WSJ
P2JW331000-7-A00100-17FFFF5178F
The New World of
Pandemic Politics
What’s
News
World-Wide
T he U.S. and other gov-
ernments moved to re-
strict travel from countries
in southern Africa as the
WHO called a fast-spreading
new strain of the coronavi-
rus dubbed Omicron a global
“variant of concern.” A1, A8
 Merck and Ridgeback
said a final analysis of their
experimental Covid-19 pill
found the drug less effec-
tive than an early look. A6
 The U.S. plans to use a
meeting of NATO foreign
ministers to focus on how the
alliance should respond to
Russian pressure on Ukraine
as the Ukrainian president
warned of a possible Mos-
cow-backed coup attempt. A9
 A group of Senate Dem-
ocrats have privately voiced
their opposition to Biden’s
nomination of Omarova to lead
the OCC, likely scuttling her
chances of confirmation. A3
 France and Italy signed
a cooperation treaty that
its advocates hope could
shift the balance of power
in the EU, matching Ger-
many’s influence. A9
 Japan’s cabinet ap-
proved an increase in de-
fense spending, respond-
ing to China’s rapid
military expansion and U.S.
requests for upgrades. A10
 Died: Stephen Sondheim,
91, songwriter who reshaped
American musical theater. A3
Business & Finance
 Stocks, oil prices and
government-bond yields
slumped amid concerns
about the new coronavirus
strain. The Dow, S&P 500 and
Nasdaq fell 2.5%, 2.3% and
2.2%, respectively. The yield
on the 10-year U.S. Treasury
note dropped to 1.484%. U.S.
crude oil slid 13%. A1, B1, B12
 The Covid-19 pandemic
prompted retailers to re-
think Black Friday, with
many rewriting their play-
books for one of the biggest
shopping days of the year. A1
 Alibaba’s CEO is devolv-
ing power to the heads of
the company’s business
units to become more agile
in tackling rising chal-
lenges and potentially open
the way for spinoffs. A1
 China’s tech giants are
feeling the pinch of an eco-
nomic slowdown, adding fi-
nancial pressure to an in-
dustry beset by a bevy of
new regulations this year. B1
 China Evergrande’s
founder sold a large chunk
of his shares in the cash-
strapped property com-
pany, raising the equivalent
of about $343 million. B11
 Climate protesters
blockaded 13 Amazon facili-
ties in the U.K., as well as
two more in Germany and
the Netherlands, snarling
trucks in some locales. B3
NOONAN
Social Distancing
Was a Problem
Before Covid A15
CONTENTS
Books..................... C7-12
Business News..... B3
Food........................ D9,11
Heard on Street...B13
Obituaries................ A11
Opinion.............. A13-15
s 2021 Dow Jones & Company, Inc.
All Rights Reserved
REVIEW
THE WALL STREET JOURNAL WEEKEND
* * * * * * * SATURDAY/SUNDAY, NOVEMBER 27 - 28, 2021 ~ VOL. CCLXXVIII NO. 126
Dow Suffers Worst Day of 2021
Broad markets selloff
comes as new Covid-19
variant threatens
fragile global recovery
By Joe Wallace,
Quentin Webb
and Paul Vigna
Stocks, oil prices and gov-
ernment-bond yields slumped
after South Africa raised the
alarm over a fast-spreading
strain of the coronavirus, trig-
PAUL RATJE/AGENCE FRANCE-PRESSE/GETTY IMAGES
Consumers, like these at a Nike Factory Store in El Paso, Texas, were greeted with a changed retail landscape to kick off the
holiday shopping season as stores dropped pre-pandemic Black Friday practices, like Thanksgiving hours and doorbuster sales.
Black Friday Shopping Is Back,
But Stores Rewrite the Playbook
BY SUZANNE KAPNER
The pandemic didn’t just
change consumer habits. It also
prompted retailers to rethink
Black Friday, one of the biggest
shopping days of the year.
Many stores stayed closed
this Thanksgiving, in a break
with a pre-pandemic tradition
of opening Thursday evening.
Retailers have moved away
from doorbusters, the deeply
discounted items available for a
limited time that drew hordes
to stores on Friday morning.
Instead, they have been dan-
gling Black Friday deals all
month, online and in stores.
What to Do With a Giant Potato:
Name It and Make Vodka
i i
A couple hopes their 16.7-pound spud
sets a record before they bottle it
BY JENNIFER CALFAS
“Dug,” a contender for the awarded in 2011, is about 10.9
world’s heaviest potato, might pounds.
soon become “Done,” the
vodka.
Colin and Donna
Craig-Brown found
the tuber under-
Sports........................ A12
Style & Fashion D2-3 ground in August
Travel........................... D6 while clearing a
U.S. News............ A2-8 plot in their New
Weather................... A12
Wknd Investor....... B5
Zealand garden for
World News.... A9-10 new seeds, and the
couple submitted it
to Guinness World
> Records.
The unexpected
giant awaits the Colin and Dug
verdict while
stowed in the couple’s freezer vodka.
to maintain its weight, which
they recently reported as just
gering concern that travel re-
strictions and other curbs will
spoil the global economy’s re-
covery.
The Dow Jones Industrial
Average fell 905.04 points, or
2.5%, to 34899.34. It was the
Dow’s biggest one-day per-
centage drop since October
2020.
The S&P 500 lost 106.84
points, or 2.3%, to 4594.62 and
the Nasdaq Composite
dropped 353.57 points, or
2.2%, to 15491.66. It was the
worst Black Friday session on
record for all three indexes.
Some hosted streaming events
on their websites Friday as an
alternative to visiting a store.
“Customers are shopping
differently this year,” said Greg
Revelle, Kohl’s Corp.’s chief
marketing officer. “We had to
alter our Black Friday strategy.”
Stores are trying to balance
what forecasters predict will be
record holiday sales with sup-
ply constraints that have kept
some items hard to come by.
Black Friday shoppers spent
$5.8 billion in the U.S. online as
of noon EST, up about 7% com-
pared with the same time last
year, said Salesforce.com Inc., a
software company that tracks
over 16.7 pounds. The current
Guinness potato record,
And they have begun a dis-
cussion that’s familiar to
jumbo-produce
growers every-
where: What’s to be
the misshapen
mass’s final fate?
It’s too lumpy to
cast a replica for
posterity, says Mr.
Craig-Brown, 62,
and there’s no way
they would preserve
it. The amateur dis-
tiller has another
idea: Turn Dug into
“We’re going to have a
Please turn to page A11
Markets closed early because
of the holiday.
U.S. crude oil tumbled 13%
to $68.15. Traders fretted that
lockdowns could reduce de-
mand for transportation fuels.
Bitcoin, following the path of
other risk assets, skidded 8%
to below $55,000.
“It’s not a great day to
wake up on Black Friday and
see news about a concerning
variant,” said Jessica Bemer, a
Please turn to page A6
 More on the day in markets
on pages B1, B12 and B13
online shopping. Many consum-
ers were able to save money
during the pandemic and are
now spending freely despite
rising inflation.
The National Retail Federa-
tion expects sales during No-
vember and December to rise
by a record 8.5% to 10.5% to as
much as $859 billion, compared
with a year ago. That is in con-
trast to an average increase of
4.4% over the past five years.
The forecast was made be-
fore the World Health Organi-
zation called a new strain of
the coronavirus, first detected
in southern Africa, a global
“variant of concern.”
EXCHANGE
SUPPLY SIDE
The sorters, truckers,
ship captains and
others on the
delivery front lines.
B1
Royal
Treatment
Travel Clubs
OFF DUTY
WSJ.com
Index performance this week
2%
1 10
0 Dow Jones
–1
–2
–3
–4
M T W F
*Total composite volume includes NYSE, Nasdaq, NYSE American and NYSE Arca composite volumes
Source: FactSet
The trade group predicts
that nearly two million more
people, or a total of 158.3 mil-
lion, will shop over Thanksgiv-
ing weekend this year, com-
pared with last year. Still, that
is down from the 165.3 million
people who shopped over the
same weekend in 2019, before
the pandemic.
John Rulli, chief administra-
tive officer for mall owner Si-
mon Property Group, said Fri-
day afternoon that foot traffic
was exceeding 2019 levels at a
Please turn to page A4
 Climate protesters block
Amazon facilities in U.K...... B3
Alibaba CEO Shifts
Power to Unit Heads
BY JING YANG
HONG KONG—Alibaba
Group Holding Ltd.’s chief ex-
ecutive, Daniel Zhang, is de-
volving power to the heads of
the company’s business units
to become more agile in tack-
ling rising challenges and po-
tentially open the way for
spinoffs, people familiar with
the matter said.
Mr. Zhang, also chairman of
the internet giant, is delegat-
ing more responsibility to
presidents at each business
line—from location-based ser-
vices to cloud computing—
who now function as “mini-
CEOs,” the people said. The
strategy is intended to speed
up decision making so each di-
vision can better fend off com-
petition, revitalize flagging
sales and reshape its mono-
lithic image in the wake of
Beijing’s regulatory crackdown
HHHH $6.00
Trading volume*
12 billion
8
Industrial
Average
–2.0%
6
4
S&P 500
–2.2%
2
Nasdaq
–3.5% 0
M T W F
Virus Risk
Spurs U.S.
To Limit
Travel
BY GABRIELE STEINHAUSER
JOHANNESBURG—The U.S.
and other governments moved
to restrict travel from countries
in southern Africa as the World
Health Organization called a
fast-spreading new strain of
the coronavirus a global “vari-
ant of concern” that may pose
a higher risk of people falling
ill with Covid-19 for a second
time.
WHO said there was also
preliminary evidence that the
variant, which was first de-
tected in southern Africa and
which it named Omicron after
the Greek letter, was more
transmissible than the Delta
variant that is currently domi-
nant world-wide, and other vi-
rus strains. Health authorities
in Belgium, Israel, Hong Kong
and Botswana said they had de-
tected first cases of the variant.
Although scientists were still
figuring out the exact effects of
the variant’s many mutations, its
discovery highlights the contin-
ued threat posed by an evolving
virus to the world’s emergence
from the pandemic. The travel
restrictions imposed by many
countries, including the U.S.,
raised fears that there could be
further setbacks to the reopen-
ing of economic and social life,
including in Western countries
with high vaccination rates.
“The news about this new
variant should make clearer
Please turn to page A8
Variant Fallout
 Travel curbs mark setback
for airlines......................... A8
 Scientists, health officials
face challenges................ A8
 Vaccine disparities pave
way for new strains....... A8
on big platforms. At the same
time, Ant Group Co., the finan-
cial-technology giant in which
Alibaba holds a 33% stake, has
started to distance itself from
Alibaba, as Ant restructures
its businesses to fall in line
with regulations following Bei-
jing’s cancellation of its initial
public offering, the people
said.
The management shift,
which has been taking shape
over the past few months, re-
verses a centralization drive
begun almost three years ago.
That drive brought the com-
pany’s subsidiaries and affili-
ates into close alignment, the
so-called Alibaba Economy con-
ceived by former boss Jack Ma.
In the long run, the changes
may pave the way for Alibaba to
Please turn to page A2
 Economy tests technology
giants in China........................... B1
P2JW331000-4-A00200-1--------XA
A2 | Saturday/Sunday, November 27 - 28, 2021
In Brainard, Powell Gets Key Policy Ally
Two Fed veterans must
navigate a runup of
inflation that is lasting
longer than expected
BY NICK TIMIRAOS
President Biden’s decision to
nominate Lael Brainard to be-
come Federal Reserve vice
chairwoman elevates a veteran
policy maker and economist
who has been a strong ally of
Chairman Jerome Powell on the
central bank’s boldest policy
decisions during the pandemic.
Ms. Brainard was a key ad-
viser to Mr. Powell as the Fed
scaled up emergency-lending
backstops last year, and she
provided influential intellectual
support for his effort last year
to revamp the Fed’s policy-set-
ting framework. Under the new
framework, the Fed set aside
its practice of raising rates to
pre-empt inflationary pressures
and pledged to keep interest
rates low to foster a faster and
broader labor-market recovery.
Ms. Brainard has been espe-
cially outspoken about avoid-
ing the mistakes of raising in-
terest rates prematurely after
a downturn when interest
rates are near zero.
Mr. Biden on Monday also
said he would nominate Mr.
Alibaba
Distributes
Power
Continued from Page One
hive off smaller subsidiaries
and seek separate listings for
them, the people said. Units
that could be ripe for spinoffs
in the future include Cainiao
Smart Logistics Network, gro-
cery chain Freshippo, a local
services department that com-
prises several of Alibaba’s loca-
tion-based service apps, as well
as overseas e-commerce plat-
forms Lazada and Trendyol,
they said.
The shake-up reflects grow-
ing challenges for China’s inter-
net titans that have come un-
der increased scrutiny from
Beijing. Alibaba’s market value
has slumped by half, wiping out
some $400 billion since Octo-
ber 2020, when Ant’s hotly an-
ticipated IPO preparation was
under way. Last week, Alibaba
slashed its revenue growth out-
look for the current fiscal year
on the back of sluggish sales
growth on Singles Day, the big-
gest annual online shopping
festival in China.
Like many large tech compa-
nies in China and the U.S., Ali-
baba has expanded its ecosys-
tem by offering consumers and
businesses multifaceted ser-
vices, from shopping and trav-
Black Friday Sale now open
Powell to a second term as Fed
chairman. Now, both leaders
face perhaps their trickiest
policy challenge of the past
four years: A bout of inflation
that is proving to be more
stubborn than anyone at the
central bank anticipated is
raising questions over how the
Fed should set policy in the
months ahead.
Mr. Powell and Ms. Brain-
ard have underscored the im-
portance of not raising rates
until labor markets are tight
to build up the credibility of
their new framework this year.
But with inflation running well
above the Fed’s 2% target,
they are facing questions over
how long they can maintain
that stance before eroding the
central bank’s credibility.
Brisk demand for goods,
disrupted supply chains, tem-
porary shortages and a re-
bound in travel have pushed
12-month inflation to its high-
est readings in decades. Core
inflation, which excludes vola-
tile food and energy prices,
rose 4.1% in October from a
year earlier, according to the
Fed’s preferred gauge.
“We’re entering a period of
great policy uncertainty. Will
they raise rates in the first
half of 2022? Are they going
to have the resolve to wait?
It’s going to take a lot of cour-
Daniel Zhang, chairman and chief executive officer, is delegating
more responsibility to presidents at each business line.
eling to payment and logistics.
The new management model
hasn’t been formally announced
inside Alibaba. However, over
the past few months, “building
an agile organization” has be-
come a popular refrain inside
the company, the people said.
Nearly three years ago, dif-
ferent units of Alibaba plus
Ant, were brought closer to-
gether to form a united front
and tackle competition from ri-
vals including Tencent Holdings
Ltd.-backed Pinduoduo Inc. and
Meituan. A committee of 13 se-
nior executives was created in
spring 2019 to helm an Alibaba
Economy Body, headed by Mr.
Zhang with Ant Chairman Eric
Jing as his deputy. It called for
more coordination across Ali-
baba’s sprawling empire.
The Alibaba Economy, as
company executives also called
U.S. NEWS
Lael Brainard was a key adviser to Jerome Powell as the Fed scaled up emergency lending in 2020.
age,” said Derek Tang, an whose term on the central
economist at LH Meyer Inc., bank’s board expires in January.
an economic-forecasting firm. The Fed’s vice chair, along with
“Brainard has been very fo- the New York Fed president, is
cused on maintaining maxi- part of the inner circle of advis-
mum employment,” said Mr. ers—known as the troika—that
Tang. “If there’s a difference shape the agenda for monetary-
between how Powell and Brai- policy deliberations by the
nard characterize that thresh- Fed’s rate-setting committee.
old, the market could ask, When the coronavirus pan-
‘Who should we listen to?’ ” demic sparked a global dash
If confirmed by the Senate, for dollars that overwhelmed
Ms. Brainard would succeed Fed the ability of many markets to
Vice Chairman Richard Clarida, function in March 2020, Mr.
utive, according to people fa-
miliar with him. He used to
hold debriefs with presidents at
different units and their direct
reports once every two weeks,
signing off on big and small de-
cisions, the people said. Mr.
Zhang has held far fewer such
meetings in recent months,
they said.
JASON ALDEN/BLOOMBERG NEWS
While Alibaba and Ant had
continued to grow at a brisk
pace, the centralized structure
also created problems. Decision
making was focused at the top,
flexibility was reduced and the
company was often slow to re-
spond to changes across indus-
tries.
Since Ant’s blockbuster IPO
was scuttled in November
it, was first coined by billion- 2020, few inside the company
aire founder Mr. Ma in 2017, mention the term “Alibaba
when he was serving as Ali- Economy,” and the 13-person
baba’s chairman. He told inves- committee has practically
tors—and later a widely broad- ceased to function, people fa-
cast annual company party— miliar with the matter said. Af-
that Alibaba would become ter months of discussions, the
equivalent to the world’s fifth- companies’ top echelons agreed
largest economy, comparing that Ant shall chart a more in-
gross merchandise value on all dependent path from Alibaba in
of its platforms with the gross the future, they said.
domestic product of nations. Under the Alibaba Economy
“If your company can sup- structure, Ant tied its strategy
port 10 million profitable busi- more closely with Alibaba.
nesses on its platform, this is Ant’s Alipay, a payment and
called [an] economy,” he said at lifestyle app used by more than
the Alibaba Investor Day in 1 billion people in China, helped
June 2017. Alibaba will serve 2 divert traffic to Alibaba’s plat-
billion consumers by 2036 and forms, and its consumer-lend-
create 100 million jobs, he ing services supplemented Ali-
added. baba’s e-commerce business.
Mr. Zhang, who took over Ant’s big move into lending
from Mr. Ma as CEO in 2015 spooked Chinese regulators,
and as chairman in 2019, is who saw it as a risk to the
known as a very hands-on exec- country’s financial system.
$50 Discount — Code WJ50
Kamikoto.com/WJ50
**** THE WALL STREET JOURNAL.
Ms. Brainard served as an
adviser to President Bill Clinton
on international economics in
the late 1990s. She also served
as a staff economist on the
White House Council of Eco-
nomic Advisers in the George
H.W. Bush administration.
Even though Mr. Powell and
Ms. Brainard have been
aligned on monetary policy,
there are questions over how
they will resolve differences
on other issues. Since he be-
came chairman in 2018, she
has dissented on 23 board
votes, often to protest against
KEVIN LAMARQUE/REUTERS
loosening banking rules im-
posed after the 2008 crisis.
Ms. Brainard has pulled the
Fed her way on some key
banking issues, including twice
in 2019, both times with cru-
cial backing from Mr. Powell.
First, the Fed bucked opposi-
tion from big banks when it
Powell asked Ms. Brainard to voted to establish a round-the-
join the group, an arrange- clock payment system for
ment that has continued. banks to exchange money, a
Before joining the Fed in proposal she spearheaded.
2014, Ms. Brainard helped Later, the Fed opted against
manage President Barack joining two other federal
Obama’s response to the 2008 banking regulators on a pro-
financial crisis during four posal to overhaul rules imple-
years as the Treasury Depart- menting the Community Rein-
ment’s top financial diplomat, vestment Act, a 1977 law
making her one of the few designed to end racial lending
Democrats intimately involved disparities. After Mr. Biden’s
in responding to the last two election, the OCC scrapped its
economic shocks. proposed overhaul.
CORRECTIONS 
Mr. Zhang still directly over-
sees the e-commerce business.
Other units, such as industrial AMPLIFICATIONS
and community e-commerce,
cloud computing and local ser-
vices, have their own presi- Tencent Holdings Ltd.
dents. Local services was for-
mally announced in July as a
unit that comprises several of
went public in 2004. A Nov. 11
Business & Finance article
about Tencent incorrectly said
Alibaba’s location-based ser- it went public in 2014.
vices including navigation app
AutoNavi, travel gateway Fliggy Notice to readers
and delivery app Ele.me. Some Wall Street Journal
Alibaba’s market share in staff members are working re-
online retailing has been weak- motely during the pandemic.
ened by JD.com and Pinduoduo, Please send reader comments
which grew quickly with ag- only by email or phone, using
gressive discounts. Ele.me, an the contacts below, not via
Alibaba delivery platform, has U.S. Mail.
been struggling to compete
against Meituan. Readers can alert The Wall Street
—Raffaele Huang Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
contributed to this article. by calling 888-410-2667.
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
Published daily except Sundays and general legal holidays.
Periodicals postage paid at New York, N.Y., and other mailing offices.
Postmaster: Send address changes to The Wall Street Journal,
200 Burnett Rd., Chicopee, MA 01020.
All Advertising published in The Wall Street Journal is subject to the applicable rate card,
copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc.,
1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to
accept an advertiser’s order. Only publication of an advertisement shall constitute final
acceptance of the advertiser’s order.
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com
Need assistance with your subscription?
By web: customercenter.wsj.com; By email: wsjsupport@wsj.com
By phone: 1-800-JOURNAL (1-800-568-7625)
Reprints & licensing:
By email: customreprints@dowjones.com; By phone: 1-800-843-0008
WSJ back issues and framed pages: wsjshop.com
Our newspapers are 100% sourced from sustainably certified mills.
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS
P2JW331000-7-A00300-1--------BP

THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, November 27 - 28, 2021 | A3

U.S. NEWS

Stephen Sondheim Dies at 91

BY PATIENCE HAGGIN known musicals.
He wrote the lyrics for
Stephen Sondheim, the leg- “West Side Story” in 1957, the
endary Broadway composer first Broadway musical he
and songwriter behind “West helped create and one of
Side Story,” “Sweeney Todd” America’s most beloved
and “Into the shows. Two years later, he did
OBITUARY Woods,” died the same for “Gypsy.” In 1962
STEPHEN early Friday at his his “A Funny Thing Happened
SONDHEIM home in Roxbury, on the Way to the Forum”—
1930-2021 Conn. He was 91. the first Broadway show for
Mr. Sondheim, which he wrote both lyrics and
who was born in New York music—made its debut and
City on March 22, 1930, is con- won a Tony Award for best
sidered one of the greatest musical.
Broadway writers ever, writing Mr. Sondheim won two To-
songs for some of the best- nys in 1971 for the music and
lyrics to “Company,” a musical
comedy. He won a total of
eight Tony awards, not includ-
ing a special achievement
Tony he received in 2008. He
won the 1985 Pulitzer Prize for
drama for “Sunday in the Park
with George,” a musical dra-
matizing the life and artistic
process of pointillist painter
Georges Seurat.
Other beloved musicals for
which he wrote both music
and lyrics include “Follies,” “A
Little Night Music,” “Assas-
sins” and “Passion.”
Mr. Sondheim also won six
Grammys and an Oscar. The-
aters on Broadway and Lon-
don’s West End are named af-
ter him. He was awarded the
Presidential Medal of Freedom
in 2015 by then-President Ba-
rack Obama.
Mr. Sondheim found his
mentor at a young age, by the
lucky coincidence that his
mother was friends with the
wife of legendary lyricist Os-
car Hammerstein II.
He is survived by his hus-
band, actor Jeffrey Romley,
whom Mr. Sondheim married
in 2017.

AN APPRECIATION

Broadway’s Musical Revolutionary

BY TERRY TEACHOUT

Unlike the character from

“A Little Night Music” who
sings his best-known song,
“Send in the Clowns,” Stephen
Sondheim had not lost his tim-
ing when he died on Friday at
age 91. Not only is Classic
Stage Company putting on an
exceptional revival of “Assas-
sins,” his most provocative
musical, but a major revival of
TED THAI/THE LIFE PICTURE COLLECTION/GETTY IMAGES

“Company,” the show that put

him at the center of American
musical theater in 1970, opens
on Broadway in two weeks. In
a sense, the curtain dropped
on his extraordinary life at just
the right moment.
So, too, did Mr. Sondheim
move into the spotlight with
similarly impeccable timing.
The Broadway musical was
marking time in 1970, and the
great songwriters of the pre-
rock era were all past their
prime. Then Mr. Sondheim, Stephen Sondheim photographed at home in 1987.
who was then mainly known
for writing the lyrics to tone. Throughout his career, his performed on a small scale by musical sent him in a direction
“Gypsy” and “West Side best songs would more often drama companies that do not incompatible with mass popu-
Story,” teamed up with George than not be written from the normally produce musicals. larity. It is clear in retrospect,
Furth to write a plotless eve- point of view of an inhibited Yet Mr. Sondheim had no and far from surprising, that
ning of interlocking sketches man unable to open himself up interest in writing full-fledged he was never completely at
that portray the state of court- to the prospect of romantic operas. He believed deeply in ease telling love stories. Per-
ship and marriage in Manhat- love. Ambivalence, he said, was the continuing viability of the haps this is a reflection of the
tan as seen through the eyes his “favorite thing to write Broadway musical, though it fact that Mr. Sondheim had
of a 35-year-old bachelor who about, because it’s the way I was the small-scale revivals pi- only modest success with long-
is single and unwilling to com-
mit himself to any of the
women he is dating. The result
was “Company,” the first truly
feel, and I think the way most
people feel.”
True or not, it wasn’t how
most people expected to feel
oneered by John Doyle, the di-
rector of Classic Stage’s “As-
sassins,” that kept his shows
alive by making them accessi-
term relationships in his own
life, though his luck started to
change in late middle age and
he married his partner, Jeffrey
Unity
modern musical—but one writ- after seeing a Broadway musi- ble to regional theater compa- Romley, four years ago. UNITY
ten by a comparative young- cal. They longed for the opti- nies. And his long collabora- Because of their unusual BUNDLE
ster who had learned his craft mistic certainty of romantic tion with James Lapine, the tone and subject matter, it is B R AC E L E T
from Oscar Hammerstein II, closure, and Mr. Sondheim re- most frequent creative partner conceivable that the rising
one of the last of the great fused more often than not to of his middle age, led to the generation of playgoers will
golden-age Broadway song- give it to them. Moreover his writing of “Sunday in the Park fail to be engaged by his
writers. shows grew less hopeful with With George” (1984), a musical shows. But even if that should
Mr. Sondheim’s shows were every passing season—as well about the pointillist painter happen, the greatest of his
deeply rooted in the traditional as more ambitious. “Sweeney Georges Seurat that won him a songs, which epitomize in
craftsmanship of his trade, but Todd,” his 1979 masterpiece, is Pulitzer Prize, and “Into the their uneasy fusion of yearning
their songs and subject matter a horrific tragedy about a se- Woods” (1987), a fractured- and ambivalence the dark
were radically different from rial-killer barber whose victims fairy-tale show that was his voice of modernity, will un-
anything that had hitherto been end up ground into meat pies. biggest commercial hit. The doubtedly continue to speak to
heard on a Broadway stage. The And while it went over on original Broadway production their doubts about life and
pastel harmonies and complex Broadway, where Harold Prince ran for 765 performances, and love. “Being Alive,” “Losing My
wordplay of his score for “Com- staged it on the grandest pos- the show continues to be Mind,” “Loving You,” “Not a
pany” (“It’s sharing little winks sible scale, “Sweeney Todd” staged regularly throughout Day Goes By,” “Send in the PAU L MO R E L L I . C O M
together, / Drinks together, / was, paradoxically, an opera- the English-speaking world. Clowns”: These songs, and
Kinks together, / That makes like musical that has been Mr. Sondheim’s decision to many others like them, will be N YC : 8 95 M A D I S O N ( 72 N D & M A D I S O N )
marriage a joy”) were as un- mounted with success in major break with the traditional sub- sung for as long as there are P H L : 1118 WA L N U T S T R E E T
usual as its ironic, ambivalent opera houses but can also be ject matter of the Broadway listeners with broken hearts. 212. 5 8 5 . 42 0 0

Banking Nominee Hits

Democratic Resistance
BY ANDREW ACKERMAN actly the opposite,” she said.
“We need to help those compa-
A group of Senate Demo- nies to get restructured.”
crats have privately voiced Ms. Omarova didn’t respond
their opposition to President to an email Friday seeking com-
Biden’s nomination of Saule ment. Spokesmen for Mr. Tes-
Omarova to become a top ter and Ms. Sinema declined to
banking regulator, likely scut- comment, as did spokeswomen
tling the academic’s chances of for Messrs. Brown and Warner.
confirmation. A White House official de-
Sens. Jon Tester of Montana, fended Ms. Omarova but didn’t
Kyrsten Sinema of Arizona and comment on Democratic opposi-
Mark Warner of Virginia—cen- tion. The official said that Ms.
trist Democrats—conveyed their Omarova, who was born in Ka-
opposition to Senate Banking zakhstan when it was part of
Committee Chairman Sherrod the Soviet Union, has been the
Brown (D., Ohio) on a Wednes- target of “unacceptable red bait-
day phone call, said a person fa- ing from Republicans like it’s
miliar with the discussion. the McCarthy era.” The Biden
The conversation, reported administration continues to
earlier by Axios, came after “strongly support her historic
Messrs. Warner and Tester chal- nomination,” the official said.
lenged Ms. Omarova at a Nov. 18 Ms. Omarova’s past aca-
hearing over her past writing demic work calling for shrink-
and thinking on banking over- ing big banks and creating a
sight. The Cornell University much bigger role for the Fed-
law professor is Mr. Biden’s pick eral Reserve in consumer
to head the Office of the Comp- banking has generated a back-
troller of the Currency, which lash. Industry advocates and
oversees large national banks some Republicans have said
such as JPMorgan Chase & Co. she favors policies that would
and Bank of America Corp. effectively nationalize lending CELLINI - NEW YORK
Mr. Tester also pressed her and envisions an overly large www.cellinijewelers.com
at the hearing over remarks she role for the government that YAMRON JEWELERS - NAPLES, FL
made earlier this year calling would crimp banks’ business. www.yamron.com
for smaller oil-and-gas compa- Ms. Omarova’s defenders Elizabeth Locke Jewels • 968 Madison Avenue SYDEL & SYDEL - CHICAGO, IL
nies to go bankrupt to aid the include liberal-leaning Demo- New York City • 212-744-7878 www.sydelandsydel.com
U.S. in tackling climate change. crats such as Mr. Brown and
Ms. Omarova responded to Sen. Elizabeth Warren of Mas-
Store Locations: 540 - 837-3088 or FOR INFORMATION ∙ TIME ART DISTRIBUTION LLC
Mr. Tester at the hearing by sachusetts. They say she is an Phone +1 212 221-8041 ∙ info@timeartdistribution.com
saying she misspoke and that accomplished banking expert www.elizabethlockejewels.com/where-to-buy
her remarks weren’t well who would stand up to the in-
framed. “My intention was…ex- dustry.
P2JW331000-4-A00400-17FFFF5178F
A4 | Saturday/Sunday, November 27 - 28, 2021
Biden Economic Plans
Meet Inflation Reality
President tries to show
he can address rising
prices as other gauges
show positive signs
BY AMARA OMEOKWE
AND ANDREW RESTUCCIA
WASHINGTON—President
Biden took office with a raft of
economic plans to better posi-
tion the U.S. to compete on the
world stage and jump-start a
labor market ravaged by the
pandemic. Ten months into his
term, Mr. Biden is facing a new
set of economic challenges.
The number of Americans
seeking unemployment bene-
fits fell to a 52-year low last
week, available jobs are trend-
ing near record highs and con-
sumer spending is rising. But
those positive economic devel-
opments have been compli-
cated by supply-chain bottle-
necks and the highest inflation
in three decades.
Now, Mr. Biden is racing to
show the public that he is tak-
ing action to address rising
prices and bottlenecks amid
mounting anxiety among some
of his advisers about political
fallout heading into next
year’s midterm elections. He
has instructed his most senior
economic advisers to focus on
the issues, White House offi-
cials said, setting up an inter-
nal task force that is tracking
granular data such as how
many containers are sitting in
the country’s ports and how
long they have been there.
The administration has lim-
ited options to slow rising
prices and ensure that goods
EVAN VUCCI/ASSOCIATED PRESS
President Biden toured a General Motors electric-vehicle plant in Detroit this month with, from left, United Auto Workers President
Ray Curry, GM Chief Executive Mary Barra and Labor Secretary Marty Walsh.
Latest Bill Would Be Boon to Unions
President Biden’s nearly $2
trillion spending bill passed by
the House is stocked with ben-
efits for organized labor, in-
cluding a measure aimed at
helping unionized companies
win billions of dollars in new
green-energy projects.
By Brody Mullins,
Julie Bykowicz
and Ted Mann
The legislation also has la-
bor-backed measures to raise
fines for violations of work-
place safety and other rules,
expands funding for home-
care services provided by
union workers and allows
union members to write off
some of their dues.
If approved by the Senate,
the bill would be “the most
pro-worker bill signed into law
in almost a century,” said Dan
Mauer, the director of govern-
ment affairs for the Communi-
cations Workers of America,
which represents workers in
the media and telecommunica-
tions industries, among others.
“The running theme through-
out the bill is it gives workers
more money, better jobs, more
control over their lives.”
Business lobbyists are lin-
ing up in opposition, however,
saying the bill spells higher
costs that will fall hardest on
the smallest companies.
“It’s ironic that a so-called
jobs bill includes an unprece-
dented attack on small busi-
ness,” said Matt Haller, the
are delivered on time, econo-
mists and outside analysts
said. Many economists are
skeptical that efforts under
way by the White House, in-
cluding releasing petroleum
reserves and prodding ports to
operate longer hours, can
meaningfully change the
short-term path of inflation.
“They don’t have any fan-
tastic policy tool available to
them” to address the drivers
of elevated inflation, said Josh
Bivens, research director at
the left-leaning Economic Pol-
icy Institute.
There are multiple causes
for surging inflation. The Delta
variant has prolonged pan-
demic disruptions that the
White House and many econo-
mists had expected to ease.
Overseas factories and ports
shut down, limiting the supply
of goods when Americans had
money to spend. Meanwhile,
many Americans were reluctant
to return to jobs and others had
lingering child-care constraints,
causing labor shortages.
Extremely low interest
rates, reflecting Federal Re-
serve policy, and multiple
rounds of government stimu-
lus are contributing to boom-
ing demand for goods. Strong
demand and limited supply are
a recipe for inflation.
In March, as part of a plan
crafted on the 2020 campaign
trail to prevent a repeat of the
2009 recession, Mr. Biden
signed into law a $1.9 trillion
coronavirus-relief bill that in-
cluded $1,400 checks to many
Americans, an extension of a
$300 weekly jobless-aid sup-
plement, and a one-year expan-
sion of the child tax credit that
president of the International
Franchise Association.
The successes by unions in
the legislation reflect what la-
bor leaders hope is a political
comeback by organized labor
after decades of defeats in
Washington at the hands of
the business lobby. Unions
strongly backed the election of
Mr. Biden and are among the
biggest financial donors to the
Democratic Party and its can-
didates.
The bill aims to combine
two longstanding goals of the
party: Expanding labor unions
and fighting climate change.
Under the bill, companies
that seek federal tax incen-
tives for green-energy public
works projects must pay the
local prevailing wage and offer
worker apprenticeships. Sup-
porters say the measure is de-
signed to put union and non-
union companies on a level
playing field in competing for
federal contracts.
The measures face hurdles in
the Senate, where Republicans
are expected to ask the Senate
parliamentarian to strike sev-
eral pro-union measures, in-
cluding a tax benefit for union-
made electric vehicles.
The Associated Builders
and Contractors, a construc-
tion trade association repre-
senting primarily nonunion
commercial and industrial
contractors, is mounting a
challenge to the measure that
would require its members to
pay prevailing wages to qual-
P W L C 10 11 12
provides periodic payments for
many households. Some econo-
mists have pointed to that
package, which coincided with
a pickup in economic activity
as Covid-19 vaccinations be-
came more widely available, as
contributing to inflation.
“It was just a mistake and
we’re paying for it, and you
just have to let it get through
the system and don’t repeat the
error,” said Doug Holtz-Eakin,
who was an economic adviser
to President George W. Bush.
White House officials ac-
knowledged that the March
law, known as the American
Rescue Plan, may have con-
tributed to rising prices, a
possibility they said they were
aware of before it passed. But
they say that the law was nec-
essary and that they can take
steps to combat inflation now.
“We recognize the stress
that this can put on family
budgets and we’re doing ev-
erything we can, both on the
supply-chain side, the gas side,
the offsetting of the cost side
to help families,” said Jared
Bernstein, a member of the
White House Council of Eco-
nomic Advisers, referencing in-
flation. “But we would not
trade the benefits of the rescue
plan for where we are today.
The rescue plan saves lives.”
The situation has caused
some in the White House to
begin to broaden their ap-
proach to economics beyond
Democrats’ longstanding focus
on demand. “Never in my ex-
perience in government have I
been part of more activity on
the economy supply side,” Mr.
Bernstein said.
On Tuesday, Mr. Biden an-
ify for federal tax incentives
on green projects.
“It is an unprecedented ex-
pansion of anticompetitive
and costly pro-labor policies
on private construction proj-
ects via the U.S. tax code,”
said Ben Brubeck, the associa-
tion’s vice president of regula-
tory, labor and state affairs.
Lobbyists for unions suc-
ceeded in attaching the pro-la-
bor requirement to $230 billion
of the roughly $300 billion in
new government tax incentives
for green-energy spending.
Business lobbyists
are in opposition,
saying the bill spells
higher costs.
The newer green-energy in-
dustry is largely not unionized,
according to Tim Schlittner, a
spokesman for the AFL-CIO.
“We want to make sure that
as we fight climate change
that good union jobs are at the
center of the fight,” Mr.
Schlittner said.
Individual unions also
scored wins, including extra tax
credits for consumers who buy
electric vehicles built in plants
staffed by the United Auto
Workers. Nonunion auto mak-
ers including Tesla Inc. and
Toyota Motor Corp. are lobby-
ing to remove that extra credit.
H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.
U.S. NEWS
President Biden recently called for a Federal Trade Commission investigation into whether oil-and-
gas companies are participating in illegal conduct aimed at keeping gasoline prices high.
Inflation indexes, ing in illegal conduct.
change from a year earlier Analysts say both efforts
will have limited effects.
Consumer-
Mr. Biden has had limited
6% price index*
success in finding quick ways
6.2%
to solve supply-chain bottle-
5 necks. He pressed the nation’s
Personal-
consumption-
busiest ports to open 24 hours
expenditures a day, but only one terminal in
4
price index† the ports of Los Angeles and
5.1% Long Beach offers 24-hour
3 pickups, four days a week, and
has rarely stayed open over-
2 night because not enough
trucks have arrived to pick up
shipping containers.
1
The White House has said
other collaborative efforts
0 with the Southern California
2015 ’16 ’17 ’18 ’19 ’20 ’21 ports helped ease congestion.
There are signs that global
*For all urban consumers †Seasonally adjusted
Sources: Labor Department (CPI);
supply-chain woes are begin-
Commerce Department (PCE) ning to recede, but shipping,
manufacturing and retail exec-
nounced that the U.S. would utives say that they don’t ex-
release 50 million barrels of pect a return to more-normal
oil from U.S. government operations until next year.
stockpiles in the coming In a global economy inter-
weeks, part of a coordinated connected by trade and com-
effort with several other coun- modity prices, many countries
tries. Earlier, he called on the are dealing with elevated in-
Federal Trade Commission to flation, showing the challenge
investigate whether oil-and- isn’t unique to the U.S.
gas companies are participat- White House officials have
Retailers
Rewrite
Playbook
Continued from Page One
number of its shopping centers,
particularly in the New York-
New Jersey metropolitan area
and Atlanta. Other areas such
as Boston started out a bit
slower. “Overall, we’re off to a
good start,” he said.
As vaccines become widely
available and Covid-19-related
restrictions are eased, people
have been returning to con-
certs, the movies and traveling.
For many, shopping in stores
on Black Friday is a social rit-
ual they are eager to resume.
Last year, Andrew Lubera
paused his tradition of shop-
ping in stores on Black Friday.
This year he waited in the
dark outside a Walmart in Cats-
kill, N.Y., aiming to be one of
the first inside when the store
opened at 5 a.m. to snag toys.
“Last year I didn’t shop, but I
want to get a few toys, maybe
some clothes,” said the 42-
year-old as he waited with a
The United Mine Workers few dozen eager shoppers.
of America secured $500 mil- His wife has already done
lion for a trust fund that pays most of their Christmas shop-
medical expenses for coal min- ping online but asked him to
ers suffering from black lung head out for a few deals. “She’s
disease. still home in bed,” he said.
The NewsGuild-CWA se- Concerns about out-of-stock
cured a payroll tax credit for items and potential shipping
news organizations that hire delays as well as Black Friday
and retain local journalists in deals on offer since the begin-
the U.S., which benefits both ning of November prompted
union and nonunion companies. consumers to shop earlier.
Mr. Biden’s bill also gives Sixty-one percent of people
the Occupational Safety and surveyed by the NRF said they
Health Administration the au- had started their holiday shop-
thority to levy fines up to ping before Thanksgiving, up
$700,000 for willful or re- from 51% a decade ago.
peated violations of workplace Digital out-of-stock mes-
safety rules. That is up from sages are up 261% in November
$136,532. compared with November 2019,
Labor unions say the cur- according to Adobe Inc., a soft-
rent fines haven’t been in- ware company that tracks on-
creased in decades and no lon- line shopping. Out-of-stock
ger are a disincentive to messages declined slightly on
violating the law. Thanksgiving compared with
More broadly, Mr. Biden’s the previous Thursday, as re-
domestic-spending package in- tailers focused their marketing
cludes billions of dollars in on in-stock items, Adobe said.
federal funds for education Shoppers spent $5.1 billion
and social-safety-net programs online on Thanksgiving, Adobe
championed by labor unions. said, flat from a year ago, when
The legislation calls for Thanksgiving Day online spend-
$110 billion to launch a univer- ing set a record with many
sal prekindergarten program, stores closed for the first time.
an idea backed by the Ameri- Andrew Diaz said he fin-
can Federation of Teachers. ished more than half of his hol-
It allocates $150 billion to iday shopping before Thanks-
provide seniors and disabled giving. The 24-year-old said he
Americans with more medical planned to visit the mall near
care in their homes. That pro- his Costa Mesa, Calif., home on
vision is supported by the Ser- Friday to purchase the rest of
vice Employees International the items on his list. “I’m wor-
Union, which represents ried that if I wait, the stores
home-care workers, among will be out of stock,” he said.
others. While larger retailers such
NOAH BERGER/ASSOCIATED PRESS
privately expressed frustration
that positive economic devel-
opments on employment have
sometimes been overshadowed
by coverage of inflation and
supply-chain problems, people
familiar with the discussions
said. They are trying to strike
a balance between touting
those developments and ac-
knowledging the effects of ris-
ing prices, the people said.
This month, Mr. Biden
signed into law a roughly $1
trillion bipartisan infrastruc-
ture bill to repair the nation’s
aging roads and bridges, up-
grade the electrical grid and
expand access to broadband in-
ternet. The Senate is still de-
bating the next component of
Mr. Biden’s legislative agenda:
a roughly $2 trillion education,
healthcare and climate package.
Some private economists
expect the package to contrib-
ute to inflation modestly in the
next year or two. Republicans
say Mr. Biden should pull back
on his spending plans due to
inflation. White House officials
say it wouldn’t further increase
inflation because the money
would be spent over 10 years.
as Walmart Inc. and Target
Corp. accelerated imports and
chartered their own ships to
sidestep supply-chain prob-
lems, some smaller chains, in-
cluding Gap Inc., Victoria’s Se-
cret & Co. and Urban Outfitters
Inc. are scrambling to keep
their shelves stocked.
Delays caused by Covid-19
outbreaks that disrupted pro-
duction in Asia and a surge of
imports for the holiday season
created a bottleneck at South-
ern California ports. On Tues-
day, Gap predicted supply-
chain disruptions would result
in about $550 million to $650
million in lost sales.
E-commerce sales surged
last holiday season, while many
nonessential retailers were ei-
ther temporarily closed or had
restricted capacity. This year,
online sales for November and
December are expected to total
$207 billion, a 10% increase
over 2020, according to Adobe.
That is less than the 32% jump
last year, compared with 2019.
Some chains, including Best
Buy Co. and Dick’s Sporting
Goods Inc., recently reported a
slowdown in digital sales.
Visits to physical stores are
picking up, but foot traffic is
still below pre-pandemic levels.
For the week ended Nov. 20,
visits to physical stores were
12.4% below the same week in
2019, according to Sensormatic
Solutions, which tracks foot-
steps with cameras placed at
stores. Brian Field, senior di-
rector of Sensormatic Solu-
tions’ retail consulting practice,
said he expects traffic during
this year’s Black Friday week to
fall from 2019 levels, but the
drop won’t be as steep as 2020.
Many shoppers still came
out for fun.
“My grandson wants a VR
headset,” said Normandy Lof-
tin, a 56-year-old pushing an
empty cart through the Catskill
Walmart Friday soon after the
store’s 5 a.m. opening. An hour
later her cart was piled high
with toy cars, scooters and
other gifts for her grandchil-
dren. “Grandma is done with
Christmas!” she said.
Retailers are giving shop-
pers less reason to visit stores.
The term doorbuster didn’t ap-
pear in Black Friday advertise-
ments this year at Walmart,
Best Buy and other major re-
tailers analyzed by online dis-
count marketplace Brad’s Deals.
Chains including Macy’s Inc.
and Saks Fifth Avenue held
gift-themed streaming events
on Black Friday.
“People got comfortable
communicating through digital
platforms during Covid,” said
Emily Essner, Saks’ chief mar-
keting officer.
—Sarah Nassauer, Sharon
Terlep and Charity L. Scott
contributed to this article.
P2JW331000-4-A00500-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 27 - 28, 2021 | A5

LESS MORE
uncertainty confidence

MORE
than PCR
When your patients need to
know if it’s the flu
flu or COVID-19,
choose a testing system with
a higher level of PCR excellence
that delivers more than results.
Speed, plus
Accuracy, plus
Flexibility.

That’s the PCRplus advantage.

Learn more at cepheid.com

©2021 Cepheid
P2JW331000-6-A00600-17FBFF7178E
A6 | Saturday/Sunday, November 27 - 28, 2021
Merck’s Covid-19 Pill Was
30% Effective in Final Study
BY JARED S. HOPKINS
AND BETSY MCKAY
Merck & Co. and Ridgeback
Biotherapeutics LP said a fi-
nal analysis of their experi-
mental Covid-19 pill found the
drug less effective than an
early look, prompting U.S.
health regulators to continue a
staff review of the drug’s ap-
plication days before an out-
side panel meets.
The Food and Drug Admin-
istration made public Friday
its initial review of the drug’s
application, including an anal-
ysis of clinical-trial data for
the drug, molnupiravir. Agency
staff said the drug was effec-
tive at reducing the risk of
hospitalization and death, but
they didn’t take a position on
whether the agency should au-
thorize the drug. The agency
also said no major safety con-
cerns turned up in late-stage
testing.
The FDA said it is still con-
ducting its review of molnupi-
ravir, after the companies told
the agency earlier this week the
pill was 30% effective in a final
analysis of the late-stage study
results. After taking an early
look at results, the companies
had reported in October that
molnupiravir was 50% effective.
Molnupiravir, and another
experimental antiviral from
Pfizer Inc. that is also under
FDA review, promise to fill a
big gap in Covid-19 treatment
for a pill that people could
easily take at home to keep
them out of the hospital.
So far, people at high risk
of severe disease seeking to
avoid hospitalization have
usually had to go to a hospital
or clinic that can inject or in-
fuse an antibody drug.
The U.K. cleared molnupira-
vir for use earlier this month.
The latest molnupiravir ef-
ficacy rate is disappointing,
but the drug could still be a
helpful treatment because it
will be more convenient and
easier to access than the anti-
© 2019 Sesame Workshop. All rights reserved.
U.S. NEWS
How Molnupiravir Works
The drug interferes with SARS-CoV-2’s ability to reproduce
within a patient’s cells.
How viral reproduction
works
CELL
1. The
virus
infiltrates
a patient’s
cells.
RNA bases. When the drug enters an
VIRUS
2. It begins making
copies of its RNA, which
contains the genetic
instructions for building
new viruses.
3. Once an RNA molecule is complete, it gets
packaged into a new viral coating and exported
from the cell. These new copies go on to infect
more cells.
Source: Timothy Sheahan, University of North Carolina
Josh Ulick and Erik Brynildsen/THE WALL STREET JOURNAL
body drugs available, said Pe-
ter Chin-Hong, an infectious-
disease specialist and
professor of medicine at the
University of California, San
Francisco. “Thirty percent is
still meaningful in a disease to
prevent someone from being
hospitalized,” he said.
Antibody drugs from Re-
generon Pharmaceuticals Inc.
and from GlaxoSmithKline PLC
and its partner Vir Biotechnol-
ogy Inc. were found in testing
to cut the risk of hospitaliza-
THE MORE YOU UNDERSTAND
HER WORLD, THE MORE
POSSIBILITIES YOU SEE.
For Julia’s family, early screening for
autism made a lifetime of difference.
Find out more at ScreenForAutism.org
How molnupiravir interferes
with RNA replication
New RNA is assembled by stringing
together blocks of chemical units called
bases.
RNA BASES
The shape of the molnupiravir
molecule resembles one of these
infected cell, it is incorporated
into the growing viral
RNA strand.
MOLNUPIRAVIR
This intrusion introduces errors into
the virus’s genetic code, rendering the
virus unable to make viable copies of
itself.
tion or death by at least 70%.
An experimental pill from
Pfizer Inc., which also is under
FDA review, cut the risk of hos-
pitalization and death by about
89% in an early look at data.
That rate could change after
Pfizer performs a final analysis.
FDA staff reviews are a rou-
tine part of the regulatory
evaluation process before the
agency decides whether to
green light a product. Merck
and Ridgeback requested
emergency use authorization
last month.
The drug’s clinical-trial per-
formance is expected to be
discussed Tuesday when an
outside panel of advisers to
the FDA meets and votes
whether to recommend the
agency clear the drug for use.
The FDA isn’t required to
follow the panel’s advice but
normally does. Should the
panel give a thumbs-up, an
FDA decision could come be-
fore the end of the year. The
agency hasn’t scheduled a
meeting of the panel to review
Pfizer’s drug, called Paxlovid.
Researchers designed moln-
upiravir to work by mucking
up the virus’s ability to repli-
cate, by introducing errors
into its genetic code.
A course of treatment is
eight pills daily for five days,
started within five days of
showing symptoms.
In the documents it posted,
the FDA said it became aware
of the final analysis earlier this
week and was still reviewing
the data. The agency said its
assessment, which was based
on the interim analysis, might
change, and that it would pro-
vide additional analysis when
the panel meets Tuesday.
The FDA asked the panel to
discuss the use of molnupira-
vir in pregnant women, who
weren’t included in the late-
stage Merck-Ridgeback trial.
The agency said Merck
agreed that molnupiravir
shouldn’t be authorized for
people under 18 years of age. It
also said the drug shouldn’t be
cleared for use in hospitalized
patients, after the drug failed to
show benefit in a separate trial.
The company plans to man-
ufacture 10 million courses of
treatment by the end of the
year and at least double that
amount next year.
Merck has agreed to pro-
vide the U.S. government with
3.1 million courses of molnupi-
ravir for about $2.2 billion,
should regulators clear the pill
for use.
Dow Has
Worst Day
This Year
Continued from Page One
portfolio manager at Easterly
Investment Partners.
Investors reached for ha-
vens. The yield on the 10-year
Treasury note tumbled to
1.482% from 1.644% before the
Thanksgiving break, on track
for its biggest drop since
March 2020.
Gold, another perceived
store of value when riskier as-
sets retreat, rose 0.1% to
$1,785.30 a troy ounce.
The pullback created whip-
lash for markets that had, to a
great extent, parked worries
about coronavirus.
Scientists say the new cor-
onavirus variant, dubbed
B.1.1.529, has a high number
of mutations that may make it
more transmissible and allow
it to evade some of the im-
mune responses triggered by
previous infection or vaccina-
tion.
Investors feared the strain
could set back months of ef-
forts to revive the world econ-
omy and save lives.
“For now, Covid is back on
the table,” said Takeo Kamai,
head of execution services at
CLSA in Tokyo.
Investors seemed to be fol-
lowing the playbook they
pulled out early in the pan-
demic: sell travel stocks, buy
work-from-home stocks. “This
is a market that is well prac-
ticed in terms of reacting to
Covid,” Ms. Bemer said.
Delta Air Lines, United Air-
lines and American Airlines
Group all dropped 8% or
more, after the U.S., the U.K.,
Israel and Singapore re-
stricted travel from southern
Africa. The European Union
said it would propose stop-
ping air travel from the re-
gion.
While the restrictions are
limited to flights from a hand-
ful of countries that represent
a relatively low percentage of
international travel, worries
of broader measures triggered
selloffs across the travel and
energy sectors.
Cruise stocks including
Royal Caribbean Group were
****** THE WALL STREET JOURNAL.
U.S. WATCH
CONSUMER SAFETY she doesn’t have a backpack, we
should be fine.” She said she then
Deodorants Recalled said to Ms. Omar: “Oh look, the
After Benzene Found Jihad squad decided to show up
for work today.”
Procter & Gamble Co. is recall- Ms. Boebert issued an apol-
ing its Old Spice and Secret anti- ogy on Friday and said she had
perspirant sprays after it detected reached out to Ms. Omar to
benzene, a cancer-causing chemi- speak with her directly. Ms.
cal, in some of the products. Omar said the story fueled anti-
The consumer-goods maker
said anyone who owns the sprays
Muslim bigotry and endangered
her personally.
should stop using them and —Eliza Collins
throw them away. The company
has also notified retailers to stop INTERIOR DEPARTMENT
selling them. The recall applies to
18 of its Old Spice and Secret Oil-Lease Royalties
sprays, including eight varieties of Called Too Low
Old Spice and 10 types of Secret
sprays. P&G said customers who Interior Department officials
bought the recalled products can recommended that the Biden
apply to get reimbursed on the administration consider raising
Old Spice or Secret websites. the royalty rate for oil-and-gas
—Joseph Pisani leasing on federal lands, as Pres-
ident Biden seeks to deliver on
CONGRESS promises to address climate
change amid high inflation.
Rep. Boebert Offers Interior officials urged Mr. Bi-
Apology to Muslims den to raise the government’s
royalty rate—now a minimum of
GOP Rep. Lauren Boebert 12.5% for onshore production—for
apologized to Muslims on Friday competitive leases, saying that
for a joke casting Democratic the federal oil-and-gas leasing
Rep. Ilhan Omar as a possible program “shortchanges taxpay-
suicide bomber that drew criti- ers,” and that such rates haven’t
cism, with the top Republican in been increased for 100 years. It
the House stepping in to try to also said the department should
tamp down the controversy. avoid leasing in areas where that
In remarks to supporters that activity could conflict with wildlife
circulated on social media, Ms. and cultural resources.
Boebert said she was getting into The American Petroleum In-
an elevator when a Capitol Police stitute said the Biden adminis-
officer ran toward her with “fret tration is sending mixed signals
all over his face,” but the doors by calling for initiatives to lower
closed before he could get there. gas prices and releasing a report
The Colorado lawmaker said she that would increase costs on
saw Ms. Omar was next to her in U.S. energy development.
the elevator and thought: “Well, — Katy Stech Ferek
RICHARD VOGEL/ASSOCIATED PRESS
WIND DAMAGE: Workers clean up near a dome used as a studio-
production facility in Burbank, Calif., after strong winds. One
location in Los Angeles County had an 89 mph gust Thursday.
hammered, while Exxon Mobil
fell 3.5%, or $2.23, to $61.25.
Chevron fell 2.3%, or $2.68, to
led allies to pause steps to
pump more oil when they
meet next week.
$114.51.
Moderna rose 21%, or
$56.24, to $329.63. Pfizer
“If the announcement is,
the vaccine works on this,
back up we go,” said Adam
gained 6.1%, or $3.11, to $54.
Netflix and DoorDash, which
previously benefited from
Webb, chief investment officer
of Blue Creek Capital Manage-
ment. “If the vaccines don’t
stay-at-home orders, rose 1.1%
and 1.6%, respectively.
work against it, then good
night Vienna.”
The World Health Organi- Money managers said that
zation on Friday said the new even if the variant proves
strain was a “variant of con- more resistant to vaccines
cern.” Rising caseloads of than earlier strains, there
other variants have already were reasons to think the eco-
led some European countries nomic damage could be con-
to tighten rules for transpor- tained.
tation, shopping and work- MRNA vaccines, such as
places. those manufactured by Pfizer
Many U.S. investors had and Moderna, can be quickly
taken the day off, extending updated, and businesses have
their Thanksgiving holiday. adapted to containment mea-
Ms. Bemer said she’d planned sures, ensuring that the blow
on working Friday, though she from each lockdown has less-
was staying with relatives for ened.
However, elevated inflation
could prevent central banks
and governments from spray-
‘It’s a busier day ing economies with stimulus
than we expected,’ in the event of renewed wide-
spread lockdowns.
said Jessica Bemer, “That’s the big cause for
a portfolio manager. concern: Is policy able to re-
spond and bail out markets
and economies this time given
inflation?” said Edward
the holiday. “It’s a busier day Smith, co-chief investment of-
than we expected,” she said. ficer at the Rathbone Invest-
The combined trading vol- ment Management. Trouble in
ume on the New York Stock supply chains stemming from
Exchange and Nasdaq was shutdowns could further
about 6.9 billion shares. The boost inflation, he added.
average Black Friday volume International stock markets
since 2007 has been 2.9 bil- tumbled. Losses for travel, lei-
lion shares, according to sure, banking and energy
FactSet. stocks—all of which suffered
Oil prices experienced during previous periods of
some of the biggest declines. economic turmoil in the pan-
Traders said money managers demic—led the Stoxx Europe
were rushing to unwind wa- 600 to shed 3.7%, the pan-
gers that a mismatch between continental gauge’s worst one-
tight supplies and rising de- day percentage drop since
mand would push crude prices June 2020.
toward $100 a barrel. In Asia, Hong Kong’s
The swoon might encour- benchmark Hang Seng Index
age the Organization of the lost 2.7% and Japan’s Nikkei
Petroleum Exporting Coun- 225 fell 2.5%. China’s Shang-
tries and a group of Russia- hai Composite Index fell 0.6%.
Technology stocks wilted
after Bloomberg reported that
China had asked Didi Global to
devise a plan to delist in the
U.S. The Wall Street Journal
BRENDAN MCDERMID/REUTERS
has previously reported that
the ride-hailing giant was
considering going private,
partly to placate Chinese au-
thorities, and that regulators
in China had suggested it list
in Hong Kong.
—Suryatapa Bhattacha-
The floor of the NYSE rya contributed to this article.
P2JW331000-4-A00700-2--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 27 - 28, 2021 | A7

Explore the Breadth of Your

WSJ Digital Benefits
The benefits of a Journal membership go far beyond these pages.
Start exploring the full scope of your WSJ digital benefits today
with a preview of features here.

PRINT EDITION

THE PRINT EDITION APP LIVE Q&A SESSIONS

Access the Journal’s print coverage anytime with Join live virtual events where our journalists and
a fully interactive version of the day’s paper in a experts discuss timely issues. As a member, you get
dedicated member-only app. to ask your own questions and join the conversation.

WSJ.COM/PRINTAPP WSJ.COM/LIVEQA

EMAIL SHARING THE 10-POINT NEWSLETTER

Share the news you trust for free with Get a personal, guided tour to the best scoops
the email sharing icon on all Journal and stories every day with our member-exclusive
articles online. 10-Point newsletter.
CLICK ON ANY ARTICLE WSJ.COM/10P

LATEST HEADLINES COMMENTING

No more waiting for the next paper—access Help advance a thoughtful discourse between
coverage as soon as our journalists publish it readers and journalists. Join the conversation
at our Latest Headlines hub. via article commenting on WSJ.com.

WSJ.COM/LATEST JOIN THE CONVERSATION

Not sure how to access WSJ.com with your current print membership?
Follow these three simple steps:

Go to WSJ.COM/DIGITALACCESS

Enter your account number

Fill in the rest of your details

© 2021 Dow Jones & Co., Inc. All rights reserved. 6DJ7934
P2JW331000-7-A00800-1--------XA

A8 | Saturday/Sunday, November 27 - 28, 2021 ******* THE WALL STREET JOURNAL.

U.S. NEWS

Travel Curbs Mark Setback for Airlines Vaccine

Disparity
The U.S. said it would re-
strict travel from South Africa
and seven other countries in
southern Africa starting Mon-
Paves Way
day, joining a handful of gov-
ernments around the world
seeking to stem the transmis-
For Strains
sion of a new coronavirus vari- BY DREW HINSHAW
ant identified in the region.
The identification of a new,
By Benjamin Katz highly mutated variant of the
in London coronavirus virus in southern
and Alison Sider Africa highlights the risk to
in Chicago global public health posed by
large, unvaccinated populations
The Biden administration in the developing world, where
will restrict non-U.S. citizens countries have struggled to get
and residents from South Af- immunizations and the virus is
rica, Botswana, Zimbabwe, Na- spreading and evolving.
mibia, Lesotho, Eswatini, Mo- Overall, just 7% of people in
zambique and Malawi. It joins Africa are fully vaccinated,
the European Union, the U.K., compared with 42% of the
Singapore and Japan, among global population, according
others, who moved late Thurs- to Our World In Data, a proj-
JEROME DELAY/ASSOCIATED PRESS

day or Friday to ban flights ect based at Oxford University.

and travelers from the region. In Europe and the U.S., vacci-
The restrictions are limited nation levels are 67% and 58%.
to flights from a handful of That disparity, public-
countries that typically en- health officials say, helped
compass a relatively low per- open the door to the rise of
centage of international travel. this latest variant, which has
Still, global airline shares more than 50 mutations—in-
sharply fell amid worry that cluding 30 on the virus’s spike,
the variant could take hold People lined up to board a flight to Paris from Johannesburg on Friday as a new coronavirus variant emerged in southern Africa. a main target for vaccines—
elsewhere and trigger broader from the one that emerged in
travel restrictions just as transit for nonresidents who restrictions that were previ- U.S. citizens from many coun- between the two countries Wuhan, China, two years ago.
many parts of the world start have traveled within 14 days ously in place on travel from tries, and instead required next month, including resum- World Health Organization
to fly again. to the region. South Africa and several other that most foreign nationals ing nonstop service between scientists on Friday declared
Shares in all three of the The U.K. on Thursday placed countries. seeking to fly to the U.S. show Newark, N.J., and Cape Town, the new strain, which they
largest U.S. international air- six southern African states on British Airways said it was proof of vaccination. according to Cirium, an avia- named Omicron, a “variant of
lines each fell by more than its red list of countries from working through plans to assist While Americans have tion data provider. concern” and said evidence sug-
8% in trading Friday. Shares of which travelers have to quar- customers currently in the re- largely resumed traveling do- United said it will watch to gests that it is more contagious
International Consolidated antine in government-approved gion. Deutsche Lufthansa AG, mestically for vacations or to see how the new restrictions and that it is able to infect peo-
Airlines Group, the owner of hotels. It went a step further which flies between Germany visit friends and family, inter- impact demand, but it isn’t ple who have already had
British Airways and Spain’s Friday and halted all commer- and South Africa 17 times a national and business travel planning any changes to its Covid-19 or been vaccinated.
Iberia, were down about 15% cial and private passenger week, said it was continuing its hasn’t yet returned in full schedule. The airline still The variant that is currently
in European trading. flights to and from those coun- flights to help German travel- force. Airlines have said their plans to restart Cape Town dominant world-wide, Delta,
Boeing Co. shares were tries for two days. ers return home and to main- global flights have been flights Dec. 1. was first identified in India and
down more than 5%, while Travel restrictions vary by tain cargo transport. buoyed in recent weeks by Delta said that Virgin Atlan- sparked a surge that reached
shares of rival Airbus SE had country, but governments typi- The new rules mark an- loosening travel restrictions tic Ltd., its partner airline, had 400,000 cases a day there last
shed about 10% in Europe. cally try to restrict flights tak- other setback for long-haul around the world. canceled service between Jo- spring, when vaccinations re-
The European Union said ing off from affected countries carriers, which have been Southern Africa is a rela- hannesburg and London. Delta mained at low levels.
Friday it would propose an or passengers who had passed boosting capacity on interna- tively small component of U.S. said it will monitor the new About a third of India’s
emergency brake on travel be- through those nations recently. tional flights in recent weeks. airlines’ route maps. United variant and any resulting population has now been fully
tween South Africa, a handful The U.S. ban applies to foreign The move comes less than a Airlines Holdings Inc. and travel restrictions, but the air- vaccinated, yet vast areas of
of neighboring countries and nationals, but U.S. citizens and month after the Biden admin- Delta Air Lines Inc. are the line plans to continue flying the developing world remain
the 27-member bloc. Singa- permanent residents will still istration reopened U.S. bor- only two U.S. carriers that fly between its Atlanta hub and even further behind. Africa’s
pore’s health ministry said it be able to travel from the re- ders, ending a regime of travel to South Africa. United is Johannesburg—service it op- most populous country, Nige-
would restrict arrivals and stricted countries—similar to restrictions that kept out non- scheduled to operate 87 flights erates three times a week. ria, has fully vaccinated just
1.7% of its 206 million people.
Africa’s second-most populous

Variant Poses New Challenges for Scientists

BY BRIANNA ABBOTT fueled a jump in the country’s
cases, albeit from a very low
The fast-spreading Omicron starting point. The variant also
coronavirus variant recently has been identified in Botswana,
identified in South Africa has Hong Kong, Israel and Europe.
virologists and health authori- Virologists said it isn’t known
ties on edge because of its whether B.1.1.529 first emerged
many mutations, but much in South Africa or whether that
about its infectiousness and was simply the first place it
virulence remains unknown. was detected. Many countries
Scientists said some of the lack comprehensive genomic
roughly 50 mutations on the surveillance systems able to
new variant, called B.1.1.529, quickly flag new variants.
could render it more transmis- The World Health Organiza-
sible or reduce vaccine effec- tion on Friday designated
tiveness. But it will take time B.1.1.529 a “variant of con-
for virologists and infectious- cern.” The agency said prelimi-
disease researchers to study nary evidence suggests the
the variant’s spread and the po- variant poses an increased risk
tential impact on vaccines and of re-infection, compared with
therapeutics. other variants of concern, and
“There are several aspects of asked countries to increase
concern here, but there are lots surveillance and sequencing
of unknowns,” Sharon Peacock, and to report initial cases or
director of the Covid-19 Genet- clusters caused by the variant,
ics U.K. Consortium, said Friday. dubbed Omicron.
Researchers first detected The WHO has identified four
B.1.1.529 in South Africa in early other variants of concern, in-
November, and the variant has cluding the Delta variant that
was first identified in India, and
two variants of interest. Delta is
the dominant variant in the
U.S., where 99.9% of sequenced
Covid-19 cases were linked to
the Delta variant as of Nov. 20.
The Centers for Disease
Control and Prevention said
Friday that Omicron hadn’t
‘There are several
aspects of concern
here, but there are
lots of unknowns.’
been identified in the U.S.
Scientists say it isn’t clear
whether the new variant might
be able to out-compete the
Delta variant. Some variants of
interest that have emerged,
such as the Mu and Lambda
variants, didn’t supplant the
highly contagious Delta.
Several mutations on the
B.1.1.529 variant have been
linked in other variants to high
transmissibility and the ability
to more efficiently enter hu-
man cells. That, plus the rapid
rise in variant-linked cases
and positive tests in South Af-
rica’s Gauteng province, have
led some health officials and
virologists to suspect that the
variant might have heightened
transmissibility.
More than 30 of the variant’s
mutations are on the spike pro-
tein, the target of the autho-
rized Covid-19 vaccines, accord-
ing to the Network for Genomic
Surveillance South Africa. Some
mutations on B.1.1.529 also are
associated with resistance to
neutralizing antibodies or eva-
sion of the immune response.
The high number of mutations
on the spike protein concerns
virologists and health authori-
ties, because of the potential
that some of them could give
the variant heightened trans-
missibility and immune escape.
The changes to the variant’s
spike protein affect readings
from some diagnostic tests but
in a way that researchers can
use to their advantage. The
B.1.1.529 variant causes one
part of some multipart viral
tests called PCR tests not to
work, so the tests can flag an
infection and display a sort of
glitch that makes the variant
easier to track.
“It’s going to be incredibly
useful as a tool for potentially
tracking this variant,” said
Wendy Barclay, head of the
G2P-UK National Virology
Consortium that studies new
Covid-19 variants and muta-
tions. There are several other
variants around the world that
also cause that same fault in
the test, she noted, so se-
quencing those samples to de-
termine the specific variant
will still be important.
—Gabriele Steinhauser
contributed to this article.
country, Ethiopia, currently in
the grips of a civil war, has
covered just 1.2%.
Some public-health officials
say they are worried the world
risks being pulled into a dan-
gerous cycle in which worry-
ing new variants emerge in
unvaccinated populations,
prompting more highly vacci-
nated countries to order up
booster shots, making it more
difficult to get doses to the
developing world.
“We’re looking into a situa-
tion where high-income coun-
tries will keep getting regular
boosters, while people in low-
income countries haven’t even
had their first dose,” said Al-
exandra Phelan, an adjunct
professor of global and public-
health law and ethics at
Georgetown University.
Africa isn’t alone in having
big chunks of the population
unvaccinated. South Africa,
having covered 24% of its resi-
dents, will likely soon surpass
Bulgaria, the least vaccinated
EU country, which has yet to
persuade more than 25% of its
population to get a shot.

Omicron that Omicron hadn’t been iden-

tified in the U.S.
Omicron, also identified as
Change in Covid-19 cases this
week*
for two other variants that
share some of the same muta-
tions with Omicron provide

Fuels New B.1.1.529, has been driving a

sharp rise in infections in
South Africa over the past two
South Africa 261.6% protection against the new
strain.
The Biden administration is

Global Risk
Eswatini 45.0%
weeks, albeit from very low lev- in discussions with vaccine
els. The country’s health minis- makers in case there is any
ter, Joe Phaahla, said that the Namibia 25.5% need to update Covid-19 shots
travel restrictions were unjusti- because of Omicron, according
Continued from Page One fied and that South Africa –31.4% Zimbabwe to the person familiar with the
than ever why this pandemic shouldn’t be punished for alert- discussions. The administration
will not end until we have ing the world to a potentially –37.6% Botswana expects more data in several
global vaccinations,” President more dangerous virus strain. weeks that will help determine
Biden said, urging Americans He said there were no indica- how well current vaccines or
–50.0% Lesotho
who hadn’t been vaccinated tions so far that Omicron led to treatments such as monoclonal
against Covid-19 to urgently get more severe illness than infec- antibodies hold up against the
a shot, and those who had to tions from other variants and *Nov. 18 to Nov. 25 new variant, the person said.
SUMAYA HISHAM/REUTERS

get a booster dose. that the current crop of Covid-19 Source: Our World in Data Data from South Africa’s Na-
The administration said it vaccines should still shield peo- tional Institute for Communica-
would ban travel to the U.S. as ple from serious illness and the variant would affect the ef- ble Diseases show how Omi-
of Monday for non-U.S. citizens death. Only about 24% of South fectiveness of their shots. Ger- cron over the past two weeks
from South Africa and seven Africans are fully vaccinated. many’s BioNTech SE, which de- quickly crowded out the highly
other countries in the region, Vaccination rates are much veloped one of the most transmissible Delta variant. It
following dozens of countries in lower in most other African na- commonly used Covid-19 vac- now makes up around 90% of
Europe, Asia and the Middle tions, which until recently A Covid-19 PCR test was administered Friday in Johannesburg. cines together with Pfizer Inc., infections in the country’s most
East. The restrictions are un- struggled to secure vaccine sup- said it would take about two populous province.
likely to prevent introduction of plies largely reserved for rich was first detected in Wuhan, Covid-19 infection. weeks to establish whether the During that same period,
the new variant into the U.S., countries, leaving them vulnera- China, in 2019. More than 30 of South African scientists and new variant renders its shot new cases of Covid-19 in the
but are expected to help delay ble to a new wave of infections. those mutations are in the doctors said that about 3 out of less effective. country of 60 million people
its spread and give scientists in “I am worried that as the spike protein, through which 4 people currently hospitalized If needed, a BioNTech multiplied from around 300
the U.S. more time to prepare numbers go up, public health- the virus attaches to human in the country were unvacci- spokeswoman said, the compa- just over two weeks ago to
and study the variant, according care institutions are going to cells and which is the main tar- nated, while others had only re- nies could produce a new vac- 2,828 on Friday. Although that
to a person familiar with the ad- be overwhelmed,” said Rudo get of the current crop of ceived one dose. Because Omi- cine adjusted to any variant is a much lower count than
ministration’s discussions. Mathivha, the director of criti- Covid-19 shots. cron was first detected in the within six weeks and ship ini- those seen currently in many
Biden administration offi- cal-care medicine at Johannes- While many of these muta- country only earlier this month, tial batches within 100 days. European countries, scientists
cials have spoken with scien- burg’s Chris Hani Baragwanath tions appear to be new, several scientists said, the number of Moderna Inc. said Friday it and South Africa’s Health Min-
tists and leaders in South Af- Hospital. are known to scientists from hospitalized patients was too would rapidly advance a istry said they were alarmed by
rica to learn more about The WHO made no mention other variants of concern, small to draw any firm conclu- booster vaccine candidate that the fast spread of the new vari-
Omicron, and officials are con- of the variant’s potential im- where they appeared to make sions about the variant’s impact specifically targets the Omicron ant as well as its high number
cerned about the rate of rise in pact on the effectiveness of the virus more contagious or on vaccines and whether it led variant. It said it would also of mutations.
cases, the person said. Covid-19 vaccines. Omicron has allowed it to evade parts of the to different symptoms. test whether blood taken from —Stephanie Armour, Peter
The Centers for Disease Con- more than 50 mutations com- immune response prompted by Several vaccine makers said participants in clinical trials for Loftus and Alison Sider
trol and Prevention said Friday pared with the coronavirus that vaccination or a previous they were still studying how boosters it has been developing contributed to this article.
P2JW331000-6-A00900-1--------XA

THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, November 27 - 28, 2021 | A9

WORLD NEWS
Ukraine Alleges Coup Plot France-Italy Pact
NATO meeting is set
to consider options
To Alter Influence
for dealing with recent BY GIOVANNI LEGORANO manuel Macron and Mr. Draghi.
Their rapprochement has
Russian aggression ROME—France and Italy put an end to tensions be-
signed a cooperation treaty on tween Paris and Rome in re-
The Biden administration Friday that its advocates hope cent years over a range of is-
plans to use a meeting of could shift the balance of sues, such as Libyan gas
NATO foreign ministers to fo- power in the European Union, contracts, cross-border corpo-
cus on how the alliance should matching Germany’s influence rate mergers and migration
PRESIDENTIAL PRESS SERVICE/EPA//SHUTTERSTOCK

respond to Russian military by deepening cooperation be- from North Africa.

pressure on Ukraine as the tween the bloc’s second- and The political leadership of
Ukrainian president warned third-biggest members. both countries hangs in the bal-
Friday of a possible Moscow- The Franco-Italian treaty, ance. Mr. Macron is running for
backed coup attempt. which carries echoes of the re-election in April. Mr.
1963 treaty between France Draghi’s term as prime minister
By Michael R. Gordon, and Germany that put their is likely to end in early 2022 or
Vivian Salama partnership at the heart of the at the latest early 2023.
and Ann Simmons European project, is aimed at “It all hangs on them, espe-
bolstering collaboration on ar- cially on Mr. Draghi,” said Mu-
The meeting, which is eas such as foreign policy and jtaba Rahman, European head
scheduled to begin Tuesday, defense, industrial policy and of political-risk consulting
comes amid debate within the the EU’s fiscal rules. firm Eurasia Group.
alliance’s ranks about how to Ukrainian President Volodymyr Zelensky on Friday accused Russia of backing a plan to overthrow him. “This treaty marks a his-
be firm about the possibility toric moment in the relations
of Russian aggression, as it jected the allegation. tions,” Ms. Donfried said. “We There is no sense that a between the two countries,”
masses troops near Ukraine, President Biden said Friday will begin that conversation of Russian invasion is imminent. said Italian Prime Minister
The alliance aims to
while keeping political chan- he is concerned about the sit- what are the options that are Rather, the concern is that a Mario Draghi. “From today, we counter the heft of
nels open to Moscow. uation in Ukraine and that “we on the table and what is it substantial force has been po- are even closer.”
Karen Donfried, the top object to anything remotely that NATO as an alliance sitioned near Ukraine, and France and Italy “believe
Germany in shaping
State Department official for approaching” the alleged coup would like to do together.” that more men and materiel that by teaming up, they could EU policies.
European affairs, said Friday plot. He told reporters that he The Biden administration is could be rushed in relatively be stronger when dealing with
that the U.S. is deeply con- would likely talk with Mr. Zel- also considering taking a more quickly, which would beef up Germany,” said Dario Fabbri,
cerned about “large and un- ensky and Russian President assertive role in the “Minsk the Kremlin’s military options. professor of geopolitics at
usual” Russian troop move- Vladimir Putin. process”—a diplomatic effort Russia has said that it isn’t Limes, a postgraduate insti- The pact reflects the two
ments near Ukraine, which The gathering of NATO for- between Ukraine, Russia and planning an invasion. Some tute in Rome. countries’ converging interests
American officials have eign ministers offers an op- Europe to find a solution for current and former U.S. offi- The Franco-German rela- on shaping how the EU, and its
warned allies could be a pre- portunity for the West’s pre- the Ukraine crisis, which was cials worry that Mr. Putin re- tionship is likely to remain at common currency the euro,
lude to invasion. She said the mier military alliance to take a triggered in 2014 by Russia’s mains deeply suspicious of the the heart of the EU. From develop in the future—and
U.S. is looking at a range of unified stance against Russia’s annexation of Crimea and con- West’s intentions and could Paris’s perspective, closer co- their need to work together in
options and wants to use the saber rattling. But the alliance tinuing support for armed sep- precipitate a crisis when he operation with Rome, while negotiating common EU poli-
NATO meeting to discuss how operates on the basis of con- aratists in eastern Ukraine. calculates that Europe is more useful, isn’t meant to replace cies with Germany and a bloc
the alliance can act together. sensus and perceptions of im- Stepped-up diplomatic efforts dependent on Russian energy, the alliance with Germany that of smaller, fiscally cautious
Although she declined to minence of Russian action could appeal to NATO mem- Mr. Zelensky is weak, and has been a central pillar of Northern European countries.
specify which options are un- within the organization vary. bers who are anxious to keep NATO is experiencing residual France’s foreign policy for France and Italy joined
der consideration, they range Ukraine, while not a NATO political channels open with tensions over the U.S. with- nearly 60 years. forces when Covid-19 first
from more military support for member, will take part in the Moscow and might facilitate drawal from Afghanistan. It remains to be seen how swept Europe in 2020, pro-
Ukraine to stepped-up diplo- discussion at the alliance’s efforts to forge a common Ivan Safranchuk, a profes- effectively France and Italy moting the idea of a massive
macy to de-escalate the con- meeting of foreign ministers, stance within the alliance, for- sor at Moscow State Univer- can sway Germany on major common EU fiscal response to
flict, according to U.S. officials. said Ms. Donfried. Ahead of mer officials said. sity of International Relations, European issues. Germany’s support economic recovery
Ukrainian President Volod- the meeting, which takes place The diverse array of op- said that Mr. Putin may merely economic heft allowed it to from the pandemic. Their joint
ymyr Zelensky, meanwhile, ac- in the Latvian capital of Riga, tions reflects the broader de- be seeking a change in the dominate Europe’s response to efforts persuaded Germany
cused Russia of backing a plan Biden administration officials bate over Russia policy within Ukraine government, led by the long eurozone debt crisis, and led to the creation of the
to overthrow him. have discussed varied options the Biden administration. The Mr. Zelensky. Ukraine’s leader despite concerted efforts by bloc’s €750 billion, equivalent
Mr. Zelensky told reporters should Moscow take military Pentagon and State Depart- has taken an increasingly hard France, Italy, Spain and others to around $841 billion, recov-
Friday that he had received in- action against Ukraine in the ment have stressed the impor- line toward Russia-backed sep- to soften Berlin’s tough bailout ery fund, financed by issuing
formation through Ukrainian next several months, the U.S. tance of strengthening deter- aratists in Ukraine’s eastern policies. common EU debt.
security services that a coup officials said. rence while the White House regions, and has targeted pro- The Quirinal Treaty, named France and Italy are also
would be undertaken on Dec. Options include steps to has looked for ways to main- Russian political actors in Kyiv after the presidential palace in likely to be key voices as the
1-2, according to Ukraine’s na- strengthen Ukraine’s defenses, tain a “stable and predictable” with political and economic Rome where the pact was EU debates how quickly to re-
tional news agency, Ukrinform. including providing more air relationship with Moscow as sanctions. signed Friday, reflects the two instate its rules curbing bud-
He said the Ukrainian govern- defenses and other military Washington focuses on China —Alan Cullison countries’ political closeness get deficits, which were sus-
ment had intelligence as well support, and imposing tougher and domestic issues, U.S. offi- contributed to this article. under French President Em- pended for the pandemic.
as audio intercepts in which economic sanctions on Russia. cials say.
Russian and Ukrainian con- Other options are designed U.S. national security ad-
spirators were heard on the to reduce the risk of a con- viser Jake Sullivan spoke Fri-
audio intercepts discussing the frontation with Moscow, in- day with Andriy Yermak, the
possible participation of bil- cluding constraining U.S. mili- head of the presidential ad-
lionaire Ukrainian business- tary exercises in Europe, ministration in Ukraine. After-
man Rinat Akhmetov in the al- which the Russians complain ward, the White House issued
leged plot. are provocative and pausing a statement expressing con-
Mr. Akhmetov’s spokespeo- military aid to Ukraine, the of- cern about Russia’s military
ple didn’t respond to a request ficials said. activities and calling on “all
to comment, and Kremlin “There’s a tool kit that in- sides” to pursue diplomacy to
spokesman Dmitry Peskov re- cludes a whole range of op- de-escalate tensions.

Deadly Coal Mine Blast

Prompts Criminal Probe
BY ANN M. SIMMONS

MOSCOW—Russian authori-
ties opened a criminal investi-
gation into a suspected meth-
ane-gas explosion at a
Siberian coal mine that killed
more than 50 people and left
dozens hospitalized, casting a
MAXIM KISELEV/TASS/ZUMA PRESS

spotlight on a key industry for

the country that in recent
years has been plagued with
accidents.
The exact circumstances of
Thursday’s explosion at the
Listvyazhnaya mine, in the Ke-
merovo region of southwestern
Siberia, are still being investi-
gated. Preliminary assessments A victim’s relative at the Listvyazhnaya coal mine in Siberia.
found that toxic fumes began
to fill the ventilation point in the basis of negligence result- TASS, which cited official data.
the mine some 820 feet under-
ground and the workers were
suffocated, investigators said.
ing in the death of two or
more people, authorities said.
The two state inspectors
One in 2007 killed 110 and one
in 2010 left 91 dead.
The Kemerovo’s prosecutor’s
RUBY JUBILEE
“The probable cause of the were detained. office said regional and state HARRY WINSTON NECKLACE
accident is an explosion of a “The suspects inappropri- specialists and inspectors had
methane-air mixture,” Sergei ately fulfilled their duties to undertaken checks on Friday at Important Burma gems. Extravagant opulence. Timeless glamour.
Tsivilyov, Kemerovo’s gover- supervise the implementation 25 mines in the region. They
nor, said in a Telegram mes- of industrial safety require- found violations related to fire
Featuring approximately 121.51 carats of rubies along with
sage Friday. “The exact rea- ments at a hazardous produc- safety and labor protection, in- approximately 42.30 carats of brilliant diamonds set in platinum,
sons will be established by the tion facility,” the Kemerovo cluding a lack of equipment for this necklace exudes romance and opulence. For over eighty years,
commission.” branch of Russia’s main inves- escape routes, malfunctioning the name Harry Winston has been synonymous with Hollywood
Forty-six miners and five tigations agency said. The offi- electrical wiring, failure to con-
rescuers were among the cials earlier this month signed duct safety briefings and as- glamour, and this resplendent Burma ruby and diamond necklace
dead. The tally of six fatalities off as having checked the mine sessment of working condi- elevates luxury to new heights. 17” length. #31-4311
among the rescuers that au- shaft, but it was established tions, failure to provide
thorities had earlier reported that they hadn’t, investigators personal protective equipment
was revised down after offi- said. and overalls, and breaches of
cials confirmed that one per- On Thursday, three mine the required work-and-rest
son had been found alive and managers who investigators schedule, officials said. As a re-
taken to a hospital where al- said also violated certain in- sult, they initiated 55 cases of
most 50 people were being dustrial safety requirements administrative offenses and one
treated, including miners and were detained. criminal case, among other ac-
rescuers. Authorities pub- The explosion wasn’t the tions, they said.
lished a list of the names of first deadly accident at the In Russia—the world’s
the deceased late Friday. Listvyazhnaya mine, where in fourth-biggest greenhouse-gas 622 Royal Street, New Orleans, LA • 888-767-9190 • ws@rauantiques.com • msrau.com
On Friday, a criminal case 2004, a methane explosion left emitter—coal is a mainstay of
was initiated against two se- 13 miners dead. the economy. Moscow has ad- Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
nior state inspectors of the Russia has suffered at least opted a program for develop- Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
Siberian department of Ros- 11 major mining accidents ment of the coal industry
tekhnadzor, the supervisory since 2000 in which 10 or through 2035, which envisions
body on ecological, techno- more people have died, ac- an increase of production of
logical and nuclear issues, on cording to state news agency the fossil fuel.
P2JW331000-4-A01000-1--------XA

A10 | Saturday/Sunday, November 27 - 28, 2021 **** THE WALL STREET JOURNAL.

WORLD NEWS

Japan Defense Outlay Rises With China in Mind

BY CHIEKO TSUNEOKA Defense spending as a
percentage of gross
TOKYO—Japan’s cabinet ap- domestic product, 2021
proved a boost in defense
3%
spending that for the first
time will bring the annual to-
tal beyond ¥6 trillion, to the
equivalent of $53 billion, re-
2
sponding to China’s rapid mili-
tary expansion and U.S. re-
quests for upgrades.
The move makes Tokyo’s
1
defense budget for the current
fiscal year equal to 1.14% of
last fiscal year’s gross domes-
tic product, exceeding an in- 0
formal guideline of 1% of GDP
that has usually been observed Japan Germany France U.K. U.S.
in recent decades. Note: Figures are estimates. Japan figure is for
fiscal year ending March 2022.
Defense officials said the Source: North Atlantic Treaty Organization; Japan
spending would be used to Cabinet Office and Japan Defense Ministry
speed up deployment of patrol
aircraft, helicopters and per- by U.S. allies in the North At-
sonnel defending the island lantic Treaty Organization to
chain that runs from southern spend at least 2% of GDP on
KIYOSHI OTA/BLOOMBERG NEWS

Japan toward Taiwan, a sensi- defense, although Mr. Kishida

tive region where China has hasn’t committed to that level.
stepped up military maneuvers. Former President Donald
It will also be used to accel- Trump as well as officials in
erate purchases of missile-de- the Biden administration and
fense equipment after North analysts in Tokyo have raised
Korea resumed test-firing mis- concerns that Japan’s defense
siles in September, including spending falls short of what it
what it said was a submarine- Different branches of Japan’s defense forces conducted joint exercises off the coast of Tanegashima island in Japan on Thursday. needs to address threats from
launched ballistic missile that China and North Korea.
landed in waters off the coast economy, it is unusual to use possible that could be allo- about $53 billion isn’t a record occasions and it isn’t a legal China’s annual defense spend-
of Japan on Oct. 19. the money in those budgets to cated ahead of schedule.” because the yen was much requirement. ing, once a fraction of Japan’s,
The money is part of an place new orders for military The extra spending ap- stronger about a decade ago, This fiscal year’s total de- is now about four times as big.
economic stimulus package equipment. The government proved by the cabinet Friday so a smaller yen total then fense spending significantly In October, China and Rus-
announced Nov. 19 and is in- said when deciding on the amounts to ¥774 billion and translated into more dollars. exceeds the 1% level and sug- sia held a joint naval exercise
cluded in an extra budget ex- stimulus that “the security en- brings the total for the current Traditionally, Japan has gests that it no longer holds in which 10 of their warships
pected to get parliamentary vironment surrounding Japan fiscal year, which ends March kept defense spending in a force even as an informal made a near-circle around
approval in December. is increasing in severity at an 2022, to ¥6.1 trillion, topping given fiscal year below 1% of benchmark. Japan’s main island of Honshu,
While Japan often adopts unprecedented pace.” the ¥6 trillion mark for the the previous fiscal year’s GDP, Prime Minister Fumio passing through international
extra budgets to stimulate its A defense official said, “We first time. In dollar terms, the although it has slightly ex- Kishida’s ruling party has said waterways north and south of
chronically slow-growing packed in as many items as current fiscal year total of ceeded that level on several it is taking note of a target set the island.

Turkish Central Bank Offers Balm Taiwan Receives

BY JARED MALSIN

ISTANBUL—Turkey’s central
bank said the country’s bank-
U.S. Delegation
ing sector remained strong BY JOSH CHIN ties—who regard the island of
and had enough liquid assets 24 million as an integral part
to withstand the currency cri- A delegation of mostly of China and who vow to even-
sis, taking some pressure off Democratic lawmakers arrived tually take control of it, by
President Recep Tayyip Erdo- in Taiwan for a two-day trip, force if necessary—have
gan to change course on his marking the second congres- grown nervous at recent U.S.
economic policies. sional visit in roughly two moves to strengthen economic
Friday’s announcement in- weeks at a time of rising ten- and military ties with Taipei.
dicates Turkey’s banks are un- sion between Beijing and During his call with Mr. Xi,
likely to push the government Washington over the demo- Mr. Biden affirmed the U.S.’s
to reverse policies, including cratically self-ruled island. “one-China” policy, which rec-
ERDEM SAHIN/EPA/SHUTTERSTOCK

interest-rate cuts, that sparked The five-member delegation ognizes Beijing’s views on Tai-
the crisis in the first place, landed in Taipei on Thursday wan, while also saying he was
economists said. Mr. Erdogan evening ahead of meetings Fri- strongly opposed to any move
has pressured the central bank day with senior Taiwanese of- that would undermine peace
into cutting interest rates de- ficials on issues including U.S.- and stability in the Taiwan
spite surging inflation that Taiwan relations and regional Strait, which separates the is-
reached nearly 20% in October. security, according to state- land from mainland China.
As a result, the local currency ments from Taiwan’s Foreign This week’s visit comes
has shed nearly 40% of its Ministry and the American In- days after Mr. Biden irked Bei-
value this year, wiping out With economic discontent rising and the lira falling, union workers protested Thursday in Istanbul. stitute in Taiwan, the de facto jing by inviting Taiwan to par-
much of the public’s savings U.S. embassy on the island. ticipate in an inaugural Sum-
and driving discontent with lamic religious objections to an “economic liberation strug- currency. The delegation includes mit for Democracy, a virtual
the government. usurious loans. gle” in a televised speech that “Hopefully they learned a House Democrats Mark Ta- gathering scheduled for Dec. 9
If the banking system was The bank cut rates again caused the lira to slide again. lesson that that’s really futile. kano and Sara Jacobs of Cali- and 10 that aims to bring to-
showing more signs of strain, earlier in November, trigger- The currency lost more than They can’t hold back the lira fornia, Elissa Slotkin of Michi- gether more than 100 demo-
as it did during Turkey’s last ing a slide in the lira as inves- 4% of its value against the dol- with the limited reserves they gan and Colin Allred of Texas. cratic governments and ex-
currency crisis in 2018, econo- tors and ordinary Turks lar on Friday before recover- have,” said Mr. Meyersson. The lone Republican is Rep. cludes China, Russia and some
mists said, Mr. Erdogan would moved to exchange their ing slightly. The Turkish government Nancy Mace of South Carolina. other countries with authori-
be under more pressure to money for foreign currency. “No matter what they do, also widened its political The visit “demonstrates the tarian leaders.
change course. But the bank’s Mr. Erdogan’s moves have they won’t be able to dissuade clampdown on Friday as police unified, resolute support for Members of both congres-
Financial Stability Report said sparked protests and calls for us from this economic pro- detained Metin Gurcan, a Taiwan-U.S. relations in both sional delegations this month
that banks maintained liquid early elections as Turks strug- gram of ours,” he said. “These prominent security analyst, chambers of U.S. Congress and have been active in pressing
assets, including foreign cur- gle with rising prices of food interest rates will fall.” former military officer and op- among both parties,” Taiwan’s Taiwan’s cause in Washington,
rency, that provide a buffer and energy. The Turkish central bank position-party official. Tur- Foreign Ministry said. where support for the island
against risk. “They are using society al- also said Friday that its re- key’s state news agency said A delegation made up en- as a bulwark against China’s
“It’s a good sign that sys- most as a guinea pig,” said serves rose 2.2% in October to Mr. Gurcan was arrested as a tirely of Senate Republicans, influence in the Indo-Pacific
temic risks appear limited, but Mustafa Yeneroglu, a member $123.9 billion. That includes part of an investigation by the led by John Cornyn of Texas, region remains a rare area of
it’s a bad sign given that all of parliament who broke with foreign-currency reserves that Ankara chief prosecutor’s of- spent three days in Taiwan bipartisan agreement.
else equal it lowers the likeli- Mr. Erdogan’s party in 2019 rose 2% to $76.4 billion. fice on charges of “political earlier this month in a visit Ms. Mace tweeted a photo
hood that we will see a policy and joined the opposition. “I The bank’s official numbers and military espionage.” that wasn’t confirmed by U.S. of herself Thursday night,
reversal,” said Erik Meyersson, don’t think he has a plan. Even don’t represent Turkey’s true Mr. Gurcan tweeted that he authorities until several days writing, “Just touched down in
a senior economist at Swedish if he has, it is completely irra- financial situation, according had been arrested on spying later, on Nov. 15, the same day the Republic of Taiwan.”
bank Handelsbanken. tional,” he said, referring to to some analysts. Including charges after police searched President Biden held a virtual Taiwan’s official name is
Turkey’s central bank is suf- the president. swaps and forward contracts, his house in Istanbul. “I’m meeting with Chinese leader the Republic of China. It be-
fering from a credibility crisis Central banks normally the central bank’s foreign as- shocked,” he said. Xi Jinping. came a base for Chiang Kai-
after Mr. Erdogan replaced the raise interest rates to contain sets are as low as negative Ali Babacan, a former dep- China’s Foreign Ministry shek’s Nationalist government
bank’s governor and other top inflation. Lower interest rates $50 billion. uty prime minister who served and Taiwan Affairs Office after it fled to the island fol-
officials who stood in the way usually add to inflationary Analysts said that the under Mr. Erdogan and now didn’t respond to requests to lowing defeat by Mao’s Com-
of his policies. The Turkish pressures. bank’s relatively low reserves leads the opposition Democ- comment. munist forces in 1949. How-
president says he wants lower Mr. Erdogan vowed Friday meant it was unlikely that the racy and Progress party, said “When news of our trip ever, a majority of the island’s
rates to stimulate economic to continue with his economic central bank would try to prop the arrest was politically moti- broke yesterday, my office re- residents no longer identify as
growth and comply with Is- policies, which he likened to up the lira by selling foreign vated. ceived a blunt message from Chinese.
the Chinese Embassy, telling Diplomatic visits to Taiwan
me to call off the trip,” said a slowed to a trickle amid the
WORLD WATCH message posted to Ms. Slot- Covid-19 pandemic as Taipei
kin’s Twitter account late adopted some of the world’s
Thursday night. strictest border and public-
BRAZIL Nuzman as “one of the main re- others from activists show police UNITED KINGDOM Taiwan ranks among the health controls.
sponsibles for the promotion and protesters clashing in the dry most acute sources of tension Taiwanese Foreign Minister
Former Olympics and the organization of the bed of the Zayandehrud River in Plan Targets Racism between Beijing and Washing- Joseph Wu told local legisla-
Official Is Sentenced criminal scheme, given his posi- the city of Isfahan. The videos In English Cricket ton, and it featured heavily in tors on Thursday to expect the
tion in the Brazilian Olympic correspond to reporting by the the video call between Messrs. pace of visits to pick up in the
Carlos Arthur Nuzman, the Committee and before interna- Associated Press and satellite im- English cricket’s governing Biden and Xi. Chinese authori- near future.
head of the Brazilian Olympic tional authorities.” ages of the area, as well as some body will create an antidiscrimi-
Committee for more than two Mr. Nuzman and his lawyer semiofficial Iranian news agency nation unit and conduct a review
decades, was sentenced to 30 didn’t comment on the decision. accounts of the unrest. of dressing-room culture in re-
years and 11 months in jail for Rio’s bid beat Chicago, Tokyo The Iranian semiofficial Fars sponse to recent revelations
buying votes for Rio de Janeiro and Madrid to host the 2016 news agency said a heavy pres- about racism in the sport.
to host the 2016 Olympics. Games. ence of security forces brought The England and Wales
TAIWAN PRESIDENTIAL OFFICE/ASSOCIATED PRESS

The ruling by Judge Marcelo —Associated Press the gathering of some 500 peo- Cricket Board on Friday released
Bretas became public Thursday. ple in Isfahan to an end. A sepa- its comprehensive plan to ad-
Mr. Nuzman, who also headed IRAN rate report carried by the semi- dress issues raised by whistle-
the Rio organizing committee, official Tasnim agency said blower Azeem Rafiq, who testi-
was found guilty of corruption, Police Fire Tear Gas unknown perpetrators had dam- fied at a parliamentary hearing
criminal organization, money At Protesters aged a pipeline that transfers about the racism he suffered
laundering and tax evasion. waters from Isfahan to other while playing at Yorkshire.
The 79-year-old executive, Police fired tear gas and provinces Thursday night. Mr. Rafiq, a former England
who was an IOC member for 12 fought protesters with batons on Drought has been a problem under-19 captain, testified through
years including at the time his Friday in a central Iranian city that in Iran for some 30 years, but it tears about his experiences of
colleagues were allegedly bribed has seen days of demonstrations has worsened over the past de- racism and bullying while playing
in the 2009 vote, won’t be jailed demanding government action cade, according to the U.N.’s Food for Yorkshire—England’s most
until all his appeals are heard. over a drought, online videos show. and Agriculture Organization. successful cricket club.
The judge’s ruling labels Mr. The social-media videos and —Associated Press —Associated Press Rep. Mark Takano, left, meets Taiwan’s President Tsai Ing-wen.
P2JW331000-4-A01100-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 27 - 28, 2021 | A11

OBITUARIES
J AY L A S T CHRIS-TIA DONALDSON
1929 — 2021 1979 — 2021

Physicist Helped Put Harvard-Trained Lawyer

Silicon Valley on Map
J
ay Last, a founder of Fairchild
Semiconductor Corp. in 1957,
figured out ways to manufac-
ture integrated circuits in bulk,
helping to put the silicon into Sili-
Founded Hair-Care Firm
bolted from Shockley to found
Fairchild Semiconductor. The oth-
ers included Robert Noyce and Gor-
don Moore, later co-founders of In- BY JAMES R. HAGERTY By the time she finished law
tel Corp., and Eugene Kleiner, who school, she had resolved to give up

con Valley and make the region a went on to help form the venture-
synonym for digital technology. capital firm Kleiner Perkins.
Dr. Last, the son of a steel- When Fairchild Semiconductor
worker from Butler, Pa., started out was formed, transistors were typi-
with a more modest career goal: to cally produced one at a time out of
parlay his Ph.D. in physics from the germanium. “We felt that the fu-
Massachusetts Institute of Technol- ture lay with silicon,” Dr. Last
ogy into an interesting job that wrote later. His team developed
would let him live in California. mass-production processes for sili-
After graduating from MIT in con chips, which initially went into
1956, he joined the Shockley Semi- military hardware and spacecraft
conductor Laboratory near San and later made possible low-cost
Francisco, run by William Shockley, calculators, computers and myriad
who won a Nobel Prize the same other electronic devices.
year for research on transistors and Dr. Last died Nov. 11 in Los An-
semiconductors. A year later, Dr. geles. He was 92.
Last was one of eight people who —James R. Hagerty
K A Z U O H A S E G AWA
1929 — 2021
N
ot long after being diag-
nosed with Stage 2 breast
cancer in December 2015,
Chris-Tia Donaldson felt a sudden
rage at her fate. A Harvard-edu-
cated lawyer, she was just starting
to succeed in business after a long
struggle as the founder of a hair-
lotion company. Now she suddenly
found herself sidelined by a terri-
fying disease.
Tempted to throw her iPhone at
the nearest wall, she remembered
it would be a nuisance to replace
or repair the device. So she did
the next best thing—stomping into
her bathroom and kicking the
glass shower door in what she de-
scribed as Bruce Lee style.
It shattered. She lay down and
sobbed. “It was exactly what I
needed,” she wrote in her 2019
memoir, “This Is Only a Test.”
Ms. Donaldson underwent che-
Detroit. Her mother, Marie Farrell-
Donaldson, the first Black female
certified public accountant in
Michigan, served as auditor gen-
eral and ombudsman for Detroit’s
chemical relaxers and let her hair
go natural. When she joined the
Chicago office of the law firm Sid-
ley Austin, however, she feared her
natural look might offend white
colleagues and hurt her career
chances. So she wore wigs.
After getting a negative perfor-
mance review at Sidley Austin, she
hopped to another law firm,
Jenner & Block. From there she
moved to Oracle Corp., where her
duties included negotiating license
agreements.
Meanwhile, in her free time she
was testing her entrepreneurial
skills. Her research into how to
care for natural hair led her to
write a book, “Thank God I’m Nat-
ural: The Ultimate Guide to Caring
for and Maintaining Natural Hair,”
published in 2009.
She mixed her own hair and skin
potions, sometimes using a hand-

Doctor Discovered motherapy and radiation without

giving up her role as chief execu-
tive officer of Thank God It’s Natu-
city government. Her father, Clin-
ton L. Donaldson, was a com-
mander in the police department.
held Oster mixer more suited for
making brownies, and sold them
from the back of her Ford Escape

Own Dementia ral, or tgin, a Chicago-based maker at farmers markets and festivals.

T
of hair and skin-care products. She hey sent her to a predomi- Mariano’s grocery stores in the
nurtured what had been a tiny nantly white private school Chicago area began stocking her
home-based business into a sup- in the suburbs, then to an products in 2014. The next year

L
ike any patient, Kazuo Hase-
gawa was dismayed when he
received a diagnosis of de-
mentia in 2017. But the disease
also deepened his understanding
of his life’s work because Dr. Hase-
gawa, before becoming a patient,
was one of Japan’s most eminent
specialists in dementia.
He shared some of what he
learned this past spring in a phone
interview in which The Wall Street
Journal passed questions to him
via his son, Hiroshi, also a doctor.
When he was in medical practice,
the elder Dr. Hasegawa said, he had
imagined that the mind of dementia
patients was in a permanent state
of fogginess. As a patient, however,
he experienced big swings in mental
fitness over the course of a day.
He said his brain was “shining
and just normal” in the morning
but then started fading in the early
afternoon, and by dinnertime, “I
became a real dementia patient.”
Caregivers could be most effective
if they worked with him during his
more alert times, he advised.
Helping the public and medical
professionals understand Alzhei-
mer’s disease and other forms of
elderly dementia was the work of
more than half a century for Dr.
Hasegawa, who died on Nov. 13 at
a Tokyo hospital. He was 92.
Globally, around 55 million peo-
ple live with dementia, according
to the World Health Organization,
and the number is expected to rise
to 78 million in 2030. The WHO
estimated the cost of treating de-
mentia was $1.3 trillion in 2019.
—Miho Inada
plier to national store chains in-
cluding Target and Rite Aid. Her
company specializes in products
for Black women who want a natu-
ral hair look.
During her recovery, she set up
the tgin Foundation to help
women who, unlike her, couldn’t
afford cancer care at the best hos-
pitals. Just the cost of getting to
the hospital or clinic for frequent
treatments—Uber fares, parking
fees, child-care expenses—could be
crushing for low-income women,
she said. Dreary waiting rooms,
she believed, made it hard for pa-
tients to feel hope.
Her cancer returned, and Ms.
Donaldson died Nov. 13. She was
42.
Chris-Tia Emon Donaldson was
born Jan. 20, 1979, and raised in
all-girl high school with a more di-
verse student body. Whether it
was algebra or pull-ups in gym
class, she strove to be No. 1. For
her school’s “Senior Sayings” book,
she offered this forecast: “A fine
line exists between the possible
and the impossible. And yes, I will
be the one to cross it!”
In the arena of hair, however,
she felt that her kinky curls left
her at a major disadvantage. In her
memoir, she recalled yearning for
long, blond tresses that could be
pulled back into a scrunchie.
Shortly after she graduated from
high school, her mother died of
non-Hodgkin lymphoma. Ms. Don-
aldson soldiered on with her plans
and enrolled at Harvard, where she
earned a bachelor’s degree in eco-
nomics and a law degree.
brought a much bigger expansion
when Target stores began display-
ing tgin products.
In her 2019 book, she wrote that
her priorities included “working
towards starting and building my
family.” The return of cancer
dashed those dreams.
Her survivors include her father
and a sister, Dr. Piper A. Farrell.
Danice Woodley, a friend since
her Harvard days, recalled Ms.
Donaldson as “radiant and effer-
vescent” and “the most unapolo-
getically who-she-is person I’ve
ever met.” Ms. Donaldson gave up
the law to run her own firm partly
because “she didn’t want to con-
form anymore,” Ms. Woodley said.
 Read in-depth profiles at
WSJ.com/news/types/obituaries

FROM PAGE ONE

Giant Spud another marrow with about 66

pounds of mostly minced meat
and cheese, and it became the
filiated witnesses—the retail
assistant and store manager
at their local seed shop. They

May End largest portion of filled zuc-

chini—at about 137 pounds—
according to the World Record
wouldn’t disclose the results
of that more recent weigh-in,
but confirm it has lost some

Up Vodka Academy, a competitor to

Continued from Page One
wake for him at the end of the
whole process,” he says. “I’m
going to name the vodka
Done, because Dug will be
done by then.”
Giant-produce growers typ-
ically don’t have personal con-
sumption in mind. After re-
cords are set and festivals are
over, a giant’s final stop can
range from compost pile to
seed harvesting to serving as
a movie-set prop, says Kevin
Fortey of Cwmbran, South
Wales, the current Guinness
record holder for heaviest
beetroot.
Some people carve their gi-
ant pumpkins for Halloween—
or drop them from 100 feet in
the air at festivals or blow
them up with explosives.
Other growers donate their
big veggies to food banks or
farms. Mammoth onions, to-
matoes and celery can taste
good, “but just need a large
‘We’re going to have
a wake for him at
the end of the
whole process.’
family to feed,” Mr. Fortey
says. The 43-year-old health-
Guinness that certifies mea-
surable world records.
weight since they found it.
They then discovered the
official Guinness weigh-in re-
Christopher Qualley, the quires a qualified profes-
Minnesota-based Guinness sional—like a horticulturist or
World Records titleholder for botanist—to identify and mea-
world’s heaviest carrot, tried sure it, so they must redo the
to salvage the 22.4-pounder weigh-in, they say.
for seeding. It ended up rot- A spokeswoman for Guin-
ting. Before he placed it back ness World Records says it re-
in the soil to try to recover it ceived the couple’s claim and
for seeds, a relative took a is waiting for evidence to re-
bite. “She said it tasted like a view.
carrot,” he says. “Sometimes these world re-
“There’s no real purpose cords are flukes,” says Mr.
for a giant vegetable as far as Fortey, the Wales-based
supporting a community or grower, whose father started
feeding people,” says Mr. pumpkin competitions at a
Qualley, 38, a real-estate agent pub until they couldn’t fit
who got into the hobby first through the door, “and there
with giant pumpkins. are real surprises.”
He wouldn’t make a pie Today’s heaviest-potato ti-
with a giant pumpkin, he says: tleholder, Peter Glazebrook,
“They’re gross. They’re doesn’t think the Craig-
stringy.” Browns will surpass his 10.9-
The Great Pumpkin Com- pound record because he
monwealth, an organization doesn’t think whatever they
with clubs around the world, found is a spud at all.
sets rules, standards and reg- Dug’s rough surface mark-
ulations for many pumpkin ings and growth shapes, he
competitions. says, aren’t typical of a po-
Andy Wolf, a county public- tato. “I think he will not be
health sanitarian, was able to substantiate his
crowned the North American claim,” says the England-
champion this year with his based Mr. Glazebrook, 77, who
2,365-pound pumpkin, which has broken—and re-broken—
then went on a brief tour be- Guinness records for longest
fore coming home. beetroot, heaviest potato,
Mr. Wolf, 42, plans to col- heaviest onion and heaviest
lect its seeds and distribute cucumber, among others.
some to giant-pumpkin- One has to work deliber-
grower clubs world-wide, he ately to grow a giant, he says
says. in an email: “There is no way
The carcass will go partly anyone can suddenly ‘find’
to his 67-year-old aunt, Vicky without trying a vegetable al-
DONNA CRAIG-BROWN

board project manager made a
chili sauce out of the world’s
heaviest beetroot, holder of a
Guinness record he and his
family set in 2019.
Patrick Teichmann of Po-
essneck, Germany, has grown
giant vegetables since 2012
but doesn’t eat them, saying:
“I am an absolute carnivore.”
The 29-year-old, who grows
these veggies full-time, stores
his behemoths until the seeds
ripen and composts the rest.
An artist has carved birds
and flowers into one of Mr.
Teichmann’s massive marrow
zucchinis. The grower filled
McKinney, who says she
makes five to 10 gallons a year
of pumpkin wine. “It turns
into the most amazing Ries-
ling,” she says.
Jumbo-produce growers
dedicate considerable energy
into creating the perfect envi-
ronment, saying the right soil
and seeds, and attention to
pests and diseases, are cru-
cial.
The Craig-Browns didn’t do
any of that, having no inten-
tion of growing a record spud.
They stumbled upon Dug in
what most recently was a
pathway between strawberries
Donna Craig-Brown with Dug. She and her husband have submitted it to the Guinness World Records.
and cucumbers.
They had grown potatoes
there previously but not for at
least two years.
“It just went along doing
its thing completely unnoticed
until we uncovered him,” says
Mr. Craig-Brown, who works
on the couple’s hobby farm.
“We looked at it in amaze-
ment and said, ‘This is crazy.’
I scratched it and tasted it,
and said, ‘That’s a bloody po-
tato.’ ”
It was 7.9 kilograms on
their metric spring scale, or
17.4 pounds.
They submitted a Guinness
World Records claim to deter-
mine whether Dug was a
global winner—a process that
can take months—and took it
to a seed store for a second
weigh-in and found it was just
over 16.7 pounds.
Worried Dug had lost
weight from wounds suffered
from a hoe and gardening
tongs, the couple stuck it in a
freezer to maintain its mass.
Weeks later, they pulled
Dug out for an official weigh-
in for Guinness with two unaf-
most twice the size” of the re-
cord holder.
Mr. Fortey, who has seen
photos of Dug online and com-
municated with other growers
in a Facebook group he runs,
says it looks like a potato and
“I think the consensus of
opinion draws it to a potato.”
The couple responds that
the verdict is up to horticul-
ture professionals.
Dug’s destiny is vodka. It
will be a new challenge for Mr.
Craig-Brown, who has made
the liquor only using sugar
before: “We might get a bottle
or two out of him.”
P2JW331000-4-A01200-1--------XA

A12 | Saturday/Sunday, November 27 - 28, 2021 **** THE WALL STREET JOURNAL.

SPORTS

JOE ROBBINS/GETTY IMAGES

‘The Game’ is always a giant deal, but this year’s matchup between the Ohio State Buckeyes and the Michigan Wolverines feels larger than it has in a long time, writes columnist Jason Gay.

JASON GAY

Miserable Fan’s Guide to ‘The Game’

Throw the television out the window and go for a walk outside during Ohio State vs. Michigan. Just kidding! (Maybe.)
Help me. Is there really nobody around crushes Big Ten souls and has won a Big Ten game since 2018—but The Buckeyes don’t just beat
I’m not sure why I the Journal who can do this story? the conference championship the Wolverines fans pay a little extra. you. They make you wonder why
drew this assignment. I Can someone please locate our fab- past four seasons. The Buckeyes I can’t lie: I get a kick out of it. you follow college football. If Wis-
guess the rest of the ulous college sports reporter, Laine are 10-1, quarterback C.J. Stroud is It’s become my petty personal tra- consin meets Ohio State, I may
Journal Sports Team Higgins? What about the tech czar, a Heisman frontrunner, and their dition, to sit on the couch for Mich- need to watch from underneath the
blew out of town for Joanna Stern? What about Dan early season loss to Oregon is fad- igan-OSU and run out of fingers couch.
Thanksgiving and I got stuck hold- Neil? Tell Dan he can drive a Bu- ing in the rearview. OSU liquified and toes counting Buckeyes touch- As for Michigan: Sure! It’d be
ing the leftovers. I feel like the vic- gatti to Ann Arbor. Sparty 56-7 last weekend and is downs. Of course, this also happens fun. Why not? Bucky vs. Khakipants
tim of an elaborate prank. Fine. I’ll put on a helmet and try now ranked No. 2 in the playoff when Wisconsin plays Ohio State— in Indianapolis for Big Ten Brag-
By now, you hopefully know that to plow through it. The reason this rankings, sandwiched between the Badgers have also lost eight ging Rights. How sweet it would be
yours truly, a diehard Wisconsin year’s OSU-Michigan game is a big straight to OSU—but I don’t let it to win that title and spoil a Michi-
Badger is not cut out to cover this deal is that…Michigan is looking spoil my small-minded Michigan gan playoff bid. I wouldn’t need
subject. I’m too conflicted, too like a very good college football Schadenfreude. anything for Christmas. Alterna-
emotionally raw, too surrounded by team this year.
Every Big Ten college This year, it’s more complicated. tively, I will try to block out the
Journal colleagues who graduated There, I said it. football fan pays Wisconsin may face the winner idea of losing twice to Michigan in
from a certain university in Ann The Wolverines are 10-1, ranked of The Game. one season, since I’d probably have
Arbor. I’m not mature enough to No. 5 in the College Football Playoff
psychological rent to After a rough 1-3 start which in- to flee the country.
recognize my shortcomings and un- rankings. The team’s only blemish Columbus. cluded a dismal home loss to (quiet Right now Minnesota fans are
derstand my enemies. It feels was stepping on a rake against voice) Michigan, the Badgers have like: What are we reading? How is
wrong. I can barely type out these Michigan State in East Lansing. reeled off seven straight victories this article legal? Do you know the
words. Coach Khakipants aka Jim Har- to put themselves atop the Big Gophers are 7-4 and totally have a
Wolverines. Buckeyes. baugh has the Wolverines playing Georgia and Alabama. Ten’s West Division, which, to be chance versus Wisconsin—and even
Michigan versus Ohio State—ex- well-balanced football. They’ll arrive in Ann Arbor with fair, is kind of the discount airport a shot at stealing the Big Ten West
cuse me, THE Ohio State, Saturday A win Saturday would put the no fear. After all, Coach Khakipants hotel of the Big Ten. title? We’re gonna remember this
at noon ET in Ann Arbor. Wolverines in the Big Ten Champi- (0-5) has never beaten them. If Wisconsin beats Minnesota story after we win, doofus.
Yeah, yeah, yeah, it’s the big one, onship on Dec. 4, where a victory Michigan fans know this. They’re Saturday, they’ll have another date Saturday will be eventful, to say
this time in the Big House, before would likely vault them into the reminded of it all the time, like a in the Big Ten title game. the least. If you’re a Michigan or
more than 100,000 lunatics. “The playoff with a shot at a national ti- bad haircut they had in third grade. Against Ohio State. Or Michigan. Ohio State fan, I send my sincere
Game,” they call it, as if there’s no tle, and I would never hear the end Ohio State has won the past eight I’m not sure how to feel. I can best. A genuine kudos to the Wol-
other football being played in the of it from the four bazillion Wol- meetings against Michigan, and 17 tell you that I fear Ohio State with verines on a super year. Hopefully
universe. verines at the Journal. of the last 19. every bone in my feeble sports col- this longtime rivalry game will
“The Game” is always a giant I don’t feel well. I need to go for As rivalries go, this is fly swatter umnist’s body. All the anxiety that again resemble a rivalry, and col-
deal, but this one feels larger than a walk around the block. vs. fly. It’s starting to verge on Glo- Michigan fans are feeling about lege football fans get to enjoy a
it has in a long time, because Mich- On the other hand, Ohio State betrotters vs. Generals. Every Big Saturday, I feel, too. Wisconsin has meaningful, competitive afternoon.
igan…see, this is why I don’t want looks like…Ohio State. As in: The Ten football fan pays psychological had a lot of tough dates with Ohio Me? I can’t take it. I’m going for
to do this story. usual juggernaut that habitually rent to Columbus—OSU hasn’t lost State in the Big Ten championship. another walk around the block.

Weather

40s
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.

Vancouver
30s Edmonton

Calgary
20s
<0
0s
The Pitching Market Is Hot
30s 10s BY JARED DIAMOND
Seattle Winnipeg 20s 20s
10s
Portland
Helena 50s Ottawa
Montreal 30s BARELY A MONTH AGO, the
Bismarck
Billings Augusta 40s role of the starting pitcher in
Eugene 40s
Boise
30s Mpls./St. Paul Toronto Albanyy Boston 50s baseball appeared to be on
50s
Pierre Sioux Falls Milwaukee Detroit 30s Hartford
60s
life support. Starters aver-
Buffalo
70s Chicago Cleveland New
w York aged fewer than four innings
Reno Salt Lake Cityy 50s Des Moines 70s
Cheyenne Philadelphia a game during the playoffs,
Sacramento Omaha Indianapolis Pittsburgh 80s
Denver Kansas
Cityy Springfield 40s Washington D.C. accounting for just 45% of the
San Francisco 60s 90s
Las
Colorado Topeka
Charleston Richmond total innings—both record
VAUGHN RIDLEY/GETTY IMAGES

Springs St. Louis Louisville 100+

Vegas Wichita
Raleigh lows. The Atlanta Braves even
60s 50s Charlotte
Los Angeles
Santa Fe Memphis Nashville
removed a starter partway
80s Phoenix Albuquerque Oklahoma Cityy Columbia through a no-hit bid in the
San Diego 70s Little Rock Atlanta
Tucson Birmingham Warm Rain World Series.
El Paso Ft. Worth Dallas Jackson
60s But now with the offseason
50s Mobile Jacksonville Cold T-storms
Austin barely under way, something
Houston
-0s w Orleans
New Orlando
Stationary unexpected has happened:
80s A
San Antonio Tampa Snow
Anchorage 70s The employment market for
Honolulu Miami
0s
10s 20s 30s 70s Showers Flurries starting pitchers is on fire— José Berríos inked a $131 million extension with the Blue Jays.
40s even with the threat of a
Ice lockout looming at the end of Consider Noah Synder- anticipated outcome at this
Forecasts and graphics provided by AccuWeather, Inc. ©2021 the month. gaard, a former top prospect point—management will
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
Eduardo Rodríguez, a left- with the New York Mets likely initiate a lockout, be-
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 58 29 pc 51 38 pc Frankfurt 39 31 r 36 31 sn
hander with a lifetime ERA of whose career has been stalled ginning the industry’s first
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice 4.16, signed a five-year, $77 by injuries. He has thrown ex- work stoppage since the
Orlando 70 50 s 70 51 pc Geneva 37 31 r 35 29 sn
Today Tomorrow Philadelphia 44 32 s 45 32 c Havana 80 61 s 80 60 s million contract with the De- actly two innings since 2019, player strike that resulted in
City Hi Lo W Hi Lo W Phoenix 75 51 s 79 54 pc Hong Kong 76 66 pc 77 67 pc
Anchorage 4 0 pc 4 -3 pc Pittsburgh 37 31 pc 38 26 sn Istanbul 65 57 c 64 59 pc
troit Tigers. Justin Verlander, yet still received a $21 million the cancellation of the 1994
Atlanta 60 41 s 61 35 pc Portland, Maine 37 22 pc 35 24 pc Jakarta 90 77 t 89 77 t despite essentially missing pact for next season from the World Series.
Austin 51 44 r 65 38 pc Portland, Ore. 58 55 r 60 53 c Jerusalem 68 57 pc 73 55 pc the last two seasons with an Los Angeles Angels. Even An- At the owners’ meetings in
Baltimore 45 30 pc 53 33 pc Sacramento 64 43 pc 66 43 pc Johannesburg 70 55 c 77 60 pc elbow injury, agreed to return drew Heaney, who was objec- Chicago last week, MLB com-
Boise 51 37 pc 54 35 pc St. Louis 60 36 pc 48 31 s London 40 31 r 38 30 pc
Boston 42 28 pc 41 31 pc Salt Lake City 49 33 pc 53 35 pc Madrid 48 31 pc 48 41 c to the Houston Astros for $25 tively one of the worst pitch- missioner Rob Manfred re-
Burlington 31 19 pc 31 22 pc San Francisco 66 51 s 66 51 s Manila 88 79 c 88 78 c million, with an option for ers in the major leagues last minded fans that “an offsea-
Charlotte 57 36 pc 61 33 s Santa Fe 57 28 s 57 29 s Melbourne 70 49 pc 72 52 s 2023 that would take him season, got $8.5 million from son lockout that moves the
Chicago 42 31 c 40 25 s Seattle 54 53 r 57 51 r Mexico City 72 47 s 72 50 s
Cleveland 37 32 sf 39 30 sn Sioux Falls 47 23 pc 44 35 pc Milan 48 35 c 44 29 c past his 40th birthday. Two- the Los Angeles Dodgers in process forward is different
Dallas 58 46 r 64 41 s Wash., D.C. 47 36 pc 53 35 pc Moscow 36 34 sn 39 34 c time All-Star José Berríos free agency. than a labor dispute that
Denver 53 32 s 66 40 s Mumbai 94 77 c 95 76 pc inked an extension with the That the free-agent market costs games.” In other words,
Detroit
Honolulu
36 29 sn 39 25 sn
84 71 pc 85 74 pc
International Paris
Rio de Janeiro
40
84
36 r
71 t
41 32 sh
79 72 s Toronto Blue Jays worth $131 is active at all comes as a bit the real deadline isn’t Dec. 1,
Houston 55 48 r 63 44 pc Today Tomorrow Riyadh 84 57 s 79 55 s million over seven seasons. of a surprise given the labor but mid-February, when
Indianapolis 45 31 pc 39 26 pc City Hi Lo W Hi Lo W Rome 60 51 sh 58 44 r The spending spree con- unrest boiling in the back- pitchers and catchers are due
Kansas City 62 33 pc 53 39 s Amsterdam 43 34 r 42 36 sh San Juan 86 76 sh 86 75 sh
Las Vegas 68 49 s 69 51 s Athens 68 58 t 68 64 s Seoul 45 25 s 51 30 pc tinued in the days leading up ground. The current collective to report for spring training
Little Rock 62 43 s 60 36 s Baghdad 77 52 s 75 53 pc Shanghai 63 53 s 66 57 pc to Thanksgiving. Anthony bargaining agreement is set ahead of opening day on
Los Angeles 78 54 s 79 55 s Bangkok 89 74 pc 88 76 pc Singapore 85 77 sh 87 77 sh DeSclafani returned to the to expire on Dec. 1 at 11:59 March 31.
Miami 78 62 s 78 61 s Beijing 48 32 pc 50 31 c Sydney 64 60 c 67 61 c
Milwaukee 41 32 sn 40 27 pc Berlin 39 32 c 37 31 c Taipei City 72 70 c 76 70 pc San Francisco Giants for $36 p.m. ET, and the owners and But a winter lockout would
Minneapolis 40 25 c 36 29 pc Brussels 40 32 r 40 33 sn Tokyo 56 45 s 57 44 s million over three years. Ste- players’ union remain far freeze all transactions, which
Nashville 58 37 pc 54 29 s Buenos Aires 78 68 pc 70 62 t Toronto 35 26 pc 33 22 sn ven Matz agreed to sign with apart in their negotiations. If would prompt a mad rush on
New Orleans 63 50 pc 60 48 r Dubai 87 76 s 86 72 s Vancouver 50 48 r 52 46 r
New York City 43 31 pc 40 33 c Dublin 40 32 pc 42 35 c Warsaw 36 31 c 40 32 r the St. Louis Cardinals for the two sides fail to strike a available talent whenever
Oklahoma City 67 37 s 60 38 s Edinburgh 39 28 pc 39 30 c Zurich 38 28 r 34 30 sn four years and $44 million. new deal by the deadline—the normalcy resumes.
P2JW331000-4-A01300-1--------XA
THE WALL STREET JOURNAL.
THE WEEKEND INTERVIEW with Walter Kirn | By Tunku Varadarajan
Middle America’s Defiant Defender
T
he Kyle Rittenhouse case
reminds Walter Kirn of
an incident from his
youth in rural Minne-
sota. “I remember one
night, as a Midwestern kid out in
the country, sitting with a loaded
gun at the top of my stairs,” he
says. A violent inmate had escaped
from a nearby prison and was hid-
ing in people’s barns. “I was 16,”
Mr. Kirn chuckles, “and I sat up
with a shotgun, probably some-
what delusional, convinced I could
protect our farm.”
Mr. Kirn, 59, is the author of
seven books, including the novel
“Up in the Air” (2001), which was
adapted into a seductive and suc-
cessful movie. Already a writer of
some repute when the film was re-
leased in 2009, Mr. Kirn reached a
“different order of fame” when he
became “part of a Hollywood Os-
car campaign and attended parties
with George Clooney.” These days,
he draws most attention as a com-
mentator on America’s political
and cultural divides, particularly
the one “between city and coun-
try—one of the oldest political fis-
sures known to mankind.”
The novelist discusses the
Kyle Rittenhouse verdict
and urban elites’ illiberal
attitudes toward those
who live between the East
and West coasts.
He talks by Zoom from his
ranch in Livingston, Mont., on Nov.
20, the day after a jury acquitted
Mr. Rittenhouse on all charges of
reckless endangerment and homi-
cide. “There could not be a more
crystalline example of the fissure
in America,” he says of the trial,
which he calls a “terrible indict-
ment of the media.”
Reporters with an agenda de-
scribed Mr. Rittenhouse as “a rac-
ist vigilante, aggressively seeking
trouble,” Mr. Kirn says. The evi-
dence at trial suggested something
different: that he was “a sort of
boy, a little bit out of his depth, in
a terribly chaotic situation of fires
and looting and destruction, who
thought he was going to be a Mark
Twain character—an armed Huck-
leberry Finn.”
Unlike on the Kirn family farm
in the 1970s, where no confronta-
tion took place, two men ended up
dead in Kenosha. “I don’t see my-
self in him,” the writer says of Mr.
Rittenhouse, “but he’s not some-
one who I don’t know.” And while
reasonable people may disagree
San Franciscans Get What They Voted for With Chesa Boudin
San Francisco
When Chesa Boudin
ran for San Fran-
cisco district attor-
ney in 2019, he said
crime was caused
by poverty, wealth
CROSS
COUNTRY inequality and inad-
equate government
By Michael
Shellenberger
spending on social
programs. He called
prostitution, open
drug use and drug dealing “victim-
less crimes” and promised not to
prosecute them. The result has been
an increase in crime so sharp that
San Francisco’s liberal residents are
now paying for private security
guards, taking self-defense classes,
and supporting a recall of Mr. Bou-
din, with a vote set for June 2022.
Retailers like Walgreens and Target
are closing stores in the city, citing
rampant shoplifting. Last week, a
shockingly organized mob of looters
ransacked a downtown Louis Vuit-
ton store.
Mr. Boudin and his defenders say
crime in San Francisco has actually
declined under his watch. The store
closings had little to do with shop-
lifting, they insist; Walgreens an-
nounced in 2019 it would close
stores as a cost-saving measure.
And after the Louis Vuitton looting,
Mr. Boudin talked tough on Twitter:
“Standby for felony charges.”
Indeed, some crimes did decline,
but for Covid-related reasons, while
many other offenses increased. The
pandemic crimped tourism, which
meant fewer car break-ins and less
shoplifting, but both are now on the
rise. Car break-ins were 75% higher
in May 2021 than in 2019, before
the pandemic.
While it’s true that official inci-
dents of shoplifting haven’t in-
creased under Mr. Boudin, the pun-
ishment has changed—and the bad
guys appear to have gotten the
message. In 2019, 40% of all shop-
lifting reports resulted in arrest; in
2021, under Mr. Boudin, only 19%
did. Walgreens says shoplifting is
* * * *
about the verdict, “you
shouldn’t have to argue about
what the evidence is.”
Mr. Rittenhouse “became a
proxy for the general contempt
visited upon white folks in the
middle of the country who
don’t have a lot of money, and
whose values tend to be small-
c conservative.” Those values
include protecting property
and “going up against the bad
guys personally.” Mr. Kirn’s
“horror over the case” arises
because the trial was “loaded
with so much hatred, so much
stereotyping, that it couldn’t
help but end—either way—as a
vindication of the worst in-
stincts of 50% of the country.”
Mr. Kirn has lived in Mon-
tana for 30 years. He grew up
KEN FALLIN
as a kid with literary ambition
in a Minnesota village of 600
and earned admission to
Princeton in 1980. In “Lost in
the Meritocracy,” a 2009 memoir,
he describes being the only boy on
his high-school bus not swigging
cherry schnapps on the way to
take the SAT. He attended Oxford
on a scholarship (we studied to-
gether there, at Trinity College)
before moving to New York in
1985.
As a writer for Vanity Fair, he
became aware of the contempt
that cosmopolitan Americans had
“for regions of the country which
are dear to me.” He remembers a
prominent book editor whispering
to him at dinner that the socialite
across from them was “secretly
just a Midwesterner.” In 1990,
when Mr. Kirn mentioned that he
was going to live in Montana, a
magazine editor remarked that it
sounded like “a good place to be-
come an alcoholic.”
Mr. Kirn sums up the attitude of
the urban elite: “The boogeyman is
always somewhere west of New
Jersey and east of Palo Alto.”
American life has invariably had “a
tension between the hicks and the
sophisticates,” Mr. Kirn says. It
was a feature of literature a cen-
tury ago, when Sinclair Lewis de-
picted narrow-minded small
towns, Sherwood Anderson por-
trayed “lonely, desperate lives” in
the Ohio countryside, and F. Scott
Fitzgerald wrote “The Great
Gatsby.” But the distinction was al-
ways “part of a mural,” Mr. Kirn
says, “not of a jihad.”
Apologizing for sounding
“corny,” he insists that small-town
America has always been “a reser-
voir of idealism”—an idealism that
led him to abhor bullies. “I see the
American establishment playing
the part of the bully towards its
own people,” he says. He recently
tweeted that the U.S. government
five times as high, and security
costs 50 times as high, in its San
Francisco stores as the chainwide
average.
Meantime, the charging rate for
theft by Mr. Boudin’s office declined
from 62% in 2019 to 46% in 2021;
for petty theft it fell from 58% to
35%. San Francisco’s jail population
has plummeted to 766 in 2021 from
2,850 in 2019. More than half of all
offenders, and three-quarters of the
most violent ones, who are released
from jail before trial commit new
crimes.
Like other progressive prosecu-
tors around the country, Mr. Boudin
has expressed great antipathy to-
ward the police. At his election-
night party, a supporter led the
crowd in a chant against the Police
Officers’ Association: “F— the POA!
F— the POA!” The San Francisco
Police Department is short 400 offi-
cers and demoralized. A security
video obtained by the San Francisco
Chronicle last week appeared to
The Kippahs on the Basketball Court
By Masada Siegel
M
y 6-year-old son was watch-
ing basketball in our kitchen
when he grinned at me,
pointed at a player’s head and said,
“Hey, they are wearing kippahs,
that’s so cool.” The players ran
down the court passing the basket-
ball to one another, confidently an-
ticipating their teammates’ moves.
Then guard Ryan Turell made a
shot. The Yeshiva University Macca-
bees celebrated, and we cheered
loudly.
The team has won 43 straight
games—the longest active winning
streak in the National College Ath-
letic Association. The Division III
team is filled with hardworking ath-
letes fueled by grit, determination
and faith. Several players wear kip-
poth, the traditional Jewish skull-
OPINION
“acts increasingly like a haughty,
impatient, insecure, and rather
paranoid colonial administration.”
In our interview, he elaborates:
Washington and Wall Street “ex-
tract wealth, energy and other
things from the provinces and
then give back contempt as their
end of the deal.” They deliver it
through the media: “As I sit here
in Montana and watch the news
use the middle of the country as a
kind of wedge in politics, as a cari-
catured source of prejudice and
wrongthink and irrationality, I
know them to be not just wrong,
but lying.”
A
laid-back man with a drawl-
ing voice, Mr. Kirn bristles
briefly: “The point of view of
people who live where I do has
been so falsified that I feel I have
to speak up.” In liberal eyes, the
Trump years turned America into
a place of “absolute dichotomies”:
“You were a racist—or you were
not. You were an uneducated boob
who distrusted science and moder-
nity, or you were one of the en-
lightened, system-bred liberal
class.”
Doesn’t the antagonistic stereo-
typing go both ways? “Absolutely,”
Mr. Kirn allows. When he was pre-
paring to leave for Princeton, peo-
ple around him “acted like I was
going to war. They thought I’d be
mugged, kidnapped. They felt I
was embedding with the Commu-
nist Party. And this fearful, gossip-
based generalization about the
East and the big city was the ob-
verse of this other prejudice that I
talked about.”
But there’s a difference. “The
people who have these unfounded
beliefs about cosmopolitan Amer-
ica,” he says, “aren’t powerful in
show officers allowing a robbery of
a marijuana dispensary. Total nar-
cotics arrests declined by half from
2019 to 2021.
Mr. Boudin has increased charges
for some crimes. The charging rate
for rape rose from 43% to 53%, and
The Weather Underground
scion isn’t the first district
attorney they’ve elected on
a soft-on-crime platform.
for narcotics dealing from 47% to
60%, even as it declined for theft,
illegal weapons and assault. He ap-
pears to be following through on
his promise to ignore quality-of-life
crimes, but it’s also the case that
the state has ordered local prosecu-
tors to reduce prosecution of such
crimes because of Covid.
The solution to San Francisco’s
caps my son noticed.
At school, they attend prayers,
practice, and follow a full curriculum
of religious studies and general
studies classes. Yeshiva University,
which began as a school primarily
for Jewish studies and is now a mul-
tifaceted university, sticks to its
roots. Religion and service to com-
munity are central to the school’s
principles.
Athletic director Greg Fox ex-
plained to me in a phone interview,
“Ryan Turell, one of our star players,
turned down Division I schools such
as West Point to come play here, be-
cause Judaism in addition to basket-
ball also plays a central role in his
life.”
Mr. Turell told ESPN recently that
in choosing Yeshiva he didn’t aban-
don his dream of being the first Or-
thodox Jew in the NBA. “I want to
Saturday/Sunday, November 27 - 28, 2021 | A13
the society. They don’t run our in-
stitutions. They don’t broadcast
our media. They don’t make finan-
cial moves on Wall Street that
change the complexion of whole
parts of America.”
Mr. Kirn’s rhetoric turns notably
less stark when he is asked to clas-
sify himself ideologically. “Your
political labels tend to be those
your adversaries award you,” he
says with a laugh. Is he a conser-
vative? “If conservatism consists
of valuing the time-tested institu-
tions of society, then yes. If it
means identifying with the spiri-
tual values of society rather than
the social engineering project of
the hour, then yes.” But not if it
means associating only “with peo-
ple who look like me and talk like
me” and having a “stuffy, moralis-
tic answer” to every question.
He scorns today’s left for adopt-
ing “this temporal, generational
narcissism that sits in judgment
on all that came before.” Arthur
Miller’s “The Crucible,” he says, is
a canonical liberal text, “and yet
here we are, crowding onto the
judges’ stand rather than sitting
with the witches.”
In 2018 he wrote a column for
Harper’s titled “Illiberal Values,”
which “went back over my life ex-
perience and concluded that the
liberals of my youth in small-town
Minnesota, who spoke glowingly of
human freedom and civil rights,
had become insufferable pedants
and sermonizers.” The magazine
terminated his contract shortly af-
ter, in “a one-minute phone call” in
which Mr. Kirn says he was “not
allowed to speak.”
He’s now working on a book—a
“travelogue” based on a three-
month 2018 road trip through the
American South and West. His
problems is relatively straightfor-
ward. The city needs to shut down
the drug scene by working with the
federal government to deport deal-
ers who are here illegally, most of
whom are from Honduras; arrest
addicts who camp and use drugs
publicly and offer them rehab as an
alternative to jail; and redevelop
the squalid Tenderloin neighbor-
hood, which, because of the influx
of out-of-town addicts, fosters de-
pravity and criminality affecting the
entire city.
The situation has degenerated to
the point that an opportunity exists
for moderates to wrest power away
from progressives like Mr. Boudin
and implement a sweeping, com-
mon-sense political agenda. What’s
not clear is whether most San Fran-
ciscans want to do this, or could do
it alone, without the involvement of
California’s state government,
which is sitting on a $31 billion
budget surplus.
San Francisco is an uberliberal
show kids like me it could be done,”
he said. “I want to be a Jewish
sports hero.”
Searching the globe for talented
players has been the mission of head
coach Elliot Steinmetz, a Yeshiva
graduate himself. Mr. Steinmetz
Yeshiva University’s star
player wants to be the first
Orthodox Jew in the NBA.
knows how to train top athletes: His
son Jacob, also an orthodox Jew,
was drafted by the Arizona Dia-
mondbacks in 2021.
“Wearing a kippah while playing
is a personal choice,” Mr. Steinmetz
said. “I think each player has their
own relationship with religion and
premise was that “we could
learn something about our-
selves by talking to people.”
Among the people he met was
a woman called Kitten Holiday,
a Surf City, N.C.-based Free
Will Baptist and single mother
in her 40s who wrote a blog on
relationships and sex.
She was trolled by the left,
she told Mr. Kirn: “They didn’t
like that my stories only had
one female and one male. But
the even bigger objection was
that I didn’t write about BDSM
and kink. They were accusing
me of not representing diverse
relationships, but my thought
was that I’m not the person to
represent those things, since I
don’t know anything about
them.” She lost her liberal
moorings, drifted starboard
and fell in with Trump sup-
porters, who made her feel, in
Mr. Kirn’s words, “accepted
and welcomed unconditionally.”
Old friends called her a “fascist”
and a “racist.”
Mr. Kirn isn’t sure how the book
will be received, and he’s braced
for “all sorts of criticisms of the
distribution of various identity
groups” in his narrative. “Did I
talk to as many of these people as
that people? It’s almost impossible
to escape the lash of the identitar-
ian political types.”
A
s he recalls the America of
his youth, Mr. Kirn apolo-
gizes for sounding as if he’s
“on ‘The Andy Griffith Show,’ ” a
1960s sitcom set in fictional, bu-
colic Mayberry, N.C.: “I had a
sense of America as this place that
had amalgamated all kinds of dif-
ference under the banner of fair-
ness, freedom, representative de-
mocracy and so on.” Although he
says he gets accused of feeling
that way because he’s white and
didn’t grow up in poverty, he
stands by the ideal of a stalwart
Middle America: “It’s good to have
a population that doesn’t change
all that much and isn’t subject to
every new whim and sensation.”
One of the biggest fallacies
about “flyover country,” Mr. Kirn
says, is that it is populated by “big
clusters of the disaffected.” Most
Middle Americans are preoccupied
with raising their kids and making
a living. “And yet, the picture is
that they’re somehow meeting at
night in the shadowy back lots, or-
ganizing the overthrow of the U.S.
government.”
Mr. Varadarajan, a Journal con-
tributor, is a fellow at the Ameri-
can Enterprise Institute and at
New York University Law School’s
Classical Liberal Institute.
place, and Mr. Boudin is only the
latest in a long line of progressive
prosecutors. In the mid-1990s vot-
ers elected Terence Hallinan, who
had a history of illegal drug use and
promised to stop arrests of street
addicts and prostitutes. When Mr.
Boudin blamed crime on inequality
in 2019, his message landed on sym-
pathetic ears. When he said he
wouldn’t prosecute victimless
crimes, he was singing a familiar
hymn.
It may be that Mr. Boudin went
too far, even for San Francisco’s
progressive voters, with his state-
ments justifying crime and demon-
izing the police. But if history is
any guide, they won’t have learned
anything more from the experiment
in lawlessness than they did from
the one in the mid-1990s, and will
almost certainly repeat it.
Mr. Shellenberger is the author of
“San Fransicko: Why Progressives
Ruin Cities.”
their own means of expressing it.
For some, wearing a kippah is a
symbol of that relationship.”
Mr. Steinmetz has recruited top
talent from around the world and
turned the basketball program into a
powerhouse. Many believe the team
has a shot at winning a national
championship.
Not only are these players crush-
ing it on the court, they are scoring
big points with religious kids the
way Jewish athletes like Hank
Greenberg, Sandy Koufax and Mark
Spitz instilled pride in previous gen-
erations.
The team’s winning streak is mak-
ing history, but what stands out for
kids across the nation isn’t only the
skill of Yeshiva’s players, but their
faith.
Ms. Siegel is a freelance journalist.
P2JW331000-4-A01400-1--------XA

A14 | Saturday/Sunday, November 27 - 28, 2021 **** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Omicron Variant Panic John Kerry’s Phony Climate Accomplishments

M
arkets sold off worldwide on Friday Mr. Biden nonetheless joined other govern- The comparison by John Kerry of Credit John Kerry for trying to
after South Africa raised alarm about ments on Friday in ordering restrictions on this month’s international climate make the best out of the futile spec-
carnival with the Constitutional Con- tacle that was the COP26 climate
the new “variant of concern” that the travel to the U.S. from South Africa and seven
vention was preposterous (“COP26 conference. Despite COP26’s goal of
World Health Organization other countries as a “precau-
named Omicron. The panic Markets fall, but the tionary measure.” He seems
Prepared the World to Beat Climate
Change,” op-ed, Nov. 22).
“consigning coal to history,” coal re-
mains for the foreseeable future the
may be driven more by the
fear of new government lock-
biggest danger is more to be doing this for political
appearances lest he be criti-
The Biden administration’s com- No. 1 fuel for electricity generation
mitments in Glasgow would cripple world-wide.
downs and social distancing government lockdowns. cized later for not doing America’s economy, empower China Ahead of the conference, West
than by the variant itself. enough. and Russia and do little to address Virginia Sen. Joe Manchin exercised
The Dow fell 2.5% while But travel restrictions climate change. President Biden’s war his own veto of sorts to effectively
U.S. crude prices tumbled 13% as the U.S. and didn’t stop the Delta, Alpha or the original Wu- on U.S. energy has already resulted in block President Biden from zeroing
other countries restricted travel to southern han strain from spreading around the world. rising natural gas and gasoline prices out the U.S. coal industry by 2030.
Africa. President Biden wants lower oil prices, Omicron has been found in Belgium, which and sent inflation to a 31-year high. Neither the coal-loving Chinese nor
While the White House works to Russian presidents (both putting off
and he may get his wish. But the frantic re- means it’s probably already in Europe and the
shut down U.S. energy production, “net zero” until 2060) even both-
sponse by governments and markets may be U.S. too. If Omicron is found in more coun- our adversaries can emit at will. ered to attend the conference. The
overwrought given how little we still know tries—as invariably it will be—will govern- China’s emission-reduction target ac- leader of coal-dependent India
about Omicron and how much we’ve learned ments shut down their borders and lock down tually allows its emissions to increase showed up but delayed his country’s
during the pandemic. again? until 2030. In 2019 China emitted elusive net-zero goal until an un-
i i i That’s the fear animating markets. Many Eu- more greenhouse gasses than the rest imaginable 2070.
Omicron’s mutations appear to make it more ropean countries are reimposing pandemic re- of the developed world combined. Meanwhile, COP26 took place
transmissible and may allow it to evade some strictions in response to rising cases. Austria The “significant” methane reduc- amid a global energy crisis caused
of the vaccine immune response. But this has has shut down again, and Germany is flirting tion agreement Mr. Kerry reached by Europe’s green policies. After
also been true of other variants. The virus will with another national lockdown. Belgium on with China was little more than a re- shuttering coal plants in favor of
gurgitation of old language. Mean- wind turbines, the wind failed to
continue to mutate as it spreads, and immuno- Friday announced it would close nightclubs and
while, Russia has had several massive show up sufficiently in 2021, forcing
compromised individuals with chronic infec- prohibit private parties except for weddings methane leaks this year alone. That Europe to fall back on natural-gas
tions are petri dishes for new variants. and funerals. hasn’t stopped the president from plants and causing a continuing rise
Cases have risen rapidly in the South African i i i pleading with Russia and the OPEC in gas prices.
province where the new variant has been iden- One clear lesson from the pandemic is that cartel to increase energy sales, even as Especially hard hit was the U.K.,
tified, crowding out the Delta strain. While this lockdowns do more harm than good. Booster he hamstrings cleaner U.S. production. which saw skyrocketing gas prices
is worrisome, keep in mind that other variants shots will help the U.S. and Europe weather a The administration simply opposes close factories. Gas is so expensive
that came to dominate local areas—California’s winter surge and mitigate the impact of Omi- traditional American energy. While in now in Europe that even with record
Epsilon, Brazil’s Gamma and South Africa’s cron. That’s no doubt why Mr. Biden on Friday Scotland, Mr. Kerry recklessly de- CO2-emissions prices, it’s cheaper to
Beta—haven’t taken off around the world as urged all Americans to get boosters, though the clared, “By 2030 in the United States, burn coal. High natural-gas prices
some scientists initially feared. Centers for Disease Control and Prevention was we won’t have any coal.” At a Senate will cause U.S. utilities to burn about
Energy and Natural Resources Com- 20% more coal this year. In short, Eu-
The good news is we’re better prepared if late to endorse them for all adults.
mittee hearing last week, however, rope’s thoughtless green policies
Omicron does spread and proves more virulent The Administration worried about the polit- Mr. Biden’s own Energy Department have led to a global double whammy
than other strains. BioNTech and Pfizer say ical optics of boosting Americans while most forecast that coal will continue to be of higher energy prices and more
they can quickly adjust their mRNA vaccine to people in low-income countries remain unvac- critical part of our electricity mix for carbon emissions.
combat the new variant if necessary. Moderna cinated. That’s also why Mr. Biden on Friday decades to come. Abundant U.S. coal, Like Mr. Kerry’s notion that the
plans to rapidly advance an Omicron-specific reiterated his support for a petition at the along with natural gas and oil, pro- 1.5-degree-Celsius temperature target
booster candidate. The Food and Drug Adminis- World Trade Organization backed by South Af- vide reliable and affordable energy. is meaningful (rather than an arbi-
tration would need to give vaccine manufactur- rica and India to waive intellectual property Mr. Kerry’s goals amount to unilateral trary, nonscientific number the Cli-
ers a green light. protection for Covid vaccines. American energy disarmament. mategate scandal revealed to be
Manufacturers have been reluctant to tweak Even left-wing groups pushing the waiver The only thing historic about the “plucked out of thin air”), his claims
vaccines for other new variants because this acknowledge it won’t do any good unless vac- Glasgow conference was its cost and of progress at COP26 bear little rela-
carbon footprint. COP26 resulted in tion to reality.
could become a game of whack-a-mole. Plus, cine manufacturers are also forced to share
an estimated 102,500 tons of carbon- STEVE MILLOY
modifying a vaccine for a new variant may their technical knowledge of how to produce dioxide emissions. That’s more than JunkScience.com
leave it less effective against others. It’s also the vaccines, which they are already doing with the annual emissions of some of the Potomac, Md.
worth remembering that vaccines generate T- licensed partners. In any case, vaccine manu- nations that participated.
cell immune protection, beyond antibodies, facturers are ramping up production as fast as America is already a world leader Mr. Kerry states clearly that the
that variants can’t easily evade. possible consistent with quality control. in carbon reduction. In 2019 our private sector will be needed to fund
Anti-viral Covid pills by Merck and Pfizer— Vaccine hesitancy is also a bigger challenge greenhouse-gas emissions were 14% the trillions needed for the transition
which the FDA ought to approve pronto—have than supply in some low-income countries. lower than their 2004 peak. The rea- to clean energy. He mentions the com-
shown remarkable success in trials at prevent- South Africa this week asked Johnson & John- son? Free-market innovation, not reg- panies that have signed on to the
ing severe illness in high-risk groups. Both drug son and Pfizer to delay deliveries of their vac- ulation or lopsided global treaties. First Movers Coalitions. But on the
Thanks to America’s entrepreneurs role of the consumer in ultimately
makers have licensed their pills to other manu- cines because it has a surplus.
and innovators, we live in an energy- bearing the costs of the transition,
facturers, so they should be widely available Americans and the rest of the world need to independent republic. Will the Biden i.e., paying higher gas prices, he stays
within months. The Biden Administration has learn to live with an ever-mutating virus. So do administration let us keep it? quite mum.
ordered 13 million courses of the two drugs. our politicians. SEN. JOHN BARRASSO (R., WYO.) JUSTIN PUROHIT
Casper, Wyo. Jessup, Pa.

A Black Path to the Middle Class

H Orwell Knew the Importance of Being Stupid
ard data about the value of a particu- What makes this achievement so striking
lar degree can be hard to come by. is that HBCUs draw more of their students
That’s why a new study on Histori- from the bottom two income quintiles than John Stuart Mill called the Conser- old unthinking virtues it stands
vative Party “the stupidest party,” against the ultimate and absolute
cally Black Colleges and Uni- other colleges do. One way to
versities is encouraging. It New research on the describe the HBCU difference
Barton Swaim reminds us (“The Im-
possible Insurrection of Jan. 6,” op-
power which the unconditioned idea
can develop.”
finds that HBCUs are an un-
der-appreciated vehicle for
upward mobility of is this: An HBCU graduate
working full-time throughout
ed, Nov. 20). Yet Lionel Trilling, also The stupid party, in the words of
cited by Mr. Swaim, noted the politi- William F. Buckley, “stands athwart
upward mobility for their HBCU graduates. his career will earn $927,000 cal advantages of stupidity in his history, yelling Stop, at a time when
overwhelmingly African- more when compared to non- 1952 introduction to George Orwell’s no one is inclined to do so, or to have
American students. college goers and black stu- “Homage to Catalonia”: much patience with those who so
The report was released last week by the dents at non-HBCUs. “Orwell, it may be said, came to urge it.”
United Negro College Fund’s Frederick D. Pat- The contributions of HBCUs to American respect the old bourgeois virtues be- JOHN A. MAHER
terson Research Institute. The U.S. has 101 ac- life are all around us. HBCU alums include the cause they were stupid—that is, be- Dorset, Vt.
credited HBCUs representing a combined stu- late Supreme Court Justice Thurgood Mar- cause they resisted the power of ab-
stract ideas. . . . He did not in the
dent population that is more than 75% black. shall and Vice President Kamala Harris. While
The unique contribution of this study is to ex- HBCUs educate only 10% of all African-Ameri-
least become what is called ‘anti-in- If Biden Were Like Buffett . . .
tellectual,’ but he began to fear that
amine students from the bottom two quintiles can colleges students, HBCU grads account for In “As Biden Turns 79, a Panic
the commitment to abstract ideas
of household income ($46,000 or less)—and 80% of black judges, 50% of black doctors and Over Harris” (Review & Outlook, Nov.
could be far more maleficent than
then find out how many later make it into the 50% of black lawyers. 20), the editorial board cites a poll
the commitment to the gross materi-
of voters that finds 58% think Presi-
third quintile or above. Here’s what the au- HBCUs developed in an era when discrimi- ality of property had ever been. The
dent Biden is “too old to be Presi-
thors say: nation, often government sanctioned, pre- very stupidity of things has some-
dent.” I think the pollster is asking
“On average and across institution type, vented many blacks from attending college. thing human about it, something me-
the wrong question. It should be: “Is
when it comes to mobility rates HBCUs out- But the schools continue to prosper because liorative, something even liberating.
Joe Biden physically and mentally fit
perform all other categories and are double they deliver a quality education that prepares Together with the stupidity of the
to be president?”
the national rate, being the primary post-sec- students of any race to succeed in life. As a The president’s age is mostly irrel-
ondary driver for moving Black Americans ticket to the middle class, they also help keep
from poverty to the middle class.” the American Dream alive.
Critic of Daylight-Saving evant. There are many examples I
could use, but here are two: Charlie
At Yale Clarifies His Point Munger is 97. His partner, Warren
Buffett, is 91. Holders of shares of
Will Noncitizens Pick New York’s Mayors? I want to make it known that the
excerpt from the Yale Daily News
Berkshire Hathaway have been very
pleased with the investment deci-

N
(“Notable & Quotable: Darkness,”
sions these two have made during
ew York has been a dynamic city for a nent residents with green cards have deeper Nov. 20) was completely taken out of
the 18 years, for Mr. Munger, and 12,
long time, and immigrants are a big ties, but they can seek citizenship if they want context. The author of the article,
for Mr. Buffett, since they turned 79.
reason. Yet you can agree with that to participate in political life. Otherwise we Yakeleen Almazan, is a close friend,
Meanwhile, I’ve known 40-to-50-
statement and still oppose a are degrading the meaning of and our interview was conducted in
year-old investment advisers I
Democratic plan to let The City Council wants citizenship, and it’s difficult a somewhat informal setting. My
comment that I am “victimized” by
wouldn’t let near my portfolio. Full
roughly 800,000 noncitizens
vote in local elections for
to let some 800,000 to see a coherent limiting
principle. Mayor-elect Eric
daylight-saving time, quoted in her
disclosure: I’m soon to be 78.
JOE WILLIAMS
article, was entirely a joke. Although
mayor, City Council, and so vote in local elections. Adams won the ranked-choice that is rather apparent, perhaps it
Dallas
on. The council plans to con- Democratic primary in June should have been made clearer.
sider a measure to that end by 7,197 votes, so 800,000 My second comment was merely
on Dec. 9, and according to the New York Post noncitizens could be decisive. to observe that daylight often con- Pepper ...
it has enough support to pass. Then there are the practical problems. Since
The proposal, offered by Manhattan Council- noncitizens can’t vote in state or federal races,
tributes positively to my mood, like
many others’, and that lessening the
And Salt
man Ydanis Rodriguez, would permit voting by the New York City Board of Elections would amount of daylight during waking THE WALL STREET JOURNAL

immigrants with either green cards or work au- have to manage a new second voter list and hours is a valid reason for increased
stress and other negative emotions.
thorization. The latter aren’t even necessarily a completely separate set of ballots. The city
Daylight-saving time affects all and
long-term U.S. residents. “This is not about a board can’t run a smooth operation even with- confuses many; this is not news.
favor, this is about taxation without representa- out those added challenges, as it demonstrated Neither Ms. Almazan nor I claim to
tion,” Mr. Rodriguez said in September. “If peo- last year. be experts on daylight saving; we
ple have a problem with this, then they should And is this even legal? New York’s state are simply students making observa-
move to another town or another country that constitution speaks of “the citizens who shall tions about our own lived experi-
has not been built by immigrants.” be entitled to the right of suffrage,” which ences, as is our nature as young
The taxation argument isn’t persuasive. seems to imply noncitizens are excluded. adults.
Nonresidents with second homes or apart- Amazingly, the voice of sanity here is Mayor JADEN GONZALEZ
ments in the city pay property taxes, and they Bill de Blasio. “To me,” he said Tuesday, “this Yale University
certainly have an interest in public services is something that, again, I’m not sure is legally New Haven, Conn.
like police, fire and garbage collection. Inter- what a city can do. I think it’s something the
Letters intended for publication should
national students live in New York, and they state government needs to do.” be emailed to wsj.ltrs@wsj.com. Please
might pay taxes of all kinds, or at least sales Yet Mr. de Blasio also said, “I don’t see a include your city, state and telephone
taxes on whatever they buy. scenario where I’ll veto.” So he’s going to let number. All letters are subject to
Does that mean they should get to vote in something go into effect that he thinks is prob- editing, and unpublished letters cannot “A trillion is still a stop
be acknowledged.
local races? The obvious answer is no. Perma- ably illegal? What a parting gift to New York. and think decision for me.”
P2JW331000-4-A01500-1--------XA
THE WALL STREET JOURNAL.
Social Distancing Was a Problem Before Covid
DECLARATIONS
By Peggy Noonan
O
n this family holiday
weekend, a look at a
study of the American
family. It’s called “The Di-
vided State of Our
Unions: Family Formation in (Post-
)Covid America” and comes from
the Institute for Family Studies, the
American Enterprise Institute and
the Wheatley Foundation. It’s based
on two surveys conducted by You-
Gov for IFS and Wheatley.
When the pandemic came, mar-
riage and fertility rates in America
had already been falling steadily.
Last year the marriage rate fell to
33 per 1,000 of the unmarried popu-
lation, and the lifetime fertility rate
to 1.64 per woman—“levels never
seen before in American history,” as
per the study. (Fertility has been be-
low the “replacement rate” of 2.1 for
more than a decade.)
Marriage and childbirth
rates, declining for
years, reached new lows
during the pandemic.
The authors considered three
possibilities. One was that marriage
and fertility would simply continue
downward. Another was a “renais-
sance scenario”—the loneliness, dis-
location and existential questioning
of the past year and a half would
produce a new appreciation for the
idea of family, a longing for and de-
sire to make them. The third was
that “economic, religious, and parti-
san divides in family formation”
would “deepen” in Covid-19’s wake.
The report found most evidence
for the third scenario. The desire to
marry among single Americans
ticked up 2 points since the pan-
demic, but 17% of Americans 18 to
When Federal Employees Telecommute, Why Are Agencies in D.C.?
By Faith Bottum
T
he metropolitan area of Detroit
has around 1.7 million square
feet of vacant office space.
Surely there’s room for the Federal
Highway Administration in all that.
With only 41,000 people, Pine Bluff,
Ark., has around 41,000 square feet
of vacant commercial space. Couldn’t
the headquarters of, say, the U.S. De-
partment of Agriculture’s Rural Busi-
ness-Cooperative Service be squeezed
in there somewhere?
Detroit has been in decline for de-
cades, losing 65% of its population
since 1950, and Pine Bluff is often
named high on lists of declining
towns. So why can’t the federal gov-
ernment move some of its operations
to those cities?
The answer is that it’s against the
law. A 1947 U.S. Code provision re-
quires “all offices attached to the
seat of government” to be “exercised
in the District of Columbia.” Con-
gress would need to approve any
plan to move federal agencies out of
Washington.
The idea of relocating federal
agencies was interesting when it was
proposed in the 1990s—and when it
was proposed again in 2018 and
2019. But the redistribution of fed-
eral offices seems more than inter-
esting now. It has become pressing—
and more possible—in the post-Covid
world.
The Biden administration is
clearly against the idea. In July 2019,
amid much opposition from govern-
ment workers unions, the Trump ad-
ministration (using congressional ap-
proval to reorganize the Interior
Department) set in motion a plan to
move the Bureau of Land Manage-
ment to Grand Junction, Colo. Fur-
ther ideas were floated for the USDA
to relocate two research agencies to
Kansas City, Mo., and Interior to
transfer the U.S. Geological Survey to
Denver.
This month, Interior Secretary
Deb Haaland declared the BLM proj-
ect a failure and announced that the
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
Neal Lipschutz Karen Miller Pensiero
Deputy Editor in Chief Managing Editor
Jason Anders, Chief News Editor
Thorold Barker, Europe; Elena Cherney, Coverage;
Andrew Dowell, Asia; Anthony Galloway, Video &
Audio; Brent Jones, Culture, Training & Outreach;
Alex Martin, Print & Writing; Michael W. Miller,
Features & Weekend; Emma Moody, Standards;
Shazna Nessa, Visuals; Matthew Rose,
Enterprise; Michael Siconolfi, Investigations
Paul A. Gigot
Editor of the Editorial Page
Daniel Henninger, Deputy Editor, Editorial Page;
Gerard Baker, Editor at Large
* * * *
55 reported their desire to
have children had decreased,
while only 10% said it had in-
creased. And Covid might have
“poured fuel” on the fissures.
Interest in family formation
varies by income, religion,
even partisan affiliation. The
rich, the religious and Repub-
licans have a “relatively
greater propensity” to marry.
There was one area of con-
vergence. Historically the poor
and less educated have been
more likely to have children.
“But childlessness is rising
among less-educated, lower-
income men and women, a
trend that COVID seems likely
to amplify. This would bring
childbearing trends among the
GETTY IMAGES
poor closer to those of more
educated and affluent Ameri-
cans.”
The conclusion: “As the
pandemic lifts, the nation is likely to
see a deepening divide between the
affluent and everybody else, be-
tween the religious and the secular,
and between Republicans and Demo-
crats in their propensity to marry
and have children.”
Interest in family formation is
higher among the religious. This has
been true for a while, and the pan-
demic sharpened the divide. The de-
sire to marry increased by 8 points
overall among unmarried Americans
who regularly attend religious ser-
vices. The desire to have children
fell a little among those who attend
religious services at least once a
month and by a net 11 points among
those who never or seldom attend
services.
The desire to marry increased by 5
points among unmarried Republicans
and 3 for Democrats—but it fell by 4
points for independents. The net de-
sire to have children rose 1 point
overall among Republicans but fell 11
for independents and 12 for Demo-
crats. (The study includes data from
Gallup indicating that religious Amer-
icans navigated the trauma and chal-
lenges of the pandemic better than
those with no ties to organized reli-
gion. For many, faith was a lifeline.)
bureau will move back to Washing-
ton. And maybe the project actually
was a failure. The BLM saw 287 em-
ployees either retire or leave the
agency rather than relocate, and of
the 41 who agreed to move, only
three ended up in Grand Junction.
Critics insist that this attrition is
what Mr. Trump wanted all along,
but some Democrats favored a West-
ern BLM headquarters, which Colo-
rado Sen. Michael Bennet called a
“positive development.” And surely
there exist nonideological reasons to
want to halt Washington’s bloat and
aid declining American cities.
Federal agencies employ at least
140,000 workers in Washington, with
around 70,000 each in Maryland and
Virginia suburbs, where Congress has
gradually allowed some to spread.
About 45% of those employees were
listed as eligible for telework in Sep-
tember 2021 data from the Office of
Personnel Management. At some
Is This a ‘Normal’ Covid Winter?
Winter 2021-22
may not quite qual-
ify as our first
“normal” Covid
season, but we’re
getting there.
The U.S. proba-
BUSINESS
bly still has 25 mil-
WORLD
lion adults who’ve
By Holman W.
managed to avoid
Jenkins, Jr.
both the virus and
the vaccine. No-
body knows, but perhaps 400,000 of
these are over-65s most likely to
take up a hospital bed and who are
still without any natural or vacci-
nated immunity.
By this time next year or the year
after, these numbers will be at as-
terisk levels. All of us, including the
vaccinated and previously infected,
will also have to realize we’re play-
ing a role in circulation even if the
unvaccinated dominate hospital ad-
missions. A rational vaccine strat-
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
Daniel Bernard, Chief Experience Officer;
Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
Counsel, Chief Compliance Officer; Dianne DeSevo,
Chief People Officer; Frank Filippo, EVP, Business
Information & Services; Robert Hayes, Chief
Business Officer, New Ventures;
Aaron Kissel, EVP & General Manager, WSJ;
Josh Stinchcomb, EVP & Chief Revenue Officer,
WSJ | Barron’s Group; Jennifer Thurman, Chief
Communications Officer
EDITORIAL AND CORPORATE
HEADQUARTERS:
1211 Avenue of the Americas, New York, N.Y., 10036
Telephone 1-800-DOWJONES
OPINION
Yuval Levin, director of social,
cultural and constitutional studies
at AEI, wrote of the study this week
in the Dispatch, focusing on the
larger picture of declining family
formation. He believes we haven’t
fully come to terms with a deeper
meaning of the long-term data. In
the past when we thought of social
disorder, we approached the subject
in terms of restraining passions. Hu-
mans have appetites for pleasure,
status, power; when these things
aren’t well-directed and joined to
human commitments they can leave
lives deformed. Maybe now we must
begin to see a different kind of dis-
order, one that looks less like un-
governed human desire and more
like desire’s diminishment—“an ab-
sence of energy and drive leaving
people languishing.”
Many bad things in our society
are abating. The divorce rate last
year hit a 50-year low; teen preg-
nancies are at their lowest rate
since the 1930s; out-of-wedlock
births reached their height in 2008
and are declining. The abortion rate
may be lower than it was when the
Supreme Court decided Roe v. Wade
in 1973. But, Mr. Levin notes, posi-
tive behaviors are also declining:
agencies, such as the Education De-
partment and the National Aeronau-
tics and Space Administration, nearly
everyone is authorized to telecom-
mute. More than 90% of Energy and
Interior department employees are.
The idea of moving offices
to the heartland has been
floated for years. It’s never
been more relevant.
Agencies that need to work closely
with elected officials—the National
Security Agency, for example, and
the State Department—obviously
should remain near the Capitol and
White House. But why exactly is the
Federal Aviation Administration in
Washington? Or the National Insti-
tutes of Health in the suburb of
egy, it will be more obvious than
ever, would prioritize the vulnerable
rather than the Biden approach of
prioritizing anyone who works in a
company of 100 employees regard-
less of infection history.
But then, as the White House pro-
lifically leaked at the time, its vac-
cine mandate was always more
about protecting the president from
the vicissitudes of Covid than pro-
tecting anyone from disease.
First, where we are: The admin-
istration’s leakers didn’t go deeply
into the political calculation but I
will. Older voters, understandably,
have been terrified of Covid and
also unstinting in their willingness
to impose costs on young people
for steps that lack any real benefit.
As wonderful as the jabs are, these
same voters have been inundated
with unrealistic expectations about
what universal vaccination can ac-
complish. A case in point is the
Aaron Rodgers hysteria. Whatever
the Green Bay quarterback was
thinking, he could expect to be in-
fected eventually and expect a good
outcome without his vaccination
status mattering a great deal to
him or anyone else. Sure enough,
he’s back playing alongside numer-
ous NFLers who recovered from
Covid whether or not they were
vaccinated.
More insidious is how the media’s
Covid ideology is influencing deci-
sions made for children, where the
risk-benefit trade-offs are an even
narrower squeak. Only muddle ex-
ists concerning the perhaps half of
kids who’ve already acquired some
natural immunity. In their agonizing
decision to recommend shots for the
5-to-11s, federal officials also had to
run a gauntlet of subtle pressure to
Saturday/Sunday, November 27 - 28, 2021 | A15
“There are fewer divorces because
there are fewer marriages.” “Fewer
teenagers are dying in car accidents
because fewer teenagers are getting
driver’s licenses.” It isn’t only teen
sex that’s declining, it’s teen dating.
“There is less social disorder, we
might say, because there is less so-
cial life.”
Normal human misbehavior
hasn’t gone anywhere, but it’s being
joined by a more profound and fun-
damental problem: “disordered pas-
sivity—a failure to launch, which
leaves too many Americans on the
sidelines of life.” Restraint and self-
discipline chip away at wildness,
“but what if we fail to act on our
longings to begin with?”
Are many of the young failing to
“get on with life”? If so, why?
The new passivity is global, and
further along in parts of Europe and
Asia. “Social inertness,” Mr. Levin
writes, is surely a response in part
to the breakdown of the traditional
social order itself: the waning of
“life scripts” provided by family, re-
ligion and traditional norms. Youn-
ger Americans are “less sure of
where to step and how to build their
lives.” They have probably received,
too, an exaggerated sense of the ma-
Bethesda, Md.? Or the National Sci-
ence Foundation in Alexandria, Va.?
In 2019, Sen. Joni Ernst intro-
duced an act that called for complete
repeal of the 1947 provision in the
federal code. Sens. Josh Hawley and
Marsha Blackburn added a proposal
to move the headquarters of 10 fed-
eral agencies out of Washington.
Both efforts failed, and support from
Andrew Yang, the eccentric 2020
Democratic presidential candidate,
gained them little traction.
But the appeal has grown with
the effects of the pandemic. It
makes little sense to have Zoom
conferences only between offices on
K Street and M Street. Over the in-
ternet, Indianapolis is as close as
Dupont Circle. A federal agency
would make a big difference to De-
troit. Federal employees would ma-
terially aid Pine Bluff—just as they
would help Spokane, Wash.; Rapid
City, S.D.; Sioux City, Iowa; Dayton,
weigh the benefit to third parties—
teachers, grandparents, the econ-
omy, the Biden administration—
against the risks to children.
The same is true of masking in el-
ementary schools: unlikely to be ef-
fective, possibly deleterious socially
and developmentally. It’s done
mostly to placate older people. Even
if successful, there’s a question of
whether you do kids any favor by
delaying their inevitable first en-
counter with Covid when their
young immune systems are best
primed to cope with it.
Today’s surge would be
worse if individuals and
states hadn’t ignored Biden
restrictions on boosters.
The latest news about where we
are going is not ideal: New variants
are continuing to emerge, including
a worrisome strain in South Africa
that pounded the stock market on
Friday; the virus is taking up resi-
dence in animal populations, such as
U.S. white-tailed deer, a spooky new
wrinkle.
All this may mean that natural
immunity, which is broader spec-
trum than vaccinated immunity fo-
cused on spike proteins, may have to
play a bigger role in adapting hu-
mankind to a new pathogen.
For some people of all ages, a bad
bout of flu begins a decline in their
health that approximates “long
Covid.” This reality is finally getting
notice. Our healthcare system will
also need to resize itself. It remains
scaled to annual influenza in which
terial challenges presented by
marriage and parenthood:
“Many younger Americans now
think it was much easier than
it really was for their parents
to live on one income or have
that additional child.”
We are seeing “a rising gen-
eration acutely averse to risk,
and so to every form of dyna-
mism,” and this trend isn’t
confined to the young. “Exces-
sive risk aversion” is deform-
ing other areas of American
life, from child rearing to work
and public leadership. And it
seems intertwined with a more
general tendency toward inhi-
bition and constriction—we
see this in speech and conduct
codes, which leave Americans
“walking on eggshells around
each other in many of our ma-
jor institutions.” This new
ethos “stifles the public arena
while denying us recourse to private
arenas and tells us how not to be-
have without showing us how to
thrive.”
And of course the internet, which
turns a personal life into perfor-
mance, “where we display ourselves
without really connecting.” More
people are “functional loners.”
Erotic energies are dissipated into
substitutes, such as pornography,
which has grown into “a hideous,
colossal scourge that our society has
inexplicably decided to pretend it
can do nothing about.” That part
should be underlined.
A change in the character of so-
cial breakdown doesn’t require argu-
ments for self-discipline but a case
for exertion and activity—for gam-
bling on life and joining it. “We have
to make a deeper, warmer argu-
ment—a case against giving up that
is rooted in what we have to gain
not just by living but by living well.”
It would be an argument “for the
good of life.” We must “persuade
human beings to overcome passivity
and paralysis and jump into life.”
This is all true.
We are all pilgrims. At some
point you must trust life, trust God,
and push off.
Ohio; and Savannah, Ga.
Moreover, spreading out the
American bureaucratic complex
would benefit democracy. Too many
executive agencies become politi-
cized simply by their presence in the
Beltway hothouse. Too much federal-
ism is lost in the interlocking direc-
torates and alphabet soup of Wash-
ington’s political culture.
Decentralization would protect the
nation against first-strike attacks,
making the government harder to de-
capitate.
The pandemic has demonstrated
that spreading government out is
possible. Talent has already been
scattered across the country because
of the pandemic, and if Washington
doesn’t need to be the center of ev-
erything, then Washington shouldn’t
be the center of everything.
Ms. Bottum is the Joseph Rago
Memorial Fellow at the Journal.
70 Americans out of 100,000 need
hospitalization in a bad year (such
as 2014-15).
Future presidents and candidates
will need policies on winter flu and
Covid and not on the model of the
Biden administration, which has
treated the virus as a problem in
blame management. When authoriz-
ing boosters that U.S. voters wanted,
it tried to blame Moderna for short-
ages in the developing world. Even
so, today’s winter surge would be
worse if individuals and whole
states didn’t ignore the administra-
tion’s attempt to restrict boosters to
over-65s.
Mr. Biden, with the benefit of
vaccines, has presided over more
deaths than Donald Trump, whom
Candidate Biden practically labeled
a murderer. He will be lucky not to
see midterm ads reminding him of
this. Unraveling here is a White
House strategy that counted on
Covid going away before the next
election so Mr. Biden could claim his
handwaving delivered us.
Which brings us to a final point:
Analysts have puzzled over why
similarly situated countries, even
Nordic neighbors, varied so widely
in their actions, including mandates
and lockdowns. The answer begins
to seem obvious. Countries, each
with their own conflicted elector-
ates, went their separate ways be-
cause there was no successful stan-
dard solution or “best practice” to
converge on, because none has been
found. Once this particular virus be-
gan spreading outward from a major
city in China, it was perhaps fated
to take up global residence in hu-
man and animal populations regard-
less of what we hoped to do about
it.
P2JW331000-4-A01600-1--------XA

A16 | Saturday/Sunday, November 27 - 28, 2021 **** THE WALL STREET JOURNAL.
P2JW331000-4-B00100-1--------XA

BUSINESS | FINANCE |

DJIA 34899.34 g 905.04 2.5%

New Rules
What changing
retirement guidance
means for you B5

TECHNOLOGY | MANAGEMENT
NASDAQ 15491.66 g 2.2%
EXCHANGE
STOXX 600 464.05 g 3.7%
THE WALL STREET JOURNAL.
10-YR. TREAS. À 1 15/32 , yield 1.484%
****

OIL $68.15 g $10.24

Spinning Plates
A dinnerware maker
tries to keep up with
demand B7

Saturday/Sunday, November 27 - 28, 2021 | B1

GOLD $1,785.30 À $1.20 EURO $1.1318 YEN 113.37

Ship Captain Crane Operator Variant

Upends
Bets on
▶
CAPITAL-EXECUTIVE SHIP MANAGEMENT CORP.

KELLI BOYD FOR THE WALL STREET JOURNAL

Fed Moves
BY ANNA HIRTENSTEIN

Investors piled into government

bonds and quickly recalibrated their

▼
expectations for interest-rate in-
creases in response to the new
Covid-19 variant first identified in
South Africa.
The yield on the 10-year U.S.
Rail Yard Worker Treasury note dropped to 1.484% on
Friday, according to Tradeweb, from
1.644% at Wednesday’s close. That
marks the largest trading-session
decline since March 2020, at the
start of the coronavirus pandemic.
Yields fall as bond prices rise.
Federal-funds futures, a proxy for
market expectations of interest-rate
changes, shifted downward on Fri-
day, with the market anticipating
that the Federal Reserve will keep
interest rates low for longer.
CME Group data showed that the
MIKE MATTINGLY

BNSF RAILWAY
majority of investors are now pric-
Truck Driver ing in two or three quarter-percent-
age-point rate increases by the end
of 2022, compared with three or
four on Wednesday. Equivalent mea-
sures of interest-rate expectations
for the eurozone and the U.K. also
shifted downward.
Warehouse Manager
Markets came under stress Friday
after South African officials warned
about the B.1.1.529 variant spreading
Please turn to page B12

▶
GABBY JONES FOR THE WALL STREET JOURNAL

Economy
Challenges
Tech Giants
SWEETWATER

FedEx Supervisor

Top: Madalin Butoi at the Port of Los Angeles; Justin Spencer at the Port of Savannah. Middle: Mike Mattingly in Carlisle, Pa.; Jennifer West at
In China
Chicago’s BNSF rail yard. Bottom: Lori Giffin at Sweetwater’s warehouse in Fort Wayne, Ind.; Dave Erazo at a FedEx Ground station in Queens, N.Y. BY STEPHANIE YANG

TAIPEI—China’s tech giants are

On the Front Lines

feeling the pinch of an economic
slowdown, adding financial pressure
to an industry beset by a bevy of
new regulations this year.

Of the Supply Crisis

Some of China’s largest tech com-
panies have attributed weaker July-
September revenue growth to deteri-
orating macroeconomic conditions.
Social-media and videogaming giant
Tencent Holdings Ltd.’s quarterly
sales grew at their slowest pace
The people at key links in the chain from factory to front door describe what it’s since the company went public in
like to work amid backed-up shipments, jammed ports and packed rail yards 2004. Online delivery firm Meituan
said growth of food delivery orders
decelerated. Search-engine company
BY PAUL ZIOBRO, PAUL BERGER, COSTAS PARIS AND JENNIFER SMITH Baidu Inc. reported a slowdown in
advertising, while e-commerce giant

A
ship captain waits for weeks
to unload his cargo in Los
Angeles. A crane operator in
Savannah, Ga., sits above a
port jammed with boxes. A
trucker in Alabama is hand-
ing off cargo in parking lots.
Supply-chain problems have been a de-
fining feature of the global economy in
2021. For millions of workers, the global
gridlock has redefined their jobs.
Dock workers, railroad hands, truck
drivers and warehouse staff have worked
during the Covid pandemic to handle a
surge of U.S. imports, as businesses re-
stock and retailers prepare for the critical
holiday shopping season. They have wit-
nessed firsthand—and tried to smooth
out—the snarls that have delayed ship-
ments of everything from pickup trucks to
holiday toys.
Here is a look at the people working at
each link in the global supply chain that
moves cargo from a distant factory to your
home.
Waiting at sea
Madalin Butoi waited for more than a
month. The captain of the Hyundai Pres-
tige, a boxship with 5,000 containers, was
Alibaba Group Holding Ltd. cut its
anchored outside the Port of Los Angeles growth forecast for the fiscal year.
earlier this month after traversing the Pa- Their latest challenges contrast
cific Ocean. with the robust results posted by
Cargo has been delayed this year by some of their American peers, in-
Covid-19 outbreaks that have disrupted cluding Alphabet Inc.’s Google and
Asian ports and manufacturing sites. At Microsoft Corp., which were buoyed
the same time, vessels are trying to bring by a shift to online shopping and re-
more containers to meet strong demand mote work amid the pandemic.
from consumers in the West. That has cre- While Amazon’s quarterly sales
ated a backlog at the port where dozens of growth slowed amid supply-chain
boxships are waiting offshore for weeks disruptions and labor shortages,
before they can unload. Before the pan- Please turn to page B2
demic, it was unusual for any ships to
have to wait more than a couple of days.  Heard on the Street: The Chinese
Please turn to page B6 metaverse frenzy warps reality.. B13

Crowdfunding
The New Testament
An ambitious drama series about the life of Jesus
has raised millions from its faithful fans
BY JOHN JURGENSEN

L
Midlothian, Texas
ast winter 2,000 people costumed
in robes and headscarves gathered
on a grassy slope here to shoot
the season finale of a drama with
no ties to any studio, network or
streaming service. “The Chosen,” a
saga about the adult life of Jesus and his dis-
ciples, is financed completely by its audience.
Most of the extras had paid $1,000 each to
be part of the climactic scene leading up to
Jesus’ Sermon on the Mount.
Now, down the hill from that spot, con-
be flanked by a cafeteria and workshops for
sets and costumes. Next, they’ll break ground
for a replica of Capernaum, an ancient village
on the Sea of Galilee.
Dallas Jenkins, the filmmaker who cre-
ated “The Chosen,” says the show’s style is
modeled more on “Friday Night Lights” than
other Christian TV shows and movies. Mary
Magdalene relapses into vice. The apostle
Matthew is on the autism spectrum. Jesus’
miracles get back stories.
By fleshing out biblical characters across
multiple seasons, the show has inspired fan
THE CHOSEN

struction crews are building a roughly $20 discussion, debate and squabbling on a level
million production complex dedicated to “The more typical of the Marvel or Star Wars se-
Chosen.” They’re pouring concrete for a ries. Except that for “Chosen” fans, the dy-
soundstage the size of a football field, soon to Please turn to page B4 Actress Sara Anne, as Mary, holds her newborn in the Christmas episode of ‘The Chosen.’
P2JW331000-4-B00200-1--------XA
B2 | Saturday/Sunday, November 27 - 28, 2021
TARGET CORP.
 Many retail employees had
something to be thankful for
TGT Day. this year: no work on Turkey
Target, Walmart Inc. and
2.5% other merchants kept their
physical locations closed on
Thanksgiving for another year, after holi-
day closures during the pandemic proved
popular with customers—and employees.
Target said Monday it would make the
store closures permanent; its chief exec-
utive called it “our new standard” in a
letter to employees. Other retailers like
Walmart said they were using closures
this year to show their appreciation to
employees and boost retention. Target
shares lost 2.5% Monday.
DEERE & CO.
 Nothing runs like a Deere,
even during a strike. The
DE manufacturer saw minimal
fallout from its recent work-
5.3% ers’ walkout, reporting better-
than-expected quarterly prof-
its and forecasting continued strong
sales at higher prices next year. Employ-
ees represented by the United Auto
Workers union returned to their jobs
last week after a five-week strike, rati-
fying a new contract that provides them
higher wages, bonuses and other bene-
fits over six years. Deere said the deal
will cost the company as much as $300
million a year during the contract. Deere
shares rose 5.3% Wednesday.
The eulogies for
the corporate con-
glomerate have been
pouring in fast. But
in fact, these mon-
sters of modern busi-
ness are now bigger,
more powerful and perhaps more
world-consumingly durable than
ever. They also look very different
than in the past.
The dismantling of General
Electric, Toshiba, Johnson & John-
son, Siemens, DowDuPont, United
Technologies and other sprawling
business empires in recent years
has been heralded as the end of
the conglomerate and the demise
of the idea that brilliant manage-
ment teams can succeed operating
in very different industries. But
just as those giants of traditional
industry are being dismembered,
today’s tech giants have arisen as
latter-day conglomerates—what
some even call “neo-conglomer-
ates.” They boast valuations bigger
than any other companies in his-
tory, and have diversified their
businesses through acquisitions
and new starts just like conglom-
erates of old.
Amazon, the $1.8 trillion do-ev-
erything-for-everyone company,
operates online and bricks-and-
mortar retail stores, sells out-
sourced computing services, runs a
global logistics operation, pro-
duces movies, dominates smart
speakers, peddles home security
services, aims to launch a satellite
network, provides healthcare ser-
vices and last year acquired Zoox,
a self-driving car company.
Microsoft, worth $2.5 trillion
and battling Apple for the title of
America’s biggest public company,
sells business software, video-
games and outsourced computing
power, runs a social-media service
where it sells ads and hawks gad-
gets, among other things.
Smartphones, laptops, wear-
ables, advertising and self-driving
vehicles are now in the works or
on the market from both Google
parent Alphabet and Apple.
Even Facebook parent Meta,
which is diversifying its business
from monetizing human attention
through its apps to doing the same
through an all-consuming “meta-
verse,” seems to at least be trying
to turn itself into a conglomerate,
making virtual reality headsets, of-
fering smart glasses and attempt-
ing to run a marketplace.
Management case studies that
once focused on GE and its legend-
ary Chief Executive Jack Welch
now are more likely to analyze the
actions of Amazon and its founder
Jeff Bezos or Apple and its CEOs
Steve Jobs and Tim Cook.
The corporate passing of the
torch has been in the making for
decades. But this month punctu-
ated the transition, with GE,
Toshiba and J&J all saying they
would split apart in an attempt to
get leaner and more efficient. The
same week, Amazon boosted its in-
vestment in electric truck com-
pany Rivian, which went public
Nov. 10 and now sports a market
cap roughly on par with GE.
But there are important differ-
ences between today’s tech con-
glomerates, which continue to
grow in value and scope, and those
of yesteryear, say those who study
the history of the subject. The way
today’s big tech conglomerates
glue their products together into
“platforms” makes them poten-
LUCA D’URBINO
tially much more dominant and
long-lasting than the industrial
conglomerates. In those older con-
glomerates, sibling businesses
THE BUSINESS WEEK IN 7 STOCKS
PERFORMANCE OF AIRLINE STOCKS
Source: FactSet
5%
0
–5
–10
–15
Mon. Tues. Wed.
AMERICAN AIRLINES GROUP INC.
 A new Covid variant is causing fresh turbulence for
airlines. Governments across Europe and Asia placed
AAL new restrictions on flights and travelers from a
8.8% swath of southern Africa to stem the transmission
of a variant identified in the region. Airline shares
fell sharply Friday amid worry that broader travel bans could
be imposed just as many parts of the world were starting to
fly again. American Airlines shares fell 8.8% Friday.
KEYWORDS | CHRISTOPHER MIMS
The New Conglomerates
Move over, GE. The tech behemoths are the leaders of industry now.
weren’t nearly as interconnected
or mutually supporting, and in-
stead vied for investment from
their corporate parent.
“For Apple, all of its products
are plugged into this one plat-
form,” says Kim Wang, an assis-
tant professor of strategy and in-
ternational business at Suffolk
University’s Sawyer Business
School. “How could you ever di-
vide up Apple—it is like cutting an
egg in half.”
Dr. Wang defines a platform
company as one in which all ser-
vices rely on a common infrastruc-
ture or are otherwise intimately
interconnected.
Amazon’s platform approach
means it can gather consumer data
from all its products, then sell or
advertise against that. An Amazon
Prime membership comes with dis-
counts at Whole Foods and down
the road maybe a cheaper ride in a
The tech titans already
dominate their
businesses, but they may
just be getting started.
Zoox autonomous car. For Micro-
soft, the platform is the cloud, the
huge datacenters that power so
much of what people do these days.
Your Teams calls with colleagues
run via the cloud, LinkedIn uses it,
and Doom videogames played on
the Xbox console also increasingly
rely on those data centers.
Old-timey industrial conglomer-
ates like GE were built on the logic
that management excellence would
allow their centralized corporate
leadership to succeed in almost any
THE SCORE
Southwest Airlines
American Airlines
Delta Air Lines
Fri.
line of business, or to quickly sell it
off or shut it down if it didn’t pan
out. There are several reasons that
argument has lost its luster,
though, says Dr. Wang.
One is that stockholders who
would prefer more targeted invest-
ments now value conglomerates at
a price lower than what they could
be worth as individual busi-
nesses—what’s known as the “con-
glomerate discount.” For GE, the
company’s healthcare division is
performing well, but its energy
and transportation businesses
aren’t nearly as profitable, says Dr.
Wang. The other is that some of
their constituent companies are,
manifestly, not as good at deliver-
ing goods and services as smaller
and nimbler competitors.
There are parallels between the
old and the new business empires.
Modern neo-conglomerates like Al-
phabet, Apple, Meta and Amazon
subsidize newer lines of business
with the profits from more mature
ones, but one reason they escape
the “conglomerate discount” on
their stock price is that they are do-
ing so well overall. Amazon Web
Services, the leader in cloud com-
puting, may be many times more
profitable than its e-commerce and
retail businesses, for example, but
investors are betting they will all
continue to grow swiftly, regardless.
A characteristic of platform com-
panies, says Kai Wu, founder and
chief investment office of invest-
ment firm Sparkline Capital, is that
they take advantage of “network ef-
fects” such that every additional
user they add potentially brings
greater value than the previous one.
Social networks, for example.
tend to have a big-get-bigger, win-
ner-take-all tendency, because ev-
eryone wants to be where every-
****
BEST BUY CO.
 People are shopping at stores
again. Best Buy reported
BBY merce Tuesday that its U.S. e-com-
sales fell 10.1% from a
12% year earlier, a period when
many shoppers bought goods
online while stores were closed due to
Covid-19. Consumers are still spending
freely on sporting goods and kitchen ap-
pliances, as overall consumer demand
remains strong in spite of rising prices
and global supply-chain snarls. Best Buy
expects a strong holiday season but a
slowdown in sales growth versus earlier
in the year, said Chief Financial Officer
Matt Bilunas. Best Buy shares plum-
meted 12% Tuesday.
J.M. SMUCKER CO.
 Higher prices didn’t jam sales
for Smucker’s spreads. The
SJM company behind Jif peanut
butter and its namesake jel-
5.7% lies said sales in the second
quarter rose as higher prices
and demand helped it offset higher
costs and supply-chain challenges. J.M.
Smucker said in August it would raise
prices to combat cost inflation. Weather
in places like Brazil, Texas and the Pa-
cific Northwest also drove up costs for
commodities. The company said it
planned to pass the higher costs
through to consumers, raising prices on
coffee and other products. Smucker
shares rose 5.7% Tuesday.
one else is, and their value to
advertisers goes up as users ag-
gregate themselves—a classic net-
work effect.
The same is true of smartphone
operating systems, e-commerce
marketplaces and the like.
Another important difference
between conglomerates old and
new is that today’s tech conglom-
erates usually add new businesses
that can plug directly into their
platforms, while capturing more of
our time and money. When Micro-
soft bought ZeniMax Media, the
maker of the Doom videogame,
last year, it added more users and
bolstered the Xbox franchise, but
with gaming moving to the cloud,
it also fit neatly into the com-
pany’s cloud-computing business
that generates the bulk of the soft-
ware giant’s revenue.
Taken together, these features of
new conglomerates mean that they
could be at least as durable as
their forebears. GE began in 1892
and was the most valuable publicly
traded company as recently as
2005. The platform conglomerates
might last even longer, says Mr.
Wu. The only real roadblock to
their growth, he says, would be an-
titrust action by governments—a
threat that is gaining steam in
China, Europe and the U.S.
Until and unless those regula-
tions have a meaningful impact on
the profits or acquisitiveness of
these tech giants, all evidence from
the study of platform economies
suggests that they will only grow
bigger. In other words, Amazon, Mi-
crosoft, Apple and Alphabet might
just be where GE was in the middle
of the 20th century, a time when it
dominated its industries but was, in
terms of revenue and market value,
only just getting started.
THE WALL STREET JOURNAL.
ZOOM VIDEO
COMMUNICATIONS
 INC.
ZM Zoom is suffering from Zoom
fatigue. The videoconferencing
15% company reported a slowdown
in quarterly sales growth as
more people return to work. Zoom has
been unable to maintain the strong
growth of the pandemic’s earlier days
driven by a large shift to remote work.
The company also faces increased compe-
tition, as Microsoft Corp.’s Teams applica-
tion poses one of the biggest challenges
to Zoom’s market share. Zoom shares
lost 15% Tuesday, but recovered some of
that drop Friday as new concerns about a
Covid-19 variant pushed its stock back up.
GAP INC.
 Gaps in the global supply
chain are creating new prob-
GPS lems for Gap. On Tuesday it
said factory closures and port
24% delays caused it to miss out
on sales while spending extra
on air cargo, joining a growing list of
clothing companies facing similar chal-
lenges. Victoria’s Secret & Co., Aber-
crombie & Fitch Co. and other chains,
which rely on Asia for much of their
production, have also warned of trans-
portation problems and production de-
lays that left them unable to capitalize
on strong consumer demand. Gap
shares plunged 24% Wednesday.
—Francesca Fontana
Economy
Challenges
Tech Giants
Continued from page B1
both Amazon and Google said de-
mand for their digital-ads busi-
nesses was strong.
Chinese internet platforms have
already been dealing with new
policies that more strictly control
areas like data collection, algo-
rithms and minors’ time online.
“The question is whether those
platforms are set up to service
merchants in what you would de-
scribe as recession-proof or crack-
down-proof industries. And there’s
not many of those at this point in
time,” said Michael Norris, re-
search and strategy manager at
Shanghai-based consulting firm
AgencyChina.
China’s economy grew 4.9% in
the third quarter from a year ear-
lier, falling short of economists’
forecasts and slowing from the
previous quarter’s 7.9% expansion
rate. Growth has been weighed
down by a host of factors includ-
ing power shortages, supply-
chain issues and a crackdown on
private sectors including technol-
ogy, real estate and education.
For some Chinese internet gi-
ants, the slowdown has trans-
lated into weaker demand for
digital advertising.
Tencent’s third-quarter online
advertising revenue rose 5% year-
over-year, slowing from 23%
growth in the previous quarter,
as a result of tighter regulation in
areas like education, insurance
and online videogaming. Other
industries have been slow to pick
up the slack, executives said.
“Other categories will leap into
the gap and sort of backfill and
take advantage of the lower
prices,” said James Mitchell, Ten-
cent’s chief strategy officer. “I think
that will happen over time, but in a
more challenging macro environ-
ment, it happens less quickly.”
On Friday, Beijing’s top regula-
tor published draft rules for the
internet advertising industry, in-
cluding prohibiting after-school
training ads targeting young stu-
dents and holding advertisers
and internet platforms account-
able for ad content.
Baidu Chief Strategy Officer
Herman Yu said the weakness in
ad revenue would likely persist
beyond the third quarter, particu-
larly if pressures from Covid-19
shutdowns and regulation con-
tinue. China has recorded a very
small number of Covid-19 cases
compared with other countries,
yet sporadic outbreaks have con-
tinued to result in temporary
halts on travel and business.
Other companies are looking
to diversify growth drivers as
China’s economy flags.
Alibaba said its July-Septem-
ber earnings suffered from slow-
ing domestic consumption as well
as increased competition, and ex-
pects fiscal 2022 revenue to in-
crease 20% to 23%, compared
with its forecast of nearly 30% in
May. The company has said it is
looking to cloud computing and
international commerce as areas
of growth. Meanwhile, Baidu said
its core revenue was driven by a
73% year-over-year rise in cloud
computing.
—Raffaele Huang and Anniek
Bao contributed to this article.
P2JW331000-4-B00300-1--------XA
THE WALL STREET JOURNAL.
Empty Containers Inundate Ports Protesters
Block U.K.
Boxes waiting for
outbound ships are
adding to gridlock in
distribution networks
BY PAUL BERGER
The biggest export out of
Southern California these days
is air. And it is suffocating the
supply chain.
Hundreds of thousands of
empty containers are filling
marine terminals and truck
yards across the region and
tying up scarce trucking
equipment as ocean carriers
scramble to return empty
boxes to factories in Asia. The
gridlock on the export side of
U.S. supply chains is the mir-
ror of the congestion tying up
imports, and officials say it is
complicating efforts to unwind
the bottlenecks at the ports of
Los Angeles and Long Beach.
“They take up space at the
docks and they take up space
at the terminals,” Mario Cord-
ero, executive director of the
Port of Long Beach, said of the
stacks of empty boxes. “It’s a
serious concern.”
Shipping lines have made
recovering the empty contain-
ers a priority because they
want to get them back across
the Pacific Ocean to take ad-
vantage of high freight rates
for Asian exports. That has
fractured a round trip for
shipping containers that nor-
mally stretches across the
U.S., with more customers now
unpacking shipments at
nearby warehouses already
swamped with goods.
With ships already full,
there isn’t enough space for
empty boxes that are then
Supply-Chain Woes Fuel Rising House Prices
BY STUART CONDIE
SYDNEY—Snarled supply
chains and labor shortages are
adding fuel to some of the
world’s hottest property mar-
kets, complicating efforts by
central banks and regulators
to cool them down.
In Australia, shortages of
materials and supply disrup-
tions have contributed to the
average price of newly built
homes recently rising at the
fastest rate in 21 years, ac-
cording to the Australian Bu-
reau of Statistics. In the U.K.,
a lack of subcontractors in-
cluding carpenters and electri-
cians is driving rapid increases
in wages. New Zealand’s gov-
ernment this month ordered
its competition watchdog to
examine the supply of building
materials amid concerns about
higher construction costs and
housing affordability.
To protect profits, builders
are passing on higher costs of
materials such as steel and
timber to customers whenever
possible, typically by charging
more. In doing so, they are
adding support to property
prices just as regulators worry
markets are showing signs of
becoming overheated against a
backdrop of low interest rates.
More broadly, higher build-
ing costs are stoking inflation
in countries wrestling with
business closures related to
Covid-19 restrictions, higher
U.K. Pubs Suffer From Covid-Induced Economic Hangover
BY ALISTAIR MACDONALD
LIVERPOOL, England—
Conor Foley’s pub offers a bar-
stool view of forces roiling the
global economy. Having finally
reopened after pandemic shut-
downs, Mr. Foley must now
manage rising costs, a short-
age of workers, supply-chain
snags and changing consumer
behavior.
The great British pub has
been hit hard by the spread of
Covid-19 and its economic af-
termath. The U.K. lost around
3,250 pubs and bars—about
6.8% of all such businesses—
between March 2020 and Sep-
tember this year, according to
consultants AlixPartners and
CGA, as the pandemic added
to the strain on these drinking
establishments, considered
classic cultural institutions.
Mr. Foley hopes his pub,
Kelly’s Dispensary, won’t be
added to the list of closures,
though it is taking hits from
all sides. The usually busy
Christmas period will be a test
for pubs across Britain, includ-
ing Kelly’s and Mr. Foley and
* * * *
piled onto increasingly high
stacks to await transport and
loading onto outbound vessels.
Hundreds of private parcels
of land have been opened up
for empty containers, Gene Se-
roka, executive director of the
Port of Los Angeles, told har-
bor commissioners at a recent
meeting. Mr. Seroka said that
during a recent helicopter tour
from the port complex to San
Bernardino, 80 miles away, he
saw “containers strewn
throughout the region.”
Some of those boxes might
have been filled with goods.
But because shippers don’t
like to leave millions of dollars
of merchandise in public, the
majority were most likely
empty.
The boxes are the result of
an import surge that swamped
the domestic supply chain this
year as consumers switched
spending from services to
goods during the Covid-19
pandemic. Loaded imports at
the California ports complex
totaled the equivalent of 6.9
million containers between
January and August, an in-
crease of 23% compared with
the same period in 2019, ac-
cording to research and con-
sulting firm Beacon Econom-
ics.
The ports handled the
equivalent of 6 million empty
export containers during the
first 10 months of this year,
20% more empty boxes than in
all of 2019, according to data
from the ports.
About 110,000 empties are
stacked at port terminals on a
typical day, officials say, and
thousands more are piled in
private yards and even scat-
tered along streets. Before the
current congestion, the ports
In Australia, shortages of materials have fueled the price increases. A construction site in Sydney.
energy bills and port conges-
tion. In New Zealand, the aver-
age price for the construction
of a new house rose 12% in the
12 months through September,
according to government data,
contributing to annual infla-
tion rising at its fastest pace
in a decade.
Lindsay Partridge, managing
director of Australian building
materials supplier Brickworks
Ltd., said shipping costs for
bulk cement had risen fourfold
in recent months, while the
company almost ran out of
manganese—used to color
bricks—and had to switch sup-
his partner’s two other Liver-
pool-based pubs.
“Kelly’s has been hemor-
rhaging cash,” he said. “Pubs
are a poster boy for wider
troubles in the economy.”
British pubs have been un-
der pressure for two decades
amid competition from cheap
alcohol from grocery stores
and other factors including a
smoking ban and advances in
home entertainment. Since
1995, almost one in four pubs,
or 14,200 premises, have
closed, according to the Brit-
ish Beer & Pub Association.
Kelly’s is one of the original
“Smithdown Ten,” a famous bar
crawl running down Smith-
down Road from near central
Liverpool to the street’s end
near Penny Lane of the Beatles
fame. A decade of pub closures
means the original Smithdown
Ten are now four.
Pub owners worry the pan-
demic has accelerated the in-
dustry’s decline, and some
Brits worry further closures
could be part of a wider re-
shaping of the country as the
pandemic subsides.
BUSINESS NEWS
Exporting Air
Empty outbound shipping
containers from the Port of
Los Angeles in 20-foot
equivalent units
400,000 containers
300,000
200,000
100,000
0 neath empty containers, con-
2019 ’20 ’21
Source: Port of Los Angeles
had rarely tracked the number
of empty containers sitting at
docks.
Hundreds of thousands of
boxes are lifted from ships
each month, delivered to
warehouses and their contents
emptied. Truckers say that
when they try to return the
boxes they find terminals so
full that it is almost impossi-
ble to secure an appointment
to return them. “It is like play-
ing the lottery,” said Leslie
Luna, freight coordinator for
Luna and Son’s Trucking LLC,
a small, short-haul trucking
firm in Commerce, Calif.
Ms. Luna said she some-
times stays up until 2 a.m. or
3 a.m. refreshing appoint-
ment-booking websites to re-
turn containers that fill her
company’s 2-acre yard.
To return a container Ms.
Luna has to make an appoint-
ment on a different website
for each of the port complex’s
pliers even though that meant
paying more. “There’s only two
suppliers, so if one hasn’t got it
you go to the other. There’s no
leverage,” he said, adding that
Brickworks was passing on
costs to customers as much as
possible.
The risk is that central
banks and regulators will
move more aggressively to
cool housing markets if prices
remain stubbornly high, desta-
bilizing the economic recovery
from the Covid-19 pandemic in
the process.
New Zealand’s central bank
thinks home values have
Kelly’s Dispensary is one of the original ‘Smithdown Ten.’
Lockdowns meant pubs and
bars were closed for much of
2020, with pub chain Fuller
Smith & Turner PLC saying its
premises were open for less
than a third of the year. Now
that pubs have reopened,
strains in global supply chains
and accelerating inflation pose
fresh challenges.
Earlier this month, Mr. Fo-
ley received an email quoting
new prices for gas and elec-
Saturday/Sunday, November 27 - 28, 2021 | B3
13 terminals. Each terminal first day over the limit and the
will only accept certain boxes
for certain ocean carriers on
certain days. The terminals are
fee would escalate if the con-
tainer doesn’t move so that by
day seven the charge would
so full they often don’t take total $2,800.
boxes at all or add require- The ports have postponed
ments that truckers pick up an implementation of the fee, giv-
inbound box for each one they ing retailers, manufacturers
drop off. and logistics companies more
The result is that many time to pick up boxes. Termi-
truckers are stuck with an nals know one way to help
empty container sitting atop shipping customers retrieve
the trailer, known as a chassis, boxes is to accept more empty
that they need to pull loaded containers and free up truck
imports from the harbor. The chassis. Alan McCorkle, chief
Harbor Trucking Association, executive of Yusen Terminals
in a recent survey of 43 truck- LLC, at the Port of Los Ange-
ing firms, found that about les, said his facility began ex-
8,100 chassis were stuck be- panding capacity for empty
boxes in October.
tributing to an area-wide The terminal, which accepts
shortage of the equipment. boxes for five ocean carriers,
Ian Weiland, vice president leased 20 acres of nearby land,
of operations at Junction Col- increasing its storage capacity
laborative Transports, a short- for empty containers to 19,000
distance trucking company boxes from 6,500. It also
based in Long Beach, said that worked with another firm to
in recent months he has had create a third-party storage fa-
to send about 25% of his driv- cility on 12 acres of land with
ers home after their first de- capacity for 5,000 boxes. The
livery of the day because of facility opened three weeks
the hundreds of empty con- ago and already has 3,000
tainers taking up chassis in his containers, Mr. McCorkle said.
yards. Without an empty chas- Several ocean carriers have
sis, the drivers can’t pick up a sent small ships to pick up
new container. hundreds or a few thousand
That changed in early No- boxes at a time, but that
vember, Mr. Weiland said, hasn’t done much to clear the
when the firm suddenly found backlog. Some terminal opera-
it was able to make appoint- tors and ocean carriers said
ments for containers it had they expect larger ships to ar-
been unable to return for rive in Southern California in
weeks. “Someone waved some the coming weeks with capac-
sort of magic wand around ity to pick up more boxes
Nov. 1,” he said. when the rush to transport
The change coincided with goods eases after the holidays,
the ports’ decision to impose a making more ships available.
daily fee starting this month Some exporters say the
on loaded containers that ocean carriers’ drive to get
dwell at terminals nine days boxes quickly back to Asia for
or longer. Boxes will be as- imports has hurt their busi-
sessed a charge of $100 on the ness.
Central banks appear confi-
dent they can rein in house
prices using a mix of higher
interest rates and other tools.
Still, rising materials costs
and a shortage of laborers
could make policy less effec-
tive if they force companies to
slow or even stop construction
projects, reducing future hous-
ing supply, said Shane Oliver,
chief economist at AMP Ltd.,
an Australian wealth manager.
BRENDON THORNE/BLOOMBERG NEWS
Australian home builder
Tamawood Ltd. is one company
turning down projects. Prop-
erty demand is currently so
strong that Tamawood could
build twice as many homes if it
had enough materials and la-
bor, said Robert Lynch, the
company’s chairman.
Mr. Lynch said the average
cost of building materials such
as timber and steel used by
reached unsustainable levels, his company has risen by
with one gauge pointing to about 10% to 15% in the past
price gains of more than 30% eight months. Labor shortages
in the past year. On Wednes- have worsened, with bricklay-
day, the Reserve Bank of New ers charging as much for three
Zealand raised its benchmark days’ work as they previously
interest rate to 0.75% from had for a full week, he said.
0.50%, partly because of sky- “There are areas that we
rocketing home prices. are finding it very difficult to
Reserve Bank of Australia get trades to go to,” Mr. Lynch
Gov. Philip Lowe this month said. “We’re curtailing any
said Australian rates are very work in those areas and just
unlikely to rise until 2023 at easing back.”
the earliest but that regulators Industry executives say
could need to tighten borrow- prices of construction materials
ing tests again if growth in could stay high for at least a
household debt continues to year, partly because it will take
outpace wage growth. time for port logjams to clear.
as 10% in January to offset
more expensive aluminum cans,
cardboard packaging and ingre-
dients. “Almost all of our sup-
pliers at the moment are put-
ting their prices up,” said Greg
JANE MACNEIL FOR THE WALL STREET JOURNAL
Hobbs, its brewing director,
adding that he was recently no-
tified of a likely 10% to 20% rise
in malt costs for 2022.
Kelly’s is also struggling to
hire workers. Mr. Foley said he
recently advertised for a bar
manager. He got one applicant
for a role that pre-pandemic
would have attracted 40 to 50.
He didn’t hire that candidate,
and Mr. Foley, who has young
children, has been working 70-
hour weeks to cover.
tricity around 40% higher than New hires want more pay. A
his current bill. bar manager would have earned
“I nearly fainted,” he said. around £27,000, equivalent to
Mr. Foley is already paying about $36,000, before Covid-19
over 6% more for a keg of hit, and now makes £32,000
Guinness, and industry ana- plus bonuses, Mr. Foley said.
lysts say breweries and distill- Though Covid-19 restric-
eries will likely increase prices tions have eased, publicans—
in the first half of next year to those who own or manage
pass on rising costs. pubs—say they have yet to
London-based Five Points claw back all their customers,
Brewing Co. expects to raise some of whom got used to
the prices of its beer as much drinking at home or remain
Amazon
Facilities
BY TREFOR MOSS
LONDON—Climate protest-
ers blockaded 13 Amazon.com
Inc. facilities in the U.K. on
Friday, as well as two more in
Germany and the Netherlands,
snarling trucks in some lo-
cales, in a bid to disrupt oper-
ations on the busiest day of
Amazon’s year in terms of on-
line orders.
Before dawn, activists for
Extinction Rebellion, a British
group campaigning for action
on climate change, began
blocking roads outside Ama-
zon warehouses, in some cases
erecting metal structures to
prevent delivery trucks enter-
ing or leaving the facilities.
Around 20 activists were pro-
testing at each location.
Pictures of long lines of
Amazon vehicles waiting out-
side warehouses circulated on
U.K. social media throughout
the day.
“We have a large network
of sites across the U.K. and are
working to minimize any po-
tential disruption to custom-
ers,” an Amazon spokesperson
said.
Extinction Rebellion said it
was targeting Amazon to con-
front “the exploitative and en-
vironmentally destructive
business practices of one of
the world’s largest compa-
nies.” The protests have tar-
geted facilities accounting for
around half of Amazon’s U.K.
deliveries, the group said.
The Amazon spokesperson
defended Amazon’s environ-
mental record and its role in
the U.K. economy. “At Amazon,
we take our responsibilities
very seriously,” she said. “That
includes our commitment to
be net-zero carbon by 2040.”
Black Friday, which started
in the U.S., has grown in popu-
larity in Europe in recent
years. Consumers in the U.K.,
Amazon’s third-biggest market
by sales after the U.S. and Ger-
many, are forecast to spend a
record £9.2 billion ($12.3 bil-
lion) across the Black Friday
weekend, according to re-
search firm GlobalData PLC—
much of it with Amazon.
With many items already
bought and paid for, and with
many purchases intended as
Christmas gifts, any delivery
delays caused by the protests
appeared unlikely to hit Ama-
zon’s bottom line. Amid the
world’s super-tight supply
lines and overstretched trans-
portation networks, however,
even small disruptions could
cause delays or ripple in unex-
pected ways. The protests also
come at a time of scrutiny
over working conditions inside
Amazon warehouses.
Some Amazon workers
around the world had sepa-
rately planned coordinated
strikes as part of a campaign
called “Make Amazon Pay.”
The campaign has issued de-
mands for better pay and
working conditions for the e-
commerce giant’s global work-
force.
Amazon said the company
provides “excellent pay and
benefits in a safe and modern
work environment.”
concerned about infection
risks in crowded places.
At the Boundary Pub, tradi-
tionally the first stop on the
Smithdown Ten, Roger Dove
popped in on a recent after-
noon to say hello to the bar-
tender. Before the pandemic,
Mr. Dove used to drink there
every Friday and Saturday
night. He hasn’t stopped for a
drink for eight weeks.
“You just get out of the rou-
tine,” the 57-year-old said.
It is a similar story at the
big pub chains. Sales at Fuller
Smith & Turner, which controls
384 pubs and hotels, were at
90% of those in 2019 for the
seven weeks to this September.
At JD Wetherspoon PLC, which
manages 860 pubs, sales for
the 15 weeks to mid-November
were 8.9% lower than in the
same period of 2019.
Pubs are trying to adapt,
making it easier and more
comfortable to drink outside
and order via apps, rather
than at crowded bars.
Still, the coming weeks are
set to be a test of the endur-
ing appeal of the local pub.
P2JW331000-4-B00400-1--------XA
B4 | Saturday/Sunday, November 27 - 28, 2021
A Bible Story
Fueled by
Faithful Fans
Continued from page B1
namic is fueled by religious faith.
The show grew out of a short
film and fundraising messages Mr.
Jenkins posted online in 2017.
Some 16,000 people paid at least
$100 each to fund the shooting of
the first season in 2018, budgeted
at $11 million. In exchange, this
flock of financial backers got an
equity stake in the company that
produced the show. They received
shares in The Chosen LLC through
an offering process filed with the
Securities and Exchange Commis-
sion. These initial investors could
eventually share in any profits
from the show and other revenue
sources, such as sales of “Chosen”
T-shirts and Bible study books co-
written by Amanda Jenkins, the
creator’s wife.
Majority owners in the com-
pany, including Mr. Jenkins (who
received an annual salary of
$300,000, according to an SEC fil-
ing) won’t share in profits until
the startup investors earn back
their initial stake plus a profit of
at least 20%.
The success of the series is a
powerful reminder to Hollywood
that faith-focused projects can
sometimes become breakthrough
hits. But what makes “The Cho-
sen” even more of an outlier is the
way it is supercharging the crowd-
funding model to sustain produc-
tion through multiple seasons.
Though “The Chosen” is free to
watch, viewers have poured $40
million and counting into its pro-
duction budget, enough to pay for
three out of a planned seven sea-
sons. The costs of building the
new production facilities, on a
1,200-acre camp owned by the Sal-
vation Army, are being covered by
a smaller group of the show’s fans.
Producers say viewership was
sluggish when the first season pre-
miered for a fee in 2019. But the
audience spiked when they made
the series free on a “Chosen” app,
now the show’s main distribution
hub, and viewers continued to
multiply during the pandemic’s
lockdown months. The show has
been translated into 50 languages,
and is licensed to video services
from Amazon to Peacock. Produc-
ers estimate that its 16 episodes
have been viewed 312 million
times. Now the “Chosen” audience
is set to converge in person in
movie theaters.
Starting Dec. 1, about 1,700 the-
aters will feature screenings of a
“Chosen” Christmas special, in-
cluding musical performances and
a new episode in which Mother
Mary (a series character played by
Vanessa Benavente) flashes back
to her son’s birth. Distributor
Fathom Events, known for one- or
two-day releases of classic movies,
live opera and other specialty fare,
expanded the “Chosen” event to 10
days. Ticket sales are approaching
$6 million so far, putting “Christ-
mas with ‘The Chosen’” on track to
be Fathom’s bestseller ever, ac-
cording to chief executive Ray
Nutt.
Other movie and TV producers
have tapped die-hard fans to cover
their budgets, but those projects
were small and fleeting by com-
parison. The record for crowd-
funded entertainment was once
held by the cult comedy TV series
“Mystery Science Theater 3000,”
which raised about $6 million on
Kickstarter for one revival season.
Season 3 of “The Chosen” is set to
start shooting in March with a
budget of $18 million, up from $12
million for season 2. The increased
expenses include the cost of
switching to a union film crew.
Mr. Jenkins, 46 years old, is the
co-writer, executive producer and
director. In the show’s many online
videos and social-media posts, he
is also the audience’s behind-the-
scenes liaison and explainer of sto-
rytelling choices and biblical inter-
pretations. These messages
routinely include his disclaimers
about the project’s business model,
such as, “We are not a nonprofit, a
church or a ministry.”
His pitch mixes altruism and
evangelism, urging “Chosen” fans
to chip in money to keep a drama
about Jesus and his teachings free
for anyone to watch. Revenue
flows from viewers who touch a
“Pay It Forward” button in the
“Chosen” app, contributing an av-
erage of $65 each. Mr. Jenkins
hosts livestream events that dou-
ble as viewing parties for new epi-
sodes, which generate an average
$1 million each for the show’s pro-
duction fund and overhead costs
including distribution fees, he
says. The show’s 25 employees in-
clude social-media staffers and a
video team capturing work behind
the scenes.
“We have to grind it out for ev-
ery viewer, and direct communica-
tion with them is how we do it,”
Mr. Jenkins says. “It’s a constant
feedback loop.”
After seeing Mr. Jenkins’s pilot
and initial fundraising call on
Facebook, Lisa Ann Lang became
one of the show’s angel investors
with a buy-in of $10,000. Though
she describes herself as “a spiri-
tual person, not a religious per-
son,” Ms. Lang, 54 years old, has
immersed herself in all things
“Chosen.” She bought DVDs and
books in bulk to hand out, and
made additional contributions that
earned her a spot in the credits,
three set visits, and an on-screen
cameo in episode 6 as a back-
ground villager witnessing Jesus’
healing of a paralytic. She recently
rented a theater in her hometown
in northwest Pennsylvania to
screen episodes of “The Chosen”
throughout December, and paid to
advertise the screenings on bill-
boards and radio spots.
“I may not have been called to
be a missionary overseas, but this
project provides the opportunity
to spread the Gospel as if you
were a missionary close to home,”
she says.
Echoing other devotees of the
series, Ms. Lang says “The Cho-
sen” brings biblical figures down
to earth. Jesus (played by Jona-
than Roumie, who’s had one-off
roles in “Chicago Med,” “The Good
Wife” and other network TV se-
ries) makes dry jokes and dances
Mary and Joseph in a scene from ‘The Chosen’ Christmas episode.
EXCHANGE
at the wedding where he turns wa-
ter into wine. Matthew (Paras Pa-
tel) gets shunned because of his
personality quirks and his job as a
tax collector for the Romans. Si-
mon Peter (Shahar Isaac) struggles
to balance his devotion to his wife
and his Messiah.
“It has allowed people to relate
on a very human level, where a lot
of other productions try to be so
lofty,” Ms. Lang says.
This approach stems from Mr.
Jenkins’s background as a film-
maker and an evangelical. He grew
up in a conservative Christian
community in Zion, Ill., where he
played basketball and trained in a
Bible memorization program called
Awana. His father is Jerry B. Jen-
kins, co-author of the “Left Be-
hind” series of novels, which
chronicled apocalyptic battles
against the Antichrist following
the rapture. The books sold tens of
millions of copies and topped na-
tional bestseller lists around the
turn of the millennium, when Mr.
Jenkins was starting his own ca-
reer after Bible college in Minne-
sota. His father, an investor in
“The Chosen,” wrote a noveliza-
tion of the show’s first season.
The costume team’s mantra is, ‘more dirt, more grime, more holes.’
Mr. Jenkins says it was the Jack
Nicholson picture “One Flew Over
the Cuckoo’s Nest” that first made
him want to be a filmmaker. Start-
ing at age 25, he made a series of
independent movies that led to his
big break in Hollywood, directing a
film with two unlikely partners:
the horror studio Blumhouse and
World Wrestling Entertainment
Inc., which had decided to produce
faith-based projects.
“The Resurrection of Gavin
THE CHOSEN
****
Dallas Jenkins, above left, created ‘The Chosen’ after a Hollywood flop.
Producers are building a set to resemble an ancient village.
Stone,” about a down-and-out ac-
tor who plays Jesus in a mega-
church pageant, died upon release
in theaters in 2017. Feeling like a
failure, Mr. Jenkins turned to mak-
ing films for the worship services
at his Illinois church, the same one
where he’d shot his Hollywood
bomb.
“Some fans of ‘The Chosen’
think it’s a stick-it-to Hollywood
thing,” he says. “They get excited
about the outside nature of it. But
most of our actors and crew are
from Hollywood, and Hollywood
gave me an opportunity before but
it didn’t work out.”
A short film he made for his
church’s Christmas celebration
caught the attention of an online
video service specializing in clean
content, Angel Studios. “The Shep-
herd” put a tight focus on the kind
of character typically relegated to
the background of the nativity, and
served as a proof of concept to po-
tential investors when Angel Stu-
dios helped Mr. Jenkins and his
team launch their crowdfunding
push for “The Chosen.”
Mr. Jenkins, whose writing ses-
sions for “The Chosen” go from
about 11 p.m. to 4 a.m., collabo-
rates on scripts with longtime
friends Ryan Swanson, who has
had his own ups and downs in Hol-
lywood, and Tyler Thompson, a co-
writer of all Mr. Jenkins’s church
films. Several experts guide them
on biblical and historical accuracy,
and appear in roundtable discus-
sion videos online.
Mr. Jenkins says he draws on
secular sources, too. Binge-watch-
ing the kaleidoscopic HBO crime
drama “The Wire” convinced him
to delve into the sociopolitical
worlds of Romans and Pharisees.
He borrowed the idea of delaying
Jesus’ entrance in the series from
“The West Wing,” in which the
president doesn’t show up until
the end of the first episode.
To inject realism, cinematogra-
pher Akis Konstantakopoulos fa-
vors candlelit rooms and produc-
tion designer James R.
Cunningham creates gritty street
scenes. Mr. Jenkins’s mantra to his
makeup and costume team: “more
dirt, more grime, more holes.”
“One hurdle we have to overcome
is the genre itself. There are few
people who go, ‘Yes! Another Jesus
project!’ ” he says. “People are com-
ing in skeptical, expecting that this
will be inauthentic, cheesy or life-
less. Or, on the other end of the
spectrum, Hollywood-ized, where
they’re not honoring the text.”
Mr. Cunningham, the set de-
signer and Mr. Jenkins’s former
roommate in college, says his fam-
ily didn’t sample the show until
THE WALL STREET JOURNAL.
COOPER NEILL FOR THE WALL STREET JOURNAL (4)
the pandemic shifted their atten-
tion. “I couldn’t get people to
watch it because of the stigma to
the whole Jesus genre. Once peo-
ple started watching it took off.”
Efforts to ground the show with
21st-century relevance can create
backlash. Scenes of the disciples
promoting the Sermon on the
Mount, building a stage and han-
dling crowd control, offended
some fans who said it depicted Je-
sus as a rock-star celebrity.
Mr. Jenkins says the goal is to
create context where the Scrip-
tures lack it: “People need to un-
derstand the difference between
the content we make and the con-
tent we are inspired by. Some of
what we do is on purpose to re-
mind people of that.”
‘Planting a stake’
When some fans asked to sup-
port the show’s mission with mon-
etary donations ranging into the
millions, the “Chosen” team part-
nered with separate nonprofit
companies to accept them, accord-
ing to chief operating officer Adam
Swerdlow. That pool of money,
routed through the National Chris-
tian Foundation and the Impact
Foundation, is being used to build
the production complex and the
1st-century village set in Midlo-
thian. “The Chosen” will pay rent
to use these facilities, which are
also intended to accommodate
other faith-based film and TV pro-
ductions.
This headquarters is going up
30 miles from Dallas on the former
ranchland of Camp Hoblitzelle, es-
tablished by the Salvation Army in
1956. Stocked with everything
from dorms to a horse corral and
ropes course, the sprawling
grounds of the camp host summer
campers, church youth groups and
retreats.
A fan of “The Chosen” who
worked at Camp Hoblitzelle sug-
gested it when producers were
searching for a site of their own.
The production had been moving
among shooting locations, includ-
ing a stand-in for ancient Jerusa-
lem in Goshen, Utah, a set owned
by the Church of Jesus Christ of
Latter-day Saints. The “Chosen”
crew and cast first set up shop at
the camp when it was empty dur-
ing the pandemic to shoot scenes
for season 2. That led to a lease
agreement with Camp Hoblitzelle.
The Capernaum village set has
been designed to accommodate
both film crews and everyday visi-
tors to Camp Hoblitzelle. Plans for
the 2-acre site include dwellings
big enough for camera and light-
ing rigs, and with interchangeable
Jewish and Roman doors, depend-
ing on the needs of a scene. But it
will also feature a working olive
press, a ritual bath called a mik-
vah, and other features designed
to immerse tourists and campers
in a biblical setting.
Mr. Jenkins, who has four chil-
dren, the two eldest in college,
moved with his family last sum-
mer to a home near the camp. He
envisions the emerging site here
as a self-sufficient outpost in the
entertainment world. As a poten-
tial follow-up to “The Chosen,”
he’s considering a series based on
the Book of Acts, and a multisea-
son adaptation of his father’s “Left
Behind” stories.
“We’re planting a stake here for
not just these five seasons, but po-
tentially more,” Mr. Jenkins says.
“This is home, so let’s make this
permanent.”
P2JW331000-4-B00500-17FFFF5178F
THE WALL STREET JOURNAL.
BY ANNE TERGESEN
T
he rules that gov-
ern retirement
spending are
changing. No sur-
prise, then, that re-
tirees have lots of
new questions.
For decades,
conventional wisdom was that re-
tirees who wanted a high degree
of certainty their money will last
should spend no more than 4% of
their savings in the first year of
retirement and adjust that amount
annually to keep pace with infla-
tion. Research firm Morningstar
Inc. upended that thinking earlier
this month with a recommenda-
tion that people spend no more
than 3.3% of their savings at the
start of their golden years.
That news prompted a litany of
questions from readers of The
Wall Street Journal. Is Morning-
star the only corner of the money
management world arguing for a
lower withdrawal rate? Is it ever
OK to draw down more than 4%?
Can I keep my retirement spending
the same if I increase my alloca-
tion to stocks, or international in-
vestments?
The Morningstar math is
straightforward. Someone with a
$1 million portfolio would now aim
to draw down $33,000 in year one
of retirement, instead of $40,000
under the 4% rule. Assuming 4%
inflation, that same retiree would
have to live on $34,320 in year
two and $35,690 in year three, re-
gardless of market performance.
Morningstar made its adjustment
because of lower returns expected
from stocks and bonds in the years
ahead. If inflation, which is at a
30-year high, remains near today’s
level for an extended period, even
3.3% might not be low enough, ac-
cording to Morningstar.
How you should react to this
new guidance is anything but sim-
ple. Here are answers to some of
the most pressing questions from
readers:
 Does everyone agree that the
4% recommendation should be re-
vised to 3.3%?
No. Some have argued it should go
even lower. A group of researchers
that includes American College of
Financial Services professor Wade
ANA YAEL
Pfau concluded in a 2013 study
that the initial withdrawal would
What a view.
We’ve designed two distinct mobile apps so you can use the one that fits your investing style. TD Ameritrade Mobile lets
you keep track of your portfolio at a glance, while thinkorswim® mobile gives you the tools you need to conduct in-depth
analyses right from your phone.
Visit tdameritrade.com/apps to learn more.
All investing involves risks, including loss of principal. TD Ameritrade, Inc., member FINRA/SIPC a subsidiary of the Charles Schwab Corporation.
© 2021 Charles Schwab & Co., Inc. All rights reserved.
* * * *
WEEKEND INVESTOR
The New Rules of Retirement
We answer readers’ biggest questions about changing advice on spending
have to be capped around 2.5% for
investors to have a high likelihood
of making their money last over a
30-year retirement.
That calculation, based on fore-
casts of future returns, assumed
investors had 50% of savings in
stocks and 50% in bonds.
But the man who in 1994 came
up with the 4% rule—retired finan-
cial planner Bill Bengen—isn’t con-
ceding that 4% is too high. In fact,
he said investors can go even
higher if they are willing to diver-
sify their bets. That said, he agrees
future returns will likely be below
average over the coming decade.
And you can in fact withdraw a
higher percentage of your balance
if you think your life expectancy is
likely to be shorter than 30 years
(the period typically used to arrive
at these calculations). For exam-
ple, a couple who retires at age 75
and expects to live another 20
years can start by drawing down
roughly 5% of savings, said David
Blanchett, head of retirement re-
search at PGIM, the investment
management group of Prudential
Financial Inc.
 Can I withdraw more than 4% if
I invest a high percentage of my
portfolio in stocks?
It isn’t a good idea, according to
Mr. Bengen. The 4% rule is most re-
liable for portfolios with 50% to
60% in stocks and the rest in bonds.
If you invest less than 50% in
stocks, your returns may be insuf-
ficient to support a 4% inflation-
adjusted withdrawal for 30 years,
said Mr. Bengen. With more than
Saturday/Sunday, November 27 - 28, 2021 | B5
60% in stocks, your portfolio may
lose so much during a bear market
that it won’t be able to recover.
“It’s good to be in the middle,”
said Mr. Bengen.
 What if I diversify my portfolio
further?
It might help, according to the fa-
ther of the 4% rule. Adding inter-
national stocks and the stocks of
small U.S. companies to a hypo-
thetical portfolio would have
earned enough to justify an initial
retirement withdrawal of 4.7%
during any stretch of the last 95
years, Mr. Bengen said.
Mr. Bengen recommends hold-
ing roughly 11% each in interna-
tional stocks and U.S. large, mid-
size, small, and microcap stocks.
He also recommends allocating
10% to Treasury bills and 35% to
intermediate-term U.S. bonds.
Still, Mr. Bengen warns that to-
day’s high valuations in both stocks
and bonds have no parallel since
1926. As a result, he recommends
starting with an initial withdrawal
rate of 4.4% or 4.5% if you can get
by on that amount, versus 4.7%.
 How does high inflation affect
my spending plans?
When inflation rises, the risk of
portfolio depletion also rises. Con-
sider Judy, who has a $1 million
portfolio. She spends 4%, or
$40,000, in the first year of retire-
ment. If inflation is 2% in years two
and three, her spending would rise
to $40,800 and $41,616. But if infla-
tion is 6% instead, her withdrawals
will be $42,400 in year two and al-
most $45,000 in year three.
When inflation rises, investors
end up with higher dollar with-
drawals for the rest of their lives,
putting a greater burden on the
portfolio, said Mr. Bengen.
“Inflation is a pretty serious
threat for retirees, which is why
I’m troubled by what I see now,”
he said.
 The Internal Revenue Service re-
quires me to pull money from re-
tirement accounts starting at age
72. What if that pushes me above
my annual withdrawal targets?
Once you are 72, the law requires
you to withdraw a set minimum
amount annually from your tradi-
tional retirement accounts, or face
an excise tax on the amount you
should have taken.
To determine your required dis-
tribution, divide your traditional
individual retirement account and
401(k) balances as of the previous
Dec. 31 by your life expectancy in
the IRS Uniform Lifetime Table. As
people age and life expectancy de-
clines, the percentage they are re-
quired to withdraw rises.
Setting an annual withdrawal
target—whether it’s 3.3%, 4% or
higher—and then adjusting for in-
flation can help you determine
how much of your required distri-
bution to spend. If a 4% target
means you can spend less than
your required distribution, take
out the money the federal govern-
ment requires you to withdraw,
pay the taxes and deposit what-
ever exceeds the target into a tax-
able account, said Mr. Blanchett.
“You have to take your required
distribution, but you don’t have to
spend it,” he said.
P2JW331000-4-B00600-1--------XA
B6 | Saturday/Sunday, November 27 - 28, 2021
On the
Supply-Chain
Front Lines
Continued from page B1
“I’ve had some delays before in
South America, but nothing like
this, especially at a U.S. port,” he
said from his bridge, with a view of
Los Angeles in the distance. The 43-
year-old native of Romania has
been a captain since 2017 and an of-
ficer on merchant vessels for nearly
two decades.
The ship, operated by Greece’s
Capital Product Partners LP, is mov-
ing general cargo like clothes, elec-
tronics and toys ahead of the year-
end holiday season along with food
like beef, fish, and vegetables in re-
frigerated containers.
To pass the time, he said his
crew of 19 from Romania and the
Philippines kept busy catching up
with maintenance work and spent
their free time playing basketball
and table tennis. “There is generally
good weather, so we are catching
up with repair work that we usually
can’t do at sea,” he said.
Mr. Butoi’s top priority was to
keep the Covid-19 virus off the ship.
With only a third of the crew vacci-
nated, visits on the vessel by agents
or customs officers were kept to a
minimum. “We are trying to get
Covid shots at every port we call,
but it’s not easy to arrange,” he said.
Mr. Butoi said there are too
many small ships waiting to enter
Los Angeles. The vessels usually
coming in from Asia can move
around 14,500 containers, three
times the capacity of his own ship.
“Now there are many small ships
like ours, or even smaller, which is
a testament to the big demand to
bring in cargo,” he said. “I’ve never
seen so much tonnage waiting to
unload.”
In mid-November, the captain got
word that he could berth and un-
load. He and his crew have been at
sea for five months. “My 10-year-
old daughter is used to having
daddy away from home,” Mr. Butoi
said. “I hope to be home in January,
in time for her birthday.”
‘The docks have been full’
Justin Spencer has a bird’s-eye view
of the supply-chain congestion from
the cab of his crane at the Port of
Savannah. “The docks have been
full for the past month or two,” Mr.
Spencer said. “Every berth is taken
up.“
Shippers turned to ports like Sa-
vannah, Ga., this year as an alterna-
tive to Southern California, where
dozens of ships like the Hyundai
Prestige backed up off the coast. The
deluge of boxes at Savannah, the na-
tion’s fourth-largest gateway for sea-
borne imports, filled marine termi-
nals and caused dozens of ships to
back up there, too.
Mr. Spencer, 30, started working
on the docks from high school, dig-
ging fertilizer and salt out of bulk
cargo ships before learning to oper-
ate a crane.
He arrived at Savannah four
years ago as the port began wel-
coming larger container ships
thanks to the newly widened Pan-
ama Canal. The largest ship to call
at the port is able to carry the
equivalent of up to 16,000 contain-
ers, where it can spend 24 hours
being unloaded and reloaded for its
next stop.
From his perch 150 feet in the air,
a joystick in each hand, Mr. Spencer
guides the crane’s cab out over the
deck of the ship and peers down
KELLI BOYD FOR THE WALL STREET JOURNAL
Justin Spencer in his crane cabin at the Port of Savannah.
EXCHANGE
CAPITAL PRODUCT PARTNERS L.P.
through a glass bottom onto contain-
ers stacked eight or nine high. He
maneuvers a steel bar, known as a
spreader, over the top of a container
and locks onto the box.
A single container can weigh up
to 70,000 pounds. Mr. Spencer lifts
the box off the ship and lowers it
onto a truck waiting on the dock.
He repeats it over and over again
moving an average of about 35 The Hyundai Prestige, left, photographed at the port of Singapore; Mike
boxes an hour. Mattingly, above, at a truck stop in Wildwood, Fla., earlier this month.
Savannah handled the equivalent
of 2.3 million loaded import con-
tainers between January and Octo- to do my job.”
ber this year, an increase of 21% Intermodal yards like Corwith are
compared with the same period in becoming clogged across the U.S. as
2019. goods move inbound from ports.
The crush of imports has Railroad companies like BNSF are
swamped American supply chains filling up the space they have and
and overwhelmed domestic trans- some are opening spillover yards
portation networks as businesses where extra containers accumulate
rush to restock pandemic-depleted until they are picked up.
inventories. Shipping lines, port Ms. West, who is often referred
workers, truckers, warehouse oper- to as “Mama” or “Ms. Jen” by co-
ators, railways and retailers blame workers, is an Army Reserve vet-
each other for the imbalances and eran who started working at Cor-
delays. All of these industries are with seven years ago.
struggling with a shortage of labor. She usually starts her shifts at 11
Mr. Spencer said he works a.m. or 3 p.m. She primarily un-
roughly the same number of days loads containers from railcars and,
as before the pandemic and his using a computerized system, finds
crane can move only so many boxes a spot to park a container until it
an hour. But he is surrounded by gets picked up. Or, the process re-
evidence of the import boom during verses and she hunts down a con-
his drive to the docks. “They are tainer in the yard, attaches it to her
constantly expanding the yards for vehicle and brings it to a railcar.
more containers,” he said. “Trucks The crowding of the yard adds
have been lined up at the gates.” delays to her day, as she may have
His workday stretches for 12 to navigate around extra containers
hours, which usually includes two parked in aisles where they
stints of 2½ hours alone in the cab. shouldn’t be. “It has become chal-
He likes the solitude. “There’s a cer- lenging,” she said.
tain amount of peace to it,” he said. After 12 hours of work, she
drives 30 minutes to her home to
‘Saturated’ rail yards rest before her next shift. “It’s the
Jennifer West zooms around BNSF way of our life,” she said. “We do
Railway Co.’s yard in Chicago in a what we can to get the trains out
small trucklike vehicle known as a on time.”
hostler, pulling containers stuffed
with merchandise onto and off of ‘Commercial gridlock’
trains. Truck driver Mike Mattingly has
The Corwith Intermodal Facility, hauled everything from milk to
stretching across nearly 400 acres, plastic pellets. The supply-chain
is one of the largest rail yards in snarls this year are the worst he’s
the country. It is a key step in the seen in more than three decades as
movement of cargo from West a long-distance trucker.
Coast ports, where freight trains “The term I’ve used is commer-
are unloaded and the containers are cial gridlock,” said Mr. Mattingly,
stored until they are moved onto 60, who owns his own big rig. He
trucks. Truckers also bring shipping has been busy delivering custom
containers to Corwith to be loaded cabinets for Kith Kitchens LLC of
onto trains. Haleyville, Ala., to contractors,
Lately, the facility has become home builders and kitchen- and
more congested, interrupting the bath-supply dealerships.
flow of her day. Outside truck driv- The home-improvement boom
ers sometimes drop off containers that began during lockdown is still
that crowd the aisles, making it dif- stoking demand for Kith’s products,
ficult for Ms. West, an equipment even as shortages of raw materials
operator, to access the container she and labor are slowing the move-
needs to bring to the outbound train ment of freight. It can take as long
BNSF RAILWAY
Jennifer West in her vehicle at the BNSF Railway yard in Chicago.
she is building with her crew of five. as three months from when a cus-
“I like when the yard is liquid tomer places an order to when the
and I can move and keep my groove finished cabinets are ready to ship,
going,” said Ms. West, 66. “When it compared with the pre-Covid lead
becomes saturated, it’s not as easy time of three to four weeks.
Demand is such that Mr. Mat-
tingly sometimes meets up with
builders or moving companies that
handle the last leg of the delivery in
a parking lot or near a highway of-
framp, shifting the cabinets from
his truck to theirs by the side of the
road.
His trucking business has in-
creased steadily since the start of
the pandemic, Mr. Mattingly said,
and rising rates have boosted his
income. He gets paid around a third
more per mile now to haul a load
from Alabama to Florida, for exam-
ple, than he did before the pan-
demic. But the bottlenecks are mak-
ing his work more difficult.
“Everybody is in short supply but
when it’s shipped, the trucker is put
in the middle,” he said. “The dis-
patchers, the shippers and receivers,
their work ceases at 5 o’clock, and
we’re expected to go 24/7.”
****
MIKE MATTINGLY
Lately, he’s had to slow down.
In August Mr. Mattingly had a
heart attack, his third. He is on the
road four or five days a week, but
now he takes weekends off. He also
takes one week every month to rest
at home in Bear Creek, Ala., where
Lori Giffin, top, at Sweetwater’s distribution center in Fort Wayne, Ind.;
Dave Erazo, above, at the FedEx station in Sunnyside, Queens.
he and his wife live in a trailer and
care for a rotating group of kittens
from the barn cats that roam nearby.
Recently Mr. Mattingly has been
keeping closer to home on his
routes, concerned about the rising
cost of diesel fuel and extended re-
pair times in the event his 2016
Freightliner breaks down. Any de-
lays could cut into his earnings, es-
pecially during the busy peak sea-
son leading into the holidays.
“What has me worried the most
with supply-chain shortages is
parts,” Mr. Mattingly said. “I’m a
one-guy, one-truck operation. De-
pending on how long it’s down, it
could put me on the poor farm.”
He took time off around Thanks-
giving for doctor and veterinary ap-
pointments, he said. “But as soon as
I can, I’m going to haul everything I
can between now and Christmas.”
‘Putting out fires’
Lori Giffin’s job as receiving man-
ager at Sweetwater Sound Inc., an
online retailer of music instru-
ments, is usually as regular as a
metronome. This year has been
anything but normal.
The supply-chain problems have
meant irregular arrivals of trailers
and containers brimming with gui-
tars, drums, amplifiers and other
musical wares. Some days, no
freight containers from Asia arrive
at the company’s Fort Wayne, Ind.,
distribution center. Then, on an-
other day, two containers may ar-
rive on top of each other, leading to
a scramble to get the goods un-
loaded, sorted and stacked in the
building.
“It’s very unpredictable these
days,” said Ms. Giffin, who has
worked for the company for 13
years. “We take what we can get.”
The 58-year-old said that in prior
years inbound freight would have
been mostly wrapped up by early
November. But now, the company is
still getting containers that should
have arrived weeks ago, and she
plans to continue to receive ship-
ments up until Christmas. That
means she must manage new im-
ports at the same time her facility
THE WALL STREET JOURNAL.
is shipping holiday orders out to
customers.
Ms. Giffin leaves home around
4:20 a.m. and arrives at the ware-
house before 5 a.m., where she
oversees a group of forklift drivers,
sorters and other hourly workers.
Often, she’ll chip in moving items
off the trucks arriving at the more
than 500,000-square-foot ware-
house.
Parts of her day still have a rou-
tine. One or two trucks usually
show up when she arrives. Later,
three trucks from FedEx and one
from UPS arrive, each with up to
2,000 boxes to unload.
The unpredictable arrival of
other trailers causes the most prob-
lems. The receiving area is staffed
based on expected work, but when
trailers don’t show up, she finds
tasks to keep employees busy. “You
can only sweep a floor so many
times,” Ms. Giffin said.
When a trailer arrives un-
planned, she may have to borrow
some workers who would be pack-
ing purchases bound for homes.
“I’m just putting out fires all over
the place,” she said, with a month
to go before the peak season ends.
‘The finish line’
Dave Erazo sees the end of the road
for many goods reaching homes.
The 32-year-old manages inbound
operations at a FedEx Ground sta-
tion in Sunnyside, Queens, N.Y.,
overseeing workers that sort pack-
SWEETWATER
GABBY JONES FOR THE WALL STREET JOURNAL
ages entering the facility and load
them onto delivery trucks headed
to homes.
Many of these goods are online
orders that were made in factories
far away, shipped on cargo boats,
and have changed hands several
times before being packed in an e-
commerce box. Once the goods have
reached a FedEx hub, many of the
snarls have been sorted out.
“Peak season is a test of all the
processes you’re putting in place,”
said Mr. Erazo, who has worked at
FedEx for 11 years.
Labor shortages this year at
other FedEx sorting facilities have
meant that hundreds of thousands
of packages have been rerouted
daily to intermediary locations that
have enough workers to process
them before they reach stations
such as the Sunnyside facility.
FedEx is hiring 90,000 workers
ahead of the holidays in anticipa-
tion of more than 10% increase in
shipping volume compared with last
year. The company said that addi-
tional hiring, added capacity and
more measures being taken have re-
duced the number of packages be-
ing rerouted lately.
Mr. Erazo comes in after midnight
to prepare for the overnight sort,
when a stream of trailers, either
from other FedEx locations or retail-
ers like Walmart Inc., arrive with
their loads. He and other managers
go over volume projections for the
day and map out the day.
About 300 or more workers staff
the shift. They unload the packages
onto conveyors, where the boxes
are scanned and zoomed around to
one of six locations. Loaders put
them on hundreds of trucks that fan
out in the area, delivering packages.
The center gets around 40,000
packages a day, but that can rise up
to 70,000 or more during the busi-
est days. The operation wraps up
around 7 a.m. He goes home after-
ward to get six or seven hours of
sleep to recharge.
“We’re basically the finish line,”
Mr. Erazo said. “When it gets on
the vehicle, that’s when it gets de-
livered.”
P2JW331000-4-B00700-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 27 - 28, 2021 | B7

EXCHANGE

Fiesta Is Hot. Its Maker Can’t Keep Up.

come within hours of shutting
down production at least twice be-
cause of delays in shipments of
domestic clay. It doubled orders
for red and orange pigments from
The creator of the Art Deco glazed dinnerware is wrestling with worker shortages and shipping delays China as delivery times stretched
to nearly six months.
Domestic shipping is another
BY RUTH SIMON AND DAVE COLE challenge. During October’s peak,

F
iestaware is cool
again, but the 150-
year-old company
that produces the Art
Deco glazed dinner-
ware is scrambling to
make enough for the
holidays. Like many
companies, Fiesta Tableware Co.
lacks enough employees to keep
pace with the demand.
“We are in a great situation for
our company, but we can’t fill our
orders because we need workers,”
said Fiesta President Elizabeth McIl-
vain, a fourth-generation owner.
Founded in 1871, Fiesta is based
in Newell, W.Va., on the banks of
the Ohio River. The company was
known as Homer Laughlin China
Co. until March 2020, when it sold
off its restaurant and hotel dinner-
ware business. Its 37-acre factory
produces more than 100 items for
its Fiesta line, in bright colors
ranging from daffodil and scarlet
to turquoise. New items, such as a
$25 dinner bowl plate and a $22
luncheon bowl plate, have been big
sellers.
It needs lots of people to make
all this happen. Fiesta has nearly
500 employees, but at least 150
workers decided not to return
when the factory reopened after
nonessential businesses were
forced to close due to Covid-19.
The company has filled some
openings but is still looking for 50
more staffers.
Producing a single piece of din-
nerware involves at least eight
steps. Some parts are automated to
keep costs down, but making cups,
vases, pitchers and many other
items remains labor-intensive.
Attaching handles to cups “is a
very skilled job,” said Robin Rice,
who shifted to making tableware
after Fiesta sold its hotel and res-
taurant unit, where she worked for
35 years. “You have to make them
straight. You have to make sure
they stick.”
Skilled positions, starting at $15
an hour plus benefits, are hardest
to fill. Staffers in those roles in-
clude dippers, who spray ceramic
pieces with glaze, and machinery
operators who make cups and
bowls. It typically takes three
months for new hires to master a
skilled role. Pottery produced by
trainees often ends up for sale as
seconds in the company store or
as breakables.
“For the area around here, it’s
decent pay,” said Jesse Rahe, a
press hand who has worked at Fi-
esta 11 years. He says new hires of-
ten don’t stay long. “People come
in then quit. They don’t show up
at all. I don’t know why people
don’t want to work.”
The company does have advan-
tages as a U.S.-based manufacturer
at a time when supply-chain prob-
lems are disrupting imports. Profit
margins are higher on foreign-
made dinnerware, but retailers
“are having a hard time receiving
the product they ordered,” said Fi-
esta’s Ms. McIlvain. “They are try-
ing to enhance their departments
with our product because they can
get it.”
But it too has struggled to find
the right materials. Roughly 25%
of Fiesta’s orders shipped late this
October due to staffing shortages
and difficulties obtaining corruga-
tion for packaging. Fiesta has
as much as $750,000 in dinner-
ware would be waiting for pickup
when the week ended. Fiesta tries
to bundle orders from smaller cus-
tomers because truckers want to
carry full loads.
Online sales have more than
doubled in the last 18 months. Fi-
esta has added two major accounts
and more than 40 smaller retailers
this year. Over the summer, the
company put a pause on adding
new accounts until early 2022.
Fiesta will soon gear up to pro-
duce its newest color, to be an-
nounced in January. “It has been
an exceptional year,” said Richard
Brinkman, vice president of sales
and marketing. “It could have been
far better if we had the labor, had
the materials.”

Fiesta needs lots of workers at its factory to handle the labor-intensive

work of making dinnerware. Brandon Moore, above, cuts clay to feed into
a ram press; right, Shelby Zahora, right, attaches handles to mugs; Robin
Rice, below left, places a tray of mugs onto on a cart.

Skilled positions starting at $15 an hour are hardest to fill. They include the dippers who
spray ceramic pieces with glaze, and the machinery operators who make cups and bowls.
KRISTIAN THACKER FOR THE WALL STREET JOURNAL (6)
P2JW331000-4-B00800-1--------XA

B8 | Saturday/Sunday, November 27 - 28, 2021 **** THE WALL STREET JOURNAL.

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
34899.34 Trailing P/E ratio 21.66 29.69 4594.62 Trailing P/E ratio * 28.81 41.34 15491.66 Trailing P/E ratio *† 35.92 37.92 commodities performed around the world for the week.
t 905.04 P/E estimate * 18.45 24.58 t 106.84 P/E estimate * 22.45 25.95 t 353.57 P/E estimate *† 30.37 31.45
Stock Currency, Commodity, Exchange-
Dividend yield 1.95 2.03 Dividend yield * 1.28 1.65 or 2.23% Dividend yield *† 0.65 0.74 index vs. U.S. dollar traded in U.S.* traded fund
or 2.53% or 2.27%
All-time high: Nymex natural gas 7.54%
All-time high Current divisor All-time high
16057.44, 11/19/21
36432.22, 11/08/21 0.15172752595384 4704.54, 11/18/21 Corn 2.80
S&P 500 Energy 1.66
36500 4800 16200 iSh 20+ Treasury 1.46
Japanese yen 0.58
15850 Swiss franc 0.57
35950 4700
iSh 7-10 Treasury 0.44
Euro area euro 0.33
35400 4600 15500
WSJ Dollar Index 0.32
Wheat 0.30
Session high 34850 4500 15150
iShNatlMuniBd 0.11
DOWN UP
Session open Close
Shanghai Composite 0.10
t

34300 65-day moving average 4400 65-day moving average 14800 iSh 1-3 Treasury 0.06
Close Open
t

VangdTotalBd 0.05
65-day
moving average Session low 33750 4300 14450 -0.09 Chinese yuan
Bars measure the point change from session's open -0.12 VangdTotIntlBd
14100 -0.23 S&P 500 Consumer Staples
33200 4200
Sept. Oct. Nov. Sept. Oct. Nov. Sept. Oct. Nov. -0.30 iShiBoxx$InvGrdCp
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index
-0.39 iSh TIPS Bond
-0.45 Indonesian rupiah
-0.60 S&P 500 Financials
Major U.S. Stock-Market Indexes Trading Diary -0.70 South Korean won
Latest 52-Week % chg Volume, Advancers, Decliners -0.75 Lean hogs
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. -0.79 BOVESPA Index
Dow Jones Total volume* 740,636,841 18,307,006 -0.80 UK pound
Industrial Average 35366.69 34749.80 34899.34 -905.04 -2.53 36432.22 29638.64 16.7 14.0 12.3 Adv. volume* 69,210,545 3,400,741 -0.83 Soybeans
Transportation Avg 16568.73 16102.42 16215.65 -610.57 -3.63 17039.38 12087.99 29.1 29.7 15.7 Decl. volume* 668,462,269 13,604,549 -0.86 S&P 500 Health Care
Issues traded 3,432 267 -0.87 S&P 500 Real Estate
Utility Average 921.73 905.18 906.95 -15.90 -1.72 952.62 795.61 3.9 4.9 7.8
Advances 469 42 -0.95 Indian rupee
Total Stock Market 47832.05 47204.63 47329.19 -1114.20 -2.30 48824.98 37581.62 25.2 20.7 19.7
Declines 2,857 215 -0.97 S&P 500 Utilities
Barron's 400 1113.83 1076.21 1083.78 -29.85 -2.68 1127.20 802.70 33.4 27.2 17.0
Unchanged 106 10 -1.16 KOSPI Composite
Nasdaq Stock Market New highs 20 1 -1.19 Canada dollar
Nasdaq Composite 15731.54 15456.09 15491.66 -353.57 -2.23 16057.44 12198.74 26.9 20.2 29.8 New lows 202 11 -1.26 iShiBoxx$HYCp
Nasdaq-100 16302.58 15988.95 16025.58 -342.23 -2.09 16573.34 12258.21 30.7 24.3 33.9 Closing Arms† 1.49 0.42 -1.55 Australian dollar
Block trades* 4,089 172 -1.55 Norwegian krone
S&P
-1.59 S&P/ASX 200
500 Index 4664.63 4585.43 4594.62 -106.84 -2.27 4704.54 3621.63 26.3 22.3 19.8 Nasdaq NYSE Arca
-1.83 Dow Jones Transportation Average
MidCap 400 2836.58 2758.42 2779.41 -90.74 -3.16 2910.70 2168.50 26.0 20.5 14.6 Total volume*3,479,353,238 328,994,419 -1.97 Dow Jones Industrial Average
SmallCap 600 1408.81 1356.43 1376.33 -53.19 -3.72 1466.02 1034.51 29.9 23.0 13.3 Adv. volume*1,002,084,120 44,801,661 -1.99 S&P/TSX Comp
Decl. volume*2,437,115,246 284,080,013 -2.16 Bloomberg Commodity Index
Other Indexes
Issues traded 4,742 1,631 -2.20 S&P 500
Russell 2000 2328.98 2215.24 2245.94 -85.52 -3.67 2442.74 1819.82 21.1 13.7 14.3
Advances 910 269 -2.26 S&P 500 Materials
NYSE Composite 17036.89 16546.56 16624.87 -411.94 -2.42 17310.51 14006.47 17.1 14.5 10.9 Declines 3,615 1,353 -2.41 S&P 500 Industrials
Value Line 679.08 653.69 659.44 -19.60 -2.89 696.40 539.16 20.3 15.9 7.9 Unchanged 217 9 -2.49 FTSE 100
NYSE Arca Biotech 5510.56 5388.76 5398.15 -17.71 -0.33 6319.77 5329.50 -2.1 -5.9 5.1 New highs 34 8 -2.60 S&P/BMV IPC
NYSE Arca Pharma 779.58 770.74 772.77 -2.24 -0.29 811.41 667.24 15.6 12.1 9.7 New lows 347 117 -2.60 iShJPMUSEmgBd
KBW Bank 137.06 132.55 134.73 -5.90 -4.19 142.61 90.34 44.7 37.6 10.3 Closing Arms† 0.61 0.92 -2.70 Russian ruble
PHLX§ Gold/Silver 133.96 128.66 131.06 -2.27 -1.70 166.01 117.06 -2.0 -9.1 26.5 Block trades* 19,333 1,223 -2.88 Comex copper
PHLX§ Oil Service 51.85 50.24 51.55 -3.11 -5.69 69.77 39.31 22.7 16.3 -21.3 * Primary market NYSE, NYSE American NYSE Arca only. -3.18 S&P MidCap 400
PHLX§ Semiconductor 3833.05 3735.93 3757.13 -112.88 -2.92 3912.02 2631.56 42.8 34.4 46.2 †(TRIN) A comparison of the number of advancing and declining -3.23 S&P 500 Information Tech
issues with the volume of shares rising and falling. An
Cboe Volatility 28.99 23.88 28.62 10.04 54.04 37.21 15.01 37.3 25.8 14.8 -3.26 S&P 500 Telecom Svcs
Arms of less than 1 indicates buying demand; above 1
§ Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -3.30 S&P SmallCap 600
-3.31 Nasdaq-100
International Stock Indexes Percentage Gainers... -3.34 NIKKEI 225
Latest YTD Latest Session 52-Week
-3.41 South African rand
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -3.52 Nasdaq Composite
World MSCI ACWI 733.53 –16.77 –2.24 13.5 iSpecimen ISPC 17.51 7.31 71.67 24.67 4.75 ... -3.56 Comex gold
MSCI ACWI ex-USA 335.74 –7.96 –2.32 2.8 Allied Healthcare Prods AHPI 8.32 2.94 54.65 16.41 3.45 62.5 -3.61 S&P 500 Consumer Discr
MSCI World 3131.98 –70.46 –2.20 16.4 Biofrontera BFRI 7.90 2.68 51.34 9.49 2.25 ... -3.87 Hang Seng
MSCI Emerging Markets 1223.13 –31.56 –2.52 –5.3 NRX Pharmaceuticals NRXP 6.75 2.25 50.00 76.99 4.07 -37.7 -4.00 IBEX 35
Adagio Therapeutics ADGI 25.12 6.39 34.12 59.50 17.38 ... -4.15 Russell 2000
Americas MSCI AC Americas 1772.78 –40.82 –2.25 20.8
Canada S&P/TSX Comp 21125.90 –487.28 –2.25 21.2 Alpha Pro Tech APT 6.41 1.29 25.20 20.54 4.91 -46.5 -4.24 S&P BSE Sensex
ProSh Ult Bloom Crude Oil SCO 15.97 2.85 21.72 55.24 12.43 -69.5 -4.53 STOXX Europe 600
Latin Amer. MSCI EM Latin America 2040.08 –74.53 –3.52 –16.8
180 Life Sciences ATNF 5.41 0.95 21.30 13.05 2.18 85.9 -4.63 Mexico peso
Brazil BOVESPA 102224.26 –3586.99 –3.39 –14.1
Cars.com CARS 16.12 2.81 21.11 16.20 10.65 42.7 -5.17 Euro STOXX
Chile S&P IPSA 2992.42 –14.77 –0.49 4.7
Enjoy Technology ENJY 5.63 0.98 21.08 13.11 3.96 ... -5.24 CAC-40
Mexico S&P/BMV IPC 49492.52 –1132.48 –2.24 12.3
GeoVax Labs GOVX 4.69 0.81 20.88 8.71 2.62 75.0 -5.43 FTSE MIB
EMEA STOXX Europe 600 464.05 –17.67 –3.67 16.3
Moderna MRNA 329.63 56.24 20.57 497.49 102.66 159.5 -5.59 DAX
Eurozone Euro STOXX 458.46 –19.37 –4.05 15.3
Icosavax ICVX 27.55 4.51 19.57 49.99 20.07 ... -6.75 Comex silver
Belgium Bel-20 4126.73 –110.81 –2.61 14.0 Valneva ADR VALN 59.60 9.70 19.44 59.84 24.16 ... -8.25 Nymex RBOB gasoline
Denmark OMX Copenhagen 20 1806.59 –17.17 –0.94 23.3 Tyra Biosciences TYRA 23.87 3.66 18.11 31.36 12.70 ...
France CAC 40 6739.73 –336.14 –4.75 21.4 -8.67 Nymex ULSD
Germany DAX 15257.04 –660.94 –4.15 11.2 Percentage Losers -10.45 Nymex crude
Latest Session 52-Week *Continuous front-month contracts
Israel Tel Aviv 1896.57 … Closed 26.5
Company Symbol Close Net chg % chg High Low % chg
Italy FTSE MIB 25852.99 –1245.84 –4.60 16.3 Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Netherlands AEX 781.63 –25.92 –3.21 25.1 Longeveron LGVN 30.67 -11.63 -27.49 45.00 2.84 ... THE WALL STREET JOURNAL
Russia RTS Index 1589.38 14.6 PS Ult Bloomberg Crude UCO 73.48 -20.59 -21.89 101.72 30.99 124.2
–76.36 –4.58
South Africa FTSE/JSE All-Share 68614.98 –1939.70 –2.75 Jowell Global JWEL 10.06 -2.36 -19.00 15.50 4.22 ... Methodology
15.5
Society Pass SOPA 10.96 -2.21 -16.78 77.34 9.50 ... Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
Spain IBEX 35 8402.70 –438.24 –4.96 4.1
Callon Petroleum CPE 51.48 -10.18 -16.51 65.45 9.35 394.5 reflect total returns). Commodities are represented by the continuous front-month
Sweden OMX Stockholm 978.54 –34.384 –3.39 27.4 futures contract. Bond exchange-traded fund performance may diverge from that of
Switzerland Swiss Market 12199.21 –250.47 –2.01 14.0 Pinduoduo ADR PDD 68.46 -12.90 -15.86 212.60 65.51 -52.5 their underlying index. Bond categories are represented by the following ETFs: U.S.
Turkey BIST 100 1776.41 –42.82 –2.35 20.3 Laredo Petroleum LPI 57.72 -10.59 -15.50 99.26 11.55 335.6 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
MicSec US Big Oil 3X Lev NRGU 155.32 -28.39 -15.45 220.22 49.87 142.5 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
U.K. FTSE 100 7044.03 –266.34 –3.64 9.0 Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
U.K. FTSE 250 22537.89 –742.07 –3.19 10.0 Direxion Rg Banks Bull 3X DPST 51.41 -8.94 -14.81 61.55 18.20 149.0 iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
Direxion S&P Oil Gas GUSH 92.50 -15.50 -14.35 124.00 32.02 143.9 Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Asia-Pacific MSCI AC Asia Pacific 193.60 –3.19 –1.62 –3.2 Bonds: iShares National Muni; International Bonds: Vanguard Total International;
AirSculpt Technologies AIRS 12.05 -1.97 -14.05 18.04 12.00 ...
Australia S&P/ASX 200 7279.30 –127.99 –1.73 10.5 Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
Applied Molecular Transpt AMTI 16.33 -2.66 -14.01 78.22 15.89 -50.5
China Shanghai Composite 3564.09 –20.09 –0.56 2.6
Triumph Group TGI 17.70 -2.87 -13.95 24.53 10.53 30.1
Hong Kong Hang Seng 24080.52 –659.64 –2.67 –11.6
SM Energy SM 28.67 -4.64 -13.93 38.25 3.91 531.5 See an expanded year-to-date and current quarter
India S&P BSE Sensex 57107.15 –1687.94 –2.87 19.6
Japan NIKKEI 225 28751.62 –747.66 –2.53 4.8
Centennial Resource Devt CDEV 6.19 -0.99 -13.79 8.29 1.03 399.2 list of selected global stock indexes, bond ETFs, currencies
Singapore Straits Times 3166.27 –55.25 –1.71 11.3 Most Active Stocks and commodities at
South Korea KOSPI 2936.44 –43.83 –1.47 2.2
Company Symbol
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High Low wsj.com/graphics/track-the-markets
Taiwan TAIEX 17369.39 –284.80 –1.61 17.9
Thailand SET 1610.61 –37.85 –2.30 11.1 ProSh UltraPro Shrt QQQ SQQQ 146,134 36.2 6.46 5.56 18.56 5.69
Sources: FactSet; Dow Jones Market Data SPDR S&P 500 SPY 112,595 61.7 458.97 -2.23 473.54 359.17
Biofrontera BFRI 103,250 660.9 7.90 51.34 9.49 2.25 Currencies
Get real-time U.S. stock quotes and
WSJ
American Airlines Group AAL 84,090 185.0 17.75 -8.79 26.09 13.85
track most-active stocks, new highs/lows Carnival CCL 84,034 172.5 17.95 -10.96 31.52 17.20 U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
and mutual funds.
.com Available free at WSJMarkets.com
* Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days Country/currency
Fri YTDchg
in US$ per US$ (%) Country/currency
Fri YTDchg
in US$ per US$ (%)
Americas Vietnam dong .00004409 22679 –1.7
Argentina peso .0099100.7338 19.8 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1783 5.6098 8.0 Czech Rep. koruna .04414 22.656 5.5

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7818 1.2792 0.4 Denmark krone .1522 6.5703 7.9
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001202 832.05 17.1 Euro area euro 1.1318 .8836 7.9
Colombiapeso .000250 4007.00 17.1 Hungary forint .003064 326.32 9.9
A consumer rate against its 30-year mortgage, Rate Ecuador US dollar Iceland krona
1 1 unch .007700 129.87 1.6
benchmark over the past year 2.50% Mexico peso .0458 21.8567 9.9 Norway krone .1104 9.0585 5.6
Bankrate.com avg†: 3.22% 12%
Uruguay peso .02263 44.1900 4.3 Poland zloty .2402 4.1637 11.5
First Federal Savings of Lorain 2.63% 2.00
Tradeweb ICE Asia-Pacific Russia ruble .01324 75.555 2.1
30-year fixed-rate 4.00% Lorain, OH 440-282-6188 6 Euro
t

Friday Close 1.50

s Sweden krona .1092 9.1588 11.3
mortgage Australian dollar .7123 1.4039 8.0
Florence Savings Bank 2.75% Switzerland franc 1.0832 .9232 4.3
t 0 China yuan .1564 6.3930 –2.1
3.00 1.00 Turkey lira .0805 12.4251 67.1
Florence, MA 800-644-8261 Hong Kong dollar .1282 7.7987 0.6
10-year Treasury Ukraine hryvnia .0368 27.1500 –4.2
Dearborn Federal Svgs Bk India rupee .01332 75.053 2.8
2.00 2.88% One year ago 0.50 –6 s UK pound 1.3339 .7497 2.4
note yield Indonesia rupiah .0000699 14303 1.8
t Dearborn, MI 313-565-3100 t WSJ Dollar Index Yen Middle East/Africa
s

Japan yen .008821 113.37 9.7

1.00 0.00 –12
Farmers State Bank 2.88% Kazakhstan tenge .002292 436.29 3.5 Bahrain dinar 2.6529 .3770 –0.02
Waterloo, IA 877-FSB-1879 1 3 6 1 2 3 5 7 10 20 30 2020 2021 Macau pataca .1244 8.0365 0.6 Egypt pound .0636 15.7237 –0.1
0.00 month(s) years Malaysia ringgit .2359 4.2390 5.4 Israel shekel .3137 3.1880 –0.8
D J FMAM J J A S O N Astra Bank 3.00%
maturity New Zealand dollar .6824 1.4654 5.3 Kuwait dinar 3.3034 .3027 –0.5
2021 Scandia, KS 785-335-2243 Pakistan rupee .00568 176.150 9.8 Oman sul rial 2.5974 .3850 unch
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0198 50.485 5.1 Qatar rial .2727 3.668 0.7
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7291 1.3716 3.8 Saudi Arabia riyal .2666 3.7514 –0.01
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008363 1195.70 10.1 South Africa rand .0613 16.3013 10.9
Sri Lanka rupee .0049378 202.52 9.3
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -2.00 Yield (%) 52-Week Total Return (%) Taiwan dollar .03588 27.868 –0.8 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 3.25 -2.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .02962 33.760 12.4 WSJ Dollar Index 90.09 –0.38–0.42 5.99
Libor, 3-month 0.18 0.16 0.11 l 0.25 -2.53
U.S. Treasury, Bloomberg 2407.370 1.130 1.170 1.280 0.560 –1.999 4.995 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.07 0.07 0.07 l 0.21 -0.51
U.S. Treasury Long, Bloomberg 4533.770 1.850 1.910 2.400 1.440 –4.282 11.131
Five-year CD, annual yield
30-year mortgage, fixed†
0.41
3.22
0.43
3.24
0.41
2.83
l
l
0.59
3.37
-1.59
-1.68 Aggregate, Bloomberg 2256.750 1.720 1.700 1.820 1.120 –1.068 5.515
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 2.53 2.52 2.28 l 2.58 -1.68
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Bloomberg 2206.850 2.060 1.940 2.060 1.180 –0.814 3.767
Jumbo mortgages, $548,250-plus† 3.23 3.26 2.85 l 3.41 -1.65 DJ Commodity 921.29 -39.46 -4.11 972.68 689.00 32.60 25.93
High Yield 100, ICE BofA 3393.408 4.587 4.077 4.587 3.162 3.702 6.033
Five-year adj mortgage (ARM)† 2.85 2.85 2.83 l 3.43 -1.65 Refinitiv/CC CRB Index 226.73 -11.65 -4.89 241.18 158.28 40.85 35.12
New-car loan, 48-month 3.58 3.58 3.58 l 4.12 -1.10 Muni Master, ICE BofA 600.507 0.934 0.945 1.082 0.687 1.436 4.894 Crude oil, $ per barrel 68.15 -10.24 -13.06 84.65 44.55 49.68 40.46
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 905.228 5.092 4.885 5.092 4.295 –1.410 6.275 Natural gas, $/MMBtu 5.447 0.379 7.48 6.312 2.305 91.59 114.53
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Gold, $ per troy oz. 1785.30 1.20 0.07 1952.70 1677.70 0.19 -5.69
Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
P2JW331000-4-B00900-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 27 - 28, 2021 | B9

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

Metal & Petroleum Futures March'22 742.00 760.00 735.00 759.75 9.50 3,500 March 128.65 129.60 125.30 125.65 –4.25 2,083 March'22 1.3334 1.3359 t 1.3286 1.3340 .0012 4,653
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
Contract Open
Open High hi lo Low Settle Chg interest
Jan 1252.00 1254.00 1240.25 1252.75 –13.75 240,422 Interest Rate Futures Dec 1.0708 1.0851 1.0686 1.0841 .0132 53,735
March 1264.50 1254.50 1251.00 1263.00 –14.25 192,276 March'22 1.0742 1.0884 1.0720 1.0875 .0133 358
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybean Meal (CBT)-100 tons; $ per ton. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Australian Dollar (CME)-AUD 100,000; $ per AUD
Nov 4.4260 4.4260 4.3050 4.2815 –0.1765 613 Dec 356.30 356.90 352.40 356.20 –1.40 33,282
Dec 194-250 199-260 194-220 199-170 5-04.0 134,847 Dec .7196 .7210 .7113 .7128 –.0064 189,992
March'22 4.4825 4.5115 4.2805 4.2910 –0.1795 115,680 Jan'22 348.50 350.00 345.50 349.40 –1.50 128,773
March'22 194-080 199-130 194-070 199-030 5-06.0 1,156,730
March'22 .7190 .7213 .7117 .7132 –.0064 1,396
Gold (CMX)-100 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN
Nov 1791.10 1797.00 1791.10 1785.30 1.20 257 Dec 160-070 163-010 160-070 162-280 2-28.0 153,157
Dec t
Dec 59.70 59.80 58.75 59.02 –1.92 21,246 .04655 .04660 .04500 .04572 –.00075 192,143
Dec 1789.60 1816.30 1778.60 1785.50 1.20 69,926 March'22 158-210 161-160 158-210 161-100 2-28.0 1,090,713
Jan'22 59.50 59.54 58.68 58.88 –1.82 128,892 March'22 .04583 .04592 t .04430 .04498 –.00077 177
Jan'22 1788.40 1817.70 1780.50 1786.90 1.30 1,132 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
Feb 1792.30 1819.30 1781.60 1788.10 1.20 399,606 Dec 129-280 131-105 129-280 131-055 1-11.0 835,992
Jan 14.45 14.45 14.09 14.29 –.17 7,968 Dec 1.1203 1.1325 1.1203 1.1306 .0104 682,552
April 1791.30 1820.80 1785.30 1789.90 1.10 40,815 March'22 129-025 130-175 129-025 130-140 1-12.5 3,307,916
March 14.57 14.62 14.33 14.52 –.17 1,143 March'22 1.1238 1.1356 1.1238 1.1337 .0104 24,311
June 1797.00 1821.70 1788.40 1791.60 1.10 22,954 Wheat (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 821.25 830.50 810.00 825.50 –11.25 47,378
Dec 120-312 121-310 120-312 121-255 25.7 744,912
Index Futures
Nov … 1786.00 –58.80 March'22 120-112 121-132 120-112 121-077 27.2 3,173,550
March'22 833.00 845.25 823.25 840.25 –10.00 194,968
March'22 1847.00 1909.50 t 1690.50 1781.20 –66.70 8,240 Wheat (KC)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index
Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 855.50 870.25 845.00 865.00 –8.25 11,828
Dec 109-150 109-251 109-150 109-224 7.0 385,118 Dec 35810 35810 34626 34858 –891 102,504
Nov 953.40 –20.90 18 March'22 109-031 109-150 109-031 109-127 9.0 1,598,984 March'22 35605 35701 34556 34778 –894 2,121
March'22 857.25 872.75 848.25 869.00 –8.00 131,558
Jan'22 975.10 999.90 944.90 954.30 –21.00 51,958
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini S&P 500 (CME)-$50 x index
Silver (CMX)-5,000 troy oz.; $ per troy oz. Jan 164.075 168.175 164.000 167.150 .225 20,163
Nov 99.9200 99.9200 99.9200 99.9200 .0000 105,313 Dec 4707.75 4708.50 4577.25 4595.75 –103.25 2,312,886
Nov 23.107 –0.389 1 April'22 99.8400 99.8850 99.8350 99.8750 .0350 161,789
March 165.275 168.700 165.175 167.975 .075 10,807 March'22 4700.00 4701.75 4572.00 4589.50 –103.75 103,471
March'22 23.610 23.770 22.935 23.135 –0.401 103,491
Cattle-Live (CME)-40,000 lbs.; cents per lb. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini S&P Midcap 400 (CME)-$100 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 136.400 138.350 s 136.275 138.100 .200 34,849
Dec 101-040 101-240 100-140 101-240 1-19.5 192,750
Dec 2871.20 2871.20 2743.10 2775.60 –91.80 41,768
Jan 78.10 78.17 67.40 68.15 –10.24 370,982
Feb'22 138.950 141.450 s 138.675 141.200 .325 128,013
Eurodollar (CME)-$1,000,000; pts of 100%
Feb 77.53 77.59 67.14 67.84 –9.97 203,300 Dec 99.7700 99.7950 99.7675 99.7875 .0150 1,331,889
March'22 2854.00 2873.30 2755.50 2784.60 –91.80 4
March 76.93 76.97 66.77 67.48 –9.67 171,600
Hogs-Lean (CME)-40,000 lbs.; cents per lb. March'22 99.6800 99.7550 t 99.6700 99.7300 .0500 1,038,488 Mini Nasdaq 100 (CME)-$20 x index
Dec 75.100 75.900 73.050 73.200 –2.225 30,134 Dec 16405.75 16413.00 15988.00 16051.00 –315.00 249,887
June 75.18 75.18 65.62 66.30 –8.95 177,089 Dec 98.9300 99.1700 t 98.9300 99.1150 .1800 1,348,603
Feb'22 83.750 84.675 80.425 81.025 –3.225 89,760 March'22 16405.75 16416.25 15995.00 16056.75 –314.25 6,330
Dec 72.04 72.10 63.48 63.98 –7.88 217,366 Dec'23 98.2200 98.4950 98.2050 98.4350 .2100 1,195,028
Dec'23 67.06 67.60 60.77 60.94 –6.16 96,332
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Russell 2000 (CME)-$50 x index
Jan 770.80 779.50 764.20 766.20 –25.30 1,316
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Currency Futures Dec 2334.50 2335.00 2206.30 2243.30 –87.70 471,085
March 775.60 775.60 765.60 766.00 –21.50 391
March'22 2334.90 2334.90
Dec 2.3760 2.3808 2.0897 2.0945 –.2885 18,017 2205.90 2241.90 –87.60 2,782
Jan'22 2.3728 2.3793 2.0843 2.0907 –.2887 103,265
Milk (CME)-200,000 lbs., cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini Russell 1000 (CME)-$50 x index
Nov 17.95 18.03 17.93 17.95 .01 3,752 Dec .8670 .8848 .8662 .8843 .0181 252,407
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 2573.90 2619.70 2560.30 2567.20 –55.90 13,670
Cocoa (ICE-US)-10 metric tons; $ per ton. March'22 .8677 .8859 .8675 .8855 .0181 1,654
Dec 2.3059 2.3098 2.0200 2.0294 –.2903 23,733
Dec 2,340 2,340 2,340 2,340 –116 30 Canadian Dollar (CME)-CAD 100,000; $ per CAD U.S. Dollar Index (ICE-US)-$1,000 x index
Jan'22 2.2585 2.2589 1.9743 1.9811 –.2848 148,137 Dec 96.73 96.77 96.01 96.10 –.77 54,969
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March'22 2,482 2,489 2,388 2,396 –116 105,274 Dec .7902 .7911 .7813 .7827 –.0065 143,475
Coffee (ICE-US)-37,500 lbs.; cents per lb. March'22 .7905 .7913 .7816 .7829 –.0064 4,343 March'22 96.65 96.69 95.95 96.03 –.77 2,743
Dec 5.119 5.562 5.069 5.447 .379 4,808
Jan'22 5.116 5.518 5.075 5.477 .363 253,029 Dec 242.20 245.45 242.15 243.85 –2.45 521 British Pound (CME)-£62,500; $ per £
March 4.777 5.088 4.755 5.044 .263 168,992 March'22 243.95 244.70 238.30 242.95 –2.45 133,961 Dec 1.3327 1.3354 t 1.3277 1.3333 .0011 210,256 Source: FactSet
April 4.251 4.363 s 4.214 4.352 .137 119,324 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
May 4.190 4.292 s 4.160 4.285 .129 136,657 March 19.70 19.73 19.15 19.35 –.58 385,001
May 19.40 19.40 18.76 18.94 –.65 154,958
Oct 4.278 4.375 s 4.253 4.367 .123 87,940
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks
Jan 36.90 36.90 36.90 36.90 … 1,595
Agriculture Futures
Corn (CBT)-5,000 bu.; cents per bu.
March 36.90 36.90 36.90
Cotton (ICE-US)-50,000 lbs.; cents per lb.
36.90 … 2,817
Global Government Bonds: Mapping Yields
Dec 571.50 588.00 566.75 586.75 7.00 187,168 Dec 117.50 118.50 114.97 116.60 –3.78 249
March'22 576.50 593.25 572.00 591.75 6.25 748,762 March'22 114.47 114.49 110.81 111.78 –4.00 155,009
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Oats (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Dec 748.50 757.75 735.25 755.00 4.50 976 Jan 126.95 128.30 123.00 123.60 –4.85 8,320
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
0.500 U.S. 2 0.518 t 0.644 0.448 0.160
Exchange-Traded Portfolios | WSJ.com/ETFresearch 1.375 10 1.484 t
l
l 1.644 1.618 0.878
Closing Chg YTD 5.500 Australia 2 0.368 t l 0.395 0.143 0.103 -13.6 -24.6 -6.5
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
1.000 10 1.777 t l 1.880 1.817 0.924 29.8 23.9 3.8
Closing Chg YTD iShRussell1000Gwth IWF 298.91 –2.20 24.0
Friday, November 26, 2021
Closing Chg YTD
ETF Symbol Price (%) (%) iShRussell1000 IWB 257.12 –2.17 21.4 0.000 France 2 -0.805 s l -0.808 -0.658 -0.683 -130.8 -144.9 -85.1
iShRussell1000Val IWD 161.91 –2.24 18.4
ETF Symbol Price (%) (%) iShCoreUSAggBd AGG 114.52 0.71 –3.1 iShRussell2000 IWM 222.85 –3.77 13.7 0.000 10 0.040 t l 0.117 0.221 -0.348 -143.9 -152.4 -123.3
ARKInnovationETF ARKK 107.12 –0.60 –14.0 iShSelectDividend DVY 117.96 –2.27 22.6 iShRussell2000Val IWN 164.79 –3.86 25.1
CommSvsSPDR XLC 77.18 –1.83 14.4 iShESGAwareUSA ESGU 104.77 –2.27 21.8 iShRussellMid-Cap IWR 81.67 –2.37 19.1 0.000 Germany 2 -0.760 t l -0.740 -0.656 -0.756 -126.4 -138.1 -92.4
iShEdgeMSCIMinUSA USMV 76.98 –1.22 13.4 iShRussellMCValue IWS
CnsmrDiscSelSector XLY 204.07 –2.73 26.9 118.14 –2.85 21.8 0.000 10 -0.334 t l -0.249 -0.116 -0.585 -181.3 -189.0 -147.1
DimenUSCoreEq2 DFAC 28.18 –2.53 ... iShEdgeMSCIUSAMom MTUM 185.05 –1.98 14.7 iShS&P500Growth IVW 81.45 –2.04 27.6
EnSelectSectorSPDR XLE 55.58 –4.02 46.6 iShEdgeMSCIUSAQual QUAL 142.07 –2.08 22.3 iShS&P500Value IVE 149.96 –2.39 17.1 0.000 Italy 2 -0.260 t l -0.209 -0.437 -0.414 -76.4 -84.9 -58.2
FinSelSectorSPDR XLF 38.77 –3.32 31.5 iShEdgeMSCIUSAVal VLUE 104.49 –2.21 20.2 iShTIPSBondETF TIP 129.84 0.50 1.7
HealthCareSelSect XLV 131.97 –0.37 16.3 iShGoldTr IAU 33.96 –0.21 –6.3 iSh1-3YTreasuryBd SHY 85.82 0.20 –0.6 0.950 10 0.965 t l 1.063 0.943 0.603 -51.4 -57.8 -28.3
IndSelSectorSPDR XLI 103.21 –2.71 16.6 iShiBoxx$InvGrCpBd LQD 132.68 0.81 –3.9 iSh7-10YTreasuryBd IEF 115.37 1.29 –3.8
InvscQQQI QQQ 391.20 –1.90 24.7 iShiBoxx$HYCpBd HYG 85.47 –0.72 –2.1 iSh20+YTreasuryBd TLT 150.53 2.53 –4.6
0.005 Japan 2 -0.124 t l -0.119 -0.107 -0.149 -62.7 -76.0 -31.7
InvscS&P500EW RSP 156.46 –2.60 22.7 iShJPMUSDEmgBd EMB 106.57 –1.11 –8.1 iShRussellMCGrowth IWP 116.70 –1.74 13.7 0.100 10 0.077 t l 0.085 0.104 0.025 -140.2 -155.6 -86.1
iShCoreDivGrowth DGRO 53.18 –1.92 18.7 iShMBSETF MBB 107.53 0.47 –2.4 iShUSTreasuryBdETF GOVT 26.58 0.99 –2.4
iShCoreMSCIEAFE IEFA 73.15 –2.60 5.9 iShMSCI ACWI ACWI 103.37 –2.44 13.9 JPM UltShtIncm JPST 50.57 0.04 –0.4 0.000 Spain 2 -0.691 t l -0.690 -0.596 -0.587 -119.5 -133.1 -75.5
iShCoreMSCIEM IEMG 59.91 –3.20 –3.4 iShMSCI EAFE EFA 77.13 –2.69 5.7 ProShUltPrQQQ TQQQ 160.84 –5.52 76.9
iShCoreMSCITotInt IXUS 70.11 –2.67 4.3 iShMSCI EAFE SC SCZ 71.98 –2.32 5.3 SPDR Gold GLD 166.85 –0.16 –6.5
0.500 10 0.431 t l 0.513 0.525 0.056 -104.8 -112.8 -83.0
iShCoreS&P500 IVV 460.62 –2.26 22.7 iShMSCIEmgMarkets EEM 48.70 –3.35 –5.7 SPDRS&P500Growth SPYG 70.61 –2.01 27.7 0.125 U.K. 2 0.458 t l 0.570 0.626 -0.043 -7.1 -21.1
iShCoreS&P MC IJH iShMSCIEAFEValue EFV 49.29 –3.39 4.4
-4.6
277.36 –3.17 20.7 SchwabIntEquity SCHF 38.35 –2.69 6.5
iShCoreS&P SC IJR 113.05 –3.75 23.0 iShNatlMuniBd MUB 116.38 0.17 –0.7 SchwabUS BrdMkt SCHB 110.39 –2.19 21.3 4.750 10 0.828 t l 0.970 1.113 0.280 -65.1 -67.2 -60.5
iShS&PTotlUSStkMkt ITOT 104.37 –2.26 21.1 iSh1-5YIGCorpBd IGSB 54.03 0.19 –2.1 SchwabUS Div SCHD 77.29 –1.83 20.5
iShCoreTotalUSDBd IUSB 52.98 0.53 –2.9 iShPfd&Incm PFF 38.37 –0.75 –0.4 SchwabUS LC SCHX 110.89 –2.08 21.9 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
SchwabUS LC Grw SCHG 160.94 –2.14 25.3
SchwabUS SC
Schwab US TIPs
SCHA
SCHP
102.32
63.42
–3.34
0.52
15.0
2.2 Corporate Debt
Borrowing Benchmarks | WSJ.com/bonds SPDR DJIA Tr
SPDR S&PMdCpTr
DIA
MDY
349.02
506.35
–2.52
–3.30
14.1
20.6
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
SPDR S&P 500 SPY 458.97 –2.23 22.8 expectations. Data for investment grade bonds with tightening spreads and high yield bonds with price
Money Rates November 26, 2021 SPDR S&P Div
TechSelectSector
SDY
XLK
123.71
165.99
–2.34
–2.50
16.8
27.7
increases were unavailable from the source.
Key annual interest rates paid to borrow or lend money in U.S. and
VangdInfoTech VGT 442.12 –2.25 25.0 Investment-grade spreads that widened the most
VangdSC Val VBR 176.65 –3.52 24.2
Spread*, in basis points
international markets. Rates below are a guide to general levels but VangdExtMkt VXF 186.84 –2.44 13.5
VangdSC Grwth VBK 281.91 –2.37 5.3 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
don’t always represent actual transactions. VangdDivApp VIG 164.21 –2.03 16.3
VangdFTSEDevMk VEA 49.95 –2.73 5.8 14
Inflation Week —52-WEEK—
VangdFTSE EM VWO 49.04 –2.93 –2.1
Procter & Gamble PG 2.850 1.64 Aug. 11, ’27 47 40
Latest ago High Low
Oct. index Chg From (%) VangdFTSE Europe VGK 65.56 –2.44 8.8
VangdFTSEAWxUS VEU Goldman Sachs GS 6.750 3.42 Oct. 1, ’37 151 11
level Sept. '21 Oct. '20 Switzerland 0.00 0.00 0.00 0.00 60.15 –2.87 3.1 135
VangdGrowth VUG 315.01 –2.04 24.3
Britain 0.10 0.10 0.10 0.10 VangdHlthCr VHT 252.66 –0.65 12.9
Pfizer PFE 3.000 1.51 Dec. 15, ’26 33 9
U.S. consumer price index Australia 0.10 0.10 0.10 0.10 VangdHiDiv VYM 108.22 –2.07 18.3 n.a.
All items 276.589 0.83 6.2 VangdIntermBd BIV 88.74 0.89 –4.4
Vodafone VOD 4.250 3.46 Sept. 17, ’50 158 9
Core 281.617 0.62 4.6 Secondary market VangdIntrCorpBd VCIT 93.25 0.63 –4.0 145
VangdLC VV 214.58 –2.02 22.1
Fannie Mae VangdMC VO 250.48 –2.33 21.1
Lloyds Banking LLOYDS 4.344 3.29 Jan. 9, ’48 144 8
n.a.
International rates 30-year mortgage yields
VangdMC Val VOE 146.04 –2.80 22.8
VangdMBS VMBS 52.98 0.51 –2.0
Westpac Banking WSTP 1.019 1.15 Nov. 18, ’24 35 8
Week 52-Week 30 days 2.635 2.503 2.710 1.848 VangdRealEst VNQ 108.00 –2.78 27.2 29
Latest ago High Low VangdS&P500ETF VOO 422.14 –2.18 22.8
60 days 2.686 2.538 2.754 1.875 VangdST Bond BSV 81.30 0.36 –1.9 Natwest Markets … 1.600 1.93 Sept. 29, ’26 72 5
Notes on data: VangdSTCpBd VCSH 81.49 0.19 –2.1
n.a.
Prime rates
U.S. prime rate is the base rate on corporate VangdShtTmInfltn VTIP 52.32 –0.02 2.4
5
U.S. 3.25 3.25 3.25 3.25 loans posted by at least 70% of the 10 largest VangdSC VB 224.51 –3.07 15.3 Svenska Handelsbanken Ab SHBASS 0.550 0.98 June 11, ’24 17 15
Canada 2.45 2.45 2.45 2.45 U.S. banks, and is effective March 16, 2020. VangdTotalBd BND 85.27 0.71 –3.3
Other prime rates aren’t directly comparable; VangdTotIntlBd BNDX 57.15 0.60 –2.4
Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location. VangdTotIntlStk VXUS 62.46 –2.86 3.8 High-yield issues with the biggest price decreases
Complete Money Rates table appears Monday VangdTotalStk VTI 235.99 –2.16 21.2
Policy Rates through Friday. VangdTotlWrld VT 104.93 –2.52 13.3
Bond Price as % of face value
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 141.57 –2.10 19.0 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

American Airlines AAL 3.750 7.44 March 1, ’25 89.500 –2.53

93.500
Dividend Changes Nordstrom JWN 6.950 4.79 March 15, ’28 111.584 –2.21
118.125
Dividend announcements from November 26.
Ford Motor F 4.750 4.30 Jan. 15, ’43 106.250 –1.50
Amount Payable / Amount Payable /
107.970
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record –1.26
Sprint Capital … 6.875 3.10 Nov. 15, ’28 123.487 126.000
Increased Golden Ocean Group GOGL 24.1 .85 Q Dec16 /Dec09
Nordic American Tankers NAT 3.2 .01 Q Dec21 /Dec07
Farmers National Banc FMNB 3.2 .14 /.11 Q Dec31 /Dec10 Dish DBS … 7.750 7.20 July 1, ’26 102.125 –0.88
Hingham Institution Savs HIFS 0.5 .55 /.53 Q Jan12 /Jan03
Petroleo Brasileiro ADR PBR 19.1 .79238 Dec22 /Dec03 103.000
Petroleo Brasileiro ADR A PBR.A 19.6 .79238 Dec22 /Dec03
Presidio Property Trust SQFT 10.7 .104 /.103 Q Dec20 /Dec06 –0.60
York Water YORW 1.6 .1949 /.1874 Q Jan14 /Dec31
QIWI ADR QIWI 12.6 .30 Q Dec14 /Dec06 Teva Pharmaceutical Finance Netherlands Iii … 3.150 4.81 Oct. 1, ’26 92.900 94.625
Telefonica ADR TEF 6.3 .16569 SA Dec29 /Dec02
Stocks Firstenergy FE 7.375 3.39 Nov. 15, ’31 133.416 –0.55
Special 135.500
Landmark Bancorp LARK 2.7 5.00% Dec15 /Dec01 Hingham Institution Savs HIFS 0.5 .75 Jan12 /Jan03
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Foreign KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
Note: Data are for the most active issue of bonds with maturities of two years or more
Fanhua ADR FANH 5.2 .15 Q Dec22 /Dec08 S2:1: stock split and ratio; SO: spin-off. Source: MarketAxess

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
CasaSystems CASA 4.76 -2.6 EffectorTherap EFTR 6.75 -6.5 GreenTree GHG 7.14 -10.9 LairdSuperfood LSF 13.57 -5.4 OncoSecMedical ONCS 1.26 -4.4 RiteAid RAD 12.12 -2.7 ThermoGenesis THMO 1.20 19.8
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE CastleBiosci CSTL 42.50 -3.9 eHealth EHTH 21.96 -2.7 Grifols GRFS 10.86 -5.1 LambWeston LW 52.01 -5.8 OneSpan OSPN 16.69 -4.2 RocketPharm RCKT 23.35 -5.8 36Kr KRKR 1.40 -2.7
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low CatalystBiosci CBIO 1.24 -7.4 89bio ETNB 13.42 -9.3 GrowGeneration GRWG 17.11 -1.8 Landec LNDC 8.44 -4.1 OpenLending LPRO 23.28 -4.0 RockwellMedical RMTI 0.42 -0.7 Traeger COOK 13.00 -3.0
in the latest session. % CHG-Daily percentage change from the previous trading session. CatchMarkTimber CTT 7.87 -4.7 ElPolloLoco LOCO 13.01 -2.9 Hookipa HOOK 3.18 -6.3 LandosBio LABP 7.73 -8.4 OppFi OPFI 4.91 -0.4 Root ROOT 3.88 -3.1 TransportadGas TGS 4.16 -4.8
cbdMD PfdA YCBDpA 5.62 ... ElevationOnc ELEV 6.30 -4.7 HailiangEduc HLG 21.90 -3.6 LendingTree TREE 113.49 -1.4 OrchidIslandCap ORC 4.72 -1.0 SG Blocks SGBX 2.19 -1.7 Tredegar TG 10.85 -2.5
Friday, November 26, 2021 CECO Env CECE 6.10 -4.6 Eltek ELTK 4.40 -1.2 HalozymeTherap HALO 33.50 -4.0 LexinFintech LX 4.29 -6.1 Orphazyme ORPH 3.23 -2.9 SabraHealthcare SBRA 13.01 -5.4 TremorIntl TRMR 14.76 -2.5
52-Wk % 52-Wk % 52-Wk % CelyadOncology CYAD 3.55 -3.2 EmpireStateReal250 FISK 8.49 -13.5 HartfordFinPfdG HIGpG 26.30 -0.5 LibertyOilfield LBRT 8.97 -6.8 OtonomoTech OTMO 3.40 -3.5 Sabre SABR 7.05 -12.6 Triterras TRIT 4.50 -1.7
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CharahNts2026 CHRB 24.20 -0.1 EmpireStateRealES ESBA 8.39 -7.6 HealthcareSvcs HCSG 17.31 -3.6 LibertyTripAdvA LTRPA 2.11 -4.4 OverseasShip OSG 1.79 -3.7 Sabre6.5%Pfd SABRP 98.07 -5.8 TrueCar TRUE 3.28 -2.0
TelekmIndonesia TLK 27.59 3.6 Astrotech ASTC 0.77 -2.5 CheetahMobile CMCM 1.42 -5.3 EnbridgeNts2078 ENBA 26.02 -0.8 HealthEquity HQY 56.60 -9.3 LifeStanceHealth LFST 7.76 -4.9 PMV Pharm PMVP 22.09 -3.4 SageTherap SAGE 38.35 -1.7 TuanChe TC 1.70 -6.1
Highs ThermoFisherSci TMO 666.65 0.9 Atreca BCEL 4.18 -6.5 ChinaNaturalRscs CHNR
ChinaOnlineEduc COE
0.98 ...
1.82 -10.8
EncompassHealth EHC
Energous WATT
60.20 -2.7
1.44 -3.9
Heartbeam
HelixEnergy
BEAT
HLX
3.76 -6.5
3.04 -4.1
Lilium LILM 7.64 -1.9 PSBusParksPfdX PSBpX
PTC PTC
25.29 -0.7
105.51 -3.7
ScholarRock SRRK 21.84 -1.0 Tuniu
TurningPoint
TOUR
TPB
1.00
36.22
-7.3
0.7
Valneva VALN 59.84 19.4 ATRenew RERE 7.11 -2.4 loanDepot LDI 5.12 -4.4 SchweitzerMaud SWM 30.25 -1.4
AfterNextHealth AFTR.U 10.24 2.4 ChinaYuchai CYD 11.63 -2.2 EnerSys ENS 72.13 -3.9 Herbalife HLF 37.99 -0.8 ParamountGroup PGRE 8.22 -6.3 TwoHarbors TWO 5.77 -2.4
AuroraMobile JG 1.38 -0.7 LordstownMotors RIDE 4.62 -3.1 ScopusBio SCPS 2.54 -8.2
Albertsons
ArenaFortify
ACI
AFACU
36.60 2.6
10.20 0.7
Lows AvitaTherap RCEL 14.02 -4.8 Cimpress
CitigroupPfdJ CpJ
CMPR 77.61 -4.8
27.01 -0.5
EnsysceBioWt ENSCW
EnvericBiosci ENVB
0.16 -10.5
1.37 -3.3
HeronTherap HRTX
HomePtCap HMPT
9.03 -3.7
3.72 -4.4
LufaxHolding LU 5.92 -11.7 ParatekPharma PRTK
PassageBio PASG
4.29 -2.2
6.99 -1.8
SeaSpine SPNE 13.41 -8.0 US BancorpPfdK USBpP
US BancorpPfdL USBpQ
26.11
23.06
-0.5
-1.2
Aware AWRE 2.98 -1.6 LumberLiqu LL 16.32 -1.1 SecooHolding SECO 0.68 -5.5
ArmadaAcqnIUn AACIU 10.53 0.3 AlxOncology ALXO 32.65 -7.5 CitrixSystems CTXS 82.71 -2.2 Epizyme EPZM 3.30 -6.9 HookerFurnishings HOFT 24.67 -4.3 Paya PAYA 6.56 -4.9 US BancorpPfdM USBpR 24.09 -1.0
Axogen AXGN 9.50 -8.1 LyellImmuno LYEL 8.93 -1.0 ServiceProperties SVC 8.51 -8.5
ArqitQuantumWt ARQQW 8.65 11.7 AVROBIO AVRO 4.02 -11.1 CoeurMining CDE 5.58 -4.8 EuronetWorldwide EEFT 105.40 -6.2 HorizonGlobal HZN 6.62 -0.9 PebblebrookPfdH PEBpH 24.22 -2.2 US PhysTherapy USPH 87.75 -3.8
Azul AZUL 12.60 -7.6 MDJM MDJH 2.85 ... ServiceSource SREV 1.04 -3.7
Arteris AIP 27.55 11.2 AbeonaTherap ABEO 0.71 -3.6 CognitionTherap CGTX 8.26 0.3 ExcellonRes EXN 1.24 -3.1 Hyliion HYLN 6.43 -1.3 PennNational PENN 49.54 -0.8 UcommuneIntl UK 0.63 -5.8
Bio-key BKYI 2.48 -0.8 MICT MICT 1.10 -5.9 17Educ&Tech YQ 1.72 -7.3
Biofrontera BFRI 9.49 51.3 AbsoluteSftwr ABST 8.61 -0.4 CollegiumPharm COLL 17.57 -3.1 Exscientia EXAI 19.03 -6.5 HyreCar HYRE 5.15 -5.9 Pennant PNTG 19.01 -5.1 Ultralife ULBI 5.38 -0.9
BJsRestaurants BJRI 30.46 -5.6 MammothEnergy TUSK 1.73 4.1 ShenandoahTel SHEN 25.61 -3.2
BiofronteraWt BFRIW 4.18 161.9 AccelerateDiag AXDX 5.00 -8.9 Compass COMP 9.13 -0.3 F45Training FXLV 9.66 -5.9 HysterYaleMatls HY 40.05 -2.3 PerdoceoEduc PRDO 9.85 -2.1 UnivDisplay OLED 143.94 -2.1
BTBrandsWt BTBDW 0.96 0.9 ManTechIntl MANT 69.76 -4.2 Shift4Paymts FOUR 52.60 -4.3
Cars.com CARS 16.20 21.1 Accolade ACCD 26.71 -4.5 CompassMnlInt CMP 49.82 -2.8 FSDPharma HUGE 1.31 -2.2 IAA IAA 48.51 -3.3 Perrigo PRGO 37.44 -2.7 UplandSoftware UPLD 20.01 -3.1
BTRS BTRS 7.75 -4.9 MarblegateAcqnWt GATEW 0.50 -2.4 ShiftTech SFT 4.60 -2.7
ChainBridgeI CBRGU 10.15 ... AcelRxPharm ACRX 0.62 -3.7 CoreMoldingTech CMT 9.14 -1.3 FangHoldings SFUN 4.60 -2.1 IBEX IBEX 14.81 3.3 PetIQ PETQ 20.60 -4.2 UserTesting USER 9.85 -1.2
BWX Tech BWXT 48.92 -2.3 MarkerTherap MRKR 1.20 ... ShiftPixy PIXY 0.85 -2.8
Church&Dwight CHD 94.75 ... AcordaTherap ACOR 2.80 -7.4 CorEnergyInfr CORR 4.04 -4.9 FangddNetwork DUO 0.70 -4.9 IHS Holding IHS 14.04 -3.4 PetVivoWt PETVW 0.45 -10.7 UTime UTME 3.64 -5.9
Bally's BALY 38.19 0.1 MarroneBioInnova MBII 0.68 -3.9 Sibanye-Stillwater SBSW 11.56 -6.9
CocaColaCon COKE 605.92 0.2 AcumenPharm ABOS 8.13 -8.1 CorsairGaming CRSR 22.70 -1.7 FiestaRestaurant FRGI 8.95 -2.9 ITTechPkg ITP 0.32 -2.1 PhenixfinNts2028 PFXNZ 24.88 ... VNET VNET 10.51 -5.4
BankOZKPfdA OZKAP 24.45 -0.8 MDxHealth MDXH 8.79 -1.2 SigilonTherap SGTX 3.85 -4.6
Costco COST 554.55 -0.7 Adagene ADAG 8.69 -3.4 Cortexyme CRTX 11.54 -1.6 FinanceofAm FOA 4.19 -2.2 i3Verticals IIIV 18.76 -6.0 PhoenixNewMedia FENG 0.98 -6.4 VanEckGreenMtls GMET 33.65 -3.4
CyrusOne 89.92 -0.2 AestheticMed AIH 3.31 -6.1 BankofAmPfdQQ BACpQ 24.63 -0.8 MercadoLibre MELI 1244.00 -1.1 SilkRoadMed SILK 42.52 -5.1
CONE Coursera COUR 28.65 -2.9 FirstRepBkPfdK FRCpK 23.59 -1.0 icad ICAD 7.51 -1.2 Pinduoduo PDD 65.51 -15.9 VastaPlatform VSTA 2.59 -5.4
DigitalRealty DLR 168.54 -0.9 AffiliatedMgrDeb MGR 26.25 -0.9 BankofAmPfdHH BACpK 26.17 -0.3 MersanaTherap MRSN 6.86 -10.6 SinclairBroadcast SBGI 23.40 -3.7
CowenNts2033 COWNL 26.55 -0.7 FirstRepBkPfdL FRCpL 23.77 -1.1 Immersion IMMR 5.60 -3.1 PopCulture CPOP 2.10 -4.5 VersusSystems VS 2.60 -3.9
EnergemUn ENCPU 10.23 0.5 AgEagleAerial UAVS 2.12 -6.4 BankHawaiiPfdA BOHpA 24.94 -0.3 MetroMileWt MILEW 0.23 -17.2 SiriusPoint SPNT 7.64 -6.2
CryoLife CRY 17.60 -2.8 FirstRepBkPfdM FRCpM 22.69 -1.6 Immunogen IMGN 4.74 -2.2 PrimorisSvcs PRIM 23.41 -4.0 VeryGoodFood VGFC 1.02 -8.7
Etsy ETSY 307.75 -1.9 AgileTherap AGRX 0.54 -7.9 BaoshengMedia BAOS 1.26 -3.7 MicrobotMed MBOT 5.24 -4.9 SkylightHealth SLHG 1.57 -4.0
Culp CULP 10.11 -0.8 FiveStarSrLiving FVE 3.07 -5.4 Immuron IMRN 3.15 4.9 ProfoundMed PROF 11.10 -2.0 ViacomCBS A VIACA 34.80 -2.3
Expensify EXFY 51.06 1.5 Agora API 19.72 -0.3 Baozun BZUN 14.36 -4.1 MillicomIntl TIGO 31.67 -6.0 Smith&Nephew SNN 32.77 -3.2
CumberlandPharm CPIX 2.20 -2.2 FleetCorTech FLT 214.76 -5.7 InfiniteAcqnUn NFNT.U 10.05 0.3 ProtoLabs PRLB 49.87 -4.2 ViacomCBS B VIAC 32.28 -1.9
FounderSPAC FOUNU 10.17 1.0 AgreeRealtyDepPfdA ADCpA 23.00 -1.4 Benefitfocus BNFT 10.03 -2.4 MirumPharm MIRM 13.38 -6.4 SnowLakeResources LITM 6.32 -5.3
CuriosityStream CURI 7.17 -3.9 FloraGrowth FLGC 1.95 -7.1 InflectionPointA IPAX 9.63 -0.1 PublicStoragePfP PSApP 24.37 -0.7 ViacomCBS Pfd VIACP 54.36 -1.4
GasLogPtrsPfdC GLOPpC 25.59 -0.1 AirSculptTech AIRS 12.00 -14.1 Betterware BWMX 22.67 -0.8 MisterCarWash MCW 15.90 -0.9 SolGelTech SLGL 7.51 -8.0
CVRx CVRX 12.50 -2.0 FlotekIndustries FTK 0.76 -6.1 Inogen INGN 31.34 -5.0 PublicStoragePfQ PSApQ 24.31 -0.6 ViantTech DSP 9.65 -3.8
GlobalSpac GLSPU 10.60 3.9 AirspanNetworks MIMO 5.13 -6.7 BioDeliverySci BDSI 2.84 -3.3 MizuhoFin MFG 2.47 -3.1 SolarisOilfield SOI 6.45 -5.1
Cyngn CYN 4.82 -0.2 Flowserve FLS 30.85 -4.2 InozymePharma INZY 7.66 -6.9 PublicStoragePfG PSApG 25.37 -0.3 Viatris VTRS 12.57 -2.3
HarborCustomWt HCDIZ 0.72 13.3 Akouos AKUS 7.50 -4.1 BioXcelTherap BTAI 22.04 -5.3 MobileTeleSys MBT 7.95 -3.9 SonimTech SONM 1.46 -3.2
Cytosorbents CTSO 4.75 -5.4 Fluent FLNT 1.89 -1.0 Intellicheck IDN 4.86 -3.5 PublicStoragePfF PSApF 25.27 -0.1 ViemedHealthcare VMD 5.05 -3.1
HarrowHlthNts26 HROWL 26.87 -0.3 AlabamaPwrPfdA ALPpQ 25.72 -0.3 BlackDiamond BDTX 6.20 -8.0 ModelN MODN 27.81 -4.3 Sono SEV 16.14 -4.2
DD3AcqnII A DDMX 9.02 -4.5 Forian FORA 8.50 -7.2 Invacare IVC 3.25 -4.9 PublicStoragePfK PSApK 25.94 -0.5 VillageFarms VFF 6.84 -4.2
HireRight HRT 19.10 2.4 AlaskaAir ALK 47.38 -6.5 BlackSkyTech BKSY 7.39 8.4 MolecularData MKD 0.18 -11.7 SpiritAirlines SAVE 19.52 -8.0
DMC Global BOOM 35.50 -4.1 FormaTherap FMTX 16.14 -6.0 iQIYI IQ 6.21 -3.7 PublicStoragePfdO PSApO 24.42 -0.6 VincerxPharma VINC 10.75 -5.3
HudsonPacificPfdC HPPpC 25.27 -0.4 AlgonquinPwrUn AQNU 46.00 -0.8 BlueCity BLCT 2.22 -7.9 MolecularTemp MTEM 4.05 -1.9 SpiritRealtyPfdA SRCpA 25.29 -1.1
DPCapAcqnI DPCSU 10.02 ... FortunaSilver FSM 3.43 -3.3 Iteris ITI 4.35 -5.1 Pulmonx LUNG 33.29 -2.2 ViractaTherap VIRX 4.70 -8.2
IntegratedRail IRRX.U 10.15 -0.2 AlgonquinPwr AQN 13.64 -1.2 BostonBeer SAM 448.03 -2.1 Moog A MOG.A 69.60 -5.4 Sportradar SRAD 17.44 -5.7
DSS DSS 0.85 -3.3 FrankBSPRealty FBRT 15.84 -2.0 Itron ITRI 62.36 -4.6 PurpleInnovation PRPL 10.80 -3.9 VirnetX VHC 2.60 -4.6
InterPrivateIII Wt IPVF.WS 1.97 5.7 AlmadenMinerals AAU 0.32 1.0 Braze BRZE 71.01 -0.7 DaVita 96.98 -4.6 FrequencyTherap FREQ 5.59 -4.1 JBG SMITH Prop JBGS 28.14 -2.9
MorganStanleyPfdO MSpO 24.64 -0.6 Q&K Intl 0.49 -7.3
SpragueRscs SRLP 14.60 -1.2
Visa 192.55 -2.8
DVA QK V
iSpecimen ISPC 24.67 71.7 AlticeUSA ATUS 15.73 -1.8 BridgeBioPharma BBIO 37.94 -2.9 DecipheraPharm DCPH 7.93 -3.4 FreseniusMed FMS 30.03 -3.3 Joann JOAN 9.41 ...
MorganStanleyPfdE MSpE 27.34 -0.9 QilianIntl QLI 3.08 ...
Staffing360 STAF 1.17 -5.5
VivoPowerIntl VVPR 4.54 -1.7
KademSust KSICU 10.10 -0.7 Amarin AMRN 3.59 -5.5 BrightHealth BHG 3.61 -7.2 DelTaco TACO 7.63 -1.5 Frontier ULCC 13.53 -7.5 JackintheBox JACK 85.94 -1.7 MotorcarParts MPAA 17.00 -4.8 Qorvo QRVO 146.77 -3.0 Steelcase SCS 11.65 -4.4 Vroom VRM 15.07 -1.1
LavaMedtech LVACU 10.20 0.3 AmFinDeb2059 AFGB 26.56 -1.1 BrightHorizons BFAM 119.89 0.1 DeltaAir DAL 34.60 -8.3 GAN GAN 9.91 -1.3 JamesRiver JRVR 26.69 -3.3 MustangBio MBIO 1.99 -4.6 QuoinPharm QNRX 4.31 -1.7 StoneCo STNE 16.19 -4.3 VyantBio VYNT 1.96 -0.5
MaxproCapitalAcqn JMACU 10.36 1.1 AmericanPubEdu APEI 20.65 -0.9 BrinkerIntl EAT 34.49 -5.6 DentsplySirona XRAY 49.21 -2.9 GOL Linhas GOL 5.20 -2.5 JazzPharma JAZZ 122.79 -4.0 NN NNBR 4.61 -6.7 Qutoutiao QTT 0.67 -8.4 StrategicEd STRA 56.65 -2.1 WEX WEX 126.80 -3.8
Meredith MDP 59.04 0.2 AmVirtualCloud AVCT 1.44 -6.9 BristolMyers BMY 55.82 -0.5 Despegar.com DESP 9.55 -9.2 GRAVITY GRVY 76.01 -3.2 JetBlue JBLU 13.18 -5.8 Natura&Co NTCO 9.57 -2.2 RE/MAX RMAX 26.35 -4.5 StrongholdDig SDIG 19.25 -6.4 WRBerkleyDeb58 WRBpE 25.98 -0.3
MidPennBancorp MPB 33.89 1.6 AmericanWoodmark AMWD 63.90 -5.3 BritishAmTob BTI 34.00 -0.9 DieboldNixdorf DBD 8.11 -4.4 Gaia GAIA 8.67 -0.7 JPMorganPfdMM JPMpM 24.50 -0.4 Netgear NTGR 26.38 -1.9 RLJ Lodging RLJ 12.09 -7.5 SummitWireless WISA 1.80 -3.1 WW Intl WW 16.67 -3.4
NV5Global NVEE 133.09 14.0 AmerCarMart CRMT 99.63 -3.2 BroadmarkRealty BRMK 9.36 -2.2 DigitalMedia DMS 4.90 2.4 Gap GPS 16.90 -2.9 JPMorganPfdGG JPMpJ 25.32 -0.4 NewYorkCityReit NYC 6.80 0.3 RapidMicro RPID 12.57 -6.2 SunCountryAir SNCY 25.85 -3.9 Waterdrop WDH 1.31 -1.4
NaborsEnerTransUn NETC.U 10.26 0.2 AmrytPharma AMYT 9.33 -2.7 BrookfieldNts2081 BIPH 25.06 -0.8 Disney DIS 145.85 -2.1 GeminiTherap GMTX 2.82 -5.8 KaleidoBiosci KLDO 3.90 -2.7 NexImmune NEXI 7.94 -11.8 RayonierAdvMatls RYAM 5.46 -3.7 SunlightFinl SUNL 4.12 -4.7 Weber WEBR 13.83 -0.1
NovaVisionAcqn NOVV 9.98 -0.2 AngionBiomed ANGN 3.64 -5.8 BrookfieldRenew BEPC 36.02 -1.2 DiversifiedHlthcr DHC 2.79 -10.1 Genasys GNSS 3.95 1.0 KandiTech KNDI 3.82 -0.5 NextPlayTech NXTP 1.08 ... ReadyCapPfdE RCpE 24.31 -0.6 SunOpta STKL 6.09 -2.3 WesternUnion WU 16.17 -1.3
OPYAcqnI OHAAU 10.09 0.5 AppHarvest APPH 4.98 -4.3 BurconNutra BRCN 1.20 -6.2 dMYTechGrpVIWt DMYS.WS 1.48 -9.0 GenerationBio GBIO 17.01 -6.8 KellyServices A KELYA 17.16 -4.0 NineEnergy NINE 1.42 -4.0 RedRobin RRGB 16.37 -5.0 SutroBioph STRO 15.80 -4.4 WestportFuelSys WPRT 2.37 -1.5
Pfizer PFE 54.94 6.1 AppliedMolecular AMTI 15.89 -14.0 BurgerFiIntl BFI 6.96 -0.7 Dole DOLE 13.10 -3.2 GetnetAdquirencia GET 1.20 -6.8 Kemper KMPR 56.76 -0.5 908Devices MASS 22.21 -0.2 Regis RGS 2.56 4.0 TCR2 Therap TCRR 5.13 -6.9 WorkhorseGroup WKHS 5.56 -4.0
Procter&Gamble PG 149.72 -0.8 Aptorum APM 1.81 2.1 Cadiz CDZI 4.16 -6.1 DouYuIntl DOYU 2.67 -4.8 GlMedREIT PfdA GMREpA 25.50 -0.8 KeyTronic KTCC 6.10 -0.5 NomuraHoldings NMR 4.17 -0.9 ReinsGrp RGA 95.08 -9.6 TGVentureAcqnWt TGVCW 0.44 -12.8 WorldFuelSvcs INT 24.47 -3.5
RealBrokerage REAX 3.75 3.3 Aravive ARAV 3.28 -3.1 CDK Global CDK 39.08 -1.3 Dril-Quip DRQ 18.30 -2.5 GlobalNetLease GNL 14.14 -3.4 KimballIntl B KBAL 10.19 -5.7 NordicAmTankers NAT 1.79 -3.1 RelmadaTherap RLMD 18.06 -3.7 TPG Pace Solns TPGS 9.76 -0.7 Xunlei XNET 2.58 -5.8
RiceAcqnII RONI.U 11.04 4.5 ArcutisBiotherap ARQT 16.05 -6.0 CS Disco LAW 36.62 -6.1 Ducommun DCO 42.36 -7.2 GlobalPayments GPN 120.23 -1.1 KimcoRealtyPfdL KIMpL 25.11 -0.6 Nordstrom JWN 20.90 -1.1 RenaissancePfdG RNRpG 24.48 -0.8 TPG RE FinPfdC TRTXpC 23.66 -0.5 Y-mAbsTherap YMAB 16.38 -3.3
RiverviewFinl RIVE 16.04 2.0 Ardelyx ARDX 0.87 -3.5 CYREN CYRN 0.37 0.5 Duolingo DUOL 116.55 2.3 GlbXBlockchain&Bit BITS 25.02 -5.1 KimcoRealtyPfdM KIMpM 25.45 -0.7 NorwegCruise NCLH 19.08 -11.4 RenaissancePfdF RNRpF 26.03 -0.7 TPIComposites TPIC 18.34 -4.0 Yext YEXT 9.66 -3.2
RunwayGrowthFin RWAY 14.05 -1.1 Argan AGX 40.02 -2.8 CaladriusBiosci CLBS 0.92 ... Durect DRRX 1.00 -4.7 GoldenMinerals AUMN 0.39 -0.7 KoninklijkePhil PHG 37.01 -5.0 NovaVisionAcqn NOVVU 9.85 -3.5 Repay RPAY 16.80 -3.6 TactileSystems TCMD 20.31 -5.4 YumChina YUMC 50.60 -4.1
SensusHealthcare SRTS 6.30 ... Arhaus ARHS 9.65 1.3 Cango CANG 3.30 -5.5 DynexCapital DX 16.96 -0.8 GoldmanSachsPfJ GSpJ 25.84 0.2 KoreaElcPwr KEP 9.02 -2.4 Novartis NVS 80.53 -1.5 Resonant RESN 2.08 -0.9 TakedaPharm TAK 13.42 -0.9 YumanityTherap YMTX 4.16 -3.7
Servotronics SVT 12.79 -3.7 AriszAcqnUn ARIZU 10.09 ... CardinalHealth CAH 47.14 -2.4 E-HomeHousehold EJH 2.09 -8.9 GrandCanyonEduc LOPE 73.77 -1.4 KratosDefense KTOS 19.34 -3.0 NuverraEnvl NES 1.50 -6.3 RevanceTherap RVNC 12.62 -6.0 TaroPharm TARO 52.00 -0.2 Zenvia ZENV 8.25 -5.0
SiTime SITM 312.03 0.8 ArmadaAcqnI AACI 9.34 -4.6 CardiovascularSys CSII 21.75 -1.9 EVO Payments EVOP 20.07 -4.4 GraybugVision GRAY 2.60 -3.2 KronosBio KRON 12.29 -6.2 Nyxoah NYXH 19.44 -1.4 Rezolute RZLT 5.20 -2.5 Team TISI 1.30 -3.5 ZeppHealth ZEPP 7.49 -3.2
Sonendo SONX 12.24 -0.5 ArmourRes ARR 9.81 -1.4 CarLotz LOTZ 2.96 1.6 EzgoTech EZGO 2.08 -5.3 GreenDot GDOT 37.91 -2.9 KrystalBiotech KRYS 38.86 -6.2 OmegaFlex OFLX 125.23 -4.8 RhythmPharm RYTM 9.04 -8.9 TechnipFMC FTI 5.82 -6.6 ZimmerBiomet ZBH 124.83 -3.6
TGVentureAcqn TGVCU 10.43 -0.5 AshfordHosp AHT 10.52 -11.4 Carnival CCL 17.20 -11.0 EastmanKodak KODK 6.10 -5.4 GreenbrookTMS GBNH 5.50 -9.5 Kyndryl KD 16.32 -3.7 OmegaHealthcare OHI 27.74 -3.9 RiceBranTech RIBT 0.43 -3.0 Teleflex TFX 304.57 -4.0 Zogenix ZGNX 11.46 -4.8
Tech&Energy TETCU 10.15 1.7 Astronics ATRO 10.81 -7.2 CarrolsRestr TAST 2.83 -1.7 EbangIntl EBON 1.50 -9.5 Greenlane GNLN 1.22 -4.5 LHC Group LHCG 121.86 -3.3 OncologyInstWt TOIIW 0.81 -8.9 RigelPharm RIGL 2.72 -5.1 Ericsson ERIC 10.09 -3.1 Zovio ZVO 1.42 5.4
P2JW331000-5-B01000-1--------XA

B10 | Saturday/Sunday, November 27 - 28, 2021 ***** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. 124.69 20.79 8.43 FordMotor F 2.0 27 19.75 -0.50 ... 37.90 19.78 Marqeta MQ ... dd 22.05 -0.44 -3.22 202.60 133.20 Seagen SGEN ... dd 169.50 -3.70
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 120.42 355.35 120.14 Fortinet FTNT ... 98 327.39 -5.85 11.76 171.68 115.50 Marriott MAR 0.0104 147.44 -10.17 37.91 66.68 41.78 SealedAir SEE 1.3 21 63.15 -1.65
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. 7.08 47.02 38.49 Fortis FTS 3.9 21 43.71 -0.60 42.23 171.13 106.95 Marsh&McLen MMC 1.3 31 166.41 -3.37 -4.50 144.93 114.66 Sempra SRE 3.6 33 121.68 -3.85
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those 6.92 79.87 64.58 Fortive FTV 0.4 17 75.72 -2.31 46.11 435.62 258.18 MartinMarietta MLM 0.6 36 414.92 -8.04 9.20 64.80 48.29 SensataTechs ST ... 25 57.59 -3.53
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 20.08 114.00 79.46 FortBrandsHome FBHS 1.0 19 102.93 -2.67 51.43 76.12 37.92 MarvellTech MRVL 0.3 dd 71.99 -1.87 ... 78.53 39.94 SentinelOne S ... dd 57.63 -0.81
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 29.19 44.80 27.12 FoxA FOXA 1.3 13 37.62 -0.88 22.12 69.03 51.53 Masco MAS 1.4 37 67.08 -1.30 38.25 70.03 45.63 ServiceCorp SCI 1.4 15 67.88 -0.49
21.43 42.14 26.89 FoxB FOX 1.4 12 35.07 -0.81 5.88 305.21 205.10 Masimo MASI ... 71 284.15 -1.64 18.01 707.60 448.27 ServiceNow NOW ...597 649.55 0.24
9.83 163.79 105.62 Franco-Nevada FNV 0.9 38 137.65 -1.65 -9.18 401.50 312.38 Mastercard MA 0.5 40 324.17 -15.83 63.72 30.41 17.06 ShawComm B SJR 3.1 19 28.75 -0.40
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 32.61 38.27 21.89 FranklinRscs BEN 3.4 9 33.14 -1.30 -11.59 182.00 129.68 MatchGroup MTCH ... 69 133.67 -3.74 31.98 340.45 218.06 SherwinWilliams SHW 0.7 44 323.30 -4.72
s-New 52-week high. standards vj-In bankruptcy or receivership or 43.12 46.10 23.02 FreeportMcM FCX 0.8 14 37.24 -1.41 53.39 32.83 14.80 McAfee MCFE 1.7 dd 25.60 -0.06 1.08 39.17 27.51 ShinhanFin SHG 4.9 5 30.08 -1.62
t-New 52-week low. lf-Late filing being reorganized under the t -27.62 43.33 30.03 FreseniusMed FMS 3.6 16 30.08 -1.02 -10.26 100.46 77.05 McCormickVtg MKC.V 1.6 31 85.76 0.22 39.29 1762.92 1005.14 Shopify SHOP ... 59 1576.70 -52.00
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities ... 53.36 33.73 FreshworksA FRSH ... dd 35.55 0.51 -10.52 98.80 77.85 McCormick MKC 1.6 30 85.54 0.05 t -24.86 20.68 11.56 Sibanye-Stillwater SBSW 11.0 3 11.94 -0.88
four quarters. requirements. assumed by such companies. ... 22.80 7.95 FullTruck YMM ... dd 12.87 0.04 16.51 257.79 202.73 McDonalds MCD 2.2 26 250.01 -7.10 140.93 342.03 112.03 SignatureBank SBNY 0.7 23 325.95 -13.68
FD-First day of trading. t-NYSE bankruptcy 27.42 229.13 169.09 McKesson MCK 0.8 dd 221.61 -4.41 88.18 171.12 82.02 SimonProperty SPG 4.1 29 160.48 -8.55
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day.
GHI -0.83 22.82 19.32 MedicalProp MPW 5.2 22 21.61 -0.49 -3.14 8.14 5.75 SiriusXM SIRI 1.4 77 6.17 -0.04
-5.20 135.89 110.06 Medtronic MDT 2.3 39 111.05 -3.39 57.10 260.00 130.82 SiteOneLandscape SITE ... 51 249.20 -2.50
-40.68 116.76 49.16 GDS Holdings GDS ... dd 55.55 -0.80 t -24.86 2020.00 1244.00 MercadoLibre MELI ...791 1258.71 -14.29 -0.26 204.00 135.97 Skyworks SWKS 1.5 17 152.48 -4.56
35.68 43.71 26.34 GFLEnvironmental GFL 0.1 dd 39.59 -0.80 1.49 91.40 68.38 Merck MRK 3.3 28 79.16 -3.12 47.76 83.59 52.08 SmithAO AOS 1.4 28 81.00 -1.39
Friday, November 26, 2021 YTD 52-Week Yld Net ... 105.92 48.38 GXO Logistics GXO ... 89 97.36 -1.26 21.95 384.33 244.61 MetaPlatforms FB ... 24 333.12 -7.94 t -22.10 46.10 32.77 Smith&Nephew SNN 2.2 26 32.85 -1.08
% Chg Hi Lo Stock Sym % PE Last Chg 31.87 168.50 112.92 Gallagher AJG 1.2 35 163.14 -3.28 28.01 67.68 44.62 MetLife MET 3.2 10 60.10 -2.53 13.28 140.65 110.53 Smucker SJM 3.0 18 130.95 -1.35
YTD 52-Week Yld Net 960.08 483.00 12.14 GameStop GME 0.0 dd 199.72 -12.06
48.92 243.99 143.52 Carlisle CSL 0.9 33 232.59 -5.01 31.32 1626.62 1033.40 MettlerToledo MTD ... 47 1496.65 -21.60 -0.62 83.34 43.26 Snap SNAP ... dd 49.76 0.10
% Chg Hi Lo Stock Sym % PE Last Chg 74.14 60.62 28.12 Carlyle CG 1.8 7 54.75 -2.45 7.43 51.46 39.08 Gaming&Leisure GLPI 5.9 18 45.55 -1.20 15.95 87.52 64.53 MicrochipTech MCHP 1.2 86 80.07 -3.84 23.47 259.99 165.56 SnapOn SNA 2.7 14 211.30 -4.13
16.49 178.81 113.59 Garmin GRMN 1.9 24 139.39 -3.72
ABC 54.30 155.98 90.30 CarMax
t -17.13 31.52 17.20 Carnival
KMX ... 21 145.75
CCL 0.0 dd 17.95
-1.61
-2.21
100.52 369.00 149.74 Gartner IT ... 40 321.22 -4.89
10.96 96.96 63.51 MicronTech
48.22 349.67 209.11 Microsoft
MU
MSFT
0.5 16 83.42
0.8 37 329.68
-2.79
-8.23
28.86 429.00 184.71 Snowflake
32.29 71.50 40.53 SOQUIMICH
SNOW ... dd 362.60
SQM 0.6 73 64.47
7.24
-1.21
-12.06 27.31 15.58 Carnival 90.47 524.31 202.56 Generac GNRC ... 53 433.15 -3.95 60.68 211.11 119.21 MidAmApt MAA 2.0 55 203.57 -6.99 46.38 28.26 10.10 SoFiTech SOFI ... dd 18.21 -0.12
22.28 38.03 26.30 ABB ABB 2.0 38 34.19 -0.98 CUK 0.0 dd 16.48 -2.10
29.94 210.21 144.50 GeneralDynamics GD 2.5 17 193.37 -5.37
44.88 75.94 46.61 AECOM ACM ... 62 72.12 -3.00 46.82 58.89 34.21 CarrierGlobal CARR 0.9 22 55.38 -0.31 40.34 196.49 123.93 Middleby MIDD ... 23 180.93 -3.83 6.99 389.71 199.33 SolarEdgeTech SEDG ...129 341.44 -7.05
21.53 376.83 219.40 Carvana CVNA ... dd 291.11 0.91 13.24 116.17 79.68 GeneralElec GE 0.3 22 97.84 -4.39 -33.77 5.77 1.50 MindMed MNMD ... dd 2.02 -0.06 19.95 125.76 91.75 Sony SONY 0.0 18 121.27 -0.95
1.40 29.07 20.27 AES AES 2.5 31 23.83 -0.89 6.73 64.65 53.96 GeneralMills GIS 3.3 17 62.76 -0.54
24.96 57.95 42.73 Aflac AFL 2.9 9 55.57 -1.44 27.14 142.64 91.87 Catalent CTLT ... 42 132.31 2.72 21.44 6.30 4.24 MitsubishiUFJ MUFG 3.6 6 5.38 -0.20 0.99 67.54 56.69 Southern SO 4.3 22 62.04 -1.06
9.18 246.69 172.28 Caterpillar CAT 2.2 21 198.73 -8.34 44.50 65.18 40.04 GeneralMotors GM 0.0 8 60.17 -2.02 t -3.14 3.21 2.47 MizuhoFin MFG 4.3 5 2.47 -0.08 -11.38 83.29 54.92 SoCopper SCCO 5.5 14 57.71 -1.59
13.76 158.62 88.03 AGCO AGCO 0.7 12 117.28 -6.81 -3.64 49.07 30.10 Genmab GMAB ... 56 39.18 0.17
1675.00 72.62 1.91 AMC Ent AMC 0.0 dd 37.63 -1.26 23.82 174.04 115.42 Celanese CE 1.7 7 160.89 -5.07 215.53 497.49 102.66 Moderna MRNA ... 20 329.63 56.24 -3.54 64.75 43.72 SouthwestAir LUV 0.0 dd 44.96 -2.03
13.15 9.09 4.53 Cemex CX 0.0 14 5.85 -0.30 18.47 52.75 38.28 Genpact G 0.9 26 49.00 -1.76 24.46 231.80 124.16 MohawkInds MHK ... 11 175.42 -4.28 -26.51 207.41 110.28 Splunk SPLK ... dd 124.85 -0.22
5.13 413.89 292.79 Ansys ANSS ... 72 382.48 -7.57 31.81 139.11 93.62 GenuineParts GPC 2.5 24 132.38 -3.98
84.92 31.14 12.20 APA APA 1.9 17 26.24 -2.37 105.13 13.48 4.94 CenovusEnergy CVE 0.9 43 12.39 -0.67 37.49 316.04 196.08 MolinaHealthcare MOH ... 29 292.42 -14.58 -20.27 387.44 201.68 Spotify SPOT ... dd 250.89 1.40
23.11 77.64 57.16 Centene CNC ... 60 73.90 -1.71 20.61 73.34 56.56 GileadSciences GILD 4.0 12 70.27 0.20 0.91 61.48 42.46 MolsonCoorsB TAP 3.0 dd 45.60 -1.66 -2.55 289.23 191.36 Square SQ ...201 212.08 -3.57
23.46 9.62 5.20 ASETech ASX 3.0 10 7.21 -0.30
21.21 27.20 19.31 CenterPointEner CNP 2.6 17 26.23 ... 15.86 8.90 GinkgoBioworks DNA ... dd 12.06 0.06 -16.27 68.75 45.29 MolsonCoorsA TAP.A 2.6 dd 52.50 -3.00 2.34 225.00 167.66 StanleyBlackDck SWK 1.7 16 182.73 -6.97
60.34 895.93 428.78 ASML ASML 0.4 50 782.02 -20.37 -0.54
-15.88 9.61 4.69 CentraisElBras EBR 11.8 9 5.88 ... 137.00 91.05 GitLab GTLB ... dd 95.99 -0.86 ... 450.00 155.01 monday.com MNDY ... dd 339.36 1.96 3.44 126.32 95.92 Starbucks SBUX 1.8 31 110.66 -3.31
-15.79 33.88 23.96 AT&T T 8.6199 24.22 -0.25 -0.02
4.50 130.37 78.20 CeridianHCM CDAY ... dd 111.35 11.47 43.61 33.53 GSK GSK 4.9 17 41.02 -0.58 3.04 65.60 52.91 Mondelez MDLZ 2.3 19 60.25 -1.07 28.26 100.69 68.80 StateStreet STT 2.4 14 93.35 -4.91
14.97 131.60 105.32 AbbottLabs ABT 1.4 31 125.88 0.81 -1.28
-7.87 84.20 67.96 Cerner CERN 1.2 42 72.30 ... 83.77 24.22 Global-EOnline GLBE ... ... 62.89 1.90 44.44 590.00 238.01 MongoDB MDB ... dd 518.61 11.43 72.25 74.37 33.77 SteelDynamics STLD 1.6 6 63.51 -1.64
8.74 121.53 101.55 AbbVie ABBV 4.8 28 116.51 -2.15 -1.19
t -42.83 220.81 120.23 GlobalPayments GPN 0.8 39 123.16
50.20 460.21 226.07 CharlesRiverLabs CRL ... 48 375.28 -1.40 46.09 580.00 301.51 MonolithicPower MPWR 0.4120 535.02 -17.56 4.11 21.99 14.02 Stellantis STLA 0.0 dd 17.75 -1.03
0.55 387.40 254.41 Abiomed ABMD ...100 325.98 -11.80 -2.23
1.71 825.62 585.45 CharterComms CHTR ... 31 672.87 ... 69.57 44.48 GlobalFoundries GFS ... ... 67.29 -1.68 -5.87 99.89 82.96 MonsterBev MNST ... 30 87.05 -2.04 19.93 237.35 170.36 Steris STE 0.8 81 227.31 -0.69
35.37 374.92 241.73 Accenture ACN 1.1 39 353.60 -8.77 0.18
-17.00 139.26 109.07 CheckPoint CHKP ... 18 110.32 18.03 354.62 173.34 Globant GLOB ...145 256.84 -21.52 32.34 407.94 261.38 Moody's MCO 0.6 34 384.09 -8.42 28.10 52.15 33.30 STMicroelec STM 0.4 24 47.55 -1.82
-34.71 104.53 59.77 ActivisionBliz ATVI 0.8 18 60.62 -0.29 -1.26
78.06 113.40 56.09 CheniereEnergy LNG 1.2 dd 106.89 -6.19 108.22 86.21 GlobeLife GL 0.9 12 89.08 -4.48 42.90 105.95 61.59 MorganStanley MS 2.9 13 97.93 -3.19 -0.64 281.16 220.90 Stryker SYK 1.0 49 243.48 -11.67
32.39 699.54 420.78 Adobe ADBE ... 55 662.10 -6.22 -1.96
23.35 45.75 32.73 CheniereEnerPtrs CQP 6.1 15 43.48 -19.48 93.75 65.70 GoDaddy GDDY ... 51 66.79 -0.98 34.14 328.52 197.00 Morningstar MORN 0.4 63 310.63 -8.64 7.46 7.95 5.76 SumitomoMits SMFG 4.4 7 6.63 -0.12
43.95 243.05 143.15 AdvanceAuto AAP 1.8 23 226.73 -6.64 0.14
35.60 118.08 83.53 Chevron CVX 4.7 22 114.51 15.32 12.53 7.75 GoldFields GFI 2.7 10 10.69 0.07 53.50 43.24 21.01 Mosaic MOS 0.8 8 35.32 -1.03 29.65 209.98 137.43 SunComms SUI 1.7 60 197.00 -3.09
50.43 134.84 68.65 AdvDrainageSys WMS 0.3 48 125.73 -2.42 -2.68
-22.81 120.00 60.45 Chewy CHWY ...3558 69.39 47.66 426.16 230.36 GoldmanSachs GS 2.1 6 389.39 -9.80 49.11 261.85 163.16 MotorolaSol MSI 1.2 35 253.58 -7.71 21.14 57.93 42.50 SunLifeFinancial SLF 3.2 11 53.86 -1.17
68.80 161.88 72.50 AdvMicroDevices AMD ... 48 154.81 -2.99 2.29
-16.27 26.19 17.37 ChinaEastrnAir CEA ... dd 18.01 -0.68 -8.73 59.67 26.66 GoodRx GDRX ... dd 36.82 -0.87 -2.58 319.88 211.25 NICE NICE ... 93 276.22 -6.70 47.62 26.97 15.68 SuncorEnergy SU 5.5 19 24.77 -1.87
13.16 5.29 3.53 Aegon AEG 3.2 ... 4.47 -0.35
-24.23 11.99 7.85 ChinaLifeIns LFC 5.1 6 8.38 -0.38 3.83 80.48 64.34 Graco GGG 1.0 30 75.12 -2.50 -17.95 66.99 30.71 NIO NIO ... dd 39.99 -1.43 -31.67 100.93 37.42 SunRun RUN ... dd 47.41 -1.96
26.68 71.38 36.58 AerCap AER ... 8 57.74 -4.84
1.05 58.40 42.92 ChinaPetrol SNP 10.9 5 45.07 19.89 501.05 356.23 Grainger GWW 1.3 28 489.54 -8.90 -3.46 46.10 31.94 NRG Energy NRG 3.6 4 36.25 -1.01 -11.90 14.45 8.37 Suzano SUZ 0.0 6 9.85 0.07
... 176.65 46.50 AffirmHldgs AFRM ... dd 136.98 4.23 -2.65
t -40.84 20.49 10.86 Grifols
28.34 179.57 112.47 AgilentTechs A 0.6 47 152.07 -0.90 -1.75 39.96 25.07 ChinaSoAirlines ZNH 0.0 dd 29.13 -0.79 GRFS 4.4 9 10.91 -0.59 29.69 5364.03 3875.20 NVR NVR ... 17 5291.10 -60.30 181.92 283.50 76.49 Synaptics SYNA ... 85 271.77 -6.39
21.65 1958.55 1256.27 Chipotle CMG ... 68 1686.88 -17.04 181.07 91.19 GuardantHealth GH ... dd 106.92 -0.33 33.61 228.72 152.93 NXP Semi NXPI 1.1 37 212.45 -8.58 37.37 52.49 30.43 SynchronyFin SYF 1.8 7 47.68 -2.09
-26.49 76.69 49.20 AgnicoEagle AEM 2.7 20 51.83 0.15 -21.05
19.90 197.92 144.00 Chubb CB 1.7 9 184.55 -9.64 134.22 91.77 Guidewire GWRE ... dd 116.32 -0.16 53.44 214.96 123.27 Nasdaq NDAQ 1.1 30 203.68 -4.92 45.02 104.18 60.38 SyneosHealth SYNH ... 41 98.80 -1.64
7.47 316.39 245.75 AirProducts APD 2.0 31 293.64 -4.20 -5.87
3.57 42.87 37.80 ChunghwaTel CHT 3.0 25 40.00 40.46 263.92 148.92 HCA Healthcare HCA 0.8 12 231.00 -8.85 -4.88 129.09 83.19 Natera NTRA ... dd 94.66 -1.44 31.99 361.22 217.69 Synopsys SNPS ... 71 342.16 -7.05
18.43 219.94 121.50 Airbnb ABNB ... dd 173.86 -6.03 -0.68
s 7.00 94.75 77.62 Church&Dwight CHD 1.1 29 93.34 -7.45 84.70 65.84 HDFC Bank HDB 0.3 27 66.88 -2.52 13.04 68.49 55.89 NationalGrid NGG 5.1 22 66.73 0.09 -2.06 86.73 68.90 Sysco SYY 2.6 55 72.73 -3.60
6.62 124.91 92.64 AkamaiTech AKAM ... 31 111.94 -0.83 -0.04
18.39 262.20 174.53 ChurchillDowns CHDN 0.3 41 230.62 40.63 36.21 21.80 HP HPQ 2.9 11 34.58 -0.86 24.12 6.50 3.92 NatWest NWG 2.9 10 5.61 -0.35
80.89 291.48 130.76 Albemarle ALB 0.6141 266.85 -7.63 -5.62
s 103.19 36.60 14.70 Albertsons ACI 1.3 30 35.72 0.89 14.93 62.56 43.63 Ciena CIEN ... 21 60.74 -0.55 7.18 32.43 24.31 HSBC
14.55 26.75 16.56 Halliburton
HSBC 3.9 10 27.77
HAL 0.8 49 21.65
-1.84
-1.57
33.33 94.69 52.33 NetApp NTAP 2.3 24 88.32 -1.46 TUV
108.03 57.57 17.30 Alcoa AA ... 11 47.95 -2.51 -2.95 272.81 190.88 Cigna CI 2.0 9 202.03 -8.55 19.38 134.33 77.97 NetEase NTES 0.7 41 114.33 0.68
41.38 78.17 43.93 HartfordFinl HIG 2.2 12 69.25 -2.27 23.10 700.99 478.54 Netflix NFLX ... 60 665.64 7.35 18.22 55.34 40.11 TC Energy TRP 5.7 32 48.14 -0.54
18.08 87.49 62.27 Alcon ALC 0.1116 77.91 -1.93 34.22 127.25 75.50 CincinnatiFin CINF 2.1 8 117.27 -2.55 32.23 130.93 75.50 TD Synnex SNX 0.7 11 107.69 -5.45
21.17 452.74 314.62 Cintas CTAS 0.9 41 428.29 5.57 104.89 86.05 Hasbro HAS 2.8 30 98.75 -0.67 5.79 30.10 19.80 NewellBrands NWL 4.1 16 22.46 -0.53
14.72 211.70 154.37 AlexandriaRlEst ARE 2.2 31 204.45 -5.93 -13.27 28.85 166.44 113.00 TE Connectivity TEL 1.3 23 156.00 -4.36
22.17 60.27 42.41 CiscoSystems CSCO 2.7 20 54.67 12.14 37.69 28.14 HealthpeakProp PEAK 3.5 30 33.90 -0.79 -6.60 75.31 53.03 Newmont NEM 3.9 22 55.94 0.47
-42.70 278.92 131.22 Alibaba BABA ... 19 133.35 -3.17 -0.87 16.06 23.66 19.21 Telus TU 4.5 30 22.98 -0.32
18.68 737.45 468.14 AlignTech ALGN ... 68 634.22 -18.98 6.23 80.29 54.99 Citigroup C 3.1 6 65.50 -1.78 4.08 151.60 115.57 Heico HEI 0.1 68 137.80 -8.20 19.37 27.96 17.15 NewsCorp A NWSA 0.9 26 21.45 -0.53
8.39 139.65 104.11 Heico A HEI.A 0.1 62 126.88 -7.78 21.61 26.21 17.05 NewsCorp B NWS 0.9 26 21.61 -0.68 ... 39.91 26.92 TelusIntl TIXT ...144 33.78 -0.75
11.76 737.89 563.47 Alleghany Y 0.0 14 674.70 -25.60 35.79 51.54 32.58 CitizensFin CFG 3.2 10 48.56 -2.48 115.08 120.50 50.03 TFI Intl TFII 0.8 20 110.94 -0.85
t -36.28 145.19 82.71 CitrixSystems CTXS 1.8 33 82.90 10.14 83.45 60.70 HenrySchein HSIC ... 17 73.64 -2.26 11.59 88.83 68.33 NextEraEnergy NEE 1.8 72 86.09 -1.12
11.16 148.69 106.52 Allegion ALLE 1.1 25 129.37 -2.65 -1.84 1.57 76.94 61.15 TJX TJX 1.5 32 69.36 -2.12
-22.08 34.79 20.30 Clarivate CLVT ... dd 23.15 16.80 183.73 143.58 Hershey HSY 2.0 26 177.92 -3.05 18.77 179.10 125.44 Nike NKE 0.7 45 168.02 -4.01
10.11 62.35 45.99 AlliantEnergy LNT 2.8 22 56.74 -0.88 -0.35 -15.81 150.20 112.87 T-MobileUS TMUS ... 42 113.53 -0.95
4.72 140.00 102.15 Allstate ALL 2.8 5 115.12 0.42 50.00 26.51 10.88 Cleveland-Cliffs CLF 0.0 6 21.84 -0.93 ... 46.00 14.15 HertzGlobal HTZ ... dd 23.87 -0.53 8.94 26.60 21.09 NiSource NI 3.5 22 24.99 -0.48
44.04 92.79 46.88 Hess HES 1.3120 76.04 -5.61 41.94 9.79 3.75 Nokia NOK 0.0 dd 5.55 -0.21 33.85 224.56 142.30 TRowePrice TROW 2.1 15 202.64 -5.06
35.67 56.61 29.55 AllyFinancial ALLY 2.1 6 48.38 -1.55 -13.72 231.11 156.23 Clorox CLX 2.7 50 174.21 6.14 7.38 142.19 96.20 TaiwanSemi TSM 1.3 30 117.09 -3.62
45.06 212.00 121.97 AlnylamPharm ALNY ... dd 188.53 -0.27 163.35 221.64 60.96 Cloudflare NET ... dd 200.12 2.73 21.77 16.74 10.95 HewlettPackard HPE 3.3 19 14.43 -0.43 t -20.83 6.72 4.17 NomuraHoldings NMR 6.8 dd 4.22 -0.04
11.28 48.98 36.90 HighwoodsProp HIW 4.5 17 44.10 -2.29 28.50 272.28 178.60 Nordson NDSN 0.8 42 258.22 -10.80 -18.35 214.91 144.58 TakeTwoSoftware TTWO ... 35 169.66 5.35
63.03 3037.00 1699.00 Alphabet C GOOG ... 28 2856.12 -78.23 -2.02 57.56 48.11 Coca-Cola KO 3.1 26 53.73 -1.70 t -25.66 19.96 13.42 TakedaPharm TAK 5.4 10 13.53 -0.12
62.25 3019.33 1694.00 Alphabet A GOOGL ... 27 2843.66 -78.74 1.77 63.04 43.79 Coca-ColaEuro CCEP 3.2 32 50.71 -1.79 58.77 156.22 93.34 Hill-Rom HRC 0.6 42 155.55 0.05 13.48 296.06 226.09 NorfolkSouthern NSC 1.5 23 269.65 -8.13
22.42 154.40 98.57 Hilton HLT 0.01081 136.21 -9.08 27.65 126.73 88.20 NorthernTrust NTRS 2.4 19 118.89 -5.45 34.49 49.66 27.66 Tapestry TPR 2.4 14 41.80 -2.27
6.68 52.59 39.59 Altria MO 8.2 30 43.74 -0.34 -5.10 101.82 72.85 Cognex CGNX 0.3 46 76.19 -2.38 106.48 58.18 23.33 TargaResources TRGP 0.7 46 54.47 -2.20
-4.33 82.84 66.19 CognizantTech CTSH 1.2 22 78.40 5.49 85.00 60.10 Hologic HOLX ... 11 76.83 1.92 16.17 408.03 282.88 NorthropGrum NOC 1.8 12 353.98 -5.82
42.17 23.90 7.57 AlumofChina ACH ... 15 12.34 -0.74 -2.34 39.68 268.98 166.82 Target TGT 1.5 18 246.57 -2.19
7.60 3773.08 2881.00 Amazon.com AMZN ... 69 3504.56 -75.85 ... 429.54 208.00 CoinbaseGlbl COIN ... 26 303.19 -9.19 51.61 416.56 246.59 HomeDepot HD 1.6 27 402.70 -9.41 20.26 28.92 18.00 NortonLifeLock NLOK 2.0 17 24.99 -0.21
-0.96 33.42 26.33 HondaMotor HMC 3.6 6 27.98 -0.58 t -21.12 34.48 19.08 NorwegCruise NCLH ... dd 20.06 -2.57 140.95 35.38 11.01 TataMotors TTM ... dd 30.36 -2.52
-3.59 3.95 2.38 Ambev ABEV ... 16 2.95 -0.08 -9.88 86.38 74.01 ColgatePalm CL 2.3 25 77.06 -0.70 43.42 29.91 15.66 TeckRscsB TECK 0.6 19 26.03 -0.93
-1.95 12.92 10.33 Amcor AMCR 4.2 19 11.54 -0.12 -2.48 61.80 48.15 Comcast A CMCSA 2.0 16 51.10 -0.78 -2.11 236.86 194.55 Honeywell HON 1.9 27 208.21 -4.00 t -14.54 98.52 80.53 Novartis NVS 2.6 19 80.70 -1.21
42.86 120.53 66.41 HorizonTherap HZNP ... 45 104.50 -0.37 95.47 331.68 106.11 Novavax NVAX ... dd 217.97 17.90 -45.18 308.00 100.51 TeladocHealth TDOC ... dd 109.61 3.61
-0.87 82.38 65.48 Amdocs DOX 2.0 13 70.31 -2.22 52.63 91.62 49.01 Comerica CMA 3.2 10 85.26 -5.25 8.76 465.40 350.01 TeledyneTech TDY ... 43 426.30 -11.42
59.12 769.90 407.42 Amerco UHAL 0.0 14 722.34 -9.06 -12.85 39.09 30.52 ConagraBrands CAG 4.0 13 31.60 ... -8.15 50.86 40.48 HormelFoods HRL 2.4 27 42.81 -0.13 54.86 115.95 66.51 NovoNordisk NVO 1.0 34 108.17 -0.87
43.28 106.89 64.32 DR Horton DHI 0.9 9 98.75 -2.34 -43.94 232.76 90.95 Novocure NVCR ... dd 97.01 -2.72 t -25.86 449.38 304.57 Teleflex TFX 0.4 33 305.15 -12.62
8.26 90.77 69.79 Ameren AEE 2.6 22 84.51 -1.25 74.90 191.35 80.00 Concentrix CNXC 0.6 26 172.63 -6.14 t -15.31 15.31 10.09 Ericsson ERIC 1.5 14 10.12 -0.32
17.40 19.79 12.70 AmericaMovil AMX 2.0 12 17.07 -0.46 ... 94.97 37.71 Confluent CFLT ... dd 81.04 1.25 12.30 19.02 13.16 HostHotels HST 0.0 dd 16.43 -1.09 25.52 55.47 39.90 NuanceComms NUAN ... dd 55.34 -0.10
0.74 36.03 22.91 HowmetAerospace HWM 0.3 44 28.75 -1.98 114.29 128.81 47.94 Nucor NUE 1.4 7 113.98 -1.81 2.03 9.43 7.46 TelefonicaBras VIV 5.3 17 9.03 ...
15.63 19.70 12.76 AmericaMovil A AMOV 2.3 12 16.90 -0.53 78.74 77.98 38.77 ConocoPhillips COP 2.6 21 71.48 -3.35 8.91 5.17 3.89 Telefonica TEF 6.2 2 4.40 -0.10
13.12 23.36 12.79 HuanengPower HNP 6.0 dd 16.30 -0.79 40.53 73.50 46.25 Nutrien NTR 2.7 17 67.68 -2.01
12.56 26.09 13.85 AmerAirlines AAL 0.0 dd 17.75 -1.71 8.86 80.43 65.56 ConEd ED 3.9 24 78.67 -0.55 s 17.18 27.59 20.44 TelekmIndonesia TLK 4.6 18 27.56 0.97
-0.86 91.49 74.80 AEP AEP 3.8 17 82.55 -1.27 4.69 244.75 202.54 ConstBrands A STZ 1.3 77 229.32 -3.18 -11.90 64.53 39.01 Huazhu HTHT ...144 39.67 -4.71 56.55 140.23 45.00 Nuvei NVEI ...119 95.06 -0.82
29.98 212.54 149.07 Hubbell HUBB 2.1 31 203.80 -4.70 141.31 346.47 115.67 NVIDIA NVDA 0.1 97 315.03 -11.71 5.12 208.99 128.15 10xGenomics TXG ... dd 148.85 -2.14
29.70 189.03 112.10 AmerExpress AXP 1.1 16 156.82 -14.79 178.83 55.48 14.95 ContinentalRscs CLR 1.3 20 45.45 -3.93 28.53 25.54 14.88 Tenaris TS 0.0 14 20.50 -1.04
58.73 146.63 79.21 AmericanFin AFG 1.6 5 139.08 -2.65 102.67 866.00 347.78 HubSpot HUBS ... dd 803.47 0.71
4.57 463.59 327.44 Cooper COO 0.0 6 379.94 -10.90
34.93 42.61 28.43 AmHomes4Rent AMH 1.0114 40.48 -0.67 14.68 161.12 101.92 Copart CPRT ... 35 145.93 -2.59
4.44 475.44 370.22 Humana
42.39 202.71 133.36 JBHunt
HUM 0.7 21 428.49
JBHT 0.6 31 194.57
-7.70
-5.66
OPQ -62.79 32.25 6.82 TencentMusic TME ... 21 7.16
22.07 154.50 104.05 Teradyne TER 0.3 28 146.35
-0.27
-4.48
48.05 62.54 36.77 AIG AIG 2.3 9 56.05 -1.84 5.44 46.82 34.80 Corning GLW 2.5 40 37.96 -1.08 62.77 66.78 35.60 ONEOK OKE 6.0 20 62.47 -2.34 53.32 1243.49 539.49 Tesla TSLA ...350 1081.92 -34.08
17.11 303.72 197.50 AmerTowerREIT AMT 1.9 48 262.87 -2.61 21.69 16.91 12.00 HuntingtonBcshs HBAN 4.0 17 15.37 -0.98
20.95 49.98 36.54 Corteva CTVA 1.2 21 46.83 -0.74 40.47 669.09 424.03 OReillyAuto ORLY ... 22 635.73 -10.78 59.22 192.91 113.14 TetraTech TTEK 0.4 52 184.35 -5.65
10.97 189.35 131.01 AmerWaterWorks AWK 1.4 41 170.31 -3.10 5.23 94.92 65.44 HyattHotels H 0.0 dd 78.13 -4.74
-16.05 101.05 74.31 CoStar CSGP ...130 77.59 -2.11 71.58 35.75 14.77 OccidentalPetrol OXY 0.1 dd 29.70 -2.31 -12.02 13.30 8.24 TevaPharm TEVA ... 13 8.49 -0.19
50.13 312.14 182.83 Ameriprise AMP 1.5 16 291.74 -10.72 s 44.95 554.55 307.00 Costco 0.21 179.12 92.29 IAC/InterActive IAC ... 11 126.24 -1.10
COST 0.6 48 546.13 -3.60
26.65 22.14 12.78 ICICI Bank IBN 0.3 23 18.82 -0.97 -12.42 294.00 199.08 Okta OKTA ... dd 222.69 3.11 14.70 202.26 157.72 TexasInstruments TXN 2.4 24 188.26 -5.34
22.98 129.54 94.89 AmerisourceBrgn ABC 1.5 16 120.23 -3.21 28.99 23.64 14.28 CoterraEnergy CTRA 2.4 24 21.00 -0.09 ... 30.13 22.84 Olaplex OLPX ... 94 26.35 -0.53 70.98 1773.95 585.00 TexasPacLand TPL 0.9 41 1242.99 -64.49
15.01 143.55 106.96 Ametek AME 0.6 35 139.09 -4.02 78.61 9.59 4.47 ICL Group ICL 1.7 21 9.02 -0.18
-40.67 377.04 194.25 CoupaSoftware COUP ... dd 201.06 -2.07 80.38 364.07 189.45 OldDomFreight ODFL 0.2 44 352.06 -6.77 50.49 78.13 44.36 Textron TXT 0.1 21 72.73 -2.58
-12.54 276.69 200.47 Amgen AMGN 3.5 21 201.09 -2.88 21.54 706.95 446.68 IdexxLab IDXX ... 70 607.52 -14.93
... 69.00 25.25 Coupang CPNG ... dd 27.39 0.61 139.01 64.76 21.30 Olin OLN 1.4 10 58.70 -1.34 s 37.13 666.65 433.52 ThermoFisherSci TMO 0.2 30 638.74 5.74
24.83 86.05 58.58 Amphenol APH 1.0 34 81.62 -2.68 41.73 132.35 83.26 IHS Markit INFO 0.6 82 127.32 -2.46
-28.80 169.50 88.67 Credicorp BAP 1.0 11 116.78 -5.08 8.63 86.38 59.05 Omnicom OMC 4.1 11 67.75 -1.19 46.61 123.60 78.04 ThomsonReuters TRI 1.3 9 120.06 -1.78
20.49 191.95 137.10 AnalogDevices ADI 1.6 39 178.00 -4.47 45.76 15.65 8.65 ING Groep ING 4.3 ... 13.76 -0.81
86.49 703.26 292.46 CreditAcceptance CACC ... 12 645.53 -3.35 ... 55.87 28.10 OnHolding ONON ...1291 43.11 -2.60 ... 34.43 24.34 Thoughtworks TWKS ... dd 29.66 -0.93
-16.68 79.67 54.08 AB InBev BUD 0.8 21 58.25 -0.45 32.70 29.71 16.19 Invesco IVZ 2.9 9 23.13 -1.28
-24.45 14.95 9.29 CreditSuisse CS 1.1381 9.67 -0.15 84.23 64.04 28.34 ON Semi ON ... 40 60.30 -2.07 0.42 208.95 163.38 3M MMM 3.4 17 175.52 -2.11
-1.18 9.64 7.97 AnnalyCap NLY 10.5 4 8.35 -0.11 -29.50 262.55 151.27 IPG Photonics IPGP ... 32 157.77 -6.58
168.18 183.88 58.28 Crocs CROX ... 15 168.04 -3.61 6.07 55.25 43.68 OpenText OTEX 1.8 39 48.22 -1.69 ... 69.93 40.02 Toast TOST ... dd 43.10 -0.15
29.41 439.90 286.04 Anthem ANTM 1.1 19 415.52 -9.27 46.26 272.25 165.52 IQVIA IQV ... 67 262.06 -3.30
9.83 298.48 138.24 CrowdStrike CRWD ... dd 232.64 1.87 -27.98 39.24 13.44 OpendoorTech OPEN ... dd 16.37 -0.64 49.52 284.01 161.35 TopBuild BLD ... 29 275.24 -3.74
39.21 326.25 200.65 Aon AON 0.7 75 294.11 -4.61 28.56 105.54 72.54 ITT ITT 0.9 43 99.02 -3.87
15.27 204.62 146.15 CrownCastle CCI 3.2 61 183.50 -3.16 42.73 98.95 57.15 Oracle ORCL 1.4 20 92.33 -1.25 9.24 118.13 88.35 Toro TTC 1.0 27 103.60 -1.42
46.47 81.07 42.89 ApolloGlbMgmt APO 2.8 8 71.74 -2.21 -0.28 69.10 49.49 IcahnEnterprises IEP 15.8275 50.53 -0.94
11.37 114.55 85.65 CrownHoldings CCK 0.7 25 111.59 1.16 -8.35 13.09 10.73 Orange ORAN 7.7 26 10.87 -0.22 31.07 75.73 53.35 TorontoDomBk TD 3.4 11 73.95 -1.67
18.18 165.70 116.21 Apple AAPL 0.6 28 156.81 -5.13 39.50 301.72 168.76 Icon ICLR ... 69 272.00 -1.87
59.92 56.64 31.44 CubeSmart CUBE 3.2 49 53.75 -1.31 15.93 238.56 185.23 IDEX IEX 0.9 41 230.94 -5.13 31.22 104.05 72.71 Orix IX 3.0 11 101.47 -1.65 11.29 52.56 40.33 TotalEnergies TTE ... 11 46.64 -1.95
66.04 159.00 80.71 ApplMaterials AMAT 0.7 22 143.29 -5.72 -3.27 277.09 216.41 Cummins CMI 2.6 14 219.68 -6.18 23.15 92.84 61.28 OtisWorldwide OTIS 1.2 30 83.19 -1.27 16.34 188.18 134.45 ToyotaMotor TM 2.2 9 179.83 -4.98
... 116.09 49.41 Applovin APP ... dd 90.71 -3.61 15.14 244.45 192.89 IllinoisToolWks ITW 2.1 27 234.75 -7.01
s 22.00 89.92 61.64 CyrusOne CONE 2.3211 89.24 -0.15 137.88 40.65 12.68 Ovintiv OVV 1.6 dd 34.16 -4.48 62.44 232.44 133.60 TractorSupply TSCO 0.9 29 228.36 2.54
25.42 180.81 118.22 Aptiv APTV 0.0 56 163.41 -6.15 -0.06 555.77 304.01 Illumina ILMN ... 61 369.79 4.23
72.67 36.80 17.32 ImperialOil IMO 2.4 50 32.86 -2.26 15.35 109.89 71.50 OwensCorning OC 1.2 9 87.39 -3.62 29.81 114.09 46.71 TradeDesk TTD ...107 103.98 -2.23
-9.07 43.12 31.22 Aramark ARMK 1.3 dd 34.99 -0.92 DEF -21.38 101.47 61.91 Incyte INCY ... 28 68.38 1.64 -1.77 12.91 8.24 PG&E PCG ... dd 12.24 -0.22 53.71 99.25 58.08 Tradeweb TW 0.3 84 95.99 -1.04
21.70 36.58 18.15 ArcelorMittal MT 0.9 3 27.87 -1.31 34.30 217.60 137.77 PNC Fin PNC 2.5 15 200.10 -8.53 33.82 207.06 137.08 TraneTech TT 1.2 35 194.25 -1.23
16.14 43.93 31.23 ArchCapital ACGL ... 8 41.89 -1.90 3.09 47.05 28.53 DISH Network DISH ... 8 33.34 -0.41 ... 34.54 27.51 Informatica INFA ... dd 32.99 0.54
7.12 123.74 98.43 DTE Energy DTE 3.2 25 110.66 -1.52 30.97 24.28 14.84 Infosys INFY 1.1 33 22.20 -0.41 -10.29 92.19 53.17 POSCO PKX 4.3 9 55.90 -2.88 -9.30 688.03 517.37 TransDigm TDG 0.0 54 561.29 -56.71
27.75 69.30 48.56 ArcherDaniels ADM 2.3 14 64.40 -1.92 38.37 47.41 31.54 PPD PPD ... 47 47.35 0.05 12.10 125.35 83.11 TransUnion TRU 0.3 45 111.23 -2.97
74.64 90.08 44.43 AresMgmt ARES 2.3 42 82.17 -2.19 45.84 333.96 211.22 Danaher DHR 0.3 41 323.96 8.48 29.37 62.06 40.64 IngersollRand IR 0.1 38 58.94 -2.08
17.99 164.28 105.49 Darden DRI 2.5 23 140.55 -7.83 15.55 324.81 218.28 Insulet PODD ... dd 295.39 -2.17 7.89 182.97 132.10 PPG Ind PPG 1.5 26 155.60 -3.16 9.47 163.29 129.57 Travelers TRV 2.3 11 153.66 -5.31
-6.12 382.15 248.21 arGEN-X ARGX ... dd 276.10 -0.81 -0.07 30.71 26.15 PPL PPL 5.9 76 28.18 -0.48 56.53 136.00 73.30 Trex TREX ... 67 131.05 -1.08
72.03 134.14 65.52 AristaNetworks ANET ... 51 124.97 -2.81 23.58 85.98 47.28 DarlingIngred DAR ... 22 71.28 -1.98 -2.09 68.49 45.24 Intel INTC 2.8 9 48.78 -0.98
84.12 199.68 69.73 Datadog DDOG ... dd 181.25 0.91 22.01 80.57 52.06 InteractiveBrkrs IBKR 0.5 22 74.33 -3.05 t -11.43 153.73 105.51 PTC PTC ... 26 105.94 -4.06 24.92 96.49 59.00 Trimble TRMB ... 38 83.41 -2.82
27.41 130.00 91.01 ArrowElec ARW ... 10 123.97 -4.70 0.30 103.19 77.96 Paccar PCAR 1.6 17 86.54 -2.18 -17.43 45.19 23.61 Trip.com TCOM ... 5 27.85 -1.24
258.78 145.79 25.41 Asana ASAN ... dd 106.02 -0.78 t -17.13 136.48 96.98 DaVita DVA ... 11 97.29 -4.71 12.48 139.79 103.95 ICE ICE 1.0 24 129.68 -2.59
44.55 451.49 252.85 DeckersOutdoor DECK ... 27 414.53 -11.51 -3.62 75.20 60.35 InterContinentl IHG 0.0 dd 62.76 -3.94 -3.15 156.54 127.06 PackagingCpAm PKG 3.0 17 133.57 1.45 25.35 65.42 45.44 TruistFinl TFC 3.2 14 60.08 -2.81
11.45 169.22 122.29 AspenTech AZPN ... 30 145.16 -4.25 -52.80 62.83 26.05 PagSeguroDig PAGS ... 38 26.85 -0.90 -14.25 457.30 266.29 Twilio TWLO ... dd 290.25 6.36
15.48 172.22 121.55 Assurant AIZ 1.7 22 157.31 -3.93 33.54 400.34 250.54 Deere DE 1.2 21 359.30 -8.56 -3.68 145.99 112.10 IBM IBM 5.7 22 115.81 -0.92
51.53 58.18 34.40 DellTechC DELL ... 12 56.18 -1.12 32.83 157.08 103.94 IntlFlavors IFF 2.2118 144.57 -2.90 -10.70 45.00 17.05 PalantirTech PLTR ... dd 21.03 -0.08 -13.07 80.75 44.40 Twitter TWTR ... dd 47.07 -0.45
13.18 64.21 46.48 AstraZeneca AZN 2.4 89 56.58 0.24 50.04 559.54 289.77 PaloAltoNtwks PANW ... dd 533.24 -16.48 14.87 557.55 372.80 TylerTech TYL ...131 501.43 -13.10
90.50 91.26 40.21 Athene ATH ... 4 82.18 -2.60 t -9.52 52.28 34.60 DeltaAir DAL 0.0 dd 36.38 -3.31 0.96 61.80 44.01 IntlPaper IP 3.9 10 47.53 -0.02
t -4.91 69.54 49.21 DentsplySirona XRAY 0.9 26 49.79 -1.47 43.66 39.35 22.20 Interpublic IPG 3.2 19 33.79 -0.68 13.67 334.98 247.41 ParkerHannifin PH 1.3 22 309.64 -15.40 26.23 85.61 62.47 TysonFoods TSN 2.3 10 81.34 -1.90
67.42 483.13 198.80 Atlassian TEAM ... dd 391.54 -1.53 31.41 126.82 85.30 Paychex PAYX 2.2 36 122.45 -2.63 20.74 18.67 13.53 UBS Group UBS 2.2 8 17.06 -0.61
-2.15 104.99 84.59 AtmosEnergy ATO 2.9 18 93.38 -0.94 12.29 15.34 10.08 DeutscheBank DB 0.0 10 12.24 -0.59 75.57 716.86 348.13 Intuit INTU 0.4 89 666.91 -17.09
170.08 45.56 13.78 DevonEnergy DVN 4.6 26 42.70 -2.39 20.73 369.69 227.47 IntuitiveSurgical ISRG ... 71 329.23 -10.19 -3.19 558.97 302.44 PaycomSoftware PAYC ...149 437.84 -14.46 44.91 57.93 36.11 UDR UDR 2.6302 55.69 -2.00
-16.76 344.39 245.05 Autodesk ADSK ... 43 254.17 -2.73 24.47 314.50 154.26 Paylocity PCTY ...162 256.30 -4.79 26.32 48.55 33.86 UGI UGI 3.1 6 44.16 -0.75
30.32 241.18 159.31 ADP ADP 1.8 36 229.62 -4.75 60.11 659.45 312.01 DexCom DXCM ...115 591.96 -6.62 38.55 42.48 27.43 InvitatHomes INVH 1.7118 41.15 -0.81
27.08 210.15 153.67 Diageo DEO 2.0 33 201.81 -5.46 58.38 49.58 26.41 IronMountain IRM 5.3 21 46.69 -0.78 -19.82 310.16 184.28 PayPal PYPL ... 45 187.79 -0.92 -46.46 14.38 5.41 UWM UWMC 5.7 13 7.03 0.09
53.04 1941.36 1085.85 AutoZone AZO ... 19 1814.18 -40.87 -13.82 148.80 109.06 Pegasystems PEGA 0.1 dd 114.85 -2.76 -20.55 64.05 38.08 Uber UBER ... dd 40.52 -1.56
-13.80 191.67 117.33 Avalara AVLR ... dd 142.14 -1.02 122.07 117.71 39.30 DiamondbkEner FANG 1.9 56 107.48 -6.72 ... 13.19 7.80 ironSource IS ...234 8.94 -0.17
128.61 147.39 51.51 Dick's DKS 1.4 11 128.50 1.20 -19.67 5.57 3.55 ItauUnibanco ITUB 3.3 7 4.03 -0.04 -69.41 171.09 41.13 Peloton PTON ... dd 46.41 2.49 5.66 401.81 236.11 Ubiquiti UI 0.8 31 294.28 -11.68
49.22 247.45 154.84 Avalonbay AVB 2.7 33 239.39 -7.47 28.74 34.73 23.48 PembinaPipeline PBA 6.3 dd 30.46 -0.77 ... 90.00 46.66 UiPath PATH ... dd 49.67 0.51
13.69 55.57 44.02 Avangrid AGR 3.4 24 51.67 -0.54 ... 18.01 7.16 DiDiGlobal DIDI ... ... 7.88 -0.23
40.75 44.37 26.14 Avantor AVTR ... 50 39.62 ... s 18.10 168.54 124.65 DigitalRealty DLR 2.8 70 164.76 -1.45 JKL t -38.90 142.00 49.54 PennNational
41.72 80.40 50.03 Pentair
PENN ... 24 52.77
PNR 1.1 25 75.24
-0.42
-2.18
39.13 417.85 258.00 UltaBeauty
38.64 23.00 14.31 UnderArmour C UA
ULTA ... 31 399.53
... 22 20.63
-10.03
-0.72
37.93 229.24 147.40 AveryDennison AVY 1.3 24 213.95 -4.90 ... 133.40 35.35 DigitalOcean DOCN ... dd 100.21 -1.32 0.88 108.29 61.65 JD.com JD ... 26 88.67 -0.69
26.55 135.69 76.00 DiscoverFinSvcs DFS 1.7 7 114.57 -4.93 42.95 320.00 163.49 Penumbra PEN ...280 250.16 -9.82 39.66 27.28 16.21 UnderArmour A UAA ... 26 23.98 -0.92
674.69 545.11 34.41 AvisBudget CAR ... 23 288.96 -23.69 27.43 172.96 117.77 JPMorganChase JPM 2.5 10 161.93 -5.03 8.66 166.80 128.32 PepsiCo PEP 2.7 27 161.14 -2.60 -13.04 61.81 51.27 Unilever UL 3.5 21 52.49 0.39
44.62 212.37 115.57 AxonEnterprise AXON ... dd 177.20 -2.66 -17.85 78.14 23.39 DiscoveryA DISCA ... 13 24.72 -0.45 40.82 65.79 38.15 Jabil JBL 0.5 13 59.89 -2.07
-7.52 66.70 22.51 DiscoveryC DISCK ... 13 24.22 -0.45 27.59 192.00 119.95 PerkinElmer PKI 0.2 18 183.09 6.14 15.16 247.76 193.14 UnionPacific UNP 1.8 26 239.79 -6.81
18.15 53.00 42.16 BCE BCE 5.5 21 50.57 -0.82 -6.70 179.98 141.65 JackHenry JKHY 1.2 35 151.14 -1.67 39.42 54.50 29.90 PetroChina PTR 7.0 8 42.83 -3.29 -2.29 63.70 39.17 UnitedAirlines UAL ... dd 42.26 -4.47
-16.70 82.07 51.88 BHP Group BHP 11.1 12 54.43 -1.05 t -18.25 203.02 145.85 Disney DIS 0.0136 148.11 -3.23 33.75 149.55 100.05 JacobsEngg J 0.6 43 145.73 -2.72
... 73.43 29.57 dLocal DLO ... ... 33.69 0.02 -6.77 12.38 7.06 PetroleoBrasil PBR 19.1 3 10.47 -0.01 32.03 12.62 6.88 UnitedMicro UMC 1.9 15 11.13 -0.28
0.28 68.05 45.35 BHP Group BBL 11.3 12 53.18 -0.98 29.94 41.85 27.23 JamesHardie JHX 0.8 39 38.54 -1.51 -7.78 12.07 7.09 PetroleoBrasilA PBR.A 19.6 3 10.20 0.11 21.91 220.24 154.76 UPS B UPS 2.0 28 205.30 -3.17
77.95 74.09 36.07 BJ'sWholesale BJ ... 22 66.34 -1.37 12.29 314.76 179.49 DocuSign DOCU ... dd 249.63 6.16 58.86 44.47 22.70 JefferiesFin JEF 2.6 6 39.08 -0.90
-11.56 104.74 85.24 DolbyLab DLB 1.2 29 85.90 -0.84 s 46.70 54.94 33.36 Pfizer PFE 2.9 16 54.00 3.11 56.19 414.99 217.39 UnitedRentals URI ... 22 362.23 -11.66
26.51 30.29 19.56 BP BP 4.9 13 25.96 -1.69 1.16 179.92 143.06 J&J JNJ 2.7 24 159.20 -1.04 7.11 106.51 75.42 PhilipMorris PM 5.6 15 88.68 -1.35 23.42 63.01 42.47 US Bancorp USB 3.2 12 57.50 -2.34
-29.22 354.82 135.01 Baidu BIDU ... 25 153.06 1.67 6.71 239.35 173.50 DollarGeneral DG 0.7 21 224.42 0.99 66.17 81.15 44.91 JohnsonControls JCI 1.4 34 77.42 -1.47
30.61 149.37 84.26 DollarTree DLTR ... 22 141.11 -5.50 -0.99 94.34 60.30 Phillips66 PSX 5.3 dd 69.25 -4.62 27.57 216.90 129.43 UnitedTherap UTHR ... 20 193.64 -6.54
10.60 27.66 18.70 BakerHughes BKR 3.1103 23.06 -1.06 66.86 273.19 131.91 JonesLang JLL 0.0 16 247.57 -17.58 t -61.47 212.60 65.51 Pinduoduo PDD ... dd 68.46 -12.90 25.44 466.00 320.35 UnitedHealth UNH 1.3 27 439.91 -10.25
1.63 98.09 77.95 Ball BLL 0.8 39 94.70 1.08 -2.03 81.11 67.85 DominionEner D 3.4 23 73.67 -1.23 39.72 33.02 21.40 JuniperNetworks JNPR 2.5 69 31.45 -0.97
38.18 549.51 319.71 Domino's DPZ 0.7 40 529.88 -4.10 -35.05 89.90 40.93 Pinterest PINS ... 85 42.80 0.46 17.22 210.00 76.00 UnitySoftware U ... dd 179.89 -1.92
11.94 7.25 4.53 BancoBilbaoViz BBVA 1.4 7 5.53 -0.30 ... 19.84 13.32 JustEatTakeaway GRUB ... dd 13.66 -0.22 59.57 196.64 98.59 PioneerNatRscs PXD 1.4 33 181.73 -8.52 -9.56 165.00 121.23 UniversalHealthB UHS 0.6 10 124.36 -4.52
-26.51 4.86 3.01 BancoBradesco BBDO 5.0 7 3.08 -0.18 31.64 257.25 110.13 DoorDash DASH ... dd 187.92 2.99 14.97 53.67 36.26 KB Fin KB 4.0 5 45.53 -2.76
35.64 178.32 115.88 Dover DOV 1.2 26 171.24 -5.00 20.15 12.38 7.86 PlainsAllAmPipe PAA 7.3 dd 9.90 -0.26 413.89 401.49 22.61 Upstart UPST ...255 209.41 1.81
-3.63 25.12 16.33 BancodeChile BCH 1.9 12 19.64 -0.61 -65.91 78.00 15.15 KE Holdings BEKE ...111 20.98 -1.20 18.70 75.49 18.47 PlugPower PLUG ... dd 40.25 -2.66 -13.38 90.79 65.34 VF VFC 2.7 24 73.98 -1.62
-28.28 9.02 5.81 BancSanBrasil BSBR 7.7 ... 6.03 -0.16 3.78 71.38 51.33 Dow DOW 4.9 7 57.60 -1.03 83.63 83.90 37.49 KKR KKR 0.8 8 74.35 -2.36
... 107.79 41.17 Doximity DOCS ...151 61.13 1.78 50.12 582.26 305.47 Pool POOL 0.6 38 559.19 -9.27 9.06 33.35 24.51 VICI Prop VICI 5.2 15 27.81 -0.63
-2.11 26.15 17.02 BcoSantChile BSAC 5.5 9 18.59 -0.85 54.09 427.24 248.41 KLA KLAC 1.1 23 398.96 -14.34 42.93 74.30 46.81 PrincipalFin PFG 3.6 11 70.91 -3.02 20.55 376.24 261.41 VailResorts MTN 1.0111 336.29 -6.41
4.92 4.38 2.82 BancoSantander SAN 1.2 8 3.20 -0.20 -11.64 75.50 57.54 DrReddy'sLab RDY 0.4 36 62.99 1.82 44.48 315.39 185.85 KSCitySouthern KSU 0.7290 294.93 -9.23
-22.59 74.38 34.42 DraftKings DKNG ... dd 36.04 0.46 ... 108.75 76.18 ProcoreTech PCOR ... dd 79.66 -1.33 -26.19 23.18 11.16 Vale VALE 9.2 4 12.37 -0.34
50.97 48.69 28.10 BankofAmerica BAC 1.8 14 45.76 -1.87 ... 44.96 27.90 Kanzhun BZ ... ... 33.07 -0.85 s 5.99 149.72 121.54 Procter&Gamble PG 2.4 27 147.47 -1.19 20.22 84.95 51.90 ValeroEnergy VLO 5.8 dd 68.01 -4.94
41.58 112.56 72.16 BankofMontreal BMO 3.1 13 107.64 -3.07 9.69 33.00 19.19 Dropbox DBX ... dd 24.34 -0.19 2.27 68.60 56.61 Kellogg K 3.6 17 63.64 0.44
8.43 108.38 85.56 DukeEnergy DUK 4.0 26 99.28 -0.90 -4.34 107.58 84.89 Progressive PGR 0.4 14 94.59 -1.05 6.37 343.96 235.74 VeevaSystems VEEV ...111 289.58 -1.42
33.72 60.52 38.94 BankNY Mellon BK 2.4 14 56.75 -2.17 9.31 37.11 29.89 KeurigDrPepper KDP 2.1 29 34.98 -0.64 50.39 154.87 93.08 Prologis PLD 1.7 58 149.88 -4.63 0.94 61.09 45.40 Ventas VTR 3.6 94 49.50 -1.83
18.93 68.02 48.69 BkNovaScotia BNS 4.4 11 64.27 -1.47 46.03 60.07 37.54 DukeRealty DRE 1.9 24 58.37 -1.54 39.55 24.57 15.25 KeyCorp KEY 3.4 9 22.90 -1.06
8.23 87.27 63.02 DuPont DD 1.6 7 76.96 -1.74 34.62 115.52 74.58 PrudentialFin PRU 4.4 6 105.10 -4.23 11.38 248.22 184.60 VeriSign VRSN ... 44 241.02 -4.37
24.91 11.40 7.11 Barclays BCS 1.6 ... 9.98 -0.53 44.88 200.76 118.04 KeysightTechs KEYS ... 43 191.37 -8.29 -2.80 43.60 30.13 Prudential PUK 0.9 dd 34.79 -3.32 8.78 231.57 159.79 VeriskAnalytics VRSK 0.5 53 225.81 -2.40
-14.93 25.37 17.56 BarrickGold GOLD 1.9 17 19.38 -0.01 ... 81.40 32.42 DutchBros BROS ... ... 54.27 0.19 0.33 143.37 125.27 KimberlyClark KMB 3.4 23 135.27 0.04
45.53 80.13 36.88 Dynatrace DT ...221 62.97 -0.79 9.16 65.33 53.77 PublicServiceEnt PEG 3.2 dd 63.64 -0.95 -11.83 61.95 50.65 Verizon VZ 4.9 10 51.80 0.14
148.23 82.00 29.17 Bath&BodyWks BBWI 0.8 13 74.61 -0.20 54.83 24.95 14.03 KimcoRealty KIM 2.9 12 23.24 -1.14 41.61 340.95 212.22 PublicStorage PSA 2.4 39 327.02 -8.03 -22.32 242.99 176.36 VertxPharm VRTX ... 22 183.59 -2.65
21.39 34.80 18.49 BauschHealth BHC ... dd 25.25 -0.86 27.62 29.76 19.61 ENI E 4.2 25 26.29 -1.55 18.95 19.29 13.47 KinderMorgan KMI 6.6 21 16.26 -0.26
75.30 98.20 46.31 EOG Rscs EOG 3.4 17 87.42 -5.63 19.64 63.91 39.92 PulteGroup PHM 1.1 8 51.59 -1.06 38.08 28.80 17.88 Vertiv VRT 0.0 66 25.78 -0.46
-4.92 88.32 73.12 BaxterIntl BAX 1.5 32 76.29 -1.33 -1.09 46.98 31.72 KirklandLakeGold KL 1.8 12 40.82 0.01 32.11 31.88 16.79 PureStorage PSTG ... dd 29.87 -1.08 t -6.85 101.60 34.80 ViacomCBS A VIACA 2.7 7 35.23 -0.82
-2.05 267.37 226.15 BectonDicknsn BDX 1.4 36 245.09 0.63 69.95 725.40 314.08 EPAM Systems EPAM ... 84 609.00 -11.27 37.23 60.60 39.17 Knight-Swift KNX 0.7 15 57.39 -0.70 6.85 59.00 45.58 Qiagen QGEN ... 22 56.47 1.91 t -12.48 101.97 32.28 ViacomCBS B VIAC 2.9 6 32.61 -0.63
34.56 426.56 219.20 BeiGene BGNE ... dd 347.69 -3.82 53.66 87.77 42.51 EastWestBncp EWBC 1.7 14 77.92 -5.02 t -31.44 61.23 37.01 KoninklijkePhil PHG 2.4 25 37.14 -1.94 t -31.96 18.86 12.57 Viatris
10.19 130.47 96.27 EastmanChem EMN 2.5 30 110.50 -2.54
t -10.92 201.68 146.77 Qorvo QRVO ... 15 148.11 -4.51 VTRS 3.5 dd 12.75 -0.30
21.90 71.92 33.01 BentleySystems BSY 0.2153 49.38 -1.58 t -26.00 12.98 9.02 KoreaElcPwr KEP 4.8 dd 9.08 -0.22 15.36 188.77 122.17 Qualcomm QCOM 1.5 22 175.74 -4.97 t -9.64 252.67 192.55 Visa V 0.8 36 197.65 -5.60
21.15 84.93 61.49 Berkley WRB 0.6 14 80.47 -3.03 39.43 175.72 113.79 Eaton ETN 1.8 33 167.51 -3.44 0.49 44.95 31.60 KraftHeinz KHC 4.6 19 34.83 -0.36 ... 57.28 29.36 QualtricsIntl XM ... dd 33.88 -0.03 2.54 24.20 15.47 Vistra VST 3.0 dd 20.16 -0.46
22.09 295.65 221.26 BerkHathwy B BRK.B ... 8 283.09 -4.19 44.22 81.19 48.67 eBay EBAY 1.0 4 72.47 -0.19 35.83 47.99 30.35 Kroger KR 1.9 29 43.14 0.60 63.20 124.69 66.75 QuantaServices PWR 0.2 31 117.54 -4.44 -13.09 172.00 114.01 VMware VMW ... 25 121.90 3.20
23.01 445000 333150 BerkHathwy A BRK.A ... 8 427832 -5500.25 4.56 238.93 201.15 Ecolab ECL 0.8 58 226.23 -5.12 63.34 60.05 34.11 LKQ LKQ 1.7 17 57.56 -1.87 -63.72 132.73 19.12 QuantumScape QS ... dd 30.64 -1.56 -9.34 20.36 14.67 Vodafone VOD 10.4 dd 14.94 -0.39
18.30 70.90 48.65 BerryGlobal BERY ... 13 66.47 1.31 -0.77 15.91 11.37 Ecopetrol EC 0.7 9 12.81 -0.67 53.33 176.96 90.26 LPL Financial LPLA 0.6 28 159.80 -12.19 30.02 160.56 113.36 QuestDiag DGX 1.6 9 154.95 5.43 12.88 50.91 35.02 VornadoRealty VNO 5.0 dd 42.15 -1.96
15.01 141.97 95.93 BestBuy BBY 2.4 12 114.77 -1.92 3.37 66.21 53.92 EdisonInt EIX 4.1 32 64.94 -1.21 13.81 246.08 168.70 L3HarrisTech LHX 1.9 28 215.12 -3.62 33.13 210.16 134.53 VulcanMatls VMC 0.7 41 197.45 -4.44
20.05 123.27 78.44 EdwardsLife EW ... 47 109.52 -4.97
-19.75 157.66 58.56 Bilibili BILI ... dd 68.79 -3.68
-1.47 37.49 27.33 ElancoAnimal ELAN ... dd 30.22 -0.57
42.13 309.60 195.88 LabCorp.ofAmerica LH ... 10 289.30 5.57 RS
119.78 348.50 109.64 Bill.com
49.10 543.85 296.00 Bio-Techne
BILL ... dd 300.00 1.24
TECH 0.3109 473.47 -3.50 5.26 189.84 97.89 Elastic ESTC ... dd 153.82 -2.93
35.93 673.80 445.60 LamResearch LRCX 0.9 22 641.98 -18.81
24.86 32.04 23.18 RELX RELX 2.2 33 30.79 -0.48
WXYZ
33.78 123.92 77.57 LamarAdv LAMR 3.6 30 111.33 -3.60
28.69 832.70 521.40 Bio-RadLab A BIO ... 3 750.17 13.37 -12.28 150.30 122.41 ElectronicArts EA 0.5 46 125.97 -0.68 -36.46 66.77 35.59 LasVegasSands LVS 0.0 dd 37.87 -2.14 33.92 744.56 411.88 RH RH ... 35 599.34 -5.84 -3.11 99.86 80.55 WEC Energy WEC 3.0 21 89.17 -1.52
-0.80 468.55 238.40 Biogen BIIB ... 24 242.90 -7.23 12.37 105.99 74.50 EmersonElec EMR 2.3 24 90.31 -3.92 64.43 85.45 37.38 LatticeSemi LSCC ...128 75.34 -4.14 0.80 99.30 76.43 RPM RPM 1.7 26 91.51 -1.86 9.35 82.37 65.75 W.P.Carey WPC 5.5 31 77.18 -1.94
-0.13 92.56 71.59 BioMarinPharm BMRN ...2890 87.58 -1.99 21.88 43.34 31.11 Enbridge ENB 6.8 17 38.99 -0.91 7.68 204.91 142.43 Lear LEA 1.0 19 171.24 -7.98 12.23 142.06 85.14 RalphLauren RL 2.4 22 116.43 -5.12 30.58 75.51 48.14 WPP WPP 2.6 dd 70.62 -3.16
326.89 464.00 80.55 BioNTech BNTX ... 10 348.00 43.24 ... 33.20 22.02 Endeavor EDR ... dd 28.33 -0.19 -13.28 113.75 87.97 Leidos LDOS 1.6 17 91.16 -1.94 54.50 103.46 60.39 RaymondJames RJF 1.1 15 98.54 -3.96 27.08 97.71 71.05 Wabtec WAB 0.5 39 93.02 -3.16
-18.57 92.79 68.60 BlackKnight BKI ... 58 71.94 -1.01 -21.90 8.88 5.42 EnelAmericas ENIA 2.7 12 6.42 -0.13 42.58 93.49 57.02 Lennar B LEN.B 1.1 7 87.26 -2.25 16.07 92.32 65.02 RaytheonTech RTX 2.5 38 83.00 -4.19 15.10 57.05 37.89 WalgreensBoots WBA 4.2 16 45.90 -0.72
24.96 973.16 670.28 BlackRock BLK 1.8 24 901.64 -29.08 43.04 11.55 6.03 EnergyTransfer ET 6.9 5 8.84 -0.20 40.42 114.39 70.97 Lennar A LEN 0.9 8 107.04 -2.71 15.39 72.24 55.20 RealtyIncome O 4.2 55 69.47 -1.17 0.52 153.66 126.28 Walmart WMT 1.5 51 144.90 -1.64
121.89 149.78 59.11 Blackstone BX 2.5 20 143.81 -4.42 41.00 282.46 108.88 EnphaseEnergy ENPH ...215 247.42 -7.68 15.87 356.36 266.77 LennoxIntl LII 1.2 24 317.46 -1.19 32.65 174.12 114.05 RegalRexnord RRX 0.8 25 162.91 -6.23 13.14 50.23 28.11 WarnerMusic WMG 1.4 74 42.98 0.02
35.68 17.89 9.35 BlueOwlCapital OWL 2.3 dd 15.44 -0.15 55.06 158.00 89.02 Entegris ENTG 0.2 54 149.01 -2.54 35.46 30.84 18.32 LeviStrauss LEVI 1.0 25 27.20 -0.99 56.31 78.06 43.49 RegencyCtrs REG 3.5 37 71.26 -3.09 30.85 138.82 97.02 WasteConnections WCN 0.7 60 134.21 -3.07
-6.94 278.57 191.85 Boeing BA 0.0 dd 199.21 -11.39 3.26 115.02 85.78 Entergy ETR 3.9 17 103.09 -3.31 12.38 42.15 15.98 LiAuto LI ... dd 32.40 -0.22 33.17 686.62 441.00 RegenPharm REGN ... 10 643.35 -4.83 38.62 166.35 109.11 WasteMgt WM 1.4 40 163.47 -2.25
-3.22 2687.29 1860.73 BookingHldgs BKNG ...235 2155.56 -167.56 12.25 25.69 19.28 EnterpriseProd EPD 8.2 12 21.99 -0.25 0.02 188.76 138.04 LibertyBroadbandA LBRDA 0.0 48 157.61 -1.39 45.60 24.89 15.07 RegionsFin RF 2.9 9 23.47 -1.11 36.78 428.22 225.82 Waters WAT ... 30 338.43 -5.44
-2.27 100.26 75.15 BoozAllen BAH 1.7 20 85.20 -1.79 44.03 292.11 161.87 Equifax EFX 0.6 49 277.74 -5.72 1.72 194.05 142.63 LibertyBroadbandC LBRDK ... 49 161.10 -1.51 32.11 181.21 114.26 RelianceSteel RS 1.7 9 158.20 -3.58 32.53 309.16 216.25 Watsco WSO 2.6 31 300.24 -8.16
17.05 55.55 36.26 BorgWarner BWA 1.5 14 45.23 -1.77 11.15 885.26 586.73 Equinix EQIX 1.4167 793.84 -3.75 15.90 30.58 22.15 LibertyGlobal A LBTYA ... 1 28.07 -0.19 49.25 327.32 162.29 Repligen RGEN ...136 286.01 14.17 22.41 369.00 222.28 Wayfair W ...356 276.42 -2.90
18.14 124.24 88.45 BostonProps BXP 3.5 55 111.68 -6.43 50.61 28.30 15.33 Equinor EQNR 1.8 29 24.73 -0.98 13.89 38.89 22.55 LibertyGlobal B LBTYB ... 1 27.93 -0.52 40.21 145.98 88.62 RepublicSvcs RSG 1.4 36 135.02 -3.37 4.39 64.70 37.30 Weibo WB ... 29 42.79 -0.24
7.29 46.28 33.01 BostonSci BSX ... 53 38.57 -2.13 26.81 36.09 24.56 Equitable EQH 2.2 dd 32.45 -1.15 19.45 30.49 21.33 LibertyGlobal C LBTYK ... 1 28.25 -0.20 18.18 301.34 179.37 ResMed RMD 0.7 74 251.21 -3.79 60.47 52.56 27.28 WellsFargo WFC 1.7 11 48.43 -2.88
t -8.87 69.75 55.82 BristolMyers BMY 3.5 dd 56.53 -0.28 32.88 88.47 57.97 EquityLife ELS 1.7 59 84.19 -1.61 48.38 58.46 34.57 LibertyFormOne A FWONA ... dd 56.37 -1.37 -5.11 71.12 56.22 RestaurantBrands QSR 3.7 24 57.99 -0.72 26.77 89.80 59.38 Welltower WELL 3.01313 81.92 -5.15
t -8.56 41.14 34.00 BritishAmTob BTI 8.6 9 34.28 -0.31 42.16 88.09 56.08 EquityResdntl EQR 2.9 31 84.27 -3.55 39.13 61.64 38.84 LibertyFormOne C FWONK ... dd 59.27 -1.55 43.07 72.20 45.90 RexfordIndlRealty REXR 1.4105 70.26 -1.81 30.32 92.46 54.43 WestFraserTimber WFG 1.0 3 83.74 -3.19
24.83 577.21 392.74 Broadcom AVGO 2.6 41 546.59 -12.14 -14.82 266.77 168.87 ErieIndemnity A ERIE 2.0 36 209.19 -2.85 16.53 34.99 23.60 LibertyBraves A BATRA ... dd 28.98 -1.19 -40.75 449.00 205.58 RingCentral RNG ... dd 224.54 2.14 54.91 475.35 253.85 WestPharmSvcs WST 0.2 54 438.88 5.16
11.99 185.00 137.91 BroadridgeFinl BR 1.5 37 171.57 -1.56 -0.11 51.42 41.11 EssentialUtil WTRG 2.3 29 47.24 -0.77 14.67 31.76 23.26 LibertyBraves C BATRK ... dd 28.53 -1.39 -17.14 95.97 59.58 RioTinto RIO 11.0 5 62.33 -1.42 87.07 124.88 51.13 WestAllianceBcp WAL 1.2 14 112.15 -6.08
40.47 62.20 37.64 BrookfieldMgt BAM 0.9 27 57.55 -1.57 43.50 357.90 226.79 EssexProp ESS 2.5 50 340.69 -16.56 14.52 56.26 39.40 LibertySirius A LSXMA ... dd 49.46 -1.65 ... 179.47 95.20 Rivian RIVN ... ... 112.13 -2.72 4.28 78.19 44.74 WesternDigital WDC 0.0 12 57.76 -2.11
14.09 61.70 48.25 BrookfieldInfr BIP 3.6 26 56.36 -0.85 25.61 357.82 231.97 EsteeLauder EL 0.7 41 334.35 -14.86 13.33 56.19 39.05 LibertySirius C LSXMK ... dd 49.31 -1.63 83.37 120.83 60.47 RobertHalf RHI 1.3 24 114.57 -3.34 21.53 106.47 74.42 WestlakeChem WLK 1.2 9 99.17 -3.23
t -37.05 63.31 36.02 BrookfieldRenew BEPC 3.3 dd 36.68 -0.44 s 63.78 307.75 148.53 Etsy ETSY ... 86 291.38 -5.53 65.72 139.95 71.96 LifeStorage LSI 2.6 47 131.90 -3.11 ... 85.00 26.57 Robinhood HOOD ... dd 27.92 -0.06 ... 20.82 14.67 WestpacBanking WBK 5.9 14 14.90 -0.76
36.60 67.24 42.72 Brown&Brown BRO 0.6 32 64.76 -1.58 14.66 289.68 209.63 EverestRe RE 2.3 11 268.40 -9.50 54.21 275.87 143.13 EliLilly LLY 1.3 40 260.37 -1.63 ... 141.60 60.50 Roblox RBLX ... dd 122.65 -1.58 6.46 62.03 40.04 WestRock WRK 2.2 15 46.34 -0.50
-6.33 81.99 66.25 Brown-Forman B BF.B 1.0 46 74.40 -0.22 16.21 69.45 51.88 Evergy EVRG 3.5 17 64.51 -1.02 35.46 77.57 44.59 LincolnNational LNC 2.6 10 68.15 -3.17 -22.40 43.00 14.94 RocketCos. RKT 0.0 8 15.69 -0.05 14.58 41.68 28.25 Weyerhaeuser WY 1.8 12 38.42 -0.56
-5.68 83.01 62.59 Brown-Forman A BF.A 1.1 43 69.30 -0.11 -2.07 92.66 76.64 EversourceEner ES 2.8 25 84.72 -0.21 21.65 340.16 240.80 Linde LIN 1.3 47 320.57 -6.68 35.24 353.43 237.13 Rockwell ROK 1.3 29 339.20 -5.74 0.57 49.10 34.85 WheatonPrecMet WPM 1.4 31 41.98 -0.71
53.74 92.35 50.13 Bruker BRKR 0.2 47 83.22 5.92 -35.50 159.54 81.07 ExactSciences EXAS ... dd 85.46 -2.63 40.90 127.75 64.92 LiveNationEnt LYV ... dd 103.53 -9.08 -1.57 53.90 43.18 RogersComm B RCI 3.5 18 45.86 -0.89 25.21 257.68 171.33 Whirlpool WHR 2.5 7 226.00 -5.26
75.03 74.15 34.42 BuildersFirst BLDR ... 10 71.43 -2.28 26.55 54.86 38.35 Exelon EXC 2.9 31 53.43 -1.08 23.98 2.83 1.72 LloydsBanking LYG 2.8 7 2.43 -0.17 -29.17 490.76 222.32 Roku ROKU ...116 235.16 3.71 40.85 29.89 19.85 Williams WMB 5.8 34 28.24 -0.31
37.97 96.99 58.76 Bunge BG 2.3 6 90.48 -2.36 20.69 191.85 118.30 Expedia EXPE 0.0 dd 159.80 -16.74 -3.45 396.99 319.81 LockheedMartin LMT 3.3 16 342.72 -0.86 -9.24 41.83 31.44 Rollins ROL 1.1 50 35.46 -0.54 102.00 223.32 98.75 Williams-Sonoma WSM 1.4 15 205.72 -4.09
8.53 357.34 217.38 BurlingtonStrs BURL ... 44 283.85 -6.24 30.26 132.28 87.95 ExpeditorsIntl EXPD 0.9 18 123.89 -3.04 22.32 59.39 41.74 Loews L 0.5 9 55.07 -1.78 10.27 505.00 365.23 RoperTech ROP 0.5 45 475.37 -9.50 8.69 271.87 197.63 WillisTowers WLTW 1.4 13 228.99 -7.14
56.39 107.88 58.73 CBRE Group CBRE ... 23 98.09 -6.15 71.58 204.74 106.56 ExtraSpaceSt EXR 2.5 37 198.79 -5.53 -12.78 140.17 78.13 LogitechIntl LOGI 1.1 16 84.77 4.32 -10.42 134.22 104.92 RossStores ROST 1.0 24 110.01 -5.50 67.67 40.19 20.90 WillScotMobile WSC ... 69 38.85 -0.94
45.05 203.82 125.46 CDW CDW 1.0 27 191.16 -8.63 48.59 66.38 37.97 ExxonMobil XOM 5.7 dd 61.25 -2.23 54.31 256.39 149.31 Lowe's LOW 1.3 22 247.69 -4.94 23.71 108.09 79.82 RoyalBkCanada RY 3.4 12 101.52 -2.78 48.32 9.96 5.05 Wipro WIT 0.1 28 8.38 -0.35
62.23 68.09 36.21 CF Industries CF 1.9 46 62.80 -2.34 28.59 239.12 160.85 F5 FFIV ... 42 226.25 -5.82 t -57.39 18.30 5.92 LufaxHolding LU ... 6 6.05 -0.80 -8.98 99.24 64.26 RoyalCaribbean RCL 0.0 dd 67.98 -10.36 -36.17 362.07 154.00 Wix.com WIX ... dd 159.55 -1.08
5.52 93.93 73.01 CGI GIB ... 20 83.69 -1.70 -10.69 123.66 87.27 FMC FMC 1.9 22 102.64 -1.48 31.19 485.82 269.28 lululemon LULU ... 72 456.58 -1.28 19.72 50.75 33.82 RoyalDutchA RDS.A 3.0 36 42.07 -2.17 17.09 142.33 75.06 Wolfspeed WOLF ... dd 124.00 -2.65
2.57 104.35 84.67 CH Robinson CHRW 2.1 17 96.28 -1.98 37.89 470.37 294.21 FactSet FDS 0.7 44 458.49 -10.58 35.28 16.60 9.66 LumenTech LUMN 7.6 dd 13.19 -0.42 24.96 50.44 32.44 RoyalDutchB RDS.B 3.9 36 42.00 -2.38 15.83 307.81 214.00 Workday WDAY ...19010 277.55 -0.33
22.03 230.90 172.95 CME Group CME 1.6 33 222.16 -6.78 -32.37 553.97 342.89 FairIsaac FICO ... 26 345.62 -7.75 -13.70 68.28 37.63 Lyft LYFT ... dd 42.40 -2.12 -16.30 53.23 34.86 RoyaltyPharma RPRX 1.6 22 41.89 -0.19 -24.05 143.88 78.55 WynnResorts WYNN 0.0 dd 85.69 -5.51
-1.44 65.79 53.19 CMS Energy CMS 2.9 20 60.13 -0.91 -43.58 73.87 33.44 Farfetch FTCH ... dd 36.00 -0.93 -2.42 118.02 84.06 LyondellBasell LYB 5.1 5 89.44 -0.99 ... 41.14 25.57 RyanSpecialty RYAN ...157 40.09 0.12 -25.49 53.08 27.65 XP XP ... 28 29.56 -0.81
11.09 49.08 34.27 CNA Fin CNA 3.5 9 43.28 -1.63 23.10 61.76 43.37 Fastenal FAST 1.9 39 60.11 -0.78 -9.07 127.25 94.68 Ryanair RYAAY ... dd 100.00 -3.80 9.54 90.78 60.52 XPO Logistics XPO ... 27 75.97 -2.48
31.93 19.22 10.79 CNH Indl
17.26 53.99 39.08 CRH
CNHI 0.8 15 16.94 -0.92
CRH 2.3 27 49.93 -1.18
46.79 135.56 81.85 FederalRealty FRT
-8.27 319.90 216.34 FedEx FDX
3.4 41 124.95
1.3 16 238.15
-6.75
-5.42
MN 0.22 151.48 119.13 SAP
38.27 476.17 303.50 S&P Global
SAP 2.2 23 130.68
SPGI 0.7 39 454.53
-2.98
-9.00
-2.86 72.94 57.23 XcelEnergy
57.97 230.33 111.84 Xilinx
XEL
XLNX
2.8 22 64.76
0.7 70 223.95
-0.79
-6.10
17.59 36.57 27.70 CSX CSX 1.0 22 35.57 -0.68 29.68 164.21 112.70 Ferguson FERG 1.6 19 153.67 -4.81 20.97 168.27 116.29 M&T Bank MTB 3.1 11 153.99 -7.48 24.43 369.56 232.88 SBA Comm SBAC 0.7133 351.05 -3.41 19.33 68.42 22.73 XPeng XPEV ... dd 51.11 -3.26
34.00 96.57 67.06 CVS Health CVS 2.2 16 91.52 -1.13 14.46 278.78 183.82 Ferrari RACE 0.4 46 262.71 -5.62 19.78 43.19 29.92 MGMGrowthProp MGP 5.5 28 37.49 -0.79 6.00 65.22 52.12 SEI Investments SEIC 1.2 17 60.92 -2.66 20.48 138.78 94.63 Xylem XYL 0.9 48 122.64 -2.40
-17.24 2326.80 1674.35 CableOne CABO 0.6 34 1843.71 29.51 30.06 52.93 35.55 FidNatlFin FNF 3.5 5 50.84 -1.78 32.81 51.17 27.59 MGM Resorts MGM 0.0 32 41.85 -0.98 21.16 33.59 23.51 SK Telecom SKM 3.7 10 29.66 -1.03 1.24 87.11 58.91 Yandex YNDX ... dd 70.44 -3.53
30.73 190.09 113.67 CadenceDesign CDNS ... 72 178.36 -5.11 -23.65 155.96 104.29 FidNatlInfo FIS 1.4296 108.01 -1.85 3.04 199.44 136.49 MKS Instrum MKSI 0.6 17 155.03 -6.90 8.25 80.55 62.51 SS&C Tech SSNC 1.0 28 78.75 -1.15 14.41 135.77 101.18 YumBrands YUM 1.6 24 124.20 -2.68
22.80 119.81 65.89 CaesarsEnt CZR ... dd 91.20 -2.74 54.08 45.92 25.27 FifthThirdBncp FITB 2.8 12 42.48 -2.12 40.51 32.26 20.91 MPLX MPLX 9.3 11 30.42 -0.63 -2.56 37.13 30.02 StoreCapital STOR 4.7 36 33.11 -1.15 t -10.46 69.67 50.59 YumChina YUMC 0.9 33 51.12 -2.21
67.11 171.17 94.59 CamdenProperty CPT 2.0140 166.98 -3.71 29.47 19.45 12.16 FirstHorizon FHN 3.6 9 16.52 -0.80 39.08 679.85 380.00 MSCI MSCI 0.7 75 621.04 -21.60 84.15 763.22 337.83 SVB Fin SIVB ... 22 714.19 -26.26 5.80 38.96 25.23 ZTO Express ZTO 0.0 39 30.85 -0.59
79.70 28.49 9.78 Cameco CCJ 0.3 dd 24.08 -1.16 43.76 222.86 128.60 FirstRepBank FRC 0.4 29 211.23 -6.73 170.93 37.95 9.95 Macy's M 2.0 19 30.48 -1.66 85.75 365.50 171.00 Saia SAIA ... 41 335.83 -8.54 53.70 614.10 363.00 ZebraTech ZBRA ... 38 590.72 -7.30
-14.13 53.77 39.76 CampbellSoup CPB 3.6 13 41.52 0.17 7.08 123.12 67.71 FirstSolar FSLR ... 25 105.92 -2.36 11.97 53.85 39.93 MagellanMid MMP 8.7 11 47.52 -0.37 27.72 311.75 201.51 Salesforce.com CRM ...114 284.21 -4.96 -34.13 166.60 90.51 Zendesk ZEN ... dd 94.27 0.11
34.16 123.13 83.93 CIBC CM 4.1 11 114.67 -2.97 23.85 39.94 26.27 FirstEnergy FE 4.1 20 37.91 -1.00 13.53 104.28 60.64 MagnaIntl MGA 2.1 14 80.38 -2.14 -0.60 54.26 45.17 Sanofi SNY 2.8 18 48.30 -0.83 -57.15 208.11 52.57 Zillow C Z ... dd 55.62 -0.87
15.49 136.22 100.66 CanNtlRlwy CNI 1.6 24 126.87 -4.10 41.63 202.78 127.61 FirstService FSV 0.4 68 193.69 -6.81 49.02 188.52 96.33 ManhattanAssoc MANH ... 91 156.74 -4.26 90.60 42.55 20.36 SantanderCons SC 2.1 4 41.97 -0.18 -59.49 212.40 53.00 Zillow A ZG ... dd 55.07 -1.04
70.31 44.33 22.40 CanNaturalRes CNQ 4.6 10 40.96 -2.47 -13.71 127.34 92.06 Fiserv FISV ... 51 98.25 -1.06 6.85 22.25 16.84 ManulifeFin MFC 4.6 7 19.04 -0.53 75.40 19.82 7.43 Sasol SSL 0.0 dd 15.54 -1.16 t -18.48 180.36 124.83 ZimmerBiomet ZBH 0.8 32 125.62 -4.65
2.84 83.07 64.19 CanPacRlwy CP 0.9 19 71.31 -3.38 17.01 237.86 152.37 FiveBelow FIVE ... 45 204.74 -5.15 135.38 17.59 5.76 MarathonOil MRO 1.1 dd 15.70 -1.13 36.05 36.87 20.78 Schlumberger SLB 1.7 25 29.70 -1.71 47.72 68.25 38.44 ZionsBancorp ZION 2.4 9 64.17 -3.32
15.71 25.94 17.71 Canon CAJ 2.9 12 22.46 -0.34 -18.58 211.68 131.70 Five9 FIVN ... dd 141.99 3.73 48.33 68.78 38.30 MarathonPetrol MPC 3.8 35 61.35 -3.20 49.23 84.49 48.51 SchwabC SCHW 0.9 30 79.15 -3.99 32.52 228.89 141.41 Zoetis ZTS 0.5 53 219.32 -3.85
50.90 177.95 85.16 CapitalOne COF 1.6 6 149.16 -6.70 t -21.14 295.36 214.75 FleetCorTech FLT ... 22 215.15 -13.12 47.91 63.55 23.62 MaravaiLifeSci MRVI ... 33 41.49 4.33 -18.94 254.34 139.20 ScottsMiracleGro SMG 1.6 18 161.43 -2.99 -34.72 486.83 195.80 ZoomVideo ZM ... 67 220.21 11.91
46.55 69.26 34.41 Capri CPRI ... 23 61.55 -2.19 42.58 145.89 77.96 Floor&Decor FND ... 49 132.39 -0.25 20.52 1343.56 942.44 Markel MKL ... 7 1245.34 -33.56 49.12 372.70 173.91 Sea SE ... dd 296.82 7.23 45.16 79.17 37.86 ZoomInfoTech ZI ...1197 70.01 -0.77
t -11.13 62.96 47.14 CardinalHealth CAH 4.1 12 47.60 -1.18 -4.65 89.59 67.74 FomentoEconMex FMX 1.9 56 72.25 -1.57 -36.81 601.41 355.01 MarketAxess MKTX 0.7 49 360.52 -0.90 58.66 116.93 58.04 Seagate STX 2.8 14 98.62 -2.42 68.69 376.11 143.40 Zscaler ZS ... dd 336.90 -5.57

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
TotRetBdI NA ... NA ContraK 20.32 -0.41 23.7 IntlEq 29.55 -0.66 NA AllAsset NA ... NA ExtndAdml 141.67 -3.53 14.4 VANGUARD FDS MdCpGrAdml108.86 -2.10 19.6
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Edgewood Growth Instituti CpInc r 11.24 -0.10 9.3 Invesco Funds Y TotRt 10.30 +0.06 -1.0 GNMAAdml 10.56 +0.04 -0.9 DivdGro 38.59 -0.86 17.6 MdCpVlAdml 75.59 -2.20 24.3
EdgewoodGrInst 63.61 -1.01 22.9 GroCo 41.63 -0.94 26.7 DevMktY 50.59 -1.90 -5.4 PIMCO Funds A GrwthAdml 161.94 -3.55 24.6 INSTTRF2020 28.06 -0.23 6.9 SmValAdml 75.86 -2.75 25.7
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Fidelity GrowCoK 41.76 -0.94 26.7 John Hancock Instl IncomeFd NA ... NA HlthCareAdml r 97.11 -0.89 8.4 INSTTRF2025 29.70 -0.32 8.2 TotBd2 11.10 +0.08 -1.6
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, DispValMCI 28.31 -1.02
500IdxInstPrem159.72 -3.71 23.9 InvGrBd 11.67 +0.08 -0.3 21.4 PIMCO Funds I2 HYCorAdml r 5.86 -0.03 1.8 INSTTRF2030 30.79 -0.40 9.5 TotIntlInstIdx r134.60 -3.42 5.4
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotItlInstPlId r134.64 -3.42
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Contrafund K6 23.31 -0.47 23.5 LowP r 53.36 -1.55 19.1 JPMorgan I Class Income NA ... NA InfProAd 29.01 +0.15 5.6 INSTTRF2035 31.81 -0.50 10.7 5.4
ExtMktIdxInstPre 89.90 -2.24 14.3 Magin 15.46 -0.35 24.1 EqInc NA ... NA PIMCO Funds Instl IntlGrAdml 161.86 -1.15 1.0 INSTTRF2040 32.89 -0.58 12.1 TotSt 114.60 -2.69 22.1
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. FidSerToMarket 15.70 -0.37 22.1 NASDAQ r 195.57 -4.49 20.9 JPMorgan R Class IncomeFd NA ... NA ITBondAdml 12.04 +0.11 -2.4 INSTTRF2045 33.87 -0.69 13.3 VANGUARD INSTL FDS
GrowthCompanyK6 24.24 -0.55 26.1 OTC 20.06 -0.46 24.5 CoreBond NA ... NA Price Funds ITIGradeAdml 10.02 +0.06 -1.7 INSTTRF2050 34.02 -0.71 13.5 BalInst 49.07 -0.55 12.3
IntlIdxInstPrem 48.76 -1.19 7.1 Puritn 27.14 -0.48 16.8 Lord Abbett A BlChip 195.83 -3.81 18.3 LTGradeAdml 11.19 +0.16 -2.0 INSTTRF2055 34.11 -0.71 13.5 DevMktsIndInst 16.11 -0.40 7.4
Friday, November 26, 2021 MidCpInxInstPrem 32.33 -0.79 20.1 SrsEmrgMkt 23.63 -0.78 -5.3 ShtDurIncmA p 4.16 ... 0.9 DivGro 71.21 -1.58 19.4 MidCpAdml 310.16 -7.40 22.0 IntlVal 41.94 -1.40 4.2 DevMktsInxInst 25.18 -0.63 7.4
Net YTD Net YTD Net YTD SAIUSLgCpIndxFd 22.02 -0.52 23.9 SrsGlobal 15.00 -0.39 4.6 Lord Abbett F EqInc 37.16 -1.02 20.5 MuHYAdml 12.06 +0.02 3.5 LifeCon 23.55 -0.13 5.0 ExtndInst 141.67 -3.52 14.4
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SeriesBondFd 10.46 +0.08 -1.6 SrsGroCoRetail 29.12 -0.66 27.9 ShtDurIncm 4.16 ... 1.0 Growth 117.84 -2.45 21.6 MuIntAdml 14.71 +0.02 0.9 LifeGro 44.65 -0.80 11.7 GrwthInst 161.95 -3.55 24.6
SeriesOverseas 14.19 -0.24 14.4 SrsIntlGrw 19.91 -0.51 12.0
Lord Abbett I
HelSci 109.98 -0.35 11.3 MuLTAdml 12.17 +0.02 1.9 LifeMod 34.03 -0.41 8.2 InPrSeIn 11.82 +0.06 5.7
American Century Inv IntlVal Inst 40.18 -1.38 10.9 DivIncom I 30.75 -0.67 20.6 ShtDurInc p 4.16 InstIdx
22.1 MuLtdAdml 11.17
... 1.1 ... 0.4 402.19 -9.34 23.9
Ultra 92.11 -2.23 21.3 Baird Funds Dimensional Fds SmCpIdxInstPrem 28.56 -1.08 14.6 SrsIntlVal 11.15 -0.36 10.5 LgCapGow I 74.72 -1.60 PrmcpCor 35.01 -0.91 20.8
TMktIdxInstPrem131.39 -3.09 22.1 TotalBond 11.08 +0.05 -0.3
Metropolitan West
MidCap 128.00 -2.01 13.2 MuShtAdml 15.89 +0.01 0.3
STAR 33.67 -0.39 8.8
InstPlus 402.21 -9.35 23.9
American Funds Cl A AggBdInst 11.41 +0.08 -1.4 5GlbFxdInc 10.79 +0.07 -0.9 TotRetBdI 10.94 +0.08 -1.0 PrmcpAdml r183.32 -4.82 19.2 InstTStPlus 89.55 -2.10 22.2
AmcpA p 45.63 -0.96 21.0 CorBdInst 11.76 +0.07 -1.1 EmgMktVa 30.44 -0.95 8.4 USBdIdxInstPrem 12.02 +0.09 -1.7 Fidelity SAI NHoriz 93.94 -0.75 14.2 TgtRe2015 16.50 -0.07 4.9
TRBdPlan 10.25 +0.07 -1.1 RealEstatAdml152.89 -4.55 29.5 MidCpInst 68.52 -1.63 22.0
AMutlA p 52.45 -1.10 19.0 BlackRock Funds EmMktCorEq 24.46 -0.72 2.5 Fidelity Advisor I TotalBd 10.49 +0.05 -0.1
MFS Funds
R2020 24.82 -0.29 9.1 TgtRe2020 36.64 -0.29 6.9
SmCapAdml 107.64 -3.38 16.4 MidCpIstPl 337.91 -8.07 22.0
BalA p 33.50 -0.38 12.6 HiYldBd Inst 7.78 ... 4.2 IntlCoreEq 15.69 -0.38 9.6 GrOppI 176.31 -3.12 13.6 Fidelity Selects
IIE R2025 21.36 -0.30 10.3 TgtRe2025 23.28 -0.25 8.1
33.88 -0.72 10.6 SmGthAdml 99.03 -2.45 5.6 SmCapInst 107.64 -3.38 16.4
BondA p 13.46 +0.08 -1.0 BlackRock Funds A IntSmCo 22.17 -0.47 9.9 NwInsghtI 45.78 -0.95 24.3 Softwr r 31.25 -0.57 17.0 MFS Funds Class I R2030 31.79 -0.53 11.7 TgtRe2030 44.33 -0.60 9.3
STBondAdml 10.66 +0.03 -0.9 SmCapIstPl 310.69 -9.75 16.4
CapIBA p 68.03 -1.24 9.9 GlblAlloc p 21.73 ... 6.4 IntSmVa 20.93 -0.53 10.1 Fidelity Freedom Tech r 30.51 -0.75 20.2 GrowthI 196.26 -4.04 21.8 R2040 34.77 -0.74 14.3
STIGradeAdml 10.82 +0.03 -0.4 TgtRe2035 27.90 -0.44 10.6 STIGradeInst 10.82 +0.03 -0.4
CapWGrA 64.83 -1.64 10.4 BlackRock Funds III TAUSCoreEq2 NA ... NA FF2020 17.64 -0.20 7.6 First Eagle Funds ValueI 53.64 -1.12 20.2 Schwab Funds
STIPSIxAdm 26.22 -0.01 5.3 TgtRe2040 49.54 -0.90 11.9 STIPSIxins 26.24 -0.01 5.3
EupacA p 67.03 -1.62 0.8 iShS&P500IdxK544.56-12.64 23.8 US CoreEq1 36.23 -0.92 23.2 FF2025 16.16 -0.21 8.6 GlbA 66.92 -1.44 9.2 Northern Funds 1000 Inv r 102.18 -2.31 22.3 TotBdAdml 11.25 +0.09 -1.5 TgtRe2045 31.91 -0.66 13.2 TotBdInst 11.25 +0.09 -1.5
FdInvA p 78.64 -1.78 17.7 BlackRock Funds Inst US CoreEq2 33.17 -0.87 24.1 FF2030 20.31 -0.31 9.8 Franklin A1 StkIdx 51.50 -1.20 23.8 S&P Sel 71.13 -1.65 23.9 TotIntBdIdxAdm 22.84 +0.13 -1.7 TgtRe2050 51.53 -1.09 13.4 TotBdInst2 11.10 +0.08 -1.5
GwthA p 80.37 -1.74 19.0 StratIncOpptyIns 10.26 ... 1.0 US Small 48.72 -1.80 27.7 FF2035 17.79 -0.37 12.2 IncomeA1 p 2.50 -0.03 13.4 Nuveen Cl I TSM Sel r 81.15 -1.91 22.1 TotIntlAdmIdx r 33.66 -0.85 5.3 TgtRet2055 55.95 -1.18 13.4 TotBdInstPl 11.25 +0.09 -1.5
ICAA p 52.49 -1.16 20.3 Bridge Builder Trust US SmCpVal 46.68 -1.85 36.6 FF2040 12.78 -0.31 14.0 FrankTemp/Franklin A HYMunBd 18.49 ... 9.5 VANGUARD ADMIRAL TotStAdml 114.65 -2.68 22.2 TgtRetInc 15.43 -0.05 4.5 TotIntBdIdxInst 34.27 +0.20 -1.7
IncoA p 25.99 -0.38 12.5 CoreBond 10.47 +0.07 -1.2 US TgdVal 31.76 -1.24 35.9 Freedom2025 K 16.14 -0.21 8.7 DynaTech A p163.72 -1.86 17.2 Old Westbury Fds 500Adml 424.99 -9.87 23.9 TxMCapAdml240.38 -5.53 22.7 TotIntBdIxInv 11.42 +0.06 -1.7 TotStInst 114.66 -2.69 22.2
N PerA p 69.74 -1.63 15.3 CorePlusBond 10.35 +0.05 -0.6 USLgVa 45.84 -1.04 23.7 Freedom2030 K 20.30 -0.31 9.9 Growth A p 160.79 -3.24 18.7 LrgCpStr NA ... NA BalAdml 49.06 -0.55 12.3 TxMIn r 16.09 -0.40 7.4 USGro 76.14 -1.11 16.0 ValueInst 55.15 -1.24 20.8
NEcoA p 66.11 -1.24 11.1 Intl Eq 14.32 -0.35 7.2 Dodge & Cox Freedom2035 K 17.78 -0.36 12.3 RisDv A p 96.82 -2.03 21.4 Parnassus Fds CAITAdml 12.20 +0.01 0.6 USGroAdml 197.37 -2.89 16.1 WellsI 29.71 -0.10 6.8 WCM Focus Funds
NwWrldA 90.56 -2.29 3.0 LargeCapGrowth 24.93 -0.49 21.2 Balanced 115.81 -1.88 16.5 Freedom2040 K 12.78 -0.32 14.0 Guggenheim Funds Tru ParnEqFd 61.53 -1.30 23.0 CapOpAdml r214.08 -4.48 20.6 ValAdml 55.15 -1.24 20.8 Welltn 50.42 -0.67 15.3 WCMFocIntlGrwIns 27.98 -0.57 13.1
SmCpA p 87.09 -1.93 9.5 LargeCapValue 17.51 -0.51 20.5 Income 14.19 +0.06 -1.1 Fidelity Invest TotRtnBdFdClInst NA ... NA PGIM Funds Cl Z DivAppIdxAdm 44.53 -0.95 17.6 WdsrllAdml 84.98 -2.30 24.5 WndsrII 47.88 -1.30 24.4 Western Asset
TxExA p 13.61 +0.01 1.7 Calamos Funds Intl Stk 46.69 -1.58 6.8 Balanc 30.02 -0.53 15.5 Harbor Funds HighYield NA ... NA EMAdmr 40.83 -1.15 -0.5 WellsIAdml 71.98 -0.24 6.8 VANGUARD INDEX FDS CoreBondI 13.11 +0.09 -2.0
WshA p 58.68 -1.22 21.9 MktNeutI 14.45 -0.05 4.4 Stock 241.69 -7.14 27.4 BluCh 188.34 -4.21 24.1 CapApInst 124.07 -2.34 19.0 TotalReturnBond NA ... NA EqIncAdml 93.74 -1.98 20.4 WelltnAdml 87.06 -1.16 15.3 ExtndIstPl 349.62 -8.70 14.4 CorePlusBdI 11.90 +0.07 -2.5
Artisan Funds Columbia Class I DoubleLine Funds Contra 20.26 -0.41 23.6 Harding Loevner PIMCO Fds Instl ExplrAdml 138.48 -3.68 15.7 WndsrAdml 86.94 -2.52 22.8 IdxIntl 20.12 -0.51 5.3 CorePlusBdIS 11.90 +0.07 -2.5
P2JW331000-4-B01100-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 27 - 28, 2021 | B11

BUSINESS & FINANCE

Macau’s Casino Stocks Struggle Evergrande

Founder
Coronavirus flare-ups
and proposed rules
cloud the recovery for
Sells Part
China’s gambling hub Of Stake
BY ELAINE YU BY ELAINE YU

Coronavirus fl flare-ups and a The founder and chairman

regulatory overhaul are cloud- of China Evergrande Group,
ing the long road to recovery Hui Ka Yan, sold a large chunk
for China’s gambling hub. of his shares in the cash-
Macau’s gambling stocks strapped property company,
have lost between 23% and 56% raising the equivalent of about
since the start of 2021, as the $343 million.
second year of the pandemic A filing Friday showed the
has kept what used to be the sale, conducted a day earlier,
world’s most lucrative casino reduced Mr. Hui’s stake in Ev-
marrket larargely closed off
ff to out- ergrande to 67.9% from nearly
BILLY H.C. KWOK/BLOOMBERG NEWS

side visitors. The stocks fell 77%. The disclosure didn’t

steeply Friday amid a broader show who bought the shares.
international selloff triggered Evergrande, which recently
by concerns about a new, fast- reported around $300 billion in
spreading coronavirus variant. liabilities, has been scrambling
Adding to the pressure, in to sell assets to make interest
September the government of payments and avoid defaulting
the Chinese territory proposed on its international bonds.
revi
visions to local
al gambling laws The proceeds from Mr.
to increase regu gulatory
ry oversight Gambling revenues in the first 10 months of 2021 were about 29% of pre-pandemic levels, and losses have piled up for casino operators. Hui’s sale will be used to fund
and began soliciting input from the developer, a person famil-
the industry and the public. didn’t bode well for the stocks.” The Chips Are Down iar with the situation said. The
That sent shares of Hong Kong- The industry has suffered company’s priority is resum-
Business at Macau's casinos remains far below pre-pandemic levels, and their stocks are taking a
listed Wyn ynn Macau Ltd., San ands ffrrom Macau’s zero-toleran
ance ap- ing work at its housing proj-
big hit.
China Ltd. and MGM China proach to Covid-19. Recent ects to deliver the homes it
Holdings Ltd. to multiyear cases have led to lockdowns, Gross gaming revenues, Year-to-date stock performance presold to customers, the per-
lows. The three are subsidiaries border closures and mass test- monthly son added.
of Vegas-based operators Wyn ynn ing—a deterrent for visitors. Mr. Hui is selling after a
$4 billion 40%
Resorts Ltd., Las Vegas Sands The planned gambling rules collapse in the company’s
Corp. and MGM Resort rts Inter- have also triggered fears of a shares, which have fallen more
national al, respectively, an
and com- crackdown on the industry, fol- than 83% so far this year, ac-
pete in Macau with local rivals lowi
wing the regu
gulatory
ry shak
ake-ups 3 cording to FactSet. He sold 1.2
including Galaxy Entertain- in China’s tech, education and 0 billion shares at an average
Galaxy
ment Group Ltd. other sectors earlier this year Entertainment price of 2.23 Hong Kong dol-
The stocks have edged that sparked massive stock sell- 2 –23.4% this year lars, or the equivalent of 29
slightly higher in recent weeks, offs. The proposals include giv- Wynn Macau U.S. cents each, the filing
but analysts say the sector’s ing the state a veto over divi- –40 –40.1% showed, nearly 20% below the
losing streak ak could continue for dend paym yments to shareholders 1 Sands China
previous day’s closing price.
a whihile. Macau’s gambling reve- and introducing government –42.1% Evergrande itself has sold a
nues in the first 10 months of representatives to monitor casi- MGM China
variety of assets in recent
2021 stood at roughly 29% of nos’ day-to-day operations. 0 –80 –56.3% weeks, including stakes in a
pre-pandemic levels, and losses The measures were stricter- Chinese bank and a Hong Kong
2019 ’20 ’21 J F M A M J J A S O N
have piled up for the casino op- than-expected and cast some residential project. Last week,
erators. doubt on the industry’s pros- Sources: Macau Gaming Inspection and Coordination Bureau (revenue); FactSet (stocks) Evergrande said it had agreed
“In terms of timing of recov- pects, said Jessica Tea, senior to unload its remaining 18%
ery, there’s been a bunch of investment specialist at BNP authorities haven’t provided tries will come up,’ ” with the try is uncertainty around new stake in a business venture
alse star
fal arts in Macau in the past Paribas Asset Management. She further information to reassure gambling sector making up gambling concessions, with all with Tencent Holdings Ltd.
year,” said Vitaly Umansky, se- said the package “significantly investors. about thr
hree-quart
rters of Macau’s six of Macau’s casino licenses Over the past weeks, Ever-
n
niior anal
alyst for global
al gambling increases governmnment control in “We don’t believe it’s a GDP, he added. due to expire in June. Investors grande made several overdue
at Sanford C. Bernstein. “Inves- the operation and capital man- crackdown,” said Angus Chan, A Macau official said last are eager to know how many interest payments on its dollar
tors were kind of standing on agement of casino operators.” head of Asia gambling at UBS, month that the government new licenses would be granted, bonds. The developer is on the
thin ice and any kind of nega- Some analysts say the mar- of the new policies. “It’s very representatives wouldn’t affect plus details on license fees, tax hook for more coupon pay-
tive or very uncertain addition ket’s fears are overblown, al- hard to say, ‘Let’s just disrupt it casinos’ operations. rates and other potential new ments on more onshore and
to what was already happening though they add that Macau’s and hopefully other new indus- Another issue for the indus- restrictions. offshore bonds this year.

Join WSJ. Magazine and

luxury travel company
Indagare for a special wellness
© 2021 DOW JONES & COMPANY, INC. ALL RIGHTS RESERVED. 6DJ8478

retreat next spring. You’ll be

accompanied by a
WSJ. Magazine editor, along
with leading wellness experts,
at the serene Blackberry Farm.
Space on this exclusive trip
is very limited; early inquiry
recommended. photo courtesy bl ackberry farm.

ESCAPE TO
BLACKBERRY FARM
WITH WSJ. MAGAZINE
wsj.magazine x indagare learn more:
bl ackberry farm in wall and, tn 646.780.8383
march 31 —april 3, 2022 indagare.com/wsjmagazine
from $7,050
P2JW331000-4-B01200-1--------XA

B12 | Saturday/Sunday, November 27 - 28, 2021 **** THE WALL STREET JOURNAL.

MARKETS

Early-Covid Investing Plays Are Back Variant

Upends
BY KAREN LANGLEY

It was like early 2020 all

over again in the stock market
Bets on Fed
Friday.
Major indexes sold off, with
the Dow Jones Industrial Aver-
Rate Moves
age suffering its worst day in Continued from page B1
a year, on fears of a fast- quickly through part of its
spreading new variant of the population.
coronavirus. Investors re- Scientists say its high num-
turned to their early-pandemic ber of mutations may make it
playbooks for which compa- more transmissible and poten-
nies could be expected to tially more resistant to vac-
SEBASTIEN SALOM-GOMIS/AGENCE FRANCE-PRESSE/GETTY IMAGES

struggle or thrive. cines, though it is too early to

Work-from-home stocks ral- say exactly how the variant
lied. Zoom Video Communica- will spread or how it will af-
tions Inc. and Peloton Interac- fect those who become in-
tive Inc. both advanced 5.7%, fected.
and Teladoc Health Inc. added The European Union said
3.4%. All three are still down Friday that it would propose
significantly for the year. activating an “emergency
Of course, more stocks were brake” to stop air travel be-
hurt than helped by concerns tween the bloc and southern
that economic activity could Africa, citing concerns over
once again be constrained by B.1.1.529.
government restrictions or in- Several member states have
dividual caution. already moved to impose re-
“Time will tell how worried strictions, following the U.K.
we should be, but investors and several parts of Asia, in-
are selling in front of potential cluding Singapore.
bad news,” wrote Ryan De- Royal Caribbean shares declined 13% as investors sold travel stocks, from cruise companies to hotel and airline stocks. The U.S. also moved on Fri-
trick, chief market strategist day to restrict travel from
for LPL Financial. Caribbean Group slid 13%. companies fared poorly. Mar- bet. The top performer in the Quest Diagnostics Inc. shares some countries.
Among the biggest losers Airlines didn’t do much bet- riott International Inc. shares S&P 500 was Moderna Inc., up 3.6% and Laboratory Cor- Investors fear that a new
Friday were travel stocks. ter. United Airlines Holdings retreated 6.5%, Host Hotels & which jumped 21%. Shares of poration of America Holdings spate of restrictions to slow
Cruise companies sold off. Inc. shares dropped 9.6%, Resorts Inc. declined 6.2% and Pfizer Inc. rallied, too, rising shares up 2%. And they wa- the spread of the variant will
Norwegian Cruise Line Hold- American Airlines Group Inc. Wynn Resorts Ltd. dropped 6%. 6.1% to $54, a record close. gered on a rise in demand for set back growth prospects
ings Ltd. and Carnival Corp. lost 8.8% and Delta Air Lines Vaccine makers, on the Investors also turned to di- cleaning products, driving Clo- globally.
each slumped 11%, and Royal Inc. fell 8.3%. Hotel and resort other hand, were an obvious agnostic companies, sending rox Co. shares up 3.7%. “Pricing three rate hikes
from the Fed, as we were up
until last night, that makes a

High-Yield Bond Sales Climb to Record

lot less sense now,” said An-
drew Mulliner, a bonds portfo-
lio manager at Janus Hender-
son.
BY SEBASTIAN PELLEJERO Sales of U.S. junk bonds, yearly changes, according to LCD. If the new Covid-19 variant
That falls short of the 4.5% to- derails the recovery, central
$500 billion
Investors’ hunt for higher tal return on leveraged loans, banks may actually have to
fixed-income returns has pow- which have interest rates that change course and stimulate
ered sales of low-rated corpo- rise and fall with their bench- the economy more, Mr. Mulli-
rate bonds to a record. 400 mark, but beats the minus ner said.
U.S. companies, including 1.73% return on investment-
medical supplier Medline In- grade corporate bonds and mi-

1.484%
dustries LP and videogame 300
nus 2.93% for Treasurys.
maker Roblox Corp., have sold Analysts and investors ex-
more than $455 billion of pect junk-bond defaults to re-
bonds with speculative-grade main low next year, supporting
credit ratings this year through 200 bond prices. Bank of America Yield on the 10-year U.S.
Monday, according to S&P analysts are forecasting next Treasury note on Friday.
BRENDAN MCDERMID/REUTERS

Global Market Intelligence’s year’s junk-bond default rate to

LCD. That already beats the 100 finish at 1.7% and for a record
full-year total for 2020, when number of bonds to rise to in-
junk-bond sales set a then-re- vestment-grade. They expect He expects the turbulence
cord of $435 billion. returns on junk bonds tied to in markets will soon calm,
This year’s bond sales mark 0 gambling and real-estate com- however, and sold some of his
a notable reversal from the 2005 ’10 ’15 ’20 panies to be the market’s top safest assets, 30-year U.S.
spring of 2020, when investors’ Note: 2021 data is as of Nov. 22. performers next year. Treasury bonds, to take ad-
worries about widespread Source: S&P Global Market Intelligence's LCD Roblox is among this year’s issuers of speculative-grade bonds. The strong economic back- vantage of the high demand
bankruptcies and defaults drop has motivated Lyniese for safe-haven assets.
sparked a selloff in low-rated The broader leveraged fi- ing into 2022. Last month, U.S. junk bonds. That upends the Patterson, high-yield portfolio A big reason for the shift in
debt. Since then, ultralow inter- nance market, which also in- companies sold $29.3 billion conventional logic of investing manager at Income Research + expectations was the sudden
est rates and a stimulus-fueled cludes leveraged loans, has of junk bonds, down from in bonds, which are typically Management, to shift some of drop in energy prices, a major
economic rebound have sup- sold more than $1 trillion in $43.8 billion in September. prized for protecting inves- her holdings into lower-rated driver of inflation. Oil prices
ported companies with weaker bonds and loans this year, also Many companies have raised tors’ money. debt, from double-B to single-B. tumbled, with global bench-
credit ratings and boosted the a record. sizable cash stockpiles and re- “It is now about which She favors bonds tied to com- mark Brent crude falling 12%
appeal of riskier debt. Some market watchers financed debt over the past companies can manage supply panies that make goods such as to $72.72 a barrel, the lowest
Junk bonds and so-called worry that investors are tak- two years. and pricing pressures and less machinery, tools and equip- level since early September.
leveraged loans are typically ing on too much risk and that Higher inflation could also so whether they can survive ment and that can pass on ris- “Energy consumption is ex-
issued by companies with sig- companies are piling up too make junk bonds less appealing. through the pandemic,” said ing costs to customers, as well pected to go down as people
nificant debt relative to their much debt. In a recent report, Rising prices erode the pur- Matt Toms, chief investment as communications companies travel less,” said Sebastien
earnings, or leverage, making the International Monetary chasing power of bonds’ fixed officer of fixed income at Voya that are more removed from in- Galy, a macro strategist at
them more sensitive to the Fund warned that increased payments. They can also drive Investment Management, flation pressures. Nordea Asset Management.
economy’s trajectory. Econo- leverage could make the finan- the Federal Reserve to raise which manages more than “We’re finding attractive “It’s a shock. We thought we
mists surveyed by The Wall cial system more vulnerable to rates, reducing the relative ap- $257 billion in assets. opportunities worth investing were out of it and now maybe
Street Journal are forecasting corrections. peal of outstanding bonds. Junk bonds have returned in,” she said. “Inflation is not we need new vaccines.”
5.22% U.S. economic growth Analysts and investors ex- In recent months, the con- 4.1% to investors this year as bad as feared for some It is a sudden recalibration
by the end of this year and pect the record pace of junk- sumer-price index has jumped through Monday, counting in- credits, given they have vari- for markets that had been ob-
3.59% in 2022. bond sales to moderate head- above the average yields on terest payments and price ous levers to pull.” sessed with inflation and the
possibility of central-bank
tightening. The new global

Oil Prices Slump on Fears

ADVERTISEMENT travel restrictions and Friday’s
drop in oil prices prompted

The Marketplace fund managers to change their

Of Virus-Related Curbs
To advertise: 800-366-3975 or WSJ.com/classifieds
BOATING
BY RYAN DEZEMBER
South Africa’s warning of a
new and fast-spreading strain
of coronavirus walloped the
energy sector on Friday, lead-
ing to the sharpest declines in
oil prices since the global
economy locked down early
last year to slow the spread of
#"- &!+-*%- (*"" ,!+$$")' the deadly virus.
'404S/ D]GS7+S ?<7<S /GD]7 V\## ^J,''#MU [R G 9;6N)78 JG77+SGRY ^]+ S+D+[3+- G S+&7 [> Oil prices fell more than
5N5; G>- DG> GDD<??<-G7+ ;N _4+R7R [> $ DGE[>RY \][R /GD]7 ]GR G> +0D+@@+>7 G>- )4@@/ 11%. Gasoline and diesel fu-
R7G))+- DS+2 G>- G D]+) 2]< 2[@@ ?GA+ 2]G7+3+S /<4 @[A+Y
tures each dropped more than
\#I^C F %[->[_]7 T0:S+RR "6B 9"8 ^+GE<ER )<S 7]+ A[-R G>- G-4@7RB 958 T@@[:7[DG@ %GD][>+R )<S
<47R[-+ DGS-[< X 9;8 ^7G7[<>GS/ K[A+B 958 *+7 ^A[RB !<<@ \GE@+B ;Q )7 7+>-+SB *GD4..[B [>D@4-+R 12%. Tumbling energy stocks
<47R[-+ -[>[>_ F 14@@ 2+7 EGS F ^2[? :@G7)<S? F 1<S?G@ -[>[>_ F =[3[>_ +W4[:?+>7 G@<>_ gave the strongest pull to
2[7] =[3+ (<?:S+RR<S )<S -[3+ +>7]4R[GR7RB LS+G7 +>7+S7G[>?+>7 R/R7+? <>E<GS- F M[1[Y
plunging stock indexes Friday.
KG]G?GRB (GS[EE+G>PO[S_[> HR@G>-RB ZY^Y The declines represent new
+)"&$ *$) ($$-% !,'#''' fears that mobility and eco-
C+A 1+A& :/$+A1;6:+/' (;33 +A 6&.6 4,#=-2%=4%2< +A nomic activity would be limited
91;:3 >++@!;33+0*++5:/"?8"1;:3)(+1
000)>++@!;33+0BB7)(+1 this winter by variants and out-
breaks of Covid-19.
Friday’s rout also represents
a sharp reversal in the trajec-
BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES
tory of transportation-fuel
prices, which had been rising
.33!.1*' 2/+0$.$' %,1( :55!"9$ '5- 2 32-)9(- '5- 5<- and taking big bites out of
Oil-futures price from which U.S. shale drillers
have yet to fully recover.
$85 a barrel Shares of refiners, rig own-
ers, pipeline operators and oil
producers all tumbled Friday.
Energy was the S&P 500’s
80 worst-performing sector.
In London, BP PLC and
Royal Dutch Shell PLC lost
7.9% and 5.7%, respectively. In
New York, Halliburton Co. fell
75
6.8% and 3.5% was knocked
off of Exxon Mobil Corp.
Brent Smaller U.S. shale drillers
were particularly hard hit,
70 with shares of Callon Petro-
leum Co., Laredo Petroleum
Inc. and Centennial Resources
West Texas
Development Inc. each shed-
Intermediate
ding more than 13%.
65
Sept. Oct. Nov.
U.S. crude futures ended
13.1% lower at $68.15 a barrel,
Source: FactSet while Brent crude, the interna-
tional benchmark, dropped
other spell of working from 11.6% to $72.72. The reversal
home and forgone vacations in prices, which haven’t been
had traders thinking that de- so low since early September,
views about how much the
global economy could over-
heat and how quickly central
banks may have to act to tem-
per this, if at all.
Some saw Friday’s moves
as an overreaction.
“It’s too early to jump to
conclusions,” said Carsten
Brzeski, global head of macro
at Dutch bank ING. He also
pointed to progress made in
treatments for Covid-19 and
vaccine development.
“The world is much better
prepared now for any new
variant than 1.5 years ago.
That should also mean that
both government and central-
bank reactions do not have to
be as forceful as in March
2020,” he said.
Federal-funds futures rate*
1.25%
1.00
Thursday
0.75

)-#&-
&-;/+ *<0+ 058 +(2)+ '5- )#( household budgets. Earlier in mand, not supply, could fall has traders and analysts recal-
"'0,+1 =6== +(2+591 % +(2)+1 the week the U.S. and other short this winter. ibrating expectations for next
countries coordinated the re- “Even without severe re- week’s meeting in Vienna of 0.50
#3,B 3!P,P3 !3?N#3( 7' "9)(-(+)(>, .59)2.) 42<-((91 lease of strategic oil reserves in strictions, people will adopt the oil-exporters cartel and its
GDA3( D'?%*3 GN'( an effort to tamp down prices more caution which will weigh market allies, including Russia, Friday
'!*$"'%-/$+%"&#.*+-,($)*
!33CD'E #D,2! > and ease inflationary pressures on demand,” said Craig Erlam, known as OPEC+.
0.25
,??#3(DP3( D'L3!P%#! 28$((( +&1 '+4" #+5!
on consumers and businesses. senior market analyst at trad- Some believe that between
?,BB; Prices for crude oil and re- ing firm Oanda. the release of government re-
5 -)#'-; @?'> 4?8)+;" (?--).;8)+?"
-..&/FF&F.FF D'#/;)+ E)-?" 7+).;3)? 7/1 :?;)>8"
%-0? :1!6? =B*(" & %))+? @$A
fined fuels, such as gasoline
and diesel, were little moved
Friday’s selloff was reminis-
cent of Black Friday seven
serves, Friday’s price collapse
and concerns that the pan- 0
,BBD,'?3 *%#PE,E3 GN'( by the prospect of additional years ago, when the Organiza- demic isn’t as close to ending 2022 ’23
<1;#)0+8 9)> 2,2C $-);1+6
5JF L@MK$0 (14: !K84 +5+ = ,Q$06 L$8"6: ?, 7J.+.
supply hitting the market. But tion of the Petroleum Export- as believed, the group may
HHH4,QQ$@M<8*61K)@)8GIM94<6O )+55 %*4!0 6 7-768796.(-3 *A proxy for market expectations of future
%0 6 -(/6,.7699-,
on Friday new travel restric- ing Countries opened its spig- dial back plans to pump more interest rates
tions and the potential for an- ots and initiated a price war crude into the market. Source: Nordea Asset Management
P2JW331000-4-B01300-1--------XA
THE WALL STREET JOURNAL.
Disney Hopes We
Still Need Heroes
The company tries to milk ever more from its Marvel
and Star Wars franchises without souring its audience
Many media and tech giants
hope to carve out a place in
streaming. Disney’s strategy is to
bet you can never have too much
of a good thing.
The Marvel spinoff “Hawkeye”
making a debut on Disney+ this
week is the fifth series from the
blockbuster franchise to go live on
the company’s streaming service
this year. That follows 21 Marvel
theatrical movies Disney has re-
leased since the first “Avengers”
movie in 2012. The company’s Star
Wars franchise will likewise see its
third major release on the stream-
ing service next month with “The
Book of Boba Fett”—a spinoff to
the hit series “The Mandalorian”
that launched the Disney+ service
to great success in late 2019.
The Marvel and Star Wars fran-
chises the company acquired in
2009 and 2012, respectively, are
the two most lucrative movie prop-
erties in history, totaling nearly
Share price and index performance,
past 12 months
40%
Walt Disney
30
20
10
S&P 500 Index
0 growth. That contrasts sharply
D J F M A M J J A S O N
Source: FactSet
GETTY IMAGES
The Oculus Quest 2 headset has been a strong seller.
The Chinese Metaverse
Frenzy Warps Reality
Approach these hot stocks with caution
The metaverse will blend the vir-
tual and physical worlds. Investors
should be careful that the meta
market frenzy doesn’t warp their
sense of reality.
It’s difficult to find people who
can clearly explain what exactly the
metaverse will be—roughly, a
shared immersive digital realm
where people can shop, interact and
play—but the concept has quickly
become the hottest buzzword in the
stock market. In China, the specula-
tive craze has already caught the
attention of the government. Chi-
nese state-owned media has pub-
lished a number of articles in recent
weeks warning about the risks of
jumping on the trend.
Even stocks only vaguely related
to the metaverse have jumped in
the Chinese market this year, espe-
cially after Facebook showed its
commitment by changing its name
to Meta Platforms last month.
Shares of AVIT, which makes vir-
tual-reality products, have almost
tripled this year; those of game
company Shenzhen Zhongqingbao
Interaction Network have nearly
quadrupled. Many companies have
little concrete business and are only
trying to ride the latest fad.
Some Chinese companies do
* * * *
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
$34 billion at the global box office
to date. Add in Pixar, the studio
Disney bought in 2006, plus the ex-
tensive line of blockbuster family
films the company has released un-
der its own imprint, and it is little
wonder that Disney consistently
rules the box office. It has topped
the domestic box office with a
gross of $40.5 billion across 588
releases since 1995, according to
the industry tracking site The
Numbers. That averages about $69
million per picture—well above the
$47 million average for Warner
Bros, Sony, Universal, Paramount
and the studio once known as
Twentieth Century Fox over that
time.
Those franchises also have
played a major part in the com-
pany’s early streaming success. In
just two years, Disney+ has landed
a little over 118 million paying sub-
scribers. Market leader Netflix took
a decade to hit that level.
But the newest shows come as
Disney faces some bumps in the
streaming fast lane. The company
added just 2.1 million subscribers
to Disney+ in the fiscal fourth
quarter that ended in September.
That is the lowest number of addi-
tions since the service launched,
and it was down sharply from the
12.4 million added in the prior pe-
riod. The company also warned
that subscriber growth might re-
main lackluster over the next cou-
ple quarters as it builds up its con-
tent slate.
That warning sent the stock
tumbling. Investors are glued to
Disney’s streaming show almost to
the exclusion of all else. Its shares
have lost 18% year-to-date, mostly
on concerns about Disney+’s
with the stock’s 25% gain in 2020
despite the pandemic’s severe im-
pact on Disney’s much larger
stand to benefit if the metaverse
takes off. Shipments of VR and aug-
mented-reality headsets more than
doubled in the second quarter this
year to 2.2 million, according to
market researcher IDC. That has
mainly been driven by strong sales
of Meta’s Oculus Quest 2, launched
last year. The pandemic may have
given demand a push, but the de-
vice is also getting lighter and more
powerful. Shenzhen-listed Goertek,
which makes AirPods for Apple, is
an assembler of the Oculus headset.
Morgan Stanley estimates VR will
contribute about a quarter of the
company’s revenue this year.
Meta has about three-quarters of
the VR headset market, but some
Chinese brands are also among
those trying to catch up including
DPVR and Pico, which is owned by
ByteDance.
Despite the strong growth, VR is
still a niche market at the moment.
More staying power will depend on
new and compelling uses beyond
gaming. With big technology com-
panies like Meta and Microsoft
working on it, VR may have a better
chance to succeed this time. But
even then, it may still take many
years.
—Jacky Wong
ON
THE
‘Hawkeye’ is the fifth series from the Marvel franchise to go live on Disney’s streaming service this year.
theme-park business.
Near-term gyrations notwith-
standing, Disney has stuck by its
ambitious long-term goal to have
between 230 million and 260 mil-
lion paid Disney+ subscribers by
the end of its 2024 fiscal year.
Adding in the company’s goals for
its ESPN+ and Hulu services would
bring total paid streaming sub-
scribers above 300 million. By con-
trast, Wall Street expects current
market leader Netflix to be just be-
low the 300 million subscriber
mark by that time, according to
FactSet.
But reaching that target means
Disney has to find at least 112 mil-
lion more people not already sub-
scribing to its namesake service—
easier said than done, since it is
hard to imagine much of its core
audience (families with children,
Marvel and Star Wars superfans)
OVERHEARD
Crypto entrepreneurs are
overdue for a lesson on what
happens when they pilfer oth-
ers’ most precious intellectual
property.
A Florida-based developer,
Matthew Jensen, received a
sharp legal rebuke this week in
his defense of the “one token
that rules them all.” He insisted
that his JRR Token stood for
“Journey through Risk to Re-
ward” and that the name’s re-
semblance to that of the late
fantasy author, as well as the
wizard and ring imagery on his
now defunct site, were coinci-
dental. The World Intellectual
Property Organization was hav-
ing none of it.
If that serves as any prece-
dent, a few more projects could
face trouble. For example, the
anonymous founders of Aveng-
erscoin, known only as Hulk and
Ironman, probably had the mul-
tibillion-dollar Marvel franchise
in mind when coming up with
those names. Batman, complete
with a picture of the DC char-
acter, also is living dangerously.
And the people behind Potter
Inu, who note that he “just sat
on his Racing Broom and he is
aiming for the moon,” clearly
melded the names of the boy
wizard and the red-hot Shiba
Inu coin. You know who—the
famously litigious author J.K.
Rowling—might not be amused.
Pro tip for coin developers:
Copying one another’s white
papers is one thing, but stick to
dogs, Elon Musk or rocket ships
for your inspiration.
Not
amused.
TASS/ZUMA PRESS
Saturday/Sunday, November 27 - 28, 2021 | B13
who haven’t signed on already. The
company said the final quarter of
the current fiscal year will be the
first to feature original content
from all of its popular brands in
the same quarter. But as Todd
Juenger of Bernstein put it in a
note to clients: “We have yet to
meet the child who says no to one
scoop of ice cream, but yes to two.”
The long-term target also as-
sumes Disney can continue milking
popular franchises without souring
the audience. That is no sure thing:
The latest Marvel theatrical release
“Eternals” made less at the domes-
tic box office over its first three
weekends than any Marvel movie
since 2015’s “Ant Man,” according
to Box Office Mojo. It even under-
performed “Black Widow,” which
was hampered by its same-day re-
lease on Disney+.
There is also the small matter of
Variant Puts Things
In Perspective
Debate around inflation has obscured
much bigger uncertainties in the market
Stock markets around the world
had a very black Black Friday, as
fears spread that a new coronavirus
variant first detected in Botswana
and South Africa could be vaccine-
resistant. Several nations have al-
ready placed these countries and
their neighbors on a “red list” re-
quiring travelers to quarantine.
Meanwhile, old versions of Covid
are wreaking havoc in Europe.
Money fled growth-related asset
classes such as equities, risky cor-
porate bonds, commodities and
emerging-market currencies, and
flowed into havens like government
debt, gold, the Swiss franc and the
Japanese yen.
This is by-the-book action by
traders to hedge immediate con-
cerns. The Delta variant of Covid-19
hasn’t stopped the bull market be-
cause vaccines have still allowed
the economy to return to normal.
Any higher risk of a vaccine-evad-
ing strand has to be priced in as po-
tentially much more destructive.
The selloff could be magnified in
the run-up to the new year, when
investors sell underperforming as-
sets and are more reluctant to buy
dips. This is usually unwound in
January, but pandemic concerns
could make for a volatile winter.
Yet there are longer-term lessons
that investors can extract from this
scare. In recent months, real-time
data has often signaled that the
global economy is overheating. Sup-
ply chains are strained, leading
many to fret about inflation and
high interest rates, while the labor
market is recovering and airline ca-
pacity is returning. Plane makers—
particularly Europe’s Airbus, whose
shares fell 11% Friday—have re-
sponded with plans to build long-
range jets at a rapid clip.
But these indicators of a rebound
pale in comparison with the mas-
sive economic uncertainties the
world still faces, including big shifts
in consumer behavior, the rolling
back of fiscal stimulus by some gov-
ernments, video links replacing
business travel, and—of course—
MARVEL STUDIOS
profitability. Uncharacteristically,
Disney has been losing money in
streaming, though it promises Dis-
ney+ will be profitable by fiscal
2024. It also disclosed in its latest
call that its content costs that year
will also be higher than previously
expected.
As such, the ultimate level of
profitability and free cash flow that
streaming can generate remain ma-
jor question marks, especially
given Disney’s reliance on expen-
sive blockbuster franchises. In a re-
cent report Michael Nathanson of
MoffettNathanson tapped an old
Warren Buffett quote about air-
lines: “The worst sort of business
is one that grows rapidly, requires
significant capital to engender the
growth, and then earns little or no
money.”
Superheroes don’t work cheap.
— Dan Gallagher
Market-implied probability that the
Federal Reserve will leave interest
rates unchanged at their current
level by each policy meeting
100%
Nov. 24
Now
75
50
25
0
2022 July ’23
Note: Using 30-day Fed Funds futures
Source: CME FedWatch Tool
new coronavirus variants.
Case in point: Many analysts
were assuming that bottleneck-in-
duced inflation had backed central
banks into a corner, because of the
chance of a hypothetical wage-led
spiral not seen since the 1970s.
They didn’t account for the much
bigger risk of unexpected events
that could give rate-setters cover to
avoid tightening policy. According
to CME Group, futures on Friday
suggested an 83% chance that the
Federal Reserve will leave interest
rates on hold by the time of its
March policy meeting, compared
with a 69% chance on Wednesday.
It may not be just a short-term
effect. However malign the new
variant proves, a few months of
growth concerns and a drop in
commodity prices could be enough
to calm the clamor for much higher
rates. This skews equity markets
back toward the big bets of the past
decade, like technology, and away
from banks and the supposed win-
ners of a travel recovery that is still
extremely fragile. —Jon Sindreu
P2JW331000-4-B01400-1--------XA

B14 | Saturday/Sunday, November 27 - 28, 2021 **** THE WALL STREET JOURNAL.

We keep more
people safe online
than anyone else
in the world.
By making all Google products secure by default, we protect
billions of people from potential cyberattacks every day.
And now, we’re investing an additional $10 billion to modernize
the security of governments, critical infrastructure,
organizations, and businesses everywhere.

Securing Building on our leadership in

the software open-source technologies, we’re

supply chain sharing our proven solutions

for end-to-end security of the
software supply chain.

Guiding We recently formed the Google

industry-wide Cybersecurity Action Team,

security bringing together the world’s

transformation premier security experts to advise

organizations on deploying
effective cyber defense solutions.

Training Robust cybersecurity relies on

cybersecurity having the people to implement

professionals it, so we’re training 100,000

Americans for vital jobs in data
privacy and security.

g.co/safety
P2JW331000-4-C00100-1--------XA

CULTURE | SCIENCE |
Pumpkin Spice Mania
The appeal of the seasonal
latte has a lot to do with
nostalgia for meals past C4

POLITICS | HUMOR
REVIEW THE WALL STREET JOURNAL. ****
The Complete Critic
T.S. Eliot
as arbiter of literary
excellence Books C7

Saturday/Sunday, November 27 - 28, 2021 | C1

The New World of

Pandemic Politics
PEP MONTSERRAT; GRANGER (BOOKS)

W
hen the corona- limited to the U.S. The pandemic, which proper role of government in setting
virus pandemic has claimed more than 770,000 Ameri- rules for society and where those rules
began rampag- can lives, helped to bring down a U.S. are best set. In some cases, disagree-
ing through president, Donald Trump, but it also ments on these issues have even turned
American soci- contributed to the fall of two Japanese violent.
The crisis has ety in the early prime ministers, nearly caused the In perhaps its broadest impact, the
months of 2020, it was clear that it leader of Canada to lose his job and ap- crisis has widened the gap between
entrenched would set off a public-health crisis. pears to have strengthened populist Americans who think that the federal

attitudes toward What few anticipated at the time was

its far-reaching impact on the country’s
role in the scramble for vaccine devel-
opment and economic rescues under-

government among politics. Now there can be no doubt:

The pandemic and lockdowns have ex-
Republicans and acerbated the nation’s political tribal-
ism, put new issues atop the public’s
Democrats and priority list, deepened generational dif-
ferences and fractured social structures
created that have helped to hold the body poli-
tic together.
unpredictable A nation that was already skeptical
about its institutions and leaders has
dynamics for the only grown more so, and it may be a
long time before experts are trusted as
elections ahead. they were before. In the wake of such
an unsettling crisis, voters may put
By Gerald F. Seib greater stock in experience and steadi-
ness in choosing political leaders going
forward—or begin tossing aside dis-
credited incumbents in favor of new
leaders.
Either way, the effects are hardly
Debates over
masks and
mandates have
raised deep
questions about
who should set
rules for society.
movements across Europe. “Obviously,
we have only begun to discern the
long-term effects of it,” says Whit Ay-
res, a Republican pollster.
Debates over mask requirements,
vaccination mandates, economic shut-
downs and school closings have raised
philosophical questions over both the
scores how essential government is in
addressing big problems, and those
who think that government institutions
have proven to be incompetent and
overly intrusive. The former sentiment
stands to benefit Democrats, and the
latter, Republicans.
Some of the first political repercus-
sions are being felt at the local and
state level, where education is ascend-
ing the issue priority list as a result of
the pandemic. Many parents have spent
a year or more essentially attending
classes alongside their children as
learning moved online. Some have
emerged unhappy with what they saw
in the curriculum, irritated at pandemic
school closings and mask mandates,
and determined to win a bigger voice in
Please turn to page C2

Inside
PANDEMIC
Heist WEEKEND
CONFIDENTIAL
LANGUAGE

Where do we turn for

consolation amid the History Novelist Ann
English may
dominate the
pain of Covid’s losses? Bailing out of Patchett can’t world, but it
Old literature and new airplanes, stealing shake a reputation isn’t universal.
the Mona Lisa: When for being ‘super-
rituals can help assuage is a robbery the stuff That may be for
shared grief. C5 of legend? C5 nice.’ C6 the best. C3
P2JW331000-4-C00200-1--------XA
C2 | Saturday/Sunday, November 27 - 28, 2021
Covid Has Remade
Political Priorities
Continued from the prior page
education policies.
That, in turn, has shifted the focus
of one of the most critical swing
groups in politics today: two-income
suburban couples. Their heightened
concern about education and schools
helped to tilt this fall’s critical elec-
tion for governor of Virginia toward
Republican Glenn Youngkin, who
drove home his argument that par-
ents should have more say in school
decisions at “Schools Matter” rallies
late in his campaign. He took advan-
tage of conservative claims that so-
called critical race theory was creep-
ing into Virginia schools.
It’s now certain that those themes
will play out in congressional elec-
tions next year. The new mood also
means that some of next year’s most
pitched electoral battles will come in
races that normally fall well below the
radar screen: for school boards and
county commissions, which have had
to make some of the most emotionally
charged education and public-health
decisions during the pandemic.
In that sense, the virus is extend-
The virus’s
economic
impact appears
to have
deepened
generational
divides, a
development
with its own
political effects.
ing and expanding a trend that al-
ready was under way: the inclination
of voters weary of polarized national
politics to shift their attention to lo-
cal issues and institutions. “It’s hard
to affect things on the national level,
so why try?” says nonpartisan politi-
cal analyst Charlie Cook, describing
the mood. “But local issues become
more relevant.”
The virus also has disrupted some
of the economic patterns against
which politics plays out. Rep. Ro
Khanna, a Democratic lawmaker who
represents Silicon Valley in Congress,
argues in a new book that a Covid-19
economic realignment is under way
as newfound comfort with remote
work is decentralizing the tech in-
dustry and sending highly skilled
workers and their jobs around the
country.
That, he says, has the potential to
“lessen the stark urban-rural divide
as we see more distributed jobs in
the post-pandemic economy...The
hope is that, as the modern economy
spreads, it will puncture coastal bub-
bles, and people in middle America
and the South will be working and
prospering with people on the
coasts. Perhaps the more decentral-
ized structure of our economy will
be a small step in helping stitch this
country back together.”
But the precise political impacts
will depend on how big and long-
lasting the shift in work and job pat-
terns turn out to be. If Democratic-
leaning voters from urban enclaves
on the coasts move inland because
the virus liberated them to work re-
motely, will their votes help to turn
the more conservative locales where
they land more Democratic blue—or
will their votes only be diluted be-
cause they have been dropped into a
big red Republican sea?
The virus’s economic impact also
appears to have deepened genera-
tional divides within American soci-
ety, a development
with its own political
effects. Many baby
boomers, who entered
the crisis with retire-
ment savings invested
in a rising stock market
and ownership of
homes that have soared
in value amid a scarcity
of new housing, are
emerging from the pan-
demic in better shape
financially.
This isn’t true for
many younger Ameri-
cans, who were already
behind the economic
curve because of the
disruptions of the re-
cession of 2008-2009
and didn’t have the
capital or the tenure to
ride out the pandemic
nearly as easily. A re-
port from the St. Louis
Federal Reserve Bank
noted that millennials entered the
pandemic “still reeling” from that re-
cession and with “little to no finan-
cial buffer” to help weather tough
times. Subsequently, a report from
the Federal Reserve Bank of New
York early this year found that job
losses in the early months of the
pandemic were nearly twice as large
for those under the age of 30 as they
were for older workers.
“This is bound to have permanent
effects on Generation Z and on the
millennials to a certain extent,” says
Democratic pollster Celinda Lake.
“Do they give up on politics and look
for alternatives? Do they run their
own candidates?” Belatedly, millenni-
als have begun streaming into
the housing market in recent
months, but they have found
inventories depleted by virus
delays in construction, which
have driven up prices and
forced some younger buyers to
form unconventional partner-
ships to buy homes. Those af-
fected by such dislocations
tend to demand more from
government, not less.
That sentiment may well
benefit Democrats for a long
time to come; it certainly
helped them last year. Data
from Catalist, a Democratic
data firm, shows that voters of
age 18 to 29 voted for Demo-
crat Joe Biden over Republican
Donald Trump in 2020’s coro-
navirus-influenced election by
a 23-point margin, while 30- to
44-year-olds went for Mr. Bi-
den by a 15-point margin.
Mr. Cook notes that the
pandemic is just the latest in a
series of traumas, from the
wars in Afghanistan and Iraq
to the 2008 financial collapse
to climate change, in which
young American voters think
their elected leaders have
stumbled, eroding their confidence
in government. “It’s a generation
that culturally is more like Demo-
crats,” he says. “But their life experi-
ence hasn’t been with government
being very effective at anything.”
Indeed, in a time of skepticism
and cynicism about public institu-
tions (to say nothing of wild conspir-
acy theories fed by social media), the
pandemic has eroded some of the re-
maining residue of trust among
many Americans toward society’s in-
stitutions. Much like schools, public-
health fixtures that once appeared to
be above the political fray—including
the Centers for Disease Control and
Prevention, the Food and Drug Ad-
ministration and local and state
health officers—have been dragged
into its swirl or, in some cases, have
REVIEW
jumped into it.
Indeed, in Gallup’s annual survey
of Americans’ attitudes toward insti-
tutions taken this summer, trust in
public schools fell 9 percentage
points from a year earlier, and trust
in the medical system fell 7 percent-
age points. Those were the two larg-
est drops for the year, driving confi-
dence back down close to pre-
pandemic levels.
“It has badly damaged people’s
trust in experts,” says Kristen Soltis of this populism we’ve seen.”
Anderson, a Republican pollster. That
sentiment certainly feeds into, and
may extend, the populist sentiment
that has been rising in both parties,
but particularly among Republicans.
Facebook employee Ben Jarso, at home in Truckee, Calif. in April, moved from the
Bay Area because he could work remotely—part of a pandemic-fueled exodus
from big cities that could scramble the electoral map.
Ms. Soltis Anderson also contends
that the virus has increased more
generalized citizen concerns about
government’s intrusion into people’s
lives: “I think when you even have
progressives now saying, ‘Please, can
I take my mask off my two-year-old
now, this is out of hand,’ it is start- pandemic that has killed more than
ing to make the conservative voices
who preached about overreach look
a little more valid.”
In some respects, however, the vi-
rus has scrambled the two parties’
traditional positions. Right now, for
example, Democrats, even as they
push for higher taxes and more regu-
lation on big business, are also argu-
ing for the right of corporations to
impose vaccination and mask man-
dates on their workforces.
Meanwhile, Republicans, tacking
****
toward the party’s growing populist
base, are making what is, for them,
the unusual argument that govern-
ment enforcers should step in and
stop private companies from making
their own policies. Eric Cantor, for-
merly the Republican leader in the
House, notes that in his party “you
have individuals say it’s fine to at-
tack employers and businesses, be-
cause now it’s about the individual
above all else. That is the elevation
At the same time, Mr. Ayres, the
Republican pollster, says that some
politicians in his party have “created
a box for themselves” by arguing
that the coronavirus vaccine should
be voluntary, not mandatory, for ev-
eryone. “Does that mean they are go-
ing to be opposed to mandatory vac-
cinations for school children that
have been required for decades?” he
asks. “It’s a real stretch to argue that scene is whether the virus will make
vaccinations against a world-wide
three-quarters-of-a-million Ameri-
cans should be voluntary, and vac-
cines for mumps and measles should
be mandatory. We have yet to see
the full effect of that.”
The social disruptions wrought by
the virus also have undermined some
of the institutions that each party
has long relied on as part of its orga-
nizing machinery. Republicans have
historically used the pews in evan-
gelical churches as places to mobilize
voters, for example, but the virus has
driven down church attendance. That
may diminish the impact of an im-
portant GOP tool.
But the virus-induced move of
many workers to the gig economy
also could sap union membership
over time, diminishing an important
base for Democrats. They too may
find that the social changes wrought
by the virus sap some power from
their organizing machinery.
Early evidence suggests that these
pandemic forces are dangerous for
many incumbents, who some voters
may see as part of a government sys-
tem that didn’t handle the pandemic
well and has allowed anger and con-
fusion to take root instead. Such vot-
ers produced an effort to recall Cali-
In two pandemic-tinged political
surprises, GOP gubernatorial
candidate Glenn Youngkin (left)
won and Democratic New Jersey
Gov. Phil Murphy had a close call.
THE WALL STREET JOURNAL.
Demonstrators protest New York
City’s Covid-19 vaccine mandate
for all municipal workers, Oct. 28.
fornia’s governor, Gavin Newsom,
and made what was thought to be a
comfortable re-election for New Jer-
sey Gov. Phil Murphy surprisingly
close. Former New York governor
Andrew Cuomo, having positioned
himself as an early star of the virus
fight, found that it wasn’t enough to
keep him from crashing to earth for
other reasons.
These are warning signs that, in
2022, incumbent politicians will have
to deal with a changed environment
and new questions. Whether
they are seeking a seat in
Washington or in the county
courthouse, they will need to
know how to address concerns
about school curricula, social
unrest and whether the na-
tion’s public-health system is
adequately funded and pre-
pared for the next round.
Ms. Lake, the Democratic
pollster, thinks that, as the
dust settles, voters actually will
look for experienced, steady
hands when they make their
choices. “They want things to
be different, but they’re going
to look for steady leadership,
they are going to look for peo-
ple who can deliver, who have
some experience,” she says. “I
think they’re going to do less
of the Hail-Mary-pass, ‘I’m just
going to vote to send this per-
son to Washington to see what
happens.’”
Others, though, think the
mood will add to already exist-
ing incumbent fatigue, which
would be particularly bad news
CLOCKWISE FROM TOP: STEPHANIE KEITH/BLOOMBERG NEWS; STEFAN JEREMIAH/ASSOCIATED PRESS; CHEN MENGTONG/CHINA NEWS SERVICE/GETTY IMAGES; CAROLYN COLE/LOS ANGELES TIMES/GETTY IMAGES
for the Democrats now in con-
trol of both Congress and the
White House, just as it was bad
for Mr. Trump last year. “The virus is
bad for the body, and bad for the
body politic,” one leading Democrat
frets privately.
One big question hanging over the
coming elections as emotionally
charged as the rest of the pandemic
period has been. When the coronavi-
The disruptions
wrought by the
virus have
undermined
institutions,
including some
that each party
has long relied
on as organizing
machinery.
rus hit last year, there was reason to
hope the menace had a silver lining.
Perhaps, like other crises gone by,
this one would unite a politically
fractured nation as it pulled together
to beat a scourge affecting all.
Today, that hope is long gone. If
anything, the pandemic has done the
opposite: It has cemented more
deeply into place all of America’s ex-
isting political fractures.
“I thought Covid-19 would be a
game changer similar to 9/11, when
we came together to fight a common
enemy or foe,” says former Demo-
cratic National Committee chair
Donna Brazile. Instead, she says, “the
partisan lines are only deepening
and we are reaching a point of de-
parture from every norm.”
P2JW331000-4-C00300-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 27 - 28, 2021 | C3

REVIEW

Indian schoolchildren practice their

letters in June 2011, after the state
of Andhra Pradesh introduced
English instruction for first-graders.

The idea that this is not a prob-

lem because “everyone speaks Eng-
lish” is far from the truth. Only a
quarter of the world’s population is
minimally competent in English, and
even those who claim to have con-
versational skills often don’t operate
at a very high level of proficiency.
Monolingual English-speakers can’t
effectively communicate with three-
quarters of the world. That means
they can’t tap into knowledge cre-
ated in those languages or take ad-
vantage of business opportunities.
FROM TOP: NOAH SEELAM/AFP/GETTY IMAGES; THOMAS PETER/REUTERS

More disturbingly, they risk be-

coming politically and culturally iso-
lated. English is the most popular
language online, used by almost 26%
of people on the internet, according
to a January 2020 study. But Chi-
nese isn’t far behind at 19%, and a
substantial amount of internet com-
munication takes place in Spanish
and Arabic. While apps like Apple’s
Gentle Reader make foreign lan-
guage newspapers and magazines
instantly available in English on
computers and iPhones, the end
product is only an imperfect facsim-
ile of what speakers of the original
language are absorbing.
Translating spontaneous commu-

The Downside of
nication in real time still eludes cur-
BY ROSEMARY SALOMONE rent technology. Human interpreters

W
are often required in situations that
hen France takes demand on-the-spot decisions, like

over the Euro-
pean Council
presidency in
January, it has
been reported that President Em-
manuel Macron plans to make
French its official language. Many EU
diplomats who have invested time
and energy in their English skills are
anxious and annoyed. It’s just one
example of the “language wars” rag-
ing around the world, as countries
from South Africa to Morocco to In-
dia come to terms with the unrelent-
ing expansion of English.
Since the end of World War II,
when the U.S. emerged as an eco-
nomic and military superpower, the
English language has been punching
way above its weight. Today 1.5 bil-
lion people speak English, fewer
than 400 million of whom are native
speakers. It is the language in which
the Brazilians do business with
the Dutch and the Japanese do
business with the Italians. English
is an official language of the
United Nations, the World Trade
Organization, the International
Criminal Court and NATO. Politi-
cal activists from North Africa to
Myanmar tweet in it.
A growing number of multina-
tional companies are adopting
English as their official language,
with significant consequences for
their workers. In 2010, Japan’s
largest online retailer, Rakuten,
announced that all employees had
to take an exam to demonstrate
English proficiency within two years
or risk being dismissed or demoted.
The majority of Rakuten’s workforce
couldn't make the cut, and by 2018,
80% of the new engineers in its To-
kyo offices were non-Japanese.
Some of those who remained
claimed they felt like “expats” in
English’s Dominance
The world’s most commonly used language is facing a backlash
and keeping its monolingual speakers from engaging with the world.
their own country. and networking opportunities essen-
Using a common language has tial to advancing their careers. The
undoubtedly facilitated teamwork consequences for students are
and knowledge-sharing across coun- equally disturbing. Universities
tries. The Pfizer vaccine against around the world use English to in-
Covid-19, the first to be rolled out in ternationalize, improve their rank-
Europe and North America, was the ings and prepare students for the
product of a partnership between global economy.
the U.S. pharmaceutical company Yet programs taught in English
Pfizer and the German biotech com- inevitably favor students from edu-
pany BioNTech. Without the use of cated families who have benefited
English
schools like
this one in
Beijing give
students a
key tool for
the global
economy.
English as a common language, it from years of high-level English in-
might not have been developed with struction. To make higher education
such unprecedented speed. more accessible, Denmark cut back
At the same time, relying solely in 2018 on the number of courses
on English inevitably limits the taught in English, and the Nether-
world’s collective knowledge base. lands is considering similar action.
Scientists and scholars who lack flu- For native English speakers, on
ency in English are often frozen out the other hand, the world-wide
of teaching, publication, speaking spread of the language comes with
many benefits. Travelers roam the
globe with greater ease; political
and business leaders can communi-
cate directly; students can benefit
from study-abroad programs. It’s
easy for Americans, along with the
British, Canadians, Australians and
others, to conclude that learning an-
other language isn’t worth the ef-
fort. If the world is speaking Eng-
lish, why bother?
This indifference or resis-
tance to learning other lan-
guages is a recurring cause of
finger-pointing in the English
language press and among glob-
ally aware policy makers. A cen-
tury ago, 89% of four-year col-
leges in the U.S. required
previous study of a language
other than English for admis-
sion. By 2020, that number had
dropped to 25%.
Some states have eliminated
language requirements for high
school students: In Oklahoma
and Texas they can opt instead
for computer coding, while in Cali-
fornia they can choose visual and
performing arts classes or technical
education. One in five Americans
speaks a language other than Eng-
lish at home, yet we have aban-
doned building our foreign language
skills and ceded the advantages of
being a multilingual country.
healthcare and national security,
where relying on a machine could
prove risky or strategically unfeasi-
ble. The global price to be paid for a
misinterpreted phrase can be ex-
traordinarily high, causing financial
loss and reputational harm for indi-
viduals, companies and even coun-
tries. The current health crisis has
especially revealed the limitations of
machine translation and the false
sense of comfort with English
monolingualism that technology has
created.
In the long term, another lan-
guage may push English aside as the
world’s lingua franca, but we can
only speculate about which one.
French is unlikely to make much
headway beyond France’s former
colonies. Mandarin Chinese is often
mentioned as a likely successor, but
China’s repressive policies are dim-
ming its appeal in many parts of the
world. Spanish, which is spoken on
all five continents, might prove the
most viable candidate; it is already
the second most common language
in the U.S.
For now, policy makers around
the world have to deal with the op-
portunities and dangers of English.
As the global economy reconfigures
in a post-pandemic world and coun-
tries rethink their transnational alli-
ances, language skills will be essen-
tial to achieving a shared vision of
the future. Sans doute, English can’t
do it all.
Prof. Salomone is Kenneth Wang
Professor of Law at St. John’s
University School of Law. This
essay is adapted from her new
book, “The Rise of English: Global
Politics and the Power of
Language,” to be published on
Dec. 1 by Oxford University Press.

An characters use “thanks” in the

modern, concise way in his
for—in other words, “thanks
for nothing.” During Barack

Expression 1598 play “Love Labour’s Lost.”

When the country bumpkin Co-
Obama’s presidency, “Thanks,
Obama” became a sarcastic

for a
WORD ON
THE STREET Thought of
BEN
ZIMMER Gratitude
LEAVE IT TO THE SAGACIOUS
Linus Van Pelt to strip away
the trappings of the Thanksgiv-
ing holiday tradition and find
its essence. In the classic 1973
TV special “A Charlie Brown
Thanksgiving,” Linus explains,
“Thanksgiving is a very impor-
tant holiday. Ours was the first
We can follow ancestors of that
word of gratitude back to the
earliest known roots of our lin-
guistic history.
Etymologists trace “thanks”
back to Proto-Indo-European,
the language spoken roughly six
or seven thousand years ago
that is the common ancestor
for all the languages in the
tude and fondness. The noun
went along with a verb,
“thancian,” for expressing this
grateful feeling.
The noun form only survived
in modern English in the plural
form as “thanks.” By the 16th
century, polite phrases like “I
give you my thanks” or “my
thanks to you” could be
stard is play-acting as the Ro-
man general Pompey, he in-
structs the Princess to say
“Thanks, Pompey,” and she re-
sponds with “Great thanks,
great Pompey.”
Elsewhere, in “The Taming
of the Shrew,” Shakespeare has
Petruchio say, “Will you give
thanks, sweet Kate, or else
shall I?” “Giving thanks” in
that context implied saying
grace before a meal, and that is
also how the earliest examples
of the compound form “thanks-
giving” were used. In the
American colonies, most fa-
mously at Plymouth, “thanks-
giving” expanded from a ritual
catchphrase poking fun at crit-
ics who blamed him for all
manner of problems. (Mr.
Obama got in on the joke in a
2015 Buzzfeed video, in which
he tries to dunk a cookie in a
glass of milk but fails, grum-
bling, “Thanks, Obama.”)
Even the snappy “thanks”
can be made snappier in print.
As early as 1907, the spelling
“thanx” appeared in a comi-
cally misspelled letter from the
humorist Strickland Gillilan
(“let us give Thanx”). In 1936,
H.L. Mencken noted in “The
American Language” that
“thanx” was among a class of
respelled words (like “lite” and

[Thanks]
country in the world to make a
national holiday to give
thanks.”
Linus may have overstated
Indo-European family. One
word reconstructed in that
proto-language is “tong,” mean-
ing “feel” or “think,” and on
different paths along the Ger-
manic branch of the family tree,
it gave rise to the English
words “think” and “thank.”
In Old English, the noun
“thanc” could refer to thoughts
trimmed down to the single
word “thanks” as a shorter way
of saying “thank you.” (A simi-
lar shortening happened in
German, where “ich danke dir”
meaning “I thank you” got
pared down to “danke.” Like-
wise, Spanish “gracias” and
Italian “grazie” go back to the
longer Latin expression “gra-
statement of gratitude to God
for a meal, evolving into public
feasts and festivals that were
the precursors to our daylong
Thanksgiving celebrations.
As for “thanks” on its own,
the 20th century brought such
emphatic variations as “thanks
a lot” and “thanks a million.”
Those expressions of thanks
“foto”) that “still lack the im-
primatur of any academic au-
thority” but “are used freely by
the advertising writers.”
These days, “thanks” can be
telescoped even further in tex-
ting and social media posts, ap-
pearing as “thx,” “tx,” or alpha-
numerically as “10x.” But let’s
not rush to call the holiday
JAMES YANG

the case a little, but he does in general, or more specifically tias ago,” meaning “I give could be ironic, of course, indi- Thxgiving, and give the fully
raise the question: What is the to the kind of good thoughts thanks.”) cating that the speaker doesn’t spelled-out Thanksgiving its
nature of the “thanks” we give? that conjure feelings of grati- William Shakespeare had his have anything to be grateful due.
P2JW331000-4-C00400-1--------XA
C4 | Saturday/Sunday, November 27 - 28, 2021
WILCZEK’S UNIVERSE
FRANK WILCZEK
The Cosmic
Origins of
Silver and Gold
RECENT WORK observ-
ing gravitational waves
seems to fill a big gap in
our understanding of
the origin of the ele-
ments in a surprising and beautiful
way. This is the first taste of a promis-
ing new kind of astronomy.
The new discoveries address a long-
standing mystery: How were the
heaviest elements, with the biggest
share of neutrons—such as gold, silver
and uranium—formed? Atomic nuclei
are made from protons and neutrons.
Neutrons on their own are unstable
and decay quickly, with a half-life of
less than 15 minutes. But inside nuclei,
neutrons can be stabilized; interac-
tions with protons and other neutrons
lower their mass and limit their decay.
Coming out of the Big Bang, all
matter consisted of hydrogen (with
one proton in its nucleus) and helium
(with two protons and either one or
two neutrons), plus some trace impu-
rities. There was no material in which
neutrons outnumbered protons. Stars
take nuclear cooking further: Basically,
they combine those three ingredients
into larger units, producing other ele-
ments.
But normal stars have a tough time
producing elements whose nuclei con-
tain far more neutrons than protons.
Silver, for example, has 47 protons and
60 or 62 neutrons, gold has 79 protons
and 118 neutrons, and uranium in its
most stable form has 92 protons and
146 neutrons. How and where can such
an overabundance of neutrons arise?
Neutron stars, the burnt-out rem-
nants of supernova explosions, are a
likely suspect. When stars whose mass
TOMASZ WALENTA
is a few times that of our sun run out
of nuclear fuel and “die,” their cores
collapse. The end result is an approxi-
mately Earth-sized body whose mass
exceeds that of the Sun. It is, in effect,
a single gigantic nucleus, held together
by gravity. In this environment, neu-
trons are significantly lighter than
protons, so it is protons that are un-
stable. The protons decay into neu-
trons or are ejected, until there is an
overwhelming preponderance of neu-
trons in the remnant, aptly called a
neutron star.
The next challenge is to smuggle
some neutrons out. Here’s how it
might happen. Sometimes both mem-
bers of a binary star system evolve
into neutron stars. The neutron stars
then revolve around one another. The
orbit decays, however, releasing gravi-
tational radiation. As the neutron stars
come close together, gigantic tidal
forces rip them apart, and the shat-
tered remnants collide. In these vio-
lent encounters fragments of hot,
dense material that is still neutron-
rich are thrown off and then settle
into stable, neutron-rich nuclei. Theo-
retically, this tempestuous process
could generate most of our silver and
gold and all of our uranium.
Until recently, that scenario was ex-
tremely hypothetical. But in 2017, LIGO
(the Laser Interferometric Gravita-
tional-Wave Observatory, based in
Louisiana and Washington State)
caught two neutron stars in the act, by
observing the tell-tale burst of intense
gravitational radiation at their merger.
As a more extensive network of gravi-
tational wave detectors comes online,
astronomers using many kinds of
“telescopes”—from radio dishes to
gamma-ray satellites, and even neu-
trino detectors—will be able to focus
on the events they reveal. With this
“multi-messenger astronomy,” the
spectacle of neutron star alchemy will
become a multimedia extravaganza.
Since mergers of two neutron stars
are unusual events in our galaxy, dif-
ferent areas might contain more or
less of their debris than our solar sys-
tem. This will be interesting to investi-
gate. In the meantime, it’s entertaining
to consider how human history would
have been different if Earth contained
a lot more—or a lot less—silver, gold
and uranium.
W Pumpkin Spice Lattes
hat drives
anyone
drink a pump-
kin spice
latte? This or-
ange-tinted coffee has come to
embody late autumn for many
people, even though it’s only been
around since 2003. The blast of
nutmeg, cinnamon, ginger and
cloves in the sweet milky coffee
transports you to the warmth of
sitting around a Thanksgiving ta-
ble sharing pie with friends and
family—when really you are
chained to your desk with only a
disposable coffee cup for com-
pany. And soon enough the pump-
kin spice lattes will have gone, re-
placed by gingerbread lattes and
eggnog lattes to remind you that
Christmas is around the corner
(in case you could forget).
It’s easy to make fun of the
faux seasonality of the pumpkin
spice latte phenomenon, but
there’s something deep and inter-
esting going on here. The
rise of pumpkin spice
shows that the dream of a
particular food is now of-
ten more powerful than
the food itself, particu-
larly if you can buy the
dream in a cup on the
way to work. Over the
eighteen years since the
PSL (as it’s often called)
was first launched as a
WILSON
seasonal special by Star-
bucks, pumpkin spice fla-
voring has easily eclipsed the pies
that first inspired it.
Far more Americans now drink
pumpkin spice flavored coffee
than ever bake a pumpkin pie at
home. According to data from
Nielsen, by 2018, the total pump-
kin spice market in the U.S. (in-
cluding everything from pumpkin
spice Greek yogurt to pumpkin
spice dog food) was worth more
than $600 million in annual sales.
Of this, only $130.6 million went
for actual pumpkin pie filling.
Meanwhile, Americans spent at
least $213 million on pumpkin
spice flavored coffee in some
form or another, including $54
million on pumpkin spice flavored
coffee creamer, nearly $30 million
on pumpkin spice flavored pack-
aged coffee and $110
million on pumpkin
spice lattes at Star-
bucks alone (not to
mention all the other
coffee chains that sell
versions of it). One of
the ironies of pump-
kin spice latte is that
it is now so popular
you can find masses
of internet recipes ex-
plaining how to make
your own version at
home.
The wild success of
pumpkin spice as a
flavor is a little odd,
given that pumpkin is
not even the most
popular Thanksgiving
pie flavor in America
(in surveys of favorite
pie fillings, apple con-
sistently comes out Chip flavors in Britain and Ukraine
top). Many people recall the tastes of past generations
REVIEW
to
And the Ghosts of
Meals Past
Some flavorings have outlasted the appeal of the foods they are
meant to evoke—but not the nostalgia for eating them.
(though I am not one of them)
despise the gummy texture and
babyfood sweetness of pumpkin
pie.
Starbucks executive Peter
Dukes, who first came up with
the concept of the pumpkin spice
latte after pouring some espresso
shots on a slice of pump- other countries, the flavors are
kin pie, has said that he different. I was fascinated to dis-
had no idea whether
customers would want
to buy it. Yet somehow,
it resonated. Whether
you grew up with real
pumpkin pie or not,
TABLE there is something in
TALK
that particular combina-
tion of spice—along with
BEE
the Harry Potter comfort Kit Kat flavors include a bright
of the word “pumpkin”—
that triggers nostalgic
ideas of home.
Our food supply is full of fla- signed to taste like spaghetti with
vorings that are based on earlier
ways of eating. I think of these
industrial flavors as the ghosts of eration to have created fake ver-
meals past. Consider sour cream
and onion. I can’t remember the
last time anyone offered me a
dish of sour cream and onion dip,
which used to be such a staple of
buffets, served with chips or cru- turtles imported from the West
dites of raw vegetables. With the
inexorable rise of hummus, sour
cream and onion is a dip that has
almost completely passed out of
favor. Yet sour-cream-and-onion-
flavored chips continue to reign
supreme. I sometimes wonder
how many of the young people
who eat sour cream and onion
snacks even know that they were
****
originally based on the dip.
In Britain, where I live, there is high life. Over time—as with
a whole spectrum of potato chip
flavors based on the hearty meals
beloved of an earlier generation.
There are prawn cocktail chips
and roast beef and onion chips
and ham and mustard chips. In
cover that in Ukraine, the salty
snack flavors for sale include red
caviar, veal, crab, aspic-and-
horseradish and “hunting sau-
sage.”
Some of the most extreme ex-
amples of processed foods fla-
vored to taste like traditional
foods come from Japan, where
yellow version that tastes of
grilled corn. In Japan, you can ap-
parently also buy popsicles de-
tomato sauce.
We are far from the first gen-
sions of foods to take the place of
ingredients that were too rare or
costly for everyday use. In 18th-
century England, turtle soup was
a prestige food, made from green
Indies. But over time, turtles
were hunted almost to the point
of extinction, and mock turtle
soup was created as an affordable
alternative.
This thick brown soup was
made from a calf’s head boiled in
broth with Madeira wine, herbs
and onions. Mock turtle soup
gave the Victorians who ate it the
THE WALL STREET JOURNAL.
FROM TOP: ARTHUR GIRON; ALAMY (2)
illusion that they were living the
pumpkin spice lattes—mock tur-
tle soup became more popular
than the food that inspired it. It
was even sold in cans by Heinz.
The difference is that whereas
mock turtle soup was still a soup,
a pumpkin spice latte has nothing
in common with the original
pumpkin pie, except for the smell
and the taste. Until 2015, when
they tweaked the formula, the
Starbucks latte didn’t even in-
clude any pumpkin. I’m not sure
Sour cream
and onion
dip is long
gone, but
the chip
flavor reigns
supreme.
which is stranger: a cup of coffee
that pretends to be made of
pumpkin but isn’t or a cup of cof-
fee that does contain pumpkin.
It sometimes seems as if we
live in a world of pumpkin spice
everywhere yet not a drop to eat.
I would happily forgo all of the
flavored lattes for one slice of
real pumpkin pie at Thanksgiving
dinner with my sister and her
children (OK, three slices). The
recipe I am making this year is
the Buttermilk Bourbon Pumpkin
Pie in “Pie Camp” by
Kate McDermott,
the greatest pie
cookbook I’ve come
across. McDermott’s
pastry instructions
are genuinely fool-
proof, and you end
up with the flakiest
crust. (For other
buttermilk pie reci-
pes, see page D9.)
Along with the
cinnamon, ginger,
nutmeg and cloves,
this glorious pie
contains tangy but-
termilk and a nip of
bourbon whiskey.
When it’s baking,
the kitchen fills with
a warm spicy scent
that reminds you of
something. It’s a lit-
tle like a pumpkin
spice latte. But real.
P2JW331000-4-C00500-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 27 - 28, 2021 | C5

REVIEW

Finding Consolation
HISTORICALY SPEAKING
AMANDA FOREMAN

Amid Covid’s Pain Heists that

The pandemic has taught us the importance of solidarity
across distances of both space and time.
BY MICHAEL IGNATIEFF
tempts to give meaning to our
other hand, the same technologi-
Friends and family mourn
the death of Conrad
Coleman Jr., 39, from
Covid. New Rochelle, NY,
Jul. 3, 2020.
resignation, Marx be-
lieved, there must be a
revolution to build heaven
here on earth.
We are still recovering
from the damage these
dreams of revolution left
in their wake. In the 20th
century, the great artists
of consolation—Albert Ca-
mus, Primo Levi, Anna
Akhmatova—refused rev-
olutionary and religious
consolations alike. Their
task was to bear witness
to the crimes of their age.
After Auschwitz, after the
Gulag, the burden of con-
solation was to find some
way to go on believing in
the human prospect in
any form.
In the 21st century,
some of us will now get to
die in hospices, places
where we will have time
and space and a medi-
cated respite from pain.
That will allow us to com-
plete our journey in the company
of our families, and if we can, to
console them for our passing, as
we hope to console ourselves for
the lives we have led. Some of us
Became the
Stuff of Legend
FIFTY YEARS AGO, on
Thanksgiving eve in
1971, millions of Ameri-
cans were traveling to
be with their families
when an airplane passenger who
would come to be known by the
alias D.B. Cooper set in motion one
of the most audacious heists in U.S.
history. At around 3:00 pm, Cooper
informed a flight attendant aboard
Northwest Orient Airlines Flight
#305 to Seattle that he wanted
$200,000—the equivalent of close
to $1.3 million today—and four
parachutes, or else he would deto-
nate a bomb. The authorities ac-
ceded to Cooper’s demands when
the plane landed in Seattle. The
plane took off again, and a few
hours later he slung on a parachute
and jumped. He was never seen
again, but in 1980 some of the
money was found near the Columbia
River in Washington.
One factor that distinguishes a
heist from a mere theft is the de-
gree of planning involved. One of
the earliest heists on record is the
abduction of Alexander the Great’s
body in 325 BC by Ptolemy I of
Egypt. The mummified corpse in its
golden sarcophagus was to be laid
to rest in Macedonia, where it
would have conferred enormous
prestige on Perdiccas, Macedonia’s
regent and Ptolemy’s rival. Instead
of attacking the funeral train, which
would have been regarded as an act

F
our years ago, at a
choral festival in
Utrecht in the Neth-
erlands, I listened to
all 150 of the Psalms
sung by a series of great choirs.
The words were displayed in
Dutch and English over the stage,
and the music that the Psalms
were set to went from early me-
dieval times to the modern day.
The experience was cathartic for
everyone. You could see it in the
tears in people’s eyes, in their
recognition that something vital
was being communicated to
them.
The impact of the Psalms
raised the question why religious
texts, so full of faith in God’s
righteousness and mercy, should
touch a person like me, who’s not
much of a believer. Here were
shared feelings of disorientation,
fear, loneliness and grief, as the
freezer trucks drew up outside
our hospitals, as the death tolls
rose from the scarcely believable
to the mutely accepted.
New rituals were quickly in-
vented to give us comfort. At the
appointed hour, we opened our
windows and applauded the
healthcare workers saving our
brothers and sisters across town.
In Italy and Spain, they banged
pots and pans from balconies. Or-
chestras that couldn’t play to-
gether in the same
room suddenly
found ways to play
Beethoven’s Ode to
Somewhere,
Joy on Zoom, tak- past or
ing cues from ear- present, is
phones.
We were trying someone
to console one an- who knows
cal and scientific progress gave
us globalization, and globaliza-
tion enabled Covid to spread
around the world in no time. We
still live in hope that thanks to
science and medicine, we’ll even-
tually transform a pandemic into
a routine winter illness, but I’m
not sure our consoling faith in
progress has come through un-
scathed.
Perhaps, though, to search for
consolation in grand narratives—
in fables about history and prog-
ress—is to look in the wrong
place. Our response
to Covid showed
that we didn’t need
grand narratives.
What we needed was
to be together. Covid
was thus a 21st cen-
tury struggle to sus-
tain solidarity in
will die hoping there is a heaven, of sacrilege, Ptolemy devised an
where our sorrows will end, elaborate plot to have it diverted to
while others believe there is only Egypt. The Macedonians never got
our human community here be- the gold or their king back.
low to console us—where we Another difference is that heists
bang pots from our balcony win- are spectacular. In May, 1671, an
dows, share music and poetry Irish adventurer named Colonel
and create new rituals to rescue Thomas Blood tricked his way into
us from being marooned with our the Tower of London and stole the
suffering.
Literature shows that there is
always someone in the past who
seems to understand exactly
what we’re going through,
whether it is Cicero learning
what it is like lose a beloved
daughter or the Roman emperor
Marcus Aurelius, struggling to
master solitude, self-disgust and
aging while fighting a war
against the barbarians. If solitude
is what cripples us when we ex-
perience loss, defeat or failure, it
is consoling to discover that in
THOMAS FUCHS

people obviously feeling the deep

impact of words crafted to cele-
brate the glory of a God that
many of them did not believe in.
When I set out to read the
Psalms carefully, it became
clearer why they speak to believ-
ers and unbelievers alike. We are
all walking through that valley of
the shadow of death. We have all
felt the loneliness that the Psalm-
ist describes of the solitary spar-
row on the rooftop. The Psalms
are consoling, paradoxically, be-
JOHN MOORE/GETTY IMAGES
other, to give one
another reasons to
our space, coming to-
gether across vast
fact we are never alone. Some-
where in the past, or close by in
believe that we’d experience distances, despite the present, is someone who
get through this
thing together and
of loss. fear and social dis-
tancing, to affirm
knows what it is like.
It is here, in this solidarity in Crown Jewels. He was caught before
come out the other our commitment to time and space, that hope is re- reaching the gates and ended up im-
side. It was bad enough to fear one another. We also discovered born—in discovering that people prisoned in the very place he had
death from a mysterious virus. our solidarity in time, with those just like us have been through tried to rob. To everyone’s astonish-
What was worse was fearing that who lived through plagues in times much harder than this, en- ment, however, he demanded a pri-
we might die alone. The pictures time past and lived to tell us dured losses worse than ours and vate audience with King Charles II.
that touched the heart were the about it. have left behind words of such To their even greater surprise, he
ones of daughters and sons Today we stand as heirs both power and truth that when we was granted one. Blood emerged
forced to stand outside closed of great religious traditions of read them, we suddenly under- from the interview with a royal par-
nursing homes and wave across consolation and of the revolt stand ourselves anew and recover don and a lucrative estate in Ire-

cause they depict so unsparingly
what we need consolation for and
paint such a haunting picture of
the hope that so often eludes us.
Then came the pandemic, and
suddenly everyone was seeking
consolation. On the internet there
was a veritable explosion of at-
IN 2018, BAY AREA photographer Beth
Moon learned that Tsitakakoike, an enor-
the glass to their bereft and
frightened parents.
Covid also laid bare the ambiv-
alence of progress. On the one
hand, thanks to the scientists, we
had the coronavirus gene-se-
quenced and a vaccine in produc-
tion in a matter of weeks. On the
against them that began in the
Enlightenment. Western philoso-
phers, beginning in the 18th cen-
tury, rebelled against Christian
consolation because the promise
of heavenly salvation reconciled
people to earthly suffering and
injustice. In place of Christian
EXHIBIT
the faith we need to go on.
Mr. Ignatieff teaches at Central
European University in Vienna.
This essay is adapted from his
new book, “On Consolation:
Finding Solace in Hard Times,”
published by Holt/Metropolitan.
land. It’s speculated that the reward
was hush money to hide the fact
that the perpetually indebted
Charles had been a party to the
scheme. The stolen articles would
have fetched a tidy sum, and the
country would have had to replace
the jewels at no cost to the king.
Museums make for extravagant
targets. Vincenzo Peruggia, an Ital-
ian national who had done some
handy work at the Louvre, stole
Leonardo da Vinci’s Mona Lisa in
1911, but he soon found that famous
artworks are hard to sell. He later

HISTORY TREES
mous sacred baobab tree, had split and claimed that he had always believed
toppled in a forest in Madagascar. In short the painting should be returned to
order, Ms. Moon flew to the African island Italy. The Mona Lisa was recovered
nation and arranged to photograph some in 1913, after Peruggia tried to off-
of its oldest baobabs, which are under load it onto the Uffizi Gallery in
siege from drought and climate change. Florence. Unfortunately, many other
The results can be seen in her new book museum heists remain unsolved:
“Baobab” (Abbeville Press), which also in- Boston’s Isabella Stewart Gardner
cludes pictures taken in South Africa, Sen- Museum maintains 13 empty frames
egal and Botswana. to commemorate paintings stolen
Sometimes known as “wooden ele- from it in 1990.
phants,” baobabs can live for 2,500 years Nowadays, a heist can be virtual
and grow to a circumference of more than as well as real. In 2016, a cyber
100 feet. They supply people with food, gang nearly succeeded in draining
traditional medicine and sacred meeting $951 million from the central bank
places. Many look like the towers of aban- of Bangladesh. The plan had taken
doned ancient castles, with the branches months to effect and would have
and leaves stretching out only at the top, been the largest cybercrime ever
almost an afterthought. committed. But coincidently, the
After a harrowing trip involving cars fraudulent routing address con-
and cattle carts, Ms. Moon managed to tained the word “Jupiter,” which
photograph Tsitakakoike and scores of was also the name of a sanctioned
other trees that are still standing. As she Iranian ship. The seemingly inno-
writes of one weather-beaten trunk, it is “a cent transfers were flagged by com-
living palimpsest of well-worn scars and puter systems at the New York Fed-
numerous layers of history, with new eral Reserve. Less than 10% actually
chapters written over old, year after year, reached the hackers.
BETH MOON

century after century, separating yesterday D.B. Cooper may not have gotten
from today.” away with his hoard either. But his
—Peter Saenger Bulbous baobab, Madagascar, 2019. crime became the stuff of legend.
P2JW331000-4-C00600-1--------XA

C6 | Saturday/Sunday, November 27 - 28, 2021 **** THE WALL STREET JOURNAL.

REVIEW

A
t age 25, Ann of family. The stakes are
P a t c h e t t higher if you’re stuck with
“slipped out” people.”
of her brief “Don’t ever have children,”
first marriage, Ms. Patchett’s stepfather reg-
abandoned the teaching job ularly told her. As she re-
she shared with her husband counts in her new book, he
at a small Pennsylvania col- often described his own as
lege and moved back in with the “biggest mistake I ever
her mother in Nashville, made in my life.” She did not
Tenn. Until that point, her need the advice: She knew at
life as an aspiring writer had a young age that she did not
seemed to follow a script: have the energy for both chil-
She studied with the distin- dren and writing, so she
guished writers Grace Paley picked the latter. Her choice,
and Russell Banks in college, she notes, has proved contro-
published a story in the Paris versial. Countless people
Review before graduating, have told her over the years
and refined her craft at the that she needed children to
top writing program in the feel true love, to be a real
country. Suddenly, she found writer or simply to show she
herself waiting tables at wasn’t selfish. “People want
T.G.I.Friday’s, serving fajitas
to former classmates and
wearing a mandatory “funny
hat.” Running a
“It was a time when al- bookstore has
most nothing came easily,”
Ms. Patchett, 57, recalls over
‘sharpened’ her
the phone from her home in desire to put out
Nashville, where she lives
with her husband, Karl, and a
her best work.
charismatic mutt named
Sparky. She remembers won-
dering whether she should you to want what they want,”
switch to a more stable ca- she observes.
reer. Perhaps she could be- Ms. Patchett admits that
come a dental hygienist, as she has a gift for mostly not
her father relentlessly caring about what other peo-
pushed? But she decided in- ple think. It is a freedom she
stead that it was fine to wishes she could bottle for
spend the rest of her life bal- every young writer, “with an
ancing cheeseburger platters extra bottle for the women,”
up her arm as long as she she writes. Yet she still has a
still had time to write. “That reputation for being “super
was all I wanted to do,” she nice,” for better or worse. In
says. “It was not that I practice, this means she
wanted to be a writer, it was spends a great deal of her
that I wanted to write.” time promoting new authors
Ms. Patchett cannot re- and feeding and housing the
member a time when she writers who come to sell
wanted to do anything else. their work at Parnassus
“I stacked every egg I was Books, the independent book-
ever given into a single bas- store she co-founded in Nash-
ket,” she writes in “These ville in 2011. “If you help
Precious Days,” her new col- somebody, you’re always go-
lection of personal essays, ing to be the person they
out this week. She trudged come to for help,” she says
forward with the support of with a sigh. “I call it the tyr-
her teachers, but she now anny of good deeds.”
wonders if they simply un- “These Precious Days”
derstood that she “had no hardly challenges her kind-
backup plan.” To one day pay hearted persona. It can seem
her bills with her writing like Ms. Patchett is always
was, she says, the great helping friends, nursing sick
dream of her life. relatives and cuddling dogs.
Fourteen books, many bestseller WEEKEND CONFIDENTIAL | EMILY BOBROW In the title essay, she movingly re-
lists and a mantel full of awards counts how her acquaintance with

later, Ms. Patchett has been living
by her pen for decades. But she is
quick to dismiss the idea that the
fame she has enjoyed since publish-
ing her breakthrough novel, “Bel
Canto,” in 2001 has dramatically
changed her life or the pressure she
feels when she works. “Let’s be hon-
est, this is literary fiction,” she
says. “Even when you’re at the top
of the field, it’s small potatoes.
Lovely potatoes, don’t get me
wrong, but I’m still doing the laun-
dry.”
Growing up in Los Angeles and
Ann Patchett
The author of ‘Bel Canto’ knows the ‘tyranny of good deeds’
cannot emphasize this enough—that
I would fail,” she writes in her new
collection. In Snoopy’s resilience,
she says that she learned what it
meant to be a writer.
involve “a group of strangers
thrown together who become a kind
of family.”
Although Ms. Patchett carefully
avoided writing anything more
father, whose moral code made him
squeamish about smoking or swear-
ing or sex in her work. A former
smoker, she laughs that there is “so
much smoking” in her new book
Tom Hanks evolved into a transfor-
mative friendship with his assistant,
Sooki, who ended up living with Ms.
Patchett and her husband through
much of the pandemic while getting
treated for cancer. “My friends keep
telling me I’m doomed,” she says
with a laugh. “They say when this
book comes out, everybody’s going
to be like, ‘Can I live with you?’”
Parnassus Books, which Ms.
Patchett opened out of concern for
the state of bookselling in America,
consumes a great deal of her days,
particularly amid the retail dramas
DAVID MCCLISTER FOR THE WALL STREET JOURNAL

then Nashville, Ms. Patchett did not
shine academically in her Catholic
girls’ school, but she was always a
storyteller. As a self-described
“loser kid” in search of role models,
she says she found inspiration in
Snoopy, the imaginative, type-
writer-tapping dog of Charles
Schulz’s “Peanuts” comic strip. She
recalls marveling at how Snoopy
stayed cool even when publishers
rejected his work. “He taught me—I
Ms. Patchett applied to Sarah
Lawrence College in New York
partly for its strong writing pro-
gram but also to get far away from
home. The story of her family--her
mother ran off with another man
and dragged her and her sister
across the country to live with him
and sometimes his kids in Nashville-
-is something she has returned to
regularly if obliquely in her fiction.
Almost all of her novels, she says,
clearly drawn from her own life,
most of the family she was trying to
protect ultimately assured her they
didn’t care. This liberated her to
publish her “fairly autobiographi-
cal” 2016 novel “Commonwealth.”
“It worked something out for me,”
she says of the book. “By just doing
it, I became free of it.”
Romantic relationships get short
shrift in Ms. Patchett’s fiction,
partly to appease her police-officer
and her most recent novel, “The
Dutch House” (2019), now that her
father is no longer around to take
offense. “I keep thinking, this next
book that I write, people are going
to have sex,” she says.
Instead of romantic couples, Ms.
Patchett has explored seemingly ev-
ery kind of bond between siblings.
“I find entrapment fascinating,” she
explains. “You can always get out of
romantic love, but you can’t get out
wrought by the pandemic and the
supply-chain crisis. But while the
shop has squeezed the time avail-
able to write, Ms. Patchett says it
has also “sharpened” her desire to
put out her best work. “You don’t
know just how many mediocre books
publishers put out until you’re un-
boxing them, and I don’t want to be
part of that,” she says. “I need to
make sure that I am putting out the
best work I know how to do.”

Spam keep going to the au-

thors’ spam folders.
emails to customers
warning about pos-
ples of vitally important emails
that got diverted to the spam

Folders Because the winners

never reply, the prize
sible mishaps. But
the emails were in-
folder with disastrous results:
“URGENT: Take out the word

Can Hold
goes to the next per- tercepted by the ‘deplorables’ before you give
son on the list. But spam folder be- that speech.”
MOVING sometimes that per- cause they sounded “Guys, stop banging on the
TARGETS
JOE
Surprises— son doesn’t get the
email either. It might
hysterical and
goofy. All told, 500
trash cans when you know that a
fastball is coming. The league is
QUEENAN
And Prizes take 19 writers be-
fore one does.
“We’ve tried as
people who never
checked their spam
folders ended up
on to you.”
“We’re not entirely, abso-
lutely, 100-percent sure that the
hard as we can to give the award emails reading something like getting drenched in the middle Afghan army is up to the task.”
to writers whose books have this: “URGENT!!! YOU HAVE of the night. Not to mention 350 “I’m begging you, begging
Maybe MOST OF THE TIME, spam fil- sold more than 50 copies, but JUST WON THE NOBLE PRICE cats. you, begging you: Do not green-
ters work very well, shielding us we keep coming up empty,” says FOR LITTERATURE!! PLEASE Experts on scams, hoaxes and light a film called ‘47 Ronin.’”
check to from scamsters, hackers, old a frustrated member of the No- CLICK ON THIS LINK AND GIVE phishing schemes are not sur- “I don’t care if his nickname
see if you girlfriends or boyfriends and con bel Prize Committee. “We’ve US YOUR CREDIT CARD NUM- prised. As one spam specialist is Johnny Football. Don’t draft
won a artists masquerading as relatives sent out emails offering the BER AND ALL YOUR BANK IN- puts it: “Because no one ever an- him. The kid’s a dud.”
being held at gunpoint in Syria. prize to Margaret Atwood, Ian FORMATION RIGHT WAY SO WE swers their phone anymore, the “Well, we ran the numbers
Nobel or But all too often, legitimate McEwan, Jonathan Franzen, Al- CAN SEND YOU THE MONEY!!! only way you can reach people is and here’s the result: Not even
own an emails go to the spam folder, ice Walker, Anne Tyler and Cor- WARNING: YOU MUST RE- by email or text. But it doesn’t Taylor Swift can make ‘Cats’ a
and we miss important commu- mac McCarthy, but now we find SPOND WITHIN AN HOUR OR do any good to send out a warn- hit.”
appliance nications. Sometimes, the results that none of them knew it. Bob WE’LL GIVE THE NOBLE PRICE ing email reading ‘Do not drink Last but not least, an email
that are disastrous. Dylan is the only recent prize TO STEVEN KING INSTEAD!” grapefruit juice with this medi- that always goes straight to the
explodes. Just one example: In recent winner who actually checked his There are other situations cation or you will die!’ because spam folder:
years, a great deal of criticism spam folder.” But then he didn’t where important messages van- the spam filter will stuff it in “Mom, Dad, please!!!! Don’t
has been leveled at the Swedish attend the ceremony—maybe he ish into the spam folder. One with all the promotional emails take the Jets and the points! No
Academy for its baffling awards missed that email? company, upon discovering that reading ‘Do not drink coconut matter how big the spread is, DO
ROBERT NEUBECKER

of the Nobel Prize for Literature It isn’t hard to understand its aromatic dehumidifier water with our otherwise highly NO, DO NOT, DO NOT take the
to writers no one has ever heard why the Nobel Committee’s mes- erupted like Mount Vesuvius effective pain reliever or you will Jets and the points!!!!” Of course,
of. It turns out this is because sages so often go awry. Writers when left on for more than four die!!’ few football fans need an urgent
the emails offering the Nobel routinely receive questionable hours, sent out emergency Here are a few other exam- email to know that one.
P2JW331000-4-C00700-1--------XA

BOOKS
Never-Ending Story The ‘China’ Virus?
The wonderful What really
tale of the happened
‘Arabian Nights’ C10 in Wuhan C9
ALAMY

READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. **** Saturday/Sunday, November 27 - 28, 2021 | C7

The Perfect Critic

For Eliot, there was no method for writing criticism ‘except to be very intelligent’—and to practice it as a literary art
The Complete Prose emeritus at Emory University—
of T.S. Eliot is elaborately but relevantly foot-
Edited, in 8 volumes, by noted, a work of learning and
scholarship. The separate intro-
Ronald Schuchard et al.
ductions to its eight volumes,
Johns Hopkins/Faber & Faber, running to roughly 250 pages,
7,148 pages, $700 constitute a splendid biography in
themselves. This edition of the
BY JOSEPH EPSTEIN prose makes plain, as nothing

I
before it quite has, that T.S. Eliot,
F FAME IS the name of as the introduction to the seventh
your desire, writing about volume has it, “lived life large—
literature is among the larger than we have known.”
least likely ways to find it. “The Complete Prose” collects
From the 17th century the reviews, essays, lectures and all
until today, only four literary other official, or public, writings
critics, John Dryden (1631-1700), of T.S. Eliot, including several
Samuel Johnson (1709-1784), items that have not previously
Matthew Arnold (1828-1888) and seen print. Among these are the
T.S. Eliot (1888-1965)—five if one various obituary notices he wrote,
includes that one-man Tower of and his talks to schools and chari-
Babel, Samuel Taylor Coleridge table groups. (And there is appar-
(1772-1834)—have attained endur- ently still more to come in a future
ing reputations. All five also wrote digital edition of Eliot’s writings.)
poetry, but, apart from Eliot, it is
doubtful if today any would be
remembered for his poetry alone. T.S. Eliot’s poetry
What these men have in com-
mon is that all were, in the old-
drew on the struggles
fashioned phrase, men of letters. of his own life. As a
T.S. Eliot, who may have been the critic he championed
last of the breed, defined the man
of letters as “the writer for whom impersonality.
his writing is primarily an art,
who is as much concerned with
style as with content; the under- Here too are his previously un-
standing of whose writings, there- collected letters to editors. His per-
fore, depends as much upon ap- sonal letters, meanwhile, begun
preciation of style as upon com- under the general editorship of his
prehension of content.” Literature, second wife, Valerie Fletcher Eliot,
for the man of letters, who not who died in 2012, is a work still
only writes about it but practices very much in progress—the most
it by himself writing poetry, recent volume, the ninth, deals
fiction or drama, provides wisdom with the years 1939-41.
beyond all other wisdoms, sur- If T.S. Eliot’s career marks a
passing science, social science, straight line of ascent, all onward
history and philosophy, while and upward, his personal life was
incorporating them all. marred by bumps and potholes
The man of letters, like the along the way. He suffered a
poet, has a responsibility to the nervous breakdown in his early
language, for, to quote Eliot, “un- 30s. He made a wretched marriage
NATIONAL PORTRAIT GALLERY, LONDON

less we have those few men who to an Englishwoman named Vivi-

combine an exceptional sensibility enne Haigh-Wood, who may well
with an exceptional power over have been bipolar, a marriage that
words, our own ability, not merely he likened to “a Dostoyevsky
to express, but even to feel any novel” and ended in separation in
but the crudest emotions, will de- 1933. She would occasionally show
generate.” He is also responsible, up at his lectures or poetry read-
as Eliot wrote in his essay “The ings carrying a sign that said “I
Function of Criticism” (1923), for Am The Wife He Abandoned.”
“the reorientation of tradition” ENGLISH TO THE HIGHEST POWER T.S. Eliot in 1948. Then there were—and remain
in the arts, and, like the artist, is to this day—the many accusations
“the perpetual upsetter of conven- tion is hopeless without a clear ideal vinced him that not the academic but ultimately the fame he craved. Eliot against Eliot of anti-Semitism, these
tional values, the restorer of the real.” of the educated individual. “I hope,” a wider world was for him. wrote to J.H. Woods, one of his teach- owing to his coarse references to
The responsibility of the man of Eliot wrote in “Notes Towards the In his late 20s Eliot would write ers at Harvard, that there were two Jews in his poems “Burbank With a
letters is finally for the culture at Definition of Culture,” “that we shall of Henry James, whom he much ad- ways to succeed in the literary life in Baedeker: Bleistein With a Cigar” and
large. His duty, as Eliot wrote in the not consciously or unconsciously drift mired, that “it is the final perfection, England: one being to appear in print “Gerontion,” and his remarking in his
1944 essay “The Responsibility of the towards the view that it is better for the consummation of an American everywhere, the other to appear less book “After Strange Gods” (1934),
Man of Letters in the Cultural Res- everyone to have a second-rate edu- to become, not an Englishman, but a frequently but always to dazzle. Eliot reprinted here in volume 5, on the
toration of Europe,” is “neither to cation than for only a small minority European—something which no born arranged to do both, publishing his undesirability for a culture of “any
ignore politics and economics, nor, to have the best.” Which is, of course, European, no person of any European dazzling poems at lengthy intervals, large number of free-thinking Jews.”
certainly, to desert literature,” but to where we are today. nationality, can become.” Cosmopoli- propelling himself to prominence with Yet an argument can be made that
“be vigilantly watching the conduct Thomas Stearns Eliot was born tan in interest and outlook though the prolificacy of his brilliant criti- Eliot was nevertheless far from anti-
of politicians and economists, for the in St. Louis to a family with strong he was, Eliot went on to become an cism and commentary. Semitic. Many of his friends were
purpose of criticising and warning, New England connections. Charles Englishman to the highest power: How prolific, and to what impres- Jews. He expressed “the gravest anxi-
when the decisions and actions of Eliot, a cousin, was president of He applied for British citizenship, at sive effect, is now revealed in “The ety” over the treatment of French
politicians and economists are likely Harvard when Eliot attended as an the age of 39, in 1927, the same year Complete Prose of T.S. Eliot,” a hand- Jews under the Vichy regime, and was
to have cultural consequences,” for undergraduate and then as a graduate he was confirmed in the Church of some trans-Atlantic co-publication of appalled by the revelations about the
“of these consequences . . . the man of student in philosophy. Eliot set out England. So rigidly English did he Johns Hopkins University Press and Holocaust. True, he did his best to
letters is better qualified to foresee to become an academic philosopher— seem that Virginia Woolf called him Faber & Faber, London. An eight- preserve the literary reputation of
them, and to perceive their serious- he completed but never defended his “the man in the four-piece suit.” volume hardcover collection, “The Ezra Pound, who had been so helpful
ness.” As he views politics as being doctoral dissertation on the British The young T.S. Eliot was also a Complete Prose”—edited by many to him as a young writer, but he
too serious to be left to the politi- idealist F.H. Bradley—but study in careerist, fully aware what would hands under the guidance of Ronald separated himself from Pound’s anti-
cians, the man of letters feels educa- France, Germany and England con- bring him the prominence and Schuchard, a professor of English Please turn to page C8

Sound Thinking
Audio storytelling on news you
care about, at home or on the go.

Browse our Podcasts:

WSJ.COM/LISTEN

© 2021 Dow Jones & Company, Inc. All rights reserved. 6DJ8219
P2JW331000-4-C00800-1--------XA

C8 | Saturday/Sunday, November 27 - 28, 2021 **** THE WALL STREET JOURNAL.

BOOKS
‘How much more unbearable and unthinkable it is [for a woman] to kill, because a woman gives life.’ —SV ETLAN A ALEXIEV IC H

FIVE BEST ON WOMEN AT WAR

Lucy Adlington
The author of ‘The Dressmakers of Auschwitz: The True Story of the Women Who Sewed to Survive’

The Unwomanly
Face of War
By Svetlana Alexievich
Translated by Richard Pevear
and Larissa Volokhonsky (2017)

1
“Clench your hearts like
a fist!” cried the legendary
navigator Marina Raskova
as she rallied members of
the Soviet Union’s female air regi-
ments, including fighter pilots and
night bombers. The Soviet women
warriors of World War II were to
forgo their emotions along with
their feminine clothes. In male-issue
uniforms they marched as infantry
soldiers, tank mechanics, machine-
gunners, scouts, spies and snipers.
Svetlana Alexievich’s staggering
oral history was first published
in Russian in 1985, at a time when
the world wanted to forget that
women had fought at all. The many
veterans she interviewed testify
to the impossible tension between
the demands of war and the desire
to retain a sense of self. We read
of a partisan fighter soundlessly
birthing her baby in a swamp sur-
rounded by hostile soldiers, of a
pregnant woman volunteering to
clear a minefield so her child might
have a future. The memories are
brutal, poignant, vital—impressive.

Les Parisiennes
ALAMY

By Anne Sebba (2016)

2
During World War II, Paris
—that most feminine of
cities in the cultural imagi-
nation—was the heart of a
nation that denied women equal
legal, financial or political rights.
Paris preferred to venerate the
beautiful image of womanhood
through couture and the arts, rather
than engaging the reality of existing
‘NIGHT WITCHES’ Russian female fighter pilots during World War II.
to wonder: What choices might we we see that compassion for the
have made in such circumstances? suffering of war overwhelms her.
Anger at its sheer wastefulness
crackles on almost every page.
Nella Last’s War: She steadies herself with thrifty
The Second World War knitting, stitching and cooking,
Diaries of ‘Housewife, 49’ all with an appreciation for price-
Edited by Richard Broad and less luxuries in wartime—skies
Suzie Fleming (2006) clear of clouds and bombers;
anonymous throughout her lifetime:
In her diary, first published in 1954,
she writes of navigating a ruined
city with a body that was sore
from hard labor and repeated rapes.
“We’re nothing but booty,” she
wrote of the conquering Russians.
Her anecdotes have such raw humor
and gritty compassion that the
countesses telling fairy tales to
escape reality; of seamstresses
singing of love and longing as
they sew (and sabotage) gar-
ments for their oppressors;
of humans physically wrecked
yet emotionally tender, sharing
meager gifts of bread and comfort.
It is no imaginary world but a

as a woman. When war reached the
City of Light, in addition to con-
stricting social attitudes women
also had to negotiate uneasy rela-
tionships with the city’s mainly
male wartime occupiers. In “Les
Parisiennes: How the Women of
Paris Lived, Loved, and Died Under
Nazi Occupation,” Anne Sebba
builds a skillful chronology that
escalates tension with every chapter.
3
warm woollies and warm hearts. reader can shudder at the mass place that ought to defy belief:
Nella Last, a middle-aged The Nella Lasts of every community violence against civilians yet still Nazi Germany’s Ravensbrück
housewife from an indus- triumphed in the battles of the honor the individuality and human- women’s concentration camp.
trial town in the north Home Front and ensured that izing details of each woman’s expe- In this mire of imposed depravity,
of England, won the war. there were homes for their rience. “A Woman in Berlin” is an simply staying alive was an act
Last, and millions of women like military heroes to return to. intelligent commemoration of female of resistance; staying human
her, were excluded from govern- communities surviving the wreck- was miraculous. Prisoner net-
ment and combat because of their age of a martial regime. Although works of survival, kindness
sex (“a pity there are no women A Woman in Berlin reduced to picking nettles for nutri- and defiance shine all the
in the War Cabinet,” Last grumps); By Anonymous ents, with frayed clothes and bruised more brightly in a disorganized
their battles were ordinary, every- Translated by Philip Boehm (2005) souls, the rubble-women are not hellscape of relentless degra-

The focus favors elite women—the
couturière Coco Chanel and the
writer Irène Némirovsky included—
and those involved in resistance
work—such as the secret agent
Noor Inayat Khan and the art
4
day, domestic—and no less essential anonymous to themselves. They dation. Too long overlooked
for that. “I always longed to be The rubble-women of defy you to pity or forget them. in histories of the Holocaust,
clever and write books,” reads bombed-out Berlin, who the women of Ravensbrück are
one excerpt from the diaries Last helped clear the city of its finally given the attention they
submitted to Mass-Observation, ruins and wreckage follow- Ravensbrück deserve in Sarah Helm’s superb,
a research project that sought ing World War II, are famous. Every By Sarah Helm (2015) systemic analysis of bureaucracy,

expert Rose Valland—yet the
scope is broad enough to explore
a multitude of experiences.
The result is a cascade of stories
and connections that leave us
5
to record the everyday lives and weary face has a war story to tell. brutality and female resilience.
experiences of Britons. Her legacy One of them described life in the Imagine a world of snow In the words of a memorial
is a treasure trove of commonplace defeated city as “history experi- and scorch, grime and sign at the modern-day site,
victories, careful economies and enced first hand.” This particular ash, uniforms and rags. this book ensures them:
quiet heroism. In her diary entries rubble-woman chose to remain But it is also a world of “You are not forgotten.”

The He also published and single-handedly

edited the Criterion, an international
quarterly of small circulation—some
tual explanation could be found.”
Life without religion was, for Eliot,
life without meaning.
existence and composes a simulta-
neous order.”
Eliot also claimed that “a literary
than did T.S. Eliot. In “The Rise and
Fall of the Man of Letters,” John Gross
notes the contradictions in him, not

Critic say the journal never had more than

400 subscribers—but powerful influ-
Citing Aristotle as an example in
his essay “The Perfect Critic” (1920),
critic should have no emotions except
those immediately provoked by a work
the least of which was that “he ad-
vocates an impersonal art, and at the

In Full
Continued from page C7
Semitism during World War II, an
anti-Semitism of which Eliot, in his
own words, “strongly disapproved.”
But he never removed or publicly
apologized for the offending bits in
the poems or the single sentence from
“After Strange Gods,” and these leave,
ence, which he began in 1922 and Eliot notes that for criticism “there is of art.” This call for the impersonality same time succeeds in making one
closed down only at the outset of no method except to be very intelli- of the critic and of the artist comes up more curious about his own person-
World War II. All this while he gave gent.” To intelligence Eliot added wide again in his perhaps best-known essay, ality than he would have done if he
lectures, wrote “The Waste Land” and had been a whole-hearted Romantic
other of his famous poems along with egoist.”
an immense number of reviews and In 1948, T.S. Eliot had won the
essays, and accepted the leadership of Nobel Prize in Literature. In 1950, his
such good causes as that of the sur- play “The Cocktail Party” ran for more
vival of the London Library and of than 300 performances in London and
various struggling charities. more than 400 on Broadway. In 1956
Eliot famously described himself as he gave a lecture, “The Frontiers of
“classicist in literature, royalist in poli- Criticism,” at the University of Min-
NATIONAL PORTRAIT GALLERY, LONDON

in the words of the editors of “The
Complete Prose,” a “jarring and ugly
stain in his work.”
After settling in England, Eliot
taught for a few years at English
public schools. Finding teaching chil-
dren not to his liking, he took a job at
Lloyds Bank, translating and working
Eliot’s austere devotion
to truth was matched by
his conviction that a life
outside of religious faith
was a barren one.
on foreign documents. He remained at
Lloyds, because he thought (ever the
careful caretaker of his career) work-
ing there gave his literary work added
cachet. He left Lloyds in 1925, to join
the publishing firm of Faber &
Gwyer—later Faber & Faber—where
he remained until the end of his life.
tics, anglo-catholic in religion.” Of the nesota that drew a crowd of 14,000
three, his Anglo-Catholicism was most to the college sports arena. (Eliot re-
important. (Not to be confused with marked at the time that he “had no
Roman Catholics, Anglo-Catholics are notion that so many people cared or
a group within the Church of England even knew about literary criticism.”)
that emphasize the connection of the His final years were in good part given
Anglican Church with Catholicism.) over to receiving awards, honorary de-
This comes through with especial force grees, invitations to lecture round the
in “The Collected Prose of T.S. Eliot” world, to writing introductions, pref-
as nowhere else. As Eliot himself MAN OF LETTERS T.S. Eliot in the offices of Faber & Gwyer in 1926. aces, forewords, blurbs for the books
needed religion to conquer the feeling of others. He died at home in London,
of isolation after his breakdown learning and a tone of easy authority “Tradition and the Individual Talent” in January 1965, at the age of 76.
and the sad crash of his marriage to that has not been matched in formal (1919), where he wrote that “the more This magnificent set of books, “The
Vivienne Haigh-Wood, he felt that a criticism since his death. In his essay perfect the artist, the more completely Complete Prose of T.S. Eliot,” pub-
culture without religion is never fully on Pascal, for example, he remarks separate in him will be the man who lished at considerable expense and
a mature culture. The point comes up that Pascal’s “Letters to a Provincial” suffers and the mind which creates,” with great care, is a tribute to an im-
again and again throughout “The Col- are unsurpassed as polemic, “not by and “poetry is not a turning loose of portant poet and a powerful critic
lected Prose.” “It is not science that Demosthenes, or Cicero, or Swift.” emotion, but an escape from emotion; who exerted a genuine influence on
has destroyed religious belief,” he With supreme confidence, he writes in it is not the expression of personality, the culture of his day. Reading in it,
wrote apropos of Darwinism, “but our 1921 that “all first-rate poetry is occu- but an escape from personality. But, of one longs for the time to return when
preference of unbelief.” Communism, pied with morality.” He writes about course, only those who have personal- the detritus of the digital age dis-
fascism, secular humanism were for Shakespeare as if he were a contem- ity and emotions know what it means appears and literature once again oc-
him little more than false substitutions porary. He writes, in other words, as to want to escape from these things.” cupies a central place in our culture.
for true religion. Like Pascal, his own he hoped the contributors to the For all his talk about the need to
“intellectual passion for truth was Criterion would, “with a feeling that shed personality, perhaps no literary Mr. Epstein is the author, most
reinforced by his passionate dissatis- the whole of the literature of Europe figure in the modern age excited wider recently, of “Gallimaufry: A Collection
faction with human life unless a spiri- from Homer . . . has a simultaneous curiosity about his own personality of Essays, Reviews, Bits.”
P2JW331000-4-C00900-1--------XA
THE WALL STREET JOURNAL.
‘Whenever you have a novel outbreak, it could be a bioweapon or it could be the “next” bioweapon.’ —ROBT. KADLEC, FMR. ASST. SECY FOR PREPAREDNESS & RESPONSE
What Happened in Wuhan?
STR/GETTY IMAGES; ON C7: KEVIN FRAYER/GETTY IMAGES
PUBLIC SAFETY Workers prepare to spray disinfectant at Wuhan Railway Station, in China's central Hubei province, on March 24, 2020.
BY ADAM O’NEAL
T
HE FIRST OUTBREAK of the
SARS-CoV-2 virus and the
disease that would come to
be known as Covid-19 occurred
during the fall of 2019 in the
Chinese city of Wuhan, but the world still
doesn’t know the virus’s precise origin.
Many scientists believe that the most likely
explanation is zoonotic spillover, a process in
which the virus jumped to humans through
another species in the wild. Historical
precedent makes the theory plausible—
SARS-CoV-1, the virus that caused the
2002-04 SARS epidemic, seems to have
crossed over from civet cats. But direct
evidence that something similar happened
in the case of Covid-19 has yet to emerge.
The alternative to the theory of zoonotic
origin is, as science writer Nicholas Wade
puts it, “the common-sense perception that
a pandemic breaking out in Wuhan might
have something to do with a Wuhan lab
cooking up novel viruses of maximal danger
in unsafe conditions.” In “Where COVID
Came From” (Encounter, 51 pages, $14.99),
Mr. Wade makes the case that Covid-19’s
evolutionary history and anatomy, along with
the Wuhan Institute of Virology’s research
and safety record, suggests that the virus
was modified by humans and escaped the lab.
Mr. Wade, a former New York Times
reporter, has never shied from controversy,
and when the text of this book was originally
published online in May, it prompted other
members of the media to give a closer look
at evidence for the “lab-leak” hypothesis.
Questioning the establishment consensus
was becoming acceptable.
Back in the winter of 2020, Mr. Wade
notes, prominent scientists circulated
influential letters arguing that only a natural
origin was possible. These “were political,
not scientific, statements, yet they were
amazingly effective,” Mr. Wade writes.
“Articles in the mainstream press repeatedly
stated that a consensus of experts had ruled
lab escape out of the question or extremely
unlikely.” President Trump’s support for the
lab-leak theory in many ways froze the public
debate, as partisan polarization often does.
But it was always possible to find dissenting
voices in some corners of the media, as well
as the academy, and the Biden administration
eventually allowed that Mr. Trump and other
Republican officials might have had a point.
In May of this year, after the publication
of Mr. Wade’s essay, President Biden gave
America’s spies 90 days to produce a report
on the origins of Covid-19. Published in August,
a roughly 500-word unclassified report con-
cluded that the intelligence community
“remains divided on the most likely origin.”
A 17-page follow-up in October provided some
extra detail but fell back on the same equivocal
conclusions. No wonder scientists, activists
and journalists continue to look for answers.
In “Viral: The Search for the Origin
of Covid-19” (Harper, 404 pages, $29.99),
molecular biologist Alina Chan and author
Matt Ridley assemble perhaps the most
comprehensive case for the lab-leak theory
currently available. In May 2020, Mr. Ridley
was researching an essay for this newspaper
and came into contact with Ms. Chan, who
had co-authored a study implying that the
virus “was already well adapted to human
beings from the moment it was first detected
in Wuhan.” Mr. Ridley wrote that “the simple
story of an animal in a market infected by a
bat that then infected several human beings
no longer looks credible.” Since then Ms.
Chan and Mr. Ridley have been building a
case that Covid-19 could have accidentally
emerged from a lab in Wuhan.
* * * * Saturday/Sunday, November 27 - 28, 2021 | C9
BOOKS
The authors also expose flaws in argu- he brings to the surface what is often a own germ warfare programmes in secrecy.”
ments for a natural origin. “The SARS virus subtext in these debates about virus re- Mr. Becker also explains why, even if
was isolated in March 2003, its genome search: the specter of biological warfare. SARS-CoV-2 was developed in a Chinese lab,
sequenced in April, and animal sources in During the Korean War, this was known Beijing could never accept responsibility.
markets identified in May,” they note. That is as “germ warfare”—and the Chinese Com- “The national shame might spell the end of
not the case with SARS-CoV-2. “Today, close munists, in their propaganda, accused the the Chinese Communist Party’s seventy-year
to two years into the outbreak, with much Americans of practicing it. “This is one rea- rule,” he suggests. “It would start a political
more superior technology and similar out- son why Western intelligence agencies are earthquake which would begin in China but
break circumstances, we still have no idea likely to doubt or at least question official spread around the world.” It is now unlikely
where the first patients caught” Covid-19. accounts about the origin of the virus and the the world will ever know the truth with
The authors credit help from “a particu- role of the Wuhan Institute of Virology,” Mr. certainty, but a credible defector could
larly tenacious, loose confederation on Becker writes. “While the Chinese and Soviet set off an upheaval.
Twitter, calling itself the ‘Decentralized governments pushed a completely false story
Radical Autonomous Search Team Inves- of its enemies waging war with bioweapons Mr. O’Neal is a European-based editorial-
tigating COVID-19,’ or Drastic.” At one point, against civilians, they actively pursued their page writer for the Journal.
for instance, “a Spanish business consultant
working in his spare time” dug into the work
of two prominent scientists who have been
the strongest defenders of the zoonotic
theory: Peter Daszak of the EcoHealth
Alliance, who had extensive ties to the
Wuhan Institute of Virology, and star WIV
researcher Shi Zhengli. About half a decade
ago, it seems, they discovered eight viruses THE INSPIRATION FOR
THE ACCLAIMED FILM
“that are very closely related to the virus
causing the pandemic and brought them
more than a thousand kilometres to Wuhan.”
WORTH
The researchers have since presented their
sanguine interpretation of those viruses.
The strong suggestion is that not all scien-
tists working in this field have been forth-
right about their research.
Like Ms. Chan and Mr. Ridley, the
Australian journalist Sharri Markson says
she is open to a zoonotic origin but clearly
favors the accidental lab-leak explanation.
Where “Viral” reads as a scientific polemic,
Ms. Markson’s “What Really Happened
in Wuhan” (Harper, 422 pages, $28.99)
is a fast-paced narrative. An intrepid movie
studio could find a global audience for the
whodunit presented by Ms. Markson—
though Hollywood, heavily dependent as
it is on China’s moviegoing population,
probably wouldn’t go for it.
Reviewing an early interview with a
dissenting scientist, Ms. Markson admits
that a year later “I was embarrassed to
hear I confused the scientific terms in my
questions.” Though she doesn’t shy away
from the technical discussions that bedevil
this debate, her best reporting comes from
interviews with Trump administration
officials who relate how they handled the
early days of the pandemic while later
fighting internally over the lab-leak theory.
“What Really Happened in Wuhan” also
sheds light on how a 2014 National Institutes
of Health moratorium on funding for gain-
of-function research—in which laboratory
scientists can make viruses more dangerous
or transmissible—ended in 2017. The Obama
administration had established a temporary
ban while a policy review was being con-
ducted. Ms. Markson reports that some top
Trump administration officials apparently
5:F<++<0B%%% 10* ,10*<*%%%% =)<0.)FB(E
had no idea that NIH-funded research had .--9 <E 10 )/),C<>) F)3<0*)F -D C?) +-;)F
resumed. “What was even more terrifying,”
she writes, “was that not only was the NIH -D <0*<><*A16 EC-F<)E' C-6* -0) 1C 1 C<3)%2
funding gain-of-function research in the United
States—but it was funding research in China, "!'%$') 2-',*
where it had no oversight and no way of
knowing how safe the laboratories were where 57!4 >16A1.6) GFEC&+)FE-0 1,,-A0C -D C?)
these risky experiments were taking place.”
All these books spend many pages "$## ,-3+)0E1C<-0 DA0* 10* <CE ;-F9<0BE%%%
investigating the details of the lab-leak
hypothesis, and the debate in the West
@0B1B<0B 710*4 )3-C<-01668 F);1F*<0B%2
about it. In “Made in China: Wuhan, Covid "1*# .'&/ 0(+*%
and the Quest for Biotech Supremacy”
(Hurst, 351 pages, $29.95), British
journalist Jasper Becker goes much further
back. Mr. Becker, who spent 18 years as a
correspondent in Beijing for the South China
Morning Post and other publications, pro-
vides useful context about the complicated
history of U.S.-China relations. In particular,
P2JW331000-4-C01000-1--------XA

C10 | Saturday/Sunday, November 27 - 28, 2021 **** THE WALL STREET JOURNAL.

BOOKS
‘We mortals . . . are only born for sufferings and joys, and one could almost say that the most excellent receive joy through suffering.’ — B E E T H OV E N

Prometheus in the New World

Mr. Beethoven mation.” Of the oratorio as a whole: “It is leading apostle of church music and music Nuremberg might feel themselves at home.”
By Paul Griffiths about this universe in which God is omnipotent. education. In “Mr. Beethoven,” Mason is Still, the society has yet to welcome any
And it is about a larger universe in which God president of the Handel and Haydn Society member from among those listed in a Boston
NYRB, 302 pages, $17.95
is powerless, helpless.” and conducts “Job.” Also taken from real life is directory as “Persons of Color.”
BY JOSEPH HOROWITZ For his novel, Mr. Griffiths creates a variety Mrs. Hill, who here becomes Beethoven’s secret There is, though, a Native American

A
FEW DECADES before the great
cultural migration that drove
creative artists to the New World
in flight from the Russian Revo-
lution and Hitler, the U.S. hosted
two of Europe’s most important composers.
Antonín Dvořák directed New York City’s
National Conservatory of Music from 1892 to
1895. Gustav Mahler conducted the Metropolitan
Opera and the New York Philharmonic from
1908 to 1911. Dvořák was a fit for New York;
Mahler was not. Dvořák, one learns, was a
man at all times marvelously responsive
to his environs. Mahler lived profoundly
inside his own head.
Paul Griffiths has now added a third
historic visitor: Ludwig van Beethoven.
He arrived in Boston in 1833 at the invi-
tation of the Handel and Haydn Society
and composed an English-language ora-
torio titled “Job,” which received its pre-
miere under the composer’s supervision.
Of course, Beethoven died in 1827 and
never visited Boston. But he did receive
an 1823 invitation from the Handel and
Haydn Society to write an oratorio—the
catalyst for Mr. Griffiths’s quixotic and
original work of historical fiction.
Mr. Griffiths, a Welsh-born music
critic, opera librettist and novelist,
himself experienced a New York sojourn,
writing music criticism for the New
Yorker and New York Times before
returning to Britain. “Mr. Beethoven”
is the work of a skillful and imaginative
ALAMY
of narrative voices. To begin with, he restricts
all of Beethoven’s utterances to words the com-
poser actually said, as written down or other-
wise recorded by others. The novel’s conceit is
that we know that Beethoven went to Boston
and composed “Job”—but that many of the
details are conjectural. A characteristic authorial
rumination, intermingling fact with surmise,
reads: “Ink. A pen. A knife. Disorder would fit
librettist, replacing a preposterously florid text
by a local clergyman with verses more lean
and precise. Here is that “majestic aria of
affirmation” for Job: “I came into this world
with nothing / And with nothing I shall go. /
The lesson is the Lord’s: / Bless the Lord.”
Of the novel’s cameos, the most startling
involves a visit from a young New Yorker
who wrangles an interview with the famous
character named Mrs. Wonkussis, who smokes
a pipe and speaks in Massachusett and comes
to hear a rehearsal of “Job.” Her wonderful
discovery is the organ: “Let its name be
Mighty Horse. Let its name be Rainbow
of Stars. Let its name be Silver Waterfall.”
In the novel, Beethoven is said to have at-
tempted an “Indian Operetta,” a “work of
which the trace he left in his correspondence
has long tantalized scholars.” A possible con-
nection to verses by Longfellow is also broached
in some detail. (Decades later, Longfellow’s
“The Song of Hiawatha” would inspire
many musical settings, of which the
most famous is Dvořák’s “New World”
Symphony, which, while not program-
matic, derives inspiration from specific
verses in Longfellow’s narrative poem.)
Pondering Boston’s egalitarianism,
Mr. Griffiths can sound like Alexis de
Tocqueville. Of a well-born Bostonian,
he writes: “Mr. Quincy could command
his butler and not the other way about,
but both of them seemed possessed of
the knowledge that, besides being master
and servant, they were many other things
as well. Such an awareness would never
have occurred to a Viennese gentleman.”
It should be noted that, in 1833,
Boston was a musical backwater, not
remotely ready to host a “fourth period”
oratorio. Mr. Griffiths says as much when
he observes that the orchestra assembled
for “Job” would have numbered no
more than 20 players and that some
instruments would have been lacking.

writer, gifted at evoking the sights and
sounds, the custom and attire, of an
earlier era. He has clearly done his home-
work with regard to both Beethoven and
early 19th-century Boston.
Knowing that Beethoven’s work is typically
divided into three stylistic periods, Mr. Griffiths
extrapolates an adventurous “fourth period”
inspired by the composer’s supposed new
acquaintance with the music of Heinrich Isaac
Invited to travel to Boston,
Beethoven writes an oratorio
in a new style—with expanded
tonality—for a Handel and
Haydn Society premiere.
and other Renaissance masters. Their influence
and example allows Beethoven “at last to attain
. . . a vast expansion of the resources of
ordinary, existing tonality.”
For “Job,” Mr. Griffiths furnishes us with a
libretto and sundry musical details. Of Job
himself, as portrayed by Beethoven, Mr. Griffiths
writes: “He does not bewail his fate. He blames
no-one. He stands, in the keenest adversity,
to bless his Maker, in a majestic aria of affir-
GOOD JOB Boston’s Music Hall ca. 1852.
the stereotype: sheets sliding to the floor, the
composer in a rage over a lost page. But perhaps
his working habits were contrariwise neat. . . .
We have no idea.” Mr. Griffiths also poses
questions about how to best tell his story and
even interjects what he imagines to be the
reader’s thoughts and concerns—and impa-
tience: “Sorry, but we have to stop you there.
You keep teasing us with this ‘great work’ while
offering as little information about it as you can
get away with. Like these characters who are
presumably from the Handel and Haydn Society.
. . . We are being left in the dark.”
Beethoven’s deafness presents a challenge
to a novelist depicting the composer in
conversation. Mr. Griffiths’s solution is his
discovery of a form of sign language that had
been pioneered on Martha’s Vineyard the
century before (a historical fact)—and that
Beethoven acquires. His teacher is a young lady
named Thankful, whom Mr. Griffiths invents.
Among the characters he doesn’t invent is
Lowell Mason (1792-1872), who co-founded the
Boston Academy of Music and was the city’s
composer. An excerpt: “Q: I wonder if you
perhaps, sir, coming as a visitor, find some
difference of spirit in this land of free people—
A: Freedom! What more does one want!
Q: —whereas in Europe, sir, you must crawl
to some king or emperor. A: I shall never
crawl— My world is the universe.”
Back in New York, no newspaper will run
the interview. “Had it been printed at the time,”
we learn, “it would have given Herman Melville
his first publication.” Melville returns to Boston
to hear “Job” at Boylston Hall. Others in the
audience include Henry Wadsworth Longfellow,
Henry David Thoreau and Margaret Fuller.
As a novel, “Mr. Beethoven” is a fluent
yet idiosyncratic diversion. Does it in addition
newly illuminate Beethoven or Boston?
More the latter than the former. Mr. Griffiths
catches one aspect of Boston when he lists
new members of the Handel and Haydn Society
and names a shoemaker, a chair painter, two
cabinetmakers, a bookbinder and a music
professor—a “fair social mix,” as he puts it.
Amid such a grouping, “the Mastersingers of
But half a century later, Boston was,
like New York, a world musical capital
and, unlike New York, home to a
formidable Beethoven cult. For Henry
Higginson, who founded the Boston
Symphony Orchestra in 1881 (and who had
studied music in Vienna), the finale of the
“Eroica” Symphony, at its climax, opened “the
gates of Heaven,” with “angels singing and
reaching their hands to us with perfect wel-
come.” Higginson’s already great orchestra
first performed at the Boston Music Hall, upon
whose stage a 7-foot Beethoven bronze was
located. Among Higginson’s conductors, Arthur
Nikisch would offer an interpretation of Bee-
thoven’s Fifth flouting Boston traditions; the
result was a controversy in the local press
lasting 24 days. Philip Hale, Boston’s leading
music critic, would extol Anglo-Saxon culture
and disparage Dvořák as a “negrophile.”
Now that was a city on which Beethoven
might have made an astonishingly complex
impression, and vice versa. By then, however,
he would have been more than 100 years old—
and well beyond the parameters of even Paul
Griffiths’s bold imagination.
Mr. Horowitz’s new book is “Dvořák’s Prophecy
and the Vexed Fate of Black Classical Music.”
He is also the producer of six companion
“Dvořák’s Prophecy” documentary films.

Scheherazade and Her Repertoire

IN AN EMPIRE long ago there
lived a king who discovered his
wife sleeping with a palace slave.
Crazed by jealousy he vowed
that henceforth he would marry
only for the length of a night
and each morning his new bride
would be killed. After he had
carried out his wicked agenda
for some time, Scheherazade,
FICTION the brave daughter of the king’s
SAM SACKS vizier, demanded that she be
the next in line to the royal
bedchamber. During the first
night she beguiled the time
with a fantastic story, breaking
off at a moment of high
suspense as morning arrived.
One The king agreed to delay her
of the execution so long as she took
up the tale the following night—
most and the reprieve was extended
fantastic again, and again, until, after one
literary thousand and one nights, the
feats king saw the error of his ways.
That is the premise of what
of all may be the greatest treasury of
time, stories in all of world literature,
together which have now been newly
translated by Yasmine Seale in
with the a gorgeous illustrated volume,
story of edited by Paulo Lemos Horta,
how it entitled “The Annotated
Arabian Nights” (Liveright,
came 733 pages, $45). On display
to be. again is the spectacular panoply
of storytelling, from tales of
magic and wonder to murder
mysteries to instructional fables
to sexual burlesques. But also
contained in this heaping volume
is the history of how the tales
coalesced, a story every bit as
intricate and engrossing as those
that enchanted the mad king.
Though they have their
origins in Indian and Persian
culture (Scheherazade, which
Ms. Seale has chosen to spell
Shahrazad, is a Persian name),
the stories were first collected
as early as the ninth century in
the Abbasid Caliphate centered
in Baghdad. In the following
centuries diverse additions came
from different Arab capitals,
including Damascus and Cairo.
Among the literati, who
prioritized classical poetry,
the anthology was not highly
regarded, but the stories
endured in the public forum,
recited by marketplace buskers.
Through oral transmission they
seeped into Western conscious-
ness. Then in the early 18th
century the French Orientalist
Antoine Galland initiated what
has since become an avalanche
of translations. But in “Les mille
et une nuits” (1704-17), Galland
did not simply translate the
extant Arabic manuscript:
Exploiting the text’s open-ended
framing device, he added new
stories, including those that
have become the most famous,
“Aladdin and the Wonderful
Lamp” and “Ali Baba and the
Forty Thieves.”
For some time it was
thought that Galland had
invented these tales. But a
central aim of “The Annotated
Arabian Nights” is to highlight
the importance of Hanna Diyab,
a remarkable multilingual
Maronite Christian from Aleppo
who related them to Galland
while visiting Paris to seek a
position at the royal court.
(Diyab’s memoir of his travels
was rediscovered in 1993 and
translated into English this year.)
Some recent translations of
“One Thousand and One Nights”
have dropped these so-called
“orphan stories” on anti-
colonialist grounds, but by
emphasizing Diyab’s contribu-
tion, Ms. Seale and Mr. Horta
have produced a book that is true
to the bounty and profusion of
this gloriously mongrel collection.
What one realizes is how
vital hybridization is to the
stories themselves. It comes as
a surprise to read that “Aladdin”
is actually set in an imagined
version of China, though as
Ms. Seale has written, “the
story’s institutions are Ottoman,
the customs half-invented, the
palace redolent of Versailles.
THIS WEEK
The Annotated
Arabian Nights
Edited by Paulo Lemos Horta
Translated by Yasmine Seale
It is a mishmash and knows it.”
The mixing often bears upon
genres, as child-friendly fairy
tales are juxtaposed with rib-
aldry or horror, and frequently,
especially in the early Arabic
tales, it finds formal expression
in the delirious quantity of
nested metafictions. In “The
Story of the Fisherman and
the Jinni,” for instance, we have
Scheherazade telling a story of
a fisherman, who tells a story
of King Yunan, who tells a story
of King Sindbad, each embedded
tale echoing and mingling with
the others. Yet because we are
always returned to Scheherazade
in the royal bedroom, stitching
together tales to reform a
despot, the ragbag never feels
wholly random. It is, in mythog-
rapher Marina Warner’s words,
“a gallimaufry with a purpose.”
The sheer variety has made
the literary influence of the
Arabian Nights incalculable,
although Mr. Horta has done
yeoman’s work in pointing to
as many instances as he can.
Along with supplementary
chapters reprinting direct
homages by Charles Dickens,
Edgar Allan Poe, H.P. Lovecraft
and others, his marginal notes
are rich in cross-cultural con-
nections. In “The Story of the
Porter and the Three Women
of Baghdad” alone he identifies
allusions in Goethe, Coleridge,
Thomas De Quincey, Christina
Rossetti, John Ruskin, Wilkie
Collins, Proust, Robert Louis
Stevenson, Naguib Mahfouz,
Gabriel García Márquez, Salman
Rushdie, Lebanese author Hanan
al-Shaykh and the contemporary
sci-fi writer Ted Chiang.
If this book has a bête noir
it is Richard Burton, whose
famous English translation from
1885 is guilty, Mr. Horta believes,
of exoticizing the stories in ways
that perpetuated racist tropes.
But any new translation is
going to have to compete with
Burton’s linguistic splendor,
which, as the editor notes, has
ensorcelled writers from James
Joyce to Orhan Pamuk. Here is
Burton on the appearance of a
genie: “But presently there came
forth from the jar a smoke which
spired heavenwards into aether
(whereat he again marvelled
with mighty marvel), and which
trailed along earth’s surface till
presently, having reached its
full height, the thick vapour
condensed, and became an
Ifrit, huge of bulk, whose crest
touched the clouds while his
feet were on the ground.”
And here is Ms. Seale: “Soon
a thick column of smoke came
from the jar, rose and spread
over the earth, and swelled until
it carpeted the sea and reached
the sky and dimmed the day.
Then the smoke gathered and
swirled and turned into a jinni,
feet on the earth and head in
the clouds . . .” This is excellent
and characteristic, I think—
sleek and pacey and, while
free of Burton’s Victorian
magniloquence, possessed
of its own heightened beauty.
This balance is everywhere in
“The Annotated Arabian Nights,”
which seeks to “reclaim” the
tales from the most extreme
effects of European imperialism,
yet does so without the censo-
rious feeling of exclusion or
expulsion. The lush illustrations
of the turn-of-the-century
French-British artist Edmund
Dulac are plentifully represented,
as is the work of the contem-
porary Iraqi painter Dia al-
Azzawi. Galland and Diyab are
immortalized in tandem. To
quote the French novelist and
Arabist Mathias Énard, the
intersections form “a linked
construction, a complex work
of time where imagination is
superimposed atop imagination,
creation over creation, between
Europe and Dar el-Islam.” Oh,
and the stories are good, too.
P2JW331000-4-C01100-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 27 - 28, 2021 | C11

BOOKS
‘Prostitutes and destitutes / And temptresses like me . . . / Sentenced into dreamless drudgery.’ —JO N I MITC H ELL , ‘ TH E MAG DALEN E LAU N D RIES’

A Road Through the Mist

Small Things Like These
By Claire Keegan
Grove, 128 pages, $20
BY ANNA MUNDOW

M
IDWAY THROUGH Claire
Keegan’s novel “Small Things
Like These,” a wife urges her
brooding husband to rein in
his imagination and leave
well enough alone. “Where does thinking get
us?” she cautions him. “There’s things you
have to ignore, so you can keep on.” It is a
warning that echoes throughout centuries
of literature; this could be Jocasta, after all,
imploring Oedipus to ignore the conundrum
of his birth with “don’t give it another
thought, don’t even think.” And indeed,
Ms. Keegan’s protagonist will tempt fate
and, incidentally, stumble on the truth of
his paternity. But the setting for this par-
ticular drama is rural Ireland in 1985 where
the curse upon the land is not plague but
unemployment and the entities that rule—
and casually ruin—people’s lives are not
NIALL CARSON/PA IMAGES/GETTY IMAGES

the Greek gods but the far less playful

clerics of the Catholic Church.
“The convent was a powerful-looking
place on the hill at the far side of the river,”
Ms. Keegan writes, “with black, wide-open
gates and a host of tall, shining windows,
facing the town.” Plainly described, the
edifice nonetheless emanates dread. For this
institution, run by the Good Shepherd nuns,
is one of the many Magdalene laundries in
which tens of thousands of unmarried
mothers and otherwise inconvenient young She was fortunate, however, to be employed imagine another life, elsewhere,” he admits not prayer, and holy sites attract fewer
women were confined (with the consent of by a benevolent Protestant widow who cared to himself, “and wondered if this was not pilgrims, though “some still gathered at the
their families) to be punished as sinners and for her and for the child whose origins and something in his blood.” Might his unknown shrines, in the hope that one of the statues
exploited as unpaid labor. Ms. Keegan upbringing would set him apart—even now father have been a wanderer? The stray might move again.”
dedicates her slim volume “to the women and even from his wife whose collection of thought arrives one frosty morning when Rich in sly humor and wry compassion,
and children who suffered time” in these mantelpiece ornaments, for example, “some- Furlong, requiring a hot kettle to unfreeze the world encompassed by “Small Things
hellholes (the last closed only in 1996), how looked cheap to him, having grown up a padlock, is obliged by a beguiling, shawl- Like These” is one traversed by generations
and the convent forms the dark core of her in a house with finer, plainer things.” Beneath draped woman who tells him that “there’s of Irish writers, from Frank O’Connor and
narrative. Yet this exquisite miniature of a that passing thought lie stratified layers of no luck to be had in refusing a man water.” Mary Lavin, William Trevor and Edna O’Brien,
novel somehow defies the gravitational pull class and religion. And there are many such The echo of J.M. Synge’s play “In the Shadow to contemporary novelists such as Donal
of its grim subject to hover in a quotidian, moments. For Ms. Keegan is a master of the of the Glen” (1903) is as striking as the Ryan, Sebastian Barry and Colm Tóibín.
luminous present. Details materialize with seemingly casual brushstroke that on this strange note struck a little earlier when And the Magdalene laundries have, since
preternatural clarity. The milky light of a small canvas illuminates a character or a their dissolution, inspired several drama-
winter afternoon, mist on a river, a woman history with piercing accuracy. Her 2007 tizations; one of the latest is Esther Freud’s
opening an oven door, a child taking her short-story collection, “Walk the Blue Fields,” The shadow of the Magdalene novel “I Couldn’t Love You More.” Ms. Keegan
father’s hand: We see these things and feel also set in rural Ireland, was remarkable for laundries, where unwed is leading us, then, down a well-worn path,
their lingering presence as we are drawn such insights. And in this sustained narrative yet one that we see, through Bill Furlong’s
into the life of an unassuming man in an they are, if anything, more deeply affecting. mothers were forced by the eyes, as though for the first time. Much as
unremarkable place. In one crucial scene, for example, a young Church into lives of servitude, Furlong himself glimpses the life running
“In the town of New Ross,” Ms. Keegan woman confined by the nuns responds to through his days. When visited by a sudden
begins, “chimneys threw out smoke which Furlong’s concern for her. “She looked at the
hangs over a gemlike story of memory of childhood, for example, “he
fell away and drifted off in hairy, drawn-out window and took a breath and began to cry, life in a small Irish town. caught a hold of himself and concluded
strings before dispersing along the quays, the way those unused to any type of kind- that nothing ever did happen again; to each
and soon the River Barrow, dark as stout, ness do when it’s at first or after a long was given days and chances which wouldn’t
swelled up with rain.” Here Bill Furlong, time again encountered.” Furlong, lost in the mist, is told: “This road come back around. And wasn’t it sweet to
coal merchant, lives with his wife, Eileen, Furlong’s discovery of this girl both will take you wherever you want to go, son.” be where you were and let it remind you of
his five daughters and his subdued, persistent intensifies and accelerates the steady For an instant, the mythic past clouds the the past for once, despite the upset, instead
discontent. Christmas is coming, customers narrative. A life-changing crisis looms. Yet present and we too are disoriented and of always looking on into the mechanics of
are impatient, roads are icy and money is even here, Ms. Keegan’s control never falters. anxious, above all for Furlong’s fate. With the days and the trouble ahead, which might
scarce. “It would be the easiest thing in the In just a handful of understated episodes similar subtlety, the novel’s occasionally never come.” Though trouble seems sure
world to lose everything,” Furlong knows, (the confrontation between Furlong and the archaic dialogue (“Was it out at Wilson’s to when “Small Things Like These” ends,
having himself “come from nothing. Less convent’s Mother Superior is a masterpiece), you were?”) reinforces the impression of exactly as it should, in midwinter darkness.
than nothing, some might say.” His mother, she stealthily increases the tension and a man—and a country—on the cusp of
we learn, was an unmarried servant who anxiety that already shadow Furlong’s transformation. The Angelus bell at noon Ms. Mundow is a writer in central Massa-
gave birth to Furlong at the age of 16. consciousness. “Of late, he was inclined to summons Furlong’s workers to fish and chips, chusetts.

ANDREW KLAVAN’S “When
Christmas Comes” (Mysterious
Press, 250 pages, $21.95) is an
intriguing “Yuletide mystery”
that features a murder puzzle,
a ghost story, two star-crossed
romances and a fable of guilt.
Cameron Winter, an English
professor, has “a strange habit
of mind” which enables him to
fill in the details of shadowy
scenarios. A public defender
summons him at Christmastime
to the snow-covered town of
Sweet Haven to assist her client,
who’s confessed to murdering
his girlfriend. The accused is a
war hero and the town’s favored
son; no one wants to believe him
guilty. Yet the evidence and his
confession seem incontrovertible.
Once Winter intuits the hidden
truth, he must choose between
justice and mercy—and decide
what’s most important in life.
Anne Perry’s Victorian-era
seasonal tales have long been
an annual treat. “A Christmas
Legacy” (Ballantine, 188 pages,
$21) is arguably her best. Gracie
Tellman, wife of a Bow Street
police inspector, receives a plea
for help from Millie Foster, a
young woman “in service” at a
house where, she says, food has
gone missing and the servants
are all in fear of being falsely
accused of stealing. Gracie, her-
self a former maid, takes Millie’s
place briefly to try to sort things.
She soon solves the mystery
of the missing food: It’s being
slipped upstairs to feed a bed-
ridden old woman whom the
lord and lady of the house seem
content to “ignore to death.”
In scenes of great tenderness,
FAUSTO MONTANARI
more than its own reward. (Algonquin, 360 pages, There’s a grittier tone to
Agatha Christie, born a $17.95), the latest entry in the noirish books of the late
decade before the death of her series featuring 12-year- Sébastien Japrisot, a French
Queen Victoria, made her old amateur sleuth Myrtle author, screenwriter and film
indelible mark throughout Hardcastle. In 1893, Myrtle director. Several of his works,
the 20th century and now receives a double Christ- courtesy of the publisher Gallic,
belongs to the ages. This mastime shock: the death, are also newly available in
year saw the publication in “The Final Problem,” of paperback. “The Sleeping Car
of a new edition of Dame her fictional idol Holmes, Murders” (201 pages, $14.95),
Agatha’s novel “Crooked and the apparent murder of originally published in 1962 and
House” (Folio Society, the proprietor of her town’s later adapted for the screen by
216 pages, $59.95), with mercantile store. Tidings Costa-Gavras, has police seeking
period-evoking illustrations of discomfort, indeed. the killer of a woman found dead
by Sally Dunne. An account Holmes is of course rep- on the night train from Marseille
of multiple poisonings in a resented in “The Big Book to Paris. “Rider on the Rain”
London mansion, this 1949 of Victorian Mysteries” (152 pages, $15.95), from 1992,
book was named by the (Vintage Crime, 623 pages, follows a stranger’s intrusion
author as one of her favorites. second wife, Juliet. Soon the two $27), a bulging carpetbag of an into a Riviera resort, the house-
Another reissue, “Agatha Christie: men are once more in the thick anthology edited by the erudite wife whose existence he disrupts
First Lady of Crime” (Pegasus, of an exotic imbroglio, this one Otto Penzler. Some of the “rivals” and the American tough guy
246 pages, $26.95), edited by H.R.F. involving spies, thieves and of Holmes encountered in Mr. determined to untangle this
Keating, makes newly available a scoundrels from several nations. Penzler’s copious volume are Arthur intrigue.
1977 collection of literary tributes, With “Castle Shade” (Bantam, Morrison’s investigator Martin Tempted to try your own
with a bracing new introduction 360 pages, $28), Laurie R. Hewitt, Melville Davisson hand at a tale of crime?
by Sophie Hannah. Chicago author King continues her series THIS WEEK Post’s lawyer Uncle Abner “How to Write a Mystery:
Lori Rader-Day pays a fictional in which Holmes is married and Edgar Allan Poe’s A Handbook from Mystery
tribute to Christie in “Death at to (and partnered with) the Holiday brilliant thinker C. Auguste Writers of America” (Scribner,
Greenway” (Morrow, 421 pages, capable Mary Russell. The Books 2021 Dupin. This gift-worthy 326 pages, $27), edited by
$16.99), a suitably suspenseful duo is summoned by Queen What to Give compendium also includes Lee Child with Laurie R. King,
novel in which World War II nurses Marie of Romania to inves- stories by Mark Twain, gathers sound and often witty
tend to London-evacuated children tigate strange doings at Charles Dickens, Oscar advice from nearly 70 contem-
at the absent mystery writer’s her beloved Castle Bran, which is Wilde, Leo Tolstoy and Anton porary practitioners such as
holiday home; the owner’s occu- located in Transylvania and seems Chekhov. Linwood Barclay (“I’m not a big
pation takes on added significance to be suffering a plague of, you The fingernail-biting works of believer in ‘writer’s block’ ”),
when the corpse of a murder victim guessed it, vampires. Leonard Mabel Seeley, a popular author of Lindsey Davis (“Mortgage as
is found on a nearby beach. Goldberg’s “The Abduction of the 1930s, ’40s and ’50s, are now long as a telephone number to
Sir Arthur Conan Doyle died in Pretty Penny” (Minotaur, 338 being reissued by the publisher make you finish”) and Stephen
1930, but in the near-century since, pages, $26.99) extends the adven- Berkley in paperback. “The Listen- Ross (“Even a shopping list
there’s been no shortage of new tures of Joanna Blalock, the ing House” (349 pages, $16) is can have subtext”).
stories about his immortal char- daughter of the late Holmes, narrated by a copywriter who takes Follow the rules and someday
acter Sherlock Holmes. Nicholas who’s married to John, the son a room in a boardinghouse filled your work may be included in
Meyer delivers another convincing of Dr. Watson. Joanna and the two with eccentric lodgers—and a such an annual collection as
Holmesian adventure this season Watsons carry on the consulting- decaying corpse in the basement. “The Best Mystery Stories
with “The Return of the Pharaoh” detective business; their latest case “The Chuckling Fingers” (318 of the Year 2021” (Mysterious
(Minotaur, 262 pages, $25.99). concerns one Pretty Penny, a young, pages, $16), set on a Minnesota Press, 454 pages, $16.95), edited
Here Holmes travels undercover impoverished actress who seems to estate, is told by Ann Gay, an and introduced by Mr. Child.
to Egypt, circa 1910, in search of a have been kidnapped by a re- insurance-office stenographer (Otto Penzler is the series editor.)

Gracie and her new colleagues duke who’s vanished while seeking emergent Jack the Ripper. Younger determined to find out what’s be- Included here are 20 tales by
tend to the semi-invalid’s needs. a centuries-old tomb (and its Holmes fans (and older ones too) hind a series of cruel pranks which such award-winners as James
And in a gleefully pleasing finale, treasures). As luck would have it, should be charmed by Elizabeth C. ends in murder: “If trouble was a Lee Burke, Sara Paretsky, Stephen
virtue proves to be a good deal Dr. Watson is in Cairo with his Bunce’s “Cold-Blooded Myrtle” lake, she’d dive into it headfirst.” King and the late Sue Grafton.
P2JW331000-4-C01200-1--------XA

C12 | Saturday/Sunday, November 27 - 28, 2021 **** THE WALL STREET JOURNAL.

BOOKS
‘We are better throughout the year for having, in spirit, become a child again at Christmastime.’ —LAU RA IN G ALLS WILD ER

The Clock Strikes at Midnight

PUTNAM
CHRISTMAS EVE In ‘Jan Brett’s The Nutcracker,’ the clockwork creations of the toymaker Drosselmeier include a raggedy trickster and two dancing harlequins.

A YOUNG girl wakes
in the night to see
the walls of her room
“pulsing with a
strange, glimmering
light.” Thus begins
“Where Snow An-
gels Go” (Candle-
wick, 72 pages,
$18.99), a captivating
CHILDREN’S illustrated story by
BOOKS Maggie O’Farrell,
MEGHAN author of the prize-
COX GURDON winning 2020 novel
“Hamnet.”
The girl is Sylvie, and to her min-
gled alarm and joy she sees that she
has an extraordinary visitor—a silvery
blue angel, born of a playful moment
when she had thrashed her arms and
legs in fresh powder, as children do.
Illustrator Daniela Jaglenka Terrazzini
portrays him as a Renaissance youth
with a bold jaw, curling hair, and
graceful, luxuriant wings. “When he
moved,” Ms. O’Farrell writes, “tiny
showers of luminous dust came off
him, like snow falling from a branch.”
The angel has come because the
girl is in danger. Thanks to him,
Sylvie’s mother too wakens and dis-
covers that her daughter is running a
fever. “Sylvie was ill for a long time,”
we read. “She was still in bed, most
unfortunately, on Christmas Day.”
Once recovered, the child yearns to
see her Snow Angel again. Since he
must come if she’s in peril, she
decides to take reckless measures—
climbing too high, walking down
stairs with her eyes closed—but no
guardian appears. Only when she
nearly drowns does she understand,
from the sharp cold of the wave that
saves her, that the angel still extends
his protection. This realization in-
spires her to ask a great favor on
behalf of the people she loves most
in this hopeful story for children ages
6-10.
This weekend marks the beginning
of Advent, the period of Christian
preparation that culminates in the
celebration of Christmas. From the
European culture that gave the world
the Christmas tree comes “Advent:
Festive German Bakes to Celebrate
the Coming of Christmas” (Qua-
drille, 272 pages, $35), an elegant
cookbook created by food writer and
artist Anja Dunk. “Much of the baking
of Adventsgebäck is done together as
a family,” she writes. “It’s a messy
affair with icing sugar flying through
the air, sprinkles and silver balls
skittling around the table, and, as you
can imagine, much excitement.”
THIS WEEK
Where Snow Angels Go
By Maggie O’Farrell
Illustrated by
Daniela Jaglenka Terrazzini
Advent: Festive German
Bakes to Celebrate the
Coming of Christmas
By Anja Dunk
Ms. Dunk’s atmospheric photo-
graphs and linocut illustrations serve
to showcase her recipes for Yuletide
delicacies that many of us might ordi-
narily buy ready-made. These include
Lebkuchen, the classic German spiced
cookies, and Stollen, the sugar-dusted,
marzipan-filled Christmas loaf, but
also the savory cheese and poppy-
seed rolls known as Käsebrötchen and
the pizza-like Flammkuchen. Tradi-
tional German baking calls for ingre-
dients that American home cooks may
not have on hand, such as beet-sugar
syrup and “baker’s ammonia,” but
Ms. Dunk suggests substitutions. She
also, another mercy, gives measure-
ments in both metric and imperial.
The words for “O Little Town of
Bethlehem” came in 1867 from the
pen of Phillips Brooks, rector of the
Episcopal Church of the Holy Trinity
in Philadelphia. A year later it was
set to music and entered the Ameri-
can choral canon. Now the familiar
first stanza—which begins, “O little
town of Bethlehem, how still we see
thee lie!”—provides the text for “The
First Christmas” (Paula Wiseman,
30 pages, $17.99). The illustrations
in this picture book are painted by
Will Moses, great-grandson of Anna
Mary Robertson “Grandma” Moses,
the self-taught artist who didn’t put
brush to canvas until she was 77.
Unlike his famous forebear, whose
pictures have a flat, naive quality, Mr.
Moses brings proportion and detail to
his folk-art depictions of the Nativity.
The First Christmas
Illustrated by Will Moses
The Christmas Pig
By J.K. Rowling
Jan Brett’s The Nutcracker
By Jan Brett
He paints tiny figures on camels in
the distance, realistic animals in
the foreground, and haloed angels
on high. This tender book radiates
peace, as well it might.
Christmas Eve, “the night for
miracles and lost causes,” is anything
but tranquil in J.K. Rowling’s novel
“The Christmas Pig” (Scholastic,
271 pages, $24.99), a fantasy adven-
ture for children ages 8-12. The book
tells of a boy’s Dantean quest to find
his beloved stuffed animal, a plush
pig called DP. In pursuit of his child-
hood companion, Jack becomes the
first living child ever to descend from
the Land of the Living, where we are,
to the Land of the Lost. This strange
and often hostile realm is where all
the things that people lose—orna-
ments, asthma inhalers, bad habits—
go to be sorted according to how much
they are missed. Some fortunate ob-
jects get to go to the city of Mislaid,
for instance, and their stay is tempo-
rary. But others—the wrecked, dis-
carded and forgotten—face a terrible
exile in the Wastes of the Unlamented.
Jack’s guide on his journey is a
stuffed pig identical to the one he’s
lost, an unwanted new toy that he
derisively calls the Christmas Pig.
As the two race against time—the
rescue must happen before the stroke
of midnight, but where is DP?—they
find themselves contending with
unfriendly Loss Adjusters and a vora-
cious monster known as The Loser.
Jim Field’s exuberant black-and-white
Red and Green
and Blue and White
By Lee Wind
Illustrated by Paul O. Zelinsky
Happy Llamakkah!
By Laura Gehl
Illustrated by Lydia Nichols
illustrations fit the cinematic feel of
the story so well that they might
be studies for a future movie.
A clock striking midnight is the
charm that sets in motion the magical
transformations of E.T.A. Hoffmann’s
story of a young girl and an en-
chanted nutcracker. This Christmas
stalwart gets the Jan Brett treatment
in “Jan Brett’s The Nutcracker”
(Putnam, 32 pages, $18.99), a be-
guiling picture book for children ages
4-8. The style of Ms. Brett’s illustra-
tion (see above) is as distinctive as
the star on a Christmas tree: In her
pictures, the principal visual storyline
comes wreathed in smaller pictures
that convey sweet scenes of simulta-
neous action and glimpses of what’s
to come. Here, as Marie and her
brother Fritz revel with guests at the
sumptuous Christmas party that
opens the story, animals with beauti-
ful clothes and instruments seem to
be providing the music. Ms. Brett has
chosen a snowy 19th-century Russian
setting for her version of the story,
with bears in embroidered blouses
that dance the Russian Trepak and
flying squirrels that serve tea from a
samovar to Marie and her Nutcracker
consort.
The spirit of seasonal goodwill
prevails in a picture-book account of
an incident that took place in Mon-
tana in 1993. In “Red and Green and
Blue and White” (Levine Querido,
32 pages, $17.99), Lee Wind tells
of two children, one Jewish and the
other Catholic. “Isaac helped his
family decorate their big window for
Chanukah,” we read. “Across the
street, his best friend Teresa helped
her family trim their Christmas tree.”
One night, as Paul O. Zelinsky shows
in his affecting illustrations, a shad-
owy assailant approaches the Jewish
household: “SMASH! The window
shattered. A stone! Shards of glass
falling. And Isaac, wide awake,
watched their menorah flicker out.”
The next night, Isaac’s family lights
their menorah again, and this time
it is joined by one that Teresa has
drawn and taped up inside her front
window. Soon other neighbors put
up pictures of menorahs, too: “Local
stores joined in. And restaurants. And
clubs. It was on TV, and in the news-
paper.” This moving tribute to reli-
gious pluralism will uplift children
ages 4-7 yet cannot but make them a
little somber, too.
There’s not a note of solemnity in
Laura Gehl’s light, irreverent picture
book for 2- to 4-year-olds, “Happy
Llamakkah!” (Abrams Appleseed,
24 pages, $14.99). The book came out
last year but, like so many 2020
books, may have been missed in the
Covid shuffle. Lydia Nichols’s pictures
are cheerful and uncomplicated as
a family of long-necked quadrupeds
celebrates the miracle of the Macca-
bees by lighting candles, playing
games and eating yummy foods: “Sing-
ing so sweet. / Donuts to eat. / Gelt for
a treat. / HAPPY LLAMAKKAH!”

Bestselling Books | Week Ended November 20

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPD BookScangatherspoint-of-salebook data
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan 16,000 locationsacross the U.S.,
representingabout 85%ofthe nation’s booksales.
The 1619 Project: A New Origin Story 1 New Get Untamed 6 New Big Shot 1 1 The Wish 6 6 Print-book data providersincludeall majorbooksellers,
Nikole Hannah-Jones/One World Glennon Doyle/Clarkson Potter Jeff Kinney/Abrams Nicholas Sparks/Grand Central webretailersand food stores.Ebook dataproviders
includeall majorebook retailers.Freeebooks and
All-American Christmas 2 New Betrayal 7 New The Judge’s List 2 3 The Dark Hours 7 4 those sellingforless than 99centsare excluded.
Rachel Campos-Duffy & Sean Duffy/Broadside Jonathan Karl/Dutton John Grisham/Doubleday Michael Connelly/Little, Brown The fictionand nonfictioncombinedlists include
aggregatedsalesfor allbook formats (exceptaudio
Humans 3 — The 1619 Project: Born on the Water 8 New Mercy 3 New The Lincoln Highway 8 — books, bundles,boxedsets andforeign
Brandon Stanton/St. Martin’s Nikole Hannah-Jones, Renée Watson & Nikkolas Smith/Kokila David Baldacci/Grand Central Amor Towles/Viking language editions)and featurea
combinationof adult, youngadultand
The Pioneer Woman Cooks 4 2 Atomic Habits 9 5 The Stranger in the Lifeboat 4 2 The Boy, the Mole, the Fox and... 9 — juvenile titles. Thehardcover fictionand
Ree Drummond/Morrow James Clear/Avery Mitch Albom/Harper Charlie Mackesy/HarperOne nonfictionlists alsoencompassa mix
of adult,youngadultand juvenile titles whilethe
Will 5 1 The Storyteller 10 6 The Christmas Pig 5 5 Polar Express 30th Anniversary Ed. 10 — business list features onlyadulthardcover titles.
Will Smith & Mark Manson/Penguin Press Dave Grohl/Dey Street J.K. Rowling/Scholastic Chris Van Allsburg/Clarion Refer questions to Teresa.Vozzo@wsj.com.

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

The Real Anthony Fauci 1 New The 1619 Project: A New Origin Story 1 New Mercy 1 New Mercy 1 New Atomic Habits 1 1
Robert F. Kennedy Jr./Skyhorse Nikole Hannah-Jones/One World David Baldacci/Grand Central David Baldacci/Grand Central James Clear/Avery
Betrayal 2 New All-American Christmas 2 New Tom Clancy Chain of Command 2 New Big Shot 2 2 Speed & Scale 2 5
Jonathan Karl/Dutton Rachel Campos-Duffy & Sean Duffy/Broadside Marc Cameron/Penguin Jeff Kinney/Abrams John Doerr/Portfolio
The 1619 Project: A New Origin Story 3 New Humans 3 — Guild Boss 3 New The Judge’s List 3 3 Jump 3 New
Nikole Hannah-Jones/One World Brandon Stanton/St. Martin’s Jayne Castle/Berkley John Grisham/Doubleday Kim Perell/Harper Leadership
5 Scientific Laws of Life & Leadership 4 — Betrayal 4 New Clive Cussler’s The Devil’s Sea 4 New Elf on the Shelf 4 7 Dare to Lead 4 8
Brett Dinovi/Cranberry Jonathan Karl/Dutton Dirk Cussler/Putnam Carol V. Aebersold/CCA & B Brené Brown/Random House
Sexy Money 5 — Will 5 1 The Dark Hours 5 1 The Stranger In the Lifeboat 5 4 StrengthsFinder 2.0 5 7
Genevieve Rackham/Authors Unite Will Smith & Mark Manson/Penguin Press Michael Connelly/Little, Brown Mitch Albom/Harper Tom Rath/Gallup
Hidden Valley Road 6 — The Pioneer Woman Cooks 6 2 The Stand 6 — The Dark Hours 6 1 Lead With We 6 3
Robert Kolker/Doubleday Ree Drummond/Morrow Stephen King/Anchor Michael Connelly/Little, Brown Simon Mainwaring/Matt Holt
Will 7 2 Get Untamed 7 New Trusting Cassidy 7 New Dune 7 6 Extreme Ownership 7 9
Will Smith & Mark Manson/Penguin Press Glennon Doyle/Clarkson Potter Susan Stoker/Montlake Frank Herbert/Ace Jocko Willink & Leif Babin/ St. Martin’s
Mostly Plants 8 — The 1619 Project: Born on the Water 8 New The Wolf 8 New Clive Cussler’s The Devil’s Sea 8 New Total Money Makeover 8 6
Tracy Pollan/Harper Wave Nikole Hannah-Jones, Renée Watson & Nikkolas Smith/Kokila J.R. Ward/Simon & Schuster Dirk Cussler/Putnam Dave Ramsey/Thomas Nelson
The Dawn of Everything 9 1 Atomic Habits 9 5 The Judge’s List 9 4 The Christmas Pig 9 9 The Daily Stoic 9 —
David Graeber/Farrar, Straus & Giroux James Clear/Avery John Grisham/Doubleday J.K. Rowling/Scholastic Ryan Holiday & Stephen Hanselman/Portfolio
All-American Christmas 10 New The Storyteller 10 6 Termination Shock 10 New The Lincoln Highway 10 — The Five Dysfunctions of a Team 10 —
Rachel Campos-Duffy & Sean Duffy/Broadside Dave Grohl/Dey Street Neal Stephenson/Harper Amor Towles/Viking Patrick M. Lencioni/Jossey-Bass
P2JW331000-4-C01300-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 27 - 28, 2021 | C13

PLAY
NEWS QUIZ DANIEL AKST From this week’s
Wall Street Journal
NUMBER PUZZLES SOLUTIONS TO LAST
WEEK'S PUZZLES
1. Mexican Presi- 6. Omicron made head- Cell Blocks Cell Blocks
dent Andrés Ma- lines. How? Divide the grid
nuel López Obra- into square or
dor nominated  A. The marketing rectangular blocks, For previous
Victoria giant ran afoul of au- each containing weeks’ puzzles,
Rodríguez—to be thorities in China one digit only. and to discuss
what?  B. The chip maker Every block must
strategies with
plans a new foundry contain the number
other solvers, go
 A. Ambassador to near Boise, Idaho of cells indicated by
to WSJ.com/
the U.S.  C. It’s the name of a the digit inside it.
puzzles.
 B. Governor of the Bank of scary new Covid strain
Mexico  D. Physicists proved this tini- Killer Sudoku
 C. Finance minister est of particles actually exists Level 4 Suko
 D. Foreign minister
7. An Emirati official elected
2. Samsung plans to build a $17 president of Interpol has been
billion chip-making plant in Tay- accused of something in several
lor, Tex., about 30 miles from European countries. Of what?
which of these cities? Killer Sudoku Level 1
 A. Torture As with standard
 A. Arlen  B. Bribery Sudoku, fill the
 B. Amarillo  C. Tax evasion grid so that every
 C. Arlington  D. Drug smuggling column, every row
 D. Austin and every 3x3 box It’s a Mad World
contains the digits D R E S S U P E X P O J A V A G M S
8. Workers in the U.S. quit a re- R E A C T T O C R A W U P O N L E E
1 to 9. Each set of
3. What kind of insurers are cord 4.4 million jobs in Septem- S Q U A R E S H A V E AM E L T D O W N
cells joined by L A R S E Y E S U P P E O R I A
turning to riskier assets to back ber. Which state posted the big- dotted lines must F L I P Y O U R L I D R E D O A I N T
their policies? gest percentage increase? add up to the R A T E D MO O N R A D O N S A G E
A V A L O N A N G L O Z E A L
target number in
 A. Medical malpractice  A. Pennsylvania N I L G A L S I MA G E S O R E S
its top-left corner. K N O B G E T S T E AM E D SW I L L
 B. Property and casualty  B. New York Within each set L A G S P A N N E D R U B B L E
 C. Earthquake and flood  C. Hawaii of cells joined by I G N O R E A R I I N S AMU S E D
 D. Life  D. Colorado F L OW E D C O L L A R B I E R
dotted lines, a digit S U D A N B E U P I N A R M S N A R C
cannot be repeated. OM E G A A S T I R E X E S B O O
A S P S P A S S E S T O O G E
4. Green Bay quarterback Aaron 9. A coal mine explosion took A D D S R E I N E C A S S A U D E N
Rodgers says he has a broken more than 50 lives—in what Si- L E E K A R G O H A V E K I T T E N S
toe but previously offered a dif- berian region? Suko O R N E R Y U R B A N A I C E S
Place the numbers H I T T H E C E I L I N G P O P T O P S
ferent explanation for his pain. A V A E R G S A T E E I M E A N I T
What was it?  A. Kemerovo 1 to 9 in the spaces S E L A S I S B I D S T E N Y E A R
 B. Tomsk so that the number
in each circle is equal
FROM TOP: GDA/ASSOCIATED PRESS; KIRILL KUKHMAR/TASS/ZUMA PRESS

 A. Trypanophobia  C. Novosibirsk Acrostic

 B. Covid toe  D. Krasnoyarsk to the sum of the
four surrounding Henry David Thoreau, “Walden”—“Perhaps the
 C. Arthralgia facts…most real are never communicated by
spaces, and
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

 D. Laryngitis man to man. The true harvest of my daily life

each color total
is correct. is somewhat as intangible and indescribable as
5. What just fell to a 52-year the tints of morning or evening. It is a little
low? star-dust caught, a segment of the rainbow
which I have clutched.”
 A. The trade deficit
 B. Weekly jobless claims A. Horn of plenty; B. Eclair; C. “Night and Day”;
 C. High school math perfor- D. Rattail; E. Yosemite Sam; F. Dan Rather;
mance G. Aftershave; H. Venice Beach; I. Isaac Asimov;
 D. Beef liver consumption J. Danish; K. T Bone Burnett; L. Homecoming;
M. Ohm’s Law; N. Recital; O. Edinburgh;
P. Atticus Finch; Q. Up to snuff; R. Wheat Belt;
Answers are listed below the S. Alters; T. Lemmings; U. Dottie West;
crossword solutions at right. V. Esther; W. Negativism

Answers to News Quiz:1.B, 2.D, 3.D, 4.B, 5.B, 6.C, 7.A, 8.C, 9.A
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 46 Pirouette points
48 Medium for
18 19 20 21
some sculptors 1 2 3 4 5 6 7
22 23 24 49 Muppet who’s in
love with Camilla
25 26 27 28 29
the Chicken
30 31 32 33 34 50 Buddy of 8 9 10 11 12 13 14
“The Beverly
35 36 37 38 39 40 41 42 Hillbillies”
43 44 45 46 47 48 49 50 52 Give a Yelp
review, say
51 52 53 54 55
53 Drama in Kyoto 15 16 17 18 19 20 21
56 57 58 59 60 58 Switch maker
59 No longer into
61 62 63 64
60 Singing syllable
65 66 67 68 69 70 71 62 Like Cheerios 22 23 24 25 26 27 28
72 73 74 75 76 64 “Snap out of it!”
65 Corporate
77 78 79 80 81 82 83 84 department
66 Banish 29 30 31 32 33 34 35
85 86 87 88 89
67 Doc Brown’s
90 91 92 93 94 95
reads
96 97 98 99 100 101 “OUTATIME”
68 Moody music 36 37 38 39 40 41 42
102 103 104 105 106 107
70 Accompanying
108 109 110 111 112 113 114 115 116 71 Rose
117 118 119 120 121
74 Don’t bet on it
75 God, in Granada
122 123 124 78 Tuba sound Curly Quote | by Patrick Berry
125 126 127 79 At the original Each answer in this grid is seven 8 Big name in frozen food 25 Singer whose cosmetics
speed, in scores letters long and forms a “curlicue” (2 wds.) line is called Fenty Beauty
80 “The King and I” in the grid, occupying the
Table Scraps | by Carl Larson setting 9 Problem for a road crew to 26 Talk shows that revel in
correspondingly numbered space
Across 55 Hold up 101 Once-ubiquitous 6 Off the table, 82 Reject and the six spaces that surround it solve sleaze and controversy
1 Beat around the 56 It’s north of players perhaps somebody, in as shown at left. 10 “Terrace of a Café at Night” (2 wds.)
Herzegovina 102 It’s fed from trays 7 “Blue Bloods” a way
bush Either the first painter (2 wds.) 27 Ethnologist’s area of
57 Like many 106 Meet-cute in a network 83 DVR brand letter or the last
7 Bring from the interest
minors to the interviews rom-com, e.g. 8 Hawkish 84 “Calvin and letter of the answer should be 11 Swindler’s scheme (2 wds.)
majors 60 Hamilton notes 108 MRI target in a Olympian Hobbes” 28 Cocktails flavored with lime
placed in the numbered space. The 12 Member of the literati
knee conveyance
13 Tops 61 Penn or Pitt 9 Entices remaining letters can read either juice
18 “You betcha!” 63 Prison weapon 109 Dairy output 10 Never be 86 Crowded housing
clockwise or counterclockwise, 13 Horn of Africa nation
forgotten 88 Like some 29 Not made-up (2 wds.)
20 Sparring 64 Chew the 110 Overly precious connecting to the central letter 14 Modern film genre that
greenery 11 Premium content breezes 30 Reptiles with a row of spiky
souvenir 112 Bathroom, in through the gap in the heavy black echoes 1950s crime dramas
65 Good thing to brief premium 89 Hosp. workers scales down their backs
21 Big cheese hexagon. Each answer has four (Hyph.)
have in an 113 Maggie’s big 12 Apiece 91 Cry of feigned
22 Juror while the innocence
possible arrangements, as shown 31 Headgear also known as a
trial is in session, emergency sister 13 Tennessee music with the answer CURLING below. 15 Movie star Gal Gadot, by
69 Something to 117 Collected and arts festival 92 Mauna ___ birth balaclava (2 wds.)
e.g. U R U G N C N I
look forward to 119 Radical 14 Extremity 93 The Jonas 32 “Annihilation” star Portman
24 “Absolutely!” G C L R C N I G U C G L 16 Disseminate via the post
after bingeing members of a Brothers, e.g. N I L I L R U R
25 Fit 15 Points of view? 33 Lure in
72 OWLs and group, and a hint 98 Bring up to code, office (2 wds.)
26 Early outcast NEWTs, at
16 What was exited perhaps As a solving aid, the top and
to the circled in Brexit bottom rows of the grid will 17 Mexican city across the 34 Roll of 7 or 11 in craps
27 Prophesying Hogwarts letters 100 Tough tests
person 73 Care for 17 City of “sinners contain the same sequence of border from San Diego 35 Island where a flag was
122 Grows dark,
28 Caterer’s before the Lord” 102 Two-time letters reading left to right. When famously raised (2 wds.)
76 “Country Ain’t perhaps winner of FIFA’s 18 Facing possible punishment
container Country” singer 19 Chess column Women’s World the grid is filled, the letters in the
123 Spoiler on the
listing in court (2 wds.) 36 Put tape around, perhaps
29 Keanu’s role in Travis front of a car Player of the numbered spaces will spell a quote
“The Matrix” 77 Celebrity chef 124 Regard
21 Al who Year Lloyd from Albert Schweitzer. 19 Completely flips out 37 Suds container (2 wds.)
30 Sites for strikes D’Acampo performed the 103 Vast expanse (3 wds.)
dismissively 38 Craft used to make
theme for “The
32 Home of the 78 Rewarding hike? 125 Ham-handed 104 Cones’ 20 Affliction with many home friendship bracelets
Green Hornet”
Rams and 81 Wedding guests 126 “___ Really counterparts
Chargers 23 “Take care!” 105 Tears
remedies 39 Reference work that gets
give them Matter” (Janet
35 Loathe Jackson song) 28 Event won twice 107 Bakery fixtures 1 Pillages and plunders 21 Work the controls of, as a outdated quickly
85 Comedian Wong
by Naomi Osaka
38 “Game of 86 Bit of ink 127 Sudden 111 “A Visit from the 2 Oxygen provider in a heavy-duty vehicle 40 Liquor company with a bat
Thrones,” e.g. enlightenment 31 Magazine stores Goon Squad”
87 Losing all fishbowl 22 Didn’t show up for, slangily in its logo
41 Rome’s fifth 33 1040 org. author Jennifer
restraint Down (2 wds.)
emperor 90 Offer of 1 Well-spoken
34 Lair for a bear 114 411 3 Person to emulate 41 Object you shouldn’t put in
42 Playful pursuits, assistance desire? 35 LAPD alert 115 Astros cap 4 “The Girl From ___” 23 Driver’s woe on long road a pocket (2 wds.)
for short 94 “Smooth 36 Amorphous mass feature trips
2 Occupying it (Grammy-winning song) 42 “What’s the reason?”
43 Tickle pink Operator” singer earns seven 37 Leander’s love 116 Italian wine
45 Fleet 95 Wood for a tee bonus armies center 5 Lines on an envelope 24 Shenanigans (2 wds.)
39 It may stop the
47 It may involve 96 Hither’s in Risk presses 118 Zest 6 1984 film based on a Get the solutions to this week’s Journal Weekend Puzzles in next
s

plants and bugs counterpart 3 Mattress choice 40 Z ___ zebra 119 It’ll pass
fictionalized musical rivalry Saturday’s Wall Street Journal. Solve crosswords and acrostics
51 Korea’s DMZ, e.g. 97 Dock 4 Sponges 44 Bergen of 120 CPR pro
54 Prefix with 99 Like early Beatles 5 Cariou of “Blue “Madam 121 “Double Bubble 7 House of ___ (Parliament online, get pointers on solving cryptic puzzles and discuss all of the
tourist or type recordings Bloods” Secretary” Trouble” singer assembly) puzzles online at WSJ.com/Puzzles.
P2JW331000-4-C01400-1--------XA

C14 | Saturday/Sunday, November 27 - 28, 2021 **** THE WALL STREET JOURNAL.

REVIEW

ICONS

Disney Knows
Rococo
The studio’s beloved movies borrowed from an
18th-century French style of ornamental whimsy.

COUNTERCLOCKWISE FROM TOP: WALT DISNEY ANIMATION RESEARCH LIBRARY (2); THE METROPOLITAN MUSEUM OF ART
BY PETER SAENGER coco revival of the mid-19th century,

T
hough young viewers
may not realize it, the
animators of some of
Disney’s most memora-
ble films drew deeply
from European visual culture. In “In-
spiring Walt Disney: The Animation
of French Decorative Arts,” which
opens Dec. 10, New York’s Metropol-
itan Museum of Art presents more
than 200 objects—among them ele-
phant-headed vases, animation cels,
preparatory sketches and a minia-
ture room—to illustrate the unlikely
process that turned elite art styles
into beloved mass entertainment.
The show focuses, above all, on
the Rococo style popular in France
from around 1730 to 1760. Breaking
with earlier ideals of simplicity and
There was
‘energy and
wit...a very
light style.’
WOLF BURCHARD
Met Curator
grandeur, the rococo was exuberant,
playful and highly ornamental. It
was “supposed to be fun,” says the
Met’s Wolf Burchard, who curated
the show. There was “energy [and]
wit…a very light style.” The spirit of
rococo influenced other genres as
well: A bestselling novel of the time
starred a talking sofa, while in a
1739 ballet, a magician transforms a
lovelorn prince into a teapot.
Walt Disney had similar ideas.
The exhibition includes animated
shorts from the early 1930s in which
clocks, watches and porcelain fig-
ures come to life. The Disney studio
got increasingly serious about art
history for the full-length 1950 fea-
ture “Cinderella.” Originally the
story was to be set in the 18th cen-
tury, but the period’s elaborate cos-
tumes posed an animation challenge.
The studio also worried that be-
wigged heroes would be hard for
1950s children to relate to, Mr. Bur-
chard says.
Instead, the film evokes the Ro-
with details like Cinderella’s richly
ornamented but cracked mirror
standing on a handsomely carved
marble tabletop. When the fairy
godmother waves her wand to trans-
form Cinderella’s dress, the precise-
ness of the animators’ sparkles
evoke the pointillé dot patterns used
in some Sèvres porcelain, in which
each dot “had to be placed with ab-
solute precision to ensure a convinc-
ing visual effect,” Mr. Burchard
writes in the exhibition catalog. The
show includes an extensive selection
of Sèvres porcelain, including sculp-
tures of children entranced by “The
Magic Lantern” (circa 1760), a fore-
runner of the cinema.
For “Sleeping Beauty” (1959),
Eyvind Earle served as effective art
director and filled the film with ref-
erences to art history. The storybook
that sets the scene recalls a French
illuminated book from the 1410s,
“The Very Rich Hours of the Duke of
Berry.” Tapestries were another im-
portant influence.
When the heroine, Au-
rora, and her Prince Above, concept art for “Beauty
dance in a forest, the and the Beast” evokes an 18th-
landscape is deliber- century candlestick from the
ately flattened, allow- Met’s collection (below). Left, a
ing details like the bark scene drawn for the same film
of the trees to domi- echoes 16th-century tapestries.
nate the scene. The
same kind of flattening
can be seen in the
Met’s own flower-be-
decked tapestry “Shep-
herd and Shepherdess
Making Music” (ca.
1500-30).
Rococo reappears in
“Beauty and the Beast”
(1991), one of the first
in a series of hits
known as the Disney
Renaissance. Art direc-
tor Brian McEntee
wanted the film to re-
flect the “lyrical qual-
ity” of Rococo painters
Jean-Honoré Fragonard (1732-1806) loved Beast, the animators turned to vants—magically turned into a
and his mentor, François Boucher the Hall of Mirrors, a dazzling 1680s clock, a candlestick, a cup and a tea-
(1703-1770)—not so much the wigs gallery in the palace of Versailles, pot—the exhibition has plenty of
and ornamentation but the “pastoral with a ceiling fresco depicting their rococo antecedents, like a wall
atmosphere, almost like a dance in winged infants (“putti”) in the man- clock of gilt bronze that is almost 4
paint form,” as Mr. McEntee says in ner of Boucher. “Inspiring Walt Dis- feet tall and wildly overdecorated
an interview for the catalog. ney” will feature the scene projected with flowers, a bust and animal
For the dance of Belle and her be- on a wall. As for the Beast’s ser- heads.

MASTERPIECE | ‘ZEBRA’ (EXHIBITED 1763), BY GEORGE STUBBS

Taming a deeper and more multifaceted art-

ist than one might have suspected
on cursory examination. His work is
mately. As early as 1759, aristo-
crats had begun to recognize the
accuracy of his drawing. In 1766

Wild
better than one might think. his “The Anatomy of the Horse”
His zebra is anatomically cor- was published. In the 1770s he
rect, beautiful and mysterious. Her painted his first canine portraits.

Details
BY WILLARD SPIEGELMAN
IN HIS 1902 “Just So Stories,” Rud-
yard Kipling said the zebra got its
stripes by standing half in the
shade and half out, “with the slip-
pery-slidy shadows of the trees”
falling on its body.
Kipling might have learned this
lesson from George Stubbs
(1724-1806), England’s most im-
portant painter of animals, but we
don’t know if he ever saw Stubbs’s
picture of a female zebra (c. 40 by
50 inches), which now hangs, with
nine other Stubbs works, on the
fourth floor of the Yale Center for
British Art in New Haven, Conn.
Famous for his dogs, horses,
hunting scenes and conversation
pieces, Stubbs has always appealed
to Anglophiles, everywhere. His art
seems to belong in exclusive clubs,
country homes, or any place, how-
ever modest, redolent of Ralph
Lauren. He has never been held in
as high esteem by cognoscenti as
ears go backward. She has a dew-
lap on the underside of her neck.
Her tail stripes are minutely ren-
dered. The accuracy of these de-
tails allows us to identify the sub-
species (Cape Mountain) to which
she belongs. The striping is sump-
tuous as well as exact. Even the
striations, seen up close, have
mini-striations of their own.
This is also a portrait of an in-
dividual. Stubbs attends lovingly
to her hide, and treats her particu-
lar details as carefully as another
painter would treat the jewelry,
ruff or collar, or the folds of a gar-
ment, of a human sitter. Her
hooves look like shoes.
Muscular, poised, both charming
and statuesque, she is no longer in
Africa. Stubbs has placed her in a
forest glade rather than in a pad-
dock, or in the kind of open, neu-
tral—gray or buff-colored—back-
ground that he often used for his
horses and dogs. The lacy foliage,
stippled leaves, the gentle sun-
shine and shadow: Everything in
the setting suggests traditional
pastoral details. There is nothing
wild or exotic in this picture. Ev-
erything says “England,” except
The zebra is anatomically correct,
beautiful and mysterious—a
portrait of a true individual.
detect a look of sadness in her face?
She seems calm, in her glade of
slippery-slidy shadows. But she is
also as out of place in this scene as
she would be in London or New Ha-
ven.
We do not know why Stubbs
painted this picture, or why it re-
mained in his studio at the time of
his death. This zebra was not the
the governor of South Africa. The
couple were installed at Bucking-
ham House (now the Palace). One
observer commented: “The Queen’s
she-ass was pestered with visits,
and had all hours employed from
morning to night in satisfying the
curiosity of the public.” She in-
spired rude broadside ballads—“You
may see the Queen’s ass,” etc.—and
she died, widowed, in 1773.
About Stubbs himself we also
know less than we would like. His
father was a currier and leather
seller, with whom he worked until
His techniques were various. He
painted in oil, sometimes with
beeswax (on canvas, panel and
enamel). He did engravings. He
collaborated with Josiah Wedg-
wood to paint with enamel on
earthenware.
It is his animals for which he is
rightly known, and not just the
horses and dogs that gentlemen
patrons commissioned to prove
their own status among the gentry.
In a period of about 30 years,
Stubbs did at least 17 versions of a
lion attacking a horse. Yale dis-
plays some of these on a floor be-
neath the zebra. They constitute
the artist’s pre-Romantic side. In
the 19th century, Delacroix and
Géricault absorbed his lessons, as
the picturesque and the domestic
gave way to the ferocity of the
sublime, and on a larger scale.
In 1763, however, Enlightenment
values and curiosity about new an-
imal (and plant) species held sway.
Two centuries later (in 1960), Paul
Mellon, who had the largest collec-
tion of Stubbs pictures in the
world, bought the zebra picture. It
helped to usher in the Center for
British Art, one of Mellon’s lasting
YALE CENTER FOR BRITISH ART

his contemporaries Reynolds and
Gainsborough.
It’s easy to dismiss Stubbs’s most
famous works as standard Georgian,
Tory, hunting-and-racing folderol.
The story of the 1763 zebra painting
(and of the zebra herself) suggests
the central figure herself.
She is in the limelight, of course,
but Stubbs has stationed her also in
darkness, and far away from home.
He has both domesticated and es-
tranged her. Where, we might ask,
does she rightfully belong? Do we
first to come to England (Prince
Frederick kept zebras at Kew in the
1740s), but she was made, almost
immediately, visible to the public.
She arrived with her mate in 1762
aboard the HMS Terpsichore, a
paired gift to Queen Charlotte from
he was 15 or 16. He was mostly
self-taught. By the 1740s he was
doing portraits and, more impor-
tant, studying anatomy. For about
a year, in Lincolnshire, he dis-
sected horses, whose bones and
musculature he came to know inti-
benefactions. Queen Charlotte’s
ass is now at home, both in her
forest glade and in Louis Kahn’s fi-
nal great building.
Mr. Spiegelman writes about books
and the arts for the Journal.
P2JW331000-4-D00100-1--------XA

OFF DUTY
Down But Dan Neil Does
Not Out The Math
The rise of the Will this Lexus
extravagant, hybrid’s fuel
high-status savings recoup the
puffer coat D2 extra cost? D8
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. **** Saturday/Sunday, November 27 - 28, 2021 | D1

Yes, You Can

Travel Like
A Royal
Eager to lure wary travelers back
into the fold, airlines, hotels, even
RV-parking sites are rolling out
perk-packed membership plans

BY MATTHEW KRONSBERG

M
ARY-FRANCES DALY has a subscription
for most everything. The McLean, Va.,
life coach uses her Amazon Prime mem-
bership for shopping. Netflix and Hulu
entertain her on demand. Blinkist keeps
her informed by sending summaries of nonfiction books,
and Insight Timer, a wellness app, keeps her centered.
And this winter, when she takes three of her children to
Paris for a stay at the sumptuous Hotel Regina Louvre,
she’ll rely on yet another subscription—to the travel ser-
vice Inspirato. For $2,500 a month, Inspirato’s Pass pro-
gram gives upscale travelers access to thousands of
homes and hotels, with extra perks and anything-any-
time-anywhere concierge service. “I was debating buying
a beach condo somewhere, which would have been about
the same price as Inspirato,” said Ms. Daly, “but I didn’t
want to be tied to one property.”
Beyond Inspirato, airlines, hotels, trip-planning ser-
vices and booking platforms have taken to offering sub-
scription models in recent years, rolling out even more
during this period of pandemic-related upheaval. For
many people, paying monthly or yearly for access to ex-
clusive lodgings, services or discounts frees them of the
Please turn to page D6
STEVE SCOTT

ROYALTY PROGRAMS Subscription and membership services are proliferating across the travel industry, particularly in the pandemic era, touting services to help you travel farther, faster,
more fantastically, or more frugally.

Inside

ALL’S FAIR IN LOVE AND FLARES BLISS WITHOUT THE BOOZE HELLO, AMERICAN PIE ADVENT CALCULATIONS
Bell bottoms are back—this time as an Our wine columnist goes in search of Native to the U.S., luscious buttermilk pie What led to the over-the-top, ruthless
equal-opportunity cut for all ages D3 worthy nonalcoholic options D11 makes a fine finish for a holiday meal D9 commercializing of Advent calendars? D4
P2JW331000-4-D00200-10100400008

D2 | Saturday/Sunday, November 27 - 28, 2021 **** THE WALL STREET JOURNAL.

STYLE & FASHION

Puffed-Up Coats,
Inflated Prices
What would it take for you to buy a $4,000 puffer coat
when perfectly cozy ones sell for $80? Some people
are splurging and—hint—warmth is not the reason.

BY JACOB GALLAGHER notwithstanding, it seems second home in Aspen—

A
S MOUNT Ever-
est climbers
near the summit,
the air thins and
the lack of oxy-
gen can cause even the most
hale explorers to pass out. You
may feel a similar sensation
when you clock the prices of
this winter’s designer down
coats. Givenchy is peddling a
$4,290 cream puffer that is as
inflated as a pool floatie; fel-
low French luxury house Bal-
main sells an inky one at
$2,950; and Moncler in collab-
oration with Japanese de-
signer Hiroshi Fujiwara offers
a tartan style for $2,795, as
part of its Genius sub-label.
Breathtaking price tags
that some folks are buying
these investment puffers. On
my recent visit to Galeries
Lafayette, the chichi shop-
ping institution in the heart
of Paris, racks carrying
clothes by luxury stalwarts
like Loewe, Celine and
Brunello Cucinelli stood
largely ignored, while shop-
pers bustled about the Mon-
cler coat section with its
four-figure puffers. At
Bloomingdale’s, pricey puff-
ers such as Stone Island’s
$1,073 crinkly electric-blue
nylon jacket have been “per-
forming really well,” accord-
ing to Justin Berkowitz, the
store’s men’s fashion direc-
tor. Egalitarian trail-mix
types—or anyone lacking a
might find such elitist outer-
wear laughable. Uniqlo’s $80
puffers remain a perennial
winter favorite, and many
brands from Gap to Muji to
Urban Outfitters offer a ser-
viceable sub-$125 down coat.
So why would anyone shell
out $2,550 for a Fendi
puffer? Won’t Patagonia’s
$229 version keep you
warm enough?
Anyone lacking a
second home in
Aspen might
find such elitist
outerwear laughable.

Counterintuitive as it
sounds, relative warmth isn’t

the prime reason to splurge
on a puffer now; it’s about
the nuances of style. As Mr.
Berkowitz said, when Bloom-
ingdale’s decides what down
jackets to stock, “we all are
basically working from the
assumption that yes, it will
keep you warm.” Instead, he
and his team scrutinize
“styling elements” like the
fabric’s shine (Moncler’s
shimmering $1,500-ish high-
gloss coats are a current top
seller), or how the zippers
look, or if it’s too short to
cover a blazer. He noted that
people are “really embracing
the idea of individuality,”
whether through a pair of lu-
rid Nike sneakers, or a sher-
bet C.P. Company puffer that
no one else on their block
thought to spend $798 on.
Jordan Aylwin, 23, a retail
employee in Toronto, embod-
ies the fashion-first mental-
ity. Last winter, he wore a
slimming $450 puffer by the
gorpy Canadian label
Arc’teryx. “It’s super sleek.
It’s very minimal,” he said.
He did concede that, in par-
ticularly extreme Canadian
weather, “it isn’t the warm-
est jacket.” This season, he’s
considering a paunchier and
toastier North Face puffer.
More commonly, shoppers
I spoke with tried to find a
balance between proper insu-
lation and aesthetics. David
Gibson, 30, a product man-
ager at New Balance in Bos-
ton, has worn a thick $379
Arc’teryx puffer for two win-
ters now. The quilted coat
suffices for New England
winters, but even more im-
portant, it came in a
sprightly clementine color
that complements Mr. Gib-
son’s otherwise neutral-toned
outfits. Said Mr. Gibson, “I
wear it loud and proud.”
Mr. Gibson’s coat is down-
right tame compared to Juliet
A Tale of Two Coats
Handsome pillowy coats on each end of the
investment spectrum
Bader’s puffer du jour: an ERL
jacket gridded in wavy yellow,
green and blue shapes. Based
in Los Angeles, ERL intro-
duced prominent puffers pat-
terned with rising sun motifs
and lava-lamp bubbles in
2020. They’ve since been
worn by Justin Bieber and the
rapper 21 Savage and sold
alongside Loro Piana suits and
Charvet ties at Bergdorf
Goodman in Manhattan. Ms.
Bader, a 25-year-old New

The Spendy One
ERL Puffer
Jacket, $930,
doverstreetmar-
ket.com
The Economical One
VICTORIA TENTLER-KRYLOV
Yorker, said her jacket is so vi-
brant she “can’t walk three
blocks without a comment” on
it. She bought the $818 coat
on a resale site at a discount,
yet even at $550-ish, it repre-
sented an investment for the
recent college grad. But on
those bleak winter days when
the sky is the color of wet
newsprint, she considers it
money well spent. “I feel
happy when I put [this] really
colorful jacket on.”
Down Parka, $80,
uniqlo.com
P2JW331000-4-D00300-1--------XA
THE WALL STREET JOURNAL.
GETTY IMAGES
Flare Tactics
Like Britney Spears and Paris Hilton, Y2K-era bell-bottom jeans are back—and
their biggest proponents might surprise you. How to wear them today.
BY KATHARINE K. ZARRELLA
E
XCITING” and “definitely
new” is how Eliza T. Pen-
dergast described the
latest trend sweeping
the denim market. Like
many of her Gen-Z peers, Ms. Pender-
gast, a student at Hamilton College in
upstate New York, decries skinny
jeans. She associates those constrict-
ing pants with the peppy stars of Dis-
ney shows she loathed as a kid. These
new jeans, though, are different. They
have a “much better silhouette,” said
Ms. Pendergast, 19. They lend her
outfits a symmetry that makes her
feel “balanced.” They don’t compress
her calves. They’re flares.
Yes, flares, the trumpeted jeans
(also called boot-cuts or bell-bot-
toms) that populated 1960s protests;
hid ’70s platform heels; and rode low
on hips circa Y2K. “Obviously they’ve
been around,” said Ms. Pendergast,
who sat out their last incarnation on
JEWELS THAT TELL TIME
HARRYWINSTON.COM
* * * *
account of being a toddler. “To me,”
she clarified, “they’re a new thing.”
After skinny jeans’ nearly 15-year-
reign, flares are swelling in popularity
again. Stella McCartney sells a broad-
belled pair. Victoria Beckham offers
multiple versions, as does Levi’s. Jill
Guenza, Levi’s vice president of
women’s design, reports that the
brand’s ’70s High Rise Flare, which
launched in August, is outperforming
its ’70s Straight counterpart. “People
are really responding,” she said. Ac-
cording to Sidney Morgan-Petro, who
analyzes retail at trend-forecasting
agency WGSN, flares account for 19%
of the U.S.’s new denim styles this
year, a 35% increase from 2020.
“That’s more interest than we’ve seen
in a long time,” she said.
That interest has served New York
designer Nili Lotan well. Since her
boot-cut Celia Jean debuted in 2020,
the style’s appeal has surged. Its sales
are currently up nearly 75% year over
year. Flares are almost “universally
800 988 4110
STYLE & FASHION
BELLS DU JOUR
Outside Stella McCartney’s
October Paris fashion
week show, a guest makes
flares the focus of her
otherwise minimal look.
flattering” no matter your shape, con-
tends Ms. Lotan, an opinion echoed
by many women interviewed for this
story. By balancing the hips and con-
cealing shoes, they “compliment the
body [and] make you look longer,”
she said. “It makes you feel sexy.”
Facilitating sexiness wasn’t flares’
original purpose. World War II Navy
crews donned boot-cut denim trou-
sers that could be swiftly rolled up if
the ship’s deck got wet, said fashion
curator Emma McClendon. Postwar,
flares landed in Navy surplus stores
and, ironically enough, were adopted
by ’60s antiwar hippies. Equally
ironic, “in creating a distinctive look
as a form of protest,” said Ms. Mc-
Clendon, hippies “crafted a style that
got picked up by the very consumer-
ist industry they were protesting.”
In the ’90s and ’00s, brands like
Versace reinterpreted ’60s codes—
flares included—through a modern
lens, just as today’s designers are
playing with Y2K looks. Indeed, all
Saturday/Sunday, November 27 - 28, 2021 | D3
things aughts are freshly relevant—
Britney Spears is finally free, Paris Get Your Kicks
Hilton got married, Hulu confound- In a range of washes, these
ingly released a docuseries about Von newfangled flared jeans are
Dutch, a brand associated with pleasantly nostalgic, not dusty
noughties-era trucker hats—so a flare or dated
revival seems apt. But what propels
this hamster wheel of nostalgia? “As
an adult, you are constantly trying to
re-create the fashion that [peaked]
right before you could participate,”
said Ms. McClendon, crediting Mu-
seum at FIT deputy director Patricia
Mears with that theory.
But 20-somethings aren’t solely re-
sponsible for flares’ ascent. Jes Gor-
don, 52, reinstated them in lockdown.
“Fashion is not just a visual experi-
ence,” said the event producer, who
splits her time between Beacon, N.Y.,
and Manhattan. “It’s an emotional
one.” She’s found comfort in flares,
which she prefers over skinny jeans
for working from home, and which
conjure warm memories of the ’70s
and ’90s, “carefree…wonderful times.”
Likewise, flares hark back to child-
hood for Claire Kayser, an artist in St.
Paul, Minn. Over Zoom, Ms. Kayser, Delicately Distressed
54, brandished a 1979 yearbook photo The Celia Jean channels retro
of her and her twin sister in matching muses like Françoise Hardy
and Jane Birkin. Jeans, $395,
nililotan.com
She sat out flares’ last
incarnation on account
of being a toddler.
bell-bottoms. She favored flares in
the ’00s, too, and saved prized pairs
from brands like True Religion and 7
For All Mankind, which she wears of-
ten now, teamed with sneakers, block
heels, blazers and silk tops. “I knew
I’d pull them out again, partly be-
cause I grew up with them.”
Today’s flares aren’t carbon copies
of their predecessors. Fabrics are
more advanced and millennials can
rest easy: Gratuitous stitching and be-
dazzling haven’t been reprised (yet).
Nevertheless, if you’re worried that
you might inspire comparisons to the Tall, Dark and Then Some
extras in 2001’s “I’m a Slave 4 U” In organic mid-weight cotton,
video, consider cropped takes by this sturdy midnight pair
brands such as Frame and Mother, boasts a sizable bell. Jeans,
suggests Caroline Maguire, fashion $595, stellamccartney.com
director at e-commerce site Shopbop.
It’s “a newer way to wear a flare,” she
said. Ideal accoutrement: snug boots
that accentuate the ankle.
Still, a classic flare’s elongating
powers are unrivaled—provided you
adhere to what New York stylist Kate
Young calls “shoe-hem agreement.” If
flares “hover 2 inches off the floor
and you can see your foot, they’re not
elongating your leg,” she said, noting
hems should skim the ground. She’s
also wary of retro, pubis-grazing cuts.
“The low-waist thing is cute on kids,
but I think grown-ups should wear a
high-waisted flare,” she said, arguing
it ups the illusion of length.
Ms. Pendergast, the college stu-
dent, lets the weather dictate her rise,
choosing high waists in winter and
low ones in warm months. She typi-
cally pairs her flares with sneakers Light Touch
and appreciates the oomph her jeans A bright and flattering five-
afford, calling their conical legs built- pocket option with an
in accessories. “Also, my mom and ultrahigh waist. Jeans, $98,
grandma love it,” she said. “It’s nice levi.com
when I get a thumbs-up from them.”
P2JW331000-4-D00400-1--------XA
D4 | Saturday/Sunday, November 27 - 28, 2021
MICHAEL PARKIN (ILLUSTRATION); F. MARTIN RAMIN/ THE WALL STREET JOURNAL (CALENDAR)
A MATTER OF LIFE AND DÉCOR / MICHELLE SLATALLA
Rise of the Extreme
Advent Calendar
IF I LIVE TO BE a very old woman
and am tucked into bed in front of a
roaring fire, clutching a childhood
memento, I expect the last word I
mumble will be “Sellmer.”
That will no doubt send my bi-
ographers scrambling to decode
the meaning, which they will right-
fully assume gave me so much hap-
piness in life.
I will save them the time. Sellmer
Verlag was the name of a publisher
of the Advent calendars my grand-
mother gave me when I was a child.
My favorite was a sparkly scene of a
snow-covered European village.
None of my annoying brothers lived
in that tiny town, just some ruddy-
cheeked farmers. The cottages had
24 numbered windows to open, re-
vealing holiday-themed pictures to
count down the days to Christmas. I
lost myself for hours imagining life
in that winter-whimsical town.
Today’s Advent calendars leave
nothing to the imagination. Decades
after abandoning their original
Christian purpose of marking the
season of preparation for Jesus’s
birth, many have morphed into a
showy form of holiday décor. Or
worse. They are like vending ma-
chines that disgorge everything
It’s not just about coloring a page...
It’s about showing your true colors.
A place to become... An artist, a business leader, a
teacher. If kids and teens can dream it, Boys & Girls Clubs
can help them become it. Because at our Clubs, it’s not
magic that makes dreams come true, it’s the people. Like our
Youth Development Professionals who ensure our youth have
a place to feel physically and emotionally safe. A place to
belong. A place to have fun. A place to learn and grow on their
path to a Great Future.
GreatFutures.org
DESIGN & DECORATING
from expensive beauty products to called Gerhard Lang, who called
flavors of pork cracklings to, in the himself the inventor of the
case of Tiffany’s $150,000 4-foot Advent calendar.”
cabinet, 24 wrapped boxes of jew- In 1903, Lang published the first
elry and trinkets. mass-produced paper Advent cal-
I am forced to confront the issue endar: 24 holiday scenes to cut
this year because my husband sug- apart and glue atop a grid of 24
gested we buy from Douglasdale numbered Christmas verses. By
Cannabis a marijuana-themed Ad-
vent calendar of pre-rolled joints to
“treat yourself and all your peeps to
some giggles and smiles instead of
another Silent Night!”
“No,” I explained.
“OK, what about the beer one?”
Really? Is this the best holiday
décor to showcase on the mantel? I
prefer the humble fun of old-fash-
ioned Advent calendars no thicker
than a sheet of cardboard, which
you could prop unobtrusively on the
kitchen counter.
“How did Advent calendars get
out of control?” I asked Joe Perry,
an associate professor of history at
Georgia State University who stud- NONCOMMERCIAL
ies holiday traditions. COUNTDOWN
“Advent calendars have always In an atypical modern version,
been a mobile tradition,” said Prof. each day offers a character
Perry, author of “Christmas in Ger- from the original biblical story.
many: A Cultural History” (Univer- 2021 Nativity Advent Calendar,
sity of North Carolina Press, 2010). $24, store.moma.org
“They started with a German
FLOWER SCHOOL
Loaves and Dishes
Floral designer Lindsey Taylor
translates a painter’s homage
to the staff of life
IT’S NOVEMBER, and I wanted an inspira-
tion for my monthly arrangement that cap-
tured what I saw outside my window. The
majority of leaves left clinging to the
branches of oaks and beeches here in the
Northeast are tawny, copper tones. I found
these hues and the season’s broody mood
in “1922 (bread),” created when its painter,
Ben Nicholson (1894-1982), lived in Swit-
zerland. The British landscape and still-life
artist is credited with helping to bring
modernism into English art.
In Nicholson’s warm-toned composition,
tan and brown loaves of bread stand im-
probably vertically, foregrounded by
creamy ceramic bowls. The tableau seems
trapped in a corner of a room and almost
tilts forward, awkwardly inviting us in.
I started with a richly brown, tall ceramic
vessel almost the same shape as one of the
loaves, and paired it with a white, deeply
ribbed smaller round vase, similar in form
to a bowl in the painting. Snipping from the
late-season garden, I gathered dahlias—
peachy-tan Café au Lait and a creamy white
variety—white Japanese anemones, the seed
heads of New York ironweed and purple
coneflowers and a few white strawflowers. I
cut all the stems so the flowers would hug
the rims, with only a few pieces poking out
further to suggest there might be more to
see, much as Nicholson tantalizingly
cropped his scene on the right.
****
the 1920s, Lang’s designs had per-
forated doors and windows to
open to reveal religious pictures,
as well as a version with 20 pieces
of chocolate.
Advent calendars briefly took a
dark turn with the rise of the Third
Reich, which in 1943 published a de-
sign featuring pictures of German
torpedoes sinking Allied ships and
Germans blowing up Russian tanks.
After World War II, battle imag-
ery disappeared, and another Ger-
man publisher named Richard Sell-
mer started exporting advent
calendars with bucolic landscape
scenes, including the ones my
grandmother gave me, to the U.S.
When President Dwight D. Eisen-
hower’s grandchildren were photo-
graphed in the 1950s with a Sellmer
design called “The Little Town,” Ad-
vent calendars surged in popularity.
The 1970s saw the release of
both Cadbury’s first chocolate Ad-
vent calendar and the blessedly
brief reign of Holly Hobbie Advent
calendars. This opened the flood-
gates for later versions that dis-
pensed tiny Christmas ornaments.
And foil-wrapped cheeses. And
sex toys.
“Don’t forget dog treats. I won-
der who came up with that one,”
mused Prof. Perry. “I can just see
some people sitting around a table,
saying, ‘That’s a good idea.’”
“I’m OK with the foil-wrapped
chocolates,” I said. “I’m not a mon-
ster. But do we really need to cele-
brate the Advent season with two
dozen little bottles of hot sauces or
lip-plumping moisturizers?”
“Hmm, Christmas brings forth
the Scrooge, doesn’t it?” Prof. Perry
observed. “Even though it’s a com-
THE INSPIRATION
THE WALL STREET JOURNAL.
mercialized product, it can also be
full of memories and tradition.”
One way to create a more mean-
ingful tradition is to make a DIY
version that you set up year after
year, interior designers say.
“Two years ago, I used silver
birch-wood branches to make an
Advent calendar shaped like a
Christmas tree,” said Megan Ace, a
Worcester, U.K., interior designer.
Ms. Ace lashed together graduated
lengths of branches to form a tri-
angular shape that mimics a
Christmas tree. She decorates her
Advent tree with twinkly white
They disgorge expensive
beauty products, gin,
flavors of pork
cracklings, $150,000 of
Tiffany jewelry.
lights and tiny brown or white pa-
per bags filled with chocolates or
handmade soaps. “From a sustain-
able point of view, it makes more
sense,” she said.
But when Ms. Ace helps clients
style their homes for the holidays,
she is not judgmental about their
Advent calendars.
“Some people like the ones
filled with gin,” she said. “Of
course, you have to make sure it
doesn’t look clunky on the side ta-
ble, but it’s important to personal-
ize a home so it doesn’t look as if
it’s styled for Instagram.”
Maybe she was right. After all,
Christmas traditions have always
been commercial.
“The oldest record of Santa Claus
in the United States? It’s in a
baker’s account book from 1675,”
said Ruth McClelland-Nugent, asso-
ciate professor of history at Au-
gusta University in Georgia. Maria
van Rensselaer bought “Sinterklaas
goods,” according to the item. “The
first record of Santa Claus was a re-
ceipt,” said the professor.
In fact, Advent calendar inventor
Gerhard Lang was a businessman
selling a product. “Advent calendars
were for children originally, but
now many are for adults,” Prof. Mc-
Clelland-Nugent said. “Today a lot
of people don’t have children of
their own or want something to
treat themselves with during what
has become a very stressful season.”
As adults, we long for a Christ-
mas that evokes nostalgia—even if
the so-called traditions date to our
childhood home alone.
“I’m a historian, and I see tradi-
tions come and go. But one thing
that is fascinating about Christmas
is that there’s a constant when it
comes to fighting about it and how
it should be celebrated—we all want
the merry old thing we remember,”
Prof. McClelland-Nugent said. “But
we each have a different ghost of
STEPHEN KENT JOHNSON FOR THE WALL STREET JOURNAL, FLORAL STYLING BY LINDSEY TAYLOR, PROP STYLING BY CARLA GONZALEZ-HART; © ANGELA VERREN TAUNT. ALL RIGHTS RESERVED, DACS, LONDON/ARS, NY 2021 (PAINTING)
Christmas past.”
In other words, some people
on their deathbeds will mutter
the phrase “pre-rolled marijuana
joints.”
THE ARRANGEMENT
Fall-blooming flowers—
dahlias and anemones—
as well as prickly seed
heads and carefully cho-
sen vases stand in for
the baguettes and bowls
in Ben Nicholson’s oil
painting ‘1922 (bread).’
Vessels: writer’s own
P2JW331000-4-D00500-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 27 - 28, 2021 | D5

EVERY

LU X URY
INCLUDED

UNR IVALED
SPACE AT SEA™
The luxury of personal space is central to the promise of An Unrivaled Experience® with Regent Seven Seas Cruises®.
It provides the extravagant freedom guests need to explore and relax to the fullest. As the preeminent
luxury cruise line on the ocean, we pride ourselves in offering some of the largest balconies and most spacious suites
at sea. Our wide range of specialty restaurants, al fresco and in-suite dining options, exquisite lounges, bars and
expansive spaces are perfect to rest and celebrate in, knowing there is never a queue or a crowd and
that every detail is taken care of and every amenity is included.

Join us and discover how — with our unrivaled space at sea — we will exceed your loftiest expectations of comfort
and personalized service for a truly unforgettable experience aboard The World’s Most Luxurious Fleet™.

CELEBRATE THE GIFT OF TRAVEL

with 10% Savings* on select 2022 voyages plus
enjoy an additional $300 Shipboard Credit** per suite with our Black Friday Bonus
Special offer ends November 30, 2021

START YOUR JOURNEY AT RSSC.COM

CALL 1.844.473.4368 OR CONTACT YOUR TRAVEL ADVISOR

For the latest details on our health and safety protocols,

please visit RSSC.com/HealthSafetyProtocols

*Offer valid between November 15 and December 31, 2021.

**Offer valid between November 15 and November 30, 2021.
For applicable sailings and terms and conditions,
please visit RSSC.com/Gift-of-Travel
P2JW331000-4-D00600-1--------XA
D6 | Saturday/Sunday, November 27 - 28, 2021
Travel
Clubs
Continued from page D1
analysis paralysis that comes
from trying to make sense of a
maddeningly complex,
crowded marketplace. They
are, in effect, paying to have
fewer but better choices in
their travel planning.
Subscriptions solve a dif-
ferent set of problems for
travel providers, said Seth
Borko, a senior research ana-
lyst with travel industry news
and analytics service Skift.
“They’ve forever been saying,
‘How can I build a deeper rela-
tionship with my customers?’
Subscriptions are the next
level of that.” When it works,
that deeper relationship (call
it loyalty) is mutually benefi-
cial. Subscription or member-
ship revenue guarantees com-
panies in the notoriously
volatile travel industry a
steady income stream, regard-
less of customer use (kind of
like a gym).
Travelers seem primed to
sign up. Customer surveys
leading up to the September
launch of Travel + Leisure
Club, a trip-planning and
booking platform, indicated
that two-thirds of respon-
dents had an interest in join-
ing a travel club, said Noah
Brodsky, president of the
Travel + Leisure Group. “Peo-
ple who have six or more sub-
scriptions in their life—Pelo-
ton or Netflix or [Amazon]
Prime—their desire jumps to
90% interest. People who do
subscriptions absolutely get
it.”
Whatever kind of traveler
you are—or hope to be—in the
next year, it pays to have a
plan. The following subscrip-
tion and membership services
may help you travel farther,
faster, more fantastically, or
more frugally.
Home Field Advantages
The heart of Inspirato’s offer-
ings are nearly 400 luxury
homes, mostly in the Ameri-
cas, Caribbean and Europe.
Need an oceanfront villa in
Los Cabos, Mexico, with room
for 16? How about the “Hep-
burn,” the 1910 New York City
townhouse that featured
prominently in the 1961 film
“Breakfast at Tiffany’s”?
Members of the $600-a-
month Inspirato Club can rent
the latter for rates that typi-
cally range from $1,600 to
$3,600 per night, depending
on the time of year. Members
of the $2,500-a-month Pass
program don’t pay for nightly
stays. Beyond the houses,
members can also book expe-
riences such as safaris and
even a luxury “Adults Summer
Camp.” Manifest, meanwhile,
focuses on short trips—three
Enjoy 25% off
with code OFFDUTY
*valid through 11/30/21
serenaandlily.com
HOME FIELD ADVANTAGE
MOBILE OFFICE
CUT-ABOVE CAMPING
to five days on average—with
an unusual promise: private
aircraft transportation. Mem-
berships, which cost $2,500 a
year, are limited to 175 people
per “chapter,” with chapters
currently operating in nine
cities from Los Angeles to
Houston. Trips might be to a
yoga retreat in Sedona or
snowmobiling in the Utah
backcountry—destinations
within a two-hour flight of a
chapter’s airport. The Vines, a
wine-focused “explorer’s club”
has an initiation fee of
$100,000, with an annual cost
of $6,000. Members can visit
and work with some presti-
gious winemakers at their
vineyards, from Napa to Prio-
rat, to blend their own casks
of wine. Along with the wine-
ADVENTURE & TRAVEL
COMPETITIVE EDGE Clockwise from top: Members of the Vines wine club with the Sesti winemaking family at Castello di
Argiano in Montalcino, Italy; Surf Air members board a Pilatus PC-12; Selina La Fortuna, a hostel-meets-co-working space in
Costa Rica; Inset: Kramer Vineyards in Gaston, Ore., a Harvest Host site.
making trips, members can
participate in other club expe-
riences (some for free; others
for an additional fee) such as
making pizza at chef Nancy
Silverton’s home in Los Ange-
les, or learning the art of wine
label design from New York
artist Cey Adams.
Other Ways to Wing It
Flying in the age of Covid
comes with any number of
headaches, from frequent de-
lays to packed planes, making
alternatives to commercial
flights even more attractive.
Surf Air contracts for sched-
uled flights within California
and Texas and to and from
Nevada, Arizona and Florida.
Their Freedom and Unlimited
membership plans allow for
unlimited flights at $2,499
and $2,999 per month—the
main difference being how
many reservations you can
have at once. The most popu-
lar business travel route is be-
tween Santa Barbara and San
Francisco, according to Surf
ANOTHER WAY TO WING IT
Air’s CEO Sudhin Shahani. For
flights farther afield, a few
major airlines also offer perk-
packed plans of their own.
American Airlines’ AirPass
program, for one, often pro-
vides lower fares on last-min-
ute bookings, particularly in
business and first-class cab-
ins, and no fees on 11th hour
cancellations. But since the
buy-ins to the program start
at $10,000, the service best
suits habitual long-haul fliers.
Among them is Steve Gior-
dano, a managing partner of
Nomadic Aviation Group, an
aircraft ferrying service, who
typically flies more than half a
million miles a year on com-
mercial airlines. He says he
spends, on average, $175,000 a
year on the flights he pur-
chases through the AirPass
program, and estimates he’d
pay twice as much for many
flights if he bought the tickets
independently. For those who
want the benefits of elite fre-
quent-flier status but don’t
have the miles racked up,
**** THE WALL STREET JOURNAL.
United Airlines offers a smor-
gasbord of subscriptions: bag
check starts at $349 a year,
while a year of unlimited up-
grades from Economy to
Economy Plus can be had from
$599; access to United Club
lounges starts at $650 a year.
Urban Planners and
Surprise Getaways
Sara Fecht plans to visit all 50
states before she turns 30. So
far, the 27-year-old hospital
human resources administra-
tor from Kearney, Neb., has hit
32. She spent $150 on a one-
year membership to the web-
site Well Traveled, which she
describes as “a community of
people that would give me
their secret recipes for all of
their travel adventures.” The
site offers intel on more than
50 destinations, from Santa
Barbara to Santorini, with
many of the recommended ho-
tels, restaurants and activities
coming from fellow members,
said co-founder Samantha Pa-
til. Currently, two to three
new destinations are rolled
out every month. The day the
site added Portland, Ore., Ms.
Fecht made plans to visit. The
site also offers booking and
concierge services. Subscrib-
ers to London-based BeRight-
Back currently get a surprise
three-day, two-night vacation
every four months, leaving
from the United Kingdom, for
about $67 a month for one
person, and $121 for two. Just
tell them your preferred de-
parture airports, favored trip
types (“Culture,” “Romance,”
“Quirky AF,” and ”#4theGram”
are a few choices) and where
you don’t want to go.
Cut-Above Camping
Geared toward people travel-
ing by RV, Harvest Hosts lets
members bypass humdrum
campgrounds and park for the
night at nearly 3,000 loca-
tions, including lavender
farms in Washington, vine-
yards in California and brew-
eries in Virginia. Membership
starts at $99 a year, and goes
up to $139 for those who want
to add golf courses and coun-
try clubs (and their spa facili-
ties and restaurants) to the
mix.
Mobile Office
As remote work became a fact
of life for many during the
pandemic, hospitality compa-
nies set out to lure digital no-
mads. Selina, with more than
80 hotels/hostels, most with
co-working spaces, in the
Americas, Europe and Israel,
launched a “Co-Live” program
in August 2020. The plan
costs between $450 and
$5,000 per month and in-
cludes lodging (ranging from
hostel-style shared rooms to
private suites), access to well-
ness and co-working facilities,
and the freedom to change lo-
cations when a new paradisia-
cal Zoom backdrop is in order.
Among the program’s partici-
pants was Kaitlyn Kilcoyne, a
28-year-old Albuquerque na-
tive who spent five months in
Costa Rica and Mexico, some
if it working remotely for a
tech startup. She stayed in
eight out of Selina’s 10 Costa
Rican locations during that
time. During a monsoon sea-
son stay in forested Monte-
verde, the frequent down-
pours made for extra time in
the co-working space, giving
her the chance to meet fellow
digital nomads, including con-
tent creators, designers and “a
guy that was trading NFT’s via
videogames.” They were, she
said, “people who I feel are
going to be influential and
crucial to me building the vi-
sion I see for myself.” Banyan
Tree Group’s Habit Program
offers passholders extended
stays at many of their hotels,
sold in weeklong “units” start-
ing at $700. While Banyan
Tree’s hotels span the globe
from Corfu to Phuket, Free-
hand hotels are strictly in the
U.S., with locations in New
York, Miami Beach, Chicago
and Los Angeles. The Free-
hand Club, which starts at
$3,499 a month, gives a
month’s access to their prop-
erties, discounts at their bars
and restaurants, and the free-
dom to store up to five pieces
of luggage at each of the ho-
tel’s locations.
Bargain Hunting
Grounds
Luis Sotolongo, a financial
services consultant in Wash-
ington, D.C., says that he is
frequently tempted by the
steady stream of fare alerts
he receives through his $49 a
year “Premium” subscription
to the website Scott’s Cheap
Flights. One of Mr. Soto-
longo’s most recent tri-
umphs? Snagging a $355
round trip fare to Iceland this
past summer. For $199 a year,
“Elite” tier subscribers can
get premium economy, busi-
ness and first-class bargains.
For $15 a month, the new
Travel + Leisure Club offers
itineraries based on stories
from the magazine, as well as
concierge support and dis-
counts on hotels and activi-
ties.
P2JW331000-4-D00700-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 27 - 28, 2021 | D7

THE BLACK FRIDAY

SAIL DEPARTING NOVEMBER 30

TM

With all ocean-front suites, nearly one team member for every guest,

and just 264 to 600 guests on board, this is one Black Friday offer where

you can avoid the crowds.

Enjoy $1000 off per person on Veranda and Ocean View Suites and

up to $1000 Shipboard Credit per suite on select Seabourn voyages

through Summer 2022. Experience an Arctic expedition during our

inaugural season, a voyage to the Mediterranean, or sail closer to home

in the Caribbean. Fares will rise after November 30, so book now before

this offer departs.

Seabourn.com
844-244-7931 Ships’ registry: Bahamas. ©2021 Seabourn
P2JW331000-4-D00800-1--------XA
D8 | Saturday/Sunday, November 27 - 28, 2021
NUMBERS GAME The
NX 450h+ qualifies for
federal incentives that
may be phased out.
LEXUS
RUMBLE SEAT / DAN NEIL
A Ritzy Little Lexus Hybrid
That Doesn’t Quite Add Up
WHEN THE CAR of the week
is some six-figure personality
disorder from Italy or Ger-
many, I don’t worry too
much about covering the
practical details of owner-
ship. The people who buy
those cars aren’t what you’d
call readers.
But this car, Lexus’s sec-
ond generation NX compact
crossover—our specimen, a
plug-in hybrid called the NX
450h+—requires a fair bit of
chalk talk, if not moral calcu-
lus. Based on the same gas-
electric, all-wheel-drive
watchworks as the Toyota
RAV4 Prime, the swank little
Please visit us online:
www.frankstellanyc.com
FREE SHIPPING!
Find Us on Facebook.com/frankstellanyc
GEAR & GADGETS
NX 450h+ is an energized speeds in EV-only mode for
bunny around suburbia, with as long as…well, you know.
a cuddly disposition and The Lexus’s all-electric
softly padded quickness range is less that of the
more typical of premium RAV4 Prime (37 vs. 42 miles,
battery-electrics—for as long respectively) and it’s three
as the 18.1-kWh battery pack ticks slower, 0-60 mph (6.0
holds out. Put a pin in that. vs. 5.7 seconds). Those re-
With a naturally aspirated sults correspond to the pack-
2.5-liter engine under the age’s general Lexus-ification,
hood, and independently act- put paid to sound-deadening,
ing electric motors on the powertrain isolation, styling,
front and rear axles, the tires and general cushiness,
Lexus’s propulsion widget adding up to 175 pounds
can achieve an unusually more than RAV4 Prime in
steep ramp up to 304 hp XSE trim.
with a hearty hi-ho Silver of Good call, Lexus engi-
electro-torque. It can also neering. For all the merits
hum along at highway of the RAV4 Prime power-
Cashmere comfort
from Italy.
2 for $499
Look sharp & feel comfortable in
our Italian 100% pure cashmere
sweaters from Gran Sasso.
Made in Italy from super-soft pure
cashmere, these stylish sweaters
will work with most everything
in your wardrobe to create that
fashionable, yet classic outfit.
These timeless sweaters are
available in crew neck, V-neck,
zip neck and turtleneck styles.
Choose from dozens of solid colors.
Reg. $495 ea., Sale $299
Sale: 2 for $499
Shearlings,
you can warm up to.
$899
Crafted for us of the finest
quality English lamb, these
soft to the touch, durable
coats will offer real warmth
in the coldest winter weather.
Three-quarter length coats are
available in your choice
of black or brown.
Reg. price $1,995, Sale $999
With Promo Code = $899
Use Promo Code SHEARLING100
online to take an Additional $100 Off
NYC LOCATION
440 Columbus Ave. (cor. 81 st.)
Mon.-Sat. 10-7, Sun. 12-6
(212) 877-5566
Find Us on Instagram.com/frankstellanyc Phone Orders Accepted
train, the direct-injection in-
line four can get bumptious
under load (Jethro, stop
banging that wash pot!). To
sell it under the Lexus
badge, the engineers were
obviously obliged to tone
down that racket.
The Toyota corporate un-
derpinnings (transverse
front-engine position, FWD
or AWD) are rock solid. Al-
though the differences in
chassis tuning are too incre-
mental for me to actually
palpate, I’m assuming the
Lexus chassis has slightly
softer damping and spring
rates than the down-market
Toyota. Hard to tell. One
thing is for sure: At 4,475
pounds, the NX 450h+ has
what GM marketers used to
call road-hugging weight.
But are PHEVs a good
idea, generally? If owners
don’t plug in their NX
450h+, nothing bad happens,
of course. With the battery-
charge indicator on low, the
wee Lexus’s powertrain
slurs and shift points,
torque and regen feel like
any other of Toyota’s superb
hybrid system—slick, light,
unobtrusive, saving energy
where it can without com-
promising performance.
But, driven in this condi-
tion, the Lexus’s overall effi-
ciency plummets—to an ob-
served 35 mpg, which
clusters with non-hybrids in
the premium-luxury compact
crossover segment. More-
over, the NX 450h+ costs a
staggering $14,600 more
than the non-plug-in NX
350h AWD (“+” means with a
PHEV plug), which itself av-
2022 LEXUS NX 450H+
Base price $55,650
Price, as tested $60,690 ($1,075 destination
included)
Powertrain Plug-in gas-electric hybrid, with
naturally aspirated direct-injection 2.5-liter in-
line four cylinder, with stop/start and variable
valve timing; hybrid planetary transmission,
with two AC synchronous motors on front
and rear axle; on-demand all-wheel drive.
System net power 304 hp
The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not
the sole retail outlets.
****
erages a whopping 39 mpg
combined.
For consumers, PHEVs are
primarily a financial choice.
So the first logic gate is
whether buyers could ever
recoup the plug-in premium
in fuel savings?
They’d better eat their
Wheaties. Please consider
these round numbers: Over
an annual 15,000 miles
driven, the difference be-
tween averaging 84 and 39
mpg comes to 206 gallons.
At the national average
$3.41, that’s a saving of
$702.46, which means you
could make up the PHEV pre-
The swank NX 450+
has a softly padded
quickness more
typical of premium
battery-electrics.
mium in a mere 249 months.
Advantage, NX 350h.
Now let’s consider the
plug-ins’ ideal use-case—
overnight charging and EV-
only daily miles in such a
way as to zero a buyer’s use
of gasoline and local emis-
sions. If one is stepping out
of a vehicle that gets 39
mpg combined, like the NX
350h AWD, the PHEV’s an-
nual savings could be as
much as $1,311.54. Such buy-
ers could recover the
$14,600 PHEV premium af-
ter only 11.1 years.
But don’t forget the cost
of electricity. Estimating 4
Length/width/height/wheelbase
183.5/73.4/65.4/105.9 inches
Curb weight 4,475 pounds
0-60 mph 6.0 seconds
EPA fuel economy 84 mpg-e/37 mpg
All-electric range 37 miles
Charging time 2.5 hours, with optional 6.6-
kW onboard charger.
Cargo volume 22.7/46.9 cubic feet (rear seat-
backs up/folded)
THE WALL STREET JOURNAL.
miles/kWh efficiency in EV-
only mode, it would require
3,750 kWh a year to displace
15,000 miles of petrol power.
The national average resi-
dential rate is about 14
cents/kWh, so figure $525 in
annual electrons. That means
the PHEV’s fuel savings com-
pared to the NX 350h+ would
net out at $786.54 for a pay-
back period of 18.6 years.
There is currently a
thumb on these scales. The
archaic and wildly generous
standards for federal tax
credits for PHEV buyers is
in imminent danger of re-
form. In the Build Back Bet-
ter legislation approved by
the House, standards for
federal tax credits would be
substantially higher, includ-
ing a requirement that qual-
ifying EVs and PHEVs have
at least a 40 kWh battery
and gas tank no more than
2.5 gallons
The NX 450h+, with a 18.1-
kWh pack and 14.5-gallon
fuel tank, would not qualify
for a federal PHEV credit, if
that language holds. It
should be noted that Toyota,
GM, Stellantis and others
would like to enshrine so-
called legacy PHEV credits/
standards in all their maxi-
mal generosity.
I understand if, faced with
difficult choices at home and
abroad, Toyota argues for a
more gradual phaseout of in-
ternal combustion in their
product line. What I don’t
get is the complacency re-
garding the rest of the pack-
age. Shouldn’t Lexus be try-
ing to crush Tesla in cabin
tech? I don’t usually gripe
about UX, but Lexus’s new
interface multimedia system
feels pretty undelightful. The
14-inch center touchscreen
takes longer to wake than
my middle-school daughters.
How does omitting a
Home button improve cus-
tomers’ experience, or my
blood pressure? How many
little indicator lights are
present in the center gauge
cluster? All of them.
There is no easy way back
from syncing Apple CarPlay
to, say, satellite radio. I had
to turn off my phone’s Blue-
tooth and go to bed.
However the sausage gets
made at the federal level,
California and 14 other
states are ratcheting up reg-
ulatory requirements for
PHEVs slated through the
middle of the decade. To-
gether these states repre-
sent about one-third of the
U.S. light-vehicle sales. Cali-
fornia’s Air Resources Board
is also taking a hard look at
PHEVs real-world emis-
sions—in particular, nitro-
gen oxide levels linked with
cycling the engine. European
environmentalists, tracking
similar data, have invoked
the scandal of Dieselgate,
warning that PHEVs are an-
other phony solution from
carmakers.
At the very least, some-
thing about the NX 450h+
doesn’t add up.
P2JW331000-4-D00900-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 27 - 28, 2021 | D9

EATING & DRINKING

BY CHARLOTTE DRUCKMAN kind makes a better pie, yet she

I
SMOKE GETS IN YOUR PIES finds that the low-fat alternative
N THE HANDS OF Gabrielle Black cardamom lends its smoky does a worthy job.
E.W. Carter, a slice of but- flavor to this custardy dessert. In her own pies, Ms. Mastrianni
termilk pie is more than likes to use seasonal ingredients in
dessert. ways that are not necessarily tradi-
On her family’s Eastern tional. She described a “jammy
North Carolina homestead, Ms. peach thing,” the result of cooking
Carter sees cooking as cultural pres- peaches down in their syrup, which
ervation—of her family’s traditions she dropped into a lemon-infused
and those of the Black diaspora. “It buttermilk custard so “there’s just
was really about honoring and pre- like these pops of tart, sweet peach.”
serving ingredients from my grand- She also mentioned some foraged
father’s backyard garden,” she said, black walnuts she ground and incor-
via email, of her coral-hued smoked- porated into a buttermilk-pie base.
cantaloupe buttermilk pie. “He Seeing what a great canvas for
grows cantaloupe every year, and experimentation buttermilk pie is, I
this year I gifted him a plant I asked the authors of three of my fa-
started and didn’t have room for. He vorite cookbooks of the year to
didn’t love how small they turned come up with recipes of their own.
out, but he shared some with me.”
She smoked the melons over apple-
wood and roasted them until they
were candied. Finally she blended
‘Buttermilk pie is
them into a buttermilk base with love, so I figured I’d
some smoked salt and nutmeg, and start there.’
she baked that in a cornmeal crust.
“Buttermilk pie is love,” she ex-
plained, “so I figured I’d start there.”
Buttermilk pie is also an Ameri- “I’ve never had a pie like this be-
can classic. The recipe emerged in fore,” said Australian blogger Thalia
the South and has been passed Ho, author of “Wild Sweetness.” She
along from one generation to the looked to British custard tarts to de-
next for at least two centuries. velop her recipe, which is extra-cus-
At Savannah’s Back in the Day tardy thanks to a generous pour of
Bakery, Cheryl Day expressed her heavy cream that she infuses with
own deep affection for buttermilk. smoky, woodsy black cardamom.
“It’s like a magical secret ingredient, As a child in Costa Rica, Roxana
really,” she said. “I love the fact that Jullapat, author of “Mother Grains,”
it tenderizes things—cakes, or even loved full-fat buttermilk. But the

if you’re making chicken or some
kind of protein.” Ms. Day mixes but-
termilk into crème fraîche, whipped
cream and custards, even into fudge.
The burst of acid and the salty fla-
vor it brings to its namesake pie are
relatively rare, she’s found, among
heritage desserts. Her new cook-
book, “Cheryl Day’s Treasury of
Southern Baking,” includes her rec-
ipe for Golden Buttermilk Chess Pie.
That name is a bit of an oxymo-
ron, according to Nancie McDermott,
author of “Southern Pies.” While
many people confuse chess and but-
termilk pies, Ms. McDermott draws a
hard line between them. “I’m going
to come in hot on that one,” she said.
CHELSIE CRAIG FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES, PROP STYLING BY STEPHANIE DE LUCA
Everybody’s Pie
owner of Friends & Family Bakery in
Los Angeles said buttermilk pie
wasn’t really on her radar until she
read fellow baker Lisa Donovan’s ac-
count of preparing it in her 2019
memoir, “Our Lady of Perpetual
Hunger.” Ms. Jullapat came up with
It’s an American classic and also an invitation to express some individual a crust that uses heirloom whole-
grain wheat flour. She adds caramel-
panache—for the holidays or just for the fun of it ized pears before pouring on a cus-
tard spiced with garam masala and
thickened with a little cornmeal.
the category of custard pie, and uses full-fat buttermilk. That’s what ers, the full-fat variety is not so easy Similar to the other two authors,
chess pie doesn’t qualify as a custard goes into Ms. Day’s pie and also to find in supermarkets around the Canadian Camilla Wynne, the pastry
because [though] it’s made with those at Milk Glass Pie, which food country. Ms. McDermott savors the chef behind “Jam Bake,” said she
eggs and butter and sugar—and lots writer Keia Mastrianni operates on memory of the fresh buttermilk that didn’t have a deep relationship with
of them—[it has] no milk.” the farm she calls home in Cleveland came from the cows on her maternal buttermilk pie when I reached out to
Whatever denomination it be- County, N.C. While both of those grandparents’ North Carolina dairy her. Hers introduces rye, twice over:

“Buttermilk pie falls squarely into
Raspberry Rye
Buttermilk Pie
This pie has rye flour in
the crust and rye whiskey
in its rich custard filling.
Total Time: 5 hours (in-
cludes chilling)
Makes 1 (9-inch) pie
For the crust:
1 cup all-purpose flour
2 cup whole rye flour
1/
longs to, a classic buttermilk pie bakers source it through local farm-
paddle attachment to mix
together flour, sugar, salt
and unsalted butter on
medium-low speed until
butter is variously the size
of olives and peas. If nec-
essary, stop mixer and
squish any larger pieces
between your thumb and
forefinger. With mixer run-
ning at lowest speed, add
1 cup buttermilk buttermilk and let mixer
farm, and she believes the full-fat
pan. Trim overhang to about
2 inches, then fold under
and crimp edges. Freeze for
15 minutes.
4. Pre-bake the crust: Dock
dough by piercing it repeat-
edly with a fork all over the
bottom and sides. Line pie
shell with parchment paper
or aluminum foil, then fill to
the top with pie weights or
dried beans. Place on a bak-
with sugar and flour. Whisk
in buttermilk, followed by
salted butter and whiskey.
6. Pour filling into crust.
Bake until filling is set and
just slightly jiggly in center,
about 45 minutes, checking
at 30. Let cool completely
on a wire rack, 1-2 hours.
7. To finish: Arrange rasp-
berries over surface of pie,
in concentric circles or in a
in the flour for the crust and in the
whiskey that spikes the custard. The
fresh raspberries Ms. Wynne ar-
ranges on top, licked with some
raspberry jam, pick up on the but-
termilk’s tang.
Any of these buttermilk pies
would make a fine finish for a holi-
day meal. Beyond that, think of
them as jumping-off points for your
own experimentation.
 Find recipes for Thalia Ho’s Black
Cardamom Buttermilk Pie and Rox-
ana Jullapat's Buttermilk Pie With

2 teaspoons sugar (preferably full fat) run until a dough forms. ing sheet and bake for 20 tumbled heap, according to Roasted Pears and a Hint of Garam
2 teaspoon salt 8 tablespoons (1 stick) Press dough into a disk, minutes. Carefully remove your proclivities. Melt jam in Masala (pictured) at wsj.com/food.
1/

9 tablespoons cold un-
salted butter, cubed
4 tablespoons (1/4 cup)
cold buttermilk
(preferably full fat)
For the filling:
3 eggs
1 cup sugar
3 tablespoons all-purpose
flour
salted butter, melted
and cooled
3 tablespoons rye whiskey
To finish:
2-4 cups fresh raspberries
3 tablespoons seedless
raspberry jam
1. Make the dough: Use an
electric mixer fitted with
wrap in plastic and refrig-
erate until firm enough to
roll out, 30 minutes-1 hour.
2. Preheat oven to 375 de-
grees and grease a 9-inch
pie plate with butter. Roll
out chilled dough on a
lightly floured surface.
3. Line pie plate with dough,
snuggling into sides of the
parchment and pie weights,
and continue to bake until
fully cooked (with no raw
patches of dough) but not
fully browned, 5 minutes.
Let cool on a wire rack while
you prepare the filling.
5. Make the filling: Reduce
oven heat to 350 degrees. In
a medium bowl, whisk eggs
a small pot over medium-
low heat. Brush melted jam
over raspberries. Wrapped
in plastic, this pie can be left
out at room temperature
overnight and enjoyed the
following day, or else refrig-
erated for 3 days.
—Adapted from Camilla
Wynne
P2JW331000-4-D01000-1--------XA

D10 | Saturday/Sunday, November 27 - 28, 2021 **** THE WALL STREET JOURNAL.

GIVE THE GIFT OF

AN INSIDER JOURNEY

photo courtesy ruth ribeaucort

Treat those you love to experiences they’ll never forget—or create

lasting memories together—with WSJ. Magazine’s exclusive 2022
Insider Journeys. In partnership with luxury travel-planning company
Indagare, we’ve curated a series of exceptional escapes that deliver
the best in wellness, style, design, food and culture:

Blackberry Farm Escape

March 31–April 3, 2022
Waitlist only

Stockholm Style & Design

June 7–12, 2022

South of France Art & Design

September 15–20, 2022

A Taste of Modena With Massimo Bottura

September 20–23, 2022

Share the wonders of traveling again.

learn more about these and future trips

indagare.com/wsjmagazine
646.780.8383

© 2021 DOW JONES & COMPANY, INC. ALL RIGHTS RESERVED.6DJ8594

P2JW331000-4-D01100-1--------XA

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 27 - 28, 2021 | D11

EATING & DRINKING

a suggested serving size. Though
the bottles were all the same size
(750 mL), these ranged surpris-
ingly widely—from two servings
per bottle to 7½, which seemed
like a social as well as a mathe-
matical challenge to me.
A smaller serving size enables
producers to tout a lower calorie
count. Perhaps they’re presuming
that a significant segment of their
audience is teetotaling in the inter-
est of slimming? The Perle Rose de
Chavin alcohol free rosé is only 30
calories a serving—at 7.5 servings
per bottle—while a bottle of the
2020 Ariel Chardonnay Premium
Dealcoholized Wine equals three
servings of 45 calories each. In some
cases the math got even stranger.
The neck card on a bottle of Ravish-
They were fun to drink,
even if they didn’t taste
anything like wine.
ing Rose Almost Zero De-Alcohol-
ized Wine noted that a drinker
would have to down 38 glasses of
the nearly-alcohol-free wine to equal
the alcohol level of one glass of reg-
MARTÍN ELFMAN
vaguely Chardonnay-esque with
notes of yellow apple and pear, the
Ariel Cabernet smelled and tasted
like planks of wood—as if the pro-
ducers were trying (and failing) to
approximate oak. The St. Regis
Cabernet tasted and smelled like
some sort of cherry, not Cabernet
grapes. The flavors of all the wines
were flat, as if the fruit had been
sucked out along with the alcohol.
The sparkling wines were much
more pleasurable all around. I found
five I’d serve non-wine-drinking
friends. The St. Regis Brut De-Alco-
holized Sparkling Wine ($18), made
from “European” Chardonnay grapes
and bottled in Germany, has been
around for decades and was pur-
chased 10 years ago by Constellation
Brands. It actually seemed like a
very close approximation of a pleas-
ant, slightly sweet sparkling wine.
Two sparklers in my tasting
came from Raventós Codorníu, a
huge producer of regular Cava
wines. The Codorníu Zero Brut Al-
cohol Free Sparkling Wine ($10) is a
national brand, while the Rondel
Zero Brut De-Alcoholized Sparkling
Wine ($10) is only sold at Total
Wine & More stores and is made
from “less select” grapes, according
to a Codorníu spokesperson. The
Rondel was the slightly drier of the
two, but otherwise they were quite

ular (12.5%) wine, which struck me
as an odd selling point.
Created in 1985 and owned by J.
Lohr Vineyards & Wines of Califor-
nia, Ariel wines are some of the
ON WINE / LETTIE TEAGUE most visible and findable de-alco-
holized wines. According to the
claim on the back label, “Ariel is the
similar in flavor, with fizzy pear
notes. Both were definitely fun to
drink, even if they didn’t taste any-
thing like Cava to me.
Two other bubblies that were
just as much fun were also much
more pricey. The Château de Fleur
Champagnette ($25) from Weibel

Non-Alcoholic Wines
only de-alcoholized wine to win a
gold medal against wines with alco-
hol.” Never mind that the wine in
question, Ariel Blanc, won that
Family Winery in California was a
big, juicy, semisweet drink. This
“non-alcoholic carbonated grape
beverage” is styled to look, if not

Fit for Holiday Fêtes

AS WE CELEBRATE the season with
family and friends, it’s likely that
some who gather may not be able or
willing to drink alcohol. But is there
a wine that is non-alcoholic and still
delicious—even fun?
The non-alcoholic wine category
has grown exponentially in recent
years. NielsenIQ reports that retail
sales of wines in this category
were almost 40% higher in the last
year than they were in the previ-
ous 12 months.
Confusingly, terminology and la-
beling laws vary from country to
country. In the U.S., a wine labeled
alcohol free was never a fully fer-
mented wine, whereas wines labeled
de-alcoholized or non-alcoholic did
have at least some fermentation but
then had the alcohol removed. In
France and other countries, a wine
that would be labeled de-alcoholized
in the U.S. can be labeled alcohol-
free, just as long as it contains less
than one half of 1% alcohol.
There are several ways of de-al-
coholizing wine. In one of the most
common, reverse osmosis, alcohol is
separated from the flavor com-
pounds of wine by means of a mem-
brane; sometimes water is added
back for balance. Other methods in-
clude vacuum distillation and a spin-
ning cone column, by which alcohol
is removed via centrifugal force.
Unlike “regular” wines, the
wines I purchased for this column
included nutrition information on
their back labels, such as calorie
count and grams of fat, protein and
carbohydrates. (The amount of al-
cohol, whether zero or “less than
one half of one percent,” appeared
on the front.) Those interested in
the grape content of a no-/low-al-
cohol wine will often find that in-
formation elusive. Some bottles in
my tasting cited specific grapes or,
more vaguely, “European grape va-
rieties”; others simply listed “con-
centrated, rectified grape must”
or “grape juice concentrate”—along
with less-than-savory-sounding
stuff such as sodium benzoate
(a preservative).
Every bottle I bought also bore
medal over three decades ago and is
no longer in the Ariel line.
Ariel wines can be found in gro-
cery stores, wine shops and liquor
stores as well as on Amazon, where I
bought bottles of the 2020 Ariel
Chardonnay Premium Dealcoholized
Wine and 2020 Ariel Cabernet Sau-
vignon Premium Dealcoholized
Wine, which came in a two-pack for
$34.64. (Amazon is a boon for those
seeking wines in this category, as it
can be hard to find a good selection
in local stores. It’s also worth noting
that prices can vary pretty widely
from one retail source to another.)
I tasted a few other no-/low-al-
cohol varietal wines, including the
St. Regis Cabernet Sauvignon De-
Alcoholized ($13) and the Fre Char-
donnay Alcohol-Removed Wine
($7). Not one tasted like its named
grape variety to me. While the aro-
mas of the Chardonnays were
actually taste, like Champagne—
though it does a fine turn as Cham-
pagnette (my new favorite word).
The crisp and stylishly packaged al-
cohol-free Perle Rose de Chavin
($33), a pale pink wine from Pierre
Chavin, came the closest of all to a
wine in taste and appearance. (Both
wines are completely alcohol-free.)
The best of the no-/low-alcohol
wines weren’t trying to approxi-
mate wine at all but simply deliver
the experience of a somewhat
sweet, fizzy drink. And I’ll give
them this: Once opened, the unfin-
ished bottles stayed fresh and fizzy
in the refrigerator for days. (Was it
the sodium benzoate?) For those
who want to stay sober this season
but still toast the holidays with
some bubbly, the bottles listed be-
low might be just the thing.
 Email Lettie at wine@wsj.com.

OENOFILE / NON-ALCOHOLIC (BUT FESTIVE) SPARKLING WINES FOR THE HOLIDAY TABLE

St. Regis Brut De-Al-
coholized Sparkling
Wine $18 Made from
Chardonnay grapes
identified only as “Eu-
ropean” and bottled in
Germany, St. Regis is
widely available around
the U.S. It’s a bit sweet
but very well balanced,
with appealing aromas
of apple and pear.
Perle Rose de Chavin
Alcohol Free Sparkling
Wine $33 Marked by
aromas of pear and cit-
rus, this lively, dry alco-
hol-free take on a spar-
kling French rosé is as
beautifully packaged as
it is pricey. It also comes
the closest of all these
wines to delivering a
“real” wine taste.
Chatêau de Fleur
Champagnette Non-Al-
coholic Carbonated
Grape Beverage $25
This fruity, rather sweet
and decidedly full bodied
California sparkler deliv-
ers the biggest fizz sen-
sation of the five wines.
“Champagnette” may
not be the least bit sub-
tle but it’s definitely fun.
Rondel Zero Brut De- Codorníu Zero Brut
Alcoholized Sparkling Alcohol Free Sparkling
Wine $10 This brand is Wine $10 Made from a
sold only in Total Wine slightly higher grade of
& More stores. Made Airén grapes than the
by Spanish Cava giant aforementioned Ron-
Raventós Codorníu del-label sparkler pro-
from the Airén grape, duced by Codorníu, this
it’s a pleasantly fizzy alcohol-free fizz from
no-alcohol drink—a bit Spain is soft and juicy
drier than its Codorníu and not completely un-
Zero counterpart. Cava-like.

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

Roasted Squash and Radicchio Salad With Anchovy Vinaigrette

DREW ESCRIVA FOR THE WALL STREET JOURNAL, FOOD STYLING BY TYNA HOANG, PROP STYLING BY EMILY EISEN; MICHAEL HOEWELER (PORTRAIT)

LAST YEAR, Tomos Parry opened a second
restaurant in east London, up the street from
his Michelin-starred Brat. To meet pan-
demic-era demands, Brat at Climpson’s Arch
seats guests in the open air, under a railway
arch, where Mr. Parry cooks over live fire.
The Chef The outdoor grill’s smoldering coals have
Tomos Parry since roasted countless thick-skinned vegeta-
bles, slow and low, until their flesh yields to
His Restaurants the gentlest prodding. That way of cooking
Brat and Brat at produced this roasted squash salad, Mr.
Climpson’s Arch, Parry’s final Slow Food Fast recipe.
both in east London “At Climpson we toss a whole pumpkin
into the fire so the skin burns as the flesh
cooks slowly,” Mr. Parry said. “In this ver-
sion, we use the oven. You lose smokiness,
you gain caramelization.” Using thin-skinned
delicata squash, cut into crescents, helps
speed things along. Bitter chicory, burrata
cheese, rosemary-scented croutons and
toasted hazelnuts complete the salad.
A savory anchovy vinaigrette pulls it to-
gether. From the Thanksgiving table and
on into winter, this hearty, cold-weather
salad feels festive but comes together easily
any weeknight. —Kitty Greenwald

What He’s Known Total Time 25 minutes radicchio leaves croutons to break them up
For Simple cooking Serves 4 1/
2 ball fresh burrata, torn into coarse crumbs.
over live fire. into bite-size pieces 3. Make the dressing: In a
Meticulous sourcing. 3 medium delicata squash, 1/
4 cup toasted and roughly small bowl, combine white
An unpretentious seeded and sliced into chopped hazelnuts and red wine vinegars. Stir in
welcome and an 1/
2-inch crescents anchovies, a pinch of salt and
ambitious vision. 1/
2 cup olive oil 1. Preheat oven to 375 de- a few grinds of black pepper.
4 teaspoon fresh thyme grees. Place squash on a bak- Whisk in a small splash of
1/

leaves
Flaky sea salt and freshly
ground black pepper
11/2 cups stale bread torn
into bite-size pieces
2 teaspoon chopped fresh
1/
ing sheet and toss with 2 ta-
blespoons olive oil, thyme,
salt and pepper. Spread
squash out evenly in a single
layer and roast on center rack
until tender and browned in
water and 1/4 cup olive oil until
well combined.
4. In a large bowl, toss radic-
chio with half the dressing
and arrange salad on a large
serving plate. Tuck roasted

rosemary leaves spots, about 25 minutes. squash in and around leaves.

2 tablespoons white-wine
vinegar
11/2 tablespoons red-wine
vinegar
3 anchovy fillets, finely
chopped
4 cups roughly torn
2. Meanwhile, on another
pan, toss torn bread with
rosemary and 2 tablespoons
olive oil, and season with
salt. Bake until golden, about
15 minutes. Remove from
oven and roughly pound
Arrange burrata pieces all
over the salad, tucking cheese
in near squash pieces. Scatter
breadcrumbs and hazelnuts
all around. Drizzle with re-
maining dressing and sprinkle SALAD DAYS Milky burrata cheese balances the sharp chicory
with salt. Serve immediately. beautifully. Toasted hazelnuts and crouton crumbs provide crunch.
P2JW331000-4-D01200-1--------XA

D12 | Saturday/Sunday, November 27 - 28, 2021 **** THE WALL STREET JOURNAL.

Flora Collection
Frivole, Lotus, Cosmos,
and Rose de Noël creations.

Haute Joaillerie, place Vendôme since 1906

Visit our online boutique at vancleefarpels.com - 877-VAN-CLEEF