Continued from page C1 they stayed on the Maidan. ple had opened themselves, over- Maidan. In the eight years that have Forces sent by Ukraine’s interior
Mr. Putin would resist any attempt On Feb. 18, 2014, Mr. Yanukovych come social divisions, crossed to the passed, Ukraine has lost the Cri- ministry clash with protesters,
by Ukraine (a country with a popu- sent a militia to confront a crowd other side of fear. Ukraine had be- mean Peninsula to an illegal Russian Kyiv. Feb. 18, 2014.
lation more than seven times that of with stun grenades, tear gas, trun- come a civic nation in a new way. annexation. The Kremlin has insti-
all three Baltic states combined) to cheons and rubber bullets. An iconic Philosophers have long struggled gated a war in the east Ukrainian
follow their path. In that year’s photograph appeared on the inter- with how to think about the pres- region called the Donbas, where that Polish mercenaries in the Don-
Ukrainian presidential election, the net: a 59-year-old father and his 27- ent, which cannot be grasped be- thousands of Ukrainians have been bas were killing peaceful civilians.
Kremlin supported Viktor Yanuk- year-old son, their hair soaked in cause it has no duration. For Jean- taken captive and tortured, and Ms. Kostyuchenko asked if he’d seen
ovych—a criminal with robbery con- blood. In the days that followed on Paul Sartre, the present was the some 14,000 killed in a war that them. No, he said, but he did not
victions, who used election fraud the Maidan, people dug up paving border between facticity—what sim- serves no purpose—apart from Mr. doubt they were there. “Of course
and dioxin poisoning of his chief op- stones and crushed bricks to rein- ply is, what has happened and can- Putin’s amusement. And now Mr. I’m not proud of what I did,” he told
ponent to claim victory. In protest, force barricades. They set fire to not be changed—and transcendence, Putin has launched a full-scale inva- her, “that I was destroying and kill-
thousands of Ukrainian citizens clothing and tires and anything else an opening to go beyond what and sion of Ukraine, not limited to the ing. Obviously, you can’t be proud of
gathered on the Maidan Nezalezh- that could burn. The sky turned east. that. But on the other hand, I calm
nosti, Kyiv’s Independence Square, black from smoke. Snipers fired For eight years, the Donbas has myself down with the fact that it’s
in what became known as the Or- from the rooftop of the high-rise ‘When you experience been a laboratory of post-truth. An all for the sake of peace, for peace-
ange Revolution. Hotel Ukraina, and bodies fell. early Russian television narrative ful citizens.”
For three weeks they froze, reso- More than a hundred protesters being with people held that the Maidan was a CIA- The Ukrainian writer Vladimir
lutely—and victoriously. New elec-
tions the following month brought
lost their lives in the revolution. Af-
ter a cease-fire on Feb. 21, Mr.
who are ready to die sponsored fascist coup and Ukrai-
nian Nazis were now heading east
Rafeenko, whose novel “Descartes’
Demon” won the Russian Prize for
their preferred, westward-leaning Yanukovych fled to Russia. Most for you...it’s a kind of to kill all Russian speakers. In re- literature written in Russian by non-
candidate to the presidency. But the people went home, but some stayed rapture, a wonder at sponse, the story went, local sepa- Russian citizens in 2013, is from Do-
Orange Revolution’s victory was on the Maidan, where they had lived ratists, all on their own initiative, netsk. Born in 1969, he lived there
ephemeral. The new president for weeks and seen people killed. the possibilities given had risen up to protect their people. all his life, until 2014, when he
proved a disappointment. Mr. Yanu- The psychoanalyst Jurko Prochasko to man.’ In late winter 2015, Elena Ko- joined some million and a half inter-
kovych reappeared to run again in described the conversations he had styuchenko, a journalist for Novaia nally displaced persons who fled
JURKO PROCHASKO
2010—this time assisted by a slick there when he came to offer help: Psychoanalyst
Gazeta in Moscow, was in the Don- westward into the part of Ukraine
Washington PR agent named Paul “When you experience being with bas, reporting on the Russian sol- not at war. Like many Ukrainians,
Manafort, who gave Mr. Yanukovych people who are ready to die for you, diers there, who officially didn’t ex- Mr. Rafeenko is a native Russian
a makeover—haircut, clothes, body to make themselves vulnerable for who one has been until this mo- ist. After one battle, she talked to a speaker, and it was obvious to him
language—and coached him on how you, to carry you if you’re wounded, ment. Revolution illuminates this 20-year-old Russian tank driver that the Russian language had been
to scare Ukrainian Russian-speakers a willingness appears—it’s a kind of border. It is as if, in Blanche’s words named Dorzhi Batomunkuev at a under no threat in Donetsk until Mr.
with threats that Ukrainian nation- rapture, a wonder at the possibili- from “A Streetcar Named Desire,” hospital in Donetsk. Putin started a war there. “I’m a
alists would persecute them. ties given to man.” “You suddenly turned a blinding Yes, he said, he had known he Russian-language writer,” Mr. Ra-
(Ukraine is a bilingual country, and Ukraine was a different country light on something that had always was being sent to Ukraine. His unit feenko told me. “And now I can’t
Ukrainian and Russian are like than it had been a few months ear- been half in shadow.” had disguised themselves; they had even bear to watch Russian films.
Spanish and Italian, related but dis- lier. All winter long the border had This week marks the anniversary painted their tanks, stripped them I’m unable to forgive.”
tinct.) The coaching was effective. blurred between night and day. Peo- of the sniper massacre on the of identification. He had been told Mr. Rafeenko has written a novel
Under Mr. Yanukovych, in Russian about the grotesque
Ukraine was bound to the absurdity of the war and a
Kremlin, and the country’s novel in Ukrainian about being
resources flowed largely to a refugee in one’s own country.
the president and his inner Last year, via Zoom, he taught
circle of oligarchs. A younger a literature course that de-
generation, born after the fall voted four weeks to Anton
of the Soviet Union, looked to Chekhov’s “Uncle Vanya” and
the prospect of EU member- “The Cherry Orchard.” In pas-
ship for the horizon of their sionately opposing imperial
future. Then, in November Russian aggression, he draws
2013, under pressure from precisely on the rich tradition
Mr. Putin, Mr. Yanukovych of Russian literature.
abruptly declined to sign a At present, every third
long-anticipated association Ukrainian is prepared to resist
agreement with the EU. a Russian invasion with armed
Thousands went out to the force. An additional 21% are
Maidan once again. They prepared to organize civil re-
were largely students, young sistance. In any case, Russia
people who felt as if their fu- has been engaging in a war
ture had been torn from their with Ukraine for the past eight
hands. They weren’t inter- years. My journalist friends,
FROM TOP: VLAD SODEL/REUTERS; SERGEI CHUZAVKOV/ASSOCIATED PRESS
REVIEW
ASK ARIELY
DAN ARIELY
Students on the campus of
the University of California,
Los Angeles, Sept. 2021. Look for
Emotion,
Not Ratings,
In Online
Reviews
Dear Dan,
I travel a lot for
work, and I’m keen on
finding great places
to eat in the cities I
visit. Normally I use an app and
narrow down my options based
on ratings. But while I’ve found a
lot of good meals this way, I ha-
ven’t found so many great ones.
How would you suggest finding
the best eateries on the road?
—Loran
There’s No Crisis of
This positivity bias makes the
the views of young people star ratings useless for your pur-
weren’t necessarily the profes- pose. But the researchers did find
sors, the readings and the a better predictor of quality in the
Faith on Campus
coursework. Instead, what mat- emotionality of the comments. For
tered were the social contexts example, you might look for re-
that young people find them- views that use demonstrative
selves in when they go to col- words, such as “enchanting,” in-
lege. In a 2020 study led by po- stead of the more anodyne “excel-
litical scientist Logan Strother of lent” to describe the experience.
Purdue University, a group of Still, the best option is proba-
college freshmen were surveyed bly to ask someone who knows
Many religious parents worry that higher education will weaken their about their political views sev- the city, such as a concierge. The
children’s belief, but evidence shows the result is often just the opposite. eral times over the course of the wisdom of one well-informed lo-
fall and spring semesters. The cal can often beat the wisdom of
researchers found that over time, the crowd.
BY RYAN BURGE versity’s Cooperative Election the real world. Young people students’ ideological beliefs
A
Study, an annual survey of more who pursued higher education started moving closer to those of
s a pastor who is than 50,000 Americans, I calcu- are 9 percentage points more their roommates. Spending two
also a professor of lated the share who identified as likely to indicate that they are or three hours a week with a col-
social science, I atheist, agnostic and nothing in Protestant and 5 points more lege professor doesn’t hold a
am often asked by particular at six education levels, likely to say that they are Catho- candle to spending hundreds of
parents of teenag- ranging from those with no high lic than those who ended their hours with a roommate.
ers who were raised in a reli- school diploma to those with education at high school. There’s It pains me to say that I don’t
gious environment how their son graduate degrees. The results are no difference between the per- have much influence over the
or daughter can maintain their clear: People with the least edu- centage of the two groups who students in my courses. But that
faith when they go off to some cation are the most likely to indi- say they are atheist—both are doesn’t mean college doesn’t
large state university or private cate that they have no religious around 7%. change them. Looked at in its
liberal-arts college. Many par- affiliation. In 2008, 26% of those The most noteworthy differ- entirety, the college experience
ents seem to believe that as soon without a high school diploma ence is the share that says their may actually make students
as their child walks into a fresh- identified as an atheist, agnostic religion is “nothing in particular.” more sure of their religious be-
man class, they will throw out or nothing in particular. Only 19% Just 27% of those with higher ed- liefs after they graduate. This is
RUTH GWILY
terrifying prospect. who went to college This finding held whether the to get back on track. So, too, did
It’s even worse when were no more or college in question was private, those who felt very negatively
those parents have less likely to em- public or religious. about themselves. The people
raised their child in a brace an impersonal As a parent myself, I com- likeliest to re-engage with their
specific religious tra- or uninvolved view pletely understand the tendency goals turned out to be those who
dition and want to of God than those to shelter our children. But col- were moderately self-critical.
make sure that this who did not. In fact, lege comes at an ideal time in So maybe your friends are cor-
part of their family the authors found the life-cycle for young people to rect, and you shouldn’t be so
culture is passed that on some dimen- venture out and engage with hard on yourself. At the same
down to the next sions of religious be- people who don’t share their be- time, however, you should not be
generation. lief, including be- liefs. Exposing teenagers to new too easy on yourself. Mix it up a
But is it true that lieving in God, ideas and new cultures is one of bit. After a slip-up, maybe start
going to college young people who the most powerful things we can in a non-forgiving mode and take
makes students less went to college were do for the next generation. a moment to consider what led to
religious? Are people less likely to express the lapse and how it could be
with higher levels of doubts than those Mr. Burge is a pastor in the prevented. Then, once you have
education more likely who did not con- Baptist church and a professor soaked in these feelings for a bit,
to say that they have tinue their educa- of political science at Eastern forgive yourself.
no religious affilia- tion. Illinois University. This essay is
tion than those who Profs. Mayrl and adapted from his new book Have a dilemma for Dan?
have completed only Eucker concluded “Twenty Myths About Religion Email your question to:
high school? that the parts of the and Politics in America,” AskAriely@wsj.com
Using data from 12 A poster for the 2014 film ‘God’s Not Dead,’ in which college experience published March 1 by Fortress Questions may be edited or
years of Harvard Uni- a Christian student challenges an atheist professor. that most influenced Press. revised.
.
REVIEW
human use. As chief scien-
tist—a job he held until he
retired in 2016—Dr. Scannon
worked closely with various
federal agencies, mostly on a
voluntary basis, to help guide
the country’s response to bio-
logical threats, intentional
and otherwise. He now works
as an adviser on “bio-pre-
paredness and response” to
the Mitre Corporation, a non-
profit that manages federally
funded research for various
agencies. “Covid has taught
us that we have to think glob-
ally,” he says. “These viruses
don’t care about borders.”
Still, he always found time
for Project Recover. “If you’re
really passionate about
something, you will do it,” he
says. Within a decade of his
first trip to Palau, Dr. Scan-
non had gathered a small
team of volunteers—archae-
ologists, forensic anthropolo-
gists, historians, former ma-
rines—who shared his
interest “in solving these
mysteries” and helped to
cover the costs of early expe-
ditions. Now Project Recover
gets much of its funding
from the Department of De-
fense and from billionaire
Dan Friedkin, CEO of the
Friedkin Group, an automo-
tive and hospitality conglom-
erate.
It’s no easy thing to find
bits of rusted metal in the
Pacific, particularly when
scuba divers can cover only a
few thousand square feet a
day. In 2012 Project Recover
P
got a big boost from a part-
atrick Scannon was on WEEKEND CONFIDENTIAL | EMILY BOBROW nership with the Scripps Institution
a vacation in the South of Oceanography and the School of
Patrick Scannon
Pacific in 1993 when his Marine Science and Policy at the
life took an unexpected University of Delaware, which pro-
turn. On a scuba-diving vided underwater drones that can
expedition in the archipelago of cover around 60 square miles a day.
Palau, he and some friends went “These robots totally transformed
looking for the wreck of an armed our underwater work,” Dr. Scannon
Japanese trawler sunk in 1944 by a says. Searching for MIAs in the jun-
young pilot named George H.W. The founder of Project Recover searches the globe for American MIAs. gle, however, remains gruelingly
Bush. Finding it was so thrilling low tech: “You gotta know how to
that Dr. Scannon lingered to scout use a machete and a compass.
for other wrecks from World War II. making called “To What Remains,” army brat. He spent some formative “I was a total nerd before the word That’s about it.”
When a local guide showed him the which will be available for stream- years in postwar Germany, playing nerd was around.” Project Recover now searches
remains of an American airplane ing on April 5. in bunkers and braving barbed wire His studies at Berkeley involved for MIAs from several wars in 21
wing resting in the shallows, the Project Recover’s “first really big to explore old battlefields with his the structure of vitamin B1, which countries, as well as casualties
sight gave Dr. Scannon the chills find,” Dr. Scannon says, came in little brother. “We didn’t tell our opened his eyes to biological appli- from training accidents on Ameri-
and left him with an epiphany. 2004, when he and a team of volun- parents,” he says with a smile. cations for chemistry. He vividly re- can soil. Dr. Scannon’s work has
“I knew then that I would find teers spotted a B-24 four-engine Chemistry was Dr. Scannon’s calls where he was on campus when put him in touch with countless
out what happened to this wing and bomber while diving in the Pacific. first love. He was 7 when his father he decided to study medicine, too, veterans and reunion groups, as
crew,” he says on a video call from “The propeller was sticking out of gave him a chemistry set. “I liked to to better understand how to bring well as with many people who
his home in Davis, Calif, which he the water like a cross on top of a see if I could make something go biology and chemistry together. never got a chance to bury some-
shares with his wife, Susan. “From steeple of a church. It was incredi- “There wasn’t a program in molec- one they loved. “These families
that moment on I essentially dedi- ble,” he recalls. The fact that it took ular biology because the science never forget,” he says.
cated my life to looking for MIAs”— over a decade before Project Re- ‘I’ve never met was only just starting to emerge,” War, says Dr. Scannon, is a mis-
the over 80,000 American soldiers cover—then called the BentProp he says. erable business, and no one returns
who have been missing in action Project—claimed its first major suc-
someone who While studying at the Medical from it unchanged, if they return at
since World War II. cess speaks to both the Sisyphean doesn’t College of Georgia, Dr. Scannon de- all. But while the politics of war is
Trained as a chemist and physi- nature of the work and Dr. Scan- understand lighted in treating patients. But he often divisive, Project Recover’s ef-
cian, Dr. Scannon, 74, is not an ob- non’s determination. “We knew they figured he could have a greater im- forts to honor those who served is
vious swashbuckler. At the time of had to be there,” he says of the what we’re pact on patient healthcare with a not. “I’ve never met someone who
TIMOTHY ARCHIBALD FOR THE WALL STREET JOURNAL
his revelation in Palau, he was the planes shot down in the Pacific the- trying to do.’ single biotech breakthrough than doesn’t understand what we’re try-
chief scientific and medical officer ater of World War II. Doing what- “as a practicing internist over a ing to do,” he says.
of XOMA, a biotech firm he founded ever it takes to find them “just lifetime.” After completing his resi- Whenever he finds a new wreck,
in the 1980s. He began his quest seemed like the right thing to do.” boom,” he recalls. He studied chem- dency in internal medicine, he ful- Dr. Scannon unfolds an American
with little more than a GPS, a ma- Dr. Scannon concedes that istry at the University of Georgia, filled his military commitment by flag and reads a stanza from Lau-
chete and some sleuthing in na- “there’s no logic” to his sudden and where he was in R.O.T.C. and gradu- working at the Letterman Army In- rence Binyon’s World War I poem
tional archives. Today his work has sweeping dedication to the cause, ated with a commission as a second stitute of Research, a medical re- “For the Fallen,” about young sol-
grown into Project Recover, a non- which colleagues respectfully de- lieutenant. He went on to earn his search unit at a military hospital in diers lost to war who are forever
profit that has repatriated the re- scribe as “obsessive.” But he has al- Ph.D. from the University of Califor- San Francisco. frozen in their youth and sacrifice.
mains of 15 missing soldiers and ways had a deep respect for mili- nia, Berkeley, in 1972, a time when In the early 1980s Dr. Scannon This ceremony always ends with the
has located and identified 200 tary service. His father was a there was “tear gas on campus and founded XOMA, a pioneering bio- same line: “At the going down of
more. The organization is the sub- colonel in the U.S. Army, and grow- pot everywhere.” But Dr. Scannon tech company that developed thera- the sun and in the morning/We will
ject of a documentary years in the ing up he traveled the country as an preferred to spend his time in labs: peutic monoclonal antibodies for remember them.”
[Convoy]
ganized in Pennsylvania largely people or goods in transit. The motor vehicles. rebellious trucker who gets the
fizzled out when only a handful word shows up in the famous Truckers latched onto the convoy going.
of vehicles showed up to take St. Crispin’s Day speech in word in the 1970s, and from The romanticized imagery of
part. Shakespeare’s “Henry V,” in early on, trucker convoys have trucker convoys from the ‘70s
The word “convoy” goes back which King Henry exhorts his had an anti-authoritarian has inspired the current pro-
to the Latin verb “conviare,” troops on the eve of the Battle streak. In January 1974, after tests. As the New York Sun re-
as the “Freedom Convoy,” the meaning “to accompany on the of Agincourt against the French: the oil crisis led to spikes in gas ports, the “People’s Convoy” ad-
American counterparts have way,” combining the prefix “That he which hath no stom- prices, a convoy of about 100 opted C.W. McCall’s “Convoy” as
styled themselves similarly, “con-” (“with”) and “via” (“way” ach to this fight, Let him de- trailer-tractor rigs moved its “de facto theme song.” It re-
with one prominent group or “road”). In medieval French, part; his passport shall be through the South on their way mains to be seen if this convoy,
JAMES YANG
dubbed the “People’s Convoy.” the verb split off in two direc- made, And crowns for convoy to Washington to protest fuel like the one in the song, attracts
A “convoy” is a group of ve- tions: “conveier,” the source of put into his purse.” pricing. The institution of the a thousand trucks, screaming or
hicles traveling together for the English word “convey,” and On the high seas, “convoy” 55-mph speed limit led to truck- otherwise.
BOOKS
.
READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * ** Saturday/Sunday, February 26 - 27, 2022 | C7
The
Great
Stone Face
Buster Keaton
By James Curtis
Knopf, 810 pages, $40
Camera Man
By Dana Stevens
Atria, 415 pages, $29.99
BY FARRAN SMITH NEHME
A
MAN STANDS with his
back to a house, deep in
imperturbable thought—
when the entire facade
crashes to the ground,
failing to crush him only because
he’s standing in the hole made by one
tiny window. This clip of the immortal
silent comedian Buster Keaton, almost
too terrifying to be funny, remains
his most famous. The shot was so
dangerous that the cameramen
reportedly turned their backs to the
action, unable to bear the thought of
what they
would see
PHOTOQUEST/GETTY IMAGES
A Modern Prometheus
features, it
would be one of the last Buster Keaton
would ever fully control as writer,
star or co-director.
Running, jumping, falling in
Computer science, game theory, quantum physics: The 20th century opened brand- spectacular ways and, during a stunt
in “Sherlock, Jr.,” quite literally
new fields of knowledge. One brilliant mathematician made breakthroughs in each. breaking his neck (not noticing until
an x-ray showed the fracture years
The Man From the Future: arithmetic can be both consistent (free von Neumann’s rarest and most admi- later): That’s the acrobatic Buster
The Visionary Life of of contradictions) and complete (every rable traits, the lengths he would go to Keaton of cinema legend. But those
John von Neumann true statement can be proved) is the best help colleagues. Notably, he put to use who love Keaton are eternally drawn
I have ever seen, sacrificing none of his keen understanding of institutional to his face, “the most beautiful face of
By Ananyo Bhattacharya
the subtlety of the original argument dynamics and the levers of power to any man I have ever seen,” said silent
Norton, 364 pages, $30 while making Gödel’s ideas, and von untangle bureaucratic obstacles and actress Louise Brooks. The face is
BY STEPHEN BUDIANSKY Neumann’s related mathematical contri- locate jobs for fellow scientists fleeing vital, because thought is the essence
butions, luminously clear. Nazi Germany. of Keaton’s best gags. The 1923 feature
I
NDISCRIMINATELYapplied these A pair of chapters on game theory, Norman Macrae’s 1992 “John von “Our Hospitality’’ finds him fishing
days to everything from Elon the mathematics that underpins cooper- Neumann: The Scientific Genius Who downriver from where two men have
Musk to tips for cooking chicken ation and competition, deftly explains Pioneered the Modern Computer, Game blown a dam; drops begin to fall from
in your dishwasher, the word what it is all about, tracing the revo- Theory, Nuclear Deterrence, and Much the ledge above him. Calmly he puts
“genius” has arguably lost what- lutionary impact that von Neumann’s More” sensitively and astutely explored down his rod, raises the umbrella he’s
ever meaning it might have had. But if innovation had on everything from eco- this biographical territory; Macrae put been carrying for most of the film,
anyone ever merited the label, it was nomics and nuclear targeting to evo- his finger on the essential aspect of and resumes fishing just in time for
surely the Hungarian-born mathemati- lutionary biology and bluffing strategies von Neumann’s personality when he a torrent of water to engulf him.
cian John von Neumann. His unworldly in poker, employing vivid examples rang- described him as “an exceptionally well- “There are people who never
insights into everything his wide-ranging ing from Sherlock Holmes’s struggle with balanced man” who “much preferred to much cared” for Buster Keaton,
intellect touched led colleagues to joke the evil Professor Moriarty to govern- give advice to those who asked for it, not wrote the critic James Agee in 1949;
that he must be a superintelligent visitor ment auctions of the electromagnetic to quarrel with those who did not,” an “those who do cannot care mildly.”
from another planet, who had adopted spectrum to illustrate the essential ideas. equanimity and self-assurance that was And those lovers of Keaton have a
the cover story of being Hungarian to ex- As striking as von Neumann’s scien- the secret to his getting so much done. bonanza this year: not one but two
plain away his heavily accented English. tific intellect were his bon vivant’s zest Perhaps Mr. Bhattacharya felt there books about the genius of silent
During his 53 years on Planet Earth— for life and acute perception of human was little point in replowing this well- comedy. Born on the vaudeville circuit
he died of metastatic prostate cancer nature. These are not qualities typically tilled ground. He relies entirely on in Piqua, Kan., in 1895, Keaton grew
in 1957—von Neumann, beginning at 19, associated with genius, much less with secondary sources, not even consulting from the child star of his parents’
pioneered new areas of pure mathe- a child prodigy, which von Neumann the von Neumann papers at the Library roughhouse comedy act to one of the
matics that today bear his name; revo- undeniably was. As a boy he taught of Congress, which include letters and most innovative actor-filmmakers the
lutionized the foundations of quantum himself calculus; fluently mastered telegrams to his two wives, financial cinema has ever known, with works
mechanics in the 1920s (among other English, French, Latin, and classical records, day-by-day calendars of his like “The Navigator,” “The General”
things by demonstrating the deep math- Greek; and memorized entire stretches activities and meetings—a lode of in- and “Steamboat Bill, Jr.” sitting
ematical equivalence of Heisenberg’s of a 40-plus-volume history of the sight into his personal and professional comfortably alongside Howard Hawks
matrix mechanics and Schrödinger’s world, which he was able to recite ver- life that has yet to be fully mined. Nor, and Jean Renoir in critic Andrew
wave mechanics that had mystified batim decades later. except for quoting from a few passages Sarris’s pantheon of the great
everyone else); solved the crucial prob- Many prodigies go off the rails, but that have appeared in print, does he directors.
lem of employing high explosives to von Neumann did not. He loved com- make use of the voluminous and richly James Curtis, the renowned
precisely and symmetrically compress a pany, excelled at both making money revealing diaries of von Neumann’s biographer of film giants including
sphere of plutonium in the first atomic and spending it—on tailored clothes, collaborator in game theory (and close director Preston Sturges and actor
bomb; co-authored the bestselling book Cadillac convertibles, first-class travel— friend in Princeton) Oskar Morgenstern, Spencer Tracy, delivers a full-scale
that launched the field of game theory; and was famous for the endless flow of which have become available since portrait of the man Agee credited as
developed key concepts of nuclear de- powerful martinis at unbuttoned cock- Macrae’s book was published. Please turn to page C8
terrence and (before the first stored- tail parties at his luxurious home in This necessarily narrows Mr. Bhat-
program digital computer even existed) otherwise stuffy Princeton. He was a tacharya’s portrait of his subject; it also
conceived the fundamental architecture master of smoothing over professional leads him into some inaccuracy and
used in every computer since. or political frictions among colleagues injustice to von Neumann and others.
“The Man From the Future” is an apt with a well-timed diversion into Byzan- He repeatedly claims that von Neumann
title for Ananyo Bhattacharya’s brisk ex- tine history or, more often, a dirty joke advocated a pre-emptive nuclear strike
ploration of the products of this aston- or limerick, of which he maintained against the Soviet Union, but nothing in
ishingly fruitful mind, and where his glit- an endless store alongside the mathe- von Neumann’s actual writings, public or
tering array of contributions to such matical visions that filled his mind. private, support this often-made asser-
diverse fields have taken us since. “Look He also had a deep grasp of political tion, which I believe is based on a funda-
around you,” Mr. Bhattacharya writes realities exceptional for a scientist, or for mental misinterpretation of his views.
with only slight hyperbole, “and you will that matter anyone. Mr. Bhattacharya He glibly describes Oskar Morgenstern
see Johnny’s fingerprints everywhere.” quotes a remarkable letter von Neumann as an “oddball” because in Princeton he
Mr. Bhattacharya, a physicist who wrote a Hungarian colleague in 1935 would go horseback riding wearing a
previously worked as a science corre- predicting that there would be a war in suit and tie (actually not that unusual at
spondent for the Economist and a staff Europe within a decade, that America the time); but Morgenstern’s diaries and
editor at Nature, is a first-rate guide to would come to Britain’s aid, and that the letters show him, like his much beloved
the dauntingly complex nuts and bolts of Jews would face a genocide like the colleague von Neumann, to be an excep-
these abstruse subjects. Although I am Armenians suffered under the Ottomans. tionally balanced man, full of life, friend-
skeptical that any attempts at popular Beyond a selection of anecdotes that ships and interests.
explanations of quantum mechanics can will likely be familiar to anyone who has In other words, the one thing “The
succeed, the author’s crystal-clear prose heard of von Neumann, however, “The Man From the Future” is not is a biogra-
and his keen ability to relate the essence Man From the Future” has remarkably phy of John von Neumann. It is, how-
of mathematical and physical problems little to say about the man behind the ever, a marvelously bracing biography
CORBIS/GETTY IMAGES
in understandable terms work just about ideas that Mr. Bhattacharya so ably of the ideas of John von Neumann,
everywhere else, making for a tour de brings to life. Much less does the author ideas that continue to grow and flourish
force of enjoyable science writing. His try to connect the ideas to the man, or with a life of their own.
elucidation of Kurt Gödel’s famous in- explain how one person could influence
completeness theorem, which demon- so many aspects of modern life. Largely Mr. Budiansky is the author of
strated that no axiomatization of a absent, too, is an account or explanation “Journey to the Edge of Reason: SILENCE IS GOLDEN Keaton at the
mathematical system which includes of what has often struck me as one of The Life of Kurt Gödel.” height of his celebrity during the 1920s.
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BOOKS
‘My life is the best omelette you could make with a chainsaw . . . Giving freaks a pass is the oldest tradition in Montana.’ —TH O MAS MCG UAN E
John Phillips
Author of ‘Four Miles West of Nowhere: A City Boy’s First Year in the Montana Wilderness’
1
subsist off the land in Montana’s
In this unforgettable novel, wild Yaak region, though the
set in Montana’s Missouri River social worker regularly trudges up
Breaks, John Gload—an aging a mountain to deliver canned food
lifelong con man and killer, and clothing. During each visit,
now at last awaiting justice—elicits the elder Pearl launches into a
conversation from Valentine Milli- deranged rant. Snow’s job is made
maki, his young prison guard, over tougher by his own life’s unrav-
many grim late-night shifts. Deputy eling: his father has died; his
Sheriff Millimaki, a gentle and luck- girlfriend is a secret prostitute.
less missing-persons expert, is in The sad proceedings are rendered
trouble: his wife is cheating on him, credibly, thanks largely to the
and his senior officers are plotting novelist’s capacity to induce
to fire him. Prisoner and deputy, feelings of compassion for—even
both heart-soiled souls, soon develop identification with—wrathful and
a weird rapport—a camaraderie ignorant characters whose lives
derived from the personal wounds seem to be destined to end in one
and secrets they share. Gload, whose deadly, ongoing crash. As Mr. Hen-
still-strong hands could “squeeze derson writes: “[Pearl] is burned
juice out of a stove log,” also knows through, cauterized, a scar, and
how to wring out a soul—to turn for all that, familiar as whatever
another’s weakness to his own it is Pete sees in any mirror. Pearl
advantage. The book, Mr. Zupan’s is Snow is himself is everyone.”
first and only, is currently being
adapted by Hollywood, with Robert
Duvall cast as the 70-something Nobody’s Angel
Gload. One wonders if the film will By Thomas McGuane (1982)
5
stay true to its portrayal of a relent-
lessly melancholic humanity or to Any archive of Big Sky
the gruesomeness with which the narratives must include a
author dispatches it. Mr. Zupan is work by its most famous
by trade a carpenter, and his prose living scribe. Now 82,
ZIA SOLEIL/GETTY IMAGES
2
on the planet. “Man marks land- By Norman Maclean (1976) Montana what “All the President’s inherits the family ranch as well
3
Bryce Andrews, a Seattle scape,” he writes. “But a place also Men” did for investigative journ- as a mental state filled with re-
native sympathetically fas- marks a man.” Montana marked The first line of the novella alism. Fishermen and inner-tubers grets, misplaced love, cynicism,
cinated by the West’s wild Mr. Andrews: While working cattle “A River Runs Through It” flocked to the Blackfoot River, and a general sense of loss. In
predators, spent a year after under the postcard sky, he writes, is a sentence all Montanans hurling beer cans and litter into this tale, Patrick Fitzpatrick
college toiling on the 25,000-acre “it occurred to me I had achieved a can quote: “In our family, its crystalline waters. True, it was cares for his senile grandfather
Sun Ranch in the still-unspoiled rare thing: I was living at the center there was no clear line between never Montana’s most charming and a barn full of horses, con-
southwest corner of Montana. In of my heart’s geography. And I knew religion and fly-fishing.” The waterway to begin with. sumes quarts of whiskey, and
this memoir we learn that his prin- it.” Mr. Andrews’s prose is elemen- story is a first-person account busies himself bedding another
cipal job there was to protect the tary, austere. Its austerity is his of an adolescent boy’s love for man’s wife. In short, his life goes
ranch’s cattle from the menace of solution to the complicated environ- his troubled, unknowable older Fourth of July Creek ugly early but in unpredictable,
wolves. Mr. Andrews writes as a mental entanglement with which brother, a man’s man who, among By Smith Henderson (2014) often comically nihilistic ways.
4
non-sermonizing ecologist, meticu- he collides. “Ecosystems are not much else, is a sort of ideal of the “Remember,” Mr. McGuane has
lously but colorfully adding and only more complex than we think,” Montana sportsman of a century In Smith Henderson’s said, “when you back your horse
subtracting the value of a Whopper said ecologist Frank Egler, “they are ago. The book was an instant mesmeric tale of suffering, into the box, there’s about five
from the value of a wolf. Eventually more complex than we can think.” success and has become the social worker Pete Snow hundred million people who
he must, regrettably, kill a pack Rarely has mending barbed wire unofficial state book of Montana. is assigned to ensure the don’t care whether you catch
member, which causes him to brood on a ranch served, as in this case, In the early 1990s, Hollywood welfare of a boy living a life of the steer or not. I always think
over the consequences of humans as salve for one man’s emotional pain. and Brad Pitt arrived to make the utter deprivation under the insane of that when I’m writing.”
Filmmaker
Constance Talmadge, both of whom year of Keaton’s death, at age 70— example, the 1952 Charlie Chaplin genius undone by drinking and an in-
exerted a mighty influence on their “I found myself trying to fit that film that brought him together with ability to move with the times, a view
middle-child sibling. After co-starring event or phenomenon into the puzzle Keaton for the only time—and she cemented by well-meaning biogra-
with Buster in the charming “Our of his life and work.” This is historical clearly dislikes Chaplin as a person, phers and an atrocious 1957 biopic.
Continued from page C7 Hospitality,” Natalie retired from act- criticism, with a biographical struc- excoriating him for his marriages to Six months after Keaton filmed
having brought “a disturbing tension ing to have two sons and to spend a ture that hangs on episodes in teenagers, though Keaton himself was his appearance as one of the bridge-
and grandeur” to film comedy. Keaton great deal of money on a lavish house Keaton’s life. a youthful ladies’ man whose third playing, has-been “waxworks” in Billy
fans have often complained that and other aspects of a luxury lifestyle: Ms. Stevens (who is a pro- Wilder’s immortal 1950
nearly all biographies of him suffer Keaton confessed in later years to fessional acquaintance of mine) “Sunset Boulevard,” he made
from a questionable slant or a cursory having felt a perpetual outsider in his writes with grace and passion what was billed as his tele-
treatment of key events. With “Buster own home. Their acrimonious divorce about her idol, connecting him vision debut on “The Ed
Keaton: A Filmmaker’s Life”—at more came just as Keaton’s MGM tenure to everything from the pan- Wynn Show.” And from 1933,
than 800 pages dense with research was proving to be a terrible mistake. cakes at the long-vanished res- the year he was fired by
and facts—Mr. Curtis rectifies that Mr. Curtis, too, has the lowdown on taurant chain Childs to F. Scott MGM, to his death, Keaton
situation, and how. He digs deep into Keaton’s rather mysterious second Fitzgerald’s miserable years appeared in dozens of mov-
Keaton’s process and shows how wife, Mae Scriven. She had been hired spent as a screenwriter at ies, including “Film,” a silent
something like the brilliant two-reeler in 1931 as a home nurse to help the MGM. Ms. Stevens dives into short scripted by Samuel
“Cops” went from a storyline con- alcoholic Keaton dry out; instead she subjects many Keaton admirers Beckett, and “A Funny Thing
ceived from necessity—construction soon was out on the town with have merely sideswiped, no- Happened on the Way to the
on the movie lot encouraged shooting Buster, knocking them back with her tably the painful ethnic and Forum,” directed by Richard
outdoors—to a masterpiece, with its supposed patient. In fact, the worse racial jokes in his films. She Lester, who had guided the
meticulously planned finale in which Keaton’s life gets, the more engross- relates Keaton’s use of black- Beatles through “A Hard
Keaton dashes through the streets ing Mr. Curtis’s book becomes. face in “College” not only to Day’s Night” (a film whose
of Los Angeles chased by 350 cops. “the ambient cultural racism” gleeful chase scenes owe
(“We could only find three hundred that his work reflected, but much to Keaton’s enduring
and fifty cop uniforms,” said Keaton.) His earliest acting also to Keaton’s admiration influence). Keaton was any-
This will doubtless be the primary for—and misunderstanding of thing but stuck in the past.
reference on Keaton’s life for a long
experience came while —the Bahamian-American per- So here we are, with two
time to come. performing in his former Bert Williams. In the hardcover studies of Keaton
Do you want to know how “Buster” parents’ roughhouse process, it isn’t just Keaton who vying for attention. If you
got his nickname as a child? No, it emerges with startling preci- want a sense of passionate
wasn’t from Harry Houdini, as legend comedy act. sion, but those around him as attachment to Buster Keaton
has long had it; Mr. Curtis tells you well, such as the fearsome head —either as one of the great
exactly who gave it to him, along with of MGM: “Louis B. Mayer tried comic filmmakers of all time,
the etymology of “buster.” Here is a Both more compact and focused to run his business like a family or as a loyal and likable man
precise tick-tock of how the financial differently, “Camera Man: Buster and his family like a business, in an industry famed for
ATRIA
woes of Keaton’s producer brother-in- Keaton, the Dawn of Cinema, and the though he could never quite those who lack both quali-
law Joseph Schenck swept Keaton Invention of the Twentieth Century” get either model to work.” CHILD STAR Young Keaton, ca. 1901. ties—that’s Dana Stevens.
from an ideal situation that gave him comes from Dana Stevens, longtime Mr. Curtis and Ms. Stevens But her book isn’t designed to
complete artistic freedom to an ill- film critic for Slate. Ms. Stevens has share considerable sympathy for and only happy marriage was to Elea- provide the authoritative perspective
fated contract at the notoriously con- insisted in interviews that her work Keaton’s struggles with alcohol in an nor Norris, a dancer 23 years his offered by Mr. Curtis. As a lifelong
trolling MGM. There, Keaton made isn’t a biography, and the book’s title era that saw it mostly as a character junior. By contrast, the drawback to lover of Buster Keaton and his films,
one masterpiece (“The Cameraman’’), spells out her concerns with admira- flaw and offered the addict only the Mr. Curtis’s approach lies in the way I regret to state that you need
then a very good movie (“Spite Mar- ble clarity. She opens with a recollec- most brutal and ineffective “cures.” he often glides past an opportunity to them both.
riage”), then gradually slid into poorly tion of her instant love for Keaton, for Mr. Curtis lays out the dark years offer an opinion. A magnificent,
made features, misery and blackout the “timelessly funny” inventiveness from the late 1920s to the mid-1930s surreal vision like “Sherlock, Jr.” is Ms. Nehme’s writing on cinema
drinking. Mr. Curtis also manages of the films and for his astonishing in detail, and is sympathetic without described in terms of how it was appears in Film Comment,
to make some sense of Kathleen Key, gravity-defying stunts, all of them being maudlin. Ms. Stevens, on the made, where it was worked on, what Sight & Sound and elsewhere.
the woman whose evident shakedown executed with the performer’s famed other hand, slides in a brief but pierc- it grossed and what the reviews were She is the author of the novel
of Buster in 1931 was probably the deadpan, the “Great Stone Face” that ing discussion that ties Keaton’s like, but Mr. Curtis’s own opinion is “Missing Reels.”
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BOOKS
‘It’s terrible to think that all I’ve suffered, and all the suffering I’ve caused, might have arisen from the lack of a little salt in my brain.’ —ROBERT LOW ELL
I
locally as la bobera de la familia, or “the
N 1888, the last sane year of his life, idiocy of the family,” this disease—mapping
the oddball German philosopher to the gene presenilin 1—causes affected
Friedrich Nietzsche sought respite individuals to undergo profound memory
in Turin, a town he insisted had the loss as early as their 30s and 40s. It has
best ice cream and cafés, as well as been traced to a European couple born in
agreeable Alpine vistas. Had one encountered Colombia in the mid-18th century.
him at the time, perhaps in a third-class As in classic, age-related Alzheimer’s
railway carriage, one would have observed disease, the brains of affected individuals
an unassuming, slight, excessively mustached, are “riddled with tangles and plaques,”
well-mannered, penurious, middle-aged the telltale signature of the disease. But
insomniac professor with green-tinted while age-related Alzheimer’s results from
spectacles—often with a blanket draped the interplay of multiple genes—making
over his arm—and a predilection for low- a cure elusive—the single-gene cause of
salt salami. familial early-onset Alzheimer’s makes it
In conversation one would, in contrast, more amenable to therapeutic intervention.
find him charismatic, bombastic, egotistical, It seems likely, however, that a new kind
uncompromising and espousing a provocative of medicine will be necessary to address
and anti-rational philosophy that rejected the complex genetic diseases such as classic
foundational tenets of western civilization. Alzheimer’s, where the molecular
His relentlessly eccentric thoughts quivered abnormalities are multifarious.
at the edge of normality, near the intellectual Mental disorders that would previously
hinterlands of chaos, where he formulated have resulted in patients being shipped off
his controversial and idiosyncratic per- to psychiatric wards have recently been
spective on human nature. discovered to have addressable underlying
But on Jan. 3, 1889, he permanently exited molecular causes. Ms. Peskin describes,
this fertile wilderness of quasi-rationality, for example, how antibodies made by
and after extravagantly embracing a horse our immune systems can turn against us,
in the town square, descended precipitously targeting our own molecules. She recounts
into madness. Although the exact diagnosis the case of a woman with an ovarian tumor
remains uncertain, it is likely that these that contained cells resembling the neurons
events issued from his first—reportedly only found in the brain. After she developed
—experience of physical intimacy, in a brothel antibodies to molecules known as NMDA
ULLSTEIN BILD/GETTY IMAGES
while a student in Cologne. If this version of receptors on the surface of the tumor cells,
events is correct, the hijacking of his mind they also targeted NMDA receptors in her
resulted from an invasion of his brain by brain, causing encephalitis. Fortunately, her
the helically shaped bacterium Treponema warped reality swiftly normalized once the
pallidum, the causal agent of neurosyphilis. tumor was excised. Nowadays women who
While human minds may be undermined develop antibodies to NMDA receptors are
by bacterial and other infections, the routinely checked for ovarian tumors, which
molecular operations of this most fantastic ECCE HOMO Nietzsche’s loss of sanity may have resulted from the causal agent of neurosyphilis. are implicated in nearly half the cases.
of all machines may also be usurped or The presence of neurotoxins such as
disrupted by a host of other pathological leaving behind just the “husk of a person.” invariably envelops the families of individuals mercury, the curse of Victorian hatmakers,
processes. These include the missing The good news, she asserts, is that we with diseases like Huntington’s. She narrates and the absence of vitamins such as thiamine
or imperfect products of faulty genes, are approaching “the precipice of a molecular the experiences of a child whose mother, and niacin caused by excessive alcohol intake
inappropriately formed or misbehaving breakthrough” in our comprehension of wriggling and writhing “as if controlled by or the dietary deficiencies accompanying
proteins, and the presence or absence of neurological pathology. This raises the a drunk puppeteer,” is slowly “swallowed poverty, may wreak a similar—but readily
a range of other molecules. possibility that our ability to treat various into an imaginary universe,” leaving her reversible—type of havoc on mental
In “A Molecule Away From Madness,” mental and cognitive diseases will, before unable to fulfill her maternal duties. After processes. Alcoholic patients with Korsakoff
clinical neurologist Sara Manning Peskin long, “go the way of oncology,” recapitulating being taken into care by social workers, syndrome confabulate as their memories are
demonstrates the mind’s vulnerability to the the transformative advances achieved in the progressively erased by thiamine deficiency,
corrosive effects of this subset of aberrant treatment of cancer over the last decades. which impairs the production of the
molecular processes. Ms. Peskin provides In April 1872 the 22-year-old American Human minds are intricate neurotransmitters essential for brain
the reader with an acute and evocative physician George Huntington described an function.
demonstration of the fragility and inherited disease involving progressive loss
machines that can be hijacked One can imagine a time when the obscure
interchangeability of mental, emotional of motor control, characterized by jerky by any number of molecular mental calculus of the brain is stripped naked
and behavioral states, and shows how they “choreiform” movements and accompanied by processes, including the products and revealed in its totality. The molecular
may be affected by the misbehavior of the an altered personality, psychiatric symptoms chemistry of the human mind, including
molecules defining them. and impaired cognitive function. The cases of misbehaving proteins. such elusive constructs as love, curiosity,
Despite tremendous advances in our appeared to originate from a single ancestral and intellectual creativity, may be reduced
understanding of the molecular basis of individual, Jeffrey Francis, who emigrated to the certainty of a new type of Periodic
human diseases, the treatments of dis- from England in 1634. Although we now the child eventually becomes homeless, Table. Perhaps then, when the threads
orders of the brain and mind have failed know that the disease is caused by abnor- and then an addict. This personal tragedy is of mental rainbows have been unwoven,
to attain the successes achieved in other malities in a gene that produces a protein subsequently compounded by the discovery we will begin to fully comprehend, at the
areas of medicine. Our ability to effectively called huntingtin, it has proved difficult to that she has inherited a copy of her mother’s most fundamental level, the workings of
manage and cure most severe neurological translate this knowledge into a therapy which disease-causing gene. She is forced to the invisible and magnificent effervescent
diseases has, as a result, barely changed might halt or reverse disease progression. confront the realization that her body and chemistry that underwrites human nature.
since they were first described. Ms. Peskin The effects of neurological diseases mind are a future train wreck, programmed
articulates the frustration of being routinely propagate far beyond their immediate impact to self-destruct. Mr. Woolfson is the author of “Life With-
relegated to the role of passive observer on brain tissues. Ms. Peskin demonstrates Another compelling example of how out Genes” and “An Intelligent Person’s
as her patients “slowly disappear,” how a penumbra of psychopathology defective molecules may hold entire Guide to Genetics.”
star-nosed mole reveals things about sensory powers even if, like most of lyrical appreciation of our own even have learned from the cheetah’s
The our sense of touch. And at the end of
the book, in an afterword, a 13th crea-
us, you’ve been experiencing a Covid-
generated, sensorily deprived life for
perceptions: “Whereas our cones
bring us bright, cloudless days arced
ability to change direction: her chap-
ter on the inborn sense of time begins,
T
pher Thomas Nagel was titled eyes include a literal mirror, we learn sitivities we share with other cre- it is to hear, and from
HE EXPRESSION goes “What Is It Like to Be a that our own night vision—which still atures. Consider pheromones, which the cheetah what it is to
“you are what you eat.” Bat?”—his conclusion, in functions when ambient light is one “have been found across the animal
Less well known but no short, is that we don’t billion times dimmer than day- kingdom, sending messages between have a sense of balance.
less true is “you are know and likely never courting lobsters, alarmed aphids,
CAROLINE CHURCH
what you perceive.” will. To her credit, Ms. suckling rabbit pups, mound-building
Written by British writer and film- Higgins doesn’t waste termites, and trail-following ants.” and stray legs. This graveyard of flies
maker Jackie Higgins, “Sentient: her time or ours trying Acknowledging their potency, caught, killed, carefully disassembled,
How Animals Illuminate the Wonder to suggest what it is long before our species knew and then reassembled is how she
of Our Human Senses,” does exactly like to be a spookfish, anything about their precise conceals herself. . . . She then dis-
what its subtitle promises. As diffi- an octopus, or a bar- biochemistry, we have tinguishes vibrations made by wind
cult as it is to see ourselves as others tailed godwit. Rather, “dabbed our necks and from approaching male suitors or
see us, it’s even harder to see the she digs deeply into the wrists with the oily yellow those with more nutritional promise.”
world as other critters do. But it’s sensory capacities of secretion from the anal But Ms. Higgins pivots to the more
worth our while to give it a try. some of the world’s most glands of the civet cat, the poetic lessons of this trashline orb-
By examining the diverse perceptual intriguing animals to better un- waxy pathological growth weaver, who rebuilds her web “from
capacities of our fellow creatures, derstand not only them, but the from the intestines of sperm scratch every night,” when an innate
“Sentient” leads us to perceive our- biological miracle of our own per- whales, and extracts from the nocturnal clock prompts her to wake
selves in a new, organic context. ceptions, many of which turn out to anal glands of the beaver.” and work before sunrise.
Ms. Higgins braves the elements to be surprisingly acute. Sometimes the author’s Ms. Higgins’s most extraordinary
explore how our senses can be under- Quoting Leonardo’s observation focus is a pleasant sur- achievement in an extraordinary book
stood by learning from 12 of our fel- that the typical person “looks with- prise, as with her chapter may be that in the course of her
low creatures, going underwater to out seeing, listens without hearing, SEE-FOOD The spookfish has an on the cheetah, which, investigations she seems to have
see what the peacock mantis shrimp touches without feeling, eats without uncanny ability to detect light in one might naively as- discovered a new sense: the sense
can tell us about our sense of color, tasting . . . [and] inhales without the ocean’s bathypelagic depths. sume, will deal with the of how to write compelling popular
or the Goliath catfish about taste. In awareness of odor or fragrance,” Ms. animal’s remarkable speed. Instead we science.
the sky the shadowy, silent great gray Higgins observes that “we are guilty light—is no less admirable than that learn about the cat’s sense of balance,
owl informs how we can think about of underappreciating—and under- of our abyssal cousins. In fact, the hu- necessary if it is to keep up with its Mr. Barash is an evolutionary
hearing; the vampire bat of Central estimating—our sensory powers; after man eye can, on occasion, react to a prey’s rapid twists, turns and changes biologist and professor of psy-
America conveys clues that help un- all, they circumscribe every waking single photon! of direction, and about the semi- chology emeritus at the University
derstand pain. On land, cheetahs give moment.” After reading “Sentience,” “Sentience,” however, goes far circular canals in our own inner ears, of Washington. His most recent
lessons in balance and bloodhounds you’d have to be uncommonly insen- beyond “gee whiz” observations; it without which walking on two feet trade book is “Threats: Intimi-
on our sense of smell; under it, the sible not to appreciate your own provides the reader with a frequently would be impossible. Ms. Higgins may dation and its Discontents.”
.
C10 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.
BOOKS
‘I think that fiction is a very serious thing, that while it is fiction, it is also a revelation of truth, or facts.’ —JO H N MCG AH ERN
Suffering Concealed
The Letters of A companion to that “have arrived at that trou-
John McGahern memoir in a way, this vol- bling stage when we have
Edited by Frank Shovlin ume of letters collected more money than life.”
and ably edited by writer This is a one-sided cor-
Faber, 851 pages, $40
and scholar Frank Shovlin, respondence, though Mr.
BY ANNA MUNDOW spans the period 1957 to Shovlin’s excellent foot-
A
2006 (the childhood note notes provide occasional
CHILD WRITES: “Dear above is dated 1943) and replies. Some of the mis-
Daddy . . . I hope you charts McGahern’s journey sives are merely business-
are well. . . . We got from anonymity to emi- like. But many more are
two goats. Uncle Pat nence. The earliest missives substantial, and these re-
does not like them.” are from Dublin and Lon- veal in particular how Mc-
A farmer reports that “all the hay don, the later ones from Gahern worked and how he
is in. Most of the lambs are sold.” Leitrim in the Irish mid- persevered even during his
A schoolteacher advises his sister lands, where McGahern and final illness. “I write almost
that “there is no such thing in life as his second wife, Madeline every day,” he reports in
freedom, only the freedom to choose Green, finally settled, and 2003 while undergoing
and that not always. . . . Read many in between are dispatches chemotherapy. “I find it’s
books.” An acclaimed writer tells an from various European cit- there like hidden strength
old confidant that “literary reputa- ies and the United States. or those obdurate cells.”
tions last as long as the body of work As the writer’s inter- The habit of a lifetime of
they represent remains useful . . . national recognition grew, paying attention, of getting
and will disappear into the long night the range of correspon- the smallest detail right,
like ourselves, eventually.” dents broadened to include was formed early, we see
The voice in each case is that of editors and publishers, here, as was the writer’s
the Irish writer John McGahern journalists and academics. ability to cast a cold eye on
(1934-2006), whose fiction trans- Prizes and honors accumu- novels that took him years
figured the mostly rural world he lated, some friends became to complete. And to ap-
so closely observed and whose life famous (Seamus Heaney, praise work that often ex-
is now revealed in “The Letters of Brian Friel, Colm Tóibín), humed private pain. Send-
John McGahern.” Or at least partly and some of the famous be- ing the final text of “The
revealed, for this essentially private came friends. Yet whether Dark” to Faber in 1964, for
man was always careful with words. McGahern is addressing a example, he writes that the
distant cousin, an admired main change from the pre-
poet, an old flame or a new vious draft is “the insertion
McGahern saw fiction publisher, his tone is con- of a chapter . . . to break
sistently one of modesty the horror of the beating,”
as an impersonal art: (though bad reviews do while decades later, editing
‘If I had a rule for writing rankle) and wry humor. “Amongst Women,” he ex-
it would be, “above all, “I’m the only LIVE writer plains that “to justify the
on the course,” he remarks climate of violence in the
no self-expression.” ’
ULF ANDERSEN/GETTY IMAGES; ON C7: ALAMY
BOOKS
‘Living with and studying good paintings offers greater interest, variety and satisfaction than any other pleasure known to man.’ —A LB ERT C . BARN ES
‘Intense,Passionate,Cruel’
MYSTERIES
TOM NOLAN
Cézanne in the from the start, as an educational Barnes often emphasized his chronology and documentation
The
Barnes Foundation
Edited by André
mission. We learn that Barnes was
initially troubled by the patches of
conception of the two artists’
differences work by pairing them
sections. Some distinguished
collections were dispersed in the Escape
bare canvas Cézanne sometimes in his installations, contrasting years that Barnes was actively
Dombrowski, Nancy Ireson
and Sylvie Patry
left in his paintings and asked his
proxies to avoid such works. Later,
Renoir’s ability to model forms
fluidly with Cézanne’s way of con-
collecting, so it’s catnip for art-
history buffs to discover that
Artist
Rizzoli Electa, 415 pages, $85 as his appreciation of formal tradicting suggestions of mass and through important dealers, includ-
elements intensified, his acquisi- bulk with assertions of the fact of ing Durand-Ruel, Dudensing and IN 1926 legendary mystery
BY KAREN WILKIN tions demonstrate that he came to paint on a surface. It’s not surpris- Rosenberg, he acquired paintings author Agatha Christie
A
understand the way these patches ing that Barnes embraced such di- previously owned by such legend- disappeared from house and
MONG THE glories functioned as color and tone. verse approaches. His omnivorous ary figures as Cézanne’s early family for 11 days. Several films
of the Barnes Foun- We learn, too, that while appetite is evident in the variety champions Auguste Pellerin and and books have imagined the
dation, in Phila- Barnes’s love for Pierre-Auguste of the Cézannes in the Foundation, Cornelis Hoogendijk. It’s thrilling particulars of this intriguing
delphia, is an aston-
Renoir’s fluent brushstrokes and from harmonious rock-solid still to read that “Bathers at Rest” episode, which Dame Agatha
ishing group of 71 radiant, light-struck color was lifes and views of Provence to (ca. 1876-77), four male figures in refused to discuss. In “The
works by Paul Cézanne (1839- apparently limitless, he was urgent groups of bathers, from a sunlit landscape, one with hands Christie Affair” (St. Martin’s,
1906). The stellar se- on hips like MoMA’s 311 pages, $27.99), Nina de Gramont revisits
lection of paintings, celebrated standing the story with arguably more artistry and
watercolors, prints figure, once belonged ingenuity than any previous novel.
and a drawing in- to Gustave Caillebotte, History tells us that Christie’s husband,
cludes the largest a wealthy friend, col- Archie, informed her he required a divorce,
version of “The Card league, and collector and that her unannounced departure was a
Players” (1890-92) of the Impressionists flight from that wrenching ultimatum. This
and “The Large Bath- who left his holdings smartly written fiction improvises on known
ers” (ca. 1894-1906), to the French State; facts and unfolds in the first-person voice of
both among the most “Bathers at Rest” was Archie’s mistress. Nan O’Dea—who in real-life
ambitious of the art- among the paintings was known as Nancy Neele—is 26 years old
ist’s late canvases. Dr. rejected by the nation, and has family ties to Ireland. She tells her
Albert C. Barnes ac- to its later regret. story double-helix fashion: one strand finds
quired his first three The most substan- her manipulating Archie toward marriage in
© 2021 THE BARNES FOUNDATION, PHILADELPHIA
Cézannes in 1912—a tial, wide-ranging dis- London; the other recounts youthful mistakes
view of Mont Sainte- cussions focus on the and punishments in Ireland’s County Cork.
Victoire and two history, implications It’s a necessity in such a two-pronged story
lithographs of bath- and place in Cézanne’s that both plots are of equal interest. Ms. de
ers—selected for him development of “The Gramont proves up to the task, even as she
in Paris by his friend Card Players” (André weaves elements and
the Ashcan School Dombrowski, of the THIS WEEK devices from some
painter William Glack- University of Penn- of Christie’s best-
ens. Later that year, sylvania, and Nancy The Christie Affair known puzzles into
Barnes himself bought Ireson, the Barnes’s By Nina de Gramont her own elaborate
more Cézannes in chief curator) and conundrum.
Paris, accompanied by “Late Bathers: c. Jane and the Year It’s a particular
the expatriate Ameri- WELL-PLACED BET ‘The Card Players’ (1890-92) by Paul Cézanne. 1894-1906” (Christo- Without a Summer treat in this work,
can modernist Alfred pher Riopelle, curator By Stephanie Barron which sizzles from
Maurer, expanding his holdings equally enthusiastic about Cé- cool portraits of Mme. Cézanne to at the National Gallery, London). its first sentence,
of the artist’s preferred motifs. zanne’s seemingly artless yet a reclining Leda with a swan, from Each contributor to the essays has A Fine Madness to be presented with
He also visited Gertrude and Leo deliberately placed touches and fragile watercolor landscapes to an informed, individual point of By Alan Judd an Agatha Christie
Stein, initiating a long argumen- subtle tonal adjustments. “I have ferociously brushed standing fig- view, some more modish than who breaks free
tative friendship with Leo that led never been able to decide,” Barnes ures, from a few very small, rather others. Sylvie Patry, chief curator from societal re-
to purchases from his collection. kinky nudes to those two dazzling, at the Musée d’Orsay, Paris, notes straints and runs into unpredictable adven-
These beginnings and the en- firmly constructed, generous the prevalence of speculation ture. “Sometimes,” as this clever book quotes
tire history of Barnes’s collecting Dr. Barnes of masterpieces, “The Card Players” about Cézanne’s possibly vexed her, “an escape is precisely what’s needed.”
of the Aix master are recounted by
the museum’s associate curator,
Philadelphia amassed andAthe “The Large Bathers.”
witty essay by John Elder-
relationship with women but
suggests that other things may
English author Jane Austen has inspired
many pastiches in the 205 years since her
Cindy Kang, in the first essay in one of the greatest field (curator emeritus, Museum be more fruitful to discuss; Mar- death. Some of the best have been written by
“Cézanne in the Barnes Collec- collections of Cézanne’s of Modern Art) presents the tha Lucy, curator at the Barnes, Stephanie Barron, the author of “Jane and
tion,” a comprehensive volume strengths and weaknesses of is far more concerned with the the Year Without a Summer” (Soho Crime,
with contributions by an impres- works anywhere. Barnes’s writing on Cézanne, accu- artist’s “psychosexual trauma.” 325 pages, $27.95), the latest entry in her
sive army of international schol- rately noting the longueurs of his Whichever emphasis we prefer, carefully researched and beguiling series.
ars, detailed information on all the description. The entries on in- “Cézanne in the Barnes Founda- The year is 1816, and the recent eruption
works in the Foundation, abun- wrote in 1920, “whether Renoir or dividual works often suffer from tion” is an invaluable, informative, of a volcano has darkened skies around the
dant comparative material, discus- Cézanne was the biggest man of the same problem, but they also handsome volume, essential read- globe. Jane, hoping to give her flagging
sions of Barnes’s opinions, and re- the last century in art. Cézanne is include a wealth of information ing for anyone who cares about energies a boost, journeys with her sister
cent revelatory technical analysis. intense, passionate, almost cruel about Cézanne’s sources, the in- the history of modernist art. Cassandra to a Gloucestershire spa. “I had
It’s an absorbing story of the in his insight into reality; Renoir terrelationships among works come . . . for rest and healing,” Jane narrates,
evolving taste of a passionate art is charming, human, lyric—sheer and more. Complete provenances Ms. Wilkin is an independent but she is distracted by the “domestic farce”
lover who conceived his collection, beauty and feeling.” and exhibition histories are in the curator and critic. played by a viscountess, fleeing her domi-
neering husband, and the viscount himself,
who catches up to her at the Austen sisters’
lodgings.
“By absconding with my wife,” this spouse
C12 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.
BOOKS
‘A foreigner deserves to be welcomed only when he mixes with the indigenous people as sugar does with milk.’ —MOHANDAS K . GANDHI, 1946
Farewell, Empire
Rebels Against the Raj
By Ramachandra Guha
Knopf, 476 pages, $35
BY TUNKU VARADARAJAN
‘Y
OU SHALL be
my daughter,”
said Mahatma
Gandhi to Made-
leine Slade on the
day she arrived at his ashram in India
in 1925. Slade, whose father was a
British admiral, was then 32 years
old. She’d undertaken the journey
from Britain so that she could—as she
wrote to Gandhi in advance—“learn to
live your ideals & principles in daily
life.” Gandhi gave her an Indian name,
Mira, and she made India her home
for the next 34 years, joining Gandhi
in his nonviolent campaign to win
India’s independence.
Mira’s is one of seven stories of
“Western fighters for India’s freedom”
narrated to us by Ramachandra Guha
in “Rebels Against the Raj.” Mr. Guha
GAMMA-KEYSTONE/GETTY IMAGES; ON C7: ALAMY
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
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The Human Sales Factor 1 New Life Force 1 1 House of Sky and Breath 1 New House of Sky and Breath 1 New Atomic Habits 1 1
Lance Tyson/Morgan James Tony Robbins/Simon & Schuster Sarah J. Maas/Bloomsbury Sarah J. Maas/Bloomsbury James Clear/Avery
The Human Calling 2 New Atomic Habits 2 2 Sierra Six 2 New Sierra Six 2 New Competing in the New World of Work 2 New
Daofeng He/Morgan James James Clear/Avery Mark Greaney/Berkley Mark Greaney/Berkley Keith Ferrazzi/Harvard Business Review
From Strength to Strength 3 New PlantYou 3 New Diablo Mesa 3 New Diablo Mesa 3 New How to F*ck Up Your Startup 3 New
Arthur Brooks/Portfolio Carleigh Bodrug/Hachette Go Douglas Preston/Grand Central Douglas Preston/Grand Central Kim Hvidkjaer/Matt Holt
The Obstacle Is the Way 4 — Good Enough 4 New Game On 4 — It Ends With Us 4 3 Extreme Ownership 4 5
Ryan Holiday/Portfolio Kate Bowler/Convergent Janet Evanovich/Simon & Schuster Colleen Hoover/Atria Jocko Willink & Leif Babin/St. Martin’s
The Diary of a Young Girl 5 — My Little Golden Book About Betty White 5 6 Taking the Leap 5 New Verity 5 4 StrengthsFinder 2.0 5 4
Otto H. Frank/Anchor Deborah Hopkinson/Golden Kristen Ashley/Blue Box Colleen Hoover/Grand Central Tom Rath/Gallup
Atomic Habits 6 9 Atlas of the Heart 6 7 Someone Like You 6 New Reminders of Him 6 9 Dare to Lead 6 8
James Clear/Avery Brené Brown/Random House Marie Force/HTJB Colleen Hoover/Montlake Brené Brown/Random House
Drop Acid 7 New The 1619 Project: A New Origin Story 7 — A Crown of Petals and Ice 7 New The Seven Husbands of Evelyn Hugo 7 — Principles...Changing World Order 7 9
David Perlmutter/Little, Brown Spark Nikole Hannah-Jones/One World Shannon Mayer/Hijinks Ink Taylor Jenkins Reid/Washington Square Ray Dalio/Avid Reader
All Creatures Great and Small... 8 — Red-Handed 8 3 A Man Called Ove 8 — Abandoned in Death 8 1 The Voltage Effect 8 2
James Herriot/Open Road Peter Schweizer/Harper Fredrik Backman /Atria J.D. Robb/St. Martin’s John A. List/Currency
Life Force 9 3 The Body Keeps the Score 9 9 Abandoned in Death 9 1 Game On 9 — Think Again 9 7
Tony Robbins/Simon & Schuster Bessel van der Kolk /Penguin J.D. Robb/St. Martin’s Janet Evanovich/Atria Adam Grant/Viking
You Can Heal Your Heart 10 — The Four Agreements 10 — The Maid 10 — Heaven Official’s Blessing 10 New Baby Steps Millionaires 10 3
Louise Hay & David Kessler/Hay House Don Miguel Ruiz/Amber-Allen Nita Prose/Ballantine Mo Xiang Tong Xiu/Seven Seas Dave Ramsey/Ramsey
.
PLAY
NEWS QUIZ DANIEL AKST From this week’s NUMBER PUZZLES SOLUTIONS TO LAST
WEEK'S PUZZLES
Wall Street Journal
1. Elon Musk sold 5. Donald Trump’s new Cell Blocks Cell Blocks
something that social-networking Divide the grid
once belonged platform went live. into square or
to Gene Wilder What’s it called? rectangular blocks,
For previous
back to the each containing
weeks’ puzzles,
late actor’s A. Truth Social one digit only.
and to discuss
family. What B. Social Truth Every block must
strategies with
was it? C. Social Justice contain the number
of cells indicated by other solvers, go
D. Truth and Justice to WSJ.com/
A. The saddle the digit inside it.
puzzles.
Wilder sat on in “Blaz-
6. To today’s beer connoisseurs, Killer Sudoku
ing Saddles”
a mark of craftsmanship is the
B. The blanket he used to Level 1 Suko
ability to produce a good brew—
counter hysteria in “The Pro-
of what type?
ducers”
C. The hat he wore in “Willy
A. Imperial stout
Wonka & the Chocolate Fac-
B. Gruit
tory”
C. Gose
D. A multimillion dollar home Killer Sudoku Level 2
D. Lager
in Los Angeles
As with standard
Sudoku, fill the
7. Mexican President López
grid so that every
2. Eileen Gu became the first Obrador is in hot water over his
column, every row
athlete to do what? son’s use of a luxury home Endpieces
and every 3x3 box
owned by a government contains the digits M T A H I L L
S T O T E S B
O R N E
A. Win three freestyle skiing contractor. What’s the scandal 1 to 9. Each set of E R C U L O O
P P A U L O A
L I E N
medals in a single Olympics being called? S U H T T L E C
O C K T A I L K
A P P A
cells joined by A E Y A S W I
R L R E A D E R AM
B. Win six such medals dotted lines must C O L A S C O P S E R I S
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across two Olympics A. Houstongate add up to the C A R N E Y F L Y I N G F I S H
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Olympic skiing categories C. Miamigate M E M E G U N O K S O A P
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its top-left corner. O N E T R I C K P O N Y T A I L O O N A
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for both China and the U.S. of cells joined by A R F P I S C E S A N S A R I S E E
dotted lines, a digit H I L L S I AM P R E L U N A
8. Who’s pushing for two board A L O E F AM I L I A R R I N G T A I L
cannot be repeated. B E W A I L A X O N E A T H E R O
3. The Justice Dept. sued to seats at McDonald’s to improve
E N D E A R S O D D E N MO R A L
block the acquisition of a the treatment of pigs? T U R T L E D O V E T A I L S AMO S A
health-tech firm by America’s I N V O I C E O S S I E C E D E S
Suko N E A K E L L Y L A T H E R P D F
biggest health insurer. Which is A. Bill Ackman
Place the numbers C A S T E P E A R L YWH I T E T A I L
that? B. George Soros U S E I T H A G U E A R C H A C R E
C. Carl Icahn 1 to 9 in the spaces
P E S T O I R E N E Y O K E B E T A
A. Anthem D. L.P. Robinson so that the number
B. Cigna in each circle is equal
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to the sum of the
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four surrounding F O R P E T E S S A K E
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM
spaces, and
each color total
A S I A N P E A R R A A
4. Russia invaded Ukraine, is correct. E T U P R A I L S A T R
whose central bank limited D P L E M I S S I T S T
cash withdrawals. What is the
I E L A T G R O O C H O
country’s unit of currency?
S R A S A L L I N H E I
A. The leu N C F R G D E N S E E S
B. The hryvnia I E N E O N R A E E D N
C. The koruna
D. The zloty O L I E L T E R C S I O
GETTY IMAGES (2)
D B A R H T O L C E N G
R U O D T A C R O O D L
Answers are listed below the
crossword solutions at right. A C I R P E E H S T S O
Answers to News Quiz: 1.D, 2.A, 3.C, 4.B, 5.A, 6.D, 7.A, 8.C
THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 43 Got takeout, 1 S2 B3 P4 Q5 O6 G7 D8 K9 M 10 C 11 J 12 A 13 I 14 H 15 F 16 L 17 V 18 Q 19 X 20 E
perhaps
19 20 21 21 T 22 Y 23 Z 24 S 25 A 26 O 27 G 28 F 29 K 30 V 31 Q 32 R 33 U 34 W 35 N 36 T 37 G 38 D 39 C 40 F 41 P
44 Euripides tragedy
22 23 24 46 Singer Del Rey 42 I 43 L 44 N 45 E 46 R 47 A 48 K 49 H 50 W 51 Q 52 S 53 V 54 B 55 P 56 Z 57 T 58 F 59 O 60 Y
25 26 27 28 47 Performer’s
“grand slam” 61 K 62 C 63 A 64 U 65 M 66 D 67 H 68 V 69 E 70 X 71 N 72 Q 73 Z 74 R 75 G 76 D 77 O 78 T 79 B
29 30 31 32 48 Money for
80 J 81 S 82 F 83 Y 84 X 85 I 86 M 87 U 88 L 89 K 90 C 91 A 92 H 93 E 94 O 95 X 96 G 97 R 98 P
freedom
33 34 35 36 37 38
50 Swanky 99 V 100 K 101 F 102 Q 103 Y 104 H 105 G 106 P 107 S 108 N 109 J 110 T 111 E 112 M 113 O 114 I 115 C 116 V 117 Z
39 40 41 42 43 44 54 Panamanian coin
118 Q 119 A 120 D 121 B 122 O 123 W 124 R 125 P 126 J 127 K 128 U 129 F 130 N 131 Y 132 M 133 E 134 K 135 S 136 P 137 L
45 46 47 48 49 50 55 Tzatziki
ingredient 138 W 139 A 140 Z 141 C 142 D 143 Y 144 F 145 V 146 G 147 O 148 X 149 N 150 H 151 J 152 Q 153 B 154 K 155 R 156 U 157 P 158 D
51 52 53 54 55 57 Sapporo seafood
56 57 58 59 58 Director’s cry 159 L 160 E 161 O 162 A 163 C 164 Y 165 M 166 F 167 S 168 E 169 R 170 X 171 D 172 W 173 J 174 M 175 L 176 O 177 Q
59 Back on the 178 K 179 P 180 V 181 H 182 A 183 D 184 B 185 E 186 W 187 Q 188 U 189 S 190 I 191 M 192 V 193 F 194 T 195 O 196 E 197 G
60 61 62 63 64 65 66
Bounty
67 68 69 60 Requests at the 198 L 199 I 200 P 201 Q 202 V 203 H 204 E 205 K 206W 207 Z 208 U 209 R 210 P 211 G 212 D 213 A 214 O
barbershop
70 71 72 73 74 75 76 77 78
61 Confine
79 80 81 82 83 62 Lucy’s pal
Acrostic | by Mike Shenk
84 85 86 87
63 Make headway To solve, write the answers to the clues on the M. One who doesn’t ____ ____ ____ ____ ____ ____ ____ ____
65 165 86 112 132 9 174 191
64 Mission numbered dashes. Then transfer each letter to the choose early
88 89 90 91 65 Sighting from correspondingly numbered square in the grid to spell retirement (2 wds.)
92 93 94 95 96 97 the crow’s-nest a quotation reading from left to right. Black squares
N. Capital of Brazil’s ____ ____ ____ ____ ____ ____
66 Count Basie’s separate words in the quotation. Work back and Amazonas state 35 108 71 149 44 130
98 99 100 101 102 103 104 105 “___’Clock Jump” forth between the word list and the grid to complete
106 107 108 109 71 Notorious cow the puzzle. When you’re finished, the initial letters of O. 1938 Cole Porter ____ ____ ____ ____ ____ ____ ____ ____
owner 176 5 59 26 214 94 113 161
the answers in the word list will spell the author’s musical (3 wds.)
110 111 112 72 Stuck at a port, ____ ____ ____ ____
name and the source of the quotation. 195 147 77 122
113 114 115 perhaps
73 Where to get an A. Limestone ____ ____ ____ ____ ____ ____ ____ ____
119 25 47 213 63 91 162 12
all-over tan deposit formed in P. Wyoming geyser ____ ____ ____ ____ ____ ____ ____ ____
Squat Did You Say? | by Randolph Ross 75 Work
hydrothermal areas ____ ____
182 139
that erupts every 106 179 125 200 210 136 41 55
C14 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.
REVIEW
ICONS
A
s a “classical realist”
who creates luminous
landscapes, timeless
still lifes and lifelike
portraits, Jacob Col-
lins operates outside the art world
that usually receives media cover-
age. His work isn’t on view in the
supercool galleries of New York’s
Chelsea or at Art Basel Miami
Beach. When his paintings are
shown this April, it will be in Palm
Beach, Fla., a haunt of the wealthy
but an art backwater.
But that doesn’t trouble Mr. Col-
lins anymore. “I used to be mad at
the art world and hate the art
world, but it occurred to me that it
would be like hating carnivals,” he
says. “The art world is a carnival;
it’s not my carnival. What is it to
me if that pile of candy wrappers is
called art?”
Instead, Mr. Collins, 57, is thriv-
ing in an alternate art universe that
he, like the energy force that is ac-
celerating the expansion of the
physical cosmos, is laboring to en-
large. Convinced even as a young-
ster that art had taken a turn for
the worse around 1870, he has for
decades helped instruct and estab- ’Clementine’ by Jacob Collins
lish a critical mass of like-minded
artists who honor classical tradi-
tions and techniques of art-making.
Now he has a new goal: to swell the
pool of patrons for what he has drawing techniques, perspective and training classical realist painters, “I bump into people all the time Mr. Collins has his hopes in
called “art with a spirit of poetry.” color theory. Over the years, Mr. exacerbating the demand problem. who feel that either you have to be check. “I’m not looking to supplant
To that end, last fall Mr. Collins Collins figures that his academy has “You have all this talent making art committed to the avant-garde’s nar- the existing art market,” he says,
became president of New York’s Sal- instructed about 400 students in a but there are just not enough buy- rative or, if you reject it, you’re con- “but rather to create a parallel mar-
magundi Club, which was founded core four-year program, another ers,” said Peter Trippi, the editor of sidered a rube,” Mr. Collins says. ket. And to have a place where art-
by artists and collectors in 1871 to 1,000 in part-time evening classes Fine Art Connoisseur, a magazine “And I meet people all the time who ists, patrons, collectors, writers and
champion representational art. De- and 2,000 more in summer work- covering traditional art. “The estab- say, ‘I don’t know anything about others can talk about this kind of
spite its illustrious past—with mem- lished art world has very little in- art,’ but what they are really saying art, and where we can develop a vo-
bers including Augustus Saint-Gaud- terest in this.” is that they are intimidated by the cabulary and a grammar to talk
ens, William Merritt Chase and To change that, Mr. Collins plans spin of the art world.” about this kind of art.”
Norman Rockwell—the club has ‘We’d like those to mount regular exhibitions at the But Mr. Collins believes he can Back in his own studio, Mr. Col-
long since lost influence in the art collectors we admire Salmagundi Club, as well as panel find an audience. “There are a lot of lins is focused on creating 15 paint-
world. Revived, it might be a tool to discussions about aesthetics and col- disaffected people who would like a ings for the Palm Beach exhibition,
match demand with supply for the
to become leaders.’ lecting. “We’d like those collectors serious place to come and commune to be held at Adelson Galleries. Un-
kind of art produced at the school JACOB COLLINS we admire to become leaders, to ex- with others and discuss art,” he says. til the end of last year he’d been
Mr. Collins founded, now known as plain why they collect what they col- I want to give those people some- completing commissioned works,
the Grand Central Atelier. lect,” he says. “In the avant-garde place to go.” Around the country, sev- but he has turned his attention to
There, in a skylighted warehouse shops. Online classes, begun when part of the art world, there’s conver- eral regional galleries exhibit art like ideas that please him. At first, he
COURTESY JACOB COLLINS
space in Queens, Mr. Collins and New York locked down because of sation about that. But for people Mr. Collins’s, and it sells. Yet New was going to make all “fresh, vivid
other faculty teach students the old- the pandemic in spring 2020, are who are interested in classical, tradi- York, the epicenter of the art world still lifes.” Then he decided to add
fashioned precepts of painting, thriving too, he says. tional art, there’s not a lot of it.” and loaded with potential collectors, studio scenes of artists at work—
which emphasize direct observation, Similar schools like the Florence It’s no secret that the contempo- is “deeply underserved” in this area, making the kind of art that would
knowledge of anatomy, the use of Academy of Art in Italy and the rary art world repels some people, Mr. Trippi says, adding that Mr. Col- win favor with the patrons he seeks
live models, and years of practice in New York Academy of Art are also turning them against art in general. lins’s efforts “could be important.” to cultivate.
MASTERPIECE | ‘PORTRAIT OF A QUEEN REGENT TRAMPLING A CAPTIVE (STELA 24)’ (702), BY AN UNKNOWN MAYAN ARTIST
A Formidable Force,
702 of a Period Ending: the monster devouring a spiky,
close of a calendar cycle and originally bright red,
marked with rituals by Ma- Spondylus (or “thorny oys-
yan rulers. ter”). Frequently worn in
in the early 20th century. Such Lady Six Sky is believed to have In its original, polychromed seen as representing a turtle prestigious stature she so clearly
prized, honorific markers (called served in his youth as regent. The state, Lady Six Sky’s skirt seemed shell—a Mayan symbol of the earned.
tuun, or “shining stones,” by the stela, one of several of her at to be studded with interlocked earth’s surface—would have under-
Maya people), inscribed with imag- Naranjo originally paired with beads of jade, a costly green stone scored her dynastic and territorial Ms. Lewis, who taught art history
ery and hieroglyphic texts and usu- monuments to her son, a common tied to Mayan royalty. Its netted dominions. Brightly colored paint for many years at Trinity College,
ally found in the ceremonial plazas means of denoting lines of acces- fabric, perhaps an allusion to the would have likewise enlivened her Hartford, Conn., writes about art
of Mayan centers, served as public sion, supports that contention, and powerful Moon goddess, a patron- ornate, bejeweled belt, which is se- for the Journal and other
monuments documenting the polit- commemorates her celebration in ess of weaving and also of fertility, cured at its center by an aquatic publications.
OFF DUTY
.
A Vacation
Worth
The Wait
As the pandemic gave urgency to bucket-list trips,
one family seized the chance to check off the ultimate
destination—Antarctica—never mind the hurdles
BY KATHARINE K. ZARRELLA was finally rescued in August 1916.
O
On Dec. 19, 2021, I set out on my
N DEC. 5, 1914, Sir own Antarctic journey aboard the
Ernest Shackleton, Endurance. Not the original one—
an Anglo-Irish polar she’s at the bottom of the Weddell
explorer, set sail for Sea and researchers are actually
Antarctica aboard hunting for her right now. I sailed
a 144-foot, three-masted aboard the National Geographic
wooden schooner named Endurance, one of the new-
Endurance. His objective: est members of the luxury
Complete the first cross- adventure cruise company
ing of the Antarctic con- Lindblad Expeditions’
tinent. But Shackleton fleet. An eight-deck, 126-
and his crew became en- passenger polar-class ship,
snared in pack ice about it’s equipped with two hot
100 miles from their in- Bucket List Special tubs, a spa and a library-
tended destination and slash-bar where waitstaff
were stranded for more than a year. served scrumptious little tea sand-
Forced to rely on the likes of seal- wiches every day at 4 p.m. I was
backbone soup and penguin meat traveling with my dad, his wife, my
for sustenance, the expedition party Please turn to page D8
JEFF MAURITZEN
FLASH FROZEN Clockwise from top right: An Adélie penguin, a common sight along the coast of Antarctica; a Weddell seal; passengers on the National Geographic Orion off the coast of Antarctica;
the National Geographic Orion expedition ship anchored near the Endurance glacier in the Antarctic Peninsula; National Geographic Endurance cruise passengers on a shore excursion in Neko Harbor.
Inside
INDIAN CUISINE IN MINUTES WORK OUT YOUR CRAVINGS SNEAKY CHIC GOOD CHAIR DAYS
This week’s guest chef shares a quick, A coffee-nerd favorite, this home espresso The new ‘It’ shoes for the fashion crew Three ways to wake up your dining room
fragrantly spicy chicken-rice recipe D6 machine requires a bit of muscle D10 bear no resemblance to Manolos D3 with non-matching seating D5
.
LEATHER DADDIES From left: A Morpheus-worthy version from the Prada runway; a subtle brown-leather take from Bally; Spanish fashion blogger Pelayo Diaz wearing a leather trench to
Milan fashion week in February 2020.
GUYS WHO encase themselves in pandemic-era New York has a lot in common EVEN THOSE who decry long, mind-sets,” said Nick Paget, senior menswear
NO long leather coats don’t care how with the New York of the ’70s—namely “a gen- YES leather coats will admit that some editor of WGSN, a trend-forecasting company.
anyone perceives them. You don’t eral sense of chaos”—and that leather coats are guys can pull off the style as deftly as High fashion’s fascination with lengthy
wear a leather trench to fit in—you wear it to a fitting throwback. Morpheus in “The Matrix.” But most guys, the leather coats has a lot to do with leather fe-
stand out. Consider David Murphey of Las Ve- Not everyone has the sartorial freedom and “leather coats are creepy” camp contends, end tishes, “especially as men’s identities are on
gas, who’s trotted out his black Wilson Leather confidence of a rocker or reality TV star. But up looking like Mac from “It’s Always Sunny in the shift,” he added. Mr. Paget pointed out,
trench since he received it as a gift 20 years New York stylist Paul Frederick insists most Philadelphia,” whose dowdy leather duster be- reasonably enough, that floor-length leather
ago. When Mr. Murphey, 63, donned the coat guys can pull off leather coats—if they wear came a recurring joke on the TV show. coats “can feel almost a bit creepy” to the cu-
on season 4 of the reality TV show “90 Day Fi- them correctly. Whether you choose classic Anti-leather-coat men see the style as an bicle-bound, office-dwelling set.
ancé: Before the 90 Days,” which aired in 2020, black or a brown tone that can help dial back the unfortunate, passing trend. And, they’d tell Even if you think you’re the type of guy
fans took to social media to express their hor- garment’s apocalyptic vibe, you don’t have to you, just because something appears on the equipped to pull off this look, you’re also bet-
ror. Mr. Murphey was unbothered. In fact, he march around like a renegade in absurdly com- runway doesn’t mean it’s a great investment ting that your colleagues, your friends and even
pointed out that such coats—now sold by plicated cargo pants and menac- (remember when square-toed your romantic partner will buy into the style as
Prada and Ralph Lauren, among other brands— ing sunglasses. A long, leather shoes were back for a minute?). well. London communications executive Alice
GETTY IMAGES (STREET STYLE); EVERETT COLLECTION (MATRIX)
were prevalent on runways during his season coat can be worn with any smart For designers, such leather coats Jonsdottir Ferrier, 38, said that she and her
of the show. “I liked the way it looked,” he said. ensemble, whether a suit or a tex- call to mind not only the sarto- boyfriend, who works in finance, nearly parted
Mr. Murphey makes videos for Cameo, a ser- tured sweater and trousers. The rial world of “The Matrix” and ways because they could not agree on the via-
vice that allows anyone to order custom mes- key, Mr. Frederick said, is tailor- the recent “Resurrections” tril- bility of his long, brown calfskin coat. Despite
sages from celebrities, and said his coat is a ing: Look for designs whose ogy but also fetish wear, goth the leather’s “great quality,” she found the style
draw. “Probably half of my Cameo requests sleeves are “not too bulky and not subcultures and dystopia—cre- “just baffling.” She didn’t like the fact that,
also request me to put that coat on.” too long.” A belt can make looser ative vernaculars that edgy fash- when her boyfriend walked down a street, the
Long leather coats make a statement. Brook- coats look expensive and custom, ion types love but that most coat looked—and fluttered—like a cape.
lyn musician Zachery Allan Starkey, 34, who and less like a shapeless leather A still from ‘The Matrix’ in men might find fairly difficult to “I was so mortified to be seen with him,”
owns three such toppers, said they reflect his sack. If you get the fit right, Mr. which Morpheus (Laurence translate into an everyday Ms. Ferrier said. The coat gave him an air of
image and the music he makes, which is influ- Frederick said, you’ll end up with Fishburne, far right) and wardrobe. hubris that she also found off-putting. “When
enced by leather bars, disco and electronic mu- an investment piece that will Trinity (Carrie-Anne Moss, “As long as the world stage is you’re wearing something like that, you walk
sic. “I grew up watching a lot of gritty 1970s last a lifetime. “It’s the kind of far left) wear long leathery in a less certain place, these a certain way. It was the gait of his exception-
movies like ‘Superfly,’ ‘Shaft,’ ‘The French Con- piece that says you’ve committed coats. Neo (Keanu Reeves) dystopian visions of the future ally confident stride toward me. It was abso-
nection,’” said Mr. Starkey. He proposed that to something.” opted for fabric. will have a place in designers’ lutely hideous.” —Todd Plummer
It’s a Cover-Up
Everything under the Walton in
SUN
an open-
face style at
New York
Maybe they just want privacy, but street-style stars and
OCEAN
fashion
celebrities like Rihanna have been wearing balaclavas— week in
February.
knit hats that can conceal some of the face. Here, five that
DINING
will make a statement while keeping you incognito.
GOLF
SPA
SHOPPING
Once you stay, you’ll understand ®
GETTY IMAGES (STREET STYLE)
OVER YOUR HEAD Options for anyone aiming to be covert while cozy. Clockwise from top left: Cashmere Balaclava, $1,125,
thebreakers.com | 877-881-9051 us.LoroPiana.com; Cotton-blend Balaclava, $148, Kule.com; Cotton Balaclava, $145, ClareV.com; Wool-blend Balaclava, $79, Bau-
mUndPferdgarten.com; Nylon-blend Balaclava, $30, shop.Mango.com
.
The Magnetic Athletic Aesthetic surprised even herself when she re-
cently started pairing Asics gym
shoes with her daily denim and mini-
mal designer looks. She appreciates
their comfort and that they “expel
any frivolous feelings.”
Over the past two years, comfort and practicality have increasingly informed style trends—which is why Comfort and trendiness are not
mutually exclusive. Salomon XT-6s
performance sneakers, not sky-high stilettos, are this season’s must-have footwear are so popular they constantly sell
out and go for double their retail
BY REBECCA MALINSKY price on resale sites. Balenciaga’s
T
Runner sneaker costs $1,150 and
HE LATEST shoe trend- has been selling well for the brand
ing among Hollywood It since its launch four seasons ago.
girls and fashion types Cindy Nguyen, 24, admits she was
isn’t a slim stiletto or a definitely “leaning into the current
sleek, minimalist mule. trend” when she bought her crisp
It’s a sneaker. A chunky, technical white Salomon XT-6s. “I got into
running sneaker, to be exact. Mary- them for their appearance, but I
Kate Olsen has been seen sporting
Salomon Speedcross 3s, high-perfor-
mance trail-running shoes. Hailey
Bieber has lately swapped her Jimmy ‘Sneakers signal that
Choos for a bulky Balenciaga sneaker. there is more to life
And model and author Emily Rata-
jkowski has frequently been photo- than fashion.’
graphed in white Asics sneaks while
striding through New York.
Sneakers have been a la mode still love that they’re functional,”
before. Designer sneaker brands like said the Albuquerque, N.M. psychol-
Common Projects and Golden Goose ogy student. Ms. Nguyen pairs them
rose to popularity over a decade with trendy, oversize sweats for af-
ago. And it’s been five years since ternoon walks with her girlfriend to
Balenciaga first showed the clunky a local coffee shop and wouldn’t
Triple S that motivated just about rule them out for a fancy dinner.
every other high-fashion brand to Kelly Fatouretchi, category direc-
launch its own signature sneaker. tor of sportstyle footwear at Asics,
What’s feeling fresh in sneaker was complimentary when asked
spheres these days, however, is un- about Balenciaga’s pricey Runner
flashy, earnestly functional shoes. shoe. “High-end designers are giving
They let women “dress down and women permission to consider sneak-
intentionally create a contrast with ers as more than just utilitarian,” she
dressy fashion,” said Søren Kolborg said. “We’ve seen a huge shift from
Sørensen, stylist and content-cre- women using our sneakers for spe-
ation manager for Wood Wood, a HIGH FUNCTION cific activities to wearing them for
Copenhagen retailer that sells a GOES HIGH everyday life.”
slew of sneaker options along with FASHION Los Angeles stylist Dianne Garcia
its own clothing line. From left: Model Yohannes always keeps a fresh pair of
The past few years have been an Hailey Bieber in sneakers on hand for her celebrity cli-
emotional roller coaster and many colorful Balenciaga ents. Her advice for adding sneakers
people have altered their lifestyles sneakers in Los to a fashionable, everyday look? Start
and their priorities, spending more Angeles in January; with shoes in “classic [base] colors
time with family or in nature. Fash- model Bella Hadid like white or black, with hints of navy
ion is reflecting that. “Sneakers are teams a leather or silver. They’re so neutral they can
a part of this anti-fashion move- jacket and trousers almost go with anything.” For those
ment we’ve been hearing about with Salomon drawn to more vibrant athletic
lately,” said Mr. Sørensen. “They running shoes in New shades like greens and reds, just
signal that there is more to life than York in February. know that “those colors can compete
fashion.” Comfort, he said, is the with a look,” she said. Plan your outfit
dominant trend. from the ground up.
Brittany Bathgate, a fashion influ- Ms. Bathgate won’t mind if the
encer in Norwich, England, rarely trend sticks around. “After years of
wore trainers, as she calls them, until breaking in stiff leathers or wobbling
recently. The 31-year-old, who has around in heels,” she said, “this is a
over 400,000 Instagram followers, very freeing feeling.”
SPORTY SPICE / THREE PAIRS OF ATHLETIC SNEAKERS RESONATING WITH THE FASHION AND CELEBRITY SETS
Asics’s minimal Gel-Kayano 14 performance shoes nod to the With their colorful accents and stacked soles, luxury brand Designed for ultra-distance races, Salomon’s XT-6 Advanced has
brand’s cult-favorite 2008 mesh-nylon style of the same Balenciaga’s Runner sneakers were inspired by designs from the become popular among trendy types—even those who only race
name. Sneaker, $140, Asics.com 1990s and ’00s. Sneaker, $1,150, Balenciaga.com from the Uber to the office door. Sneaker, $190, Salomon.com
.
SOME OF US have never committed to properly out- nored. Juliana Lima Vasconcellos, an architect and in-
A Call to Home-Office Order fitting a home office, pressing into service random
hand-me-downs and college leftovers. But if, as seems
terior designer in Rio de Janeiro, finds that clients
prioritize calm in their home workspaces. So we found
likely, the future of toil includes some form of working cabinets with soothing good looks, most of which can
Whether you’re living with ad hoc storage or just from home, the need to store suffocating piles of tuck under your desk and replace the anarchy of fold-
want a refresh, here are some chic suggestions work-related ephemera more elegantly can’t be ig- ers and envelopes stashed there. —Nina Molina
Shake Up Your
Seating Plan
Want to ensure that at least the chairs at your
next dinner party are interesting? Show
standard, matching seats the door.
W
styles but of one color and era,
HEN YOU walk said the eclectic approach “makes
into a dining for a more relaxed atmosphere.”
room equipped Manhattan designer Ashley Whit-
with charismatic taker covers the back side of din-
chairs—seats ing chairs with a fabric different
that deviate from the traditional from the rest of the seat’s uphol-
carbon-copy set, that differ from stery, not only because the trick
each other in design or uphol- “keeps a room from being too se-
stery—the odds that you’ll enjoy rious” but for practical reasons. SAME MODELS, COMPLEMENTARY UPHOLSTERY
an evening of conviviality seem to “The back of the chair is a great The Appeal “I like to mix fabrics to of all the materials and make sure The Caveats Mr. Cotton warns
STEPHEN KENT JOHNSON/OTTO (BILLY COTTON); READ MCKENDREE / JBSA (ASHLEY WHITTAKER); LISA PETROLE (STEPHANE CHAMARD)
improve. “If you like order and for- place to use a more precious fab- prevent the army of chairs that can you have juxtapositions that speak against being eclectic for the sake of
mality, this might not suit your ric such as a Fortuny or an an- feel like a boardroom,” said Mr. Cot- to each other,” he advised. The New being eclectic. “You don’t want it to
style,” said New York City interior tique textile without worrying ton, who upholstered identical arm- York City pro used two textural fab- look messy.” The two fabrics he used
designer Billy Cotton of upholster- about damaging it.” chairs with two complementary tex- rics handwoven in Morocco to con- tie together neatly with identical col-
ing dining chairs in compatible but Here, the three designers tiles in a 19th-century farmhouse in trast with the formal wallpaper and orways and compatible geometric
varied patterns. Toronto-based de- share the ins and outs of over- East Hampton, N.Y. add to the décor’s layered, collected motifs. But they differ enough to
signer Stephane Chamard, who turning dining-chair convention. The Tips “Think about the alchemy quality. avoid a matchy-matchy look, he said.
Of Tawny Port
their 20-year-old counterparts. As fat and richness.” By contrast, he
Adrian Bridge, CEO of Fladgate Part- noted, 20-year-old tawny is a more
nership—parent company of several delicate wine “best accompanied by
port houses, including Taylor Flad- something simple like aged Parme-
gate—explained, aging Port costs san or Comté.”
money. “As CEO I’m looking at stock Linda Milagros Violago, who
WHAT IF THAT “10-year-old” tawny nevertheless. It made me wonder Tawny Ports are made from that’s tied up. We put wine aside for oversees the wine program at Canlis
Port on the shelf was actually closer how reliable a measure of quality blends of different wines—young decades,” he said. Mr. Bridge charac- restaurant in Seattle, pairs a
to seven or eight years old? Would it age actually is. and old—according to the style of terized the Dutch study as “a tem- Niepoort 10 Years Old Tawny Porto
really matter, or is eight years old Port is a wine produced from the particular house. The wines used pest in a teacup.” He told me the with a chocolate cake with chocolate
close enough? grapes grown in the Douro Valley of for blending may be aged in wood wines that go into the Taylor Flad- icing. But she also likes to pair
Research undertaken recently by Portugal and fortified with grape for a few years or for several de- gate tawny blends are aged for years tawny Port with something simple
the University of Groningen Centre spirit to halt fermentation before all cades. Generally the longer the ag- beyond their stated label age. like cheese or nuts.
for Isotope Research in the Nether- the sugar is converted to alcohol, ing, the more expensive the wine. (A Some of the wines I purchased Does it really matter if the wine is
lands, commissioned by Dutch jour- then aged at lodges in the Douro re- 40-year-old tawny Port will cost tasted much younger and fruitier, a blend of vintages that may or may
nalists, found by way of radiocarbon gion and in cellars in the city of Vila substantially more than its 10-year- with little detectable influence of not add up to a decade? In practice,
dating that some tawny Ports were Nova de Gaia. Whereas ruby Ports, old counterpart.) oak, while others were more aus- not so much. After all, the producers
not as old as their labels stated. The bottled young, retain their ruby-red The Instituto dos Vinhos do tere, with more pronounced acidity whose Ports I liked have been mak-
findings have sparked controversy: color, tawny Ports, aged in wood, ac- Douro e do Porto, I.P. (IVDP) deter- and the influence of oak. Ports aged ing consistently excellent wines for
A number of companies have post- quire a paler, brownish hue over mines whether a Port qualifies for in different types or sizes of oak will hundreds of years. Isn’t that the
poned tawny Port sales, while Port time owing to oxidation (though a its designated age via samples pro- often vary notably in character. Mr. (real) point?
producers have questioned the re- basic tawny, aged just a brief time, ducers submit to the organization’s Symington noted that the Dow’s
search methods. I was intrigued can be as red as a ruby). board prior to bottling. According to tawnies are aged in larger oak vats, Email Lettie at wine@wsj.com.
Dow’s Aged 10 Years W. & J. Graham’s Quinta das Carvalhas Quinta do Noval 10 Taylor Fladgate 10 Year
Old Tawny Port $32 A Aged 10 Years Tawny 10 Year Old Tawny Year Old Tawny Port Old Tawny Porto $26
beautifully balanced Port $30 This tawny Porto $19 (half bottle) $27 This wonderfully This is the bestselling
tawny from one of the Port is richer and Quinta das Carvalhas is aromatic tawny Port 10-year-old tawny Port
top names in Port. Al- sweeter in style than the name of a grand es- marked by notes of lic- in the U.K., according to
though Dow’s is fa- the 10-year-old Dow’s. tate owned by Real orice and spice is made the website of Taylor
mous for its vintage (Both are owned by Companhia Velha, a from a blend of wines Fladgate, one of the top
Ports, this slightly drier Symington Family Es- company that produces that are over a decade names in tawny. This el-
tawny style aged in tates based in Vila a wide range of wines, old. This wine offers egant, nutty Port, made
large vats was one of Nova de Gaia, Portu- including Port. This is a the perfect balance of from a blend of wines
my very favorites in gal.) It’s a delicious, al- rich, toffee-like tawny—a mellow (oak) and more than a decade old,
this tasting. most sumptuous Port. dessert unto itself. bright (fruit). shows why.
TOO OFTEN in New York, chef Chintan Pan- lined version of one served at Mr. Pandya’s
dya finds dishes he grew up with in Mumbai Manhattan restaurant Dhamaka.
rendered unrecognizable. Sometimes, even “You toast the spices in ghee first to bring
the name is wrong. “What is often served as out their essential oils,” he said. This tech-
biryani is in fact pulao,” the chef said nique, called tarka, makes a fragrant base
Unlike biryani, a more elaborate, time- that permeates the entire dish. The chicken
The Chef: consuming rice dish, a pulao comes together sears in the same pot where the stock sim-
Chintan Pandya quickly. This recipe, made with chicken mers, then they cook together with the rice
thighs, basmati rice, ginger, garlic, onions, and vegetables—an efficient way to build a
His Restaurants: tomatoes and warming spices, is a stream- very flavorful meal. —Kitty Greenwald
Semma, Adda In-
dian Canteen, Dha- Total Time 30 minutes 6 cups chicken stock Lay in chicken thighs, skin-
maka and Rowdy Serves 4 21/2 cups basmati rice, rinsed side down, and sear until skin
Rooster, all in New 4 tablespoons ghee thoroughly turns golden, about 4 min-
York City, plus, 2 tablespoons whole garam Plain yogurt and lime utes. Flip and cook until meat
opening later this masala wedges, to serve whitens and lightly browns in
year, Kebabwala 4 green cardamom pods spots, about 3 minutes. Re-
and Masalawala. 3 whole cloves 1. Heat 3 tablespoons ghee in move partially cooked chicken
2 blades mace a wide pot. Add garam from pot and set aside. Pour
What He’s Known 3 bay leaves masala, cardamom, cloves, stock into the same pot and
For: Real-deal 3 dried red chiles mace, bay leaves and dried bring to a simmer.
regional-Indian 3 tablespoons minced ginger red chiles, and sauté until 4. Add rice to pot with sau-
dishes prepared 3 tablespoons minced garlic they crackle, 1 minute. Add téed vegetables and spices.
with proper 21/2 tablespoons turmeric ginger and garlic, and sauté Stir to coat and pour in sim-
technique and a 2 teaspoons red chile until aromatic, 1 minute. Stir mering broth. Nestle chicken
nuanced knowledge powder in turmeric and red chile pow- into pot and cook over me-
of the cuisine. 1 medium yellow onion, der and sauté until aroma dium heat at a steady sim-
minced blooms, about 30 seconds. mer, covered, until rice and
1 medium tomato, finely 2. Add onions and tomatoes meat cook through, 15-17
chopped and sauté until onions soften, minutes. Season with salt
4 small fresh green chiles, 3 minutes. Stir in chopped to taste.
julienned green chiles and half the 5. Garnish rice and chicken
1/
3 cup roughly chopped chopped cilantro. with remaining cilantro.
fresh cilantro 3. In a separate medium pot, Serve with dollops of yogurt
6 bone-in, skin-on chicken heat remaining 1 tablespoon and lime wedges alongside WARMING TREND Seared chicken thighs finish cooking in a pot of
thighs ghee over medium-high heat. each serving. simmering rice lit up with cardamom, ginger and chiles.
.
CHELSIE CRAIG FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES, PROP STYLING BY SOPHIE STRANGIO; GETTY IMAGES (BABY)
1/
2 cup granulated sugar both rectangles, leaving a 1-
Zest and juice of 1 lemon inch border all around. Roll
1 large egg each rectangle lengthwise,
2 cups confectioner’s sugar tightly, like a jelly roll. Twist
3 tablespoons unsalted rolls around one another,
butter, melted then bring ends together to
2 teaspoons vanilla extract form an oval ring on the pre-
3-4 tablespoons whole milk pared baking sheet. Cover
or water with a clean dish towel and
1/
4 cup each purple, green let rise until doubled in size,
and yellow sugar about 45 minutes. Preheat
Crown Jewels
oven to 350 degrees.
1. Make the dough: In the 8. In a small bowl, beat egg.
bowl of a stand mixer fitted Brush egg wash all over sur-
with a dough hook, combine face of dough ring. Transfer
warm water and 2 eggs. Add ring to oven and bake until a
sugar, yeast, flour, salt, 5 ta- deep golden-brown, 35-40
blespoons butter and lemon minutes. Transfer to a cool-
Louisiana has its king cake, France, its galette des rois. This Mardi Gras, let us eat both. zest. Knead on low speed ing rack to cool completely.
until ingredients come to- 9. While cake is in oven, pre-
gether, about 2 minutes. pare vanilla glaze: Sift con-
BY VALLERY LOMAS same combination of ground January and even up until home-baked king cakes in 2. Increase speed to medium fectioner’s sugar into a bowl.
O
almonds, sugar and eggs the beginning of Lent. Louisiana. When I returned and knead until dough is Whisk in melted butter, va-
F ALL THE cu- found in almond croissants. Inside a king cake, a tiny to France for a gap year fol- smooth and elastic, 8-10 nilla and milk, and continue
linary benefits These two desserts book- plastic baby waits to deter- lowing law school, my minutes more. You’ll know whisking until smooth.
of growing end the Carnival season mine who has the honor of French roommates taught it’s ready when a single ball 10. Once cake cools to room
up in Baton between the Epiphany providing the next cele- me to sketch the curved forms on the dough hook temperature, drizzle with va-
Rouge, king and Mardi Gras, and bration’s king cake. sunburst or chevron design and it thwacks the side of nilla glaze and sprinkle with
cake was certainly the most they both make a And at this time of onto the puff pastry before the bowl as the hook moves. purple, green and yellow
colorful. In bakeries and game of dessert. The year, there is always baking—my favorite part. 3. Remove bowl from mixer sugar before serving.
grocery stores, it was al- fève—originally a bean, another celebration. For The truth is, a home cook and shape dough into a ball. —Adapted from ‘Life Is
ways easy for me to spot now often a porcelain trin- Louisianans, Jan. 6 marks can easily pull off either of Transfer dough ball to a What You Bake It’ by Vallery
this buttery, yeast-risen ket—hidden inside a galette the day bakeries start to these recipes, and have a lightly oiled large bowl. Lomas (Clarkson Potter)
ring adorned with purple, des rois makes a winner of sell king cakes, and produc- good time doing it, too.
green and gold sprinkles. the lucky one to receive the tion will continue through
During the Carnival season slice containing it. He or she the two weeks leading up to
leading up to Mardi Gras, becomes king or queen for Mardi Gras, replete with
from Girl Scout meetings to the day and gets to wear a balls, parties and parades,
church picnics, king cakes paper crown (which typically and, finally, Fat Tuesday it-
were ubiquitous. comes with a galette des rois self—the last chance to
Not until I studied abroad purchased in a bakery). The feast before the 40-day
in Paris did I discover the Epiphany, after all, commem- Lenten season, when many
king cake’s cousin, the galette orates the arrival of the bibli- people swear off such indul-
des rois, baked for the feast cal three kings in Bethlehem. gent treats.
of the Epiphany (Jan. 6). It Though Jan. 6 is the most Though we call both of
actually looked more like a popular date for French these desserts “cake,” nei-
breakfast pastry to me than a households to serve the gal- ther one is a true cake—no
cake—flaky layers of puff pas- ette des rois, you’ll find it layers of tender crumb, no
try filled with frangipane, the throughout the month of frosting in between. A king
cake is more akin to a bri-
oche or a giant cinnamon
roll shaped into a circle (the
king’s “crown”). The classic
filling consists of cinnamon
and sugar, though fruity fill-
ings such as strawberry and
apple are common, as is
cream cheese or a combina-
tion of that and fruit. In the
recipe at right, I’ve opted
for a tangy blackberry-
lemon center.
Thanks to the quality and
wide availability of frozen
puff pastry throughout
France, you’re more likely to
find homemade galettes des
Find a recipe for galette des rois at wsj.com/food. rois there than you are
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MOON OVER NARNIA Most Antarctica trips take place during the region’s summer, when it’s light out almost 24 hours a day, but you might catch a scene like this in the wee hours of the morning.
ICE PACK / FOUR WAYS TO EXPERIENCE ANTARCTICA, FROM MODESTLY PRICED, ACTION-PACKED ITINERARIES TO WHOLLY INDULGENT VOYAGES ON LUXURY LINERS
JEFF MAURITZEN (ANTARCTICA), MICHELLE SOLE (QUARK EXPEDITIONS), ROGER PIMENTA (SCENIC ECLIPSE), ALY MILLER (MAP)
FOR ADVENTURERS ON A BUDGET FOR THE SEASICKNESS-AVERSE FOR SUPER LUXURY SEEKERS FOR NATURE NERDS
If you’re looking to hit the Antarctic Peninsula The Drake Passage—the stretch of ocean be- The Scenic Eclipse is about as luxe as you can Most cruises have experts to guide you, but
but are turned off by the typically steep price tween Cape Horn and Antarctica—is sometimes get while cruising around Antarctica. “That’s thanks to its partnership with National Geo-
tag, Quark Expeditions’ Antarctic Explorer 11- glassy and calm. But more often, it’s a choppy ride definitely a five-star vessel,” said Mr. Palmer of graphic, Lindblad’s cruises host scientists do-
day itinerary offers plenty of bang for the with at least 20-foot waves that will rock even the ship, which can carry 288 guests but has a ing their own research in Antarctica, as well
buck. “It’s a solid adventure with not as many the most stable of ships—and turn the strongest cap of 200 in polar regions. The ship offers as Nat Geo photographers who will give you
frills,” said Ashton Palmer, president of travel of stomachs. To skip all that, try Silversea’s Ant- eight restaurants, a spa and spacious state- pointers whether you’re shooting with a pro
agency Expedition Trips, which specializes in arctica Bridge trip, which ranges from five to nine rooms (the smallest is 345 square feet), and camera or an iPhone. Guests can attend ex-
small-ship cruises. Even so, you’ll still find a days. The fare includes round-trip flights from the company’s all-inclusive 16-day Beyond the perts’ lectures, accompany them on landings
number of luxuries aboard some of Quark’s your hometown to Santiago, Chile; round-trip Antarctic Circle itinerary is among the only and, when Covid restrictions lift, join them for
ships, such as a spa, sauna and gym. When it charter flights from Santiago to Punta Arenas, on Antarctic cruises that hit that extreme south- meals. “Lindblad has always done a great job
comes to outdoor activities, the expedition of- the country’s southern tip; and round-trip charter ern latitude. But don’t expect to laze on board with...naturalists and lecturers. They’re proba-
fers camping (guests can snooze under the flights to Antarctica’s King George Island where all day getting pampered. Available excursions bly the leader in that area,” said Mr. Palmer.
stars in a mummy-style sleeping bag) and you’ll meet a luxury boat. Audley Travel’s Matt include submarine rides, helicopter tours, pad- The 14-day Journey to Antarctica itinerary of-
kayaking, and on the Ultramarine ship, heli- Nilsson said Silversea is the most popular option dleboarding, shore landings and, starting next fers a polar plunge, kayaking and hiking. From
copter tours. From $7,825 a person for their high-end clients. From $16,600 a person season, heli-skiing. From $19,525 a person $15,380 a person
.
5 7 3
Wandering Albatross Emperor Penguin Blue Whale
6 9 8
Killer Whale Arched Iceberg Chinstrap Penguin
4 2 1
BEAK EXPERIENCE Dozens of bird species are found in the Antarctic Peninsula, including the blue-eyed cormorants. The National Geographic Orion in Antarctica’s Gerlache Strait.
windows. Humpback whales glided while the sun set behind mammoth
by during dinner more days than tabular icebergs. During a visit to a
not. ArJay, our waiter, memorized penguin colony, I saw—and heard—
my favorite wine and had a glass an iceberg split in half. (It sounded
ready for me each time I sat a bit like those ASMR videos in
down. Crew members practically which celebrities crunch on potato
carry you onto the Zodiacs, small chips.) I kayaked around a rusted
inflatable boats that take you from shipwreck from 1915. And I got to
the ship to the shore. And during do it all with my family, which, in
our Christmas Day excursion—a the midst of a pandemic, was a gift.
offer items like waterproof pants dard beanie. One thing I don’t ad-
and gloves for rent onboard. vise tweaking? The
But, being a fash- boots. Your ship
ion editor, I tend should have pairs to
to gravitate to- borrow or rent,
ward clothes with which will be
a little something cleaned with bio-
extra. While the cide daily to kill liv-
standard-issue ing organisms so
suggestions are all you don’t trek any-
fine and func- thing foreign onto
tional—which shore during your
should be your top various landings. Plus,
concern—they’re not exactly chic. they need to be warm and water-
So I made a few adjustments: I proof, so don’t try anything fancy.
opted for my favorite cat-eye sun- To make the rest of your look “fash-
glasses over ski goggles; shapely ion,” consult our picks at left.
D10 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.
a million?
Sorry, sorry. Just… disappointed.
The ID. Buzz and I will meet
again, don’t know where, don’t
know when—except it will be two
years hence, apparently. In the
meantime, I should caution that all
RUMBLE SEAT / DAN NEIL the platform commonality comes
at a cost to what many cherished
most about VW vans: the driving
Minimalist and compact— hard. (Seriously: It’s a good breaker? Not for a cup this
the components come zipped thing I’ve been working on my fine—especially considering
inside their own petite suit- push ups.) The reward? A that the Flair 58 (on presale
case—the Flair harks back to clean, concentrated shot of since last year and launching
the first modern espresso espresso blanketed with a this spring) promises a
machines invented by Achille flawless layer of crema—the streamlined workflow that
Gaggia and popularized in It- best I’ve had outside a cafe makes it easier to pull consec-
aly during the postwar years. and the finest in my kitchen utive shots. Still, my barista
And its brewing action is by a long shot. can breathe easy. She’s not
achieved just as simply, by But was it really a ritual I’d out of a job quite yet.
pulling forcefully down on a want to repeat every time I POUND ONE OUT The Flair Pro 2’s function relies on a lever, $325, FlairEspresso.com —Sarah Karnasiewicz
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.
.
JOURNAL REPORT
ACROSS
AMERICA,
ANDRÉ CARRILHO
ON A At a combined age of 127, we rode 3,800 miles. What were we thinking? And what did we learn?
TANDEM
A
s we pedaled over the Golden Gate belonged on tourist brochures. But now we
Bridge to head across America on our tan- were at a dead stop in the early afternoon,
dem bike last summer, we knew we would facing what our GPS showed in dark red, signi-
BIKE
hit a wall somewhere down the road. It fying a grade greater than 12%. We had ridden
happened 17 riding days in, rounding a 50 miles since morning and climbed 2,800
canyon bend in southern Utah. feet—a short day, but we had suffered a flat
“Look up ahead,” Steve said, steering along the way. We were heading into a heat
the bike to a stop. There it was, a rising wave, the afternoon RV traffic was picking up
stretch of pavement we thereafter would call simply The and it was getting hard to stay in the saddle.
Wall. We stared silently. We had another 1,800 feet to climb. We had
BY STEPHEN KREIDER YODER It had been a nearly flawless morning of smooth two- never cut a day short dead in our tracks.
AND KAREN KREIDER YODER lane pavement, light traffic and canyon land scenery that Please turn to page R4
take off in the past decade. Ac- and her husband, 74, both agree Cyclists, some on e-bikes, leave
J
family cycling trip, her younger clip-in shoes. “Cycling seemed too ple from Orange County, Calif.,
son, Ryan, was resistant. “He is a serious for a fun vacation,” says made a last-minute decision to
eremy Dubow, an for the hardest trip with the most person of size and doesn’t enjoy Ms. Raney, 64. After two knee use e-bikes on a fall 2019 bike
avid cyclist and Chi- miles and most climbing,” says strenuous exercise,” she says. The surgeries in 2020, her doctor rec- trip to Corsica and Sardinia with
cago business owner, the 45-year-old Mr. Dubow. ”And family decided on a Backroads ommended a cycling trip over any outfitter Ciclismo Classico. They
never thought he now not only can she keep up, trip to Nova Scotia. Ms. Jeffries other active vacation. hadn’t trained for the hilly terrain
would be able to take she pushes me.” and her older son used road bikes, In July 2021, she and Mr. and worried they would be miser-
a cycling vacation with E-bikes are outfitted with a while her husband and younger Raney, 73, joined operator Great able on normal bikes.
his partner, Kathleen motor that gives riders extra son used e-bikes. Mr. Jeffries Bike Tours for a trip in New “If we’d been stubborn and
Kustra. A five-mile oomph. While some have a throt- used just enough assistance to Hampshire and used e-bikes. She used regular road bikes we’d have
bike ride in the city was enough tle the rider simply presses to keep up with his wife and older had her bike on some level of as- been the last people pulling into
to tell them it wouldn’t work, he achieve top speed, most require son. The younger son put his bike sist most of the time, while her lunch every day and that’s no
says. He would get annoyed hav- the rider to pedal to get a power in turbo mode so he could finish husband didn’t. He says he felt he fun,” says the 68-year-old Ms.
ing to slow his pace to wait for got just as great a workout as he Sawyer. Mr. Sawyer, 73, says he
Ms. Kustra, or she would get frus- would have on a normal bike. “We isn’t sure he could have com-
trated trying to keep up with him. were able to keep up with people pleted a 12-mile climb in Sardinia
That all changed in 2019 when
Even some devoted cyclists are starting half our age,” says Ms. Raney. without the assist. “It really saved
he convinced her to join him on a to see the benefits of e-bikes, especially “One man wore a different Iron- us,” he says.
cycling trip to Tucson, Ariz., using on trips with hilly terrain when they man jersey every day and was so The couple says they would be
an electric bike. The e-bike has hard-core, and on a really big hill I willing to consider using e-bikes
been the equalizer for the couple, haven’t had time to train. put my bike in turbo mode and again, depending on their fitness
they say, allowing Ms. Kustra to blew past him thinking, ‘Eat my level and the destination’s terrain
finally enjoy her partner’s passion, dust, Ironman.’ ” and cuisine. “The meals we had in
joining him on one or two group boost. Riders choose the level of the ride quickly and enjoy a beer When five other couples in- Corsica and Sardinia would knock
cycling trips a year. “I’m looking assistance they want, ranging while waiting for his family. “I vited Silvia Hayakama, age 50, your socks off, and after a multi-
from eco-mode, the least amount was worried I’d have to ride in the and her husband, Daniel, on a course lunch and a few bottles of
of help, to turbo mode, which support van most days, but I was weeklong Backroads cycling trip wine, I was very happy to have an
might boost speed up to 28 miles able to cycle the entire trip,” says to Spain in September 2021, they e-bike,” says Mr. Sawyer.
an hour. Ryan, age 38. “If my mom asked weren’t sure they would be able
“I’m able to ride mileage and me to go on another family cy- to keep up. An office-manage- Ms. Murphy is a writer who splits
hills I wouldn’t be able to do on a cling vacation, I’d do it again if I ment training coordinator in her time between Colorado and
regular bike but at an effort that could use an e-bike.” Phoenix, Ms. Hayakama is fit from Hawaii. She can be reached at
feels comfortable,” says Ms. Kus- Ms. Jeffries, who is now 73, hiking, running and doing yoga. reports@wsj.com.
tra, a 38-year-old tax consultant
who has since purchased her own
e-bike. “It’s opened up so many
more possibilities for us to travel
and ride together.”
CLOCKWISE: GWEN KIDERA/DUVINE CYCLING; BUTTERFIELD & ROBINSON; SHERYL DERMAWAN
No free ride
E-bikes date to the late 1880s,
but it wasn’t until the early
2000s that they entered main-
stream production. Early versions
were heavy and clunky, and early
adopters were often snubbed for
Tell Us Your Stories being lazy or cheating. While
modern e-bikes are lighter—they
Travel is worthwhile weigh about 40 pounds, roughly
because it creates lasting twice as much as a regular bike—
memories. Tell us about they aren’t a free ride. In fact, a
your best or worst travel recent Miami University study
experience. Why does found that while riders engage in
the memory stick with you? higher-intensity exercise when us-
Send replies to ing a nonelectric bike, the amount
reports@wsj.com and we of exertion on an e-bike, if on low
may publish them in a assist levels, still provides moder-
coming issue. ate-intensity exercise.
Newer models with longer-last-
ing batteries have helped e-bikes
.
AN ISLAND
VACATION TAILORED
TO REDISCOVERY
MORE THAN AN ESCAPE, Taking in the fresh air and ocean views from her private terrace at The St.
Regis Bermuda Resort, Kim Parker remembers feeling a sense of normalcy
TRAVELERS ARE FINDING in an environment that’s anything but average. After almost two years of
TRIPS TO BERMUDA ALLOW being grounded, the young mother had finally booked the first vacation
since the pandemic’s start for her family of three. Revisiting her love of trav-
THEM TO RECONNECT WITH el had given Parker a much-needed respite from the daily grind, as well as
PERSONAL PASSIONS. the right environment to enjoy a wealth of activities with her family.
The Wall Street Journal news organization was not involved in the creation of this content.
Wall Street Journal Custom Content is a unit of The Wall Street Journal advertising department.
.
3,819
miles covered in total
63
miles-a-day average pace
98.9
miles covered on
longest one-day ride
4.6
miles covered on
shortest one-day ride
7
flat tires during
course of trip
11,312
feet scaled on
highest altitude ride.
61
days spent riding
12
weeks on the road,
including breaks.
Source: Stephen Kreider Yoder and
Karen Kreider Yoder
could race ahead, and we could the deck. Our map led us on Highway 50 breakfast burrito and warm cof- We could do it, and safely. We’re
talk without riding double file. Ahead of our expectations, we along the old Pony Express route fee cake in Boulder, Utah. Maybe pretty old, but we averaged 63
Fortunately for us, we still had crested the Sierra at Carson Pass, by a salt-lake basin and the Sand we could make Virginia after all. miles a day covering 3,819 miles—
altitude 8,574 feet. “That wasn’t Mountain dunes to Middlegate, a We wouldn’t hit a wall that including an Ohio River ferry and
so hard,” Steve said. Karen desert crossroads with fuel hard again. On Day 20 at Hite a lift through a dynamiting zone—
agreed, and we began what we pumps, bar, motel, free cyclist Outpost, Utah, the temperature using principles we had begun de-
call the “whee,” the downhill pay- camping and tumbleweeds rolling hit 108, but we got up at 2 a.m. veloping on shorter trips: Plot at-
back for a cycling ascent. through. The next day, we pitched the next day and pressed on past tainable days, then push each
The whee makes it easy to for- our tent in the crumbling Nevada Bears Ears. On Day 27, we scaled other to make it there; keep a
get the pain of climbing. To make mining town of Austin, where a our highest altitude, Monarch modest pace and rest often while
it to the pass, we’d plotted the motel manager let us shower free Pass in Colorado, at 11,312 feet. absorbing the scenery; aim to get
day not just by miles, but by alti- and sold us free-range eggs. The climbs would be easier up at 3 a.m., riding by 4:30 a.m. to
tude gain and grade. Our thighs “No services next 78 miles,” now, we told each other. We were avoid heat and traffic, and stop
burned, but we took quick breaks our map warned as we left our wrong. for lunch at 9 a.m.; make fun of
Scan this code to every 15 minutes for water or next stop, Eureka, and we filled After riding through the Kan- the poor drivers trapped in their
hear a podcast on shots of energy from Honey Bear. our water containers with a col- sas prairies, we found the Ozarks cars; congratulate ourselves at ev-
the best/worst U.S. Karen urged us on by reading out lective four gallons. Taking a and Appalachians more grueling, ery day’s end. We broke up the 61
airlines from WSJ’s the remaining feet of climb from break day in Baker, Nev., we met with steeper inclines, higher hu- riding days with off days and lon-
annual rankings. the GPS display. We resisted Ly- Kim Seong-geun from South Ko- midity and narrower shoulders— ger breaks with family, taking 12
.
weeks in all.
Our bright headlight an-
nounced us upfront. In back, a
California flag projected two feet
into the road from a pole with a
flashing red light on the end.
Karen watched her mirror, calling
out “car!” when a vehicle ap-
proached and waving just before
it passed “to let them know we’re
humans.” At a general store east
of Bryce Canyon, a driver who
had passed us said: “You send out
an aura of safety.”
A
s the pandemic
forced more
American travel-
ers to seek out
beautiful vistas in
their own country
instead of ventur-
ing abroad, many
flocked to well-known mountain
towns in the West. That meant
places like Jackson Hole, Wyo.,
and Aspen, Colo., were overrun
with record numbers of visitors
last summer—up to 50,000 a
day—seeking fresh air, wide-open
spaces and access to nature.
This summer, if you want to
escape the crowds, consider bas-
ing yourself out of one of these
lesser-known mountain hubs,
which serve as gateways to other
areas that are just as gorgeous.
You won’t find five-star hotels or
glamping outposts. You will spot
more wildlife than A-listers. And
you’re guaranteed to have the
trails all to yourself.
Packwood, Wash.
Tucked between the foothills of
Mount Rainier National Park and
Mount St. Helens National Volca-
Five Mountain Towns That Promise Are places like Jackson Hole and
Aspen too packed with tourists?
Try these alternatives.
nic Monument, Packwood is the
perfect low-key base camp for na-
ture enthusiasts, particularly dur-
Crowd-Free Summer Adventures BY JEN MURPHY
ing wildflower season in July and
August. The 3.5-mile Naches Peak
Loop is one of the park’s most ing Wyoming’s national parks. It’s in the 1880s and missed becom- mile network of single-track trails offer even more thrills. Major trail
popular hiking trails for a reason. about the same distance away ing Colorado’s capital by a single and Forest Service roads, is min- development over the past de-
The moderate-effort trail traces a from Grand Teton and Yellow- vote. Since then, its population utes from the center of town and cade has transformed old logging
section of the famed Pacific Crest stone—60- and 90-minute drives, has dwindled from 10,000 to rewards riders with dazzling views roads into a nearly 80-mile sys-
Trail and winds past flowing respectively—and still oozes an 1,500, but a quiet revitalization is of the Cascade Mountains. Count- tem of mountain-bike-specific
streams, meadows of blue lupine authentic cowboy spirit. With a under way. An extensive network less area hiking trails lead to trails. Last summer, former Olym-
and magenta paintbrush, deliver- population of barely 850 year- of new trails, largely built by the spectacular waterfalls. The most pic mountain biker Adam Craig
ing stunning views of Mount round residents, you’ll find your- local nonprofit Del Norte Trails dramatic, Proxy Falls, is also one teamed up with the Sugarloaf
Rainier. As summer nears, check self rubbing shoulders with locals Organization, rivals what you of the most accessible. A moder- trail crew to construct five new
for the reopening of the Grove of at the Friday night rodeo or do-si- would find in mountain-bike desti- ate loop hike that starts just off gravity-fed mountain-bike trails
the Patriarchs. This flat, 1.5-mile do-ing during the Tuesday night nations like Crested Butte, Colo. Highway 242 winds through lava covering 10 miles with 2,000 ver-
loop in Mount Rainier National square dance at the Rustic Pine and Moab, Utah, and you’ll rarely fields and forest, delivering hikers tical feet. For a deep backcountry
Park feels like a setting from Lord Tavern, a landmark watering hole. be sharing them. The beginner- to to the 225-foot cascade. Equally experience, you can hike or bike
of the Rings, with its dense If you don’t want to battle the intermediate-friendly single-track awe-inspiring are the towering through cedar and white birch
stands of ancient red cedars, park crowds, there’s plenty to do routes in Penitente Canyon wind spires of Smith Rock State Park. forests and overnight at four
western hemlocks and Douglas nearby, from fly-fishing on the through both high alpine and des- Avid cyclists can bike there from comfy, off-the-grid lodges oper-
firs. For a bit more of a challenge, Wind River to hiking the wild- ert ecosystems, while Bishop’s
the park’s 3-mile Silver Falls Trail flower meadows of Bonneville Rock is a 40-acre slickrock play-
follows the Ohanapecosh River Pass in Shoshone National Forest. ground for mountain-biking ex-
through old-growth forest to a Dubois recently welcomed its first perts that’s free of designated
A nearly 80-mile system of mountain-bike
70-foot waterfall, then loops back boutique stay, the eight-cabin 3 trails. A new bike shop at the re- trails around Sugarloaf Mountain in
along the river’s west side. A Spear Ranch. The owner hails cently renovated motor lodge Carrabasset Valley, Maine, offers adventure
lesser-visited gem for hiking just from one of Wyoming’s oldest Mellow Moon rents and repairs
southeast of town is Goat Rocks ranching families, so it’s no sur- bikes and has beer on tap for after the snow melts.
Wilderness in Gifford Pinchot Na- prise horseback riding is at the postride celebrations. Beyond the
tional Forest, which features wild- heart of the experience. trails, you can fish the Rio Grande
flower meadows and sapphire- or spend a day exploring Great town via the 37-mile Sisters to ated by Maine Huts & Trails. The
hued alpine lakes. You’ll want to Sand Dunes National Park, lo- Smith Rock Scenic Bikeway. If you best biking is around and be-
work up an appetite to indulge in Del Norte, Colo. cated an hour’s drive away. would rather save your energy to tween Poplar and Stratton Brook
the legendary burgers and milk- It’s easy to drive straight through tackle the park’s hiking trails and Huts. For a low-effort, high-re-
shakes at the ski-themed cafe Del Norte on the main drag, High- bolted climbing routes, it’s 40 ward hike, opt for an overnight at
Cliff Droppers, or a few pints of way 160, without even realizing it. Sisters, Ore. minutes to reach by car, but leave Flagstaff Hut. Set on the east
Tree Line IPA at Packwood Brew- The unassuming one-stoplight Sisters might seem artsy com- early to score parking. shores of sprawling Flagstaff
ing Co. town boomed from trade along pared with its adventure-mecca Lake, it’s reachable by an easy
the Old Spanish Trail and mining neighbor, Bend, but don’t let all of 2.2-mile hike from the trailhead,
the antique shops and art galler- Carrabasset Valley, Maine leaving plenty of time to use the
Dubois, Wyo. ies along the main strip fool you. New England skiers descend on hut’s complementary canoes, kay-
The Old West town of Dubois Del Norte, Colo., above, offers Named for the Three Sisters this valley in the winter to schuss aks and paddleboards.
[pronounced doo-boyz] doesn’t mountain bikers an extensive mountains that loom in the back- down the slopes of Sugarloaf
have the cachet of Jackson Hole, network of trails. Visitors to ground, the tiny town is an under- Mountain, then disappear in the Ms. Murphy is a writer who splits
which lies just 90 miles east, but Dubois, Wyo., below, will find red- the-radar gateway for hiking, bik- summer to feast on lobster rolls her time between Colorado and
that’s exactly what makes it a rock cliffs nearby and a town ing and rock climbing. The along the coast. However, when Hawaii. She can be reached at
great alternative base for explor- that still oozes cowboy spirit. Peterson Ridge Trail system, a 25- the snow melts, the area’s trails reports@wsj.com.
FROM TOP: GETTY IMAGES/ISTOCKPHOTO; ALAMY
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T
HE FIRST TIME I ever received a job offer,
my parents left a message for me at the
tiny guesthouse where I was staying in
Sardinia: I needed to call an office in New
York, instantly. But it was a Friday afternoon
during a World Cup summer, so the only
public center for placing international phone
calls was already closed for the day. As it was on
Saturday. Sunday, too. Monday turned out to be a
national holiday. Finally, almost four days after I
received the summons, I was able to step into a large
hangar-like hall, take a number and wait in line to
receive an instrument on which I could talk (for a few
exorbitantly priced minutes) to Midtown Manhattan.
Three years later—by now been when I first laid eyes on the
firmly installed in my new job splendor of Machu Picchu at the
writing about the world for Time age of 17. Over almost half a cen-
magazine—I spent four months tury of often ceaseless traveling,
traveling around Asia to write a I’ve witnessed changes, some of
book. Throughout those 120 days, them dramatic, in the ways we
I was able to call home exactly record our trips, the cities we visit
once, when at last I got to Singa- (ever more diverse and built-up
pore, the rare city that offered a and traffic-jammed), even in my
similar public facility from which fellow travelers. Many of our ev- and affords me a glimpse of ev- school over Greenland three cause of the harrowing reports
overseas phone calls could reli- eryday activities in the digital age eryday India I could seldom get at times a year; after my parents that foreign travelers like myself
ably be placed. would look like science fiction to the Taj Mahal. People may meet moved to California, we discov- had sent out. When I visit the Ti-
Such stories must sound sur- someone from an analog time. one another in ever fresher ways ered that it would cost less for betan capital in this century, it’s
real, almost fictitious, to those Yet the reason I travel hasn’t in the age of online dating, but me to continue going to my very to see a gaudy mini-Vegas of
who have grown up with What’s changed much at all. The chance the sensation of falling in love— good school in England—and fly- high-rises and karaoke bars
App and Yelp, as if I’m reporting to get lost, to be gloriously liber- like the challenge of sustaining a ing home for every long holiday— where, by one scholar’s count,
from the age of the horse-drawn ated from my daily routine, to be relationship—is similar at heart to than to attend the best local even as of 2006, there were 658
carriage. How could I possibly find reminded of all I don’t know and everything that our grandparents school in Santa Barbara. brothels. The Potala is less a tem-
anything without GPS? How did I could never guess, to face wonder knew. By the time I was 17 I was ple now than a theme-park back-
ever meet up with friends if nei- and terror and beauty—all that is spending the summer zigzagging drop for photos.
ther of us had texting capacities as rich as it was in my boyhood. around India for three months, In Kyoto, Japan, near where
or even email? What must it And the feelings I bring home A flying childhood meeting uncles and cousins and I’ve lived for 34 years, the tourist
have been like to wander around from my trips haven't changed I was born only a year after jet grandparents for the first time. crowds grew so intense by late
the souk in Morocco’s ancient city much either: The jangle of a gam- lag entered our consciousness— That fall found me back in Eng- 2019 that the narrow lane to the
of Fez without a clue? elan orchestra in the back alley- thanks to the global crisscross- land for a final term of school. In celebrated 10,000 torii shrine be-
“Wonderful,” is the short an- ways of Bali after dark spooks me ings of Secretary of State John the winter I worked in a Mexican came almost impassable. When I
swer, and in much the same way just as much today with its eerie Foster Dulles in 1956—and I was restaurant in California, to save made a pilgrimage to the most
it might be today. As I watched dissonance as it did in 1984. The determined to make the most of up for a long trip. And by spring, I hushed of the city’s rock gardens,
fin whales breaching by the side car to Agra still breaks down, a planet open to my generation was jolting by bus, with an I was greeted by a cacophony of
of our ship in my 60s in Antarc- amid cows and bicycles and as to none before. By the time I equally hapless school friend, all shouts as deafening as the Tower
tica, I was moved exactly as I had “three-wheelers” and elephants, was 9, I was flying alone to the way from Tijuana down to La of Babel. An area that’s home to
Paz, in Bolivia (flying only over just 2.5 million people saw 88
the Panama Canal). It seemed a million visitors that year, and the
natural progression that I would government hopes to double the
finance some of my grad-school number of international visitors in
studies by spending two sum- the years to come.
mers writing parts of seven
guidebooks on Europe, and then
join the staff of Time and begin Engineers from Bangalore
writing on world affairs. A deeper change appears every
Of course places change all the time I board one of the Los An-
time, and you can never see the gles-to-London planes that were
same sight twice. It breaks my my second home as a kid. In
heart to think of the little cluster those days, most of my fellow
of whitewashed Tibetan houses passengers looked to be English
PHOTOS (FROM TOP): MACDUFF EVERTON, PICO IYER, HIROKO TAKEUCHI
$1.47
Temple in Kyoto come from na-
tions where few could dream of
seeing Japan when the century
began.
More wonderfully, quite a lot of trillion
my fellow passengers now may
be English social workers who Total global receipts from
have been in Brazil not to gape at inbound tourism in 2019
the beaches, as I did when a (pre-Covid)
teenager, but to offer what they
can to those living in the desper-
$1,002
ate favelas; or lawyers from Seat-
tle on their way to bring their ex-
pertise to those being forced into
sex slavery near the Himalayas.
Travel has acquired a conscience
as more people take long trips
not to get something but to give.
Three years ago I taught for a se-
Average receipt per tourist
mester in New Jersey; I was hum-
arrival
bled every hour by how the teen-
7%
agers I met were not only familiar
with Nauru and Kyrgyzstan and
other places I’d barely heard of
(their well-endowed university of-
ten funding their trips), but truly
felt that the problems of Kampala
and Kolkata were as much their
Above: Mr. Iyer sits at a cafe Share of tourism in total
concern as were the tensions of on Temple Road in Dharamsala,
Newark. India, five minutes by foot from
exports (goods plus ser-
I’m glad we’re all much more the Dalai Lama’s home, in 2003.
vices)
keenly aware than when I began Right: Mr. Iyer on a train in
808
traveling of the terrible, some- Varanasi, a city in the
times devastating cost of most northern Indian state of Uttar
modern forms of transportation. Pradesh, in 2016. Below:
The never-ending pandemic has Mr Iyer on the steppes in
reminded us how contagion can Mongolia in August 2015.
fly across the globe as fast as million
any sightseer, and I’m grateful, for
many months of each year, to live The number of tourist trips
with no form of transportation grace and liberation of the activ- that were made by air in
other than my feet. Perhaps it’s ity is that it reminds you that 2018
too late, but if travel has become you’re not the center of the world
self-questioning, and if the young and that it’s more important to
58%
address head-on the environmen- put other cultures inside you than
tal issues my friends and I too of- simply to place yourself inside
ten sleepwalked past, maybe other cultures.
we’re finally inching forward. And yet...
The sensation of making your
slow way on foot, for 20 minutes,
Selfie-importance? through the narrow approach to
As for our real knowledge of our the great sandstone Treasury at The percentage of all tour-
global neighbors, I’m sometimes Petra in Jordan is as heart-stop- ist trips in 2018 that were
less sanguine. In the Age of the ping now as it ever was; when I made by air
Image, I often suspect that we took that trip early on New Year’s Source: U.N. World Tourism Organization
know less about Cuba or Iran Day earlier this century, only one
than we did when we were aware other person was in view. A year
of how little we knew. And like earlier, I had taken my widowed phrased differently, would express change. And if you click on the been great changes.” In the world
anyone growing older, perhaps, I mother, who was nearing 70, to different emotions from those in photo that visitor to Bangkok has of travel, this is certainly true at
worry that people are more trav- mark New Year’s Eve in a place decades past. posted on his Facebook page, I’m the level of technology, conve-
eling to consume meals in other she had dreamed of as a little If anyone reading this article guessing it might be very similar nience and surface. When it comes
places—one of the few things not girl—Easter Island—and it proved were to arrive in Sardinia tomor- to the bewitching if ambiguous to the depths? I’m not so sure.
yet available online—than to con- just as otherworldly as she had row, in fact, the churches and piaz- smile that I registered back in
sume other cultures. To go to hoped, right down to the fact that zas she would try to visit are very 1985. Mr. Iyer is the author of 15 books,
Egypt to collect Instagram im- getting the vegetarian fare she much the ones that I was relishing “The one thing that doesn’t including, most recently, twinned
ages of yourself in front of the needed proved all but impossible. all those years ago; in taking to change,” Proust wrote in the sec- works about his longtime home,
pyramids seems almost a be- Look at a guest book near the the road, after all, we’re often ond volume of “Remembrance of “Autumn Light” and “A Beginner’s
trayal of what travel is about if Grand Canyon tonight and I don’t seeking out precisely what seems Things Past,” “is that at any and Guide to Japan.” He can be
you believe—as I do—that the think the gasps of delight, though old and outside the realm of every time it appears there have reached at reports@wsj.com.
PHOTOS (FROM TOP): HIROKO TAKEUCHI, MALIK HUE, JALSA URUBSHUROW, SARA MEINZ FOR THE WALL STREET JOURNAL (2)
1.4 billion
Africa
International Middle
East
1.2
tourist arrivals
per year by region Asia &
1.0 Pacific
0.8 Americas
0.6
0.4
Europe
0.2
0
1960 ’70 ’80 ’90 2000 ’10 ’18
Source: United Nations World Tourism Organization - World Tourism Barometer (2019); OurWorldInData.org
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R10 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.
S
arah Cattoor can
say “travel” in mul-
tiple languages. Her
husband, Ryan
Greening, can do
the same for
“cheers.” And if ei-
ther of them ever
forgets, the words are always
with them, in colorful tattoos that
wreathe their arms in foreign lan-
guages.
Nearly 30% of Americans have
at least one tattoo, according to
global market research firm Ipsos.
So perhaps it isn’t surprising that
as tattoo culture has grown, it
has become increasingly common
to commemorate a trip by bring- tattoos reflects a shifting view in Jackie Wren, above, has a tattoo
ing home fresh ink, say people in society about the body art. for nearly every country she has
the travel industry. For these “We are moving away from the visited, including a traditional
tourists, tattoos are more lasting idea that getting tattoos is a re- sak yant tattoo that she received
and meaningful souvenirs than bellious thing,” she says. “It’s re- in Thailand from a Buddhist
shot glasses and snow globes. ally about self-expression.” When monk. Artist Lolli Morlock, left,
Ms. Cattoor, 44, and Mr. Green- it comes to souvenirs from a trip, tattoos a client at the Thompson
ing, 41, live in Des Moines, Iowa, she adds, “people want something Seattle hotel in late 2021.
where they own several bars and experiential, where they don’t just
restaurants. While they have than the clothes on their backs. Land and sea put it in a drawer when they get
been traveling together since Ms. Brandes says she spent nine The travel industry, meanwhile, home.” find a tattoo artist. In parts of
2008, they began collecting body days in the jungle with one pair has been trying to profit from the Jackie Wren, a public-affairs of- East Asia, the Middle East and
art abroad in 2018 while on a trip of underwear and none of the rising tattoo tide. Virgin Voyages, ficer in the Army Reserve who Africa, tattoos are considered ta-
to Estonia, when Mr. Greening survival gear she had packed. Richard Branson’s new cruise line, lives in Washington, D.C., has 11 boo. Ms. Wren says she tried, and
spontaneously decided to get his When they returned to Ma- offers tattooing aboard its ships. tattoos—one for nearly every failed, to get a tattoo while visit-
first international tattoo. naus, the four friends decided to On land, such hotels as the Holly- country she has visited, and for ing Ghana a few years ago.
Now, whenever Ms. Cattoor honor their experience with coor- wood Roosevelt in Los Angeles, every U.S. city where she has lived. For those searching for a place
gets inked abroad, so does her dinated tattoos, each of them the Dave Gordon Tel Aviv and the “It’s not feasible to just buy things to get a tattoo, Ms. Cattoor has a
husband, using the same color choosing to put a piranha some- LINQ in Las Vegas have dabbled everywhere you go and carry them suggestion. “Going to a bar for a
and font as his wife. She has col- where on their body. Ms. Brandes with in-house tattoo artists around,” says Ms. Wren, 38. beer, you’re always going to find
lected tattoos that say “travel” or opted for her shoulder. tucked into their properties. In Bali, she got a tattoo of tra- someone that’s going to direct
“wander” in the local language of “There’s a pride in knowing we The Thompson Seattle, a bou- ditional Indonesian art, its curves you to a tattoo shop,” she says. In
nine countries, while he opts for did this trip,” she says, “and this tique hotel in downtown Seattle, looping between her breasts. Estonia, where tattooing is
the local version of “cheers.” tattoo means it will stay with me in November began featuring lo- While in London, she added a tat- banned for minors but otherwise
“We’ve gone so many random the rest of my life.” cal tattooist Lolli Morlock as part too that includes a compass. And goes largely unregulated, the cou-
places that I sometimes have a Experts say travelers should of an “artist-in-residency” pro- in Thailand, she says, a Buddhist ple found an artist in the back of
hard time remembering, but exercise caution when selecting a gram. Ms. Morlock, whose tattoos monk used an ancient method to a hair salon. At a tattoo parlor In
those tattoo experiences always tattoo parlor, especially overseas Cuba, they were at the shop for
stand out,” says Ms. Cattoor. where the practice is often not 12 hours, Ms. Cattoor says, partly
“You’re both in there together, subject to the same licensing re- due to power failures, but also
and the tattoo people are gener- quirements as in countries such
Tattoos are considered taboo in some because they enjoyed talking to
ally so friendly and chatty. It’s an as the U.S. or Canada. countries around the world, so people the tattooists so much.
experience that not everyone has
traveling.”
“Tattoo infections have been
widely reported—you’re putting a
traveling in those areas might struggle There are several countries,
like Sweden and Mexico, that she
foreign material into your skin, to find a willing artist. and her husband visited before
and there’s risk of infection or their tattoo habit started. They
A shoulder piranha contamination,” says Geeta Yadav, also have made a few day trips—
Tattoos, which in many cultures a Toronto-based dermatologist. draw on colorful pop art, has used give her a sak yant tattoo on her like to Bosnia and Montenegro
are associated with rites of pas- When in doubt, Dr. Yadav says, a pop-up studio in the hotel’s back: a geometric etching repre- while vacationing in Croatia—that
sage, can be especially meaning- travelers should always confirm lobby on certain weekends. Next, senting a particular blessing were too short to squeeze in a
ful when a trip turns into some- that an artist sterilizes instru- the hotel plans to feature Daniel which is also spoken by the monk visit to a local tattoo parlor. Now
thing more than a vacation. Last ments between clients. And col- Winter, a Los Angeles-based tat- during the application. they want to retrace their steps
year, Heide Brandes, a freelance ored dyes, especially red, are tooist who operates under the “Tattoos in general are some- to collect the ink they missed.
journalist celebrating her 50th more likely than black dyes to name Winter Stone. thing I can take with me as a tac- “When we went to Germany, we
birthday, organized a trip for her- trigger adverse skin reactions, so When a trip is truly notewor- tile, permanent memory of where weren’t doing this yet,” she says.
self and three friends to the Am- she encourages travelers to con- thy, says Mr. Winter, a meaningful I’ve visited,” says Ms. Wren. “The “But that trip doesn’t count un-
azon rainforest in Brazil. When sider their choice of dyes care- tattoo “makes the experience so pin maps people have in their less we go back and do it there.”
their luggage missed a connecting fully. A new law in the European much cooler.” homes? I have a pin map on my
flight in São Paulo, Ms. Brandes Union in January places sweeping Whitney Brown, general man- body of the places I’ve been.” Ms. Kamin is a writer living in
and friends had to head upriver restrictions on chemicals in col- ager of the Thompson Seattle, There are some countries San Diego. Email her at
from Manaus with little more ored tattooed ink. says her hotel’s decision to offer where travelers will struggle to reports@wsj.com.
novel.” in designing their accommoda- Mr. Kling says he has been sur-
Pangea opened in 2018. It of- tions, according to Henry Harte- prised by the broad age range of
fers eight suites containing from veldt, president of Atmosphere his customers and the number of
6 to 18 pods each—88 pods in Research Group, a travel-industry couples who book at Pangea. “I
all—with shared bathroom facili- research and advisory firm. think that is a reflection of how
ties. Each rectangular pod space “There’s a risk to pod hotels of the market has priced out so
is about 7 feet by 6 feet, can be scope creep if they try to go too many people.”
closed off and contains a double upmarket,” he says. “A key attri- “The segment does have
bed, charging outlets, shelves and bute of pod hotels is that they growth potential,” says Mr. Harte-
some small storage spaces. are usually convenient, inexpen- veldt. “Gen-Z travelers, for exam-
The hotel’s design touches and sive, clean, attractive, but mini- ple, may appreciate pod hotels’
commissioned artwork by mural- A skier rests in a ‘pod’ at the Pangea Pod Hotel in Whistler in Canada. malistic. Guests who stay in pod simplicity. And, with smaller phys-
ist Ola Volo contribute to an up- hotels don’t want, or expect, lux- ical footprints, they may also per-
scale aesthetic and lively feeling. ury.” ceive pod hotels to be a more en-
The property has a restaurant, and travel abroad, eventually set- hasn’t been much aimed at all the vironmentally responsible option.”
cocktail bar and rooftop bar, and tling in Whistler. During that trip, middle travelers in their 20s to Ms. Patil also sees potential
a storage room for guests’ gear. they noticed a big hole in the 40s.” She adds, “I don’t think the Privacy, pandemic issues for pod hotels. “The modern trav-
Each pod runs from 39 to 199 Ca- type of lodging available in popu- hotel industry understands the Of course, shared lounging and eler values the overall experience,”
nadian dollars a night, equivalent lar destinations. “Our options millennial traveler who has bathroom spaces aren’t for every- she says. “These are a perfect fit
to about $31 to $156, depending were often over $500 a night, or money to spend but doesn’t want one. To address some of those for beach and ski towns, espe-
on the season. some rat-infested place miles out to waste it.” concerns, some pod hotels work cially because skiing is expensive.
The hotel was the brainchild of of town,” says Mr. Kling. “While Another pod hotel, Cache with groups to book entire suites You’re making some sacrifices on
Russell and Jelena Kling. The duo we were able to pay [high prices], House, opened in downtown to minimize shared spaces with privacy, but I think the quality and
lived in Manhattan for about a we didn’t want to, and we real- Jackson, Wyo., in early 2020. It strangers. In addition, some offer personality will attract travelers.”
decade, where he worked in fi- ized there is a product that has has 50 pods with queen beds. De- female-only suites.
nance and she in medical re- gone missing from the market.” sign touches inside the pods, The pandemic has blunted en- Ms. Mander is a writer in
search. In 2009 they both quit Ms. Patil says “Luxury travel which are just slightly larger than thusiasm for the pod concept. Wyoming. She can be reached at
their jobs to take three years off isn’t going anywhere, but there the bed, include wainscoting, Dan Sherman, chief marketing of- reports@wsj.com.
.
R12 | Saturday/Sunday, February 26 - 27, 2022 * *** THE WALL STREET JOURNAL.
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