A New Path
In Fighting
What’s
News
World-Wide
he Ukrainian adminis-
T tration tried over several
months to sort through con-
flicting signals from Wash-
ington that have now become
central to an impeachment
inquiry into Trump. A1
 House Democrats leading
the impeachment probe sub-
poenaed the White House
and asked Pence for docu-
ments related to Trump’s
policy toward Ukraine. A7
 Sanders had a heart at-
tack this week, the Demo-
cratic presidential candi-
date’s campaign said. He was
released from the hospital. A4
 The White House issued
a presidential proclamation
requiring many future immi-
grant visa applicants to show
they can afford health care. A3
 Microsoft said that at
least one U.S. presidential
campaign has been targeted
by cyberattacks linked to
the Iranian government. A4
 The U.K. said it would
respect a law forcing it to
request an extension to
Brexit negotiations if a deal
isn’t reached by Oct. 19. A9
 The Supreme Court has
agreed to review a Louisiana
abortion law requiring doc-
tors to hold hospital admit-
ting privileges near where
the procedure is provided. A3
 India’s central bank re-
duced its key lending rate
to a nine-year low. A8
Business & Finance
 U.S. unemployment fell to
a half-century low in Septem-
ber and job growth continued
at a modest pace, signs the
U.S. economy is holding up. A1
 Stocks rallied as the jobs
report helped ease fears of a
slowdown. The Dow, S&P 500
and Nasdaq each rose 1.4%. B1
 Purdue Pharma sent
$12 billion or $13 billion in
profits to members of the
Sackler family who own the
company, according to court
records and testimony. A1
 PayPal is withdrawing
from the group of companies
Facebook assembled to launch
a global cryptocurrrency-
based payments network. B1
 Disney is banning Netflix
ads across its entertainment
TV networks, a sign that the
marketing war over stream-
ing video is escalating. B3
 Hedge fund Darsana re-
cently wrote down its in-
vestment in Juul Labs by
more than a third. B10
 BP CEO Dudley will step
down in February. The chief of
the company’s upstream op-
erations will succeed him. B10
 Google has held talks
about acquiring video-sharing
startup Firework, which could
help it counter TikTok. B3
 Walmart is talking to
investors and companies
about taking over its Jet-
black service in a spinoff. B3
NOONAN
Can Democrats
Take Impeachment
Seriously? A15
CONTENTS
Books..................... C7-12
Food......................... D7-8
Gear & Gadgets. D9-10
Heard on Street...B12
Markets..................... B11
Obituaries............... A10
s 2019 Dow Jones & Company, Inc.
All Rights Reserved
Cancer
REVIEW
* * * * * * * *
WSJ
THE WALL STREET JOURNAL WEEKEND
SATURDAY/SUNDAY, OCTOBER 5 - 6, 2019 ~ VOL. CCLXXIV NO. 82
U.S. Jobless Rate Hits 50-Year Low
Employers added
136,000 jobs last
month; data ease
fears of slowdown
BY SARAH CHANEY
U.S. unemployment dropped
to a half-century low in Sep-
tember and job growth contin-
ued at a modest pace, signs the
economy is holding up despite
a broader global slowdown.
The jobless rate dropped to
3.5% in September from 3.7%
in August, marking the lowest
rate since December 1969
when it also logged in at 3.5%.
Employers added 136,000 jobs
in September, and payrolls for
August and July were revised
up, the Labor Department re-
Hong Kong Government’s Ban on Masks Stokes Defiance
NICOLAS ASFOURI/AGENCE FRANCE-PRESSE/GETTY IMAGES
AFLAME: Clashes between protesters and police broke out across Hong Kong, and the city’s subway operator suspended its entire
network on Friday as authorities invoked emergency measures and banned the wearing of masks at demonstrations. A8
Doctors Limit Results From DNA Tests
Genetic scans provide lots of information, but often only a fraction is returned to patients
BY MELANIE EVANS
AND ANNA WILDE MATHEWS
The Mayo Clinic is scanning 20,000
genes for thousands of patients to
study genes’ role in disease. It will
hand over results for just 59.
Mayo will look for certain disease-
causing gene variants for heart disease
or breast cancer, and offer results to
patients who have them. But it doesn’t
look at variants for early-onset Alzhei-
mer’s or Lou Gehrig’s disease, meaning
patients will remain in the dark.
“There is a risk of causing undue
‘Keep de Rates dem Low’—
Fighting Inflation With Reggae
i i
Jamaican central bank calls on stars to
record songs explaining monetary policy
BY ROBBIE WHELAN
KINGSTON, Jamaica—Call it
Reggaenomics.
As a drumbeat eases the
listener into a familiar reggae
Opinion.............. A13-15
Sports........................ A12 rhythm, the high tenor of Ja-
Style & Fashion D2-4 maican pop star Tarrus Riley
Travel...................... D5-6 cuts through the groove.
U.S. News............. A2-7
Weather................... A12
All the high prices that
World News.... A8-10 mean me harm
They can go back where
they came from
> No inflation monster
Shall prosper!
Mr. Riley looks into the
camera and explains in Jamai-
can patois: “High inflation is a
wicked ting, and we must ban-
ish it like slavery….Low, stable
Battle of
The Strollers
OFF DUTY
WSJ.com HHHH $5.00
Unemployment rate, seasonally adjusted
10%
slowing economy.
The employment report,
along with recent surveys
RECESSION hinting at manufacturing and
8
service-sector activity weak-
ness, are likely to keep open
6
the possibility of a Federal Re-
4
December 1969
serve interest-rate cut later
this month. The Fed lowered
its benchmark rate in July and
2 The last time unemployment
was 3.5% September to cushion the
economy against the risks of
0
trade tensions and cooling
1960 ’70 ’80 ’90 2000 ’10 global growth.
Source: Labor Department Fed Chairman Jerome Pow-
ell in a Friday speech said the
ported Friday. A falling unemployment start rolling downhill and ac- economy faces some growth
Job gains and historically rate should allay fears of a re- celerating in the wrong direc- risks but remains in a good
low unemployment have cession, said Josh Wright, tion, and the fact that we Please turn to page A2
helped buffer the U.S. econ- chief economist at iCIMS Inc., didn’t do that is itself a win,”
omy against weakness in man- a maker of employee-recruit- Mr. Wright said.  U.S. trade deficit increased
ufacturing at home and abroad ing software. U.S. stocks rose on Friday 1.6% in August.......................... A3
that have stoked concerns of a “There were a lot of con- after the jobs report helped  Heard on the Street: Jobs are
deepening slowdown. cerns that we were going to ease market fears about a least of Fed’s concerns...... B12
Ukraine
Sweated
As U.S.
Pressed
For Probe
KYIV, Ukraine—Two weeks
after national elections in April
vaulted him from the role of
television comic to Ukrainian
president, Volodymyr Zelensky
got word that President
Trump’s personal lawyer
wanted to come to Kyiv to talk.
By Alan Cullison,
Georgi Kantchev,
Thomas Grove
and James Marson
Mr. Zelensky and his advis-
ers, many of whom were ex-
producers and screenwriters,
huddled over the request. Be-
fore his improbable rise, Mr.
Zelensky didn’t know who
Rudy Giuliani was, according
to one aide. By now, though,
Mr. Zelensky sensed trouble. In
an April 7 appearance on Fox
News, the former New York
City mayor had made it clear
he wanted information about
his client’s political rival, Joe
Biden, and his family.
Mr. Zelensky, fearful of get-
ting sucked into a foreign
drama when he had plenty at
home, declined to take the
anxiety,” said Dr. Keith Stewart, direc- ers have deemed “medically action- meeting.
tor of the Mayo Clinic’s Center for Indi- able”—meaning they reveal genetic He got sucked in anyway.
vidualized Medicine. causes for conditions that can be Over the next several months,
DNA sequencing is creating vast treated. Mr. Zelensky’s administration
amounts of data that promise to unlock Doctors often don’t analyze and re- tried to sort through conflict-
the secrets of disease. But the informa- turn other results because the risk of a ing signals from Washington
tion is being collected faster than the trait isn’t well-understood or because that have now become central
medical world can interpret what it all there is no treatment. Not everyone to an impeachment inquiry
means. That is raising a question for with disease-causing variants will end into Mr. Trump. A summit dan-
doctors and scientists who perform the up with a related condition, because of gled by the U.S. leader kept re-
scans: How much should they tell pa- other genetic and environmental fac- ceding. At the last minute, it
tients? tors. The risk may be low for some. Please turn to page A6
The answer, often, is not much. If told, some patients could seek un-
Many clinics and studies will return necessary or harmful care, or unduly  Ukraine aid delay alarmed
only a few dozen results that research- Please turn to page A11 GOP senator............................... A7
EXCHANGE
Family Got Billions
i From Opioid Maker
BY JARED S. HOPKINS emboldening opponents of a
AND ANDREW SCURRIA tentative deal who argue the
Sacklers should contribute
OxyContin maker Purdue more than they have agreed.
and predictable inflation is to Pharma LP sent $12 billion or Neither a representative for
the economy like what the $13 billion in profits to mem- the Sackler family who pro-
bass line is to reggae music.” bers of the Sackler family who vided comment nor a Purdue
The Bank of Jamaica has own the company, according spokesman disputed the size
launched what may be the to court records and testimony of the distribution contained
grooviest public-education filed in the drugmaker’s bank- in the court filings. They said
campaign ever undertaken by ruptcy case. in statements that lawsuits
a central bank. The amounts are the largest against their clients outside
Over the past year, the bank estimate so far of how much Purdue’s bankruptcy proceed-
called on local pop stars to re- Sackler family members made ing shouldn’t go forward.
cord upbeat songs in reggae from Purdue. The figures were Thousands of lawsuits by
and dancehall styles and to revealed in bankruptcy court states, counties, cities and
produce YouTube music videos filings Thursday and Friday by North American Indian tribes
explaining such buzz-killing DIRECT LINE states and other municipali- accuse Purdue of fueling the
concepts as inflation targeting, How Apple CEO ties. It isn’t clear what years opioid epidemic through its
monetary policy and consis- the distributions covered. marketing of the painkiller
tent GDP growth.
Tim Cook got Their size could complicate OxyContin. Some of the law-
One video features a the president’s ear efforts by some states to settle suits also target individual
woman tooling around the on business B1 opioid-related lawsuits against Sacklers who served on Pur-
Please turn to page A11 the company, by potentially Please turn to page A7
A2 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

U.S. NEWS
THE NUMBERS | By Jo Craven McGinty

The Real Challenge of School Segregation

Does segre- creating first-rate schools in Separate, Not Equal don’t merely remove their dren in Atlanta and Wash-
gation still every neighborhood regard- children from a larger school ington, D.C.
School districts with bigger gaps in poverty rates between white
matter? less of race or socioeconomic district. They strip that dis-

When it
comes to edu-
cating our na-
tion’s schoolchildren, the an-
swer is yes, according to
research published last week
by the Stanford University
Center for Education Policy
Analysis.
But the problem isn’t race,
the study finds. It’s poverty.
Decades after the end of
legalized segregation, and
the funding disparities that
accompanied it, minority
students remain dispropor-
tionately concentrated in
composition—an approach
that supplanted busing ef-
forts—hasn’t worked. “If it
were possible to create equal
educational opportunity un-
der conditions of segregation
and economic inequality,
some community—among the
thousands of districts in the
country—would have done
so,” the researchers write in
their paper. “None have. Sep-
arate is still unequal.”
The conclusion is note-
worthy because desegrega-
tion efforts of the past are
being slowly reversed as
T
and black students’ schools also show bigger gaps between their
trict of their wealth and in- he findings are part of
test scores.
fluence, and perhaps even a body of work sug-
U.S. school districts by poverty and test-score gaps school facilities that fall gesting that success
within new boundaries. depends less on who you are
In Washington, D.C., black When Gardendale, Ala., than on where you are—a
students attend schools with tried to secede from the Jef- concept Mark Twain de-
+6 grade levels 55% higher poverty rates than ferson County school dis- scribed in his novel “The
white students and score an
average of 5.1 grades lower
trict—a move that was Prince and the Pauper” and
on achievement tests. blocked last year—the com- Hollywood adapted a century
+5 munity planned to take over later in the movie “Trading
a new $46 million high Places.” In each tale, a poor
school funded by a tax paid person plucked from a life of
+4 by all county residents. hardship thrives after land-
Nearly half of all educa- ing in the lap of luxury.
tion funding comes from lo- Harvard economists Raj
+3 cal sources found within a Chetty and Nathaniel Hen-
school district’s boundaries, dren have found real-life
TEST SCORE GAP

high-poverty areas. Academi-
cally, they trail students in
more affluent areas, and
they fall increasingly behind
as the years pass. The result
is an achievement gap that
limits the educational and
career opportunities of non-
white children. But the gap
narrows, according to the re-
search, when school districts
are integrated, exposing
dozens of wealthy white en- including property taxes, so parallels to those fictional
claves secede from larger, +2 when communities with accounts. In a paper pub-
more diverse and less afflu- higher property values leave lished last year, they exam-
ent school districts to form less affluent areas, they take ined seven million families
their own systems. Typically, +1 a disproportionate amount who moved across commut-
the result is greater racial of funding with them. In an ing zones and counties in the
and socioeconomic segrega- extreme example, EdBuild U.S. and found that relocat-
tion. The majority of dis- 0 found that in 2014, six ing to a better area in-
tricts left behind after seces- No gap largely white and wealthy creased a child’s expected in-
sions have a higher number Tennessee suburbs broke off come by 4% for each year
of nonwhite students and –1 from the Shelby County lived in the new neighbor-
students living in poverty school district, where Mem- hood. Moving to a worse
No gap

poor minority students to than the newly formed dis- phis is located. Afterward, community decreased the
the same opportunities as tricts, and the trend appears –2 the new districts had an av- child’s expected income by
their richer peers. to be accelerating, according –25% 0 25 50 75 erage student poverty rate of the same percentage. And
to EdBuild, a nonprofit that 11%. The rate for what re- the rates of marriage, teen-

T
he findings represent
the work of research-
ers at Stanford, Penn
State and St. John’s universi-
ties. To arrive at their con-
clusions, the researchers ex-
amined eight years of
standardized test scores for
grades three through eight
for all public school districts
in the U.S.—a total of 350
million scores.
Among other things, the
study suggests the goal of
advocates for equitable
school funding.
Since 2000, at least 128
communities in the U.S. have
attempted to secede from
their school districts, Ed-
Build has documented. Of
that number, 73 have suc-
ceeded, and 17 are pending.
The numbers, as a portion
of all school districts, are
small. In total, roughly 13,200
school districts serve grades
three through eight in the
POVERTY GAP
Source: Stanford Education Data Archive
U.S. But the trend is wide-
spread. Secessions, or at-
tempted secessions, have oc-
curred in every region of the
country, from California to
Maine. EdBuild notes that
there are often legitimate
reasons to reorganize school
districts, such as shifting en-
rollment, but cautions that
decisions to do so might in-
mained of the county district age birth and college atten-
was triple that. dance followed similar pat-
According to the Stanford terns. “There’s an argument
tensify socioeconomic and ra- study, the results of such that people want more
cial divides. Of the 30 states disparities show up in test neighborhood schools,” said
that have explicit secession scores. Sean Reardon, the lead au-
policies, only nine require a On average, white stu- thor of the Stanford study.
study of the funding impact dents score 1.5 to two grade “Why wouldn’t you? It
of a proposed split, and only levels higher than black stu- makes lots of sense.” Unless,
six require consideration of dents, and in the nation’s he said, having a neighbor-
the effects on racial and so- most segregated districts, hood school means system-
cioeconomic diversity. The the gaps are much larger. atically assigning low-in-
problem is that when affluent Nearly five grade levels sep- come students to lower-
communities secede, they arate black and white chil- quality schools.

U.S. WATCH
Jobless Payroll Pace
Monthly job growth remains at healthy levels, though has begun to slow in recent months.

Rate Drops 400 thousand jobs

200
CALIFORNIA

Leaseholder to Be
had ended.
As a result, the Centers for
Disease Control and Prevention
Retried in Fatal Fire
To 3.5% –200
–400
0

Continued from Page One
place overall. “Our job is to
keep it there as long as possi-
ble,” he said in remarks set for
delivery at a conference held
at the central bank’s Washing-
ton headquarters.
Other central banks around
the world also have cut their
key interest rates this year as
the global economy lost mo-
mentum.
Manufacturing has been a
key factor behind the slow-
down. Earlier this week, read-
ings on U.S. manufacturing ac-
tivity indicated September
growth was at its slowest pace
since 2009.
Manufacturers cut jobs last
month for the second time
this year.
The services sector, which
accounts for a much larger
portion of the economy than
manufacturing, was still ex-
panding, albeit at the slowest
pace in three years. Industries,
including health care, trans-
portation and business ser-
vices, added jobs at a robust
clip.
Average weekly hours re-
mained unchanged in Septem-
ber, a positive sign given em-
ployers tend to cut hours
when the economy is down-
shifting.
Many workers who didn’t
reap economic gains earlier in
the decadelong expansion are
now experiencing record-low
levels of unemployment, in-
cluding the underemployed,
those without a high-school
diploma and Hispanic men.
In September, the unem-
ployment rate for workers
with less than a high-school
diploma dropped to 4.8%, the
lowest level since the Labor
Department started counting
that measure in 1992.
Joblessness among Hispanic
men declined to 3.0%, the best
on records tracing back to 2003.
A broader measure of un-
employment and underem-
ployment—which includes
those too discouraged to look
for work, plus Americans
stuck in part-time jobs but
who want to work full-time
fell to 6.9% in September from
7.2% in August. The so-called
U-6 rate is now at the lowest
level since 2000.
Ivetta Frost, 25, of the
Houston area, is one person
seeing new job opportunities.
Though she wished she had
finished high school, she said
she is making steps toward
her career dream of becoming
12-month average
–600
–800
2008 ’09 ’10
Looking deeper
into unemployment
Expanded measures of
unemployment and jobless
rates among adults with less
than a high school diploma
reached historic lows.
*Includes overall unemployment, discouraged and marginally attached workers and those working part-time for economic reasons
Note: Seasonally adjusted; July and August jobs data are preliminary
Source: Labor Department
How Low Can U.S.
Jobless Rate Go?
The unemployment rate
dropped to a seasonally adjusted
3.5% in September, a rate not
seen since December 1969. That
is undoubtedly good news for
workers, but it has left econo-
mists puzzling over how low job-
lessness can fall and for how
long.
For years, a widely held eco-
nomic theory predicted falling
unemployment should eventually
push up wages and infla-
tion. With the U.S. economic ex-
pansion now in its 11th year, the
jobless rate has continued to fall
and year-over-year inflation re-
mains shy of the Federal Re-
serve’s 2% target.
This has forced economists
an entrepreneur.
Ms. Frost completed job
training through Goodwill,
which helped her land work
this year at a construction
company, where she helps in-
stall carpet on hospital
floors, among other tasks.
Her hourly wage about dou-
bled to $14 an hour from
when she worked at a local
staffing agency.
“Everything I didn’t accom-
plish when I was young, I’m
starting to do it now so I can
make sure my future is right
where I want it to be,” Ms.
Frost said.
The share of Americans age
25 to 54 who were working or
seeking work held steady at
82.6% in September, sustain-
ing the August pop in prime-
age participation and signaling
people remain confident in
their employment prospects.
A large pool of Americans
’11 ’12 ’13 ’14 ’15
15%
Expanded
measure*
10
5 5
0 0
2010 ’15
and central bankers to rethink
old models based on a theoreti-
cal threshold level of unemploy-
ment at which the economy is
in balance and inflation is nei-
ther rising nor falling. This is
sometimes referred to as full
employment, the point at which
almost every American who
wants a job can find one.
A decade ago, many econo-
mists estimated this unemploy-
ment rate was around 5%. The
Fed’s rough estimate now is
4.2%, according to projections re-
leased last month. Unemploy-
ment dropped to that level two
years ago and has fallen further
since, without inflation taking
off. With the unemployment rate
now at a fresh 50-year low with
few signs of rising inflation, are
we finally at full employment?
Economists aren’t convinced.
Many say if the economy re-
ready to work may be one fac-
tor holding down wage gains.
Average hourly earnings
climbed 2.9% from September
2018, a pullback from previous
months but still higher than
inflation.
Average weekly
hours remained
unchanged, a
positive sign.
The outlook remains un-
clear. Payroll growth, clocking
in at an average 161,000 new
jobs a month this year, is
down from average monthly
gains of 223,000 last year.
Uncertainty over trade ten-
sions has caused some em-
ployers to take a cautious ap-
’16 ’17 ’18 ’19
15%
Adults
without a
10
diploma
Overall
unemployment
2010 ’15
ally were at full employment,
wages would be rising faster as
employers compete for scarcer
workers by offering higher pay.
“Identifying when the econ-
omy is at full employment in
real time is very difficult,” said
Ryan Sweet, an economist at
Moody’s Analytics. “I think we’re
close, if we’re not there, but
we’re not significantly beyond—
because of wage growth.” Aver-
age hourly wages rose 2.9% for
the 12-month period ended Sep-
tember.
“I think we’re in the neigh-
borhood” of full employment, JP-
Morgan Chase & Co. economist
Michael Feroli said, adding that
“if we froze things in time,
wages are accelerating, job
growth is above the pace
needed to absorb new entrants
into the labor force.”
—Harriet Torry
proach to hiring.
Tiffany Zarfas Williams,
owner of the Luggage Shop of
Lubbock, Texas, said the com-
pany has held off on adding
any new employees over the
past year, given that tariff-in-
duced price increases are
pinching business.
The luggage store’s $400
suitcase, previously a top-sell-
ing item, was hit with tariffs
totaling 25% in recent months.
Sales of the product declined,
part of a broader slowdown
this year.
“As a small-business owner,
tariffs hurt,” Ms. Williams
said, noting the luggage shop
would take the risk of adding
a couple of part-time employ-
ees for the holiday season.
“We want to be able to take
care of the customers who do
come in,” Ms. Williams said.
—Nick Timiraos
contributed to this article.
Prosecutors will retry a man
said Thursday, the nation had
likely held on to the status that
it gained in 2000 after years of
accused of involuntary man- public health efforts to expand
slaughter for the 2016 Oakland vaccination and drive out the
warehouse fire that took the highly contagious virus.
lives of 36 people. The U.S. technically would
A jury last month couldn’t have lost its measles-elimination
reach a verdict on Derick Ion Al- status if cases of domestic
mena, the property’s main lease- transmission had persisted for
holder, on 36 counts of involun- more than a year after New
tary manslaughter for allegedly York’s outbreak began.
creating a fire trap with inade- —Betsy McKay
quate means of escape at the
unauthorized living space and WHITE HOUSE
underground concert venue
known as Ghost Ship. The jury Trump Moves to Lift
acquitted tenant Max Harris Polish Visa Rule
who faced the same charges.
The fire during an unpermit- President Trump said he was
ted concert was one of the moving to lift immigration re-
deadliest in California’s history. strictions that require Polish citi-
—Zusha Elinson zens to get a visa to visit the
U.S.
HEALTH “We will be giving a full visa
waiver to Poland,” Mr. Trump
U.S. Keeps Measles- told reporters Friday, celebrating
Elimination Status ties between the two countries.
Poland, which has long
The U.S. has retained its sought entry into the U.S. visa-
measles-elimination status, de- waiver program, must first un-
spite a nearly yearlong outbreak dergo a formal State Depart-
in New York state that put that ment nomination process before
designation at risk, the Depart- obtaining the new status, the
ment of Health and Human Ser- White House said in a state-
vices confirmed Friday. ment shortly after the president
The announcement follows an spoke. The White House didn’t
announcement Thursday from say how long the process would
New York state that its out- take.
break that began Oct. 1, 2018, —Alex Leary
CORRECTIONS  AMPLIFICATIONS
A graphic with a U.S. News 2017-18 school year. In some edi-
article about measles-immuniza- tions Friday, the graphic didn’t
tion levels showed vaccination specify the date for the New
rates for schools in Clark York data, and it incorrectly said
County, Washington, and Rock- the Washington data was from
land County, New York, for the the 2018-19 school year.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
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THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, October 5 - 6, 2019 | A3

U.S. NEWS

Court to Review Louisiana Abortion Law

Case will test recent the start of their new term time the Supreme Court will view of what constitutes an decide how to approach a would close because of the
next week. consider the issue of abortion undue burden on women seek- high-court precedent with regulations. The majority also
precedent after court The Louisiana law, enacted rights since the addition of ing abortions—the test estab- which he disagreed. concluded that, unlike in
struck down a similar in 2014, says physicians per- two Trump appointees, Jus- lished in a 1992 opinion, co- A New Orleans-based fed- Texas, driving distances for
forming abortions must hold tices Neil Gorsuch and Brett written by retired Justice eral appeals court, in siding women seeking abortions in
law in Texas in 2016 admitting privileges at a hos- Kavanaugh. President Trump Anthony Kennedy, that nar- with Louisiana last year, Louisiana wouldn’t increase.
pital within 30 miles. had pledged to nominate jus- rowed the 1973 Roe decision sought to distinguish the re- The dissenting judge ac-
BY BRENT KENDALL Abortion-rights proponents tices who would overturn Roe yet left in place a woman’s strictions from the ones in its cused the majority of distort-
who challenged the law say v. Wade, the landmark case right to end her pregnancy neighboring state. Because of ing the facts of the case to
WASHINGTON—The Su- the restrictions provide no ac- that established a constitu- within a certain time frame. different factual circum- minimize the law’s harms and
preme Court agreed to review tual health and safety benefits tional right to abortion. Both The Louisiana law is sub- stances, the Louisiana law disregarding Supreme Court
Louisiana abortion restrictions for women seeking abortions men have said they made no stantially similar to a Texas wouldn’t impose the same precedent.
that require doctors to hold and would leave the state with such commitment, but their law that the Supreme Court burdens as those in Texas, The Supreme Court put that
hospital admitting privileges only one operating abortion conservative records led anti- struck down in 2016, in a 5-3 that court said. ruling on hold in February on
near where the procedure is clinic. The state disputes that abortion activists to cheer ruling. The key member of the Judges in the majority in a 5-4 vote, a move that pre-
provided, a case that will test claim, saying the law wouldn’t their selection. majority in that case, Justice the 2-1 decision said the law vented enforcement of the
recent abortion precedent and force the closure of any of the Whether to overturn Roe is Kennedy, was replaced last was not burdensome because Louisiana restrictions for now.
reveal the thinking of the three clinics that operate not an issue in the Louisiana year by Justice Kavanaugh. only one doctor at one Louisi- The chief justice joined with
court’s newest members on within Louisiana, though it litigation, but the case could Chief Justice John Roberts ana clinic was currently un- four liberal justices in issuing
the inflammatory issue. could cause short delays at provide an early test of was among the conservative able to obtain admitting privi- that order, a preliminary ac-
The justices added the case one of them. whether a more conservative dissenters in 2016; the Louisi- leges, and they said there was tion that was not a ruling on
to their docket Friday ahead of The case marks the first court will take a narrower ana case now requires him to no evidence that any clinics the merits of the case.

Hepatitis A Cases Flare Up Across U.S. Visas Tied

BY ARIAN CAMPO-
FLORES AND BETSY MCKAY
To Means
Hepatitis A outbreaks are
erupting across the U.S., re-
For Health
versing a long-term decline in
cases of the viral liver disease
and prompting state health
Expenses
departments to mount aggres- BY MICHELLE HACKMAN
sive vaccination campaigns. AND ANDREW RESTUCCIA
Since outbreaks of the virus
began in 2016, 30 states have WASHINGTON—The White
reported cases totaling more House issued a presidential
than 26,000, including 268 proclamation on Friday night
deaths. requiring many future immi-
Most cases of hepatitis A in grant visa applicants to show
past years were caused by they can afford health care, a
tainted food. The virus is move that could make it
transmitted when a person in- harder for poor migrants to
gests food or water contami- enter the U.S.
nated with the feces of some- The action, which is set to
one who is infected. take effect in 30 days, would
But now, outbreaks are require applicants, including
larger and driven in part by people with ties to family
ZACK WITTMAN FOR THE WALL STREET JOURNAL (2)

the opioid epidemic that has members in the U.S., to show

swept the country in the past they have health insurance or
few decades, public-health of- prove their financial ability to
ficials say. Cases also are oc- pay for medical care before
curring among users of other being issued a visa that could
drugs, including those who lead to a green card.
share contaminated needles, The proclamation wouldn’t
people who are homeless, and apply to noncitizen children of
men who have sex with men. U.S. citizens. Refugees and im-
“What we’re seeing today is migrants who won asylum are
really unusual,” said Neil also excluded from the new re-
Gupta, an expert in viral hepa- quirement. The Wall Street
titis at the Centers for Disease Journal first reported on the
Control and Prevention. “The The Florida health department deploys teams of health workers carting coolers of vaccines to places such as low-cost motels. proclamation shortly before it
general public tends to think was released.
about hepatitis A as transmit- Hepatitis A cases are on the rise, especially in states hard hit by the opioid epidemic. The move would mark the
ted by restaurants. That’s not latest effort by the Trump ad-
what is going on right now.” State-reported hepatitis A outbreak cases* Hepatitis A cases, U.S. ministration to restrict immi-
The disease usually can be grants’ ability to enter the U.S.
treated with rest and fluids, Hepatitis A cases 3,500 cases The administration is
but many patients require hos- No publicly reported cases poised to implement a rule
pitalization, and in some cases 500 2,000 4,000 Outbreak declared over this month that would require
it can be fatal. Wash. 3,000 many of the same applicants
N.H.
A CDC committee first rec- Maine
to demonstrate that they
ommended preventing hepati- Mont. N.D. Vt. wouldn’t become reliant on
Minn.
tis A through immunization in Ore. public benefits including Med-
1996, focusing on high-risk 2,500 icaid should they be allowed
Idaho S.D. Wis. N.Y. Mass.
groups, and counseled routine to immigrate to the U.S.
Wyo. Mich.
vaccination of children nation- The new requirement would
wide starting in 2006. The Iowa Pa. 2,000 take a further step, requiring
Neb.
number of cases declined Nev. Ohio anyone looking to move to the
Ill. Ind.
steadily in the 2000s, and Utah U.S. to enroll in private insur-
Colo. W.Va.
large sustained outbreaks in Kan. Va. R.I. ance—including as a depen-
Calif. Mo. Ky. 1,500
which the virus is spread from Conn.
dent on a family member’s
N.C.
person to person became rare. Tenn. health plan—or possess the fi-
The opioid crisis contrib- Ariz. Okla. N.J. nancial means to cover signifi-
N.M. Ark. S.C. 1,000
uted to a reversal. Large num- Del. cant medical costs.
bers of hepatitis A cases are Miss. Ala. Ga. Md. The proclamation also al-
concentrated in states hard hit lows entry into the U.S. for
Texas La.
by the drug scourge, including Alaska 500 migrants who have the “finan-
Ohio, Tennessee and West Vir- cial resources to pay for rea-
ginia, according to CDC data. Fla. sonably foreseeable medical
In Florida, state Surgeon Hawaii costs,” but it doesn’t define
0
General Scott Rivkees declared 2013 ’14 ’15 ’16 ’17
the threshold for meeting that
a public-health emergency in *State-reported data through Sept. 27, 2019 standard.
August in response to a hepa- Source: Centers for Disease Control and Prevention Subsidized plans purchased
titis A outbreak that is now on the Affordable Care Act in-
among the largest in the U.S. ing to take us a while,” he told Philadelphia, where the city surance exchanges wouldn’t
The state has had more than lawmakers. also declared a public-health count as an eligible form of in-
3,000 cases since 2018 and 40 In Pasco County, which has emergency in August. Cases surance under the White
deaths, he told a legislative the highest number of cases in this year recently reached 320, House’s new definition.
committee last month. Many Florida so far this year, the lo- including two deaths. The city Low-income immigrants liv-
are concentrated in a populous cal office of the state health has vaccinated about 10% of ing in the country legally can’t
and heavily trafficked stretch department has been trying to the roughly 42,000 people it use Medicaid for their first
of the state between Tampa reach target populations by aims to inoculate to help five years, but they can re-
Bay and Daytona Beach. visiting homeless camps and knock the infection down, said ceive premium subsidies if
To stem it, Dr. Rivkees said areas with high volumes of Steven Alles, a city health offi- their incomes are low enough.
the state is targeting a high- fire-rescue and law-enforce- cial. Under the new White House
risk population of nearly a ment calls. In neighboring The Kensington neighbor- policy, purchasing health in-
half-million drug users and Pinellas County, the depart- hood, where drug use, home- surance using subsidies would
homeless people. Vaccinating ment deploys teams of health lessness and sanitation are disqualify people from living
80% of them is necessary to workers carting coolers of long-running challenges, has in the country legally.
curb the outbreak, he said. vaccines to places such as bus been especially hard hit. “It’s classic Catch-22 for
“This is going to be a really terminals and low-cost motels. —Jon Kamp low-income immigrants,” said
considerable effort that is go- Another flare-up has struck contributed to this article. Larry Levitt, executive vice
president at the Kaiser Family
Foundation. “They’re eligible

U.S. Trade Deficit Widened to $54.9 Billion in August for subsidized health coverage
through the ACA, but applying
for that subsidized coverage
BY DAVID HARRISON The report offered a reas- Jim O’Sullivan, chief U.S. econ- up, owing to Beijing’s resump- ports of Chinese goods, caus- means they can’t legally be in
AND JOSHUA ZUMBRUN suring sign about the overall omist at High Frequency Eco- tion of agricultural purchases ing Beijing to retaliate. Talks the country.”
health of the U.S. economy and nomics, estimated trade would in recent months. Chinese have so far not produced a The administration, in its
WASHINGTON—The U.S. the willingness of Americans shave about 0.2 percentage companies had largely halted comprehensive agreement. 2017 tax overhaul, moved to
trade gap widened in August to spend despite a spate of point from the annualized purchases from U.S. farmers U.S. and China’s trade negoti- relieve American citizens from
as American consumers weak manufacturing data, growth rate in the July to Sep- amid the trade tensions but ators are meeting next week in an ACA mandate requiring
bought more cellphones and cooling global growth and un- tember period. have gradually resumed those Washington for the first round them to have health coverage
other goods from abroad while certainty around the U.S.- The report presents a purchases in a bid to get to- of high-level talks since July. or pay a penalty.
businesses exported more oil China trade war. mixed assessment of the prog- ward a deal. The president’s goal of persis- In its proclamation, the
and autos, a sign of the econ- “The good thing about the ress of the president’s trade U.S. exports of foods, feeds tently narrowing the trade gap, White House said it was taking
omy’s resilience amid a global report is you want to see ex- policies that are aimed, in and beverages to China however, has proved elusive. the additional step to safe-
economic slowdown. ports and imports growing,” part, at narrowing the trade climbed to $1.5 billion in Au- Overall exports were up guard the health-care system
The trade deficit in goods said Joel Naroff, president of deficit between the U.S. and gust, the best month since 0.2%, driven by a 3.4% in- for American citizens by pre-
and services increased 1.6% Naroff Economic Advisors. its major trading partners, es- January 2018, and up from crease in exports of industrial venting immigrants from en-
from a month earlier to a sea- The growing trade gap, pecially China. $1.2 billion in July. supplies, particularly fuel oil. rolling in Medicaid or going to
sonally adjusted $54.9 billion however, will hold down U.S. The trade gap with China The Trump administration Automobile exports also rose emergency rooms with no in-
in August, the Commerce De- economic growth in the third shrank slightly in August. U.S. has imposed a series of in- 2.7% to $14.28 billion, the surance, requiring hospitals or
partment said Friday. quarter slightly, analysts said. goods exports to China picked creasingly steep tariffs on im- highest level since July 2014. taxpayers to cover the cost.
A4 | Saturday/Sunday, October 5 - 6, 2019 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ******* THE WALL STREET JOURNAL.

Volker’s fiancée, Ia Meurmish-
vili, is herself quite familiar with
Eastern European geopolitics:
She covers Georgian news for
Voice of America. Volker will
have plenty of time for a honey-
moon following his resignation
from the State Department,
though he remains employed by
the John McCain Institute at Ari-
POLITICS
children at $460.3 billion over
the next decade.
The filing follows a separate
one submitted by Apple this
week, and Microsoft is a litigant
in the case. They claim that the
Department of Homeland Secu-
rity’s legal determination is
faulty and that it lacks the au-
thority to override Congress’s
to help with Powell’s occasional SENATE DEMOCRATS’ shadow
off-the-cuff remarks that have climate committee continues its
roiled markets. And it might not work with an eye on being in
help with the nation’s foremost the majority in 2021. Chuck
Fed critic either: Trump has criti- Schumer, Brian Schatz, Sheldon
cized Powell’s decisions no mat- Whitehouse and other senators
ter how they’re delivered. met with financial-sector execu-
tives, including the chief execu-
SAUDI ARABIA ramps up its tives of S&P Global and Moody’s
Washington lobbying in the year in New York last week to press
dents holding favorable views of
the agency.
ON THE BENCH: Justice Brett
Kavanaugh and family were
spotted at Nationals Park on
Tuesday as the hometown team
downed Milwaukee’s Brewers,
4-3. The rookie justice has at-
tended all 12 home playoff

WASHINGTON zona State University for now

and by the heavyweight consul-
recognition of DACA. The Trump
administration says the program
since the murder of journalist
Jamal Khashoggi. The kingdom
them on climate-related financial
disclosures. Next up, a hearing
games in Nationals history, 2012,
2014, 2016, 2017 and this year.

WIRE tancy BGR Group.

Meurmishvili attended Mc-
Cain’s funeral in September
Dispatches from the 2018, where she posed for a
Nation’s Capital photo with Biden that she
posted on Instagram.
BY GABRIEL T. RUBIN CORPORATIONS PUSH BACK
on the Trump administration’s
KURT VOLKER’S BUSY WEEK: attempt to end Deferred Action
The recently resigned State De- for Childhood Arrivals. Amazon,
partment special envoy for IBM and about 140 other major
Ukraine met privately with companies say in a Supreme
House investigators Thursday to Court amicus brief filed Friday
discuss whether President that ending the policy would in-
Trump pressured the Ukrainian flict serious harm on U.S. com-
president into investigating Joe panies and their workers. They
Biden. It’s a life-changing few estimate the cost to GDP of
days for Volker: He’s getting ending protections for immi-
married this weekend. grants who arrived illegally as
isn’t authorized by immigration
statutes. The Supreme Court will
hear a case on DACA’s legality
this term.
WORDSMITH WANTED: The
Federal Reserve seeks a speech-
writer for one of the most heav-
ily parsed policy makers on the
planet. Chairman Jerome Powell
has faced his share of communi-
cations challenges during a ten-
ure marked by skittish markets,
a slowing economy and constant
attacks by President Trump. The
Fed posted the job, which is a
new position, last month and
has hired an outside consultant
to help identify candidates.
The speechwriter is unlikely
spent more than $27 million on
its influence efforts over the
later this month on the fossil
fuel industry’s use of dark
Kavanaugh himself will be back
on the bench Monday, when the
past year, around $11 million money to support climate 2019 Supreme Court term
more than the previous year, ac- change opponents in Congress. opens.
cording to an analysis by the Democrats would need to take
nonpartisan Center for Respon- all three Republican seats cur- MINOR MEMOS: Ukrainian
sive Politics. The majority of the rently labeled tossups by the President Volodymyr Zelensky
money went to the public rela- Cook Political Report, plus one takes a break from geopolitics
tions firm Qorvis MSLGroup. more, to take the Senate. to meet with Tom Cruise; dubs
Other recipients of the lar- him “good looking”…Amy Klobu-
gess include a firm run by for- REPUBLICAN VIEWS of the FBI char says she killed a duck with
mer Republican congressman become more positive after a an errant tee shot the one time
and House Armed Services low point last year. A new Pew she went golfing…Spotted at a
Committee Chairman Buck Research Center poll shows that cooking class in Provence,
McKeon, while some Washing- 66% of Republicans now have a France, last week as the im-
ton firms, including Glover Park positive view of the bureau, up peachment inquiry into Presi-
Group, stopped working with 17 percentage points since July dent Trump was announced:
the kingdom because of intense 2018. Democrats’ approval of the H.R. McMaster, the second of
public pressure and unfavorable FBI has stayed steadier, with Trump’s four first-term national-
press. around three-quarters of respon- security advisers.

Sanders Suffered a Heart Attack

BY ELIZA COLLINS
Trump’s
Online
The Sanders campaign said
Fundraising
Friday that Vermont Sen. Ber-
nie Sanders had a heart at-
Surges
tack earlier this week, dis-
closing more details about the BY ALEX LEARY
health scare that has tempo-
rarily sidelined his presiden- President Trump’s 2020 re-
tial bid. election effort raised $45 mil-
The 2020 presidential can- lion online in the third quarter
didate left the hospital Friday on a surge of small-dollar do-
afternoon. The update on Mr. nations driven by 313,000
Sanders’s health comes two first-time donors, campaign
days after the campaign said officials said.
he had two stents put in a cor- The money, which the cam-
onary artery after suffering paign raised jointly with the
chest pain during a campaign Republican National Commit-
event Tuesday night in Ne- tee, was part of the $125 mil-
vada. lion overall raised in the quar-
“His hospital course was ter. The online amount wasn’t
uneventful, with good ex- previously disclosed and rep-
pected progress. He was dis- resents a 29% increase over
charged with instructions to the second quarter.
follow up with his personal “President Trump’s cam-
physician,” his physicians, Drs. paign and the RNC are setting
CHERYL SENTER/ASSOCIATED PRESS

Arturo E. Marchand Jr. and the field on fire for online

Arjun Gururaj, said in a state- fundraising,” campaign man-
ment. ager Brad Parscale said while
The physicians said Mr. presenting the online numbers
Sanders was diagnosed with a with RNC Chairwoman Ronna
myocardial infarction, other- McDaniel.
wise known as a heart attack, The campaign invested in
after suffering from chest data-collection efforts that led
pains. He was then transferred to sending mass emails and
to Desert Springs Hospital Vermont Sen. Bernie Sanders at a rally last month. He experienced chest pain during a campaign event Tuesday night in Nevada. text messages to supporters.
Medical Center in Las Vegas, One of the emails sent this
where he underwent the pro- been damaged, then he will sive schedule and temporarily The heart attack also high- ing re-elected the following week—seeking donations as
cedure. They said all other ar- have a good long-term recov- pause the first ad buy of the lights the issue of age. Mr. year. small as $5—said: “The Ameri-
teries were normal. ery with no impact on his life cycle. On Thursday the cam- Sanders is the oldest candi- Then-Senate Majority can People deserve to know
Dr. Ashish Pershad, an in- longevity,” Dr. Pershad said. paign announced Mr. Sanders date in the race at 78 years Leader Lyndon Johnson had a the TRUTH about Joe and
terventional cardiologist at He has not treated Mr. Sand- would attend the Democratic old. Mr. Biden is 76, and Ms. heart attack the same year as Hunter Biden, and it’s up to
Banner-University Medicine ers and only knows what has debate on Oct. 15, and it had Warren is 70. The Democratic Mr. Eisenhower. He went on to Patriots like YOU to hold them
Heart Institute in Phoenix, been made public about his reinstated the ad buy in Iowa. nominee will take on President become vice president and accountable.”
said the diagnosis described condition. Mr. Sanders’s health issue Trump, who is 73 years old. later president. He died of a The campaign and the RNC
by Mr. Sanders’s physicians “I feel great, and after tak- temporarily keeps the Ver- Some politicians with a his- heart attack several years af- have jointly raised $107 mil-
implies Mr. Sanders will have ing a short time off, I look for- mont senator off the campaign tory of heart attacks have had ter leaving office. lion online this year. An aver-
a quick recovery and be able ward to getting back to work,” trail when he is struggling to no problem being elected And Dick Cheney had multi- age dollar amount raised for
to return to a busy campaign Mr. Sanders said in a news re- gain momentum against for- president, or vice president. ple heart attacks before be- the recent haul wasn’t pro-
schedule. lease. mer Vice President Joe Biden President Dwight Eisenhower coming vice president. Mr. vided.
“If the squeeze of the heart The procedure caused the and a rising Massachusetts had a heart attack while in his Cheney had a heart transplant
muscle is normal and has not campaign to halt his aggres- Sen. Elizabeth Warren. first term in office, before be- after leaving office.

Warren
Presidential Campaign Targeted by Iran Hackers Brought In
BY DUSTIN VOLZ
AND ROBERT MCMILLAN
from Iran have been on the
rise amid escalating hostilities
$24.6 Million
Microsoft Corp. said that at
this summer between Wash-
ington and Tehran.
For Quarter
least one U.S. presidential The Department of Home-
campaign has been targeted land Security issued an alert BY JULIE BYKOWICZ
by cyberattacks linked to the in June that Iranian cyber ac-
Iranian government, in the lat- tivity was proliferating against Elizabeth Warren said she
est indication that foreign ac- U.S. targets and could turn de- raised $24.6 million for her
tors are interested in poten- structive. Democratic presidential bid
tially disrupting the 2020 In its blog post, Microsoft from July to September, a pe-
election. said the attacks weren’t tech- riod that coincided with the
It didn’t appear that the at- nically sophisticated but re- Massachusetts senator’s rise
tempted intrusion of an un- vealed the hackers were in many national and early
specified presidential cam- “highly motivated and willing primary state polls.
paign was successful, to invest significant time and Ms. Warren continued her
Microsoft said Friday. The resources engaging in research upward fundraising trajec-
company also said that gov- and other means of informa- tory—from $6 million in the
ernment officials and journal- tion gathering” to target po- first quarter to $19.2 million in
PAUL HOLSTON/ASSOCIATED PRESS

ists were targeted by Tehran tential victims. the second—although Vermont

by cyberattacks. Microsoft has turned to Sen. Bernie Sanders raised
The Democratic National court orders in recent years to slightly more than she did in
Committee sent an alert to deter foreign nation-state the most recent three-month
campaigns this week about the hacking groups. period, his campaign said.
attacks, according to a copy of The company has previ- Both have eschewed tradi-
an email reviewed by The Wall ously used a court order to tional big-ticket fundraising
Street Journal. seize 99 websites that Phos- events and aren’t soliciting
“Today Microsoft informed phorous had used in its spear- checks from wealthy donors
us that a nation-state actor is The DNC sent an alert to campaigns this week about cyberattacks linked to the Iranian government. phishing attacks. Microsoft during the primary race. Ms.
attacking accounts of journal- has been tracking the group Warren’s campaign said it has
ists, politicians, and at least by nation-state hackers. all—governments and private the time that such attacks since 2013. about 509,000 individual do-
one presidential campaign,” In a blog post, Microsoft sector—are increasingly trans- could be a precursor to direct Phosphorous, also known as nors, and Mr. Sanders, who
the DNC said in the email, said it had observed during a parent about nation-state at- attacks on campaigns and APT35, is known for launching built a huge network of small
without identifying the hack- 30-day period between August tacks and efforts to disrupt election systems, a trend in re- a large volume of phishing at- donors during his 2016 presi-
ers’ targets. and September more than democratic processes,” Tom cent election cycles in the U.S. tacks, casting a wide net in dential bid, said he has more
The note added that the 2,700 attempts by the sus- Burt, Microsoft’s vice presi- and Europe. hopes of gaining access to an than one million.
Iranian hacking group, which pected Iranian hackers to dent of customer security and The findings are the latest email box that contains sensi- All told, the 10 Democratic
Microsoft calls Phosphorous, identify email accounts be- trust, said in the blog post. indication that foreign govern- tive information. candidates who have shared
was adept at creating believ- longing to specific customers, Microsoft previously an- ments are laying the ground- Election security experts their third-quarter fundraising
able spearphishing emails and and then attacks on 241 of nounced this summer that it work ahead of the 2020 presi- and current and former offi- totals raised about $119 mil-
relied on fake LinkedIn pro- those accounts. had detected nearly 800 cy- dential election to potentially cials have said 2020 presiden- lion.
files to ensnare victims into Of those, four accounts berattacks launched largely disrupt American politics, as tial campaigns remain vulner- Ms. Warren’s campaign said
clicking on malicious links. were successfully hacked, but against political organizations, senior U.S. intelligence offi- able to cyberattacks, despite she had $25.7 million left in the
Microsoft’s findings appear none of them were associated such as nongovernmental cials have repeatedly warned. increased security investment bank as of Monday; most of the
to be the first confirmation with a presidential campaign groups that work with candi- Current and former U.S. of- and awareness caused by the other campaigns haven’t shared
from a major technology com- or current or former U.S. offi- dates or political parties or on ficials and cybersecurity re- Russian hack of Democratic cash-on-hand totals. The first
pany that a 2020 presidential cials, Microsoft said. issues relevant to their cam- searchers have warned in re- emails during the 2016 cam- primary contests are about four
campaign has been targeted “It is important that we paigns. The company said at cent months that cyberattacks paign. months away.
THE WALL STREET JOURNAL.
Senator has wielded her signature skill of explaining complex concepts to rejuvenate her 2020 campaign
BY JOSHUA JAMERSON
AND JULIE BYKOWICZ
Elizabeth Warren saw in
the faces of supporters at
her earliest presidential
campaign events that her
wealth-tax pitch needed
more oomph.
“I wanted ways to make
the point sharper, so they
wouldn’t just understand it,
they’d feel it,” the Demo-
cratic Massachusetts senator
said in an interview.
As the weeks went on, she
began describing her pro-
posed levy on the accumu-
lated wealth of multimillion-
aires as a sort of property
tax on “the diamonds, the
yachts and the Rembrandts,”
a mere 2 cents on the dollar
for the richest of the rich.
That got people’s attention.
Now her crowds—lately
numbering in the tens of
thousands—chant “2 cents”
back to her.
The rebranding of a policy
pitch reflects the core chal-
lenge of Ms. Warren’s run: If
she stays loyal to policy pro-
posals that typically are
more detailed and on a
wider variety of topics than
those of her competitors, she
must find a way to sell them
to millions of potential vot-
ers, trying for her own, pro-
fessorial version of former
President Obama’s “Yes, we
can!” or President Trump’s
“Make America Great Again.”
While they had policy pro-
posals they touted, Mr.
Obama made his life story a
focal point of his campaign
pitch, and Mr. Trump em-
phasized his business back-
ground. To an unusual de-
gree, Ms. Warren is selling
her policies more than her
biography.
It also highlights how she
has worked to hone her sig-
nature skill—reducing com-
plex concepts to digestible
messages—to rejuvenate her
2020 campaign, moving her
from the middle of the Dem-
ocratic pack to the lead in
some state and national
polls.
Ms. Warren’s wealth tax,
announced in January, isn’t
just another proposal. An an-
nual levy of 2% on fortunes
above $50 million and 3%
above $1 billion would pay
for much of the rest of her
platform, including wiping
out more than $600 billion
in student-loan debt. So she
paid extra attention to mak-
ing sure her supporters
bought in.
Effective communication,
of course, is a requisite in
politics. It is an ability Ms.
Warren has refined since her
days as a bankruptcy re-
searcher decades ago, when
she learned that blogging
and appearing on “Dr. Phil,”
a talk show, advanced her
views on the credit industry
more effectively than show-
ering politicians with data.
The policy-focused strat-
egy carries risks. Swaths of
voters, particularly if she
makes it to a general elec-
tion, won’t be swayed by the
70-year-old former Harvard
law professor’s liberal argu-
ments, no matter how they
are packaged, and some of
Ms. Warren’s supporters
worry she isn’t street-fighter
tough enough to take on Mr.
Trump.
Primary rivals have
pounced on the question of
whether the senator can fire
up the broader electorate
with a package of ideas. For-
mer Vice President Joe Biden
told donors in Houston last
month, “We need more than
plans. We need a president.
We need someone who can
execute a plan.”
Yet Ms. Warren’s myriad
Impeachment Debate Overtakes Democratic Campaign Agendas
BY GERALD F. SEIB
Former Vice President Joe
Biden took the stage at a
campaign event in Nevada on
Wednesday night and de-

clared defi-
antly: “I’m not
going any-
THIS where.”
WEEK Normally,
that would be
an odd state-
ment from the leading Demo-
cratic presidential candidate.
But Mr. Biden’s statement, di-
rected explicitly at President
* * * *
How Warren Honed Her Message
Elizabeth Warren at the Iowa State Fair in August, and some of her supporters, below, in Iowa last month. She taught at the University of Pennsylvania in the early 1990s.
proposals have taken on a
life of their own, becoming a
meta fixture of her cam-
paign. “Plan for that” T-
shirts and signs blanket her
rallies.
Ms. Warren said she uses
her experience as a teacher
to read the audience and
gauge whether she is captur-
ing attention. Recalling a
January campaign speech at
an Iowa brewery, she said, “I
remember delivering the
line, ‘Corruption, and we
need to call it what it is,’ and
the entire room floated. And
that’s when the nickel
dropped for me. Let’s talk
about it, open and plain. No
one needs an explanation.
They get it.”
Ms. Warren’s journey from
University of Texas law pro-
fessor with a slightly conser-
vative bent to liberal public
figure began in the early
1980s. She and two col-
leagues at the time lugged a
portable scanner to court-
houses across the country to
catalog bankruptcy filings.
Before embarking on her
research, she has said, she
tended to agree with what
she describes as the prevail-
ing narrative of the time:
that people who filed for
bankruptcy were mainly irra-
tional spenders looking to
walk away from their debts.
Jay Westbrook, one of her
early bankruptcy-project col-
laborators, said their re-
search dispelled that notion
Trump “and his hatchet men,”
was a sign of how much the
impeachment debate began to
cast a large shadow over the
presidential race this week,
which is proving a mixed
blessing for Democratic presi-
dential contenders.
The president, of course,
spent the week railing against
impeachment proceedings
launched against him over his
efforts to pressure the gov-
ernment of Ukraine to pro-
vide damaging information
about Mr. Biden. In fighting
impeachment, Mr. Trump and
POLITICS
and changed her broader
economic view. “She sees
most things, including prob-
lems of health care, through
the prism of bankruptcy,”
Mr. Westbrook said. Their
1989 book, “As We Forgive
Our Debtors,” made the case
that, more often than not,
filers were ill-equipped to
handle unforeseen financial
burdens such as health
scares and job losses.
Critics said the academics
had cherry-picked data and
pointed to their use of 1981,
a recession year, as a flaw
that made families seem
worse off than they typically
are. But the book trans-
formed Ms. Warren into a
sought-after financial-media
source. As Congress debated
what was behind the rise in
bankruptcy filings through-
out the 1980s and 1990s, Ms.
Warren reprised her court-
his allies have been arguing
vociferously that Mr. Biden is
the one who should be inves-
tigated, for his actions over-
seeing Ukraine policy in the
Obama administration, while
his son Hunter Biden had a
lucrative position with a
Ukrainian energy company.
That is what led the for-
mer vice president to fight
back in Nevada, saying,
“You’re not going to destroy
me. And you’re not going to
destroy my family.”
A Ukrainian official earlier
this year said he had no evi-
house-based work, but with
a twist: She wrote up the
findings with her daughter,
rather than fellow profes-
sors, aiming for a general
audience.
Jo Ann Miller, the editor
of their 2003 book, said Ms.
Warren wanted to reach
families who wouldn’t have
read her academic work with
the message that “it’s not
your fault.” The publisher
gave her media training and
booked her on NBC’s “To-
day” show. Soon after, she
became a repeat guest on
CBS’s “Dr. Phil,” dispensing
financial tips to audience
members.
The show’s host, Phil
McGraw, said Ms. Warren
was captivating as a guest,
but he advised her to refine
her message. Her later work
“meets people where they
are instead of asking them to
dence of wrongdoing by Mr.
Biden or his son Hunter.
Still, Mr. Biden will find it
hard to avoid being pulled
into the impeachment conver-
sation. Moreover, there now
is a danger for all the Demo-
cratic candidates that im-
peachment will consume so
much oxygen that they find it
hard to draw attention to
their own initiatives.
The Biden campaign dis-
covered that this week as
well. Mr. Biden put out a de-
tailed, 11-page proposal for
gun control, embracing an as-
Saturday/Sunday, October 5 - 6, 2019 | A5
meet her where she is. And
at that point, she became a
much more powerful connec-
tor, in my view,” he said.
A 2006 documentary that
was critical of the credit in-
dustry portrayed Ms. Warren
as its central truth-teller,
and her April 2009 appear-
ance on “The Daily Show”
with Jon Stewart culminated
with him praising her call
for stricter banking regula-
tions as “financial chicken
soup for me.”
In a little over a decade,
Ms. Warren has parlayed her
policy work and ability to
market it into a political ca-
reer—as Congress’s watch-
dog for the government’s
program to save banks dur-
ing the recession, as the ar-
chitect of the Consumer Fi-
nancial Protection Bureau,
and as a two-term U.S. sena-
tor.
Todd Zywicki, a George
Mason University bankruptcy
law professor and longtime
critic of Ms. Warren’s re-
search, said her political
savvy boosted her academic
career. “She is really good at
using stories and summa-
tions to advocate the bene-
fits of her various plans
while basically obscuring
their costs and unintended
consequences,” he said.
There are political, legal
and practical obstacles to a
wealth tax, for example. Tax-
payers who face the tax
would look for ways to avoid
paying it, and it is virtually
guaranteed there would be
disputes about the value of
illiquid assets, such as art or
businesses. Some economists
believe such a tax would
squelch growth. Ms. Warren
doesn’t go into these details
at her campaign rallies.
Ms. Warren initially talked
about her wealth-tax pro-
posal by comparing a
teacher without savings to
someone who receives “pas-
sive income” from inherited
money.
She gradually refined her
pitch further, debuting the
“2 cents” language in April
in New Hampshire.
That phrase has the con-
text she wanted, she said:
“Everyone in America has
held two pennies, has spent
two pennies, has gotten two
pennies back in change.”
sault-weapons ban, a volun-
tary buyback of assault weap-
ons and universal background
checks for gun buyers, among
other things. Yet the initiative
attracted relatively little at-
tention amid the screams
about impeachment.
Nor was Mr. Biden the only
candidate who found im-
peachment inescapable. Sen.
Elizabeth Warren, also arriv-
ing in Nevada, found herself
chased through the Reno air-
port by a band of Trump sup-
porters shouting, “Don’t im-
peach!”
FROM TOP: DANIEL ACKER/BLOOMBERG NEWS (2); LEIF SKOOGFORS/CORBIS/GETTY IMAGES
Elizabeth Warren’s
Wealth-Tax
Timeline
How the senator’s language
about it evolved to the “two
cents” slogan she uses today
JAN. 24, 2019
In an MSNBC interview,
Massachusetts Sen. Elizabeth
Warren used passive income
to explain her wealth-tax pro-
posal. “The person who’s sit-
ting on $300 million has some
passive income coming off
those that they’re going to
pay some taxes on.”
JAN. 28
In an MSNBC interview,
Ms. Warren used the prop-
erty-tax comparison for the
first time. “Middle-class Amer-
ica has been paying a wealth
tax forever. It’s called a prop-
erty tax on their principal ac-
cumulation of wealth, which is
their home.”
MARCH 9
Ms. Warren, in a town hall
in Birmingham, Ala., incorpo-
rated the “property tax” line
for the first time on the
stump. “You’ve been paying a
wealth tax every year. They
just call it a property tax.
What I want to include for the
millionaires and the billionaires,
how about if we just include
in their property taxes the
Rembrandt, the diamonds and
the yachts?”
APRIL 13
In a town hall in Concord,
N.H., Ms. Warren used “two
cents” for the first time. “On
the 50 millionth and first dol-
lar, you got to pay two cents,
and for all the ones above
that.”
AUG. 10
Ms. Warren engaged with
the audience in a “two cents”
chant at the Iowa State Fair.
WARREN: “You make it
that big, pitch in two cents so
everybody else in this country
gets a chance to make it. Two
cents! Two cents!”
AUDIENCE: “Two cents!”
WARREN: “Two cents!”
AUDIENCE: “Two cents!”
Impeachment “ratchets up
attention” to Mr. Trump, says
Democratic pollster Mark
Mellman. And that, he adds,
“necessarily further limits the
ability of both presidential
candidates and congressional
Democrats to get other mes-
sages across.”
The best chance to rise
above the din may come at
the Democrats’ next debate,
in Ohio on Oct. 15. The na-
tional party said this week
that the debate will include a
dozen candidates onstage to-
gether—the largest field ever.
A6 | Saturday/Sunday, October 5 - 6, 2019
Ukraine
Sweated
Over Probe
Continued from Page One
was announced that Energy
Secretary Rick Perry would be
attending his inauguration in-
stead of Vice President Mike
Pence.
Most worrying, for a coun-
try that depends on its strate-
gic alliance with the U.S. to
help fend off Russian aggres-
sion, the Ukrainians learned
long after the fact that Wash-
ington had decided to withhold
nearly $400 million in ap-
proved military assistance.
“This is a damaging mess
for Ukraine,” said Pavlo Klim-
kin, Ukraine’s foreign minister
until the end of August. “It has
always been a key point of
Ukrainian foreign policy to
show we have U.S. support. We
can’t afford to lose that.”
This account shows how
events looked from the Ukrai-
nian side—in particular how
the administration in Kyiv felt
under pressure to accede to
White House’s wishes.
It is based on multiple in-
terviews with current and for-
mer Ukrainian government of-
ficials; consultants close to
members of Mr. Zelensky’s in-
ner circle; current and former
U.S. diplomats; and internal
documents produced in con-
nection with the U.S. congres-
sional impeachment inquiry.
Mr. Zelensky’s difficulties
were magnified by his lack of
familiarity with U.S. politics.
Famous inside Ukraine for his
television sitcom role as a his-
tory teacher who accidentally
becomes president, he was
elected by a landslide largely
for his distance from a political
establishment laboring under a
cloud of corruption and self-
dealing.
After becoming a front-run-
ner, he took a crash course in
civics, getting tutored on the
function of institutions like the
World Bank and the Interna-
tional Monetary Fund, one per-
son close to him said.
For years, Mr. Giuliani and
others close to Mr. Trump had
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Ukrainian President-elect Volodymyr Zelensky at his inauguration, above. Top aide Andriy Yermak, below, dealt with U.S. officials.
blamed Ukraine for bad press
during the 2016 U.S. election.
They accused the previous
Ukrainian administration of
Petro Poroshenko of spreading
allegations of financial crimes
by Mr. Trump’s onetime cam-
paign chief, Paul Manafort,
when he worked there as a po-
litical consultant.
Before the latest election,
Mr. Giuliani met with Ukraine’s
top prosecutor, Yuriy Lutsenko,
according to a person familiar
NY
U.S. NEWS
ing by Joe Biden or his son.
Messrs. Trump and Giuliani
have alleged that the senior
Mr. Biden helped lobby for the
ouster of a previous Ukrainian
prosecutor to protect his son
from an investigation. That
prosecutor was dismissed by
parliament in the face of a
NEMESH YANOSH/EPA/SHUTTERSTOCK
broad criticism by Western
countries for not being tough
enough on corruption. Mr. Bi-
den has called the accusations
against him lies and distor-
tions.
After Mr. Zelensky’s election
on April 21, Mr. Giuliani an-
nounced his plans to come to
Kyiv, press his investigation
and meet the new president.
with the matter. Mr. Lutsenko After the new administra-
told Mr. Giuliani he thought tion demurred, Mr. Giuliani
there were unanswered ques- told Fox News in May that the
tions about the role of the for- new president had surrounded
mer vice president’s son, himself with “a group of peo-
Hunter Biden, at Ukrainian gas ple that are enemies of the
company Burisma Holdings president…in some cases ene-
Ltd., where he had accepted a mies of the United States.”
board seat in 2014, this person Mr. Giuliani took aim in par-
said. No allegations of wrong- ticular at Serhiy Leshchenko,
doing about Hunter Biden have an adviser to Mr. Zelensky who
been made public, and Mr. publicized financial documents
Lutsenko has since said there purported to relate to Mr.
was no evidence of wrongdo- Manafort, who was later con-
victed and jailed for 7½ years
on tax and bank fraud, among
other crimes. Mr. Leshchenko,
a former journalist, said he left
Mr. Zelensky’s team to reduce
the chance of provoking the ire
of Mr. Trump and his allies.
After his election, Mr. Zel-
ensky got a congratulatory
phone call from Mr. Trump,
who made general reference to
the need to fight corruption in
Ukraine, without mentioning
Mr. Biden or Mr. Giuliani, ac-
cording to people close to the
situation.
There were signs of possible
displeasure. Mr. Zelensky’s
team was told Mr. Pence would
attend his inauguration. In-
stead, he got Mr. Perry, a cabi-
net member relatively low in
the pecking order.
At the start of his adminis-
tration, Mr. Zelensky’s admin-
istration was eager to clinch a
White House summit to show
Washington’s support. Mr. Zel-
ensky’s administration was
hoping for a quick turnaround,
and aides were aiming for a
June or July meeting.
“Zelensky was a bit of-
fended; he was asking, ‘Why is
it not happening?’” an official
close to the situation said.
Before Mr. Zelensky’s inau-
guration in May, Deputy Assis-
tant Secretary of State George
Kent advised members of the
incoming team around the
president to avoid making Mr.
Giuliani any promises, accord-
ing to people in the U.S. and
Ukraine.
Formal diplomatic channels
were soon disrupted. Mr.
Trump fired the U.S. ambassa-
dor in Kyiv, Marie Yovanovitch,
whom Mr. Trump would later
Mr. Trump’s personal lawyer, Rudy Giuliani, wanted information about Joe Biden and his family.
* ***** THE WALL STREET JOURNAL.
draining the swamp in Ukraine,
a reference to a popular Trump
refrain.
The 40-minute conversation
ended with Mr. Zelensky men-
tioning he stayed “at the
Trump Tower” and promising
President Trump he would
look into the Burisma case and
talk to Mr. Giuliani.
When the Ukrainian leader
hung up the phone, many of
those huddled around him
were jubilant. One flashed a
thumbs up.
“Phone call went well,” Mr.
Yermak texted Mr. Volker, add-
ing that Mr. Trump had asked
Mr. Zelensky to choose dates
for a White House visit, ac-
cording to the messages re-
leased by Congress.
Little more than a week
later, Kyiv followed up on its
SERGEY DOLZHENKO/EPA/SHUTTERSTOCK
promise to meet with Mr. Giu-
liani, sending Mr. Yermak, the
Zelensky adviser, to Madrid for
a meeting. In an interview, Mr.
Giuliani described Mr. Yermak
as “very receptive” to their
conversation. Mr. Yermak told
Mr. Giuliani the Ukrainian
president didn’t want to get
embroiled in U.S. politics, a
person familiar with the con-
versation said.
call “bad news” in a phone call Days after the Madrid meet-
with the Ukrainian president. ing, Mr. Yermak texted Mr.
Mr. Trump ordered her re- Volker to say that once a date
moval after months of com- for a Washington summit was
plaints from allies outside the set, the Zelensky administra-
administration, including Mr. tion could announce a “vision
Giuliani, that she was under- for the reboot of US-UKRAINE
mining him abroad and ob- relationship.” That relation-
structing efforts to persuade ship, he wrote, would include
Kyiv to investigate the Bidens, “Burisma and election med-
The Wall Street Journal has dling in investigations.”
previously reported. The two sides couldn’t
Ms. Yovanovitch didn’t re- agree on the language of an
spond to requests for com- announcement. On Aug. 16, Mr.
ment. People close to her dis- Yermak shared a draft of a
puted that she did anything statement on those topics with
wrong and defended her work. Mr. Volker, according to Mr.
Kurt Volker, then the U.S. Volker’s testimony to the
government’s special represen- House released this week. The
tative to Ukraine, began laying draft didn’t mention Burisma
the groundwork for a longer or the 2016 elections. Mr. Giu-
phone call between Messrs. liani pushed back, and the U.S.
Trump and Zelensky, where it side emphasized the need to
was clear to participants that include those references. Ulti-
Mr. Giuliani’s investigations mately, Mr. Yermak rejected it,
would be on the agenda. saying Ukraine didn’t want to
After having breakfast with be seen as intervening in the
Mr. Giuliani in July, Mr. Volker 2020 U.S. elections.
messaged U.S. Ambassador to When news broke that Mr.
the European Union Gordon Trump had blocked hundreds
Sondland, another political ap- of millions of dollars in mili-
pointee under Mr. Trump. tary aid for Ukraine, stunned
“Most impt is for Zelensky officials in Kyiv frantically
to say that he will help investi- called contacts in the State De-
partment and the Pentagon to
learn the reason.
Some Ukrainian officials
‘Most impt is for surmised that there may have
Zelensky to say that been a technical budgetary
reason for the holdup. Others
he will help thought it could be that the
investigation.’ U.S. is halting foreign aid in
general. And some thought it
was a personal decision of Mr.
Trump.
gation—and address any spe- The revelations about the
cific personnel issues—if there July phone call and the release
are any,” Mr. Volker said in the of a rough transcript by the
text, which was released this White House caught Mr. Zel-
week by Congressional Demo- ensky’s team by surprise.
crats. Earlier this month, while
Unbeknown to Mr. Zel- seated next to Mr. Trump dur-
ensky’s team, a fresh blow had ing a press conference, Mr. Zel-
already landed on U.S.-Ukrai- ensky said that he didn’t feel
nian ties. In July, Mr. Trump pressured by Mr. Trump.
asked his acting chief of staff, “Only my son, who is 6
Mick Mulvaney, to place $391 years old, can put pressure on
million in aid to Ukraine on me,” Mr. Zelensky said.
hold. With Ukraine now thrust
If Washington intended to firmly into the middle of a par-
deliver a message, it didn’t tisan fight in Washington, the
land. Mr. Zelensky had no am- Ukrainian president and his
bassador in Washington, and team are playing for time.
other channels of communica- Ukraine’s prosecutor general
tion had broken down. announced this week it would
On the morning of July 25, look at a number of investiga-
hours ahead of the phone call tions that had been closed un-
between the U.S. and Ukrainian der previous administrations,
presidents, Mr. Volker reached including 15 connected to the
out to senior aide Andriy Yer-
mak with advice on how to
navigate the call.
owner of Burisma and others.
Mr. Biden wasn’t mentioned by
name.
“Heard from the White The prosecutor stressed
House—assuming President Z that the reviews weren’t con-
convinces Trump he will inves- nected to political pressure
tigate/”get to the bottom of and that the move was part of
what happened” in 2016, we a broader evaluation of what
will nail down date for visit to his predecessors had done in
Washington,” he wrote. the past.
On the Ukrainian side, ad- “Now, they are confused,
visers weighed in on how to don’t want to take sides,” said
handle the U.S. president. One the adviser to Mr. Zelensky’s
official suggested Mr. Zelensky administration. “They are ask-
tell President Trump that he is ing everybody what to do.”
JONATHAN ERNST/REUTERS
THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, October 5 - 6, 2019 | A7

U.S. NEWS

Ukraine Aid Delay Alarmed GOP Senator

BY SIOBHAN HUGHES the Wisconsin senator recalled phone call with Mr. Sondland
AND REBECCA BALLHAUS in an interview Friday. Mr. the day before Mr. Johnson
Johnson said he told the presi- spoke to Mr. Trump. Under the
A Republican senator said he dent he had learned of the ar- arrangement, Mr. Johnson said
was told by an American diplo- rangement from Mr. Sondland. Mr. Sondland told him, Ukraine,
mat in August that the release Mr. Johnson’s account, cou- under its new president, would
of U.S. aid to Ukraine was con- pled with text messages among appoint a strong prosecutor
tingent on an investigation de- State Department officials re- general and move to “get to the
sired by President Trump and leased Thursday, show some bottom of what happened in
his allies, but Mr. Trump denied Trump administration offi- 2016—if President Trump has
pursuing any such proposal cials—including Mr. Sondland that confidence, then he’ll re-
when the lawmaker pressed and a top U.S. diplomat in lease the military spending,”
him on it. Kyiv—believed there was a link recounted Mr. Johnson.
Sen. Ron Johnson said that between Mr. Trump’s July deci- “At that suggestion, I
Gordon Sondland, the U.S. am- sion to hold up the aid to winced,” Mr. Johnson said. “My
bassador to the European Ukraine and his interest in reaction was: Oh, God. I don’t
Union, had described to him a Kyiv’s launching new probes. want to see those two things
quid pro quo involving a com- A week after Mr. Trump or- combined.”
mitment by Kyiv to probe mat- dered that hold on aid, he In the call, Mr. Johnson said

AMBER ARNOLD/ASSOCIATED PRESS

ters related to U.S. elections asked Mr. Zelensky in a phone he also asked Mr. Trump if he
and the status of nearly $400 call for help with two matters: could be authorized to tell the
million in U.S. aid to Ukraine an investigation of Joe Biden Ukrainians that support was
that the president had ordered and one related to a conspiracy coming. “He did not give me
to be held up in July. theory regarding interference that authority,” Mr. Johnson
Alarmed by that informa- in the 2016 U.S. election. The said in a separate interview
tion, Mr. Johnson, who sup- request to investigate Mr. Bi- Wednesday. He said Mr. Trump
ports aid to Ukraine and is the den, a potential 2020 opponent assured him: “I hear what
chairman of a Senate subcom- of Mr. Trump, has led to the you’re saying; you’ll probably
mittee with jurisdiction over impeachment inquiry by House Sen. Ron Johnson said the U.S. ambassador to the EU told him aid to Ukraine was tied to a probe. be happy with my decision.”
the region, said he raised the Democrats, who argue that the Mr. Trump and his allies
issue with Mr. Trump the next president is unduly using the ambassador job last year, didn’t vestigations the president was the back and forth by text.” have pushed the notion that,
day, Aug. 31, in a phone call, power of his office for his polit- respond to a request for com- seeking. “I think it’s crazy to Days later, the hold on the contrary to the conclusion by
days before the senator was to ical aims. ment through a spokesperson. withhold security assistance for aid was lifted amid growing U.S. intelligence and by former
meet with Ukraine’s president, The White House didn’t re- Mr. Johnson’s account of Mr. help with a political campaign,” pressure from Congress. special counsel Robert Mueller
Volodymyr Zelensky. In the call, spond to a request to comment. Sondland’s description of the Mr. Taylor wrote. Mr. Taylor couldn’t be that Russia interfered in the
Mr. Trump flatly rejected the Speaking to reporters Friday, conditions placed on aid to Mr. Sondland responded by reached to comment. 2016 election on Mr. Trump’s
notion that he directed aides to Mr. Trump again denied a con- Ukraine runs counter to what disputing Mr. Taylor’s asser- In the interview Friday, Mr. behalf, forces in Ukraine
make military aid to Ukraine nection between his efforts to Mr. Sondland told another dip- tion. “I believe you are incor- Johnson said his concern over worked with Democrat Hillary
contingent on a new probe by press Ukraine and his hold on lomat a little over a week later. rect about President Trump’s the status of the aid was Clinton’s campaign, unsuccess-
Kyiv, Mr. Johnson said. aid to the country. On Sept. 9, Bill Taylor, a top intentions,” he wrote. “The sparked by a news article about fully. No evidence has emerged
“He said, ‘Expletive de- Mr. Sondland, a former hotel U.S. diplomat in Kyiv, in a text President has been crystal clear it. Mr. Johnson said he learned to support that theory.
leted—No way. I would never executive and major Trump do- message to Mr. Sondland also no quid pro quo’s of any kind.” of the potential arrangement —Alex Leary
do that. Who told you that?’ ” nor who was confirmed to the linked the hold on aid to the in- He added: “I suggest we stop involving military aid through a contributed to this article.

Democrats Seek Documents From White House and Pence

BY SIOBHAN HUGHES Intelligence, Foreign Affairs
AND ANDREW RESTUCCIA and Oversight committees on
Friday asked Mr. Pence to pro-
WA S H I N G T O N — H o u s e vide documentation related to
Democrats leading an im- Mr. Trump’s calls on April 21
peachment probe subpoenaed and July 25 with Ukrainian
the White House and asked President Volodymyr Zelensky,
Vice President Mike Pence for including communications
documents related to Presi- among officials at several fed-
dent Trump’s policy toward eral departments.
Ukraine, opening up a new The panels subpoenaed the
front in the investigation White House for similar infor-
stemming from the president’s mation, following through on
request that Kyiv probe presi- a threat made after the Trump
dential candidate Joe Biden. administration had refused to
The chairmen of the House hand over documents volun-
tarily. Since Sept. 27, Demo-
crats have subpoenaed Secre-
tary of State Mike Pompeo and
Mr. Trump’s personal lawyer,
Rudy Giuliani and deposed one
former State Department offi-
cial, while also requesting re-
cords from Mr. Pence.
The committees also are
seeking from Mr. Pence infor-
mation about all other phone
calls, meetings, visits, or other
communication involving
Messrs. Trump and Zelensky,
along with details about Mr.
Trump’s decision not to attend
Mr. Zelensky’s inauguration or
send Mr. Pence in his place but
to instead send Energy Secre-
tary Rick Perry. The commit-
tees asked Mr. Pence to pro-
vide the documents by Oct. 15.
The chairmen also warned
that noncompliance could con-
stitute “obstruction of the
House’s impeachment inquiry
and may be used as an adverse
inference against you and the
President.”
The vice president’s office
called the requests a distrac-
tion. “Given the scope, it does
not appear to be a serious re- recent days, though people fa-
quest but just another attempt miliar with the discussions
by the Do Nothing Democrats cautioned it remained in draft
to call attention to their parti- form and could change.
san impeachment,” said Katie The pending White House
Waldman, Mr. Pence’s press letter is expected to echo a
secretary. separate letter House Minority
The White House is also Leader Kevin McCarthy (R., Ca-
drafting a letter to House lif.), an ally of Mr. Trump’s,
Speaker Nancy Pelosi aimed at sent earlier this week to Mrs.
challenging her approach to Pelosi. He called on the House
the impeachment inquiry, ad- speaker to halt the impeach-
ministration officials said. ment inquiry until she clarifies
White House lawyers and how she will proceed, including
other officials have been pri- whether she will hold a House
vately discussing the letter in vote authorizing the effort.

Firm Paid
Billions to
Sacklers
SETH WENIG/ASSOCIATED PRESS

Continued from Page One

due’s board.
Purdue and the Sacklers
have broadly denied allega-
Federal Legislative
tions. The company has moved
in recent weeks to halt the liti-
gation, including through the
company’s recent bankruptcy
Representative Services
filing, which stopped the law-
suits from moving forward.
Closely held Purdue, of
The U.S. District Court in White Plains, N.Y. where Purdue Pharma
filed for bankruptcy in September. For Investments
Stamford, Conn., is trying to filings in bankruptcy court op- need.” He also said the distri-
extend the same protection posing Purdue’s request to ex- bution amounts cited by the The California Public Employees’ Retirement System is seeking
against further litigation to its tend chapter 11 protections to consultant don’t reflect taxes
controlling family. Sackler family members. that were paid on them, or that proposals from qualified firms with demonstrated expertise
The company also secured In one filing, states including they were reinvested in busi-
support last month from some California and New York argued nesses that will be sold in the
in providing effective representation in Washington, D.C. The
states and local governments that shielding the Sacklers proposed settlement. potential contractor should have experience working with public
for a deal to resolve many of would make it harder to deter- A spokeswoman for heirs to
the lawsuits. Purdue values the mine their true liability and im- co-founder Dr. Mortimer Sack- employers, a strong understanding of public retirement plans,
settlement at $10 billion to $12 pede a successful settlement. ler declined to comment.
billion. Under the terms, Sack- News of how much Purdue No member of the Sackler
financial markets, corporate governance, and familiarity with
ler family members would con- sent to Sackler family members family remains on Purdue’s the California Congressional Delegation.
tribute $3 billion toward the could bolster resistance to the board nor holds any position at
agreement. proposed settlement from cer- the company any longer. For
A contribution from the tain prosecutors. North Caro- years, Sackler family members
Sacklers is considered crucial lina Attorney General Josh held board seats and served in To view the CalPERS Federal Legislative
to resolving the claims, but Stein said his cases against senior management roles at the
fixing a sum has been compli- Purdue and the family should company.
Representative Services for Investments
cated by uncertainty around be allowed to proceed, particu- The Sackler family’s wealth Request for Proposal No. 2019-8700:
how much they have collected larly because of the Sacklers’ enabled members to make mil-
from Purdue. The drugmaker lions of dollars in charitable Visit the CalPERS website at https://www.calpers.ca.gov/
has argued in court filings that contributions over the years to
without halting the lawsuits
A proposed opioid institutions such as New York’s page/about/doing-business-with-calpers/bid-opportunities
against the family, the pro- Metropolitan Museum of Art
posed settlement package may settlement has faced and Columbia University, bur- to see if the solicitation is of interest to you and follow the
be taken off the table. nishing their reputations as process to register.
The proposal has faced
pushback from global philanthropists. As liti-
strong pushback from mostly several states. gation mounted, however, re-
If the solicitation is of no interest to you, you can register as a
Democratic attorneys general cipients have stopped accepting
in some two dozen states, in- donations from the Sacklers. CalPERS eBusiness Partner in specific business categories and
cluding New York and Massa- Among the allegations
chusetts. Some have said the wealth. against family members who will be notified when a solicitation is posted in that category.
family should contribute more “The Sackler family is trying owned Purdue, first made by
to compensate communities to take advantage of the fact New York state, are they alleg-
Please visit our website at https://www.calpers.ca.gov/page/
for the costs of drug addic- that they’ve extracted nearly all edly siphoned money from the about/doing-business-with-calpers.
tion. the money out of Purdue and company when they knew or
The Massachusetts Attorney pushed the carcass of the com- should have known it couldn’t
General’s office had alleged in a pany into bankruptcy,” Mr. cover its liabilities. Laws
lawsuit that family members Stein said Friday. “That’s unac- against such transfers are Please reference the Request for Proposal
received payments totaling ceptable.” meant to prevent owners from
more than $4 billion from April Daniel Connolly, an attorney looting companies and leaving
for the Final Filing Date.
2008 to 2016. The estimate was for the heirs to Purdue co- some or all of their creditors
based on minutes from a Pur- founder Raymond Sackler, said less to recover.
due board meeting. that halting the lawsuits Last month, New York al-
The new, larger sums were against the family would allow leged that it had uncovered
mentioned during a deposition
last month of a restructuring
the Sacklers to focus on giving
up ownership of Purdue and
about $1 billion in wire trans-
fers by the Sacklers and cor-
Serving those who serve California
consultant from the firm Alix- contributing funds toward a porate entities, including
Partners LLP hired by Purdue. settlement “rather than on liti- though Swiss bank accounts.
States, cities and North gation that will waste resources A family representative didn’t
American Indian tribes cited and delay the deployment of provide a comment about
the deposition in their recent solutions to communities in these allegations.
A8 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

WORLD NEWS
Hong Kong Mask Ban Triggers Clashes
Government invokes posed to the local economy,
closed around 1.4% lower.
emergency measures The chief executive said
to end protests; that even though she was us-
ing emergency laws, Hong
subway shut down Kong wasn’t in a state of
emergency. She said she be-
BY NATASHA KHAN lieved the new measure would
AND JOYU WANG create a deterrent effect
against masked violent pro-
HONG KONG—Street battles testers and will assist police
raged across Hong Kong and with law enforcement.
the city’s subway operator “We need to save Hong
suspended its entire network Kong’s present and its future,”
late Friday as the govern- said Mrs. Lam. “Making this
ment’s move to invoke emer- decision was not an easy deci-
gency measures and ban peo- sion. But with the current situ-
ple from wearing masks at ation, it was a necessary one.”
protests triggered a backlash. Under the law, those who
Chief Executive Carrie Lam wear masks at public gather-
invoked the British colonial- ings with more than 50 people
era law for the first time in 52 and marches with over 30 peo-
years, saying it was a deter- ple face up to 12 months in jail
rent to social unrest that and a fine of more than $3,000.
posed a serious public danger. As well, anyone who refuses to
The ban on people wearing take off a mask at the request
masks at public gatherings of police in a public area faces
and unlawful assemblies a fine of around $1,300 and up
would be punishable by as to six months in jail. The regu-

LAUREL CHOR/GETTY IMAGES

much as one year in prison. lation applies to masks made of
After the law was an- any material—including paint—
nounced, lawlessness returned that cover a person’s face.
in many districts around the Exceptions would be made
city as clashes broke out be- for people using masks for
tween police and protesters. professional, religious or
Demonstrators set fires out- health reasons, according to
side subway entrances and People protested the ban in Hong Kong on Friday. Wearing a mask in a public gathering is now punishable by as much as one year in prison. the regulations.
vandalized Chinese banks, The city’s beleaguered po-
while police fired volleys of whether the shot hit anyone. jected an attempt by a pair of legislature and could lead to march to oppose the law was lice force, along with pro-Bei-
tear gas in several areas. Many protesters wore masks pro-democracy activists to de- greater restrictions on peo- called for Saturday afternoon. jing groups, had called for of-
The city’s subway operator, at Friday’s protests, as they lay its imposition, saying the ple’s freedoms. “This entire movement ficials to use the law so they
MTR Corp., in explaining the have done during the past four government had the right to “What she’s done is alarm- started off because of a law could better tackle protests.
shutdown, cited destruction months to avoid being identi- impose such rules and citing ing and dangerous—she’s Hong Kong people didn’t agree Mrs. Lam last month
and arson in multiple stations fied, with some also wanting to the backdrop of violence and pouring fuel on the fire,” said with, and now Mrs. Lam is us- pledged to withdraw an unpop-
and said some of its staff had protect themselves from tear escalating disorder. Emily Lau, a former chair- ing an even harsher law to an- ular extradition law that trig-
been injured. gas fired by riot police amid The full emergency law woman of the Democratic swer to those disagreements gered mass street protests in
A 14-year-old boy was shot widespread and violent clashes. gives the government sweep- Party. “Once you open up Pan- in society,” said a civil servant early June. The move failed to
in the leg by police in the The movement is targeting ing powers that include allow- dora’s box, where does it end?” surnamed Lam. quell unrest as protesters con-
northern district of Yuen Long, the city’s government and po- ing authorities to impose cur- News of the mask ban Mrs. Lam has been under in- tinued to pursue further de-
local media reported. Police lice force as well as Beijing, fews, censor media, and take spurred street demonstrations creased pressure to contain the mands, including a judge-led
later said an officer who was which protesters say is exert- control of ports and all trans- at lunchtime Friday. After the protests, which are hammering independent inquiry into al-
out of uniform and attacked by ing more influence in the port, although the ban on announcement, thousands more tourism and retail sales and leged police brutality, pardons
protesters fired a gunshot in semiautonomous Chinese city. masks was the only measure poured onto streets across the sending Hong Kong’s economy for those arrested at rallies and
self-defense in Yuen Long. A Just before midnight when imposed Friday. Opponents city, many dressed in office or hurtling toward recession. The greater democratic freedoms.
spokeswoman said she didn’t the ban was to come into said the use of emergency ex- ordinary clothing, chanting Hang Seng HK35 index, made —Wenxin Fan
have any information on force, a High Court judge re- ecutive powers bypasses the “Hong Kong people, resist!” A up of stocks particularly ex- contributed to this article.

Starbucks Cafes Are Targeted by Activists in City

BY LUCY CRAYMER ment on the situation. Companies can also face
AND HEATHER HADDON Maxim’s got in trouble for retribution if they seem insuf-
comments made by its ficiently supportive of Bei-
At a recent rally in Hong founder’s eldest daughter, 71- jing’s interests. Hong Kong’s
Kong, protesters smashed the year-old Annie Wu Suk-ching, flagship airline, Cathay Pacific
glass front of a Starbucks and another prominent Hong Airways Ltd., replaced its CEO
cafe, dragged some of its Konger in a speech at the and chairman and fired dozens
chairs into the street and United Nations Human Rights of employees after some staff-
lounged around in them as Council in Geneva. ers took part in protests and
they watched the demonstra- The offending remarks: that China reacted by threatening
tion unfold. protesters don’t represent the to bar access to its airspace.
It was a targeted attack. city, and that the police have Starbucks has supported
Another Starbucks in a nearby been justified in using rubber liberal causes in the U.S., mak-
shopping complex in the same bullets and tear gas to control ing it an unlikely target. There
outlying neighborhood of Tuen the crowds. are about 200 Starbucks loca-
Mun was boarded up, its win- Maxim’s has said the tions in Hong Kong and neigh-
dows shattered. Stores around founder’s daughter isn’t an boring Macau.
the two cafes were untouched. employee and hopes all parties All Starbucks outlets in
YUSHU48466542

The Seattle coffee chain has will resolve their differences Hong Kong are operated by
become a flashpoint for anti- so the city can get back to Maxim’s, which has had a rela-
government activists in Hong normal. It wouldn’t comment tionship with Starbucks for 19
Kong. The problem is with the further. years and operates the chain’s
company’s local franchisee, A fire burned inside a Starbucks in the Hong Kong neighborhood of Wan Chai on Friday. The protesters’ reaction franchise in parts of Southeast
Maxim’s Group, a Hong Kong- highlights the risk companies Asia. Starbucks owns its 4,000
based food and beverage con- Amid antigovernment pro- At the University of Hong Chan, who in mid-September face of falling on the wrong cafes in mainland China.
glomerate that protesters say tests Friday night, a fire Kong, a large poster spoofing created a petition on side of Hong Kong’s sharpen- While Maxim’s operates
is an apologist for Beijing. burned inside a Starbucks in the chain’s logo by turning it Change.org demanding Star- ing political divide. many other restaurant chains
Across the city, Starbucks the neighborhood of Wan red and proclaiming “Commu- bucks withdraw the Hong Executives across the city and bakeries in Hong Kong
Corp. cafes have been spray Chai. The cafe’s front doors nists Coffee” was set in front Kong company’s right to oper- are bracing for the worst if and is the local franchisee for
painted with profanity and had been shattered, and its of the entrance Friday to dis- ate its franchise. The online one of their employees, man- American brands Shake Shack
plastered over with posters. fire alarm clanged as sprin- courage people from going in. petition has so far drawn more agers or owners expresses an Inc. and Cheesecake Factory
Protesters have called for a klers popped on. Protesters “We don’t hate Starbucks, than 54,000 signatories. opinion that manages to of- Inc., Starbucks has been a
boycott. gathered outside to watch. we hate Maxim’s,” said Chris Starbucks declined to com- fend either side. more prominent target.

India’s Central Bank Lowers

Travel the Globe With
China

Rates as Outlook Deteriorates

The Wall Street Journal BY ERIC BELLMAN
AND VIBHUTI AGARWAL
and National Geographic
NEW DELHI—India’s central
Explore the world on one of ive extraordinary expeditions,
Colombia
bank cut its key lending rate to
each hosted by renowned experts from National Geographic a nine-year low and slashed the
and The Wall Street Journal. Wherever you choose to travel, South Africa country’s growth forecast as
Asia’s third-largest economy
you’ll discover remarkable insights on efforts underway
struggles with a surprising
to bring about a better and more sustainable future for slump in consumer demand.
communities around the world. The Reserve Bank of India
lowered its rate to 5.15% from
Israel and the West Bank: The Future of Innovation 5.40% on Friday, its fifth rate
South Korea
Amid Conlict reduction in a row. It also sig-
March 5–15, 2020
nificantly cut its growth predic-
tion for the year ending March
Colombia: The Future of Sustainable Peace 31, 2020, to 6.1% from 6.9%.
The RBI said economic indi-
March 27–April 6, 2020
cators have it more worried
South Korea: The Future of a Society at a Crossroads about growth than about retail
Israel and the West Bank
April 12–22, 2020 inflation, which has been below
China: The Future of a Global Economy
4%. “The continuing slowdown
warrants intensified efforts to
May 13–24, 2020
restore the growth momen-
South Africa: The Future of Art in Society tum,” the RBI said.
June 16–26, 2020 The bank said it would con-
tinue with an accommodative
stance as long as necessary to
LEARN MORE: revive growth.
888-205-5621 | natgeoexpeditions.com/wsj Caps on New Delhi’s spend-
ing, debt-laden companies,
*Copyright © 2019 National Geographic Partners, LLC. All Rights Reserved.
NATIONAL GEOGRAPHIC EXPEDITIONS and the Yellow Border are trademarks of National Geographic Society and used with permission.
thrifty consumers and growing
© 2019 Dow Jones & Co., Inc. All Rights Reserved. 3DJ8083 global trade tensions slowed
India’s gross-domestic-product
The Reserve Bank of India has
cut its key lending rate five
times this year.
8.0%
7.5
7.0
6.5
6.0
5.5
5.0
2015 ’16 ’17 ’18
Source: Reserve Bank of India
growth to 5.0% in the June
quarter, a six-year low, catching
the central bank by surprise.
The government has rushed
to implement measures to rein-
vigorate investment and con-
sumption, including merging
struggling banks, lowering cor-
porate taxes and opening up
some sectors to more foreign
investment. However, these
measures—even with the help
of lower interest rates—are un-
likely to boost the economy un-
til confidence returns to the
country, economists said.
“What’s required are more
measures to revive demand,”
said Upasna Bhardwaj, senior
economist at Kotak Mahindra
Bank in Mumbai. “It will be a
slow grind.”
Consumer confidence is fal-
tering as wage growth slows,
unemployment creeps up and
more well-known companies
and lenders buckle under debt
loads. Auto and motorcycle
sales have plunged and other
industries reliant on consumers
are complaining of a slowdown.
’19
An important indicator will
be the results of the e-com-
merce sales that mark the start
of the Diwali shopping season.
The season, which runs for
about a month, usually accounts
for about a third of retailers’
annual revenue.
Early indicators suggest the
biggest online retailers are
headed for new sales highs but
that overall online sales growth
may have slowed.
 THE WALL STREET JOURNAL.
U.K. Says
It Will Hew
To No-Deal
Brexit Ban
BY MAX COLCHESTER
LONDON—The U.K. govern-
ment said in a submission to a
Scottish court Friday that it
would respect a law forcing it
to request a three-month ex-
tension to the Brexit negotia-
tions if a divorce deal isn’t
reached with the European
Union by Oct. 19, significantly
reducing the chances that
Britain will leave the bloc
without a deal at the end of
this month.
Prime Minister Boris John-
son had repeated this week
that Britain would leave the
EU on Oct. 31 whether or not
there is a deal with the EU.
The government Friday de-
clined to comment on the case,
but several ministers have pre-
viously said the government
would respect the law.
Mr. Johnson’s statements
promising an Oct. 31 exit—
even if a deal to ease the ex-
pected disruption isn’t agreed
upon—prompted the case in
Scotland, led by a pro-EU cam-
paigner. It seeks a ruling to
ensure the government re-
quests a delay if there is no
agreement with the EU.
The law the case is seeking
to uphold, known as the Benn
Act, was passed last month by
rebel and opposition lawmak-
ers in Parliament in a signifi-
cant defeat for Mr. Johnson.
He ousted 21 rebel Conserva-
tive lawmakers from the party
for voting to pave the way for
that vote.
Mr. Johnson this week pre-
sented fresh proposals to se-
cure an agreement with the
bloc, but the ideas have re-
ceived a lukewarm response
from Brussels, leaving diplo-
mats skeptical that a deal can
be signed this month. Mr.
Johnson is scheduled to holds
talks with other EU leaders in
coming weeks before a possi-
ble crunch summit in Brussels
on Oct. 17.
SILVIA IZQUIERDO/ASSOCIATED PRESS
INCINERATED: A family walks past the remains of a bus that was set on fire during overnight violence
in Rio de Janeiro’s Costa Barros neighborhood. An armed dispute over territory between criminal
factions on Thursday left at least three people dead and six wounded, and seven buses torched.
IRAQ
At Least 17 Protesters Oil’s Strength Helps
Are Killed in Baghdad Narrow Trade Deficit
Security forces opened fire di-
rectly at hundreds of antigovern-
ment demonstrators Friday in
central Baghdad, killing at least 17
protesters and injuring dozens.
The latest deaths raised the
number of people killed in clashes
during ongoing protests to 59.
Neither the government nor
demonstrators appear willing to
back down from unrest that has
presented the most serious chal-
lenge for Iraq since the defeat of
Islamic State two years ago.
Spontaneous rallies, which be-
gan Tuesday, started as mostly
young demonstrators took to the
streets demanding jobs, improved
services like electricity and water,
and an end to corruption.
In an attempt to curb massive
rallies, authorities blocked the in-
ternet and imposed an around-
the-clock curfew in the capital.
But the protesters gathered be-
fore noon near Tahrir in defiance
of the curfew.
Following Friday prayers, the
number of protesters grew to
more than 1,000 and forces
opened fire in side streets to pre-
vent more people from reaching
the square, which was sealed off.
—Associated Press
* * * * * *
France Opens Terror Investigation
BY MATTHEW DALTON
AND NOEMIE BISSERBE
PARIS—French authorities
say a recent convert to Islam
who worked in intelligence at
the Paris police headquarters
killed four of his colleagues in
an assault Thursday that they
are now investigating as a pos-
sible terrorist attack.
Police shot and killed the at-
tacker after he stabbed five po-
lice employees with a ceramic
knife, killing four of them. The
attacker worked for the police
since 2003 and converted to Is-
lam about 18 months ago,
French officials said. Police
searched his house Thursday,
and his wife was questioned by
police.
If confirmed as a terrorist
assault, the stabbing would
represent a stunning security
breach in one of the most sen-
sitive divisions at French po-
lice. Investigators on Friday
were examining whether the
attacker compromised police
intelligence operations and had
links to known terror groups, a
French official said.
France has stepped up secu-
rity across the country follow-
ing repeated attacks by Isla-
mist extremists in recent years,
posting machine-gun-toting po-
Ousted Conservative Runs for Mayor of London
BY MAX COLCHESTER
LONDON—Rory Stewart, a
Conservative lawmaker who
was expelled for rebelling
against his party’s Brexit
plans, said Friday that he will
run for the role of London
mayor, the latest sign of a
shake-up that is rippling
through British politics.
Mr. Stewart was one of the
21 Conservative lawmakers
ousted by Prime Minister Boris
Johnson for voting to extend
talks to prevent Britain from
leaving the European Union
without a deal this month.
His decision to step down
as a national lawmaker and
run as an independent candi-
WORLD WATCH
CANADA
Canada recorded a smaller-
than-expected trade deficit with
the rest of the world in August
as prices for crude-oil exports
moved higher. A sharp rise in
aircraft exports also contributed
to the narrowing of the deficit.
Canada posted a merchandise
trade deficit of 955 million Cana-
dian dollars (US$716 million),
Statistics Canada said. Market
expectations were for a C$1.05
billion deficit, according to econ-
omists at TD Bank.
The previous month’s data
were revised to show Canada had
a trade deficit of C$1.382 billion,
compared with the earlier esti-
mate of a C$1.124 billion deficit.
Exports rose 1.8% in August
to C$50.58 billion, following a re-
vised decline of 0.8% in the pre-
vious month and a 5.3% drop in
June. In volume terms, exports
edged down 0.2% in August.
Meanwhile, imports climbed
1% to C$51.54 billion, after a re-
vised 1.5% advance in the previ-
ous month. In volume terms, pur-
chases from abroad rose 1.2%.
Canada’s monthly trade re-
port covers the sale and pur-
chase of merchandise goods.
—Kim Mackrael
WORLD NEWS
Security personnel guarded Paris on Thursday after a recent convert to Islam killed four police officers.
lice officers and soldiers to pa-
trol sensitive areas.
That clampdown has done
little to address the possibility
of extremist threats from
within police ranks. Authorities
have quietly grappled with that
danger, in a few cases prose-
cuting suspected extremists
who have worked for the force.
In 2017, France created a
special service charged with in-
date for London’s city hall in
next year’s election sees the
departure of yet another cen-
trist pro-European lawmaker
from Britain’s Parliament.
“I’m leaving that Gothic
shouting chamber of Westmin-
ster,” Mr. Stewart said in a
video filmed next to the River
Thames and posted on his Twit-
ter account. “I’m getting away
from a politics which makes me
sometimes feel as though
Trump has never left London.”
The 46-year-old has an un-
usual background for a mod-
ern politician. A former tutor
to Prince William, he wrote
books on his experiences walk-
ing across Afghanistan and
serving as a deputy governor
ARCTIC SEA
New Research Camp
Will Rest on Ice Floe
Scientists have chosen an ice
floe on which to begin setting up
a research camp for a yearlong
international expedition to study
the Arctic, Germany’s Alfred We-
gener Institute said.
Researchers found a suitable
floe measuring about 2.5 kilome-
ters by 3.5 kilometers (1.5 miles
by 2.2 miles) in the Arctic Sea
north of Russia that will serve as
a base for the mission, the insti-
tute said.
“It may not be the perfect floe,
but it’s the best one in this part
of the Arctic, and offers better
working conditions than we could
have expected after a warm Arc-
tic summer,” it quoted mission
leader Markus Rex as saying.
Choosing the right floe is cru-
cial to allowing the expedition
vessel RV Polarstern to drift with
the current throughout winter,
when an icebreaker wouldn’t nor-
mally be able to penetrate so
deeply into the central Arctic.
The expedition involves hun-
dreds of scientists from 19 coun-
tries. Their aim is to collect data
to improve the models that un-
derpin their understanding of the
Arctic and climate change.
—Associated Press
vestigating radicalization
among candidates for the po-
lice and other sensitive public-
sector jobs. And a special divi-
sion was created within the
police inspector general’s office
to detect radicalization among
police employees who have
converted after being hired.
These services followed
around 30 cases of suspected
radicalization in the French na-
Rory Stewart was one
of the 21 lawmakers
Boris Johnson had
expelled over Brexit.
for two Iraqi provinces.
After going into politics, he
voted in 2016 against Britain
leaving the EU and has since
become an advocate for ensur-
ing the country doesn’t quit
without a deal. He voted three
times for the Brexit deal nego-
tiated by Mr. Johnson’s prede-
cessor, Theresa May.
This summer, Mr. Stewart
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in these services are rare but
they do exist,” according to the
report.
The attacker in Thursday’s
stabbing was a 45-year-old in-
formation technology worker in
the intelligence division at
Paris police headquarters in the
heart of Paris, near Notre Dame
Cathedral. People visiting that
vast administrative building
are screened with metal detec-
tors before entering. The area
was quickly evacuated and
sealed off after the attack.
The suspect killed three men
CHRISTIAN HARTMANN/REUTERS
in the intelligence unit—two of-
ficers and one administrative
assistant—and then stabbed
two female police employees as
he attempted to flee, French
authorities said. One of the
women died and another was
wounded in the shoulder, they
added.
France has been on high
tional police and gendarmes, alert since the January 2015 as-
according to a report on radi- sault at the offices of the satiri-
calization in the public sector cal magazine Charlie Hebdo. Is-
published by the French legis- lamic State militants killed 130
lature in July. The head of the people across the Paris region
Paris police testified to law- in November 2015, followed by
makers that his intelligence an attack on the Nice prome-
services were following around nade that left 86 people dead
15 employees for suspected in July 2016. Most recently, an
radicalization. extremist shot three people to
“Vigilance should not wane, death at Strasbourg’s Christ-
because cases of radicalization mas market in December.
ran an unusual campaign to showed a hollowing out of
succeed Mrs. May, which was moderates from the ruling
dubbed “Rory Walks.” Mr. Conservative Party at a time
Stewart spent several weeks they should be holding firm.
strolling around the U.K., be- “Last rites are being read
ing filmed greeting voters and for moderate One Nation con-
at one point holding a rally in servatism,” said lawmaker
a circus tent. He came fifth in Nick Boles, who quit the Con-
the leadership race. servatives earlier this year.
Following a frenzied month Mr. Johnson has repeatedly
in British politics, in which the pushed back at the idea that
government failed in its at- the Conservatives are moving
tempt to suspend Parliament to the right. This week he used
and ousted a host of Conser- a speech in Manchester to re-
vative lawmakers from the affirm the Conservatives’ cen-
party, Mr. Stewart said he trist values. Conservative law-
wanted to show that politics maker Shailesh Vara tweeted:
could be done a different way. “Diehard Remainers leaving
Some lawmakers greeted the Conservative Party doesn’t
Mr. Stewart’s decision with make the Party any less One
disappointment, saying it Nation.”
Intense hues. Fancy color. Opulent
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diamonds total 0.86 carat and are
all GIA certified as natural fancy
diamonds. Set in platinum with 4.77
carats of white diamonds. #30-9705
A10 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

OBITUARIES
KENNETH MASON E R I C P L ES KOW
1922 — 2019 1924 — 2019

Quaker Oats President World War II Refugee

Ran Hollywood Studios
Defended Cap’n Crunch BY JAMES R. HAGERTY job at the same company and
learned some film editing.

W
hile serving in the U.S. United Artists, impressed by
BY JAMES R. HAGERTY tended the Asheville boarding Army in Germany at the his experience in Germany, in
school, where he performed in end of World War II, 1951 sent him to South Africa to

A
s president of Quaker Oats plays, edited the literary magazine Eric Pleskow was asked by an of- persuade theater owners there to
Co. in the 1970s, Kenneth and played varsity tennis. ficer whether he could run a film show the studio’s movies. At a
Mason’s job included de- He studied English at Yale Uni- studio near Munich, taken over party in South Africa, he met Bar-
fending the company from con- versity and graduated in December by Allied forces. bara Black, an airline stewardess,
sumer-protection groups arguing 1942. While serving in the U.S. Mr. Pleskow, then 21 years old, who became his wife.
that its sugary Cap’n Crunch ce- Army in France during World War was a Jewish refugee from Aus- He thrived as a salesman and
real rotted children’s teeth and II, he won a Bronze Star for cap- tria who had lived in New York was transferred to Frankfurt and
was generally bad for their health. turing the killer of a military po- and worked briefly at a film stu- later Paris to run European oper-
He pointed to what he saw as a liceman, according to his family. dio before joining the Army. De- ations for the American studio.
bigger threat to children. Satur- After the war, he worked for an spite his slight experience, “I fig- He then worked for United Artists
day-morning cartoons on televi- advertising firm headed by Earle ured I’d say yes,” he recalled in a in the U.S. and rose to CEO, re-
sion, he said, were rotting their Ludgin, a brother of his stepfather. 2014 oral history recorded by the porting to Arthur Krim, the chair-
minds. Mr. Mason proposed that He ditched that job in 1951 to Jewish Historical Society of Fair- man, in 1973. One of his early de-
the commercial-TV networks team travel in Mexico, where he wrote field County, Conn., “because cisions was to make a film
up to produce higher-quality stories for Woman’s Day and other what’s the big deal? If I can’t do version of Ken Kesey’s novel “One
shows. For its part, Quaker Oats magazines. He returned to adver- it they’ll get rid of me, but Flew Over the Cuckoo’s Nest,” re-
would support televised warnings tising and was a partner in a Chi- they’re not going to execute me.” jected by other studios.
against excessive consumption of cago ad agency in 1962 when So began an improbable ascent Messrs. Krim and Pleskow
sugar on shows featuring ads from Quaker Oats hired him as its ad- in the movie industry. Mr.
cereal makers, he promised. porter visited him in 1981, Mr. Ma- vertising director. Pleskow steered the Bavarian film
Mr. Mason, a maverick who died son said he finally had time to When he became president in studio away from Nazi propa-
Sept. 4 at the age of 97, retired study and read. “I’m frankly specu- 1976 of Quaker, now part of Pep- ganda and into production of
He offered this advice:
early, in 1979. He wanted time to lating on life, so there’s some look- siCo Inc., cereal makers were un- news reels to “re-educate” Ger- ‘Try everything. Say yes
ponder business ethics and pursue ing out the window,” he said. der attack for encouraging children mans about democratic values,
his love of literary writing. One of In a 1979 essay for Business to gobble down sugar-laden treats. according to Andrea Ernst, who
to everything. Don’t be
his short stories—“The Adulter- Week, he rejected the view that At a Federal Trade Commission wrote a biography of Mr. Pleskow afraid of a challenge.’
ers,” a coming-of-age tale involv- businesses existed only to make hearing in 1977, Mr. Mason said a in German. His experience in Ger-
ing cross-dressing and a teenage profits: “What a dreary and de- banana contained more sugar than many led to an offer to work for
boy’s discovery of the complica- meaning view of the role of busi- a serving of Cap’n Crunch. “Of all United Artists Corp. He eventu-
tions of romantic love—was in- ness and business leaders in our the uses of sugar in diet,” he said, ally rose to chief executive at that grew frustrated by what they saw
cluded in an anthology published society! Making a profit is no more “using it to get a child to eat studio company and later at as meddling in the studio’s opera-
by the Iowa Review. the purpose of a corporation than breakfast instead of skipping it al- Orion Pictures Corp. tions by the owner of United Art-
He remained a director of getting enough to eat is the pur- together is one of the best.” The plucky immigrant, who ists, Transamerica Corp. In 1978,
Quaker Oats and also served on pose of life.” In a February 1979 interview died Oct. 1 at age 95, was in- they and others left to form what
the boards of the chemical com- with the Chicago Tribune, he esti- volved in making award-winning became Orion Pictures, where Mr.

T
pany Rohm & Haas Co. and Harper he youngest of three sons, mated that children under 12 movies including “Rocky” and Pleskow served as CEO.
& Row Publishers Inc. Director he was born Kenneth Rosen- watched four to six hours of TV a “Annie Hall.” Orion made Oscar-winning films
fees, plus his pension, allowed him berg on March 2, 1922, in day. “By the time a child in Amer- including “Amadeus,” “Platoon,”

H
and his second wife, Cherie, a for- Asheville, N.C. He changed his last ica today reaches college age, he e was born Erich Pleskoff “The Silence of the Lambs” and
mer advertising executive, to live name to Mason before joining the will have spent more time watch- on April 24, 1924, in Vi- “Dances With Wolves.” In financial
first in a remote northern Minne- Army, following the lead of an ing television than in school or in enna. His father, of Cri- terms, the studio was less success-
sota lake cabin and, after that older brother who made the same church or in the waking company mean descent, was a salesman. ful. It filed for protection under
home burned down in 1983, on switch in an effort to avoid anti- of his parents,” he said. “I think it His mother was a seamstress. A federal bankruptcy law in Decem-
Deer Isle, Maine. Semitism. is appalling that this society, as brother, Herbert, died before the ber 1991. Mr. Pleskow retired from
Television networks didn’t take His father, Ralph Rosenberg, wealthy as ours is, is putting this family left Vienna. the company a few months later.
up his proposal to collaborate on was a lawyer, part-owner of a lum- kind of junk on commercial televi- The family left Austria in Au- Mr. Pleskow’s wife, Barbara,
more enriching children’s shows, ber business and president of the sion for children.” gust 1939, departing on what Mr. died in 2009. He is survived by
and the internet later exposed congregation at a synagogue in Mr. Mason is survived by his Pleskow later called “virtually the two children and four grandchil-
children to a greater variety of Asheville. He died of tuberculosis wife, Cherie Lee Mason, and a last train” out of the country be- dren. For his grandchildren, Mr.
horrors. Even so, Mr. Mason had when Kenneth was 6. daughter, Shelley Mason. fore the outbreak of World War Pleskow offered this advice: “Try
taken a stand and jumped off what His mother, Elsa, later married a II. In New York, his mother found everything. Say yes to everything.
he called the corporate treadmill. Chicago furniture-company execu-  Read a collection of in-depth work sewing curtains for a film Don’t be afraid of a challenge. Try
When a Fortune magazine re- tive, Abel Ludgin. Kenneth at- profiles at WSJ.com/Obituaries studio. Young Eric, then 16, got a to be honest in a dishonest world.”

WORLD NEWS

South Africa Wrestles Over Zulu King’s Domain

Government considers dissolving monarch’s landholdings as part of effort to widen property ownership
BY GABRIELE STEINHAUSER The King's Land
AND AAISHA DADI PATEL
Through a trust, Zulu King Goodwill Zwelithini controls land
covering nearly a third of the South African province of
JOZINI, South Africa—In
KwaZulu-Natal.
her battle to secure the
rights to her dusty home- Ingonyama Trust land
stead, Hluphekile Mabuy-
akhulu has joined a small
Maputo
group of South Africans Detail Mbabane
squaring off with a powerful MOZ.
landlord: the king of the SOUTH ESWATINI
Zulu nation. AFRICA
A 1994 deal sealed in the
GULSHAN KHAN FOR THE WALL STREET JOURNAL

Jozini
final days of the apartheid
government gave King Good-
will Zwelithini, the ruler of
South Africa’s largest ethnic SOUTH AFRICA

group, control of more than

11,000 square miles of land,
some 2.9 million hectares, a KWAZULU-NATAL
property nearly the size of
Maseru
Maryland. Through a private
trust, King Zwelithini is one of LESOTHO
Indian Ocean
the world’s biggest individual Durban

landowners and landlord to

more than 5.2 million South Hluphekile Mabuyakhulu, left, fears her children won’t inherit the land she has lived on for decades.
Africans, almost one-tenth of Zulu King Goodwill Zwelithini said he would fight against proposals to redistribute his land. 100 miles

the country’s population. 100 km

But now, the 71-year-old erty rights of people who

king’s hold over the territory have often lived on the land Source: Ingonyama Trust
is under question as part of a for generations and have lit-
broader effort by South Af- tle means to pay. less sought to protect cus- ness and residential leases
rica’s government to widen “I never knew that one tomary laws and traditions. and royalties from mining
land ownership among its ma- day I would have to pay for Polygamy is legal for mem- companies operating on its
jority poor and black people. living on this land,” said Ms. bers of certain ethnic land, the trust recorded reve-
Two government-spon- Mabuyakhulu, 77 years old. groups, including the Zulus, nue of 129 million rand ($8.5
sored reports have recom- She said she was pressured and the country has 11 offi- million) for the year ended
KIM LUDBROOK/EPA/SHUTTERSTOCK

mended dissolving the Ingo- into signing a lease with the cial languages taught in March 31, 2018.
nyama Trust—named from trust in 2012, and is one of schools and used in govern- The board’s chairman, Je-
the Zulu word for king—and seven individual claimants in ment communications. rome Ngwenya, said the in-
either transferring owner- the suit. Traditional leaders receive come mostly goes to paying
ship to the state or giving The lawsuit is led by the government salaries for ad- offices, staff and suppliers.
individual title deeds to the Council for the Advancement ministering civil matters. Claimants in the lawsuit
land’s inhabitants. of the South African Consti- Among those leaders, King against the trust say they
The proposals, which tution and the Rural Women’s Zwelithini stands out for his haven’t benefited from the
would offer no compensation Movement, two progressive political influence and wealth. money it receives.
to the trust, have been civil-society groups. A hear- As part of a deal intended to Mr. Ngwenya said the
backed by senior members of ing is scheduled for Nov. 22 on the king’s control over the “The king’s enemies have keep a major Zulu party in leases were an attempt to
the ruling African National at the High Court in Pieter- land, which makes up nearly shown themselves very 1994 elections, the king was combine traditional notions
Congress. President Cyril Ra- maritzburg, the capital of the a third of KwaZulu-Natal, is clearly by saying we must be given control over his prov- of communal land ownership
maphosa hasn’t taken a posi- Zulus’ ancestral province of yet another attempt to force stripped of our blanket, ince’s former “homelands,” with Western legal princi-
tion on what should happen KwaZulu-Natal. Western definitions of own- which is the land of our an- the rural territories reserved ples.
to the land, pledging that To the trust’s opponents, ership on an African society cestors,” King Zwelithini said for black South Africans dur- King Zwelithini has asked
any solution would involve its inclusion in the land de- and root out centuries-old during annual Zulu celebra- ing white-minority rule. all Zulus—South Africa’s
talks with all parties. bate signals the govern- traditions. They say focusing tions in September. The trust’s statute requires largest ethnic group, with
At the same time, the ment’s readiness to tackle on the trust is a distraction The standoff raises com- the king to manage the land around 12 million people—to
trust is facing a lawsuit over problems of poverty and se- from the real issues of a plicated questions over for the benefit of its inhabit- contribute to a fund to de-
its quest to get residents to curity of tenure beyond the country where whites, who South Africa’s national iden- ants, but South Africa’s audi- fend the trust’s land.
sign leases, with rents that deep inequality that persists make up less than 8% of the tity. A liberal democracy tor general has faulted the “From now we are no lon-
increase by 10% a year. The between white and black population, still own 73% of since Nelson Mandela’s elec- trust’s board for not properly ger going to be provoked
suit argues that the con- South Africans. agricultural land, according tion as president in 1994, accounting for its expendi- and keep quiet,” he said last
tracts undermine the prop- To its backers, any attack to estimates by Agri SA. South Africa has neverthe- tures. With income from busi- month.
THE WALL STREET JOURNAL.
Doctors
Limit DNA
Test Results
Continued from Page One
worry about a disease they
may not get.
Some doctors, however, say
it is paternalistic to withhold
information if patients want it.
Several studies have suggested
that most patients want to
learn their own genetic results.
“It’s their body and their
DNA. We have a responsibility
to scientific truth and clear
communication,” including
helping patients integrate re-
sults into their care, said Dr.
Robert Green, a geneticist who
is a professor at Harvard Medi-
cal School. He said doctors
shouldn’t “take the Jack Nich-
olson line, ‘You can’t handle
the truth!’ ”
The debate is heating up as
more large-scale research proj-
ects, along with labs offering
services at ever-cheaper prices,
are performing broad genetic
scans. These scans, often in-
tended for medical studies or
drug development, differ from
the DNA test kits consumers
use at home, which look at a
narrow set of preselected vari-
ants. Mayo this year will begin
sequencing genes for 100,000
patients in one effort.
Many patients volunteer to
have their DNA sequenced at
hospitals for research. Around
1.5 million human genomes had
been sequenced—the process
of scanning through DNA and
deciphering its order—as of
January. The number is pro-
jected to increase to more than
13.5 million by 2023, according
to BCC Research LLC, a mar-
ket-research firm.
How—or if—the findings are
relayed to patients varies
widely, depending on who does
the testing. The Million Vet-
eran Program, a federal ge-
netic-research project that has
enrolled more than 780,000
participants, hasn’t yet re-
turned any individual results.
Instead, the results are used
anonymously in studies.
On the other end, a newly
launched preventive genomics
clinic at Harvard-affiliated
Brigham and Women’s Hospi-
tal, led by Dr. Green, offers
feedback on as many as 3,734
genes. Dr. Green is also a co-
founder and adviser to a com-
pany that does genetic coun-
seling.
In between, studies and
clinics rely on a variety of
measures to decide which re-
sults to return to patients.
Many, including Mayo, use a
list of 59 genes with variants
that the American College of
Medical Genetics and Genom-
ics recommends returning to
patients in some cases.
Weaker links
The list doesn’t include ge-
netic traits that the group
viewed as having weaker links
to disease. It also leaves out
disease-causing gene variants
for conditions for which doc-
tors have no clear options to
prevent or treat, such as amyo-
trophic lateral sclerosis, known
as Lou Gehrig’s disease.
“We are using that as our
anchor,” said Dr. Lincoln Na-
dauld, who oversees an effort
at Intermountain Healthcare,
Utah’s biggest hospital system,
to sequence 500,000 people in
five years with biotechnology
Reggae
Fights
Inflation
Continued from Page One
capital in a sports car while a
singer sings about how infla-
tion targeting can help boost
the economy.
Keep de rates dem low, sta-
ble and intact
So de consumers can buy
more good wit dem cash!
Next up for the central
bank: a single and music video
inspired by dancehall star
Sean Paul’s 2005 hit “Temper-
ature,” featuring what the
bank hopes will become a viral
craze called the Inflation
Dance.
The campaign is the brain-
child of Tony Morrison, a for-
mer hotel talent booker and
television reporter who now
serves as the central bank’s
head of communications. He
says he has wanted for years
to marry reggae and monetary
* * * *
Harvard’s Dr. Robert Green, above, says doctors should share DNA data; Michael Koza, below, was relieved to get his test results.
company Amgen Inc.
Scientists announced they
mapped the human genome in
2003, but researchers are still
figuring out the meaning of
specific genetic traits. Study-
ing the genomes of those diag-
nosed with a disease and their
relatives, researchers can
sometimes make a connection
between gene variants and dis-
ease.
But they can’t always an-
swer a critical question: For a
healthy person with the vari-
ant, how likely is an illness?
Khara Hanlon, a freelance
graphic designer in New York,
got a call in December from
Mount Sinai Health System.
She previously volunteered
blood samples for research.
Mount Sinai was now offering
results of gene screening, she
was told. “I was sort of excited
and also very curious,” she
said.
Her results revealed a
higher risk of breast and ovar-
ian cancer. Her family had a
history of breast cancer, she
said. The ovarian-cancer risk
came as a surprise.
“That was eye-opening to
me and a new worry,” she said.
Her head swam with what she
could now do to reduce her
cancer risks. “I immediately
started thinking, well, then I’m
going to get this surgery and
I’m going to get that surgery.”
policy, and finally got the go
ahead from the administration
of Andrew Holness, elected
prime minister in 2016.
“We wanted to have some
songs about changes to our
foreign-exchange reserves pol-
icy a few years ago, but in the
end decided it was too compli-
cated,” Mr. Morrison says.
“Things like inflation target-
ing, however, are the type of
things that everyone should
know about, and the best way
to reach the people of Jamaica
is through reggae.”
Central banks around the
world are straining to capture
the public’s imagination with
rap videos, festivals and cod-
themed bank notes.
Behind Jamaica’s playful
strategy is a serious goal: to
build public support for a gov-
ernment policy designed to
bring economic stability to a
country that has long been a
financial basket case.
In recent decades, Ja-
maica’s central bank kept in-
terest rates low and printed
money to help the government
finance a budget deficit. As a
result, annual inflation aver-
aged 19.2% between 1990 and
FROM PAGE ONE
After getting the results, she
saw a breast surgeon in August
to consider having a prophy-
lactic mastectomy.
Ms. Hanlon recalls Mount
Sinai told her she would re-
ceive results from her DNA se-
quencing for conditions she
could do something about. “I
remember the word ‘action-
able’,” she said. She said she
would choose to know more of
what her DNA revealed if it
were offered.
“If a doctor knows some-
‘We don’t want to
frighten people,’
says one program
director.
thing about me, it’s not their
call to make whether I should
be able to be told that or not,”
she said. “Even if I couldn’t do
anything medically, perhaps,
that doesn’t mean I couldn’t do
something emotionally or fi-
nancially.”
Mount Sinai in 2016 entered
into an agreement with New
York-based drugmaker Regen-
eron Pharmaceuticals Inc. to
perform genetic sequencing for
more than 30,000 patients.
The hospital system returns
Maria Hitchens, right, and crew demonstrate the ‘Inflation Dance.’
2010, the country suffered pe-
riodic crises, and its economy
grew by only 0.4% a year, on
average, over the past two de-
cades.
In 2013, Jamaica got its
15th bailout from the Interna-
tional Monetary Fund since in-
dependence in 1962. The inter-
national lender handed over $1
billion but demanded a broad
austerity program that in-
cluded freezing government-
employee wages, cutting
spending and raising taxes.
Today, inflation has fallen
to under 4%, debt is lower, the
unemployment rate is at a his-
Saturday/Sunday, October 5 - 6, 2019 | A11
turn some results that aren’t
actionable—meaning the con-
ditions can’t be treated. It is
going slowly, vetting changes
with doctors and ethics advis-
ers.
Geisinger sequences about
20,000 genes for each person.
Its standard report returns re-
sults of 61 genes with disease-
causing variants, a “high and
conservative bar,” said Geis-
inger geneticist Christa Martin,
who is helping oversee its ef-
fort to expand reporting.
Last year, Geisinger began a
program offering certain pa-
tients an option to get infor-
mation about additional ge-
nomic variants known to
increase risks for brain disor-
ders—some of which doctors
can do little or nothing to
treat. The patients all had a
KAYANA SZYMCZAK FOR THE WALL STREET JOURNAL
history of related conditions in
their medical records, includ-
ing bipolar disorder, depres-
sion and intellectual disability.
Nearly 90% wanted results,
the hospital system says. The
rest didn’t respond.
Geisinger surveyed patients
after returning the results and
six months later. News of the
genomic variants relieved guilt
and worry that environmental
circumstances or trauma had
led to their illness, patients
told geneticists. “I think it does
she said. change a sense of self,” said Dr.
The VA is planning two pilot Martin, associate chief scien-
studies to test sharing certain tific officer for Geisinger.
genetic findings with specific Michael Koza was one of
participants whose care could them. He got a call from the
be affected by the results, Dr. hospital in December. “I felt so
Muralidhar said, with the goal relieved,” said Mr. Koza, who
of moving toward broader dis- has a learning disability and
closure. has suffered seizures. The ge-
Caroline Barnes, a 51-year- nomic variant caused both, the
old illustrator who lives in counselor told him. He said he
Brookline, Mass., faced the is glad to have the information,
question a few years ago when though he can’t do much with
she joined a study called Med- it. “There is nothing I can do
Seq funded by the National In- about that missing DNA.”
JESSE NEIDER FOR THE WALL STREET JOURNAL
stitutes of Health, which re-
turned information for around
5,860 genes. It was among Voicing reservations
early efforts to return fuller in- Geisinger’s next decision
formation to patients, working was whether every patient
through their primary-care with these genomic variations
doctors. should be offered the informa-
When results came back, tion, even those with no his-
Ms. Barnes’s doctor walked her tory of illness in their records.
through the implications. Her In April, Dr. Martin faced a
results revealed a slightly ele- room crowded with doctors,
vated diabetes risk, and that patients, ethicists and counsel-
she carried genes for a few re- ors charged with helping Geis-
results for 10 genes with dis- cessive conditions unlikely to inger make such decisions. “Do
ease-causing variants out of affect her descendants. we think we’re ready?” Dr.
the roughly 20,000 genes it “I couldn’t imagine myself Martin asked the committee.
scans for research. not being the recipient of all Some advisers voiced reser-
“We want to do this very the information,” she said. “It’s vations to be considered. What
carefully,” making sure the strange to take someone’s happens when it is someone
hospital has genetic counselors blood, and say, ‘We’re not go- whose life is “perfectly nor-
and doctors prepared to meet ing to share everything with mal?” asked the Rev. Kevin
with patients, said Dr. Noura you that we can learn.’ ” FitzGerald, a bioethics profes-
Abul-Husn, clinical director of The NIH’s All of Us research sor at Creighton University in
the Mount Sinai Center for Ge- program, which began broad Omaha, Neb. “Now, somehow
nomic Health. enrollment of patients last they’ve been genetically
Researchers face growing year, aims to sequence a mil- tainted.” What about the possi-
pressure from patient groups lion genomes of U.S. residents bility some could shift too
to disclose ambiguous informa- to glean genetic links that much blame for their condi-
tion or results for genes tied to could lead to medical ad- tions to genetics, overlooking
diseases that can’t be treated. vances. Officials said they other factors, such as trauma,
A survey completed by 219 re- heard from focus groups that asked Bernard Prusak, a phi-
search participants about 11 participants wanted genetic in- losophy professor at King’s
different types of genetic test formation related to their College in Wilkes-Barre, Pa. “It
results, including some that health. Participants will get re- seems to me that’s probably an
couldn’t be prevented or cured, sults for a certain number of over-simple story.”
found that 72.5% wished to re- genes that could affect health As the group neared a vote,
ceive all of them, according to conditions as well as some Sara Kirkland, a participant in
a 2016 paper in the Journal of other traits. But the program Geisinger’s sequencing effort,
Genetic Counseling. doesn’t currently plan to re- spoke up: “We don’t have a
A decade ago, when the Mil- turn health-related results not right to withhold information,”
lion Veteran Program was be- seen as “actionable.” she said.
ing planned, “it was not the “We don’t want to frighten The group ultimately agreed
norm” for genomic-research people, have them potentially to give results to patients with
projects to return information change medical care, unless the genomic variants if they
to participants, said Suma Mu- we’re really confident in that want them. Notification will
ralidhar, program director for result,” said Brad Ozenberger, halt if patients react poorly.
the Department of Veterans Af- genomics program director for “Am I totally comfortable?
fairs project, which is running All of Us. Those in the program No,” Ms. Kirkland said weeks
broad genetic scans on a lim- will be able to obtain the raw after the decision. “But I’m
ited share of its total partici- data from their whole-genome rarely comfortable with any
pants. “We didn’t have enough scans so they can get it inter- decision we reach because this
information about everything, preted on their own. stuff is really complex. I am
about how to do it, whether Pennsylvania hospital sys- willing to say that it is a re-
the system would be ready,” tem Geisinger has begun to re- sponsible approach to take.”
“A regular man, him want sage on billboards and in ele-
to know what him getting for
his money,” he said. Econom-
mentary schools. He plans to
introduce an inflation-fighting
ics “shouldn’t be a selective cartoon crocodile inspired by
ROBBIE WHELAN/THE WALL STREET JOURNAL
conversation. It should be James Bond. British novelist
public knowledge.” Ian Fleming wrote all of his
In the Red Hills Road sec-
tion of Kingston, Maria Hitch-
ens, a choreographer and
Bond novels in Jamaica.
Earlier this year, Mr. Morri-
son invented a vodka-based
dance teacher, demonstrated cocktail called the Financial
the “Inflation Dance” she cre- Regulation to serve at Bank of
ated for the upcoming music Jamaica events. Instructions
video. The Bank of Jamaica, given to bartenders say it con-
she said, wanted the dance to tains a dash of Angostura bit-
match the lyrics of the song, ters “since regulators are the
which says inflation should be stern type,” and one measure
predictable, stable and low. of simple syrup “because there
toric low and the economy has As the new song recorded must be some incentive.”
grown for 16 consecutive quar- by the singer Denyque blared, In November, Jamaica will
ters. Ms. Hitchens and a local dance exit its IMF assistance pro-
The austerity measures are crew called Flame Team pan- gram. Parliament is debating a
notoriously unpopular. The tomimed a bank teller doling bill that would make its cen-
public has “reform fatigue,” out dollar bills from a pile. tral bank independent of the
much as Greeks did during the We no want it too high elected government, with con-
eurozone crisis, says Marla We no want it too low trolling inflation as its pri-
Dukharan, chief economist at With inflation stable and mary mandate.
Bitt Inc., a financial-technol- predictable The Bank of Jamaica’s new
ogy company that focuses on That’s the way to go governor, former insurance ex-
the Caribbean region. Cause when it high ecutive Richard Byles, says he
On a recent afternoon at People are gonna cry wants to keep making the reg-
Kingston’s Big Yard Studio, Mr. When it’s too low gae videos.
Riley praised the Bank of Ja- The economy can’t grow “You could say I’m a Bob
maica’s effort to explain the Mr. Morrison, who wrote Marley mon, I’m a Usain Bolt
laws of economics to the peo- the lyrics, also is trying to mon, and I’m an inflation-tar-
ple. spread the central bank’s mes- geting mon,” Mr. Byles says.
A12 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

SPORTS
This week California
passed its college
sports “Fair Pay to Play
Act”—Gov. Gavin
Newsom signed the bill
into law, right there on
LeBron James’s barbershop talk
show, “The Shop,” and, as far as I
can tell, the rivers and seas did not
boil, the dead did not rise, and cats
and dogs did not start living to-
gether.
What’s happening in California
has yet to unleash the apocalypse
Bill Murray grimly outlined in
“Ghostbusters.” It won’t even whirl
into action until 2023, three whole
years from now—by then, it’s possi-

KEITH BIRMINGHAM/ZUMA PRESS, RICH PEDRONCELLI/ASSOCIATED PRESS

ble we may be all living in yurts on
Mars, but I doubt it. Newsom’s
signing is not The End of College
Sports As We Know Them.
Let’s clarify a few things. The
California law isn’t forcing colleges
to start lavishing salaries on their
college athletes. Your favorite
school’s quarterback does not get to
wander down to the Chancellor’s of-
fice and pick up a paycheck because
Gavin Newsom said it’s AOK.
Instead, what this law does is
give college athletes—and, it’s im-
portant to note, we’re talking about
all college athletes, men and
women, in big revenue sports, and
sports that make no money whatso-
ever—a right that literally every
other student on campus enjoys:
the ability to make money off their JASON GAY
name, image and likeness.
That means if a videogame
maker wants to start cranking out
videogames with a college point
guard on the cover, well, the video-
game company is going to have to
Separating Truth From Fear
compensate the star point guard.
Same goes if a T-shirt designer
wants to start selling T-shirts with
the point guard’s face on it. Or if a
In the New College Landscape
local car dealership—somehow, we
have all settled on car dealerships Freeing athletes to capitalize on their names doesn’t have to unravel the NCAA
as the hypothetical rainmakers of
college sports—wants to pay that
point guard to appear in a commer- Kelly said the other day. “It doesn’t California Gov. Gavin Newsom signed
cial for its new minivan, the one cost the universities, it doesn’t cost a bill that will allow college athletes
with the 59 cup holders. the NCAA—what it did before is it to make money off their names.
How much are they going to get put restrictions on athletes, and it
paid? That will be up for the athlete no longer does, and I think it’s overarching fear of mega-bucks do-
to settle on with the potential em- progress.” nors with blank checks warping the
ployer. The California law allows for The NCAA does not agree. landscape by funneling money to
the athlete to employ an agent to Though the organization has been players—as if that sort of thing
help in those negotiations. considering a revise to its name/im- wasn’t happening illegitimately for
This right already exists for col- age/likeness rules, NCAA boss Mark eons. (There’s some irony to the no-
lege students who aren’t athletes. If Emmert told the Indianapolis Star tion of trying to preserve the status
you’re in school on a chemistry that the California move is tanta- quo by saying your membership
scholarship, and the local chemical mount to “a new form of profes- can’t be trusted to not exploit the
company wants to hire you for a sionalism, and a different way of rules.)
part-time job, you’re not going to converting students into employ- I get it. Fear sells.
lose your chemistry scholarship. ees.” While that comment hints at I can stand on my soapbox and
Same goes for other non-athletes what the NCAA is really anxious remind everyone that the Olympics
on campus. Tom Herman, the Uni- about—student athletes organizing went through this whole song and
versity of Texas football coach as employees—it’s a bit overheated. dance over amateurism and en-
who’s expressed openness to re- Is Johnny Trombones no longer dorsements, and the Olympics
forming name, image and license viewed as a student because he’s didn’t fall off the face of the earth
rules, put it thusly in a recent com- taking gigs as Johnny Trombones? after making reforms—they got big-
ment: “The first-chair trombonist in This is usually the part of a col- surely a headache for coaches, There’s some theater here, on all ger—but that’s not the kind of rhet-
the jazz band, he can go use his umn like this where I launch into though coaches haven’t seemed to sides—the unveil on LeBron’s show; oric that registers in 2019. Nobody
name, image and likeness all he some dramatic sentence about the mind being able to cash in them- Newsom’s Aaron Sorkin-like flour- gets attention these days for saying:
wants and promote ‘Johnny’s Trom- billion-dollar marketplace of college selves. California’s law will create ish as he preps to sign. (“I don’t I think this is reasonable, and let’s
bones’ if he wants to.” athletics, and how the money has market transparency, and even con- want to say this is checkmate…but see what happens.
Exactly. But while Johnny Trom- gotten too big to ignore, and all the tains a provision to protect existing this is a major problem for the But let’s see what happens. Cali-
bones can cash in on his talent, well-paid adults in the room knew school deals. All that hell-talk NCAA.”) Even more theatrical are fornia is pushing college sports to
Johnny Football can’t. What Califor- this day was coming. But this bill is you’ve been hearing about Nike or the Chicken Littles who see this as do better, other states are in fast
nia’s doing is saying the NCAA can’t not a radical restructuring of the Adidas swooping in and detonating The End. Over the past few days pursuit, and the NCAA still has
punish an athlete for doing something current environment. the market? The California law con- we’ve been treated to all kinds of plenty of time to step in with a rea-
everyone else on campus can do. Does it mean more enforcement tains a provision that prevents a doomsdayism—free marketers sonable reform of its own. The riv-
That’s it. That’s what’s happen- work for schools? Yep. What hap- player from taking a deal that un- freaking out about freeing a market, ers and seas are not boiling, cats
ing. “I think it’s the right thing to pens if one player gets endorse- settles a school’s existing sponsor- states' rights proponents railing and dogs aren’t living together. Yet.
do,” the UCLA football coach Chip ments and nobody else does? That’s ship. against states' rights. There’s an I checked, and I’m pretty sure.

Weather

Vancouver
Vancouver
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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Calgary
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Auburn Controls the Playoff
40s 10s BY ANDREW BEATON
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50s Boise 40s the biggest matchup of the
p s / . Paul
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SCOTT COLEMAN/ZUMA PRESS

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Atlanta Warm Rain the Tigers in an unlikely
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50s 70s tional title picture. That’s be-
Ice cause they traditionally
finish their regular season Auburn’s schedule includes four teams ranked in the top 10.
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today Tomorrow
Lo W Hi Lo W with the Iron Bowl against
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 67 44 t 64 44 pc Frankfurt 56 42 pc 52 43 r Alabama. also misses Florida. championship in the 2013
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 90 73 pc 89 73 pc Geneva 61 45 c 62 45 c But this year, their sched- All of these teams can de- season, the realities of play-
Today Tomorrow Philadelphia 66 53 s 74 64 c Havana 86 70 t 87 70 t
City Hi Lo W Hi Lo W
ule is unusually decisive. It termine their own fates in ing in college football’s
Phoenix 95 69 s 96 69 s Hong Kong 89 80 pc 88 76 t
Anchorage 51 35 r 46 32 c Pittsburgh 68 57 s 73 55 sh Istanbul 69 57 sh 67 58 r begins with Florida this the coming weeks. Auburn is toughest conference have
Atlanta 82 63 pc 82 67 pc Portland, Maine 58 37 s 62 55 c Jakarta 94 75 pc 94 76 pc weekend and continues with the one team that can deter- frequently caught up to the
Austin 97 68 s 97 63 s Portland, Ore. 65 45 pc 71 47 pc Jerusalem 81 58 s 79 62 s the teams they play over the mine everyone else’s in addi- Tigers, who have yet to make
Baltimore 69 58 s 78 64 c Sacramento 83 51 s 86 51 s Johannesburg 85 58 s 84 60 s
Boise 61 34 s 64 38 s St. Louis 77 55 t 69 51 pc London 61 53 c 61 49 r next two months: No. 5 LSU, tion to their own. the playoff in its first five
Boston 59 46 s 67 62 c Salt Lake City 61 39 s 62 40 s Madrid 82 52 s 81 53 pc No. 3 Georgia and No. 1 Ala- This may also determine years of existence.
Burlington 56 40 s 64 57 c San Francisco 77 55 s 81 58 s Manila 89 76 t 90 78 t bama. half of the playoff. The SEC This year, winning just
Charlotte 72 60 c 81 62 c Santa Fe 74 40 s 73 38 s Melbourne 72 65 c 78 53 pc
Chicago 63 50 r 64 48 pc Seattle 62 46 pc 64 51 c Mexico City 75 55 t 75 54 t That means the Tigers is virtually guaranteed at one of these mega-show-
Cleveland 68 60 s 74 53 sh Sioux Falls 60 43 r 62 39 pc Milan 72 51 pc 69 54 pc control one—and possibly least one team. But it also downs could torpedo their
Dallas 92 72 s 93 57 pc Wash., D.C. 70 61 pc 77 66 pc Moscow 50 35 c 41 31 r two—spots in the College has a better than 50% chance opponent’s playoff hopes. If
Denver 67 36 s 62 35 s Mumbai 89 79 t 90 80 t
Football Playoff. of landing at least two the Tigers win all of them,
Detroit
Honolulu
62 56 pc 68 50 pc
87 73 s 86 72 s
International Paris
Rio de Janeiro
63
88
54 sh 63 51 sh
74 s 82 72 s Of the 10 teams most teams, according to Massey- they’d become important in
Today Tomorrow
Houston 92 74 s 90 72 s
City Hi Lo W Hi Lo W
Riyadh 104 81 s 103 81 s likely to make the playoff, Peabody, which says that another way: they’d be in a
Indianapolis 74 59 pc 70 51 t Rome 75 57 sh 74 58 pc
Kansas City 72 45 t 64 43 pc Amsterdam 57 45 pc 51 41 r San Juan 88 80 pc 89 80 t
five come from the South- there’s even a 9% chance prime position for a playoff
Las Vegas 85 61 s 86 63 s Athens 80 65 pc 78 66 s Seoul 74 54 s 73 55 pc eastern Conference. Auburn that three SEC teams make berth of their own.
Little Rock 86 67 pc 86 56 t Baghdad 99 68 s 98 66 c Shanghai 78 64 c 77 65 pc plays four of them. Auburn it. It’s a new twist on the
Los Angeles 83 60 s 85 61 s Bangkok 90 77 sh 90 77 c Singapore 88 79 pc 88 77 c
Miami 88 79 pc 89 76 pc Beijing 66 43 s 64 45 c Sydney 66 59 r 75 62 pc
itself is the fifth. And among This phenomenon isn’t un- most popular words in the
Milwaukee 60 51 r 65 49 s Berlin 50 35 pc 51 34 pc Taipei City 90 76 s 86 75 pc those five SEC teams, Au- usual to Auburn fans. The SEC. The fans of SEC teams
Minneapolis 59 46 r 63 44 pc Brussels 56 47 sh 56 45 r Tokyo 84 70 s 77 66 sh burn is the only one to play team has been ranked in the like to chant “We Want
Nashville 90 68 s 85 58 t Buenos Aires 69 46 s 71 54 s Toronto 54 50 pc 68 49 sh
New Orleans 93 75 pc 90 75 t Dubai 101 86 s 101 86 s Vancouver 58 46 pc 58 50 c
the four others in the regular top 10 at points during each ’Bama!” But this year, not all
New York City 60 53 s 69 64 c Dublin 61 48 r 60 48 pc Warsaw 51 35 c 47 34 pc season. Georgia doesn’t play of the last seven years. But of the best SEC teams get
Oklahoma City 84 58 pc 70 47 t Edinburgh 55 48 r 56 47 r Zurich 57 46 sh 58 45 r Alabama or LSU. Alabama since reaching the BCS ’Bama. They get Auburn.

THE WALL STREET JOURNAL.
THE WEEKEND INTERVIEW with Andrew Brunson | By Adam O’Neal
Turkey’s American Hostage Speaks Out
P
Kansas City, Mo.
resident Trump made
Turkey’s imprisonment
of the American pastor
Andrew Brunson a cause
célèbre, but why was he
arrested to begin with? According
to a Turkish indictment, he sup-
ported terrorist groups and posed
a threat to national security. Ru-
mor had it Mr. Brunson—an Evan-
gelical Presbyterian Church mis-
sionary—maintained nefarious ties
to the Mormons, the Jehovah’s
Witnesses, Kurdish separatists and
the Islamic Gülen movement
Mr. Brunson, 51, has a simpler
explanation. “The initial thing was
to intimidate other missionaries
and have them self-deport,” he
tells me at his apartment. He
imagines someone in Ankara
thinking: “Let’s intimidate local
pastors and believers. If we can do
this to an American, we can do it
to anybody.” Eventually Turkish
President Recep Tayyip Erdogan
took control and the dispute esca-
lated into a major international in-
cident. Mr. Brunson was released
Oct. 12, 2018. His book about the
ordeal, “God’s Hostage,” comes
out Oct. 15.
The Christian missionary
on his ordeal behind bars,
his meeting with Trump,
and his hopes for a turn
away from Islam.
The South Carolina-born pastor
was raised by missionary parents
in Mexico. He taught Sunday
school as a 12-year-old, but he
wasn’t a committed Christian until
the end of high school. “Let’s say I
was smoking a joint or something,
and you’d ask me, ‘What are you
going to do when you are older?’
I’d say, ‘Well, if I survive this pe-
riod of my life, I know I’m sup-
posed to be a missionary,’ ” he re-
calls. “That was what I was called
to do, even though I wasn’t walk-
ing in that direction.” He grew up,
his faith deepened, and he met
Norine, another missionary kid, at
Wheaton College. The couple mar-
ried soon after finishing school
and by 1993 were on their way to
Istanbul.
“We went to Turkey because it
was the largest unevangelized
country in the world,” Mr.
Brunson says. “Everything in Tur-
key, as far as Christian mission is
concerned, is small and fragile.”
Mr. Brunson estimates 1 in 16,000
Turks converts to Christianity.
“There’s a world in need of salva-
tion,” he says, “and I know the
way to salvation, so I must tell
other people.”
The Brunsons settled in the Ae-
gean city of Izmir in 2000. In
2010, after 17 years in Turkey and
short on funds, they started a
church in the red-light district.
The church grew, surrounded by
transsexual prostitutes soliciting
from nearby balconies. “We al-
Kentucky’s Ambulance Cartel Is Afraid of Phillip Truesdell
Phillip Truesdell is
in the nonemer-
gency ambulance
business. When
people are confined
to a stretcher, need
an intravenous bag,
CROSS
COUNTRY or are undergoing
dialysis, they can’t
By Anastasia
simply hop into an
Boden
Uber. They need an
ambulance to get
around. It’s an essential service,
and running the business, Legacy
Medical Transport, has allowed Mr.
Truesdell to keep his son and
daughter employed and close to
home in Aberdeen, Ohio.
Legacy started in 2017 with one
ambulance. Today they have seven
trucks making more than 1,500
trips a year. Now the Truesdells
want to expand the business into
Kentucky, a mile away. But they’ve
been shut out by the existing busi-
nesses there, which enjoy veto
power over any new competition.
Kentucky is a “certificate of need”
state, which means that anyone
who wants to open a new “health
facility” (including an ambulance
business) must obtain permission
from the Kentucky Cabinet of
Health and Family Services. The
process of getting certified is
mostly controlled by the existing
providers.
When someone applies for a cer-
tificate, the state notifies the exist-
ing businesses so they can chal-
lenge it. If an incumbent protests,
the applicant must attend a hearing
and satisfy state officials that the
new business is “needed”—mean-
ing, among other things, that it
PDF DOWNLOADED @MOBILISM.ORG
* * * *
ways treated them with dignity
and respect, because they’re peo-
ple God loves,” Mr. Brunson says.
“They would look after the church,
because they’re up all night.” They
called the police when a gunman
attacked Mr. Brunson in 2011.
Mr. Brunson stresses that their
work was modest but energetic—
from assisting Syrian refugees to
helping start churches around
Turkey. Ankara’s security services
kept tabs on the couple, and work-
ing with Kurdish refugees drew
more attention. The Brunsons
were in the U.S. shortly after gen-
erals attempted a coup against Mr.
Erdogan in July 2016, and they
discussed whether to return. The
Turkish leader was rounding up
KEN FALLIN
enemies, real and perceived—half
a million of them detained since
the coup, with some 30,000 still
behind bars—but Mr. Brunson said
it had nothing to do with them.
Local police detained the
Brunsons on Oct. 7, 2016. Some
have described their detention as
a post-coup mix-up, but the couple
now think authorities used the
chaos as pretext to intimidate reli-
gious minorities. As the Brunsons’
profile grew, someone in Ankara
saw an opportunity: Months ear-
lier, the Obama administration had
paid Tehran $400 million in cash
as four American hostages were
released from Iranian custody. Mr.
Brunson says the Turks “gave dif-
ferent reasons to the U.S. govern-
ment, to the State Department, to
senators, for why they were hold-
ing us—like they were casting
around for something.” Mrs.
Brunson was freed after less than
two weeks, but her husband was
sent to a high-security prison.
“Then it became, let’s hold him
and see what we can get.”
Prison conditions were squalid,
but the real torture was uncer-
tainty. Mr. Brunson didn’t know if
he’d be released the next day or
held for the rest of his life. Over-
come with stress and anxiety, he
lost 50 pounds, cried frequently,
and was medicated. He made
friends but felt personal and cul-
tural friction with the devout
Muslims who made their shared
cell “more intense than a
mosque.”
“The crisis really came from
feeling that I’d been abandoned by
God,” he says. “I expected a super-
natural sense of God’s presence,
and when I didn’t get that, it re-
ally shocked me.” Still, Mr.
Brunson could “experience some
of what Jesus did, and to relate to
him in a different way.”
But he feared losing his mind.
“I’m trying to figure out what’s
real and what isn’t. And then
sometimes just the feeling in my
mind, almost like I’ve crossed a
barrier, and I’m sliding into a
place that I know is insanity.” He
considered suicide. “With this
sense of being abandoned by God,
and in this very tense environ-
ment, spiritual environment of Is-
lam, am I going to be able to hold
on?” Would he lose his faith?
“Much better to kill myself now,”
won’t take business away from ex-
isting operators. The premise of
the law is that competition isn’t
necessary.
The state almost always denies
protested applications. In only two
cases in the past decade have am-
bulance applications been granted
in the face of opposition. In one
Legacy Medical Transport’s
owner goes to court against
a law protecting incumbent
firms from competition.
case, officials determined that the
protesting business owner had com-
mitted Medicare and Medicaid
fraud, which discredited his testi-
mony. In the other, the applicant
presented evidence that long wait
times had likely contributed to a
Kentucky resident’s death. Most en-
trepreneurs won’t have such dra-
matic facts at their disposal when
making their cases.
Applicants sometimes cut deals
to get existing businesses to drop
their objections. It’s common for
ambulance companies to agree to
limit the type of services they offer,
or to operate only in a small por-
tion of the state, in exchange for
the protesting party’s assent.
The certificate-of-need law has
led to cartel-like behavior
throughout Kentucky’s health-care
sector. Hospitals, birthing centers
and emergency ambulance busi-
nesses also must get certificates
before starting up. A recent report
OPINION
he reasoned. “If I’m sitting here
for 10 or 15 years, I’d rather go to
heaven. I don’t know how I’ll make
it.”
This tension remained, but he
began to improve with time. “I
thought, wait. I need to fight for
my faith, because if I lose this,
I’ve lost everything in life. That
was really a turning point.” Mr.
Brunson focused “on enduring and
being faithful to God.” He started
regularly dancing—a discipline
more than a joy. “I don’t want the
story to be disillusionment with
God and betrayal by God,” he says.
It took time, but the experience
gave “me a different sense of con-
fidence with him, and it took me
into a deeper intimacy.”
A
s Mr. Brunson struggled, he
was becoming famous. Presi-
dent Trump personally
raised the case when Mr. Erdogan
visited Washington in May 2017.
Mr. Brunson began to see himself
on television in his cell. Turkish
media stories calling him an intel-
ligence agent or special-forces op-
erator were outlandish, but he
worried the Americans would
doubt his innocence as the Turk-
ish government helped propagate
conspiracy theories.
Mr. Brunson’s “trial”—held over
four days across several months—
provided no clarity. By his ac-
count, the judges showed little in-
terest in facts and obvious disdain
for the defendant. Witnesses
ranged from convicts looking for a
deal to disgruntled former church
members. “I wasn’t furious, I
was—” Mr. Brunson pauses. “You
get used to it.” Anyway, the pro-
ceedings mattered less than the
wrangling between Washington
and Ankara.
The Trump administration
brought new energy to his case,
but whenever they reached a deal
the Turkish government would
make an outrageous demand at
the last minute. This was a rea-
sonable enough strategy given the
Obama precedent, but Mr. Trump
preferred no deal over a bad one.
He grew impatient.
Mr. Erdogan is his country’s
most significant leader since Mus-
by the Pegasus Institute, a Louis-
ville think tank, found that the
lack of ambulances in the state has
led to longer-than-average wait
times. In Louisville the average
wait for an emergency ambulance
is 10 minutes, 19 seconds. The na-
tional average is eight minutes.
The Mercatus Center estimates
that Kentucky has 42% fewer hos-
pitals as a result of its certificate
program.
Certificate-of-need laws prolifer-
ated in the 20th century to ensure
that rural populations had access to
health care. The idea was that
granting providers a monopoly
privilege would encourage them to
start up. But by restricting competi-
tion, the laws have led to a startling
lack of services. According to Mer-
catus, certificate-of-need states
Notable & Quotable: The Old Joe Biden
From “Biden’s Most Formidable
Opponent Is Not Another Democrat”
by Michael Kruse, Politico Maga-
zine, Oct. 4:
In 1972, . . . Cale Boggs was a
two-term U.S. senator from Dela-
ware. He was 63. Reporters in their
coverage of the campaign described
his “thinning hair” and said he
sometimes got “tongue-tied.”
His challenger, meanwhile, a one-
term county councilman, was 29.
Reporters called Joe Biden “boy-
ishly slim” and noted that he often
talked about “how the old guard
has bungled things.”
Biden ran newspaper ads yoking
Saturday/Sunday, October 5 - 6, 2019 | A13
tafa Kemal Atatürk (1881-1938),
who founded modern Turkey in
1923 after the Ottoman Empire’s
defeat in World War I. A national-
ist, Atatürk transformed the Mus-
lim-majority nation into an imper-
fect secular republic. Mr. Erdogan
uses Atatürk’s image for political
benefit, but he has abandoned his
predecessor’s political project. De-
spite early reforms and talk of
joining the European Union, his
interest always has been in Isla-
mism, not Westernization.
A rapidly expanding economy
made Mr. Erdogan popular. Ankara
borrowed heavily during an era of
cheap credit, and the spending
boom overshadowed structural
weaknesses. The cash flow to fi-
nance much of the dollar debt
came in domestic currency, and
the lira fell nearly 30% against the
dollar in 2018. This created a cycle
of inflation and capital flight.
Frustrated over the Brunson case,
last year Mr. Trump took advan-
tage of the underlying economic
weakness and imposed sanctions
on Turkey’s interior and justice
ministers and doubled tariffs
against Turkish steel and alumi-
num. Mr. Erdogan blamed the U.S.
as his economy reeled.
Mr. Brunson thinks a secular
narrative alone is insufficient to
explain Ankara’s irrational behav-
ior as the economic pain mounted.
“I did feel this satanic whirlwind
around me,” he says. “And I was
very aware and conscious at a
number of times of what we
would call spiritual warfare, a
high degree of spiritual impres-
sion from demonic forces.”
Eventually Mr. Erdogan’s re-
solve began to crack. In July 2018
Mr. Brunson learned from televi-
sion that he’d be put on house ar-
rest for “health reasons.” Soon he
was back in his Izmir apartment,
and President Trump was tweet-
ing threats of more sanctions. In
August the president called Mr.
Brunson “a great patriot hostage,”
a sign that the White House
needed him to hang in there so
they could get it done right.
Mr. Brunson writes that in his
final court appearance, in October
2018, he gave up trying to defend
have 30% fewer rural hospitals per
100,000 residents than other states.
The laws act as a pure political fa-
vor to incumbent businesses, de-
priving hardworking people like the
Truesdells of economic opportunity
and leaving consumers with fewer
choices and higher prices. The laws
simply have failed to achieve their
goals.
In a lawsuit filed last month in
federal district court in Lexington,
Mr. Truesdell argues that the Ken-
tucky law acts as a “competitor’s
veto” and unconstitutionally restricts
his right to earn a living. Precedent
is on his side: In 2014 a federal judge
struck down a nearly identical Ken-
tucky law for moving companies, rul-
ing that “there is no link between
the protest and hearing procedures
and any alleged government interest
the incumbent to imagery evocative
of bygone days. “Cale Boggs’ gener-
ation dreamed of conquering polio,”
one said. “In 1950 Cale Boggs hoped
to make Americans safe from Sta-
lin,” a second said. Another men-
tioned “the 1948 poll tax.” The ads
emphasized the need for “new
thinking” and “new solutions.”
Boggs was “a helluva nice guy”
but “was just not a fighter,” Biden
said. He wondered if he had “lost
that twinkle in his eyes.”
The steely sketching of this con-
trast was “pretty much the es-
sence” of the Biden campaign’s
strategy, according to one of his
best friends and most important
himself. “I am an innocent man,”
he replied when asked to present
a defense. “I love Jesus. I love
Turkey.” The court found him
guilty of supporting terrorists but
released him with time served.
The next day he was in the
Oval Office. His time with Mr.
Trump was a blur, though he re-
members the president offering
him Tic Tacs. “I had chewed
them and I thought, ‘What am I
doing?’ I need to save these.’ ”
Later, the pastor offered to pray
for the president, who joked:
“Well, I need it probably more
than anybody in this room.” Mr.
Brunson knelt, placed his hand
on Mr. Trump’s shoulder, and
asked God to “give him supernat-
ural wisdom.”
The State Department had ini-
tially taken a low-key approach to
Mr. Brunson’s case and some hesi-
tated to consider it a religious-
persecution issue. He is grateful to
the U.S. government but says
there’s a lesson here: “A response
should be such that they would
fear doing it.” He observes that
Chinese nationals are seldom
taken hostage, because Beijing re-
taliates strongly and swiftly.
“They’ll start holding your people.
They’ll start hitting you economi-
cally, canceling deals.”
M
r. Brunson still has night-
mares about prison and
bouts of depression. A psy-
chiatrist examined him for symp-
toms of posttraumatic stress dis-
order. “He said, ‘You have PTS but
not the D’ ”—meaning that he’s
able to lead a relatively normal
life although he’s “dealing with
some residual stuff.” The Brunsons
still love Turkey, though Mr.
Brunson speaks cautiously and im-
personally about its government.
“I was portrayed as an enemy
of Turkey, a traitor, someone who
wants to divide the country, set
up a Christian state,” he says. “It’s
created an environment where
Christians will be more despised,
seen as threats by the popula-
tion.” Mr. Brunson doesn’t know
whether he can ever return, but
he doesn’t think Christianity is
finished in Turkey.
He says God spoke to him years
ago. “He said, ‘Prepare for har-
vest,’ a spiritual harvest.” He be-
lieves his ordeal was part of God’s
“plan to raise up millions of peo-
ple around the world who would
pray for me. And, by praying for
me, actually he was using me as a
magnet to draw prayer into Tur-
key.”
“The regime has brought Tur-
key into very difficult times,” Mr.
Brunson says. “Doing it all in the
name of Islam. All of this repres-
sion—Islam, Islam, Islam. And
that’s creating the conditions for
many people to turn away from
Islam.”
What then? “Millions of Turks
will become Christians.”
Mr. O’Neal is a London-based
editorial page writer for the Jour-
nal.
in health and safety.”
Courts nationwide are split on
whether the government can consti-
tutionally use its regulatory power
for the sole purpose of protecting
groups from competition. The law-
suit thus involves an important le-
gal issue that affects entrepreneurs
nationwide: What are the limits on
the state’s ability to impose eco-
nomic regulations?
At the very least, the law
shouldn’t play favorites with busi-
nesses. Consumers, not bureaucrats,
should pick winners and losers in
the marketplace. If Mr. Truesdell
wins his case, he’ll restore the right
to compete fairly in Kentucky.
Ms. Boden is an attorney at the
Pacific Legal Foundation, where she
represents Mr. Truesdell.
advisers. “His basic theory was Sen-
ator Boggs was beloved, but these
were changing times,” he said. The
pitch pretty much boiled down to
this: “If Senator Boggs and I could
just go down to the football sta-
dium at the University of Delaware
and people saw the two of us,
they’d pick me.”
They did.
Now, though, at the opposite end
of the cycle of his political life, Bi-
den’s presidential candidacy is un-
avoidably an implicit argument
against the very sort of youthful
energy and not-gonna-wait rebel-
lion that put him in a position of
power in the first place.
A14 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Pelosi’s Expensive Drug Bill Voters and Their MPs See Brexit Differently

W
ith impeachment in high gear, Dem- mately obtain FDA approval, and those suc- Joseph C. Sternberg (“British Poli- ever, is that the current Parliament will
ocrats may not have time or interest cesses have to pay for the 88% that fail. tics Is Working Too Well,” Political never permit the U.K. to exit the EU
Economics, Sept. 27) speaks for elites without an agreement, which amounts
to legislate. This is just as well on Under Mrs. Pelosi’s bill, companies would
on every continent when he declares to “remain” by another name.
drug prices, where Nancy also have to offer drugs to pri- that any antiestablishment referen- As MP remainers strive to undo the
Pelosi has proposed price Let’s hope impeachment vate insurers at Medicare’s ne- dum win is illegitimate unless voters Brexit vote, they struggle as well to
controls and President Trump kills the chance for gotiated rates. All of the 8,000 prevail by more than “a simple major- deny electors a vote which threatens to
cheered her on. or so drugs in Medicare Part ity.” He insists that a populist victory achieve a truly representative Parlia-
Mrs. Pelosi’s legislation pharma price controls. B and D would also face an in- is never a true victory unless the vic- ment. Time may well favor the Brexi-
would direct the secretary of flation-adjusted price cap that tors surmount “a high bar.” How high? teers, whose anger and numbers ap-
Health and Human Services to applies retroactively to 2016, That’s up to the elites who rig the pear to be growing.
“negotiate” a “fair price” with drug manufac- which is intended to make it especially punitive. game to raise that bar as often and in- GREGG CUNNINGHAM
turers for the most expensive 250 patent-pro- A Senate Finance Committee bill backed by surmountably as is required to thwart Dana Point, Calif.
tected brand drugs. The government would is- some Republicans includes an inflation cap that the popular will.
The globalists, for instance, forced Members of Parliament who wanted
sue a take-or-leave-it offer with a tax sword is supposed to prevent price gouging. But drug
Ireland to vote again in 2009 on consti- to remain in the EU are still opposed to
hanging over drug makers. makers might respond by launching treatments tutional changes related to the Euro- leaving. Members who wanted to leave
Any company that refuses to negotiate at higher prices. pean Union after voting them down in are still trying to leave. Few members
would get slapped with a 65% excise tax on its Many distortions in drug prices are due to 2008, bludgeoning the nationalists into have changed their minds. The prob-
annual gross sales that would escalate by 10% mandatory Medicaid rebates that include an in- submission. Denmark had to vote twice lem is that 52% of voters wanted to
each quarter. Yes, 65% on sales. How many flation adjustment and require that states re- (1992 and 1993) before the establish- leave the EU while 73% of members of
companies do you know with 65% margins? The ceive the “best” price of any private plan. Drug ment managed to win approval of the Parliament wanted to remain, includ-
concept of negotiated prices with government makers have been reluctant to let private insur- Maastricht Treaty. Voters in Norway ing 56% of Conservative Party mem-
has always been a political ruse because the ers make installment payments on CAR T-cell were compelled to reject EU member- bers. In the House of Lords, 80%
government has outsize leverage to coerce cancer therapies based on their efficacy be- ship in 1972 and again in 1994 before wanted to remain in the EU. These
manufacturers, so at least Mrs. Pelosi is trans- cause they could be forced to provide steep dis- the continentals grudgingly conceded members don’t want to negotiate for a
that “no” actually meant “no!” French better deal, rather they just want to re-
parent about the thuggery. counts to Medicaid that are lower than the voters rejected the proposed EU consti- main in the EU. Further delay keeps
The bill also sets a starting point for Medi- treatment costs. tution in 2005 to no avail because the the U.K. in the EU.
care negotiations at 1.2 times the average price Drug makers get a bad rap because they politicians took the issue out of their Don’t look for a no-confidence vote
of drugs in Australia, Canada, France, Germany, sometimes raise prices for no apparent reason, hands and permitted the National As- to bring down the current prime minis-
Japan and the U.K.—all of which have some and consumers are facing sticker shock be- sembly to effectively nullify their vote. ter because the remain majority in Par-
form of socialized health system. Democrats cause of rising deductibles and co-payments. The establishment simply forces “re- liament is afraid of losing. The expelled
want to box in a future HHS secretary who But net prices after rebates paid to insurers dos” until it achieves what it wants. Tory members certainly don’t want an-
might let companies make a profit on expen- and the government have been falling amid Contemptuous U.K. remainers de- other election just now. The hope is
sive drugs that save lives. faster generic-drug approvals and more com- mand that politics negate democracy that public opinion will change and a
The Trump Administration has proposed a petition from branded drugs. because the unwashed masses couldn’t new referendum will give them the re-
possibly have understood the folly of sult that they want.
similar international reference price index, Price controls would hamper competition by
the franchise they so foolishly squan- STEPHEN D. WEEKS
though it applies only to Medicare Part B drugs slowing new drug development. The U.S. ac- dered. What they do understand, how- Houston
that are administered in hospitals and doctors’ counts for most of the world’s pharmaceutical
offices. But foreign price controls have re- research and development, so there would be
duced access to breakthrough treatments. Ac- fewer breakthrough therapies for rare pediatric
cording to the Galen Institute, 89% of new genetic disorders, cancers or hearing loss.
medicines introduced between 2011 and 2018 Before impeachment fever broke out, Mr.
Lessons From the Paul Theroux Interview
are available in the U.S. compared to 62% in Trump tweeted that it was “great to see” Mrs. Regarding Tunku Varadarajan’s served the first-name phenomenon
Germany, 60% in the U.K., 50% in Japan and Pelosi’s bill. Senate Majority Leader Mitch “The Weekend Interview with Paul Mr. Theroux somewhat sourly attri-
48% in France. McConnell says the Speaker’s bill has no Theroux: How Mexicans See the U.S. butes to America’s youth obsession.
Price controls are also a prescription for less chance in the Senate, but it may cause Republi- and Trump” (Sept. 28): I try to visit My curiosity—“what’s with the first
Mexico City every year. I enjoy getting names?”—was quickly satisfied by the
innovation since they reduce the payoff on cans to rally around the Senate Finance bill for
lost in the endless variety the city of- helpful attendant. I returned to my
risky research and development. Over the past political protection and as a less destructive fers. One such trip took place directly seat just as a federal judge of my ac-
16 years, more than 120 drug treatments for alternative. With these bad policy choices, the after Donald Trump announced his quaintance was summoned to the at-
Alzheimer’s disease have failed. Only about 12% silver lining to impeachment would be if it plans for the wall. I was certain this tendant’s desk—by his first name.
of molecules that enter clinical testing ulti- stops bipartisan cooperation. news would make my interaction with When he completed the paperwork, I
the locals less cordial; I was mistaken. motioned him over to an empty seat I
“Trump?,” says my Uber driver on had managed to save. He gratefully
Hong Kong, Unmasked our four-hour journey from the air-
port to the city, “we don’t care about
accepted, still scratching his head.
Now if you’re a federal judge, pretty

T
he rule of law has taken a battering in The government has griped about protesters Trump. We have our own problems. much the only people who address
Hong Kong this year, and this week covering their faces, even as the police have of- For one, our city is sinking.” you by your first name are your par-
His sentiments on U.S.-Mexico rela- ents and your spouse. “Puzzled by the
Chief Executive Carrie Lam dealt it an- ten ignored their own department guidelines tions were echoed throughout my first name?” I asked. “Now that you
other blow as she exercised by refusing to identify them- past two visits to Mexico City. Con- mention it, yes I am.” “HIPAA” I ex-
emergency powers for the Carrie Lam invokes selves to the public. There has trary to popular American thought, plained, which we both knew as the
first time since Britain handed emergency powers to been little accountability for Mexico isn’t a derivative of America. acronym for the Health Insurance Por-
over the colony to China. police who have used exces- Mexicans neither want or require our tability and Accountability Act.
Ms. Lam invoked the Emer- crack down on protests. sive force. sympathy. So you see, Mr. Theroux, what you
gency Regulations Ordinance Since June more than 1,800 MICHAEL MARTIN observed wasn’t youth obsession at
to prohibit any face covering protesters have been arrested. Chicago all. It was your government protect-
“that is likely to prevent identification” at ral- That includes some who have damaged prop- ing your privacy.
lies, marches, assemblies or riots. The ban takes erty or brawled with police. But more than a Several years ago while waiting for JEFF HEUER
a certain medical procedure, I ob- Southfield, Mich.
effect Oct. 5 and extends to the tear-gas masks dozen were arrested in recent days for inflating
protesters have worn to protect themselves black balloons on the street to protest 70 years
from the police, and face paint used to thwart of communist dictatorship in China.
facial-recognition technology. Violators could The overwhelming majority of Hong Kongers Catholic Church: Leaner, but Not in Decline
get a year in prison. have behaved in a lawful and orderly way, but In her review of George Weigel’s risen since those headlines. Yes, num-
Ms. Lam says this doesn’t mean Hong Kong the government’s contempt for its own people “The Irony of Modern Catholic His- bers have declined, but is the Church
is in a state of emergency. Semantics aside, is convincing growing numbers that peaceful tory” (Books, Sept. 28), Helen An- in “decline”?
what Hong Kongers really fear is what may protest won’t yield the autonomy they were drews notes: “The number of ordina- No one points to the decline of the
come next. The emergency provision Ms. Lam promised. That is a dangerous turn because vio- tions per year in the United States family since 1965 in this context. What
cites allows the chief executive to enact “any lence and vandalism will undermine the moral dropped by more than half between was the average size of a Catholic fam-
regulations whatsoever” deemed “desirable in authority of the protest movement. The ulti- 1965 and 2002, and the average age of ily in 1965? What is it today? In 1965
priests jumped from 46 to 60,” statis- most Catholic families encouraged
the public interest.” That includes censorship, mate responsibility still lies with Ms. Lam and
tically accurate, then adding, “That their children to consider the priest-
arrests, the seizure of private property and re- her masters in Beijing whose decisions created was before the sexual-abuse crisis hit hood or religious life; today most dis-
strictions on other rights. the chaos now engulfing Hong Kong. the headlines.” The number of semi- courage it or are noncommittal; in
narians and ordinations have re- part, I believe because they want their
mained relatively stable and have even children to be happy, a good thing, and
A Sigh of Jobs Relief aren’t sure they will be as a priest or

I
religious. What a tragedy if happiness
magine how well the U.S. economy would The question is whether the expansion can Baseball Playoffs Should Be eludes their children precisely because
be doing with better trade policy. That’s keep going, and on that score there were signs they want a true religious vocation but
Earlier and Available to All don’t pursue it because they have been
our reaction to Friday’s jobs report for Sep- of a slowdown in the jobs data. That’s espe-
tember that showed remark- cially true in trade-related in- Regarding Joanna Cohen’s “Put the discouraged.
Workers continue to Playoffs Back in Waking Hours” (op- I see these dynamics all the time. I
able resilience despite the dustries such as manufactur- ed, Oct. 1): In addition to the late also see seminarians who are healthy,
headwinds of tariffs, declining gain, despite damage ing (minus 2,000 jobs in starts for baseball’s playoff games, happy, holy and committed, and who
business investment and a September) and durable years ago baseball seemed to start the want to be part of the solution to the
manufacturing downturn. from trade policy. goods (minus 4,000). These trend that more sports have followed: Church’s ills. The Church doesn’t have
The economy created aren’t panic numbers but the cable-only early playoff rounds. So as many priests as in 1965, but maybe
136,000 new jobs in the labor market is often a lag- not only do children need to have par- it doesn’t need as many. It needs good
month, plus 45,000 more in upward revisions ging economic indicator. ents who are willing to look the other priests who are virtuous and commit-
for July and August. That adds up to a monthly Signs of a slowdown earlier in the week in way with regard to bedtimes, but they ted to being competent, compassion-
average so far this year of 161,000, which is the Institute for Supply Management surveys need parents who are willing to sub- ate, wise, prudent and hardworking
healthy for an expansion that is now into its jolted investors, especially the 47.8 reading on ject their families to the possibilities pastors.
of channel flipping through 50-plus VERY REV. PHILLIP J. BROWN, P.S.S.
tenth year though it’s below the 223,000 aver- manufacturing. Anything below 50 signals con-
stations of Kardashians by subscrib- President-Rector
age in 2018. traction. The non-manufacturing index fell to ing to some paid cable or internet St. Mary’s Seminary & University
Even more surprising, the jobless rate fell 52.6, down sharply from 56.4 in August. streaming service if they want to be Baltimore
to 3.5%, the lowest in half a century. The num- Friday’s jobs report suggests that the econ- able to watch the best baseball games
ber of employed Americans surged by 391,000, omy isn’t close to a recession, but growth has of the season.
which drove the overall employment ratio up slowed markedly amid President Trump’s vola- Maybe Congress should put aside Pepper ...
to 61%, the highest since December 2008. The tile trade policy. The stock market has barely the partisan shenanigans and unite
rising employment ratio shows that Americans budged since January 2018 when Mr. Trump’s behind the banner of making Amer-
And Salt
who have been on the sidelines since the Great trade offensive began. Trade uncertainty has ica’s pastime more accessible for all, THE WALL STREET JOURNAL
Recession are continuing to stream into the la- taken the top off business confidence and invest- and in particular our youth. What
bor market long after economists on Wall ment, reducing annual GDP by at least a half a about baseball losing its antitrust ex-
emption if it won’t put their playoff
Street and at the Federal Reserve concluded the point and probably more. Thank heavens for tax
games on over-the-air broadcasts?
U.S. was at full employment. reform and deregulation, or the economy would Luckily for me as a parent, our be-
The new job seekers include in particular almost certainly be in recession. loved Tigers responsibly do their very
those who are often the hardest to employ. The policy lesson should be obvious as Mr. best to make sure local kids get their
The jobless rate for those without a high- Trump heads into an election year and an im- required sleep by doing everything in
school degree fell by 0.6 percentage point to peachment brawl. Calm the trade battles to re- their power to avoid qualifying for
4.8%, the lowest since the Bureau of Labor duce uncertainty. Press Congress to pass the re- the playoffs.
Statistics began tracking this in 1992. The rate vised Nafta accord but don’t threaten unilateral ANDY SMITH
for Hispanic Americans fell 0.3 percentage withdrawal if Nancy Pelosi doesn’t allow a vote. Detroit
point to 3.9%. Reach a truce with China if a larger deal isn’t
Wage gains slowed a bit to 2.9% year over possible. Stop threatening tariffs on Europe. Letters intended for publication should
year, down from 3.2% in August. But the gains Mr. Trump’s trade war has ended his chance be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
for non-supervisory and production workers of reaching sustained growth of more than 3% or emailed to wsj.ltrs@wsj.com. Please
were higher than for supervisors. These are the during his term, but workers will give him include your city and state. All letters
fruits of a long expansion that accelerated in credit for the jobs and wage gains if he can are subject to editing, and unpublished
2017 and 2018 from the near-recession in the avoid further policy mistakes that tip the econ- letters can be neither acknowledged nor “Yes, there really is a Cloud Nine,
returned.
last two years of the Obama Presidency. omy in recession. but there’s a very long waiting list.”
THE WALL STREET JOURNAL.
Can Democrats Take Impeachment Seriously?
DECLARATIONS
By Peggy Noonan
W
e have grown used to
the daily bedlam, the
nonstop freak-out
that is the Trump
White House. Never-
theless it should be noted the presi-
dent’s language and visage this week
were especially wild. It’s “treason,”
it’s “a coup,” it’s a “hoax” and a
“fraud,” the whistleblower’s infor-
mation came from “a leaker or a
spy,” it’s a political “hack job,” it’s
“bulls—.” He had a Travis Bickle
moment—“You talkin’ to me?”—with
Jeffrey Mason of Reuters. He’s ca-
reening around, growling and prowl-
ing like some preliterate King Lear.
It’s a reality show about a reality
you don’t want to be in.
If it’s a straight party-line
vote, they’ll win in the
House, fail in the Senate,
and lose in America.
The best description of him was
low-key, from a former GOP con-
gressional staffer: “The president is
an unsettled person,” he said.
It is assumed the House will im-
peach the president. If that is so,
how is the great question. If it is a
straight party-line vote, if it’s shirts
vs. skins, then the Democrats will
have their victory in the House,
quickly fail in the Senate, and not
win in America.
This cannot be one party doing
its one-party thing. I think Nancy
Pelosi knows that.
The reason she did not put for-
ward a formal resolution calling for
an impeachment inquiry is said to
be that she didn’t want to jeopar-
dize her moderate members from
districts that voted for Mr. Trump.
Greta Thunberg Has the Climate Alarmists’ Number
By Barton Swaim
H
ow to think about Greta
Thunberg? She is the 16-year-
old Swedish environmental
activist known for her articulate ful-
minations on climate change. At last
month’s United Nations General As-
sembly, she scolded delegates. “I
shouldn’t be up here,” she said, her
expression contorted with rage. “I
should be back in school on the
other side of the ocean. Yet you all
come to us young people for hope.
How dare you? You have stolen my
dreams and my childhood with your
empty words. And yet I’m one of the
lucky ones. People are suffering.
People are dying. Entire ecosystems
are collapsing. We are in the begin-
ning of a mass extinction, and all
you can talk about is money and
fairy tales of eternal economic
growth. How dare you!”
It’s true that political causes dis-
credit themselves by allowing chil-
dren to make arguments they don’t
understand. But ridiculing a child,
however cynical her promoters, is
dishonorable. I vividly recall the vi-
cious mockery from supposedly re-
sponsible adults when Caitlin Upton
mangled an answer about geography
in the 2007 Miss Teen USA pageant.
The spectacle of grown men ridicul-
ing a well-meaning 18-year-old girl
wasn’t an appealing one.
Commentators who sympathize
with Ms. Thunberg’s views are per-
ceptibly conflicted about whether
they should champion her activism
or wish she’d go away. You sense the
uncertainty in center-left punditry
about her. She gets praise for her
bold preaching on climate change,
which the right can’t criticize with-
out appearing boorish—great. But a
political movement spoken for by a
teenager can’t be taken altogether
seriously.
Yet Ms. Thunberg has a lesser-
noted claim on our attention—not
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* * * * Saturday/Sunday, October 5 - 6, 2019 | A15
OPINION
There’s something in that, though a consulted with lawyers, tried to de-
former member of Congress pointed termine if the complaint was subject
out to me that most of the moder- to executive privilege. The day be-
ates aren’t all that vulnerable— fore the hearing, the White House
they’re way ahead in fundraising; had released the transcript of the
Mr. Trump didn’t win some of the call, and he felt that allowed him to
districts by much; some don’t have reveal the complaint, unredacted.
opponents yet. He said he believed the whistle-
I suspect another reason Mrs. blower and the inspector general did
Pelosi didn’t call a vote is that she nothing wrong, did everything by
knew the outcome would have been the book. He believes this matter is
completely down-the-line partisan: “unprecedented.” Deeper in his tes-
Dems on this side, Reps on that. timony he said “I believe the whis-
And that wouldn’t look good. It tleblower is operating in good
would allow more than half the faith,” and “I think the whistle-
country to dismiss the effort as blower did the right thing.” He ex-
more party mischief. pressed no skepticism at all.
TING SHEN/ZUMA PRESS
Here is a very open question: Can It was pretty explosive!
House Democrats control them- Mr. Schiff didn’t see it for what it
selves? Can they look like they’re was and rise to the moment. He pro-
not trying to kill their foe but trying ceeded to beat Mr. Maguire around
to get the truth? I don’t know. the head, grilling him and interrupt-
There’s something about Democrats ing answers. You went to the White
now that they seem embarrassed to Acting Director of National Intelligence Joseph Maguire testifies Sept. 26. House. You told the president’s law-
reach out to Republicans, as if that’s yers. Why didn’t you come to me
not done by nice people. brutal and partisan. It leads to los- He has already stepped in it with sooner? He fixated on “sequencing”
Can they establish an air of ear- ing sight of the big picture, which is his tendentious paraphrasing of Mr. and “chronology.”
nestness and care, of fairness, of in- what is good for America. Trump’s conversation with the pres- He seemed to miss the story to-
vestigative depth? For instance, the Democrats want ident of Ukraine, a so-called parody tally and have no sense of how peo-
Members of the investigating access to more transcripts of the that was bizarre, unserious, embar- ple at home would experience it. He
committees have to understand that president’s phone calls with foreign rassing. This was followed by re- was weirdly hostile.
in hearings they are not talking to leaders. That’s a dangerous area. ports he was misleading in denying I was watching at home like an
the media, they are not talking to Foreign leaders need to have confi- prior knowledge of the whistle- American and thought: What’s
the Democratic base, and they are dence they can speak frankly and blower’s complaint. wrong with you? The nation’s top
not talking to cable news. It’s not privately with a president. In a Mr. Schiff’s weakness, at least in spy, who appears thoroughly up-
about the hot exchange with a wit- world crisis lacking that confidence public, appears to be lack of judg- standing, is expressing no skepti-
ness or a dramatic sound bite. could prove disastrous. Normal peo- ment. You could see it last week in cism about a complaint that alleges
You’re talking to the American peo- ple would understand this right his questioning of the acting direc- his boss, the president, is kind of a
ple. The impressions of fair-minded away, and not approve of irresponsi- tor of national intelligence. bum.
centrists and swing voters will be ble fishing. Joseph Maguire had been on the How could you miss that? You’d
everything. And they will see right Mrs. Pelosi keeps saying she’s job in this high-turnover administra- have to be blinded. By what?
through your sound bites and Spar- moving forward more in sorrow tion for all of six weeks. He’s a seri- During Watergate there was a
tacus moments. than in anger and that she’s praying ous looking guy, joined the Navy in guy called Peter Rodino of New Jer-
You won’t impress them that way. for the president. Maybe she’s over- 1974, was 33 years a Navy SEAL, sey, head of the House Judiciary
They will turn on you if you give larding it, but swing voters will see rose to vice admiral. Speaking under Committee—Democrat, Newark,
them only showbiz. her calm in contrast to the presi- oath he said, “I am not partisan and pretty tough guy. He was no child,
Members of the committees re- dent’s lunacy, and prefer it. Her I am not political.” He’s from a long he was no naïf, he was a party man.
ally have to prove they’re operating members should be watching her. line of those who’ve served: “When But he was judicious and capable
in good faith. During the impeach- She is also trying to wire this I took my uniform off in July of and ran his committee well. After it
ment hearings for Richard Nixon thing without the help of committee 2010, it was the first time in 70 voted to impeach Nixon, he got on
you could honestly look at the Dem- chairmen of conspicuous stature. years that an immediate member of the phone with his wife and wept.
ocrats and think: Most of them are Here we get to Adam Schiff, chair- my family was not wearing the cloth “You know, he was our president,”
trying to play it straight. It was still man of the Intelligence Committee. of the nation.” he told Susan Stamberg of NPR in
true of Republicans, though less so, He is an intelligent, focused and This guy is a citizen. He said he 1989.
in the Clinton impeachment. strikingly partisan figure. He will be supports whistleblowing, that he got That’s what the Democrats need,
But there’s a good-faith deficit in a face, maybe the face, of the im- the whistleblower complaint a few someone who’d be genuinely sad at
Congress now as it becomes more peachment hearings. weeks into his tenure, reviewed it, taking out a president.
her expertise or her degree of alarm, risy for what it is. They have faith organizations in faraway capitals. be expected to cripple its economy
but her insight into the global cli- in adults. When Ms. Thunberg was According to her family’s 2018 on the dubious promise that other
mate-change movement itself. She is younger and she heard European book, “Scenes From the Heart,” nations will cripple theirs. So our
aware—and has the bad manners to politicians and leaders of nongov- young Greta persuaded her parents climate leaders are happily reduced
say so—that the vast majority of ernmental organizations insisting to forgo air travel (despite her to making piecemeal demands for
wealthy transnationals who intone that the world would experience mother’s dependence on it for her more regulatory powers—most of
rote demands that governments cataclysmic environmental degrada- career as an opera singer) and to be- which will have no appreciable ef-
“take action” on climate change tion unless governments imposed come vegans. She cut classes to en- fect on global climate.
don’t actually believe what they’re gage in protests outside the Swedish Ms. Thunberg grasps that if to-
saying. Parliament. But most “climate lead- day’s climate leaders believed what
At the U.N., Ms. Thunberg wasn’t If they believed what they ers,” she would discover, weren’t they claim to believe, they would use
speaking to rubes and oilmen and prepared to make significant their power to impose drastic reduc-
climate “deniers.” She was speaking claim to believe, they’d do changes to their life aims for the tions to greenhouse emissions, what-
to the swarms of diplomatic elite a lot more about it. She’s sake of preserving life on Earth. For ever other nations might do. They
who had earlier disembarked from them, it was enough to toss their would also, if their convictions were
jumbo jets and descended on Mid- right—how dare they? empty water bottles into the recy- genuine, engage in terrible and revo-
town Manhattan’s bars, restaurants cling bin and maybe buy a Tesla. lutionary deeds for the salvation of
and five-star hotels and clogged its They could argue with impecca- humanity: intimidation, brutality,
streets with phalanxes of giant dramatic changes, she believed ble logic that there’s no point in sabotage. Instead they are content to
sport-utility vehicles. Ms. Thunberg them. She couldn’t have understood making major changes to your life- trumpet the right opinions and oth-
appears to suspect—rightly—that that when the leaders she admired style, since real progress requires erwise persist in their ordinary hab-
these people don’t think we’re spoke of taking “dramatic” and that developed and developing na- its of consumption as though none
headed for doomsday. They enjoy “immediate” action to combat cli- tions all agree to huge decreases in of it really mattered. Greta Thunberg
the moral uplift afforded by their mate change, all they had in mind carbon emissions. That, as every- has a point. How dare they?
fashionable views; otherwise they’re was the incremental transfer of po- body at the U.N. must know even if
along for the ride. litical power to unaccountable reg- they pretend not to, will never hap- Mr. Swaim is an editorial page
Young children don’t see hypoc- ulatory agencies and transnational pen: No national government can writer for the Journal.
Norm Violations Are Now the Norm
Donald Trump is what reporters wish all politicians is true in the Biden case because it majority of primary voters. But dis-
rightly smacked would do. He didn’t mercilessly supports the rush to impeachment. agreeing with Mr. Trump and even
for calling his im- stick to a talking point, repeating it Mr. Trump may put the worst im- disliking him does not make him il-
peachment antago- over and over so the press would putation on the few known facts, legitimate.
nists traitors, have no choice about what to but passed from journalist to jour- The glory of our system is that
spies and lowlifes. quote. He mused discursively on nalist already is the tropism that it can throw up a candidate who is
Unfortunately we the episode. There was no consen- the Biden allegations have been willing to be out of sympathy with
BUSINESS
don’t have benefit sus in the liberal Virginia town in “debunked” as if the absence of ev- the establishments of both parties,
WORLD
of a clear experi- favor of removing confederate stat- idence is evidence of absence. who plainly pronounces that he
By Holman W.
ment on whether, ues. Two groups of extremists will not conform, who advertises
Jenkins, Jr.
by now, Mr. Trump came with mayhem on their minds. his desire for better relations with
or his enemies are Yet the media quickly settled on its President Trump Russia, who pooh-poohs Kremlin
more responsible for this erosion own talking point, repeated ad nau- election-meddling because the U.S.
of standards. From the moment he seam, that Mr. Trump had called impeaches himself second, has done the same.
was elected, many journalists, white nationalists and neo-Nazis Washington’s extant His norm-busting, in that sense,
Democrats and veterans of the “very fine people,” though his plain is a lot more legitimate than the
Obama administration were happy words said the opposite. political culture first. norm-busting of his opponents be-
to throw around the term traitor I haven’t heard many promoters cause, unlike them, he is exactly
for Mr. Trump. of the Russia collusion narrative the person he sold to voters. It was
After Charlottesville, he did say “We were wrong. We made a An honorable throwback to when possible even to entertain hopes
mistake. We got some bad informa- ours was an epistemological pro- for his presidency because he ar-
tion.” Universally—you know this is fession—concerned with how we rived without fixed political attach-
true—their attitude has been one know what we think we know—is ments, touting his skills as a deal-
of disappointment, of teeth-gnash- Adam Entous, author of the New maker. Who is most responsible for
Robert Thomson
Chief Executive Officer, News Corp
ing because their play to sink his Yorker’s lengthy July article on the throwing away the opportunity his
William Lewis
presidency didn’t come off. Bidens. He told an interviewer a election might have represented for
Chief Executive Officer and Publisher Journalists, by and large, are few days ago: “The editors wanted the country?
DOW JONES MANAGEMENT: not the irascible free thinkers of me to make a firm pronouncement One kind of Trumpian norm-vio-
Ramin Beheshti, Chief Technology Officer; lore, going their own way without one way or the other on the allega- lation you can be certain will not
Natalie Cerny, Chief Communications Officer;
Kamilah Mitchell-Thomas, Chief People Officer; fear or favor. Corporate institu- tions. And where I came down was outlast him. He may spread false or
Edward Roussel, Chief Innovation Officer; tions as a rule have limited use it’s legit to question [Hunter Bi- dubious claims but, uniquely, he
Christina Van Tassell, Chief Financial Officer
for such people. Especially in to- den’s] activities, his decision to does so in his own name, using his
OPERATING EXECUTIVES:
Kenneth Breen, Commercial; day’s electronic environment, take the money from these compa- Twitter account and press confer-
Jason P. Conti, General Counsel; journalists are creatures of avail- nies at a time when his father was ences. He deliberately and willingly
Tracy Corrigan, Chief Strategy Officer; ability bias, to borrow a term active. But at the same time I courts the coverage he gets, with
Frank Filippo, Print Products & Services;
Kristin Heitmann, Chief Commercial Officer; from social science. They believe didn’t know enough to be able to important newspapers calling him
Nancy McNeill, Corporate Sales; what others in their milieu be- say outright that the allegations a liar, awarding his statements
Thomas San Filippo, Customer Service; lieve, say what others are saying, are false. I find it hard to do that multiple Pinocchios. He doesn’t
Josh Stinchcomb, Advertising Sales;
Suzi Watford, Chief Marketing Officer; because it’s in their interest to do as a reporter.” hide behind four layers of deniabil-
so. This column recommended in
Jonathan Wright, International ity as other politicians do when
Barron’s Group: Almar Latour, Publisher Even though the full powers of 2016 that the GOP convention they outsource their lying to oppo
Professional Information Business:
Christopher Lloyd, Head;
government were employed on the throw open its nomination rather researchers and surrogates.
Ingrid Verschuren, Deputy Head allegation and found no evidence, than award it to a man with ques- I am not sure whether this is
you never saw headlines announc- tionable character and allegiances good or bad on balance, but I’m ab-
ing that the Russia collusion theory who received the most votes with- solutely confident that it’s a model
had been discredited. The opposite out being the clear favorite of a that won’t be catching on.
A16 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

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 BUSINESS | FINANCE |

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President Trump spoke PayPal

Bows Out
with Tim Cook at an
American Workforce
Policy Advisory Board
meeting in March.

Of Libra
Facebook’s crypto
network down a backer
BY PETER RUDEGEAIR

PayPal Holdings Inc. is withdraw-

ing from the group of companies
Facebook Inc. assembled to launch a
global cryptocurrency-based pay-
ments network, dealing a blow to the
social-media giant’s ambitions to
transform financial services.
The San Jose-based payments
company “made the decision to forgo
further participation” in the Libra As-
sociation, the group backing the libra
cryptocurrency, a spokesman said in
an email. PayPal remains supportive
of libra’s mission and will continue to
discuss how to work together in the
future, the spokesman said.
PayPal’s announcement comes
days after The Wall Street Journal re-
ported that Visa Inc., Mastercard
Inc., and other financial partners that
had agreed to back libra are recon-
sidering their involvement following
a backlash from U.S. and European
government officials.
“Each organization that started
this journey will have to make its
own assessment of risks and rewards
of being committed to seeing through
the change that Libra promises,” said
Dante Disparte, head of policy and
communications for the Libra Associ-
ation, in an email. Mr. Disparte added
that 1,500 entities have said they are
AL DRAGO/BLOOMBERG NEWS

Please turn to page B2

Jobs Data,
Rate Hopes
HowTim Cook Lift Stock
Benchmarks
Got the President’s Ear
The Apple CEO has mastered the art of business diplomacy with the White House, advocating
BY GUNJAN BANERJI

U.S. stocks rallied to end a vola-

tile week as the September jobs re-
port helped ease fears about an eco-
nomic slowdown.
for his company’s interests while sometimes disagreeing with the president on social issues Job growth in the U.S. remains a
bright spot, even as signs of weak-
ness mount in the manufacturing
BY TRIPP MICKLE and services sectors. Earlier this
week investors worried about a po-
tential downturn pushed the S&P
500 down more than 1% in back-to-
Tech’s Political Pull

W
ith the threat of tariffs on iPhones
approaching in August, Apple Inc.
stood to lose billions of dollars in
profit. Chief Executive Tim Cook
reached out to one of his most
important contacts in Washing-
ton, Jared Kushner.
Mr. Kushner arranged a call between Mr. Cook and
his father-in-law, President Trump, people familiar
with the call said, giving the Apple chief a chance to
explain how tariffs would increase iPhone prices and
impair Apple’s ability to compete against rivals such
as Samsung Electronics Co.
Within days, the Trump administration scaled
back its tariff plan to exempt a swath of electronics
products, including iPhones, saying it wanted to pro-
tect consumers ahead of the holiday shopping sea-
son. The call from Mr. Cook influenced the decision,
a person close to the administration said.
A day after that move, Apple issued a press re-
lease trumpeting job growth, saying that since 2011
it had quadrupled the number of jobs its business
supports in the U.S. Later, Mr. Trump publicly
praised Mr. Cook’s power of persuasion, saying the
CEO had made a compelling argument about tariffs.
The events encapsulated Mr. Cook’s diplomacy in
the Trump era. To protect his company’s interests,
Apple has spent less on lobbying
people close to the company and administration said,
than other major tech players have
the Apple CEO has cultivated a relationship with the
in recent years.
president and his family, an unlikely alliance given
Annual lobbying, by company their contrasting personalities and divergent views
on many issues.
$20 million The rapport between Mr. Cook, a Hillary Clinton
Alphabet
supporter in 2016 who fashioned Apple’s outsourcing
Amazon
strategy, and Mr. Trump, a Republican who cam-
Facebook
paigned against Apple’s China-based manufacturing,
15 Microsoft
has served each man’s interests in such areas as
trade and tax reform, even as they remain divided
over immigration and climate change.
10 Apple The nascent impeachment inquiry is unlikely to
have an immediate effect on the relationship, accord-
ing to people close to Apple. Mr. Cook is expected to
5 continue to engage on issues related to the com-
pany’s business while steering clear of politics and
pushing back on social issues.
0 Mr. Cook serves as an adviser to the administra-
tion’s workforce policy board, and the two have
2016 ’17 ’18 ’19*
dined together the past two summers at Mr. Trump’s
*Through Sept. 18 golf club in Bedminster, N.J. Mr. Trump refers to the
Source: Center for Responsive Politics Please turn to page B4
back sessions for the first time this
year.
But the index ended the rocky
week with a modest 0.3% loss after
rebounding Thursday and Friday.
Stocks were buoyed by expectations
that the Federal Reserve will con-
tinue to cut rates to shore up the
economy and sustain the current ex-
pansion.
Investors are betting the Fed will
slash rates as soon as its meeting
later in October, and Friday’s jobs
report did little to alter views.
Even though the U.S. economy has
been more resilient than others
around the world, surveys of manu-
facturing and service-sector activity
have hinted at future weakness that
could eventually trickle into the la-
bor market.
“The market has grabbed onto the
narrative that bad news is good
news,” said Rusty Vanneman, chief
Please turn to page B11

THE INTELLIGENT INVESTOR | JASON ZWEIG

The Hidden Cost

Of Free Trading
Freedom isn’t free, Schwab and other brokerage firms
and free trades are in business to make money,
aren’t either. and one way they often do that is
Charles Schwab by milking clients’ cash. When you
Corp. shook the bro- trade for free, you still pay—at a
kerage industry this different tollbooth.
week when it said it In fact, the term “brokerage” is
will cut commissions to zero on becoming a misnomer. Firms like
Oct. 7. Schwab’s move, which fol- Schwab are more like banks than
lowed a similar cut by Interactive brokers. Commissions amounted to
Brokers Group Inc. and has already less than 7% of Schwab’s total net
been matched by rivals TD Ameri- revenues in 2018; they were 14%
trade Holding Corp. and E*Trade in 2014.
Financial Corp., is likely to be cop- Why take that to zero? Eradi-
ALEX NABAUM

ied by other big brokers. cating commissions is the logical

You no longer will pay a few culmination of what Schwab has
bucks in commissions to buy or been doing ever since former
sell a security at these firms. But Please turn to page B6
 B2 | Saturday/Sunday, October 5 - 6, 2019
CREDIT SUISSE GROUP AG
 A spy scandal is roiling a
Swiss banking giant. Credit
CS Suisse Chief Operating Officer
Pierre-Olivier Bouée resigned
2.7% after an internal probe found
he ordered the surveillance of
the bank’s former wealth-management
chief, Iqbal Khan, without discussing it
with Chief Executive Tidjane Thiam or
other senior bank officials. The probe
cleared the CEO of any involvement.
Credit Suisse found no evidence Mr.
Khan made any attempt to poach em-
ployees or clients, contrary to suspicions
some described as underpinning the
surveillance. American depositary shares
of Credit Suisse fell 2.7% Tuesday.
LENNAR CORP.
 Low interest rates are prop-
ping up the nation’s biggest
LEN home builders. Due to better-
than-expected earnings Len-
3.8% nar was among the best S&P
500 performers during a
market rout on Wednesday, with shares
adding 3.8%. “We continue to believe
the basic underlying housing market
fundamentals of low unemployment,
higher wages and low inventory levels
remain favorable,” Lennar Chairman Stu-
art Miller said in prepared remarks. Dur-
ing the company’s earnings call, Mr.
Miller added that lower interest rates
have stimulated demand and improved
the affordability of new homes.
TING SHEN FOR THE WALL STREET JOURNAL
Commuters on their devices on a metro platform in Washington, D.C., where an initiative to build out cellular service in tunnels has taken years.
Fixing the Dead Spots onYour Commute
Cash-strapped U.S. cities and modestly motivated carriers struggle to wire up your morning commute
Hop on the sub-
way in Seoul or Mos-
cow and your smart-
phone will remain
online throughout
your journey. Do the
same in New York or
Washington, D.C., and prepare to
go dark in the middle of a tunnel.
Forget 5G. U.S. cities are strug-
gling to bring reliable Wi-Fi and
4G wireless service to their sub-
way systems. That lack of connec-
tivity is weighing on mass transit’s
appeal and exacerbating socioeco-
nomic divides, transit officials say.
The reasons for the disconnect
span logistics, competing interests
and debates over the merits of in-
vesting in transit, but the biggest
hurdle is how to pay for better
connectivity—which requires coop-
eration between cash-strapped
transit authorities and carriers
who don’t always have big incen-
tives to spend the money.
Some agencies are now pushing
ahead with better connectivity in
New York’s subway system and
building out cellular service in
tunnels in D.C., but those initia-
tives have taken years.
For wireless carriers, extending
cellular connectivity underground
doesn’t bring in more revenue. It
just helps prevent customer frus-
tration and churn. It is even less
of a concern if rival carriers don’t
have service underground either.
Carriers’ ability to build out that
service also depends on how much
transit agencies charge for access
to their infrastructure and how
quickly governments act.
Mass-transit ridership is in de-
cline in most major American cit-
ies and transit budgets are chroni-
cally under pressure.
Passenger fares funded just 32%
of public-transit operations in
2017. The balance came from the
THE BUSINESS WEEK IN 7 STOCKS
SHARE-PRICE PERFORMANCE OF BROKERAGES
Source: FactSet
0%
–5
–10
–15
–20
–25
–30
–35
Mon. Tues. Wed.
CHARLES SCHWAB CORP.
 The race to zero in money management is acceler-
ating. Shares of Charles Schwab fell 9.7% Tuesday
SCHW after it said it would eliminate commissions on
9.7% trades made on its mobile and web channels. Ri-
vals TD Ameritrade Holding Corp. and E*Trade Financial
Corp followed suit, intensifying a price war across the fi-
nancial sector. Interactive Brokers Group Inc. earlier said it
would also go to zero with a stock-trading service.
TECHNOLOGY | SARAH KROUSE
transit operator or state, local and
federal governments, according to
the most recent report from the
Federal Transit Administration.
U.S. riders typically fall into two
categories: those with no other
ways to get around, and those who
can call an Uber or hop on a work
shuttle if trains are delayed.
In the first category, many rid-
ers have long commutes and
would benefit from improved con-
nectivity for homework, paying
bills and staying in touch with em-
ployers or loved ones. The second
category is the group that transit
agencies need to retain or risk rev-
enue shortages, said Adie Tomer, a
fellow at the Brookings Institution.
Moscow, Tokyo and
cities in China have
wired tunnels with help
from telecom carriers.
Janice Li, a member of the Bay
Area Rapid Transit system’s board,
is herself frustrated by the lack of
wireless connectivity throughout
San Francisco’s underground sys-
tem, but says the agency is tack-
ling other pressing issues, such as
homelessness near stations and
fare evasion. A BART spokes-
woman said wireless connectivity
is a priority for the transit agency
and that it will soon award a con-
struction contract for Wi-Fi and
cellular coverage buildout.
Governments in South Korea,
China, Russia and elsewhere ap-
pear to be more willing to spend—
and put pressure on their domes-
tic carriers—to wire public transit.
In the Moscow Metro, connec-
tivity is provided by carrier Max-
ima Telecom. It uses the data on
THE SCORE
Charles
Schwab
E*Trade
Financial
TD
Ameritrade
Thurs. Fri.
ridership and web-browsing habits
to generate revenue from targeted
ads. Nearly all of Tokyo’s subway
stations have public Wi-Fi, while
carriers have jointly brought ser-
vice underground. In China, sub-
way systems in Shenzhen and Bei-
jing are experimenting with faster
5G service with the help of Chi-
nese telecom companies.
In some parts of the world, like
China, connectivity can also serve
domestic security efforts, includ-
ing state surveillance.
“Fundamentally, mass transit is
seen differently in those parts of
the world,” said Barry Einsig, a
transportation technology expert.
Taxpaying citizens and public offi-
cials in many Asian and European
cities see it as “a critical part of
the economy,” he said, “where in
the U.S., it’s seen as a service.”
In Chicago, wireless carriers
did, collectively, agree to pay. Veri-
zon Communications Inc., AT&T
Inc., T-Mobile US Inc. and Sprint
Corp. covered the cost of a $32.5
million project that brought 4G
wireless service in 22 miles of tun-
nels and 21 underground stations.
Acting as a neutral host for the
four carriers, ExteNet Systems
Inc.—along with its partner,
Aldridge Electric—used a 25-car
train for the job. In the summer of
2015, the two Chicago Transit Au-
thority lines with tunnels ran with
delays over nine weekends while
50 to 75 engineers, network tech-
nicians and safety workers rode
around, installing radios and lay-
ing the necessary fiber.
The project highlights the finan-
cial and logistical challenges of
underground buildout: The carri-
ers put up money with no immedi-
ate expectation of increasing sub-
scriber revenue, while the
installation crew faced physical
obstacles and the complexity of re-
* *******
UNITED STATES STEEL CORP.
 A big steelmaker is forging a
new partnership. U.S. Steel
X plans to acquire a 49.9%
stake in its lower-cost rival
3.3% Big River Steel for $700 mil-
lion in cash, with an option
to take full ownership within four years,
the company said Tuesday. Big River’s
technology and ability to produce sheet
steel by melting scrap in an electric fur-
nace will make U.S. Steel more cost-
competitive. Domestic steel prices have
fallen sharply in the past year as manu-
facturers’ demand for steel waned, mak-
ing it more difficult for U.S. Steel to
make a profit with its high cost struc-
ture. U.S. Steel shares rose 3.3%.
HP INC.
 HP may be printing new pink
slips. Shares of the computer
HPQ hardware maker plummeted
9.6% Friday after the com-
9.6% pany said it could eliminate
7,000 to 9,000 jobs from its
roughly 55,000-person workforce over
the next three years. Incoming CEO En-
rique Lores’s restructuring plan also
aims to revive lagging printer sales. The
company will still offer customers the
option of buying their discounted print-
ers, but then will lock them into buying
ink from HP as well. Otherwise, they
can opt to purchase printers at a higher
price that would allow them to use
third-party ink cartridges.
routing trains. And this was Chi-
cago, where most trains run
aboveground. Other major cities
have much more extensive
stretches of underground tracks.
D.C.’s transit authority a decade
ago made a pact with major carri-
ers to bring cellular service to its
tunnels, and the agency aimed to
make money by leasing access to
its system. That deal fell apart be-
cause of logistical challenges re-
lated to track access, contractor
problems and funding pressures.
After a series of safety-related in-
cidents, the agency tried again in
2016, forming a new deal with car-
riers to bring cellular service to all
of its tunnels by 2020.
“The philosophy is, we’ve got to
get this project done. It is a safety
enhancement but it’s also an im-
portant customer convenience,”
said Dan Stessel, a spokesperson
for D.C.’s metro system.
In New York, a company called
Transit Wireless, majority-owned
by BAI Communications, invested
$350 million to build out Wi-Fi
service on 283 underground Met-
ropolitan Transportation Authority
platforms. Antennas are typically
in the middle of platforms, which
means service doesn’t extend into
most tunnels. Also, customers
have to log in to use the free ser-
vice in one-hour increments.
Carriers pay Transit Wireless to
access its infrastructure to extend
their cellular coverage in those
stations. With coverage limited to
stations, commuters have to time
their taps, downloads and page
loads to avoid blackouts.
The station work was complete
in 2016 and the MTA says it is
committed to expanding wireless
access to tunnels. ExteNet says it
has talked to the MTA about repli-
cating its Chicago program on a
larger scale for New York.
THE WALL STREET JOURNAL.
JOHNSON & JOHNSON
 Johnson & Johnson said
Tuesday it agreed to a $20.4
JNJ million deal to avoid a com-
ing trial accusing the com-
1.6% pany of helping spark an opi-
oid-addiction crisis in two
Ohio counties. The settlement makes
J&J the fourth drugmaker to reach such
a deal ahead of the trial, which is con-
sidered a bellwether for lawsuits that
governments have filed against drug-
makers. The company said the settle-
ment allows it “to avoid the resource
demands and uncertainty of a trial as it
continues to seek meaningful progress
in addressing the nation’s opioid crisis.”
J&J shares gained 1.6% Wednesday.
CONSTELLATION BRANDS INC.
 Constellation Brands’ big bet
on cannabis isn’t working out.
STZ The Corona brewer swung to
a loss in the latest quarter,
6.1% and its latest results included
roughly $500 million in
losses from its investment in Canadian
marijuana grower Canopy Growth Corp.
Constellation was one of the first brew-
ers to invest in cannabis and put
roughly $4 billion into Canopy in 2018.
That gave it a 38% stake in the com-
pany. Constellation’s investment lost
about $1.3 billion of value in the latest
quarter. Constellation shares lost 6.1%
Thursday.
—Francesca Fontana
PayPal
Drops Out
Of Libra
Continued from page B1
interested in participating in libra.
“We’re better off knowing
about this lack of commitment
now, rather than later,” Mr. Dis-
parte wrote in a subsequent
email.
Libra is the brainchild of David
Marcus, a former PayPal president
who joined Facebook in 2014 to
lead its Messenger division. In
2018, he formed a team within the
social-media company to explore
applications of blockchain, the
technology that underpins bitcoin
and other cryptocurrencies.
Like PayPal, libra was envi-
sioned to be a way to send money
between two people as well as a
way to pay for goods and services
online. Unlike PayPal, libra will
run not on existing payments in-
frastructure but on a yet-to-be-de-
veloped blockchain network
backed by a pool of real assets
and currencies.
The number of people that use
Facebook every month is around
10 times the number of people
that use PayPal every year, and
the opportunity to deliver finan-
cial services to them motivated
PayPal to sign on to libra early.
PayPal also powers payments on
Facebook’s existing platforms, in-
cluding a new in-app shopping of-
fering announced in March; libra
was seen as a way to further ce-
Lawmakers and
regulators quickly
criticized libra after it
was unveiled in June.
ment ties between the two com-
panies.
“We believe that our more than
20 years of payments expertise
can not only contribute value to
the Libra Association, but it also
gives us the opportunity to work
with and learn from other leading
organizations,” PayPal Chief Exec-
utive Dan Schulman wrote in a
blog post in June. The post has
since been deleted.
Lawmakers and regulators in
the U.S. and Europe were quick to
criticize libra after it was unveiled
in June, citing concerns about
how Facebook and other compa-
nies involved would protect users’
privacy and stop criminals and
terrorists from using it to launder
money.
This summer, PayPal was one
of a number of companies that re-
ceived a letter from the U.S. Trea-
sury Department that asked for a
complete overview of its money-
laundering compliance programs
and how libra would fit into it.
Authorities have previously
faulted PayPal for enabling illicit
activity. In 2015, it agreed to pay
$7.7 million to settle allegations
that it violated U.S. sanctions by
processing payments for black-
listed individuals and organiza-
tion.
In 2017, PayPal disclosed that it
received subpoenas from the U.S.
Justice Department over its anti-
money-laundering compliance
program.
THE WALL STREET JOURNAL.
Disney
Stops
Taking
Netflix Ads
BY ALEXANDRA BRUELL
AND SUZANNE VRANICA
Walt Disney Co. is banning
advertising from Netflix Inc.
across its entertainment TV
networks, according to people
familiar with the situation, a
sign that the marketing war
over streaming-video is esca-
lating as media and tech gi-
ants battle for subscribers.
Disney, Comcast Corp. and
AT&T Inc. are set to spend
hundreds of millions of dollars
on advertising over the next
year to attract consumers to
their new streaming-video ser-
vices as they look to compete
with industry juggernaut Net-
flix.
Netflix spent $1.8 billion on
advertising last year and will
be playing defense against
Hollywood’s new entrants.
Disney, whose properties
include ABC and Freeform,
earlier this year issued an
edict to staffers that it
wouldn’t accept ads from any
rival streaming services, but
later reversed course with all
but one competitor, the people
familiar with the situation
said. The exception was Net-
flix.
In making its decision, Dis-
ney evaluated whether it had a
mutual business or advertising
relationship with the compa-
nies, one of the people said.
Netflix doesn’t show ads in its
programs. In addition, Disney
has been pulling back on li-
censing content to Netflix as it
prepares its own streaming
service.
In a statement, Disney said
the subscription streaming-
video business has evolved,
“with many more entrants
looking to advertise in tradi-
tional television, and across
our portfolio of networks.”
The company said it re-evalu-
ated its initial blanket ban on
streaming ads “to reflect the
comprehensive business rela-
tionships we have with many
of these companies.”
Netflix declined to com-
ment.
Disney’s push deeper into
streaming is bringing to the
fore its tensions with tech gi-
ants on multiple fronts. The
company is separately at odds
with Amazon.com Inc. over
the financial terms for its apps
in Amazon’s Fire TV stream-
ing-media player, one reason
that Disney’s forthcoming
streaming service Disney+ has
no Fire TV deal in place, The
Wall Street Journal reported
Thursday.
Meanwhile, Disney Chief
Executive Robert Iger resigned
from Apple Inc.’s board in Sep-
tember on the same day Apple
announced its own competing
streaming service.
Disney’s ban of Netflix ads
marks a significant shift. In
the TV industry, it isn’t un-
usual for TV networks to re-
ject ads from direct rivals, es-
pecially if they include the
specific time and date when a
competing program will air.
But broadcasters have gener-
ally allowed streaming ser-
vices such as Netflix and Ama-
zon Prime Video to advertise,
even as it became clear they
were luring away viewers.
Now, the landscape is
changing. As traditional media
companies launch their own
streaming services, they will
be going head-to-head with
the tech giants—and with each
other—as never before.
Disney, whose $6.99-per-
month Disney+ service
launches in November, decided
it wasn’t interested in hosting
Netflix ads any longer. Netflix
spent $99.2 million on U.S. TV
ads during 2018, with some
13% going to Disney-owned en-
tertainment networks, accord-
ing to estimates from ad-mea-
surement firm iSpot.TV.
Comcast’s NBCUniversal in-
tends to spend roughly $100
million on ads outside of its
own properties to launch Pea-
cock, which is expected to de-
but next April, according to
people familiar with the com-
pany’s ad plans. It is expected
to spend at least double that
amount on its own properties,
the people said. NBCU de-
clined to comment.
AT&T’s WarnerMedia is
planning to spend roughly
$300 million on advertising
over the next year to push
HBO Max, according to people
familiar with the company.
HBO declined to comment.
* * * *
Ghosn Probe Led to Nissan Clash
Nissan Motor Co.’s audit
chief made a list of Nissan em-
ployees she believed enabled
alleged wrongdoing by former
Chairman Carlos Ghosn and
planned to create a committee
By Sean McLain in
Tokyo and Nick Kostov
in London
to consider disciplining them,
but Nissan quashed her plan
after a leading target said it
wasn’t necessary, according to
an internal email and people
familiar with the decision.
The audit chief, Christina
Murray, who left Nissan in
September, said in the email
that she cautioned a top exec-
utive about following the ad-
vice of a person suspected of
wrongdoing on whether to in-
vestigate it.
The email seen by The Wall
Street Journal adds to the pic-
ture of internal clashes at the
car maker in the aftermath of
Mr. Ghosn’s arrest last Novem-
ber and indictment on charges
of financial misconduct—
GM Talks Focus on New-Hire Wages Google
BY NORA NAUGHTON
AND MIKE COLIAS
General Motors Co. and
the striking United Auto
Workers union are dueling
over two main issues: how fast
to move newer hires up to the
top wage and how soon tem-
porary workers should qualify
for full employment.
As the union’s walkout at
GM closes out a third week,
the UAW is pushing to shorten
the eight-year time period it
takes for a new worker at GM
to reach full pay of about $30
an hour, according to people
close to the talks. The auto
maker has resisted the de-
mand because it could add to
its labor costs, they said.
The eight-year timetable
has frustrated UAW workers
who say it creates a situation
where many union-repre-
sented workers are earning
less for performing the same
job as more-veteran col-
leagues—a pay disparity that
is at odds with the union’s
Jetblack has been a costly project serving a small customer base in New York City who pay for concierge-like shopping by text.
Walmart Looks to Spin Off Shopping Service
BY SARAH NASSAUER
Walmart Inc. is talking to
investors and companies about
taking over its Jetblack per-
sonal shopping service in a
potential spinoff that would
have the unprofitable ven-
ture’s CEO Jenny Fleiss exit,
according to people familiar
with the matter.
As of early this summer,
Jetblack was losing around
$15,000 per member annually,
according to documents
viewed by The Wall Street
Journal.
Walmart has been working
since at least this summer to
spin off Jetblack by raising
money from others, including
a logistics provider and a pay-
ments company, these people
said.
The retailer has engaged
several potential partners, in-
cluding Microsoft Corp. and
United Parcel Service Inc., as
well as venture-capital firms,
including New Enterprise As-
BUSINESS & FINANCE NEWS
charges that Mr. Ghosn denies.
The clashes now center on
Hari Nada, a Nissan vice presi-
dent who oversees its legal de-
partment. Previously Mr. Nada
had worked closely with Mr.
Ghosn on sensitive matters,
and some Nissan lawyers have
said that given the potential
conflicts of interest, Mr. Nada
needed to do more to avoid
any involvement in probes of
Mr. Ghosn’s actions.
Ms. Murray and others had
assembled a list of around 80
employees at Nissan who they
believed had assisted Mr.
Ghosn or obstructed the inves-
tigation and ranked the sever-
ity of these employees’ actions
on a scale of 0 to 5, said the
people familiar with the effort.
Mr. Nada was a 5, they said.
A proposed internal Com-
mittee on Employment Action
and Remediation was to look at
the allegations and determine
whether any penalties were ap-
propriate, the people said.
In September, Nissan com-
pleted a 170-page report pre-
pared by its outside law firm,
core belief that workers
should earn equal pay for
equal work. New hires start
out at about $17 an hour and
get yearly raises until they
reach full pay.
U.S. auto makers have re-
lied on new hires earning less
than veteran workers as a way
to keep their labor costs com-
petitive with foreign rivals
who operate nonunion plants
in the U.S. South.
The UAW is working to lock
in a new four-year labor con-
tact for tens of thousands of
hourly workers at GM before
turning its full attention to ne-
gotiations with Ford Motor
Co. and Fiat Chrysler Auto-
mobiles NV.
Contract talks, which con-
tinued Friday, entered a criti-
cal phase in the previous week
as UAW and GM bargainers
moved onto bigger economic
issues, such as wages and ben-
efits.
The strike, now the longest
nationwide walkout at GM
since 1970, has halted produc-
sociates, some of these people
said.
Negotiations are ongoing
and it is unclear if those firms
will ultimately decide to in-
vest, the people said. The talks
are expected to continue for
several more weeks and in-
volve other investors, one per-
son said.
Jetblack was developed at
Walmart’s internal incubator,
and spinning off those projects
with external partners is one
of the goals of that initiative,
said a person close to the
company.
Walmart is expected to re-
tain a stake in Jetblack, the
people said.
To date, Jetblack has been a
costly project serving a small
customer base in New York
City who pay for concierge-
like shopping by text and fast
deliveries. Walmart has bud-
geted $60 million for Jetblack
this fiscal year, said another
person familiar with the busi-
ness.
NISSAN
Hari Nada oversees Nissan’s
legal department.
Latham & Watkins, summariz-
ing its investigation into the
Ghosn matter.
As the investigation wound
down over the summer, Ms.
Murray, the audit chief, and
others involved worried that
Latham’s report was too nar-
row in scope, say people famil-
iar with the discussions. A
tion at more than 30 company
plants in the U.S. and sus-
pended work at about two
dozen GM-owned parts ware-
houses and distribution cen-
ters.
GM has also proposed giv-
ing temporary workers a for-
mal path to full-time employ-
ment, addressing one of the
UAW’s key demands heading
$17
Hourly wage for newly hired
workers at General Motors
into contract talks. Absent a
formalized process, workers at
GM can remain on temporary
status indefinitely.
The Detroit auto maker has
roughly 3,000 temporary
workers, or about 7% of its to-
tal workforce, a number that
fluctuates based on production
In the face of large losses
per member, Jetblack has tried
to allow more members to join
from a waiting list, but service
quality often falls soon after,
say current and former em-
ployees. The service had about
600 active members as of this
summer, according to docu-
ments viewed by The Journal.
Ms. Fleiss, who previously
co-founded apparel rental
company Rent the Runway,
will step down as CEO of Jet-
black in conjunction with the
spinoff, one of the people said.
Walmart didn’t make Ms.
Fleiss available, and she didn’t
immediately respond to re-
quests for comment.
Nate Faust, a longtime lieu-
tenant of Walmart U.S. e-com-
merce CEO Marc Lore, has
taken a leadership role at Jet-
black and has been working
since at least this summer to
spin off the unit, some of the
people familiar with the situa-
tion said.
Bloomberg News earlier re-
Saturday/Sunday, October 5 - 6, 2019 | B3
public summary of the report him it was not necessary,” Ms.
mentions only two names be-
sides Mr. Ghosn, with Mr.
Nada not among them.
Murray wrote in the email to
her team. She added: “I cau-
tioned him about following
Ms. Murray and others in-
volved in Nissan’s internal in-
vestigation were planning to
Hari on this, as Hari might have
a reason to not want a deci-
sion-making committee to hear
use the findings to examine about certain misconduct.”
whether there should be disci- One of the people said Mr.
plinary action against employ- Nada told Mr. Yamauchi that
ees other than Mr. Ghosn and any disciplinary committee
former aide Greg Kelly, ac- should rely on Latham’s report
cording to people familiar with and other fact-finding docu-
their plans. Mr. Kelly, who was ments, rather than Ms. Mur-
stripped of his Nissan post, ray’s list. The list compiled by
has been charged with helping Ms. Murray was overly broad
hide Mr. Ghosn’s compensa- and “a complete mischaracter-
tion. He says he is innocent. ization of Latham’s findings,”
On Aug. 27, Ms. Murray met this person said.
with Yasuhiro Yamauchi, then A Nissan spokeswoman de-
Nissan’s chief operating officer clined to comment on the
and now its acting chief execu- emails but rejected the idea
tive, according to the email that the company was treating
and people familiar with the those who may have helped
meeting. According to the Mr. Ghosn with kid gloves.
email by Ms. Murray, which “Nissan fully intends to
recounts the meeting, she take necessary measures,
asked Mr. Yamauchi whether it based on company rules, with
was true that the company regard to the personnel in-
had canceled plans for the volved in the misconduct led
proposed committee. by” Mr. Ghosn, the spokes-
“He told me that Hari told woman said.
schedules. These employees
are also represented by the
Mulls Deal
UAW.
Company bargainers told
the union that GM was willing
For Rival
to give any temporary worker
with three consecutive years
of service full-time status,
To TikTok
people familiar with the mat- BY GEORGIA WELLS
ter said. But the UAW pushed AND ROB COPELAND
back, saying the proposal still
doesn’t provide enough job se- Google has held discussions
curity, the people said. about acquiring a video-shar-
The two sides have moved ing startup that could help it
closer on the issue and are
now negotiating over how to
calculate the time served, the
people said.
counter fast-growing TikTok,
people familiar with the mat-
ter say.
Google is weighing a deal
Health care, a major stick- for Firework, a free smart-
ing point heading into talks, is phone app for users to share
largely settled, according to 30-second homemade videos
people familiar with the nego- with strangers. Like TikTok,
tiations. Firework tries to surface viral,
In an early offer, GM pro- edited videos from unlikely
posed having UAW workers sources, though Firework aims
pay up to 15% of health-care for an older audience than its
costs out of pocket but the better-known competitor out
union quickly shot it down and of China that is big among
the out-of-pocket obligation teens.
will remain unchanged at Firework, based in Red-
around 3%, the people said. wood City, Calif., was valued
at more than $100 million in a
fundraising round this year,
and any acquisition would
come at a premium. Google
and Firework haven’t yet dis-
cussed pricing, the people say.
The discussions might not lead
to a deal and also include con-
versations about other ways to
partner.
Weibo, China’s version of
Twitter, has also expressed in-
terest in Firework, though dis-
cussions haven’t moved as far
along as those with Google,
according to people familiar
with the matter.
The move comes amid in-
creasing regulatory heat on
Google and its peers for their
dominance of the technology
landscape.
Google, a unit of Alphabet
KEVIN HAGEN FOR THE WALL STREET JOURNAL
Inc., hit the jackpot 13 years
ago by acquiring YouTube and
turning it into the top destina-
tion for online video. Some
500 hours of new content is
uploaded to YouTube every
minute, the company says. An-
alysts say YouTube is respon-
sible for around 20% of Alpha-
bet’s annual advertising
revenue.
But the world of online
video is expanding further into
areas outside of Google and
YouTube’s traditional wheel-
house. Short videos shot on
mobile phones are becoming
the new standard for many us-
ported that Walmart was ers. The popularity of such
weighing the future of Jet- content is why more than one
black, had received inquiries in seven people on earth have
from unnamed parties and downloaded TikTok to their
that Mr. Faust could take a smartphones.
leadership position at the TikTok’s parent, Beijing-
business. based Bytedance, is valued
Walmart executives have privately at $75 billion.
touted Jetblack as a potential Google isn’t alone in mov-
avenue for growth and re- ing into the short-video space.
search since the service TikTok’s rapid ascendance in
launched last year, offering the U.S., particularly among
members, some paying $600 a teens, alarmed Facebook exec-
year, the ability to order any- utives, who launched a similar
thing except fresh food via app called Lasso in 2018. Snap
text message for fast delivery. Inc., too, has rolled out new
Walmart didn’t see Jetblack features.
as a profit center, but as a way Part of Google’s motivation,
to eventually power an auto- people briefed on the plans
mated personal-shopping ser- say, is to stay in the vanguard.
vice, preparing Walmart for a It is considering other acquisi-
time when the search bar dis- tions in the space, too. You-
appears and more shopping is Tube executives are involved
done through voice-activated in the discussions over the po-
devices, executives said earlier tential Firework deal, one of
this year. the people says.
“It’s the tech of the future, Firework was launched last
right? It’s not what everyone year by former executives
is doing today,” Ms. Fleiss told from Snap, LinkedIn and JP-
the Journal earlier this year. Morgan Chase & Co.
 B4 | Saturday/Sunday, October 5 - 6, 2019
How Apple
Built a Line to
The President
Continued from page B1
Apple CEO as a friend and lauds
his business chops. He has called
Mr. Cook to wish him a Happy
Thanksgiving, a person familiar
with the matter said.
“He’s a great executive,” Mr.
Trump said recently. “Others go
out and hire very expensive con-
sultants. Tim Cook calls Donald
Trump directly.”
Mr. Trump has spent more of
his working time than predeces-
sors with corporate leaders, said
presidential historian Jeremi Suri,
a professor at the University of
Texas at Austin. He said those rela-
tionships tend to focus more on
administration priorities such as
trade and tariffs than the broader
economy, a focal point of past ad-
ministrations.
Mr. Cook is one of the few exec-
utives in a hyperpolarized political
era who has managed to both sup-
port and challenge the president’s
agenda in a way that has kept him
in Mr. Trump’s good graces while
avoiding any public backlash from
either employees or customers.
Such engagement has proved
risky for other chief executives.
Facing public pressure, Under Ar-
mour Inc.’s Kevin Plank, Tesla
Inc.’s Elon Musk and Uber Tech-
nologies Inc.’s Travis Kalanick re-
signed from presidential advisory
councils over disagreements with
the administration. A similar res-
ignation by Merck & Co. CEO Ken-
neth Frazier, who publicly criti-
ALEX BRANDON/ASSOCIATED PRESS
Apple’s Tim Cook, center, speaks with Mr. Trump and White House adviser Jared Kushner during an American Technology Council meeting in 2017.
cized the president’s handling of
violence in Charlottesville, Va., led
Mr. Trump to unleash a barrage of
tweets castigating the drugmaker
for high prices.
“There are only a handful [of ex-
ecutives] who have been able to
thread the needle,” said Jeffrey
Sonnenfeld, a Yale University man-
agement professor who has infor-
mally advised Mr. Trump over the
years before he became president.
“This is a newfound capability for
Apple. Steve Jobs didn’t have influ-
ence in Washington, and Tim Cook
has offered it.” He added that Mr.
Trump’s volatility means the rela-
tionship with Mr. Cook could
change, but that was unlikely in
the near term.
Apple declined to make Mr.
Cook available for an interview.
The White House said Mr. Trump
declined to comment. (Dow Jones
& Co., publisher of The Wall Street
Journal, has a commercial agree-
ment to supply news through Ap-
ple services.)
Mr. Cook’s personal diplomacy
stands out among tech giants. Oth-
ers have sharply increased their
outlays on lobbying in recent years
but haven’t forged close ties to the
administration. Apple’s $18 million
in lobbying since 2017 is half of
what either Amazon.com Inc. or
Google’s Alphabet Inc. have spent,
according to the Center for Re-
sponsive Politics.
Mr. Cook fostered close ties
with Mr. Kushner and his wife,
Ivanka Trump, giving him a back-
channel to the White House. He
also meets regularly with adminis-
tration officials such as economic
adviser Larry Kudlow. Despite his
personal preference for privacy, he
has attended publicly promoted
dinners and meetings with Mr.
Trump, said people close to Apple
and the administration.
Nearly 97% of Apple employee
donations to candidates in the
2018 midterm elections went to
Democrats, according to the Cen-
ter for Responsive Politics, citing
public disclosures. Yet employees
haven’t publicly criticized Mr.
Cook for engaging with the presi-
dent. Mr. Cook has challenged the
president on some social issues.
His personal lobbying benefited
the company on the tariff issue,
and tax changes that led to em-
ployee bonuses.
At a March meeting, President
Trump introduced Mr. Cook as
“Tim Apple”—a mistake that rico-
cheted across social media.
Trump supporters laughed, while
critics painted it as yet another
presidential gaffe. Mr. Cook re-
sponded by updating his name on
Twitter to use the Apple logo in
place of his last name. Presiden-
tial supporters read it as an inside
joke between the two leaders,
while opponents interpreted it as
a jab at the president.
“There are a lot of folks in Sili-
con Valley who reek of disdainful-
ness for politics,” said Sen. Mark
Warner (D., Va.), who regularly
meets with Mr. Cook. “They often
presume they’re much smarter
than anyone in policy….Tim
doesn’t have that approach. He
actually listens.”
Mr. Cook grew up outside Mo-
bile, Ala., the son of a shipyard
worker, and earned an engineering
degree at Auburn University and
an M.B.A. from Duke. He is an op-
erations wizard, skilled at minimiz-
ing costs. In his previous role at
Apple, he shifted production from
the U.S. to China, and helped build
a business there that accounts for
one-fifth of Apple’s revenue.
Mr. Trump was elected presi-
dent after promising to rebuild
American manufacturing and place
tariffs on Chinese goods. “We’re
going to get Apple to build their
damn computers in this country
instead of other countries,” he said
during a 2016 campaign speech.
The month after his election,
Mr. Trump summoned Mr. Cook to
meet in New York. Apple execu-
tives debated skipping the summit,
worried Mr. Trump would air
grievances about manufacturing
and Apple’s commitment to en-
crypted iPhones, according to a
person familiar with the company.
But people who knew Mr. Trump
encouraged Mr. Cook to attend,
this person said.
Mr. Trump was friendly and
charming, said people familiar
with the meeting. He told Mr.
Cook he looked forward to work-
ing together and encouraged the
CEO to contact Mr. Kushner with
any issues.
‘This is a newfound
capability for Apple.
Steve Jobs didn’t have
influence inWashington.’
Mr. Cook spoke about Apple’s
manufacturing practices, drawing
a contrast between smartphone
production and automobile man-
ufacturing, according to these
people. Most of the value in the
iPhone came from the design and
engineering, he said, and the Chi-
nese workers who did the assem-
bly received low wages, so how
could those jobs be good for U.S.
workers?
He told Mr. Trump that a trade
war with China would be a big
problem for major American com-
panies such as Apple.
Messrs. Trump and Kushner ap-
preciated Mr. Cook’s approach, and
felt he was someone they could
work with, a former senior admin-
istration official said.
Mr. Cook came away from the
meeting with a sense that Mr.
EXCHANGE
Trump listened and that they could
work together, one of the people
familiar with the company said.
When Mr. Cook was in Washington
the following month, he had dinner
with Mr. Kushner and his wife at
Ristorante Tosca.
Their early rapport was tested a
month later when Mr. Trump
signed an executive order suspend-
ing entry to the U.S. from several
Muslim-majority nations. The order
disrupted airports and triggered
protests at Google, where thou-
sands of people staged a walkout.
Mr. Cook, an immigration ad-
vocate, was surprised. Apple
later told the administration it
disapproved of the measure. Mr.
Cook emailed Apple employees,
While others hire
consultants, ‘Tim Cook
calls Donald Trump
directly,’ Mr. Trump said.
saying he made clear to officials
in Washington that the company
and nation wouldn’t exist with-
out immigration.
His ties to the White House,
though, remained intact. A few
months later, current and former
administration officials said, Ms.
Trump called on Mr. Cook for help:
Would he speak to her father
about his plan to exit from the
Paris Climate Accord?
Mr. Cook’s appeal to preserve
the U.S. commitment to the climate
agreement didn’t succeed, these
people said, but it allowed him to
convey his feelings to the president
directly before sending an email to
employees that criticized exiting
the climate agreement.
Mr. Cook has said he relies on a
simple formula before weighing in,
asking himself: Does Apple have a
right to talk about this? Do we
have standing? He speaks out
about education, privacy, human
rights, immigration and the envi-
ronment. “I don’t think business
should only deal in commercial
things,” he said at a conference
last year.
Before challenging Mr. Trump’s
policies publicly, though, often he
or a member of Apple’s public-af-
fairs team alerts the White House
through Mr. Kushner or other se-
nior White House officials, former
administration officials said.
At other times, Mr. Cook holds
his tongue. When the president
told the Journal in July 2017 that
Mr. Cook promised to build “three
big plants, beautiful plants” in the
U.S., the company declined to com-
ment, pointing to past statements
about its reliance on U.S. suppliers
for components.
While Mr. Cook had spoken
with the president about manu-
facturing around that time, the
CEO hadn’t discussed three plants
in the U.S., a person familiar with
the company said. The CEO didn’t
challenge Mr. Trump because “it
would have been a tweet war,”
the Journal reported last year,
citing another person familiar
with the company.
“In being measured and
thoughtful, he doesn’t create cri-
sis when there doesn’t need to be
one, or antagonism when there
doesn’t need to be any,” one of
the former administration officials
said of Mr. Cook.
When Mr. Trump began working
toward a planned tax cut in 2017,
Mr. Cook told the president that
Apple would invest more in the
U.S. if it could bring its $250 bil-
lion in overseas cash back to the
U.S. at a lower tax rate, one of the
former administration officials
said. Mr. Trump later cited Mr.
Cook and Apple as he promoted a
* *** THE WALL STREET JOURNAL.
Apple of
tax overhaul, this person added.
In early 2018, less than a month
after the tax bill was signed, Apple Trump’s Eye
announced it would contribute
$350 billion to the U.S. economy
over five years—a figure that in-
The president has made
Apple the focus of
a number of tweets
cluded spending on parts and ser-
vices, capital spending and tax
payments. Even though that was
in recent years
consistent with Apple’s previous
spending levels in the U.S., Mr.
Cook went on ABC News to tout
the commitment, as well as Apple’s
promise to develop a new Apple
campus, which it later awarded to
Austin, Texas.
Mr. Trump praised Apple later
in January during the State of the
Union address, saying its spending
was an example of the benefits of
tax cuts.
Over time, the administration
began to rely on Mr. Cook for in-
sight into trade and business is-
sues around the world, including in
China, Brazil and Europe, former
and current senior administration
officials said.
Trade remained a major sticking
point. Mr. Cook told Mr. Trump
regularly that a trade war would
harm U.S. companies. Mr. Trump  After tax law changes, Apple
often told Mr. Cook he wanted Ap- said it would contribute $350
ple to add jobs in the U.S. billion to the U.S. economy over
To ward off criticism of its over- the next five years.
seas manufacturing, Apple re-
branded commitments to U.S. man-
ufacturing as spending from an
“Advanced Manufacturing Fund”
program, one of the people close
to the company said. Previously,
similar spending commitments
with suppliers weren’t publicized.
Early this year, Mr. Cook joined
the American Workforce Policy Ad-
visory Board led by Ms. Trump.
The group, which includes the
CEOs of Lockheed Martin Corp.  Tim Cook met with
and Siemens USA, aims to help U.S. President Trump in the Oval
employers and the government Office and discussed trade,
better train workers. immigration and other issues.
 Mr. Trump called on
Apple to shift production
out of China to the U.S. to
avoid tariffs.
 Mr. Trump praised Apple
for promising to create more
Last year, when the White jobs in the U.S.
House announced duties on $200
billion of Chinese-made goods, it
exempted a group of products in-
cluding Apple’s smartwatch and
wireless earbuds. But the tariff
threat re-emerged in May when
Mr. Trump threatened tariffs on
an additional $300 billion in Chi-
nese goods. The tariffs would
have increased the price of new
iPhones, on average, by about  Mr. Trump tweeted
$40, and reduced Apple’s per- that Apple won’t be given
share earnings by more than 20%, a tariff waiver for Mac Pro
according to analysts. parts made in China.
Despite the tariff threat, Apple
made plans to manufacture a
new version of its Mac Pro in
China. The current version of the
computer was produced in Aus-
tin, Texas.
After the president said in Au-
gust he planned to move forward
with the tariffs, Mr. Cook reached
out to Mr. Kushner, who set up the  Mr. Cook dined with
phone call with the president that the president at Trump National
helped persuade the Trump admin- Golf Club Bedminster.
istration to spare iPhones and
other products from tariffs.
The president later said Mr.
Cook made the case that tariffs
would give Samsung an advantage
over Apple because the South Ko-
rean company wouldn’t have to
pay duties.
The plea clicked with Mr.
Trump, according to former senior
administration officials. He wants
to stop countries such as China
from competing unfairly against
the U.S., and for American multina-
tionals to succeed world-wide.
Several weeks later, Apple re-
versed its plan for the Mac Pro, an-
nouncing it would continue to
make it in Austin, after the admin-
istration granted exclusions on tar-
iffs for some Chinese-made compo-
nents in the desktop computer.
“The reason I speak to Tim
Cook: He’s the one that calls me,”
Mr. Trump said in August.
—Alex Leary and Michael C.  Apple reversed a plan to
Bender contributed to this article. make Mac Pro in China.
THE WALL STREET JOURNAL.
For three months,
I’ve been examining
how companies in-
terview potential
managers to try to
identify the smartest
approach. Today, I’m
throwing in the towel.
The problem, I realize, is that
my entire premise was wrong. The
best way to interview leadership
candidates is not to.
This doesn’t apply to entry-level
hires. If you’re investing in a per-
son’s raw potential, it’s important
to meet them. But when companies
want to evaluate established man-
agers, almost every motive they
have for parading these people
through the office defies logic. If
anything, interviews may increase
the odds of making a bad decision.
Only 18% of managers
companies hire have the
ideal mix of skills to
succeed, a study found.
I know this sounds crazy. After
all, job interviews are a hallowed
rite of passage in business. If noth-
ing else, meeting people face-to-
face is the only way to know if
they laugh like a goat or smell like
moldy cheese.
What’s even crazier, I’d argue, is
to continue doing what you’ve al-
ways done and expecting a better
result. According to a Gallup study,
only 18% of the managers compa-
nies hire have the ideal combina-
tion of skills to succeed.
As companies devote record
amounts of time and money to the
hiring process, an entire industry
provides newfangled assessment
tools. We’re measuring body lan-
guage and facial expressions and
evaluating managers with virtual-
reality simulators. The only con-
vention not widely reconsidered is
the sit-down interview.
The basic rules of job interviews
were written during the bygone
era of lifetime employment, when
employers could assume that any
new hire might stick around for
decades. Back then, achieving “di-
versity” in management meant
employing graduates from both
Harvard and Yale.
Interviews were essentially lit-
mus tests: Is this fellow (and they
were nearly all fellows) one of us?
This bias may be less overt, but
it still exists. A 2012 study found
that managers are more likely to
hire workers who are “culturally
similar” to them. And employers
that rely heavily on internal refer-
rals often end up hiring lots of new
bosses who are indistinguishable
from the bosses they already have.
Some companies are trying to
eliminate unconscious bias by dis-
patching recruiters to new places,
relaxing educational requirements
for some jobs or even outsourcing
the process. But can they really be
objective if they still insist on meet-
ON BUSINESS | JOHN D. STOLL
The Business
Of Fearing
Elizabeth Warren
Mark Zuckerberg isn’t the only executive fretting
about what the Massachusetts senator would do
if she reaches the White House
When Mark Zuck-
erberg’s colorful
comments about
Elizabeth Warren hit
the internet earlier
this week, we were
granted an uncharac-
teristically clear look into the mind
of a tech billionaire who normally
guards his tongue. The Facebook
Inc. founder warned if the Massa-
chusetts senator gets elected presi-
dent next year and tries to break
up the company, Facebook could
face an existential legal challenge.
Mr. Zuckerberg believes Face-
book would prevail. Nevertheless,
the situation would “still suck for
us,” he said during a leaked
closed-door Q&A session with em-
ployees published by The Verge.
Few should be surprised that a
tech billionaire is concerned about
a candidate like Ms. Warren even
in an election that’s about 400
days away. For one, Mr. Zucker-
berg is a long-term thinker, cred-
ited with being among the best at
seeing around corners in a fast-
moving industry. His firm is one of
a handful of tech giants targeted
for breakup by Ms. Warren and
others who believe the Facebooks,
Googles, Amazons and Apples have
* * * *
THE CAPTAIN CLASS | SAM WALKER
The Case for Hiring
Managers Sight Unseen
The best advice for a company interviewing a leadership candidate? Don’t.
ing every candidate in the flesh?
In business settings, studies
have shown that energetic extro-
verts and people who seem highly
conscientious are more likely to be
chosen as leaders. These are the
folks who wow us in job inter-
views. But other research suggests
these traits are less likely to deter-
mine whether a leader is effective.
In fact, some qualities most in-
terviewers prize less, such as
agreeableness, may be just as good
at predicting success.
Many employers, consciously or
not, use interviews as an opportu-
nity to scan people for subtle be-
havioral “tells” that may hint at
their deeper character. Did they sit
up straight? Were they polite to
the receptionists?
These snap judgments can be
useful in thousands of situations
outside the office. But they’re a
grown too powerful.
Here’s a sure bet for a 2020
presidential race that will throw
plenty of curveballs: Mr. Zucker-
berg and his peers running Silicon
Valley’s megafirms aren’t the only
executives feeling a bit uneasy
about a White House potentially
occupied by Ms. Warren.
Multiple polls indicate Ms. War-
ren’s campaign is gaining traction,
and that momentum has wealthy
donors warning the Democratic
Party her nomination would
prompt them to leave their wallets
in their pockets. Many of those
wallets belong to company owners,
influential shareholders, top execu-
tives and board members.
Ed Mills, Washington policy an-
alyst for Raymond James Financial
Inc., told me this week the chang-
ing dynamics in the election was a
dominant topic in recent days. “I
had many more conversations
about Elizabeth Warren in the last
week than I did about impeach-
ment.” He said Ms. Warren’s pro-
gressive agenda will hurt health
care, financial services and energy.
“We’re all worrying about it,”
Rob Parmentier, the CEO of Wis-
consin-based Marquis Yachts, told
me Friday morning when I asked
EXCHANGE
suboptimal method for judging
managers.
As noble as “leadership” seems,
there’s no indication that it’s a hu-
man character trait.
At the office, most managers
don’t spend a lot of time consult-
ing their moral code. All they need
to succeed is an intelligent strat-
egy—or what the authors Marcus
Buckingham and Curt Coffman call
“a recurring pattern in thinking,
feeling, or behavior that can be
productively applied.”
Personality tests are also sub-
ject to distortion. Researchers
who’ve designed them have long
cautioned that they are less accu-
rate when the subject has some-
thing riding on the result. “People
can and will lie,” says Kibeom Lee,
a psychology professor at the Uni-
versity of Calgary in Alberta.
The No. 1 purpose of any inter-
Executives are feeling uneasy about an Elizabeth Warren presidency.
about Ms. Warren’s campaign.
Ms. Warren celebrates her track
record of holding big companies
accountable and pushing for
changes that could curb executive
pay and corporate profits. She is
well known for imposing tight fi-
nancial rules as the chairwoman of
the Congressional Oversight Panel
following the financial crisis. She
is in favor of single-payer health
care, wealth taxes and a Green
New Deal for energy policy.
Scott Porter, president of For-
mula Boats (one of Mr. Parmen-
tier’s rivals), said manufacturers
have enjoyed a strong economic
backdrop during the Trump ad-
ministration, and the president’s
deregulation push has eased the
burden of operating a manufactur-
Saturday/Sunday, October 5 - 6, 2019 | B5
MICHAEL PARKIN
stop accepting applications and
start requiring written nominations.
Rather than scheduling an inter-
view, I’d propose asking the nomi-
nee to submit the names of five
people they’ve worked closely with.
In turn, each of those people would
send the name of one additional
current or former colleague who’s
had firsthand experience with the
nominee’s leadership style.
With no input whatsoever from
the potential hire, this “jury” of 10
would do the interview on the nom-
inee’s behalf. If the company liked
what it saw, it would invite the
nominee to the office for their first
view, of course, is to ask the candi- meeting. And that conversation
date questions. This may be the would begin with a formal offer.
most useless tactic of all. It wouldn’t be an easy system to
A LinkedIn guide for interview- implement. But I’m absolutely con-
ing managers suggests asking vinced that 10 accounts given by
them to describe a time they “led informed observers would be far
by example.” Google Hire recom- more useful than one heavily re-
mends asking prospects how they hearsed performance by the per-
motivate their teams. son with the most at stake.
The problem with “anecdotal” Besides, many job seekers are so
questions is that any applicant focused on making a good impres-
with a brain has already embel- sion, they don’t really look around.
lished their stories and rehearsed In this scenario, the candidate
them in the mirror. As for “hypo- could spend the day listening to the
thetical” questions, the only rea- employer’s sales pitch and giving
sonable, honest answer any decent the place a good sniff. As we all
manager would give to 90% of know, job candidates aren’t the only
them is: “It depends.” folks who might smell like cheese.
Besides, do you really want to
hire an army of managers who ex- Mr. Walker, a former Wall Street
cel at telling you exactly what you Journal reporter and editor, is the
want to hear? author of “The Captain Class: A
In my view, the first step toward New Theory of Leadership”
fixing the application process is to (Random House).
candidate who is viewed as being
anti-business.
Analysts, CEOs, former legisla-
tors and academics point to Presi-
dent Trump’s time in office as Ex-
hibit A of how much influence the
White House can wield in every-
day corporate life. Even as Mr.
Trump has rolled back regulations
that were long seen as harmful to
business and cut taxes, he has
also pursued immigration and
trade overhauls that put a short-
term crimp on profits, hiring and
other operations.
Many companies, including Har-
ley-Davidson Inc., learned the hard
lesson of being on the wrong side
of the administration’s strategy.
Harley executives cozied up to Mr.
Trump after he was elected, but
Mr. Trump tweeted negative mes-
sages about the motorcycle maker
in the summer of 2018 after it said
it will be forced to move produc-
SCOTT EISEN/GETTY IMAGES
tion of some bikes offshore due to
rising tariffs.
Going to battle against Ms. War-
ren will take an equally delicate
touch. When Mr. Zuckerberg’s
comments about Ms. Warren
started circulating, for instance,
she retweeted a montage of televi-
sion clips where commentators
and Peter Thiel, a popular venture
ing company in the Midwest dur- capitalist, suggested Corporate
ing the past three years. America is afraid of her. “I’m Eliz-
“I ran this business during the abeth Warren and I approved this
Obama administration,” Mr. Porter message,” she posted.
said. “We don’t want to go back to She also went directly after Mr.
anything like that,” referring to cer- Zuckerberg, saying “what would
tain rules governing businesses. really suck is if we don’t fix the
Messrs. Porter and Parmentier ex- corrupt system that lets giant
pressed concerns about more taxa- companies like Facebook engage in
tion on customers, which could slow illegal anticompetitive practices,
demand for high-dollar boats, and stomp on consumer privacy rights,
other policies Ms. Warren may pur- and repeatedly fumble their re-
sue that could slow the economy. sponsibility to protect our democ-
“Businesses can’t just be clois- racy.” The tweet won nearly
tered,” said Neil Malhotra, a 50,000 likes.
Stanford Graduate School of Busi- “The more that folks in power
ness professor who has studied come out against Warren, the
the political views of senior exec- more power she gets,” Mr. Mills
utives. Even if a CEO holds to said. “When Wall Street mega do-
primarily liberal views, he or she nors say ‘anybody but her,’ that’s
may need to oppose a Democratic free advertising.”
B6 | Saturday/Sunday, October 5 - 6, 2019
The Key to Bliss for
A Dual-Career Couple? A Contract
A professor specializing in management and leadership wanted to know how couples around the world maintained two
careers without shortchanging their relationships. It is the same dilemma she has faced in her own marriage.
I
climbed on the back of the
old Vespa with a mix of ter-
ror and thrill. It was my first
time on anything with two
wheels and a motor. But it
was New Year’s Day, I had a
new boyfriend, and I was in for the
ride. The engine spluttered and we
were off. As we wove round pot-
holes, I clutched the waist of the
man I had traveled to Sicily to see.
The Vespa was much faster than I
had expected, yet I felt both safe
and unstable. It was like our rela-
tionship that way.
Gianpiero had invited me to
visit his hometown four weeks
earlier, the morning after our
first date. He had also suggested
that we move in together. I said
yes to both, and that is how I
found myself slightly sore from
hanging on to a man who, like
me, had fierce professional ambi-
tion, a trail of failed relation-
ships, and the belief that we
could do better this time around.
We stopped at a small harbor,
clambered down to some quiet
rocks and opened a bottle of wine.
Then we began to do something
that I had never done with anyone
I had dated, and neither
had he. Something that, I
would learn later in my re-
search, most couples never
do so early in their rela-
tionship. We drew up a
contract. Not a legal con-
tract, but a psychological
one of sorts.
It was far more romantic
than it sounds. We each
wrote answers to questions
that we were well accus-
tomed to asking in our con-
sulting work. But this time
the project was us. This will
be a meaningful relationship
for me if… What scares me
is… What I’m willing to give is…
What I want is… The lines I’m not
prepared to cross are… The lines
you better not cross are…
It was an experiment. We had
decided to try it to see if it would
help break a pattern that had made
us both wreck previous relation-
ships. We would not get married
for another 18 months, but that is
when we got married, really.
A decade later, I became fasci-
nated with dual-career couples’
lives. I was surrounded by col-
leagues, students, and acquain-
tances who, like us, struggled with
keeping two careers and a relation-
ship going. And I wanted to re-
search, systematically and methodi-
cally, what it takes to make it work.
The answer took me back to
that wintery Sicilian beach. Cou-
ples that work don’t wait, I found,
to discuss openly and deliberately
what they want their life together,
their couple, to be like. They do it
early and often. Otherwise, a cou-
ple’s contract is set implicitly, and
they end up with a sense that life
keeps throwing surprises at them,
their love strains to adjust, and
they are not sure why.
Over the course of the last five
years I have studied more than 100
The Hidden
Cost of Free
Trading
Continued from page B1
newsletter publisher Charles
Schwab founded the company in
1973: driving down the costs of in-
vesting. Schwab’s exchange-traded
funds charge as little as 0.03% in
annual expenses, and the firm of-
fers financial planning for a $30
monthly subscription (after a $300
initial planning fee).
Schwab can offer such cheap
options partly because of how it
handles investors’ cash. The firm
automatically sweeps idle cash not
into money-market mutual funds
or other assets that could yield
about 2% at today’s rates, but into
its own bank, which pays peanuts.
As is typical in the brokerage
business, Schwab puts clients’ un-
invested cash—say, a dividend or
interest payment—into what’s
called a sweep account. It’s your
money, but how much it earns
isn’t always up to you.
You might be able to earn bet-
working couples from all over
the world. When I began my re-
search, I assumed that most cou-
ples struggled early on and then
gradually figured things out. But
that is not true. I discovered that
couples face major transitions at
three life stages, and at each one
they need to revisit how their rela-
tionship and careers fit together.
Each transition revolves around
a critical question. The first, ‘How
can we make this work?,’ comes
early in a couple’s relationship,
when they need to combine paral-
lel lives into one joint one. The
second question, ‘What do we re-
ally want?,’ comes when couples
can afford to be fed up with doing
what they feel they ought to do.
The third, ‘Who are we now?,’ hits
when the commitments that often
sustained couples early on—mort-
gages, children, and career acceler-
ation—are behind them.
At each of these transition
points, couples who are accus-
tomed to doing the work of talking
about what they want, what they
need, and who they are, fare much
better than those who just try to
work out a solution to the chal-
lenge of the day.
Back on that rocky beach, Gian-
piero and I agreed that our rela-
ter rates. In the first half of 2019,
Schwab clients moved $58 billion
into money-market funds and
other higher-yielding choices. But
most don’t bother. Even worse,
many don’t have a choice because
they hold accounts that are re-
quired to keep cash at low yields
in Schwab’s own bank. That has
been a bonanza for the firm.
Schwab pushed $11.8 billion out
of higher-yielding money-market
funds into deposits at its own
bank in the first half of 2019, ac-
cording to the company. As of
June 30, deposits at Schwab’s bank
totaled $208 billion. This week,
clients were earning between
0.12% and 0.55% on those balances.
Schwab isn’t alone. Across the
brokerage industry, most sweep
accounts pay measly rates—some-
times as little as 0.05% on a
$100,000 balance.
This year, with the Federal Re-
serve lowering interest rates,
sweep yields have fallen by nearly
one-third, to 0.2%, since they
peaked in March, according to
Crane Data, a firm in Westboro,
Mass., that tracks cash accounts.
Average money-fund yields shrank
less, to 1.8%.
With rates falling, investors
care less about what their cash is
earning. “A lot of the brokers are
EXCHANGE
BY JENNIFER PETRIGLIERI
tionship would come before
everything. We also commit-
ted to investing in each
other’s professional dreams,
and to keeping each other
from turning those dreams
into obsessions. We commit-
ted to pushing each other to
live up to our potential.
For the first few years, it was
little more than a romantic exer-
cise. Then we hit our first transi-
tion. I woke up at 3 a.m. one
March morning in 2010 and de-
cided to quit my career. Gianpiero
was establishing himself as a new
professor, I was in the middle of
my Ph.D. program, we had two
very wakeful children under 2. We
were beyond exhaustion. “I can-
not carry on,” I told him over a
breakfast of warm milk and thick
black coffee.
“That’s your sleep deprivation
talking,” Gianpiero replied. “There
is no way I am letting you give
your career up, not now. It is your
dream.” I sat in stunned silence as
he told me that I was about to
make a mistake which I would bit-
terly regret.
What made me listen, and not
resent him, was one realization. I
had asked to be loved and held as
an ambitious professional woman,
even when my ambition might fail
me. He kept the deal when I
needed it most.
There have been many moments
like that. As I write this, Gianpiero
and I are on the cusp of our second
transition. We oscillate between
feeling satisfied with our working
Where Cash Is Not King
Even as the income paid out by
money-market funds rose sharply
and then eased down, the yield on
cash in brokerage accounts has
remained stubbornly low.
Index yields
2.5%
Crane 100
2.0
Money Fund
1.5
1.0
0.5
0 be higher or lower than...on com-
2015 ’16 ’17 ’18
Note: Data through Sept. 30. Money Fund Index is
seven-day yield, Brokerage Sweep Index is daily;
both are annualized.
Source: Crane Data
counting on this desensitivity to
rates now,” says Peter Crane, pres-
ident and publisher at Crane Data.
When clients invest in Schwab
Intelligent Portfolios, its roboadvi-
sory service that offers prese-
lected baskets of ETFs, between
6% and 30% of the money goes
into cash. Schwab doesn’t use
money-market funds or short-term
* ***
Jennifer Petriglieri and her husband
Gianpiero review the contract they
endorsed before they were married.
Below left is the picture they took
Work Your Love
Jennifer Petriglieri found that
dual-career couples typically
encounter critical challenges
during three life stages.
Transition #1
Combining two parallel lives
into one.
The core question: How can
we make this work?
A danger: Overlooking long-
term consequences of deci-
sions.
How to get through it: A con-
tract detailing values, bound-
aries and fears.
Transition #2
You’re fed up with doing what
you feel you ought to be doing.
The core question: What do
we really want?
A danger: Mistrusting your
partner’s explorations.
How to get through it: Under-
stand how to support each
other as you pursue unique in-
terests.
Transition #3
Commitments that sustained a
couple are largely in the past.
The core question: Who are
we now?
A danger: Failing to consider
new opportunities.
How to get through it: Develop
a joint interest and become ex-
plorers again—together.
Treasury debt, which could earn
nearly 2% at recent rates. Instead,
it shunts the cash into Charles
Schwab Bank, which currently
pays 0.55% on the money—and
then turns around and lends it out
at roughly 2%.
With $41 billion in assets, those
portfolios hold about $4 billion in
cash. Conservatively assuming
Schwab nets about 1.5% by lending
out that money through its bank,
the firm is making roughly $60
million a year on it. The clients,
meanwhile, are earning less than
Crane $25 million.
Brokerage Schwab discloses all this. The
Sweep rate it pays on clients’ cash “may
’19 parable deposit accounts at other
banks,” warns a disclosure from
Schwab Intelligent Portfolios.
“Schwab does not intend to nego-
tiate for rates that seek to com-
pete with” other cash options,
adds the disclosure.
Furthermore, the document
states, if you need to withdraw
money from your Schwab Intelli-
gent Portfolios account, the firm
may sell some of your ETFs—po-
tentially triggering a taxable capi-
tal gain—to restore your cash bal-
ance to its required level.
Less than 1% of clients hold
such accounts at a 30% cash allo-
THE WALL STREET JOURNAL.
the day it was signed, in 2005.
EMMANUEL FRADIN FOR THE WALL STREET JOURNAL; SELFIE: THE PETRIGLIERIS
lives, and feeling confined and
wrestling with what to do next.
Should I focus on writing and
plan my next book? Resurrect the
manager I once was, and ask for an
administrative role? Or up my
coaching skills and support women
executives more closely than I do
with my current teaching? Those
paths are incompatible, and I no
longer feel that I have forever. In
this transition, what I need from
Gianpiero is very different from
what I got that morning a decade
ago. I need patience. Not his pa-
tience. I need his help to cultivate
my own, so as not to change for
the sake of it.
All working couples face transi-
tions for which they are not pre-
pared. In those moments, couples
can unravel or become stronger.
Couples don’t fail because they
don’t support each other. They
fail because they are not sure
what it is that they are support-
ing, and why.
When couples have a strong
contract, they are more likely to
take risks in pursuit of the life
they dream about, and to face
more setbacks as a result. It may
not make a smooth and stable ride,
I have learned, but it makes for a
safer and more interesting one, if a
little too fast at times.
Jennifer Petriglieri is the author of
“Couples That Work,” to be
published Tuesday by Harvard
Business Review Press. She is an
associate professor at INSEAD in
Fontainebleau, France.
cation, says a Schwab spokes-
woman, and the average cash hold-
ing in the program is about 10%.
The sale of some ETFs to return
the cash allocation to its required
level is no different from what
happens after withdrawals from
any other account that has prede-
termined targets for its holdings,
she says.
Still, according to David Gold-
stone of Backend Benchmarking, a
research firm in Martinsville, N.J.,
that tracks automated online in-
vesting services, no other roboadvi-
sor requires clients to hold even as
much as 10% in low-yielding cash.
How does Schwab reconcile
forcing its clients to invest in its
own bank at below-market rates
with its duty to put clients’ inter-
ests ahead of its own?
“We take our fiduciary duty
very seriously,” the company said
in a statement. “Our clients who
invest through Schwab Intelligent
Portfolios understand the cash
that will be in their portfolio be-
fore they decide to invest.”
When I asked the Securities and
Exchange Commission if it had any
comment on how advisers treat in-
vestors’ cash, Chairman Jay Clay-
ton responded: “These are exactly
the types of questions investors
should be asking.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 5 - 6, 2019 | B7

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
26573.72 Trailing P/E ratio 19.07 23.89 2952.01 Trailing P/E ratio * 22.60 24.26 7982.47 Trailing P/E ratio *† 24.31 25.15 commodities performed around the world for the week.
s 372.68 P/E estimate * 17.27 17.18 s 41.38 P/E estimate * 17.60 17.98 s 110.21 P/E estimate *† 21.15 21.01
Stock Currency, Commodity, Exchange-
Dividend yield 2.35 2.12 Dividend yield * 1.93 1.81 or 1.40% Dividend yield *† 1.04 0.98
or 1.42% or 1.42% index vs. U.S. dollar traded in U.S.* traded fund
All-time high:
All-time high Current divisor All-time high Soybeans 3.77%
8330.21, 07/26/19
27359.16, 07/15/19 0.14744568353097 3025.86, 07/26/19 Corn 3.57
iSh 20+ Treasury 2.28
27500 3000 8400 IPC All-Share 1.31
iSh 7-10 Treasury 1.27
65-day moving average
27000 2950 8150 S&P 500 Information Tech 1.11
iShiBoxx$InvGrdCp 0.95
7900 Nasdaq 100 0.94
26500 2900
Japanese yen 0.93
Mexico peso 0.91
Session high 26000 2850 7650
S&P 500 Health Care 0.90
DOWN UP
65-day moving average South Korean won 0.84
t

Session open Close 65-day moving average

25500 2800 7400 iSh TIPS Bond 0.74
Close Open
t

VangdTotalBd 0.68
Session low 25000 2750 7150 Wheat 0.67
Bars measure the point change from session's open iShJPMUSEmgBd 0.61
24500 2700 6900 S&P 500 Consumer Staples 0.56
Aug. Sept. Aug. Sept. Aug. Sept. Nasdaq Composite 0.54
Comex gold 0.47
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index
S&P 500 Real Estate 0.37
UK pound 0.36
Major U.S. Stock-Market Indexes Trading Diary Euro area euro 0.35
Latest 52-Week % chg Volume, Advancers, Decliners iSh 1-3 Treasury 0.31
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. iShNatlMuniBd 0.24
Dow Jones Total volume* 720,240,558 8,982,063 S&P 500 Utilities 0.23
Industrial Average 26590.74 26271.70 26573.72 372.68 1.42 27359.16 21792.20 0.5 13.9 13.5 Adv. volume* 539,399,101 6,169,046 S&P 500 Telecom Svcs 0.19
Transportation Avg 10033.08 9917.83 10029.84 103.86 1.05 11206.77 8637.15 -10.5 9.4 7.5 Decl. volume* 159,285,725 2,619,597 VangdTotIntlBd 0.05
Utility Average 881.34 867.35 880.50 13.05 1.50 880.50 692.00 20.0 23.5 10.9 Issues traded 3,024 277 Australian dollar 0.03
Total Stock Market 30191.62 29861.98 30176.91 404.41 1.36 31091.22 24126.04 1.4 17.3 10.6 Advances 2,197 156 Russian ruble unch.
Declines 722 104 -0.07 Comex silver
Barron's 400 670.54 662.70 670.40 8.40 1.27 747.56 571.68 -10.3 10.0 6.9
Unchanged 105 17 -0.22 Norwegian krone
Nasdaq Stock Market New highs 70 2 -0.23 S&P 500 Consumer Discr
Nasdaq Composite 7986.62 7899.39 7982.47 110.21 1.40 8330.21 6192.92 2.5 20.3 14.7 New lows 32 6 -0.29 WSJ Dollar Index
Nasdaq 100 7759.36 7670.92 7754.10 115.71 1.51 8016.95 5899.35 4.8 22.5 16.9 Closing Arms† 1.07 0.64 -0.33 S&P 500
Block trades* 5,509 91 -0.36 Indonesian rupiah
S&P
Nasdaq NYSE Arca
-0.36 Chinese yuan
500 Index 2953.74 2918.56 2952.01 41.38 1.42 3025.86 2351.10 2.3 17.8 11.1
-0.42 Canada dollar
MidCap 400 1904.01 1881.90 1903.79 19.17 1.02 1986.80 1567.40 -3.3 14.5 7.5 Total volume*1,751,212,452 234,324,806
-0.45 Indian rupee
SmallCap 600 930.53 918.66 930.46 9.35 1.02 1020.67 793.86 -8.8 10.1 7.4 Adv. volume*1,265,538,363 173,734,369
-0.48 Swiss franc
Decl. volume* 467,650,542 49,023,386
Other Indexes -0.52 Hang Seng
Issues traded 3,229 1,606
Russell 2000 1500.77 1482.02 1500.70 14.36 0.97 1632.11 1266.93 -8.1 11.3 6.6 -0.52 Bloomberg Commodity Index
Advances 2,156 1,341
NYSE Composite 12835.21 12689.93 12831.55 145.78 1.15 13239.87 10769.83 -1.2 12.8 6.5 -0.74 iShiBoxx$HYCp
Declines 954 234
Value Line 509.86 504.34 4.37 0.86 568.12 446.06 7.9
-0.92 Dow Jones Industrial Average
509.82 -10.3 2.1 Unchanged 119 31
-0.92 Shanghai Composite
NYSE Arca Biotech 4246.90 4156.85 4218.04 24.20 0.58 5261.79 3890.37 -18.5 -0.1 8.1 New highs 20 18
-0.99 S&P MidCap 400
NYSE Arca Pharma 585.62 576.90 585.39 8.49 1.47 612.45 535.91 -1.2 2.9 4.5 New lows 69 3
-1.06 Comex copper
KBW Bank 97.29 95.50 97.22 1.63 1.71 107.33 80.78 -8.8 13.3 10.8 Closing Arms† 0.84 1.82
-1.30 Russell 2000
PHLX§ Gold/Silver 91.14 89.03 91.11 1.79 2.00 101.76 61.84 39.1 28.9 3.0 Block trades* 8,579 1,432
-1.34 South African rand
PHLX§ Oil Service 63.79 62.20 62.81 -0.32 -0.51 154.64 59.66 -58.7 -22.1 -27.0 * Primary market NYSE, NYSE American NYSE Arca only. -1.43 Kospi Composite
PHLX§ Semiconductor 1575.12 1551.73 1574.39 28.63 1.85 1622.02 1069.39 19.6 36.3 23.9 †(TRIN) A comparison of the number of advancing and declining
-1.47 S&P/TSX Comp
issues with the volume of shares rising and falling. An
Cboe Volatility 19.97 16.97 17.04 -2.08 -10.88 36.07 12.01 15.0 -33.0 7.7 -1.67 S&P SmallCap 600
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -2.14 Nikkei 225
-2.16 Nymex natural gas
-2.22 S&P 500 Financials
International Stock Indexes Percentage Gainers... -2.39 S&P 500 Industrials
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -2.40 Sao Paulo Bovespa
-2.42 IBEX 35
World The Global Dow 2964.37 21.59 0.73 8.4 Avaya Holdings AVYA 13.23 3.11 30.73 22.35 9.72 -38.5
RingCentral Cl A RNG 163.30 35.76 28.04 169.58 64.41 94.0
-2.43 Nymex ULSD
DJ Global Index 395.60 3.76 0.96 12.8
Broadvision BVSN 2.59 0.52 24.98 2.76 0.74 37.1 -2.48 FTSE MIB
DJ Global ex U.S. 239.35 1.13 0.48 7.5
Nordic American Tankers NAT 2.79 0.46 19.74 3.47 1.66 15.8 -2.51 Euro Stoxx
Americas DJ Americas 696.79 9.30 1.35 17.4 SRAX Cl A SRAX 2.55 0.39 18.06 5.85 1.55 -28.6 -2.52 S&P 500 Materials
Brazil Sao Paulo Bovespa 102551.32 1035.28 1.02 16.7 -2.70 CAC-40
InterNAP INAP 2.72 0.41 17.75 13.27 1.84 -77.6
Canada S&P/TSX Comp 16449.35 80.32 0.49 14.8 -2.95 Stoxx Europe 600
Allena Pharmaceuticals ALNA 4.00 0.53 15.27 11.82 3.33 -60.8
Mexico S&P/BMV IPC 43416.90 973.59 2.29 4.3
Centrus Energy LEU 4.35 0.55 14.47 4.65 1.35 79.8 -2.96 S&P BSE Sensex
Chile Santiago IPSA 3613.34 28.27 0.79 –4.0
PG&E PCG 10.87 1.32 13.82 49.42 5.07 -77.3 -2.96 S&P/ASX 200
EMEA Stoxx Europe 600 380.22 2.76 0.73 12.6 Equillium EQ 4.11 0.45 12.30 19.69 3.10 ... -2.97 DAX
Eurozone Euro Stoxx 372.70 3.36 0.91 13.5 YRC Worldwide YRCW 3.49 0.37 11.86 9.61 1.95 -62.2 -3.01 Dow Jones Transportation Average
Belgium Bel-20 3610.64 35.88 1.00 11.3 Ossen Innovation ADR OSN 4.48 0.46 11.44 7.00 1.06 117.5 -3.65 FTSE 100
Denmark OMX Copenhagen 20 1013.98 12.94 1.29 13.7 PowerFleet PWFL 6.23 0.63 11.25 7.24 4.76 -6.0 -3.79 S&P 500 Energy
France CAC 40 5488.32 49.55 0.91 16.0 Eyenovia EYEN 3.67 0.37 11.21 6.98 2.40 -5.9 -4.40 Lean hogs
Germany DAX 12012.81 87.56 0.73 13.8 Adamas Pharmaceuticals ADMS 4.45 0.42 10.42 19.30 3.94 -75.0 -4.72 Nymex RBOB gasoline
Israel Tel Aviv 1589.87 … Closed 8.6 -5.54 Nymex crude
Italy FTSE MIB 21470.44 158.93 0.75 17.2 Percentage Losers *Continuous front-month contracts
Netherlands AEX 564.59 6.09 1.09 15.7 Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Russia RTS Index 1311.65 4.64 0.36 23.0 THE WALL STREET JOURNAL
South Africa FTSE/JSE All-Share 53993.87 266.58 0.50 2.4 Ovid Therapeutics OVID 2.40 -0.88 -26.76 6.82 1.53 -57.8
Spain IBEX 35 8961.80 59.60 0.67 4.9 Arcimoto FUV 2.35 -0.47 -16.67 7.35 1.55 -36.3 See an expanded daily list of selected global stock indexes, bond ETFs, currencies
Sweden OMX Stockholm 605.12 0.48 15.2 AgroFresh Solutions AGFS 2.03 -0.34 -14.35 6.57 1.33 -67.8 and commodities at WSJ.com/TrackTheMarkets
2.89
Switzerland Swiss Market 9827.72 67.28 0.69 16.6 Pier 1 Imports PIR 8.06 -1.27 -13.61 36.40 3.04 -73.3
Turkey BIST 100 103463.52 679.19 0.66 13.4 Cerence CRNC 13.85 -1.85 -11.78 29.36 13.39 ...
U.K. FTSE 100 7155.38 77.74 1.10 6.4 IDT Corp B IDT 9.07 -1.14 -11.17 11.84 5.14 70.5
U.K. FTSE 250 19480.37 132.21 0.68 11.3 Iterum Therapeutics
VS 2x VIX Short Term
ITRM
TVIX
5.08
13.77
-0.62
-1.58
-10.88
-10.29
9.30 4.60
86.50 11.81
-24.0
-53.3
Speed-Read the Markets
Asia-Pacific
0.37
Conformis CFMS 2.29 -0.26 -10.20 4.83 0.36 143.6
Australia S&P/ASX 200 6517.10 24.11 15.4
Heron Therapeutics HRTX 17.42 -1.95 -10.04 32.45 15.68 -43.6
China Shanghai Composite 2905.19 … Closed 16.5 With 30-plus charts and concise analysis,
Hong Kong Hang Seng 25821.03 –289.28 –1.11 –0.1 Amicus Therapeutics FOLD 7.85 -0.87 -9.98 14.62 7.11 -41.6
India 37673.31 4.4 HP HPQ 16.64 -1.76 -9.57 26.43 16.46 -34.3 The Daily Shot morning newsletter delivers an
S&P BSE Sensex –433.57 –1.14
Japan Nikkei Stock Avg 21410.20 68.46 0.32 7.0 Eloxx Pharmaceuticals ELOX 3.61 -0.38 -9.52 17.50 3.55 -76.0 overview of the trends impacting global markets.
Gamida Cell GMDA 4.01 -0.42 -9.48 15.41 2.93 ...
Singapore Straits Times 3078.36 –9.61 –0.31 0.3 Sign up now at WSJ.com/DailyShot
South Korea –1.0
Leaf Group LEAF 3.36 -0.34 -9.19 10.31 3.34 -66.7
Kospi 2020.69 –11.22 –0.55 © 2018 Dow Jones & Co., Inc. All rights reserved. 2DJ6399
Taiwan TAIEX 10894.48 18.57 0.17 12.0
Thailand SET 1605.96 –4.73 –0.29 2.7
Most Active Stocks
Volume % chg from Latest Session 52-Week
Sources: FactSet; Dow Jones Market Data Company Symbol (000) 65-day avg Close % chg High Low

SPDR S&P 500 SPY 66,222 -7.7 294.35 1.35 302.63 233.76 Currencies
Get real-time U.S. stock quotes and track most-active VanEck Vectors Gold MinerGDX 59,017 -10.4 27.87 2.28 30.96 18.15

WSJ stocks, new highs/lows and mutual funds. iShares MSCI Emg MarketsEEM 54,335 -9.6 40.97 0.44 44.84 37.58 U.S.-dollar foreign-exchange rates in late New York trading
General Electric GE 52,464 -20.9 8.57 -1.61 13.25 6.40 US$vs, US$vs,
Plus, deeper money-flows data and email delivery of Itau Unibanco Holding ADR ITUB 49,108 180.4 8.23 2.49 10.80 7.59 YTDchg YTDchg
Fri Fri
.COM key stock-market data. * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days Americas Europe
Argentina peso .0173 57.6570 53.2 Czech Rep. koruna .04268 23.429 4.5
Brazil real .2465 4.0562 4.5 Denmark krone .1470 6.8023 4.5
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Canada dollar .7512 1.3312 –2.4 Euro area euro 1.0980 .9108 4.5

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Chile peso .001399 715.00 3.0 Hungary forint .003301 302.96 8.2
U.S. consumer rates notes and bonds major U.S. trading partners Colombiapeso .000291 3434.50 5.8 Iceland krona .008078 123.79 6.6
Five-year ARM, Rate Ecuador US dollar 1 1 unch Norway krone .1099 9.0955 5.3
A consumer rate against its
Mexico peso .0512 19.5156 –0.7 Poland zloty .2541 3.9356 5.2
benchmark over the past year 4.00% 8%
Bankrate.com avg†: 4.14% Uruguay peso .02688 37.2000 14.9 Russia ruble .01547 64.661 –6.6
5-year adjustable- AmericanAirlinesFederalCreditUnion 2.88% Sweden krona .1016 9.8416 11.2
Yen Asia-Pacific
s

rate mortgage One year ago 3.00 4 Switzerland franc 1.0043 .9957 1.4
5.00% Ft Worth, TX 800-533-0035 t Australian dollar .6768 1.4775 4.2
t (ARM) Turkey lira .1756 5.6962 7.7
Capitol Federal Svgs Bk 3.00% China yuan .1399 7.1485 3.9
2.00 0 Ukraine hryvnia .0407 24.5940 –11.3
4.00 Hong Kong dollar .1276 7.8394 0.1
Shawnee, KS 800-222-7312 UK pound 1.2334 .8108 3.4
t India rupee .01412 70.825 1.8
5-year Treasury 3.00 Citadel Federal Credit Union 3.00% 1.00 –4 s s Indonesia rupiah .0000707 14135 –1.7
note yield Friday WSJ Dollar index Euro Japan yen .009352 106.93 –2.4 Middle East/Africa
Exton, PA 800-666-0191
t 0.00 Kazakhstan tenge .002570 389.14 1.2 Bahrain dinar 2.6525 .3770 0.01
2.00 Glenview State Bank 3.00% –8
Macau pataca .1240 8.0645 –0.1 Egypt pound .0613 16.3081 –9.0
Glenview, IL 847-729-1900 1 3 6 1 2 3 5 710 30 2018 2019 Malaysia ringgit .2389 4.1856 1.3 Israel shekel .2875 3.4779 –7.0
1.00 month(s) years
People's United Bank 3.00% New Zealand dollar .6317 1.5830 6.4 Kuwait dinar 3.2873 .3042 0.3
O N D J FM AM J J A S O maturity Pakistan rupee .00641 156.000 11.6 Oman sul rial 2.5970 .3851 0.01
2018 2019 Hartford, CT 800-772-1090
Philippines peso .0193 51.695 –1.5
Sources: Ryan ALM; Tullett Prebon; Dow Jones Market Data Qatar rial .2747 3.641 0.1
Singapore dollar .7254 1.3785 1.1
Saudi Arabia riyal .2666 3.7513 –0.01
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008388 1192.25 7.0
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0055069 181.59 –0.7 South Africa rand .0665 15.0447 4.8
Taiwan dollar .03237 30.892 1.0
Federal-funds rate target 1.75-2.00 1.75-2.00 1.75 l 2.25 1.50 Yield (%) 52-Week Total Return (%) Thailand baht .03286 30.430 –5.8
Close Net Chg % Chg YTD%Chg
Bond total return index Close Last Week ago High Low 52-wk 3-yr
Prime rate* 5.00 5.00 5.00 l 5.50 1.50 Vietnam dong .00004310 23201 0.03 WSJ Dollar Index 91.54 –0.14–0.15 2.09
Libor, 3-month 2.03 2.10 2.03 l 2.82 1.16 Treasury, Ryan ALM 1631.506 1.507 1.694 3.154 1.484 15.342 3.047 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.77 0.75 0.41 l 0.78 0.49 10-yr Treasury, Ryan ALM 1957.936 1.515 1.678 3.232 1.456 19.089 2.860
Five-year CD, annual yield 1.55 1.57 1.54 l 2.07 0.36
30-year mortgage, fixed† 3.74 3.89 3.60 l 4.99 0.26
DJ Corporate n.a. n.a. 2.893 n.a. n.a. n.a. n.a. Commodities Friday 52-Week YTD
Aggregate, Barclays Capital 2137.940 2.120 2.270 3.660 2.060 11.990 3.299 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.26 3.38 3.14 l 4.34 0.53
High Yield 100, Merrill Lynch 3090.392 5.504 5.389 7.825 5.124 5.836 5.147
Jumbo mortgages, $484,350-plus† 4.19 4.30 4.16 l 5.12 -0.06 DJ Commodity 604.99 1.65 0.27 641.19 572.87 -5.08 5.61
Fixed-Rate MBS, Barclays 2135.150 2.350 2.480 3.810 2.200 8.965 2.460
Five-year adj mortgage (ARM)† 4.14 4.39 3.94 l 4.89 0.94 TR/CC CRB Index 173.49 0.09 0.05 200.37 167.89 -12.83 2.17
New-car loan, 48-month 4.63 4.64 3.95 l 4.81 1.62 Muni Master, Merrill 564.601 1.609 1.699 2.908 1.459 9.157 3.088 Crude oil, $ per barrel 52.81 0.36 0.69 74.96 42.53 -28.96 16.30
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by at least 70% of the nation's largest EMBI Global, J.P. Morgan 868.007 5.123 5.345 7.372 5.123 12.863 3.953 Natural gas, $/MMBtu 2.352 0.023 0.99 4.837 2.070 -25.17 -20.00
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Gold, $ per troy oz. 1506.20 -0.90 -0.06 1550.30 1184.40 25.39 17.83
B8 | Saturday/Sunday, October 5 - 6, 2019 * *** 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 March'20 289.50 296.00 287.00 287.50 –1.50 1,129 March'20 1.0142 1.0199 1.0126 1.0181 .0036 93

Contract Open
Soybeans (CBT)-5,000 bu.; cents per bu. Interest Rate Futures Australian Dollar (CME)-AUD 100,000; $ per AUD
Nov 911.00 921.25 909.50 916.25 4.50 337,799 Oct .6751 .6775 .6742 .6771 .0025 657
Open High hi lo Low Settle Chg interest Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Dec .6758 .6789 .6753 .6784 .0025 177,025
Jan'20 925.00 935.00 923.50 930.25 4.25 119,503 Dec 196-000
Copper-High (CMX)-25,000 lbs.; $ per lb. 195-080 196-140 194-240 30.0 1,134,123 Mexican Peso (CME)-MXN 500,000; $ per MXN
Oct 2.5325 2.5355 2.5325 2.5555 0.0100 1,176
Soybean Meal (CBT)-100 tons; $ per ton. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Oct .05084 .05120 .05079 .05105 .00026 5
Oct 298.20 299.60 297.70 298.80 .80 1,693 Dec 164-120 165-050 164-050 165-000 19.0 967,484
Dec 2.5535 2.5660 2.5300 2.5625 0.0090 162,483 Dec .05029 .05073 .05029 .05053 .00026 218,792
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 303.20 305.00 302.00 303.70 .80 201,239 March'20 163-190 164-090 163-120 164-050 19.0 53 Euro (CME)-€125,000; $ per €
Oct 1505.60 1508.70 1497.10 1506.20 –0.90 1,350 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Oct 1.0983 1.1005 1.0967 1.0989 .0008 2,220
Oct 29.75 29.90 29.59 29.79 –.01 754 Dec 131-225 132-010 131-155 131-290 5.0 3,558,107 Dec 1.1026 1.1058 1.1012 1.1037 .0008 484,527
Dec 1511.60 1522.20 1501.40 1512.90 –0.90 486,180
Dec 29.84 30.15 29.54 29.86 –.03 206,935 March'20 131-295 132-020 131-205 132-015 5.5 14,001
Feb'20 1518.00 1527.90 1508.20 1519.70 –0.80 61,464
Rough Rice (CBT)-2,000 cwt.; $ per cwt. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Index Futures
April 1523.80 1532.70 1514.50 1525.00 –0.80 29,082 Dec 120-047 120-130 119-312 120-065 .5 4,280,353
June 1530.50 1536.30 1518.00 1529.40 –0.70 26,702 Nov 1171.50 1183.00 1164.00 1166.00 –5.50 7,604
Jan'20 1207.00 1207.00 1192.00 1193.00 –5.50 1,971
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index
Aug 1534.50 1534.50 1529.80 1533.50 –0.60 5,637 Dec 108-055 108-090 108-030 108-048 1.0 3,789,799 Dec 26160 26549 26060 26525 345 103,146
Palladium (NYM) - 50 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. March'20 26134 26528 26049 26510 350 689
Oct … ... ... 1643.80 12.20 Dec 489.25 492.25 486.50 490.50 1.75 200,298 98.1500 98.1625 .0100 391,679
Oct 98.1525 98.1650 S&P 500 Index (CME)-$250 x index
Nov … … … 1644.90 12.20 n.a. March'20 496.50 499.00 493.50 497.50 1.25 91,537 Nov 98.3600 98.3750 98.3350 98.3450 –.0150 416,758 Dec 2907.70 2952.50 2898.60 2951.00 39.20 19,211
Dec 1631.00 1659.40 1627.30 1642.40 12.20 21,469 Wheat (KC)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March'20 3015.00 3015.00 2997.00 2951.80 39.70 86
March'20 1626.30 1650.00 1621.60 1635.20 12.20 2,281 Dec 404.75 409.25 403.25 404.00 –1.75 183,293 Dec 100-205 100-260 100-155 100-235 2.0 63,164 Mini S&P 500 (CME)-$50 x index
June 1642.50 1642.50 1642.50 1628.00 11.90 248 March'20 419.50 423.50 417.75 418.50 –1.75 69,231 Eurodollar (CME)-$1,000,000; pts of 100% Dec 2911.50 2953.25 2896.75 2951.00 39.25 2,450,729
Platinum (NYM)-50 troy oz.; $ per troy oz. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Oct 98.0100 98.0175 97.9750 98.0000 –.0100 357,652 March'20 2911.00 2953.50 2898.75 2951.75 39.75 25,036
Oct ... ... ... 881.70 –7.30 28 Oct 142.600 142.700 141.500 141.975 –.375 6,890 Dec 98.1950 98.1950 98.1350 98.1700 –.0200 1,653,143 Mini S&P Midcap 400 (CME)-$100 x index
Jan'20 895.50 895.50 876.80 886.90 –7.50 80,378 Nov 142.200 142.350 140.825 141.375 –.725 16,458 March'20 98.5450 98.5650 s 98.4950 98.5300 –.0150 1,492,902 Dec 1884.70 1905.20 1876.20 1904.40 18.70 65,047
Silver (CMX)-5,000 troy oz.; $ per troy oz. Cattle-Live (CME)-40,000 lbs.; cents per lb. June 98.6750 98.7000 s 98.6250 98.6600 –.0150 1,264,838 March'20 1897.50 1904.00 1882.10 1908.50 18.70 92
Oct 17.440 17.455 17.320 17.540 –0.045 450 Oct 106.650 107.800 106.300 107.350 .550 21,846 Mini Nasdaq 100 (CME)-$20 x index
Dec 17.630 17.745 17.330 17.625 –0.051 161,393 Dec 110.650 111.150 110.050 110.775 –.050 135,213 Currency Futures Dec 7656.8 7773.8 7624.0 7767.3 108.8 199,615
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ March'20 7666.8 7790.3 7640.5 7785.3 109.5 622
Nov 52.29 53.35 52.04 52.81 0.36 391,826 Oct 62.275 62.600 61.775 62.400 –.025 15,239 Oct .9366 .9400 .9340 .9363 .0002 2,091 Mini Russell 2000 (CME)-$50 x index
Dec 52.19 53.26 51.98 52.74 0.38 278,779 Dec 67.900 68.300 66.250 67.250 –.850 104,285 Dec .9399 .9447 .9377 .9400 .0002 140,800 Dec 1487.70 1502.40 1477.70 1500.50 13.60 436,251
Jan'20 52.00 53.04 51.81 52.56 0.40 188,119 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Canadian Dollar (CME)-CAD 100,000; $ per CAD March'20 1484.00 1503.20 1482.20 1502.10 13.80 257
March 51.49 52.44 51.32 52.07 0.48 155,388 Nov 363.20 367.70 361.70 365.70 1.50 1,520 Oct .7501 .7520 .7499 .7506 .0002 736 Mini Russell 1000 (CME)-$50 x index
June 50.60 51.44 50.44 51.17 0.48 180,389 Dec .7505 .7525 .7502 .7510 .0001 127,779 Dec 1617.20 1631.90 1614.30 1631.10 22.80 8,343
Jan'20 364.70 369.00 363.20 367.10 1.60 615
Dec 49.62 50.37 49.54 50.19 0.47 179,901 Milk (CME)-200,000 lbs., cents per lb. British Pound (CME)-£62,500; $ per £ U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 1.2352 1.2359 1.2282 1.2336 –.0020 2,055 Dec 98.56 98.69 98.34 98.49 –.05 55,722
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Oct 18.44 18.48 18.31 18.31 –.17 4,028
Dec 1.2372 1.2387 1.2307 1.2363 –.0020 242,308 March'20 98.08 98.23 98.08 98.06 –.05 738
Nov 1.8761 1.9120 1.8761 1.8945 .0185 103,998 Nov 18.30 18.37 18.00 18.04 –.33 3,828
Dec 1.8800 .0165
Swiss Franc (CME)-CHF 125,000; $ per CHF
1.8635 1.8953 1.8633 74,119 Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 1.0071 1.0130 1.0049 1.0107 .0036 66,187
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Source: FactSet
Dec 2,532 2,535 2,468 2,475 –45 101,143
Nov 1.5477 1.5938 1.5473 1.5734 .0175 116,283 March'20 2,543 2,545 2,483 2,491 –41 81,376
Dec 1.5005 1.5388 1.5005 1.5233 .0180 72,026 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Nov 2.336 2.398 2.263 2.352 .023 349,094
Dec 102.05 102.50 98.50 99.00 –3.05 119,799 Bonds | WSJ.com/bonds
March'20 105.60 106.00 102.10 102.55 –3.10 54,856
Dec 2.508 2.568 2.446 2.524 .024 166,255 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Jan'20 2.624 2.683 2.573 2.648 .027 138,081 March 12.72 12.83 12.69 12.76 .02 501,056
Global Government Bonds: Mapping Yields
March 2.501 2.546 2.456 2.525 .019 122,176 May 12.85 12.95 12.83 12.89 .02 152,156
April 2.294 2.324 2.264 2.315 .015 71,797 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
May 2.277 2.304 2.249 2.297 .013 67,813 Nov 25.84 25.84 25.84 25.84 … 2,726 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Jan'20 25.97 25.97 25.97 25.97 … 1,478
Agriculture Futures Cotton (ICE-US)-50,000 lbs.; cents per lb.
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Corn (CBT)-5,000 bu.; cents per bu. Oct 60.59 60.59 60.59 60.59 .07 1
1.500 U.S. 2 1.392 s l 1.384 1.432 2.868
Dec 388.00 389.00 383.75 384.75 –4.00 813,673 Dec 61.75 62.18 61.22 61.67 .07 135,956
March'20 400.00 400.75 396.00 397.00 –3.75 327,226 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. 1.625 10 1.515 t l 1.536 1.469 3.186
Oats (CBT)-5,000 bu.; cents per bu. Nov 100.00 100.30 99.50 100.05 .15 12,467 5.750 Australia 2 0.642 t l 0.652 0.779 2.001 -75.0 -73.2 -86.7
Dec 286.75 293.75 285.75 286.00 –1.00 4,459 Jan'20 103.15 103.25 102.50 103.00 .10 3,410
2.750 10 0.899 t l 0.929 0.941 2.719 -61.6 -60.7 -46.7
0.000 France 2 -0.698 t l -0.696 -0.808 -0.330 -209.0 -208.0 -319.8
Exchange-Traded Borrowing Benchmarks | WSJ.com/bonds 0.500 10 -0.279 s l -0.283 -0.375 0.879 -179.3 -181.9 -230.7
Germany 2 -0.776 t -338.4
Portfolios Money Rates October 4, 2019
0.000 l -0.775 -0.900 -0.516 -216.7 -215.9
0.000 10 -0.586 s l -0.588 -0.670 0.534 -210.0 -212.4 -265.2
Largest 100 exchange-traded funds, 0.050 Italy 2 -0.268 s l -0.272 -0.344 1.212 -165.6 -165.6
latest session Key annual interest rates paid to borrow or lend money in U.S. and -165.9
international markets. Rates below are a guide to general levels but 3.000 10 0.830 s l 0.829 0.820 3.337 -68.5 -70.7 15.1
Friday, October 4, 2019 don’t always represent actual transactions.
Closing Chg YTD
0.100 Japan 2 -0.332 t l -0.319 -0.300 -0.112 -172.4 -170.3 -298.0
ETF Symbol Price (%) (%)
Inflation Week —52-WEEK— 0.100 10 -0.211 t l -0.190 -0.284 0.160 -172.6 -172.6 -302.6
CnsmrDiscSelSector XLY 119.22 0.94 20.4 Latest ago High Low
CnsStapleSelSector XLP 61.40 1.57 20.9
Aug. index Chg From (%) 0.750 Spain 2 -0.525 t l -0.521 -0.566 -0.170 -191.6 -190.5 -303.8
level July '19 Aug. '18 Switzerland 0.50 0.50 0.50 0.50
EnSelectSectorSPDR XLE 57.38 0.63 0.1 0.600 10 0.123 t l 0.129 0.157 1.564 -139.2 -140.7 -162.2
FinSelSectorSPDR XLF 27.46 1.85 15.3 Britain 0.75 0.75 0.75 0.75
HealthCareSelSect XLV 90.13 1.57 4.2 U.S. consumer price index Australia 0.75 1.00 1.50 0.75 3.750 U.K. 2 0.354 t l 0.367 0.355 0.887 -103.8 -101.7 -198.1
IndSelSectorSPDR XLI 75.61 1.04 17.4 All items 256.558 –0.01 1.7 1.625 10 0.445 t l 0.475 0.494 1.534 -107.0 -106.1 -165.2
InvscQQQI QQQ 188.81 1.47 22.4
Core 264.169 0.23 2.4 Secondary market
InvscS&P500EW RSP 106.32 1.11 16.3 Source: Tullett Prebon
InvscS&P500LowVol SPLV 57.79 1.42 23.9 Fannie Mae
iSh3-7YTreasuryBd IEI 127.80 0.08 5.3 International rates 30-year mortgage yields
iShCoreDivGrowth DGRO 38.68 1.47 16.6
Week 52-Week 30 days 3.045 3.274 4.607 2.871
Corporate Debt
iShCoreMSCIEAFE IEFA 60.29 0.89 9.6
iShCoreMSCIEmgMk IEMG 49.22 0.43 4.4 Latest ago High Low 60 days 3.060 3.294 4.632 2.890 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
iShCoreMSCITotInt IXUS 57.19 0.81 8.9 Notes on data: that same company’s share price.
iShCoreS&P500 Prime rates
iShCoreS&P MC
IVV
IJH
296.02
190.02
1.36
1.00
17.7
14.4 U.S. 5.00 5.00 5.50 5.00
U.S. prime rate is the base rate on corporate
loans posted by at least 70% of the 10 largest
Investment-grade spreads that tightened the most…
iShCoreS&P SC IJR 76.40 0.98 10.2 U.S. banks, and is effective September 19, 2019. Spread*, in basis points Stock Performance
Canada 3.95 3.95 3.95 3.70
iShS&PTotlUSStkMkt ITOT 66.55 1.40 17.2 Other prime rates aren’t directly comparable; Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iShCoreUSAggBd AGG 113.82 0.16 6.9 Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location.
iShSelectDividend DVY 100.41 1.21 12.4 Complete Money Rates table appears Monday Citigroup C 5.900 Feb. 15, ’49 364 –15 353 68.18 2.22
iShEdgeMSCIMinEAFE EFAV 73.06 0.87 9.6 Policy Rates through Friday.
Euro zone 0.00 0.00 0.00
Diageo Capital DGELN 2.625 April 29, ’23 47 –13 n.a. ... ...
iShEdgeMSCIMinUSA USMV 64.03 1.47 22.2 0.00 Sources: Bureau of Labor Statistics; FactSet
iShEdgeMSCIUSAMom MTUM 119.04 1.62 18.8 MPLX MPLX 4.900 April 15, ’58 273 –12 252 27.74 –0.18
iShEdgeMSCIUSAQual QUAL 91.80 1.48 19.6
iShFloatingRateBd FLOT 50.87 –0.02 1.0
ConocoPhillips COP 4.950 March 15, ’26 54 –11 n.a. 53.50 –0.30
iShGoldTr
iShiBoxx$InvGrCpBd
IAU
LQD
14.41
128.27
...
0.41
17.2
13.7
A Week in the Life of the DJIA Kraft Heinz Foods KHC 3.000 June 1, ’26 153 –11 153 … …
iShiBoxx$HYCpBd HYG 86.43 0.31 6.6 National Cinemedia NATCIN 5.875 April 15, ’28 383 –11 n.a. ... ...
A look at how the Dow Jones Industrial Average component stocks
iShJPMUSDEmgBd EMB 113.92 0.88 9.6 CVS Health CVS 3.700 March 9, ’23 87 –10 84 62.24 1.67
iShMBSETF MBB 108.38 0.08 3.6 did in the past week and how much each moved the index. The DJIA
iShMSCI ACWI ACWI 73.04 1.05 13.8 lost 246.53 points, or 0.92%, on the week. A $1 change in the price of Sumitomo Mitsui Financial SUMIBK 2.442 Oct. 19, ’21 57 –10 58 ... ...
iShMSCI EAFE EFA 64.17 0.79 9.2
iShMSCI EAFE SC SCZ 56.88 1.08 9.8
any DJIA stock = 6.78-point change in the average. To date, a $1,000 …And spreads that widened the most
iShMSCIEmgMarkets EEM 40.97 0.44 4.9 investment on Dec. 31 in each current DJIA stock component would
iShMSCIJapan EWJ 56.72 1.16 11.9 have returned $34,618, or a gain of 15.39%, on the $30,000 General Electric GE 5.000 Jan. 21, ’49 336 35 313 8.57 –1.61
iShNatlMuniBd MUB 114.37 ... 4.9
iShPfd&Incm PFF 37.29 0.16 8.9
investment, including reinvested dividends. E*Trade Financial ETFC 5.875 Sept. 15, ’49 369 25 n.a. 36.40 2.10
iShRussell1000Gwth IWF 159.41 1.48 21.8 Reinsurance Group of America RGA 3.900 May 15, ’29 163 17 141 156.04 1.27
iShRussell1000 IWB 163.21 1.33 17.7 The Week’s Action
iShRussell1000Val IWD 126.48 1.24 13.9
Royal Bank of Scotland RBS 6.100 June 10, ’23 198 14 n.a. 4.86 1.04
iShRussell2000Gwth IWO
Pct Stock price Point chg $1,000 Invested(year-end '18)
190.63 1.02 13.5
chg (%) change in average* Company Symbol Close $1,000
Emera EMACN 6.750 June 15, ’76 296 12 n.a. ... ...
iShRussell2000 IWM 149.14 0.95 11.4
iShRussell2000Val IWN 117.41 1.00 9.2 Broadcom AVGO 3.125 Jan. 15, ’25 186 11 169 281.43 2.55
iShRussell3000 IWV 172.28 1.36 17.3
3.93 5.06 34.32 Johnson & Johnson JNJ $133.66 $1,058
Apollo Management Holdings APO 4.872 Feb. 15, ’29 184 9 170 37.59 1.93
iShRussellMid-Cap IWR 55.33 1.15 19.0 3.74 8.19 55.55 Apple AAPL 227.01 1,457
iShRussellMCValue IWS 88.11 0.94 15.4 Diageo Capital DGELN 3.500 Sept. 18, ’23 59 9 n.a. ... ...
iShS&P500Growth IVW 179.07 1.35 18.8 2.52 2.09 14.17 Merck MRK 85.00 1,135
iShS&P500Value IVE 117.69 1.40 16.4
2.11 4.54 30.79 UnitedHealth Group UNH 219.80 894
High-yield issues with the biggest price increases…
iShShortCpBd IGSB 53.81 –0.02 4.2
iShShortTreaBd SHV 110.56 0.04 0.2 Bond Price as % of face value Stock Performance
iShTIPSBondETF TIP 117.05 0.31 6.9
1.14 1.98 13.43 Visa V 175.98 1,340 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iSh1-3YTreasuryBd SHY 85.04 –0.01 1.7
iSh7-10YTreasuryBd IEF 113.81 0.19 9.2 0.82 0.76 5.15 Nike NKE 93.07 1,265 Exela Intermediate LLC/Exela Finance EXLINT 10.000 July 15, ’23 55.301 6.30 57.875 ... ...
iSh20+YTreasuryBd TLT 145.99 0.74 20.1
0.42 0.23 1.56 Coca-Cola KO 54.54 1,180 Frontier Communications FTR 7.625 April 15, ’24 47.750 3.38 44.500 0.89 0.93
iShRussellMCGrowth IWP 140.95 1.29 24.0
iShUSTreasuryBdETF GOVT 26.56 0.26 7.7 0.28 0.39 2.65 Microsoft MSFT 138.12 1,375 Diamond Offshore Drilling DO 4.875 Nov. 1, ’43 49.000 3.00 55.000 5.16 0.39
JPM UltShtIncm JPST 50.48 0.05 0.7
0.28 0.14 0.95 Intel INTC 50.92 1,106
Noble Holding International NE 7.875 Feb. 1, ’26 69.500 2.25 75.500 … …
PIMCOEnhShMaturity MINT 101.59 ... 0.6
SPDR BlmBarcHYBd JNK 107.69 0.33 6.9
0.24 Pyxus International PYX 9.875 July 15, ’21 60.250 1.88 69.000 12.45 0.24
SPDRBloomBar1-3MTB BIL 91.48 ... 0.0 0.31 2.10 Walt Disney DIS 130.27 1,195
SPDR Gold GLD 141.90 –0.00 17.0 FXI Holdings FXIHLD 7.875 Nov. 1, ’24 87.250 1.50 n.a. ... ...
SchwabIntEquity SCHF 31.39 0.84 10.7 –0.17 –0.25 –1.70 IBM IBM 142.99 1,303 Transocean RIG 7.250 Nov. 1, ’25 86.750 1.50 91.250 4.24 ...
SchwabUS BrdMkt SCHB 70.37 1.28 17.4
SchwabUS Div SCHD 54.13 1.39 15.2
–0.24 –0.29 –1.97 WalMart WMT 118.16 1,288 Versum Materials VSM 5.500 Sept. 30, ’24 109.250 1.50 n.a. 52.99 0.02
SchwabUS LC SCHX 70.37 1.40 17.9 –0.46 –0.57 –3.87 Procter & Gamble PG 124.00 1,378
SPDR DJIA Tr DIA 265.66 1.39 13.9 …And with the biggest price decreases
SPDR S&PMdCpTr MDY 346.52 0.95 14.5 –0.66 –0.40 –2.71 Verizon VZ 59.90 1,099
SPDR S&P 500 SPY 294.35 1.35 17.8 Mallinckrodt International Finance MNK 4.875 April 15, ’20 58.250 –3.00 64.000 … …
SPDR S&P Div SDY 100.79 1.09 12.6 –0.69 –1.47 –9.97 McDonald’s MCD 211.69 1,213
TechSelectSector XLK 80.55 1.65 30.0
Neiman Marcus NMARI 8.000 Oct. 25, ’24 27.000 –2.75 29.000 ... ...
UtilitiesSelSector XLU 64.77 1.39 22.4 –0.80 –0.29 –1.97 Pfizer PFE 35.93 845 TMX Finance TMXFIN 11.125 April 1, ’23 89.750 –2.50 93.350 ... ...
VanEckGoldMiner GDX 27.87 2.28 32.1
VangdInfoTech VGT 215.91 1.69 29.4 –0.84 –1.93 –13.09 Home Depot HD 227.93 1,354 Pacific Gas And Electric PCG 6.050 March 1, ’34 111.438 –2.06 113.750 … …
VangdSC Val VBR 126.32 1.02 10.7 McDermott Escrow 1 10.625 May 1, ’24 16.500 –1.75 24.500 1.63 –4.12
–1.87 –7.16 –48.56 Boeing BA 375.70 1,185 MDR
VangdSC Grwth VBK 181.52 1.27 20.5
VangdDivApp VIG 118.47 1.35 20.9 –2.05 –3.04 –20.62 Travelers TRV 144.96 1,231 Vista Outdoor VSTO 5.875 Oct. 1, ’23 90.600 –1.65 93.310 5.86 2.09
VangdFTSEDevMk VEA 40.49 0.77 9.1 GEO GEO 5.125 April 1, ’23 86.125 –1.38 88.673 15.87 2.06
VangdFTSE EM VWO 40.46 0.47 6.2 –2.33 –3.18 –21.57 United Technologies UTX 133.21 1,273
VangdFTSE Europe VGK 52.50 0.81 8.0 Adient Global Holdings ADNT 4.875 Aug. 15, ’26 77.750 –1.25 81.750 … …
VangdFTSEAWxUS VEU 49.37 0.76 8.3 –2.63 –3.10 –21.02 JPMorgan Chase JPM 114.62 1,211
VangdGrowth VUG 166.00 1.44 23.6 *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.
VangdHlthCr VHT 167.55 1.39 4.3 –2.65 –1.44 –9.77 Walgreens WBA 52.97 794 Note: Data are for the most active issue of bonds with maturities of two years or more
VangdHiDiv VYM 87.64 1.34 12.4 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
VangdIntermBd BIV 88.73 0.24 9.2
–2.70 –1.32 –8.95 Cisco Systems CSCO 47.52 1,128
VangdIntrCorpBd VCIT 91.79 0.13 10.8 –3.51 –2.51 –17.02 Exxon Mobil XOM 68.97 1,047
VangdLC VV 135.19 1.32 17.7
VangdMC
VangdMC Val
VO
VOE
165.73
111.06
1.12
1.18
19.9
16.6
–3.52 –4.18 –28.35 American Express AXP 114.41 1,218 Dividend Changes
VangdMBS VMBS 53.35 0.09 3.6 –3.68 –1.73 –11.73 Dow DOW 45.34 939 Dividend announcements from October 4.
VangdRealEst VNQ 93.43 0.60 25.3
VangdS&P500ETF VOO 270.37 1.39 17.6 –3.91 –8.17 –55.41 Goldman Sachs GS 200.80 1,220 Amount Payable / Amount Payable /
VangdST Bond BSV 81.11 –0.04 3.2 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
VangdSTCpBd VCSH 81.30 0.04 4.3 –4.01 –4.75 –32.22 Chevron CVX 113.85 1,078
VangdSC VB 152.08 1.10 15.2 Increased Foreign
–4.38 –5.55 –37.64 Caterpillar CAT 121.04 972 Coca-Cola Femsa ADR 2.8 .89438 SA Nov12 /Oct31
VangdTotalBd BND 84.94 0.17 7.2 RPM Intl RPM 2.0 .36 /.35 Q Oct31 /Oct15 KOF
VangdTotIntlBd BNDX 58.91 0.02 8.6 –5.29 –8.71 –59.07 3M MMM 155.82 838 CS X-Links Crude Oil ETN USOI 18.3 .2982 M Oct25 /Oct22
VangdTotIntlStk VXUS 51.12 0.67 8.3 Initial CS X-Links Silver ETN SLVO 5.6 .0975 M Oct25 /Oct22
VangdTotalStk VTI 149.73 1.31 17.3 IBERIABANK Pfd. Series D IBKCN 5.6 .8769 Nov01 /Oct17 Ingersoll-Rand IR 1.8 .53 Q Dec31 /Dec06
*Based on Composite price. DJIA is calculated on primary-market price.
VangdTotlWrld VT 74.14 1.06 13.3
VangdValue VTV 110.14 1.36 12.4 Source: Dow Jones Market Data; FactSet. KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Lennar B LEN.B 47.38 2.2 TaylorMorrison TMHC 26.24 2.1 ArbutusBiopharma ABUS 1.00 -28.7 Dynatronics DYNT 0.97 0.6 LendingClub LC 11.16 0.2 RivernorthOppsRt RIVr 0.15 -9.1
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Lennar A LEN 59.72 1.7 TeekayTankers TNK 1.52 12.7 AssemblyBiosci ASMB 8.70 -1.8 EloxxPharm ELOX 3.55 -9.5 LibertyOilfield LBRT 9.76 -2.2 SMTC SMTX 2.02 2.6
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest SatsumaPharm STSA 10.82 -4.6
LifeStorage LSI 107.20 -0.4 Teradyne TER 60.00 2.6 Astrotech ASTC 1.42 2.7 EstreAmbiental ESTR 0.40 -0.7 MammothEnergy TUSK 2.08 -4.9
session. % CHG-Daily percentage change from the previous trading session.
MeritageHomes MTH 72.44 3.3 TylerTech TYL 265.56 0.1 BankwellFin BWFG 24.67 1.0 Ezcorp EZPW 6.01 0.4 MillicomIntl TIGO 44.84 -0.9 Savara SVRA 0.91 -9.7
NexPointResidentl NXRT 48.98 0.5 Unitil UTL 64.36 1.6 BasicEnergySvcs BAS 1.12 -7.7 Farfetch FTCH 7.88 -2.9 MiragenTherap MGEN 0.65 4.9 SeaDrill SDRL 1.81 -1.6
Friday, October 4, 2019 SenmiaoTech AIHS 0.30 -7.9
NextEraEnergy NEE 233.86 1.5 UniversalHealth UHT 104.05 -0.3 BlackStoneMin BSM 13.49 -1.5 Ferroglobe GSM 0.88 -9.4 Moelis MC 29.65 2.8
52-Wk % 52-Wk % 52-Wk % OmegaHealthcare OHI 42.43 1.0 Urstadt Pfd K UBPpK 25.28 0.4 BoingoWireless WIFI 9.55 -0.1 GarrettMotion GTX 8.99 -1.9 Morphic MORF 15.50 -6.1 SierraOncology SRRA 0.33 -2.9
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg OutfrontMedia OUT SilkRoadMed SILK 30.00 -1.7
28.42 2.1 WD-40 WDFC 188.86 2.5 BostonOmaha BOMN 18.44 2.6 GemphireTherap GEMP 0.35 -4.5 NOW DNOW 10.32 0.2
PC-Tel SundanceEnergy SNDE 1.04 0.2
CamdenProperty CPT 112.92 0.8 Entergy ETR 118.86 1.9 PCTI 8.83 3.2 Zynex ZYXI 12.60 6.0 CIM Comm CMCT 14.78 -0.3 Genfit GNFT 14.28 -2.3 NaborsIndsPfdA NBRpA 14.17 -2.7
Highs Chubb CB 162.44 3.6 EquityResdntl EQR 87.61 0.4 PepsiCo PEP 140.45 1.7 CamberEnergy CEI 0.14 8.8 GranTierraEner GTE 1.09 -0.9 NanoViricides NNVC 1.46 -7.8
TraconPharm TCON
TalosEnergyWt TALO.WS
0.38
0.80
-3.1
-6.5
AGNC InvtPfdE AGNCO 25.20 -0.1
ChurchillCapII CCX.U 10.60 0.5 FormFactor FORM 20.36 4.8 Perma-Fix
PulteGroup
PESI
PHM
5.35 0.6
37.09 2.5
Lows CapstoneTurbine CPST
CarGurus CARG
0.46
29.14
-1.3
0.2
Greenhill
HP
GHL
HPQ
12.25 2.0
16.46 -9.6
NationalFuelGas
Nesco
NFG 44.37
5.38
-0.2
-1.8
TargetHospWt THWWW 0.79 11.1
CincinnatiFin CINF 117.60 2.8 Frontline FRO 10.31 8.8 NSCO
Ansys ANSS 224.99 2.0 TetraphasePharm TTPH 3.81 1.2
CostamarePfdC CMREpC 25.91 0.8 GCI LibertyA GLIBA 65.40 2.9 RealtyIncome O 78.46 0.8 AIM Immuno AIM 0.52 -8.8 CarrolsRestr TAST 6.40 0.6 HalladorEnergy HNRG 3.24 ... Neuralstem CUR 1.28 -2.8
AlgonquinPwr AQN 14.00 1.5 TidewaterWtB TDW.WS.B 1.10 -10.6
CostamarePfdE CMREpE 26.21 0.6 GigCapitalRt GIGr 1.00 1.0 ReinsuranceGrpDeb RZA 28.12 0.4 AXT AXTI 2.78 -2.4 Celcuity CELC 15.52 -4.5 HlthSciencesAcqWt HSACW 0.21 3.8 Neurotrope NTRP 0.64 -2.3
AmericoldRealty COLD 37.88 0.2 TidewaterWtA TDW.WS.A 1.37 -5.5
DHT DHT 6.88 6.0 GlobalMedREIT GMRE 11.92 -0.3 RexfordIndPfdC REXRpC 26.75 1.3 Ability ABIL 0.45 ... Cellectis CLLS 9.86 1.1 HeatBiologics HTBX 0.43 -2.3 ObsEva OBSV 7.24 -1.8
AmkorTech AMKR 9.99 3.7 Tidewater TDW 14.09 -2.3
DailyJournal DJCO 273.92 4.4 GoldmanSachsPfJ GSpJ 27.20 0.3 RingCentral RNG 169.58 28.0 AcaciaResearch ACTG 2.54 -2.7 Cerence CRNC 13.39 -11.8 HuanengPower HNP 18.68 -0.4 OnTrackInnov OTIV 0.28 4.0 TizianaLifeSci TLSA 3.98 -8.4
ApartmtInv AIV 53.34 1.1 DollarTree DLTR 116.59 2.5 HCP HCP 36.50 0.6 ScorpioTankers STNG 33.83 9.1 AdaptimmuneTher ADAP 1.20 -4.7 ChaparralEnergy CHAP 1.02 6.5 Ikonics IKNX 5.75 -9.3 Orgenesis ORGS 3.66 -5.8 TransMedics TMDX 17.48 -3.9
AquaAmerica WTR 45.56 1.7 DominionEner D 81.76 2.6 HealthcareRealty HR 33.98 0.1 SeaspanPfdI SSWpI 26.38 1.0 AdtalemGlbEduc ATGE 36.65 -2.5 CitiusPharm CTXR 0.65 -5.9 IterumTherap ITRM 4.60 -10.9 Owens-Illinois OI 9.09 0.1 TridentAcqnsWt TDACW 0.10 ...
Avalonbay AVB 219.17 0.5 DouglasEmmett DEI 43.13 0.6 HelenofTroy HELE 160.73 0.6 SeaspanPfdD SSWpD 25.57 0.8 AlpineImmune ALPN 3.02 -8.8 ConturaEnergy CTRA 22.96 -4.9 JMPGroup6.875%SrNt JMPE 24.38 -0.2 PlusTherap PSTV 2.75 -8.3 TrinityBiotech TRIB 1.11 -3.3
BeazerHomes BZH 15.32 4.5 DukeEnergy DUK 97.37 2.2 IndepRealty IRT 14.68 1.9 Sibanye-Stillwater SBGL 6.37 5.5 AmericanPubEdu APEI 22.23 -0.8 Covetrus CVET 10.75 -4.1 JianpuTech JT 2.35 -4.4 PolarityTE PTE 2.85 4.4 Trupanion TRUP 22.09 -2.9
Broadvision BVSN 2.76 25.0 DukeRealty DRE 34.44 0.4 InfuSystems INFU 5.91 8.1 SocialCapHedWt IPOA.WS 2.89 ... Andersons ANDE 20.45 -3.2 CrossTimbers CRT 8.01 -1.0 KalVistaPharm KALV 10.50 -2.0 QEP Resources QEP 2.97 ... US Silica SLCA 7.96 -5.2
BrookfieldPropPf2A BPYPO 27.00 0.6 EdwardsLife EW 229.97 2.9 InvitatHomes INVH 30.13 0.6 SocialCapHed IPOA 11.03 1.2 AngioDynamics ANGO 13.72 -3.7 DelMarPharm DMPI 0.45 -5.3 LancasterColony LANC 133.77 1.0 RTI Surgical RTIX 2.64 -5.7 Waitr WTRH 1.16 -7.1
BrookfieldRenew BEP 41.95 0.6 EntergyBds52 EAB 27.78 -0.9 JackintheBox JACK 93.12 -0.7 SunComms SUI 152.43 0.9 AnteroResources AR 2.66 1.8 DunxinFinl DXF 1.26 -4.0 Leaf LEAF 3.34 -9.2 Reed's REED 0.87 -4.4 ZionOil&Gas ZN 0.22 -4.0
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 5 - 6, 2019 | B9

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. 42.30 45.40 29.50 FidNatlFin FNF 2.8 16 44.74 0.55 99.03 89.53 39.01 ManhattanAssoc MANH ... 57 84.33 1.81 39.10 57.20 35.38 Seagate STX 4.7 8 53.68 0.59
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 28.14 141.35 94.53 FidNatlInfo FIS 1.1 57 131.41 1.53 24.31 18.87 13.33 ManulifeFin MFC 3.2 8 17.64 0.25 15.53 47.13 30.22 SealedAir SEE 1.6 17 40.25 0.14
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. 12.62 30.20 22.12 FifthThirdBncp FITB 3.6 9 26.50 0.42 -19.39 23.99 11.07 MarathonOil MRO 1.7 10 11.56 -0.10 48.82 88.20 50.71 SeattleGenetics SGEN ... dd 84.32 -0.68
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -9.70 74.17 47.20 58.com WUBA ... 8 48.95 -0.50 2.93 85.06 43.96 MarathonPetrol MPC 3.5 13 60.74 0.74 36.08 148.14 104.88 SempraEnergy SRE 2.6 21 147.23 1.57
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 33.58 60.48 41.96 FirstAmerFin FAF 2.8 13 59.63 1.21 13.65 1216.47 950.16 Markel MKL ... 22 1179.77 16.12 8.07 52.33 40.78 SensataTechs ST ... 14 48.46 0.44
9.19 107.75 79.42 FirstRepBank FRC 0.8 19 94.89 2.19 64.19 421.45 182.99 MarketAxess MKTX 0.6 71 346.95 10.09 15.75 48.70 37.52 ServiceCorp SCI 1.5 21 46.60 -0.16
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 39.71 69.23 36.51 FirstSolar FSLR ...278 59.31 2.15 11.33 144.24 100.62 Marriott MAR 1.6 28 120.86 1.84 50.93 58.78 34.28 ServiceMaster SERV ... dd 55.45 0.73
28.44 49.07 35.33 FirstEnergy FE 3.2 23 48.23 0.49 23.34 103.36 74.30 Marsh&McLen MMC 1.9 34 98.36 1.82 49.67 303.17 147.63 ServiceNow NOW ...20982 266.48 9.11
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 43.83 109.92 68.45 Fiserv FISV ... 44 105.70 2.65 52.40 275.99 150.75 MartinMarietta MLM 0.8 33 261.93 2.14 9.45 21.07 17.50 ShawComm B SJR 4.6 18 19.80 0.13
s-New 52-week high. standards vj-In bankruptcy or receivership or 24.21 148.22 86.57 FiveBelow FIVE ... 45 127.09 2.76 50.93 27.64 14.34 MarvellTech MRVL 1.0 dd 24.43 0.52 39.49 554.08 355.28 SherwinWilliams SHW 0.8 44 548.84 5.65
t-New 52-week low. lf-Late filing being reorganized under the 56.00 304.65 172.18 FleetCorTech FLT ... 29 289.72 8.42 45.38 43.59 27.03 Masco MAS 1.3 17 42.51 1.03 -2.14 41.79 32.14 ShinhanFin SHG 3.1 3 34.73 0.15
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 19.84 60.91 40.52 FlirSystems FLIR 1.3 26 52.18 1.32 38.49 160.25 98.23 Masimo MASI ... 42 148.70 3.17 136.33 409.61 117.64 Shopify SHOP ... dd 327.20 1.63
four quarters. requirements. assumed by such companies. 17.07 55.42 35.88 Flowserve FLS 1.7 28 44.51 0.63 45.27 293.69 171.89 Mastercard MA 0.5 42 274.06 5.77 16.06 137.94 98.54 SignatureBank SBNY 1.9 11 119.32 2.69
FD-First day of trading. t-NYSE bankruptcy 8.40 100.35 80.86 FomentoEconMex FMX 1.5 28 93.28 3.36 74.02 95.32 33.30 MatchGroup MTCH ... 44 74.43 -0.57 -11.90 191.49 145.42 SimonProperty SPG 5.5 21 148.00 0.50
14.25 10.56 7.41 FordMotor F 6.9 16 8.74 0.03 13.16 65.73 46.64 MaximIntProducts MXIM 3.3 19 57.54 1.00 11.73 6.51 5.23 SiriusXM SIRI 0.8 29 6.38 0.03
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. 10.02 96.96 64.41 Fortinet FTNT ... 36 77.49 0.12 21.14 171.00 119.50 McCormickVtg MKC.V 1.4 32 168.15 3.23 60.11 40.50 21.45 SkechersUSA SKX ... 18 36.65 0.13
27.67 42.80 31.37 Fortis FTS 3.4 16 42.59 0.22 21.34 171.10 119.00 McCormick MKC 1.3 32 168.96 2.18 20.33 94.39 60.12 Skyworks SWKS 2.2 15 80.64 3.38
YTD 52-Week Yld Net -1.71 89.48 62.89 Fortive FTV 0.4 9 66.50 0.82 19.21 221.93 161.82 McDonalds MCD 2.4 28 211.69 1.66 ... 42.00 21.25 SlackTech WORK ... dd 24.97 0.04
Friday, October 4, 2019 47.72 58.15 35.27 FortBrandsHome FBHS 1.6 20 56.12 1.20 18.29 150.82 106.11 McKesson MCK 1.3 44 130.68 -0.42 6.58 56.66 40.34 SmithAO AOS 1.9 18 45.51 0.51
% Chg Hi Lo Stock Sym % PE Last Chg ... 41.95 29.70 FoxA FOXA 1.5 12 30.57 0.11 21.08 19.67 13.98 MedicalProp MPW 5.3 7 19.47 0.16 25.36 48.93 32.22 Smith&Nephew SNN 1.5 29 46.86 0.67
YTD 52-Week Yld Net ... 41.73 29.67 FoxB FOX 1.5 12 30.48 0.09 35.88 98.60 60.10 MedidataSolutions MDSO ...129 91.61 0.09 15.18 128.43 91.32 Smucker SJM 3.3 23 107.68 1.35
% Chg Hi Lo Stock Sym % PE Last Chg 51.59 77.08 39.08 CadenceDesign CDNS ... 44 65.91 0.81
33.68 28.03 16.96 CAE CAE 1.4 27 24.53 0.21 34.59 101.19 60.47 Franco-Nevada FNV 1.1118 94.44 1.70 19.35 112.05 81.66 Medtronic MDT 2.0 33 108.56 1.63 163.52 18.36 4.82 Snap SNAP ... dd 14.52 0.22
ABC 71.65 12.23 5.83 CaesarsEnt
s 28.09 112.92 83.67 CamdenProperty CPT
CZR ... dd 11.65
2.8 69 112.78
-0.01
0.87
-7.69 35.82 25.57 FranklinRscs
-14.35 14.68 8.58 FreeportMcM FCX
BEN 3.8 10 27.38 0.25
2.3 20 8.83 -0.03
10.27 26.97 15.33 MelcoResorts MLCO 3.2 26 19.43 -0.16
20.09 121.12 65.68 MellanoxTech MLNX ... 37 110.94 0.52
6.99 181.47 135.29 SnapOn
34.27 21.22 12.25 SolarWinds
SNA
SWI
2.4 13 155.45 3.34
... dd 18.57 0.27
-3.84 22.80 17.71 ABB ABB 3.5 26 18.28 -0.02 43.50 48.03 32.03 CampbellSoup CPB 3.0 54 47.34 0.57 0.15 51.74 30.99 FreseniusMed FMS 1.4 14 32.44 0.39 90.96 698.98 257.52 MercadoLibre MELI ...1809 559.22 1.03 7.13 66.57 50.30 SonocoProducts SON 3.0 19 56.92 1.02
135.99 44.85 14.01 ACADIA Pharm ACAD ... dd 38.16 -0.14 8.34 93.81 72.96 CIBC CM 5.4 9 80.76 0.69 11.24 87.35 66.10 Merck MRK 2.6 24 85.00 2.26 21.69 60.74 41.91 Sony SNE 0.4 10 58.75 0.82
39.47 38.75 24.83 AECOM ACM ... 20 36.96 0.56 14.75 96.49 70.36 CanNtlRlwy CNI 1.9 19 85.04 -0.13 GHI 10.59 51.16 37.76 MetLife MET 3.9 7 45.41 0.85 41.28 62.36 42.50 Southern SO 4.0 15 62.05 0.69
10.86 18.52 13.55 AES AES 3.4 27 16.03 0.23 6.22 32.81 21.85 CanNaturalRes CNQ 4.4 9 25.63 0.35 21.34 873.51 500.74 MettlerToledo MTD ... 32 686.27 15.50 7.25 43.43 29.01 SoCopper SCCO 4.8 18 33.00 0.27
s 58.28 65.40 38.72 GCI LibertyA GLIBA ... 9 65.15 1.86 30.34 101.35 60.70 MicrochipTech MCHP 1.6 63 93.74 2.04 13.58 61.87 44.28 SouthwestAir LUV 1.4 12 52.79 0.53
14.35 57.18 41.45 Aflac AFL 2.1 13 52.10 0.92 19.05 247.52 167.48 CanPacRlwy CP 1.2 17 211.46 -2.03 79.00 45.13 20.84 GDS Holdings GDS ... dd 41.33 0.53
32.37 80.64 49.50 AGCO AGCO 0.9 15 73.69 1.33 -2.64 31.88 25.49 Canon CAJ 4.8 18 26.87 0.16 40.40 51.39 28.39 MicronTech MU ... 8 44.55 1.09 14.22 100.34 64.48 SpiritAeroSys SPR 0.6 13 82.34 1.54
65.36 191.63 85.00 Galapagos GLPG ... dd 151.70 1.11 35.99 142.37 93.96 Microsoft MSFT 1.5 27 138.12 1.84 17.17 143.70 83.69 Splunk SPLK ... dd 122.85 3.92
-8.55 18.35 14.51 AGNC Invt AGNC 12.0 dd 16.04 0.15 -14.70 59.25 20.52 CanopyGrowth CGC ... dd 22.92 -0.46 20.79 92.74 68.19 Gallagher AJG 1.9 24 89.02 1.91
s 57.15 224.99 136.80 Ansys ANSS ... 44 224.63 4.39 15.52 98.62 69.90 CapitalOne COF 1.8 8 87.32 1.49 38.39 132.54 91.21 MidAmApt MAA 2.9 64 132.44 1.40 2.57 169.90 103.29 Spotify SPOT ... 75 116.42 1.60
19.72 40.82 31.19 Gaming&Leisure GLPI 7.0 25 38.68 0.12 9.77 142.98 96.65 Middleby MIDD ... 19 112.77 0.23 4.30 8.06 5.44 Sprint S ... dd 6.07 0.11
25.33 4.89 3.46 ASETech ASX 2.3 19 4.70 0.06 3.30 58.31 41.03 CardinalHealth CAH 4.2 10 46.07 0.26 -37.00 31.39 15.11 Gap GPS 6.0 7 16.23 -0.28
58.10 252.11 144.50 ASML ASML 0.8 40 246.04 1.69 40.69 149.45 92.16 Carlisle CSL 1.4 20 141.42 1.58 2.87 6.47 4.49 MitsubishiUFJ MUFG 3.3 8 5.01 -0.01 11.70 96.31 49.82 Square SQ ... dd 62.65 0.60
38.00 36.22 18.70 GardnerDenver GDI ... 23 28.22 0.39 2.33 3.54 2.66 MizuhoFin MFG 3.4 45 3.07 0.01 17.73 154.10 106.41 StanleyBlackDck SWK 2.0 30 140.97 3.39
31.43 38.75 26.80 AT&T T 5.4 16 37.51 0.32 36.46 92.01 55.24 CarMax KMX ... 16 85.60 0.95 34.19 89.72 59.98 Garmin GRMN 2.7 22 84.97 1.35
27.60 22.93 14.72 AXA Equitable EQH 2.8 11 21.22 0.31 -16.55 62.52 40.59 Carnival CCL 4.9 9 41.14 0.14 15.29 9.63 6.64 MobileTeleSys MBT 7.0 55 8.07 0.09 33.42 99.72 54.70 Starbucks SBUX 1.7 30 85.92 1.25
12.05 171.78 120.89 Gartner IT ... 60 143.25 2.62 6.07 172.43 108.93 MohawkInds MHK ... 12 124.06 2.11 26.63 24.37 12.59 StarsGroup TSG ...688 20.92 0.63
26.34 67.51 48.27 AXIS Capital AXS 2.5 51 65.24 0.12 -19.17 61.59 38.85 Carnival CUK 5.1 9 39.39 0.15 12.36 207.72 143.87 GeneralDynamics GD 2.3 16 176.64 1.76
13.36 88.76 65.44 AbbottLabs ABT 1.6 50 81.99 0.92 27.48 173.31 116.23 CaseysGenStores CASY 0.8 28 163.35 2.02 -2.97 159.00 105.28 MolinaHealthcare MOH ... 9 112.77 0.54 22.43 24.96 19.16 StarwoodProp STWD 8.0 18 24.13 0.15
17.77 13.25 6.40 GeneralElec GE 0.5 dd 8.57 -0.14 0.84 67.62 49.92 MolsonCoors B TAP 4.0 14 56.63 0.01 -9.83 87.79 48.62 StateStreet STT 3.7 10 56.87 1.09
-19.02 95.39 62.66 AbbVie ABBV 5.7 27 74.66 0.81 57.47 58.38 29.23 Catalent CTLT ... 55 49.10 1.16 39.45 56.40 36.42 GeneralMills GIS 3.6 18 54.30 0.93
-47.93 430.93 159.40 Abiomed ABMD ... 30 169.25 2.22 -4.75 156.81 111.75 Caterpillar CAT 3.4 11 121.04 1.00 40.63 41.50 22.85 Momo MOMO ... 22 33.40 0.06 -4.58 46.02 25.02 SteelDynamics STLD 3.3 6 28.66 0.40
4.36 41.90 30.56 GeneralMotors GM 4.4 6 34.91 -0.07 39.85 56.72 38.78 Mondelez MDLZ 2.0 22 55.98 1.46 33.51 156.66 99.14 Steris STE 1.0 38 142.66 1.45
34.49 202.80 132.63 Accenture ACN 1.7 26 189.64 3.83 32.86 127.15 82.91 Celanese CE 2.1 15 119.53 0.86 49.26 110.99 68.27 Genesee&Wyoming GWR ... 30 110.48 0.23
19.05 81.00 39.85 ActivisionBliz ATVI 0.7 25 55.44 1.37 55.83 100.19 58.59 Celgene CELG ... 14 99.87 1.45 56.69 184.78 62.30 MongoDB MDB ... dd 131.21 2.15 42.15 20.25 12.00 STMicroelec STM 1.0 16 19.73 0.55
19.00 21.45 12.09 Genmab GMAB ... 67 19.46 0.16 31.55 163.21 101.99 MonolithicPower MPWR 1.0 65 152.93 1.20 84.11 45.62 16.14 StoneCo STNE ... 65 33.95 0.46
22.42 313.11 204.95 Adobe ADBE ... 49 276.96 4.56 -22.20 6.63 2.82 Cemex CX 1.3 28 3.75 0.07 42.76 44.55 25.48 Genpact G 0.9 26 38.53 0.24
1.58 186.15 130.09 AdvanceAuto AAP 0.2 27 159.94 0.08 21.34 10.82 6.15 CenovusEnergy CVE 1.8 51 8.53 -0.25 14.95 66.38 47.74 MonsterBev MNST ... 29 56.58 0.96 37.47 223.45 144.75 Stryker SYK 1.0 23 215.49 2.36
30.28 28.43 17.80 Gentex GNTX 1.7 16 26.33 -0.02 45.36 222.85 129.26 Moody's MCO 1.0 32 203.56 4.00 4.61 8.32 6.33 SumitomoMits SMFG 4.0 7 6.81 0.01
57.15 35.55 16.03 AdvMicroDevices AMD ...165 29.01 0.33 -24.42 74.49 41.62 Centene CNC ... 14 43.57 0.34 -0.08 115.20 87.26 GenuineParts GPC 3.2 18 95.94 1.32
-13.12 6.56 3.69 Aegon AEG 7.0 9 4.04 0.02 3.61 31.42 26.73 CenterPointEner CNP 3.9 26 29.25 0.35 2.85 48.66 36.74 MorganStanley MS 3.4 9 40.78 0.53 s 49.69 152.43 94.63 SunComms SUI 2.0100 152.25 1.32
15.45 40.40 28.11 Gildan GIL 1.5 24 35.05 ... 32.41 162.53 99.67 Morningstar MORN 0.8 36 145.44 2.14 30.64 45.05 31.49 SunLifeFinancial SLF 3.7 15 43.36 0.30
34.55 57.10 36.16 AerCap AER ... 7 53.28 0.35 49.13 11.69 4.69 CentraisElBras EBR ... 3 9.47 0.21 0.02 77.56 60.32 GileadSciences GILD 4.0 14 62.56 0.33
12.48 82.27 61.01 AgilentTechs A 0.9 23 75.88 2.01 -23.83 22.21 9.64 CenturyLink CTL 8.7 dd 11.54 0.04 -33.62 37.37 17.36 Mosaic MOS 1.0 29 19.39 -0.34 7.19 40.03 25.81 SuncorEnergy SU 4.2 11 29.98 0.12
9.89 43.22 36.41 GSK GSK 4.8 18 41.99 0.54 46.22 182.28 108.25 MotorolaSol MSI 1.4 28 168.21 3.53 31.84 69.57 46.05 SunTrustBanks STI 3.4 12 66.50 1.15
34.48 64.88 33.10 AgnicoEagle AEM 0.9 dd 54.33 0.89 40.04 58.95 31.39 CeridianHCM CDAY ...328 48.30 0.60 55.96 175.95 94.81 GlobalPayments GPN 0.0 53 160.84 2.28
33.63 232.47 148.44 AirProducts APD 2.2 28 213.88 3.05 27.42 76.47 48.78 Cerner CERN 1.1 37 66.82 0.68 -30.99 37.56 16.63 Mylan MYL ...315 18.91 0.08 -18.79 13.47 6.62 Suzano SUZ 1.3 38 8.04 0.19
26.81 96.92 69.68 GlobeLife GL 0.7 15 94.51 1.86 35.75 155.76 100.54 NICE NICE ... 52 146.89 2.06 24.27 26.07 17.43 Symantec SYMC 1.3132 23.48 -0.01
48.84 93.12 57.18 AkamaiTech AKAM ... 36 90.91 0.01 16.43 149.06 103.00 CharlesRiverLabs CRL ... 30 131.78 2.69 -1.84 82.30 56.66 GoDaddy GDDY ...212 64.41 0.92
4.37 74.83 53.39 AlaskaAir ALK 2.2 16 63.51 1.21 50.09 431.43 272.91 CharterComms CHTR ... 72 427.72 11.05 -1.11 43.66 32.63 NRG Energy NRG 0.3 22 39.16 0.50 39.13 36.87 21.77 SynchronyFin SYF 2.7 7 32.64 0.39
20.20 234.06 151.70 GoldmanSachs GS 2.5 8 200.80 3.56 52.09 3794.10 2040.71 NVR NVR ... 18 3706.34 102.49 34.33 56.34 36.27 SyneosHealth SYNH ...347 52.86 1.36
-13.95 108.74 58.63 Albemarle ALB 2.2 13 66.32 -0.91 8.13 132.75 98.57 CheckPoint CHKP ... 22 111.00 3.10 7.55 53.91 37.36 Graco GGG 1.4 23 45.01 0.53
... 63.73 53.78 Alcon ALC ... ... 57.14 0.48 45.61 441.79 260.03 Chemed CHE 0.3 34 412.47 -1.91 49.95 113.50 67.62 NXP Semi NXPI 1.4 17 109.88 2.56 38.29 115.56 71.83 Synnex SNX 1.3 13 111.79 1.68
3.13 354.95 255.09 Grainger GWW 2.0 20 291.21 2.52 21.65 105.26 75.49 Nasdaq NDAQ 1.9 31 99.23 2.09 64.74 146.66 79.14 Synopsys SNPS ... 34 138.78 2.75
34.33 155.99 109.04 AlexandriaRlEst ARE 2.6 44 154.80 0.66 5.85 70.60 55.09 CheniereEnergy LNG ...101 62.65 0.33 72.04 112.22 28.52 GuardantHealth GH
24.21 49.30 32.55 CheniereEnerPtrs CQP ... dd 64.67 2.43 12.05 59.01 46.36 NationalGrid NGG 5.7 19 53.76 0.81 24.72 79.74 59.44 Sysco SYY 2.0 24 78.15 0.20
0.69 141.86 92.56 AlexionPharm ALXN ... 17 98.03 -1.14 5.3 34 44.84 -0.03 32.22 113.34 73.82 Guidewire GWRE ...427 106.08 2.09
24.27 195.72 129.77 Alibaba BABA ... 30 170.34 0.86 4.65 127.60 100.22 Chevron CVX 4.2 15 113.85 0.70 -18.13 46.17 18.05 NatlOilwell NOV 1.0 dd 21.04 0.12
-13.29 364.79 169.84 AlignTech ALGN ... 35 181.59 -3.18 ... 41.34 22.28 Chewy CHWY ... dd 25.86 1.44
-5.49 147.42 110.31 HCA Healthcare HCA 1.4 11 117.62
s 30.29 36.50 24.47 HCP HCP 4.1 18 36.39
1.67
0.20
17.48 57.80 42.97 NatlRetailProp NNN 3.6 40 56.99 -0.02 TUV
27.33 808.50 574.42 Alleghany Y ... 37 793.65 7.66 11.25 14.51 9.86 ChinaLifeIns LFC 0.7 14 11.67 0.02 -12.75 84.53 44.55 NetApp NTAP 3.7 13 52.06 0.64
6.61 65.89 42.72 HDFC Bank HDB 0.6 ... 55.22 -2.40 12.01 289.69 188.05 Netease NTES 1.0 27 263.63 0.66 41.30 39.66 21.08 TAL Education TAL ... 77 37.70 1.31
29.62 111.99 74.83 Allegion ALLE 1.0 22 103.32 2.22 -13.06 55.84 39.77 ChinaMobile CHL 4.0 11 41.73 -0.40 2.32 47.13 35.35 HD Supply HDS ... 16 38.39 0.58 44.01 52.69 34.58 TC Energy TRP 4.4 15 51.41 0.56
26.02 193.44 114.27 Allergan AGN 1.8 dd 168.44 1.22 -16.93 92.93 57.21 ChinaPetrol SNP 8.5 9 58.65 -0.74 1.92 385.99 231.23 Netflix NFLX ...107 272.79 4.64
t -18.67 26.43 16.46 HP HPQ 3.9 6 16.64 -1.76 25.65 117.75 64.72 Neurocrine NBIX ...672 89.73 -0.20 2.05 54.05 34.62 TCF Financial TCF 3.7 10 37.36 0.56
-17.46 236.50 118.40 AllianceData ADS 2.0 8 123.88 1.32 -9.03 57.09 42.34 ChinaTelecom CHA 3.1 12 46.15 -0.06 -9.49 44.93 35.35 HSBC HSBC 6.9 11 37.21 -0.14 -31.17 57.88 32.69 TD Ameritrade AMTD 3.6 9 33.70 0.85
28.64 54.59 40.68 AlliantEnergy LNT 2.6 25 54.35 0.97 ... 13.66 9.05 ChinaUnicom CHU 1.7 20 10.66 -0.09 108.12 115.88 50.30 NewOrientalEduc EDU ... 77 114.07 1.16
25.81 140.36 80.23 Haemonetic HAE ...135 125.87 0.29 3.87 18.11 13.63 NewResidInvt NRZ 13.6 18 14.76 0.07 18.85 97.99 69.84 TE Connectivity TEL 2.0 10 89.89 0.53
0.68 53.10 40.35 AllisonTransm ALSN 1.4 9 44.21 0.19 90.82 857.90 383.20 Chipotle CMG ... 93 823.93 8.64 -30.21 42.57 16.97 Halliburton HAL 3.9 12 18.55 -0.09 7.88 38.32 32.46 Telus TU 4.8 16 35.75 0.14
31.26 109.55 77.00 Allstate ALL 1.8 14 108.46 2.81 s 25.45 162.44 119.54 Chubb CB 1.9 20 162.06 5.61 36.03 13.38 8.61 NY CmntyBcp NYCB 5.3 17 12.80 0.10
3.66 44.70 30.17 HarleyDavidson HOG 4.2 13 35.37 0.30 -0.27 24.57 13.04 NewellBrands NWL 5.0 dd 18.54 0.42 -7.37 17.68 12.79 TIM Part TSU 3.2 7 14.21 0.24
40.34 35.42 20.60 AllyFinancial ALLY 2.1 8 31.80 0.28 1.29 36.92 33.61 ChunghwaTel CHT 3.0 26 36.25 0.26 33.88 61.23 40.54 HartfordFinl HIG 2.0 13 59.51 1.30 23.58 57.31 41.49 TJX TJX 1.7 22 55.29 1.31
5.64 96.08 60.27 AlnylamPharm ALNY ... dd 77.02 0.32 15.65 80.99 54.46 Church&Dwight CHD 1.2 32 76.05 0.91 10.56 41.23 29.06 NewmontGold NEM 1.5 dd 38.31 0.19
45.53 126.87 76.84 Hasbro HAS 2.3 48 118.24 1.64 22.21 15.01 10.85 NewsCorp B NWS 1.4 53 14.12 0.15 22.61 85.22 59.96 T-MobileUS TMUS ... 20 77.99 0.96
15.89 1296.97 977.66 Alphabet A GOOGL ... 24 1210.96 21.53 10.91 46.78 28.23 Ciena CIEN ... 26 37.61 0.09 17.15 29.79 24.21 HealthcareAmer HTA 4.2 29 29.65 0.15 20.21 120.99 84.59 TRowePrice TROW 2.7 14 110.98 1.45
16.74 1289.27 970.11 Alphabet C GOOG ... 24 1209.00 21.17 -20.63 226.60 141.95 Cigna CI 0.0 14 150.74 2.13 22.11 14.65 10.65 NewsCorp A NWSA 1.4 52 13.86 0.17
59.71 147.93 71.47 Heico HEI 0.1 55 123.74 1.24 s 34.39 233.86 164.78 NextEraEnergy NEE 2.1 34 233.59 3.42 28.47 47.85 34.21 TaiwanSemi TSM 3.3 24 47.42 0.29
86.13 147.79 42.23 Alteryx AYX ...392 110.69 -0.22 s 51.65 117.60 71.01 CincinnatiFin CINF 1.9 16 117.41 3.22 52.25 113.69 57.84 Heico A HEI.A 0.1 43 95.92 1.06 19.81 135.70 84.41 TakeTwoSoftware TTWO ... 46 123.33 2.83
74.82 30.34 14.49 AlticeUSA ATUS ... 66 28.88 0.07 56.47 270.36 155.98 Cintas CTAS 0.8 31 262.86 4.23 -8.49 28.50 19.86 NielsenHoldings NLSN 6.6 dd 21.35 0.65
2.24 72.81 56.58 HenrySchein HSIC ... 20 62.93 1.08 25.53 94.75 66.53 Nike NKE 0.9 35 93.07 0.85 0.95 21.61 15.94 TakedaPharm TAK 3.7 64 16.98 -0.08
-15.67 66.04 39.30 Altria MO 8.1 12 41.65 0.84 9.67 58.26 40.25 CiscoSystems CSCO 2.9 18 47.52 0.46 -36.64 61.77 33.62 Herbalife HLF ... 18 37.35 1.18 -24.47 48.69 18.54 Tapestry TPR 5.3 12 25.49 0.22
15.82 2035.80 1307.00 Amazon.com AMZN ... 72 1739.65 15.23 30.96 73.12 48.42 Citigroup C 3.0 9 68.18 1.48 16.88 30.67 24.19 NiSource NI 2.7 99 29.63 0.26
46.96 162.20 99.15 Hershey HSY 2.0 27 157.51 2.03 9.75 32.73 17.11 NobleEnergy NBL 2.3 dd 20.59 -0.33 12.69 58.61 32.00 TargaResources TRGP 9.0 dd 40.59 0.66
21.17 5.45 3.77 Ambev ABEV ... 26 4.75 0.22 13.56 39.45 27.62 CitizensFin CFG 3.8 9 33.76 0.33 54.05 73.19 35.59 Hess HES 1.6 dd 62.39 0.60 65.08 110.94 60.15 Target TGT 2.4 18 109.10 2.48
... 11.77 9.21 Amcor AMCR 5.1 17 9.49 -0.06 -5.81 112.27 90.28 CitrixSystems CTXS 1.5 26 96.51 0.82 -15.98 6.65 4.71 Nokia NOK 3.5 dd 4.89 0.05
9.01 17.02 12.09 HewlettPackard HPE 3.1 dd 14.40 -0.10 17.47 5.05 3.05 NomuraHoldings NMR 1.1 dd 4.37 0.08 18.13 31.16 18.20 TechnipFMC FTI 2.2 dd 23.13 0.01
13.42 67.57 52.60 Amdocs DOX 1.7 23 66.44 0.52 -1.79 167.70 141.53 Clorox CLX 2.8 24 151.38 4.36 36.00 87.00 53.50 Hexcel HXL 0.9 23 77.98 0.50 -27.44 25.75 14.89 TeckRscsB TECK 1.0 5 15.63 0.13
15.60 403.93 316.00 Amerco UHAL 0.0 20 379.31 3.51 15.18 55.92 44.25 Coca-Cola KO 2.9 33 54.54 0.70 18.01 149.23 110.16 Nordson NDSN 1.1 26 140.85 2.52
16.59 109.18 81.82 Hill-Rom HRC 0.8 33 103.24 0.39 15.57 211.46 138.65 NorfolkSouthern NSC 2.0 17 172.82 2.21 53.76 325.63 189.35 TeledyneTech TDY ... 33 318.40 5.50
21.92 80.85 62.51 Ameren AEE 2.4 25 79.53 1.03 22.79 58.35 42.53 Coca-Cola Euro CCEP 2.3 26 56.30 0.85 30.01 101.14 63.76 Hilton HLT 0.6 34 93.35 1.36 27.70 373.90 226.02 Teleflex TFX 0.4 57 330.08 -2.31
6.88 16.50 12.00 AmericaMovil AMX 2.3 15 15.23 0.55 27.31 57.31 34.88 Cognex CGNX 0.4 42 49.23 1.16 6.51 107.24 75.96 NorthernTrust NTRS 3.1 13 89.03 2.21
4.81 70.38 37.73 HollyFrontier HFC 2.5 10 53.58 0.79 50.67 383.89 223.63 NorthropGrum NOC 1.4 18 368.98 4.65 -11.61 10.46 7.58 Ericsson ERIC 0.82063 7.84 0.04
-19.56 40.58 24.23 AmerAirlines AAL 1.5 8 25.83 0.56 -4.68 76.29 56.73 CognizantTech CTSH 1.3 17 60.51 0.33 18.73 52.19 37.47 Hologic HOLX ... dd 48.80 0.19 10.65 14.47 9.98 TelefonicaBras VIV ... 12 13.20 0.35
18.02 49.33 38.40 AmCampus ACC 3.8 81 48.85 0.38 21.09 76.41 57.41 ColgatePalm CL 2.4 27 72.07 1.20 14.27 59.71 39.36 NorwegCruise NCLH ... 11 48.44 0.30
32.66 235.49 158.09 HomeDepot HD 2.4 23 227.93 1.12 13.27 95.00 72.23 Novartis NVS 2.1 18 85.94 0.75 -11.58 9.08 6.50 Telefonica TEF 5.2 10 7.48 0.04
25.25 94.89 70.31 AEP AEP 2.9 23 93.61 1.11 11.92 109.74 80.03 ColumbiaSportswr COLM 1.0 21 94.11 0.49 -1.89 30.12 22.87 HondaMotor HMC 3.4 9 25.95 0.22 14.50 31.48 23.11 TelekmIndonesia TLK 2.1 21 30.01 0.14
20.03 129.34 89.05 AmerExpress AXP 1.5 14 114.41 1.86 31.31 47.27 32.61 Comcast A CMCSA 1.9 17 44.71 0.65 11.40 53.55 41.23 NovoNordisk NVO 1.7 21 51.32 0.93
23.85 178.47 123.48 Honeywell HON 2.2 17 163.63 2.11 129.24 98.70 26.02 Novocure NVCR ... dd 76.75 1.65 -5.35 34.97 19.95 Tenaris TS 4.1 12 20.18 -0.15
15.18 113.04 84.18 AmericanFin AFG 1.5 13 104.27 1.38 -6.96 93.28 58.54 Comerica CMA 4.2 8 63.91 0.49 2.48 46.26 37.00 HormelFoods HRL 1.9 24 43.74 0.69 s 91.06 60.00 28.73 Teradyne TER 0.6 23 59.95 1.52
31.18 26.19 18.91 AmHomes4Rent AMH 0.8109 26.04 0.11 4.67 64.70 53.40 CommerceBcshrs CBSH 1.8 16 59.00 0.53 -3.34 65.05 46.10 Nucor NUE 3.2 7 50.08 0.51
51.59 53.06 32.39 DR Horton DHI 1.1 13 52.54 1.20 3.13 58.99 43.96 Nutrien NTR 3.7145 48.47 -0.14 -30.46 379.49 176.99 Tesla TSLA ... dd 231.43 -1.60
38.11 58.66 36.16 AIG AIG 2.4 dd 54.43 1.22 53.41 14.60 6.72 SABESP SBS ... 18 12.38 0.23 -0.30 20.49 15.51 HostHotels HST 4.8 11 16.62 -0.03 -54.80 23.97 6.07 TevaPharm TEVA ... dd 6.97 -0.07
42.82 242.00 140.40 AmerTowerREIT AMT 1.6 68 225.93 2.03 35.11 37.60 20.22 ConagraBrands CAG 2.9 20 28.86 0.89 36.31 280.80 124.46 NVIDIA NVDA 0.4 41 181.97 0.66
29.05 135.42 89.51 HowardHughes HHC ... 51 125.98 -0.79 37.71 131.80 87.70 TexasInstruments TXN 2.8 24 130.14 1.44
38.57 129.89 85.89 AmerWaterWorks AWK 1.6 39 125.78 2.05 -37.15 160.81 62.56 ConchoRscs CXO 0.8 26 64.60 -0.30
s 47.38 37.88 23.28 AmericoldRealty COLD 2.1210 37.64 0.08 -14.19 79.96 50.13 ConocoPhillips COP 2.3 9 53.50 -0.16
16.35 45.39 24.90 Huazhu
31.67 137.97 91.88 Hubbell
HTHT ... 72 33.31
HUBB 2.6 19 130.80
-0.14
2.87
OPQ 3.39 72.16 42.30 Textron TXT 0.2 10 47.55
30.61 305.45 208.34 ThermoFisherSci TMO 0.3 33 292.30
0.29
9.39
30.49 153.91 95.69 Ameriprise AMP 2.8 10 136.19 1.02 23.12 94.97 73.30 ConEd ED 3.1 22 94.14 1.12 26.76 207.98 108.39 HubSpot HUBS ... dd 159.38 2.09 14.57 45.77 35.55 OGE Energy OGE 3.5 22 44.90 0.25 39.29 71.28 46.45 ThomsonReuters TRI 2.1 69 67.29 0.80
10.01 94.85 69.36 AmerisourceBrgn ABC 2.0 18 81.85 0.51 20.47 228.91 150.37 ConstBrands A STZ 1.5 16 193.74 -0.52 -10.62 355.88 225.65 Humana HUM 0.9 14 256.06 2.50 33.51 77.21 50.26 ONEOK OKE 4.9 24 72.03 0.04 -18.22 219.75 150.81 3M MMM 3.7 19 155.82 0.59
31.21 92.86 63.14 Ametek AME 0.6 25 88.83 1.44 18.05 229.94 151.40 ConstBrands B STZ.B 1.4 18 194.40 0.74 16.70 121.74 83.64 JBHunt JBHT 1.0 25 108.58 -0.20 13.44 414.63 314.13 OReillyAuto ORLY ... 23 390.62 3.27 9.38 124.81 73.04 Tiffany TIF 2.6 19 88.06 -1.13
0.47 211.90 166.30 Amgen AMGN 3.0 15 195.59 2.97 -28.22 70.10 27.54 ContinentalRscs CLR 0.7 12 28.85 -0.88 16.78 15.66 11.12 HuntingtonBcshs HBAN 4.3 11 13.92 0.14 -29.83 82.81 41.83 OccidentalPetrol OXY 7.3 9 43.07 -0.13 20.65 41.70 28.68 Toll Bros TOL 1.1 8 39.73 0.45
18.66 105.51 74.95 Amphenol APH 1.0 25 96.14 1.52 16.65 344.32 228.65 Cooper COO 0.0 33 296.87 3.12 7.71 262.32 173.80 HuntingIngalls HII 1.7 13 204.98 2.05 82.65 141.85 41.88 Okta OKTA ... dd 116.53 2.38 30.89 75.27 52.97 Toro TTC 1.2 29 73.14 1.09
31.69 124.78 76.62 AnalogDevices ADI 1.9 28 113.03 2.16 67.41 83.70 44.61 Copart CPRT ... 32 79.99 0.77 7.01 81.57 63.45 HyattHotels H 1.1 19 72.34 0.23 31.80 176.22 115.00 OldDomFreight ODFL 0.4 21 162.76 -0.13 11.60 59.86 47.73 TorontoDomBk TD 4.0 12 55.49 0.57
88.02 60.36 20.37 Anaplan PLAN ... dd 49.90 2.55 -7.25 35.89 26.75 Corning GLW 2.9 17 28.02 0.42 ... 49.96 36.00 IAA IAA ... 28 40.19 -0.16 14.20 23.82 19.55 OldRepublic ORI 3.4 9 23.49 0.47 -6.36 64.26 47.70 Total TOT ... 12 48.86 -0.57
60.80 23.85 8.19 AngloGoldAsh AU 0.3 39 20.18 0.74 ... 32.78 24.35 Corteva CTVA 2.0 dd 25.89 -0.99 20.79 268.72 158.29 IAC/InterActive IAC ... 39 221.10 0.01 s 20.65 42.43 31.84 OmegaHealthcare OHI 6.2 35 42.41 0.41 13.56 138.41 111.12 ToyotaMotor TM 2.7 11 131.82 0.62
41.82 102.70 64.55 AB InBev BUD 1.6 25 93.33 1.43 73.78 639.41 315.85 CoStar CSGP ... 74 586.24 -5.14 13.22 12.77 8.07 ICICI Bank IBN 0.2 40 11.65 -0.26 5.16 85.05 67.59 Omnicom OMC 3.4 13 77.02 1.04 11.58 114.25 78.67 TractorSupply TSCO 1.5 21 93.11 -0.05
-11.81 10.51 8.07 AnnalyCap NLY 12.7 dd 8.66 ... 43.18 307.34 189.51 Costco COST 0.9 36 291.67 2.67 12.51 23.54 14.55 ON Semi ON ... 14 18.57 0.25 61.77 289.51 102.35 TradeDesk TTD ... 91 187.75 -1.84
21.70 114.01 89.31 IDACORP IDA 2.2 26 113.25 1.97
-7.94 317.99 227.16 Anthem ANTM 1.3 16 241.79 3.56 57.47 14.13 5.91 Coty COTY 4.8 dd 10.33 0.09 24.05 44.49 30.99 OpenText OTEX 1.7 38 40.44 0.44 ... 50.48 33.68 Tradeweb TW 0.8 49 39.65 0.50
48.69 292.17 176.11 IdexxLab IDXX ... 60 276.60 6.57
32.09 198.61 135.30 Aon AON 0.9 35 192.00 4.76 135.95 156.16 52.01 CoupaSoftware COUP ... dd 148.32 5.19 22.13 60.50 42.40 Oracle ORCL 1.7 18 55.14 1.28 51.04 555.27 307.36 TransDigm TDG 0.0 38 513.61 6.38
40.42 68.88 44.52 IHS Markit INFO ... 72 67.36 0.84
-15.58 50.03 19.44 Apache APA 4.5 dd 22.16 -1.21 18.64 40.40 30.12 CousinsProperties CUZ 3.1 97 37.49 0.19 -5.07 13.72 9.22 ING Groep ING 6.1 8 10.12 0.10 -3.71 17.06 14.57 Orange ORAN 4.0 18 15.59 0.22 40.48 85.50 52.15 TransUnion TRU 0.4 48 79.79 1.30
s 17.84 53.34 43.03 ApartmtInv AIV 2.9 23 53.32 0.59 -6.32 252.49 199.83 Credicorp BAP 2.9 13 207.65 4.09 5.37 82.75 67.00 Orix IX 4.0 7 75.39 0.68 21.05 155.09 111.08 Travelers TRV 2.3 14 144.96 3.23
-5.08 23.55 15.15 Invesco IVZ 7.8 11 15.89 0.12
53.18 41.79 22.63 ApolloGlbMgmt APO 5.3 32 37.59 0.71 17.99 509.99 356.12 CreditAcceptance CACC ... 14 450.43 8.55 38.72 63.61 40.64 OwensCorning OC 1.4 13 61.01 0.40 15.77 46.25 29.75 Trimble TRMB ... 31 38.10 0.29
16.36 182.17 104.64 IPG Photonics IPGP ... 24 131.82 3.04
43.91 228.41 142.00 Apple AAPL 1.4 19 227.01 6.19 6.35 14.45 10.23 CreditSuisse CS ... 13 11.55 0.06 ... 18.15 15.02 OwlRock ORCC 7.6 18 16.26 0.13 -27.73 69.00 35.41 TripAdvisor TRIP ... 40 38.98 0.33
28.52 164.13 104.90 IQVIA IQV ...123 149.30 1.78
55.41 52.62 28.79 ApplMaterials AMAT 1.7 17 50.88 1.24 ... 101.88 51.61 CrowdStrike CRWD ... dd 63.84 1.70 20.15 144.32 108.45 PNC Fin PNC 3.3 13 140.47 3.74 25.51 151.00 62.43 Twilio TWLO ... dd 112.08 1.58
13.88 79.37 50.33 IcahnEnterprises IEP 12.3 15 65.00 0.72
24.73 126.19 88.26 Aptargroup ATR 1.2 36 117.33 2.34 26.96 149.47 103.21 CrownCastle CCI 3.3 80 137.92 0.58 -16.05 62.95 41.14 POSCO PKX 4.2 11 46.12 0.76 40.43 45.85 26.19 Twitter TWTR ... 13 40.36 0.36
14.43 165.13 118.10 Icon ICLR ... 23 147.86 3.20
35.50 91.56 58.80 Aptiv APTV 1.1 22 83.43 0.83 53.36 68.84 39.05 CrownHoldings CCK ... 19 63.75 1.69 14.08 121.29 94.37 PPG Ind PPG 1.7 23 116.62 2.02 s 41.15 265.56 173.26 TylerTech TYL ... 81 262.29 0.22
s 33.23 45.56 32.09 AquaAmerica WTR 2.1 60 45.55 0.78 25.57 173.84 117.72 IDEX IEX 1.3 28 158.54 1.03
12.16 46.50 25.00 Ctrip.com CTRP ... 86 30.35 -0.45 19.58 161.71 117.75 IllinoisToolWks ITW 2.8 20 151.50 1.67 9.18 32.88 27.31 PPL PPL 5.3 13 30.93 0.36 54.03 94.07 49.77 TysonFoods TSN 1.8 14 82.25 0.15
47.43 43.75 25.49 Aramark ARMK 1.0 20 42.71 0.45 22.66 36.32 27.25 CubeSmart CUBE 3.6 38 35.19 0.05 7.20 121.98 82.12 PRA HealthSci PRAH ... 42 98.58 1.72 -13.33 15.24 10.12 UBS Group UBS 6.4 9 10.73 0.10
0.80 380.76 263.30 Illumina ILMN ... 48 302.34 5.34
-37.01 30.15 12.53 ArcelorMittal MT 1.3 6 13.02 0.19 18.12 175.91 124.40 Cummins CMI 3.3 10 157.86 2.87 -20.81 102.48 62.05 PTC PTC ... dd 65.65 0.43 23.75 49.07 37.87 UDR UDR 2.8 86 49.03 0.42
-1.58 34.56 23.71 ImperialOil IMO 2.7 8 24.92 0.20
56.66 42.86 24.79 ArchCapital ACGL ... 14 41.86 0.74 23.14 135.76 95.23 CurtissWright CW 0.5 19 125.75 0.65 -9.11 136.30 67.41 PVH PVH 0.2 9 84.48 0.61 -7.89 59.31 45.94 UGI UGI 2.3 26 49.14 0.22
17.74 89.30 57.00 Incyte INCY ... 53 74.87 -0.01
-1.51 52.06 36.45 ArcherDaniels ADM 3.5 17 40.35 0.82 83.96 23.43 11.75 CypressSemi CY 1.9 27 23.40 0.02 18.73 73.00 53.43 Paccar PCAR 1.9 10 67.84 0.85 26.99 43.10 27.51 US Foods USFD ... 22 40.18 -0.96
17.86 12.08 8.85 Infosys INFY 2.0 22 11.22 0.06
45.26 27.41 15.63 Arconic ARNC 0.3 28 24.49 0.24 46.27 79.73 48.94 CyrusOne CONE 2.6 dd 77.35 -1.98 23.81 109.36 77.90 PackagingCpAm PKG 3.1 12 103.33 0.85 ... 47.08 28.31 Uber UBER ... dd 29.67 -0.05
29.96 128.31 85.15 Ingersoll-Rand IR 1.8 21 118.56 0.95
8.48 331.27 187.08 AristaNetworks ANET ... 25 228.57 4.23 146.45 53.43 17.02 PagSeguroDig PAGS ... 49 46.16 1.11 2.35 368.83 224.43 UltaBeauty ULTA ... 21 250.60 -6.83
96.17 168.98 70.80 Insulet PODD ...549 155.60
7.80 86.62 62.35 ArrowElec
48.05 142.15 74.84 AspenTech
ARW ... dd 74.33 1.49
AZPN ... 33 121.67 0.56
DEF 8.50 59.59 42.36 Intel INTC 2.5 12 50.92
-3.09
0.89 11.80 260.63 160.08 PaloAltoNtwks PANW ... dd 210.57 2.11 9.28 27.72 16.52 UnderArmour A UAA ...103 19.31 0.03
32.50 44.66 23.22 DISH Network DISH ... 12 33.09 0.11 24.78 95.55 69.69 ICE ICE 1.2 26 94.00 2.65 -7.97 33.02 23.02 ParkHotels PK 7.5 17 23.91 ... 8.78 24.55 15.05 UnderArmour C UA ... 94 17.59 0.09
41.76 127.76 82.31 Assurant AIZ 1.9 22 126.79 3.09 17.18 190.97 140.82 ParkerHannifin PH 2.0 15 174.76 2.56 11.30 63.62 52.08 Unilever UN 2.6 15 59.88 0.44
19.89 134.37 107.22 DTE Energy DTE 2.9 22 132.24 1.63 4.17 71.02 53.52 InterContinentl IHG 1.9 26 59.86 0.31
14.03 46.22 35.30 AstraZeneca AZN 3.2 50 43.31 0.14 29.47 88.43 61.32 Paychex PAYX 2.9 29 84.35 1.79 14.22 64.84 50.80 Unilever UL 3.0 15 59.68 0.27
-48.71 92.95 26.53 DXC Tech DXC 3.1 6 27.27 0.03 25.79 152.95 105.94 IBM IBM 4.5 15 142.99 0.97
0.73 52.49 36.00 Athene ATH ... 4 40.12 0.89 75.00 259.71 107.46 PaycomSoftware PAYC ... 80 214.29 5.16 13.09 180.54 128.08 UnionPacific UNP 2.3 19 156.32 2.65
48.20 149.80 65.17 Atlassian TEAM ... dd 131.87 3.78 37.36 147.33 94.59 Danaher DHR 0.5 42 141.65 2.84 -11.26 152.95 104.86 IntlFlavors IFF 2.5 35 119.15 1.23
16.58 128.41 95.83 Darden DRI 3.0 20 116.42 0.97 -2.92 49.73 36.45 IntlPaper IP 5.1 10 39.18 -0.14 22.24 121.48 74.66 PayPal PYPL ... 49 102.79 1.76 0.67 97.85 77.02 UnitedAirlines UAL ... 9 84.29 1.02
22.02 115.19 87.88 AtmosEnergy ATO 1.9 27 113.14 1.35 -25.63 13.19 8.71 Pearson PSO 2.7 12 8.88 0.16 20.47 123.63 89.89 UPS B UPS 3.3 21 117.49 1.59
14.21 178.95 117.72 Autodesk ADSK ...581 146.89 2.12 ... 41.44 30.01 Datadog DDOG ... dd 34.72 1.83 1.07 25.10 19.56 Interpublic IPG 4.5 13 20.85 0.35
8.82 79.11 43.40 DaVita DVA ... 68 56.00 0.13 49.65 82.48 50.05 InterXion INXN ...143 81.05 1.19 53.94 79.67 43.21 Pegasystems PEGA 0.2 dd 73.63 2.87 14.32 163.92 94.28 UnitedRentals URI ... 9 117.21 0.82
5.01 117.99 61.43 Autohome ATHM ... 21 82.15 -2.50 ... 27.98 21.14 Peloton PTON ... dd 23.01 0.68 18.36 57.81 43.14 US Bancorp USB 3.1 13 54.09 1.04
9.35 91.00 61.07 Autoliv ALV 3.2 27 76.80 1.34 12.42 171.22 128.32 Deere DE 1.8 16 167.69 2.86 35.68 295.77 182.61 Intuit INTU 0.8 45 267.09 4.09
2.86 70.55 41.57 DellTechC DELL ... 15 50.27 -0.79 10.49 589.32 430.24 IntuitiveSurgical ISRG ... 52 529.18 10.11 20.53 38.56 28.30 PembinaPipeline PBA 5.1 16 35.76 0.12 25.10 144.40 100.48 UnitedTech UTX 2.2 22 133.21 2.00
21.39 174.50 121.40 ADP ADP 2.0 30 159.17 1.63 -3.26 45.70 34.50 Pentair PNR 2.0 17 36.55 0.44 -11.77 287.94 208.07 UnitedHealth UNH 2.0 17 219.80 4.44
7.84 63.44 45.08 DeltaAir DAL 3.0 8 53.81 0.98 s 49.85 30.12 19.21 InvitatHomes INVH 1.711573 30.09 0.19
26.48 1186.60 705.01 AutoZone AZO ... 17 1060.33 8.00 5.82 18.03 13.66 People'sUtdFin PBCT 4.6 12 15.27 0.20 78.96 230.32 78.78 UnivDisplay OLED 0.2 68 167.45 4.75
s 25.83 219.17 167.01 Avalonbay AVB 2.8 33 219.00 1.03 44.13 59.40 33.93 DentsplySirona XRAY 0.7114 53.63 1.15 8.47 86.58 43.27 IonisPharma IONS ... 21 58.64 0.08
-0.62 37.32 29.28 IronMountain IRM 7.6 32 32.21 -0.37 s 26.97 140.45 104.53 PepsiCo PEP 2.7 16 140.28 2.35 25.37 157.79 112.79 UniversalHealthB UHS 0.5 17 146.13 0.76
2.89 53.47 45.81 Avangrid AGR 3.4 28 51.54 0.54 -11.78 11.43 6.44 DeutscheBank DB 1.7 dd 7.19 0.04
0.27 40.74 20.37 DevonEnergy DVN 1.6 3 22.60 -0.07 -16.08 6.54 4.43 IsraelChemicals ICL 4.5 12 4.75 0.05 8.77 103.00 71.83 PerkinElmer PKI 0.3 38 85.44 2.10 -7.25 40.63 24.71 UnumGroup UNM 4.2 11 27.25 0.64
... 19.59 13.33 Avantor AVTR ... ... 14.51 0.50 38.30 75.42 36.28 Perrigo PRGO 1.6 84 53.59 0.40 40.56 10.13 6.88 VEREIT VER 5.5 42 10.05 0.08
23.97 120.65 82.89 AveryDennison AVY 2.1 41 111.36 1.91 33.86 178.45 105.05 DexCom DXCM ... dd 160.37 2.96 -9.96 10.80 7.59 ItauUnibanco ITUB 5.5 12 8.23 0.20
15.18 176.22 131.43 Diageo DEO 2.1 24 163.32 0.80 -17.82 79.06 47.65 PetroChina PTR 3.3 12 50.58 -0.76 32.08 91.54 63.23 VF VFC 1.9 31 88.69 1.52
28.10 32.20 21.57 AxaltaCoating AXTA ... 35 30.00 0.21
19.25 53.90 40.68 BB&T BBT 3.5 13 51.66 0.85 -7.85 136.69 82.32 DiamondbkEner FANG 0.9 14 85.42 -0.47 JKL 9.07 17.90 11.89 PetroleoBrasil PBR
12.34 15.74 10.79 PetroleoBrasilA PBR.A
...
...
11 14.19
10 13.02
0.04
...
22.20 23.27 17.64 VICI Prop
9.55 286.40 179.60 VailResorts
VICI 5.2 16 22.95
MTN 3.0 32 230.95
0.10
2.35
23.02 48.84 38.75 BCE BCE 4.9 20 48.63 0.36 22.26 130.67 100.05 DigitalRealty DLR 3.3120 130.27 0.62 38.51 32.38 19.21 JD.com JD ... 48 28.99 0.19
32.06 92.98 54.36 DiscoverFinSvcs DFS 2.3 9 77.89 1.38 -17.69 46.47 33.97 Pfizer PFE 4.0 16 35.93 0.48 -13.19 16.02 10.20 Vale VALE ... 17 11.45 0.39
0.25 59.02 43.65 BHP Group BHP 5.5 14 48.41 0.54 17.41 120.40 91.11 JPMorganChase JPM 3.1 12 114.62 2.43 17.26 92.74 64.67 PhilipMorris PM 6.0 16 78.28 1.51 12.74 118.46 68.81 ValeroEnergy VLO 4.3 14 84.52 0.98
-0.19 51.87 38.04 BHP Group BBL 6.4 12 41.81 0.42 9.18 34.89 23.79 DiscoveryA DISCA ... 11 27.01 -0.01 15.35 159.28 120.20 JackHenry JKHY 1.1 42 145.94 1.44 17.07 119.14 78.44 Phillips66 PSX 3.6 9 100.86 1.99 0.45 142.50 101.42 VarianMed VAR ... 31 113.82 -0.97
2.55 97.86 69.96 BOK Fin BOKF 2.7 11 75.20 0.25 9.01 31.55 21.99 DiscoveryC DISCK ... 10 25.16 0.10 53.64 94.10 55.17 JacobsEngg JEC 0.8 dd 89.82 1.81 99.68 32.71 14.83 PilgrimPride PPC ... 28 30.97 0.28 -28.68 12.52 7.04 Vedanta VEDL 12.5 8 8.23 -0.02
-2.53 46.71 35.73 BP BP 6.6 14 36.96 0.59 18.81 147.15 100.35 Disney DIS 1.4 16 130.27 2.12 41.31 16.90 10.00 JamesHardie JHX 1.6 33 16.59 0.31 48.62 36.89 16.53 Pinduoduo PDD ... dd 33.35 0.40 72.41 176.90 79.26 VeevaSystems VEEV ... 84 154.00 5.03
62.15 9.96 4.99 BRF BRFS ... dd 9.21 0.29 55.69 65.07 35.06 DocuSign DOCU ... dd 62.40 0.19 1.52 166.46 113.52 JazzPharma JAZZ ... 11 125.85 -0.45 14.12 99.81 80.21 PinnacleWest PNW 3.0 22 97.23 1.50 27.26 75.40 52.80 Ventas VTR 4.3 54 74.56 0.51
45.64 63.55 35.91 BWX Tech BWXT 1.2 26 55.68 -0.70 3.40 71.77 56.09 DolbyLab DLB 1.2 26 63.94 0.34 13.23 21.64 15.16 JefferiesFin JEF 2.7 4 18.40 0.42 ... 36.83 23.05 Pinterest PINS ... ... 27.31 -0.06 24.31 221.78 131.28 VeriSign VRSN ... 35 184.34 2.93
-34.13 209.22 93.39 Baidu BIDU ... 15 104.47 0.15 48.94 162.34 98.08 DollarGeneral DG 0.8 26 160.97 3.56 3.57 148.99 121.00 J&J JNJ 2.8 22 133.66 2.47
s 28.13 116.59 78.78 DollarTree -4.62 189.78 114.79 PioneerNatRscs PXD 0.7 24 125.45 0.76 44.47 164.97 102.74 VeriskAnalytics VRSK 0.6 44 157.53 3.23
4.51 32.99 20.09 BakerHughes BHGE 3.2 64 22.47 -0.22 DLTR ... dd 115.72 2.80 43.14 44.65 28.30 JohnsonControls JCI 2.5 68 42.44 0.41 0.15 25.86 19.34 PlainsAllAmPipe PAA 7.2 5 20.07 -0.19 6.55 61.58 52.28 Verizon VZ 4.1 16 59.90 0.89
58.18 81.88 42.24 Ball BLL 0.8 48 72.73 1.09 s 14.33 81.76 67.41 DominionEner D 4.5 56 81.70 2.08 5.22 173.32 119.79 JonesLang JLL 0.6 13 133.21 2.42 35.66 204.97 136.83 Pool POOL 1.1 33 201.66 4.56 91.16 53.00 25.02 VersumMaterials VSM 0.6 74 52.99 0.01
-4.91 6.44 4.62 BancoBilbaoViz BBVA 4.8 7 5.03 0.04 -2.36 302.05 220.90 Domino's DPZ 1.1 27 242.13 -1.22 -11.45 30.80 22.42 JuniperNetworks JNPR 3.2 17 23.83 0.22 15.60 113.73 83.88 PostHoldings POST ... 47 103.03 0.74 4.05 195.81 151.80 VertxPharm VRTX ... 20 172.42 1.92
1.50 9.48 5.91 BancoBradesco BBDO 2.5 11 7.34 0.15 17.10 57.96 40.27 Donaldson DCI 1.7 25 50.81 0.72 -15.91 49.41 30.83 KB Fin KB 3.9 5 35.30 0.24
s 26.02 43.13 32.32 DouglasEmmett DEI 2.4 62 43.01 23.95 61.12 40.42 PrincipalFin PFG 4.0 10 54.75 1.39 -5.75 38.00 24.97 Viacom A VIA 3.1 6 26.21 0.63
0.17 32.83 27.04 BancodeChile BCH ... 8 28.65 0.31 0.26 31.84 29.95 18.30 KKR KKR 1.9 10 25.88 0.20 34.90 125.36 78.49 Procter&Gamble PG 2.4 91 124.00 2.26 -9.49 33.91 22.61 Viacom B VIAB 3.4 6 23.26 0.33
-1.44 13.72 9.68 BancSanBrasil BSBR 4.1 23 10.97 0.22 33.90 103.47 65.83 Dover DOV 2.1 23 95.00 0.43 80.03 162.68 80.65 KLA KLAC 1.9 21 161.11 4.15 27.47 84.96 56.71 Progressive PGR 0.5 14 76.90 1.61 67.95 9.89 4.30 Vipshop VIPS ... 16 9.17 0.04
-4.21 32.97 27.06 BcoSantChile BSAC 2.9 16 28.64 0.36 ... 60.52 40.44 Dow DOW 6.2 ... 45.34 0.03 -21.10 15.42 10.86 KT KT 3.5 10 11.22 0.16 46.78 86.94 55.21 Prologis PLD 2.5 32 86.19 0.68 33.38 187.05 121.60 Visa V 0.6 35 175.98 3.11
-14.29 5.25 3.65 BancoSantander SAN 5.2 8 3.84 ... -0.85 42.82 31.58 DrReddy'sLab RDY 0.7 21 37.38 -0.43 33.89 134.70 90.55 KSCitySouthern KSU 1.1 23 127.80 0.76 17.65 27.86 20.84 VistraEnergy
53.67 133.00 75.92 Proofpoint PFPT ... dd 128.79 -0.04 VST 1.9 19 26.93 0.70
33.33 55.40 35.52 BanColombia CIB 2.6 12 50.80 0.11 -4.70 27.15 17.20 Dropbox DBX ... dd 19.47 ... 10.21 72.98 51.34 Kellogg K 3.6 25 62.83 0.42 12.27 206.80 128.69 VMware
7.11 106.64 75.61 PrudentialFin PRU 4.6 9 87.35 1.81 VMW ... 10 153.95 0.46
15.14 31.17 22.66 BankofAmerica BAC 2.5 11 28.37 0.56 s 12.60 97.37 79.01 DukeEnergy DUK 3.9 21 97.17 2.07 7.68 31.06 22.19 KeurigDrPepper KDP 2.2 41 27.61 0.37 -1.05 46.50 31.84 Prudential PUK 3.6 11 35.00 0.70 1.04 21.73 15.53 Vodafone VOD 5.1 dd 19.48 0.21
10.18 82.68 62.79 BankofMontreal BMO 4.3 10 72.00 0.41 s 32.28 34.44 24.66 DukeRealty DRE 2.5 53 34.26 0.15 16.85 20.64 13.65 KeyCorp KEY 4.3 10 17.27 0.16 19.65 62.60 49.23 PublicServiceEnt PEG 3.0 22 62.28 0.64 3.24 72.50 58.60 VornadoRealty VNO 4.1 4 64.04 0.61
-9.43 54.27 40.52 BankNY Mellon BK 2.9 11 42.63 0.20 20.13 84.73 61.69 Dunkin' DNKN 1.9 28 77.03 0.47 55.57 102.00 53.21 KeysightTechs KEYS ... 59 96.58 1.12 21.94 266.76 193.89 PublicStorage PSA 3.2 29 246.82 0.96 31.24 57.57 36.66 VoyaFinancial VOYA 1.1 13 52.68 1.40
11.93 58.45 48.34 BkNovaScotia BNS 4.9 11 55.82 0.46 -39.79 135.89 63.28 DuPont DD ... 57 68.15 0.03 23.85 80.66 59.05 KilroyRealty KRC 2.5 29 77.88 1.14 s 42.71 37.09 20.64 PulteGroup PHM 1.2 11 37.09 0.92 48.86 152.49 82.52 VulcanMatls VMC 0.8 35 147.07 1.77
-5.70 9.41 6.54 Barclays BCS 4.9 ... 7.11 0.08 ... 27.48 17.43 Dynatrace DT ... dd 19.88 0.72 24.28 143.50 100.32 KimberlyClark KMB 2.9 27 141.60 1.88 -6.10 41.55 31.30 Qiagen QGEN ... 39 32.35 0.46
31.09 20.07 11.09 BarrickGold GOLD 0.9 dd 17.75 0.49
3.41 27.72 17.20 BauschHealth BHC ... dd 19.10 -0.40
-5.52 37.97 28.54 ENI
-18.68 133.53 69.10 EOG Rscs
E 4.5 13 29.76
EOG 1.6 12 70.92
0.14
0.08
39.93 20.95 14.29 KimcoRealty KIM 5.5 28 20.50 0.13 23.30 78.98 54.73 Qorvo QRVO ... 46 74.88 2.05 WXYZ
33.42 21.50 14.62 KinderMorgan KMI 4.9 21 20.52 0.14 36.16 90.34 49.10 Qualcomm QCOM 3.2 27 77.49 1.76
31.63 89.93 61.05 BaxterIntl BAX 1.0 29 86.64 1.40 62.84 201.00 104.77 EPAM Systems EPAM ... 44 188.91 4.61 50.31 5.47 2.38 KinrossGold KGC ...2029 4.87 0.08 25.80 107.97 78.95 QuestDiag DGX 2.0 20 104.75 1.29 25.22 146.68 98.90 WABCO WBC ... 20 134.41 0.04
12.33 264.74 208.62 BectonDicknsn BDX 1.2 89 253.11 2.20 21.32 80.75 62.75 EPR Prop EPR 5.8 23 77.68 0.36 78.77 51.08 18.12 KirklandLakeGold KL 0.3 26 46.64 0.70 38.72 98.19 66.46 WEC Energy WEC 2.5 28 96.08 1.27
-12.84 164.99 105.19 BeiGene
46.96 73.26 45.91 Berkley
BGNE ... dd 122.25 1.11
WRB 0.6 20 72.41 1.41
-24.79 53.31 28.44 EQM Midstream EQM 14.0 13 32.53
-17.05 54.44 34.68 E*TRADE ETFC 1.5 9 36.40
1.19
0.75
40.49 39.26 23.27 Knight-Swift KNX 0.7 15 35.22 -0.08 RS 42.49 221.66 131.35 WEX
40.17 92.27 62.71 W.P.Carey
WEX
WPC
... 80 199.57
4.5 32 91.59
3.73
0.52
-28.88 83.28 43.33 Kohl's KSS 5.7 10 47.18 0.61
2.13 335900 279410 BerkHathwy A BRK.A ... 18 312524 5274.00 47.83 123.99 53.06 EXACT Sci EXAS ... dd 93.28 0.66 28.97 48.84 32.98 KoninklijkePhil PHG 1.8 27 45.28 0.77 12.23 24.99 19.23 RELX RELX 2.3 23 23.03 0.38 9.40 74.41 50.31 WPP WPP 6.2 17 59.95 0.68
1.91 224.07 186.10 BerkHathwy B BRK.B ... 18 208.08 3.10 -2.96 62.63 37.69 EastWestBncp EWBC 2.6 9 42.24 ... -27.59 15.78 9.90 KoreaElcPwr KEP ... dd 10.68 0.09 16.55 70.49 51.95 RPM RPM 2.0 29 68.51 1.13 -6.78 105.30 61.00 Wabtec WAB 0.7 37 65.49 -0.59
26.30 78.53 47.72 BestBuy BBY 3.0 12 66.89 1.23 -2.79 95.03 61.22 EastmanChem EMN 3.5 11 71.07 0.25 -37.33 58.08 24.86 KraftHeinz KHC 5.9 dd 26.98 0.44 -11.61 137.34 82.69 RalphLauren RL 3.0 17 91.45 -0.52 -22.48 86.31 49.03 WalgreensBoots WBA 3.5 10 52.97 0.37
... 239.71 45.00 BeyondMeat BYND ... dd 145.72 0.28 15.53 89.07 64.46 Eaton ETN 3.6 15 79.32 0.85 -9.85 31.98 20.70 Kroger KR 2.6 12 24.79 0.20 5.66 95.21 69.11 RaymondJames RJF 1.7 11 78.62 0.99 26.85 119.86 85.78 Walmart WMT 1.8 27 118.16 1.85
39.17 217.16 132.75 Bio-Techne TECH 0.6 82 201.40 4.56 36.48 42.00 26.01 eBay EBAY 1.5 15 38.31 0.36 12.33 12.30 7.62 LATAMAirlines LTM 0.3 91 11.57 0.29 26.80 209.07 144.27 Raytheon RTN 1.9 18 194.45 0.71 25.47 97.93 70.28 WasteConnections WCN 0.7 44 93.16 1.61
46.14 348.39 220.05 Bio-RadLab A BIO ... 11 339.37 5.81 32.08 209.87 135.77 Ecolab ECL 0.9 38 194.62 1.79 11.55 39.28 27.04 LINE LN ... dd 38.05 0.58 29.07 65.92 42.90 RealPage RP ...143 62.20 0.81 31.04 121.77 83.22 WasteMgt WM 1.8 28 116.61 1.62
-25.56 347.78 215.78 Biogen BIIB ... 8 224.00 1.50 7.18 27.02 15.21 Ecopetrol EC 5.7 9 17.02 0.05 28.57 33.17 22.74 LKQ LKQ ... 23 30.51 0.17 s 24.38 78.46 55.55 RealtyIncome O 3.5 60 78.41 0.60 20.33 255.21 167.94 Waters WAT ... 29 227.00 2.44
-22.60 106.74 62.88 BioMarinPharm BMRN ... dd 65.91 1.09 33.15 76.45 45.50 EdisonInt EIX 3.2 dd 75.59 1.64 21.27 89.89 52.03 LPL Financial LPLA 1.4 12 74.07 1.97 17.62 70.26 55.50 RegencyCtrs REG 3.4 41 69.02 0.72 17.92 174.40 131.88 Watsco WSO 3.9 26 164.07 3.79
35.69 64.48 42.30 BlackKnight BKI ... 58 61.14 0.98 s 49.77 229.97 136.44 EdwardsLife EW ... 67 229.40 6.40 54.30 217.31 123.24 L3HarrisTech LHX 1.4 26 207.77 1.56 -24.25 442.00 271.37 RegenPharm REGN ... 16 282.93 2.21 18.53 173.72 76.60 Wayfair W ... dd 106.77 0.98
8.81 487.45 360.79 BlackRock BLK 3.1 16 427.44 7.83 -15.07 35.46 25.51 ElancoAnimal ELAN ... 68 26.78 -0.07 32.28 178.44 119.38 LabCpAm LH ... 20 167.15 2.72 15.02 18.82 12.39 RegionsFin RF 4.0 11 15.39 0.16 -18.59 74.68 34.26 Weibo WB ... 19 47.57 1.37
57.43 55.17 26.88 Blackstone BX 4.4 26 46.93 -0.69 19.91 104.10 58.55 Elastic ESTC ... dd 85.71 2.96 71.31 244.98 122.64 LamResearch LRCX 2.0 17 233.27 4.22 11.27 163.46 127.84 ReinsGrp RGA 1.8 13 156.04 1.96 11.11 321.52 220.63 WellCareHealth WCG ... 25 262.33 2.02
16.50 446.01 292.47 Boeing BA 2.2 44 375.70 3.63 43.47 166.52 109.81 ElbitSystems ESLT 1.1 42 163.59 1.01 19.93 84.50 64.51 LamarAdv LAMR 4.6 23 82.97 1.27 39.81 105.25 68.62 RelianceSteel RS 2.2 11 99.50 1.43 6.79 55.04 43.02 WellsFargo WFC 4.1 10 49.21 0.73
15.14 2081.81 1606.27 BookingHldgs BKNG ... 22 1983.20 21.75 21.16 115.75 73.91 ElectronicArts EA ... 13 95.61 1.27 5.72 83.86 58.83 LambWeston LW 1.0 24 77.77 -0.11 45.24 195.12 118.28 RenaissanceRe RNR 0.7 14 194.18 4.99 32.49 92.50 60.93 Welltower WELL 3.8103 91.96 0.63
57.16 78.01 43.24 BoozAllen BAH 1.3 23 70.83 0.93 9.10 78.65 55.38 EmersonElec EMR 3.0 18 65.19 0.79 7.59 69.60 47.39 LasVegasSands LVS 5.5 22 56.00 0.05 20.32 90.61 67.48 RepublicSvcs RSG 1.9 27 86.74 1.69 44.44 152.10 91.75 WestPharmSvcs WST 0.5 47 141.59 1.41
1.18 44.78 30.71 BorgWarner BWA 1.9 10 35.15 0.33 11.97 38.04 28.82 Enbridge ENB 6.4 20 34.80 0.44 -10.66 160.00 105.10 Lear LEA 2.7 8 109.76 -1.29 16.27 141.25 90.64 ResMed RMD 1.2 47 132.40 2.11 58.43 65.31 33.83 WesternDigital WDC 3.4 dd 58.57 0.79
14.36 140.35 107.84 BostonProps BXP 3.0 38 128.71 0.82 -23.18 13.10 3.92 Encana ECA 1.7 4 4.44 -0.01 58.63 89.00 50.33 Leidos LDOS 1.6 19 83.63 0.63 36.92 79.46 50.20 RestaurantBrands QSR 2.8 49 71.61 0.17 -9.45 35.75 21.92 WesternMidstrm WES 9.7 16 25.11 0.09
14.69 43.84 31.56 BostonSci BSX ... 41 40.53 0.78 1.22 77.77 56.74 EncompassHealth EHC 1.8 20 62.45 0.39 s 51.95 59.72 37.29 Lennar A LEN 0.3 10 59.49 0.98 s 98.08 169.58 64.41 RingCentral RNG ... dd 163.30 35.76 36.64 24.09 16.42 WesternUnion WU 3.4 8 23.31 0.41
38.22 168.28 105.15 BrightHorizons BFAM ... 53 154.05 0.49 8.64 10.36 7.24 EnelAmericas ENIA 3.9 8 9.54 0.13 s 50.75 47.38 29.80 Lennar B LEN.B 0.3 8 47.23 1.01 3.42 64.02 44.62 RioTinto RIO 6.6 6 50.14 0.35 -8.87 85.95 55.82 WestlakeChem WLK 1.7 13 60.30 -0.47
-2.37 63.69 42.48 Bristol-Myers BMY 3.2 13 50.75 1.20 -10.30 5.62 3.98 EnelChile ENIC 4.0 14 4.44 0.05 8.30 298.49 177.36 LennoxIntl LII 1.3 26 237.02 4.55 -5.44 69.32 51.90 RobertHalf RHI 2.3 14 54.09 1.33 10.82 20.56 16.41 WestpacBanking WBK 6.8 13 19.36 0.11
8.82 46.50 30.67 BritishAmTob BTI 7.5 10 34.67 -0.02 -2.35 17.64 11.68 EnergyTransfer ET 9.5 10 12.90 0.03 ... 24.50 16.00 LeviStrauss LEVI 9.3 19 19.29 -0.16 5.91 191.48 141.46 Rockwell ROK 2.4 19 159.37 1.00 -9.77 52.09 31.94 WestRock WRK 5.3 11 34.07 0.60
36.69 20.38 14.11 BrixmorProp BRX 5.6 17 20.08 0.12 70.71 48.43 23.39 Entegris ENTG 0.7 23 47.62 0.75 49.80 109.72 68.47 LibertyBroadbandC LBRDK ...273 107.90 2.73 -4.72 55.93 48.27 RogersComm B RCI 3.1 16 48.84 0.07 23.60 30.96 20.52 Weyerhaeuser WY 5.06141 27.02 0.08
10.68 323.20 208.23 Broadcom AVGO 3.8 40 281.43 7.00 s 37.99 118.86 80.04 Entergy ETR 3.1 23 118.77 2.27 50.24 109.56 68.76 LibertyBroadbandA LBRDA ...273 107.89 2.64 248.47 176.55 26.30 Roku ROKU ... dd 106.77 -2.07 38.15 30.90 15.08 WheatonPrecMet WPM 1.3 dd 26.98 0.43
27.79 136.99 91.34 BroadridgeFinl BR 1.8 30 123.00 1.33 13.70 30.86 23.33 EnterpriseProd EPD 6.3 12 27.96 -0.12 17.10 28.62 19.88 LibertyGlobal A LBTYA ... dd 24.99 0.28 -4.54 43.91 31.36 Rollins ROL 1.2 50 34.46 0.45 45.34 159.35 99.40 Whirlpool WHR 3.1 11 155.33 2.20
33.87 54.47 36.58 BrookfieldMgt BAM 1.2 18 51.34 0.50 48.22 148.59 88.68 Equifax EFX 1.1 dd 138.04 1.54 16.86 27.84 19.24 LibertyGlobal C LBTYK ... dd 24.12 0.35 29.34 385.51 245.59 RoperTech ROP 0.5 32 344.73 4.65 7.26 29.55 20.36 Williams WMB 6.4314 23.65 0.09
40.28 49.99 32.26 BrookfieldInfr BIP 4.1 dd 48.44 0.11 64.98 609.97 335.29 Equinix EQIX 1.7 96 581.65 5.90 33.21 40.81 26.63 LibertyFormOne A FWONA ... dd 39.59 0.62 30.93 111.42 75.91 RossStores ROST 0.9 25 108.93 2.00 24.23 200.93 134.50 WillisTowers WLTW 1.4 29 188.65 3.66
32.11 37.20 25.72 Brown&Brown BRO 0.9 27 36.41 0.79 -12.75 28.26 16.24 Equinor EQNR 4.2 8 18.47 0.11 35.57 43.05 27.51 LibertyFormOne C FWONK ... dd 41.62 0.61 16.02 81.61 65.76 RoyalBkCanada RY 4.0 12 79.50 0.68 -5.13 4.62 3.51 Wipro WIT 0.3 17 3.65 0.06
26.66 64.10 44.42 Brown-Forman A BF.A 1.1 35 60.06 0.22 40.45 138.92 90.90 EquityLife ELS 1.8 46 136.42 1.54 13.94 43.80 34.92 LibertySirius A LSXMA ... 26 41.93 0.17 -13.06 7.31 4.33 RoyalBkScotland RBS ... 8 4.86 0.05 36.71 155.75 80.20 Wix.com WIX ... dd 123.50 3.12
32.01 65.83 44.57 Brown-Forman B BF.B 1.1 37 62.81 0.77 s 32.51 87.61 62.40 EquityResdntl EQR 2.6 52 87.47 0.39 14.26 43.85 34.84 LibertySirius C LSXMK ... 26 42.26 0.05 5.64 131.04 89.48 RoyalCaribbean RCL 3.0 12 103.31 -0.87 43.44 119.20 68.40 Woodward WWD 0.6 26 106.56 0.76
48.71 51.41 26.10 Bruker BRKR 0.4 37 44.27 0.32 36.22 270.23 120.15 ErieIndemnity A ERIE 2.0 31 181.60 2.47 21.87 53.39 39.82 LibertyProperty LPT 3.2 16 51.04 -0.36 -1.66 68.59 54.56 RoyalDutchA RDS.A 5.6 12 57.30 0.31 -28.44 45.13 27.59 WooriFin WF 3.6 4 30.14 0.14
42.77 42.65 25.71 BuckeyePtrs BPL 7.2 dd 41.39 0.05 34.74 331.62 235.51 EssexProp ESS 2.4 53 330.40 2.26 -6.50 132.13 104.17 EliLilly LLY 2.4 26 108.20 0.91 -3.70 70.82 54.64 RoyalDutchB RDS.B 6.5 12 57.72 0.24 8.89 226.83 117.72 Workday WDAY ... dd 173.88 1.79
5.33 72.35 47.26 Bunge BG 3.6 16 56.29 0.50 52.30 207.50 121.47 EsteeLauder EL 0.9 41 198.14 4.44 10.17 71.27 48.07 LincolnNational LNC 2.6 8 56.53 0.97 50.45 138.78 70.16 RoyalGold RGLD 0.8 90 128.86 3.60 -5.98 100.45 58.50 WW Ent WWE 0.7 84 70.25 1.51
19.23 209.36 136.30 BurlingtonStrs BURL ... 31 193.95 0.36 18.73 73.34 38.02 Etsy ETSY ... 66 56.48 0.66 19.32 206.82 145.95 Linde LIN 1.9 19 186.18 1.54 -7.20 89.03 55.75 Ryanair RYAAY ... 16 66.20 -0.01 10.11 151.50 90.06 WynnResorts WYNN 3.7 14 108.91 -0.95
58.59 235.00 138.39 CACI Intl CACI ... 22 228.41 3.26 45.54 171.25 91.78 EuronetWorldwide EEFT ... 31 149.00 3.01 41.10 73.72 46.02 LiveNationEnt LYV ... dd 69.49 1.09 15.89 140.62 94.81 SAP SAP 1.0 39 115.37 0.26 22.86 112.10 41.05 XPO Logistics XPO ... 24 70.08 1.44
26.55 56.47 37.45 CBRE Group CBRE ... 16 50.67 0.69 19.26 268.95 201.09 EverestRe RE 2.2 21 259.70 2.09 -0.39 3.46 2.30 LloydsBanking LYG 6.4 9 2.55 0.03 43.84 269.57 156.68 S&P Global SPGI 0.9 31 244.44 4.82 31.18 66.05 47.07 XcelEnergy XEL 2.5 26 64.63 1.16
-10.70 59.56 37.88 CBS B CBS 1.8 5 39.04 0.59 16.28 67.81 54.57 Evergy EVRG 2.9 28 66.01 0.62 47.02 399.96 241.18 LockheedMartin LMT 2.5 19 384.95 4.89 46.14 270.42 146.13 SBA Comm SBAC 0.6206 236.58 -0.70 49.75 36.58 18.57 Xerox XRX 3.4 13 29.59 0.26
-1.71 59.01 41.48 CBS A CBS.A 1.7 5 43.10 0.77 31.63 85.93 60.98 EversourceEner ES 2.5 32 85.61 0.95 9.82 56.20 42.06 Loews L 0.5 20 49.99 0.82 25.45 61.35 42.27 SEI Investments SEIC 1.1 19 57.96 1.41 10.65 141.60 68.76 Xilinx XLNX 1.6 26 94.24 1.75
-5.24 63.90 41.50 CDK Global CDK 1.3 50 45.37 -0.17 -13.40 25.31 13.42 Exelixis EXEL ... 8 17.04 -0.90 30.43 43.00 29.06 LogitechIntl LOGI 1.8 26 40.80 0.57 -18.06 28.56 21.22 SK Telecom SKM 3.5 7 21.96 0.34 13.86 85.39 60.65 Xylem XYL 1.3 24 75.97 0.85
51.02 124.52 74.32 CDW CDW 1.0 27 122.40 2.72 7.43 51.18 42.44 Exelon EXC 3.0 21 48.45 0.73 16.31 118.23 84.75 Lowe's LOW 2.0 34 107.42 1.05 1.76 97.59 75.45 SLGreenRealty SLG 4.2 30 80.47 0.49 29.29 42.37 24.90 Yandex YNDX ... 42 35.36 0.43
12.11 56.18 38.90 CF Industries CF 2.5 24 48.78 0.02 18.26 144.00 108.11 Expedia EXPE 1.0 33 133.22 -0.03 58.80 204.44 110.71 lululemon LULU ... 48 193.12 2.97 10.86 67.73 40.96 SS&C Tech SSNC 0.8 41 50.01 1.05 24.74 119.72 84.53 YumBrands YUM 1.5 27 114.66 0.98
26.10 80.59 57.35 CGI GIB ... 23 77.16 0.91 4.96 80.69 62.90 ExpeditorsIntl EXPD 1.4 20 71.47 0.43 ... 88.60 37.92 Lyft LYFT ... dd 39.16 -0.36 34.40 38.76 27.35 StoreCapital STOR 3.7 39 38.05 0.32 30.69 48.36 30.60 YumChina YUMC 1.1 25 43.82 -0.12
-0.95 98.16 77.72 CH Robinson CHRW 2.4 17 83.29 1.19 29.81 124.45 84.49 ExtraSpaceSt EXR 3.1 35 117.45 0.80 2.43 104.75 68.61 LyondellBasell LYB 4.9 9 85.18 -0.07 4.08 322.91 177.70 SVB Fin SIVB ... 9 197.67 2.11 30.89 22.56 14.69 ZTO Express ZTO ... 25 20.72 -0.23
14.83 224.91 161.05 CME Group CME 1.4 42 216.02 6.59 1.14 86.88 64.65 ExxonMobil XOM 5.0 17 68.97 0.99 0.05 26.40 19.41 Sabre SABR 2.6 25 21.65 0.02 48.51 34.11 20.27 ZayoGroup ZAYO ... 54 33.92 -0.03
30.76 65.31 47.63 CMS Energy
9.40 50.47 41.49 CNA Fin
CMS 2.4 32 64.92 0.92
CNA 2.9 15 48.30 1.01
-17.94 190.08 121.36 F5Networks
28.24 92.13 60.11 FMC
FFIV ... 17 132.96
FMC 1.9 21 82.19
0.12
-1.01
MN 47.61 193.56 79.88 SageTherap SAGE
8.07 167.56 113.60 Salesforce.com CRM
... dd 141.40
...123 148.03
-1.13
1.03
28.42 237.15 140.95 ZebraTech
28.15 94.89 45.60 Zendesk
ZBRA
ZEN
... 23 204.49
... dd 74.80
3.64
1.63
7.82 11.99 8.41 CNH Indl CNHI 2.0 12 9.93 0.07 37.65 208.66 123.02 Facebook FB ... 31 180.45 1.07 7.63 176.11 133.78 M&T Bank MTB 2.6 11 154.05 2.99 4.63 47.11 40.00 Sanofi SNY 2.5 28 45.42 0.75 -4.67 51.47 26.38 Zillow C Z ... dd 30.11 0.71
-2.56 193.66 139.77 CNOOC CEO 5.6 8 148.54 -0.94 20.44 305.38 188.31 FactSet FDS 1.2 27 241.04 2.85 17.37 28.82 22.73 MDU Rscs MDU 2.9 19 27.98 0.31 42.87 27.75 16.10 SantanderCons SC 3.5 9 25.13 0.42 -5.57 50.99 26.20 Zillow A ZG ... dd 29.68 0.58
9.86 18.17 12.85 CPFLEnergia CPL 1.4 14 16.26 0.35 65.75 373.24 170.26 FairIsaac FICO ... 50 309.95 6.12 12.49 31.68 21.61 MGM Resorts MGM 1.9 79 27.29 0.04 -19.13 158.80 72.05 SareptaTherap SRPT ... dd 88.25 6.91 29.63 143.56 96.99 ZimmerBiomet ZBH 0.7 dd 134.45 1.51
25.62 35.50 24.62 CRH CRH 2.4 16 33.10 0.26 21.55 35.94 24.00 Fastenal FAST 2.8 24 31.78 0.77 -8.45 35.90 25.85 MPLX MPLX 9.4 12 27.74 -0.05 -41.82 37.96 16.48 Sasol SSL 4.1 9 17.04 0.16 6.04 52.26 38.08 ZionsBancorp ZION 3.1 10 43.20 0.52
7.37 80.73 58.47 CSX CSX 1.4 16 66.71 -0.25 15.16 139.29 115.09 FederalRealty FRT 3.1 41 135.93 0.68 49.91 247.57 134.28 MSCI MSCI 1.2 33 221.01 3.17 -11.64 63.65 31.03 Schlumberger SLB 6.3 21 31.88 -0.17 48.53 130.08 78.90 Zoetis ZTS 0.5 45 127.05 2.77
-5.01 82.15 51.72 CVS Health CVS 3.2 17 62.24 1.02 -11.36 239.60 138.59 FedEx FDX 1.8 89 143.00 1.29 -0.28 315.95 240.33 MadisonSquGarden MSG ...576 266.96 3.90 -14.11 52.35 34.92 SchwabC SCHW 1.9 13 35.67 0.57 ... 107.34 59.94 ZoomVideo ZM ...1885 76.53 -0.30
55.40 1321.49 767.15 CableOne CABO 0.7 47 1274.46 10.01 50.40 170.54 93.85 Ferrari RACE 0.8 30 149.56 0.12 14.62 68.41 54.25 MagellanMid MMP 6.1 11 65.40 0.07 69.26 114.63 57.96 ScottsMiracleGro SMG 2.2 16 104.03 1.88 25.50 89.54 30.72 Zscaler ZS ... dd 49.21 0.24
-19.55 27.64 16.01 CabotOil COG 2.0 9 17.98 0.31 -14.04 17.55 12.11 FiatChrysler FCAU ... 5 12.43 -0.05 10.61 56.92 42.51 MagnaIntl MGA 2.9 6 50.27 0.37 173.85 38.00 10.52 Sea SE ... dd 31.00 -0.15 51.91 6.65 3.32 Zynga ZNGA ... dd 5.97 0.16

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
CoreFxdIncmI NA ... NA Magin 10.84 +0.16 22.2 DevMktY 41.72 +0.34 11.0 PIMCO Funds A 500Adml 272.49 +3.82 19.6 USGroAdml 104.86 +1.41 20.6 WndsrII 35.78 +0.45 16.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. TotRetBdI NA ... NA OTC 11.42 +0.15 23.0 JPMorgan I Class IncomeFd NA ... NA BalAdml 37.44 +0.32 15.4 ValAdml 42.96 +0.59 14.7 VANGUARD INDEX FDS
Edgewood Growth Instituti Puritn 22.10 +0.22 13.6 EqInc 18.28 +0.27 17.0 PIMCO Funds I2 CAITAdml 12.14 +0.01 6.6 WdsrllAdml 63.49 +0.80 16.3 MdCpVlAdml 57.52 +0.66 18.3
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
EdgewoodGrInst 35.45 +0.48 23.1 SrsEmrgMkt 18.58 +0.13 13.2 JPMorgan R Class Income NA ... NA CapOpAdml r146.54 +1.80 11.0 WellsIAdml 65.94 +0.44 13.9 SmValAdml 54.26 +0.52 12.3
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, CoreBond
Fidelity SrsGroCoRetail 17.18 +0.20 21.6 12.10 +0.02 9.7 PIMCO Funds Instl EMAdmr 33.70 +0.20 8.4 WelltnAdml 72.71 +0.71 15.7 TotBd2 11.16 +0.01 9.4
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r 500IdxInstPrem102.59 +0.94 19.6 SrsIntlGrw CorePlusBd 8.59 +0.02 TotIntl
16.22 +0.20 21.0 9.8 IncomeFd NA ... NA EqIncAdml 75.56 +1.05 16.0 WndsrAdml 70.23 +0.83 15.7 16.41 +0.14 10.3
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not ExtMktIdxInstPre 60.82 +0.63 16.3 SrsIntlVal 9.31 +0.08 8.3 Lord Abbett A ExplrAdml 92.40 +1.03 18.8 VANGUARD FDS TotSt 72.86 +0.98 18.9
available due to incomplete price, performance or cost data. NE-Not released by Lipper; Price Funds
IntlIdxInstPrem 40.39 +0.36 11.4 TotalBond 11.00 +0.02 9.9 ShtDurIncmA p 4.22 ... 4.8 BlChip 113.90 +1.52 18.6 ExtndAdml 87.33 +0.90 16.3 DivdGro 30.11 +0.43 24.1 VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. MidCpInxInstPrem 22.38 +0.26 20.5 Fidelity SAI Lord Abbett F GNMAAdml 10.60 ...5.8 INSTTRF2020 23.64 +0.15 BalInst 37.45 +0.33 15.4
EqInc 31.26 +0.38 16.5 12.4
SAIUSLgCpIndxFd 15.87 +0.23 19.6 TotalBd 10.76 +0.01 9.9 ShtDurIncm 4.22 ... 4.9 EqIndex 78.62 +1.10 19.4 GrwthAdml 85.45 +1.20 24.6 INSTTRF2025 23.99 +0.17 13.3 DevMktsIndInst 13.02 +0.11 11.2
Friday, October 4, 2019 SerLTTreBdIdx 10.22 +0.07 22.3 First Eagle Funds Lord Abbett I Growth 67.59 +0.78 18.4 HlthCareAdml r 80.07 +0.95 4.2 INSTTRF2030 24.17 +0.19 13.8 DevMktsInxInst 20.36 +0.18 11.2
Net YTD Net YTD Net YTD SmCpIdxInstPrem 19.34 +0.18 12.6 GlbA 57.93 +0.43 13.8 ShtDurInc p 4.22 ... 5.0 HelSci 72.62 +0.86 8.4 HYCorAdml r 5.87 +0.01 12.7 INSTTRF2035 24.34 +0.22 14.3 ExtndInst 87.33 +0.90 16.4
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TMktIdxInstPrem 83.66 +1.12 19.0 FPA Funds Metropolitan West InstlCapG 41.57 +0.50 16.4 InfProAd 26.27 +0.09 8.5 INSTTRF2040 24.51 +0.24 14.7 GrwthInst 85.46 +1.21 24.6
USBdIdxInstPrem 12.07 +0.01 9.3 FPACres 32.58 +0.26 12.4 TotRetBd NA ... NA IntlStk 17.10 +0.12 14.2 IntlGrAdml 90.56 +0.75 14.3 INSTTRF2045 24.60 +0.25 14.9 InPrSeIn 10.70 +0.03 8.5
American Century Inv Baird Funds DFARlEst 41.64 +0.24 28.7 Fidelity Advisor I Franklin A1 TotRetBdI NA ... NA MidCap ITBondAdml 12.02 +0.02 11.4 INSTTRF2050 24.64 +0.26 InstIdx 267.20 +3.75 19.6
Ultra 48.48 +0.70 19.9 AggBdInst 11.34 +0.01 9.9 EmgMktVa 26.24 +0.15 -0.7 93.04 +1.01 21.8 14.9
NwInsghtI 32.02 +0.40 18.6 CA TF A1 p 7.72 ... 9.4 TRBdPlan NA ... NA
N Inc 9.79 +0.01 9.4 ITIGradeAdml 10.14 +0.01 10.7 InstPlus 267.21 +3.74 19.6
American Funds Cl A CorBdInst 11.67 +0.01 10.3 EmMktCorEq 19.79 +0.16 4.9 IntlVal 35.07 +0.30 9.3
Fidelity Freedom IncomeA1 p 2.28 +0.01 11.3 MFS Funds Class I
NHoriz 61.27 +0.66 27.1 LTGradeAdml 11.38 +0.07 22.5 InstTStPlus 63.33 +0.85 19.0
AmcpA p 31.38 +0.38 13.1 BlackRock Funds IntlCoreEq 12.56 +0.10 9.8 ValueI LifeCon 20.57 +0.10 11.9
FF2020 15.91 +0.10 11.5 FrankTemp/Frank Adv 41.86 +0.66 19.9
OverS SF r 10.29 +0.09 10.6
MidCpAdml 205.29 +2.27 21.2 MidCpInst 45.35 +0.50 21.3
AMutlA p 42.13 +0.48 14.0 HiYldBd Inst 7.63 ... 11.6 IntSmCo 17.32 +0.13 9.8 FF2025 IncomeAdv 2.26 +0.01 11.5 LifeGro 34.00 +0.31 14.3
13.86 +0.09 12.0 MFS Funds Instl MuHYAdml 11.84 ...9.0 MidCpIstPl 223.65 +2.47 21.2
BalA p 27.58 +0.23 12.4 BlackRock Funds A IntSmVa 17.61 +0.12 7.1 R2020 22.09 +0.15 13.1 LifeMod 27.77 +0.20 13.2
FF2030 17.11 +0.13 12.9 FrankTemp/Franklin A IntlEq 25.98 +0.28 16.0 MuIntAdml 14.53 ...6.6 RealEstaInstl 20.50 +0.12 28.5
BondA p 13.40 +0.01 8.5 GlblAlloc p 18.87 +0.15 10.9 LgCo 22.79 +0.32 19.5 R2025 17.57 +0.13 13.9 PrmcpCor 26.62 +0.30 13.8
Freedom2020 K 15.89 +0.10 11.5 Growth A p 109.01 +1.44 21.1 Nuveen Cl I MuLTAdml 12.03 ...8.5 SmCapInst 72.86 +0.77 16.3
CapIBA p 60.91 +0.44 10.8 BlackRock Funds Inst TAUSCoreEq2 18.59 +0.24 17.0 Freedom2025 K 13.84 +0.09 12.0 RisDv A p 66.65 +0.77 21.4 HYMunBd 18.01 +0.01 10.9 R2030 25.56 +0.21 14.6
MuLtdAdml 11.08 ...3.6 STAR 26.87 +0.21 14.1 STIGradeInst 10.78 ... 5.6
CapWGrA 47.99 +0.50 13.9 EqtyDivd 19.54 +0.25 15.8 US CoreEq1 23.91 +0.31 17.7 Freedom2030 K 17.09 +0.13 13.0 FrankTemp/Franklin C Oakmark Funds Invest R2035 18.72 +0.17 15.1
MuShtAdml 15.84 ...2.0 TgtRe2015 15.41 +0.07 11.2 STIPSIxins 24.69 +0.01 4.0
EupacA p 51.55 +0.31 14.4 GlblAlloc 19.00 +0.15 11.2 US CoreEq2 21.89 +0.27 16.7 Freedom2035 K 14.17 +0.13 13.6 Income C t 2.31 +0.01 10.7 EqtyInc r 29.89 +0.22 11.2 R2040 26.62 +0.25 15.6
PrmcpAdml r136.08 +1.60 12.5 TgtRe2020 32.18 +0.20 12.4 TotBdInst 11.20 +0.01 9.5
FdInvA p 58.73 +0.75 14.4 MultiAstIncome 10.80 ... 10.7 US Small 32.47 +0.33 10.0 Freedom2040 K 9.85 +0.10 13.6 FrankTemp/Temp Adv OakmrkInt 22.20 +0.09 8.5 Value 36.54 +0.51 19.5 RealEstatAdml132.44 +0.78 28.4 TgtRe2025 19.27 +0.14 13.3 TotBdInst2 11.16 +0.01 9.5
GwthA p 49.16 +0.64 15.0 StratIncOpptyIns 9.93 ... 6.2 US SmCpVal 31.43 +0.32 5.6 Fidelity Invest GlBondAdv p 10.73 +0.01 -0.4 Old Westbury Fds PRIMECAP Odyssey Fds SmCapAdml 72.87 +0.78 16.3 TgtRe2030 35.06 +0.28 13.8 TotBdInstPl 11.20 +0.01 9.5
HI TrA p 9.91 +0.01 8.3 StratMuniOppI 11.72 -0.01 5.5 US TgdVal 21.39 +0.19 9.0 Balanc 23.67 +0.22 15.6 Guggenheim Funds Tru LrgCpStr 14.65 +0.16 15.8 AggGrowth r 41.54 +0.49 8.5 SmGthAdml 63.82 +0.77 21.0 TgtRe2035 21.48 +0.19 14.1 TotIntBdIdxInst 35.33 +0.03 9.5
ICAA p 37.62 +0.42 12.7 Bridge Builder Trust USLgVa 35.63 +0.44 12.7 BluCh 95.08 +1.25 17.3 TotRtnBdFdClInst 27.64 +0.02 6.1 Parnassus Fds Growth r 37.40 +0.39 7.7 STBondAdml 10.64 ...5.0 TgtRe2040 37.03 +0.36 14.6 TotIntlInstIdx r109.74 +0.88 10.4
IncoA p 22.59 +0.18 11.9 CoreBond 10.59 +0.01 8.3 Dodge & Cox Contra 12.89 +0.19 18.1 Harbor Funds ParnEqFd 47.26 +0.69 21.9 Stock r 32.61 +0.35 13.3 STIGradeAdml 10.78 ...5.6 TgtRe2045 23.21 +0.24 14.8 TotItlInstPlId r109.76 +0.88 10.4
N PerA p 44.31 +0.50 17.6 CorePlusBond 10.44 +0.01 8.0 Balanced 98.24 +0.61 9.9 ContraK 12.91 +0.19 18.3 CapApInst 73.60 +1.04 18.8 PGIM Funds Cl Z Schwab Funds TotBdAdml 11.20 +0.01 9.5 TgtRe2050 37.35 +0.39 14.9 TotStInst 72.90 +0.98 19.0
NEcoA p 44.46 +0.50 14.5 Intl Eq 11.09 +0.08 11.3 GblStock 12.00 +0.08 8.8 CpInc r 9.96 +0.04 13.6 Harding Loevner TotalReturnBond NA ... NA S&P Sel 45.80 +0.64 19.6 TotIntBdIdxAdm 23.54 +0.02 9.5 TgtRet2055 40.54 +0.42 14.8 ValueInst 42.96 +0.59 14.7
NwWrldA 66.77 +0.46 16.4 Del Invest Instl Income 14.15 +0.01 9.3 GroCo 19.36 +0.22 20.8 IntlEq NA ... NA PIMCO Fds Instl TSM Sel r 51.87 +0.69 19.0 TotIntlAdmIdx r 27.44 +0.22 10.4 TgtRetInc 13.86 +0.06 10.4 WCM Focus Funds
SmCpA p 55.18 +0.68 17.7 Value 21.55 +0.29 11.6 Intl Stk 39.97 +0.25 8.3 GrowCoK 19.38 +0.21 20.9 Invesco Funds A AllAsset NA ... NA TIAA/CREF Funds TotStAdml 72.88 +0.97 19.0 TotIntBdIxInv 11.77 ... 9.3 WCMFocIntlGrwIns 17.15 +0.17 22.3
TxExA p 13.40 +0.01 7.1 Dimensional Fds Stock 181.57 +1.64 10.3 InvGrBd 11.68 +0.02 9.9 EqIncA 10.16 +0.08 12.7 ShortT 9.78 ... 2.2 BdIdxInst 11.26 +0.02 9.2 TxMCapAdml151.92 +2.09 19.8 WellsI 27.22 +0.18 13.8 Western Asset
WshA p 45.96 +0.63 15.6 5GlbFxdInc 10.98 +0.01 4.1 DoubleLine Funds LowP r 44.18 +0.36 10.0 Invesco Funds Y TotRt 10.61 +0.02 9.6 VANGUARD ADMIRAL TxMIn r 13.01 +0.12 11.2 Welltn 42.11 +0.41 15.7 CorePlusBdI NA ... NA
B10 | Saturday/Sunday, October 5 - 6, 2019
Hedge Fund Cuts Juul’s Valuation
BY JULIET CHUNG
Hedge fund Darsana Capital
Partners recently wrote down
its investment in Juul Labs
Inc. by more than a third and
now holds it at a price that
values the e-cigarette com-
pany at $24 billion, said peo-
ple familiar with the matter.
The New York firm is one of
a number of hedge funds that
rode Juul to big gains last year
on the back of a December deal
by tobacco company Altria
Group Inc. that instantly made
Juul one of the most valuable
startups in the U.S.
Juul doubled to a $38 bil-
lion valuation in the span of
six months last year.
But a drumbeat of negative
developments last month has
clouded the company’s pros-
pects. They include a proposed
federal ban on vape flavors
that make up 80% of Juul’s do-
U.S. Plan Aims to Boost Ethanol Producers
BY KIRK MALTAIS
AND JACOB BUNGE
The Trump administration
outlined a plan to boost biofuel
demand, aiming to ease Farm
Belt frustrations over recent
changes to federal policies af-
fecting the production of etha-
nol.
A proposal released on Fri-
day by the Environmental Pro-
tection Agency and the U.S. De-
partment of Agriculture aims
to satisfy both farmers and en-
ergy companies by increasing
use of ethanol, a fuel additive
made from corn. Ethanol-
blending exemptions granted
to individual refiners will be
offset by higher overall re-
quirements to incorporate the
fuel into gasoline, officials said.
Farmers and ethanol pro-
ducers including Green Plains
Inc., Archer Daniels Midland
Co. and Poet LLC applauded
the plan, which followed
months of intensifying criti-
cism in farm states.
“It’s a big tailwind for the
[ethanol] industry and the U.S.
ADVERTISEMENT
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
BUSINESS OPPORTUNITIES
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mestic sales amid continued
growth in youth vaping, a de-
cision by Walmart Inc. to stop
selling all e-cigarettes in its
U.S. stores, and investigations
by the Federal Trade Com-
mission, the Food and Drug
Administration and several
state attorneys general into
Juul’s marketing.
A mysterious vaping-related
lung illness the Centers for Dis-
ease Control and Prevention es-
timates has sickened more than
1,000 and resulted in 18 deaths
has also cast a chill over the in-
dustry. The CDC has recom-
mended people stay away from
vaping altogether for now and
has singled out THC-containing
products specifically.
Juul investors are facing
more than a billion dollars in
potential collective losses this
year, according to some esti-
mates.
A Juul spokesman said, “We
DANIEL ACKER/REUTERS
A mandate to blend corn-based ethanol into fuel would be sustained.
farmer,” said Todd Becker,
chief executive of Green Plains,
one of the biggest U.S. ethanol
makers.
But ethanol producers that
halted or lowered ethanol out-
put in recent months, blaming
blending exemptions for weigh-
ing on prices, said they didn’t
plan to ramp back up immedi-
ately.
“It is too early to judge the
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THEMARKETPLACE
ADVERTISE TODAY
(800) 366-3975
© 2019 Dow Jones & Company, Inc.
All Rights Reserved.
**** THE WALL STREET JOURNAL.
BUSINESS & FINANCE NEWS
PATRICK T. FALLON/BLOOMBERG NEWS
are focused on earning the tepid year for the industry. growing addiction of a new
trust of regulators, policy It contributed more than generation to nicotine, it has
makers and other stakehold- half the returns of Darsana, become a lightning rod for
ers…and supporting and com- which posted an 11.9% gain controversy.
plying with FDA’s final effec- last year, said people familiar Questions about the future
tive flavor guidance.” with the matter. Darsana also of Juul and vaping regulations
A $150-a-share dividend has a special-purpose vehicle prompted Altria and Philip
paid out to investors in De- dedicated to Juul. Morris International Inc. to Bob Dudley to leave in February.
cember as part of the Altria The supercharged gains last call off talks about a potential
deal means many investors are
still up overall, even at a $24
billion valuation for Juul. That
year by hedge funds that had
invested in Juul drew envy
from some other funds, and
merger last week.
Darsana has said it is still
bullish about Juul in the long
BP Chief
includes Darsana, said people
familiar with the matter. Re-
cent investors Altria and mu-
seemed to be a stark example
of the benefits of venturing
into private markets.
term, saying increased regula-
tion of e-cigarettes should
clear out illicit products and
To Depart
tual-fund complex Capital
Group, which bought most of
Fidelity’s stake earlier this
Investors have said they
were drawn to the prospect of
disrupting Big Tobacco and
benefit Juul, according to peo-
ple familiar with the matter.
Juul’s chief executive
After Long
year in a deal that valued Juul
at $38 billion, would fare
among the worst.
helping to finance a safer way
for adults to get their nicotine
fix, as opposed to cigarettes
abruptly stepped down last
week, and the company said it
would suspend all product ad-
Tenure
Spokesmen for Altria and that would expose bystanders vertising in the U.S. Juul has BY SARAH MCFARLANE
Capital Group declined to to secondhand smoke. said its new CEO, Altria execu-
comment. But as the narrative around tive K.C. Crosthwaite, is re- After nearly a decade steer-
Juul helped boost the re- the company has changed to viewing practices and policies. ing BP PLC through the after-
turns of its hedge-fund inves- one focused on Juul’s popular- —Jennifer Maloney math of the Deepwater Horizon
tors last year in a generally ity among youth and the contributed to this article. crisis, Chief Executive Bob Dud-
ley will hand to his successor
an oil-and-gas giant facing a
new set of pressures—search-
ing for ways to turn a profit
from cleaner energy sources
while cutting dependence on
U.S. ethanol production gated to blend ethanol into fossil fuels.
gasoline under U.S. law, Mr. Dudley, who is 64, will
1.15 million barrels a day
pledged legal challenges to the step down in February. He will
plan. They called it a political pass his role to 49-year-old
1.10 play for Midwestern votes that Bernard Looney, the chief exec-
will add financial burdens on utive of BP’s upstream opera-
the U.S. energy industry and tions, who will be Big Oil’s
1.05 distort fuel markets. youngest leader. Mr. Looney
"The president has broken will take over as CEO and join
his promise to the manufactur- BP’s board on Feb. 5, the com-
1.00 ing workers he promised to pany said Friday.
protect in Pennsylvania, Ohio, The leadership change
Texas and across the nation,” comes as the energy industry is
0.95 said the Fueling American Jobs forced to grapple with the pros-
Coalition, a group representing pect of flatlining oil demand,
refiners, unions and gasoline along with pressure from inves-
0.90
retailers. tors to reduce carbon emissions
Jan. Sept. Some refiners say the etha- while creating a business that
Source: U.S. Energy Information Administration nol-blending requirements add can outlive fossil fuels.
costs and regulatory burdens. Mr. Looney is expected to
impact of this announcement,” dissatisfied with the scant de- The EPA said it will propose herald a new generation of
said Eric Wilkey, president of tails in the EPA’s press release. expanded biofuel requirements leadership, with a focus on
Arizona Grain Inc., a sister Ethanol futures also declined, starting in 2020, aimed at en- technology and modernization,
company to Pinal Energy LLC. with the November contract suring more than 15 billion gal- analysts said.
Pinal idled its 50-million-gal- down 2.2% at $1.39 a gallon. lons of ethanol is blended into BP’s share price rose 2% in
lon-per-year plant in Maricopa, “I think there was a lot of the nation’s fuel supply. The London Friday.
Ariz. in February. nice-sounding words, and not a agency plans to maintain that BP and its peers face the
Corn futures on the Chicago lot else,” said Brian Grossman, level—which is the current challenge of making low-carbon
Board of Trade dropped follow- an agricultural trader with Chi- standard—even while granting projects such as wind and solar
ing the plan’s release, with the cago-based Lakefront Futures exemptions to small refineries farms as profitable as their tra-
December corn contract slip- & Options LLC. seeking temporary relief from ditional oil-and-gas businesses.
ping 1%. Traders said they were Oil refiners, which are obli- the requirements. Renewable energy typically
generates lower returns than
oil and gas. Technology devel-
PG&E Agrees to Pay Fine,
opments like electric vehicles
are also changing the outlook
for the world’s energy mix.
Address Safety Deficiencies
BP is at an inflection point,
as it moves from a defensive
posture, after the Deepwater
Horizon crisis in 2010 and the
oil-price collapse four years
BY REBECCA SMITH later, to a more forward-looking
stance, increasing cash returns
PG&E Corp. agreed to pay a
penalty and fund a $60 million
and investing in new energy,
analysts said.
program to resolve accusa- “It’s a timely point to change
tions that its employees vio- the leadership,” said Christyan
lated state law at least 170,000 Malek, JPMorgan’s head of oil-
times from 2012 to 2017 by and-gas research for Europe,
falsifying records on how em- the Middle East and Africa.
DAVID PAUL MORRIS/BLOOMBERG NEWS
ployees handled requests to BP appointed Mr. Dudley as
mark underground equipment chief executive about six
prior to excavations. months after the Deepwater
The utility has been under Horizon disaster, which killed 11
nearly constant investiga- people in the U.S.’s largest oil
tion over the past decade for spill. The American-born leader
safety violations that authori- succeeded Tony Hayward, a
ties allege have led to scores of British-born businessman who
deaths and injuries. It cur- is now chairman of miner Glen-
rently is on federal probation core PLC.
for felony convictions from a The California utility filed for protection from creditors in January. Mr. Hayward received criti-
fatal pipeline explosion in 2010. cism for what some observers
The settlement agreement the state commission and a penalty amount. One con- saw as insensitivity toward the
between PG&E and the Safety federal bankruptcy judge. sumer group said the amount oil-spill crisis. In the midst of
and Enforcement Division of PG&E filed for protection from is too low. the ordeal, he told reporters
the California Public Utilities creditors in January, and the Under the proposal, PG&E that he wanted his life back.
Commission and a group rep- enforcement division said it will pay $5 million to the state Before Mr. Dudley took over,
resenting its workers has no considered the utility’s finan- general fund and will commit some feared the crisis would
legal force unless approved by cial condition in setting the $60 million in shareholder send BP into bankruptcy. The
funds to fix deficiencies in its disaster resulted in a legal set-
“Locate and Mark” safety pro- tlement with the U.S. govern-
ADVERTISEMENT gram that is intended to pre-
vent accidental damage to un-
ment and took a total of more
than $65 billion to clean up and
Showroom
derground facilities that, if hit fully resolve.
during digging, could result in In the aftermath of the di-
To advertise: 800-366-3975 or WSJ.com/classifieds
explosions or electrocutions.
A spokeswoman for the
saster, Mr. Dudley embarked on
a massive divestment plan,
BMW CHEVROLET Utility Reform Network, a San which is on track to have the
Francisco advocacy group that company sell $75 billion of as-
represents utility customers, sets by 2020. BP has also re-
(+$ >! =#%7 $#%/5 >+ @;<) *>7?#..#9 said her group was unhappy turned to making acquisitions,
9I, H3 *$ #& (%!)!!! &''" with the settlement. “Given most recently buying BHP Billi-
1H7K-LJJ4 &2:3: %5: 02: -%30 <6 02: <5/4/)%- 65<)01:)4/): the seriousness of the viola- ton Ltd.’s onshore U.S. oil-and-
!:3/4):! +<!:-3; (%4:50= 3%=3 9#<--:#0/$-:"7 3<
2:5: /3 =<.5 -%30 #2%)#: 0< <,) 05.: *+:5/#%)
tions, TURN thinks much gas assets for nearly $11 billion.
+H.1 larger financial penalties were Through the combined ef-
'.3#-:8 '+/= : 7#-%0+0+69
called for,” said Mindy Spatt, forts of Mr. Dudley and Mr.
M4;62.;1/410 &#77=?0//# *4#?7>/#. "1;2:"@238,8 the spokeswoman. Looney, the company is better
State investigators said the prepared to maintain profitabil-
penalty was appropriate, when ity during times of lower oil
compared against other pen- prices. The company’s cash
alty cases. break-even—the oil price
THE Julie Kane, PG&E’s chief
ethics and compliance officer,
needed to make a profit after
dividends and capital expendi-
JD<&) 0)P)@8$=N =' MARKETPLACE was one of two executives who ture—is around $50 a barrel,
I?: D5D$PDBP) signed a note addressed to below the industry’s $55-to-
ADVERTISE TODAY employees late Thursday that $60-a-barrel level, according to
said “the events that took JPMorgan.
place were unacceptable” and Mr. Dudley also oversaw BP’s
(800) 366-3975 the utility takes responsibility focus on low-carbon energy in
For more information visit: “for not living up to our com- recent years.
wsj.com/classifieds mitment to accurate reporting Mr. Looney joined BP in 1991
#((F"#"FC#>% and record-keeping.” Ms. Kane as a drilling engineer and was
A*CC 1=@!5$PP) G$!)
said the settlement “under- appointed head of upstream in
9I,1=@!5$PP)E@=O scores our commitment to 2016. He has been a member of
© 201! Dow Jones & Company, Inc.
All Rights Reserved. learn from the past and take the group’s executive manage-
meaningful steps to change.” ment team since 2010.
THE WALL STREET JOURNAL.
Carrier Costs
Push Up Price
Of U.S. Crude
BY RYAN DEZEMBER
Gains in oil prices that fol-
lowed crippling attacks on
Saudi Arabian production fa-
cilities last month proved
short-lived, yet the expense of
shipping crude across the
ocean has continued to soar.
The cost of chartering a
very large crude carrier, or
VLCC, to ferry oil from the
U.S. Gulf Coast to Asia has
surged to $10 million, or $5 a
barrel, according to analysts.
That is about twice the price
before the attacks.
The increase has raised the
price of U.S. oil sold overseas
as countries in Asia, particu-
larly Japan, South Korea and
India, are racing to replace
lost deliveries from Saudi Ara-
bia and bolster their stockpiles
to buffer against further Mid-
east disruptions.
Heightened demand for
tankers to make the voyage
from the U.S. Gulf Coast,
where most barrels leave the
country, is facing a shortage of
available ships. The U.S. last
month blacklisted several Chi-
nese shippers for allegedly
carrying Iranian crude in vio-
lation of U.S. sanctions.
Meanwhile, many tankers
are being retrofitted to comply
with new international emis-
sions standards that go into
effect in the new year.
Traders Raise Bets on Lower Rates Hedge Funds Suffered
BY AMRITH RAMKUMAR
Traders are increasing wa-
gers that the Federal Reserve
will continue to cut interest
rates to stave off a recession
following a volatile stretch for
markets.
The S&P 500 fell to its low-
est point since late August ear-
lier in the week on growing
fears that weakness in the
manufacturing sector is
spreading to other segments of
the economy. Global stocks and
commodities such as oil and
copper tied to global growth
have also slid, as have Treasury
yields, with investors seeking
safety from the volatility.
Anticipation of a sharper-
than-feared growth slowdown
is pushing investors to bet that
the Fed will continue lowering
borrowing costs. While there
are some signs that lower rates
are helping the housing sector
stabilize, many analysts still
project weaker economic activ-
ity without a U.S.-China cease-
fire on tariffs.
Shifting expectations for in-
terest rates and trade talks
Jobs Report Gives
Treasurys a Lift
U.S. government bond yields
fell Friday after data showing
the economy added
CREDIT fewer new jobs in
MARKETS September than the
month before.
The yield on the benchmark
10-year Treasury note, which
declines when bond prices
rise, slipped for a seventh con-
secutive session, settling at
Stocks End
Rocky Week
With Rally
Continued from page B1
investment officer of Orion
Advisor Services.
The S&P climbed 41.38
points, or 1.4% Friday, to
2952.01 on broad-based gains,
which acceler-
FRIDAY’S ated later in
MARKETS the session.
The Dow Jones
Industrial Average added
372.68 points, 1.4%, to
26573.72. The Nasdaq Com-
posite advanced 110.21 points,
or 1.4%, to 7982.47.
The S&P 500 and Dow
logged their third consecutive
week of losses, while the Nas-
daq turned positive for the
* * * * * *
The cost of chartering a very
large crude carrier from the
Gulf Coast to Asia
$10 million
8
6
4
2
0
Jan.
Source: RBC Capital Markets
High transportation costs
threaten to send overseas buy-
ers looking elsewhere and re-
duce U.S. crude exports, which
reached new highs over the
summer amid turmoil in the
Mideast. Lower export vol-
umes would likely reduce do-
mestic oil prices, which would
be a boon to U.S. motorists
and refiners, not to mention
unsanctioned tanker owners,
but could hurt domestic drill-
ers already struggling with
low oil prices.
“Asia has been pulling bar-
rels from everywhere,” said
have swung markets for
months, including on Thursday,
when stocks erased an early
selloff. Stocks extended their
rally Friday after the latest hir-
ing figures showed stability in
the labor market last month.
Still, the recent turbulence has
some anticipating more fluctu-
ations.
Federal-funds futures, used
to wager on the path of mone-
tary policy, on Friday showed
traders pricing in a roughly
90% chance of at least one
more rate cut in 2019, up from
66% on Monday, according to
CME Group data.
Driving those bets: a spate
of tepid growth figures around
the globe. While Friday figures
showed steady activity in the
U.S. labor market, surveys of
purchasing managers in Europe
and Asia released earlier in the
week pointed to deepening
manufacturing declines in Sep-
tember.
Perhaps more worrisome,
Institute for Supply Manage-
ment data then showed U.S.
factory activity contracted for
the second straight month in
1.515% compared with 1.531%
Thursday. The yield has fallen
for three consecutive weeks
and is less than 0.1 percentage
point above its low for the year.
Yields rose in early trading
after the Labor Department’s
July and August data showed
the economy added more jobs
than previously estimated.
Yields fell in later trading as in-
vestor attention shifted to
broader signs that growth is
decelerating.
Yields have also been pulled
lower by recent data that has
week.
Among the concerns that
rattled markets this week: U.S.
factory activity contracted for
a second straight month and
hit a 10-year low.
Investors’ reliance on the
Fed as a backstop was on dis-
play Thursday, when data
showed service sector activity
expanded at the slowest pace
in three years.
Stocks initially dropped
sharply, but then swung
higher as investors ramped up
bets that the Fed will slash
rates again this year.
Traders are betting on a
roughly 40% chance of the
central bank lowering its
benchmark short-term interest
rate two more times by the
end of the year, according to
the CME Group data as of Fri-
day. That was up from 20%
last week.
Friday’s jobs report showed
the economy added 136,000
jobs in September, slightly
MARKETS
Oct.
High transportation expenses threaten to reduce exports of U.S. crude, which increased over the summer amid Mideast turmoil.
Michael Tran, an analyst with
RBC Capital Markets. “If it be-
comes uneconomical to ship
U.S. barrels to Asia, that es-
sentially leaves barrels
stranded in the U.S.”
West Texas Intermediate,
the U.S. price gauge, gained
0.7% to close at $52.81 a barrel
on Friday. Brent crude, the in-
ternational benchmark, rose
1.1% to $58.37.
Those prices are below lev-
els immediately before the
Sept. 14 attacks on Saudi pro-
duction facilities that shut
down about half of the king-
Market-implied probability of
at least three rate cuts in 2019
100% Rate cuts
75
50
25
0 The U.S. has averaged 161,000
July Aug. Sept.
Source: CME Group
September and hit a 10-year
low. And the ISM said Thurs-
day that activity in the services
sector slowed more than ex-
pected last month, a concern
for investors who had hoped
steady activity and resilient
consumer spending could con-
tinue to buoy stocks.
“Our data in the U.S. had
been fairly insulated over the
provided signs of weakening
economic growth around the
world. Earlier in the week, data
showed slowdowns in both the
manufacturing and service sec-
tors. That added to investors’
concerns that the U.S. is at
greater risk of the kind of
weakness hitting other large
economies like China and Ger-
many, particularly as the trade
fight drags on.
“This kind of confirms the
slowdown we’re seeing in the
economy,” said Kathy Jones,
chief fixed-income strategist at
Five-day index performance
2.0%
1.0
0
–1.0
–2.0
–3.0
–4.0
Monday Tuesday
Source: FactSet
missing estimates. But the job-
less rate dropped to 3.5% from
3.7% in August, marking a 50-
year low.
“It continues to show that
dom’s output. Oil prices
surged 15% right after the at-
tacks but retreated as Saudi
Arabia tapped reserves to
make up for lost production
and a dim economic outlook
reduced demand forecasts.
“If you’re an Indian buyer,
or in South Korea or Japan,
you’re saying we should do
two things: diversify where we
buy barrels from, and, two,
build up our inventories,” said
Randy Giveans, a shipping an-
alyst at Jefferies.
Those sources of supply in-
clude not just the U.S. but also
course of the last month, so
these two prints were a little
bit surprising,” said Michael
Hans, chief investment officer
at Clarfeld Citizens Private
Wealth.
Friday’s data showed em-
ployers continued to hire at a
slower but steady pace, while
the unemployment rate fell to a
nearly 50-year low at 3.5% and
wages grew less than expected
from a year earlier.
While those figures don’t
signal an imminent recession,
they add to evidence that the
trade war is denting growth.
new jobs so far this year, down
Oct.
from 190,000 in the eight years
since employment started ris-
ing after the last recession.
The Fed’s projections for in-
terest-rate policy and economic
growth last month showed dif-
fering opinions among central
bankers. Fed officials have said
they want to stay on a flexible
path based on data, but too
many rate cuts could leave
them without sufficient ammu-
nition to respond if a recession
does hit, analysts say.
the Schwab Center for Financial
Research. “It’s less bad than ex-
pected but I don’t think it’s
strong enough to change any-
body’s expectations about the
economy.”
The economy added
136,000 jobs last month, near
the 145,000 forecast by econo-
mists in a Wall Street Journal
survey, while average hourly
earnings declined. On a year-
over-year basis, earnings have
risen 2.9%, a slowdown from
previous months.
—Daniel Kruger
Nasdaq Composite
S&P 500
DJIA
Wednesday Thursday Friday
the U.S. economy is a jobs ma-
chine,” said JJ Kinahan, chief
market strategist at TD Ameri-
trade. “But again it’s strange
compared to everything else
Saturday/Sunday, October 5 - 6, 2019 | B11
the North Sea, West Africa
and Brazil, he said.
South Korea and India in
particular have increased oil
purchases from the U.S. in re-
cent months amid Mideast
turmoil, according to U.S. En-
ergy Information Administra-
tion data. U.S. crude exports
reached a peak of about 3.2
million barrels a day in June.
Some buyers are working
around the shortage of two-
million-barrel capacity VLCCs
by splitting shipments into
two one-million-barrel Suez-
max tankers, which has pro-
Declines in September
BY RACHAEL LEVY
Prominent hedge funds lost
money in September, a swift
comedown after a relatively
strong run for the industry at
large.
Several technology-focused
funds were among those hit
hard. Tiger Global Manage-
ment LLC, a hedge fund
founded by billionaire Charles
“Chase” Coleman, lost 7.4%
last month, said people famil-
iar with the numbers.
Philippe Laffont’s Coatue
Management LLC lost about
6%, Whale Rock Capital Man-
agement LLC dropped 14%,
and Glen Kacher’s Light Street
Capital Management LLC lost
around 10%, according to peo-
ple familiar with the matter.
One of the best performing
hedge funds in recent memory,
Melvin Capital Management
LP, lost 8.5% in September,
some of the people said.
Melvin Capital remains one
of the best funds this year,
with gains of about 40%, the
people said.
Of the investing styles that
hedge funds employ, those
that focus on stocks per-
formed particularly poorly,
Morgan Stanley said in a
Thursday report. Those funds
ended September down 1.2%
while the S&P 500 gained
1.9%, the bank said.
It was the worst month for
hedge funds’ “long” bets—or
investments in stocks—since
April 2014, Morgan Stanley
added.
For the typical stock-fo-
cused hedge fund, about 60%
of the losses came from so-
going on. All the other num-
bers we’ve seen for the past
week have not painted a very
nice picture.”
The central bank has helped
ease investor fears about a
slowdown, but some analysts
are questioning how long that
can continue. Cutting rates
again gives the Fed less am-
munition if a real downturn
hits, analysts say.
Treasurys jumped alongside
stocks Friday, highlighting the
unease that some investors
have felt about the economy’s
trajectory. The yield on the 10-
year U.S. note recorded its
biggest one-week decline since
August as bond prices rose.
“It’s one step forward, two
steps backwards,” said Greg
Boutle, U.S. head of equity and
derivative strategy at BNP
Paribas.
“The ability of the Fed to
offset an increase in volatility
is much lower than it has been
previously,” he added.
EDDIE SEAL/BLOOMBERG NEWS
pelled day rates for those
ships as well, Mr. Giveans said.
Crude buyers should see
some relief in the coming
weeks as more VLCCs return
to the market once they are
retrofitted with emissions-re-
duction equipment, he said.
Mr. Giveans said he expects
many Asian buyers will opt to
pay higher shipping costs now
rather than risk oil prices ris-
ing if they wait for tankers to
return to the high seas.
“You’re not going to take
that commodity risk to save a
dollar or two,” he said.
called style factors, particu-
larly trades related to momen-
tum stocks—those that
investors are purchasing be-
cause they have been rising—
and value stocks, or those
bought because they are cheap
by various financial met-
rics, Morgan Stanley estimated
in its note to clients.
Momentum and value
trades “experienced quite ex-
treme rotations in the month,”
Morgan Stanley said.
Steven A. Cohen’s Point72
Asset Management LP posted
more muted losses of around
2% last month, people familiar
with the numbers said.
Point72 is up about 11% for
the year, the people said.
Point72 had more than $1 bil-
lion invested in Melvin Capital
as of earlier this year, playing
a significant role in Mr. Co-
hen’s performance, The Wall
Street Journal has reported.
The funds are still up for
the year through September,
though most are lagging be-
hind the S&P 500.
Tiger Global is up 22.8%
and Coatue is up about 10%
through the end of last month,
according to people familiar
with the figures. The S&P 500
was up 20.6%.
Spokespeople for the funds
wouldn’t say why the funds
lost money in September or
didn’t respond.
Last month’s losses repre-
sented a stark reversal. In the
nine months leading up to
September, funds had a streak
of beating their benchmarks,
the longest period since 2010,
Morgan Stanley said in the
Thursday note.
At a Wall Street Journal
event in New York on Thurs-
day, Fed Vice Chairman Rich-
ard Clarida said the central
bank will do what it takes to
keep the longest period of U.S.
economic expansion going.
He added that the central
bank takes each policy meet-
ing “one at a time.” Investors
will again be parsing Fed
speakers’ words over the next
week.
Elsewhere, the Stoxx Eu-
rope 600 added 0.7%, after
suffering heavy losses earlier
in the week. Japan’s Nikkei
gained 0.3%. And Hong Kong’s
Hang Seng dropped 1.1% after
the city’s chief executive said
a ban would be implemented
on wearing masks at public
gatherings, with penalties of
up to a year in jail and a fine.
Stock markets in mainland
China were closed.
—Avantika Chilkoti and
Joanne Chiu contributed to
this article.
 B12 | Saturday/Sunday, October 5 - 6, 2019
A Little Less Mania
For WrestleMania
Fake wrestling is making real money, but WWE still
looks vulnerable as it kicks off a lucrative TV contract
This business was on the ropes.
It still is, but in a good way.
With its blend of scripted en-
tertainment, live action, stream-
ing-friendly content, merchandise
sales and relatively young fans,
fake wrestling has made investors
real money. Shares of publicly
traded market leader World Wres-
tling Entertainment were a steal
back in early 2015, though, plung-
ing close to $10 following a loss-
making year and a disappointing
television-rights contract. They
briefly topped $100 this spring on
optimism over new five-year deals
with Comcast and Fox to air its
premier shows, Raw and Smack-
Down, that kicked off this week.
So what isn’t there to like
about this brawny hybrid of Net-
flix and the National Basketball
Association? The fact that it is
priced accordingly and that
growth is stalling. Buy now and
you might look more like a jabroni
than a genius.
The excitement isn’t all about
TV rights, of course. WWE has
built an enormous presence on so-
cial media, one of the most-viewed
YouTube channels and its own
paid over-the-top offering with
over a million paid subscribers.
Last year, WWE inked a highly lu-
crative 10-year deal to put on live
shows in Saudi Arabia and it just
agreed on an additional show this
month in the kingdom featuring a
surprise appearance by former
stars Hulk Hogan and Ric Flair.
But viewership, live-event atten-
dance and merchandise sales all
have dropped recently with the
first quarter of 2019 looking par-
ticularly ugly. The number of view-
ers of its marquee event, Wrestle-
Mania, fell for the first time ever
this year, as did the number of
streaming subscribers measured
EMILY ROSE BENNETT FOR THE WALL STREET JOURNAL
The labor market is one of the last to go when the economy turns sour.
Jobs Are the Least
Of the Fed’s Concerns
Slower hiring isn’t a big worry, but a rate cut looms
Jobs growth is slowing, but that
could have less to do with the
risks that are bearing down on the
economy than with the tightness
of the job market itself. It is part
of what makes the Federal Re-
serve’s jobs so difficult.
The Labor Department reported
that the economy added 136,000
jobs last month, a bit shy of econo-
mists’ expectations and below the
monthly average of 177,000 over
the previous 12 months. But after
reports earlier in the week showing
a worsening manufacturing slump
and a cooling services economy, in-
vestors were bracing for worse.
The troubles in manufacturing,
which has been buffeted by trade
tensions and slower global growth,
were clearly reflected in the re-
port. The sector lost 2,000 jobs
last month, and has added just
41,000 through all of 2019. That
compares with 188,000 in the first
nine months of last year.
But so far that doesn’t seem to
be bleeding over into other sec-
tors. While nonmanufacturing job
growth has moderated, that might
be more reflective of an environ-
ment where it is difficult to find
workers. The jobs report showed
that the unemployment rate fell to
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
the day after WrestleMania, ac-
cording to research outfit Wrestle-
nomics. The company blames the
first quarter’s weakness on “talent
absences”—the fact that some big
stars central to its story lines were
temporarily unavailable—and
points out that the second quarter
saw milder declines.
Some talent is leaving perma-
nently, though. Star Chris Jericho,
for example, decamped for upstart
All Elite Wrestling, which is
backed by billionaires Shahid and
Tony Khan. AEW launched a tele-
vision program on Wednesday on
TNT Network that ran at the same
time as WWE show NXT, which
airs on USA Network. Meanwhile,
competitor Ring of Honor, backed
by Sinclair Broadcast Group, re-
cently sold out Madison Square
Garden, until recently WWE’s lit-
eral stomping ground. WWE Co-
President George Barrios insists
that challenging its industry-lead-
ing position will be hard.
“We’re built on a lot of capabil-
ities that are hard to duplicate,”
he says. “It takes capital and ex-
pertise based on over 40 years in
this business.”
Perhaps, but there are reasons
to worry even if WWE keeps a
hammerlock on wrestling fans.
This is the first time that an in-
vestor can really assess its valua-
tion in a clear-eyed way because
both the Saudi events and the
contract with Fox, which shares a
controlling shareholder with The
Wall Street Journal, are now re-
flected in profit estimates for the
next 12 months. WWE’s shares
fetch nearly 30 times consensus
forward earnings forecasts com-
piled by FactSet.
If everything goes right then
that is merely a bit frothy. There
are a couple of gutwrench power-
3.5% from 3.7% a month earlier,
matching a 50-year low. Indeed,
with job growth still outpacing
growth in the working-age popula-
tion, the unemployment could
drop even further.
The job market’s performance
probably counts as a relief to Fed
officials, but they now seem likely
to cut rates when they meet next
month anyway. That is because
jobs are one of the last things to
go when the economy turns sour,
with companies cutting back on
other items, such as advertising
and capital spending, first.
Moreover, companies have acted
so cautiously since the financial
crisis that they have little fat to
cut in their workforces. As a re-
sult, they may not fire people un-
less they see an outright drop in
demand. And at that point the
economy might not just be at risk
of falling into a recession, but al-
ready in one.
So for the Fed, it isn’t enough
that the risks emanating from
trade and abroad have been con-
tained—policy makers need to see
them dissipate. As long as those
alarm bells keep ringing, the Fed
might keep on cutting.
—Justin Lahart
ON
THE
Competing wrestling
leagues are emerging to
challenge WWE.
Too Good to Believe?
WWE shares were a steal a few years ago before soaring on optimism over
new deals. But there are reasons to worry, including stalling subscriber growth.
WWE share price
$100
Details of
deal with
75 Comcast and
Fox emerged
Deal with
50 NBC Universal
announced
25
0 0
2014 ’15 ’16 ’17
*Measured day after WrestleMania, which was April 7 in 2019
Sources: FactSet (share price); Wrestlenomics (subscribers)
bombs that could take a chunk out
of future earnings, though. One is
if viewership continues to decline,
making the renewal of the TV con-
tract in four or so years poten-
tially much less lucrative. Back in
2014, WWE shares lost about half
OVERHEARD
One of the hottest emerging
names in women’s fashion
right now is best known for
two-day shipping of toilet pa-
per and cat food.
Amazon Fashion is trending,
with some of its listings even
going viral. Earlier this year,
fashionistas went wild for a
winter coat from Chinese outer-
wear brand Orolay after several
bloggers donned the oversize,
puffy silhouette.
In true Amazonian fashion,
the eiderdown coat, which com-
pares to those of a higher fash-
ion label like Canada Goose, is
available for $118.99 with free
Prime one-day shipping. It
comes in six colors and 10 sizes
and has a four-star rating on
the site.
This week, popular online
fashion publication Who What
Wear called Amazon “a full
blown shopping destination for
fashion girls,” dubbing it “the
’Zon.” Meanwhile, Vogue Maga-
zine said in July the mammoth
e-tailer could change the way
the world shops for fashion,
much like it has done with ev-
eryday items.
Amazon women’s fashion is
clearly having a moment. The
question is whether its value
holds up.
Amazon is a ‘shopping
destination for fashion girls.’
* ***
WWE Network subscribers*
2.0 million
1.5
1.0
0.5
’18 ’19 2014 ’15 ’16 ’17 ’18
of their value in a single day when
news broke of a disappointing
deal for another show.
Another big problem would be
if WWE’s Saudi gravy train de-
rails. While specific numbers are
hard to pin down, the sums are
In Dating, a Perfect
Match Is Hard to Find
Regulators are going after Match.com, but its
big share decline may be an overreaction
“Fraud” isn’t a word investors
want associated with a dating plat-
form—especially in today’s regula-
tory environment and in a business
for which established trust is a key
competitive advantage.
Yet that is exactly what the Fed-
eral Trade Commission in a recent
lawsuit alleges Match Group Inc.
facilitated. As in every romantic
spat, though, there are two sides
to a story. In this case, it doesn’t
seem much heartache is in store
for Match.
The suit, filed last week, in-
volves claims dating back to a
2017 investigation by the FTC in
which no resolution was reached.
The FTC alleges, among other
things, that Match induced non-
paying users to subscribe to its
Match.com app based on “fake
love advertisements” identified as
potentially fraudulent.
Suits against other dating plat-
forms brought by the FTC over the
past several years have resulted in
settlements requiring companies
to change business practices, en-
hance security and provide some
monetary compensation to de-
ceived consumers.
Match’s stock, which is up 73%
in the year to date, has fallen 12%
over the past month, in part due
to uncertainty around the lawsuit.
Since the FTC’s claims date back
two years, it doesn’t appear that
this case will resolve itself soon.
The market’s reaction may there-
fore be excessive.
Most of the users the FTC has
categorized as “fraudulent” are ac-
tually outside spammers or bots,
according to Match. Moreover,
none of the practices the FTC is
alleging remain in place today, ac-
cording to the company. Investors
are anxious these days about regu-
latory scrutiny of tech companies
that fail to protect users—Ama-
zon.com, Facebook and Care.com
all come to mind—but Match says
it has long had effective algo-
rithms and safety warnings in
place to do just that. Since at least
THE WALL STREET JOURNAL.
ETSUO HARA/GETTY IMAGES
meaningful. WWE said in July that
operating earnings this year
would be 5% to 10% lower if it
failed to sign a media-rights and
large-scale event contract with the
country. That doesn’t even count
its existing 10-year deal. De facto
Saudi ruler Mohammed bin Sal-
man has used such flashy sporting
events to open up his country to
the West. No wonder then that
WWE’s stock plunged by over 35%
last fall when the crown prince
looked vulnerable after being im-
plicated in the grisly murder of
journalist Jamal Khashoggi.
Threats to Saudi finances such as
last month’s attack on a key oil fa-
cility, or even a drop in oil prices,
could spur belt-tightening, threat-
’19
ening such extravagant events.
WWE might still have some
nifty surprise moves to find new
fans abroad—developments Mr.
Barrios says “could be transforma-
tional.” But bidding its shares
higher at a time of aggressive
competition, declining viewership
and heavy reliance on one contro-
versial fan requires some suspen-
sion of disbelief.
—Spencer Jakab
Match Group share price
$90
80
70
60
50
May 2019 Oct.
Source: FactSet
early 2015, for example,
Match.com users have been re-
quired to accept a safety pledge
before communicating with others
on the platform, according to the
company.
Perhaps most important, the
FTC’s claims are specific to
Match.com, which Macquarie
Group estimates will account for
just 15% of Match’s estimated $2.1
billion in revenue in 2019. Match’s
stock is currently trading on the
success of its leading app Tinder,
which, unlike Match.com, doesn’t
require a subscription to commu-
nicate with other users.
It also should be noted that
Match has been willing to engage
in legal tussles. Match also is cur-
rently involved in an intellectual-
property battle with competitor
Bumble, as well as multiple suits
against a Tinder co-founder.
Ultimately, legal peril and the
ensuing stock fluctuations may
just be something Match investors
have to endure. But much like a
quirk (or two) in a preferred
mate, the benefits tend to out-
weigh the risks.
—Laura Forman
 CULTURE | SCIENCE |
Bye-Bye, Bobo
Jason Gay on IPO-bound
startups cutting perks—
like office elephants C6

POLITICS | HUMOR
REVIEW THE WALL STREET JOURNAL. * * * *
Father of His Country
The life of Israel’s
David Ben-Gurion
Books C7

Saturday/Sunday, October 5 - 6, 2019 | C1

Cancer
Is Still
Beating Us
WE
NEED A
NEW
START
ILLUSTRATION BY C.J. BURTON

Most patients continue to face

have been studying and treat-
ing cancer for 35 years, and
here’s what I know about the
ineffective treatments. It’s time
progress made in that time:
There has been far less than it
appears. Despite some ad-
vances, the treatments for most
kinds of cancer continue to be
too painful, too damaging, too
expensive and too ineffective.
The same three methods—sur-
gery, chemotherapy and radio-
therapy—have prevailed for a half-century.
Consider acute myeloid leukemia, the bone-
marrow malignancy that is my specialty. AML
accounts for a third of all leukemia cases. Cur-
rently, the average age of diagnosis is 68;
roughly 11,000 individuals die annually from the
disease. The five-year survival rate for diag-
nosed adults is 24%, and a bone-marrow trans-
plant increases the odds to 50% at best. These
figures have hardly budged since the 1970s.
The overall rate of cancer deaths in the U.S.
has fallen by a quarter since its peak in 1991,
translating to 2.4 million lives saved—but im-
proved treatments are not the primary reason.
Rather, a reduction in smoking and improve-
ments in screening have led to 36% fewer deaths
for some of the most common cancers—lung,
excruciating, costly and
to shift our focus from fighting
the disease in its last stages to
finding the very first cells.
By Azra Raza
colorectal, breast and prostate. And for all those
gains, overall cancer death rates are not dramat-
ically different from what they were in the
1930s, before they rose along with cigarette use.
Meanwhile, cancer drug costs are spiraling out
of control, projected to exceed $150 billion by
next year. With the newest immunotherapies
costing millions, the current cancer-treatment
paradigm is fast becoming unsupportable.
What we need now is a paradigm shift. Today,
the newest methods generating the most re-
search and expense tend to be focused on treat-
ing the worst cases—chasing after the last cancer
cells in end-stage patients whose prognoses are
the worst. We need instead to commit to antici-
pating, finding and destroying the first cancer
cells. We must reliably detect the faint footprints
of cancer at the beginning and stop it
in its tracks. Such prevention repre-
sents the cheapest, fastest and safest
alternative to the terrible, longstanding
treatment trio of slash, poison and
burn. It’s the most universally applica-
ble way to save lives, and the estimated
cost-savings from early diagnosis add
up to over $26 billion a year, more than
any other new approach can promise.
Earlier detection is also the most
humane way to improve cancer out-
comes. Status quo treatments—the combination
of surgery, chemotherapy and radiation for solid
tumors, or chemo and bone marrow transplants
for liquid ones—can be brutal and indiscriminate
killers. Treatments often leave patients in agony,
while providing mere months of added survival.
The new immunotherapies can be even more
Please turn to the next page
This essay is adapted from Dr. Raza’s new
book, “The First Cell and the Human Costs
of Pursuing Cancer to the Last,” which will
be published on Oct. 15 by Basic Books. She
is the Chan Soon-Shiong Professor of
Medicine and director of the MDS Center at
Columbia University.

Inside
HISTORY WEEKEND TABLE TALK
False CONFIDENTIAL

Mao’s ideas have

had a long, bloody Divide The U.S. Forest
Pass the
gomasio: Bold
global afterlife— Citizens of the world Service chief flavors in food
and still inspire and members of local says that some are spurring
communities don’t
revolution and have to be political fires should be more exotic
unrest today. C4 foes. C3 left to burn. C6 condiments. C5
C2 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

REVIEW

A Good truth in that couplet

that points up a deep
and women is a
problem.
sex. Men are notoriously undis-
criminating; women, obviously

Man Is demographic chasm

in this country and in
much of the devel-
It is esti-
mated that for
every three
more refined and sophisticated,
are more choosy. But with data
now available from dating apps
Getting oped world.
The gender imbal-
men with bach-
elor’s degrees
we are beginning to get a sense
of just how big this gap is too.
EDITOR
AT LARGE Even ance in educational
attainment is getting
in their 20s and
30s, there are
Aviv Goldgeier, an engineer
with the dating app Hinge, was
GERARD
BAKER Harder to larger every year.
That may spell good
news, ultimately, for
now four
women. Most
studies of hu-
recently interviewed about data
he’d compiled on the “likes” of
straight men and women. If we
Find income and employ-
ment equality—but it
man heterosex-
ual attraction
think of attractiveness in terms
of an economic asset, we can
The presages increasingly suggest both measure how evenly or un-
future of problematic social that intellectual evenly distributed that asset is
When my daughters were conditions for gener- capacity and among men and women. Econo-
mating small they had a favorite bit of ations of men and achievement is mists use a measure—the Gini
looks doggerel that prefigured some women. fundamental change in sexual an important attractor and that coefficient—to estimate the
grim as early feminist leanings. According to the U.S. Depart- equality since women were people tend to gravitate toward level of inequality in an econ-
“Girls go to college to get ment of Education, more than given the vote. If education re- a partner with roughly the same omy. The nearer the number is
more more knowledge/Boys go to Ju- 57% of the class of 2018 who ally is the key to lifetime earn- level of attainment. to 0, the more evenly distrib-
educated piter to get more stupider,” they graduated with bachelor’s de- ing potential, then slowly, per- But every year, the pool of el- uted the wealth. The closer it is
would chant at me, and, with grees were female. The gap for haps, steadily, we can expect the igible male graduates is getting to 1, the more unequal it is.
women more evident passion, at any master’s degrees was even gap in pay and opportunities to smaller relative to the number It turns out that the Gini in-
compete young males in their vicinity. I’d wider: 59% to 41%. narrow. of women. Now of course col- dex for males is 0.542—a high
for fewer try to take issue with the gram- This gender imbalance has I realize of course that there lege isn’t everything, and many level of inequality. A small num-
matical betise in the second line existed since 1981, when more are many other reasons for gen- women will find a perfect mate ber of men hold most of the at-
eligible that, I would point out, slightly women than men graduated for der differences in economic out- who hasn’t been through the tractiveness assets. For women,
males. undermined the premise of the the first time, and it’s widened comes, and many of those aren’t four-year playground of parties, in the eyes of men, the attrac-
jibe, but it was no good. Girls just about every single year going away. But the impact of a sleeping and the occasional lec- tiveness assets were much more
were smarter than boys and im- since then. In fact, the Depart- more highly educated female ture. But the reality is that more evenly spread—a Gini index of
measurably superior in just ment estimates that by 2027 population in the workforce of them are going to have to if just 0.376. Grim confirmation: A
about every other respect. women will account for about should be substantial. they want a meaningful rela- much smaller number of men
On that, of course, I have 60% of all bachelor’s degrees But while the economic con- tionship. are considered eligible by
never dared demur. awarded. sequences may play out this And there’s a larger problem women than is the case for
But as it turns out, and as my Now, from the perspective of way, it’s worth pondering some confronting these new cohorts women as viewed by men.

girls progress with grace and
accomplishment up the gilded
escalator of their liberal educa-
tion, there’s a searing piece of
economic justice and equity, we
can surely stipulate that this is
progress. It may be the most
tangible piece of evidence of a
of the social effects. In the much
larger game of life, love and re-
lationships, the growing educa-
tional disparity between men
of well-educated women. It’s al-
ways been assumed that women
are more selective in seeking
out a partner of the opposite
JOHN HINDERLITER
In other words, when they’ve
finished college, it’s women who
may need to go to Jupiter to
find a decent partner.

Hunting for available

methods.
screening

Cancer’s
Equally promising
are some of the imag-
ing and wearable de-

First Faint
vices being developed
at centers devoted to
early cancer detection.

Footprints At Stanford University’s

Continued from the prior page
dangerous and harsh. Patients have to be
treated in intensive care units, and entire indus-
tries are sprouting up just to control the deadly
side effects.
I’ve experienced the pain of this situation
from the other side of the hospital bed. My own
husband, a leading oncologist himself, survived
one cancer at the age of 34 and became con-
vinced that he was destined to die young, sus-
pecting every stray blemish of being malignant.
When a swollen lymph node appeared in his
neck in February 1998, he suspected the worse.
At first, we were relieved to find it was only a
lymphoma and not a much more terrifying met-
astatic appearance of his previous cancer.
But the treatments we gave him caused his
immune system to collapse. His weight went
down to a mere 139 pounds from 210, and his
face became disfigured by lesions and paralysis.
At our daughter’s eighth birthday party, I found
him hiding in a bedroom. “What’s wrong?” I
asked? “I did my best to live until her birthday,”
he answered. “I need another target, Az.” I
managed to say with bogus good cheer, “What
about my birthday?” He looked wistfully at me
and smiled, “I’m afraid that is too far.” Four
months later, he died of sepsis.
I’m not suggesting that the entire field of on-
cology has failed us. Lymphoma, in fact, is one of
the types of cancers for which outcomes have
improved, and there are others. In the 1970s, the
odds of surviving five years with mediastinal
germ-cell tumors—a cancer growing from repro-
ductive cells but which arises in the chest—was
Canary Center, Dr. San-
jiv Gambhir’s lab has
managed to modify a
specific type of immune
cell to patrol the body
for the presence of ma-
lignant cells and to
In reality, most com- send red alerts through
mon cancers are far the blood and urine if
more confounding. No they are detected. His
wonder that up to 95% laboratory is also de-
of cancer drugs brought veloping a “smart toi-
to the bedside in clinical trials fail Clockwise from rates from colorectal cancers and let” to sample stool for the DNA of mutated tu-
to win FDA approval. And among above left: Acute cervical cancers, which proceed in mors indicating early colorectal cancer. And an
the other 5%, many hardly deserve myeloid leukemia a stepwise manner from inception ongoing clinical trial there is testing a “smart
their approvals, as their improve- seen in cells; a to dangerous disease, also have bra” fitted with integrated thermal sensors to
ments to survival only last a few woman undergoing improved with screening. But the detect circadian temperature changes associated
months and for a fraction of the chemotherapy; Sia same is not true for lung cancer, with early-stage breast cancers.
treated cases. An exception has Lab’s mChip. for example. Three randomized My own efforts in early detection began in
been the introduction of new im- trials failed to show a reduction 1984, when I sensed that my cancer specialty,
munotherapies like CAR-T (chime- in lung cancer deaths from AML, would prove difficult to cure in my lifetime.
ric antigen receptor T cells). These have al- screening. Much of the treatment given to the pa- Sadly, so far, I have been proved right. We are
lowed some hopeless patients with lung cancer, tients was at best unnecessary, and some of it still using the same two drugs to treat AML that
melanoma, lymphoma and acute lymphoblastic proved actually harmful. we were using in 1977, with the same dreadful re-
leukemia to live years beyond their predicted The quest for me and many others in the sults. Back then, I pinned my hopes on finding
survival. But there are serious problems with field is to move beyond such annual tests and this leukemia in its pre-leukemic stage, and I
the much-hyped CAR-T. The treatment is avail- develop technology that would provide continu- needed human cells to study. Thus began my tis-
able, at a financially prohibitive cost, for very ous machine-monitored screening of the human sue repository, which contains thousands of sam-
few patients. Worse, it can be physically toxic body. That in turn would enable newly effective ples drawn from my patients over the past 35
and is not universally curative. treatments to head off cancer in early stages— years as they progressed through the natural his-
So what is the solution? for instance, quickly zapping a small budding tory of their diseases. Though we have regularly
For one thing, all of us in the biomedical sci- group of malignant cells with a laser without studied selected samples from this precious bank
ences need to descend from our high horse and the need for prolonged courses of radiation and of cells and made useful observations, we lacked
humbly admit where we have been wrong. We chemotherapy. And we already have a number the technology to analyze enormous batches of
have sought to them. Recent improvements in genomics and
model cancer in pe- mass spectrometry have now made it practical
tri dishes and mice, and economical to comprehensively examine tis-
seeking out single sue to find new biomarkers.
CLOCKWISE FROM TOP LEFT: PR. J. BERNARD/CNRI/SCIENCE SOURCE; VÉRONIQUE BURGER/SCIENCE SOURCE; SIA LAB AT COLUMBIA ENGINEERING AND OPKO HEALTH

only 3%, regardless of the stage; now that ranges
from 42% to 76%. Survival rates for patients
with melanoma, a cancer of the skin, and multi-
ple myeloma, a cancer of bone marrow plasma
cells, also have risen significantly.
Such improvements, however, also planted
the seeds of our current misguided approach.
The most dramatic results were achieved with
treatments developed more than 20 years ago
in two blood cancers, each of which was found
to be the result of a single cellular abnormality
that could be addressed by a single drug. These
successes were very welcome, but they had a
downside. They seemed to confirm that cancer
results from a genetic mutation that can be
cured with a “magic bullet.” Enormous re-
sources were invested in the hunt for single
mutations in other cancers, which has evolved
into a hugely popular medical effort known as
“precision oncology.” The idea is to sequence
tumors, identify the key mutations responsible
for the uncontrolled growth of cells and block
their action with a specific drug.
As precision oncology gained steam, a clini-
cal-trial initiative spearheaded by the National
Cancer Institute called the Molecular Analysis
for Therapy Choice, or MATCH, started in 2015.
There were more than 30 arms of this trial, and
the results are slowly trickling in. Among the
more common tumors tested, “actionable” mu-
tations addressable by existing drugs were
found in 15% of cases at best. A bigger disap-
pointment is that even pairing a mutation to a
drug did not guarantee results—only a third of
the matched patients responded to the treat-
ment, and half of those responses faded within
six months. Though the pursuit of precision on-
cology has by no means folded, expectations
have been seriously dialed down.
drugs for simple ge-
netic mutations. But
cancer is far too
complex a problem
to be solved with
such reductionism.
We have not made
much progress in the
past 50 years and
won’t advance much
more in another 50
if we insist on the
same-old same-old.
The idea of early
detection as the
best, most effective approach is not new. As far
back as 1907, the British physician Charles
Childe, author of “The Control of a Scourge,”
observed, “Cancer itself is not incurable...it is
the delay that makes it so,” and pushed for a
public campaign for early intervention. The
American Society for the Control of Cancer pro-
moted early detection drives from the 1930s to
1950s through a “Women’s Field Army” with
the slogan, “Delay Kills.”
Current screening tests have proven the po-
tential for a major shift in focus, but they are
far from perfect. Monitoring methods such as
mammography, colonoscopy, Pap smears and
testing for prostate specific antigen (PSA) have
been in use for decades, but not all are uni-
formly successful. Some lesions progress so
slowly that a patient is more likely to die of
something else, while some dangerous tumors
still are not detectable before it is too late to
cure them.
Despite the problems, several large studies
have found reduced breast cancer deaths for
women screened by mammograms, and death
of drugs that work well only in the early stages
of cancer, including for leukemia.
One urgent need in this effort is to define
“biomarkers” of cancerous cells. These can be al-
most anything—an unusual protein, a strand of
genetic material or some compound—that the
cancer cells release into our bodies. The National
Cancer Institute is already supporting several
large initiatives with the hope that such bio-
markers will not only provide the earliest foot-
prints of cancer but also help to separate aggres-
sive tumors from non-life-threatening ones.
A good example is the work of Dr. Bert Vo-
gelstein’s research group at the Johns Hopkins
School of Medicine. In 2018, they developed
CancerSEEK, a blood test that measures eight
cancer proteins and 16 genetic mutations from
DNA circulating in the blood. This “liquid bi-
opsy” correctly spotted the presence of cancer
in 70% of samples obtained from patients with
eight types of malignancies. Nor were they sim-
ply finding new ways to do old things. Five of
the cancers in question (ovary, liver, stomach,
pancreas and esophagus) have no currently
Sometimes, rather than improving existing
methods, a drastic change in strategy is essen-
tial. Our idea is to develop a radically different
set of tools for early cancer detection, by iden-
tifying those novel biomarkers and developing
imaging and implantable devices to provide
persistent monitoring of healthy bodies. We
have high hopes for a device that has been
dubbed the mChip, developed by Dr. Samuel
Sia, a biomedical engineer at Columbia Univer-
sity. It uses microfluidics to perform lab-quality
measurement of a cancer marker from a small
amount of blood in a test that can be per-
formed at home. The company OPKO recently
obtained FDA approval for the mChip to detect
one biomarker, for early-stage prostate cancer.
Once we identify the right biomarkers, the
mChip technology could be equally effective in
sighting the first leukemia cell.
Such sporadic efforts by a few researchers
will take far too long, however, to yield the
needed answers. We need to go further and re-
direct intellectual and financial resources from
the usual grant proposals to early detection us-
ing actual human samples. By posing exciting
challenges to competitive scientists, progress
can be accelerated dramatically.
What’s missing from today’s discussion of
cancer is the admission that current strategies
have failed and we need to take a 180-degree
turn. We now invest a lot of effort into finding
minimal residual disease. Why not apply the
same rigor and focus to finding minimal initial
disease? Cancer research has been promising
hope and delivering disappointments for a half-
century. Instead of letting cancer grow into its
end-stage monstrosity, let us assemble our re-
sources to pre-empt that battle and strike in-
stead at cancer’s root: the first cells.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 5 - 6, 2019 | C3

REVIEW

friends the more faithfully,” he wrote.

A generation later, in the early
1940s, the brilliant sociologist Robert
K. Merton conducted a study of a
small town in New Jersey. He focused
on a group he dubbed “influentials”
and divided them into two camps: the
locals, who had lots of friends and
followed the town news, and the cos-
mopolitans, who had lots of expertise
and kept current with world affairs.
One was your kindly old family doc-
tor; the other was the impersonal,
skilled medical specialist. The locals
understood the community; the cos-
mopolitans knew things. Merton’s ty-
pology suggested that we needed
both.
But do people really fall so neatly
into two types? You can easily pic-
ture a bred-in-the-bone community
booster attending a meeting of the
local Rotary Club; but that makes her
a member of a 1.2 million-strong in-
ternational network (and one that
has helped eradicate polio from much
of the developing world). Conversely,
you can easily picture the professor
of international relations at the lib-
eral-arts college who serves on every
committee and devotes herself to
sustaining the institution. Which is
she?
Real cosmopolitans—that is, peo-
DOMINIC BUGATTO

ple whose moral concern extends to

everyone on our small planet—are
rooted cosmopolitans, and because
they prize conversations across cul-
tures, they’re no friends of unifor-
mity. All this follows from Royce’s
BY KWAME ANTHONY APPIAH

The False Divide point about a wise provincialism:

T
The focused care and concern we
he political split between left and right, have for those near to us doesn’t
we’ve been told, is being overtaken by an clash with having care and concern
emerging realignment. “The struggle be-
tween the open and closed visions of society
may well be the most important political
contest in the world right now,” according to the Econo-
Between Locals for the planet and its inhabitants. Ev-
ery life is a negotiation between the
small scale and the large.
Yet there are real forces of re-

And Citizens of
mist. Fareed Zakaria has argued that we’ve entered “a alignment at work. In the 1950s and
new ideological era, one defined by an ‘open-closed’ di- 1960s, in the U.S. and Europe, the
vide—between people comfortable in a world of greater less educated voters skewed left and
openness in trade, technology and migration and those the more educated skewed right.
who want more barriers, protections and restraints. Par- Over the past generation, that pat-
ties of the future will likely be positioned along this new
spectrum.”
There are different ways of describing this divide.
“The future does not belong to the globalists,” President
The World tern flipped: The left-leaning elector-
ate became more educated and
richer. In his new book “Capital and
Ideology,” the French economist
Trump declared at the U.N. last month. “The future be- Thomas Piketty sees a division be-
longs to the patriots.” The British journalist David Good- Loyalty isn’t a zero-sum sentiment, and most of us manage tween the credentialed “Brahmin
hart has distinguished between two sorts of people, left” and the wealthy but not highly
Somewheres and Anywheres, worrying that the richer, to combine devotion to community with global concerns. educated “merchant right.” (Within
more educated, more mobile, less community-bound Any- the business elites, meanwhile, the
wheres have held sway within the ruling elite. Surveys tech sector skews left, while the en-
show that Americans without college diplomas are more likely to remain in a provincial, not merely for the provincial. But who identi- ergy sector skews right.) Mr. Piketty sees these various
their hometown, putting family ties over economic opportunity. There are stay- fies as provincial? Well, the great American philosopher elites as having captured the major parties, leaving those
ers and there are goers, with the conditions of the first group proving, on aver- Josiah Royce (1855-1916) did. A Harvard professor who who have neither money nor education feeling neglected
age, more precarious. grew up in modest circumstances in California, he thought and drawn to populist or nativist alternatives.
A much-discussed trend within American conservatism confirms the sense we should all be provincials. In an essay he published in If our democracy retains a modicum of health, tradi-
that the deck of party politics is being reshuffled. If the Reagan-era right repre- 1908, he argued that “a provincial community, be it the tional left-right arguments over how to balance prosperity
sented a fusion of the church and the chamber of commerce—of social conser- community of a small town, or of a great city, or of a and freedom with economic security and social justice will
vatism and free-market values—what’s been dubbed “post-fusionist” conserva- country district” had a just claim on our loyalties. continue to be hard-fought. The way we can best avoid a
tism focuses on the tensions between community and capital. Royce thought that spirited, proud communities could rancid clash between internationalists and nativists isn’t
The Republican senator Josh Hawley, of Missouri, talks about a war between better integrate and absorb newcomers, who were “often to abandon the aim of increasing both social and eco-
“cosmopolitans” (including corporate CEOs and Wall Street bankers) and the a boon and welcome indeed,” even as they pushed back nomic equality. It’s to show how these aims accord with
“American middle” (workers who volunteer for the local fire department even against the homogenizing pressures of modernity. He wor- a decent regard for community—for the hometown strug-
as international capital wreaks havoc with their livelihoods). Tucker Carlson, ried about the uniformities imposed by big media, big gling with automation and globalization; for religious and
the Fox pundit, similarly echoes left-leaning Democrats when he denounces dig- business and centralized authority—the forces of “assimi- civic communities that want some measure of accommo-
ital monopolies and the depredations of a “finance-based economy.” lation,” as he put it, that tended to efface local differences, dation from central authority; for governance that cares
You can find support for this picture in Europe, too. These days, it can seem so that there were more and more people “who read the about stayers and goers alike. The fusionism we need is
that a left-right alliance effectively governs France and Germany, while facing same books and newspapers, who repeat the same between a rooted cosmopolitanism and a wise provincial-
down populists (such as the French “yellow vests”) who can be hard to charac- phrases, who follow the same social fashions.” What ism. Any takers?
terize with the old left-right labels. In this vision, our political future is a con- Royce called “a wise provincialism” was compatible with
test of cosmopolitans against provincials. And the pressing question is the age- being “humanitarian, or universal in purpose or in experi- Mr. Appiah is a professor of philosophy and law at
old one: Which side are you on? ence.” That’s because loyalty isn’t a zero-sum sentiment. New York University. His most recent book is “The Lies
To see what this picture leaves out, it helps to find someone who speaks as “We love the world better when we cherish our own That Bind: Rethinking Identity” (Liveright).

A Long, “Jim Hickey: A Story of the One-

Night Stands.” In it, one charac-
word took on new life as a posi-
tive term among the beatniks of
the day. The “-ie” spelling won
Strange ter in a theatrical troupe says to
another, “At this rate it’ll take
about 629 shows to get us to
out in American usage, except
for the pejorative reduplication
Trip From Jersey City, are you hip?”
The “hep” version appeared a
“hippy-dippy,” suggesting foolish
idealism.
WORD ON
THE STREET Savvy to year earlier, in a column in the
New York Evening World quot-
While “beatnik” got left be-
hind by those coming of age in
BEN
ZIMMER Spaced- ing someone as saying, “Allow
me, please, to put you hep to
this oceanside thing.” Indeed,
the ’60s, “hippie” was applied to
the burgeoning countercultural
scene of San Francisco, first
Out well sound hippy to some. But A couple lated form
“hep” may have been the origi-
nal form, since the word was
used in print by local journalist
Michael Fallon in a 1965 San
we cannot afford to have a ‘them dancing at “hep” in the used in the 19th century as an Francisco Examiner article titled
or us’ mentality.” the Isle of early 20th exhortation from a driver for “A New Paradise for Beatniks.”
GREAT BRITAIN’S DUKE of Sus- That comment led the BBC to Wight century, horses to get lively and be alert. In the article, “hippie” refers to
sex, better known to the world wonder (also using Harry’s Brit- Festival in meaning “in Both “hip” and “hep” took off a new generation of beatniks
as Prince Harry, had a message ish spelling of the word), “Does 1969. the know,” in the jazz scene in the 1930s. A who had moved into the city’s
this week for readers of the being labelled a hippy actually “fashionable,” jazz enthusiast who was suitably Haight-Ashbury district. By the
Daily Telegraph. Writing from conjure up negative connota- or “sophisticated.” Some have “with it” came to be known as a “Summer of Love” in 1967, those
tions—and why would it speculated that this sense of “hep cat” or “hepster,” the latter “hippies” would become famous.

[Hippie]
Malawi, where he was observing
conservation efforts at national
be used to dismiss his ral-
lying call?”
“Hippie,” as it is usually
spelled in the U.S., carries
echoes of 1960s counter-
culture, which hit its peak
just over 50 years ago at
the Woodstock festival in August
1969. But “hippie” had already
“hip” originated from the West
African language of Wolof, from
the word “xippi” meaning “to
open one’s eyes.” That theory
lacks evidence, however, as Jesse
Sheidlower, formerly editor at
large at the Oxford English Dic-
tionary, wrote in Slate in 2004.
The origin of “hip,” Mr.
first appearing in the title of
bandleader Cab Calloway’s 1938
guide to the latest “jive” slang,
“Cab Calloway’s Cat-alogue: A
‘Hepster’s’ Dictionary.”
“Hepster” fell by the wayside,
but “hipster” caught on. The pi-
anist Harry Gibson, for instance,
was nicknamed “Harry the Hip-
With fame came a backlash,
as “hippie”—already a frivolous-
sounding label—became linked
in the public imagination to ste-
reotypes of spaced-out flower
children advocating peace and
love. Those hippy-dippy stereo-
types clearly linger, as Prince
Harry’s comment demonstrates.
MIRRORPIX/GETTY IMAGES

parks, Harry argued that it is
necessary to “overcome greed,
apathy and selfishness” if hu-
manity is going to protect the
planet from environmental de-
struction. He added, “This may
gone on a long, strange trip be-
fore the word became associated
with Woodstock’s long-haired
nonconformists.
That journey started with the
emergence of “hip” and the re-
Sheidlower concluded, “is, un-
satisfyingly, unknown.”
The O.E.D. traces the “well-in-
formed” meaning of “hip” to
1904, its first known appearance
in a novel by George V. Hobart,
ster.” In a 1945 recording, fellow
musician Stan Kenton can be
heard calling him “Hippy.”
Hip jazz lingo was a major
source of inspiration for the Beat
Generation of the 1950s, and the
Those who seek to understand
threats to the environment,
however, might approve of the
term’s original, more positive
root, since it’s a new way of be-
ing “in the know.”
 C4 | Saturday/Sunday, October 5 - 6, 2019
EVERYDAY MATH
EUGENIA CHENG
The Chaos of
Weather
Forecasts
IN THE DAYS BEFORE
I have to travel, I start
checking the weather
forecast to see what I’ll
need to pack and if my
flight is likely to be delayed. At this
time of year, as the seasons are shift-
ing, the forecast seems particularly
prone to changing every day, some-
times even hour by hour. If the
weather forecast is wrong, we might
be tempted to blame the meteorolo-
gists, but it could be the fault of the
mathematics.
The weather is what mathemati-
cians call a dynamical system. This
means that if we input data about
the system as it is right now, a set of
mathematical equations is supposed
to tell us what state the system will
be in at any given time in the future.
In some systems, a slight difference
in starting data causes only a slight
difference in outcome. For instance,
if you’re driving and you need to
slam on the brakes, you can predict
fairly accurately how long it will take
you to come to a stop, based on the
type of car and how fast you were
driving. If your speed estimate is off
by a few miles an hour, it won’t
make a huge difference in your stop-
ping time.
With the weather, however, a very
slight difference in starting condi-
tions can yield a wildly different out-
come further down the line. This is a
feature of the field of mathematics
called chaos theory, which is some-
times illustrated by the idea that a
butterfly flapping its tiny wings in
one part of the world can result in a
storm somewhere else. While chaos
theory was developed largely to
study the weather, it has also been
applied to other systems that are dif-
ficult to predict and can appear ran-
dom, such as traffic flow and the be-
havior of large groups of people.
A chaotic system is deterministic
in principle but unpredictable in
practice, simply because we can
never measure the starting data ac-
curately enough to be sure what is
going to happen next. We can’t find
all the butterflies. The best we can
do is take whatever measurements
are available and then use a whole
collection of models to find the
range of possible outcomes, along
with their probabilities.
When we say that a weather fore-
cast is “wrong,” it often only means
that the probability of a given out-
come was simplified for the benefit
of a general audience. Perhaps the
way to make better forecasts is for
us to become better at understand-
ing probabilities.
It’s worth noting, too, that day-to-
day local weather forecasts are very
different from models of climate
change, which are global and work
on the time-scale of decades and
centuries. Long-term models deal
with averages over long periods of
time, which helps to smooth out the
unpredictable effects of chaos theory.
Chaotic systems have another fea-
ture: Not only can we not predict the
future given our knowledge of the
present, but once we reach the fu-
ture, we can’t retrace our steps to
find out exactly what caused it.
Things always happen for a reason,
but we can’t always tell what that
reason is. A butterfly might have
caused a storm on the other side of
the world, but we can never actually
trace that storm back to a particular
butterfly.
Chaos theory allows us to distin-
guish between things we don’t un-
derstand at all and things like the
weather, which we understand but
TOMASZ WALENTA
can’t measure very accurately. Sci-
ence can’t predict the weather per-
fectly, but it’s still the best tool that
we have.
REVIEW
Maoist rebels march in the jungles of the Indian state of Chhattisgarh, southeast of New Delhi, in 2006.
Mao’s Global Legacy of
Revolution and Bloodshed
BY JULIA LOVELL
O
n Tuesday, China marked the
70th anniversary of Mao Ze-
dong’s founding of the People’s
Republic with a spectacular dis-
play of military hardware in Ti-
ananmen Square, invoking the “Great Helms-
man” as the august builder of the nation. In
fact, an official revival of Maoist culture and
politics has been under way since 2012. De-
spite the awful human toll of Mao’s long
reign, the leaders of the Chinese Communist
Party under Xi Jinping have brought back into
the mainstream—for the first time since
Mao’s death in 1976—key elements of Maoist
politics, revivifying self-criticism sessions
and, above all, a cult of personality, now cen-
tered around not Mao but Mr. Xi.
To shore up their own legitimacy, Mr. Xi
and the party he leads have recast Mao as a
respectable, self-disciplined statesman and
paterfamilias, not a bloodstained tyrant. But
Beijing’s current view of Mao obscures the de-
stabilizing legacies of Maoism: a volatile mix
of one-party autocracy, mil-
itarism, anti-colonial rebel-
lion and “continuous revo-
lution.” As Mao becomes
more central to China’s in-
creasingly authoritarian
government, it is worth re-
membering that his ideas
have inspired and fomented
global insurgency and sub-
version for the past 80
years.
For decades, many West-
ern analysts have underes-
timated the spread and re-
silience of Mao’s ideas. If
Maoism is thought of at all,
it is usually as a Chinese
force—and a long-spent one
at that. But Maoism retains
real power and allure be-
yond China as well as
within it. Mao’s ideology
has had a long, bloody
global afterlife in revolu- A boy at a newly
tions and insurrections that discovered killing field in
have transformed states, a Cambodian village
upended regions and left south of Phnom Penh,
tens of millions dead. July 1995.
Maoism’s global impact
took off in the late 1940s in
Malaya, Korea and Vietnam, states on China’s
borders that were breaking away from Euro-
pean and Japanese rule in the first hot con-
flicts of the Cold War. There, Mao’s anti-impe-
rial rhetoric, veneration of guerrilla warfare
and blueprint for tightly controlled party-
building galvanized ambitious communist reb-
els. In Vietnam, Maoism helped to build an
army that faced down first France and then
the U.S.
In Cambodia, the Chinese Communist Party
was the main source of inspiration and sup-
port for the Khmer Rouge before and after
they took power in the spring of 1975. The
Khmer Rouge were unruly diplomatic allies,
but they adopted many ingredients of Mao’s
political model: radical collectivization, a
pathological suspicion of the educated, and
the paranoia and constant purges of the Cul-
tural Revolution. By the time Khmer Rouge
rule ended in 1979, around two million people
had died unnatural deaths.
* ***
The communist leader’s
influence is resurgent in
Xi Jinping’s China, but
in places like India and Peru,
Maoism never went away.
During the Cultural Revolution (1966-76),
Mao’s last great campaign for ideological su-
premacy in China, he told the Chinese people
(and anyone else in the world who was listen-
ing) that it was “right to rebel.” Tens of mil-
lions of Chinese, indoctrinated by the cult of
the chairman, mobilized to smash their own
political and cultural authorities.
Through the late 1960s, noisy protest cul-
tures in Western Europe and the U.S. passion-
ately identified with this anarchic message of
insubordination. Students pinned Mao badges
onto their lapels and daubed quotations from
his “Little Red Book” on the walls of their lec-
ture halls. Black Panther leader Eldridge
Cleaver called Mao “the baddest [expletive]
on planet earth.”
In Western Europe, far-left
students and intellectuals mis-
read and embraced Maoism as
playful disobedience, even as
the ideology helped to trigger
murderous terrorism among its more extreme
disciples. In West Germany, the Red Army
Faction caused 34 deaths in the 1970s and
’80s; across the same period in Italy, the Red
Brigades committed some 14,000 acts of vio-
lence, resulting in an estimated 75 deaths.
After Mao’s death in 1976, his heirs in Bei-
jing denounced the Cultural Revolution as “10
years of chaos,” and Western infatuation with
him waned. But in the developing world—
above all in South Asia—his ideas continued
to fuel insurgencies. There, many saw Mao’s
revolution as a political success story, a model
for poor, agrarian states that had suffered un-
der colonialism. South Asian elites seduced by
the dream of an egalitarian utopia led Maoist
wars for decades after the chairman’s death.
India’s Naxalites, a revolutionary group pro-
claiming Maoist principles, launched their in-
surrection in 1967. After decades of violence
and crackdowns, the Indian government now
claims that 20 of the country’s 28 states are
THE WALL STREET JOURNAL.
FROM TOP: ASSOCIATED PRESS; RICHARD VOGEL/ASSOCIATED PRESS
affected by the insurgency, which Indian offi-
cials have called “the biggest internal security
challenge facing our country.”
The Naxalite operation in India today, cen-
tered on central-eastern India, owes its sur-
vival to the group’s readiness to tackle some of
India’s worst socioeconomic problems, includ-
ing the hierarchical violence of the caste sys-
tem and the racist exploitation suffered by the
poorest tribal peoples. More recently, the Mao-
ists have linked their cause to environmental
protests. After 2003, India—eager to increase
industrial revenues—began selling mining con-
tracts to multinational corporations, especially
in the mineral-rich states of Chhattisgarh and
Jharkhand. Maoist insurgents have offered the
most organized military resistance to govern-
ment and corporate efforts to empty land for
industrial development.
In Peru, Mao’s ideas inspired a tiny band of
underequipped, far-left ideologues—the Shin-
ing Path—to come close to toppling the state.
By the early 1990s, with inflation running at
more than 12,000%, the country found itself in
the grip of a millenarian cult of Mao. A provin-
cial philosophy professor
named Abimael Guzmán was
deified as Peru’s “Chairman
Gonzalo” and the “greatest
living Marxist-Leninist”—
until he was captured by po-
lice in 1992. The civil war he
caused killed some 69,000
people and swelled the
country’s cities with at least
600,000 refugees from Mao-
ist and state violence.
As for today’s China,
Mao has an ambiguous, un-
stable legacy. Mr. Xi is de-
termined to suppress some
aspects of the chairman’s
heritage, especially the
grass-roots mobilizations of
the Cultural Revolution,
which almost destroyed the
party-state that Mr. Xi
wants to strengthen.
But large parts of the
Mao cult continue to thrive
beyond party control. After the party disman-
tled job security for city workers in the late
1990s, laid-off laborers marched in protest,
brandishing portraits of Mao as the patron
saint of workers’ rights. Neo-Maoists in China,
angry at the inequalities generated by the free
market and globalization, quote Mao’s 1960s
exhortations to overturn the state.
Nowhere are the paradoxes of the Maoist
heritage clearer today than in Hong Kong. In
1967, at the peak of the Cultural Revolution,
Red Guards in British colonial Hong Kong put
Mao’s calls to smash capitalism and imperial-
ism into action with strikes, protests, riots
and bomb attacks. Fast forward to the anti-
government protests of 2019, and Beijing’s po-
sition has reversed: China’s government,
which still proudly declares Maoism its “cardi-
nal principle,” stands willing to use military
force to quell unrest.
Maoism remains today a perplexing shape-
shifter: a program of totalitarian autocracy that
also legitimizes furious defiance.
Dr. Lovell is a professor of modern China at
Birkbeck College, University of London. Her
new book is “Maoism: A Global History”
(Knopf).
 THE WALL STREET JOURNAL.
On my mother-in-
law’s table there
are always at least
two sets of salt and
pepper, in old-fash-
ioned mills, ar-
TABLE
ranged at thought-
ful intervals so that
TALK everyone can reach
them. What a new
BEE
WILSON guest to her table
may not realize is
that these little
grinders come with an unspoken
rule. Only take the pepper, never
the salt. I discovered this one eve-
ning when I salted my soup and my
mother-in-law reacted as if I had
punched her on the nose. She is a
superb cook, trained in the French
tradition, and by adding salt at the
table, I had implied, rudely, that her
seasoning could be improved. She
doesn’t feel the same about pepper,
which you are at liberty to grind
until you make yourself sneeze. My
mother-in-law views pepper as a
condiment, meaning that it is at the
discretion of the eater and not the
cook.
Condiments, I find, can inspire
strong passions, and maybe it’s
partly because it’s the one part of a
sit-down meal that the diners them-
selves can control. The whole cate-
gory of condiments has undergone a
radical expansion over the past de-
cade. I welcome this development
because it’s a sign that people are
starting to be more thoughtful about
flavors rather than reaching unques-
tioningly for the pepper grinder. The
old Anglo-French bedrock of salt-
and-pepper has finally started to
crumble. Few people would add car-
damom or cloves to each and every
dish, so why assume that pepper
goes with everything?
A condiment, according to the
New Oxford English Dictionary, is
“anything of pronounced flavor used
to season or give relish to food, or
to stimulate the appetite.” It’s no
wonder that our attitude to condi-
ments has changed, given that our
appetites are often so different from table, from chili flakes and wasabi to fish sauce and chaat masala.
a generation ago. It seems to take
stronger relishes to satisfy us than
in the past—witness the fact that kimchi (es-
sentially fermented cabbage and chili pickle)
has become a beloved food not just in South
Korea but across the world.
Recently, I noticed that my own condiment
habits have changed. My trusty blue pepper
grinder is definitely still called for any time I
make spaghetti carbonara or soft-boiled eggs.
There is something about egg yolk
that demands the spiky pungency of
pepper. But most evenings, pepper It seems
never makes it to our table. I gener-
ally prefer the fire of chili flakes or
to take
the tang of Dijon mustard, both of stronger
which seem to offer heat in a less relishes to
intrusive form than pepper. My two
older children hardly bother with satisfy us
pepper since they got hooked on than in
sriracha, the sweet but hot sauce
which originated in Thailand and is the past.
used, among other things, as a con-
diment for pho soup in Vietnam.
A condiment is really a way to complete the
deliciousness of a dish: It is that missing com-
ponent which brings everything into focus,
whether it’s a dash of black vinegar or a dab of
sinus-clearing wasabi. Depending on personal
taste, each of us will reach for something dif-
GWENDA KACZOR
ferent. Some crave sweetness, some crave gar-
lic and some crave ketchup, whose key appeal
is that it is sweet, sour, salty and umami (or sa- favorite ones. Within a day, I had received nearly dishes could benefit from a little extra dash
vory) all at once.
EXHIBIT
The Art of
Selling Movies
Above, a poster for the 1920 silent film ‘The
Cabinet of Dr. Caligari.’ Right, a poster for the
1935 drama ‘The Girl From 10th Avenue.’
* * * * Saturday/Sunday, October 5 - 6, 2019 | C5
REVIEW
HISTORICALLY SPEAKING
AMANDA FOREMAN
The Long Road
To Cleanliness
AS THE MOTHER of
five teenagers, I have a
keen appreciation of
soap—especially when
it’s actually used. Those
little colored bars—or more fre-
quently nowadays, dollops of gel—
represent one of the triumphs of
civilization.
Adolescents aside, human beings
like to be clean, and any product
made of fats or oils, alkaline salts
and water will help them to stay
that way. The Babylonians knew
how to make soap as early as 2800
B.C., although it was probably too
caustic for washing anything except
hair and textiles. The Ebers Papyrus,
an ancient Egyptian medical docu-
ment from 1550 B.C., suggests that
the Egyptians used soap only for
treating skin ailments.
The Greeks and Romans also
avoided washing with harsh soaps,
until Julius Caesar’s conquest of Gaul
in 58 B.C. introduced them to a softer
Celtic formula. Aretaeus of Cappado-
cia, a 1st century A.D. Greek physi-
cian, wrote that “those alkaline sub-
Salt and Pepper
stances made into balls” are a “very
excellent thing to cleanse the body in
the bath.”
Following Rome’s collapse in the
5th century, the centers of soap-mak-
Are No Longer ing moved to India, Africa and the
Middle East. In Europe, soap suffered
from being associated with ancient
paganism. In the 14th century, Cru-
Enough
saders returning from the Middle
East brought back with them a taste
for washing with soap and water, but
not in sufficient numbers to slow the
spread of plague.
Soap began to achieve wider ac-
ceptance in Europe during the Re-
More varied flavors in our cuisine call for bolder additions at the naissance, though geography still
played a role: Southern countries
had the advantage of making soap
out of natural oils and perfumes,
The thing I usually feel a dish is missing, even answers, from mayonnaise to pomegranate while the colder north had to make
when I’ve cooked it myself, is sharpness, so I put molasses to “fiery pickle made to an old fam-
lemon wedges out, which no one touches except ily recipe.” A person after my own heart re-
for me. If you share my sour passion, I strongly plied, simply, “butter.” But there were also
recommend a superb new cookbook by Mark Di- more unusual choices, from gomasio (toasted
acono called “Sour: The Magical Element That sesame seeds ground with salt) to Filipino
Will Transform Your Cooking.” Mr. Diacono in- banana sauce. What came across most clearly
troduced me to a whole new set of sour condi- was the affection people felt for their own
ments, from spicy tamarind beloved condiments, whether it was a green
dressing to chaat masala, a Indian chutney or a bottle of Tabasco.
zingy spice mix made from dried Part of why condiments inspire such devo-
mango powder, cumin and other tion, I suspect, is that they are a chance to
ingredients. guarantee a taste of something good, even
If most of us are eating more when dinner itself is bland. The British food
condiments these days, it is writer Nigella Lawson has said that she trav-
also because we are experienc- els with a tube of hot mustard in her hand-
ing a wider range of cuisines. bag, in case of emergencies. One person
The condiment we choose de- tweeted that her father ate marmalade with
THOMAS FUCHS
pends on what we are eating. everything, including sausages, because it
The food writer Mimi Aye, au- was the only decent thing to eat at boarding
thor of “Mandalay: Recipes and school. Someone else tweeted that he
Tales from a Burmese Kitchen,” couldn’t currently cook with chili because of
tells me, “Burmese always have chili on the ta- his five-year-old child, “so we’ve had to lift
ble: oil, fresh, roasted or pickled. They also our spicy condiment game in response.” The do with animal fats and whale blub-
have fish or soy sauce for saltiness, and lime, joy of condiments—and the reason why cooks ber. Soap’s growing popularity also
lemon or vinegar for acidity. Which ones de- can be a little offended by their use—is that attracted the attention of revenue-
pend on the dish.” you are personalizing dinner to please your- hungry governments. In 1632, in one
I only realized just how vast the whole cate- self. of the earliest documented cases of
gory of condiments had become when I put out As cooks, we may like to believe our food crony capitalism, King Charles I of
a request on Twitter for people to tell me their is perfect. But as eaters, we know that most England granted a group of London
soapmakers a 14-year monopoly in
300 replies, and I was staggered by the range of of this or grind of that. exchange for annual payments of
four pounds per ton sold.
Soap remained a luxury item,
however, until scientific advances
during the age of the Enlightenment
made large-scale production possi-
ble: In 1790, the French chemist
Nicholas Leblanc discovered how to
make alkali from common salt. The
saying “cleanliness is next to godli-
ness”—credited to John Wesley, the
founder of Methodism—was a great
piece of free advertising, but it was
soap’s role in modern warfare that
had a bigger impact on society. Dur-
ing the Crimean War in Europe and
the Civil War in the U.S., high death
tolls from unsanitary conditions led
to new requirements that soldiers
use soap every day.
In the late 19th century, soap
COLLECTION OF DWIGHT M. CLEVELAND (2)
manufacturers helped to jump-start
the advertising industry with their
use of catchy poems and famous
artworks as marketing tools. British
and American soapmakers were
ahead of their time in other ways,
too: Lever (now Unilever) built
housing for its workers, while
Procter & Gamble pioneered the
practice of profit-sharing.
And it was Procter & Gamble that
DWIGHT CLEVELAND, a real-estate developer and historic preservationist, has made soap the basis for one of the
amassed one of the world’s largest private collections of movie posters, numbering most influential cultural institutions
over 45,000. “Cinema on Paper: The Graphic Genius of Movie Posters,” published of the last century. Having read re-
by Assouline, reproduces more than 100 works from Mr. Cleveland’s archive—post- ports that women would like to be
ers for everything from early European silent films to 21st-century Hollywood fare. entertained while doing housework,
In a foreword, Ben Mankiewicz, the Turner Classic Movies host, writes that movie the company decided it would spon-
posters represent “what is perhaps the purest collision of art and commerce…. sor the production of daytime radio
[T]hey are imbued with optimism and filled with the escapist thrill of what we domestic dramas. Thus began the
imagine the screen holds in store for us: romance, adventure, laughter, betrayal, first soap opera, “Ma Perkins,” a 15-
tragedy, justice, redemption, truth.” “The Cabinet of Dr. Caligari” (left) is a Ger- minute tear-laden serial that ran
man silent horror film released in 1920. “The Girl From 10th Avenue” (above) is an from 1933 until 1960—and created a
American drama from 1935, starring Bette Davis. —Elizabeth Winkler new form of storytelling.
 C6 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

REVIEW

and productivity” of U.S. forests and grasslands,

“to meet the needs of present and future genera-
tions.” Sometimes, Ms. Christiansen says, part of
managing forests is cutting some down.
The agency’s founding chief, Gifford Pinchot,
wanted it to “provide the greatest amount of good
for the greatest amount of people in the long run.”
That means hosting visitors, explorers and anglers,
as well as logging companies that harvest, thin and
replant trees. It also involves researching new uses
for forest waste, advocating for the use of wood as
a green building material and collaborating with
states, tribes, corporations and private land owners
to tackle insects, disease, fire and other challenges
that don’t respect property lines.
Ms. Christiansen, 60, was born shy—a “hide-be-
hind-my-mother’s-leg kind of little girl.” She and
her sister would lose themselves for hours, roaming
the woods on horseback and motorbikes. A neigh-
bor gave the girls access
to his 500-acre farm,
‘We don’t which she calls “one of
ask the the biggest gifts ever: our
own learning laboratory.”
National “We were his little for-
Weather est rangers,” she says.
Service to “We’d report any garbage
dumping; we’d always
prevent check on the gates.”
and stop all After graduating from
the University of Wash-
hurricanes.’ ington’s College of Forest
Resources in 1983—part
of the first generation in her family to get a college
degree—Ms. Christiansen began a 26-year career
with the state’s Department of Natural Resources,
eventually becoming Washington state forester.
Later, she held the equivalent position in Arizona.
In 2010, she joined the U.S. Forest Service as its
deputy director of fire and aviation management.
She was named its leader last year. She tells staff-
ers that she has been serving the agency’s mission
for the past 36 years, even if it’s “just the last nine
years I’ve actually worked at the Forest Service.”
Much has changed for logging communities and
forest-management practices since Ms. Chris-
tiansen’s childhood days making the trek between
RYAN DONNELL FOR THE WALL STREET JOURNAL

Olalla and the Olympic National Forest with her

family. Ms. Christiansen says that the old Forest
Service policy of extinguishing all wildfires by the
morning after they were reported, for example, has
been shelved to allow some fires to do their natural
job of burning up excess fuel, such as the dead veg-
etation on the forest floor. And during harvest
time, she says, more trees are left along river banks
and more debris left in rivers and streams to create
shade, pools and natural habitats for fish.
When she repeats that childhood drive out to
Olalla today, the biggest difference she sees is
fewer forests and more people. “We have a great
WEEKEND CONFIDENTIAL | CHRIS KORNELIS propensity to want to live in our forests,” she says.

Vicki Christiansen
For the nation’s top forester, that means more
homes built among beautiful landscapes that rely
on fire as a natural part of their ecosystems. This
intersection came to a head in Paradise, Calif., last
November in one of the deadliest forest fires in U.S.
history, leaving 85 people dead just a few weeks af-
ter Ms. Christiansen was sworn in as chief.

Should some forest fires be left to burn? Some critics, including President Donald Trump,
blamed forest management for the blaze’s inten-
sity and devastation. Ms. Christiansen says that

O
nly you can prevent forest fires, as the old television ad
said, but the nation’s top forester wants to let a few
burn.
A raging fire tends to be seen as a disaster, even a
failure of forest management. But Vicki Christiansen—
the chief of the U.S. Forest Service, who spent 26 years as a wildland
firefighter—says that fire is an essential part of many landscapes’
natural ecosystems. Not only would it be impossible to suppress ev-
ery blaze, she wouldn’t do it if she could. Forest fire, she says, is
something the nation has to live with.
“We don’t ask the National Weather Service to prevent and stop
all hurricanes,” she says. “We ask communities and others to be pre-
pared to receive a hurricane.”
Seated in a conference room at the Olympic National Forest’s
headquarters in Olympia, Wash., Ms. Christiansen can point to a
nearby forest where she interned with the timber giant Weyer-
haeuser and the nearby Capitol State Forest, which she used to man-
age for Washington state’s Department of Natural Resources.
Her life in forests started 60 miles away. Ms. Christiansen was
raised on 10 wooded acres in the small community of Olalla, Wash.,
on the Kitsap Peninsula—down the highway from Olympia, along the
oyster beds of the Hood Canal, through the once-bustling logging
town of Shelton. Her father worked in heavy construction, and her
mother was a bookkeeper. In Olalla, she and her sister rode horses
through the woods and built forts in old-growth tree stumps that
had burned in the early 1900s.
Before Ms. Christiansen’s father would clear land to build a home,
she recalls, she insisted on having a say on what would happen to
trees that were at risk. “When it came time to finally prepare the site
for the building of the house,” she recalls, “I put my hands on my
hips, and I negotiated [with my father] every single tree that was go-
ing to be harvested and which ones were going to be left.” She was
9. It was then, she says, that she declared that she would be both a
forester and a conservationist.
“I saw those as interchangeable,” she says, “and I still do to this
day.”
As the head of the U.S. Department of Agriculture’s Forest Ser-
vice, Ms. Christiansen oversees an agency that manages 193 million
acres on 154 national forests and 20 grasslands in 43 states, plus
Puerto Rico. The agency’s mission is to “sustain the health, diversity,
the reasons why the Camp Fire—which California
fire officials have concluded was sparked by Pacific
Gas & Electric power lines—proved to be so disas-
trous are more complicated.
She notes that the National Cohesive Wildland
Fire Management Strategy—a wide-ranging inter-
agency effort that Ms. Christiansen helped to es-
tablish 10 years ago when she was state forester in
Arizona—calls for managing landscapes and com-
munities to prepare for fire, such as suppressing
blazes in populated areas and directing them away
from homes. But even meeting all those goals
won’t prevent all forest fires.
Ms. Christiansen doesn’t call the response to
the Camp Fire, the management of the land or the
preparation by local communities perfect—but
even if they had been, she says, “there was nothing
we could do to stop that fire” in its devastating
first 24 hours.
“Some fires, yes, we can stop,” she says. “But
there are some that are hurricane fires.”

Silicon After great

consideration, we
shoes, say “we’re
a revenue-based
Wall Street did not seem terri-
bly enthused with Dennis’s

Valley to are going to sell

the private jets.
subscription
model.” If they’re
idea for a Frank Gehry-de-
signed underwater office
This is a decision wearing sneak- building with a private missile

JASON
Wall Street: that is both sym-
bolic and practi-
ers, it’s still OK
to say “we’re a
defense system and a dolphin
launch.
GAY What, Make cal. It was not a
good look for us
lifestyle brand.”
I don’t know
Playing beer pong on Friday
afternoon is still OK. But
Money? Us? to own a fleet of
Gulfstreams. It
what a “lifestyle
brand” is, either,
please stop playing Pappy Van
Winkle 23 pong. And no more
was especially but if you get Ortolan Wednesdays.
A letter not a good look stuck, just say I regret the Rolling Stones
TO THE STAFF: for us to fly them “it’s like Nike will not be playing the Holi-
from a Folks, I know everyone was to Rome for Thursday pizza think Dennis got a little bored meets Netflix.” day Party, as previously an-
fictitious excited about cashing in on nights. and forgot he was running.) If they keep asking ques- nounced. Instead, it will be
CEO to a our upcoming public offering, We are also going to sell Remember, Dennis is still in tions, just run and hide be- Side Door, the band Dennis’s
but it looks like this whole the company elephant, Bobo. month three of a two-year ex- hind a tall plant. son founded with his team-
fictitious “profitability” craze is here to We all loved him, and he was ecutive vow of silence, so do Really, all you need to know mates on the USC crew team.
company stay, at least for a while. fantastic at staff birthday par- not expect a verbal response is this: We are not launching a Ashton Kutcher is STILL
We’re going to have to delay ties, but Bobo was becoming a from him on any of these top- chain of fast-casual vegan res- visiting the office on Tuesday.
that ‘s no the IPO. Believe me, I am as bit of a distraction in the of- ics. taurants on the moon in No- Smiles, everyone! And zipped
longer disappointed as you are. I’d al- fice. And let’s face it: the Those of you who “bor- vember. It’s delayed indefi- lips about Bobo. Bobo loved
going ready picked out four private smell. rowed” a company Bugatti nitely. Ashton.
islands! Which technically Our founder has emailed to from the company Bugatti Same goes for the cat yoga Last but not least, and you
public. would have been—yes—my ask that you no longer refer to share, please return it ASAP. studios. We’ll workshop those probably saw this coming, but
own archipelago. Sigh. him as Supreme Genius Being We need to put a good pub- internally, with stuffed cats. we will not be furnishing com-
In the meantime, we’re go- of Gaia. He’s back to being lic face on our situation. If a There will no longer be a pany logo fleece vests for the
ing to have to tighten up until Dennis. stranger mentions the IPO de- manager’s retreat in Gstaad, winter.
this businesses-should-make- Also: Dennis’s 2020 inde- lay and asks you what our Switzerland. It will be at Ap- I know this stresses some
ZOHAR LAZAR

money fad blows over. Here pendent presidential campaign company is really about, take plebee’s. of you out. Because of this, we
are some company-wide deci- has NOT ended. It’s simply a good look at the their foot- We are not going to be will be returning carbohy-
sions, effective immediately: “suspended.” (Admittedly, I do wear. If they’re wearing dress breaking ground on HQ 2.0. drates to the cafeteria.

Educating Lyra
A return to
Philip Pullman’s
Oxford C10
READ ONLINE AT WSJ.COM/BOOKSHELF
ELLIOTT BANFIELD
AUSTRIAN ALL-STARS Economists Carl Menger, Joseph Schumpeter, Friedrich Hayek and Ludwig von Mises.
Team Liberty
As socialism and central planning captured the allegiance of intellectuals and
governments, one group of thinkers argued for free markets and individual freedom
The Marginal Revolutionaries
By Janek Wasserman
Yale, 354 pages, $35
BY GEORGE MELLOAN
A
T THE DAWN of the 20th
century, Vienna was the
nerve center of a vast
Austro-Hungarian empire
that controlled most of
central Europe. The city was a haven of
baroque splendor and liberal conscious-
ness, a multicultural citadel of wine,
women and song. Ironically, it was also
the incubator of revolutionary move-
ments that would make the century the
bloodiest in human history and bring
profound political, social and economic
change to vast stretches of the West.
It was in Vienna’s coffee houses that
Russian Bolsheviks Nikolai Bukharin,
Leon Trotsky, Vladimir Lenin and Jo-
seph Stalin plotted the Marxist revolu-
tion that would exact a massive death
toll in their homeland. Another coffee
house habitué, Adolf Hitler, would
inflict on millions of Europeans a lethal
Germanic variant, National Socialism.
Fortuitously, yet another coffee-house
discussion was hatching ideas totally at
odds with socialism. Their originators
were laying the intellectual foundation
for policies tolerant of economic free-
dom and market capitalism. These ideas
would become the core of the so-called
Austrian School of political economics.
For a time, an expanding Soviet Empire
spread Marxism throughout the world,
but by the end of the 20th century the
ideas of the Austrian School would
dominate global economic policies.
With “The Marginal Revolutionar-
ies,” Janek Wasserman, a history pro-
fessor at the University of Alabama and
the author of a book on Vienna between
the wars, has written a masterly history
of this war of ideas. He cites the econo-
mist Carl Menger as the founder of
the Austrian School, in the late 19th
century. Menger challenged the then-
orthodox “labor theory of value” that
Karl Marx had turned into the war cry
“workers of the world unite.” In its
place Menger introduced the concept of
“marginal utility,” which in oversimpli-
fied terms means that the only accurate
way to measure the true value of
goods, and thus achieve an efficient
allocation of resources, is through an
arrangement that allows the buyer
to signal what he is willing to pay to
satisfy his needs or desires—in short,
what the market will bear. Setting
prices by state edicts begs for trouble.
Menger’s ideas, over time, were elabo-
rated into a broad theory of the econ-
omy and society, so that the Austrian
School came to signify a defense of
individual liberty and an indictment of
statism and central planning.
The early Austrians, such as Menger,
Friedrich von Wieser and Eugen von
Böhm-Bawerk, held prominent posts
at the University of Vienna or in the
Austro-Hungarian government. But
World War I was an “unmitigated disas-
ter” for their circle, the author writes.
BOOKS
THE WALL STREET JOURNAL.
The empire collapsed. Horrible wartime
losses traumatized the Austrian popula-
tion. The Bolsheviks had gone home,
but their ideology remained. The once
liberal city became a “red and black”
Vienna of contending Marxists and
National Socialists.
Younger disciples of Menger mi-
grated to America and attracted a
following to combat the statist tenden-
cies of the New Deal and John Maynard
Keynes. Many “Austrians” had made
their reputations by the end of the
1920s, Mr. Wasserman writes. “They
developed innovative understandings of
business cycles and monetary theory,
which gained a wide hearing in the
post-World War I and Great Depression
periods.” Ludwig von Mises inveighed
against governmental attempts to miti-
gate business cycles, arguing that inter-
ventionism is destructionism and that
markets, in downturns, if left alone,
The cafés of prewar Vienna
incubated intellectuals.
‘Nobody can be a great
economist who is only an
economist,’ Hayek wrote.
would make the necessary adjustments.
On the monetary front, Friedrich Hayek
argued, as Mr. Wasserman puts it, that
“changing the quantity of money was a
blunt instrument that would only exac-
erbate existing economic imbalances.”
The Austrians worked to give their
ideas a wide circulation. They “culti-
vated relationships with financial and
political elites in chambers of com-
merce, national banks, and conservative
political parties,” Mr. Wasserman tells
us. And they “found transnational sup-
port at the League of Nations and the
Rockefeller Foundation.” After World
War II, adherents to Austrian philoso-
phy shaped policy through such institu-
tions as the Mont Pelerin Society and
the Rand Corp. and through the General
Agreement on Tariffs and Trade, a
treaty that lowered barriers to trade
and fostered an international order that
turned away from beggar-thy-neighbor
mercantilism and protectionism.
The Austrian theorists played major
roles in think tanks like the American
Enterprise Institute, the Cato Institute,
the Heritage Foundation and the
Hoover Institution. Some achieved
individual success. Joseph Schumpeter,
a charismatic Austro-Hungarian-born
thinker who taught economics at Har-
vard, famously wrote that economies
advance through the “creative destruc-
tion” of obsolescent enterprises. The
free-market television lectures of
Chicago’s Milton Friedman—best known
academically for his advocacy of steady-
state money creation and floating
exchange rates—were a hit with the
public. Austrian-born Gottfried Haberler
at Harvard pushed economic globaliza-
tion to great effect. Von Mises, one of
the early Austrians, taught at NYU,
King and Emperor
uniter of Europe C9
* * * *
wrote extensively, mentored young
economists and, through his free-
market concepts, became a patron saint
to modern libertarians.
Perhaps the greatest Austrian was
Hayek, who provided a motto: “Nobody
can be a great economist who is only
an economist.” Accordingly, he wrote
one of the most influential books of
political philosophy of the post-World
War II era, “The Road to Serfdom.” The
University of Chicago Press published
it in 1944. Writes Mr. Wasserman:
“Within a year of its appearance,
Hayek was a celebrity and Road a
sensation.” Reader’s Digest printed a
condensed version, exposing it to
millions of readers.
The book arrived at a crucial stage
of World War II, when Nazi Germany
was an enemy and the Soviet Union
was an ally. Mr. Wasserman writes that
“Hayek offered a narrative for the rise
of Nazism that identified socialism
as its producer and liberalism as the
bulwark against totalitarianism.” It was
a defense of “liberal, capitalist society,”
private property and laissez-faire
economics.
Hayek’s outlook—given eloquent ex-
pression in “The Constitution of Lib-
erty” and “The Fatal Conceit,” among
many other books—has proved to be of
lasting importance. At the core of his
philosophy was a defense of “spontane-
ous order,” the idea that individuals
acting independently will arrive at
arrangements that are more beneficial
to society, and to themselves, than any
central authority, acting with incom-
plete knowledge, can ever achieve.
By the end of the century, the Aus-
trian School had prevailed. The Russian
socialist empire disintegrated in 1991,
to be replaced by a form of “wild east”
capitalism. Deng Xiaoping folded up
Maoist socialism in 1979 in favor of
Western capitalist investment. Ironi-
cally, a prominent socialist writer,
Robert Heilbroner, wrote the epitaph:
“The contest between socialism and
capitalism is over; capitalism has won.”
But he may have been premature.
Socialism’s egalitarian claims remain
seductive. They have re-emerged in the
Green New Deal, which proposes gov-
ernment takeovers of key sectors of the
economy in the name of “environmen-
talism.” It is getting at least lip service
from most of the contenders for the
Democratic Party’s presidential nomi-
nation, despite its absurdities. Indeed,
a quasi-socialist creed seems to govern
many of the ideas now germinating in
the Democratic Party—radical wealth
distribution, ever larger entitlements,
government-run health care, income
guarantees. Mr. Wasserman has picked
an excellent time to rediscover the
teachings of the “marginal revolution-
aries” of the Austrian School and the
safer world their advocacy of economic
freedom has given us.
Mr. Melloan, a former deputy editor
of the Journal editorial page, has
written a book about bogus science,
to be published by Lyons Press.
A new life of
Charlemagne,
Saturday/Sunday, October 5 - 6, 2019 | C7
Father
Of His
Country
A State at Any Cost
By Tom Segev
Farrar, Straus & Giroux,
804 pages, $40
BY EFRAIM KARSH
I
T IS ONLY RECENTLY that
David Ben-Gurion ceased to
be, for the sake of the official
record books, Israel’s longest-
serving prime minister. That
honor now belongs to Benjamin
Netanyahu, even as his political
future becomes ever more uncertain.
Ben-Gurion’s stature as Israel’s
founding father, however, would seem
to be eminently secure, given his
crucial, perhaps indispensable, role in
salvaging the Jewish people from
political oblivion and reinstating it in
its ancestral homeland.
A host of biographies over the
years—largely complimentary though
by no means uncritical—have recorded
the details of Ben-Gurion’s busy life
without diminishing his almost
mythological status. Still, a group of
“revisionist”
Israeli aca-
demics and Revisionist
journalists
seem deter-
historians see
mined to the ‘original sin’
tarnish his of Israel as the
reputation as
part of their dispossession
decades-long of the native
project to
reinterpret
Arab population.
Israel’s
founding
period. Tom Segev’s “A State at Any
Cost” is the latest such effort.
David Ben-Gurion was born in 1886
to a Zionist family in the small Polish
town of Płońsk and in 1906 moved to
the Ottoman district of Jerusalem
(Palestine didn’t exist as a unified
territory at the time), where he com-
bined political activity with work as a
farmer. Deported after the outbreak of
World War I alongside many Zionist
leaders, Ben-Gurion spent most of the
war years in New York, where he met
and married his wife, before returning
to Palestine at the end of the war.
By then, Britain had defeated the
Ottoman Empire and issued the
Balfour Declaration pledging a Jewish
national home in Palestine, and Ben-
Gurion immersed himself in laying the
groundwork to expedite this goal. In
1920, he played the key role in estab-
lishing the Histadrut—the foremost
trade union in mandatory Palestine,
which also oversaw the Haganah under-
ground military organization. Ten years
later, he played a similar role in the
creation of Mapai, the Land of Israel
Workers Party, which, in one form or
another, was to dominate Zionist/
Israeli politics until 1977. In 1935 he
became the head of the world Zionist
movement, steering it through the
tumultuous World War II years and the
struggle for independence in their
wake. On May 14, 1948, he proclaimed
the establishment of the state of Israel,
becoming its first prime minister and
defense minister, posts he held until
1963 (with a brief retirement from
office in 1953-55). Two years later, he
established a new political party only
to be defeated in the general elections.
He retired from politics in 1970 and
spent his last years in his modest
home in a Negev kibbutz before dying
on Dec. 1, 1973, at age 87.
Mr. Segev lays out some of this
detail in a straightforward fashion, but
at the core of his chronicle is a desire
to cast Israel’s founding father as the
destroyer of Palestinian Arab society—
that is, as a leader deeply implicated
Please turn to page C8
SYGMA/GETTY IMAGES
ZIONIST David Ben-Gurion as
secretary-general of the Histadrut.
C8 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

BOOKS
‘Half of the American people have never read a newspaper. Half never voted for President. One hopes it is the same half.’ — G O RE V IDAL

FIVE BEST BOOKS ON CAMPAIGNS AND CANDIDATES

Dennis W. Johnson
The author, most recently, of ‘Campaigns and Elections: What Everyone Needs to Know’

The Making
of the President, 1960
By Theodore H. White (1961)

1
“The Making of the President,”
an enormous best seller, was
also the making of the entire
cottage industry of campaign
narratives that followed. Theodore
H. White had chosen as his focus
a contest of immense intrinsic
drama—the 1960 presidential
campaign between John F. Kennedy
and Vice President Richard Nixon.
At a time when primaries were still
novelties, the book provided an eye-
opening account of the Wisconsin
and West Virginia battles. It
delivered a still-fascinating inside
view of the first-ever televised
CYNTHIA JOHNSON/THE LIFE IMAGES COLLECTION/GETTY IMAGES

debates, with a bumbling Nixon and

a telegenic Kennedy: “Normally and
in private, Kennedy under tension
flutters his hands. . . . Tonight he
was calm and nerveless in appear-
ance. [Nixon], by contrast, was
tense . . . at turns glowering and,
occasionally, haggard-looking to the
point of sickness.” White’s scrutiny
takes in far more than the candi-
dates. It includes the advisers and
hangers-on, Nixon’s fateful 50-state
strategy, and, particularly, the
nail-biting last days of the race,
culminating in Kennedy’s razor-thin
49.7% to 49.6% win. RETAIL POLITICS George H.W. Bush at a campaign rally in Texas, 1988.

But her? She felt like a fraud. That’s and there was something, a very contest, in which the third-party End Poverty in California move-
What It Takes: how it was for twenty-five years, great something, about his precise, candidate Roosevelt came in ment. And in 1934, Upton Sinclair
The Way to the White House with the pills. . . . No one knew frigid manner that let nearly every- second, the sitting president, Taft, was the Democratic candidate for
By Richard Ben Cramer (1992) about the pills.” one else also know it.” Truman’s came in third, and the Socialist governor. Alarm bells went off,

2
surprise victory, David Pietrusza Debs collected far more votes than particularly among conservatives,
“What It Takes” concen- writes, came thanks to “an under- his party ever had. Wilson won, Greg Mitchell writes, at “the
trates on the personal in its 1948 dog who refused to surrender, a and with that victory came the prospect of a socialist governing
colorful examination of the By David Pietrusza (2011) presumed victor who refused to Progressive Era. In the aftermath, the nation’s most volatile state.”

3
motives and characters of fight, disgruntled Democrats—on the Republican Party became more Long before social media and TV,
one set of aspirants to the presi- The 1948 presidential the left and right—who, by desert- conservative and the Democrats this campaign saw the nation’s
dency. This big, rambling book on election was an exciting and ing their party, merely strengthened more progressive. In the course first planned and coordinated
the 1988 presidential campaign raucous contest. It was taken it, and fearful Republican farmers of this impressive work, Lewis L. mass-media attack. Much of it
churns with juicy, not infrequently for granted that Harry who, in the end, proved more Gould reminds us that “four distin- came from the pioneer political
snarky, detail as it follows George Truman and Alben Barkley couldn’t farmer than Republican.” guished citizens actually sought the consultants Clem Whitaker and
H.W. Bush, Michael Dukakis, Dick beat the dream team of popular presidency in a campaign of serious Leone Baxter. It was, Mr. Mitchell
Gephardt, Bob Dole, Gary Hart and Republican governors Thomas ideas and elevated discourse. tells us, “perhaps the most
the rest through the primaries. Dewey and Earl Warren. Truman’s Four Hats in the Ring That such an outcome now seems entertaining political contest of
Bush was considered the Energizer own party was demoralized. Dixie- By Lewis L. Gould (2008) inconceivable in contemporary our time. It featured dirty tricks

4
Bunny: “In Iowa alone, there were crats led by Strom Thurmond had America attests to why 1912 will and hilarious stunts.” Newsreels
ninety-nine counties, and he was split away over integration issues, In 1912, four very well-known always remain an election rich in showed vagrants (actually actors)
organized in every one. He worked and progressives under Henry candidates were contenders possibility and historical meaning.” flocking to California thanks
every Kiwanis, Moose Lodge, Legion Wallace had done the same on the for the presidency: a sitting to Sinclair’s welfare schemes.
Hall, VFW . . . he worked chicken grounds that the Democratic Party president (Republican And there was the actor with
barbeques, ladies’ auctions, cattle was insufficiently liberal. “1948” William Howard Taft), a former The Campaign of the Century the fake Russian accent claiming
barns, farmyards. . . . He held (‘Jeez, offers rich detail on both the politi- president (Theodore Roosevelt, By Greg Mitchell (1992) that Sinclair’s system “vorked

5
warm little critters, aren’t they?’) cal tensions and the character of the running as a Bull Moose), a governor vell in Russia. Vy can’t it vork
piglets!” Even candidates’ wives are candidates. Front-runner Tom (Democrat Woodrow Wilson), and He was the muckraking here?” In the end, dirty politics
not immune from Cramer’s scrutiny. Dewey is described as a man with a a reformer (Eugene Debs, the author of “The Jungle,” an won out. Sinclair was defeated
Kitty Dukakis “was so sure of problem: “his unbridled arrogance. Socialist candidate). “Four Hats in avowed socialist and the by the Republican candidate,
Michael, her anchor, her rock. . . . . . . He was good—and he knew it, the Ring” is a vivid history of this leader of the wildly popular Frank Merriam.

The Life ravages of anti-Semitism by relocat-

ing it as far as possible from the
Continent. As he recorded in his diary
in the fighting. According to the the
Haganah’s operational plan—adopted
in mid-March 1948, two months

Of David on June 13, 1895: “I am assuming that

we shall go to Argentina. . . . [It]
ahead of statehood, to reverse then-
current Palestinian Arab aggression

Ben-Gurion
would have a lot in its favor on ac- and rebuff the anticipated invasion
count of its distance from militarized by the Arab states—Arab villages that
and seedy Europe.” served as bases for attacks on Jewish
Nor did Herzl show the slightest targets could be destroyed and their
Continued from page C7 interest in expelling the Palestinian residents expelled.
in what Mr. Segev and his fellow re- Arabs once he dropped his Argentine Yet this was an exclusively
visionists see as the “original sin” of ruminations and embraced the Zion- tactical measure dictated by ad hoc
Israel’s creation: the supposedly de- ist cause: not in his famous political military considerations, notably the
liberate and aggressive disposses- treatise “The Jewish State” (1896), need to deny strategic sites to the
HULTON ARCHIVE/GETTY IMAGES

sion of the native Arab population. and not in his 1902 Zionist novel enemy if there were no available
The lens through which Mr. Segev “Altneuland” (“Old-New Land”), Jewish forces to hold them. Not only
views his subject is generally polem- where he painted an idyllic picture of did it not reflect any political inten-
ical. For instance, he says that, as Arab-Jewish co-existence in a future tion to expel Arabs, but the plan’s
late as mid-1942, Ben-Gurion had yet Palestine. Nor for that matter is there overarching rationale was predi-
“to internalize the unique nature of any allusion to the expulsion of Arabs cated, in the explicit instructions of
Nazi racial anti-Semitism”—though in Herzl’s public writings, his private the Haganah’s commander in chief,
his evidence is a misleadingly brief correspondence or his speeches. on the “acknowledgment of the full
quote from a Ben-Gurion speech in The truth is that, far from seeking FOUNDER Ben-Gurion (center) in Israel, ca. 1965. rights, needs, and freedom of the
which, as any fair-minded reader to dispossess the Palestinian Arabs Arabs in the Hebrew state without
would conclude, it is clear that he as claimed by Mr. Segev, the Zionist gerous utopia and a harmful, reac- mum territory, minimum Arabs,” any discrimination, and a desire for
did fully grasp Hitler’s “campaign of movement had always been amena- tionary mirage.” And as late as though he brings no evidence for coexistence on the basis of mutual
extermination of the whole of the ble to the existence of a substantial December 1947, shortly after Pales- this supposed behavior beyond a freedom and dignity.”
Jewish people” (as Ben-Gurion put it Arab minority in the prospective tinian Arabs had unleashed whole- small number of statements that are There are many more such lost
elsewhere in the speech). But the Jewish state. No less than Ze’ev sale violence to subvert the newly either taken out of context or simply subtleties and distinctions in “A
book’s main distortive effort is Jabotinsky, founder of the faction passed United Nations partition res- distorted or misrepresented. To take State at Any Cost.” But Mr. Segev,
aimed at Ben-Gurion’s ideological that was the forebear of today’s olution, he told his Labor Party that one representative example: “Ben- like his fellow revisionists, is not
outlook—and, more generally, at the Likud Party, voiced his readiness (in “in our state there will be non-Jews Gurion jotted down [in his diary] a bothered with mere facts in his
outlook of the Zionist movement— a famous 1923 essay) “to take an as well—and all of them will be long list of questions that awaited endeavor to rewrite Ben-Gurion and,
toward the Palestinian Arabs. oath binding ourselves and our equal citizens; equal in everything his decision, among which was by extension, Israel’s history in an
Mr. Segev traces the alleged “hope descendants that we shall never do without any exception; that is: the ‘Should the Arabs be expelled?’ ” Mr. image of their own making. The late
of emptying Palestine of its Arab in- anything contrary to the principle of state will be their state as well.” In Segev writes. Dated May 8, 1948, just Shabtai Teveth’s seminal four-
habitants” to the father of political equal rights, and that we shall never line with this conception, commit- under a week before Ben-Gurion volume biography of Ben-Gurion—
Zionism, Theodor Herzl, yet bases his try to eject anyone.” And if this was tees laying the groundwork for the proclaimed the state of Israel, the published in 1976-2004—remains the
indictment on a single truncated the position of the more “militant” nascent Jewish state discussed the citation seeks to show that he work to consult for a full and fair
quote from Herzl’s June 12, 1895, faction of the Jewish national move- establishment of an Arabic-language actively entertained the expulsion of treatment of Israel’s founding father.
diary entry, which supposedly im- ment, small wonder that mainstream press, the incorporation of Arab offi- the country’s Arab population.
plied this intention. But this quote Zionism took for granted the full cials in the administration, and The diary entry, however, doesn’t Mr. Karsh is emeritus professor
makes no mention of either Arabs or equality of the Arab minority in the Arab-Jewish cultural interaction. read “Should the Arabs be expelled?” of Middle East and Mediterranean
Palestine for the simple reason that prospective Jewish state. Ignoring these facts altogether, but rather “Should Arabs be Studies at King’s College, London,
at the time Herzl was not yet a Zion- Ben-Gurion himself argued as Mr. Segev accuses Ben-Gurion of expelled?” And this question was and director of the Begin-Sadat
ist. He didn’t seek to re-establish the early as 1918 that “had Zionism using the partition resolution as a posed in relation not to the Palestin- Center at Bar-Ilan University.
Jews in their ancestral homeland but desired to evict the inhabitants of springboard for implementing the ian Arab community as a whole but His books include “Fabricating
to salvage European Jewry from the Palestine it would have been a dan- age-old “Zionist dream” of “maxi- to the small number of Arabs caught Israeli History.”
THE WALL STREET JOURNAL.
King and Emperor
By Janet L. Nelson
California, 668 pages, $34.95
BY PATRICK J. GEARY
O
VER 12 CENTURIES ago,
Charles the Great, Charlemagne,
united, by force and diplomacy,
those regions that now make up
the core of the European Union,
and created a state apparatus to govern the
area. The empire lasted only a few decades
beyond his death, but the institutions and
cultural processes he promoted have marked
Western Europe until today. He remains
Europe’s most successful leader.
For over a millennium, a mythic
Charlemagne captured the dreams of Euro-
peans and inspired or challenged their political
leaders. At some point in the 20th century,
however, the Frankish king and emperor ceased
to inspire the imagination of Europeans, and
Charles moved from myth to history. But how
to grasp the person that was Charles? He left
no diary, no personal memoir, no intimate
correspondence. He can be glimpsed only from
a handful of letters dictated to staff, a few oral
comments jotted into the margins of texts, the
formal documents issued in his name, an
assortment of anonymously authored annals
and, later, laudatory biographies. Prominent
medievalists in Germany, France and Britain
have taken up the challenge of reconstructing
the man, even while admitting the limitations
of understanding a personality so poorly
documented, so complex and so distant.
Of these scholars, the most successful to
date is British historian Janet Nelson, who has
spent her long career studying every aspect of
Charlemagne’s reign. Drawing on every scrap
of documentation written during his long life
(he died in 814, at the age of around 66) as
well as on the vast scholarly literature on
Charles, the author rejects another leading
historian’s pessimistic conclusion that “a
biography in the modern sense is impossible.”
Rather Ms. Nelson, an emerita professor at
King’s College, London, embraces what she
terms “the earlier medieval historian’s
lot”: that is to say, “anecdotes, letters and
scraps of letters, rumor, gossip, and
hearsay. . . . We make do and mend.”
After briefly setting the scene of
the early eighth century, when
Charles’s father, Pippin, replaced
the Frankish royal dynasty with
his own, Ms. Nelson proceeds to
present Charles’s life virtually
year by year. This approach
allows her to show the ruler as
he faced his challenges, made
decisions and developed his
policies without anticipating
the results. When Pippin died
in 768, he left his kingdom
GETTY IMAGES
DEAGOSTINI/
divided between Charles and
his younger brother Carlo-
man. The odds-on-favorite
Silks and
Political
Chess
Daughters of Chivalry
By Kelcey Wilson-Lee
Pegasus, 364 pages, $28.95
BY ALLAN MASSIE
W
E ARE STILL in
debt to scholars
from the Victo-
rian era, to the
men and women
who delved into the British Museum
and the Public Record Office pre-
paring so-called calendars of state
papers—that is, collections of docu-
ments and correspondence from
centuries-old archives. One of the
most remarkable of these scholars
was Mary Anne Everett Green, the
author of “Lives of the Princesses
of England: From the Norman Con-
quest,” published in 1849-55. Its
chronicle provides the bare bones of
the biographies into which Kelcey
Wilson-Lee breathes new life.
“Daughters of Chivalry” is a kind
of case study in medieval state-
craft and family relations and, along
the way, a portrait of life at court.
It traces the fate of the five daugh-
ters of Edward I, one of the greatest
of England’s medieval kings—known
as “Longshanks” for his height.
An independent historian and jour-
nalist, Ms. Wilson-Lee has worked
diligently in the archives and read
widely beyond them. We can prob-
ably take it as given that whatever
there is to be known about Edward’s
daughters—“the forgotten prin-
cesses of King Edward Longshanks,”
as the subtitle has it—is to be found
here. The book will also serve as
a rich quarry for romantic novelists.
During his long reign, from 1272
* * * *
‘Fear God. Honour the King.’
Charles the Great
to dominate the European political scene would
have been Desiderius, king of the Lombard
kingdom of Italy. Desiderius controlled
virtually all of Italy north of papal
Rome. He secured his dominance by
arranging marriages for his daughters
with the quasi-autonomous Duke
Tassilo of Bavaria to the north; the
powerful Duke Arechis of Benevento to the
south; and with Charles himself, the latter
pushed into the marriage by his mother,
Bertrada.
Within a few decades, everything
changed. Charles quickly
repudiated his
Lombard wife,
earning the
enmity of
Desiderius and,
no doubt, his two
brothers-in-law.
No matter: In 771
Charles’s brother
suddenly died
and Charles
absorbed his
kingdom. In
773 Charles
invaded Italy,
defeated and
deposed
Desiderius,
assumed his
title of King of
the Lombards
and established
close ties to the
papacy as its
protector and over-
seer. Bringing Tassilo to
heel took a bit longer, but
HEAD OF STATE
The 14th-century reliquary
from Aachen containing
Charlemagne’s
remains.
to 1307, Edward restored the author-
ity of the crown in England and was
famous as a lawgiver and soldier. He
conquered Wales and, for a time,
Scotland, and, as a major figure in
European politics, he was intermit-
tently at war with France. Whatever
affection he held for his daughters,
he regarded them as pieces in the
game of political chess. (Chess was a
favorite game in the family—the
girls’ mother, Eleanor of Castile,
“borrowed a treatise on [chess] tac-
tics so that it could be copied by her
scribes,” Ms. Wilson-Lee tells us.)
The girls were more than pawns,
however. The choice of a husband
was a political act, but the girls were
not forced into unwelcome mar-
riages. Their consent was required.
Eleanora, the oldest, was long
betrothed to the influential king of
Aragon, but consanguinity and the
consequent need for a papal dispen-
sation led to long delays. Then her
“proxy husband” died, and she had to
be content with marriage to a mere
count (“and a minor one at that,” Ms.
Wilson-Lee adds), one of Edward’s
allies against France. If Eleanora had
doubts about the match, she cast
them aside. Because of the benefit
to England, Ms. Wilson-Lee writes,
“Edward’s most dutiful daughter may
have embraced a marriage that had
somewhat anticlimactic personal
resonance.” The two saw little of
BRIDGEMAN IMAGES
each other in any case, for he was
taken prisoner by the French, and
then Eleanora died at age 29.
Joanna, the second oldest of the
girls, remained in England, married
to the Earl of Gloucester, a man of
her father’s generation and the
holder of great estates on the Welsh
border. He was frequently at odds
with the king, and, though Joanna
often acted as an intermediary,
she was prepared to support her
husband and defy her father.
Gloucester’s death in 1295 left her a
rich and powerful widow, and she
demonstrated her independence of
mind by marrying a poor but hand-
Saturday/Sunday, October 5 - 6, 2019 | C9
BOOKS
—1 P ET ER 2 :17
by 788 the duke had been abandoned by assemblies and personal oaths, and
Bavarian nobles, condemned on trumped-up encouraging the spread and strengthening of
charges and confined to a distant orthodox Christian belief and practice. His
monastery. Arechis maintained a interest in education and learning and his
tenuous independence until his death eagerness to surround himself with the best
in 787, but a few years later his son was minds from Italy, Gaul, Spain and Britain,
forced to submit to Frankish authority. produced what is regularly termed the
Charles, the paramount ruler in the West Carolingian renaissance.
and stalwart supporter of the papacy, Though limited by her sources, Ms. Nelson
was proclaimed Emperor by Pope Leo III surveys the range of her subject’s emotions,
on Christmas Day, 800. from gentleness and mildness (he had a deep
Charles expanded his kingdom south
with the conquest of Barcelona and
east by destroying the Avar Unlike other European
kingdom on the middle
Danube. His most conquerors—one thinks of
protracted Napoleon or Hitler—Charles
military efforts died at peace with his Empire
were against the
Saxons, which and with his God.
took decades and
involved forced
Christianization, affection for family and for his faithful
great destruction, retainers) to his moments of mighty anger that
mass slaughter could result in acts of violence of monumental
and ultimately proportions, such as the mass execution of
the relocation of thousands of Saxons in a single day.
thousands of “King and Emperor: A New Life of
elite Saxon Charlemagne” is not simply a biography:
hostages across Ms. Nelson simultaneously presents the
his empire. But evidence from which she reconstructs the man
the pacification and his times, guiding the reader through the
finally held, and complexities of medieval source criticism,
Saxony became a offering lessons on how to read Carolingian
mainstay of the poetry and showing her hand at every crucial
Frankish kingdom. moment of judgment. Doing history is always
Charles was more engaging than reading history, and by
more than a brutal involving the reader in the process, “King and
conqueror, Ms. Nelson Emperor” takes on the compelling suspense of
suggests. He cared deeply good detective work as well as good history.
about governing his empire, The Charles in this book is more practical
strengthening institutions of and down-to-earth than the Charlemagne of
state, providing justice for other biographers. He is not given to
the weak, binding together millenarian anxieties; his religious zeal is
free persons of the genuine but concrete. And Ms. Nelson, unlike
empire through mid-20th century students of the Carolingians,
great judges the ruler’s efforts at governance of his
vast empire to have been a success right up to
his death. Having united much of Europe,
Charles continued to hold his agents
accountable for the protection of its
population; to secure his empire’s
relations with the Byzantines, the
Caliphate and the papacy; and to
ensure an orderly succession to his
surviving son, Louis. Unlike other
European conquerors—one thinks
of Napoleon or Hitler—Charles died
at peace with his Empire and with
his God, surrounded by his
beloved daughters and his faithful
courtiers. Janet Nelson comes as
close as one can to approaching
this extraordinary man.
Mr. Geary is a professor
of history at the Institute
for Advanced Study in
Princeton, N.J.
some knight without telling the king allies against France. Only Mary traveling in style. Certainly the
of her intentions. That she got away
with this testifies to her strength of
remained unmarried. Indeed, it was
early decided that she should be a
sisters seem to have been fond of
each other and of their parents, very
character and also to the surprising
indulgence Edward could show to his
daughters. This attitude was in con-
nun, and she grew up in the convent
at Amesbury, in Wiltshire, to which
her grandmother, Eleanor of Provence,
different from their great-great-
grandfather Henry II’s rebellious
and vicious sons (the “Devil’s
trast to the severity with which he
treated his heir, Edward of Carnar-
had retired. Mary “did not pay the
usual dowry, or entry fee, on joining
Brood,” as they are called). The
daughters all loved field sports, and
von—later the unfortunate Edward II Amesbury,” Ms. Wilson-Lee says. Elizabeth had a white greyhound
(who was deposed and probably Rather, she “represented potential “of such beauty” that her brother,
Prince Edward, wrote to her asking
if he might borrow it to mate with
one of his own.
There are other such humanizing
touches recorded by Ms. Wilson-Lee,
who is excellent on clothes, tap-
estries and jewels. The family is
described visiting Amesbury, for
instance, with the princesses
“resplendent in newly embellished
gowns of vibrant silks and linen,
embroidered with gold and sprin-
kled with ornaments, including the
six dozen silver buttons that
Eleanora’s personal tailor had sewn
onto her dresses.”
The text is unavoidably sprinkled
with “may haves” and “might haves”
—unavoidably because there are no
personal memoirs; all that is known
comes from archives, letters and
monastic chronicles that were not
always well-informed. Still, it’s
pleasing to learn so much about the
“forgotten princesses.” It’s a pity
that Ms. Wilson-Lee so far identifies
herself with the English royal house
as to call William Wallace “a rebel.”
The film “Braveheart” may be ridicu-
lous, but it is right to this extent:
Wallace as the leader of the Scottish
Resistance had never acknowledged
ROYAL FAMILY Edward I and his wife, Eleanor, in a 14th-century portrait. Edward’s occupation of Scotland.
Moreover, she is wrong in suggest-
murdered in 1327). Joanna is evi- future windfalls,” which the king did ing that the victorious Scottish army
dently Ms. Wilson-Lee’s favorite in fact provide. Mary doesn’t seem to at Bannockburn (1314) enjoyed a
among the daughters and the one have had any deep vocation. She spent superiority in numbers to the
to be recommended to a novelist in a lot of money on clothes and was English one. Yet these are small and
search of a medieval heroine. fond of gambling. Her father was venial faults in an engaging and
Husbands were found for two other often called upon to make good her enjoyable book.
daughters, Margaret and Elizabeth. losses at dice.
Both were matched with aristocrats Ms. Wilson-Lee gives us a picture Mr. Massie is the author of
from the Low Countries, important for of a close-knit family, with members “The Royal Stuarts: A History of
England’s wool trade and potential visiting each other regularly and the Family That Shaped Britain.”
C10 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

BOOKS
‘Every thing possible to be believ’d is an image of the truth.’ —WILLIAM B LAK E

SCIENCE FICTION

Enchantment in Peril Imagining

TOM SHIPPEY

The Secret Elsewhere Mr. Pullman has

Commonwealth
By Philip Pullman
expressed a hatred of dogmatism,
whether it is in the service of reli-
gion, politics or any other cause,
An Islamic
Knopf, 633 pages, $22.99
BY MEGHAN COX GURDON
and here, as ever, the characters
who are least flexible tend to be
Europe

I
the most unpleasant in their lack
N PHILIP PULLMAN’S of humanity, humility or rever- THERE ARE TWO ways for a
most celebrated fantasy ence. He’s also a shrewd observer novelist to change history. One is
realm, there’s no closer of power—how it is attained and the “alternate universe” story.
relationship than that be- wielded—from the small, momen- This posits that a pivotal event in
tween a person and his or tary jostling of individuals to the the past didn’t happen: If Henry
her daemon—a kind of external shunting of great levers of insti- VIII had never come to the throne,
soul in the shape of an animal— tutional influence. We see Lyra say, then Europe would now be
and no greater horror than the exerting and withdrawing the united in Catholicism under the
separation of the two. For the self power of her youth and beauty Pope. The assumption here is
to be sundered causes physical (what’s useful in Oxford can be essentially that individuals determine history.
and emotional agony. Those who deadly elsewhere). We see the By contrast, the “rewrite the past” plot assumes
survive are wounded, freakish, power of a theocratic Machiavelli that large impersonal factors like technology are
their separation a cause of manipulating laws and men, the what are really important. This requires a time-
shuddering revulsion in others. power of civil servants confound- traveler to go back and keep on making changes,
So it’s painful to return to the ing politicians, and the power of in order to produce a better future.
richly imagined world of Lyra an older man using flattery to In “Empire of Lies” (Forge, 444 pages,
Belacqua, aka Lyra Silvertongue, coax secrets from a younger man. $27.99), Raymond Khoury tries both plotlines at
to find that she and her daemon, Importantly, in Lyra, we also once. His time-traveler is Ayman, an Iraqi whose
the soft-furred pine marten Pan- see the power of destructive think- life has been dominated by defeat, from the Gulf
talaimon, are alienated to the ing. As events cause her to re-eval- War of 1990 to the Islamic State insurrection.
point of hostility. uate the souring creed she has Stumbling upon an ancient formula for time-
Lyra is now 20, not quite a adopted, Lyra wonders: “Had rea- travel (which takes a lot of explaining), he decides
decade older than when we first son ever created a poem, or a he must restore Islam to its former glory.
ALAMY

met her in the trilogy “His Dark
Materials,” published in 1995-
2000. In “La Belle Sauvage”
(2017), the first volume of the cur-
rently unfolding trilogy “The Book
of Dust,” Lyra was an infant being
saved from the clutches of homi-
cidal clerics and a catastrophic
flood by an 11-year-old boy named
Malcolm. In this second volume,
“The Secret Commonwealth,” Lyra
is an Oxford student and Malcolm
an Oxford scholar, secretly in love
with the girl.
As the book opens, Lyra and
Pantalaimon are keeping up the
pretense of a normal relationship,
but something has died between
them, something beyond the
wrench caused by their initial sep-
aration, described at the end of
the first trilogy. Like many an
undergraduate flirting with ugly
ideas, Lyra has fallen in thrall to
mocking iconoclasts, popular writ-
ers who express “universal skep-
ticism” and contempt for senti-
ment, kindness and faith. To Pan-
talaimon’s rising despair, Lyra,
under the influence of these men,
is becoming a “rancorous, reduc-
tive monster of cold logic.” We
see that she is severed not only
from Pantalaimon but also from
her sense of mysticism and beauty
and imaginative enchantment.
As a practical matter, being
separated means that girl and
daemon can move independently.
Thus it happens that, out on his
own late one night, Pantalaimon
witnesses a murder in Oxford, an
act of violence that sets the
wider plot in motion. He and Lyra
learn that the dead man was
returning from a mysterious des-
ert in Central Asia, home to a
garden of fragrant roses that
produce wonder-working oils.
As in the previous books, the
chief antagonist here is the Magis-
terium, the repressive Christian
authority that we suspect is pre-
paring dreadful measures to secure
the roses due to their link—we
don’t know what it is—with the
glittering, theologically threaten-
ing particulate matter known as
Dust. After Lyra and Malcolm re-
connect with a secret resistance
network, events impel them and
Pantalaimon each to travel across
Europe alone, hunted by those who
seek their ruin, toward the desert
of roses and the strange dead
towns that surround it.
Mr. Pullman is a storyteller, not
a lyricist; his writing is clear,
clean and forceful, never striving
for effect and all the more effec-
tive because of it. He’s also a man
of ideas, which gives great savor
to his work even if the ideas
themselves are not universally
congenial. Here he argues that
hard rationality produces only
bitterness and emptiness. In clos-
ing her mind to the possibility of
things unseen, Lyra has set herself
against the “secret common-
wealth,” where magic resides.
This commonwealth is a throng
“invisible to everyday vision,” Mr.
Pullman writes, to be glimpsed
obliquely through stories and by
the imagination rather than by
logic. It includes “ghosts, fairies,
gods and goddesses, nymphs,
night-ghasts, devils, jacky lan-
terns, and other such entities,”
we’re told, but not only these. The
secret commonwealth represents
“the world of hidden things and
hidden relationships . . . the rea-
son that nothing is only itself.”
As the novel progresses, Lyra
begins to notice the secret com-
monwealth guiding her. Traveling
toward Central Asia, she diverts
to Prague on the strength of “the
flicker of a memory” that she sub-
sequently comes to see as “the
secret commonwealth at work.”
Later she describes feeling “as
if she had been used by some
hidden power, as if all the events
on her journey, and for long
before, had been arranged with
meticulous care.”
Now, this is very, very interest-
ing in a novel by an outspoken
atheist, as Mr. Pullman is. The
secret commonwealth seems to
occupy in his eschatology the role
that God occupies for believers
in our world: that of a loving prov-
idence, an unseen hand that can
alter the course of events by
touching minds and hearts. Mr.
Pullman comes across as notably
less hostile than in his earlier
books to the notion, if not the
exact description, of a divine
benevolence. Indeed, as Pantalai-
mon recalls certain lucky turns in
the past, he feels “as if he and Lyra
had been blessed, or as if some
power was looking after them.”
symphony, or a painting? If ratio-
nality can’t see things like the
secret commonwealth, it’s because
rationality’s vision is limited. The
secret commonwealth is there. We
can’t see it with rationality any
more than we can weigh some-
thing with a microscope: It’s the
wrong sort of instrument. We need
to imagine as well as measure.”
With which a Christian might
agree, citing Hebrews 11:1: “Faith is
the substance of things hoped for,
the evidence of things not seen.”
In the final exciting pages, we’re
reminded that Lyra is more than
a girl; she is one prophesied, a
fulcrum of destiny yet to tip the
cosmic scales. Perhaps all will be
revealed in the final volume of
“The Book of Dust.” We’re given
clues to what might transpire, at
any rate. One of the stories-within-
a-story that Mr. Pullman includes
here is a Tajik poem that bears
conspicuous similarities to the
characters and events in “The
Secret Commonwealth.” It tells of
two lovers who must defeat an evil
sorcerer in order to take posses-
sion of a garden where precious
roses grow. Musing over the
poem’s relevance, Malcolm says to
his own daemon, Asta: “Either it
means something, or it means
nothing.” “My bet is on some-
thing,” Asta replies. So is mine.
Mrs. Gurdon, who writes about
children’s books for the Journal,
is the author of “The Enchanted
Hour: The Miraculous Power
of Reading Aloud in the Age
of Distraction.”
But when did the balance of world power tip
toward impoverished and
THIS WEEK perpetually squabbling Europe,
and away from the empires of
Empire of Asia? Ayman concludes that it
Lies was September 1683, when the
By Raymond Ottoman sultanate was defeated
Khoury by King Jan Sobieski of Poland
outside Vienna, never to threaten
again. So all that’s needed is
dynamite, and a suicide bomb.
Would that really do the trick? Even if
victorious at Vienna, the Ottomans would still
have faced ever-improving European military
technology: better guns, better ships, better tactics.
Ayman accordingly has to stay in the past, to
become the sultan’s adviser. Until, that is, he needs
modern medicine, and then he has to “time jump”
forward—into the Paris of an Islamic 21st century.
Now we are back in an “alternate universe”
plot. But though much has changed in Europe,
much remains oddly similar. There is still a
terrorist threat, in the Islamic Wahhabi sect,
who crash an airliner into the Topkapi Palace in
Istanbul. Across the Channel, there is a hostile
and wary Britain, backed by the CRA, the Chris-
tian Republic of America. It looks as if the course
of history is more stubborn than Ayman thought.
Meanwhile Ayman, arriving naked in Paris (it’s
what happens with time-travel jumps), attracts
the attention of the secret police, and they want
his formula. Now we are in a much more conven-
tional thriller-chase plot, with Kamal, a counter-
terrorism officer, on the move, time-jumping from
frying pan into fire—all the way back to 1683.
At the core of Mr. Khoury’s complex multi-plot,
nevertheless, is his vision of a modern Islamic
state, with its good points—the duty of charity
for all believers, without the indignity of street-
begging—and its bad ones: rigorous repression,
public beheadings. Good idea, bad idea? As with
sci-fi at its best, the real excitement comes not
from the thrills on the surface, but from the
ideas underneath.

He/She/It’s Alive!
JOINING “The Naked and the
Dead” and “The Sot-Weed
Factor” in that whimsical
category of good books with
lousy titles is “Frankissstein:
A Love Story” (Grove, 344
pages, $27), the latest by the
venerable British novelist—and,
apparently, wretched punster—
Jeanette Winterson. Yes, there
FICTION are three consecutive s’s and
SAM SACKS no hyphen in this title, and the
only explanation I can offer is
that the hideous grafting of
“kiss” onto “Frankenstein” is
meant to evoke the shambling,
stitched-together monster
that Ms. Winterson revives
A twist and updates.
on the Or maybe I’m overthinking
it. In fairness, the novel, though
classic playful on the surface, is rich in
by Mary the sorts of ideas one could
Shelley turn over and debate into the
mixes small hours. A fantasia about
artificial intelligence, it also
bawdy fruitfully toys with concepts
humor as varied as artistic creation,
and gender reassignment and the
future of sex. This is a book
profound whose mismatched parts—
moral subtle historical drama and
inquiry. philosophical allegory; bawdy
humor and profound moral
inquiries—somehow combine to
form a powerful, living whole.
The chapters set in the past
return to the legendary episode
in 1816 near Lake Geneva when
a teenage Mary Shelley began
to write “Frankenstein” after
being challenged by Lord Byron
to come up with an original
ghost story. Ms. Winterson
masterfully captures the damp,
claustrophobic, sexually
charged and slightly hostile
atmosphere of the holiday, and
the pressurizing impulses of
ambition, arousal and grief
(Shelley had already lost one
child) that brought about her
landmark work.
In alternating, contrapuntal
chapters, the novel also unfolds
a futuristic parable in which a
transgender doctor named
Ry Shelley has an affair with
the visionary mad scientist
Victor Stein, who dreams of
achieving eternal life by
uploading human consciousness
into inanimate matter. The tone
of these chapters is brash and
sensationalist, with comic
relief provided by a boorish
sexbot entrepreneur who keeps
bringing the discussion down
to the glandular level.
But sex is vital to Ms.
Winterson’s investigation
because it’s central to how
we experience love—and love,
the novel suggests, is the true
motivation behind the mad
quest for immortality. Dr. Stein
speculates “that non-biological
life forms might get closer to
love—in its purest form—than
we can.” The physical urges
that overcome the book’s
characters argue that love is
bound to the perishable vessel
of the body. To delight in and
suffer the yearnings of the flesh
or to transcend them? Ms.
Winterson leaves no aspect of
the question unexplored in a
book that manages to be as
heady as it is hot-blooded.
Rumors of a virgin preg-
nancy shake the neighborhood
of Spanish Harlem in Ernesto
Quiñonez’s novel “Taína”
(Vintage, 262 pages, $15.95).
Not many people believe the
high-school girl Taína when
she—or rather her ultra-
religious mother—swears she’s
never been with a man, but she
THIS WEEK
Frankissstein
By Jeanette Winterson
Taína
By Ernesto Quiñonez
Grand Union
By Zadie Smith
has a follower in her besotted
classmate Julio, who decides to
make caring for her his calling.
To do that he needs money,
and the novel merges his
maturation with his start in
petty crime.
Mr. Quiñonez is the author
of the superb 2000 novel
“Bodega Dreams,” a reprise of
“The Great Gatsby” set in the
housing projects and corner
stores of Spanish Harlem.
Though “Taína” is far more
modest in scope, it has the
same complicated intimacy
with the neighborhood and its
history. Julio’s questionable
mentor is Taína’s uncle, the ex-
convict Salvador Agron. In his
youth a notorious gang member
and murderer known as the
Capeman (he was the subject of
a Paul Simon musical), Salvador
is now “an old broken-down
Jesus Christ, whose disciples
had long ago deserted him.”
The tension in this novel comes
less from the mystery of Taína’s
baby than the question of
whether Julio will preserve
his dreams or face the same
remorse and disillusion as
Salvador and the rest of his
aging, repressed generation.
The portions of the novel
that dredge up the traumas of
the past are the slowest going.
The pleasure is in the love
story between Julio and Taína,
who turns out to be much more
foul-mouthed and slovenly
than her association with the
Blessed Virgin would lead one
to expect. When they finally
kiss, Julio tastes “Cheetos in her
saliva mixed with lemon Star-
burst”—just as it was written.
In the same way that Mr.
Quiñonez is linked with Spanish
Harlem, Zadie Smith is
universally known as a London
novelist. Yet in 2009 Ms. Smith
took a position in the creative-
writing program at New York
University, and the bulk of the
stories in her new collection,
“Grand Union” (Penguin
Press, 246 pages, $27), reflect
her experiences as a harried
artist in Manhattan. Some,
like “Words and Music,” are
flaneurial, recording the
glancing interactions with
New York’s eccentrics and
unfortunates. Others are formed
around inside jokes, like “Down-
town,” where the peg is the
shuttering of a favorite West
Village writers’ hangout, Café
Loup. A cosmopolitan posture
of world-weariness attends the
reflections. In “Mood,” the
(autobiographical?) narrator is
bored to death by being bored
to death: “There’s not even
anything original about this
malaise: all the citizens of late
capitalism feel exactly the same
way about time. End scene.”
To which I say: Ugh. These
aren’t simply New York stories,
they are all but parodies of the
stereotypical New Yorker short
story—plotless, garrulous, self-
regarding, sheathed in protec-
tive irony and full of performa-
tive, lyricized self-loathing that
doubles as a boast about the
terrible burdens of sophistica-
tion. “The Lazy River” attempts
to criticize the privileged West-
erners at a Spanish vacation
resort staffed by toiling African
immigrants, but the self-denun-
ciation is so feeble that the
story almost reads like ad copy
for the resort brochure. Other
stories appear to be coded
complaints about how hard it
is to be sincere when teaching
creative writing. I’ve had mixed
reactions to Ms. Smith’s diverse
body of work—I think the non-
fiction is outstanding, whereas
the novels are tentative and
unsatisfying—but this is the
first of her books that I have
wholly disliked. Here’s hoping
that this protean writer changes
shape again soon and leaves the
jaded Big City shtick behind her.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 5 - 6, 2019 | C11

BOOKS
‘Many poets have some idiosyncrasy or tic of style which can madden the reader if he finds their work basically unsympathetic.’ —W.H . AU D EN

‘The Music Must Always Play . . .’

September 1, 1939 Street, Harlem Downtown, the center of
By Ian Sansom everything. Auden “seemed to have a
knack” to be where the action was: not
Harper, 341 pages, $27.99
just cultural action, but intellectual and
BY WILLARD SPIEGELMAN literary action as well. He somehow

W
managed to inject himself into the
HEN W.H. Auden currents of modernism, first at home in
(1907-1973) was England, then in Berlin in the 1930s and
elected the Oxford then in New York.
professor of poetry He knew everyone. And he worked
in 1956, he was hard, not only as a writer but, in order
required to deliver an inaugural lecture. to earn a living, also as a lecturer,
In it, he remarked that whenever he teacher and reviewer. Finally—after
read a poem, he asked himself two living on St. Marks Place in Manhattan
questions: “Here is a verbal contraption. for decades, and spending time on the
How does it work?” That’s a technical Mediterranean island of Ischia—he
issue. The second: “What kind of a guy bought a cottage in Austria, returned to
inhabits this poem?” That’s a biograph- Oxford as professor of poetry, and could
ical and a philosophical problem. legitimately claim to being entirely
When picking up Ian Sansom’s mad- international.
dening but illuminating, narcissistic but
intelligent, self-indulgent but useful
page-turner of a book, a reader may Titled for the date Hitler
pose two different, equally valid, ques-
tions: “What is the purpose of this
invaded Poland, the poem
book?” and “For whom was it written?” contains some of Auden’s
Mr. Sansom says that he wants to show most famous lines.
how a great poem “gets produced, con-
sumed and incorporated into people’s He came to disdain it.
lives.” His intended reader is not a poet
or professor but an “entirely average in-
dividual with a rather unusual interest His poem suggests how he made him-
in a particular work of art.” His book self at home everywhere, also feeling
is no ordinary work of literary criticism; alienated at the same time. The times
it is instead a “biography” of one of were out of joint, but Auden was made
Auden’s most famous poems, “Septem- for those times, and he made the most of
ber 1, 1939.” In Mr. Sansom’s hands, the them. He wrote to the classicist E.R.
poem comes to possess a life of its own Dodds that a poet should have “direct
through the experiences of its readers, knowledge” of the political events of his
very much including Mr. Sansom him- time, and Auden certainly did. He under-
JERRY COOKE/CORBIS/GETTY IMAGES

self. This book is also a memoir, or, stood the underpinnings of what he calls,
more precisely, a mock-heroic account in his poem, “a low dishonest decade.”
of its own making. And for most of his life as a poet, he
Sept. 1, 1939, is the date of Hitler’s always was playing a public role, espe-
invasion of Poland and the start of cially through his language. All of his
World War II. Auden’s poem, collected important poems show his deft ability
in his book “Another Time” (1940), to alternate among levels of diction—
contains one of his most famous lines, the high and low, the public and the
“We must love one another or die,” private, the sophisticated and the jazzy,
a line he came to dislike so much that ATLANTICIST W.H. Auden on Fire Island, N.Y., 1946. the abstract and the material—and
he eventually changed it to “We must thereby to reproduce much of what we
love one another and die.” After his lines of ordinary, even prosaic banality: seems to be under the spell of Nichol- Mr. Sansom’s book is a patchwork. consider “modern” as well as American.
“Collected Poetry” of 1945, he refused “I sit in one of the dives / On Fifty- son Baker, whose book-length confes- He sees both the trees and the forest. Mr. Sansom digs into the suggestions
to republish the poem, which has Second Street.” Then it moves outward, sion of a lifelong infatuation with the Consider the opening. He homes in on of ordinary adjectives in the poem—
nevertheless continued to live. It in nine stanzas of 11 lines each, with work of John Updike, “U & I” (1991), the poem’s particulars with a fine eye “neutral air,” “blind skyscrapers,” “dense
has never lacked for attention and three metrical stresses per line, each he praises in passing. Unlike Mr. for linguistic and cultural detail. Eighty commuters,” “ironic points of light”—
admiration: In the months following stanza constituting a self-contained Baker’s comically mandarin narrative years ago, 52nd Street was in many doing what a good explicator must do,
9/11, it again became enormously popu- sentence, into considerations of history, digressions, Mr. Sansom’s are only ways the center of New York. Its bars which is to explain, as Auden said, how
lar. And it has always touched a raw politics, human weakness and deprav- modestly entertaining, but his struggle and clubs included jazz spots and a thing works. The simple noun “sky-
nerve. In one of his many striking ity, and existential anxiety. with the poem helps to illuminate gay meeting places. Mr. Sansom points scrapers” shows how Auden responded
obiter dicta Mr. Sansom remarks that Mr. Sansom’s book veers haphaz- his struggle with himself. It may also out that “dive” is an American usage. to America. He once said that New
“Auden may have attempted to hack up ardly between energy and tedium, be- persuade some readers to forgive him Auden wants to remind us that he is York’s skyscrapers, excepting the one in
the poem and destroy it—but readers tween cogent analysis and self-serving his passive-aggressive stances. not in England any more. He was to Radio City, were “ugly close to but lovely
have saved it from dismemberment irrelevancies, between Auden and The book is not academic, but the become an American citizen in 1946, from a distance.” Mr. Sansom correctly
and death, time and time again, re- Sansom. It will explain the poem for a author has read everything by and thus complicating anyone’s ideas about labels remarks like this a reminder that
discovering it, reclaiming it.” He calls it non-specialist, but only if that reader is about Auden, and he puts the poem what constitutes national identity. “September 1, 1939” is “a kind of post-
“the world’s greatest zombie poem.” charmed rather than annoyed by its into many kinds of context: literary, Trans-Atlantic Anglo-American mod- card home. Look, I’m in New York!”
Auden’s lyric is a statement about frequent parenthetical asides—on the cultural, historical, political and ernism constitutes a sub-theme of this Auden also said that criticism
the zeitgeist, as the clouds descended author himself, his life, his family, his especially biographical. He tells how book, as do the differences between “should be a casual conversation.” This
on Europe. It is also about New York, reading, his “indiscriminate appetite,” the poem came into life, and he has a Auden and his poetic contemporaries, book reminds us of the pluses and
where Auden had earlier in the year the 25 years he has been working on lot to say about its maker, and how English, American and even Irish. minuses of such casualness.
decamped from England. And it is this book. Mr. Sansom, a writer of very the lives of both continued well after Auden was seated at the bar in the
equally about the poet himself. It British murder mysteries and a fre- the poem’s publication, and even after Dizzy Club (62 W. 52nd St.), a gay hang- Mr. Spiegelman is at work on a life
begins in solitary contemplation with quent book reviewer for the Guardian, Auden’s death. out. Fifty-second Street was also Swing of the poet Amy Clampitt.

Out of the Frying Pan, Into the Line of Fire

SARAH JANE PULLMAN, into bar fights, confront all Delaney betrays some peculiar Corie admits. But the more she prose one month after the
narrator of James Sallis’s kinds of people hell bent on behavioral quirks (constantly discovers about creepy Pete, event. “What an absolutely
slim and affecting novel trouble.” The latter might checking that his parked the greater her concern. Corie splendid murder mystery” the
“Sarah Jane” (Soho Crime, include an out-of-state police vehicle is not being interfered deduces that he could even be case already was in its earliest
207 pages, $23.95), has had officer discovered west of Farr with, never revealing much a hit man. “There’s always a stages, he noted: “At moments
much life experience before she with his neck broken. The dead personal information, market,” she reasons, “for it develops with the speed of a
gets hired by the sheriff’s office man comes to represent unexpectedly flashing a sudden those skilled at getting rid Robert Ludlum novel. Other
in an isolated American town aspects of Sarah Jane’s pre- coldness), Corie begins her own of exasperating neighbors, days it turns out to be more of
named Farr. She’s been a cook Farr history, submerged for informal low-key surveillance grasping spouses, undesirable an Agatha Christie puzzle, only
and baker, served briefly in the years but now rising to the of the man. The rusty sleuth business associates—especially to develop into an Ed McBain
MYSTERIES military, fled her marriage—and surface. So, eventually, does wonders: “How to distinguish during a great recession.” police procedural touched off by
TOM NOLAN now finds herself enforcing the the missing Cal. between a gut feeling and my Ms. Isaacs is a witty author, a [Donald] Westlake comedy.”
law in a place that “had limped Mr. Sallis writes of life’s personal conspiracy theory?” but comedy gives way to terror That’s not a bad description
from rural to urban long after mishaps as well as its For help, she turns to her best as Corie’s inevitable confronta- of the book Mr. Stocklassa has
much of the rest of the country, consolations in a poetic style tion with her dangerous quarry put together, combining
carrying history on its back well-suited to his introspective THIS WEEK nears. All the foreshadowing Larsson’s scant text with his
with its brick and clapboard yet appreciative main character. and presaging pays off in own following in the late
homes, narrow streets and “Extraordinary things happen Sarah Jane spades, and the scenes that author’s footsteps: “If I wanted
A cook town square.” all around us,” Sarah Jane By James Sallis tie up loose ends are a to do his work justice, I was
turned What gets to sensitive Sarah observes. “Small miracles, pleasure to read. going to have to think and act
sheriff Jane the most are the deaths haphazard events, bursts of joy, Takes One to Know One Swedish writer Stieg Larsson more like Stieg.”
that come out of nowhere: the revelations.” By Susan Isaacs started as a journalist but The 33-year investigation is
finds beneficent local man found The protagonist of Susan became famous as the author laid out in all its discouraging
that peacefully afloat in his bath, Isaacs’s humor-laced suburban The Man Who Played of a trio of internationally best- complexity—rife with chaos,
keeping the lonely lady who hangs thriller “Takes One to Know With Fire selling thrillers beginning with political expediency, intra-
herself with a bright yellow One” (Atlantic Monthly Press, By Jan Stocklassa “The Girl With the Dragon agency rivalry and dueling
the plastic rope. Disconcerting too 359 pages, $26) is also a Tattoo.” Since Larsson’s death, egos. In time, officials fixed
peace in is the sudden disappearance of woman connected to the law. David Lagercrantz has revived on a “lone madman” theory.
a small Sheriff Cal Phillips, the man Corie Geller, in her late 30s, friend Wynne (a TriBeCa the series’ lead characters in An alcoholic suspect was tried
who hired her. At the urging seems to have enough on her interior designer), her dad additional novels. Now and convicted—but acquitted
town is a of the town powers, she takes plate to satisfy the ordinary (a retired NYPD cop) and old journalist Jan Stocklassa has on appeal. Yet “The Man Who
thankless over Cal’s job, and the first Long Island resident: The wife contacts in the Bureau (for drawn on Larsson’s archival Played With Fire,” translated
task. order of business is finding out of a federal judge and adoptive whom she still does occasional research notes to produce “The by Tara F. Chace, ends on a
why Cal has gone missing. mother to his teenage daughter, contract work). Her husband Man Who Played With Fire” high note: Mr. Stocklassa,
“Why people do most things is she also has a freelance career she keeps out of the loop for (Amazon Crossing, 488 pages, encouraged by information he
a mystery,” Sarah Jane muses. scouting Arabic-language books fear he’ll tell her to stay on the $24.95), a fascinating “creative himself gathered and passed on
Meanwhile, the new sheriff’s for publication in English. But safe side and mind her own nonfiction” account of the to authorities, and by the
other duties beckon. “I get paid Corie is no average housewife: business. greatest unsolved mystery in dedication of a new Swedish
half what a decent house- Before getting married, she was She seeks matches between Swedish history: Who shot prosecutor, is emboldened to
painter does,” she points out to an FBI agent—and those old Pete’s business trips and un- Prime Minister Olof Palme to write: “I am convinced that . . .
the mayor. “For that I’m called investigative powers yearn to solved crimes in his destination death on a Stockholm street one day soon we will be able
on to ride herd on the town’s be put to fresh use. towns. Might he be a profes- the night of Feb. 28, 1986? to say what has long been
kids, settle marital disputes, When a bland-seeming sional arsonist, a jewel thief or “Books are gonna be written considered impossible: the
monitor traffic, track down the member of her weekly a bank robber? “I understood about this,” Larsson himself Palme assassination has
occasional thief, plow my way luncheon-group named Pete some might call me delusional,” predicted in his own English been solved.”
C12 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

BOOKS
‘I was a child once myself, and by some fortunate magic I remembered exactly how I used to feel and think about things.’ —E . N ES B IT

A Child in Grown-Up Guise

The Life and Loves Seekers,” “The Wouldbegoods” and
of E. Nesbit “The New Treasure Seekers”); her
By Eleanor Fitzsimons fantasy novels, like “Five Children
and It,” in which the author intro-
Abrams Press, 388 pages, $35
duces us to the Psammead, a hyper-
BY JONATHAN COTT sensitive sand-fairy with bat’s ears

T
and snail’s eyes that grants wishes by
HE BRITISH writer E. filling itself with air and then exhal-
(for Edith) Nesbit has ing, and “The Story of the Amulet,” in
been called the inventor which the same five children time-
of the children’s adven- travel into a Fabian utopia—a world
ture story, in which of radiant gardens and pigeons “sleek
young heroes and heroines search for as birds of new silver,” crystal-clear
treasure, face perils and solve myster- streams, environmentally conscious
ies, but she also wrote about wishing children, and men and women who
rings and magical amulets that served joyously share child-rearing duties;
as gateways to what the novelist Alejo and her most affecting novel, “The
Carpentier once called “the marvelous Enchanted Castle,” in which three
real.” In Nesbit’s books the real was children and their French governess
magic, and the magic was real. She watch the harvest moon shining
was also one of the first authors to through a hole in a circle of ring-
write for children in their own lively, stones and are transfixed by a tran-
forthright and idiomatic language, and scendental vision. As Nesbit describes
she did so with such an unwavering it: “Space is not; every place that one
and passionate allegiance to their has seen or dreamed of is here. Time
often-subversive points of view that, as is not; into this instant is crowded all
Alison Lurie wrote in “Don’t Tell the that one has ever done or dreamed of
Grown-Ups,” “it is possible now to doing. It is a moment, and it is eter-
speak of juvenile literature as before nity. It is the centre of the universe
and after E. Nesbit.” Her approximately and it is the universe itself. The eter-
40 books for children have profoundly nal light rests on and illuminates the
influenced writers such as C.S. Lewis, eternal heart of things.”
P.L. Travers and J.K. Rowling. Less well known, but among Nes-
Noël Coward once described Nesbit bit’s most inventive works, are her
(1858-1924) as “the most genuine wonder and fairy tales, in which she
Bohemian I had ever met.” A tomboy plays with and satirizes the conven-
in her youth who confessed that she tions of these genres, enabling her to
had “never been able to love a doll,” meld her gifts as a brilliant humor-
Nesbit as an adult had bobbed hair, ist, social critic and narrative pres-
wore loose and flowing “aesthetic” tidigitator. In my favorite of her
MARY EVANS PICTURE COLLECTION/JOHN MACLELLAN/THE IMAGE WORKS

dress inspired by the Pre-Raphaelites stories, “Whereyouwantogoto,” two

(and pantaloons for bicycling) and children, Selim and Thomasina, start
jangling Indian silver bangles from bouncing along with their magic
wrist to elbow, and incessantly rolled Bouncible Ball through city, suburb
and smoked cigarettes that she carried and fields until they reach the land
in a corset box. of Whereyouwantogoto, a pristine
She and her husband, the journalist Eden where there are “no bathing
Hubert Bland, whom she married machines or bands, no nursemaids
when she was 21 and seven months or policemen or aunts or uncles” and
pregnant, were founding members of where days pass like a happy dream,
the socialist Fabian Society, which in- broken only by “surprising and de-
cluded H.G. Wells and George Bernard lightful meals.” In this land, where
Shaw. They lived for many years in a nothing was “wrong” as long as you
large 18th-century moated brick house are “good,” the two children, unable
in Kent called Well Hall, which func- to leave something so perfect alone,
tioned as a salon-commune where destroy their paradise by summon-
writers, painters, politicians, waifs, ing up a housemaid and policeman
poor relations and cranks of all stripes LEAPS OF FANCY One of Harry Rountree’s illustrations for the 1905 first edition of E. Nesbit’s ‘Peter Pug.’ and turning Whereyouwantogoto
used to congregate. Well Hall was a into a tacky seaside resort.
hive of activity, and Nesbit was its talent and the sheer magnificence of to ripen, and in “A Woman of Passion: ceptionally illuminating and detailed By being “bad”—lacking imagina-
queen bee, organizing euphoric dance her appearance,” and her own sexual The Life of E. Nesbit” (1987) Julia portraits of the extraordinary group tion—Selim and Thomasina are cast
parties, amateur theatricals, panto- dalliances were numerous. Briggs observed that, whereas in an of practical and utopian socialists, out, as if, Nesbit seems to suggest,
mimes, treasure hunts and children’s Eleanor Fitzsimons’s meticulous earlier era “the wilder escapades of a mutual-aid anarchists, theosophists, there were an undermining impulse
games like Devil in the Dark. and invaluable “The Life and Loves of sexless tomboy were acceptable . . . feminists, radical freethinkers, and in human consciousness that entices
H.G. Wells once remarked that E. Nesbit” is the third full-length biog- but not those of a passionate and ma- trailblazing writers who were part of us to fall back into conventional mind-
Nesbit and Bland “dramatized life” and raphy of the author. Doris Langley ture woman,” it was finally possible the Bland-Nesbit milieu. sets, values and behavior. As Ms. Fitz-
“loved scenes and ‘situations.’ ” Bland Moore, who in 1933 wrote the first, for her to paint a comprehensive por- Nesbit once confessed to having simons’s fine biography underlines,
was an unapologetic philanderer who simply titled “E. Nesbit,” was reluctant trait of Nesbit and Bland in vivid and remained a child in a grown-up world E. Nesbit’s greatest novels and stories
once told a friend that he always got a to disclose intimate details regarding unvarnished colors. Ms. Fitzsimons, and declared of those like her: “If posit the radical notions that one is
headache if he couldn’t have a woman. the polyamorous couple. When she the author of the fascinating “Wilde’s these children, disguised by grown-up not happy because one is good but
While living with Nesbit, he sired two requested an interview with George Women: How Oscar Wilde Was Shaped bodies, are ever recognized for what good because one is happy; that it is
illegitimate children—by her friend Bernard Shaw, he replied: “As Edith by the Women He Knew” (2015), they are, it is when they happen to incumbent on happy people to recon-
and secretary Alice Hoatson—whom was an audaciously unconventional draws abundantly on Moore’s and have the use of their pens—when struct society; and that imagination
his wife raised alongside her own lady and Hubert an exceedingly un- Briggs’s research, but her palette has they write for and about children.” is the magic key to happiness.
three. Nesbit, Bland and Hoatson lived faithful husband [I do] not see how a an even greater range of colors, and Especially noteworthy are Nesbit’s
openly in a ménage à trois. Nesbit presentable biography is possible as she also brings to light many previ- often filmed and dramatized novel Mr. Cott’s book “Pipers at the
herself was, according to a friend, yet; and [I have] nothing to contribute ously hidden biographical watermarks. “The Railway Children”; her books Gates of Dawn: The Wisdom of
“always surrounded by adoring young to a mere whitewashing operation.” If her book lacks Briggs’s stylistic about the six rambunctious Bastable Children’s Literature” will be
men, dazzled by her vitality, amazing It took a half-century for the time elegance, she excels in providing ex- children (“The Story of the Treasure reissued next spring.

Best-Selling Books | Week Ended September 28

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPDBookScan gathers point-of-sale bookdata
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan16,000locationsacross theU.S.,
representing about85%ofthenation’sbooksales.
Inside Out: A Memoir 1 New Exonerated 6 New The Water Dancer 1 New Lethal Agent 6 New Print-book dataproviders includeallmajorbooksellers,
Demi Moore/Harper Dan Bongino/Post Hill Ta-Nehisi Coates/One World Vince Flynn & Kyle Mills/Atria webretailersandfoodstores. E-bookdataproviders
includeallmajore-bookretailers.Freee-booksand
The United States of Trump 2 New Super Attractor 7 New The Tyrant’s Tomb 2 New Wayward Son 7 New thosesellingforlessthan99centsareexcluded.
Bill O’Reilly/Holt Gabrielle Bernstein/Hay House Rick Riordan/Disney-Hyperion Rainbow Rowell/Wednesday Thefiction andnonfiction combinedlistsinclude
aggregated salesforallbookformats (exceptaudio
Talking to Strangers 3 1 The Ride of a Lifetime 8 New Dog Man: For Whom the Ball Rolls 3 2 Where the Crawdads Sing 8 4 books,bundles, boxedsetsandforeign
Malcolm Gladwell/Little, Brown Robert Iger/Random House Dav Pilkey/Graphix Delia Owens/Putnam languageeditions) andfeaturea
combination ofadult,youngadultand
Over the Top 4 New Permanent Record 9 3 The Institute 4 1 The Dutch House 9 New juveniletitles.Thehardcoverfictionand
Jonathan Van Ness/HarperOne Edward Snowden/Metropolitan Stephen King/Scribner Ann Patchett/Harper nonfiction listsalsoencompassamixof
adult,youngadultandjuveniletitleswhilethebusiness
Know My Name: A Memoir 5 New Stories That Stick 10 New The Testaments 5 3 Hey Grandude! 10 New listfeaturesonlyadulthardcovertitles.Refer
Chanel Miller/Viking Kindra Hall/HarperCollins Leadership Margaret Atwood/Nan A. Talese Paul McCartney/Random House Books For Young Readers questionstoTeresa.Vozzo@wsj.com.

Nonfiction E-Books Nonfiction Combined Fiction E-Books Fiction Combined Hardcover Business
TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK

Inside Out: A Memoir 1 New Inside Out: A Memoir 1 New Lethal Agent 1 New The Water Dancer 1 New The Ride of a Lifetime 1 New
Demi Moore/Harper Demi Moore/Harper Vince Flynn & Kyle Mills/Atria Ta-Nehisi Coates/One World Robert Iger/Random House
The United States of Trump 2 New The United States of Trump 2 New The Water Dancer 2 New The Tyrant’s Tomb 2 New Stories That Stick 2 New
Bill O’Reilly/Holt Bill O’Reilly/Holt Ta-Nehisi Coates/One World Rick Riordan/Disney-Hyperion Kindra Hall/HarperCollins Leadership
Chris Beat Cancer 3 — Talking to Strangers 3 2 Archangel’s War 3 New Lethal Agent 3 New Shut Up and Listen! 3 1
Chris Wark/Hay House Malcolm Gladwell/Little, Brown Nalini Singh/Berkley Vince Flynn & Kyle Mills/Atria Tilman Fertitta/HarperCollins Leadership
Talking to Strangers 4 3 Guts 4 1 The Dutch House 4 New The Institute 4 1 Creative Calling 4 New
Malcolm Gladwell/Little, Brown Raina Telgemeier/Graphix Ann Patchett/Harper Stephen King/Scribner Chase Jarvis/Harper Business
Know My Name: A Memoir 5 New Over the Top 5 New All the Way 5 New The Dutch House 5 New StrengthsFinder 2.0 5 2
Chanel Miller/Viking Jonathan Van Ness/HarperOne Kendall Ryan/Kendall Ryan Ann Patchett/Harper Tom Rath/Gallup
Educated: A Memoir 6 5 Know My Name: A Memoir 6 New Say It Again 6 New The Testaments 6 2 Dare to Lead 6 3
Tara Westover/Random House Chanel Miller/Viking Catherine Bybee/Montlake Romance Margaret Atwood/Nan A. Talese Brené Brown/Random House
The True Definition of Beauty 7 — Exonerated 7 New The Institute 7 4 Where the Crawdads Sing 7 3 Every Job Is a Sales Job 7 5
Adam J. Scheiner/Adam J. Scheiner Dan Bongino/Post Hill Stephen King/Scribner Delia Owens/Putnam Cindy McGovern/McGraw-Hill Education
On Tyranny 8 — Super Attractor 8 New Immortal Born 8 New Dog Man: For Whom the Ball Rolls 8 4 Atomic Habits 8 4
Timothy Snyder/Tim Duggan Gabrielle Bernstein/Hay House Lynsay Sands/Avon Dav Pilkey/Graphix James Clear/Avery
Exonerated 9 New Educated: A Memoir 9 5 The Tyrant’s Tomb 9 New Wayward Son 9 New The Total Money Makeover 9 6
Dan Bongino/Post Hill Tara Westover/Random House Rick Riordan/Disney-Hyperion Rainbow Rowell/Wednesday Dave Ramsey/Thomas Nelson
Over the Top 10 New The Ride of a Lifetime 10 New Sins of the Fathers 10 New Immortal Born 10 New Extreme Ownership 10 10
Jonathan Van Ness/HarperOne Robert Iger/Random House J.A. Jance/Morrow Lynsay Sands/Avon Jocko Willink & Leif Babin/St. Martin’s
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 5 - 6, 2019 | C13

PLAY
NEWS QUIZ DANIEL AKST From this week’s WSJ BRAIN GAMES Provided by Serhiy and Peter Grabarchuk (grabarchukpuzzles.com)
Wall Street Journal

1. Christopher Col- 5. Sen. Bernie Sanders had a 1. HHHHH

lins pleaded guilty medical procedure to insert On a standard
to conspiracy to stents to open an artery keyboard, as
commit securities blockage. Who is the oldest shown at right,
fraud and re- candidate in the presidential how many acute-
signed as a Re- race? angled triangles
publican congress- can you find with
man—from where in
A. Joe Biden
letters in the
New York?
B. Elizabeth Warren
apexes that form

C. Donald Trump

A. Westchester County
D. Bernie Sanders an alphabetical

B. Staten Island series?

C. Albany
6. In Maine, federal require-

D. The area between Buffalo
ments that lobstermen clear
and Rochester
fishing lines from the path of
an endangered species have
2. Shoppers are buying and dis- raised worries about the lobster
carding clothing faster than business. Which species are the
ever. What percentage of these rules aimed at protecting? 2. HHHHI 3. HHHII
castoffs is recycled into new The pattern, consist- Which cube is it possible to
clothes?
A. Right whales ing of six triangles, fold from the given pattern?

B. Sperm whales can be turned into a

A. 1%
C. Blue whales pyramid by folding

B. 11%
D. Snail darters
along the dotted

C. 21%
lines—but one trian-

D. 31%
7. With the release of the new gle is unnecessary.
movie “Joker,” which of these Which one?
3. After three decades of actors has not played the char-
growth, what U.S. phenomenon acter of Batman’s grinning nem-
finally dropped a little per a esis on film?
new report? (Hint: it’s still twice
as high as in 1980.)
A. Heath Ledger

B. Jack Nicholson

A. The rate of twin births
C. Joaquin Phoenix

B. The incidence of car theft
D. Keanu Reeves

C. The rise in inflation-ad-
justed home prices
8. Egg prices are taking a beat-

D. The average price of a new
ing. Why?
car SOLUTIONS TO LAST WEEK'S PUZZLES WSJ Brain Games

A. The trade war has sapped
4. Kristalina Georgieva gave her Chinese demand for U.S. ex-
Treasure Hunt Double or Nothing
first interview since becoming ports. g
IMF chief. What did she call for?
B. Sky-high grain stocks have I S L
A O L G A R E L O A C E R LI FE LI NE BE FO RE
led to expanded flocks. N O U
N S P E R M E R I C S V A N E HO ME MA DE DE SO TO
F I N
D T H E N AM E S O F T E N G E M S IL OV EB LA CK JA CK BU TI MN OT

A. Central banks to halt the
C. Egg supplies are up. O L D
M A I D D E L U D E C A S S I O RI LE RA SP ST RE AM
FROM TOP: JUSTIN LANE/EPA-EFE/SHUTTERSTOCK; ISTOCK

LU CK GI NG ER BE ER BU RT
downward spiral of interest
D. All of the above A MO R
O L
E
E S
S
T I L
C H E A T
E R T E
L E I
A
R
T
Y
L
E SE ER BA CA LL SO LO
AD DI CT ED TO GA MB LI NG
rates X A X E S S L U R S C A B O T DE FO RE ST WE LL RE ST ED
E Y E E M C E E S G O T E N R A G E D

B. Countries to make public L I N C A R M S T R A I L I M E T A
IM AD
BA
DI
NG
CT ED TO
SH YS TE RS RO PE
O K I E P R I S S S P A T A T
investments and structural H I D D E NW I T H I N T H E P U Z Z L E
PO UR
LE VE
FR
ES
EE ST
CA RE TA CO
FA ST

changes to spur growth A G E O N E N O O K S V A P E SI TT IN GI NA SE MI CI RC LE

S L A I N C A I N E H E E D S I Z E TI LL ER TO TE MP OL ES

C. The use of drones to sprin- H U R L Y B U R L Y G A N N E T C O X ON CA LL RE ND ER ED
G Y R O S E U R O S O Z O N E
kle slowing economies with cash C S C T AW S L I M S S P A N K S

D. A massive increase in IMF A B O D U D S A L A P E E P
L A M B E R S P R I N G A C R O B A T
funding G R I D I NWO R D S E A R C H S T Y L E
O R C A S I N A I S L O T S E T A S
N O S Y T O T S E A T S C E N T

Answers are listed below the

crossword solutions at right. For previous weeks’ puzzles, and to discuss strategies with other solvers, go to WSJ.com/puzzle.

Answers to News Quiz: 1.D, 2.A, 3.A, 4.B, 5.D, 6.A, 7.D, 8.D
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 52 Ballet attire 1 2 3 4 5 6 7 8 9
18 19 20 21 22 53 Beverly who
wrote the
23 24 25 Ramona book 10 11
series
26 27 28 29
54 Always 12 13
30 31 32 33 34 35 36 37
55 Depend
38 39 40 41 14 15
56 Many SAT takers
42 43 44 45 46 47 48 59 LAX posting
49 50 51 52 53 54 55 56 60 Spice mixture in 16 17 18
Indian cooking
57 58 59 60 61 62 63
61 Type type 19 20
64 65 66
67 Place for a rubber
67 68 69 70 71 72 73 ducky
21 22 23 24
74 75 76 68 Columnist
Bombeck
77 78 79 80 81 82 83 84
69 Move without 25 26
85 86 87 88 89 dribbling, in
basketball 27 28
90 91 92 93 94
70 Niagara sight
95 96 97 98 99 100 101 102 103 71 Neither’s partner 29 30
104 105 106 107 108 72 Nickelodeon goo
109 110 111 112 113 73 Body wash brand 31
114 115 116 117 118 119 120 121 122 74 Letter resembling
a trident
123 124 125 32 33
78 Kind of sleep
126 127 128 79 Deli buy
82 Place to detox
Played Out | by Jillian Greenspan & Erik Agard Shifty Business | a cryptic puzzle by Emily Cox & Henry Rathvon
83 Gearshift letters
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1 Light touch 62 Potting need 112 Old Testament 14 There’s often a grid. Don’t you hate it when some (6) sounded off (6)
86 Actual
book raison for it shifty character keeps 19-Across
7 “Do the Right 63 Thin slice 87 Netherlands 26 Poet with fork chows down 8 Yahoo with sawed-off
21-Across on you?
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used in solvents (5) revolver (4)
11 Montana associated with 16 Patoot 89 Netflix rival
neighbor dieting 114 •It’s hard to say
17 Last name 92 Pep
28 Kitty picked up by females 9 Examine the boil (6)
18 Simple, in a way 65 Great 118 2019 Avengers associated with leaves wound marks (7)
movie, or what dieting
93 Old Testament 10 Introductory website’s
20 Dragnet 66 Sargasso Sea book 29 Leading lady’s endless junk tribute about English police
spawners each starred
22 Excise, as 19 Saint Louis Bread (6)
•Warning against
answer has
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95 Wash. airport (4,4)
corruption 67
123 Firm for diners of St. Louis 96 Matriculate
23 Maybelline
recklessness 30 Indian prime minister once 15 Big trouble that wore off
74 Henry VIII’s last 124 Iron production 21 Quiet interludes 97 Docket expressed no regret (5) (3,5)
product
Catherine 125 Shuffle 25 Drops from the 99 Old West Across
24 •Assuming all 31 Shifting case, hear 17 Card game was first
liabilities 75 “Sad to say...” 126 Put in a group sky challenge 1 Staff eating a party’s first
100 Cargo carriers appetizer (6) swimmers’ complaints (8) signaled by a ref (8)
26 Cake pan option 76 Forum 127 The worst kind 27 Plumbing
provocateur of loser problem 102 “I’ll take a cold 32 CBS anchor no longer on 18 Picked Georgia Democrat
28 Kinks hit 5 Bills and coins we left for a
77 Namesake of 128 Incense 30 Figure of speech one” the air, preferably (6) holding that position (8)
29 Uttar Pradesh nutty treat (6)
a Venice basilica Down 31 Expressive 103 Jazz saxophonist
neighbor 33 Figure out time for Xmas 20 Love lost, I help a tragic
80 Stitch’s pal dances Dexter 11 Island group opposed to
30 •Glass program 1 What may follow poem (6)
a dot 32 Like argon 106 Goes for backing market (8) lover (7)
81 The Euphrates
37 Augsburg article divides it 2 Santa ___ winds 33 It’s a long story 107 Bone-related 12 Red suit, so you say, for Down 21 Effusive sort of person is
38 Charge 82 Dashboard abbr. prefix
3 Hi-___ monitor 34 Child, e.g. male deer (5) 1 Birthplace held back by great theater employee (6)
39 Amusingly 85 •“No idea” 108 Soprano Fleming Beldar Conehead (6)
absurd 4 PC key 35 66-Across, e.g. 13 Pairs from here left near 22 Folk tales about a leader of
88 “You saved me!” 110 An eternity
40 Cut 5 ___ Mater (Latin 36 Pentathletes one of Saturn’s moons (6) 2 Came to terms about holy Punjab city (6)
90 Dubai leader hymn) wield them 111 Arizona cagers
41 Roman calendar reforming grade one (6,2)
91 Norm, for short 6 Syringe filler 41 Harder to see 115 Une des quatre 14 Wild deer met Greek 23 Go through southeast rock
feature
7 Radio annoyance through, as saisons harvest goddess (7) 3 Song of hill dweller on formation (6)
42 Fashion first 92 Sleep unit?
ocean waters 116 Cruz in the border (6)
name 94 “Don’t think so” 8 Technique
Senate 16 “Glee” character grips 24 Reckon a small amount
43 Arizona State
43 Keg insert 95 Notary’s need 9 Song title site 117 Corn unit
sponge (5) 4 Never do a disorganized inside of keg (6)
character who’s essay (8)
44 Raised lines 98 Brewski 45 Makes a fierce 119 Watchdog 17 Heard work in a diner is 27 Fist-pumping cry for you
“got me on my
47 Hayes of “Will & 101 Fivers knees” verbal attack warning something to watch? (6) 6 Bug cast in metal (7) that’s satisfying (4)
Grace” 46 “To Kill a 120 Palindromic girl’s
103 Cheerful- 10 React to a teen
49 March sounding flowers Mockingbird” girl name Get the solutions to this week’s Journal Weekend Puzzles in next
s

idol, perhaps
51 •Preventers of 104 Part of the U.K. 11 Not prone to 48 Often-torn knee 121 Sister of Beth, Jo Saturday’s Wall Street Journal. Solve crosswords and acrostics
misreporting 105 •“This looks crushes, for short part, briefly and Amy online, get pointers on solving cryptic puzzles and discuss all of the
57 N.Y. clock setting bad...” 12 Really disgraceful 50 Sneeze inducer 122 Before, to poets puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, October 5 - 6, 2019
ICONS
Women Who
Shaped a Movement
In Victorian Britain, female artists, models and collaborators
helped to define the work of the Pre-Raphaelites.
BY PETER SAENGER
I
n the 1850s, a group of British painters
known as the Pre-Raphaelite Brotherhood
became famous for their lavishly detailed
pictures, full of brilliant colors, medieval
settings and women with lush, flowing
hair. As its name suggests, the artists who
founded the Brotherhood—including John Ever-
ett Millais and Dante
Gabriel Rossetti—were
all male. But a new ex-
hibition proposes that
women played a far
larger role in the move-
ment than has been pre-
viously acknowledged.
“Pre-Raphaelite Sis-
ters,” which will be on
display at London’s Na-
tional Portrait Gallery
from Oct. 17 to Jan. 26,
emphasizes “the collab-
orative nature and the
shared nature” of the
movement, according to
curator Jan Marsh. In-
cluding some 120 works,
photos and other items,
the exhibition focuses on
the women who helped
to create the Pre-Raphaelite aesthetic, whether as
painters and models or by working behind the
scenes. While “it’s always felt that the male art-
ists exploited and neglected the women,” Ms.
Marsh said, “in fact, the men…were quite wel-
coming to women on the whole.”
The female models employed by male paint-
ers, for instance, weren’t simply mannequins
“who just get clothed and posed and stay still,”
Ms. Marsh said. Rather, they were “silent ac-
tors” who infused aspects of their own person-
alities into the paintings. The model Elizabeth
Siddal, for example, made a dramatic “Ophelia”
for Millais in his famous 1852 painting of
Shakespeare’s drowned heroine.
Effie Gray (1828-97) played a key role in the
artistic career of Millais. At 19, Gray had mar-
ried the art critic John Ruskin, hoping that the
marriage would be a working partnership—that
he would research cathedrals, for example, and
she would sketch the visual evidence. But the
marriage turned out to be a failure and was
never consummated. When Millais came to
paint Ruskin’s portrait, Gray found herself fall-
ing in love with the painter. Gray patiently pur-
sued an annulment, married Millais and became
his manager—finding her husband’s subjects
and locations, selecting models and making
their costumes, and persuading clients. The ex-
MASTERPIECE ‘BODY AND SOUL,’ RECORDED BY COLEMAN HAWKINS (1939)
One Take,
And on to
Immortality
BY JOHN EDWARD HASSE
EIGHTY YEARS AGO NEXT WEEK, tenor saxo-
phonist Coleman Hawkins made a recording of
“Body and Soul” that stood musicians on their
ears and became one of the most celebrated im-
provisations in American music.
“For me it’s one of the greatest works of mu-
sic of any kind from any era,” said pianist Randy
Weston. “When I first heard it, I played it note-
for-note on the piano…it was something that
blew my mind.”
Composed in 1929, “Body and Soul” is the
best-known song by composer Johnny Green—
then a 21-year-old Harvard graduate who had
worked briefly on Wall Street. He was commis-
sioned to write the song by the British actress
Gertrude Lawrence. According to writer and Wall
Street Journal contributor Will Friedwald, when
Green was asked if he had known, while writing
it, that it would become the most-recorded torch
song ever, he would reply, “No, all I knew was
that it had to be finished by Wednesday.” Jour-
neying through five keys, the song’s harmonies
make it challenging to play. And the tricky chord
changes in the bridge—its third eight-bar
phrase—make it unlike any other.
The lyrics are credited to the trio of Edward
Heyman, Robert Sour and Frank Eyton. Their
bold, sensuous words—“I’ll gladly surrender to
you, body and soul”—were sexual enough that in
the 1930s, some radio stations banned the song.
Louis Armstrong’s trumpet-vocal recording of
REVIEW
hibition includes Millais’s 1873 portrait of a
middle-aged Gray, holding a magazine in her
lap and looking sober and commanding.
While Gray had little interest in making art,
Joanna Boyce (1831-61), the sister of Pre-
Raphaelite artist George Price Boyce, threw
herself wholeheartedly into a career as a
painter. Unable to study at London’s Royal
Academy, she had only limited training until
she went to Paris to study with a well-known
French artist, Thomas Couture. By then Boyce
had already painted at least one remarkable
work, “Elgiva” (1855), depicting an Anglo-
Saxon queen who was “persecuted, forcibly di-
vorced, disfigured to destroy her beauty and fi-
nally murdered,” in the words of the exhibition
catalog. Boyce also painted Fanny Eaton, a Ja-
maican-born, mixed-race model, wearing
pearls, a billowy blouse and a striking head-
dress. Boyce married the painter Henry Wells,
another Pre-Raphaelite, who encouraged her to
continue with her own career.
While Boyce died after childbirth at the age
of just 29, another painter associated with the
Pre-Raphaelites, Marie Spartali Stillman
(1844-1927), exhibited for six decades. Born
into a conservative family of Greek origin, she
posed for and studied with the Pre-Raphaelite
painters Ford Madox Brown and Edward Burne-
Jones. Later she married the maverick journal-
ist William James Stillman, whose posting to
Florence and Rome gave her access to Italian
art for the first time. Ms. Marsh notes that the
couple had a joint bank account—an extreme
rarity in those days, she says. She particularly
admires the unusual layout of Spartali Still-
man’s “How the Virgin Mary Came to Brother
Conrad of Offida and Laid Her Son in His Arms”
October 1930 entered it
into the jazz tradition.
But it was Coleman
Hawkins’s Oct. 11, 1939,
saxophone rendition
that made it a must-play
for jazz artists and
placed the piece firmly
in the history books.
During his 10 years
(1924-34) with Fletcher
Henderson’s orchestra,
Hawkins had helped es-
tablish the tenor saxo-
phone as an esteemed
instrument for jazz ex-
pression. Then he spent
five years performing in
Europe, honing his style.
By the time of this re-
cording, he had defined
a personal sound with a
sensual, rich tone, full-
bodied vibrato, and
emotional conviction.
With no rehearsal
and just one take, Haw-
kins captured musical
lightning. “His eyes
were closed,” his pianist
Gene Rodgers recalled, Coleman Hawkins, bottom
“and he just played as if right, at a jam session in
he was in heaven.” 1939, had helped establish
After the first two the tenor saxophone as an
bars, Hawkins never ren- esteemed instrument for
ders the melody as writ- jazz expression.
ten, departing into para-
phrase and then pure
invention. Through two slow choruses, he takes
us on a dramatic, thrilling journey through musi-
cal valleys, plains and a mountain, methodically
building—with more intense tone, louder vol-
ume, and higher notes—to the peak. He com-
pared the storyline to a love-making session. Full
* ***
Clockwise from above: Joanna Boyce Wells, ‘Study
of Fanny Eaton’ (1861); Marie Spartali Stillman,
‘The First Meeting of Petrarch and Laura’ (1889);
John Everett Millais, ‘Ophelia’ (1852).
(1892), which echoes the classic religious poses
in 15th-century Italian painting but keeps the
figures to each side, innovatively leaving the
center of the canvas open for a view of the
landscape.
of ideas, his virtuosic extemporiza-
tion ranks as one of the most re-
nowned jazz solos ever, along with
Armstrong’s “West End Blues” and
John Coltrane’s “Giant Steps.”
This disc was an extreme outlier:
Very rarely did a successful jazz re-
cording—unless of a pianist—fea-
ture only one musician throughout, or omit a
song’s melody. It’s as if, after a few words, an
actor performing a Shakespeare soliloquy
swerved to improvise an alternate rendering so
sublime that countless others memorized it.
And as if that very version became an enduring
THE WALL STREET JOURNAL.
Another painter more loosely tied
to the movement, Evelyn De Morgan
(1855-1919), was the great-grand-
daughter of an earl, but she ignored
many of the usual rituals upper-class
CLOCKWISE FROM TOP: YALE CENTER FOR BRITISH ART, PAUL MELLON FUND; PETER AND RENATE NAHUM; PRIVATE COLLECTION
girls had to go through, such as being
presented at court. Instead, she began
selling paintings before she was 21, of-
ten devoting her work to medieval and
classical legends. “De Morgan’s figures
are clad in flowing or flying drapery,
in rich reds and gold,” writes Ms.
Marsh in the catalog. The sales of her
work helped to sustain the career of
her husband, William De Morgan, a
hardworking ceramist and friend of
the Pre-Raphaelites, who had little
professional success and eventually
shut down his workshop. In a 1909
portrait, Evelyn shows him gripping
one of his pots with an apparently
worried expression.
The portrait also shows the novels
that William wrote late in life, which
brought him great success and al-
lowed Evelyn to give up catering to
clients and paint what she wanted.
That meant she could focus more on
spiritualism, a passion of some of the
Pre-Raphaelites, who organized se-
ances and created “spirit drawings” while in a
trancelike state. By the time she painted one of
her signature spiritualist pictures, “The Hour
Glass” (1904-05), the sands of the Pre-Raphael-
ite movement had run out as well.
hit with the public.
Hawkins’s magnificent recording challenged
musicians to more purposefully mine their own
creativity and inspired them to think in unfamil-
iar ways. His approach on “Body and Soul”—
making fresh melodies from the chords of an old
piece—opened up prospects leading toward a
new modernism and paradigm in jazz, which
came to be called bebop.
Hawkins’s “Body and Soul” instantly estab-
lished him as a star soloist. Tenor saxophonist
Sonny Rollins said the record was “ubiquitous
in Harlem.” Hawkins was as surprised as others
by the success of the record, remarking “It’s the
first and only record I ever heard of that all the
squares dig as well as the jazz people. I don’t
understand how and why.” Credit goes to the
public for so warmly embracing such a maverick
performance. I suspect most listeners sensed
the story arc and its carnal climax.
The disc’s popularity led to reported sales of
one million copies and kept it on jukeboxes into
the 1950s. It’s been honored in the Grammy Hall
of Fame, the National Recording Registry, and
“Jazz: The Smithsonian Anthology.”
Legions of musicians and fans memorized
Hawkins’s inspired solo. Singer Eddie Jeffer-
son set new words to it—a “vocalese” ver-
sion—which both he and the Manhattan
Transfer recorded.
The song popularized the phrase “body and
CHARLES PETERSON/HULTON ARCHIVE/GETTY IMAGES
soul,” which has been used as the title of a
dozen movies, several hundred CDs, and more
than 60 books, including Frank Conroy’s haunt-
ingly musical 1993 novel. But it’s Coleman
Hawkins’s triumphant transformation of the
song that, above all, will keep it alive for an-
other 80 years. And another. And another.
Mr. Hasse is curator emeritus of American mu-
sic at the Smithsonian Institution. His books in-
clude “Beyond Category: The Life and Genius of
Duke Ellington” (Da Capo) and “Discover Jazz”
(Pearson).
 OFF DUTY
How An Electric
This Crumble Hypercar
Crumbles Rimac’s C_Two,
With fruit masterminded by
and—surprise— ‘Europe’s Elon
marzipan D7 Musk’ D9
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 5 - 6, 2019 | D1

Daddy’s
Little
Miracle
The urban stroller market
is awash with options addressing
every parental anxiety. We pushed,
folded and schlepped 20 models in
search of one divine ride that could
take your tyke from teething to
training wheels

JONATHAN BARTLETT

BY WARREN BASS into choosing their first stroller than they did a mad, and even strapped parents will be reluctant

I
N A 2006 ‘NEW YORKER’ cartoon, a tod-
dler is riding in his stroller on a fashion-
able city sidewalk, a yogurt in one hand
and a cellphone at his ear, saying, “I’m in
the Maclaren, where are you?”
The constant churn of city living, design inge-
nuity and parental yearning to get the best possi-
ble gear for their kids has meant that the title of
“Must-Have Stroller” has shifted repeatedly since
then. There are 8 million baby vehicles in the big
city, or so it seems, and pushing them, you’ll see
parents with faintly haunted looks in their eyes.
“I’ve had many clients tell me they put more effort
car,” said Janet McLaughlin, a mother of three
who runs a parenting-consultation service and an
online review site called StrollerQueen.
In part, that’s because the perfect urban
stroller—for easily ducking into shops or cabs or
scaling the steps of a fifth-floor walk-up—can
seem impossibly elusive. It should be safe
(above all), durable, comfortable for its precious
passenger, affordable, washable, and light
enough to regularly lug up and down the steps
of a brownstone. And it wouldn’t hurt if you
didn’t look totally ridiculous pushing it.
The unstoppable force of parental anxiety has
driven stroller prices to range from modest to
to cut corners for something as vital as the buggy
that moves your baby around town.
“Your stroller becomes your hub, the center of
all activities for city living,” said Hlynur Atlason, a
father of two and the creative director of an epon-
ymous New York City product design firm.
The weedlike proliferation of options—plus the
distinct needs of newborns, who haven’t yet de-
veloped their head and neck support—often
means that parents wind up buying multiple
rides. “It is impossible for one stroller to do it all.
It is like owning just one pair of shoes,” said Ms.
McLaughlin. I shared a long talk with one uptight
Please turn to page D10

Inside

SOJOURN WITH A SOUNDTRACK NOT-SO-HEAVY NECKING WE’LL ALWAYS HAVE HIGHBROW HALLOWEEN
A visit to the collection of Alabama towns Lighter versions of the chunky turtlenecks FRENCH-BREAD PIZZA We asked designers for tips on spooky
that made music-recording history D6 baseball players wore a century ago D4 Riffs on the Stouffer’s classic D8 (but not corny) seasonal décor D11
 D2 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

WOMEN’S SPRING 2020 TREND REPORT

THE ONE SHEET

At fashion shows in New York, London, Milan and
Paris, designers got optimistic—for the most part

WE TEND TO FORGET how many people work on one dress. The fashion
machine lionizes high-profile creative directors, who rotate through the
top posts at luxury houses in a slick and expensive game of musical
chairs. But at the British brand Alexander McQueen, helmed by the hard-
working Sarah Burton, one magnificent piece for the spring 2020 season
underscored the importance of collaboration: a white linen gown covered
in a scrawled design by Central Saint Martins MA students, that was col-
lectively embroidered in black by every member of Ms. Burton’s team.
Even the head of human resources for the London-based company
stitched a little figure into the piece. After the brand’s stirring show near
the close of Paris fashion week, Ms. Burton invited many of her col-
leagues to take a bow with her, and attendees patiently clapped as the
seemingly endless team passed by.
For an industry often charged with insensitivity and worse, that spirit
of collectivity was as much of a trend at the shows as white lace and
1700s corsetry. In one of the season’s biggest surprise reveals, Belgian
designer Dries Van Noten shared billing with Christian Lacroix, one of
the kings of 1980s and ’90s fashion, for a sumptuous collection, all rus-
tling taffeta and animal-print. The two masters began work on the exten-
sive collection for Mr. Van Noten’s brand just seven months ago. In New
York, four relatively small labels—Vaquera, CLDM, Creatures of the Wind
and Section 8—staged one show to pool costs and increase the odds that
editors would show up. Arguably the most prominent designers in New
York and Paris, Marc Jacobs and Nicolas Ghesquière, showed collections
laced through with positive hippie feeling. In a season ruled by buzz sur-
rounding the Swedish climate activist Greta Thunberg’s visit to New York
for the United Nations’ Climate Action Summit, the consciousness-raising
1960s felt closer than ever. Gabriela Hearst, Burberry and Gucci all IF YOU’RE GOING TO SAN FRANCISCO Be sure to wear one of these modern takes on flower-child
staged so-called “carbon-neutral” shows, while Dior’s set was composed looks. From left, a psychedelic evening gown at Gucci; prismatic floral patterns at the Paco Rabanne
of 164 trees to be replanted afterward. Can fashion’s persistent positivity show; Fendi’sbeachy version; an uplifting orange-sherbet delight of an outfit at Marc Jacobs; a nipped-
possibly change our mood? bodice gown (best worn barefoot?) at Miu Miu; Louis Vuitton’s psychedelically patterned frock.
—Rebecca Malinsky and Rory Satran

Making a Case for

The Basket
At a striking array of
shows, designers proposed
Jane Birkin-y basket bags

Dolce &
Gabbana

Valentino

SHORT YOUR STOCK A decidedly bare, abbreviated twist on the I CAN SEE YOUR HALO White for evening reigned—especially
Ulla Johnson classic suit. From left, pinstripes and pink at Chloé; skin and when festooned with feathers and lace. From left, a tiered dress at
Bermudas by Givenchy; super-short shorts at Saint Laurent; a full Alexander McQueen; short ‘n’ fluffy by Burberry; Valentino’slace
look—including tie—by Max Mara; that tweed life at Chanel. gown; feathery at Dries Van Noten; fairy-tale drama at Loewe.

Prada

Hermès

Celine
GETTY IMAGES (MOMENTS)

Missoni
A DIFFERENT KIND OF HIPPIE The improbable trend for 1700s-ish boning and wide BUSY BODIES These cropped, embellished jackets
skirts was one of the season’s biggest surprises. From left, a tri-striped hoop skirt at are a welcome evening idea. From left, Louis
Thom Browne; Loewe’s lavender lady; Balenciaga‘s uber-modern Disney princess; a Vuitton’s puff-sleeved topper; Celine goes gold;
pouf skirt at Comme des Garçons; Simone Rocha’s Delft pottery palette. brocade at Dries Van Noten; a pearly Erdem coat.

Moments We (Mostly) Loved...

IN THE PALM OF HER HAND
Jennifer Lopez, age 50, nearly
broke Instagram when she
sashayed down the Versace
runway wearing a new version of
her bare gown from 2000.
GET YOUR HEAD EXAMINED
For Francesco Risso’s Marni show,
the models were treated
(subjected?) to avant-garde,
sculptural updos that involved
white paint and flora.
BOTTEGA CATS
Overwhelmingly, the prevailing
street-style trend among editors
and influencers was anything by
Bottega Veneta, particularly its
cult-favorite accessories.
THE FASHION BUBBLE
At his Paris show, the American
designer Rick Owens staged an
outdoor wonderland of bubbles
floating through the sky, blown by
graceful attendants in dark cloaks.
MASTERS TOURNAMENT
When Dries Van Noten emerged
after his show to take a bow with
the king of over-the-top fashion,
Christian Lacroix, the show’s
decadence made total sense.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 5 - 6, 2019 | D3

STYLE & FASHION

20 ODD QUESTIONS

Clare
Waight Keller
Givenchy’s first female artistic director on her
inspirations—and creating an iconic wedding gown

“THAT GIRL IS A TOMBOY,” rapped Princess Nokia repeatedly through the

substantial speakers at last week’s Givenchy women’s fashion show in Paris.
And as envisioned by the label’s British designer Clare Waight Keller, many
of the models on the runway fit that description, with their minimal makeup
and baggy jeans (made of upcycled vintage denim). The spare, strict collec-
tion harked back to Ms. Waight Keller’s years as a designer for Calvin Klein
in early-1990s New York City. When we spoke with her in advance of her
show, she reflected on her own masculine bent growing up in Birmingham,
U.K., confessing that as a teen she had short hair and dressed in flat lace-up
shoes and men’s shirts. “I literally looked like a boy,” she said, laughing.
Everything from the show’s soundtrack to the deconstructed denim—not
to mention the house’s latest muse, pop star Ariana Grande—signified the
brand’s drastic evolution since Hubert de Givenchy founded it in 1952. Best
known as Audrey Hepburn’s outfitter for films such as “Sabrina,” the late
Mr. de Givenchy pioneered liberating separates with sculptural “lantern”
shapes: a two-piece ball gown, for example. Next week, the brand launches
Givenchy Atelier, a collection for which Ms. Waight Keller translated
Givenchy’s couture codes into ready-to-wear pieces.
After her time at Calvin Klein, as well as stints at Ralph Lauren Purple La-
bel, Gucci, Pringle of Scotland and Chloé, Ms. Waight Keller joined Givenchy
in 2017. A year later, she became a household name by designing Meghan
Markle’s sleek wedding gown for her marriage to Prince Harry. Ms. Waight
Keller now splits her time between London, Paris and Cornwall along with
her three children and husband. While shuttling back and forth on the Euro-
star to design men’s, women’s and couture collections may be hectic, the de-
signer sounded calm, explaining she’d carefully calibrated the division of la-
bor between her two studios. Not bad for a woman who got her start making
clothes at 5 years old, when she’d help her mother pin and tuck the family’s
garments. “It turned into my career,” she said. “It’s never-ending.”

I start my day with: a cup of tea. choice selection of vintage. I have a

That usually is “Marco Polo” tea by big collection of vintage jeans: I have
Mariage Frères, a French company. old Levi’s, Wranglers, Lee jeans.

The most memorable garment my The piece of vintage I didn’t buy

mother made for me as a child that haunts me is: this Chanel coat
was: a Christmas outfit in a deep from Coco Chanel’s era. It was a re-
wine Bordeaux color in a bouclé ally exquisite tweed with a beautiful
wool. It was this big drawstring red lining and it was slightly tat-

LAURA COULSON FOR THE WALL STREET JOURNAL (PORTRAIT); DAIMLER AG (CAR); ALAMY (DRESS, POTTERY, WEISZ)
sweatshirt top and then this big tered inside. I’ve still got a photo on
gathered skirt. I remember really my phone.
loving it, and now looking back on
it, it sounds like a giant sweatsuit. Every day, I wear: a ton of gold jew-
elry on both my hands and wrists—
My favorite Audrey Hepburn specially made pieces, vintage ones TASTEMAKER Clockwise from top: Ms. Waight Keller photographed at her London home; Aesop’s Animal Wash;
Givenchy look is: a beautiful dress and some of my own design. I love Rachel Weisz in ‘The Favourite’; a vintage Mercedes SL; Troika pottery. Inset below: A beloved vintage Givenchy look.
with a blue bow at the front, with piling them up, collecting them
amazing jacquard (pictured below). throughout the years. My friends of- don’t stay there because I live in Tillmans, Jeremy Deller or Tracey And then there’s a classic place
ten say they hear my jewelry ap- London, but I love throwing dinner Emin. called Takara. It’s nothing fancy, just
I’m not tired of talking about proach before I come into the room! parties there. It feels just like home. good authentic Japanese food.
Meghan Markle’s wedding dress The film I admire for its costumes
because: it was an amazing event, My beauty routine involves: natu- For my house, I recently bought: a is: “The Favourite.” Almost all the When my show is over, I look for-
so a lot of people will remember ral products, like ones by Dr. 1930s triptych mirror, which is one outfits were essentially black and ward to: the drive down to Corn-
it in their lives. It means a lot to Jackson’s. I use a vitamin com- of those old folding mirrors, but it white, unless there was a moment wall. I have a vintage Mercedes so I
be British and do something pany called The Nue Co. They was a really large one. in the script which called for some- actually love driving down in that. I
like that. do a lot of internal beauty thing with more drama and you listen to the radio, the Cornwall one.
supplements. And I’ve always I collect: ceramics and paintings. I’m would expect a red. It’s called Pirate FM. It’s a mix of
I’m constantly shopping for: loved Aesop. I use the hand not into a specific genre of stuff, al- very local nostalgic music, anything
vintage clothes. I do a bit in wash particularly, and the though I do have some Troika pot- I watch a lot of: biographical docu- from the ’70s or ’80s, to current.
store and a lot online, dog wash. tery. It’s from the ’60s and came mentaries, and I particularly loved a
through eBay and Etsy. out of the movement with [artist] whole series on Quincy Jones, The latest addition to my house-
The best store that I ever The hotels I look for- Barbara Hepworth. about his entire career, which was hold is: a new puppy—a miniature
visited—though unfortu- ward to staying at are: fascinating. Dachshund named Willow. She’s 6
nately it’s now closed— the Bowery Hotel in New When I buy art I look for: emerg- months old, and she’s currently
was C. Madeleine’s in Mi- York. I love the music, vibe, ing artists, as well as limited-edition The Parisian restaurants I like eat- chewing my furniture.
ami. It was the size of a the rooms, the views. And the prints by contemporary artists such ing at are: the Bar des Prés in the —Edited from an interview
football pitch, with such a Chiltern Firehouse in London. I as Ryan McGinley, Wolfgang Saint-Germain-des-Prés [district]. by Rory Satran

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D4 | Saturday/Sunday, October 5 - 6, 2019
COPYCAT
Steal This
In Sweater
Season
Before performance gear ruled the
diamond, baseball players kept cozy in
the sort of chunky turtleneck you’ll want
to emulate this fall
BY JACOB GALLAGHER
T
HE MAJOR
League Baseball
season is notori-
ously endless,
with the playoffs
still unfolding in chilly late
autumn. I pity those shiver-
ing relief pitchers and rest-
ing batters in New York City
and St. Louis, all bundled up
in hoodies and fleece zip-
ups, biding their time. But,
as John Thorn, the official
Egalitarian versions
from J.Crew can
retail for less than a
Yankees nosebleed
ticket.
historian for Major League
Baseball, explained, profes-
sional baseball seasons have
always been this long. Ama-
teur seasons in the 1850s
and ’60s could even go lon-
ger, extending past Thanks-
giving. Layering outerwear
over one’s uniform is hardly
a new solution.
Today, players typically
turn to logo-cluttered hoodies
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minimizing unwanted noise while enhancing the wash performance.
Get what you deserve at LGSIGNATURE.com
T H E
(facsimiles of which fans snap
up at stadium stores), but
more historically minded
baseball nerds may know of
the nylon windbreakers the
athletes favored in the 1960s,
or the cardigans they wore in
the ’20s, sometimes with a
team name stitched across
the front. But, even further
back, and less officially, cold-
afflicted players slipped on
chunky turtlenecks that look
surprisingly au courant today.
“The sweaters would be
worn through batting prac-
tice, infield practice, but then
would be removed for the
game,” said Mr. Thorn, who
speculated that the turtle-
necks were worn between
1890 and 1910. Pictured here
is Happy (John) Townsend in
1903, confidently standing on
a Chicago field in a turtleneck
that appears to be about as
thick as the glove in his hand.
These sweaters were un-
adorned—no team logos, no
team names, no league mark-
ings. Craig Brown, the
founder of Threads of Our
Game, a website that meticu-
lously researches, catalogs
and illustrates uniforms of
the 19th century, suspected
that the players “were buy-
ing them from their local ap-
parel shop,” not from a pop-
Inverter Direct Drive Motor of
A RT O F E S S E N C E
STYLE & FASHION
SHINE BRIGHT ON THE DIAMOND Pro player Happy (John) Townsend in Chicago in 1903
ular baseball outfitter like
Spalding.
These sweaters have a
timeless charm. Musty scent
aside, a solid-colored chunky
turtleneck from 1903 can
barely be distinguished from
a solid-colored chunky tur-
tleneck today. And men who
want to approximate Happy’s
look can easily find new ver-
sions at every price—egali-
tarian knits from J.Crew and
Uniqlo retail for less than a
nosebleed Yankees ticket,
while ribbed cashmere num-
bers from Berluti or Tom
LG SIGNATURE
* *** THE WALL STREET JOURNAL.
Turtleneck
Sweaters
Goldilocks
Could Love
Not too thick,
not too thin
The French One
Turtleneck, $585,
officinegenerale.com
GETTY IMAGES (TOWNSEND); DAVID CHOW FOR THE WALL STREET JOURNAL, STYLING BYE ANNE CARDENAS (SWEATERS)
The Supersoft One
Turtleneck, $460,
holiday-paris.fr
Ford will set you back more numbing temps during the
than box seats. Justin Berko- Teddy Roosevelt administra-
witz, the men’s fashion di- tion. Mr. Berkowitz recom-
rector of Bloomingdale’s, re- mends updating the style by
ports that the store has been getting one that’s less hefty,
investing heavily in the re- especially through the neck.
surgent appeal of such tur- He likened the doubled-over
tlenecks, with chunky T- necklines of weightier ver-
necks from brands like sions to medical neck
France’s Sandro and Italy’s braces—not a look most men
Barena hitting the sales floor care to emulate. Turn to mock
this fall. necks (which rise to the
If you’re an indoor crea- Adam’s apple but don’t roll
ture, you may find an ultra- over), or turtlenecks knit The Ribbed One
heavy turtleneck less essen- from slimmer, sleeker wool. Turtleneck, $85,
tial than it was for a They’re ideal for watching the jcrew.com
ballplayer warming up in toe- playoffs on your couch.
RECONSIDER
A Work Shoe
That Parties, Too
Office-friendly
footwear might
seem limited to
tedious loafers and
lace-ups. This
(cheap) alternative
has punk patina
DAVID CHOW FOR THE WALL STREET JOURNAL (SHOES); GETTY IMAGES
Dr. Martens 1461 Mono,
$120, drmartens.com
NEEDED: A PAIR of simple oxford shoes that Timberland boot, is an affordable addition to
are work-appropriate, but not so work-ap- a considered work uniform. New York and
propriate they’d look stodgy at the bar. An Paris-based stylist Tom Van Dorpe posited,
unexpected place to seek inspiration? Your “The 1461 is what you’d use to express your-
high-school yearbook, where, in a black-and- self or stand out—or turn your look into
white shot of the cool kids using the dark- something more personal.” Read: Use it to
room, you might spy a pair of classic, black spruce up a simple dark suit.
“1461” Dr. Martens oxfords. Today, those Mr. Van Dorpe also claimed this oxford
shoes have been updated in a subtle, matte, “works for any age and circumstance, from a
black-on-black variation without the telltale rave or school or work.” There may be no
yellow stitching. Less teen, more clean. rave on your horizon, but chances are there’s
Born in 1961, the round-toe oxford was Dr. some work. —Landon Peoples
Martens’s follow-up to its iconic boot. The
oxford was conceived as “a simplistic, dura-
ble option for the working class,” said Sam
Breese, VP of Product Merchandising at the
British footwear brand. But like many well-
designed workwear basics, Dr. Martens were
adopted by a young artistic class as well.
They became a staple in hard-driving music
circles on both sides of the Atlantic, from the
punk and ska eras through Britpop and
grunge. Joe Strummer of the Clash wore SMART
them in the 1970s; the guys from Blur wore SOLES
them in the ’90s. All-black Docs
A notably counterculture shoe, the Dr. can compliment
Martens oxford hasn’t traditionally been a tailored
considered business footwear. But as fashion suit.
leans toward a chunkier shoe, and work-
places become more casual, this $120 oxford
with its extra-thick PVC sole, treaded like a
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 5 - 6, 2019 | D5

ADVENTURE & TRAVEL

Crush Hour many tourists are actually
manhandling the grapes, in-
dustry insiders say the once-
niche pursuit is growing in
During Italy’s grape harvest, more tourists popularity. At Tenuta I Fauri,
in the Abruzzo region, the
CASTIGLION DEL BOSCO
Bosco, the Tuscan winery
owned by Massimo Ferrag-
amo, offers a six-hour harvest
experience that includes a
crash course on how to pick
Sangiovese grapes (castiglion-

are offering a hand—and a foot one-day event begins with an delbosco.com). If you’d rather
early morning harvest. Kids not break a sweat, at Donnaf-
WINE ENTHUSIASTS touring taking part in the production can then get inside a large ugata, in Sicily, you can watch
Italy during the fall harvest process, has been rising in It- wooden vat to take part in the the nighttime harvest under
who aren’t content to just sip aly, exceeding $2.7 billion in grape crushing with their feet, flood lights, followed by live
SKIN IN THE GAME Visitors at Castiglion del Bosco picking the can opt to snip and crush. revenue last year. While there á la Lucille Ball (tenutai- music and a marionette show
Sangiovese grape used to make Brunello di Montalcino. Wine tourism, which includes are no official stats on how fauri.it). Castiglion del (donnafugata.it)—Eric Sylvers

SOUVENIR

The Merch
Of the Irish
Dublin’s got more than
Guinness on tap. Four
goodies to take home

KNIT PICK
Every Irish child is swathed at
some stage in a thick, nubby-
knit Aran sweater, likely made
by an enthusiastic granny. The
fisherman’s sweaters, which
originated on Ireland’s Aran Is-
lands 100-plus years ago, get
an extra-sculptural spin at the
hands of designer Colin Burke.
Available at department store
Brown Thomas until December.
About $1,100, 88-95 Grafton
Street, brownthomas.com

TIPPLE CROWN
Pick up a bottle of Teeling
Whiskey at the venerable fam-
ily-owned brand’s distillery. A
tour of the facility schools you
on grains, barrels and the dif-
ference between whiskey and
whisky, and ends, naturally,
with a tasting. About $44, 13-17
Newmarket, teelingwhis-
key.com

FIELD GLASS
Now that famed Waterford
crystal is no longer made in Ire-
land, there’s room for upstarts
like Criostal na Rinne. Crafts-
man Eamonn Terry hand-blows
and cuts modern pieces like
these Dursey Fields tumblers,
inspired by time spent on a
rocky outcrop in southwestern
Ireland. They’re part of the cu-
rated selection at the city’s
Irish Design Shop. About $75
each, 41 Drury St., irishdesign-
shop.com

BAR ROOM
Sisters Karen and Natalie
Keane make chocolate bars and
truffles in their countryside
kitchen using fresh milk. Snap
up one of their Bean and Goose
bars—sea salt and roasted al-
monds, perhaps—at Indigo and
MATTHEW COOK

Cloth, a menswear shop and

cafe in Dublin’s Temple Bar.
About $3, 9 Essex St., indigo-
andcloth.com
D6 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

Sweet Sounds Alabama

For music fans, the Shoals is the stuff of rock and R&B legend. The recording studios are still there,
but this cluster of small towns is cultivating plenty of new reasons to swing by

BY MATTHEW KRONSBERG

I
n December of 1969, four days
before they’d take the stage
at California’s Altamont Race-
way, the Rolling Stones trav-
eled to the small northwest
Alabama textile town of Florence
and checked into a Holiday Inn.
From there, they shuttled back and
forth across the Tennessee River to
the Muscle Shoals Sound Studio,
where over the course of three
nights, they cut the songs “You’ve
Got to Move,” “Brown Sugar,” and
“Wild Horses,” which Keith Richards
wrote while sequestered in the stu-
dio’s tiny bathroom. In his autobiog-
raphy, “Life,” Mr. Richards remi-
nisced that the studio “was the
crème de la crème, except it was just
a shack in the middle of nowhere.”
Keith had a point. This corner of
Alabama could feel like the middle
of nowhere. Florence, surrounded
by cotton fields, was an hour’s drive
from the nearest interstate. Shef-
field, where the studio was, had a
Ford plant that cast aluminum auto
parts. Adjacent to Sheffield was the
studio’s namesake, Muscle Shoals,
home of the powerhouse for the
massive Wilson Dam. Then there
was Tuscumbia, famous as the
birthplace of Helen Keller. Collec-
tively, the group of towns is known
as the Shoals.
What made the studio the crème
de la crème was the reputation of
the men who opened it—a group of
studio musicians that became
known as the Swampers. As the
mid-60s house band at Fame Stu-
dios in Muscle Shoals, they played
on everything from Aretha Frank-
lin’s “I Never Loved a Man (The
Way I Love You,)” to Etta James’s
“Tell Mama” to Wilson Pickett’s
“Land of 1,000 Dances.” When the
musicians left Fame in 1969 to open
Muscle Shoals Sound Studio in a
former casket showroom in Shef-
field, artists followed. Beyond the
local musicians’ skill, record labels
JASON MYERS FOR THE WALL STREET JOURNAL

favored the Shoals because they

knew the artists they sent there
could work without distraction,
temptation or notice. Even into the
’80s, these were dry towns in dry
counties; you had to drive up to
Tennessee (or know a bootlegger)
to buy booze. “When people came
here to record with us, all they
could do at night was go home to
the hotel, because there was noth-
ing else to do,” remembers David
Hood, the Swampers’s bassist.
This year, as the still-active stu-
dio celebrates its 50th Anniversary,
it looks much as it did when its
stone facade was immortalized on
the cover of the first album re-
corded there, Cher’s “3614 Jackson
Highway.” A legend that still man-
ages to be obscure, the studio draws
about 12,000 visitors a year, with
about a third hailing from overseas,
said Judy Hood, David’s wife, who
leads private “Swampette” tours of
both Muscle Shoals Sound and
Fame studios.
But these days, visitors are com-
ing to a region full of distractions
and temptations. In the last two
years, a pair of boutique hotels
have opened in downtown Florence,
rock-star-ready accommodations
that are stumbling distance from
raucous bars like the Wildwood
Tavern, where you’ll find students
from the University of North Ala-
bama mixing it up over pinball with
musicians passing through town to
cut records. Down the block, more
wholesome locals and visitors perch
themselves atop the swivel stools at
the counter of Trowbridge’s, a 101-
year-old ice cream parlor.
OF NOTE Clockwise from top: Trowbridge’s, a 101-year-old ice cream parlor in Florence, Ala.; Billy Reid’s flagship store, also in Florence; outside and inside the
Muscle Shoals Sound Studio, which opened in 1969, and still appears much as it did when the first record was cut there by Cher in April of that year.
The Shoal’s current vibrancy
comes not just from music but also
from the fashion industry. “This was
known as the T-shirt capital of the
world from 1974 up until Nafta,”
said designer Natalie Chanin. Born
and raised in Florence, Ms. Chanin
worked in fashion in New York and
Europe before returning 20 years
ago to found her label Alabama Cha-
nin, whose hand-stitched and
painted garments can sell for thou-
sands of dollars. The label draws
visitors to its production facility in
an industrial park on the edge of
town for single and multiday sewing
and craft workshops, and to its store
and cafe which hosts occasional din-
ners prepared by nationally known
chefs. At one of those dinners re-
cently, she noted that the thread
joining music and textiles in Flor-
ence is not a new one. “From this
building there were 5,500 dozen T-
shirts made a week, enough to fill an
18-wheeler,” said Ms. Chanin. On
Friday afternoons the drivers would
truck the shirts to San Francisco to
be turned into concert T-shirts for
the artists “who were recording on
the other side of the river.”
That music and fashion connec-
tion is even more explicit in the do-
ings of designer Billy Reid, who has
made his home and company head-
quarters in Florence since 2001. Said
Mr. Reid, “You could have shot a
Record labels knew the
musicians could work
without temptation.
cannon down Court Street on a Sat-
urday night and not hit anyone.” But
these days? “You can’t find a park-
ing spot on a Tuesday.”
Mr. Reid’s annual “Shindig”—a
weekend of fashion shows, food,
music and sandlot baseball—de-
serves much of the credit for putting
the region on the map for crowds
beyond music nostalgists. This year,
the 11th iteration of Shindig featured
musician Jack White, who came to
town for a double header—a base-
ball game where his team faced off
against Mr. Reid’s, and a gig at the
Shoals Theater. Meanwhile, Jason
Isbell, who grew up in the area, per-
forms this week at a festival of his
own that he’s christened ShoalsFest.
It will also feature performers like
Mavis Staples, who with the Staples
Singers recorded what might be the
songs most emblematic of the Mus-
cle Shoals sound, “Respect Yourself”
and “I’ll Take You There.”
Even without the prospect of a
festival, the area warrants a trip. I
toured Frank Lloyd Wright’s Rosen-
baum Home, in Florence, and fol-
lowed it up with another architec-
tural standout, the Rattlesnake
Saloon, about 30 minutes outside of
town. The saloon is tucked under-
neath a high rock overhang, and ac-
cessed on foot or via a “saloon taxi.”
The taxi (a pickup truck with
benches in the back) ferries patrons
from the parking lot down to the sa-
loon via a steep, unpaved path in a
minute-long, white-knuckle ride.
Earlier, I visited the Coon Dog
Cemetery, set back in the woods off
a winding road, unprepared for how
moving it turned out to be. A few lo-
cals explained the significance of the
coins left on the markers. A penny
means you visited. A nickel means
you hunted with the deceased ca-
nine. And a quarter means you were
with them when they died.
After that, I needed a good old
bourbon-and-cry. Fortunately, back
in Florence, I found Odette, a
warmly lit restaurant with a sym-
pathetic bar manager who poured
me an Old Weller Antique. (What
better drink for toasting all those
good dogs?) The restaurant felt
like the embodiment of the Shoals
today: fiercely tied to the region
but receptive to influences from
the wider world, manifested in
dishes like Brussels sprouts
braised with Conecuh sausage, and
braised pork cheeks with pre-
served lemon risotto. At the bar, I
met George Pillow Jr., whose
daughter Celeste owns the restau-
rant, and learned that his company
Senators Coaches provides the
Rolling Stones with their tour bus-
ses—a reminder of how deeply
music connects “the middle of no-
where” to everywhere.

Soul Mates
Just a few of the artists who recorded in the Shoals, as remembered by bassist David Hood

Start a cross-country Way I Love You)” and to see if he wanted to they couldn’t beat yet a hit artist.”
drive with a playlist the Staple Singers’s record with us.” went on the record.
of songs recorded in “I’ll Take You There” They couldn’t beat Rolling Stones ‘Wild
and around Muscle to Paul Simon’s “Ko- Bob Seger ‘Main- ‘Mainstreet.’” Horses’ “We were
Shoals, and you’ll run dachrome.” Here are street’ “He would told not to tell any-
out of continent be- his memories of a come here with all Willie Nelson ‘Bloody body they were com-
fore you run out of few favorite sessions: these songs he’d writ- Mary Morning’ “He ing, because they
music. David Hood, ten, and we’d cut drove himself over didn’t have their
one of the Swampers, Boz Scaggs ‘I’m them almost like here from Texas in his work permits to
was a witness to, or Easy’ “He told us he demos. Then he’d go old, beat-up Mer- come and record.
participant in, well was a writer for Roll- back to Detroit and cedes. Carried his gui- People would drive
over a thousand ing Stone, so we let play them to the Sil- tar in, threw it on the by, and if we were
miles worth of those him hang around and ver Bullet Band and floor and just said, out on the back
songs, from Aretha watch us. Later we they would try to “OK, let’s start.” He porch, they’d honk
Paul Simon recording ‘My Little Town’ in 1975, one of hundred of photos Franklin’s “I Never found out that he was beat what we did, and was a hit songwriter and wave, but they
on display at the Muscle Shoals Sound Studio. Loved a Man (the just checking us out the ones [of ours] at that time but not wouldn’t stop.”
THE WALL STREET JOURNAL.
A LITTLE SOMETHING SWEET
Comforting and
Just a Bit Nutty
A curveball ingredient makes this cozy English
dessert an instant classic
WHEN A NEW cookbook from the
British food writer Nigel Slater ar-
rives in my house, I set it aside until
I can find a full day to sequester my-
self and read it cover to cover. His
humble evocations quietly thrill me:
“A few pieces of melon rolled in the
juice of a passion fruit for break-
fast,” or “There may be wedges of
toasted sourdough, glossy with olive
oil and flakes of sea salt.”
Mr. Slater’s attention to words
matches his loving regard for in-
gredients, whether a gnarly ball of
celeriac or a single red currant
bathed in morning light. His writ-
ing lifts the commonplace into the
realm of the exquisite. And yet,
blessedly, he is not a fussy cook,
nor a fancy one. His recipes con-
tain no tricks or excessive steps.
They are merely thoughtful, con-
sidered and quite brilliant in their
nuance and simplicity.
As so many of us have, Mr. Slater
has found his way of eating shifting
in recent years. More plants, more
grains, a lighter touch with butter
and cream. And while this reflects
his view of what is good for both
the body and the planet, it also ex-
presses his profound connection to
his garden and its bounty.
His latest book comes in two vol-
umes, “Greenfeast: Spring, Sum-
mer” and “Greenfeast: Autumn,
Winter” (Fourth Estate). Its recipes
gently coax you into new ways of
thinking about cooking. The addi-
tion of something unexpected can
nevertheless feel so right it seems
sure to become tradition. Take his
blackberry, apple, marzipan crum-
ble. This is the season for apple
crumbles, and many will contain
blackberries, too. But before picking
up this book I’d never come upon
* * * * Saturday/Sunday, October 5 - 6, 2019 | D7
EATING & DRINKING
FALL FORWARD
Bits of marzipan
in the topping
bring a
delectable
almondy
complexity to
this autumnal
crumble.
the idea of tearing up a wedge of
marzipan and tossing it in last min-
SIDNEY BENSIMON FOR THE WALL STREET JOURNAL, FOOD STYLING BY JAMIE KIMM, PROP STYLING BY NIDIA CUEVA
ute. It merited immediate testing.
The result was delicious. The
tiny morsels of sweet almond
paste counter the tartness of the
Granny Smith apples and of the
blackberries that burst to release
their concentrated juices.
A few small details to keep in
mind: The terms “marzipan” and
“almond paste” are often used inter-
changeably, but the product labeled
marzipan generally has a higher
sugar content. I’ve made Mr. Slater’s
recipe with each and discovered
that both have their merits. The
marzipan studs the crisp with little
pockets of candy-like sweetness
while the almond paste offers bits
of intense nuttiness. The widely
available brand Odense offers both
products, sold in tubes. This recipe
also calls for almond flour. If you
have the extra few minutes to grind
almonds into a flour in the food pro-
cessor, do it; the taste will be deeper
than that of packaged almond flour.
When making a crisp, the British
will often sauté their apples before
baking them. I find this step makes Blackberry, Apple, 5 tablespoons ground almonds or deep 8- or 9-inch square baking
particular sense when working Marzipan Crumble almond flour dish.
with Bramley apples, the English 31/2 ounces almond paste or 3. Make the crumble: Use your fin-
variety often used in cooking. Tart Total Time: 11/4 hours Serves: 6 marzipan paste gertips or a food processor to rub
2 cup almond slices
1/
and rather hard, they need that bit butter into flour until you have
of additional softening. American For the filling: 1 cup heavy cream, for serving fine crumbs, then fold in ground
Granny Smiths, while every bit as 2 pounds tart apples, such as almonds. Tear marzipan into
tart, will relax quite enough in the Granny Smith 1. Preheat oven to 350 degrees. shards about 1 inch in size, and
baking of this crisp minus the 11/2 tablespoons butter 2. Make the filling: Peel, quarter stir into crumble without blending.
sauté. Still, if there’s anything a Ni- 2 tablespoons sugar and core apples. Cut each quarter 4. Loosely scatter crumble over
3 cup apple juice
1/
gel Slater recipe affirms, it’s the into two segments. In a shallow fruit, then flaked almonds. Bake
4 teaspoon ground cinnamon
1/
small pleasures reserved for the pan over moderate heat, melt but- until crumble is golden, 50-60 min-
cook alone. In this case, the smell 1 pint blackberries ter. Add apples and sugar and utes. Set aside to cool for 10 min-
of apples caramelizing in a pan of cook, turning occasionally, until utes before serving. Serve warm,
sizzling butter is reason enough to For the crumble: they turn a pale gold, about 5 min- passing a pitcher of heavy cream.
declare this step essential. 6 tablespoons butter utes. Stir in apple juice, cinnamon —Adapted from “Greenfeast” by
—Aleksandra Crapanzano 11/4 cups all-purpose flour and blackberries. Transfer to a Nigel Slater
D8 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

BY CHARLOTTE DRUCKMAN the red Stouffer’s box, but it does have a few

W
bonus features. A slick of “special sauce”—
HAT THE HECK is happen- mayonnaise mixed with spicy Calabrian chile
ing to pizza? Once a low-key paste—goes on the bread before the tomato
food of the people, a para- sauce. “There’s something magical that hap-
gon of nonchalant excel- pens where the sauce is getting invited in by
lence, it has become the next the mayonnaise,” Ms. Shaw said. “It kind of
culinary fetish. There’s the retroactive “dis- melts it all in.” Mr. Newman loves cheddar, so
covery” of micro-regional styles—and have they add some of that to the traditional low-

Cheesy As You
you seen the stack of new cookbooks on the moisture (for better melting) mozzarella.
subject from chefs? We’re encouraged to build Farther down the West Coast, food writer
pizza ovens in our backyards or buy special Karen Palmer regularly hosts a FBP pop-up in
(read: expensive) contraptions that take up and around Los Angeles called Pain Pizza. (The

kitchen real estate most of us don’t have.
If you ask me, there’s only one type of pizza
suited to home cooking, and that’s because it’s
not “real” pizza and has never pretended to
be. I’m talking about French Bread Pizza.
FBP can’t be claimed by any one region,
though some proud residents of an upstate
New York college town might refer to it as Ith-
aca-style pizza. In 1960 Bob Petrillose, aka
“Hot Truck Bob,” started selling hot subs to
Cornell students. He used the sandwich bread
to make pizza too. It’s possible the folks at the
Stouffer’s brand of frozen foods were aware of
Mr. Petrillose’s invention. According to the
legend on the Stouffer’s box, it started with a
“late night post-disco” visit to an unspecified
food truck, which one might assume to be
Bob’s. Julie Lehman, current marketing direc-
tor for Stouffer’s, relayed a second origin
story: Milton Miles, an employee in the mar-
keting department, faced a challenge regard-
ing the brand’s garlic bread. On its own, it
couldn’t support a product division. But, he
reasoned, if the baguettes used for the gar-
licky item were split, spread with tomato
sauce and topped with cheese, he’d have an
adjacent snack to sell. He was going to call the
Want It to Be
“Pain” refers to both the French word for
bread and the familiar searing burn to the roof
of your mouth when you bite into a FBP before
it’s had a chance to cool.) She swears by the
baguettes at Bub and Grandma’s bakery in Sil-
ver Lake and Bianco DiNapoli canned Califor-
nia-grown tomatoes. “I’m updating it for sure,
Is it authentic? Do we care? French bread pizza delivers, whether but still with a playful attitude,” she said. “I’m
it’s the frozen variety or a wholly personal homemade one-off not pretending to be a master pizza maker or
anything, but I do think it hits those nostalgic
notes, and it’s really delicious.”
This kind of reboot is to be expected at a
time when everyone’s freaking out over toast
as well as pizza. FBP is where those two apo-
theosized workaday staples intersect.
Ms. Shaw has mastered a technique to max-
imize the crunch. After letting her sauced
bread sit overnight soaking up its slatherings,
she tops it with cheese and starts it in a 450-
degree oven for a few minutes before lowering
the heat to 350. This toasts the baguette per-
fectly and melts the cheese without over-
browning it. “You want that soft bite on top
and crunch on the bottom,” she said.
The tomato sauce is less of a concern. You
could use one from a jar. But if you do it from
scratch, you can engineer it for closer

SIDNEY BENSIMON FOR THE WALL STREET JOURNAL, FOOD STYLING BY JAMIE KIMM, PROP STYLING BY NIDIA CUEVA
saucy version an open-face sandwich but then Stouffer’s verisimilitude. I started with Mar-
opted for “pizza.” As Ms. Lehman, noted, “In cella Hazan’s four-ingredient recipe, because it
the early ‘70s, pizza was really starting to take has butter in it, and that struck me as appro-
off in America, especially frozen pizza.” priate for a baguette. Stouffer’s sauce is
Designed to fit in toaster ovens, Stouffer’s smooth, and there isn’t much of it, but it’s sur-
French Bread Pizza debuted in the freezer sec- prisingly flavorful. So I added a few ingredi-
tions of supermarkets in 1974. Two years later, ents to the pot: garlic, oregano and what
the corporation was selling $1 million worth a might strike some as peculiar but is actually
month. Ms. Lehman attributed some of that part of the Stouffer’s formula: smoked pa-
success to the product’s being so effectively prika. I also borrowed Ms. Shaw’s mayo trick.
targeted to teenagers and kids. She was one of She’s right: The condiment acts like a primer.
them. So was I. Our parents didn’t eat FBP. Ms. Palmer likes to play around with top-
“That was food that was uniquely mine and pings—nothing too complex, and not too many
my brother’s and nobody else’s,” Ms. Lehman at once. Stouffer’s introduced a few trend-
recalled. This, she said, engendered a “pro- driven embellishments of its own in the de-
found love” that has endured. cade following FBP’s debut: Hawaiian-style
My friend Gillian Shaw, owner of Black Jet ham and pineapple, for instance, and what Ms.
Baking Co. in San Francisco, has her own Lehman called “a hilarious cheeseburger with
childhood memories of eating FBP. “We would relish.” These iterations were short-lived. In
think it was really quite spectacular,” she said. the pizza category, cheese and pepperoni pies
Today, she feels that way about the redux she account for the majority of sales.
and her colleague Max Newman created at the I’m a straight-up cheese person, myself, and
bakery. They’d begun making baguettes on the I add a little aged provolone to my mozzarella
premises and wanted to use up the leftovers. for a sharper bite. You can copy my copy of
What started as a goofball snack for the staff the Stouffer’s classic, or spin off in your own
became part of Black Jet’s retail repertoire. direction. No one’s going to call you out for it,
Theirs doesn’t stray too far from the O.G. in because it’s not pizza; it’s French Bread Pizza.

FBP 1/
2 teaspoon smoked paprika
1/
2 teaspoon salt
Total Time: 1 1/2 hours
Makes: 8 To assemble the pizzas:
2 day-old baguettes (about
For the sauce: 20 inches long each)
1 (28-ounce) can whole 1/
2 cup mayonnaise
peeled tomatoes 11/2 cups shredded low-mois-
5 tablespoons unsalted ture, part-skim mozzarella
butter 1/
2 cup coarsely grated aged
1 onion, peeled and cut in half provolone
4 cloves garlic, smashed and
peeled 1. Make the sauce: In a me-
4 teaspoon dried oregano
3/
dium saucepan, combine to-
matoes, their juices, butter,
both onion halves, garlic, oreg-
ano, smoked paprika and
1/
4 teaspoon salt. Bring to a
simmer over medium heat and
continue to cook, uncovered, so
tomatoes break down and fla-
vors marry and deepen, about
45 minutes. Stir occasionally,
using a spoon to mash up any
chunks of tomato. Discard on-
ion halves and garlic cloves
and season with remaining 1/4
teaspoon salt. In a sealed con-
tainer, sauce will keep up to 3
days in refrigerator and a
month frozen.
2. Make the pizza: Meanwhile,
cut each baguette into two 9-
inch sections. Slice each sec-
tion across the middle horizon-
tally to create two equal open-
face halves. You should end up
with 8 pizza bases.
3. Spread 1 tablespoon mayon-
naise on each pizza base. Fol-
low with 3 tablespoons to-
mato sauce, per base. Let the
pizzas sit for about 10 minutes
so the sauce can begin to ab-
sorb before wrapping each one
in plastic wrap and transfer-
ring them to the refrigerator to
lie flat overnight or up to two
days.
4. Preheat oven to 450 de-
grees. In a small bowl, toss to-
gether mozzarella and provo-
lone. Place pizzas on two
baking sheets. Scatter 1/4 cup
cheese mixture over each.
6. Bake pizzas 7 minutes, then
reduce oven heat to 350 de-
grees and continue baking 7
minutes more. (You can also
do this in the toaster oven, but
once you reduce the heat to
350, bake for less time, about
5 minutes.) Don’t let the
cheese to get too brown—it
should be molten, just starting
to turn golden around the
edges; but you want the bread
to get toasted through, so it
gives you that crunchy con-
trast to the soft cheese.

Topping Ideas Pepperoni • Ground Italian sausage • Caramelized onions • Sauteed mushrooms • Bacon lardons • Quickly pickled red onions drizzled with olive oil • A layer of fresh ricotta (about
3 tablespoons) spread between the sauce and the shredded cheese; optionally, finish with two or three anchovies laid over the top when the pizza comes out of the oven • Halved baby tomatoes
set into the shredded cheese; finish with a drizzle of extra-virgin olive oil when the pizza comes out of the oven • A thin layer of ‘nduja spread between the sauce and the shredded cheese
For Finishing Fresh herbs • Chile flakes • Chile oil • Calabrian chiles preserved in oil

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

Roast Chicken in Tomato Butter With Escarole and Pecorino Salad

OVER DECADES of collaborating in the
KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY NORA SINGLEY, PROP STYLING BY VANESSA VAZQUEZ; MICHAEL HOEWELER(CHEFS)

along at home and you’ll master the making

kitchen, Melissa Hamilton and Christopher of velvety emulsions—not nearly as finicky
Hirsheimer have developed a singular, no- as it sounds. “If the sauce splits, just whisk
nonsense style as well as a solid grounding in some extra butter and you’ll get your
in technique. “Cook Something,” their latest emulsion back,” said Ms. Hirsheimer of the
book, lays it all out for readers looking to irresistible, umami-packed tomato butter.
The Chefs build confidence in the kitchen. In a half hour you’ll produce a satisfying
Melissa Hamilton In their final Slow Food Fast contribution, meal full of big, savory flavors. “We got so
and Christopher the chefs share two beloved, bulletproof rec- excited about these recipes when we were
Hirsheimer ipes adapted from the book: roast chicken first talking about them,” said Ms. Hir-
cloaked in tomato butter and escarole salad sheimer. “We were both like, ‘I want to
Their Restaurant with a creamy Pecorino dressing. Follow make that tonight!’ ” —Kitty Greenwald
Canal House
Station in Milford,
N.J. Total Time: 30 minutes 1. Preheat oven to 400 de- whisking until sauce is
Serves: 4 grees. Pat chicken dry. Halve smooth and uniform. Remove
What They’re 1 (3–4 pound) chicken, breasts crosswise and sepa- pan from heat, discard thyme
Known For broken into parts rate legs from thighs. In a and cover to keep warm.
Home cooking that Salt and freshly ground roasting pan, arrange chicken 3. Discard dark-green parts of
looks as delicious black pepper skin-side up and season with escarole leaves, tear pale
as it tastes. Feasts 5 anchovy fillets, minced salt and pepper. Roast until parts into rough 3-inch
built for gathering. 6 sprigs fresh thyme skin turns golden brown and pieces, and transfer to a large
4 cup dry Sherry
3/
A long-lasting part- juices run clear, about 25 min- bowl. In a small bowl, make
nership that contin- 2 tablespoons tomato paste utes. Let rest 10–15 minutes. the dressing: Whisk together
ues to evolve. 8 tablespoons cold butter, 2. Meanwhile, make the to- cheese, garlic and hot water
cut into pieces mato butter: In a saucepan, until emulsified. Whisk in re-
2 ounces Pecorino Romano, combine thyme, Sherry and maining anchovies and gradu-
finely grated half the anchovies. Bring to a ally whisk in olive oil. Season
1 small garlic clove, simmer over medium heat with lots of black pepper and
finely grated and cook, stirring, until Sherry salt to taste. Toss dressing
Leaves from 1 head escarole reduces to about 1/4 cup, about into escarole to coat leaves.
1/
4 cup hot water 5 minutes. Whisk in tomato 4. Arrange hot chicken pieces
4 cup olive oil
3/
paste and then butter, one on a platter and spoon warm
2 cup chopped parsley
1/
piece at a time, waiting until tomato butter all over. Gar-
Minced leaves from 2 sprigs one piece is incorporated be- nish with parsley and rose- UMAMI BOMB The scrumptious sauce clings to the chicken, flavoring
fresh rosemary fore adding another. Continue mary. Serve with salad. each bite. Whisk in the butter gradually, bit by bit, for a velvety result.
 THE WALL STREET JOURNAL.
RIMAC
RUMBLE SEAT / DAN NEIL
Mate Rimac Is Ready to
Redefine the Hypercar
HE SELLS lightning in a bot-
tle. Mate Rimac, the 31-year-
old founder of Rimac Auto-
mobili, near Zagreb, Croatia,
has emerged as a wunderkind
in electric-vehicle hyper-
power, contributing battery
technology to auto makers
including Aston Martin, Re-
nault, Pininfarina, and
Koenigsegg. Rimac has also
garnered investment from
the Asian giant Hyundai and
Porsche. Last month VW
Group’s luxury-performance
DRIVEN Mate Rimac has been dubbed Europe’s Elon Musk. But
his electric C_Two is built for speed as well as range (340 miles).
brand took another 5.5%
share of Rimac, after a 10%
tranche in 2018.
Why? “I think [Mr. Rimac]
is a genius,” said Heiko
Mayer, powertrain project
leader for the all-electric
Porsche Taycan, when I inter-
viewed him in Norway last
month. “I think he is going to
be a legend.”
Whereas Elon Musk’s
Tesla batteries are known for
high energy density (i.e. long
range), Rimac’s forte is
power—that is, battery and
inverter systems that dis-
charge and recharge at Zeus-
like rates (hybrid cars recu-
perate power under braking).
On display in the factory’s
modest reception area is the
battery pack from the
Koenigsegg Regera gas-elec-
tric hybrid supercar. This
* * * *
brick of circuitry is, Rimac
claims, the highest power-
density battery of its kind,
capable of discharging at 500
kilowatts—about the output
of a Dodge Hellcat at full
honk—from a box weighing
143 pounds, about the size
and shape of a sofa cushion.
Last month, a Rimac-
boosted Regera set a world
record for 0 to 249 mph and
back to 0 in 31.49 seconds.
That will get your attention.
I asked the obvious ques-
tion: How is it that all these
proud companies are coming
to quaint, out-of-the-way Za-
greb, when their resources
are orders of magnitude
greater? What is Mr. Rimac
doing differently?
“There is no silver bullet
that will solve all the prob-
lems,” Mr. Rimac said, in im-
peccable, softly accented Eng-
lish. He is quick to credit his
staff. “It’s a lot of optimiza-
tion, trying out things, exper-
imenting, being fast, doing
loops—idea, concept, simula-
tion, detailed prototyping,
again and again.”
But the same is true in
Weissach, home of Porsche
R&D, I noted. Mr. Rimac
seemed to choose his words
carefully here: Original
equipment manufacturers
have to be more “conserva-
Saturday/Sunday, October 5 - 6, 2019 | D9
GEAR & GADGETS
But, like interviewing a bul-
let, asking Mr. Rimac about
where he’s been runs the risk
of missing where he is head-
ing. The company, now with
about 600 employees, has
thoroughly outgrown its facil-
ities. Its new, Starfleet-like
campus will be built on 54
acres of Croatian countryside
complete with 15th-century
castle, located a few minutes
away. The new complex will
have green roofs and farm an-
imals—he himself is a vegetar-
ian and hopes the animals’
‘We believe that if
somebody is that
good that they can
copy us, go ahead,
man, you deserve it.’
presence will disincline
meateaters—as well as out-
door meeting rooms, barber-
shops, restaurants, a kinder-
garten, and a hotel in the
woods for guests. Along with
R&D and component produc-
tion, the facility will produce a
small number of Rimac’s own
hypercars, no more than three
WHITE LIGHTNING Rimac’s
or four per month. “At $2 mil-
C_Two tops out at 256 mph.
lion per car, it’s not small
business,” he said.
Mr. Rimac, who wears the
sober beard of a 19-century
scholar and usually motor-
sports T-shirts, seems to have
been up all night since he was
17, obsessed with cars, speed,
technology and, lately, estab-
lishing a car industry in Croa-
tia. “Is this all good for me?
Certainly not!” he said, smil-
ing. “Doing something like
this is sacrificing everything
else. This is something I ac-
cepted. I don’t have time, for
tive on the technology side,” ish presenter Richard Ham- devoted comms officer. “We my friends, for myself.”
he said. An example is the mond whipped one off the were very busy.” Speaking of genius-level,
new Porsche Taycan, which side of a Swiss hillside, nar- By that time Rimac was systems-architect insomnia:
arrived with less range than rowly avoiding serious injury. juggling a number of high- How does Mr. Rimac get on
the comparable Tesla Model The Hamster’s excursion profile commissions, includ- with Tesla’s Elon Musk? “I’ve
S. “Tesla and [Rimac] both “brought a lot of attention ing the electric Jaguar E- never talked to him,” Mr.
use cylindrical cells. But it’s from around the world,” said Type that Harry and Meghan Rimac said. “I would really
much more difficult to build Marta Longin, Mr. Rimac’s used in the royal wedding. like to kick things around.”
than with prismatic cells
[like the Taycan’s], there’s
many more parts, much more
that could go wrong.”
Conservative is one thing
Rimac isn’t. For example,
none of the company’s tech-
nology is currently patented.
“We believe that if some-
body is that good that they
can copy us, go ahead, man,
you deserve it. We are so
fast that we are already two
generations in front before
[we] can protect it.”
The company has two
halves, two hemispheres that
perpetually communicate in
Mr. Rimac’s cranium: the hy-
pertech-for-sale side and
car-building side. Rimac has
its own limited-edition cata-
pult in the works, the prodi-
gious C_Two. Commanding a
substation-worthy 1.4 mega-
watts (or 1,914 hp) from four
permanent-magnet motors
and a whopping 120 kWh
battery pack, the C_Two will
accelerate from near 0 to 186
mph in less time than it takes
to read this sentence aloud.
It will also have a top
speed of 412 km/h (256 mph)
and Level 4 autonomy,
though maybe you wouldn’t
want to experience them
both at the same time.
As appropriate for a ca-
reer defined by acceleration,
Mr. Rimac started at zero.
Croatia is one of only a hand-
ful of countries in the Euro-
pean Union with no resident
auto or component manufac-
Defy the elements in
turing, present company ex-
cepted. “When I started [in
2011], there was no outside
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D10 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS

F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (STROLLERS, LEFT); GETTY IMAGES (4); MACLAREN (OWEN MACLAREN); BUGABOO (FROG STROLLER)
PARENTAL GUIDANCE SUGGESTED Of all the strollers we tested, the ones receiving top marks were—from left—the easily packable Babyzen YOYO+ ($499, babyzen.com), the handsome and
maneuverable Uppababy Minu (from $399, uppababy.com), the lightweight Maclaren Quest Arc ($345, maclaren.us) and the surprisingly affordable Mountain Buggy Nano ($200, mountainbuggy.com).

Picture Me soothing aqua. The YOYO+ sports Gallic good

looks and folds up into a compact package the
size of a large tote, which can be slung over a
the Minu can be pushed with one hand and
folded into a manageable bundle. Its one-
handed mechanism felt a bit easier and more
separate hand grips on other umbrella mod-
els), and it gives parents a viewing window to
keep an eye on little ones.

Strollin’ shoulder or hung in a closet. It rides smoothly

Continued from page D1
Upper East Side mother who had bought
seven—the first because it seemed trendy, a
handful more to ease fears surrounding
weight, durability, travel and storage, and a fi-
nal cheaper option to complete the set.
With the help of stalwart parents, curious
moms- and dads-to-be, day-care centers, fam-
ily groups and one single Brooklynite only
hoping to polish his dating profile, we nar-
rowed our search to focus on 20 largely light-
weight, foldable strollers that could stand up
to the rigors of city parenting. Although we
didn’t create an urban obstacle course—fin-
ishing in a mad dash for the L train with a
baby in tow—we did simulate such essential
drills as lugging a stroller up stairs, and the
finely tuned art of one-handed turns and folds
(since setting a baby on the curb is frowned
upon). We sat in the strollers—no, we didn’t
fit—to get some additional feel for padding,
comfort and durability. And since even the
most serene child has her limits, we wheeled
around a 20-pound sack of potatoes instead.
Parents will have to weigh the relative im-
portance of comfort, smoothness of ride, heft,
recline, looks and price. The last can put par-
ents in a stressful spot: Several extolled the
stability of the Bugaboo Fox, for instance, but
it starts at $1,199 and was so frustrating to as-
semble we nearly gave up. “Even a high-end
stroller, when you open and close it hundreds
of times, can get wiggly,” said Mr. Atlason. “In
the end, you want something rudimentary and
dependable that will last the years you need
it.” The priciest full-size stroller sold on Buy
Buy Baby’s site, the fashionable Mima Xari, is
listed at up to $1,999—though shipping is free.
After eliminating such splurges, we found
some happier news. There’s a lot to like about
the YOYO+ by the French company Babyzen
($449, buybuybaby.com), customizable by
frame and color including stylish toffee and
and is well-suited for both public transit and
more ambitious trips, since it can be folded
into most airlines’ overhead compartments (a
challenge that has spurred many parents to
pick up an inexpensive travel stroller).
Babyzen boasts that the YOYO+, which it
bills as “the ONE you need,” can be used with
a newborn add-on pack for infants and then,
with the help of a car-seat adapter, graduate
through your baby’s childhood, obviating the
temptation to ever buy another stroller again.
“I spent two full years in Paris fantasizing
about owning a YOYO stroller,” said E.B.
Harper, a U.S. diplomat who until recently was
stationed in France. The mother of twins re-
quired a less-chic double-wide stroller. “The
YOYO is what all the French parents used for
An urban stroller should be safe, durable, comfortable, affordable
and light enough to regularly lug up the steps of a brownstone.
getting around, especially with public trans-
portation. It was narrow enough to fit through
turnstiles, light enough to carry up and down
the stairs... I still pine for one—is that weird?”
The YOYO+ isn’t perfect: Its middling plas-
tic wheels aren’t ideal for truly inclement
winter weather, and the folding mechanism—
two hands required—takes some getting used
to. Also, by the time you’ve added the stroller
frame, picked a seat-pad color, thrown in a
rain cover and, sprung for the newborn pack
and the car-seat adapter, you could be looking
at a bill closer to $825—and that’s before
you’ve picked up one of the car seats compat-
ible with the YOYO+. (Of course, if you blun-
der and wind up buying multiple strollers,
you could be in the same ballpark anyway.)
Another standout, at a more affordable
price, is the smoothly rolling Uppababy Minu
(from $399, uppababy.com). Like the YOYO+,
intuitive than its somewhat pricier competitor.
At 14.8 pounds, the Minu is on the heavier
side among lighter-weight strollers, but it has
a sturdy, well-engineered feel. (It’s far easier
to lift than Uppababy’s bigger siblings, like the
26.6-pound Vista, which can comfortably cart
around two children.) The Minu has a rather
nice suspension, a comfortably padded seat,
and enough basket space to hold a diaper bag
and some groceries. It also has a newborn
adapter kit that lets infants rest properly flat;
and it’s compatible with the brand’s Mesa in-
fant car seat, which gives the Minu a decent
claim to being among the best of the from-
birth-onward, one-stroller solutions that will
hold children up to 50 pounds. The Minu even
looks terrific, with sleek lines and (a nice
touch) a full-grain leather handlebar.
A few notches cheaper, the utilitarian
Mountain Buggy Nano (from $200, mountain-
buggy.com) is worthy of a test drive. It’s de-
signed as a travel stroller and isn’t as cozily
padded as the YOYO+ or the Minu, but it’s
light, maneuverable and pleasantly compact
when folded—worth considering for budget-
minded parents looking to make short hops
like day-care drop-off or quick grocery runs.
Many parents-to-be will default to the em-
blematic Maclaren, the storied British brand
founded in 1965 by former RAF test pilot
Owen Finlay Maclaren, who created the origi-
nal umbrella-fold stroller by drawing on the
engineering used to create airplane landing
gear. Maclaren’s lightweight Quest Arc ($345,
maclaren.us) corners nicely and offers four-
wheel suspension on well-designed wheels.
It’s a touch cheaper than the Minu, it drives
with a handy single bar (rather than the two
Among Maclaren’s dozen other models is
the Mark II ($200, maclaren.us), which weighs
less than 8 pounds. It’s more stripped-down
than most of its brethren, with scant storage
space and limited recline, but its standout
lightness should appeal to harried parents
struggling up flights of stairs. (The Maclaren
models also come largely assembled, give or
take a wheel or two, sparing groggy parents
lengthy battles with instruction manuals.)
For a true budget option, the Summer
3Dlite comes in at $100 (summerinfant.com).
It weighs only 13 pounds, and its seat recline
isn’t bad. But the 3Dlite is distinctly less com-
fortable and padded than the above competi-
tors, and the ride isn’t nearly as even or agile.
Among the other models that had plenty of
pluses but seemed ultimately less appealing
was the popular Britax B-Lively (from $229,
us.britax.com), which had a smooth trike-style
ride and significant storage, but at 20 pounds
felt on the bulkier side. The Doona ($499,
shopdoona.com) touts itself as “the world’s
first infant car seat and stroller in one,” but it
felt a bit like, well, a car seat on wheels.
The small, light, 12.5-pound Zoe Trip ($225,
zoestrollers.com) features a leathery T-bar
safety restraint that was handy for parents—
doubling as a luggage-like handle when the
Trip is folded—but seemed likely to annoy
squirmy babies. Joovy, a brand that makes a
terrific high chair, offers several strollers, in-
cluding the smartly appointed Kooper ($300,
joovy.com), which folds efficiently and com-
pactly but has only limited recline. Finally, Up-
pababy has an updated umbrella-fold called
the G-Luxe (from $280, uppababy.com) that’s
comparable to midrange Maclarens, with de-
cent padding, modest storage and a handy
kickstand to help it stand upright when folded.
No parent should feel bad for a bit of trial
and error here. As Washington lawyer Justin
Smith, who has two daughters, said, “We col-
lect strollers the way the Jawas from ‘Star
Wars’ collect robots—a few are somewhat bat-
tered, but they all have their purpose.”

A SPIN THROUGH HISTORY / HOW CIVILIZED ROLLING BABY CARRIERS HAVE EVOLVED SINCE THE CIVIL WAR

MID-1800S 1880S 1920S-1930S 1960S 2001 2015

The first stroller was concep-
tualized in 1733 by British
landscape architect William
Kent, who crafted the wood,
wicker and brass carriage for
the Duke of Devonshire to en-
tertain his children while on
the go. By the mid-19th cen-
tury, the design saw its first
round of upgrades: the addi-
tion of brakes, foldable
frames, and accessories such
as parasols and umbrellas.
With the introduction of the re-
versible seat, inventor William
Richardson created a stroller
whose occupant could face the
pusher—which is particularly
desirable when the baby is
younger—or look out at the
world when she gets a little
older and more curious. Mr.
Richardson also made each
wheel roll individually, giving
carriages greater ease of move-
ment and maneuverability.
In a post World War I era,
safety was put at a premium,
and baby carriages were mod-
ernized with a slew of fea-
tures that still exist in today’s
strollers—easy-to-use foot
brakes, thicker and sturdier
wheels, deeper seats and
lower-built, durable frames.
New materials were also
used, with carriages and
prams made from rubber,
plastic and chrome.
Retired test pilot Owen Finlay
Maclaren (far right) decided to
lighten things up after realizing
his daughter’s pram was too
cumbersome to carry. By 1967,
he had designed the umbrella
stroller, a compact design that
was convenient for travel.
Thanks to his aeronautical en-
gineering expertise, parents
could hold baby in one hand
and fold up the lightweight
aluminum stroller in the other.
The stroller became a status
symbol when Bugaboo’s Frog
made its way stateside after
American expat Kari Boiler saw
it dominating the streets of
Amsterdam. Ms. Boiler con-
vinced Bugaboo to let her
launch its American operations,
and even got the Frog into an
episode of HBO’s “Sex and the
City.” Bugaboo garnered legions
of fans and long waiting lists
as it introduced new models.
Prince William and wife Kate
Middleton pushed their second
child, Princess Charlotte, in the
vintage-inspired Silver Cross
Balmoral Pram, which features
luxe chrome touches and
hand-stitched detailing—with a
retail price tag of a cool $3,999.
Four years later, Prince Harry
and wife Meghan Markle de-
fied the royal tradition and
opted for a Bugaboo Fox in-
stead. —Rachel Jacoby Zoldan
THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, October 5 - 6, 2019 | D11

DESIGN & DECORATING

Something Tasteful
This Way Comes
Superheroes and cartoon princesses have hijacked trick-or-treaters’
costumes, and decorations can be frightfully corny. So we asked
scores of design pros how they sidestep commercialization and
cheesiness and do Halloween with class. Here are the 12 best ideas

“This year, we’re adding bub-  “I fill my grandmother’s

ble eyes to the large por- sterling punch bowl with a
trait painting in our foyer by witches brew of dry ice and
affixing magnets to them and floating eyeballs.” —Leslie
to the back of the canvas be- May, interior designer, Chapel

GRAY WALKER; ILLUSTRATIONS: THE ELAPHANT IN THE ROOM (4)

hind them. They passed the
creepy test with my children
as they seem to follow you.”
—Windy O’Connor, product
designer, Art & Home,
Charlotte, N.C.
“I avoid all things orange and
stick to black, whites and
grays with a pop of red. It’s
much more spooky and sepa-
rates Halloween from fall. For
my Halloween dinner party
last year, I set a black cat can-
dle by PyroPet on the pedes-
tal; as it burns, it reveals its
metal skeleton inside. I spray-
painted the mini pumpkins
and vintage candlesticks
matte black, and the contrast
of bold wide-striped black-
and-white place mats kept the
tablescape chic and sophisti-
cated.” —Kyle Schuneman,
interior designer, Chicago
“I’m inspired by the late,
great Alexander McQueen,
who also loved Halloween. In
my formal Georgian living
room, rhinestone studs, thorn
branches, spiked pumpkins
and butterflies shake it up
like McQueen would do—a
translation of the morbid and
ugly into objects of beauty
and style.” —Gray Walker, in-
terior designer,
Charlotte, N.C.
“I upcycled discarded dolls and
replaced their heads with little
pumpkins. They sport mini li-
quor bottles and cigarettes
and straw hats.” —David
McCauley, interior designer,
Los Angeles
 “A plaster cast of Hou-
don’s 1789 bust of Thomas
Jefferson sits atop a plinth
in my living room in Claver-
ack, N.Y. If trick-or-treaters
are expected, I move it to a
window next to the door,
blindfold the former prez
with a strip of black cloth,
and add a big faux crow atop
his shoulder. It seems just
right in my circa 1817 house.”
—Bruce Shostak, interior
designer, New York
Hill, N.C.
“We found some vintage
black lace years back that we
wrap pumpkins in. We poke
the stems through the center
of the lace, pull the four cor-
ners underneath and use flo-
ral wire and pins to mold it
in the crevices. Then we put
them on the table where
people can see the details.
We incorporate smaller
gourds cut in half and hol-
lowed out as candle holders.”
—Lance Thomas, interior de-
signer, Room Service, Lake
Charles, La.
 “I put my soap pumps on
1890s amber-glass apothe-
cary bottles with ‘Poison’
and ‘Chloroform’ labels I’ve
designed and printed on
parchment. Then I fill them
with Williams-Sonoma’s
pumpkin spice hand soap.”
—Susan Bednar Long,
interior designer, Dallas
FRIGHT DONE RIGHT In the home of Charlotte, N.C., designer Gray Walker, Halloween décor
includes pumpkins that have been painted matte black and studded with rhinestones.
“I live part-time in San Miguel
de Allende, Mexico. Día de los
Muertos, which coincides with
Halloween, is a huge holiday
here, and I love decorating for
it. We hang big garlands of
cempasúchil (marigolds)
around all the doorways of our
circa 1500s house. We put a
photo of my grandmother or
my husband’s father on a 19th-
century altar in my chapel, with
things they loved around it—
flowers, colors, a bottle of te-
quila or wine. It’s a great way
to remember people.”
—Michelle Nussbaumer,
interior designer, Dallas
“I decorate my Hudson Valley
colonial with vintage décor
I’ve bought over the years,
like a 1930s black-metal owl  “I floated a plastic skeleton
lantern with mesh eyes that in the bathtub in ‘bloody’ water
glow when you put a candle using red food coloring and
in it, and papier-mâché jack- fake blood. A calligrapher
o'-lanterns from late-1800s painted ‘You can check out any
Germany. They feel one-of-a- time you like but you can never
kind and handmade.” leave’ on a large mirrored wall
—Ashley Darryl, interior de- in the dining room.” —Courtney
signer, New York Paddock, event designer, Little
Coterie, Houston
“I’ve run plastic bones—skulls,
feet, hands, femurs—over Edited from interviews by
Spanish moss down the cen- Kathryn O’Shea-Evans
ter of my dining table for a
great runner. Candlelight
casts a beautiful glow on
people’s skin and creates
wonderful shadows that add
to the spook.”
—Gwen Hefner, interior
designer, the Makerista, Kan-
sas City, Mo.
D12 | Saturday/Sunday, October 5 - 6, 2019 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

HOUSE TOUR

Industrial Evolution
A designer honors—but softens—the warehouse aesthetic of a Chicago family’s hundred-year-old loft

Spare but
Changeable
In a Chicago loft by lo-
cal designer Gil Melott,
a living area’s stocky
maple beams overhead
might evoke a logging
camp, but three Moroc-
can rugs underfoot—a
vivid red vintage Boujad
and a two Beni
Ourains—create a cradle
for convivial congrega-
tion. “Layering rugs
gives them extra
warmth and adds a
sense of importance to
a key area,” Mr. Melott
said. The Tetris-like
modular sofa in pale
gray, from Casa Spazio,
faces a wall of windows
that open on a patio. It
can be configured in
many ways, creating, for
instance, a larger formal
space for entertaining
conjoined with a nook
in front of the fireplace.
The striations in the re-
claimed Douglas fir pan-
eling above the firebox
made it an awkward
backdrop for art, so the
designer selected a mo-
bile by Missouri artist
Chuck Kubba of Como-
metalworks to dangle in
front of it instead.

BY KATHRYN O’SHEA-EVANS

A
LL THE FLUSH Wall Street Biblio-tuck
arrivistes who bought lofts in The Zasowskis had been using the area beneath the stairs as a dreary
the 1990s wouldn’t want you catchall for outgrown baby toys and cardboard boxes awaiting recycling.
to know this dirty secret: Ex- But Mr. Melott saw about 75 square feet of usable space that he made
posed-brick walls and cavern- into an inviting pocket library. He installed custom maple shelves “rather
ous spaces can feel as cold as a spelunk- than putting more rough hewn wood onto the brick,” then set in a 100-
ing trip. That lack of a snuggle factor was drawer 1940s card catalog. The busy box of a piece stores papers and fam-
something Sara and Jan Zasowski soon ily ephemera and provides a place for hiding wooden blocks and toys for
acknowledged after buying a loft in Chi- the resident tot to find. A leather-cushioned bench from Denver Modern
cago’s River North neighborhood for runs parallel to the shelves and the rows of handled compartments.
themselves and their now-2-year-old
son—a real problem in a city that clocked
three continuous days below zero in 2018.
The pair, a psychotherapist and trader, of-
ten invite friends for game nights. “We
like minimalist design, but it needs to be
comfortable because we’re always hosting
people,” said Ms. Zasowski.
Besides, haven’t exposed bricks and
ducts lost their allure nearly two decades
into the 21st century? “They’ve had their
day,” said Gil Melott, founder of local inte-
rior design firm Studio 6F, to whom the
couple turned for help, “but covering the
exposed building materials would have
been a disservice to the history of the loft
aesthetic.” Critical, however, was “incor-
porating the original elements in a mind-
ful and modern way.” This meant no bar Laying Low
stools made from cast-iron pipes, leather The French oak platform bed had been created for the
Tuxedo sofas or other loft-living clichés. room by Chicago’s Moss Design, the architects who ren-
To mellow the 2,200-square-foot space ovated the loft under a previous owner. It set a tone of
without obliterating its industrial appeal repose, said Mr. Melott. “Why fight that? It’s what
the designer selected many furnishings you’re doing in this room.” Instead of playing to the 12-
that contribute both weight and a gentle, foot ceilings with vertical furnishings, “we played to the
feminine warmth. He worked with a light platform bed,” the designer said. A duo of squat
palette that was neutral—but not devoid Reynaldo armchairs from Willa Arlo and a 16”-inch-high
of color. “We wanted to create a vibrancy coffee table from West Elm create a petite, contempla-
for a very young and vibrant family.” tive zone for reading.

A Lightly
Feminine Touch
Entering this master
bath swathed in French
oak by the architects
could easily feel like
walking into a cigar box,
a decidedly manly envi-
ronment. Mr. Melott re-
tained the sexually ag-
nostic Foscarini Gregg
pendant light that was
there and added the
similarly asexual geo-
metric rug. Then he
made a couple of nods
to the pair’s female part-
ner: a seminude portrait
of a woman and a cus-
tom-designed slipper
The Cultivated Kitchen chair in a Schumacher
In the architect-designed kitchen, out went what Mr. Melott referred to as the island’s “old-school public-school Cheetah Velvet—to “give
RYAN MCDONALD

lighting,” and in came sophisticated mouth-blown pendants from Danish company Ebb & Flow. The couple’s her a little bit of whimsy
collection of shapely cheese boards ornaments a wall. “Why not put them on display, especially if she’s going so that she could giggle
to use them frequently?” A motif of woven black materials repeats in the drawings by Chicago artist Michael in the morning,” Mr.
McGuire, the Ghanaian basket atop the island and the wire chair backs. Melott said.

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