For personal, non-commercial use only. Do not edit, alter or reproduce.
For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
Last week: DJIA 34283.10 À 221.78 0.7%
What’s
News
Business & Finance
 Investors are betting the
recent stock market rally
has legs after a lightning-
fast rebound drove the index
up around 7% over the past
two weeks, , its best stretch
of the year. Bulls are piling
into funds that track U.S.
shares and abandoning
trades that would profit in
times of market turmoil. A1
 “The Marvels,” Disney’s
latest superhero feature,
landed with a thud at the
box office only days after
Chief Executive Bob Iger an-
nounced an ambitious over-
haul of the entertainment
giant’s studio business. B1
 The new era of higher in-
terest rates has reignited a
debate over whether it is
better for ordinary investors
to buy individual bonds out-
right or through shares of
bond mutual funds. B1
 Former FTX executives,
including one who served
as a key witness against
Samuel Bankman-Fried, are
teaming up to build a new
cryptocurrency exchange
that aims to solve the prob-
lems that doomed their
previous employer. B1
 The transition to green
energy is becoming more
problematic while the oil-
and-gas industry is embark-
ing on a round of megadeals
enabled by soaring profits. B1
 The latest iteration and
first international install-
ment of the NCIS franchise,
“NCIS: Sydney,” will make its
debut on CBS on Nov. 14. B1
 Canadian fashion and re-
tailing mogul Peter Nygard
was found guilty in a To-
ronto court of four counts of
sexual assault, concluding a
six-week-long trial. B3
World-Wide
 Prime Minister Benjamin
Netanyahu of Israel re-
buffed calls from the U.S.
and some Arab leaders for
the Palestinian Authority to
govern Gaza after the war
ends, deepening the diver-
gence between Israel and
the U.S. on a postwar plan
for the enclave. A1
 Israel said it was pres-
suring Hamas to surrender
its position inside Gaza’s
largest hospital as it en-
gaged in intense fighting
with militants that left
thousands of displaced peo-
ple stuck inside the complex
with dwindling medical sup-
plies, water and food. A8
 Sen. Tim Scott of South
Carolina suspended his Re-
publican presidential cam-
paign after failing to catch
momentum in a crowded
field dominated by former
President Donald Trump. A3
 House Speaker Mike
Johnson unveiled a two-step
short-term spending pro-
posal that would keep
money flowing to federal
agencies into early next
year, in a bid to stave off a
partial government shut-
down late next week. A4
 The U.S. Army overturned
the convictions of 110 Black
soldiers charged more than a
century ago with mutiny, mur-
der and assault in a riot when
members of the 24th Infantry
Regiment clashed with police
and white residents of heavily
segregated Houston. A6
 Pope Francis removed
Bishop Joseph Strickland,
one of his most vocal critics,
and appointed Bishop Joe
Vázquez of Austin as “apos-
tolic administrator,” or acting
bishop, of Tyler, Texas. A5
CONTENTS
Arts in Review......A13
Business& FinanceB2,5,10
Business News............ B3
Crossword................ A14
Heard on the Street.. B11
Markets........................B11
s 2023 Dow Jones & Company, Inc.
All Rights Reserved
* * * * * MONDAY, NOVEMBER 13, 2023 ~ VOL. CCLXXXII NO. 114 WSJ.com HHHH $5.00
NASDAQ 13798.11 À 2.4% STOXX 600 443.31 g 0.2% 10-YR. TREASURY (new issue) yield 4.627% OIL $77.17 g $3.34 EURO $1.0686 YEN 151.52
Israel, U.S. Split on Gaza Plan Rebound
Netanyahu rejects for the enclave.
Netanyahu said on Sunday By Anat Peled
control over the strip after it
defeats Hamas, which he has
Whets
recommendation of
governing role for
on CNN that “a civilian au-
thority has to cooperate in
two goals. One is to demilita-
in Tel Aviv, Benoit
Faucon in Ramallah,
West Bank, and
sworn to do.
The U.S. has said it prefers
an “effective and revitalized”
Investors’
Palestinian Authority
Prime Minister Benjamin
rize Gaza, and the second is to
de-radicalize Gaza. And I have
to say that the Palestinian Au-
Rory Jones in Dubai
talks about a long-term solu-
Palestinian Authority, based in
the West Bank, as the solution
for governance and security
Appetite
Netanyahu of Israel rebuffed
calls from the U.S. and some
Arab leaders for the Palestin-
ian Authority to govern Gaza
thority has unfortunately
failed on both counts.”
Mahmoud Abbas, leader of
the Palestinian Authority, has
tion to the conflict.
Netanyahu, under pressure
from his right-wing political
base, hasn’t offered an alter-
control in Gaza.
Arab and Muslim leaders,
gathered in Saudi Arabia on
Please turn to page A8
For Stocks
after the war ends, deepening indicated he is willing to take native, saying Israel wants to Fear of missing out
the divergence between Israel over control of Gaza with the avoid governing Gaza and  Israel presses Hamas to again takes hold in
and the U.S. on a postwar plan authority if Israel engages in needs to maintain security surrender hospital............ A8
markets with year-
end rally in sights
BY GUNJAN BANERJI
Investors are betting the re-
cent stock market rally has legs
after a lightning-fast rebound
drove the index up around 7%
over the past two weeks, its
best stretch of the year.
Some have piled into funds
tracking U.S. stocks, while oth-
ers have abandoned trades
that would profit in times of
market turmoil. Many have
slashed bearish wagers against
the S&P 500 and tech-heavy
Nasdaq-100 index, fearful of
MENAHEM KAHANA/AGENCE FRANCE-PRESSE/GETTY IMAGES
.
getting caught flat-footed if
the big gains continue.
ly
The Cboe Volatility Index,
or VIX, known as Wall Street’s
“fear gauge,” has plunged from
on its October highs and recently
slid for eight consecutive ses-
sions. It is a sign that traders
are abandoning insurance-like
contracts that would protect
us ,
them from a stock swoon in
l
the coming weeks, or expect-
e
al a
ing markets to stay placid.
“People are trying to posi-
tion for a year-end rally at this
ci on
Israeli soldiers Sunday searched for human remains from the Oct. 7 attack by Hamas that killed more than 1,200 people in Israel.
point,” said Zhiwei Ren, a
portfolio manager at Penn Mu-
tual Asset Management.
He Saved His Friends, Then Vanished Ren said he took a cautious
stance in markets for much of
er s
this year, concerned that a re-
cession was right around the
m er
corner. The market advance
has pushed him to rethink his
Nepali student thwarted a Hamas grenade. His country is desperate to get him back. approach. Recently, he
scooped up some bullish bets
BY DREW HINSHAW, JOE PARKINSON rauding through the orchards and Bipin lunged forward, picked up one tied to the S&P 500 in the op-
m rp
AND KRISHNA POKHAREL dairy barn of Kibbutz Alumim were grenade and lobbed it to safety. But he tions market to profit from
killing anyone they could find. The Ne- wasn’t able to reach the second in any bigger gains that might
Bipin Joshi watched the two gre- palis had arrived in Israel just three time. It exploded, throwing five of his come through the end of the
nades skid across the cement floor of weeks earlier, on a college program to friends to the floor, gravely injured. year. Activity in such options
the windowless room where he was tend orange and lemon groves. They By all accounts, the 23-year-old agri- Please turn to page A2
co Fo
hiding, shoulder-to-shoulder with 16 were two days short of their first pay- cultural-science student and amateur
other student farmers from Nepal. check. Now, somehow, they were hud- rapper behaved heroically that day. He  Investors put bonds back
Outside, the Hamas gunmen ma- dled against a wall, bracing for impact. Please turn to page A10 in play...................................... B1
INSIDE FTX Founder’s Parents Support
Their Son, Face Own Legal Peril
ANNA MONEYMAKER/GETTY IMAGES
JOHN THYS/AFP/GETTY IMAGES
n-
BY JUSTIN BAER tervene on his behalf or pre- decades, his parents are trying
vent the conviction that many to prepare him for what
Barbara Fried wanted to get saw coming. comes next.
close to her son. Joseph Bankman and Bar- The couple maintain their
no
During breaks in the month- bara Fried had hovered nearby son’s innocence and are help-
long criminal fraud trial of her when their son soared to ing formulate grounds for an
firstborn child, Sam Bankman- prominence as the crypto in- appeal. They visited him at a
U.S. NEWS BUSINESS & FINANCE Fried, she would sometimes dustry’s biggest star, and ad- Brooklyn, N.Y., jail last Tues-
Sen. Tim Scott The shift away from leave her seat and walk up to vised him as his company col- day to assure him he has a life
the railing that separated him lapsed and the government worth living, even if much of it
suspends his oil and gas looks from the gallery. Watching him made its case against him. Please turn to page A6
Republican presidential increasingly messy to and his lawyers, often in si- And after a federal jury deliv-
campaign. A3 achieve. B1 lence, she was just inches ered a guilty verdict that  Former FTX executives plan
away yet no more able to in- could send him to prison for crypto exchange...................... B1
Are Oreos Oregonians Rethink Decriminalizing Drugs
Stinting on
BY ZUSHA ELINSON
The Creme? EUGENE, Ore.—Soon after
i i i Oregon became the first state
to decriminalize all drugs, Of-
Snack maker says ficer Jose Alvarez stopped
arresting people for posses-
no, but consumers sion and began giving out
tickets with the number for a
are on high alert rehab helpline.
Most of the people smoking
BY JESSE NEWMAN fentanyl or meth on this city’s
streets balled them up and
MORIAH RATNER FOR THE WALL STREET JOURNAL
Oreos have been an evening tossed them onto the ground.
ritual for Shane Ransonet for “Those tickets frankly
years. seemed like a waste of time,”
So he was confounded a Alvarez said.
few months ago when he Nearly three years into an
opened a package and, as had experiment that proponents
long been his custom, jabbed a hoped would spark a nation-
Opinion................ A15-17 fork into a cookie’s creme fill- wide relaxation of drug laws,
Outlook.......................... A2
Personal Journal.... A11-12
ing to dunk it into a glass of many in Oregon have turned
Sports.......................... A14 milk. The cookie broke. against the decriminalization
Technology........................ B4 Ransonet, a bottled-water initiative known as Measure
U.S. News.............. A2-6 salesman in New Iberia, La., 110, which passed with 58% Eugene, Ore., Officer Jose Alvarez has stopped handing out tickets for drug possession.
World News........... A7-9
showed his wife, Christine, the support in 2020.
offending Oreo. Like others in People sprawled on side- are liberal voters who hoped alition of city officials, police found the majority of Orego-
> the box, the twin chocolate walks and using fentanyl with decriminalization would lead chiefs and district attorneys nians support the idea.
wafers were smeared with just no fear of consequence have to more people getting help. In recently called on the state The fundamental problem,
a thin coat of creme, far less, become a common sight in cit- reality, few drug users are tak- Legislature to recriminalize according to law-enforcement
he said, than the typical blob ies such as Eugene and Port- ing advantage of state-funded hard drugs. A measure to do officers and researchers, is
he was used to. land. Business owners and lo- rehabilitation programs. so is in the works for next that the threat of jail time
Please turn to page A6 cal leaders are upset, but so Change appears likely. A co- year’s ballot. A recent poll Please turn to page A2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Monday, November 13, 2023
THE OUTLOOK | By Amara Omeokwe
Leverage Fades for Low-Wage Workers
L
ow-wage workers
were the labor mar-
ket’s surprise win-
ners of the past few
years. As employers
clamored to hire from a lim-
ited pool of workers, Ameri-
cans in lower-paying indus-
tries gained leverage to
obtain some of the largest
pay raises and perks. Gov-
ernment relief during the
pandemic padded those
workers’ finances.
Now, that leverage is
weakening. More workers
are seeking jobs, and the
economy is feeling the im-
pact of the Federal Reserve’s
campaign to combat infla-
tion. That has resulted in
slower wage growth overall,
but particularly at the lower
end of the pay scale. Pan-
demic-era savings cushions
are growing smaller.
Retailers are noticing low-
income consumers pull back,
and economists expect this
to cool an exceptionally
strong streak of consumer
spending, though they don’t
see an outright bust.
Workers in the bottom
quarter of the wage distribu-
tion received a 5.9% raise in
October compared with a
7.2% increase in January, ac-
cording to data from the Fed-
eral Reserve Bank of Atlanta.
Workers overall saw a
smaller decline over the
same time frame, from
growth of 6.3% to 5.8%. The
measure is based on the 12-
month moving average of
Investors
See Rally
Lasting
Continued from Page One
hit one of the highest levels on
record in November.
Behind the market’s U-
turn? Stocks and bonds got a
double boost from Washington
this month. The Treasury in-
creased the size of longer-
term debt auctions by a
smaller amount than many
had expected, and the Federal
Reserve hinted that it likely
won’t raise interest rates
again this year.
Government-bond yields,
which have stirred much of
the recent volatility, dropped
after breaching 5% for the first
time in 16 years in October,
giving ammunition to the
stock bulls. The S&P 500 is sit-
ting on gains of 15% for 2023,
while the Nasdaq Composite is
up 32% after notching its best
Oregonians
Rethink
no
Drug Policy
Continued from Page One
hasn’t been replaced with a
new incentive for people strug-
gling with addiction to seek
treatment. Some 6,000 tickets
have been issued for drug pos-
session since decriminalization
went into effect in 2021, but
just 92 people have called and
completed assessments needed
to connect them to services,
according to the nonprofit that
operates the helpline.
The only penalty for those
who don’t call is a $100 fine,
which is rarely enforced.
Before the law went into
effect, people caught with
small amounts of drugs were
typically given a choice of
court-mandated rehab or
criminal sanctions such as jail
time or probation.
“It was not a crazy thing to
try at all, but I think they mis-
understood addiction,” said
Keith Humphreys, a Stanford
professor who has studied the
measure. “They really had the
assumption that if you decrim-
inalize, people would come
rushing in saying, ‘Please, give
me treatment,’ but addiction is
not like cancer where people
crawl through broken glass to
get treatment.”
The number of fatal over-
doses in Oregon during the 12
months that ended in May
rose 23% from the same pe-
riod a year earlier to 1,500, ac-
cording to preliminary federal
Wage growth by wage level*
8% RECESSION
7 2nd
6 McDonald’s Chief Execu-
5 quartile
4 quartile
3 $45,000 or less, was down
2 –5
2020 ’21
*Reflects the 12-month moving average of median wage growth, on an hourly basis †Seasonally adjusted
Sources: Federal Reserve Bank of Atlanta (wage growth); Labor Department via St. Louis Fed (earnings)
median wage growth, on an
hourly basis.
Average hourly wages in
leisure and hospitality, often
viewed by economists as a
proxy for lower-wage work,
were up 7% from a year ear-
lier at the start of 2023, ac-
cording to Labor Department
data. That had eased to 4.5%
by last month. Wage growth
for private-sector workers
overall slowed by a much
smaller 0.3 percentage point
over the same period.
April Kuhlman, of St. Pe-
tersburg, Fla., benefited from
tight labor-market conditions
in recent years. She left a job
at a quick-service restaurant
in early 2021 for a job working
at a spa. She initially made $9
an hour at the front desk,
then worked her way up to as-
sistant manager by the end of
on
us ,
day since May on Friday.
l
In the coming days, investors
e
al a
will parse the latest round of in-
flation data when the consumer-
price index and producer-price-
ci on
index figures are released
Tuesday and Wednesday.
With just a few weeks left
of 2023, the doomsday fore-
casts on the economy that Wall
er s
Street entered the year with
don’t seem to be panning out.
m er
Charles Shriver, a portfolio
manager at T. Rowe Price who
oversees about $50 billion in
assets, said he kept a chunk of
his portfolios in cash for much
m rp
of the year and took advantage
of the October market swoon
to pour some of it into equi-
ties. He expects stocks to keep
rising. “We would look for op-
co Fo
portunities to add to equities,”
Shriver said.
U.S. stock exchange-traded
and mutual funds drew around
$4.2 billion in the week ending
Nov. 8, one of the biggest
hauls this fall that capped a
three-week stretch of inflows,
according to LSEG Lipper
Global Fund Flows.
Meanwhile, bearish bets by
hedge funds and other money
n-
data. That is the third-highest
increase in the nation, behind
Washington and Nevada.
Advocates of drug decrimi-
nalization blame Oregon’s con-
tinued problems on nation-
wide trends, including the rise
of deadly fentanyl and in-
creased homelessness.
They say Measure 110 is
succeeding at one goal: keep-
ing people out of the criminal-
justice system for drug pos-
session. About 4,000 people
were arrested for drug of-
fenses in Oregon in 2022,
down from 11,000 in 2020.
Rather than using the
threat of jail time, advocates
for decriminalization said they
are persuading people to get
treatment by having them talk
to former drug users.
“When people access ser-
vices voluntarily…that’s really
powerful and effective,” said
Tera Hurst, executive director
of the Health Justice Recovery
Alliance, a nonprofit focused
on implementing Measure 110.
Chris Wig, executive director
of Emergence Addiction and
Behavioral Therapies in Eu-
gene, said that although more
people are getting peer support
through programs funded by
the measure, fewer are getting
treatment. He said there has
been a 25% drop in participa-
tion in Emergence’s programs.
“There are people who
were getting treatment before
who are not getting it now,”
he said. “It’s people who were
involved in the criminal jus-
tice system.”
Oregon was the first state
to decriminalize possession of
marijuana, in 1973. Taking the
same pioneering approach to
hard drugs in 2020 proved
easy, as Measure 110 faced lit-
U.S. NEWS
15%
quartile
10
Lowest
quartile
3rd
Highest
Overall
’22 ’23
2022. Her pay at the spa has
risen over time to $21.
Yet in her new role re-
cruiting and training new
staff, Kuhlman, 33 years old,
said she sees how much the
hiring landscape has
changed now from pandemic
times, when the spa strug-
gled to find workers. “We’ve
been kind of flooded with ré-
sumés and people walking in
to apply,” she said.
A W
mericans accumulated
roughly $2 trillion in
excess savings during
the pandemic. Forecasters
expect the resulting boost to
spending to fade as people
exhaust that stash.
Going forward, low-in-
come households, in particu-
lar, will instead have to rely
more on income growth and
borrowing to support spend-
Cboe Volatility Index
26
24
22
20
18
16
14
12
Jan. 2023 June
Sources: FactSet (VIX); CFTC (bearish bets)
managers against the S&P 500
recently fell to the lowest level
since June 2022, according to
data from the Commodity Fu-
tures Trading Commission.
Bets against Nasdaq have
slumped to the lowest level
since March.
tle organized opposition.
Michelle Loew, a 56-year-
old bookstore clerk in Eugene,
voted for it enthusiastically. A
Grateful Dead fan who has ex-
perimented with mind-altering
substances, Loew long sup-
ported liberalizing Oregon’s
drug laws to be more like
those of the Netherlands.
But as she watched public
drug use flourish in this city
of 175,000, she
feared she had
voted the
wrong way. Few drug users
“There is are taking
constant prob-
lems all over advantage of
town—it doesn’t
matter where
state-funded
you live—with rehab programs.
people strung
out on drugs,”
said Loew, who
described herself as a commu-
nist. “I pride myself on being a
bit cynical, but obviously I was
very naive.”
Overdose calls to Eugene po-
lice rose to 823 last year from
438 in 2020. So far this year,
there have been 858. Though
researchers attribute the rise in
overdoses to the prevalence of
fentanyl rather than the de-
criminalization measure, the
drug problem has become more
visible than ever.
On a recent morning, Jan-
ina Rager, a community-en-
gagement specialist with the
Eugene police, roused a man
who was sprawled in front of
Gardner Floor Covering, a
family-run store downtown.
She asked him to leave and
clean up the garbage that sur-
rounded him, including bits of
aluminum foil that are typi-
cally used as wrappers for
meth or fentanyl.
Average hourly earnings,
change from a year earlier†
Leisure &
hospitality
5
Private sector
overall
0 with yearly incomes of
2019 ’20 ’21 ’22
ing, said Bob Schwartz, a se-
nior economist at Oxford
Economics.
Indeed, U.S. credit-card
debt rose by $154 billion in
the third quarter from the
same period in 2022, not ad-
justed for inflation, the larg-
est increase on records back
to 1999, according to the
Federal Reserve Bank of New
York. But borrowers are
showing strain: The share of
credit-card users who be-
came newly delinquent, or
30 or more days behind on
at least one account, was
higher than the prepandemic
average during the third
quarter, according to New
York Fed research. Delin-
quency rates are rising fast-
est in lower-income ZIP
Codes, the research found.
“Since they have less of a
Net bearish bets among leveraged funds
against S&P 500 futures
100,000 contracts
Friday
0 investors are also abandoning
14.17
–7.5 pts.
year to date
–100,000
–200,000
–300,000
–400,000
–500,000
–600,000
Nov. Jan. 2022
Individuals said they are
growing more bullish about
stocks. The share of investors
who said they expected share
prices to rise over the next six
months jumped to 43% last
week, a sharp rise from 24% a
week prior, according to a sur-
The shop’s owner, Matt
Siegmund, said the number of
people loitering and doing
drugs in front of his store has
doubled since the measure
passed. Customers are scared
to walk in now, he said. Each
morning, his employees must
clear the sidewalk of debris
that often includes feces or
needles.
“It just keeps getting
worse,” Sieg-
mund said. “I
feel like these
people on the
streets have
more rights
than I do.”
On a recent
weekday in
downtown
Portland, a up rehab facilities for people
man explained
the varieties of
fentanyl to a tourist who
wanted to know what every-
one was smoking off small
squares of aluminum foil.
There were dozens of people
doing it in the area, some
swaying like zombies, others
CORRECTIONS 
AMPLIFICATIONS
Radio program “This
American Life” is produced in
collaboration with WBEZ Chi-
cago and airs on many sta-
tions that are members of
NPR. An obituary for animal-
rights activist Karen Davis on
Saturday incorrectly suggested
that NPR produces the show.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
THE WALL STREET JOURNAL.
cushion and less of a savings Gould, senior economist at
buffer, this will translate the left-leaning Economic
into slower spending,” Policy Institute. “How are
Schwartz said of low-income low-wage workers doing?
earners. Their wage growth is com-
Some companies are see- ing down, but inflation has
ing that already. been coming down quite
fast. And so they were beat-
tive Officer Chris Kempczin- ing inflation before, and they
ski said on an October earn- are still.”
ings call that the company’s Arindrajit Dube, a profes-
share of industry traffic from sor of economics at the Uni-
low-income consumers, those versity of Massachusetts
Amherst, and co-researchers
found in a study that a tight
during the third quarter com- labor market after the
pared with a year earlier. height of the pandemic led
’23
Foot Locker CEO Mary to disproportionate wage
Dillon said in August that growth at the bottom.
“the full weight of the macro Inflation-adjusted hourly
environment on our lower- earnings at the 10th percen-
income consumer” became tile of the wage distribution
much more evident during rose 8.1% between January
the company’s second quar- 2020 and June 2023, while
ter, affecting the back-to- those at the median rose by
school shopping season. 1% and those at the 90th
Meanwhile, Gap in August percentile fell by 1.5%, the
said its Old Navy value researchers found. They esti-
brand was seeing continued mate 40% of the rise in wage
slower demand from lower- inequality since 1980 be-
income consumers. Budget tween the 10th and 90th
airlines have also been see- percentiles has therefore
ing a pullback in demand. been reversed.
Dube said wage inequality
hile the fortunes of only narrowed a bit more
low-income house- between the third quarter of
holds aren’t as up- 2022 and the second quarter
beat as they once were, they of 2023, but didn’t reverse.
.
aren’t going into reverse. In- “The reduction in wage in-
deed, with inflation easing, equality that we find seems
ly
wages have been rising to be leaving a more perma-
faster than prices since nent mark, as opposed to
mid-2023. something that lasted a few
“What we really care
about is changes in the stan-
dard of living,” said Elise
years and goes back to the
way things were,” Dube
said.
the U.S. economy, said in a re-
cent note to clients that it has
performed even better than
he expected.
As yields have decreased,
trades that would profit if the
stock market’s stars stumbled.
Bets that would pay out if
the Magnificent Seven—Ap-
ple, Microsoft, Alphabet, Am-
azon.com, Nvidia, Tesla and
Meta Platforms—declined are
hovering near an all-time low,
according to Bank of America
data.
“If we are at the peak [in
rates], then there is good
times ahead” for stocks, said
Dev Kantesaria, founder of
Valley Forge Capital Manage-
ment, which oversees around
$3 billion in assets.
’23 Kantesaria said he is hold-
ing almost no cash in his port-
folio and is all-in on stocks. He
vey by the American Associa- said his bullish view, in the
tion of Individual Investors. face of dour warnings from
The share that said they were many economists and analysts
bearish nearly halved to 27%. about the economy and mar-
Jan Hatzius, a Goldman kets, has paid off.
Sachs Group economist who “I think to be a great equity
has been among the most op- investor, you have to be an op-
timistic on Wall Street about timst,” Kantesaria said.
crumpled on the sidewalk.
The man said getting ar-
rested three years ago moti-
boosts funding for treatment
while maintaining criminal
penalties for drug possession.
vated him to get clean. He got Oregon state Sen. Floyd
a job at a gas station and Prozanski, a Democrat from
stayed sober because it was the Eugene area who leads a
required while he was on pro-
bation. But as soon as he fin-
ished probation last fall, he
subcommittee focused on
Measure 110, said he wants to
see fixes to the law in next
was back on drugs. year’s legislative session. One
“I didn’t have a reason to idea on the table is taking
keep clean and sober after people off the streets for 72
that,” he said. hours after they overdose.
Advocates for Measure 110 Prozanski said he opposes
hope to have a more lasting bringing back criminal sanc-
effect by getting people into tions for drug possession.
treatment voluntarily. Joe Ba- Max Williams, former di-
zeghi, director of engagement rector of the Oregon state
for Recovery Works North- prison system, said he is
west, said his organization, skeptical the state Legislature
which is funded under the will make adequate changes
new measure, is now setting to the law. He heads a group
preparing a measure for next
addicted to fentanyl and mak- year’s ballot that would again
ing progress in persuading make it a crime to possess
people to request treatment. hard drugs such as fentanyl,
Other states that once while keeping in place the
seemed likely to follow Ore- new funding for treatment,
gon’s lead are pumping the which comes from cannabis
brakes. Earlier this year, taxes.
Washington Gov. Jay Inslee, a —Jon Kamp
Democrat, signed a law that contributed to this article.
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: support@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
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * Monday, November 13, 2023 | A3

U.S. NEWS

El Paso Acquires Shelter for Migrants GOP’s Scott

Suspends
As crisis persists,
border city buys
school and offers
Presidential
temporary haven Campaign
BY ALICIA A. CALDWELL
BY ELIZA COLLINS
EL PASO, Texas—Like most
border cities, El Paso has long Sen. Tim Scott of South Car-
tried to have as little involve- olina had hoped his personal
ment as possible in caring for story and positive message
the migrants who come and go would be enough to elevate his
every day. Republican presidential cam-
Federal authorities arrested paign, but he was unable to
and processed people who en- catch momentum in a crowded
tered the U.S. illegally, while field dominated by former Pres-
nonprofits have helped those ident Donald Trump. On Sun-
FROM TOP: JOSE LUIS GONZALEZ/REUTERS, CITY OF EL PASO

who needed assistance before day evening, he withdrew from

traveling to their final destina- the race, acknowledging that
tion elsewhere in the U.S. his strategy wasn’t working.
Now, local officials say they The 58-year-old senator,
have been forced to change who had been the only re-
course. The number of migrants maining Black candidate in
being released on El Paso’s the GOP primary race, made
streets has been at or near re- his announcement Sunday on
cord levels for most of the past Fox News Channel during an
year, and more are poor parents interview with his close friend
and children with few resources. former Rep. Trey Gowdy (R.,
Existing shelters don’t have S.C.), who was hosting.
enough capacity, and migrants “When I go back to Iowa, it
have slept on the streets around will not be as a presidential
a downtown church and at the Migrants slept on the street after being released from U.S. Border Patrol custody in September in downtown El Paso, Texas. candidate. I am suspending my
airport. Below, beds are set up in El Paso’s Community Readiness Center, formerly Morehead Middle School. campaign. I think the voters
El Paso officials have con- who are the most remarkable
cluded that the situation, which has built a public shelter specifi- a nearly 40% increase from the people on the planet have been
would have previously seemed cally for migrants. The rest offer prior fiscal year. It was a record really clear that they’re telling
extreme, is their new normal. logistical and financial support high since at least 1960, accord- me, not now, Tim,” he said.
The city recently spent $3.8 mil- to nonprofits. ing to government data. Scott went on to say voters
lion to buy a decommissioned Some cities far from the bor- More than 110,000 of those weren’t telling him never to
middle school it is turning into der have longstanding public- arrested were traveling in fami- run, “but I do think they’re

.
an emergency shelter for mi- shelter systems that have re- lies, the second-highest total on saying not now. And so I’m
grants with nowhere else to go. cently filled with newly arrived record. Because court rulings going to respect the voters

“I never thought it would get migrants.
to this, to what we’re doing,” El Paso last year began offer-
said Deputy City Manager Mario ing free bus rides to migrants,
D’Agostino.
Numerous border communi-
ties, including San Diego, have
said the number of migrants be-
but unlike a similar effort run by
the state under Texas GOP Gov.
Greg Abbott, El Paso hasn’t
touted the buses as a way to
ing released on their streets ev- share the burden of caring for
us ,
ly
generally prohibit the Border and I’m going to hold on and
Patrol from detaining children keep working really hard.”
and their families for more than Scott started his campaign
on
20 days, many are quickly re-
leased on city streets.
In addition, tens of thousands
of recent arrivals have come
with strong fundraising and a
hopeful message, but struggled
to move beyond single digits in
most polling in the race. Scott
from countries to which depor- failed to stand out in the three

ery day has reached crisis levels, migrants with northern cities. tation has been diplomatically primary debates that have been
l

and they are beseeching the Bi- During the federal fiscal year complicated, including Venezu- held and was backed by just 7%
e
al a

den administration for assis- that ended in September, federal ela and Cuba. Border agents in a Des Moines Register poll of
tance. But El Paso is the only border agents made about have no choice but to release Iowa voters released late last
major city on the border that 427,000 arrests around El Paso, many of them in the U.S. as well. month, despite his campaign
ci on

emphasis on that state.

While all of the Republican

Home-Insurance Costs Fall on Alabama Coast

hopefuls are trailing Trump by
wide margins, former United
Nations Ambassador Nikki Ha-
er s

ley and Florida Gov. Ron De-

Santis were seen in polls as
BY ARIAN CAMPO-FLORES
m er

tant roof they had installed in
September with the help of a
MOBILE, Ala.—When Kelly $10,000 grant from a state pro-
and Mike Francis saw the gram. Financially, “it lets us
home-insurance quotes for the breathe more,” said Kelly Fran-
m rp
set of resilience standards de-
veloped by the Insurance Insti-
tute for Business & Home
Safety, or IBHS, a research
group funded by insurers.
construction in the U.S.
Alabama’s efforts illustrate a
promising response to an issue
confronting many U.S. coastal
areas: how to make homes
beaches popular with tourists.
Home-insurance premiums
in Alabama’s two coastal coun-
ties have fluctuated but gener-
ally declined in recent years,
the most likely alternatives to
Trump with the rest of the
field falling behind.
There were five Republicans
on the debate stage last week,

house they wanted to buy here cis, 34 years old.
last spring, they had sticker This state is bucking a na-
shock. tional trend. Home insurers
The couple decided to take across the U.S. are insuring
out a different policy from a lit- less and charging more as they
co Fo
“At a time when there’s tre-
mendous tumult in the Gulf
Coast insurance marketplace,
coastal Alabama has stability
and predictability,” said Roy
more resilient in the face of
stronger storms brought in
part by climate change, and to
persuade insurers to keep pro-
viding coverage for them. Fail-
according to data compiled by
Lars Powell, director of the Ala-
bama Center for Insurance In-
formation and Research at the
University of Alabama. The av-
including Scott. Trump
skipped the event. If another
candidate is to have any hope
of beating Trump, the field
would likely need to consoli-

tle-known insurer that included try to claw their way back to
reduced coverage on an aging profitability after incurring
roof, which made the house losses in recent years. Premi-
vulnerable to hurricanes and ums have skyrocketed in Flor-
other fierce weather that batter ida. And in some parts of the
the Gulf Coast. At about $4,500 Gulf and East coasts, carriers
a year, it was cheaper than a are pulling back.
comprehensive policy, but they A driving force keeping Ala-
could still barely swing it. bama’s insurance market in
Now they are poised to se- check, industry specialists
cure a comprehensive policy said, is that it leads the nation
from an established carrier, in building homes and roofs
along with a roughly $1,000 like the one now atop the
n-
Wright, chief executive of IBHS.
Dubbed the Fortified pro-
gram, its so-called Gold specifi-
cations exceed those of most
state and local building codes
and include elements such as
sealing roof decks, installing
impact-resistant windows and
doors, and tightly fastening
roofs to walls.
Alabama has embraced the
program—with a tally of
about 43,000 Fortified homes
ure on either front could
threaten real-estate markets
and residents’ ability to con-
tinue living in vulnerable areas.
Alabama frequently is struck
by hurricanes and tropical
storms but, because of its
smaller coastline, less than
Florida and Louisiana. Ala-
bama’s coastline comprises two
counties—Mobile and Bald-
win—that are home to large
shipbuilding and aerospace em-
erage premium was $1,243 in
2021, the most recent year for
which data is available, com-
pared with $1,396 in 2015.
In Florida, the average pre-
mium tripled from 2019 to 2023,
when it reached $6,000, accord-
ing to the Insurance Information
Institute, an industry group.
Alabama’s insurance market
faces challenges, including the
rising cost of reinsurance—
backup coverage insurers buy—
date behind one person. Anti-
Trump donors have been urg-
ing marginal candidates to exit
from the race and back one
person to avoid a repeat of the
crowding of the field that al-
lowed Trump to become the
nominee in 2016.
Scott’s exit follows the de-
parture of former Vice Presi-
dent Mike Pence, who dropped
out of the race last month after
also struggling to gain traction.

discount on their premium, Francis home. and roofs so far, making up ployers, rapidly growing resi- said Mark Fowler, Alabama’s —John McCormick
thanks to a new storm-resis- Their roof complies with a more than 80% of all such dential developments and insurance commissioner. contributed to this article.
no

Cuvée Rosé. Chosen by the best.

The Ritz London

MAISON FAMILIALE INDÉPENDANTE

Imported by Laurent-Perrier US - www.laurent-perrier.com

P L E A S E E N J O Y C H A M P A G N E R E S P O N S I B LY
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Monday, November 13, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL.

U.S. NEWS

Speaker Unveils Near-Term Spending Plan

GOP proposal would the White House. That sets up sions—agencies for which law- Democrat, yet to be sworn in
a down-to-the-wire fight over makers have made progress in after winning an open seat.
extend funding into the coming days. Democrats finalizing next year’s spending Kevin McCarthy (R., Calif.)
early next year to have insisted on a patch that levels. Money for remaining was ousted as speaker last
keeps spending at current lev- federal agencies, such as the month after he endorsed a
prevent a shutdown els, while Republicans had Labor Department and the temporary spending bill that
sought to avoid a deadline Justice Department, would ex- passed with more Democratic

TOM WILLIAMS/CQ ROLL CALL/ZUMA PRESS

BY KATY STECH FEREK around Christmas that could pire in early February. support than Republican votes
AND SIOBHAN HUGHES leave them vulnerable to arm In the Senate, Democrats hours before the government
twisting by the Senate. and some Republicans have was set to shut down on Sept.
WA S H I N G T O N — H o u s e “This two-step continuing questioned whether the plan 30. On that measure, 90 Re-
Speaker Mike Johnson (R., resolution is a necessary bill is too complicated. publicans voted against the
La.) unveiled a two-step short- to place House Republicans in “We are going to pass a proposal.
term spending proposal that the best position to fight for clean short-term [spending Democrats in both cham-
would keep money flowing to conservative victories,” John- bill]. The only question is bers had warned Johnson that
federal agencies into early son said. whether we do it stupidly and they won’t vote for any pro-
next year, in a bid to stave off According to a document catastrophically or we do it posals with steep spending
a partial government shut- obtained by The Wall Street Speaker Mike Johnson’s plan wouldn’t impose spending cuts. like adults. There’s nothing in- cuts or conservative policy
down late next week. Journal, if the two-step plan herently conservative about changes on issues such as im-
Johnson presented the plan doesn’t pass, House Republi- would be on a slower track, dividual spending bills for the making simple things super migration.
on Saturday, a week before cans will turn to what they easing worries among Demo- entire year. convoluted,” said Brian Schatz On Thursday, Senate Major-
federal agencies risk shutting call a full-year continuing res- crats that Republicans would “It’s…100% clean. And I (D., Hawaii). ity Leader Chuck Schumer (D.,
down as current funding runs olution, keeping spending try to enact spending that they 100% oppose,” said Rep. Chip The plan also omits supple- N.Y.) took the first legislative
out. The measure wouldn’t im- flat—although it would con- favor without tackling spend- Roy (R., Texas) on social me- mental funding for Ukraine, step toward preventing a
pose spending cuts, and it also tain “appropriate adjustments ing favored by Democrats. dia. Israel and Taiwan, as well as shutdown by calling up a
wouldn’t implement tougher to meet our national security “It’s a good thing the The proposal came under border-policy changes that are placeholder bill that lawmak-
anti-immigration rules at the priorities.” speaker didn’t include unnec- criticism from the White under consideration in the ers could use to insert any
U.S.-Mexico border, which The two-step plan was also essary cuts and kept defense House, with press secretary Senate. funding-extension language.
some Republicans had said structured to put the defense- funding with the second group Karine Jean-Pierre calling it House lawmakers could Senators are scheduled to hold
was critical to get their sup- spending components of the of programs,” a Senate Demo- “a recipe for more Republican vote on the proposal as soon a procedural vote on the mea-
port. federal budget, which account cratic leadership aide said. chaos and more shutdowns.” as Tuesday. sure on Monday evening.
Any short-term spending for more than half of discre- Already there were signs of Under the proposal, govern- Johnson now needs to sell If lawmakers don’t act in
deal will need to get through tionary spending, into the trouble, however. Some Re- ment funding would extend the plan to House Republi- time, hundreds of thousands
the GOP-controlled House, tranche that would expire in publicans have said that they through Jan. 19 for the De- cans, a group that has been of government workers will be
which has fought all year over early February. That means oppose any temporary spend- partments of Agriculture, hard to unify on federal furloughed starting Saturday,
spending, and then win the that the part of the budget tra- ing extension without cuts, Transportation, Veterans Af- spending. Republicans have a and others will be forced to
approval of both the Demo- ditionally most popular with and that Congress should fo- fairs and Energy as well as 221-212 majority, with Rep. work without pay until the
cratic-controlled Senate and the GOP—military spending— cus instead on completing in- several other federal divi- Gabe Amo of Rhode Island, a standoff is resolved.

Killing Federal Agencies Is Easier Said Than Done

.
ly
BY ANDREW RESTUCCIA higher rates of fraud because

WASHINGTON—Republi-
can candidates for president
are pledging to shut down fed-
on there would be fewer civil ser-
vants to conduct oversight on
how money is being spent.
Over the years, Congress
eral agencies if they win the has managed occasionally to
us ,

White House. There is almost eliminate agencies or create

l

no chance they will succeed. new ones. Lawmakers voted in

e
al a

Closing a government 1995 to abolish the Interstate

agency requires action by Con- Commerce Commission, trans-
gress. Persuading a majority ferring its functions, including
ci on

of the House and Senate to oversight of the nation’s rail-

close down agencies, many of roads, to other agencies. That
which distribute billions of same year, lawmakers de-
federal dollars to their states funded the Office of Technol-
and districts, has proved ogy Assessment, a congressio-
er s

nearly impossible for decades. nal office created to analyze

While past presidents have re- technological developments,
m er

organized and rebranded de- after Republicans targeted it

partments, Washington has as an example of government
never shut down a major cabi- waste.
net-level agency, according to Following the 9/11 terrorist
experts who follow the issue. attacks, Congress created the
m rp

That hasn’t stopped a long Department of Homeland Se-

TING SHEN FOR THE WALL STREET JOURNAL

line of presidential candidates curity. The Consumer Finan-

from promising voters that cial Protection Bureau was
they will do it anyway. In created after the 2007-08 fi-
Wednesday’s presidential de- nancial crisis.
co Fo

bate, biotech entrepreneur Closing government agen-

Vivek Ramaswamy vowed to cies is a “common talking
“shut down redundant agen- point, but very rarely an ac-
cies that should not exist” as tion point,” said Max Stier, the
part of a plan to reduce the president of the Partnership
federal workforce in Washing- for Public Service, a nonparti-
ton by 75% and balance the The federal government has never shut down a major cabinet-level agency, according to experts who follow the issue. san better-government group.
U.S. budget. “The agency itself is the
Ramaswamy has promised Trump, the leading Republican newly created Education De- cials say the rhetoric is little elected officials—support. The wrong vessel for having the
to shut down the Education candidate for president, has partment, which he called more than a talking point. Education Department, for ex- policy debate. It really ought
Department, the Federal Bu- urged Republicans in Congress Jimmy Carter’s boondoggle. “It will not happen. They ample, largely doles out fed- to be the specific responsibili-
reau of Investigation, the Nu- to defund the Justice Depart- The Education Department can’t just do it,” said Elaine eral grants to schools. If that ties of the agencies that you
clear Regulatory Commission ment and the FBI. Trump pro- was still open for business Kamarck, a senior fellow at money dried up, many schools should examine.”
n-

and the Bureau of Alcohol, To- posed abolishing agencies when Reagan left office and the Brookings Institution and wouldn’t be able to function. In 2012, President Barack
bacco, Firearms and Explo- while he was in office, but has continued operating in the former Clinton administration “Everything in the federal Obama lobbied Congress to re-
sives. Florida Gov. Ron DeSan- didn’t ultimately do so. subsequent decades. Then- official who managed Bill Clin- government has a constitu- store presidential reorganiza-
tis has called for closing the The issue has been a peren- presidential candidate Rick ton’s effort to streamline the ency that’s pretty powerful. It tion authority as part of an ef-
no

Education Department, the nial applause line for Republi- Perry said he would kill the government. wouldn’t be there if it didn’t,” fort to consolidate six agencies
Commerce Department, the can politicians dating back to Energy Department, only to go Kamarck noted that several she said. into a single agency focused
Internal Revenue Service and Ronald Reagan, who promised on to lead the agency during of the agencies Republicans Kamarck also warned that on business and trade. Con-
the Energy Department. during his 1980 presidential the Trump administration. want to kill oversee programs cutting agencies and govern- gress didn’t approve the ef-
Former President Donald campaign to eliminate the Former government offi- that the public—and their ment workers could lead to fort.

Democrat Stands By Mideast Position That Has Drawn Primary Threat

BY JIMMY VIELKIND feud over Israel. Bowman is reprimanded by the Demo-
one of four House members in cratic Socialists of America,
Rep. Jamaal Bowman (D., a progressive group known as which had supported him,
N.Y.) hoped a breakfast with the Squad facing potentially when he voted in 2021 for a
Jewish constituents would serious primary challenges military-aid package for Israel.
help alleviate the criticism next year after their criticism But he also faced criticism
over his response to Hamas’s of Israel—as well as their calls from Jewish leaders in his dis-
Oct. 7 attack on Israel. It didn’t for a cease-fire—put them at trict who said he ignored their
go well. odds with Democratic leader- requests for meetings since
Bowman—who was forced ship, which has supported Is- taking office and for refusing
to change venues to avoid pro- rael’s military campaign. to attend a July speech at the
tests—denounced Hamas but In an interview, Bowman Capitol by Israeli President
defended his opposition to a said a primary challenge was Isaac Herzog. Bowman said he
RICKY CARIOTI/THE WASHINGTON POST/GETTY IMAGES

House resolution that con- part of the process. He said he didn’t go because Herzog
demned the attacks. Bowman supports Israel’s right to exist, hadn’t done enough to foster a
said he voted against the reso- “but I also support a Palestin- two-state solution.
lution because it didn’t recog- ian state—in a real way, not in After Bowman voted against
nize Palestinian victims, ac- a lip-service way. Not in a the resolution, the Westchester
cording to people who mythological way and not in a Board of Rabbis released a let-
attended the Monday meeting way that also simultaneously ter “expressing frustration and
at his White Plains office. undermines a Palestinian state anger.” An organization affili-
Dozens of Westchester which is what’s been happen- ated with the pro-Israel Aipac
County and Bronx residents ing over several decades.” lobbying group began running
told him they felt unsafe living New York is home to a sig- attack ads. Prominent Jewish
as Jewish people in their own nificant Jewish population, Democrats began courting
community. After almost two and the party’s divide on Israel Rep. Jamaal Bowman voted against a resolution that condemned the Hamas attack on Israel. Westchester County Executive
hours in a windowless confer- is on full display in the state. George Latimer to challenge
ence room, one attendee asked In parts of the Bronx just were widely criticized. prompting a partial evacuation viral moments from arguing Bowman, according to political
the congressman if, after hear- south of Bowman’s district, Being in the middle of con- of the Capitol complex. with or shouting at his Repub- operatives.
ing from concerned voters, he Democratic Rep. Ritchie Torres troversy isn’t uncomfortable He said he pulled the alarm lican colleagues. An Aipac spokesman said
would act differently. has been a vocal supporter of for Bowman, who challenged by mistake, apologized and “When we compromise, the Bowman is “outside the main-
No, Bowman replied. He Israel and was one of 22 House the established party structure pleaded guilty to a misde- most vulnerable people con- stream as he refuses to stand
wouldn’t change a thing. Democrats who voted with Re- when he successfully ousted a meanor charge. tinue to be hurt,” he said of his with the Jewish state.”
His stance—and the defiant publicans last week to censure three-decade incumbent in Bowman said he sought of- approach to politics. Latimer has said he is con-
streak that fuels it—has placed Rep. Rashida Tlaib (D., Mich.), 2020. He rocketed to further fice to challenge the status Bowman’s record on Israel sidering a run, and people
the 47-year-old former school the only Palestinian-American national attention this autumn quo—in ways that his detrac- was complicated even before close to him said he is leaning
principal at the center of the in Congress, over comments when he pulled a fire alarm tors call brash, and supporters his vote against the resolution toward launching a congressio-
Democratic Party’s internal she made about Israel that before a key House vote, call clarion. He has had several condemning Hamas. He was nal bid.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, November 13, 2023 | A5

U.S. NEWS

Pope Francis Removes Conservative Texas Bishop

BY FRANCIS X. ROCCA
Pope Francis removed
Bishop Joseph Strickland, one
of the pope’s most vocal crit-
ics in the U.S. hierarchy, the
Vatican said.
The Vatican said the pope
had “relieved [the bishop] of
the pastoral governance of the
Diocese of Tyler,” Texas, and
appointed Bishop Joe Vázquez
of Austin as “apostolic admin-
istrator,” or acting bishop, of
Tyler.
“I’m saddened for the harm
to the faithful but at peace in
His Truth, stay Jesus Strong,”
Strickland wrote via email on
Saturday, in response to a re-
quest for comment.
The conservative bishop’s
departure comes after Francis
complained this summer of a
“very strong reactionary atti-
tude” among elements of the
Catholic Church in the U.S.
In May, the bishop wrote on
X, the platform formerly known
as Twitter, that “Pope Francis
is the Pope but it is time for
me to say that I reject his pro-
gram of undermining the De-
posit of Faith,” or the body of
Catholic Church teaching con-
tained in the Bible and tradi-
tion.
Strickland’s firing follows a
Vatican investigation this sum-
mer, which led to the conclu-
sion that “the continuation in
office of Bishop Strickland was
not feasible,” according to a
statement on Saturday from
Cardinal Daniel DiNardo, arch-
bishop of Galveston-Houston,
who oversees the Catholic hier-
archy in southeastern Texas.
The cardinal’s statement didn’t
specify why Strickland’s depar-
ture was recommended. Strick-
land was asked on Thursday to
resign, but refused, DiNardo
said.
It is extremely rare for the
pope to remove a bishop in
such a manner, as opposed to
requesting and receiving his
resignation. In September,
Strickland told Religion News
Service that he wouldn’t step
down voluntarily but acknowl-
edged the pope had the power
to remove him. The loss of his
role overseeing the diocese
doesn’t deprive Strickland of
his rank as a bishop.
In a July radio interview,
Strickland confirmed media re-
ports that his diocese had re-
cently undergone a Vatican-or-
dered investigation, which he
compared to “being called to
the principal’s office.”
The cardinal’s statement on
Saturday said the Vatican in-
vestigation had been “an ex-
haustive inquiry into all as-
pects of the governance and
leadership” of the diocese un-
der Strickland, conducted by
Bishop Dennis Sullivan of Cam-
den, N.J., and retired Bishop
Gerald Kicanas of Tucson, Ariz.
In August, Strickland
wrote an open letter to his
diocese warning that Octo-
ber’s Vatican synod of bish-
ops, clergy and laypeople—
which Francis’ supporters
have described as one of the
key initiatives of his reign—
could cast doubt on certain
“basic truths” of the faith,
including the sinfulness of
sex outside of marriage and
the “undeniable biological
and God-given” nature of
gender identity.
A working document for
the synod, published over the
summer, called on the assem-
bly to consider, among other
matters, “what concrete
steps are needed to welcome
those who feel excluded from
the Church because of their
status or sexuality (for exam-
ple, remarried divorcées,
people in polygamous mar-
riages, LGBTQ+ people, etc.).”
The closed-door gathering
did address LGBTQ issues,
participants said, though the
final report issued in late
October played them down.
Francis has acknowledged
anxieties that the synod
might change doctrine and,
in remarks to members of
the Jesuit order in Portugal
during a visit in early Au-
gust, he lamented what he
called a “backward-looking”
attitude in parts of the U.S.
church.

U.S.WATCH
TEXAS
Police Officer Killed,
Shooter Dead
A Texas police officer was
killed on Saturday in a shoot-
ing that left the gunman
dead and a second officer
wounded, authorities said.
Two other people were
later found dead inside a
home in Austin, interim Po-
lice Chief Robin Henderson
said.
Henderson said officers
were called to the home

.
shortly before 3 a.m. Satur-

ly
day by a woman screaming
that she was being stabbed.
One person escaped the
home before officers arrived,
Henderson said, and told po-
lice the man in the home was
armed with a knife.
Police then tried to enter
on
the home and were met with
us ,

gunfire, but didn’t return fire,

l

retreated and called for a

e
al a

SWAT team, Henderson said.

“SWAT officers arrived on
ci on

scene and forced entry into

the residence...to rescue the
victims,” Henderson said. “As
SWAT officers entered the
suspect immediately fired his
gun at the officers and the
er s

SWAT officers returned fire.”

Two officers and the sus-
m er

pect were struck by the gun-

fire. The suspect was killed at
the scene and the two offi-

GREEN
cers were taken to a hospital,
where one died and the sec-
m rp

ond was in stable condition,

Henderson said.
—Associated Press

NEW YORK
co Fo

Rep. Higgins Will

Leave in February
Rep. Brian Higgins (D., N.Y.)
said he would leave Congress
before the end of his term af-
ter growing frustrated with
dysfunction in Washington.
“It’s just a time for change,

JOBS
and I think this is the time,”
Higgins, 64, said Sunday. He
plans to leave office during
the first week of February, he
n-

said.
Higgins, who serves on the
House Ways and Means and
Budget committees, began
no

his 10th term in January.

“Congress is not the insti-
tution that I went to 19 years
ago. It’s a very different place
today,” he said. “We’re spend-
ing more time doing less. And
the American people aren’t
being served.”
Higgins’s departure will
likely set up a special election
for the spring in New York’s
heavily Democratic 26th Con-
gressional District, which in- Our Executive Chairman Anthony Pratt was joined by U.S. Ambassador
cludes parts of Erie and Niag-
ara counties, including the
cities of Buffalo and Niagara
Falls.
to Australia Caroline Kennedy, Kentucky Governor Andy Beshear, and
—Associated Press

GEORGIA
Australian Ambassador to the U.S. Kevin Rudd at the recent grand opening
Escaped Inmate
Caught After Weeks of Pratt Industries’ newest 100% recycled paper mill and box factory
The third of four men who
escaped from a Georgia jail in
October was captured Sun- in Henderson, Ky.
day morning at a home in
Augusta, local and federal au-
thorities said.
Johnifer Dernard Barnwell,
37, was captured in a home
where police also found large
quantities of drugs, according
to the Bibb County Sheriff’s
Office and the FBI.
Barnwell was being held
on drug charges when he and
three other inmates escaped
through a damaged window
and a cut fence at the jail
early Oct. 16.
Authorities continue to
search for 52-year-old Joey
Fournier.
Chavis Demaryo Stokes,
29, was caught on Oct. 26;
Marc Kerry Anderson, 25,
was captured Nov. 3.
—Associated Press
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A6 | Monday, November 13, 2023
Convictions of
Black Soldiers
Overturned
BY GINGER ADAMS OTIS
AND BEN KESLING
The U.S. Army has over-
turned the convictions of 110
Black soldiers charged over a
century ago with mutiny, mur-
der and assault in a Texas riot.
Nineteen of the Black Army
soldiers convicted were sen-
tenced to death and executed
following the riot in 1917,
when members of the 24th In-
fantry Regiment clashed with
police and white residents of
heavily segregated Houston.
Most of the other soldiers re-
ceived life sentences.
The Army Board for Correc-
tion of Military Records had in
recent years reviewed the
Parents See
Own Peril
From FTX
Continued from Page One
stands to be spent behind
bars. His conviction carries a
potential maximum sentence
of 110 years, though defen-
dants rarely receive the most
severe punishment.
Their unwavering support
isn’t all that unusual. But
Bankman, 68 years old, and
Fried, 72, aren’t like most par-
ents. The luster of their careers
as beloved Stanford Law pro-
fessors helped pave the way for
the stunning rise of their son’s
crypto exchange, FTX. And
their direct dealings with that
company, and the perks they
received from their son before
FTX filed for bankruptcy, have
opened them up to legal head-
aches of their own.
Bankman worked for a time
as a paid employee at FTX.
Fried had no formal position
there, but FTX has alleged that
she helped direct her son’s mil-
lions of dollars of political do-
nations. The company, now un-
der new management, has
sued them both, arguing they
pocketed millions of dollars
that should be returned.
The couple’s lawyers have
said the allegations are “com-
pletely false” and “a danger-
ous attempt to intimidate Joe
and Barbara.”
If the parents harbor any
regrets about their actions, or
their son’s, they haven’t shared
them, several friends said.
“I would think this is not
the time for recriminations,”
said Bob Gordon, a longtime
colleague at Stanford Law,
no
Everyone
should be
welcome at
the table.
We’re on a mission to provide a billion meals by
2030. Because over 30 million Americans don’t
know where their next meal is coming from. It could
be anyone, even your neighbors. Let’s break the
cycle of hunger, together.
NourishingNeighbors.com
Nourishing Neighbors is a program of Albertsons Companies Foundation,
a 501 (c)(3) designated nonprofit.
court-martial convictions of
the 110 soldiers and recom-
mended vacating all of them,
an Army spokesman said on
Sunday. The Army will hold a
ceremony on Monday recog-
nizing the overturned convic-
tions, according to the Hous-
ton Chronicle, which earlier
reported the story.
The service records of the
soldiers will now show they
were honorably discharged,
said historian John Haymond.
He is a leading authority on the
incident who, along with for-
mer South Texas College of Law
professor Dru Brenner-Beck, co-
authored the clemency petition
that prompted the Army to re-
view the convictions.
us ,
e
al a
A sketch of Barbara Fried and Joseph Bankman reacting to the jury verdict this month.
where Bankman and Fried met
ci on
and taught for decades. “For
either their children, or them-
selves.”
The couple raised Sam and
his younger brother on the
er s
Stanford campus, near a stu-
dent house known for its ve-
m er
gan food and nude parties.
They often spoke to their
young sons as if they were
adults and encouraged others
to do the same, friends and
m rp
colleagues said.
Respected legal minds, the
couple had a deep reserve of
powerful friends from Silicon
Valley to Wall Street. Their
co Fo
reputations served as a cre-
dential for Bankman-Fried
when he was building his
crypto empire, opening doors
to investors, regulators and
politicians.
FTX was a crypto giant val-
ued in the billions of dollars
when the company moved to
the Bahamas in 2021. Both
Bankman and Fried applied for
permanent residency there, ac-
cording to the lawsuit. Bank-
n-
man went on leave from Stan-
ford to work for his son.
U.S. NEWS
The court-martial of 64 members of the 24th Infantry Regiment, following a 1917 riot in Texas.
The Black soldiers were sent
to Houston in the summer of
1917, several months after the
U.S. declared war on Germany
during World War I. Along
with seven white officers, they
were to guard the construction
site for a military training cen-
ter, known as Camp Logan, ac-
cording to newspaper reports
from the time.
That August, two white
Houston police officers de-
on
l
Bankman became a key de-
cision maker, FTX said, man-
aging tax issues and advising
on job hires. He was supposed
to be the adult in the room at
a company populated with
young high achievers. FTX
agreed to pay Bankman a
$200,000 annual salary, ac-
cording to the lawsuit, and in
early 2022 he lobbied for
more. Bankman-Fried sent his
parents $10 million shortly af-
terward.
“We are so touched by this
gift,” Bankman wrote to his
son, according to the lawsuit.
“Mom is announcing retire-
ment, which she would not
have done otherwise.”
There were other benefits,
too. Bankman got a cameo in
an FTX Super Bowl ad starring
Larry David.
Soon, the lawsuit said, the
company bought the couple a
$16.4 million house in a gated
community near its headquar-
ters. Their names were on the
deed.
A spokeswoman for Bank-
man and Fried said that the
house “was used as temporary
Are Oreos
Stinting on
The Creme?
Continued from Page One
The couple thought it was a
fluke. This fall, they decided to
test Double Stuf Oreos, a vari-
ety Shane had never cared
for—too much creme. This
time, he recognized the cookie
immediately.
“Here we go, that’s the reg-
ular Oreo,” Ransonet, 47, told
his wife.
Ransonet is one of throngs
of Oreo fans who have been
perturbed in recent years by
what some feel could be one
of the biggest inflation scan-
dals to hit supermarkets to
date: “Double Stuf” Oreos
with just a normal amount of
creme, and even less in the
original-sized versions. Some
gripe that the filling no longer
reaches the wafers’ edges.
Others say the cookies now
bear little resemblance to the
creme-stuffed images on
Oreo’s packaging.
Oreos, made by snack giant
Mondelez, have long attracted
a devout following, making
them the world’s best-selling
cookie more than a century
since their creation. Now, sus-
picion over subtle changes has
prompted some devotees to
protest what they believe is
the latest cookie conspiracy.
Some fans are making vid-
eos of themselves twisting
tained a Black soldier for in-
terfering with the arrest of a
Black woman. Not long after, a
Black corporal from Camp Lo-
gan went to the arrest scene
to get more information, Hay-
mond said.
Words broke out between
the corporal and one of the
police officers, who pistol-
whipped the Black man in the
head and then shot at him as
the corporal tried to flee. The
housing while Joe worked in
the Bahamas” and they never
believed they owned it.
She said that FTX’s outside
lawyers had assured the couple
“that FTX would have all bene-
ficial ownership of the house
and agreed to document that
in writing.”
When FTX unraveled in No-
vember 2022, Bankman tried
to remain upbeat for his son.
Bankman-Fried soon stepped
down as CEO, and FTX filed for
bankruptcy. Within weeks,
Bankman-Fried was arrested.
Bankman-Fried lived with
his parents for much of the
year, under house arrest. Two
Stanford friends of his parents
had put hundreds of thousands
of dollars on the line to secure
his release on bond.
From his parents’ home,
Bankman-Fried continued to
speak openly about his case. In
August, the judge revoked his
bail and sent him to jail to
await trial.
For most of the year, both
before their son was sent to jail
and afterward, the couple tried
to hold on to a semblance of
Oreos open to reveal scant fill-
ing. Others touted Hydrox, an
Oreo competitor.
Beverly Cooper, 60, of Lin-
coln, Neb., said she and her
husband have withstood
changes to many of their fa-
vorite foods recently, from ce-
real to ice cream. But finding
what appeared to be a down-
sized dusting of creme in their
Double Stuf Oreos last month
was the last straw.
“It’s a sign of the times,”
Cooper said.
On r/shrinkflation,
100,000-user-strong Reddit fo-
rum for consumers aggrieved
about all kinds of products,
users bemoan the perceived
cutback in creme.
“Bought a full pack. EVERY
SINGLE ONE had this little
cream. I even called my mom
to complain about it because I
needed to vent it out.” (“Hell
yeah, brother, let it out,” came
a reply. )
Mondelez said it has used a
variety of strategies in recent
years to combat higher costs
for ingredients such as cocoa
and sugar, from raising whole-
sale prices to scaling back dis-
counts to shrinking package
sizes. It hasn’t fought inflation
through big changes to its
products, the company said,
though it welcomes feedback
from fans on how to make
them better.
“We would be shooting
ourselves in the foot if we
would start to play around
with the quality,” said Monde-
lez CEO Dirk Van de Put.
Van de Put said Mondelez
is always working to improve
Oreos, but that it hasn’t
THE WALL STREET JOURNAL.
WAR DEPARTMENT/BUYENLARGE/GETTY IMAGES
corporal and the soldier he Haymond and Brenner-
had come to help were both Beck’s research showed only
arrested, Haymond said, and some Black soldiers had
rumors spread that the corpo- gone into Houston that
ral had been killed. night, and they thought they
In the immediate aftermath were protecting the Black
of the riot, the general narra- community from a possible
tive was that a group of Black white mob. Haymond and
soldiers, angered by the racist Brenner-Beck presented
treatment by local police and their evidence to the Army,
residents, marched into Hous- which considered it when
ton looking for revenge, Hay- deciding to overturn the
mond said. convictions.
normal life. They hosted Sun-
day night dinners with friends.
Bankman hasn’t taught at Stan-
A hearing to set the length
of Bankman-Fried’s sentence is
slated for March 28. He also
ford since late 2021, but he at-
tended faculty luncheons and
was often spotted walking
faces additional charges, in-
cluding allegations of conspira-
cies to commit bank fraud and
around campus with their Ger-
man shepherd, Sandor. The
family got him after FTX col-
bribery, that could go to trial
in March. His parents are gear-
ing up for an appeal.
.
lapsed, for security. It is likely a long shot.
Bankman-Fried’s trial “Criminal appeals are al-
ly
started in New York last ways an extremely uphill bat-
ELIZABETH WILLIAMS/ASSOCIATED PRESS
month. His parents arrived tle,” said Renato Mariotti, a
most mornings around 8:30. former federal prosecutor who
The two often took notes. Fried
was sometimes allowed to
speak briefly to her son during
lunch breaks or before U.S.
isn’t involved in the FTX case.
“When there’s overwhelming
evidence and sweeping
charges, you need a potential
Marshals returned him to jail game-changer. And there
at the end of each day. wasn’t one.”
When Bankman-Fried first Bankman and Fried re-
testified, without a jury pres- turned to California last
ent, his mother held her head Wednesday, people familiar
in her hands as a prosecutor with the matter said.
asked a barrage of rapid-fire Bankman, who is also a clin-
questions. ical psychologist, has contin-
On the day that closing ar- ued seeing some clients over
guments began, Bankman and the past year. He plans to re-
Fried sat out sume his full
the morning, practice.
when the gov- People close
Bankman and
ernment started to them said
its final pitch to Fried are gearing that their net-
the jury. They work of friends
returned when up for an appeal. remains intact.
the defense ar- They said they
gued in the af-
It’s likely a long expect Bank-
ternoon. They shot. man to start
left court that teaching again,
evening, their possibly within
arms around the next year.
each other’s shoulders. A Stanford spokeswoman de-
The next day, a federal jury clined to comment.
convicted Bankman-Fried on Paul Brest, a former Stan-
all seven criminal counts. ford Law dean, said he sees no
Bankman slumped forward reason the university wouldn’t
when the verdict was read. welcome back his friend.
Fried put her palms against “I can’t imagine why any in-
her cheeks as tears streamed stitution would take a position
down her face. on the child of a faculty mem-
Throughout the trial, Bank- ber,” he said.
man-Fried had rarely turned to —Caitlin Ostroff,
the gallery to search for his Vicky Ge Huang, Alexander
parents. As he was led away Osipovich, James Fanelli
from the courtroom, he looked and Corinne Ramey
at them and smiled. contributed to this article.
said a review of regular and
Double Stuf Oreos since
2004 found no observable
changes in their on-pack in-
gredient and nutrition state-
ments. She said consumer
complaints could reflect man-
ufacturing issues in cookie
plants, adding that it’s easy
for fans to notice variations in
products as specific and pre-
cise as Oreos.
On a recent day in Novem-
ber, a pack of regular Oreos in
Chicago contained cookies
a that appeared stuffed with
varying amounts of creme.
THE WALL STREET JOURNAL
Some Double Stuf cookies
were similar in width to the
fattest regular Oreos but the
creme often spread farther to
the cookie’s edge.
Nicholas Fereday, executive
Some die-hard fans are director of food and consumer
running tests on their Oreos. trends for agricultural lender
Rabobank, said whether war-
messed with the cookie-to- ranted or not, consumers can
creme ratio. He said Mondelez get particularly feisty when
monitors its brands closely they suspect tinkering with an
and hasn’t noticed significant iconic brand. “It’s crossing the
creme-related complaints, nor Rubicon,” he said.
have they affected the $4 bil- David DiLena, a 44-year-old
lion brand, which sells some physicist in Ellsworth, Maine,
40 billion cookies in more who works on helium recy-
than 100 countries each year. cling, was shocked by how lit-
Oreos have undergone tle creme he found in the Dou-
changes in the 111 years since ble Stuf Oreos he bought this
their origin. Nabisco, now fall. Still, he left room for de-
owned by Mondelez, removed bate when he uploaded a
lard and added vegetable oil in video to his Facebook page:
the 1990s, making the cookies squeezing the cookie between
kosher. In the 2000s, Nabisco’s his fingertips, he spread the
then-owner Kraft Foods re- dollop of creme in the middle
moved trans fats from Oreos, to the edges to reveal a layer
which involved reformulating no thicker than the wafers
their creme. themselves.
Lynn Dornblaser, director “Conjecture: a double stuff
of innovation and insight at Oreo is a normal Oreo,” wrote
market-research firm Mintel, DiLena. “Judge for yourself.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Monday, November 13, 2023 | A6A

Family Link
helps you choose
safety settings for
each of your kids.

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no

Fm L           ttg    

m   S   Y Tb    G g . Y   m
the type of content they can access, the apps they can download,
  b            m     .
I’      . T fi Fm L     
features for kids and teens, visit families.google

Making the internet safer for kids and teens.

 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6B | Monday, November 13, 2023 NY THE WALL STREET JOURNAL.

IMAGINE
ODIN IS
COMING
FOR DINNER.
.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no

#COOKLIKEAGOD

The real value in pro-grade performance.

THOR Kitchen: a complete line of full-featured, superbly crafted, stainless

steel warriors. Dual fuel, gas and electric options. 4,000–18,000 BTU burners.

Infrared broilers. LED panel lights. Continuous cast iron grates. Heavy-duty

tilt panel controls. Massive capacities. LightningBoil™ speed. Brilliant blue

porcelain oven interiors. And now offering an integrated air fry feature.

MEMBER

THORKITCHEN.COM

© Copyright 2023 THOR Kitchen, Inc. | All Rights Reserved.

  

RANGES | OVENS | COOKTOPS | VENTILATION | MICROWAVES | REFRIGERATORS | WINE COOLERS | ICE MAKERS | DISHWASHERS | BBQ GRILLS | PIZZA OVENS
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Monday, November 13, 2023 | A7

WORLD NEWS
Sudan Militia Has Infamous Past
Hassan Omer, a 30-year-old
Group that grew out
woman, said she and her three
of Darfur attackers children cowered for much of
killed around 800 the first day of the rampage in
a hut they used as a kitchen.
at refugee camp She said they listened to RSF
fighters shouting racial slurs
BY NICHOLAS BARIYO as they searched homes for
AND GABRIELE STEINHAUSER survivors.
Omer and her children are
The gunmen arrived on mo- now in Adré, but she has no
torcycles and in the backs of news of her husband, who had
Toyota pickups, brandishing gone out to buy food when the
Kalashnikovs and dressed in RSF fighters roared into the
the telltale sand-colored uni- camp. “I have no idea if my hus-
forms of Sudan’s Rapid Sup- band is dead or alive,” she said.
port Forces militia. Over three “But many people were killed.”
days, they killed hundreds of Among the dead was Far-
men and teenage boys in a sha Mohammed Arbab—a
Darfur refugee camp, wit- prominent leader of the
nesses, local human-rights Masalit, one of the ethnic mi-
groups and international aid norities in Darfur that has re-
agencies said. peatedly been targeted by the
EL TAYEB SIDDIG/REUTERS
WORLDWATCH
SYRIA
U.S. Strikes Sites
Linked to Militants
The U.S. conducted a round
of strikes against targets in
eastern Syria on Sunday, the
third time in recent weeks, in
response to the growing num-
ber of attacks against U.S.
forces there and in Iraq.
U.S. military forces struck
a training facility in Abu Ka-
mal and what was described
as a safe house for militant
groups in Mayadin. The Pen-
tagon said the facilities were
used by Iran’s Islamic Revolu-
tionary Guard Corps and
other Iran-affiliated groups.
—Gordon Lubold
and Nancy A. Youssef
SAUDI ARABIA
Iran’s President

The Sudanese-Arab militia ethnically Arab militias spear-

worked its way systematically
through the tents, shacks and
mud houses of the Ardamata
camp, shooting male resi-
dents. The settlement in west-
ern Darfur was home to about
30,000 non-Arab Sudanese
people who had fled earlier
bouts of fighting in the coun-
try’s civil war, which started
nearly seven months ago.
The United Nations Refugee
Agency on Friday said around
800 people were killed in the
camp and the surrounding com-
munity between Nov. 4 and 6.
Women who fled to Chad from Sudan cry after being notified of the death of their relatives.
holds some of Africa’s richest
gold and silver reserves, have
simmered and occasionally
flared in the years since the
2003-2008 genocide.
In recent months, the region
has experienced some of the
worst violence from a broader
war between Sudan’s two top
are better armed and more
powerful now than they were
20 years ago,” he said.
Hassan said he believes the
assault on Ardamata was part
of a campaign of ethnic cleans-
ing, designed to clear Darfur of
non-Arab communities.
A spokesman for the RSF
Wall Street Journal said RSF
fighters entered the Ardamata
camp on Saturday morning,
soon after taking control of a
nearby Sudanese army base in
the city of El Geneina, the re-
gional capital of West Darfur
State. Soldiers from the base
fled to neighboring Chad with-
headed by the RSF.
Arbab was shot along with
a son, one of his brothers and
eight of his grandchildren, the
youngest of whom was just 10
years old, said Hassan, the di-
rector of Darfur Network for
Human Rights, and other local
activists.
The 75-year-old had chosen
to stay in the Ardamata camp,
Hassan said. Sudan’s Sover-
eign Council, the country’s de
facto government, on Thurs-
day said Arbab was killed by
RSF fighters during attacks on
Joins Summit
Iran’s president joined doz-
ens of Arab and Muslim lead-
ers at a summit in Saudi Ara-
bia on Saturday—the first
such visit to the kingdom in
more than 15 years—as the Is-
lamic world sought to project
unified opposition to Israel’s
military operations in Gaza.
At the meeting of the
League of Arab States and
the Organization of Islamic
Cooperation, Iranian Presi-
dent Ebrahim Raisi accused
the U.S. of complicity in what

.
Local activists said the number generals—Lt. Gen. Abdel Fat- denied responsibility for the out offering protection to the civilian homes. he called war crimes by sup-
of victims could be above 1,000. tah al-Burhan, Sudan’s de facto attack. “The RSF does not tar- camp’s residents, they said. The World Health Organi-

The killings, these activists president and commander of
and international officials say, the military, and his rival, Lt.
raise the specter of a repeat of Gen. Mohamed Hamdan Da-
the bloodshed inflicted on
Darfur two decades ago, when
Sudanese-Arab militias killed
an estimated 300,000 people,
galo. Dagalo rose through the
ranks of the Janjaweed during
the genocide, eventually build-
ing it into today’s RSF.
on
most of them members of the “People across the whole of
us ,
get civilians,” he said. “Today
we are fighting side-by-side
with the people of Sudan to
restore our country to its
rightful path of civilian-led
democratic rule.”
The U.S., U.N. agencies and
Sudanese and international
A spokesman for the Suda-
nese Armed Forces didn’t re-
spond to requests for com-
ment.
Malek Haruna, a 50-year-
old farmer, said he tried to
hide with some of his male
relatives and neighbors when
ly
plying weapons to Israel.
zation and the United Nations —Stephen Kalin
Children’s Fund in October
cited projections from Johns MEDITERRANEAN
Hopkins University that more
than 10,000 Sudanese children
under the age of 5 may die by
the end of 2023 because of
Five U.S. Troops
Killed in Crash
The Pentagon said five
lack of food and disruptions of U.S. service members died af-

region’s non-Arab minority. Darfur are already enduring rights groups have all said the they saw the RSF fighters. other essential services. ter a military helicopter
l

That wave of violence, mass atrocities on the scale of RSF was behind the assault on Talking by phone from the Filippo Grandi, the head of crashed in the Mediterranean
e
al a

widely viewed as the first those committed in the the Ardamata camp. The Bureau Chadian town of Adré on the the U.N. Refugee Agency, on late Friday evening in a non-
genocide of the 21st century, 2000s,” said Mohammed Has- of African Affairs at the U.S. border with Sudan on Thurs- Friday urged all parties in- combat incident while refuel-
was led by fighters known at san, the director of Darfur State Department on Thursday day, Haruna said he watched volved in the conflict to halt
ci on

ing on a training mission.

the time as the Janjaweed, who
were enlisted by Sudan’s then
dictator, Omar al-Bashir, to put
down an uprising by non-Arab
communities in Darfur.
Network for Human Rights,
who spent much of this week
interviewing survivors of the
Ardamata attack who have fled
across Sudan’s border to Chad.
er s
said it was “deeply concerned
by credible reports of killings by
the RSF and affiliated militias in
Ardamata, West Darfur, and
other abuses including killings
as the men shot his uncle and
brother.
“I couldn’t count the num-
ber of dead bodies. They were
very many,” Haruna said.
the fighting and to avoid “an-
other catastrophe.”
“Twenty years ago, the
world was shocked by the ter-
rible atrocities and human
The Pentagon had earlier
said the crash had happened
on Saturday and hadn’t speci-
fied what kind of aircraft was
involved. The Pentagon didn’t

Tensions in Darfur, a moun- “We are worried this could and unjust detentions.” “I am lucky to be alive, but rights violations in Darfur,” he identify the victims, pending
tainous semidesert region even get worse because the Witnesses and Sudanese I don’t know the fate of many said. “We fear a similar dy- notification of next of kin.
m er

roughly the size of Spain that RSF and its Arab militia allies activists interviewed by The of my relatives,” he said. namic might be developing.” —Doug Cameron
m rp

EXPLORATIONS:
co Fo

SMALL GROUPS, Holiday in the Wild

BIG ADVENTURES. GRAB THE ATTENTION THIS SEASON WITH OUR
UNIQUE 18KT GOLD ALLIGATOR BANGLE FROM ITALY
n-
no

$
1,695
Compare at $2,495

Crafted in Italy with exceptional textured detailing,

our eye-catching alligator bangle bracelet
sets your style apart in luxurious 18kt gold.

Join Collette, North America’s longest running guided tour

operator, and find the adventure you’ve been dreaming of. Available in 7" $1,695 and 8" $1,895
With small group tours across the globe, travel alongside Shown larger for detail.
an average of 16 travelers. Dive deep into culture and
connect with locals for the most authentic experience.

For reservations, call Collette at

844.217.9717 or see your Travel
Professional and ask for Collette.

visit gocollette.com
FREE EXPRESS SHIPPING — ORDER TODAY!
To receive this special offer, use code: GATOR118
CST No. 2006766-20, UBI No. 601-220-855, Fla. Seller of Travel Reg. No. ST35613 1.800.556.7376 or visit ross-simons.com/gator
Item #869123
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A8 | Monday, November 13, 2023
Israel Presses Hamas to Surrender Hospital
Medical staff at
Al-Shifa unable to
retrieve fuel delivery
amid intense fighting
Israel said it was pressur-
ing Hamas to surrender its po-
sition inside Gaza’s largest
hospital on Sunday, as it en-
gaged in intense fighting with
militants in the area.
By Chao Deng, Dov
Lieber and Saeed Shah
Israel alleges that Hamas
hides underground complexes
and a command center at Al-
Shifa Hospital in northern
Gaza, a claim Hamas denies.
“The ultimate goal is for them
to come out and surrender
while we’re in the vicinity of
the hospital,” said Lt. Col. Rich-
ard Hecht, a military spokes-
man, referring to Hamas mili-
tants. “We haven’t gone in yet.”
A second day of intense
fighting on Sunday left thou-
sands of displaced people
Netanyahu
Spurns Plan
To Govern
Continued from Page One
Saturday, endorsed in a draft
declaration the Palestine Lib-
eration Organization, the body
overseeing the Palestinian Au-
thority, as “the sole legitimate
representative of the Palestin-
ian people.”
Israel’s stance reflects ten-
sions in Israel over the Palestin-
ian Authority and Netanyahu’s
limited room to maneuver in
his coalition government.
“It’s all about political sur-
vival,” Mitchell Barak, a politi-
cal analyst at Jerusalem-based
Keevoon Global Research, said
of Netanyahu’s approach to the
Palestinian Authority and Gaza.
“He hasn’t articulated his plan
JOURNAL HOUSE
AT COP28:
no
Join The Wall Street Journal at Journal House during
COP28 to shape the dialogue on climate change, business,
and society. Engage with WSJ editors and global leaders
in business and politics as they explore topics like climate
diplomacy, mitigation technology, food systems, and more.
© 2023 Dow Jones & Co., Inc. All rights reserved. 6DJ0111
People in Rafah in southern Gaza salvaged belongings from a damaged building Sunday.
stuck inside the sprawling
complex with dwindling medi-
cal supplies, water and food,
as well as a power outage
caused by a lack of fuel. Israel
said Hamas prevented hospital
or his vision,” because he is
trying to appease the far-right,
added Barak, who was an aide
to Netanyahu in the 1990s.
The prime minister’s for-
eign-policy adviser, Ophir Falk,
said Israel’s strategy is to free
Gaza from Hamas and ensure
the Palestinian enclave is de-
militarized and deradicalized.
Israel’s military has largely
sealed off northern Gaza and
its soldiers are engaged in in-
tense fighting around Gaza
City’s Al-Shifa Hospital. The
military has said it has killed
dozens of midlevel Hamas mil-
itary commanders, but has
failed to take out any senior
al a
leaders—its stated goal.
The intense street battles
on Sunday around Gaza’s big-
ci on
gest hospital left the medical
facility with dwindling sup-
plies for thousands sheltering
there while a power outage
led to the death of two new-
er s
borns, doctors at Al-Shifa said.
Israel said it isn’t targeting
m er
hospitals and that it is allow-
m rp
co Fo
n-
Request Invitation
DATES: December 1–2, 2023
LOCATION: Vida Dubai Marina & Yacht Club
journalhouse.com/cop28
WORLD NEWS
staff from retrieving contain-
ers of fuel left about 1,000 feet
from the entrance by Israeli
soldiers Sunday morning. Staff
at the hospital said it was too
unsafe to retrieve them.
ing safe passage out of them.
It accuses Hamas of using ci-
vilians as human shields, in-
cluding in health facilities.
Israel is facing growing
calls for a cease-fire. Accord-
ing to health authorities in the
Hamas-run enclave, Israel’s
offensive has killed more than
11,000 people in Gaza, the ma-
jority of them women and
children. The figures don’t
on
distinguish between civilians
and combatants. At least 44
Israeli soldiers have been
killed in combat in Gaza since
the ground incursion began,
us ,
the Israeli military said.
l
Netanyahu’s rejection of the
e
Palestinian Authority could
eventually have less impact,
given that many political ana-
lysts said he might not remain
in power when Gaza’s postwar
order comes into clearer focus.
Israelis are angry at his per-
ceived failure to prevent the
Oct. 7 Hamas attacks that
sparked the current conflict in
Gaza, in which more than 1,200
* *** THE WALL STREET JOURNAL.
nurse stationed at a Doctors
Without Borders office 1,000
feet from Al-Shifa, said the
gunfire was too intense for
him to walk there on Sunday.
The head of Al-Shifa, Mo-
hammed Abu Salmiya, told Qa-
tari-funded Al-Araby TV that
the fuel would have been
enough to run the generators
for only 15 to 30 minutes and
couldn’t be retrieved for secu-
rity reasons. He said the fuel
would need to be delivered
through the Red Cross or other
MOHAMMED ABED/AFP/GETTY IMAGES
international aid agencies.
Since the war began, Israel
has banned fuel from entering
the Gaza Strip without the re-
lease of 239 hostages taken by
Palestinians on Oct. 7. Israel
says Hamas has fuel that it can
provide to hospitals and other
civilian organizations, but
chooses to use its reserves for
militant purposes. Israeli offi-
Doctors at Al-Shifa have de- cials say Hamas would also
scribed an increasingly des- steal new fuel imported into
perate situation, with the re- the enclave, as it needs fuel to
maining medical staff there keep ventilating hundreds of
struggling to provide basic miles of tunnels used by its
care. Mohammad Hawajri, a fighters.
Israelis were killed. He is fac-
ing criticism for his handling
of the war and failure to return
when Hamas wrested control
in a fight with the Palestinian
faction Fatah, which domi-
around 239 hostages Israel
said are being held in the strip.
Members of Netanyahu’s Li-
nates the Palestinian Author-
ity. Israel withdrew from set-
tlements in Gaza in 2005.
kud party have privately said Other Israelis are skeptical
he is unlikely to remain as of the idea. “There are voices
leader after the war. saying let’s go back and rule
ly
Still, the growing rift be- Gaza. I don’t think this has
tween the U.S. and Netanyahu broad public legitimacy,” said
over the Palestinian Authority lawmaker Ze’ev Elkin of the
illustrates wariness among
many Israelis over its viability
as a partner for security. The
authority was formed during a
National Unity Party, currently
in the government’s wartime
coalition. “These are voices
from particular factions on
peace process in the 1990s to the extreme Israeli right.”
govern Gaza and parts of the The head of the opposition,
West Bank on an interim ba- Yair Lapid, in an interview on
sis, ahead of a long-term Israel’s public broadcaster last
peace agreement that never week, said the Palestinian Au-
materialized. thority is the only body capable
Some on Israel’s far right of ruling Gaza after the war.
have advocated re-establishing “The prime minister is not stat-
Jewish settlements in Gaza, ing what is reasonable—that
known in Hebrew as Gush the Palestinian Authority will
Katif, rather than allowing the have to be brought back,” he
Palestinian Authority to re- said. Netanyahu, he said, “is
turn. The Palestinian Author- trapped by the extremists.”
ity governed Gaza until 2007, Yet some in the coalition
CAN BUSINESSES
DRIVE CLIMATE
ACTION?
Worldwide, our Journal Houses foster a community of global
executives. Secure your invitation to connect, exchange ideas
and engage in the conversation.
PRESENTING SPONSOR
SUPPORTING SPONSOR
Hamas has denied both tak-
ing over fuel in the strip and
preventing reserves from
reaching hospitals.
The lack of fuel at Al-Shifa
has meant a near-complete
shutdown of operations, from
intensive-care to incubators for
premature babies. Two babies
died Saturday, doctors said.
A Hamas spokesman said
Sunday that Israel was bomb-
ing Al-Shifa, and accused it of
killing civilians inside. “The
goal is to displace citizens to
the south for political goals by
trying to confuse citizens by
killing the wounded, sick and
medical staff,” he said.
The Israeli military has said
it is “taking all feasible mea-
sures to mitigate harm to civil-
ians.” It declined to comment
on military activities.
Watch a Video
Scan this code
to watch a
video on supply
shortages at
Gaza hospitals.
who are considered more
moderate also dismiss the Pal-
estinian Authority, saying it is
unable to control the West
Bank and so would be unable
to control Gaza.
Likud lawmaker Yuli Edel-
.
stein said an international so-
lution should be found for
governing Gaza that includes
Arab countries.
Ghassan Khatib, a lecturer
at Birzeit University in the
West Bank, said the Palestin-
ian leader has few options
other than to call for long-
term peace negotiations. An
arrangement in Gaza like Ab-
bas currently oversees in the
West Bank, where Israel man-
ages security and controls
roads, borders and parts of
the economy, would make him
even more unpopular, he said.
“If he would say yes, then
he would be dragged into a
situation in Gaza that is even
worse than the situation he is
in in the West Bank,” Khatib
said. “This is suicide.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Ukraine War
Slips Toward
Stalemate
BY JAMES MARSON
AND DANIEL MICHAELS
Ukraine’s 47th Mechanized
Brigade was equipped with
Western armored vehicles and
trained for a lightning sum-
mer counteroffensive that was
supposed to tip the war firmly
in Kyiv’s favor.
These days, after advancing
only a few miles over several
months in the south, the bri-
gade is fighting to fend off a
Russian attack on a small in-
dustrial city in eastern Ukraine.
“It’s tough. Their advantage
is in the quantity of people,”
one soldier in the brigade said.
“They are coming nonstop.”
The brigade’s shift from of-
fense to defense reflects a
move to a new phase in the
conflict as Ukraine’s top com-
manders acknowledge that the
counteroffensive didn’t
achieve the desired progress.
Ukraine’s top military officer,
Gen. Valeriy Zaluzhniy, de-
scribed the war as a stalemate
in an interview with the Econ-
omist, saying there would
most likely be no significant
breakthrough.
Russian officials have char-
acterized the shift as a sign
Moscow is gaining the upper
hand and that its bet on the
long game is paying off. Rus-
sian President Vladimir Putin
has geared his country’s econ-
Path to Biden-Xi Summit Filled With Snubs, Slights
BY CHARLES HUTZLER
AND LINGLING WEI
With only weeks to go to
prepare for a possible summit
with President Biden, Chinese
officials floated a plan: If Xi
Jinping agrees to meet, he
first wants to sit down for a
banquet with American busi-
ness leaders.
The White House said no.
With a lengthy agenda of fric-
tion points to go over, Xi
should see Biden before the
CEOs, American officials told
their Chinese counterparts in
October, people briefed on the
plans said. Beijing backed
down and rescheduled the
dinner for after the summit.
Biden and Xi are set to hold
their first face-to-face meeting
in a year in the San Francisco
Bay Area on Wednesday, with
both saying they want to
mend a divisive, rivalrous
U.S.-China relationship. To get
to the table, both sides have
resorted to maneuvers that
Conflict Spawns Shift on Patriot Systems
no
BY DOUG CAMERON
The U.S. military was set to
display one of its prized Pa-
triot missile-defense systems
at the Dubai Airshow this
week, part of the American
showcase at one of the world’s
biggest arms fairs.
Then war broke out in the
Middle East, and the $1 billion
battery, mounted on three
trucks, was needed to defend
U.S. troops based in the region
from attack by Iran-backed
militia groups—and the Penta-
gon dropped the plans for the
show.
Army leaders have warned
for years they lacked enough
of the systems, which fire in-
terceptors to shoot down air-
craft, missiles and drones, to
meet the myriad U.S. national-
security challenges posed by
strategic competition with
China, war in Ukraine and
fighting in the Middle East.
Some lawmakers have
echoed the concerns. “I am
concerned about our ability to
provide air defense in other
areas,” said Rep. Doug Lam-
born (R, Colo.), chairman of
the House Armed Services
subcommittee that handles
missile defense. Lamborn said
the threats to U.S. forces in
the Middle East justified the
deployments, but he has been
pushing for the funding of
more Patriots.
The Pentagon shipped one
to Ukraine last spring, to help
omy to war and has more than
400,000 men deployed in
Ukraine, Ukrainian officials
said, while Kyiv depends on
Western military and financial
support, which is facing an
uncertain future.
A growing number of
Ukraine’s backers in Europe
and the U.S. said Kyiv likely
would be in a stronger posi-
tion today if the Biden admin-
istration had more quickly de-
livered valuable equipment
such as tanks, long-range
rockets and jet fighters. Pro-
tracted debates about the ar-
maments, which have been
provided or are being pre-
pared for delivery to Ukraine,
meant Kyiv lost valuable time
early this year when it could
have pressed gains achieved
against Russia late last year.
“There is no silver bullet
that will change the stalemate
in the short run,” said Douglas
Lute, a retired U.S. Army lieu-
tenant general and former
ambassador to the North At-
lantic Treaty Organization.
“Our incremental approach to
providing military assistance
has assured that,” he said of
the impasse.
Administration officials say
they are giving Ukraine weap-
ons at an appropriate pace and
in line with what can be offered.
Russia now controls around
on
one-fifth of Ukraine’s territory
us ,
l
e
al a
ci on
appear aimed at putting the
other off-balance.
The path to the summit has
er s
been strewn with diplomatic
slights and gamesmanship, ac-
m er
cording to interviews with
current and former officials
on both sides, foreign-affairs
specialists and others briefed
on summit discussions. There
m rp
have been snubs, skipped
meetings and the withholding
of goodwill gestures.
“Every time we have a
summit with China, both sides
co Fo
discuss who’s in a stronger
position,” said Bonnie Glaser,
who runs the Indo-Pacific pro-
gram at the German Marshall
Fund of the United States.
“It’s going on on both sides.”
Xi, for example, declined
for weeks to take a phone call
from Biden, who said publicly
that he wanted to talk to the
Chinese leader after the U.S.
shot down a suspected Chi-
nese spy balloon. The two
n-
leaders haven’t spoken since
the balloon incident, which
How a Patriot Battery Tracks and Intercepts Targets
1 RADAR
Radar detects and tracks
missiles and other targets.
Radar sends data to remote
Engagement Control Station
Interceptor missile canister
Antenna
4 INTERCEPTOR
Interceptors are
fired either
manually or
remotely from
the ECS.
Note: Diagram isn't to scale
Source: Army Recognition
Jemal R. Brinson and Peter Champelli/THE WALL STREET JOURNAL
Kyiv’s forces fend off Russian
cruise missiles.
Now, following a series of
drone and missile attacks on
U.S. forces in Syria and Iraq
that the Pentagon blames on
militias backed by Iran, it has
doubled the number of Patriot
batteries in the region to at
least 12, people familiar with
the deployment said.
The shift of the U.S. Patri-
ots over the past two weeks
was a reversal from the trend
in recent years in which the
U.S. had been reallocating mil-
itary hardware and personnel
WORLD NEWS
Russian artillery shelled a private house in Ukraine’s Kharkiv region in late October, as Kyiv’s counteroffensive sputtered.
and is seeking to advance in
the northeast and east. Ukraine
is still pressing in the south,
where it had hoped to reach
the Sea of Azov coast and split
the Russian occupying forces
in two. But exhaustion on both
sides and the strength of de-
fenses make large changes un-
likely this winter.
“It’s a trench deadlock,”
said a senior Ukrainian secu-
rity official. “A general offen-
sive is impossible for either
side. Neither side can break
through.”
For now, Russia is concen-
trating on smaller cities such
as Kupyansk in the northeast
and Avdiivka in the east. The
offensive on Avdiivka, a small
industrial city near the occu-
pied regional capital of Do-
derailed a planned visit to Bei-
jing by Secretary of State Ant-
ony Blinken.
By the time Blinken traveled
to Beijing in June, he managed
to win an audience with Xi. But
Chinese state media made him
look like a supplicant, seated
off to the side of
a long table in
the Great Hall
of the People, The leaders are
rather than next set to hold their
to Xi, as
Blinken’s prede- first face-to-face
cessor was.
Around the
meeting in a year
time of the Wednesday.
Blinken trip,
Chinese hackers
breached the
unclassified email accounts of
top Blinken aides and Com-
merce Secretary Gina Rai-
mondo, U.S. officials said.
The petty brush-offs and
hardball tactics on display
ahead of the high-stakes sum-
mit strain the goodwill needed
to resolve global troubles and
2 ENGAGEMENT CONTROL
STATION (ECS)
Receives the data and
sends it to the Patriot
Launching Station.
3 LAUNCHING STATION
Houses remote operating
module, launcher and up to
16 interceptor missiles.
Launching Station receives
targets’ location from ECS
through the station’s
antenna.
from the Middle East to the
Pacific to deter any potential
challenge from China. It
threatens to leave other re-
gions of the world more ex-
posed to cruise and ballistic
missiles and other threats, es-
pecially in the Pacific.
The Patriot was introduced
in 1980 to defend against air-
craft and then cruise missiles
from the former Soviet Union.
After early testing problems
and cost overruns that almost
saw it canceled, Patriot has
evolved into a key part of de-
fenses against a rapidly evolv-
netsk, has cost the Russians
more than 100 armored vehi-
cles and thousands of casual-
ties since it was launched in
October, the Ukrainian mili-
tary said. Russian forces have
made small gains in their ef-
forts to surround the city, in-
cluding seizing a railway line
on the northwestern outskirts.
The Ukrainians are strug-
gling, too. The soldier in the
47th said they were low on
ammunition and manpower,
meaning the crews of armored
vehicles and drone pilots were
sometimes deployed to front-
line positions.
A senior NATO official said
Russia likely lacks resources
to mount a significant offen-
sive this year and Ukrainian
troops may hold an advantage
seed the U.S.-China relationship
with distrust. Wednesday’s
meeting isn’t expected to
change the adversarial trajec-
tory Washington and Beijing
are on as they vie to reshape
the global order.
Domestic politics complicate
any detente.
The Biden ad-
ministration has
engaged with
Beijing while
looking over its
shoulder to
avoid criticism
from Republi-
cans and other
China skeptics
in Congress, of-
ficials said. For
Xi, being regarded as too eager
for engagement would hurt
the strongman image he has
cultivated at home.
Both Biden and Xi have an
interest in keeping the rivalry
from careering into conflict.
U.S. allies from Europe to Aus-
tralia also want Washington to
ing global missile threat.
The Patriot’s success in de-
fending U.S. forces in the Mid-
dle East over the past 20
years has helped fuel demand
from buyers including Saudi
Arabia and the United Arab
Emirates. Poland, Sweden and
most recently Switzerland are
among European buyers
drawn by perceptions of an in-
creased threat from Russia.
RTX, formerly known as
Raytheon Technologies, is es-
timated by analysts to gener-
ate $3.5 billion in annual sales
from building the Patriot.
The biennial Dubai Air-
show, which starts on Monday,
features displays of military
aircraft and equipment and
attracts big defense compa-
nies including RTX, Lockheed
Martin and Boeing, as well as
government buyers from
around the world.
Planes, missiles, drones and
other equipment will line the
tarmac and pavilions at the Al
Maktoum International Airport,
which features weapons made
by Russia and China as well as
the U.S. and its allies, and fast-
growing exporters including
South Korea and Turkey.
The Pentagon was to dis-
play a battery, which includes
the launcher, radar truck and
command station. On Oct. 25,
it announced plans to send
more air-defense resources to
the Middle East.
—Michael R. Gordon
contributed to this article.
Monday, November 13, 2023 | A9
fighting in winter snow be-
cause they have shown greater
mobility. “The Russians have
shown limited ability to fight
off-road and on foot.”
The next phase of the war
looks increasingly fraught for
Ukraine. After fending off Rus-
sia’s assault on Kyiv early last
year, Ukrainian forces rolled
back Russian troops in the
northeast and south of the
country, retaking half the ter-
ritory that Moscow had occu-
pied in the early weeks of its
ly
invasion.
But despite the West’s hav-
ing trained and equipped tens
of thousands of troops for the
counteroffensive, they were
unable this year to achieve
Ukraine’s goal of breaking
through Russian lines and
manage tensions with Beijing.
The administration appears
likely to achieve some substan-
tive wins at the meeting. Both
governments are moving closer
to resuming contacts between
their militaries, which Beijing
suspended last year in anger
over displays of U.S. support
for Taiwan, according to U.S.
officials. They have discussed
cooperating on ending fentanyl
trafficking. China is the source
for chemicals that Mexican
drug cartels use to produce the
opioid.
Xi is looking for reassur-
ances on Taiwan, with China
urging the U.S. to rein in polit-
ical leaders on the democratic
island. A smooth summit
might help Xi stave off, at
least temporarily, more U.S.
restrictions on technology
transfers and shore up flag-
ging foreign investor confi-
dence in a struggling Chinese
economy.
More broadly, Xi is looking
to buy time to build up China’s
Your next tax-deductible
donation could give
playful healing to children
in the hospital.
Ranken Jordan Pediatric Bridge Hospital gives
kids with complex medical needs the best
chance for recovery, something we cannot do
without philanthropic support.
D O N AT E TO DAY AT
rankenjordan.org/donate
S T. LO U I S , M O
SERHII KOROVAYNY FOR THE WALL STREET JOURNAL
reaching the Azov coast.
While both sides say they
want peace, talks are unlikely
while Russia retains its initial
goal of controlling Ukraine,
and Ukraine wants to retake
the rest of its territory. Ukrai-
nian officials acknowledge
that a long war likely favors
Russia, which has shifted its
economy to a war footing and
can call on a population more
than three times the size of its
.
neighbor’s.
Given the constraints on
Ukraine’s ability to seize the
battlefield initiative against
Russian forces, some outside
observers say Kyiv’s safest
course of action is to shift to a
defensive posture and force
Russia to expend its troops
and equipment seeking gains.
economic and military resil-
ience to ultimately prevail in
the great-power competition.
The Chinese leader was taken
aback by the West’s backlash
to his alignment with Russia
in the midst of its war on
Ukraine and was surprised at
how quickly the U.S. has
strengthened alliances against
Beijing. Now a tactical pause
serves China’s interest.
In recent commentary, the
Communist Party’s flagship
People’s Daily struck an un-
usually conciliatory tone, call-
ing for the bilateral relation-
ship to “stabilize and improve
instead of sliding into conflict
and confrontation.”
“It’s OK to be nice to the
Americans now,” said Evan
Medeiros, a professor at
Georgetown University. “But
it’s a cyclical warming-up
amid structural deterioration
in the relationship.”
 Heard on the Street: Limits
to China’s Mideast clout... B11
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Monday, November 13, 2023 THE WALL STREET JOURNAL.

FROM PAGE ONE

A Student badly burned for recognition?

Or had Hamas abducted him
into its tunnels? His friends

Vanishes scoured videos being posted

from Gaza, looking for his face
or tall, familiar figure. The

In Israel Joshi family, from their home

near the Mahakali River that
winds between India and Ne-
pal, was texting and calling
Continued from Page One Bipin’s phone to no avail.
corralled fellow workers to the “I lost all sense of the
safety of a nearby kitchen, world,” his father said.
then tried to rally the group to Nepal’s ambassador notified
slip back out and rescue the the Israeli Foreign Ministry of
grenade victims. Before they a missing citizen. The name
could move, though, the mili- slipped into a stack of the dis-
tants returned with reinforce- appeared that was growing
ments. The gunmen barged into the thousands, over-
CLOCKWISE: LAUREN DECICCA FOR THE WALL STREET JOURNAL; JOSHI FAMILY; KRISHNA POKHAREL/THE WALL STREET JOURNAL

through the kitchen doors and whelming the Israeli authori-

grabbed Bipin and three Thai ties combing firsthand reports
farmers hiding nearby. Bipin and unidentified bodies.
hasn’t been heard from since.
Bipin Joshi’s story is just
one tiny piece of what is shap- Missed connection
ing up as the most compli- Nepal’s foreign minister
cated kidnapping crisis in flew to Tel Aviv, a chance to
modern history. By Israel’s raise Bipin’s case in person
count, militants still hold 239 with Israel’s foreign minister,
hostages taken during who was supposed to meet
Hamas’s Oct. 7 attack. Those him on arrival.
captives, held in tunnels under But Narayan Prakash Saud
the Gaza Strip, include 10 had to first fly commercial to
Americans. Dubai, sidestepping Saudi
There are also dozens of la- Arabia’s restrictions on Israel-
borers from a half-dozen bound flights, then transfer to
countries as far apart as East a chartered jet. By the time he
Africa and Southeast Asia. finally touched down, his Is-
Among the known hostages raeli counterpart had rushed
are 23 Thai farmers, two Tan- off for an emergency security
zanian dairy workers, and meeting.
caregivers from Sri Lanka and Bipin Joshi, above, disappeared from a citrus farm Instead, a military officer
the Philippines. The search to near the Gaza Strip during the Oct. 7 attack by and protocol officials escorted
find them has become a crash Hamas after saving his friends from a grenade. His Saud toward the 254 Nepalis
course in hostage diplomacy father, Mahanand Joshi, below left, waits in his he had come to evacuate,
for governments on the mar- home in far-western Nepal for news. Above left, some of their clothes creased
gins of global power. Wilart Tanna, father of Thai worker Pongsak Tanna, from sleeping overnight on

.
While the U.S. has posi- holds a photo of his son, who is one of the the airport floor. Workers
tioned two aircraft-carrier from Kibbutz Alumim stepped

ly
confirmed hostages taken by Hamas.
groups in the eastern Mediter- forward with a question:
ranean, flown surveillance sity, he numbered among the “I’ll send money, and you ling through the walls of the to Israel were piling up with Where is Bipin?
drones over Gaza and sent FBI inaugural group of 49 Nepalis organize worship and prayers dormitory. pictures and messages of stu- Qatar, Saud had learned,
agents and others to Israel to
help identify and retrieve the
kidnapped, Nepal, Thailand
and Tanzania have faced a
sent by his college to Israeli
farmsteads, including Alumim,
a kibbutz perched hard
against the Gaza border. The
on
for me,” he told his mom on
Oct. 6. Soon, at a local temple
of the Universal Mother God-
dess Durga, she would offer
Israeli laws requiring
homes to maintain a secure
safe room were enforced spot-
tily, especially in the dwellings
dents caught in the attack and
demanding ambulances or a
flight home, a cloud of infor-
mation, difficult to verify. Ne-
was the principal Middle East-
ern government helping relay
requests to the militants. But
the tiny state’s foreign minis-
lonelier struggle. idea of the program, dubbed prayers for Dashain, the big- of farm hands, and it was easy palis still in hiding were whis- ter, who also serves as prime
us ,

Which of their nationals “Learn and Earn,” was to gain gest festival in the Hindu-ma- for Hamas to burst in. One Ne- pering horror stories into minister, was inundated with
l

were taken? Who has them? insight into Israeli farming jority Nepal, to mark her vic- pali student taking videos phone calls with Ambassador calls and visits with the top
e
al a

And what could convince the techniques while making tory over demons to protect near the door was shot dead, Rizal and the two other offi- diplomats of the U.S., Israel,
hostage holders to release the many multiples of what they her children. as was another who shouted, cials posted to her Tel Aviv France, Canada, Thailand,
ordinary farmworkers pre- could at home. Almost as soon as Bipin “we are Nepali.” A pair of gre- embassy, who now needed to South Korea, Jordan, Liberia
ci on

sumably stuck in tunnels, At nights, the 24 Thais who
thousands of miles from had worked on the kibbutz for
home? years, picking up Hebrew,
would feast on spicy som tam
papaya salad and whiskey
er s
awoke on Oct. 7 to the rumble
of explosions, his phone began
pinging with videos from
other Nepali farmers of rock-
ets streaking through the
nades tumbled into the room.
The one that exploded left
several people unconscious,
while others writhed in pain.
The militants hurried on
account for hundreds of their and Iran.
citizens in dozens of kibbut- After several days, the Ne-
zim, lost in a country thrown pali foreign minister managed
into chaos. to reach the deputy to the Qa-
tari foreign minister and

No master list flown in from home. The Ne- early morning sky. and soon the farmers could asked him to deliver Hamas a
In this mass abduction, palis stuck to cumin-spiced “How frightening,” one hear the voices of Israeli po- Avocado farmer message: Bipin Joshi was an
m er

there has been no formal mas- potatoes and Israeli beer. Af-
ter list of hostages held, be- ter a few drinks, the Thais
cause Hamas and the other would break into karaoke and
Palestinian groups holding entertain a group of curious
captives haven’t provided one. Nepalis dropping in from a
m rp
wrote on a group chat. “Be
careful, guys,” replied another.
Hearing the rockets and
gunfire grow closer, Bipin re-
alized this assault was differ-
lice officers telling those who
could to gather in a nearby
kitchen. As Nepalis and a
handful of Thais retreated to
hiding places, Bipin tried to
Soldiers were clearing the innocent agricultural student
borderlands near Gaza, and who should be set free.
the governments of Thailand Qatar, rather than try to
and Nepal were turning to an separately identify and negoti-
avocado farmer at Kibbutz ate the release of each dispa-

Proofs-of-life have emerged as nearby mushroom farm. Bipin, ent. The Ne- rally the group Alumim, Gilad Honwold, to rate individual from so many
a trickle, starting with Israeli who preferred 2Pac and Nas, palis and Thais to slip back out confirm their fears. countries, was encouraging
or European captives. To solve had rapped about the hard- split and and help treat “We are waiting for your Hamas to release all the civil-
the riddle of a single student ships of Nepali farmers in his scrambled to ‘The last 30 the Nepalis the message to inform my govern- ians they had, from every na-
farm worker’s disappearance, politically conscious song— different bun- days have felt grenade had ment,” read a text on his tion. But Hamas wouldn’t re-
co Fo

a small number of Nepali dip- “Prashna,” meaning “Ques- kers. Kaeokoed, wounded. phone, from Nepal’s embassy. lease its hostages until Israel
lomats, local volunteers and tion”—over a gritty, Wu Tang- who lived in like 30 years,’ He hurriedly Honwold was scouring the stopped its airstrikes. And Is-
Bipin’s friends have had to stylized beat. Every evening, the dorm next thumbed out a twisted masonry and torched rael wouldn’t stop its air-
piece together fragments of after shifts nearing 10 hours, to Bipin, moved
said Nepal’s couple of texts tin roofs of ransacked and strikes until Hamas released
evidence and contradictory he would call home to wish to the dairy ambassador. to his cousin, ash-strewn barns to take an the hostages. Egyptian offi-
clues from an overwhelmed Is- his mom good night. farm, then Basu Dev, in inventory of the dead and cials, complicating things,
raeli bureaucracy. eventually English: “If missing. He counted more wanted to focus on negotiat-
The Nepali government, clambered up something hap- than 20 bodies lying in the ing humanitarian aid into
still in its first year, has strug- Cockfights onto a hiding place above a pen with me you have to be bunkers, the kitchen, or on the Gaza first, then deal with the
gled in the chaos of wartime The Thais and Nepalis were refrigerator, texting his wife: take care of family.” pavement. Three of the men captives.
Israel to answer the most ba- among the tens of thousands “I won’t be coming home.” “Be strong and always see taken hostage had been shot
sic question: Is Bipin alive? of workers Israel had brought Other Thais hid under wooden future.” and discarded behind the
“The last 30 days have felt in to farm on kibbutzim that tables in a kitchen, next to A rifle-clutching young mil- dairy plant. Kaeokoed, the ‘Special attention’
n-

like 30 years…it’s the first once relied on Palestinian la- crates of onions, and waited. itant burst into the kitchen, Thai farmer, remained in his In any event, Qatar didn’t
time we’ve been involved in a bor. They included Pongsak As the nervous minutes ticked ordering Bipin and three Thais hiding place above the fridge, know whether Hamas held Bi-
crisis like this,” said Kanta Ri- Tanna, who would organize by, one farmer gestured to an- closest to the door out at gun- afraid to come out. Friends pin. Hamas wasn’t providing a
zal, Nepal’s ambassador to Is- weekend cockfights for the other to bring over a bottle of point. Another assailant lifted had to repeatedly reassure coherent list of hostages.
no

rael, who said she has been other Thais. Korawit Kaeokoed whiskey to pass the time. “Is up his phone to record the him over a WhatsApp group it Nepal’s ambassador tried
telling the same story to every preferred to swim in the local that shooting? Is it soldiers?” capture. It was the last time was safe to climb down. other diplomatic avenues.
official she’s managed to pool after long weeks earning In the Nepali bunker, 17 Bipin would be seen alive. Bipin was nowhere to be When she met Israel’s presi-
meet: “Bipin is special be- money for his two daughters workers had hunkered shoul- As the four farmers van- seen. dent, Isaac Herzog, she told
cause he’s a hero. He saved his and to develop a plot of land der-to-shoulder, filling the ished, the Nepalis, still hiding, The notification to the Ne- him Bipin deserved “special
friends.” in eastern Thailand. The tat- small and windowless room. could hear one of the Thais, pali ambassador came in a attention” because his bravery
To understand how nations too across his neck read: They posed for a selfie, with pleading to be exempt from texted photo of a roughhewn had saved lives. But the presi-
on the periphery of the Middle “Wealthy.” Bipin squatting in front, smil- the Middle East’s most intrac- scrap of paper, from Hon- dency had no confirmation of
Eastern crisis are navigating a When occasional rockets ing at the camera. Several table conflict: “Thailand!” wold’s notebook, scrawled in his status, either.
new age of hostage diplomacy, flew overhead from Gaza, opened up a cellphone to play “Are you Muslim?” a gun- Hebrew. Six Nepali workers She joined in seeking help
The Wall Street Journal spoke evading Israel’s Iron Dome air the board game Ludo, while man asked. from Kibbutz Alumim were from a group of Israeli volun-
to ministers, diplomats, and defenses, Bipin would video Prabesh Bhandari, another In the kitchen, the Nepalis alive, listed alongside their teers in a makeshift office in
local officials from Nepal, call old university friends farm worker, took a photo of still hiding could hear the registration numbers. Tel Aviv’s Expo convention
Thailand and Tanzania, as from his dormitory’s kitchen Bipin, captioned on Facebook: gunmen scream: “Run! Run!” Only one of the Nepalis, center, using facial-recogni-
well as the U.S., Israel, Qatar, bunker and describe vapor “Bunker time.” Nepal’s ambassador was worker number 1725, was an- tion software to painstakingly
Egypt and humanitarians in- trails streaking the sky. He Bipin looked up from the looking for answers nobody notated: “missing.” piece together what had hap-
volved in managing hostage made his friends promise they game to hear the gunfire had. “All the rest are dead.” pened to the missing.
exchanges, including at the In- wouldn’t tell his parents—he drawing closer, then panicked Facebook pages and Whats- Was Bipin among those The volunteers scrutinized
ternational Committee of the didn’t want them to worry. screams. Bullets began crack- App groups connecting Nepal killed, his body lost or too hours of gruesome videos
Red Cross. from Gaza, waking up at night
disturbed—just as new texts
came in from governments of
‘Barely surviving’ Argentina, Thailand or Nepal.
Reporters also reviewed But Bipin didn’t appear once.
survivors’ video and social- Then, after weeks of pulling
media messages from the Oct. security camera footage from
7 abductions, spoke to foren- the farms along the Gaza bor-
sic investigators in Israel der, and scrolling through
scrutinizing human remains, hours of video, Honwald, the
and traveled to the rural far avocado farmer, sent them a
west of Nepal to meet Bipin’s 22-second stretch of four men
family. being marched down a Kib-
“We are barely surviving, butz Alumim wall, two limp-
hanging on to a thread of ing. Three of them looked
hope,” said Mahanand Joshi, Thai, their shoulders turned to
father of Bipin, who has the militant holding up his
LAUREN DECICCA FOR THE WALL STREET JOURNAL

helped organize #BringBackBi- phone to record them. But the

pin marches in his town in the Nepalis couldn’t agree on
Himalayan foothills. “Every whether the fourth, bent over
passing moment without the in a blue T-shirt and khaki
news of where our son is, shorts, was Bipin.
whether he is even alive, is In recent days another
pushing us to the brink.” piece of information has
When he left for Israel on reached the Joshi family, after
Sept. 13, Bipin reassured his Israeli intelligence ran Bipin’s
mother, a teacher. “I will see phone number. The last place
the world,” he told her. it had pinged from was Gaza.
An agricultural student at —Anat Peled
Nepal’s Far Western Univer- Korawit Kaeokoed, a Thai worker who survived by hiding above a refrigerator, is now back home with his wife and daughter. contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved.
Be Your Own Good Luck Charm
Unlucky people skip over opportunities right in front of them. Make sure you don’t miss out.
WORK
& LIFE
RACHEL
FEINTZEIG
N
ir Zicherman was a
mediocre law student
having trouble landing
a summer internship.
On his way to an in-
terview, he got in an
elevator and made a joke to the
woman next to him, who was
holding a tray of coffee cups.
“You must really like coffee,”
he said. It changed his life.
FROM TOP: PHOTO ILLUSTRATION BY ELENA SCOTTI/THE WALL STREET JOURNAL, ISTOCK; LAURA KNIGHT
The woman, it turned out, was
the hiring manager for the job he
was going for in NASA’s legal de-
partment. She loved the joke and
gave him the internship. The
summer stint inspired Zicherman
to teach himself to code, scrap his
law career for tech and eventually
co-found a startup. He sold it to
Spotify for millions in 2019.
“It’s just, like, everything can
be traced back to that one eleva-
tor ride,” says Zicherman, now an
entrepreneur and writer in New
Jersey.
We like to think we will our
success into existence with our
own hard work. And yet, so many
of us knock wood, consult tarot
cards and read horoscopes, or re-
peat affirmations to manifest our
way to happiness.
It feels like our fate often
comes down to circumstance and
no
Co-Working
Spaces Take
On a New
Look and Feel
BY RAY A. SMITH
W
eWork has filed for bank-
ruptcy, but a second wave
of co-working spaces is
here to fill the void.
Millions of white-collar workers
are going to their employers’ offices
a few days each month. When they
work remotely, a significant number
of them want a “third place” be-
tween work and home. This fresh
crop of co-working spaces doesn’t
look much like WeWork, as workers
choose day passes to fire up lap-
tops from a coffee shop or private
clubs with good Wi-Fi. Gyms are co-
working spaces now, too, as they
seize the business opportunity.
Co-working spaces located out-
side downtown areas appeal to
workers who don’t want to com-
mute. Smaller local competitors to
WeWork, which charge lower rates,
have proliferated in residential and
suburban areas of cities, as workers
launch their own businesses and
cling to the work-life balance they
struck during the pandemic.
When Roslyn Bazzelle Mitchell, a
49-year-old attorney in Houston,
started her own firm last year, she
SOHO WORKS
rented an office at SheSpace, a col-
orful co-working office in a shopping
center on a busy freeway.
on
coincidence, maybe even a bit of
magic. But we have more power
than we think to make ourselves
luckier.
You can create your own ser-
us ,
endipity, says Richard Wiseman, a
l
psychology professor at England’s
e
al a
University of Hertfordshire and
author of a seminal book on luck.
He and his team studied hundreds
ci on
of people who considered them-
selves especially lucky or unlucky.
The former tended to be cheery,
optimistic, open and resilient.
The latter had their metaphorical
er s
heads down, unable to spot and
seize opportunities.
m er
“When you are stressed and
worried and anxious, you gain a
kind of tunnel vision,” Wiseman
says.
In one experiment, participants
m rp
were told to count photographs in
a newspaper. The self-described
unlucky swept past half-page ads
that revealed the answer to the
task. Instead of quickly completing
co Fo
the assignment and collecting
their cash prize, they just kept
poring over the paper.
Change your mindset
Conjure a positive, expansive out-
look by creating a “luck diary,”
Wiseman says. Record a good
thing that happened that day, or
something bad from the past
that’s not happening anymore.
Since emotions are contagious,
your good mood and sense of pos-
n-
sibility can rub off on others, he
says. Those people could make
“I needed to have
a space for clients to
come and be able to
do closings and
things like that,” she
said.
SheSpace, which
targets professional
women, is fully
booked with a wait-
ing list, said co-
founder Stephanie
Tsuru. She is busy
scoping out future lo-
cations across Texas.
The Houston loca-
tion isn’t in any of the
city’s major business
districts. It is appeal-
ing to working
women with homes in
the upper middle-
class neighborhoods the space is
near. Members are “surrounded by
the things and conveniences that
women need in their daily lives,” Ts-
uru said.
Kara Przybyl
McIver, a commercial
art consultant at
New York-based con- New co-working
sulting firm In- spaces are
diewalls, negotiated
for the company to learning
foot her $250-a-
month bill at SheS-
from WeWork’s
pace when she took mistakes.
the job nearly two
years ago. Working in
isolation doesn’t suit
her. “If I work at home, I’m gonna be
unloading the dishwasher or wash-
ing bottles,” the 34-year-old mother
of two said.
Other WeWork rivals, including
IWG and Industrious, recently re-
THE WALL STREET JOURNAL.
things happen for
you: funding your
idea, making an ex-
ception in your favor
or connecting you
with the love of your
life.
Next, try eating a
new food, watching
a movie you
wouldn’t normally
watch or rearrang-
ing your furniture.
You’re showing
yourself that you’re
a flexible person,
Wiseman says. Un-
lucky people tend to
see just one way for-
ward. Lucky people
set a goal but stay
open to various ways of getting
there.
The power of chance
Bad news for the try-hards: Intelli-
gence and ability only get you so
far.
“Luck matters as much as tal-
ent,” says Alessio Emanuele Bi-
ondo, an associate professor at It-
aly’s University of Catania who
researches economic policy.
In a 2018 paper, he and co-au-
thors created a computer simula-
tion where 1,000 people were ex-
posed to 1,000 random events over
a 40-year-career. Half of the events
were positive, represented by green
dots. Half were negative, symbol-
ized by red dots. Each individual
was assigned a different level of in-
ported strong earnings and revenue
growth as demand for short-term of-
fice space continues to come from
freelancers, entrepreneurs, tech-
startup founders, and hybrid or fully-
remote workers.
New co-working
spaces are learning
from WeWork’s mis-
takes by offering
cheaper prices, more
premium or personal-
ized experiences, and
catering to specific
demographics.
Even bigger play-
ers are leaving down-
towns and going into
neighborhoods. Before the pan-
demic, 30% of Industrious co-work-
ing space was outside business dis-
tricts. Now 70% is. In a survey of
JLL’s commercial-real estate ten-
ants, 40% of companies said they
Monday, November 13, 2023 | A11
 Laura Knight took a chance and
launched a mermaid-themed
trading card game.
telligence, ability and effort.
The workers who reached the
heights of success were hardly
ever the ones with the most tal-
ent, the model found. Instead, the
biggest winners had average talent
but had been spurred by random
luck, hitting more green dots. So
many things beyond our control—
where we’re born, our family
wealth—can set the trajectory of
our lives, Biondo notes.
Laura Knight, a creative direc-
tor who works in toy packaging,
grew up the eldest child of a sin-
gle immigrant mother. Obsessed
would increase their flexible office
space, including co-working ar-
rangements.
To help keep overhead costs low
for his virtual-tour real-estate
startup CloudPano, Clayton Roth-
schild leases floating desks for $200
a month for himself and three other
employees at efactory, a co-working
space in Springfield, Mo., affiliated
with Missouri State University.
“I am willing to do unorthodox
ways of being in an office setting,”
he said. “It saves me a lot of money.”
Independent coffee shops are
hoping to get in on co-working, too.
Bedford Studio opened in Manhat-
tan’s West Village in April as a
place to comfortably work on a lap-
top for $10 a day, $30 a month or
$300 a year. The fee gives mem-
bers access to power outlets and
discounted coffee.
“There’s very limited options on
with reaching financial stability,
she said no to opportunities that
felt too risky. There was the entre-
preneur who invited her to join
what turned out to be a wildly
successful startup, the film-indus-
try executive who promised her a
screenwriting gig after high
school. Looking back, she regrets
all the chances she didn’t grab.
“I was scared,” says the 43-
year-old, who lives in San Antonio.
This summer, she got up the
nerve to accomplish a longtime
dream, launching her own mer-
maid-themed trading card game.
She was shocked when orders im-
mediately began pouring in. It
turned out Netflix had premiered
a show called “MerPeople” that
coincided perfectly with her game.
Taking a chance on herself had
paid off.
Connect the dots
Serendipity is about connecting
the dots between yourself and
other people, says Christian
Busch, an associate professor at
the University of Southern Califor-
nia and author of the book, “The
Serendipity Mindset.”
Instead of introducing yourself
with just your job when you meet
a new person, throw out three in-
formation points that reveal your
many facets, he recommends.
You’re intrigued by black holes,
planning a canoe trip and figuring
out how to parent your 2-year-old.
The approach, which Busch calls
the “hook strategy,” increases
your chances of establishing a
.
deep connection with someone, or
unearthing a coincidence.
ly
If you’re nervous to talk to
someone new or pitch
an idea, Busch sug-
gests asking yourself:
What’s the worst that
could happen if I
don’t do it?
Should a hurdle
pop up while you’re
trying to make good
on a goal, try flipping
your thinking, he
adds. We’re often
convinced things in
our lives are terrible
luck, only to realize
later that the road-
block propelled us
down a new, wonder-
ful path.
Years ago, plan-
ning a budget trip to
Europe, I was crest-
fallen to find that my
dream beachfront hostel in Barce-
lona was fully booked. Annoyed, I
snagged a spot at another place.
I was right: The new hostel
wasn’t anything special. But in the
common room, I started talking to
a guy. It turned out we had both
graduated from the same univer-
sity a couple of weeks prior.
We are now happily married
with two children. I still can’t be-
lieve my luck.
A note to readers: After years of
writing about work-life balance, I’m
finally taking my own advice. This
is my last column before a short
sabbatical to recharge and enjoy
some unhurried time with family.
I’ll see you in early 2024, and wish
you all a wonderful holiday season.
 Soho House has expanded to
nine co-working locations,
including in Brooklyn, N.Y., left.
that in-between place where you
could go for a couple of days a week
or a couple hours and get some
work done,” said Bedford Studio
founder Lawrence Helfant.
Soho House, a high-end social
club long favored by creatives in-
cluding fashion designers, media
professionals and others in artistic
fields, has expanded to nine co-
working locations. Soho Works are
located inside or close to Soho
Houses in New York, Los Angeles
and London.
Thousands are on the waiting list
to become Soho House members, so
the brand can tap a new audience
for its co-working locations, said
Thomas Allen, chief financial officer
of Soho House. Members can access
the co-working space for as little as
$100 a week, and nonmembers have
access starting at $525 a month.
Newer entrants to co-working
are using their smaller size as a
selling point.
The Malin is a membership-
based co-working company with lo-
cations in New York’s Soho and
West Village neighborhoods, Wil-
liamsburg in Brooklyn and Wedge-
wood-Houston in Nashville, Tenn.
Each location has between 200 and
300 members, which means staff
can get to know them in a more
personal way, said Ciaran McGuigan,
who founded the Malin in 2021.
“You can take time to know who
they are, write them a note, say
‘Hey, good morning,’ get a cup of
coffee, really exercise that hospital-
ity component,” McGuigan said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A12 | Monday, November 13, 2023
BY RACHEL WOLFE
W
ould-be home
buyers are giving
up on the hous-
ing market and
finding other
ways to use the
money they had been saving.
With mortgage rates near 8%
and average home prices hitting
record highs, sales of existing
homes were down 15.4% year-
over-year in September, according
to the National Association of
Realtors.
Those thwarted by one of the
worst-ever times to buy instead of
rent are deferring their first house
hunts not just for a few months,
but for years. Others locked into
low mortgages are realizing
they’re stuck in their starter
homes indefinitely.
Some of these people are put-
ting money that would have gone
into a home into their relatives’
futures. There was a 15% increase
in the number of new 529 college
savings accounts opened in the
third quarter from a year ago, ac-
cording to data firm ISS Market
Intelligence.
Others are taking more expen-
sive vacations and shelling out for
extensive renovations and decora-
tions for their current spaces.
Homeowners spent $489 billion on
improvements and repairs over
the 12 months ending in Septem-
ber, according to Harvard Univer-
sity’s Joint Center for Housing
Studies, a 5.4% gain over the pre-
vious period on top of a 17% gain
the year before.
These consumers are helping
fuel a spate of increased spending
in the U.S. that has confounded
economists who were predicting a
recession less than a year ago.
“People are taking their frus-
trations out by using that money
on vacations and enjoying life,”
says Jamie Battmer,
the chief investment
officer at wealth-
management firm
Creative Planning.
Unlike the equity
they could build
through a mortgage,
“that money is gone
and it’s never com-
ing back,” Battmer
says.
Beth Michalec
thought moving
back in with her
parents in 2020
would enable her to
put the thousands
she saved on rent
toward a down pay-
ment on a first
home. She’s still
renting.
Emilee and Kevin Hurtarte in Rome. Beth Michalec,
“What would
have been a sizable
amount down in 2020 or 2021 now trip to see Dolly Parton perform
barely put the smallest dent on
anything that one might consider
decent,” the 41-year-old Michalec
says of her search.
Michalec, who works in higher
education, recently sat down with
a financial planner to map out
what retirement could look like
while renting instead of owning a
home. In the meantime, she’s in-
vesting more in what she finds
meaningful, including a $2,000
no
MY RIDE BY A . J. BAIME
Rare Racer Runs Again
Under Actress’s Direction
Emelia Hartford, a car builder and
an actress currently appearing in
the film “Gran Turismo,” who is
based in the Los Angeles area, on
her Cape Advanced Vehicles Ford
GT40 replica, as told to A.J. Baime.
I
lost my dad when I was young,
so I didn’t have that fatherly fig-
ure to help me figure out what
to buy as my first car. I bought an
Infiniti G35 with a manual transmis-
sion. I didn’t even know how to
drive stick, so I pretty much roasted
the clutch getting the car home.
Living with my mom in Bloom-
ington, Ind., I met a group of guys in
the car community who took me
under their wing and helped pull me
out of a dark time. Instead of party-
PERSONAL JOURNAL.
World-Be Home Buyers
Move Money Elsewhere on
Americans are postponing their housing searches by years, not months
us ,
l
e
al a
ci on
er s
m er
m rp
right, at a Dolly Parton show.
co Fo
and get our independence,” Burke
and contributions to college sav- says. “That mental model is
ings accounts for her two young shifting.”
nephews. Karen Lindsey, 50, would
know. She got married in her
Definitions of success early 30s and bought a four-bed-
Katie Burke, a consumer behavior room home with her then hus-
researcher at Accenture, says the band. Over the next 20 years, she
unaffordability of the housing got divorced, sold the home, went
market is leading people to read- back to school to become an as-
just their definitions of success. sistant professor at Elon Univer-
“We used to be able to work sity, and got stuck renting.
for a few years, save for a home Lindsey says her only regret is
n-
ing on weekends, we were upgrad-
ing turbos and building engines. I
started racing. I am so grateful for
the car community, because wher-
ever I go, I have family.
When I turned 18, I drove a Nis-
san across the country to Los Ange-
les to try to make it in film and tele-
vision. The car needed a lot of work.
At one point, my mom said, “You’re
doing all this work. You should film
it and put it on YouTube.” Moms are
always right. I pulled out every
penny I had to buy a camera.
My goal was to rebuild my Nis-
san as a drift car. I started doing
three videos a week. I am still doing
it, and I still have that Nissan. I family. A couple years ago, we built
have my own shop and now, a team the world’s fastest new-generation
that I work with that I consider my Corvette in the quarter mile. The re-
cord has since been broken, but it
was a great milestone.
One of the things I love about
cars is the opportunity to take an
abandoned vehicle and bring it back
to life. Trying to turn a negative
into a positive. About three months
ago, I brought this Cape Advanced
Vehicles (CAV) GT40 home to my
shop. When I found it, it had been
sitting outside for almost 20 years,
and I was told that it had never
been driven. CAV is a South African
company that makes replicas of the
Ford GT40, a car that won the 24
Hours of Le Mans in 1966, as de-
picted in the movie “Ford v Ferrari.”
This car had been purchased in
that homeownership no longer
feels possible. She has dipped into
her down payment fund repeat-
edly in recent years, first to fi-
nance a move to Burlington, N.C.,
for her job, and then to help pay
off credit-card debt and cover re-
started student loan payments.
“By your 40s or 50s, you’re
supposed to own a home, and I’m
not there. So have I failed?” says
Lindsey.
A market out of whack
The price of housing ordinarily
goes down when mortgage rates
increase, says Marco Giacoletti, a
housing studies professor at the
University of Southern California’s
Marshall School of Business. That
hasn’t happened.
The average monthly new-mort-
gage payment is now 52% higher
than the average apartment rent,
according to an analysis by com-
mercial real-estate investor CBRE.
That’s worse than the lead-up to
the 2008 housing market crash,
when the premium peaked at 33%.
Though houses don’t always
shoot up in value over time, home-
ownership is a way of putting peo-
ple on firmer financial footing
over the long term. “We’re elimi-
nating one of the key savings ves-
sels for a much wider swath of the
2006. I trusted the owner, but when
you have a car that has been sitting
outside for a long time, you don’t
know: Has the engine seized? Will
the brakes work? You have to go
through everything. So the journey
began.
The day after I parked this car in
my shop, I noticed I had bug bites
all over me. I looked into the car
and saw fleas bouncing everywhere.
So the first thing I had to do was
bug bomb the car.
I love taking things apart and
putting them back together—mak-
ing something better than it was
before. I started with fluid changes,
replumbed the cooling system, fixed
the shifter cables and replaced the
tires. There is this feeling you get
when you do the work and then the
THE WALL STREET JOURNAL.
population,” Battmer says.
Kevin and Emilee Hurtarte ex-
pected to spend the year after get-
.
ting married this spring searching
for a home of their own. After cal-
ly
culating that their $2,500 monthly
rent in Rockville, Md., would
translate to paying over $3,500 a
month on a 30-year mortgage, the
couple delayed their search.
“We started crunching the
numbers and math doesn’t lie,”
says Kevin, a 29-year-old architec-
tural designer.
The Hurtartes have dipped into
CLOCKWISE FROM TOP: PHOTO ILLUSTRATION BY DAISY KORPICS/THE WALL STREET JOURNAL, ISTOCK (2); BETH MICHALEC; EMILEE HURTARTE
their new-house fund to pay for an
upcoming road trip out West and
to splurge a bit more than they
planned on their honeymoon.
“We feel like we have all this
money and have nothing to do
with it,” Emilee says.
Stuck in a starter
If Andria and Brad Rosell knew
when they bought their Raleigh,
N.C., home in 2017 that they
would still be living there now,
they would have chosen differ-
ently. “It’s not a dream house,”
says Andria Rosell, a public rela-
tions consultant.
Still, they feel lucky to have it,
especially after Brad got laid off.
The three-bedroom they paid
$285,000 for has almost doubled
in value. After an unsuccessful
hunt for a bigger house, they de-
cided to spend around $50,000
renovating, including $10,000 on a
new bathroom, $30,000 to update
the kitchen and a few hundred to
repurpose the playroom into a
lounge space.
“We finally accepted that it’s
not going to be a year where the
market is like this, it’s going to be
years,” Andria says.
Emelia Hartford with her Cape
Advanced Vehicles GT40,
a 17-year-old car she is rebuilding.
It’s a replica of the Ford racing car
that won Le Mans in the ’60s.
engine fires for the first time. The
car has a beautifully built 427-cubic
GUSTAVO SORIANO FOR THE WALL STREET JOURNAL (2)
inch V-8. It is crazy to think that I
was the first person to ever really
drive it.
There is a lot of work left to do.
The car is popping out of first gear,
so I am going to pull out the trans-
mission. I am going to put new
wheels on the car, fresh paint and,
ultimately, I will take it to the track.
All cars are stories, and I love this
one. There is something about get-
ting to give a car a second chance
at life.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, November 13, 2023 | A13

ARTS IN REVIEW
BY EDWARD ROTHSTEIN EXHIBITION REVIEW

T On the Borders of Belief

New York
here is something a bit
dizzying about much of
the New-York Historical
Society’s exhibition “Acts
of Faith: Religion and the A show explores the roles of various religions and communities in the nation’s westward expansion
American West.” And
that turns out to be a good thing.
When we first hear the title,
we think we are going to be on
well-trod ground, exploring how a
19th-century religious view of the
American future inspired the na-
tion’s westward expansion. We
feel confident too that we are also
going to be led down a parallel
path demonstrating the delusions
of Manifest Destiny, examining its
costs, the resulting dispossessions,
and tarnished ideals.
And these themes, which char-
acterize the contemporary inter-
pretation of the West, certainly
make an appearance. In fact, a
companion book for the exhibi-
tion—which was independently
edited by Jessica Lauren Nelson,
director of religion and cultural
initiatives at the Eiteljorg Museum
of American Indians and Western
Art in Indianapolis (where the
show is scheduled to travel after it
closes in New York)—is largely fo-
cused on the consequences of
“settler colonialism.”
But something more unusual
takes place in the exhibition,
which was developed by the His-
torical Society’s redoubtable Marci
Reaven along with associate cura-
tor Lily Wong. It gathers some 60
artifacts, creating a series of ex-
plorations that show how religious
views have shaped communities,

.
determined identities, and altered
public and private life. We encoun-

ly
ter the history of Mormonism, the
development of a united Cherokee
culture, the missionary efforts of
Protestantism and Catholicism,
the beliefs of Chinese immigrants,
the establishment of Jewish com-
munities, and conflicts over reli-
on ‘Crossing the Mississippi on the Ice’
(c. 1878), by C.C.A. Christensen,
above; the Rev. Solomon Davis’s ‘A
In other sections, we are asked
to think about American con-
straints on religious practice—as
present-day Oklahoma falls prey
to anodyne platitudes that don’t
really reveal much: “Community
gious practices and school curri- Prayer Book in the Language of the in the Supreme Court’s 1879 deci- values” included “Visit one an-
us ,

cula. Some examples may be Six Nations of Indians’ (1837), left sion forbidding Mormon polyg- other with love” and “Think of
l

familiar to many, some may be amy, or the U.S. banning the an- one another in spiritual prayer.”
e
al a

fresh to most, and all place famil- nual Sun Dance of the Lakota There is more here than can be
iar ideas in new contexts. Jesus Christ of Latter-Day Saints Nation beginning in the 1880s. deeply explored by any single ex-
Even when the theme is “Con- in Utah, a narrative outlined in And we get a sampling of contro- hibition and some coherence is
ci on

fronting Colonialism”—as the first epic paintings by C.C.A. Chris- versies about the separation of lost. But however dizzying, the re-
gallery is called—the material tensen (1831-1912) seen in repro- church and state as played out in sult is effective. In how many na-
startles. This is because its focus duction. Persecution and migra- late 19th-century schools. tional histories would such varied
is on the building of the Erie Ca- tion led to a vision of a new Zion. There are also less compelling beliefs and convictions vie with
nal and its impact on Native And in yet another vignette, episodes. Jewish settlement is il- one another and transform one
er s

Americans—a subject that has we encounter the Tract House, lustrated with a somewhat kitschy another? And in how many other
only recently become the subject which opened near New York’s scene showing a symbol-laden nations’ experiences are there so
m er

of scholarly examination. City Hall in 1825, housing mission- Rosh Hashana service above a many expectations that, despite
For its creators, the canal was ary societies proselytizing for grocery store in St. Louis—a dis- injustices and flaws, something of
an immense project that opened Protestantism, cre- play that misses the importance was coming into be-
the West to trade and remade the ating a religious larger story of how ing? In retrospect, we glimpse the
geography and economic power of foundation for Judaism evolved in evolution of one aspect of Ameri-
m rp

the Northeast; we are shown sur- Western settlement. We encounter response to the can exceptionalism.
veying tools and maps and medals In four years, fol- a wide-ranging American experi-
awarded for the enterprise. But display here, written for speakers lowers distributed ence. And a gallery Acts of Faith: Religion and the
the canal, completed in 1825, also of Mohawk and Oneida; he led 265,000 Bibles and history of faith devoted to Cherokee American West
required cutting through “the about half the Oneida to an area in 3,954,000 religious religious beliefs New-York Historical Society,
and conflict
co Fo

heart of Haudenosaunee lands” in
upper New York state, which led
to a series of religious revivals
among the Native American tribes.
Protestant missionaries had
long been active among them, and
in this case an Episcopalian mis-
sionary of Mohawk descent, El-
eazer Williams (1788-1858), reinter-
preted the catastrophe as an
opportunity to shape a new “Indian
empire” in the West. Williams con-
tributed hymns to a prayer book on
present day Wisconsin. Another re- tracts, dispatched when segments of through Feb. 25, 2024
ligious leader, Leopold Pokagon (c. 330 ministers, and on the frontier. the tribe—forcibly
1775-1841), who guided Potawatomi established 1,200 relocated—were re- Mr. Rothstein is the Journal’s
life in the western Great Lakes re- Sunday schools. unified in 1839 in Critic at Large.
gion, converted his followers to Ca-
tholicism, which he believed would
help protect their status in Michi-
gan—a strategy that was only tem-
porarily successful. We see less
about how native religious beliefs
altered, but we know from Western
history how often religious practice
is transformed by catastrophe and
n-

exile. Belief inspires action and ex-

perience transforms belief.
‘Sagoyewatha, or “Red Jacket”’ We also see these forces at
(1828), by Robert Walter Weir, work in a gallery that recounts the
no

below; ‘Progress’ (1935), by Ernest westward migrations that led to

Smith, right the establishment of the Church of
NEW YORK HISTORICAL SOCIETY MUSEUM AND LIBRARY (4)
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Monday, November 13, 2023 THE WALL STREET JOURNAL.

SPORTS
Michigan Girds for Legal Battle
The school will get a hearing ahead of Saturday’s game in its effort to overturn coach Jim Harbaugh’s suspension
BY ANDREW BEATON with me. To this day, nobody asso-
AND LOUISE RADNOFSKY ciated with the NCAA, or the Big
Ten has asked me any questions
The emotional aftermath of about the alleged NCAA infrac-
Michigan’s key win over Penn tions,” Harbaugh’s affidavit says.
State on Saturday turned into a The frenzied developments add
celebration of the one person no- to an extraordinary drama that’s
tably absent: Jim Harbaugh, the running parallel to the Harbaugh-
Wolverines’ coach who had been led Wolverines chasing a spot in
suspended by the Big Ten over al- the College Football Playoff. The
leged sign-stealing. school is waging war with its own
Offensive coordinator Sherrone conference over allegations that
Moore, who filled in as acting its recent success was fueled by
head coach, gave a profanity-laced impropriety—at a time when the
postgame interview thanking both Big Ten has emerged as a power-
God and his suspended boss. A ful force in the ongoing consolida-
player held up a white board with tion of college sports, with a rich
“FREE JIM” scrawled on it. Quar- new TV deal that binds the mem-
terback J.J. McCarthy pointed at a bers together for years.
television camera and proclaimed: The saga that has gripped col-
“Love you, coach.” lege football centers on a Michi-
But the even bigger battle for gan football staffer named Connor

MATTHEW O’HAREN/USA TODAY SPORTS/REUTERS

Harbaugh, the university and its
No. 3-ranked football team comes
on Friday. That’s when a Michigan
judge set a hearing for the
school’s efforts to block Har-
baugh’s ban in time for its next
two games.
Michigan had rushed to get
Harbaugh on the field after the
Big Ten took a rare step by sus-
pending him late Friday afternoon
for the school’s next three games.
Up against a ticking clock for the
game at No. 10 Penn State—and on
the date the Veterans Day holiday
is observed—lawyers for the
Michigan’s acting head coach Sherrone Moore, right, and Blake Corum react after a win over Penn State.
prepared back-up plan that had
been days in the making after
is in contention for the National
Championship,” the complaint
Stalions, who is accused of being
the focal point of a scheme to
steal opponents’ signs. Stalions re-
signed last week.
When the Big Ten, facing pres-
sure from other member schools
to take action, announced the dis-
cipline for Harbaugh, it accused
Michigan of “conducting an imper-
missible, in-person scouting oper-
ation over multiple years.” While
sign-stealing isn’t prohibited, the
in-person scouting of future oppo-
nents is banned and Stalions re-
meeting with the coach before the portedly bought tickets to games
punishment. featuring teams that Michigan was

.
school and the coach had sought a weeks of controversy. Michigan’s said. “Standing between the stu- The Big Ten declined to com- set to play.
temporary restraining order to message was urgent: It needs Har- dent athletes and a chance at this ment. Michigan officials quickly as-

overturn the punishment. Har-
baugh has denied any knowledge
of the scheme that was allegedly
orchestrated by a staffer who has
since resigned.
Michigan wasn’t shy about
framing the stakes in its bid to
block the suspension. Michigan’s
baugh to finish off a dream season.
While a judge declined to issue
an emergency decision in time for
Saturday’s noon kickoff, the on
school’s offensive is set to con-
tinue, with an eye to getting Har-
baugh back coaching for a game
next Saturday against Maryland—
us ,
extraordinary opportunity are
three Big Ten Conference games
against Penn State, the University
of Maryland, and Ohio State Uni-
versity.”
Michigan’s lawyers say that
Harbaugh’s suspension, rooted in
the Big Ten’s sportsmanship by-
ly
Harbaugh also offered a de- sailed the Big Ten’s decision for
tailed description of his game day being rash. Athletic director
role—in filings that also cited an Warde Manuel called the move
academic study of the significance
of coaches—and said that he con-
sidered his own legacy to be at
stake too.
“completely unethical” because of
the lack of due process. Michigan
spokeswoman Kim Broekhuizen
blamed the Commissioner for “is-
Harbaugh said that, despite suing his indefensible position at

legal pushback against the Big and then the regular-season finale law, amounted to a breach of con- communicating with the Big Ten’s the end of the day” on a govern-
l

Ten’s action is the next phase of a against rival Ohio State. tract—and interfered with his em- Petitti, he has never been ques- ment holiday.
e
al a

controversy that may engulf the Michigan portrayed the last ployment contract. The Big Ten tioned by the conference about the But for one game at least, the
remainder of the college football three games—and Harbaugh—as had violated the procedural re- scandal. Harbaugh’s affidavit says Wolverines were forced to play
season, one that could end with crucial to its shot at the national quirements of its Handbook too, he called Petitti following a call without Harbaugh. In his absence,
ci on

Harbaugh and the Wolverines win-
ning the national championship.
The lawyers’ complaint, brief,
and motion arrived complete with
carefully prepared affidavits and
championship, arguing that bar-
ring Harbaugh from doing his job
would irreparably damage him, his
players, and even the public, based
on what it called a flimsy initial
er s
Michigan’s lawyers said.
The filings also reiterated Har-
baugh’s position that he had no
knowledge of the alleged scheme
that violated NCAA rules—and
with other Big Ten coaches, and they beat Penn State 24-15. In a
that the commissioner later said gutty performance against a fero-
he would be in Ann Arbor and cious defense, Michigan prevailed
would come by the football facility without attempting an official
to see him. pass in the entire second half.

exhibits that ran to hundreds of investigation by the Big Ten. claimed that Big Ten commis- “He never came by or texted to It was the type of win that
pages, suggesting a meticulously “It is undisputed that the team sioner Tony Petitti reneged on say he wouldn’t be coming to meet would make Harbaugh beam.
m er

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 26 Lofgren of the As Tennis Season Wraps Up,
m rp

E Street Band
14

17 18
15 16

19
27 Abandons the
script Djokovic Remains Relentless
29 Capital of
co Fo

20 21 22 Saskatchewan BY JOSHUA ROBINSON

31 Org. that
23 24 25 26 27 tracks eagles? NOVAK DJOKOVIC isn’t go-
ing anywhere.
28 29 30 32 Stayed out of A full two decades after
sight turning professional as a
31 32 33 34 35 36 33 Quaint place skinny teenager in 2003,
to stay Djokovic appears set on fin-
37 38 39 ishing the year as world No.
34 Enterprise
mover 1 for a record eighth season.
40 41 42 His two great rivals, Roger
35 Singer Federer and Rafael Nadal,
43 44 DiFranco only managed five apiece. By
n-

36 Banned all normal expectations, the

45 46 47 48 49 50 51
MATTHIEU MIRVILLE/ZUMA PRESS

pesticide 36-year-old Djokovic should

be showing signs of wear by
52 53 54 55 38 Pints at pubs now. Or have a whole gener-
no

39 Rodeo rope ation of players bidding to

56 57 58 59 tear him down. But as he
43 Baking
emissions joked this season: “It ain’t
60 61 62 happening.”
44 Major money So Djokovic is at the ATP
63 64 65 maker? Finals in Turin this week Novak Djokovic is at the ATP Finals this week on top of the
45 Noodles made still on top of the tennis tennis world and is set to end the year ranked No. 1.
with kansui world and keeping the com-
NUCLEAR CORE | By Peter Silsbee petition at least a couple of
46 Ticked off racket lengths away. His lon- will last is anyone’s guess. know, tightens up here and
Across 30 Pastoral 57 Kinship, and 9 Fourth-yr.
poem what holds students 47 Short gevity has only become more Djokovic has focused his there.”
1 Campfire
this puzzle’s sausages? striking this year with the schedule on Grand Slams. Alcaraz, despite his
remnant 31 The last two 10 Not at all emergence of a 20-year-old (He didn’t play a single youth, hasn’t exactly been
words of this theme formal 48 Microwave
4 Corduroy together feature rival, who figures to be Djok- grass-court tuneup before able to say the same.
features clue, for ovic’s prime opponent for Wimbledon this year, for in- As he has ramped up his
11 Steer clear of
example 60 “At Last” 50 Alternatives the rest of his career. Carlos stance.) But he does pick and competition schedule and
10 Walking aid singer James 12 Stealthy to foils and
33 Woes Alcaraz, the tennis prodigy choose a few other spots to gone deeper into tourna-
14 Early auto 61 Exact assassin sabers from Spain, exploded onto collect rankings points and ments, Alcaraz has learned
34 Amorphous
15 Avid fan retribution for 13 Class writing 51 Valuable thing the scene by winning the guarantee favorable seeding that managing his own body
mass
assignment 2022 U.S. Open and then de- at majors. can be as challenging as any
16 Alamo rival 37 Minnow’s 62 Neckline 54 Gymnast feated Djokovic in a nearly- And while Djokovic often opponent. His semifinal
beaching site shape 18 School bud, Korbut
17 Some cars at five-hour epic final at Wim- looks more gassed on court showdown against Djokovic
dealerships 40 Put two and 63 Famous perhaps 57 No-no for Jack bledon. than he used to—he would at the French Open in June
19 Some two together Scottish loch 22 Hero of a Sprat Still, the other three crouch over his racket to ended early when he was
relatives 64 Kilt pattern Homer epic 58 “Selma” Grand Slam titles of 2023 catch his breath after long overcome by full-body
41 Potter’s oven went to Djokovic. And after rallies at the U.S. Open—he cramps—Alcaraz chalked
(not, strictly 65 D.C. clock 24 “You don’t director
42 What to do a brief absence from the top remains the king of marathon them up to nerves and ten-
speaking, part setting have to tell DuVernay
while you grin spot in the world rankings, matches. sion.
of the puzzle’s me” 59 Desire he will this month ring up Djokovic has lost only one He then missed the
43 Oscar winner Down
theme) his 400th career week at No. five-setter since the spring of chance to take on Djokovic
Bancroft 1 Passion Previous Puzzle’s Solution
20 First-year law 1, more than any player in 2019—the Wimbledon final in another major final in
school 44 Take the 2 “___Evil” (1971 P H D S P A S T H E D E R men’s or women’s tennis. He against Alcaraz. He is also New York after losing a gru-
R A I N I MH O E X U D E
student wrong way? Mia Farrow O R C A S C H O O L C H UM surpassed Steffi Graf’s all- 8-2 this season in best-of- eling four-set semifinal to
45 Hearty cuts of movie) O P E R A S L U L U time mark of 377 weeks ear- three matches that went the Daniil Medvedev. When he
21 “___them eat F O R E F A T H E R S E A
beef 3 Birthplace of lier this year. distance. returned to competition, his
cake” F R E E S M E L L S
science “I try to be a good stu- In Paris, he played a trio form dipped as he struggled
22 Board 49 Hit half of a E S Q A R E N A OM E G A
fiction? B O U R B O N W I D E N E D dent of the game and keep of three-setters in 72 hours with a foot injury. Alcaraz
featuring an single track with the numbers,” and won all of them despite a has lost three of his eight
O N E A L S C A L E A R E
alphabet 52 Bolt from a 4 Zodiac N A U S E A U R L S Djokovic said after winning midweek stomach bug. matches since the U.S. Open,
crossbow mammal R E C S WE E T T A L K S the Paris Masters tourna- “I really put a lot of effort including a surprise 3-6, 4-6
23 Inclined to A R I A R O S E U P
cause a 5 Revered star H A L L O F F AM E W A D E
ment earlier this month. into preparing myself for this defeat in Paris to Roman
53 “According to
O R A L B E L S A A V O N “But at the same time, I also last stretch of the season. Safiullin.
ruckus me,” online 6 Tetra- : 4 ::
E MM Y S R E N T N E S T want to be able to just direct Spent three, four weeks of “The season has been so,
25 July 1 55 Some Dada ___: 12 my attention to the next really working on the tennis so long. Probably that af-
The contest answer is STRIKE. For each of the
observation works 7 Screen legend six longest Across answers, if you remove the challenge. As long as I’m an court and of course on my fected my game,” Alcaraz
Garbo letters that appear twice in it, you get a new active player, I guess that’s fitness,” Djokovic said. “I’m said. “I have to figure out
28 Drama with 56 Palindromic word (SLUM, OATH, URN, WIN, WALK,
divas honorific 8 Snaky fish HOME). Taking these six words as a set and going to be the mentality I feeling great in terms of my and I’ll try to, the next
removing the letters that appear twice, you will nurture.” body. Of course there is al- years, to be better in this
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. get the contest answer. How much longer that ways something that, you part of the year.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
OPINION
Autonomous Cars Beat EVs
Subsidies for
electric vehi-
cles are a huge
mistake. These
cars are con-
ceptually the
same battery
INSIDE
VIEW and motor as
a fourth-grade
By Andy
science proj-
Kessler
ect—not a Tesla’s Full Self-Driving capa-
great innova-
tion. And given high prices for
EVs, subsidies are mainly a
giveaway to the already well-
off. If you add up carbon emis-
sions from manufacturing,
daily use and end of life, EVs
have total life-cycle emissions
30% lower than gasoline-pow-
ered autos. In Silicon Valley,
something is considered truly
transformational if it’s 10 times
better, not a third.
And now there’s a glut of
them. Ford is losing billions,
and Honda and General Mo-
tors have scrapped plans to
build affordable EVs. Instead
of throwing taxpayer money at
EVs, President Biden could
have been a hero and helped
bring autonomous vehicles to
the market faster.
Why? Start with the 42,795
traffic fatalities last year. Cost-
benefit analysis involves
something called the Value of
Statistical Life, and the Trans-
portation Department uses
$12.5 million per traffic death.
Lowering annual crash fatali-
ties to 10,000 would be worth
$400 billion to the U.S. econ-
omy every year. Technology
seriously reduces driver error,
a cause of many accidents.
Another reason? With fully
autonomous vehicles, the U.S.
would need only half of its
Argentina’s Choice: Socialism or Capitalism
When an un-
s u s ta i n a b l e
welfare state
crumbles un-
der its own
weight, the
AMERICAS p o p u l a t i o n
may not real-
By Mary
ize it’s being
Anastasia
buried alive.
O’Grady
Argentina
is flirting
with this fate as it heads to a
runoff presidential election on
Nov. 19. The vote comes amid
inflation expected to end the
year at an annual rate of
180%. The economy is in re-
cession and 40% of the popu-
lation lives below the poverty
line. Nevertheless, polls have
the country’s Peronist econ-
omy minister, Sergio Massa,
running neck-and-neck with
his rival, Congressman Javier
Milei.
Six months ago, a victory
for the incumbent party in
this race was widely consid-
ered impossible. But Mr.
Massa is a slick politician and
the center-right has been di-
vided. So it’s now a horse
race.
Both candidates have to
fight negative images. But
no
Mr. Massa, who beat all his
opponents in the Oct. 22 first
round with 37% of the vote,
may have the more difficult
challenge. The country seems
to want change. He’s Mr.
Continuity.
Mr. Milei has the better
shot but is by no means a
shoo-in. He wasn’t able to win
more than 30% in either the
August primary or in the first-
Hawley Aims at Wokeness and Misses
By Bradley A. Smith
C
onservatives celebrated
when the Supreme Court
ruled, in Citizens United
v. Federal Election Commission
(2010), that corporations have
a right to free speech. Now
Sen. Josh Hawley (R., Mo.) has
joined Bernie Sanders to pro-
pose legislation that defies Cit-
izens United.
Mr. Hawley is up front about
wanting to silence publicly
traded corporations because he
doesn’t like what some have to
say. “Corporate America has
funneled billions of dollars into
elections in favor of politicians
who favor their woke, social
agendas,” he says in a press re-
lease. He wants to “hold mega-
corporations’ feet to the fire
and stop their dollars from buy-
ing our elections.” He exhorts:
“To my conservative friends,
listen, there is no reason we
should want to empower these
mega-corporations.”
Its blatant unconstitutional-
ity isn’t the only objection to
his Ending Corporate Influence
nearly 300 million cars. Most
sit around doing nothing.
Transportation as a service
would become reality—no need
to own cars; simply click and a
driverless one shows up when
you need it. That would mean
way less emissions and no
parking hassle or road rage.
So what’s the problem?
bility, priced at up to $300 a
month, still runs stop signs.
The company uses simple
CMOS image sensors, like
those in an iPhone, instead of
more-expensive Lidar pulsed
lasers. Teslas get confused and
sometimes run into emergency
vehicles with flashing lights. I
recently rode in a Model 3 in
self-driving mode that botched
a simple yield.
It has been a bad few weeks
for autonomous driving. Self-
driving taxis from Cruise and
Waymo in San Francisco halt
at unexpected construction
barriers. Or at least they used
to. GM’s Cruise cars had their
California driverless permit
revoked last month after a pe-
destrian hit by another car
was pinned under a driverless
Cruise. A rare case, but it did
happen.
But, even with their prob-
lems, a joint study (albeit a
very early one) by Alphabet-
owned Waymo and the insurer
Swiss Re showed 95% fewer
injuries and 76% less property
damage from autonomous
driving vs. humans. That’s a
preview of 10 times. Auto in-
surance may force an autono-
mous shift. Imagine $500 a
year for autonomous-car in-
surance, but $2,000 if you
want to drive.
us ,
l
e
al a
round election. Third-place
finisher Patricia Bullrich of
ci on
the center-right Together for
Change coalition, who won
24% in the first round, has
thrown her support behind
Mr. Milei. But it’s uncertain
er s
how many of her followers
will join her.
m er
Only weeks ago many cen-
ter-right voters swore to ab-
stain if the temperamental Mr.
Milei, known for ugly rants
against his opponents, made it
m rp
to the runoff. Yet the thought
of Mr. Massa in the Casa Ro-
sada is making some of them
think twice.
Mr. Massa works for the
co Fo
government of Peronist Presi-
dent Alberto Fernández. But
his bigger liability may be the
notoriously corrupt and influ-
ential Vice President Cristina
Kirchner.
The former hard-left presi-
dent (2007-15) and her late
husband, Néstor Kirchner,
also a former president
(2003-07), launched their na-
tional political careers in
2002 when peso convertibility
n-
at one-to-one with the dollar
came undone and the country
defaulted.
The crisis unleashed an
anticapitalist fury, and the
lefty Kirchners smelled oppor-
tunity. As misery mounted and
mobs blocked streets, they
consolidated their power. Over
time they politicized the judi-
ciary and destroyed property
rights and the independence
of the central bank. They
clamped down on the press by
muscling advertisers and con-
trolling newsprint. Their anti-
on Elections Act. Even if it
could be enforced, it wouldn’t
weaken the influence of
“woke” corporations.
The senator cites TikTok as
the type of corporation that is
“buying our elections.” His
proposal to ban the site fal-
tered, he says, after the com-
pany “spent incredible sums of
money to get influence on both
The corporate speech
to which he objects
has nothing to do
with Citizens United.
sides of the aisle.” But while
TikTok spends millions lobby-
ing, the FEC’s public database
shows that neither TikTok nor
its parent corporation has ever
made independent political
campaign expenditures or con-
tributions to super PACs,
which is what Mr. Hawley’s
legislation would ban. If Mr.
Hawley’s bill became law and
The Society of Automotive
Engineers defines basic cruise
control as Level 1 autonomous.
Tesla’s FSD, which still re-
quires human attention, is
Level 2 autonomous. Last
month, Mercedes announced
Drive Pilot, which uses Lidar
and is currently the only Level
3 “conditional driving automa-
tion” system approved in the
U.S. and Europe. Drivers can
Biden should have
updated our roads,
not subsidized car
purchases for the rich.
take their hands off the wheel
and eyes off the road, even
surf the web, but only while
driving less than 40 miles an
hour and following another
vehicle in dry conditions dur-
ing the day. What’s needed for
an economic transformation is
Level 4: autonomous driving
at all speeds in clear weather.
Level 5 is self-driving even in
rain, snow and fog.
What can government do?
Help the imaging systems in
cars, which will never be to-
tally accurate, by actively let-
ting them know where things
are. Stop signs could emit sig-
nals with their GPS locations.
Traffic lights could digitally
broadcast red, yellow and
green. Digital signal transmit-
ters in highway markings—
dotted line, solid line, etc.—
would digitally paint the road.
on
Car sensors could see the real
signs or paint and confirm
them digitally. Ambulances
democratic populism became
known as kirchnerismo.
President Mauricio Macri
(2015-19) attempted to restore
the rule of law. Mrs. Kirchner
was investigated. In December
she was convicted of fraud
and sentenced to six years in
prison. She remains free due
to her official status. As long
as her case is on appeal, she
isn’t expected to serve prison
time.
Only one candidate—
Javier Milei—offers
any hope of avoiding
an economic disaster.
If Mr. Massa wins, Argen-
tines have good reason to
fear that the economy won’t
improve. Crony capitalism,
punishing export taxes, infla-
tionary fiscal policy and capi-
tal controls are second nature
to him. But the risk to the
country’s frail democratic in-
stitutions with a Massa presi-
dency may be more worri-
some. Asking his political
tribe to reject police-state
tactics like the surveillance of
adversaries is asking a tiger
to lose his stripes. The same
goes for interference with the
courts and a foreign policy
aimed at placating the re-
gion’s dictators.
Mr. Milei presents the op-
posite risk. The progressive
claim that he’s a threat to de-
mocracy is fearmongering, for
two reasons. First, because his
Citizens United were over-
turned tomorrow, TikTok
could keep lobbying.
Mr. Hawley’s concerns
about corporate wokeism in-
fluencing the culture are unre-
lated to Citizens United. Pub-
licly traded corporations spend
almost nothing on the type of
campaign speech that Citizens
United allowed. For-profit cor-
porations account for roughly
2% of total political spending.
The true beneficiaries of
Citizens United are nonprofits
such as the National Rifle As-
sociation, Patriotic Veterans
and the Humane Society, and
trade associations like the Na-
tional Association of Realtors
and the American Academy of
Ophthalmology—though even
these groups account for well
under 10% of campaign expen-
ditures. Citizens United has
helped these voices be heard,
promoting more-competitive
elections and a better-in-
formed electorate.
Repealing Citizens United
wouldn’t stop Target from fea-
turing “women’s” swimsuits
and police cars could broad-
cast their locations and warn
others to slow down and stay
away. Construction barriers
and traffic cones could broad-
cast their location and indicate
how long they will be there to
help cars update their maps.
Cars could even negotiate who
gets to go first at a four-way
stop sign. Encrypted signals
would prevent hacking.
Don’t confuse this with
smart cities or smart roads,
the dreams of central plan-
ners. The Silicon Valley adage
works here: Intelligence
moves out to the edge of the
network. Make cars smart,
and roads dumb but digitally
visible.
Expensive? Back-of-the-en-
velope math: There are 4 mil-
lion miles of road in the U.S.,
with perhaps 10 to 25 signs
per mile. So we need to update
100 million metal signs and
300,000 traffic lights. I’ll as-
sume the cost of sign trans-
mitters is $100 and road-
marking transmitters to paint
the lines digitally is $10 for
every tenth of a mile. Even if
I’m off by a factor of 10, the
government could spend less
than $400 billion to save
32,000 lives a year, reduce
emissions, lower capital costs
of transportation, and trans-
form the U.S. economy. That
sure beats subsidizing the EV
purchases of climate-smug
rich folks.
The cost of EVs and batter-
ies was going to fall anyway
without handouts. It would
have been better to spend that
money making autonomous
driving viable. What a waste.
Write to kessler@wsj.com.
ideology is all about decreas-
ing state power and increas-
ing the freedom of Argentines
to run their own lives and to
think independently. Second,
because he is almost certain
to be a weak president.
Mr. Milei is an advocate for
the rights of the individual.
His social views are consistent
with his libertarianism. He’s
antiabortion because the un-
born also have civil liberties;
families should have choice in
education. He opposes iden-
tity politics. These ideas stir
panic among progressives, as
does his skepticism about
statist solutions to climate
change.
None of this will matter if
he can’t stabilize an economy
near implosion. He’s telling
the press that Ms. Bullrich’s
backing has come without
conditions. But in December,
when the new Congress is
sworn in, his Liberty Advances
party will have six seats of 72
in the Senate and 38 of 257 in
the House. He’s passionate
about his vision for the coun-
try, but if he’s to govern effec-
tively he will have to work
with moderates who won’t al-
ways agree with him.
The next government will
inherit enormous challenges,
and it’s tempting to think Mr.
Massa should be made to eat
his own cooking. Even a Presi-
dent Milei may not be able to
avoid a mega-crisis. But if Ar-
gentines are unwilling to take
a chance on the outsider,
they’re signing up for more of
the same.
Write to O’Grady@wsj.com.
with extra room for male geni-
talia or Dick’s Sporting Goods
from pulling guns from its
shelves. Without Citizens
United, Disney would still be
free to push woke themes in
its films and to lobby against
state efforts to curb woke cur-
ricula in public schools. Dis-
ney-owned ESPN can continue
its odd practice of infusing ev-
ery aspect of sports with left-
ist jargon and commentary.
Mr. Hawley’s legislation would
have no effect on HR training
that seeks to humiliate em-
ployees of disfavored back-
grounds.
Mr. Hawley’s bill indulges a
fantasy that overturning Citi-
zens United will stop “woke
capital” and be a victory for
conservatism. It would be a loss
for democracy and free speech
and do nothing to mitigate the
spread of woke ideology.
Mr. Smith is chairman of
the Institute for Free Speech.
He served as chairman of the
Federal Election Commission in
2004.
Monday, November 13, 2023 | A15
BOOKSHELF | By James S. Hirsch
A Century
Of Saved Lives
Insulin
By Stuart Bradwel
Polity, 272 pages, $35
T
wo years ago the diabetes community celebrated the
100-year anniversary of insulin’s discovery—a medical
miracle that saved the lives of dying patients,
transformed unheralded Toronto scientists into Nobel Prize
winners, and catalyzed a century of innovation for improved
diabetic care.
In Stuart Bradwel’s telling, however, insulin’s anniversary
was a gloomy reminder of all that is wrong with healthcare
in many countries, particularly the United States: the auto-
cratic doctors who impose their will on helpless patients,
the predatory insulin companies that have no concerns
beyond their bottom line, and the craven government
officials whose faith in the free market has come at the
expense of their citizens.
Nuance is in short supply in “Insulin: A Hundred-Year
History,” a stinging account of how patients, in Mr. Bradwel’s
view, have been betrayed in the aftermath of this scientific
breakthrough. An honorary
research fellow at the
University of Strathclyde in
Scotland, Mr. Bradwel has
Type 1 diabetes himself, and he
brings a sharp historical eye to
some of the major
developments in the field. But
his ideological cudgel also
leaves unnecessary bruises.
An estimated 37.3 million
Americans live with diabetes,
while one in three American
.
adults have prediabetes. The
epidemic is equally daunting
ly
worldwide, but the disease itself
often confuses the public. Type 1
diabetes is an autoimmune disorder in which the pancreas
produces little to no insulin and patients must take insulin
through injections or a pump. The more common Type 2
diabetes occurs when the body resists the insulin that it
does produce and different therapies, including insulin, are
used for treatment. Both types, if not treated properly, are
characterized by dangerously high blood sugar.
Even readers who are familiar with the 1921 discovery of
insulin will be moved by Mr. Bradwel’s account. He
describes the quarrelling researchers’ attempts to isolate
and purify a murky pancreatic secretion from their
sacrificial dogs in a longshot effort to revive doomed
diabetic patients. Mr. Bradwel notes that the first patient,
14-year-old Leonard Thompson, was a charity patient at
Toronto General Hospital and suggests that this
“unimportant boy from a working-class background [was]
used as a human guinea pig.” Insulin, once proved effective,
became accessible to children of privilege and made the
patients famous for their stunning recovery, while
Thompson would be ignored and largely forgotten.
From its origins, insulin revealed the deep economic
divide between the haves and have-nots, and that schism
intensified as the drugs, devices and technologies for care
became more sophisticated and expensive. According to Mr.
Bradwel, this class-based distinction simply was less notice-
able in the first half of the 20th century because the disease
seemed to disproportionately affect wealthy white people.
But even wealthy patients, Mr. Bradwel contends, could
not, and cannot, escape one inevitable menace: their own
doctors. The guidance of physicians, he writes, has been
motivated more by control over their patients than the
promotion of health. Mr. Bradwel variously describes these
clinical efforts as “paternalistic,” “authoritarian” and “moral
coercion.” The most prominent apostle of this “strict
authoritarianism” was Dr. Elliott Joslin, America’s leading
diabetologist in the first half of the 20th century.
The discovery of insulin a century
ago led to vastly improved diabetic
care. But obstacles remain.
It’s true that Joslin had a moralizing streak that imputed
character flaws to patients who had poor outcomes. But Mr.
Bradwel paints with a very broad brush. Joslin died in 1962,
but his clinic in Boston remains one of the most prestigious
in the country. My son, Garrett, diagnosed with Type 1
diabetes at age 3, has received care at Joslin for almost 20
years, and I can report that he has never been subjected to
treatment that was paternalistic, authoritarian or morally
coercive. I can say the same for my own care at the diabetes
clinic at Massachusetts General Hospital.
Are there bad doctors? Of course, and we should call them
out. But the bigger hurdles to improved care are that doctors
don’t have enough time for their diabetic patients; that they
are poorly compensated compared with many of their peers;
and that they lack the expertise to manage a bewildering
disease whose treatment relies increasingly on complicated
technology. (Mr. Bradwel writes critically of the diaTribe
Foundation, a nonprofit covering the diabetes field that I
work for on a contract basis. He also summarizes an anecdote
from my own book on diabetes and cites it in his endnotes.)
If doctors fare poorly in “Insulin,” the book’s true villains
are the insulin companies: Eli Lilly, Novo Nordisk and Sanofi.
Mr. Bradwel documents Americans who have died because
they could not afford insulin, and he is rightfully outraged
that this could happen in the wealthiest country in the
world. I’ve also written critically about high insulin prices,
but what patients pay for insulin is the result of an
inscrutable process involving insulin makers, pharmacy
benefit managers, payers, employer health plans and public
officials—with each actor blaming the other.
Mr. Bradwel ignores those complexities and sees high
insulin prices as part of the “banal evils of capitalism.” He
undermines his argument, however, by stating that the
newer, more expensive insulin analogs (such as Humalog and
Novolog) are more effective than the older, cheaper insulins.
Mr. Bradwel also cites several technologies in development,
including cell encapsulation and glucose-responsive insulin,
that could transform patient care. But, like insulin, these
technologies are made possible by private industry.
Price and accessibility are huge issues, but from inhalable
insulins to smart insulin pens to automated insulin delivery
systems, the banal evils of capitalism seem to have done a
credible job of making life better for people with diabetes.
Honestly, I’d be good if a cure made all future anniversaries
for insulin an afterthought, but as long as we need this
medical miracle, let’s hope that its best days, driven by the
insulin makers, are still ahead.
Mr. Hirsch is the author of “Cheating Destiny: Living With
Diabetes, America’s Biggest Epidemic.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Monday, November 13, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Day After Israeli Victory Anti-Semitism at Yale Requires Moral Clarity

W
hile Israel focuses on winning the buildings. The PA has since decayed. Its hollow Regarding Sahar Tartak and Neta- there for our meetings and were re-
war against Hamas, the U.S. has dictatorship can barely contain Hamas in the nel Crispe’s op-ed “Jewish Students fused because “pro-life meant anti-
Meet Hostility at Yale” (Nov. 8): Last woman.” Not only did the adminis-
been pressing for commitments on West Bank. Should Mahmoud Abbas, its 87-
week I published an open letter that tration intervene on our behalf, but
what will come next. Speak- year-old ruler, pass away, the has already been signed by more than the student leaders at the Women’s
ing in Tokyo last week, Secre- The peace process can’t edifice may crumble. 100 university presidents from a range Center agreed to a public debate.
tary of State Antony Blinken return to regularly The Soviet-trained Mr. Ab- of institutions offering moral clarity in Passionate disagreement in those
laid out five “Nos”: “No forc- bas, who blames the Holo- calling out Hamas as a terrorist or- days meant opportunity for rigor-
ible displacement of Palestin- scheduled programming. caust on Jews, has been un- ganization and distinguishing it from ous application of logic and the
ians from Gaza. . . . No use of willing to clearly condemn the Palestinian people who suffer un- free exchange of ideas. Decades of
Gaza as a platform for terror- the Oct. 7 massacres. A wing der its cruel rule in Gaza. anti-intellectual progressivism has
ism or other violent attacks. No reoccupation of his Fatah party even claims to have taken I believe three steps are crucial for effectively transformed Yale into a
of Gaza after the conflict ends. No attempt to part. On Saturday and Sunday Mr. Netanyahu any comprehensive plan to combat bastion of unquestioning confor-
blockade or besiege Gaza. No reduction in the poured cold water on the idea of installing the campus hate. First, university leaders mity. This posture provides cover-
must speak with moral clarity to help ing for the pernicious poisons of
territory of Gaza.” PA in Gaza, but Mr. Abbas is already trying to
their pro-Palestinian students disen- anti-Semitism.
If only the Biden Administration had that dictate terms. He will only take over, he says, tangle themselves from the evil of SHANNON VOWELL
many red lines for Iran. The Secretary of State as part of a comprehensive solution including Hamas and foster more productive Frisco, Texas
might also recall that the postwar U.S. occupa- a Palestinian state. conversations on their campuses.
tions of Japan and Germany continued into the Mr. Blinken also has a tendency to talk as Second, policies against hate I had a chilling experience at Yale
1950s and included territorial adjustments. if the peace process can soon return to regu- speech on campus must be applied more than 60 years ago. Many of my
Mr. Blinken followed his five “Nos” with larly scheduled programming. After Oct. 7, it consistently. Calls for the genocide of classmates assumed that because I
three “Musts”: the way forward to peace “must can’t. It matters that Palestinians elected an Jews must be anathema, as hate was from the South—Charlotte,
include the Palestinian people’s voices and as- Iran-backed terrorist group that used the terri- speech toward other groups is. N.C.—I was antiblack. One day, a
pirations at the center of postcrisis governance tory Israel had given up to commit a proto- Third, student safety should be- group of classmates lectured me that
in Gaza. It must include Palestinian-led gover- genocide against Jews. Until there is substan- come a factor in the college rankings I must treat the black students prop-
of respected publications. The most erly. As this group broke up, one stu-
nance and Gaza unified with the West Bank un- tive change among Palestinians, it is futile to effective way to keep students safe is dent in a loud voice referred to
der the Palestinian Authority. And it must in- demand that Israel empower them to do it all to align a university’s stated inten- “those god— Jews.”
clude . . . a pathway to Israelis and Palestinians over again in central Israel. tion to protect its students and its I shook my head then and shake it
living side by side in states of their own, with “We don’t seek to conquer Gaza,” Mr. Netan- desire for a higher national ranking. again reading about Yale today. Obvi-
equal measures of security, freedom, opportu- yahu said Thursday. “We don’t seek to occupy RABBI ARI BERMAN ously, not much has changed. If any-
nity and dignity.” Gaza. And we don’t seek to govern Gaza.” President, Yeshiva University thing, the level of tolerance and re-
It is sensible to think ahead but premature to Though it was better for civilians on both sides New York spect at Yale and other so-called elite
give marching orders for the harmonious future. when Israel was in charge, there is little appe- colleges has declined. While my an-
Israel still has intense urban fighting ahead. tite among Israelis to rule over a hostile people When I was a freshman at Yale in nual gifts were minor, I no longer
What happens after Hamas’s command center indoctrinated for a generation by Hamas. 1986, I joined a group called “Yale plan to contribute.
Women for Life.” We petitioned the NICK GAEDE JR.
underneath al-Shifa Hospital falls? Will a terror- “We’ll have to find a civilian government that
Yale Women’s Center to use space Mountain Brook, Ala.
ist insurgency persist in Northern Gaza? How will be there,” added Mr. Netanyahu, but “we
will Israel root out Hamas from Gaza’s south, to have to have a credible force that, if necessary,

.
which most civilians have fled? will enter Gaza and kill the killers.”

ly
The answers can’t help but affect how Gaza
will be governed. “The reality,” Mr. Blinken ac-
i i i
There should be no illusions that a United Na-
Corporations Shouldn’t Fund Political Causes
knowledged on questioning, “is that there may tions force, rejected Friday by Mr. Netanyahu, In your editorial defending Citizens seeking to advance political positions
on
be a need for some transition period at the end could keep the peace. From Lebanon to the Sinai,
of the conflict” in which Israel keeps some con- that idea has failed every time. One speculative
trol. This is essentially what Israeli Prime Minis- solution is a force from the Arab states that have
United (“Josh Hawley’s Unoriginal
Constitution,” Nov. 7), which allows
unlimited election spending by corpo-
rations and labor unions, you cite
“in association with” other share-
holders. The essential purpose of
these companies is to sell products
and make a profit, not to engage in
ter Benjamin Netanyahu had said earlier: “I think recognized Israel. They may demur, but they
Justice Antonin Scalia’s principle that political activity.
us ,

Israel will, for an indefinite period, have the have an interest in preventing destabilizing vio-
“the individual person’s right to When a corporation spends mil-
l

overall security responsibility because we’ve lence and defeating Iranian proxies. speak includes the right to speak in lions of dollars to fund politically
e
seen what happens when we don’t have it.” “What we have to see,” Mr. Netanyahu said,
al a

association with other individual per- contentious positions, it risks alienat-

If Israel isn’t taking on the terrorists, who “is Gaza demilitarized, deradicalized and re- sons.” That principle, you argue, “is ing large groups of dissenting inves-
will? The rush to empower “the Palestinian built. All of that can be achieved.” While Biden as true for a corporation as for a po- tors and potential new ones. Why
ci on

people’s voices” after Israel left Gaza in 2005 Administration pessimism led it to withdraw litical party.” should U.S. corporations limit their
saw Gazans elect Hamas in 2006. The Palestin- from Afghanistan and surrender the territory, That is a false equivalence. When access to capital in this way?
ian Authority hasn’t held another election in 6,000 miles away, to the Taliban, Israel doesn’t individuals join a political party, they Corporate neutrality is the best
the West Bank, knowing Hamas could win have that option. Gaza is next door. Ensuring seek to promote its positions in asso- business policy. If corporate directors
there, too. “no use of Gaza as a platform for terrorism” will ciation with the party’s other mem- and officers want to support political
er s

bers. Joint political activity is the causes, they should reach into their
Could the PA even hold Gaza? Hamas over- require a decisive Israeli victory and more flexi-
party’s essential purpose. By con- own pockets, not those of their share-
powered it in 2007, throwing its members off bility than “Nos” and “Musts” allow.
m er

trast, when individuals buy Apple or holders.

ExxonMobil stock, they seek a return STUART ALTSCHULER

School Choice Dies in Illinois on their investment; they are not New York

S
m rp

ometimes the worst political scandals organization, says it will seek private donors
occur in plain sight, even if most of the to cover tuition. But the most common donation
Patrick Henry’s Principles Wilted on Slavery
press corps chooses not to notice. That’s was $1,000, and many of those smaller donors David Stewart’s review of John shelf, Nov. 1). Henry also advocated
what happened last week in Il- may disappear without the tax Ragosta’s “For the People, for the constitutional avenues of dissent
linois, where the Democratic- The union machine credit. Country” does an admirable job of rather than the nullification efforts
co Fo

highlighting Patrick Henry’s opposi- that would have undermined the

union machine killed scholar- kills scholarships for Gov. Pritzker is a billion-
tion to the Alien and Sedition Acts country’s new government.
ships for 9,600 low-income aire, and his Pritzker Family (“Patrick Henry’s Last Stand,” Book- His strong principles were on dis-
children. 9,600 poor children. Foundation could help. Ac- play in his famous line: “Give me
The state and national cording to Crain’s Chicago liberty, or give me death!” He would
teachers union made a prior- Business Journal, the foun- AI Assistants Could Take certainly have faced hanging had
ity of blocking an extension of the Invest in Kids dation has donated $8.3 million to Milton the British won the war.
program that provided a 75% state tax credit for Academy, the Massachusetts boarding school
The Drudgery Out of Law But his principles broke down
donations to help families afford private Mr. Pritzker attended. It has donated $2.5 Bruce Pandolfini and Max Raskin when it came to slavery. Henry was
schools. The unions claim the credit drained million to Duke University, according to Caro- correctly point out that AI may over- a planter and owned slaves, as did
money from public schools, but public funding lina Journal, and $100 million to Northwest- take significant aspects of lawyers’ so many others who were born at
has increased nearly $2 billion since Invest in ern Law School, which has renamed itself in and artists’ jobs (“AI Won’t Stop this time, when slavery was consid-
People From Playing Games,” op-ed, ered a natural dimension of the hu-
Kids began under former Gov. Bruce Rauner. his honor. Invest in Kids is a bargain by com-
n-

Nov. 2). But AI will likely make bet- man condition. He claimed to abhor
Only 35% of Illinois children read at grade level, parison, requiring about $71 million for the ter lawyers, better artists and better slavery as “a Principle as repugnant
according to Wirepoints, so no wonder there coming year. humans. to humanity, as it is inconsistent
are more than 20,000 children on the Invest in Illinois is now the first state to kill a major As a lawyer, I see AI overtaking with the Bible and destructive to
Kids waiting list. school-choice program. The scandal reflects the
no

some of the drudgery of the legal
Current Gov. J.B. Pritzker refused to help bloody-mindedness of the unions that want to profession, liberating me to do more
save the program, even for children currently snuff out even minor competition to retain their creative and client-focused tasks. For
benefiting from it. Those families will now have monopoly. And it reveals how little most Demo- artists, AI could act as an assistant in
to find some other way to pay tuition. Empower crats care about the children they imprison in a master’s workshop, similar to how
Illinois, the state’s largest scholarship-granting these failure factories. Raphael relied on secondary artists
in his workshop. I hope that AI will
help us spark new ideas, collabora-
liberty,” and he recognized his own
hypocrisy.
He was drawn to accept slavery,
he wrote to a friend, by “the gen-
eral inconvenience of living without
them.” He said “I cannot justify it.”
DAVID CHANOFF
Visiting scholar, Brandeis University

Trump University, Now With Tax Money tions and conversations offline.
If AI can increase our creativity,
Somerville, Mass.

A
compassion and cognitive awareness
s if the federal bureaucracy didn’t have Florida under its new President Ben Sasse? If Mr. by acting as a helper, not an over- Israeli Work Let Gazans Spy
enough to do, Donald Trump says that in Trump’s answer is that his American Academy lord, then a positive collaboration is
In “Three Foreign-Policy Illusions”
a second term he’d create a new tuition- would be tuition-free, paid for by “taxing, fining possible.
(op-ed, Nov. 2), Jakub Grygiel de-
free online university to “com- and suing excessively large MARIA T. CANNON
bunks the idea that trade improves
pete directly” for college stu- He plans to launch a private university endow- New York
ties with bad actors. Israel made the
dents. It would award tuition-free, online-only ments,” then it amounts to a same tragic blunder, thinking that al-
bachelor’s degree equivalents proposal to outcompete con- lowing Gazans to cross into Israel to
“that the U.S. government and bachelor’s degree. servative colleges using state What’s the GOP Attraction? work and take home higher pay
all federal contractors will power. The GOP’s problem is one of sub- would temper Hamas. Some Gazans
henceforth recognize.” Step More likely, this would end stance (“Are Republicans Tired of All used their time working in Israel to
right up to enroll in Trump University 2.0. up as another government boondoggle. Promi- the Losing?” Review & Outlook, Nov. do reconnaissance for Hamas as it
Mr. Trump unveiled the idea recently in a nent colleges have already dumped endless lec- 9). Its leaders want to increase gun planned the slaughter of Israelis.
ownership, ban abortion, and defund ARI WEITZNER
video on Truth Social, and the plan includes all ture videos on the internet, and a decade ago the
the government. They corrode our de- New York
of the careful policy thinking typical of a video hype was that MOOCs, or Massive Open Online mocracy with election denial. What’s
on Truth Social. “Whether you want lectures on Courses, would be a revolution in education. The the attraction here?
ancient histories, or an introduction to financial Covid pandemic might have helped to prove the ANDREW HESS
accounting, or training in a skilled trade,” Mr. model, except students hated remote learning Ardmore, Pa.
Pepper ...
Trump said, “the goal will be to deliver it and get and couldn’t wait to get back to campus. Trying And Salt
it done properly, using study groups, mentors, to impart worth to the American Academy’s de- I’d rather lose on the issue of abor-
THE WALL STREET JOURNAL
industry partnerships, and the latest break- grees by ordering federal contractors to take tion than support the intentional kill-
through in computing.” them would devalue the imprimatur. ing of an unborn baby, a procedure so
The American Academy, as he called it, also No wokeness might be Mr. Trump’s order, barbaric that supporters never say or
would be nonpolitical: “There will be no woke- but what happens to the American Academy as show what it is, but hide behind se-
mantics with “reproductive care” and
ness or jihadism allowed.” This is on target in soon as the next Democratic President takes of-
“pregnancy termination.” Abortion
that many people are appalled by the radicalism fice? Here’s a free history lecture: Republicans will eventually suffer the same defeat
on college campuses, including recent episodes have usually argued since at least 1979, when as slavery.
of anti-Semitism. But alumni and parents are al- Jimmy Carter set up the Education Depart- CYNTHIA MILLEN
ready dropping donations, the federal govern- ment, that the feds should step back from Toledo, Ohio
ment can enforce civil-rights protections, and schooling, which is properly a state, local and
state politicians are free to steer cultures at pub- private function.
Letters intended for publication should
lic schools by replacing weak leaders. The exception was George W. Bush’s No Child be emailed to wsj.ltrs@wsj.com. Please
Why does Mr. Trump think a new federally Left Behind Act, and we know how that turned include your city, state and telephone
backed online university could provide a better out. A federal online university is a bad idea at number. All letters are subject to
education than alternatives already available, any time, but especially when government can’t editing, and unpublished letters cannot “Openness and transparency are
be acknowledged.
including Hillsdale College or the University of manage what it’s already doing. a big part of our corporate mythos.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, November 13, 2023 | A17

OPINION

Placating Xi Won’t Change China’s Behavior

By Thomas J. Duesterberg rencies. China also has agree- Beijing. Fortunately, at least

I
n an article previewing Presi-
dent Biden’s meeting with
China’s Xi Jinping this week,
Treasury Secretary Janet Yellen
said the U.S. has “a pragmatic
economic strategy: one that protects
our vital national security interests
while seeking a stable and healthy
economic relationship” with Beijing.
But in the perilous and fast-changing
world of late 2023, Beijing doesn’t
seem interested in that sort of bal-
ance. From supporting other authori-
tarians’ military efforts to trying to
displace the U.S.-led global financial
ments with various Middle four sticks are available to
Eastern nations to settle Mr. Biden.
trade in local currencies. Bei- First, Washington should
jing tries to do so through its find and impose sanctions on
Cross-Border Interbank Pay- the banks laundering China’s
ment System. illicit purchases of Iranian
China has also become the and Russian oil. The adminis-
world’s largest provider of tration has been hesitant to
development finance, thanks do so, likely because of its
to its Belt and Road Initiative nuclear-deal negotiations
and, to a lesser degree, to the with Iran and China’s reputa-
Beijing-based Asian Infra- tion for retaliation. It’s clear
structure Investment Bank. In pandering hasn’t worked.
conjunction with this, China Second, Mr. Biden ought
has focused its trade expan- to revive a U.S. TikTok ban
sion on Brics nations and the on the grounds of simple

SAUL LOEB/AFP VIA GETTY IMAGES

system, Mr. Xi is undermining the se-
curity of America and its allies. But
China’s weakening economy offers an
opportunity to win meaningful
changes in Beijing’s policies. It will
take a hard-line approach to get
China’s attention.
Mr. Xi certainly won’t be soft in
negotiations. He knows two major
wars have sapped America’s diplo-
matic and military resources—in
part because of China’s efforts.
Beijing is undermining
U.S. interests worldwide,
but there are ways of
forcing concessions.
Mr. Xi has tried to create an alter-
native to the Western financial and
economic system created by the
Shanghai Cooperation Coun- reciprocity—U.S. social me-
cil, a group of eight full mem- dia platforms don’t operate
bers and 10 observers and freely in China—and security
partners. Total Chinese ex- concerns. The Justice De-
ports to countries involved in partment is investigating
Belt and Road now exceed TikTok for allegedly spying
those to the U.S., European on U.S. citizens, including
Union, and Japan. journalists, even as the plat-
These efforts have yielded form gains popularity in
international political clout, Xi Jinping and Joe Biden meet in November 2022. America.
which China has used to un- Third, the president
dermine U.S. interests. The Financial China is also aiding weapons pro- in past economic crises. Local gov- should indicate to Mr. Xi that his ad-
Times reported that between 2013 duction in Russia and Iran. In March, ernments provide 86% of public ex- ministration would oppose any Trea-
and 2020 Belt and Road nations voted the U.S. imposed sanctions on five penditures in China but their financ- sury or Federal Reserve dollar relief
with the Chinese position at the Chinese suppliers for selling drone ing vehicles are horribly to China if its faltering financial sys-
United Nations 75% of the time. components, while Politico in April overleveraged. Banks are too, and tem suffers a shortage. China’s banks
More ominous, China’s economic reported that China was in talks with that combined with falling returns and many foreign investors lavished
and financial reach have already al- Russia and Iran to replenish Tehran’s on capital investment and the col- dollar-denominated loans on Chinese
lowed it to bypass Western sanctions supply of chemicals for rocket fuel. lapse of the real-estate sector leave real estate and Belt and Road recipi-
and materially support authoritarian China and Hong Kong are major few options for an investment- or ents. Seventy-five percent of China’s
regimes. The U.S. organization United sources for Western semiconductors demand-led rebound. Belt and Road loans are in dollars,
Against Nuclear Iran in 2022 accused flowing to Russia in violation of When Messrs. Biden and Xi meet, and these loans are at distress levels
six Chinese banks—including the sanctions. the latter will undoubtedly offer rhe- not seen since the Asian financial
world’s largest bank, the Industrial In light of all this, it’s vital that torical support for cooperation on cli- crisis in the 1990s.
and Commercial Bank of China—of Mr. Biden discuss new U.S. pro- mate change and better access to Chi- Finally, Mr. Biden ought to inform

.
Bretton Woods Agreement. A major complicity in illicit trade with Iran. grams to counter China’s mercantil- nese markets in return for substantial Mr. Xi that he will expand invest-
component of Beijing’s program is Though that matter was seemingly ism, its drive to displace American reductions in U.S. tariffs, export con- ment restrictions more broadly to

undermining the U.S. dollar as the
world’s reserve currency and princi-
pal medium of global payments. That
system—in combination with West-
ern dominance of high-tech indus-
tries—allows the U.S. and allies to
enforce sanctions.
To become more economically
ly
never investigated by U.S. authorities, leadership in the world, and, most trols and investment restrictions. American portfolio investments in
ICBC has been fined for money-laun- important, to impose sanctions on Those will be empty promises, as in any Chinese firm subject to sanc-
dering-related offenses by the U.S., China for its support of Russian and the past. In September 2020, China tions by the U.S. or its allies.
U.K., Spain and Canada. on Iranian aggression. Straight talk promised to begin reducing carbon
The headline program for China’s from Washington will get Mr. Xi’s emissions by 2030 and reach net zero
anti-Western financial system is the attention.
purchase and processing of oil and
by 2050. In January 2020, Beijing
Mr. Xi desperately needs relief said it would increase U.S. imports
Perhaps such straight talk at a
time of growing domestic problems
will induce Mr. Xi to rethink at least
his support for Russia and Iran. It’s
gas from Russia and Iran. China is from Western sanctions, tariffs and under the Phase I trade agreement clear that concessions won’t do the
us ,

self-sufficient and immune from estimated to be buying more than a investment restrictions to prop up with the Trump administration. Nei- job.
l

Western financial pressure, Beijing million barrels of oil a day each from China’s faltering economy. China is ther happened. In fact, for all the Bi-
e
al a

has worked on its own financial and Iran and Russia, much of it in viola- suffering from demographic decline, den White House’s attempts to slow Mr. Duesterberg is a senior fellow
economic system. The Brics group- tion of various Western sanctions. rural poverty, ecological stress, un- carbon output internationally, China’s at the Hudson Institute and author of
ing—which also includes Brazil, Rus- China purchases this fuel at below derdeveloped social services and chief climate negotiator in September a forthcoming report, “China’s Eco-
ci on

sia, India and, as of recently, Iran— market price, which aids its growing youth unemployment. Yet Beijing said that phasing out fossil fuels is nomic Weakness and Challenge to
intends to displace the dollar by manufacturing dominance and eco- can’t rely on government stimulus “unrealistic.” the Bretton Woods System: How
settling inter-Brics trade in local cur- nomic power. or consumer-led recovery as it has Carrots have never worked with Should the US Respond.”
er s

How Bidenomics May Cost Biden the Youth Vote

m er

President Biden point among young Americans. Mr. Biden’s policies on climate, gusher of pandemic payments that But most young people don’t
turns 81 on Nov. Drill down into the numbers and student debt and transgender fueled inflation has finally ebbed, own homes, and they’ve been
20, and polls show the picture looks even grimmer for “rights” curry favor with a vocal mi- young people are struggling finan- slammed by skyrocketing rents. Na-
that Democrats are the president. More young people nority of young college-educated cially. Credit-card delinquencies tionwide rents have increased by
m rp

increasingly wor- think Mr. Biden is part of the na- progressives. Yet only about a third among those under 40 are the high- more than 20% during the Biden
ried about his men- tion’s problems than they do Mr. of Americans under 40 have college est since 2010, according to a recent presidency. The higher interest
tal and physical de- Trump. The New York Times survey degrees. Those who don’t may re- New York Federal Reserve report. rates necessary for subduing infla-
LIFE
cline. But the has independent candidate Robert F. sent a White House of, by and for Young people are about twice as tion have priced young people out
SCIENCE
incumbent has an- Kennedy Jr. leading both men with liberal elites. likely to be overdue on their bills as of the housing market. Even those
By Allysia
co Fo

other age problem:
Finley
Donald Trump is
running on par
with him among young voters.
Mr. Biden won the youth vote by
double digits in 2020, while seniors
swung for Mr. Trump. Recent polls,
however, show that seniors are now
the only age group that favors Mr.
Biden in a rematch. It isn’t difficult
to explain the reversal. Bidenomics
has exacted a massive wealth trans-
fer from young people to seniors.
voters under 45. In the Emerson
poll, Mr. Trump leads or matches the
president in Michigan, Georgia and
Arizona among young people who
reported voting for Mr. Biden three
years ago.
The polls offer more context for
the flip. Youngsters have a more
negative outlook than seniors and
are also more likely to identify the
cost of living as the most important
issue—closely followed by the econ-
omy and jobs. Few young people are
n-
He’ll soon be 81, and it
shows, but his economic
policies have punished
young people in particular.
Even many young college grads
don’t share the radical left’s views.
Most are more preoccupied with
seniors.
That isn’t difficult to understand,
either. They have suffered more
from inflation and benefitted less
from the runup in asset prices dur-
ing the Biden presidency. Millenni-
als have gained $2.3 trillion in
wealth, not adjusted for inflation,
since Mr. Biden entered office, while
baby boomers’ net worth has grown
by $8.9 trillion. For once, it’s good
to be old.
Seniors are more likely to own as-
who own homes and want to move
can’t afford to do so.
While Social Security checks are
adjusted for inflation, worker pay-
checks haven’t kept up with the cost
of living. Inflation has outpaced
earnings for young full-time workers
by about 2% since the start of 2021.
That may not seem like much, but it
can be the difference between going
out to dinner once a week and not.
In a recent American Psychologi-
cal Association survey, seniors re-

Three recent polls underscore
this trend. A Nov. 5 New York
Times-Siena College poll of swing-
state voters found Messrs. Biden
no
likely to say so about abortion, cli- paying their bills than with ensuring sets—the homeownership rate for ported less stress than they did in
mate change, gun control and that trans-identifying men can use Americans 65 and up is double that 2019. Young people reported more,
threats to democracy. You wouldn’t women’s bathrooms. The Inflation of those under 35—and have locked primarily because of concerns about
know it from the press coverage—or, Reduction Act’s rooftop-solar and in low mortgage rates. Some saved money, the economy and housing. It

and Trump splitting those under 30. say, from Ron DeSantis’s presidential electric-vehicle subsidies won’t help hundreds of dollars a month by refi- isn’t climate change, or the presi-
A CNN national poll, and an Emer- campaign—which portrays millenni- them buy groceries or fill up their nancing when rates were low, giving dent’s age, that’s keeping them
son College swing-state poll, simi- als and Generation Z as woke war- gas tanks. them more financial liquidity to deal awake at night. It’s the consequences
larly found the two separated by a riors. A silent majority aren’t. Now that the administration’s with rising inflation. of Mr. Biden’s economic policies.

America’s Universities Need Serious Regulation

By Arthur Levitt clear boundaries between their con- rules are difficult to enforce and re- source of some of the vilest Jew-ha- for contributions or spending.

A
mericans who are rightfully
appalled by the pusillanimous
response to anti-Semitism on
college campuses have been pulling
their donations and calling for re-
strictions on anti-Israel student
groups. Maybe those tactics will
work. But in my experience, if you
want real change in large and un-
wieldy organizations, you need to
focus on fixing governance and as-
signing personal accountability. You
need to regulate.
After the accounting scandals of
the dot-com and Enron era, Con-
gress passed laws requiring auditors
to tighten their operations, establish
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Emma Tucker
Editor in Chief
Liz Harris, Managing Editor
Charles Forelle, Deputy Editor in Chief
Elena Cherney, News; Chip Cummins, Newswires;
Andrew Dowell, Asia; Taneth Evans, Associate
Editor; Brent Jones, Culture, Training &
Outreach; Alex Martin, Print & Writing;
Michael W. Miller, Features & Weekend;
Emma Moody, Standards; Prabha Natarajan,
Professional Products; Bruce Orwall, Enterprise;
Philana Patterson, Audio; Michael Siconolfi,
Investigations; Amanda Wills, Video
Paul A. Gigot
Editor of the Editorial Page
Gerard Baker, Editor at Large
sulting and audit businesses, and as-
sume far more accountability than
they had before.
Directors, too, were informed
that they bore a personal interest in
preventing fraud. One rule made it
clear that if a company passed
fraudulent numbers off to investors,
the person who signed the filing—
usually the chairman—would be
personally liable.
Lawmakers have also tightened
anti-money-laundering statutes, re-
quiring banks to review their cus-
tomers closely and to ensure they
aren’t unwittingly providing services
to organized crime, terror entities,
tax evaders or other bad actors. The
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, EVP, General Manager,
Leadership; David Cho, Barron’s Editor in Chief;
Jason P. Conti, General Counsel, Chief
Compliance Officer; Dianne DeSevo, Chief People
Officer; Frank Filippo, Chief Transformation
Officer; David Martin, Chief Revenue Officer,
Business Intelligence; Elizabeth O’Melia, Chief
Financial Officer; Dan Shar, EVP, General
Manager, Wealth & Investing; Ashok Sinha, SVP,
Head of Communications; Josh Stinchcomb, EVP
& Chief Revenue Officer, WSJ | Barron’s Group;
Sherry Weiss, Chief Marketing Officer
EDITORIAL AND CORPORATE HEADQUARTERS:
1211 Avenue of the Americas, New York, N.Y., 10036
Telephone 1-800-DOWJONES
quire a lot of work. But they come
with real penalties for failure: Bank
officers can go to prison if they fail
to prevent money laundering, and
several have.
Think of the difference this
makes. When Russia invaded
Ukraine, America’s banks and other
multinational corporations quickly
had to implement sanctions—includ-
ing anti-money-laundering rules—on
Russia’s government, politicians, fi-
nancial institutions, oligarchs and
others who make up the country’s
elite. This happened effectively be-
cause people had real skin in the
game: their own.
Which brings us back to campus.
Clearly, America’s universities are in
need of similar encouragement.
Universities have lately seen a
raft of scandals related to their fun-
damental mission of scholarship and
teaching. Students are graduating
unprepared for basic work and
deeply in debt. Prominent scholars
are found to be fudging their own
research. Admissions officers and
other officials are found to be en-
gaging in pay-for-admission
schemes. Athletic programs are reg-
ularly found breaking rules and
laws. Universities have taken chari-
table gifts from questionable sources
such as Jeffrey Epstein and Chinese
military and Communist Party
fronts.
Add the explosion of anti-Semi-
tism. America’s campuses are the
tred America has seen since 1939,
when the German American Bund
held a pro-Nazi rally at Madison
Square Garden. Not only do some
faculty and students call for Israel’s
destruction; they celebrated
Hamas’s brutal massacre as an act
of “resistance.”
If you want real change
in large organizations,
focus on governance and
personal accountability.
If public companies featured such
systematic failures, they would be
visited by regulators and called be-
fore Congress. Universities, by com-
parison, are lightly regulated. There
are accrediting agencies, and the Ed-
ucation Department focuses on en-
forcement of civil-rights laws. In the
case of professional education, some
membership organizations set cur-
ricular standards.
But these don’t constitute regula-
tion in a comprehensive sense. Uni-
versities can pretty much set their
own rules, and they answer to no
one. They face no meaningful exter-
nal pressure to tell the truth or
honor their promises to students
and others. They don’t need to re-
port or punish fraud or corruption.
They don’t set consistent standards
None of this is acceptable. Not to
students and parents. Not to alumni
and donors. And not to taxpayers,
who subsidize universities to the
tune of $1 trillion a year. The public
has a clear interest in how these in-
stitutions operate and deserve to
know how they became hotbeds of
anti-Semitism.
Imagine what a difference it
would make if universities were sub-
ject to the same kind of regulatory
oversight the Securities and Ex-
change Commission provides to pub-
lic companies. Administrators would
have to meet basic standards of
truthfulness and governance or face
stiff financial penalties and sanc-
tions, including permanent bans
from working in higher education. If
criminal acts were discovered, the
Justice Department would step in.
When I led the SEC, I often spoke
about my duty to the investing pub-
lic. I said every public corporation
needs to be trusted, and all should
treat their investors with respect.
Someone who breaks that trust
should pay the price—including with
time in prison.
Given what we are seeing on col-
lege campuses, it is time to impose
the same standard on universities,
their managers and their directors
and trustees. It may be the only way
to save them.
Mr. Levitt served as SEC chair-
man, 1993-2001.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A18 | Monday, November 13, 2023 THE WALL STREET JOURNAL.

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no
 BUSINESS & FINANCE
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, November 13, 2023 | B1
Last Week: S&P 4415.24 À 1.31% S&P FIN À 0.28% S&P IT À 4.76% DJ TRANS g 0.59% WSJ $ IDX À 0.83% 2–YR. TREAS. yield 5.060% NIKKEI 32568.11 À 1.93% See more at WSJ.com/Markets

Investors Put Bonds Back in Play ‘Marvels’

Opening Is
High rates change
equation in deciding
ing bonds come on the market
and make older, lower-yielding
bonds less attractive. Because
Fund flows into taxable and municipal bonds, annually
$500 billion
tration. If a company runs into
trouble and defaults on its
debt, bondholders can suffer
A Letdown
whether to switch
out of mutual funds
funds’ share values are based
on the market price of their
bonds, someone who bought
400

shares a few years ago could
BY HEATHER GILLERS end up cashing out today with
less money than they put in.
The new era of higher in- Many these days are con-
terest rates has reignited a sidering buying individual
long-smoldering Wall Street bonds instead and holding
debate: Is it better for ordi- them to maturity to lock in to-
nary investors to buy individ- day’s higher rates. But those
ual bonds outright? Or shares come with their own down-
of bond mutual funds? sides. Here’s Wall Street’s lat-
During the yearslong period est thinking on how to decide
of near-zero interest rates, the between bonds or funds:
answer seemed simple: Funds Bond investors often share
had low fees and were easy to a sentiment credited to Mark
buy and sell, and share values Twain, that the return of their
rose alongside bond prices. If money is more important than
any one bond defaulted, losses the return on their money. For
were minimal. that reason, many prefer buy-
The historic declines suf- ing individual bonds and hold-
fered by major bond funds last ing them until they mature.
year highlighted the risks of That way, it doesn’t matter
that approach. Rising rates what happens to the price of
crushed funds’ share prices. the bond in the meantime—in-
That is because bond prices vestors can lock in today’s
drop when new higher-yield- rate and generally expect to
300
Municipal
200
100
0
–100
–200
–300
2003 ’05
Note: Taxable bond funds include corporate debt, Treasurys and sovereign debt;
2023 figures through Oct. 31
Source: Refinitiv Lipper
get back what they put in.
A bond is effectively an in-
vestor lending money to the
federal, state or local govern-
ment, or a company. The bor-
rower makes interest pay-
ments, usually in twice-yearly
fixed amounts, until the time
the issuer pays back the prin-
Taxable
’10 ’15 ’20
cipal. Investors can buy corpo-
rate or municipal bonds
through an online brokerage
account. Treasurys are also
available through brokers or
online from the government
through TreasuryDirect.
The risk of buying them a
la carte comes from concen-
steep losses. Even local gov-
ernments, generally safe,
sometimes miss interest pay-
ments. Funds, in contrast,
mitigate that threat. They
hold thousands of bonds at
the same time, so the occa-
sional default isn’t that big a
deal. But the price of those
funds rises and falls with
rates—and getting your prin-
cipal back requires selling the
fund.
Consider how an investor
’23 who put $10,000 in California
municipal bond mutual funds
in March 2022 would fare rel-
ative to someone who bought
$10,000 worth of one-year
California state bonds on sale
that month with a yield of
0.94%.
The bondholder would get
back his $10,000 plus pay-
ments of $47 at the six-month
and one-year marks, netting
perhaps $84 after brokerage
Please turn to page B2
For Disney
BY ROBBIE WHELAN
“The Marvels,” Disney’s lat-
est superhero feature, landed
with a thud at the box office
only days after Chief Executive
Bob Iger called for an overhaul
of the entertainment com-
pany’s studio business.
A sequel to 2019’s hit “Cap-
tain Marvel” from Disney’s
Marvel Studios, the new
movie features an all-female
trio of stars in Brie Larson,
Teyonah Parris and Iman Vel-
lani. It sold $47 million in
tickets in North America over
its opening weekend, making
it the weakest debut perfor-
mance of any movie in the
Marvel Cinematic Universe.
The result, which was ex-
pected, appeared to illustrate
a problem that Iger identified
on Wednesday during Dis-
ney’s quarterly earnings pre-

The Path to Green Energy Is Getting Messier

.
sentation: Disney is making
too much content, on both

ly
the big and small screens,
and not focusing enough on
quality.
BY PHRED DVORAK

The energy transition is

getting a dose of reality.
on Marvel Studios has pro-
duced 33 films with intercon-
nected and overlapping casts
of characters that are known
Offshore wind projects are as the Marvel Cinematic Uni-
us ,

being scrapped, and renew- verse, grossing nearly $30 bil-

l

able-energy companies’ share lion over the past decade and

e
al a

prices are tanking. In the U.S., a half, a hot streak unmatched

automakers are reining in in the history of Hollywood.
electric-vehicle plans as de- Most of these films were dis-
ci on

mand falters. tributed by Disney, after the

Meanwhile, the oil-and-gas company known for Mickey
industry is embarking on a Mouse and the Little Mermaid
round of megadeals enabled by acquired Marvel Entertain-
soaring profits and is pushing ment for $4 billion in 2009.
er s

more forcefully the idea that Before “The Marvels,” the

fossil fuels will be around for a only movies in the franchise
m er

long time. Climate-warming to open to less than $60 mil-

carbon emissions are expected lion domestically have been
MARK FELIX/AGENCE FRANCE-PRESSE/GETTY IMAGES

to climb to a record this year, 2008’s “The Incredible Hulk”

some researchers say. and 2015’s “Ant-Man.”
“There will be no easy solu- Tony Chambers, Disney’s
m rp

tion or quick fix to the energy head of theatrical distribution,

transition,” James Yardley, an said that the opening-weekend
executive at pipeline operator performance of “The Marvels”
TC Energy, told an audience was “definitely not what we
at an energy-transition con- expected and not what we’ve
co Fo

ference in Houston recently. hoped for.” He said that Mar-

Energy-mix forecasts show vel is still working to achieve
natural gas, oil and renew- the right balance between its
ables “all play significant roles theatrical releases and the
out to 2050,” he said. pack of episodic series it pro-
The shift away from oil and An Engie Sun Valley Solar project in Hill County, Texas. Index and ETF performance, year to date duces for Disney+, the com-
gas is still happening. Solar 20% pany’s flagship streaming
and wind capacity is growing flowing into more traditional from high interest rates and S&P 500 platform, both of which are
fast, governments are rolling types of energy assets, such as inflation to geopolitical ten- costly to produce and market.
10
out policies to support low- liquefied-natural-gas facilities sions driving an increased fo- Part of the issue confront-
carbon technologies and bil- and natural-gas pipelines, cus on energy security, the ing Marvel is that some of its
lions of dollars are flowing which are included in its in- path to a low-carbon future 0 movies seem to require a lot of
into projects ranging from hy- frastructure business. The as- looks less straightforward, homework to recognize crucial
n-

drogen production to electric- set manager is raising its big- rockier and more expensive –10 characters and understand
vehicle charging stations. gest-ever infrastructure fund than it did a few years ago. even basic plot twists. For ex-
Investment giant Brook- and has already exceeded its “I think the transition to a –20
ample, audiences are more
field Asset Management last target of $25 billion. more ESG, solar, wind et cet- likely to understand what is
no

year collected $15 billion in “The need for energy is not era world is going to take a lot going on in “The Marvels” if
capital for an energy-transi- declining on a global basis,” longer,” said Jeffrey DiModica, –30 they have watched the Disney+
iShares Global
tion fund and is raising a sec- says Matthew Hutton, manag- president of Starwood Prop- Clean Energy ETF series “Ms. Marvel,” “Wanda-
ond fund that it expects to be ing director responsible for en- Please turn to page B10 –40 Vision” and “Secret Invasion”
even bigger. ergy investments in the infra- Jan. 2023 Nov. in addition to the prequel
But Brookfield is seeing in- structure group at Brookfield.  China faces ovesupply of movie “Captain Marvel.”
creased amounts of money With headwinds ranging solar components........... B10 Source: FactSet Please turn to page B2

Former FTX Executives INSIDE CBS Looks to Defy Franchise

Plan Crypto Exchange Fatigue as ‘NCIS’ Goes Global
BY ANGUS BERWICK learned from FTX’s failure to BY JOE FLINT
AND PETER RUDEGEAIR protect user funds. Backpack
Exchange, the name under “Don’t underestimate
A group of former FTX exec- which Trek Labs will do busi- NCIS.”
utives, including one who ness, will use Backpack’s tech- That dialogue from the
served as a key witness against nology to allow users to hold 2003 series premiere of what
Sam Bankman-Fried, are team- funds in their own “self-cus- RESTAURANTS was then called “Navy NCIS:
ing up to build a new cryptocur- tody” crypto wallets that the Chipotle’s founder Naval Criminal Investigative
rency exchange that aims to exchange itself wouldn’t be able Service”—dubbed “that Navy
DANIEL ASHER SMITH/PARAMOUNT+

solve the problems that doomed to unilaterally access, they said.

returns to the industry show” by a CBS executive at
their previous employer. Such wallets were designed with a concept that is the time—proved prophetic.
Trek Labs, a Dubai-based using so-called multiparty com- light on meat. B3 Flash-forward two decades,
startup led by the former FTX putation techniques that require and that Navy show not only
general counsel Can Sun, re- several parties to approve any is still going, but also has
ceived a license from the emir- transaction. Customers on spawned “NCIS: Los Angeles,”
ate’s crypto regulator last Backpack Exchange, which “NCIS: New Orleans” and
month. plans to launch in beta later this “NCIS: Hawaii.” The latest it-
Another ex-FTX employee, month, would be able to verify eration and first international ‘NCIS: Sydney,’ with Olivia Swann and Todd Lasance.
Armani Ferrante, is chief execu- their holdings at any time, they installment, “NCIS: Sydney,”
tive of Trek’s holding company said. will make its debut on CBS on ing the Navy and Marine Corps, action drama but also has a
in the British Virgin Islands and It’s unclear what sort of re- Nov. 14. has managed to avoid that trap touch of humor and good vs.
runs a partner firm, called ception they will face from in- Hollywood loves spinoffs despite going on. And on. evil themes that have universal
Backpack, that designs and op- vestors and users given their and sequels, but studios are Nearly 1,000 “NCIS” epi- appeal.
erates digital currency wallets. background working at FTX. always conscious of the risk of sodes have been produced. Last While some critics deride
Sun’s former legal deputy, who Ferrante’s name, not Sun’s, ap- franchise fatigue if they go to year, more than 300 million the show as formulaic, that is a
is Ferrante’s wife, sits on Trek’s peared in a news release last HEARD ON the well too many times—a people around the world lazy and inaccurate assessment,
executive team. The venture is month announcing the launch THE STREET complaint leveled at some su- watched some version of according to Stapf. “The show
looking to sell a 10% stake to in- of Backpack Exchange. perhero movies and shows. “NCIS,” according to Para- has thrived as long as it has be-
vestors at a valuation of over “In a post-FTX world, you
Microsoft gears up “NCIS,” a drama about a lit- mount-owned CBS. David cause of the inventiveness of
$100 million. need trust and transparency to strategy that could tle-known agency that focuses Stapf, president of CBS Studios, the writers to find new and in-
Sun and Ferrante said they create a true alternative to the upend videogames. B11 on counterintelligence, coun- says the show is popular be- teresting story lines,” he said.
wanted to use the lessons they Please turn to page B10 terterrorism and crimes involv- cause it isn’t just a crime and Please turn to page B2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Monday, November 13, 2023 THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Exxon Mobil.............................B10 N
‘Marvels’
Amazon.com...............................B4
Apple.................................................A2
B
F
Foxconn Technology ..........B4
Freeport-McMoRan.............B11
Nexans...........................................B11
NorSun..........................................B10
O-P
Opening Is
BayWa ........................................B10
Brookfield Asset
Management...........................B1
G
Glencore........................................B11
Oersted.........................................B10
Paramount....................................B1 A Letdown
J R
C Royal Group.............................B10 Continued from page B1
Jinko Solar................................B10
Canadian Solar......................B10 S This is a result of decisions

LAURA RADFORD/WALT DISNEY/EVERETT COLLECTION

L
CBS......................................................B1 made by Disney to go all in on
Longi Green Energy Starwood Property Trust.B1
Chevron........................................B10 streaming during the Covid-19
Technology............................B10 T pandemic, when theaters
D
M TC Energy......................................B1 were closed and Marvel’s ap-
Disney...............................................B1
Meyer Burger.........................B10 Tesla..................................................B5 peal was at its peak. Its
E Mobility in Harmony..........B4 Trek Labs.......................................B1 “Avengers: Endgame,” re-
Engie...............................................B10 Mondelez.......................................A6 Trina Solar.................................B10 leased in 2019, became the
best-grossing movie in his-
tory, a record that lasted until
INDEX TO PEOPLE this year. Between early 2021
and the summer of 2022,
Marvel launched eight differ-
B I Q ent series on Disney+, a pace The superhero film cost about $220 million to produce and likely tens of millions more to market.
Bankman-Fried, Sam...........A1 Iger, Bob..........................................B1 Quirk, Kathleen.......................B11 that even some superfans
Bowman, Jamaal...................A4 R
found hard to keep up with. Estimated Box-Office Figures, Through Sunday may be telling the studios that
J
C During this past week’s Sales, in Millions they want them to take the
Johnson, Mike..........................A4 Reisenbach, Amy....................B2 earnings call, Iger said that he superhero genre to a place
Film Distributor Weekend* Cumulative % Change
Carroll, David...........................B10 Ren, Zhiwei...................................A1 planned to get personally in- where it’s not the same thing,
Joshi, Bipin...................................A1 1. The Marvels Disney $47.0 $47.0 —
D S volved with the movie studio year after year.”
K Five Nights at
DiModica, Jeffrey....................B1 Shriver, Charles........................A2 and push for it to focus on 2. Universal $9.0 $127.2 -53 Disney is hoping that “The
Kantesaria, Dev.......................A2 quality over quantity. He said Freddy’s Marvels” will benefit from a
E Sun, Can..........................................B1
L that making better movies, es- Taylor Swift: strong showing on Thanksgiv-
Ells, Steve.....................................B3 U 3. Variance Films $5.9 $172.5 -57
Layton, Max..............................B11
pecially those that are popular The Eras Tour ing weekend, Dergarabedian
F Unnikrishnan, Sudakshina on Disney+ once they leave 4. Priscilla A24 $4.8 $12.7 -4.9 said, when many families go
M B11 theaters, would help Disney to the movies during holiday
Fabian, Matt...............................B2
Y spend less on streaming tele- Killers of the breaks from work and school.
Falconio, Leslie.........................B2 Musk, Elon...................................B5 5. Paramount $4.7 $59.9 -32
vision shows. Flower Moon Theaters sold roughly 3.3
Ferrante, Armani.....................B1 N Yardley, James...........................B1
“Covid created challenges *Friday, Saturday and Sunday in North American theaters Source: Comscore million tickets to “The Mar-
H Nagle, Gary................................B11 Young, Chris................................B5
creatively,” Chambers said on vels” this weekend, according
Helman, Bill.................................B3 Nandi, Shaown.........................B4 Z Sunday. “There’s a realization duce its reliance on streaming more to market. Studios typi- to media-analytics company
Hutton, Matthew....................B1 Nygard, Peter.............................B3 Zhang, Claire............................B10 that possibly the quality and series, a factor that differenti- cally take a little more than EnTelligence, at an average
performance has suffered.” ates Disney from rival Netflix. half of the box-office gross, general admission price of
Chambers said that next Most superhero films must with the remainder going to $14.45.

CBS Defies Still, even streaming giants

aspire to create bankable fran-
year, Marvel has only one re-
lease on the calendar in
gross at least $500 million at
the global box office to break
theater owners.
“You can’t make a super-
The superhero sequel was
the top-selling domestic movie

.
chises in that mold. Amazon’s “Deadpool 3,” which was de- even on production and mar- hero movie on the cheap—it’s over the weekend, with $47

Franchise Prime Video had success with layed several months by the keting costs, said Paul Derga- pretty much impossible,” Der- million in box-office gross,

ly
the police drama “Bosch,” recently resolved Hollywood rabedian, senior media analyst garabedian said. “The bar has Comscore said, followed by
which led to a spinoff, while actors’ strike. He said delays at Comscore, which tracks been set so high by Marvel the videogame-based horror

Fatigue Netflix is hoping “The Lincoln

Lawyer” and “The Night
Agent” will have long runs.
on from the strike, which will re-
verberate into future years,
would allow Marvel to empha-
movie-ticket sales. “The Mar-
vels” cost about $220 million
to produce, according to peo-
that seeing a sub-$50 million
opening puts a spotlight on
not only how successful the
flick “Five Nights At
Freddy’s,” with $9 million, and
concert movie “Taylor Swift:
“NCIS: Sydney” was devel- size quality in its movies over ple familiar with the matter, MCU films have been over the The Eras Tour,” at $5.9 mil-
Continued from page B1 oped specifically for the Aus- quantity and help Disney re- and likely tens of millions years, but also that audiences lion.
According to Nielsen, the tralian market and started
us ,

original “NCIS” averaged nearly streaming there Friday on

l

10 million viewers per episode Paramount+, and will air later

Bonds wildfire. investors yanked billions from ers, on the other hand, receive
e
al a

last season, making it the most on the broadcaster Network There is enough additional funds. To pay them, mutual- a yield in the form of monthly
popular CBS show as well as 10. In the U.S., where strikes complexity that many people fund managers had to sell dividend payments. The
the most-watched television by actors and writers delayed
Are Back choose to hire a financial ad- bonds at unappealing prices, amount of those payments can
ci on

drama on broadcast TV. As with the fall television season, viser, a choice that in some which in turn pushed prices vary from month to month de-
all broadcast shows, the audi- “NCIS: Sydney” has been cases can pay for itself. Bond- down further. Some ETF share pending on rates, prices and
ence for “NCIS” and its spinoffs
has declined over the years. At
its peak in the 2012-2013 sea-
called up to help plug the pro-
gramming hole.
“We had a perfect option
In Play holders will need to reinvest
the interest and principal
money when it comes in. Of-
prices fell even further than
the prices of the bonds they
held. (Meanwhile, some indi-
the performance of the fund.
Bond fund investors are ef-
fectively holding the debt of
er s

son, the original “NCIS” aver- that was only 7,000 miles ten people buy “ladders” of vidual bondholders got bar- hundreds of different borrow-
aged 21.6 million viewers per away,” said CBS Entertainment Continued from page B1 bonds that mature sequen- gains.) Advisers generally rec- ers so the consequences of a
m er

episode, according to Nielsen. President Amy Reisenbach. costs. Had the investor instead tially over a series of years— ommend holding bond funds few defaults or downgrades
“NCIS” and its spinoffs “NCIS: Sydney” is part of a put his $10,000 into a Califor- and must also reinvest the for at least a few years—and are negligible. Some taxable
have never been the darlings broader effort to create local nia muni mutual fund on the proceeds of not selling out bond funds mix corporate
of critics and don’t clean up versions of the franchise. CBS’s bond sale date of March 17, each year’s ma- of panic. bonds with Treasurys and
during awards seasons, over- Stapf recalled that a few years 2022, and pulled it out on the turing bond. Bonds on bonds sold by other countries,
m rp

shadowed by streaming’s into the run of “NCIS” on CBS, bond maturity date of April 1, Even buying a Bond and fund sale on the giving investors even more di-
“prestige TV” fare, but the the head of international distri- 2023, he would likely have 30-year bond returns look open market versification. Investors can
franchise has generated about bution told him reruns of the done worse. doesn’t guaran- will have a also choose between funds
$8 billion since the first NCIS show were hugely popular Thornburg’s LTCAX, a lim- tee 30 years of more similar price, a coupon geared toward bonds matur-
launched, according to people around the globe. Stapf was ited-term California muni interest pay- and a yield. The ing in just a few years and
over multiyear
co Fo

familiar with the matter. surprised. fund, would have returned ments because coupon tells those with further off payouts
As its rivals in the enter- O’Neill, whose directing 0.1% counting price changes many borrow- periods. you the set and generally higher interest
tainment business have done, credits include the feature and dividend payments, or $10 ers retain the amount of in- rates. That variety means in-
CBS parent company Para- films “Solo” and “Drift,” binge- for the investor, according to right to repay terest that you vestors might be comfortable
mount Global has pivoted to- watched hundreds of episodes FactSet. A longer-term Cali- their bonds will receive an- holding lower-quality debt
ward streaming. It has made of the original in preparation fornia muni fund like Capital early if borrowing costs drop. nually, in twice-a-year pay- that throws off more income.
“NCIS” a mainstay of its Para- for making the new iteration. Funds’ TEFEX, would have Investors buying a bond need ments. But that is not the VWEAX, a Vanguard-managed
mount+ service, banking on its “I cleared the deck for a month lost him $163 according to to see if it is “callable,” no same as the return on your in- corporate mutual fund focused
popularity to help stop sub- or so and did some hard-core FactSet. matter the length of time until vestment. The yield factors in on high-yield corporate bonds,
scribers from leaving. couch time to make sure I was Leslie Falconio, head of tax- maturity. the price you paid for the returned 5.67% for the year
Other net- absolutely fa- able fixed-income strategy, Bondholders who find bond to determine the actual ended Oct. 31, according to
works have miliar with the Americas, at UBS, said clients themselves needing to cash return you are getting. Invest- FactSet. That compares with
been able to show,” O’Neill who previously invested in out before maturity lose the ment firms offer calculators to 2.45% for VFICX, which in-
During strikes, it
n-

turn long-run- said. bond funds are showing new protection-of-capital benefit. help figure out the yield. vests in higher-grade govern-
ning shows into was ‘a perfect “NCIS” has interest in buying bonds out- They will also pay additional Mutual fund and ETF hold- ment and corporate bonds.
lucrative fran- dramatically right. brokerage costs and could well
chises, notably option that was boosted the for- “We’re definitely seeing end up with crummy prices
no

NBC with “Law tunes of every more of that today than we selling a handful of bonds in a
& Order” and
only 7,000 miles network or did when we had a 2% 10-year market that favors bulk “The Best Solution to Hearing What People Say on TV” Newsweek
its various iter- away.’ streaming ser- yield,” Falconio said. trades. Prices can drop if bor-
ations. ABC vice that has But bond and fund returns rowers run into financial trou-
hasn’t had as
much success
aired its reruns.
It is one of Net-
look more similar over multi-
year periods, which is how
ble, too, just because investors
are concerned about default. SAVE REG $24999
$
50 SALE $19999
developing spinoffs of “Grey’s flix’s most successful offerings, long you should be investing “Everyone thinks they’re a
Anatomy,” though it has reaching more viewers in the in bonds for anyway, advisers buy-and-hold investor until
squeezed out a few. U.S. than the streamer’s most say. And going forward, rising prices fall 20%,” said Matt Fa-
Naysayers say TV networks popular original show, rates will increase gains for bian, a partner at bond re-
are leaning too hard on old “Wednesday.” Reruns of bond and fund investors alike, search firm Municipal Market
franchises because they are “NCIS” are still a staple of as managers buy more freshly Analytics.
afraid of taking creative risks NBCUniversal’s USA Network. issued, higher-yielding bonds. Funds are much easier to
in an era when cable cord-cut- The show has also been a That disappointed investor buy and sell, especially in
ting and competition with training ground for execu- who was down $163 in March, small quantities. That makes
streaming is making it harder tives. CBS’s Reisenbach cut a year after investing $10,000 them a far more popular in-
each year to attract audiences. her teeth at the network as in TEFEX is down even more vestment than individual
Their dedication to predict- the executive in charge of the today, about $413. But the bonds. About half of U.S.
able “procedurals”—shows in flagship “NCIS” in its first de- fund now projects an annual households own stock or bond
which a crime is solved or a cade. “I don’t think I’d be yield of 4%. If rising rates mutual funds, most of them in
medical emergency attended where I am without having don’t push bond prices down a retirement accounts, accord-
to in each episode—is draining gotten as intimately involved lot further, that gain would ing to the Investment Com-
the creativity in Hollywood, with the show and been on more or less wipe out the in- pany Institute. Families that
the critics say. that ride,” Reisenbach said. vestor’s losses by next hold bonds outright make up
Thanksgiving.
Buying individual bonds is
only 1% of the total and 5% of
those with top incomes, ac-
Can’t Hear
Inside the Technology Creating
The Las Vegas Sphere’s Visuals
a lot of work. New York state
resident Jonathan Kahn esti-
cording to the federal Survey
of Consumer Finances. Voices On TV?
mates he spends a total of five Investors can buy shares of The AccuVoice® AV157 Speaker
hours a week researching and mutual or exchange-traded uses patented hearing aid technology
managing his municipal-bond funds online through a range
portfolio, browsing available of money managers. Mutual to create 12 levels of dialogue clarity.
bonds several times a day for funds typically set minimum Flat-screen TVs use tiny speakers with tinny sound.So many
five to 10 minutes at a time. buy-in prices at a few thou- people have to use closed-captioning to watch a movie or
To understand repayment sand dollars, sometimes less. sporting event. Our patented hearing aid technology lifts
plans, he reads the legal pro- Investors can buy into an ETF voices out of the soundtrack and clarifies them. The result
SPHERE ENTERTAINMENT

spectuses on the public Elec-
tronic Municipal Market Ac-
cess website.
After a bond purchase,
bondholders will want to con-
tinue keeping tabs on the com-
panies or governments they
Scan this code for a video on what it takes are invested in. S&P Global’s
to create the groundbreaking visuals of the rating on the bonds of Hawaii’s
Las Vegas Sphere, with insight from camera government utility company,
architect Deanan DaSilva and director for example, dropped from in-
Darren Aronofsky. vestment-grade to junk follow-
ing the summer’s deadly Maui
for as little as the price of a is remarkable. The AV157 has 12 levels of voice boost –
single share—often less than in case you need extra clarity. Only 17" wide, it fits just
$100. about anywhere. Hookup is simple – one connecting cord.
Mutual-fund investors have
opportunities to cash out daily
in an amount equivalent to
the estimated end-of-day price Great Sound. Made Simple.
of the underlying bonds. ETF
holders can sell shares any
60-Day Home Trial | Free Shipping
time at their trading price.
® ZVOX & AccuVoice are registered trademarks of ZVOX Audio.
That doesn’t always work
in the funds’ favor. In the AVAILABLE AT ZVOX.COM, AMAZON AND WALMART.COM
early weeks of the pandemic,
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * Monday, November 13, 2023 | B3

BUSINESS NEWS

Australian Ports Open After Hack Fashion

Four terminals
handling nearly 40%
mas and highlighted vulnera-
bilities in the nation’s critical
infrastructure.
of country’s imports
had been offline
Dubai-based logistics com-
pany DP World shut down its
terminals in Sydney, Mel-
bourne, Brisbane and Freman-
BY STUART CONDIE tle after detecting suspicious
activity on its systems Friday.
SYDNEY—Some of Austra- Operations at the four termi-
lia’s biggest ports restarted op- nals, which handle almost 40%
erations on Monday following a of goods in and out of the
cyberattack that disrupted con- country, resumed Monday
tainer traffic ahead of Christ- morning after it successfully
tested key systems.
Still, DP World said there
could be more disruptions in
coming days as it investigates
the cyberattack.
“Importantly, the resump-
tion of port operations does
not mean that this incident has
concluded,” said DP World’s
Australian unit. “DP World
Australia’s investigation and
ongoing remediation work are
likely to continue for some
time.”
Earlier on Monday, Darren
Goldie, Australia’s national cy-
bersecurity coordinator, said
cargo yards were filling up be-
cause of the temporary closure
of the ports.
Australia has grown more
concerned around its infra-
structure in recent years as its
military alliance with the U.S.
deepens. Officials have la-
mented past sales of infra-
structure to foreign companies,
including ports, power grids
Mogul
and gas pipelines.
As an island nation with lit-
tle local manufacturing, re-
Guilty of
source-rich Australia depends
on its ports to sustain its econ-
omy. It imported more than
Sex Assault
100 million metric tons of
goods over the same period, BY VIPAL MONGA
more than 98% of which was
through its ports. TORONTO—Canadian fash-
Australia’s ports-industry ion and retailing mogul Peter
body said that the latest dis- Nygard was found guilty in a
ruption was isolated to DP Toronto court on Sunday of
World terminals. four counts of sexual assault.
A jury, which deliberated
for more than three days, also

Chipotle Founder Goes Meatless in New Venture found Nygard not guilty on
one other count of sexual as-
sault and not guilty on a count
of forcible confinement.
The verdict concludes a six-
BY HEATHER HADDON week-long trial, which featured
testimony from several of Ny-
Chipotle Mexican Grill gard’s accusers, who can’t be
founder Steve Ells built an identified under court orders.
empire on chicken and beef The women testified that Ny-
burritos made in assembly- gard lured them to his offices
line fashion. Now he is drop- in Toronto, where he sexually
ping the meat and is adding assaulted them in a bedroom
machines. located on the top floor, in in-
Ells early next year will cidents that occurred over a
open in Manhattan the first span of almost 20 years.
location of Kernel, serving The court will set a date for
meat-free sandwiches, salads sentencing this month. Ny-
and sides made to order. A gard’s lawyer, Brian Green-
skeleton crew will run the res- span, said he hasn’t decided
taurants alongside robots, whether to appeal.
making faux chicken sand- Nygard, who was arrested
wiches and sides such as cu- in Winnipeg, Manitoba, in
cumbers with wild rice. 2020, faces charges in the U.S.
Customers’ orders are for sex trafficking and racke-

.
beamed to the kitchen, where teering. He also has been
a robotic arm puts food-laden charged in the provinces of

ly
pans into the oven. Quebec and Manitoba. He is
A programmed toaster flips expected to stand trial in each
a bun into the oven for warm- of those jurisdictions.
LANNA APISUKH FOR THE WALL STREET JOURNAL

ing, while conveyor belts move

dishes through the kitchen.
Workers finish off the dishes,
package the food and slot it
on Nygard has denied the al-
legations.
In the U.S., prosecutors
have accused Nygard of crimi-
into cubbies for pickup. nal conduct involving dozens
us ,

“We’ve taken a lot of hu- of victims in the U.S., Canada

l

man interaction out of the and the Bahamas. According to

e
al a

process and left just enough,” the U.S. prosecutors, Nygard,

Ells said. who is 82 years old, lured
Kernel marks the 58-year- women and girls in the U.S.
ci on

old entrepreneur’s first return and Canada to his home in the

to the food stage since 2020, Steve Ells, left, with chefs Andrew Black and Neil Stetz. Kernel’s menu leans on legumes and vegetables. Bahamas and assaulted them.
when he stepped down as Chi- Nygard, who was born in
potle’s executive chairman. spend his entire professional 2015, hundreds of people were the right one for the company Kernel as a new kind of res- Finland and raised in Canada,
Ells led the burrito chain for career there. sickened by E. coli and norovi- to move forward. taurant that would need fewer was the founder of Nygard In-
er s

more than two decades since Then came a series of food- rus, eventually prompting He said he no longer eats resources to run, envisioning a ternational, which was once
founding it in 1993, and he borne illness outbreaks tied to Ells’s departure. Ells called his Chipotle regularly. system that could help eater- Canada’s largest women’s
m er

said he figured he would Chipotle’s food. Beginning in resignation a “bitter pill” but After leaving, he designed ies generally operate better. clothing manufacturer.
m rp
co Fo
n-

Impossib
le
Entire Bo Price
x
LESS TH For
no

AN
Survive Just
About Anything $20
for Under $20
O n any outdoor adventure, Mother
Nature’s job is to present you with
challenges. The Stauer Survival Box
is a near-guarantee you’ll be up to the
challenge. The stainless steel multitool offers
wire cutters, knife, bottle opener, file, a set of
screwdrivers, a pair of pliers and much more.
The powerful flashlight has three different
settings, and the tactical loop watch is a
reliable, water-resistant timepiece that clips
to your hip. Opening the Survival Box gives Box includes
you instant access to nine different tools for flashlight, watch
JUST $19.50. and multitool with
Regularly sold for $99, we’re offering this wire cutters, knife,
collection of survival essentials to you for A bottle opener, file,
FIFTH OF THE NORMAL PRICE! Why? screwdrivers, pliers
Because we’ve had an incredible year and we and more!
feel like giving back to our valued customers.
But we can only extend this offer while Survival Box $99 $19.50* + S+P
supplies last. Of our initial run, more than Save $79.50
half have already sold. *You must use Insider Offer Code:
Survival Box Specifications: SVB165-01 to get this price.
• Multitool: 3 1/4" x 1" folded California residents please call regarding
• Flashlight: 3 1/2" x 1", 260 lumens, Proposition 65 regulations before purchasing this
takes AA batteries (not included), product.
three LED light modes: strong,
medium and caution flashing 1-800-333-2045
• Watch: 2 3/4" x 1", battery type Your Insider Offer Code:
SR626SW (included) SVB165-01
Stauer, 14101 Southcross Drive W., Ste 155,
Dept. SVB165-01, Burnsville, MN 55337 www.stauer.com

AFFORD THE EXTRAORDINARY

 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Monday, November 13, 2023 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

One Road to Affordable EVs Amazon Takes New Tack

To Pitch Its Software
Runs Through Outsourcing BY ISABELLE BOUSQUETTE

The traditional enterprise

Foxconn affiliate is software sales process is hit-
ting Manhattan’s Fifth Ave-
looking to reshape nue.
the auto industry, This fall, Amazon.com’s
cloud-computing business
starting in Asia Amazon Web Services opened
a New York City “Builder Stu-
BY RIVER DAVIS dio,” designed to showcase
AND YANG JIE cloud-based technology and
provide a space where compa-
If Jack Cheng has his way, nies can build prototypes
any company will be able to alongside AWS engineers.
make its own car or truck, Chief information officers
even if it doesn’t have suppli- walking through the space can
ers, blueprints or factories. experience prototypes of tech-
They could do it, he says, nologies such as a digital
KO SASAKI FOR THE WALL STREET JOURNAL
new outpost at the Lord &
Taylor building, is one of two
studios AWS operates in the
U.S., with a similar site lo-
cated in Santa Clara, Calif.
The plan is for 80% of the
demos to rotate every three to
eight months, though they are
somewhat geared around New
York-centric industries, like fi-
nancial services, media and
retail. “It’s almost like they’re
trying to deliver a Disney-like
experience when you walk in
there,” said R “Ray” Wang,
founder and principal analyst
of IT consulting firm Constel-
lation Research.
Systems integrators such as

by outsourcing—the same twin—a virtual, real-time ren- Capgemini and Infosys have
business model that has been dering of a sensor-studded operated similar prototyping
widely adopted in consumer physical space or other asset. It labs for years, Wang said, but
electronics. boasts a virtual try-on demo cloud providers are just start-
Companies including Sony where visitors can see render- ing to get in the game. That’s
and Apple realized decades ings of what some shoes sold because customers of compa-
ago that it was easier to hand on Amazon.com would look like nies like AWS are increasingly
production of PlayStations on their feet and an advertis- looking for specific solutions
and iPhones over to contract- ing-mood-board creator fueled rather than just needing to
manufacturing giants such as by generative AI. put stuff in the cloud.
Taiwan’s Foxconn Technology Jack Cheng of the MIH consortium shows off its MIH three-seater concept car in Tokyo. The in-person aspect of the For startup Proto, which
Group. experience is critical for CIOs has teamed up with AWS to
Cheng leads a Foxconn af- Toyota are building their own China and a post at Fiat. spond to a request to com- to really understand what they demo its hologram technology
filiate that can take a similar modular EV platforms that The Foxconn-led consor- ment. can do on the AWS cloud, said in the Builder Studio, the
approach with electric vehi- they believe give them an tium Cheng now leads is Foxconn built itself into the Shaown Nandi, director of chance to get the tech face to
cles and bring down costs, he edge over the competition. called Mobility in Harmony, world’s largest contract manu- technology, strategic indus- face with customers is incred-
says. Price is the biggest dif- Toyota, for example, is work- or MIH. At the recent Tokyo facturer with hubs such as the tries, at AWS and a former CIO ibly valuable.
ference between EVs in the ing on designs to give its fu- auto show, it showed off a sprawling “iPhone city” in of Wall Street Journal pub- “We have YouTube videos
U.S., where some expensive ture EVs roomier cabins and three-seat concept car. Cheng central China that can churn lisher Dow Jones. “The tangible all over the place of people ex-
models are now sitting unsold longer driving range. said MIH was talking to a out hundreds of thousands of aspect makes everything go periencing our products. It’s
on dealer lots, and in China, “In the car industry, there handful of companies and saw devices a day. Frustrated with from seeming sort of theoreti- just not the same as having a

.
where EVs have taken a big was a worry that EVs are on corporate clients in Southeast thin profit margins associated cal and I read about it to like, volumetric spatial computing
chunk of the market and on the road toward becoming Asia as potential customers. with assembling Apple prod- ‘Oh, this is real, and there are experience in person,” said

ly
average cost less than half as commoditized,” Toyota Chief Compared with gas-pow- ucts, the Taiwanese company other customers doing it.’ ” Raffi Kryszek, Proto’s head of
much as they do in the U.S., Branding Officer Simon ered vehicles, EVs require says it hopes to build its EV The studio, in Amazon’s AI & innovation.
according to consumer-re- Humphries said at a recent fewer parts and tend to rely business into a growth pillar.
search group Jato Dynamics.
“The world is wasting too
much time tooling the same
parts and losing money. It
event. Thanks to the in-house
work, Toyota’s EVs in the
pipeline “are anything but
commodity,” he said.
on
more on software. As Cheng
envisions it, MIH will offer
customers a standardized
package of EV parts and soft-
While Foxconn has some
business with U.S. carmakers,
most of its auto footprint is in
Asia, where it is already a
doesn’t make sense,” Cheng For now, Cheng is focusing ware that they can customize. supplier to Tesla.
us ,

ISABELLE BOUSQUETTE/THE WALL STREET JOURNAL

said in an interview. “What I on Asia, where stirrings of the If customers wish, MIH can in- Foxconn hasn’t disclosed its
l

learned in China in the last 20 new approach are already be- troduce them to Foxconn or total EV investment, but exec-
e
al a

years—I can replicate that.” ing felt. He used it himself other companies to manufac- utives have said they are put-
Many in the industry ques- when he co-founded Chinese ture the cars. ting up to around $600 mil-
tion whether automakers will EV startup NIO, which designs What about the biggest po- lion annually into new
ci on

be interested in a new busi- its vehicles but works with an-
ness model since they have other Chinese manufacturer to
long been accustomed to cre- assemble them.
ating their own proprietary The 64-year-old Cheng, a
designs and assembling vehi- Taiwan native, brings a life-
er s
tential customer of all, the one
Chinese call the “fruit com-
pany”? Cheng said his door is
open should Apple come
knocking with an EV plan.
initiatives led by the EV push.
Foxconn is gearing up in In-
dia, where it plans to start EV-
component projects next year,
Chairman Young Liu said in

cles themselves. time of auto experience to the “It’s like with phones,” he August. Cheng said he would
Automakers including Gen- outsourcing push, including said. “Just tell me what you also like to have EVs assem-
m er

eral Motors, Volkswagen and many years at Ford Motor in want to do.” Apple didn’t re- bled in India. Amazon’s ‘Builder Studio’ in Manhattan.
m rp
co Fo
n-
no
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Microsoft Executive Takes On
Bringing AI to Main Street
Chris Young sees nontech customers as artificial intelligence’s big untapped market;
‘people want playbooks...there is a tremendous amount of demand for help’
BY TOM DOTAN
Microsoft has spent most
of this year touting the
promise of artificial intelli-
gence and how it can re-
shape society. The job for
Chris Young, head of Micro-
soft’s corporate strategy, is
making sure that hype turns
into purchases of Microsoft’s
AI tools.
Young leads a hundreds-
strong team that works with
outside partners like Face-
book parent Meta Platforms
to develop products made
with technologies such as
augmented reality and gen-
erative AI. Young oversees
Microsoft’s venture invest-
ment arm M12, which does
early-stage startup invest-
ments.
There is a lot
BOSS TALK riding on Micro-
soft’s AI strat-
egy. The company spent $13
billion backing ChatGPT
maker OpenAI, and analysts
say it will likely spend bil-
lions more building and up-
grading its cloud infrastruc-
ture for AI. Young says the
new technology has caught
on in some sports leagues
and pharmaceutical compa-
nies, but the adoption of AI
products needs to be as
widespread as Microsoft’s
staple offerings like Win-
dows and Excel to fulfill its
promise.
There are positive early
signs. In Microsoft’s most re-
cent earnings report, the
Azure cloud-computing divi-
sion was a standout busi-
ness, thanks partly to the
growth in customers’ AI
spending.
Young discussed the chal-
lenges and opportunities in a
recent interview with The
Wall Street Journal. Here are
edited excerpts:
For Musk, Future of Humanity
Will Mean Doing Less Work
BY TIM HIGGINS
When it comes to the fu-
ture, Elon Musk’s best-case
scenario for humanity sounds
a lot like Sci-Fi Socialism.
The world’s richest man,
who for years warned about
the dangers of artificial intel-
ligence, lately has been paint-
ing a more utopian vision for
what could occur when su-
persmart robots are able to
replace everyday workers.
“We will be in an age of
abundance,” Musk said this
no
month. He was speaking pub-
licly with U.K. Prime Minister
Rishi Sunak, who like many
world leaders is trying to nav-
igate the fast-developing tech-
nology’s effect on work and
life. Sunak said he believes the
act of work gives meaning,
and had some concerns about
Musk’s prediction.
“I think work is a good
thing, it gives people purpose
in their lives,” Sunak told
Musk. “And if you then re-
CFOTO/DDP/ZUMA PRESS
move a large chunk of that,
what does that mean?”
That is the question.
So often when Musk talks
about the threats of AI he is
describing world-ending sce-
narios that seem straight from
science fiction works where
robots turn on their creators.
More recently, in talking
about the technology posi-
tively, Musk likes to point to
another work of sci-fi to de-
scribe how AI could change
our world: a series of books by
the late-, self-described-social-
ist author Iain Banks that re-
volve around a post-scarcity
society that includes superin-
telligent AI.
In a way, Musk is talking up
his own book of business.
Part of the enthusiasm be-
hind the sky-high valuation of
Tesla, where he is chief execu-
tive, comes from his predic-
tions for the auto company’s
abilities to develop humanoid
robots—dubbed Optimus—
that can be deployed for every-
thing from personal assistants
to factory workers. He also
founded an AI startup, xAI,
that he said aims to develop its
own superhuman intelligence,
WSJ: You joined Microsoft
when the hype around AI
wasn’t anywhere near where it
is today. Why did you choose
Microsoft at that point?
YOUNG: I spent a lot of my
career in cybersecurity, and
cybersecurity is great, but
you tend to be a little bit
more in your world and
don’t really see the tech
landscape at quite the same
level as you do when you’re
at Microsoft and in a job like
this one. And here I am now
three years later, and we’re
in the middle of everything
happening with AI. I couldn’t
have predicted that this
would be happening. But
what is happening is exactly
why I wanted to come and
be at Microsoft.
WSJ: What is the next step in
making a business out of AI
for Microsoft?
YOUNG: Any software com-
pany, any technology com-
pany at this point is an AI
company or they are trying
to be an AI company. And
even Main Street companies
are pretty excited about
what’s going on, but no one’s
rolled anything out at scale
at this point where they
have really changed their
customer-support operation.
We’re clearly at a place
where now we’ve got to
translate the excitement and
on
the interest level into true
us ,
adoption.
l
e
al a
WSJ: Isn’t there a risk that
you make huge investments
today and it takes much longer
ci on
than anyone hoped for AI to
become a real driver of reve-
nue for Microsoft because of
these issues you’re highlight-
ing?
er s
YOUNG: I’m less worried
about that. I think about this
m er
quote from Bill Gates, that
m rp
co Fo
n-
Tesla’s Optimus at the World
Artificial Intelligence
Conference in Shanghai in July.
even as some are skeptical of
that possibility.
“Digital super intelligence
combined with robotics will
essentially make goods and
services close to free in the
long term,” Musk said at a
conference in July.
Musk has cast his work to
develop humanoid robots as
an attempt to solve labor is-
sues, saying there aren’t
enough workers and caution-
ing that low birthrates will be
even more problematic.
“I wouldn’t worry
about…putting people out of a
job,” Musk said last year during
a TED talk presentation. “We’re
actually going to have—and al-
ready do have—a massive
shortage of labor. So, I think we
will have not people out of work
but actually still a shortage of
labor—even in the future.”
Monday, November 13, 2023 | B5
BUSINESS & FINANCE
you always accomplish more YOUNG: People want play-
than you think you will in 10 books. Particularly in non-
years and less than you think tech companies, there is a
you will in one year. And I tremendous amount of de-
think it is hard to predict the mand for help. People don’t
time frame with which this know what to do, they don’t
will all play out. I think you know where to go first. And
have to take the long view. so we are fanning out to
ALEXANDER COHN/THE WALL STREET JOURNAL
You can’t go quarter by have those dialogues.
quarter.
My point of view is this is WSJ: Who are some of the
going to change how we live nontech early adopters of AI
our lives, down to how you who are looking at it seri-
buy coffee in a coffee shop. I ously?
think it is going to be trans- YOUNG: Sports leagues.
formative and I think that is What a sports league is go-
a long-arc problem now. ing to want in the long run
What happens in year two or is personalization for fans.
three in terms of the actual I’m an avid sports fan, and I
demand that comes through? find myself in the middle of Chris Young, head of Microsoft’s corporate strategy.
I don’t think anybody knows a game using Bing. Who is
exactly. this person, what was their
career? You’re asking a lot an AI. tools available, it increases
WSJ: What are you doing now of questions through the I do now—I’m asking Bing fan engagement and makes it
to make AI work for a broader course of a game and so it’d chat—but if you’re the NFL a lot more interesting for the
set of businesses? be easier if I could just ask or the NBA, having these fan base.
.
ly
JASON REDMOND/AGENCE FRANCE-PRESSE/GETTY IMAGES
‘Any technology company at this point is an AI company,’ says Young. Microsoft’s Bing search engine.
Instead, Musk predicts ro-
bots will be taking jobs that are
uncomfortable, dangerous or
tedious. “It’s fun to cook food
but it’s not that fun to wash the
dishes,” Musk said this month.
“The computer is perfectly
happy to wash the dishes.”
Musk isn’t alone in predict-
ing change is afoot after the Connect. Shop. Share.
surprise success of OpenAI’s
chatbot.
FREE SHIPPING ON ALL ORDERS
In the near term, Goldman
Sachs in April estimated gen-
erative AI could boost the
global gross domestic product Whether you’re just starting off in the world of boutique cigars or
by 7% during the next decade
and that roughly two-thirds of you’re a seasoned vet, this sampler is sure to bring you some early
U.S. occupations could be par- holiday joy. Featuring 10 top brands, you’ll notice some new names
tially automated by AI.
That could be just the be- and some long time favorite brands in this assortment.
ginning. At The Wall Street
Journal’s Tech Live conference
last month, Vinod Khosla, a 92
R AT E D
prominent venture capitalist
whose firm has invested in the
technology, predicted within a
decade AI will be able to do
93
R AT E D
91
90 90
R AT E D
“80% of 80%” of all jobs today.
“I believe the need to work R AT E D R AT E D
in society will disappear in 25
years for those countries that
adapt these technologies,”
Khosla said. “I do think there’s
room for universal basic in-
come assuring a minimum
standard and people will be
able to work on the things
they want to work on.”
93
R AT E D
In Musk’s world, he fore-
sees something more lush,
where most things will be
abundant except unique pieces
of art and real estate.
“We won’t have universal
59
basic income, we’ll have uni-
versal high income,” Musk said
this month. “In some sense, it’ll $ 99* 92
R AT E D
be somewhat of a leveler or an
equalizer because, really, I +FREE SHIPPING
BOUTIQUE
think everyone will have access
to this magic genie.”
All of which kind of sounds
a lot like socialism—except it’s
unclear who controls the re-
sources in this Muskism soci-
STARTER SAMPLER
ety. A few years ago, Musk de-
clared himself a socialist of
sorts. “Just not the kind that
C I G O R A .C O M/ B O U T I Q U E
shifts resources from most ENTER THE FULL WEB ADDRESS OR SEARCH KEYWORD BOUTIQUE
productive to least productive, CALL 1.800.605.4451 | MENTION: BOUTIQUE
pretending to do good, while *Purchase may be subject to state, local, and excise taxes where applicable. We do not ship to
actually causing harm,” he Hawaii or Utah. Must be 21 or older to purchase. Valid through 12.15.23 or while supplies last. @cigora_us
tweeted. “True socialism
seeks greatest good for all.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Monday, November 13, 2023 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Monday, November 13, 2023 | B7

Mark Zimmerman Malissiza Pitcher Scout Driscoll Lavonzell Nicholson Sonia Mundle Smith Michelle Rankin Aruna Dontabhaktuni Lura Lunkenheimer Donna Hill Lisa Formica Monique Orcutt Juan Islas Casey Bevan

To the Federal Reserve:

Colorado Raymond Price Axel Erkenswick Jay Nix Lolita Munir Michael Rem Elizabeth Fidiam Nora Madonick Diana Hlywiak Cara Frank Maureen Pagliaro Yamile Jackson Cory Boorman
Jessica Acosta Margueritte Ramos Katie Ernst Darnester Nora Michael Muse Sherri Richards Sawyer Joan Mahoney Jim Holdren Gary Fredericks Christine Paige Sheila Jackson Jeff Brimhall
Susan Amarino Susana Robledo Terri Evans Mark Olivier Carla Nelson Becky Riess Chantelle Fitzgerald Merium Malik Jennifer Houghton Mariel Freeman Jeanette Palmer Tekenna Jacobs Brian Call
Maureen Berkner Jeffrey Rodriguez Jennifer Fortney Brian O’Reilly Chambers Tobias Roberts Royleta Foster Jenny Mann Joshua House Rosalie Frudakis Lisa Palmiotto Sandra Janak Jennifer Canova
Boyt Alexander Rodriguez Dana Fountain Richard Perniciaro Cara-Michele Nether Bonnie Roche Mike Geller Cindy Mann Lee Ann Howard Dominic Fuscia Edward Peffer Gaurung Jariwala Crystal Chadwick
Susan Blizzard Aurelina Romero Brian Fourman Jonathan Pinell Thanh-Thuy Nguyen Keegan Rodgers Yuliya Gimadiev Alex Margovsky Tammy Hurley Mario Gentile Patrick Perugini Alli Jarrett Don Cheney
Lorena Cantarovici David Roth Walter Freeman Jeff Pistorius Cheryl Nichols Robert Ross Jeff Guberman Rachel Martin Ken Ican Sotonye George Catherine Potter Terri Jenkins Dave Christenson
Nel Curtiss Mary Runno Robert Fulkerson Coronella Porche- Constance Nwosu Jennifer Rossi Melanie J. Haga Oscar Martinez Sue Irwin Alyssa Ghilardi Mike Raia Anthony Jennings Stephen Cisney

We are America’s small businesses.

Erasmo DeAnda Yolanda Schon Mario Galindo Jenneford Ellen Odoi Rhonda Rowe Leslie Herman Juliet Masters Zhenni Jackson Iveta Gigova Susan Rancourt Valerie Jimenez Joanne Clinger
James Dempsey Kip Schwimmer Michelle Geraci Ashley Porrovecchio Titus Ogunyemi Tracy Sanders Albert Jacobs Shellie McDowell Shelly Jackson- Terry Girifalco Marie Schaller Shanita Johnson Donna Connor
Andrew Fairbairn Monica Scott Judy Gillman Krista Pouncy-Dyson Nkem Okeke Kevin Siembieda Tiffany Jenkins Elizabeth McGonagle Engram Manish Gorawala Katie Schibler Conn Stephanie Johnson Lelani Craig
Christine Garcia Estela Serrano Judith Glaser Anthony Pounders Lisa Ortiz Aaron Siepierski Gregory John Christine McPartland Darlene Jacobson Ben Greisler Yemi Sekoni Dwight Johnson Olga de la Cruz
Annie Huston Matthew Shiebler Gail Glasser Freddie Prince, Sr. Tiombe Paige Michelle Smith Ray Jones Kamal Mehra Donyae James Christopher Gross Jennifer Shaheen Constance Jones Darren Dunford
Cindy Jones Michelle Singh John Gurtler Claire Renault Khari Parker Debora Smith Geraldine Keogh Marina Mentzel Ramzi Jammal Eric Guenther Julia Smith Janice Jucker Chris Eggleton
Julia Knight Dalton Sirmans James Gustin Mark Reynolds Erica Paul Janica Smith Jill Korostoff Andres Mercado Kimberly Jarvis Jordan Haddad Emily Smith Chandra Kancharla Tannen Ellis-Graham
Amanda Matthews Jane Snell Joyce Gye Jason Rhein Tameka Payton Eva Solomon Khoa Le Ranae Merrill Sandra Jenkins Jeffrey Haefner Ron Stevenson John Keenan Jessica Elwell
Andrea O’Connell Mikhaile Solomon Ryan Haislar Angelica Rivera Odessa Phillip Shari Stein Daniel levy Thomas Michael Anne Johnson Lindsay Hagerman Hollie Stillwell Cimone Key Audrey Evans
Michelle Simmons Claudio Sorrentino Marie Hale Lakeisha Robichaux Lovelle Pierre Taryn Sulkes Rolando Lugones Bill Michaels Teressa Johnson Kashmiera Harris Marc Streisand Chandra Kill Luis Farfan
Joel Stevens Kevin Sprague Charlotte Harrington Crystal Robinson Chanika Pope Tammy Turner Nika Mandelberg Eric Middleton Pam Johnson Joseph Hasenauer Tejal Tarro Corey Kirkendoll Heather Field
We are builders, manufacturers, restaurant owners, and more. We run coffee shops, cleaners, corner stores Mark Sunderland
Gem Swartz
Michelle Weaver
Gilbert K. Squires
Phoebe St Germain
Fellows
Jay Harris
Shena Hawkins
Antonia Hays
Joaquin Rodas
Jaci Russo
Kenneth Rust
David Posin
Maria Randle
Michael Raphael
Jeanine Twigg
Delora Tyler
Peggy Uzzle
Augustine Martinez
Mark Maysonet
Cheryl McCants
Theresa Miller
Rajiv Mody
Mary Molina
Garrick Johnson
Janice Jokkel
Marcy Jones
Michael Hasler
William Hawthorme
Allen Heggs
Brian Thibodeau
Maria Tocco
Erika Twohig
Bradley Klein
Tobi Kosanke
Tom Lammers
Jeff Fitzmayer
James Fonnesbeck
Connecticut Rachel Kabb-Effron Louis Vastano Lauren Frisch
Louis Steede Gene Sausse Dr. Monae Raphael Nikkia McClain

and child care centers. We are the diverse entrepreneurs of 10,000 Small Businesses Voices, and we never
Blake Hebert Michael Vereecke Bridgette Morphew Jennifer Hetro Crystal LaShay
Armando Anderson David Reagle Jacquelynn Kane Shannon Vincelette James Fuller
Mark Streeter Robert Hendricksen Beau Schexnaildre Kelly Victor-Burke James McMillan Cindy Morris Julie Holahan Vikki Lebeau
Alec Asten Chrissy Rey Jane Kenney Minerva Waldron Britney Garrick
Ivette Suarez Michelle Hibbler Spencer Sens Tom Voiles Jatin Mehta Jimmy Moyen Damon Hopson Andro D. Loaiza
Christien Ducker Eduardo Suarez Radiah Rhodes Guinette Kirk Patti Watson Sheri Gibb
Corneilius Hill Jerry Simoneaux Ashesh Vyas Giorgio Nadi Tiffany Joy Dan Horan Danny Lovelady
Patricia Fisher Ivelices Thomas Natasha Ricketts Ariane Kirkpatrick Dan Woodford Derek Girdler
Victoria Hilton Brandon Smith Regina Ward Michele Nathaniel Murchison Bose Houser Raul Luis
Lisen Green
stop working to create jobs and strengthen our local economies. On behalf of our community of more Cherie Griffith-Dunn
William Kaliff
Sonia Malloy
James Thurmond
Enrique Torres
Jose Trezza
Anna Hovet Dias
Shian Jno-Lewis
Qiara Johnson
Joaneane Smith
Estralita Soniat
Cleveland Spears III
Preston Rivers
Kevin Robinson
Ana Rodney
Don Watza
Evan Weber
Markeith Weldon
Peniel Ortega
Chaya Pamula
Elizabeth Pongo
Hema Nambiar
Ken Nero
Christine Noh
Wendy Klepcyk
Denis Kolar
Joel Kornblut
Evan Inatome
Vivian Isaak
Dennis Jackson
South Carolina
Kenzie Biggins
David carson
Monica Mack
Elizabeth Mack
Venkat Maddikayala
Richard Hagen
Nathan Hansen
Gina Norman Maria Tripoli John Johnson Daniel Stein Roxana Rodriguez Franchot Westbrooks Jessie Puchon Emellie O’Brien Deddeh Korvah- Peyton Goodson Guy Harding
Luren Jenison David Madrigal

than 14,000 small businesses in all 50 states, Puerto Rico and the District of Columbia, we respectfully Kathie Pelliccio
Michelle Sagalyn
Suzie Scanlon
Edna Turner
DeGeneste
Lelany Undiano
Bernita Johnson-
Gabriel
Lynai Jones
Paula Stifflemire
Jill Stoltz
Karen Sulzer
Gary Royster
Samuel Rozolem
Cynthia Rumph
Jeremy Westcott
Cynthia White
Nicole Wilbur
William Rawlings
Yannick Rigg
Andrea Rizvi
Jennifer O’Connor
Jessica Olenych
Rasheedah Omar
Reed
Roger Kozuch
John Kropf
Wehdeh Jenkins
Ben Johnson
Laura Kelly
Susan Poeton
Scott Seltzer
David Solomon
Alyse Makarewicz
Theophilus Maku
Hussain Manjee
Stacy Harfert
Diane Hartz Warsoff
Randell Heath
Rabinowitz Deirdre Van Nest Marleen Julien Mary Talbert Jean Christophe Katheleen Williams Pamela Roach Joyce Osan Robin Levine Everett Kenyatta Jennifer Sutton Mary Margolis Julieta Hernandez

submit this letter to express our serious concerns about your proposal to require U.S. banks to significantly Tim Topi
Ryan Turner
Nikhil Vyas
Elissa Vanaver
Maria Fernanda
Vargas
Michelle Kelly
Sonny Khoshabe
Tensae Kidane-
Tippy Tippens
Anna Tusa
David Villarrubia
Rusatira
Charles Rush
Connie Russell
Geneva Williams
Emelin Williams
Linda K. Williams
Fadja Robert
Gail Rosati
Ron Rotem
Mandy Oser
Mohammed Osman
Kenia Osorio-
Zhaoqian Liu
LaToya Logan
Chad Long
Kevin Kernan
Jennifer Kirby
Heather Kniess
South Dakota
Sandra Burns
Jesse Callahan
Linda Marroquin
Tamanika Marshall
Daniel Martiñez
Stephanie Hillman
Bryan Hurd
Jennifer Hwu
Tamatha Wolfel Indy Vega Mariam Jose Villeda Tajuddin Sabree Tina Williams Michael Schloff Wellington Allyse Love Dustin Floyd Tyffani Jackson
Iris Knight Olivia Martin
Nathan Gellhaus
increase the capital they must hold. Saul Zion
Washington, D.C.
Kaneedreck Adams
Grace Villamayor
Ron von Paulus
John von Stein
Derian King
David Koss
Andrew Krause
Amber Vogts
James Vu
Darrin Wagner
Scott Sanders
Christopher Schafer
Alison Schuch
Torrance Wilson
Matthew Wolf
Raymond Zemens
Kristine Smith
Felicia Stokes
Danita Thompson
Robin Owen
Laura Palker
Jane Parmel
Barb Luczkowski
Orville Lynch
Ginius Macys
Adeline Koh
Ericka Koumare
Bruce Kramer
Ashley Kingdon-
Reese
Merinda Martin
Anna Martin
Malika Martin
Michael Johnson
Sarah Johnson
Natalie Kaddas
Leticia Alexander Lizbeth Walker Ari Krzyzek Kim Shanahan Kathleen Madden Tennessee
Kendall Washington Minnesota Jacqueline Threadgill Simone Peele David Kramer Vishal Masih Valarie Kamdar
Kimberley Alfonso Cory Walton Roxanne Lafemina Justin Shaw Michael Martin Karen Adams
Melanie Weller Matt Ames Kalvin Torres Juan Perez Daniel Labrador K. Darcey Matthews Brian Kofford
Ugur Altintas David Wells Nolan Lee LaKeshia Shephard Kurt Maurer Christine Baeuerle
Randy Wesley Berek Awend Krystal Triumph Nickquae Perry Laura Lacy Lora Mayes Stan Kozlowski
Daraja Asili Albert Wheeler Angel Li Richard Shin Tom Maxwell Kattie Casebolt
Kathleen Wilkin Justin Bieganek Tara Williams- Jermaine Perry Vincent Lane Kelie Mayfield Gloria Kummer

We rely on America’s banks to operate and grow our Will Beale Johanne Wilson Ira Lichtenstein Robyn Short Connie Heyob
Georgia Wilson Maria Burns Ortiz Harrington Nathan Perry Melanie McGee Teka Le Daniel McCarthy Jin Kwon
Martin Block Gary Work Rowena Lindsey Tisha Smith John Jerman
Catherine Witry Ingrid Christensen Adam Winokur William Petz Steven Meka Keith Levinson Vikki McCullough Dan Lauritzen
Sheila Brooks Medina Yasin Jandie Smith Turner Barbara Knight
Gina Lipscomb Monica Wolf Lori Ann Clark Ralph Wolff Amore Philip Beth Menduni Matthew Levinson Michelle McDaniel Mary Lindsey
Chadwick B Charles Danielle Young Darla Knight
Carrie Jo Little Robert Wolfe Cornelius Stephens Alicia Coles TIna Wynn Sue Phillips Joseph Micale Kevin Lewis Rain McDermott Samantha Lund
Anthony Clark Jacqueline Young Julie Lilliston
Cassandra Lloyd- Massachusetts John Stokes Kathy Dannel-Vitcak New Mexico Ivena Pinto Ambrea Mikolajczyk Sharon Lewis Gregg Petria McKelvey Charles M Acklin
Kizzy Dogan Kelsey Zamoyski Pierce Paris Love

businesses, support our employees, and strengthen

Mellinda Abbott Kim Strassner David Dikken Stacy Blackwell- Jennifer Portland Cody Miller Karen Litzy Bruce McMordie Lisa Madsen
Maurice Dunn Georgia Brett Lorenz Preston Amber Lowry
Jeffrey Abellard Teaera Strum Hillary Feder Daniel Powers Mark Molanr David Lopez Sandra Mears Lisa Martinez
William Fadel Blessing Agu Susan MacNicol Candace Messer
Elizabeth Almeida Denise Sullivan Louis Garcia Danny Christian Jerry Pozniak Thomas Monachino Julie Maughan
Corey Lord Sheri Neely Sandra Medrano
Courtney Fairchild Dondre Anderson Kerry Maiorca Holly Sydnor Lisa Hengel Amanda Davison Anu Prestonia Rob Moyer
Mike Bertone Silvia Lucci Mayank Patel Amy Mehary Tim McConnehey
Marcelle Folk Karun Asireddy Jayson Mamaclay Taj Thomas Ericq Hoffman Thomas Duncan Troy Pugmire Amy Mucha
Chantal Boxer James Madison Jennifer Purnell Katie Mehnert Greg McConnehey
Amy Frey Jennifer Barbosa Michael Manson Sandra Thurman- James Mayne Myra Ghattas Tricia Quartey Anita Murphy
Ian Clegg Bindu Mathew Edgartt Melton Deanne Mccutchan

our communities.
Georges Bayiha Nicole Martin Custis Texas
Daveed Gartenstein- Jennifer Colwell Daniel Paxton Mona Ghattas Donald Radeljic Heidi Murphy Adam May Romona Adams Ruben Mercado Jr. Shea Mcdonough
Ross Ricardo Berris Elmer Martinez Claudia Towles Faith Rothberg Eric Gilbert John Rafferty Christine Myers-
Chris Constantino John McClenny Thomas Adeyemi Esther Mgbeike Casey Metzger
James Gordon Melissa Blanchard Kellie Mathes Eberechi Ugwu- Cara Thorpe Debbie Heckes Shakeel Rahman Johnston
Michelle Crowley Amole Ted McLaughlin Ray Ali Christopher Miller Jamee Mitchell
Aimee Griffin Dionnie Bolar John Mauro Tom Wertish Ruth Porta Lauren Raimondi Juhi Nelson
Joseph Dobek Craig Vacovsky Jocelyne Melton Zain Ali Larissa Minjarez Susan Napier
Stefan Hankin Buzz Busbee Melissa McAtee Jeanette Raver Veronica Njodinizeh

.
Pamela Fink Missouri Alechia Reese Mona Minnie Delaina Allen Patricia Mitchell Schuyler Northstrom
Victor Holt Maria Campos Jacqui Mcgrew Frank Valdivieso Nevada Grace Olszewski
Geeti Gangal Sofia Hudson Frederique Reginensi Abigail Mirarchi Ramiro Alvarado Gwen Mitchell Jenny Olds
Barry Jerrels Daneese Carter Amy Mills Eric Waddy Kimberly Daniels Garett Orlowski

ly
Denzel Hankinson Michele Markham John Renda Karen Moffitt Patrick Amante Michael Mogell Alexandra Ortiz
Wanda Johnson James Cheeks Tracy Mingo Montressa Jonathan Daniels Teresa A. Owen
Kari Heistad Washington Andrew Morgans Carolina Reyes Gregg Moore Jerri Anderson Debra Moore
Tony Johnson Ted R.H. Cummings Susanne Moncrieff TaChelle Lawson Angelia Pace Jennifer Oxenham

We are already struggling to access capital – according to a September 2023 survey of our community, Daemon Jones
Chad Kee
Sr.
Susan Currie
Angelica Monroy
Aaron Moore
Heather Ketcham
Scott Kirchner
Karen Kowalczyk
Elisa Wells
Melissa Wesner
Anjolene Whaley
Nick Nikkhah
Lionel Phillips
Jessica Rask
Evan Roark
Lawrence Wang
Terrell Rhames
Gary Riger
Jennie Ripps
Chris Pacetti
Ray Paganini
Darlene Murphy
Russ Napolitano
Albert Ndjee
Marcela Andres
Badra Andrews
Cashuna Anthony
Hailee Moore
Tyran Morrison
Carolyn Morse
Kirk Partridge
Lewis Peck
Antonio Perez
Vernestine Fred Dais Suzanne Muirheid New York Mark Palombo
Shawn Laughlin Joseph Wight Juliana Scheidhauer Alison Risko Shawn Nesbit Keyana Anthony Casey Motes
Laughinghouse Jeannell Darden Jim Nelson Karim Abouelnaga Jamie Peltz Matthew Perry
70% of us who have applied for a new loan in the past year have found it difficult to access capital. And Ivy Lawson Mississippi Christine Rizzuto Irene Nikhamov Johnte Archer Josue Munguia

on
Ronnette Meyers Kimberly Davis Jennifer Nemec Carlton Wilkins Angela Accomando Jamie Perkins Marvin Philip
Ted Lee Brenton Alexander Jennifer Robertson- Jonathan Ogurchak Kim Armstrong Carrie Munson
Beverley Mitchell Anita Davis Todd Niemiec John Williams Sergio Aguirre Charlotte Perkins Scott Porter
Tariana V. Little Kay Daneault Ahrens Starr Osborne Gordana Arnautovic Kalpana Murthy
Jalil Muhammad Labrescia Dawson Christopher Nigro Litsa Williams Jacqueline Aleman Tracy Petrekovich Romina Rasmussen
April May Kimberly LaRosa Carmen Rodriguez John Parrish Ashley Austin-Hill Rick Na
Anthony Onyewuchi Gary DeHart Denise Oros Ann Williams Brent Alexander Weslava Pikous Linda Rawson
we worry these new proposals will make getting access to capital even harder. Even those of us who rely Lalini Pillay
George Simpson
Beth Ehrhardt
Joseph Evans III
Carlos Ortega
Adriana Osorio
Kevin McNally
Jane Obbagy
Janet Peguero
Adrian Williams
Tuesday Williams
Beverly Williams
Justin Mitchener
Shawn Nance
Delorise Nettles
Joseph Allen
Roben Allong
Wilfred Rodriguez
Nancy Rowe
Mary Ruckel
Polly Pirc
Clark Pope
Christopher Plant
Richard Podulka
Franchon Pryor
Carmen Autry
Kellye Badon
Yunaka Baham
Radhika Nelluvaya
Srini Neralla
Subbu Neti
RyLee Reid
Ezralea Robbins
David Simnick Kevin T. Farnan Jennifer Panning Marie Porter Shereen Anis Rosemarie Ruggero CeCe President Kathy Ruggiero
Patrick Sims Talha Faruqi Gary Romano Jeff Wilson Mikaele Racine Ilyas Baig Wendy Nguyen
Christel Perrin Dwayne Ashley Patricia Primozic Brian Sather
on smaller and community banks will almost certainly experience a further tightening of credit conditions. Misty Stevenson Loruin Ruiz

us ,
Bettina Stern Jeannette Flores- Meredith Rousseau Aneka Winstead Lillian Rafson Ramesh Balan Paul Nielsen
Mary Pienta Ann Tuennerman Michelle Awuku- Ray Saavedra Letha Pugh Alan Seegrist
Katz Jessica-Lee Sabine Lyonna Woods Kym Ramsey Nickquolette Barrett Pat Nixon
Daanen Strachan Adrienne Pope Alexis Williams Tatum Jordan Salcito Gertrudis Ramos Nick Sidwell
Shona Bascon

l
Beata Stylianos David Gacsko Gary Siedlik Vennard Wright Diane Richardson Brenna Norwood
Victor Powell Montana Madison Back Kerry Sano Denise Ransom Lyn Simon
Mary Gay Carolann Strickling Maine Michael Ristagno Anthony Batista LaToshia Norwood
Katherine Vernot- John Pratt Christine Bailey Mital Rathod Scott Smith

e
Matthew Stumm Tanya Chenodurow Sanwal Sarraf Juan Carlos Romano Michael Battaglia Tina O’Banion

al a
Jonas Sophie Gibson Mansa Prestwood Melissa Carr Rechelle Balanzat Richard Raymond
Laura Del Guerra George Schmidt Gayla Beaty Marcus Sorensen
Suli Wang Nicole McGhee Hall Kristen Sweeney Kate McAleer Norma Romero- Jorge Ojeda
David Raine Kelley Durbin- David Balkan Tara Seawright Ann Reichle David Steward
Takeisha Hannor Dalia Valencia Stefa Normantas Mitchell Jacqueline Bruno Okoh

The proposed cumulative capital requirements for

Shonta Williams Ed Reardon Williams Elena Barcenes Crystal Render Amy Stokes
Phyllis Webb Norman Patry Tom Sebazco Peter Rose Beauchamp Bernardino Olague
Valerie Zweig Carlisha Hartzog Michelle Redd Pat Haggerty Elin Barton Rico Rice
Maryland Luciane Serifovic Ray Roux Hyacinth Belcher Maria Sykes
Delaware F. Nazir Hill Melany Robinson Ade Olurin

ci on
Susan Rescigno Jilan Hall-Johnson Jonathan Bayer Minila Shah Bridget Richard Naijean Bernard Merrill Taylor
Elorm Ahiamadjie Marie Hunter Patricia Adams Eliah Thanhauser Joseph Ruffin Frank Orrosquieta
Jennifer Ricciardi Anna Kazmierowski Aliyyah Baylor Veronika Sikorski Dallas Riffle Dominic Berry Laura Thackeray
Greg Buckley Anna Huthmaker Michael Ajomale Linda Varrell Peter Rydberg Britney Otten
Cyrus Rivetna Angela Matsen Candis Best Craig Simak Matthew Ross Rachel Bickham Annie Thomas
Coleman Bye Sandy Johns Paula Anderson Michigan Victor Salicetti Femi Oyenekan
Andy Robinson Aimee McQuilkin Fran Biderman-Gross Jason Saal Meghan Billiot Nicole Thomas

lending will make it more expensive for banks to loan

Enyinna Anthony Hana Abboud Clifford Simanski Kamil Salter John Pace
Jimmy Chong Lisa Johnson Victoria Rock Matt Roberge Jo Blackwell-Preston Jason Salupo
Deborah Bakalich Jeanette M. Abraham James Skinner David Santoleri Allen Bishop Bhuvan Pasham Christian Thompson
Donna Duffy Graham Joyner Ginna Ryan Mark Stosich Michaella Blissett Carlos Sanchez
Guillermo Barral Megan Ackroyd Ellen Sledge Milissa Santos Frances Bittler Beni Patel Charles Torres
Markevis Gideon Stephanie Kennedy Victoria Salamanca Jill Weaver Williams Frank Scalish
Tanesia Barrow Irfan Ahmed Marilyn Sloane Brian Sawyer Sammi Bivens Ashwini Patil Aaron Turner
Devon Mitchell Nicole Klein Beth Salinger North Carolina Yoel Yitzchok Bodek Jeffrey Scheinberg
Rhonda Bedell Karen Akouri Eli Smith Mike Scotese Andy Bizub Teresa Patoine Brent Uberty
Rich Neal Darka Krsmanovic Ronald Sam Paige Armstrong Daniel Boisrond Gregory Schmid
Christie Bell David Alade Richard Sommers Dennis Shelly Wayne Blease Holly Pena Nick VanArsdell
Angie O’Brien Ceata Lash

to small businesses, and those added costs will no

Yamili Saucedo Keith Archuleta Dorothena Bonham Lorraine Schuchart Usha Boddapu

er s
Robin Belle Jeffrey Allison Vicki Spring D. Shields Janet Pena Ann Marie Wallace
Mareya Steinbacher Tami LaTrell Irene Schild Caminer Shawn Baker Michele Bontemps Haleema Shafeek
Jamyla Bennu Ronald Stair Aaron Simmons Michelle Bogan Karen Perkins Kristine Watson
Suzanne Swift Karen Levy Richard Schneider Julie Amy Julie Bee Lori Bosses
Kendra Blackett- Jodie Steen Meltrice Sharp David Simons Derek Boone Frank Weston
Marian Young Les Lewis Pamela Self Ivan Ankwatsa Nancy Braun Donyshia Boston-Hill Eureka Pinkney
Dibinga Laura Stiefel Jessica Shely Gerrae Simons Miller Lakeast Boone Travis White
Florida Stephanie Lindsey Natalie Silvestro Paige Aubin Gineen Cargo Julie Bouchet- Cheryl Polote
Michelle Bond Stefanie Tacata Terri Shurney Debra Boultinghouse Williamson Wendell White

doubt be passed on to us.

m er Michele Adams
Sara Agudelo Acosta
Manuel Alberti
Glenda Aleman
Jessica Little
Monica McCoy
Sabrina Merritt
Stacey Mollison
Shirlene Small
Kaitlin Soto
Lisa Strickland
Rosemary Swierk
Mari Bonnemaison-
Moore
Kimberly Boone
David Brashear
Rufus Bartell
Art Bashi
Alecha Benson
Douglas Bering
Davi Bielec
Gerald Carr
Karen Caruso
Brandon Crumpton
Sanjay Das
Horwitz
Jodi Brockington
Tuesday P. Brooks
Joan Brothers
Tricia Taitt
Liza Tan
Jean Tang
Charlene Tarver
Matt Siebert
Janalee Silvey
Errin Siske
Shan Sivakumaran
Jacquelyn Sims
Jim Smith
Lynette Smith
Shaheed Smith
Hilary Sohn
Michael Bright
Warren Broadnax
Sara Brook
Buddy Broyles
Julie Porter
Catrina Pullum
Wen Qin
Milton Quinn
Jenna White
Falecia Wilson
Jeremiah Wing
David Wood
Natalie Alexander Marlena Norris Amy Treciokas Heather Di Pietro David Buchs
Ann Brennnan Sho Tasaki Barb Smith Bill Spohn Karen Bruno Courtney Radloff Kristen Wray
Patrick Alexander Clara Olguin Reginald Uy Camille Blair Kevin Dovel Lisa Burns-Rawlinson
Tyeisha Bright- Michelle Tenzyk April Smith-Hunziker Janet Stechman Alison Bryant Rudy Ramkissoon
Prince Ali Kimela Overstreet Jill Bommarito Nathilee Caldeira Rebecca Yates
Jeanna Van Jones Kyle Elworthy Leith Ter Meulen Bill Snow Billie Bryant Schultz
Daren Bossenberger Lynette Stevenson CV Rao Corinne Zinn
m rp
Carolina Alvarado Ebbie Paarsons Rensselar Camisha Farris Carlton Campbell Ebony Burks
William Brown Raj Thakkar Jacquie Sopko- Natasha Strother Michelle Ray
Claudia Alvarez Nancy President Letty Velez Ed Brabandt Steven Fricker Jennifer Carey Crolius Virginia
Dennis Brown Leland Thomasset Omaima Talouli Rainee Busby Ebbah Realzola
Juan Aristizabal Normanie Ricks Melissa Villanueva Chevelle Brown Bradley Carney Narjis Ali
Kenneth Bryant Jenny Fulton Marcy Tiberio Anita Spencer Helen Callier
Banks already treat small businesses as risky borrowers, and we are concerned that the new calculations Edward Au
Krysten Bacan
Suzanne Batlle
Russell Seifert
Sherolyn Sellers
Ashley Small
Jason Volmut
Brian Warling
Knitasha Washington
Juliana Buonanno
Margo Burr
Jerome Brown
Tarolyn Buckles
Don Button
Artis Galbreath
Patrick Godwin
Lisa Higginbotham
Mark Casaburi
Roy Castro
Dominic Catalanotto
Jorge Urgell
Anthony Vigilante
Vanessa Spicer
Tonya Stalnaker-
Tiggett
Patricia Tawadros
Kristina Taylor
John Thain
Tameika Campbell
Debra Capko
Brent Reaves
Paul Richardson
J. Antonio Rico
Ronnie Allon
Victoria Armstrong
Vanit Arora
David Carberry Wei Wang MaryLynne Ed Riefenstahl
Laura Bebchik Gary Smith Brenda Wheeler Anthony Byson Irma Cedeno Verdon James Stocks Ellen Thompson Cappelletti Reena Bhatia
Barnett Carroll Christopher Hofer Jason Watt
in this proposal will make borrowing costs unaffordable and capital inaccessible. Jennifer Behar
Gretchen Berger
Kelly Berry
Zena Smith
Jemel Smith
McKieva Sullivan
Sari Wiaz
Marcus Woods
Indiana
LaDell Carter
Todd Chaikin
Julie Callaway
Regina Campbell
Mashell Carissimi
Kathryn Hubicki
Robert Jacik
Cherelle James
Gianna Cerbone
Soyini Chan Shue
Kalyn Chandler
Graham Webb
Orah Weisberg
Julie Sumner
Grace Sweeney
James Talton
Ian Toner
Paul Tramo
Karen Washkalavitch
Alfonso Caro
Beverly Carroll-
Wilson
Danielle Riley
Henry Riojas
Matias Rios
Pieta Blakely
Rudolph Burwell
Bill Butcher
Gerard Charlot Sonya Weisshappel
co Fo

Jarbas Beznos Markela Taylor Cindy Dunston Quirk Virginia Caruso Pauline Charles-Ajim Bridget Thibeault Yvette Watts Susie Carter Maria Rios Denise Cagan
Edwina Clark Rachelle Latimer Jamar White
Nimesh Bhavsar Kitson Walker Robby Hieser Daniel Cascardo Frank Chau Rhoni Thompson Jeanne Weber Nubia Casler Jolene Risch Christopher
Tisa J.D. Clark Sharai Lavoie
The timing of this proposal couldn’t be worse. In fact, the Federal Reserve acknowledged recently that the William Bishop
Brian Butler
Dominique Cagle
Connie Watson
Don Wright
Anashay Wright
Danny Portee
Mike Smith
Mylese Tucker
Bernadette Clay
Rosemary Cook
Christopher Casteel
Katie Chambers
Joe Cherluck
Kevin Leibel
Nicole Littell
Siamanda Chege
Shaokao Cheng
Nadine Cino
Kymme Williams-
Davis
Rachel Winard
Molly Thompson
Karen Thompson
Michele Timmons
Pete Windle
Kevin Wong
Jameel Worthy
Shaun Castillo
Martha Ceballos
Lisa Chappell
Dr. Roy Rivera
Thayne Robbins
Richard Robbins
Campagna
Shantell Chambliss
Thomas Chappell
James Courtney Gabriela Lowry Jess Winstanley
Mike Cantave Guam Kansas Robyn Childers Aeon Clark Howard Titlebaum Chris Young Deshonda Charles Guylene Robertson Mo Choumil
Femi Dada Nathan Masters Wendy Wollner
share of households reporting that it is harder to obtain credit today than one year ago hit a new high in Michelle Cappello
Charles Caravella
Jaime Cardona
James Paulino
Hawaii
Stacey Katakura
Juan Luengo
Sharon Auck
Karen Crnkovich
Candi Dailey
Brian David
Jessica Cobb
Betsy Cox
Joanne Czerny
Megan Metzger
Renate Moore
Glenn Coyne
Glen Cutrona
Maria Davalos
Scosha Wooldridge
Janneh Wright
Helen Todd
Ronda Toth
Dr. Karen Townsend
Morris Zimmerman
Puerto Rico
Ernesto Abruña
Anne Chee
Claire Chiappetta
Ed Christmas
Angela Robinson
Mary Robinson
Lelia Rodgers
Afford Coleman
Kathy Dalby
Jorge De Casanova
Ken Davis Michelle Nelson Kobi Wu
Pilar Carvajal John Speed Sara Croke Anna Dancy Lynda Decker Josh Troche Gustavo Antonetti Brandon Clark Jaime Rodriguez Kevin Deely
Dominick Davis Lori Pasewaldt Tony Yang
August. According to our September 2023 survey, Robert E Chisholm
Joseph Clarke
Kishon Clayborne
Dustin Verity
Iowa
Vicki Ailey-Roberson
Travis Lindemoen
Steve Rands
LaFarris L. Risby
Malcolm Day
Daniel Deal
Ashley Danto
Cynthia Davis
Lesley Delgado
Fabi Preslar
Clay Reale
John DeLisa
Greg Demetriou
Jessica Denis
Barbara Yanuck
Angela Yeh
Jodi Turk
Chris Tywon
Michele Uber
Frank Arenal
Alberto Arroyo
Dario Ayala
Jacquelyn Clayborn
Rhonda Conces
Tara Cooper
Maribel Rodriguez
Joseph Rogers
Patrika Romano
Maria Elizabeth
Cecelia Evans
John Finn
Stacy Derrick Joellen Reichenbach Vilma Yel
Corey Clive Jorge Amezcua Laura Schmidt Brynn Dietz Mark DeRosa Diane Ullemeyer- Dan Bigman Angela Coreil Lamar Romero Jim Fitzgerald
Michael Dicea Kreig Robinson Louis Yeung
Salvador Cohen Stacie Anderson Kentucky Delphine Drake Aliou Diallo Trimbath Roberto Bonilla Matthew Cree Steve Rudin Mike Fogarty
Gary Ditto Evelyn Sanders Yasmine Young
Fabrizio Colombi David Beise April Hayes Loretta Dubray Jordan Diatlo Richard Upton Eduardo Carbonell Rebekah Crosby Olumide Samson Mindy Godding
Aisha Dorn Keisha Saunders Leticia Young
John Connell Barry Bonner Cathy Lindemann Juan Carlos Karen Dindial Amy Vaughan Luis Costas Jonathan Crumbley James Santamaria Darryl Green
Kimberly Shaw
› 84% of small businesses are concerned this proposal will negatively impact Marizza Contreras
James Conway
Jonathan Cook
Leslie Brant
Andrea Broesder
Bill Brown
Pam Marshall
Gerald Perry
Kyle Robinson
Kim Dow
Jonathan Draughn
Nakeia Drummond
Dueweke-Perez
Devin Durrell
Sean Duval
Margaret Stephens
Bernette Stivers
Fatou Diop
Karen DiPeri
Nick Zagalis
Leslie Zarra
Marialisa
Christopher Vincent
Pattie Wagner
Jackie Walsh
Yeidy Cruz
Juan del Pino
Antonio Gonzalez
David Crumley
J Cruz
Ui Culbertson
Heather Sasser
Hugo Scala
Jennifer Scott
Tracy Gregorio
Jacqueline Grice
Marjorie Edmonds Bridget B. Sullivan David Dukoff Zywotchenko Subosu Guruju
Angela Corbett Adam Cameron Mike Wilson Colleen Farrell Nicole Dumas Kathy Warnick Glorielisa Gonzalez Jennifer Cumpian Robert Selders, Jr.
Mary Tantillo Ohio Ramon Hardy
their ability to access capital in an already difficult market, Kevin Curran
Sarah Davidoff
Melissa Carlson
Ronald Carrillo
Louisiana
Alexander Adamick
Kristian Edwards
Shadeed Eleazer
Marja Farrow
Kurt Fillmore
Steve Thomson Allison Dunn Marsha Adair Thomas Wasinski
Jenny Watts
Michelle Harris
Helga M. Pineiro
Sumit Dalwadi
Suzanne Daniels
Shane Selman
Paula Sharp
Angela Harpalani
n-

Elise Elfman Guillermo Vega Zoe Dunn Nicholas Akers Merthia Haynie
Fernando De Los Steve Casteel Mindy Nunez Airhart Randy Finch Neena Dutta Tracey Watts Cirino Oscar R Flores Chanel Christoff Renee Sharp
Kimberly Ellis Matthew Villmer Rafael Alvarez Kevin Hodges
Santos Ann Crowner Eric Amerland Paul Gabriel David Webb Hector Ramos Davis Monica Shaw
Falar Fatmi Jennifer White Jaime Echt Jeffrey Ardo Julie Hoyte
Eduardo De Vega Brandon Dahms Luis Arocha Regina Gaines Simon Weiner Lionel Raya Deon Davis Evalyn Shea
Hannah Wood Darlene Edwards Nicole Armstrong
› 76% said not being able to access affordable capital has negatively impacted their Vivian Del Olmo
David Delancy
Alexander
Michelle Declerck
James Deeds
Perlla Deluca
Norris Babin
Luciana Baldwin
Dustin Bennett
Christina Fitts
Katoshia Ford
Angela Fray
ShaWanna Gajewski
Pete Garcia
Jamie Garrison
George Xouris
North Dakota
Blima Ehrentreu
Monika Elling
Yolanda Armstrong
Nabeel Athar
Daniel Weiss
Bob Welsh
Yari Rivas
Francisco Rodriguez-
Castro
Erica Davis
Thomas Deason
Greg Den Herder
Keritan Shelby
Heather Sholl
Karla Silva-Alderete
Gwen Hurt
Thomasina Ivy
Tiffany Jana
Clarence Oberry Dara Epstein Kristen Bailey Qian Wen
Demeshkin Neal Freed Clark Gill Alexander Rojas Lisa Dennis Alan Simmons Viren Kapadia
Wahneta Dimmer Marc Berard Jr Nebraska Shabbir Ezzi Rob Wentz
no

business, and Renata Deweert

Leyanis Diaz
Jonathon Diego
Ognadon Djagou
Lewis Eaton
Charlotte Edilson
Joey Billiot
Richard Borne
Dwayne Braud
Gail Furman
Hazel Geary
Christina Generie
Jason Gittinger
J.D. Givhan
Rebecca Gloe
Monique Farmer
Tanya Luken
Rhonda Feinman
Sojey Fernandez
Bill Baraona
Cindy Barber
Michael Barkley
Brian West
Ethan Whitaker
Roberto Ruisanchez
Carlos Ruiz
Carla Sanchez Silva
Charnella Derry
lizzette Diaz
Christene Dino-
Tiffany Simmons-
King
Katherine Singleton
Anil Karmel
Francisco Klein
Jake Kouns
Michael Mitilier L.J. Finney Denise Bartick Cheryl White
Valecia Dunbar Amanda Gianotti Paula Grandon Adolfo Santana Hobbs Kelly Smith Adam Levin
Tracy Erlandson Karl Bubrig New Hampshire Brent Fleisher James Wiegand
Jason Duprat John Gilmore Ian Grant Lisa Basham Guaili Sosa-Pascual James Dixon Terry Smith, Jr. Crystal Mario
Kevin Erpelding Mizell Campbell Dina Akel Laura Forer Icy Williams
› 73% said rising interest rates are having a negative impact on their business. Betsy Earle
Hasina Echoles
Larry Edoff
Katie Fergus
Sue Gehling
Christopher Cantrall
Daniela Capistrano
Ricardo Givens
Carlos Greenwood
David Gregory
Marie Groom
Joan Haakonstad
Chanel Hampton
Peggy Ames
Russell Aubertin
Clifford F. Franklin
Jessie Freschl
Carl Bauer
Makeysha Baylor
Kelly Beaudoin
Terrence Williams
Helaine Wilson
Carmen A. Torres
Rhode Island
Jacqueline Alvarez
Walter Dobson
Crystal Dobson
Shawn Dollar
Patty Sobelman
Cindy Son
Deborah Sopher
Georgie Marquez
Tamika Mason
Ellen McIlhenny
Claudia Grubb Melissa Carollo Noah Behrend Sam Friedman Chris Wisbar
Ari Eryorulmaz Bill Griffith Felicia Harris Ben Bebenroth Helen Andromalos Kimery Duda Regina Spencer Matt McMurray
Michele Grudzinski Edward Carrick Alex Bellman Katherine Fuchs Mark Wolanzyk
Leslie Excell Leonardo Guevara Patricia Harrison Lachelle Bender Akos Antwi Dianah Dulany Connie Stanger Holly Miller
Jen Haywood Alan Cassell Suzanne Boire Lynne Fuentes Amy Wong
Charlie Exelbirt LaTonya Hall Leigh Harter Ramana Bhavaraju Peter Archambault Brian Duong Scott Sterrantino Morgan Montgomery
Amy Heinen Chad Chancellor Celeste Burns Jay Fund Leslie Wyman
Tim Farrell Brian Hammond Adrienne Hazel Amy Bohnsack Ehab Awad Monisha Edwards Todd Stoner Frederick Moore
Eric Heininger Conrad Chura Karim Chichakly Noelle Zamudio
Entrepreneurial risk-taking is something we should always value and protect here in America. Pablo Ferrer
Mason Fox
Angelina Garcia
Aryn Henning
Nichols
Darian Clark
Kyle Clements
Richard Hanks
Dr. Himide Hardy-
Pointer
Veronica Hernalsteen
Christy Howden
Cheryl Hudson
Sheila Chittum
Michael Cinquino
Mark A. Gajowski II
Bob Gallagher
Daniel Garcia
Kristen Boone
Brad Borne
Roberta Brennan
Ian Zeigler
Oklahoma
Zeena Barbarita
Savannah Barkley
Charles Barone
Edem Ekene
Debbie Elder
Alan Elliott
Scott Strait
Robin Sturgis
Dave Sue
Amy Morris
Petter Nahed
Gayle Nicholas
Tom Holtz Kimberlee Collins Dylan Cruess Conrad Gardner Shavonne Grundy
Mario Garcia Jeff Hargrave Kyle Huntoon Kathy Bush Mark Bevington Scott Ellis Adil Sumdani Staci Redmon
Jennifer Ingledue Amanda Conger Kevin Crump Charles Gardner Josh Kunkel
Yolaris Garcia Theresa Harrison Yvette Jenkins Jim Byers Ricardo Blancas Maria Escobar Michael Tamez German Reyes
Jim Jensen Darryl Cortello Holly Daigle Adrienne Garland DK Norris
Jennifer Gatza Theresa Haywood Gwen Jimmere Annette Cale Mark Blanchard Yareli Esteban Jessica Taylor
Jean Jones Christina Couvillion Ami D’Amelio Eden Gebre Oregon Desiree Reyes
Marlow Henderson Leslie Jones Corey Campbell Matt Bodziony Carlos Estimbo Oscar Taylor
Delphine Gervais Heidi Kaisand Ronny Daigle Janette Desmond Egziabher Amanda Bedell Nate Reynolds

We are asking the Federal Reserve to allow us to remain

Chris Hill Frank Jordan Denise Carkhuff Melissa Bouchard Gwendolyn Evans Stephanie Teetes
Blanca Gil Gary Kaufman Robert Daspit Heather DeWitt Josephine Geraci Josiah Dean Nikki Rogers
Frederick Hill III Minerva Kalasho Jan Carpenter Thomas Bucci Cynthia Facundo Psyche Terry
Rafael A Gomez Lisa Lantz Lacy Davillier Rhonda Farrington Stephen Gilman Don Emerson Julie Rothhouse
Clare Hines Tarek Kanaan JIll Cavano Candida Castillo Wendy Fahle Andrea Thomas
Rafael Gonzalez Ed Leighton-Dick Courtney Davis Suzanne Foley Andrew Goldin Deborah Field LaJuanna Russell
Joni Holifield Mikhail Karasev Oreste Cerilli Gloria Chacon Amber Ferrell-Steele Cherrie Thompson
Daniel Gonzalez Katherine McClure Anna Detiege Daniel Guide Alecia Grant Aimee Iverson Michael Sands
Robin Holmes Shelley Chornak Maria Chiancola Saib Feyisetan Mary Thorn
Victor Gonzalez Brandon McMann Larry Dillon Dorethia Kelly Eva Ilg Susan Green Bryce Morrow Herbert Watson
Rosalind Holsey Seena Chriti Chris Fichaud

competitive and forward-leaning.

Galeano Becky Montgomery Marilyn Doucette Gary Kimmen G. Greene Thomas Pool David Cotter Ira Tiffenberg Dokmai Webster
Maurice Honeyblue Nancy Kennedy Shanisha Collins Mark Fisher
Isaac Goren Thomas Mulholland Terri Dreyer Bill Kincaid Kathrine Gregory Lawrence Robbins Aracely Cuevas Jeremy Tillman Tristan Wright
Mark Howie Jeff Klaubert Dawn Cook Bonnie Fleming
Djenane Gourgue Cheryl O’Hern Jeremie Ertle Sean Kinkaid Karl Griffith Thuy Tran Joseph DePena Irsan Tisnabudi U.S. Virgin Islands
Alicia Hurtt Sean Kline Oona Cooper Kim Flood
Lexi Goza Sara Poepsel Rhonda Findley Jason Kleinberg Marissa Gurdian William Willitts Bacary Diatta Fiona Tolunay Christopher Slodden
Heather Iliff Mary Kling Jeanette Cox Kelly Flowers
Dan Grech Jenny Quiner Lauren Fink Kenji Lemon Rhonda Wrobel Yanko Diaz Chandra Topps Washington
Tom Ingegno Danya Landis Patrick Hall Allison Craig Keith Fluellen
Mary Griffin Kenya Rocha Adrienne Folse Sandy Levine Pennsylvania Peter DiStefano Viet Tran Erin Andrews
Pat Isaac Alisa Lawrence Kelley Hardwick John Croxton Dionne Ford
Lisa Hannon Jonathan Sabin Cymande Ford Maureen Levy Quaiser Abdullah Jim Dowd Charles Tran Colleen Bonniol
Bergina Isbell Jennifer Legere Kyira Harris Lea Culver Ashley Ford
Darlene Hart Tiffany Scovel Nick Galiano Wendy Turner Lewis Matthew Abraham Ana Duque Brittany Traylor Mari Borrero
Laura Hart
We ask you to consider the consequences this rule might have on our ability to access capital and Kevin Haweny
Edward Haynes
Irvine Headley
Paris Springer
Jenny Steffensmeier
Elizabeth Gambel
John Giangrosso
Debra Jackson
Dawn Jackson
Nicholas Johnson
Chandra Lewis
Leron Lightfoot
Zach Luse
Jerzy Markowski
Toutou Marsden
Jennifer Hawkins
Joseph Heaney
Daniel Cyphers
Rina Dabramo
Todd Daughenbaugh
Singh Ajmani
Damaris Alvarado-
Rodriguez
Heidi Durand-Lenz
Gary Eldridge
Rebecca Ernst
Elbery Fox
Daris Frencha
Nancy Galvan
Deborah Trevino
Marisol Trevizo
Kim Tweedel
Rosemary Brester
Martina Brimmer
Caleb Thomas Ronald Graci Andrea Livingston Matthew Mercier Philip Hecht Teresa Carew
Gwendolyn Johnson Louis DeCuzzi Victor Garcia
Orlando Hidalgo Sheri Tyrrel Kristie Graham Kathleen London Maria Alvqre Peter Evangelista Ian Uriarte Lisa Case
grow our small businesses. Darryl Holsendolph
Richard Hopper
Ana Paula Ibarra
Troy Van Beek
Timothy Walker
Lettia Griffin
Douglas Griffin
Kali Jordan
Debra Keller-Greene
Phil Kendall
Molly MacDonald
Adrianne Madias
Shira Nafshi
Dan O’Neil
Darryl Parker
Andee Hidalgo
Karin Holm Torres
Taryn Hughes
Tim DeHart
Sharon DeLay
Ron DeLyons
Ruth Andolsen
Andre Andrews
Jude Arijaje
Stephanie Ewens
Lexus R. S.
Fernandez
Jose Garduno
Mike Gibson
Tami Gilmore
Jan Van Blarcum
Daniel Vasquez
Amelia Cook
Andrea Evans
Rosie Witherspoon Robert Guercio Cheryl Maher Ashish Patel Gregory Hullstrung Cara Vasquez Brett Farrington
Lorna Kerr Kathy Dise Brian Fitzgerald Terence Gomes
Kevin Jans Illinois Michelle Gw Gordon Mahrle Evren Asral Naomi Venters
Beatrice Key Cyndi Paulin Taryn Hunter Sandra Dougherty Alex Gomez Mathew Heggem
Patricia Johnson Justin Ahrens Sherri Hansen Curtis Manuel Sheryl Axelrod Susan Freda Patricia Vice
Khalid Khalifa Mark Rebillard Robin Insley Michael Duhr Elisabeth Galligan Mari Gonzales Kate Isler
Joshua Jones Ulises Alanis Frances Harris Frank Marino Hector Ayala Vince Vittatoe
Kristian Knight-Miller Tiffany Remy Debra Inwald Sheila Dunn Cynthia Gerlach Jorge Gonzalez Robert Kaplan
Eric Klein Rosanne Andersen Brittney Hawkins- Felicia Maxwell Jeffrey Babich Paula Warner
Dorothy Kolb Joshua Robinson Christine Ippolito Jr Dutton Jonathan Glatt John Gonzalez Jeff Lewis
Christina LaBuzetta William Anthony Dobard Melissa McClary Michael Badial Joshua Warren
Menelaos Kotsis Karen Steuer Gary Ireland Pamela Ellis Tracy Glover Stephanie Graves Ann Long
Fatima Lalani Mary Aregoni Ebony Holmes Davis Ebony Baggett Von Washington
Veronica Lane Clyde Waite Ana Ivkosic Michael Epstein Nikki Groom Geoff Green D. Cory Markham
Juan Lara Jovita Baber Jason Horne Joe McClelland Nikisha Bailey Elizabeth Watkins
Gloria Larkin Roy Whitaker Gloria James Robert Euerle Cassandra Gabriel Miles
Lori McColl Evelyn Guillen
Signed, 3,000+ members of the 10,000 Small Businesses community, including:
Lourdes Leon Diane Beaulieu Maritza Hyde Arijit Banerjee Greenfield Lorie Welch
Theresa Leatherbury Andrew White Weena Jerome- Ken Fanger Lynn Hall Chelsea Minola
Jennifer Levine Rebecca Berneck Alice James David McFadden Alexandre Valonda Banks Patricia Greenfield Errin West
Max Lents Rhys Wyman Saidah Farrell Sonja Haviland Keith Mourer
Jamila Little Shaunna Bobrow Earnest James Don McNabb Jessica Johnson- Erin Bause Shanquita Greggs Bruce Whitlock
Frank LeQuang New Jersey Gary Feldman Efren Hidalgo Ryan Porter
Darielys Llanes Nick Bowers Iris Jimenez Sharon McRill Cope Cassandra Bennett Von Griggs Richelle Whittaker
Stephannie Addo Vanessa Rogers
Andrea Lowe Renee Bradford Kevin Johnson Sr Laurie Lessans Jason Meddaugh Jennifer Johnson- Liz Field Jennifer Bennett Daniel Jame Stacey Gros Carol R Williams
Alaska Benji Sawyer California Jennifer Bermudez Norwood Clark Feleciai Favroth Ana Henton Nick Kretz Robert Meltzer Connor Olson Alan Razzaghi Andrew Sapienza Alexandra Valencia Susan Adelizzi- Jill Rohrs
Brittany Madon Nikki Bravo Sonjia Joseph Tiffany Lewis Jess Minnick Schmidt Kuhn Steven Flaughers Robert Borenstein Amar Kapadia Danilo Gutierrez Greg Williams
Stephanie Millane Anwar Shahid Lee Abair III Perez Lorena Cobian Sheryl Flynn April Hicks Rosanna Kvernmo Elizabeth Mendez Thomas Olszewski Kathryn Reynolds Charlie Schaffer Antonette Vanasek Michelle Rupp
Minaz Manekia Andrea Brookins Anita Kennedy Johnathan Lightfoot Rosemary Moore Elvin Ames Niki Jones Larry Fluharty Maureen Mary Jean Keany Sharon Hairston Tammie Williams
Alabama Aleia Shipman Reza Ahangi Liliana Bernal Don Cole Thuy Fontelera Ramon Edrick Hilario Ronald Lane Ricky Mendoza Genevieve Pacana Barbara Richardson Daniele Semeraro Reena Vaswani Bipin Sharma
Natalia Manrique Michael Bryant Brian Lankau Francene Lobban Jane Morgan Jessie Apple Ramiro Juarez James Forbes Borzacchiello Kodi Keith Annie Hall Jamie Williamson
Michelle Crowe Leigh Spencer Imelda Alejandrino Dhyanesh Bhatt Jason Coleman Denise Ford Charles Hill Dulyavit Rod Mitchell Benjamin Palmer Thomas Ridley Ashita Shah Brian von Kraus Diane Skwiercz
Arnaldo Martinez Neil Buchelt Lola Lass Patty MacCrory Raymond Moulden Ora Assayag Leonard Kaplan Steve Garcia Barbara Bosha Vennicia Kingston Fabiola Hamer Grapeson Wilson
Chanda Crutcher Brandyn Ulmer Rashad Aliyev Jit Bhattacharya Gary Collier Don Franken Susan Holguin Laothongdee Carrie Mizera Andrew Park Jan Rippingale Michelle Shipmna Edmund Wallace Laurie Spivack
Edgar Martinez Marylee Bussard Minny Lavelle Theresa Marable Christian Mura Joanne Balady Bella Karakis Sylvia Garrett Beth Brodovsky Mark Lacz Debra Hammett Kate Windsor
Jonny de Jong Darlene Wilson Allison Allain Mike Bilodeau Denise Cooper Amy Frederickson Lia Huber Randy Larsen Nasrin Moghadasian Greg Parker Rey David Rivera Hugo R. Sibrian Patricia Watts Art Stone
Andres Martinez Alex Cabrera Nikki Lee Sandra Marley Kimle Nailer Giovanni Barone Natalie Karp Kurt Geis Vicki Brown Jennine Laundon Kelly Hammons Desiree Wineland
Dr. Jevonnah Ellison Arkansas Luis Alvarez Mike Borders Lyn Corbett Mirland Freeman Ben Huynh Wendy Li Joyce Moller Bryan Pate Esther Rodriguez Michael Simanian Ian Marriott Meir Ginsburg Michael Brown Oscar Leiva Ming-Ming Tung-
Oren Weintraub Tom Mauri Mark Campbell Andrew Legrand Larry Najjar Kamal Bathla Victoria Kaverina Shawna Harris Bonnie Wnenkowski
Jacquie Fazekas Chris Hampton Bobby Ameen Karrye Braxton Courtney Cowan Kim Fuller Ronda Jackson Wade Lindsay Tony Molnar Jay Patel Elena Rojas Sean Sloan Kier Marshall Meghan Navoy Steven Golden Krista Burkey Sean Lennon Edelman
Jason Wenneberg David McLeod Diana Canto-Sims Gregory Leighton Michele Bessey Dawn Kelly Leslie Hassler Amber Womack
Laurie Franklin Sally Mengel Robin Anderson Gina Brinegar Lauren Crabbe Eddie Garcia Jeff Jeannette Leti Llamas Da Minal Mondkar Terrence Payne Tamara Romeo Brian Smith Gabriel Martino Deana Neely Theresa Gorski Aaron Camara Michael Leshinsky Julie Valdez
Conceicao Amy Wenslow Winnifred Sharie Carter-Bane Anne Lloyd Madison Blauth Azra Khalfan-Kermali Russell Hayward Mary Wood
Laurie Heard Arizona Lori Anding Robert Brower Sidney Cramer Kyle Geers Jerry Jen Roney Monteiro Nancy Pena Anita Ron John Song McPherson Christina May Rita O’Brien Janet Gosche Fergus Carey Khadija Lewis Khan Daniel Volkert
Robert Williams Kurt Casas Sarah Lopez Daniel Bower Erika Kliauga De Kristen Heaney Amy Wood
Jacqueline Jones Ciara Bennett Elizabeth Apodaca Sharon Brown Merv Cutler Asghar Ghassemy Shaffin Jinnah Nick Logan Kamran Moradi Linda Pesner Carmela Roth Michelle Stevens Connie Mazur Al Grajzl Barbara Casey Tony Lopez Erik Walum
Catherine Williams Milagros Mendez Jerry Cichon Sandra Lovett- Kristin Ostrander Ibrahim Branham Gorter Angelique Henry Lanorah Woodhouse
Carita Koen Rodney Brown Illary Archilla Lynnelle Bryant Jennifer Davis John Gianos Pat Julien Sonia Lopez Lisa Moss Craig Petorella Mike Rotolo Apryl Stewart Claudia Mendoza Brendan McCluskey Bryden Patenaude Cori Kopke Beth Grayson Chad Chalmers Minnie Luong Sally Young
Janet Winter Denise Cody Tillman Nicole Brown Aliah Henry Steve Worrall
Hartnel Lambert Rodney Brown Dana C. Arnett Trent Bryson Joe DeLorenzo Andrea Gillespie Sofia Kaman Lisa Lowe Bobby Mullins Virginia Pina Schenae Rourk Naomi Stone Susan Minaya Scott Lovitt David McDonald Sandra Patrick Delia Kosowicz Tracy Graziani Joon Choi Victoria Malchar Wisconsin
Blaschke Lester Coleman Shelly Bryant Diva Herazo Lisa Zahn
Kim Lee Mary Darling Anthony Arredondo John Burnett Mary Veronica Diaz Greg Gordon David Kartsonis Dretona Maddox Jeff Nazar Denise Pines Amy Rowland Gabriella Strauss Carolina Molea Calvin Magee Eula McDowell Thomas Pavlak Lynne Lambert Monica Green Ann Colley Justin Mann Ayla Annac
Dawn Wood Elizabeth Colon Peter Carlyle Dave Hess Barbara Zuluaga
Ricky Lightcap Mark Hawks W. Paul Austad Jen Buzza Candice Doi Holly Grzywacz Paul Kartsonis Shobha Mal Ian Nelson Charles Platon William Rupert Daphne Subar Michelle Molina Sharon Mahne Iman McFarland Justin Payne Lisa Larson-Kelley Donald Gregory Paul Collins Craig Marr Traci Austin
Nathan Woodard Nicole Connelly Michele Christina Brad Hickerson Utah
Janice Malone Jennifer Ingram Leisa Austin Mike Camorlinga Matt Doll Steve Guillen Melinda Kearney Susan Mall Genail Nemovi Richard Ploss Linda Russell Dario Tobia Janet Moreira Dorothy Coyle Renee Manfre Aaron McNeil Thomas Pelon Ellin Lavar Melanie Guzzo Maily Cunningham Meredith McBride Bart Adams Sarah Best
Cassandra Woods Allyson Michael Holmes
Gregory Minard Greg Johnson Vyria Aviles Ginger Campbell Brenda Duarte Anita Gupta Harry Keller Tommy Martinez Kim Ngo Judy Pokonosky Marcy Rye Paul Tomita Miguel Mundarain Danielle Daidone Derrick Martin Andre Mellerson Lazet Pelzer Christoffersen Ramel Lee Terry Hamilton Suzanne Curran Samantha McCarthy Heather Amann Paul Bothe
Debbie Wooldridge Michael Homma
Brandon Morris Tom Loegering Payam Ayazi Bernadette Michael Duddie Vik Gursahani Catherine Kelly Robert Masseth Vernon Nickerson Gwynne Pugh Neetu Sadhwani Mark Tompkins Chris Niemeyer Tom Decker Dalia Matheus Henry Mere Brian Perrone Patricia Claybrook Chung H Lee Serena Harragin James Davie David McMullen Bryan Howell Kevin Anderson Tony Ehrbar
Jimmy Morris Jr Kevin Maldonado Lara Azzam Capulong Jose Duenas Jose Gutierrez Nish Kharod Matthew Mazerik Enrique Nikutowski Heidy Pulido Stephanie Sala Mellissa Tong Eddie Yau Trina Oropeza Norma Jean McClain Christopher Metting Amy Peterson Leslie Levin Nilsson Kristen Harris Natalia Dittmer Kristine Merz Laura Gallagher
Meggan Dickson- Josephine Coleman Sharita Humphrey Tessa Arneson
Jose R. Rivera-Cruz Chau Nguyen George Baker Nathan Carrasco Alyson Dutch Nora H Wanda Kidd Johnson Lynn McComas Lisa Norman Krizelle Pum Berwyn Salazar Jesse Torres JC Yeh Xaid Owen Grennan Brad Mcgehee Tracie Mitchell Paulina Petkoski Delroy Levy Anne Hartnett Tavis Dockwiller Susan Mocarski Kade Ashley Lori Highby
Tim Collins Nasha Hunter
Selena Rodgers Kandarp Patel Angelique Barnum Hugo Castro Charles Elias Nadia Haddad Scott Kim Robert McConnachie Michele Ocen Michelle Pusateri Ali Salman Sandea Tribby Brad Yochum Steven Pajevic Jennifer Didier Geoffrey Meeker Tammie J. Monaco Chris Plum Kate DeStefano- Gordon Little Sean Hearns Marc Domingos Victoria Moutahir Mohamed Hussein Alexandre Bartolo Andrea Hill
Dickerson Barbi Reuter Thomas Bell Jennifer Charles Joan Escover Caroline Hagerty Scott Kim Jack McCubbin Kei Okumura Marcos Quezada Vanessa Sanchez Deborah Triggs Elyce Zahn Sheldon Pearce Jamie DiGrazia James Moak Sharon Moore Michelle Potas Torres Eric Lituchy Donna Heffernan Kerry Dowd Shane Myers Christine Hyde Satya Bathula Tim Nyberg
Mike Rogers Susan Walker Michael Bellavia Lighter Chen Brian Espinosa Matt Hall Richard Klein Paul McKinney Emilio Olguin Lou Ramondetta Ruben Sandoval Eric Tseng Mu Zhang Ariel Pedrosa Dr. Theresa Dixon Steven Mora David Morley Kisha Quinn Jonas DeVita Laura Londin David Hegenbarth Dr. John G Duesler Jr. Laurie Neronha Jimenez Kerry Bayles Stephen Utech
Autumn Sanders Caroline Wesnitzer Ilyana Benson J. Chun Lana Farfan Mike Hedges Cheryl Kline Ivonne Meader Chris Olsen Melissa Rayner Ronald Santos Ashu Upa Ruogu Zhang Joanna Petri Sierra Dockery Meagen Moreland Tami Mullen Stacey Rackham Vinit Dhruva Raymond Lou Jessica Heid Terry Fetterman Jeanette Numbers Solomon Inikori Daniel Benites Ebony Whitson
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Monday, November 13, 2023 THE WALL STREET JOURNAL.

CLOSED-END FUNDS
Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo 52 wk Prem12 Mo
measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl Fund (SYM) NAV Close /Disc Yld
number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not BR Credit Alloc Inc BTZ 10.81 9.51 -12.0 10.9 PioneerMunHiIcm MHI 8.94 7.66 -14.3 6.2 AFA Private Credit;Inst NA NA NA 9.1
buy their shares back from investors who wish to cash Gab Utility GUT 2.79 5.57 +99.6 -3.8 Insight Select Income INSI 16.52 14.92 -9.7 5.2 Putnam Mgd Inc PMM 6.07 5.57 -8.2 6.3 Lord Abbett Spec Sit I:A 9.04 NA NA 11.2 Alternative Credit Inc:A NA NA NA 7.1
in their holdings. Instead, fund shares trade on a stock
exchange. NA signifies that the information is not GAMCOGlGold&NatRes GGN 3.72 3.65 -1.9 12.1 J Han Income JHS NA 10.16 NA 4.2 Putnam Muni Opp PMO 10.42 9.57 -8.2 5.8 Lord Abbett Spec Sit I:I 9.04 NA NA 11.9 Alternative Credit Inc:C NA NA NA 6.4
available or not applicable. NS signifies funds not in J Han Finl Opptys BTO 24.75 26.19 +5.8 -20.9 MFS Intmdt MIN 2.84 2.62 -7.7 0.0 RiverNorth Flx Mu Inc II RFMZ 14.59 12.48 -14.5 9.0 Variant Altrntv Inc:Inst 29.46 NA NA 9.1 Alternative Credit Inc:I NA NA NA 7.4
existence for the entire period. 12 month yield is
computed by dividing income dividends paid (during Neuberger Brmn Enrgy I&I NML 7.65 6.60 -13.7 5.4 Western Asset Inf-Lk Inc WIA 9.05 7.99 -11.7 14.3 RiverNorth Mgd Dur Mun I RMM 15.32 14.14 -7.7 8.7 Variant Impact;Instl 28.17 NA NA 12.2 Alternative Credit Inc:L NA NA NA 6.9
the previous 12 months for periods ending at month- Neuberger Nxt Gen Conn NBXG 12.61 10.60 -15.9 17.2 Western Asset Inf-Lk O&I WIW 9.74 8.39 -13.9 13.1 Western Asset Mgd Muni MMU 10.97 9.43 -14.0 5.0 Convertible Sec's. Funds Alternative Credit Inc:W NA NA NA 7.1
end or during the previous 52 weeks for periods
ending at any time other than month-end) by the NuvDow30DynOverwrite DIAX 15.38 13.40 -12.9 -7.5 Westn Asst IG Def Opp Tr IGI 16.53 16.02 -3.1 5.2 Single State Muni Bond Calmos Dyn Conv and Inc CCD 17.76 18.24 +2.7 -3.9 Angel Oak Str Crdt:FI 20.55 NA NA 8.1
latest month-end market price adjusted for capital NuvCorEqAlpha JCE NA 12.70 NA 6.0 Loan Participation Funds BlackRock CA Mun BFZ 12.20 10.56 -13.4 4.5 World Equity Funds Angel Oak Str Crdt:Inst 20.54 NA NA 8.7
gains distributions. Depending on the fund category,
either 12-month yield or total return is listed. NuveenNasdaq100DynOv QQQX 23.85 22.12 -7.3 2.1 Apollo Senior Floating AFT NA 13.04 NA 10.9 BR MH CA Qly Fd Inc MUC 11.73 9.92 -15.4 4.6 ACAP Strategic:A 17.23 NA NA 20.5 BR Credit Strat;A 8.66 NA NA 7.5
Source: Lipper Nuv Real Est JRS 7.52 6.48 -13.8 -14.0 BR Debt Strategy DSU 10.73 10.12 -5.7 10.0 BR MH NJ Qly MUJ 12.35 10.47 -15.2 4.7 ACAP Strategic:W 12.91 NA NA 21.5 BR Credit Strat;Inst 8.63 NA NA 8.3
Friday, November 10, 2023 NuvS&P500DynOvFd SPXX 15.77 14.41 -8.6 -9.5 BR F/R Inc Str FRA 13.17 12.01 -8.8 10.5 BR MH NY Qly MHN 11.20 9.48 -15.4 4.6 CalamosGlbTotRet CGO 9.66 8.66 -10.4 5.1 BR Credit Strat;U 8.66 NA NA 7.5
52 wk NuvSP500BuyIncFd BXMX 13.66 12.28 -10.1 -3.0 BlackRock Floatng Rt Inc BGT 12.79 12.02 -6.0 10.3 BR MuniYld MI Qly MIY 12.14 10.23 -15.7 4.6 Cantor Fitzgerald SI:A 9.93 NA NA -5.6 BR Credit Strat;W 8.66 NA NA 7.5
Prem Ttl ReavesUtilityIncome UTG 25.13 24.97 -0.6 -5.7 Cantor Fitzgerald SI:C 9.87 NA NA NS BlackRock Mlt-Sctr Oppty 65.53 NA NA 9.3
Fund (SYM) NAV Close /Disc Ret BS SFR 2027 T BSL 14.52 12.91 -11.1 9.9 BR MuniYld NY Qly MYN 10.84 9.15 -15.6 4.5
Tortoise Enrgy Infra Crp TYG 33.73 27.88 -17.3 -9.1 BS St Cr 2027 Tm BGB 12.44 10.94 -12.1 10.1 BlackRock NY Mun BNY 11.08 9.38 -15.3 4.4 Cantor Fitzgerald SI:I 9.93 NA NA NS BlackRock Mlt-Sec Opp II 67.92 NA NA 9.3
General Equity Funds Tortoise Midstream Enrgy NTG 40.48 33.33 -17.7 -2.3 Primark Priv Eq Inv:I 11.76 NA NA 4.1 CION Ares Dvsfd Crdt;A NA NA NA 7.7
Eagle Point Credit ECC NA 9.44 NA 23.2 EVCAMuniBd EVM 9.74 8.29
-14.9 4.7
Adams Diversified Eq Inc ADX 20.25 17.30 -14.6 15.2 VDivInt&PremStr NFJ NA 11.01 NA 2.0 Sweater Cashmere 21.29 NA NA 6.1 CION Ares Dvsfd Crdt;C NA NA NA 7.0
EtnVncFltRteInc EFT 13.17 12.11 -8.0 10.4 Eaton Vance NY Muni Bd ENX 9.96 8.72 -12.4 4.5
Central Secs CET 42.95 35.16 -18.1 5.3 V Art Int&Tech Opps AIO NA 16.41 NA 5.5 Thornburg Inc Bldr Opps TBLD.O 16.92 14.55 -14.0 11.1 CION Ares Dvsfd Crdt;I NA NA NA 7.9
EV SenFlRtTr EFR 12.91 12.20 -5.5 10.2 InvCaValMuIncTr VCV 10.35 8.80 -15.0 5.1
CohenStrsCEOppFd FOF 10.20 10.59 +3.8 4.3 Income & Preferred Stock Funds VirtusTotalRetFd ZTR NA 4.96 NA NA CION Ares Dvsfd Crdt;L NA NA NA 7.4
FT/Sr Fltg Rte Inc 2 FCT 11.03 9.87 -10.5 10.4 InvPAValMuIncTr VPV 10.83 9.17 -15.3 4.6
EVTxAdvDivIncm EVT NA 19.77 NA -12.2 CalamosStratTot CSQ 14.22 13.55 -4.7 3.4 CION Ares Dvsfd Crdt;U NA NA NA 7.2
Highland Oppty & Income HFRO NA 7.97 NA 12.6 InvTrInvGrNYMu VTN 11.07 9.42 -14.9 4.8 Prem12 Mo
GabelliDiv&IncTr GDV 23.31 19.21 -17.6 -4.6 CohenStrsLtdDurPref&Inc LDP 19.51 17.50 -10.3 0.8 Fund (SYM) NAV Close /Disc Yld CION Ares Dvsfd Crdt:U2 NA NA NA 7.2
InvDYCrOpp:AX VTA NA NA NA NA Nuveen CA AMT-F Qual MI NKX NA 11.07 NA 5.1
Gabelli Equity Tr GAB 4.75 4.83 +1.7 -4.9 CohenStrsSelPref&Income PSF 19.06 18.00 -5.6 0.4 CION Ares Dvsfd Crdt;W NA NA NA 7.4
InvSnrIncTr VVR 4.11 4.03 -1.9 14.7 Nuveen CA Val NCA NA 8.17NA 4.3 U.S. Mortgage Bond Funds
GeneralAmer GAM 48.80 39.50 -19.1 7.7 CohenStrsTaxAvPreSecs&I PTA 18.93 17.29 -8.7 3.0 CNR Select Strategies 13.64 NA NA 0.0
Nuveen Credit Strat Inc JQC 5.81 5.01 -13.8 11.9 NuveenCAQtyMuInc NAC NA 10.02 NA 4.7 Arca US Treasury NA NA NA NE
JHancockTaxAdvDiv HTD 19.41 16.84 -13.2 -21.8 Dividend and Income DNIF 16.21 NA NA NA Ellington Inc Opp:A 8.92 NA NA NA First Eagle Crdt Opps A 23.57 NA NA 10.3
NuvFloatRateIncFd JFR 9.13 8.08 -11.5 11.8 NuvNJ Qual Muni Inc NXJ NA 10.82 NA 3.8
Liberty All-Star Equity USA 6.22 6.15 -1.1 6.7 FirstTrIntDurPref&Inc FPF 17.23 14.85 -13.8 -4.5 Ellington Inc Opp:M 8.80 NA NA NA First Eagle Crdt Opps A2 23.53 NA NA 10.0
High Yield Bond Funds Nuveen NY AMT/Fr Qual MI NRK NA 9.32 NA 4.7
Liberty All-Star Growth ASG 5.16 4.83 -6.4 -3.8 JHanPrefInc HPI 14.20 14.21 +0.1 -3.3 Loan Participation Funds First Eagle Crdt Opps I 23.48 NA NA 10.9
abrdn Inc Credit Str ACP 6.60 6.07 -8.0 20.7 Nuveen NY Qual Muni Inc NAN NA 9.85 NA 4.9
Royce Micro-Cap Tr RMT 9.08 7.91 -12.9 -7.4 JHPrefIncII HPF 14.09 14.40 +2.2 -3.3 1WS Credit Income;A2 NA NA NA 6.4 First Trust Private Cr;A NA NA NA NS
AllianceBernGlHiIncm AWF 10.48 9.45 -9.8 9.5 Nuveen PA Qual Muni Inc NQP NA 10.39 NA 3.7
Royce Value Trust RVT 14.32 12.38 -13.5 -8.7 HnckJPfdInco III HPS 12.72 12.58 -1.1 -7.5 1WS Credit Income;Inst NA NA NA 6.3 First Trust Private Cr;I NA NA NA 7.0
Allspring Income Oppty EAD 6.90 6.04 -12.5 10.3 Nuveen VA Qlty Mun Inc NPV NA 9.79 NA 4.7
Source Capital SOR 42.56 39.30 -7.7 12.1 J Han Prm PDT 10.84 10.07 -7.1 -21.6 Axonic Alternative Inc 19.69 NA NA 8.9 Franklin BSP Pvt Cr:A NA NA NA 5.2
Barings Glb SD HY Bd BGH 14.36 12.69 -11.6 11.8 PIMCO CA PCQ NA 8.98NA 5.8
Sprott Focus Trust FUND 7.91 7.16 -9.5 -6.2 LMP CapInco SCD 14.28 12.25 -14.2 5.8 AXONIC ALTERNATIVE INC;A 19.69 NA NA NS Franklin BSP Pvt Cr:Adv NA NA NA 5.7
BR Corporate HY HYT 9.20 8.74 -5.0 11.0 PIMCOCAMuniII PCK NA 5.38 NA 5.5
SRH Total Return STEW 16.21 12.99 -19.9 6.5 Nuveen Multi-Asset Inc NMAI NA 11.31 NA 4.4 Blackstone FR EI D 21.55 NA NA 9.5 FS Credit Income;A NA NA NA 7.9
BlackRock Ltd Dur Inc BLW 13.52 12.95 -4.2 9.4 52 wk
Tri-Continental TY 30.40 26.59 -12.5 3.0 Nuveen Pref & Inc Opp JPC 7.28 6.19 -15.0 -8.1 Blackstone FR EI I 21.52 NA NA 9.7 FS Credit Income;I NA NA NA 8.1
BNY Mellon Hi Yield Str DHF 2.53 2.21 -12.6 8.9 Prem Ttl
Specialized Equity Funds Nuveen Pref & Inc Term JPI NA 17.06 NA -0.9 Fund (SYM) NAV Close /Disc Ret Blackstone FR EI T 21.48 NA NA 9.2 FS Credit Income;T NA NA NA 7.6
Brookfield Real Asst Inc RA NA 12.36 NA 18.9
abrdn Glb Prem Prop AWP 3.74 3.45 -7.8 -9.1 Nuveen Var Rate P&I NPFD NA 15.47 NA -6.3 Blackstone FR EI T-I 22.01 NA NA 9.2 FS Credit Income;U NA NA NA 7.3
CrSuisHighYld DHY 2.07 1.92 -7.2 10.2 General Equity Funds
abrdn Global Infra Inc ASGI 19.08 16.22 -15.0 1.3 TCW Strat Income TSI NA 4.64 NA 6.5 Blackstone FR EI U 22.43 NA NA 9.2 FS Credit Income;U-2 NA NA NA 7.6
DoubleLine Inc Sol DSL 11.48 11.51 +0.3 13.8 Alternative Strategies:I 16.45 NA NA -14.5
Adams Natural Resources PEO 25.28 21.27 -15.9 -4.3 Convertible Sec's. Funds Bluerock HI Inst Crd:A NA NA NA 8.1 GL Beyond Income 0.40 NA NA NE
DoubleLine Yld Opps DLY 14.99 14.17 -5.5 9.8 First Trust Hdg Strat;A 9.99 NA NA N
ASA Gold & Prec Met Ltd ASA 15.17 12.90 -15.0 -7.4 AdvntCnvrtbl&IncFd AVK 11.23 10.07 -10.3 -6.1 Bluerock HI Inst Crd:C NA NA NA 8.1 KKR CREDIT OPPTY;D NA NA NA 8.4
First Tr Hi Inc Lng/Shrt FSD 12.14 10.88 -10.4 12.0 First Trust Hdg Str;I 10.01 NA NA N
BR Enh C&I CII 18.66 17.80 -4.6 11.4 CalamosConvHi CHY 9.78 11.36 +16.2 9.0 Bluerock HI Inst Crd:F NA NA NA 8.1 KKR CREDIT OPPTY;I NA NA NA 8.6
First Trust HY Opp:2027 FTHY 15.20 13.16 -13.4 12.0 Specialized Equity Funds
BlackRock Energy & Res BGR 14.15 12.53 -11.4 1.4 CalmosConvOp CHI 9.26 10.20 +10.2 -0.5 Bluerock HI Inst Crd:I NA NA NA 8.2 KKR CREDIT OPPTY;T NA NA NA 7.9
Franklin Univ FT 7.09 6.37 -10.2 8.3 Apollo Diversified RE:A 25.27 NA NA -9.5
BlackRock Eq Enh Div BDJ 8.38 7.35 -12.3 -10.3 V Conv & Inc NCV NA 3.08 NA -7.0 BNYM Alcntr Glb MS Cr Fd 88.50 NA NA NA KKR CREDIT OPPTY;U NA NA NA 7.9
KKR Income Opportunities KIO NA 11.64 NA 12.2 Apollo Diversified RE:C 23.77 NA NA -10.1
BlackRock Enh Glbl Div BOE 11.13 9.43 -15.3 5.5 V Conv & Inc II NCZ NA 2.67 NA -1.7 CliffwaterClFd;I 10.63 NA NA 10.3 Palmer Square Opp Inc 17.32 NA NA 9.0
NeubHgYldStrt NHS 7.72 7.53 -2.5 15.4 Apollo Diversified RE:I 25.81 NA NA -9.2
BlackRock Enh Intl Div BGY 5.81 4.90 -15.7 4.5 V Div Inc & Conv ACV NA 18.61 NA 0.0 CliffwaterElFd;I 10.78 NA NA 10.3 World Income Funds
New Amer Hi Inc HYB 7.77 6.58 -15.3 8.0 ARK Venture 21.34 NA NA 12.0
BlackRock ESG Cap All T ECAT 17.05 15.11 -11.4 18.0 V Eqty & Conv Inc NIE NA 19.90 NA 13.8 CNR Strategic Credit 7.28 NA NA 21.7 BlueBay Destra Itl E:A 22.95 NA NA 12.1
Nuveen Global High Inc JGH 12.49 11.23 -10.1 11.7 ArrowMark Financial Corp BANX NA 16.80 NA NA
BlackRock Hlth Sci Term BMEZ 15.95 13.39 -16.1 -6.0 World Equity Funds Floating-Rate Opps;I 9.98 NA NA NS BlueBay Destra Itl E:I 22.98 NA NA 12.3
PGIM Global High Yield GHY 12.04 10.59 -12.0 12.1 CBRE GlbRlEst IGR 4.92 4.28 -13.0 -17.0
BlackRock Hlth Sciences BME 39.94 37.09 -7.1 -9.0 abrdn Emg Mkts Eq Inc AEF NA 4.69 NA 1.8 Equalize Community Dev 9.19 NA NA 3.5 BlueBay Destra Itl E:L 22.93 NA NA 11.8
PGIM High Yield Bond ISD 13.06 11.47 -12.2 11.3 CIM RA&C A 24.18 NA NA -0.3
BlackRock Innov&Gro Term BIGZ 8.00 6.79 -15.1 0.1 abrdn Glbl Dyn Div AGD NA 8.77 NA 2.8 FedProj&TrFinanceTendr 10.00 NA NA 7.3 BlueBay Destra Itl E:T 22.83 NA NA 11.7
PGIM Sh Dur Hi Yld Opp SDHY 16.68 14.36 -13.9 9.2 CIM RA&C C 23.55 NA NA -1.1
BlackRock Res & Comm BCX 10.07 8.47 -15.9 -7.3 abrdn Tot Dyn Div AOD NA 7.45 NA 1.1 Flat Rock Core Income NA NA NA 8.2 Calamos-Aksia ACI:A 10.29 NA NA NS
PioneerHilncm PHT 7.58 6.83 -9.9 10.3 CIM RA&C I 24.39 NA NA -0.1
BlackRock Sci&Tech Term BSTZ 20.08 15.95 -20.6 1.2 Allspring Gl Div Oppty EOD 4.73 4.01 -15.2 -8.2 Flat Rock Enhanced Inc 21.01 NA NA NS Calamos-Aksia ACI:C 10.28 NA NA NS
WstAstHIF II HIX 4.51 4.44 -1.6 14.0 CIM RA&C L 23.95 NA NA -0.6
BlackRock Sci&Tech Trust BST 32.83 33.10 +0.8 12.2 BlackRock Cap Alloc Term BCAT 16.52 14.65 -11.3 11.4 Clarion Partners REI D 11.92 NA NA -0.5 InvDYCrOpp:A NA NA NA 9.7 Calamos-Aksia ACI:I 10.29 NA NA NS
BlackRock Utl Inf & Pwr BUI 20.72 19.24 -7.1 Western Asset Hi Inc Opp HIO 4.07 3.70 -9.1 10.1 Calamos-Aksia ACI:M 10.28 NA NA NS
-3.8 Calamos GloDynInc CHW 6.32 5.46 -13.6 0.3 Clarion Partners REI I 11.93 NA NA -0.2 InvDYCrOpp:R6 NA NA NA 10.0
Western Asset Hi Yld D O HYI 11.94 11.27 -5.6 10.3 Carlyle Tact Pvt Cred:A NA NA NA 9.96
CLEARBRIDGEENGYMDSOPP EMO 36.50 32.12 -12.0 13.0 EV TxAdvGlbDivInc ETG NA 15.43 NA 2.1 Clarion Partners REI S 11.93 NA NA -1.1 InvDYCrOpp:Y NA NA NA 9.95
CLEARBRIDGEMLP&MDSTMTR CTR 37.83 31.21 -17.5 Other Domestic Taxable Bond Funds 5.82 NA NA 11.8 Carlyle Tact Pvt Cred:I NA NA NA 10.4
6.6 EtnVncTxAdvOpp ETO NA 21.49 NA 3.5 Clarion Partners REI T 11.91 NA NA -1.1 Invesco Sr Loan A
ClearBridge MLP & Midstm CEM 41.70 35.71 -14.4 Allspring Multi-Sector ERC 9.60 9.13 -4.9 9.3 5.84 NA NA 11.0 Carlyle Tact Pvt Cred:L NA NA NA 9.9
7.8 FirstTr Dyn Euro Eq Inc FDEU 12.51 12.20 -2.5 18.3 Forum RE Income;I 9.31 NA NA NS Invesco Sr Loan C
Apollo Tactical Income AIF NA 12.85 NA 11.3 5.82 NA NA 12.0 Carlyle Tact Pvt Cred:M NA NA NA 9.7
ChnStrInfr UTF 20.68 20.14 -2.6 -10.2 Gabelli Multimedia GGT 3.44 4.58 +33.1 -7.7 NexPointRlEstStrat;A 17.81 NA NA -8.4 Invesco Sr Loan IB
Cohen&SteersQualInc RQI 11.03 10.01 -9.2 Ares Dynamic Crdt Alloc ARDC NA 12.73 NA 10.8 5.82 NA NA 11.9 Carlyle Tact Pvt Cred:N NA NA NA 10.5
-13.9 GDL Fund GDL 10.05 7.73 -23.1 4.1 NexPointRlEstStrat;C 18.02 NA NA -9.2 Invesco Sr Loan IC
CohenStrs Real Est and I RLTY 14.26 12.35 -13.4 BlackRock Mlt-Sctr Inc BIT 14.07 14.55 +3.4 10.5 5.82 NA NA 12.0 Carlyle Tact Pvt Cred:U NA NA NA 9.7
-3.8 Highland Global Alloc HGLB NA 7.06 NA -18.4 NexPointRlEstStrat;Z 18.04 NA NA -8.2 Invesco Sr Loan Y
BlackRock Tax Muni Bd BBN 16.55 15.33 -7.4 8.0 Carlyle Tact Pvt Cred:Y NA NA NA 10.2

.
Cohen&Steers TotRet RFI 10.61 10.59 -0.2 -8.4 India Fund IFN NA 16.85 NA 15.4 PIMCO Flexible REI;Inst NA NA NA NS Lord Abbett FR Hi Inc:A 10.10 NA NA NS
CohenStrsREITPrefInc RNP 18.31 16.98 -7.3 -13.3 DoubleLine:Oppor Crdt Fd DBL 14.27 14.15 -0.8 9.4 Lord Abbett FR Hi Inc:I 10.10 NA NA NS Fid MS Cr;A NA NA NA NS
Japan Smaller Cap JOF 8.68 7.00 -19.4 14.6 PREDEX;I 26.32 NA NA -14.2

ly
Columbia Sel Prm Tech Gr STK 26.22 28.60 +9.1 18.1 EVLmtDurIncm EVV NA 8.88 NA 12.0 Monachil Credit Income:I 10.12 NA NA NS Fid MS Cr;C NA NA NA NS
LazardGlbTotRetInc LGI 16.28 13.67 -16.0 0.3 PREDEX;T 26.45 NA NA -14.4
DNP Select Income DNP 7.55 9.02 +19.4 -10.3 Franklin Ltd Dur Income FTF 6.97 6.09 -12.7 12.0 Nomura Alt Inc;I 10.29 NA NA NS Fid MS Cr;I NA NA NA NS
Mexico MXF NA 16.33 NA 13.7 PREDEX;W 26.44 NA NA -14.4
Duff&Ph Uti&Infra Inc Fd DPG NA 8.57 NA -31.1 J Han Investors JHI 13.84 12.45 -10.0 7.3 Principal Real Asst A 24.51 NA NA -1.6 OFS Credit Company OCCI NA 5.89 NA NA Fid MS Cr;L NA NA NA NS
Miller/Howard High Inc E HIE NA 9.89 NA -0.8
EtnVncEqtyInc EOI NA 15.56 NA 3.2 MFS Charter MCR 6.56 6.03 -8.1 0.0 Principal Real Asst Ins 24.60 NA NA -1.4 SEI Alternative Income:F 9.95 NA NA NS Lord Abbett Cred Opps Fd 8.62 NA NA 8.9
MS ChinaShrFd CAF NA 12.03 NA -7.3
NuvCorePlusImpact NPCT NA 9.41 NA 11.9
EtnVncEqtyIncoII EOS NA 17.59 NA
EVRskMnDvsEqInc ETJ NA 7.72 NA
ETnVncTxMgdBuyWrtInc ETB NA 12.56 NA
EtnVncTxMgdBuyWrtOpp ETV 12.94 12.15 -6.1
EvTxMnDvsEqInc ETY NA 11.31 NA
9.99
0.3
-9.3
-2.3
3.8
MS India IIF on
NA 22.17 NA 7.3
MS CBRE Gl In Mg Term MEGI 13.68 11.65 -14.8 -7.7
Nuveen Rl Asst Inc & Gro JRI 12.32 10.49 -14.9 -5.6
Templeton Dragon TDF 9.90 8.14 -17.8 -9.8
Templeton Em Mkt EMF 13.37 11.30 -15.5 7.6
Nuveen Taxable Muni Inc NBB NA 14.73 NA
PIMCO Corp & Inc Oppty PTY 10.47 13.20 +26.1
PIMCO Corp & Inc Strat PCN 10.80 12.14 +12.4
PIMCOHilnco PHK 4.34 4.41 +1.6
6.2
12.3
13.2
13.4
Principal Real Asst Y 24.84 NA NA -1.1
Redwood Rl Est;I 25.10 NA NA NS
The Private Shares;A 39.01 NA NA -6.2
The Private Shares;I 39.63 NA NA -6.0
The Private Shares;L 38.42 NA NA -6.4
SEI Alternative Income:Y 9.95 NA NA
Yieldstreet Prism
High Yield Bond Funds
NA NA NA

Apollo Diversified Cd:A NA NA NA

Apollo Diversified Cd:C NA NA NA
NS
8.6

8.9
8.3
Lord Abbett Cred Opps Fd 8.62
Lord Abbett Crd Op:U 8.62
Oaktree Dvsfd Income;D 8.87
PIMCO Flexible EM I;Inst 7.72
National Muni Bond Funds
NA
NA
NA
NA
NA
NA
NA
NA
9.6
8.9
8.9
9.7

EtnVncTxMgdGlbB ETW NA 7.43 NA -2.1 PIMCO IncmStrFd PFL 7.53 7.63 +1.3 13.4 Thirdline Real EstateI 10.16 NA NA 7.8 Apollo Diversified Cd:F NA NA NA 11.8 Ecofin Tax-Exempt Prv Cr 8.25 NA NA 4.4
us ,

Prem12 Mo
EVTxMnGblDvEqInc EXG NA 7.24 NA 0.7 Fund (SYM) NAV Close /Disc Yld PIMCO IncmStrFd II PFN 6.62 6.49 -2.0 13.8 USQ Core Real Estate:I 25.54 NA NA -12.7 Apollo Diversified Cd:I NA NA NA 9.1 Lind Cap Pt Mun Cred Inc 8.56 NA NA 4.7
l

Ecofin S&S Impact Term TEAF 14.84 11.61 -21.8 -6.4 Putnam Prem Inc PPT 3.69 3.42 -7.3 9.4 USQ Core Real Estate:IS 25.61 NA NA -12.7 Apollo Diversified Cd:L NA NA NA 8.7 Nuveen En HY Muni Bd:A1 NA NA NA 5.9
U.S. Mortgage Bond Funds
Western Asset Dvsfd Inc WDI NA 12.94 NA 12.7 Nuveen En HY Muni Bd:A2 NA NA NA 6.2
e
First Trust Energy Inc G FEN 15.32 14.26 -6.9 3.5 Versus Cap MMgr RE Inc:I 26.05 NA NA NE Apollo Diversified Cd:M NA NA NA 8.5
al a

BlckRk Income BKT 11.83 11.12 -6.0 9.96

First Tr Enhanced Eq FFA 17.96 16.92 -5.8 13.3 World Income Funds Versus Capital Real Asst 27.19 NA NA 3.4 Opprtnstc Crdt Intrvl;I 11.85 NA NA 10.7 Nuveen En HY Muni Bd:I NA NA NA 6.7
Invesco HI 2023 Tgt Term IHIT 6.96 6.91 -0.7 5.6
FirstTrEnergyInfra FIF 16.72 15.65 -6.4 14.8 abrdn AP IncFd FAX 2.91 2.54 -12.7 13.8 Wildermuth:I 9.72 NA NA -25.5 PIMCO Flexible Cr I;A-1 6.66 NA NA 16.0 PIMCO Flex Mun Inc;A-3 9.51 NA NA 3.9
Investment Grade Bond Funds
MS EmMktDomDebt EDD 5.24 4.53 -13.5 7.3 Income & Preferred Stock Funds PIMCO Flexible Cr I;A-2 6.66 NA NA 16.0 PIMCO Flex Mun Inc:A1 9.51 NA NA 4.2
ci on

FirstTrMLPEner&Inc FEI 9.17 8.47 -7.6 15.5 Angel Oak FS Inc Trm FINS 13.58 12.13 -10.7 9.7
Gabelli Healthcare GRX 10.17 8.25 -18.9 -11.9 BlRck Core Bond BHK 10.08 9.76 -3.2 9.7 PIMCO Access Income PAXS NA 13.50 NA 17.7 Alpha Alternative Assets 6.20 NA NA 3.0 PIMCO Flexible Cr I;A-3 6.66 NA NA 15.7 PIMCO Flex Mun Inc;A2 9.51 NA NA 4.2
PIMCO Dynamic Income PDI NA 17.13 NA 20.1 Calamos L/S Eqty and DI CPZ 16.75 14.37 -14.2 0.6 PIMCO Flexible Cr I;A-4 6.66 NA NA 15.7 PIMCO Flex Mun Inc;Inst 9.51 NA NA 4.7
PIMCO Dynamic Inc Opp PDO NA 11.51 NA 22.8 Carlyle AlpInv Pvt Mkt:A NA NA NA NS PIMCO Flexible Cr I;Inst 6.66 NA NA 16.5 Single State Muni Bond
PIMCO Stratg Inc RCS 4.09 5.36 +31.1 12.7 Carlyle AlpInv Pvt Mkt:I NA NA NA NS Other Domestic Taxable Bond Funds PIMCO CA FMI;A-1 9.68 NA NA NS
A Week in the Life of the DJIA Templeton Em Inc TEI 5.46 4.72 -13.6 12.3 Flat Rock Opportunity 18.27 NA NA 12.6 AFA Private Credit;Fndr NA NA NA 9.1 PIMCO CA FMI;Inst 9.68 NA NA 3.8
Templtn Glbl Inc GIM 4.27 3.81 -10.8 9.2
er s

A look at how the Dow Jones Industrial Average component stocks WstAstEmergDebt EMD 9.71 8.36 -13.9 11.2
did in the past week and how much each moved the index. The DJIA Western Asset Gl Cr D Op GDO 12.19 11.52 -5.5 10.6
gained 221.78 points, or 0.65%, on the week. A $1 change in the price National Muni Bond Funds Insider-Trading Spotlight
m er

of any DJIA stock = 6.59-point change in the average. To date, a AllBerNatlMunInc AFB 11.56 9.84 -14.9
$1,000 investment on Dec. 31 in each current DJIA stock component BlckRk Inv Q Mun BKN 12.12 10.57 -12.8
BlackRock Muni 2030 Tgt BTT 22.77 20.16 -11.5
would have returned $31,665, or a gain of 5.55%, on the $30,000 BlackRock Muni BFK 10.85 9.23 -14.9
investment, including reinvested dividends. BlackRock Muni II BLE 11.23 9.56 -14.9
m rp
4.4 Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys
5.1 new information about the prospects of a company. Insiders are required to report large trades to the SEC
3.4 within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by
4.4
Refinitiv on November 10, and year-to-date stock performance of the company
4.8
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer

The Week’s Action BlckRk Muni Inc Qly BYM 11.77 10.19 -13.4 4.8
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner
Pct Stock price Point chg $1,000 Invested(year-end '22) BR MuniAssets Fd MUA 10.58 9.40 -11.2 6.0
chg (%) change in average* Company Symbol Close $1,000 I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT:
BR MH Qly 2 MUE 10.87 9.28 -14.6 4.3
5.52 9.75 64.26 AAPL $186.40 unknown VP: vice president Excludes pure options transactions
Apple $1,443 BR MuniHoldngs MHD 12.62 10.73 -15.0 4.5
4.78 16.87 111.19 Microsoft MSFT 369.67 1,552 BR MuniVest Fd MVF 7.46 6.41 -14.1 4.2
3.76 3.20 21.09 Walt Disney DIS 88.27 1,016 BR MuniVest 2 MVT 11.47 9.72 -15.3 4.4 Biggest weekly individual trades
2.97 6.16 40.60 Salesforce CRM 213.63 1,611 BR MuniYield Fd MYD 11.24 9.57 -14.9 5.0 Based on reports filed with regulators this past week
co Fo

BR MuniYield Qlty MQY 12.30 10.59 -13.9 5.4

2.40 3.43 22.61 JPMorgan Chase JPM 146.43 1,125 No. of shrs in Price range ($) $ Value
BR MuniYld Qlty2 MQT 10.86 9.30 -14.4 5.0
1.94 10.31 67.95 UnitedHealth Group UNH 541.21 1,033 BR MuniYld Qly 3 MYI 11.69 10.17 -13.0 5.0 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%)
1.89 0.72 4.75 Intel INTC 38.86 1,505 BNY Mellon Muni Bd Infra DMB 11.02 9.61 -12.8 5.3
1.06 1.62 10.68 American Express AXP 154.38 1,060 BNY Mellon Str Muni Bond DSM 6.09 5.15 -15.4 5.2 Buyers
0.93 1.53 10.08 Walmart WMT 166.19 1,186 BNY Mellon Strat Muni LEO NA 5.43 NA 5.2
DWS Muni Inc KTF NA 8.12 NA 4.2 Nov. 6 Exxon Mobil XOM J. Ubben DI 250 105.95-105.99 26,491 103.75 -5.9
0.92 1.55 10.22 Travelers TRV 169.96 922
EVMuniBd EIM 10.76 9.25 -14.0 4.6 Nov. 6 Energy Transfer ET K. Warren OD 1,000 13.53 13,530 13.14 10.7
0.89 1.34 8.83 Procter & Gamble PG 151.41 1,024 EVMuniIncm EVN 10.65 9.37 -12.0 5.4 Nov. 7 K. Warren OD 1,000 13.33 13,330
0.82 1.60 10.55 Boeing BA 196.65 1,032 EVNatMuniOpp EOT 17.22 15.63 -9.2 5.0
0.76 1.12 7.38 IBM IBM 149.02 1,111 InvAdvMuIncTrII VKI 9.04 7.77 -14.0 5.5 Nov. 7 Enstar Group ESGR D. Silvester CEO 45 227.18 10,223 256.54 11.0
0.68 1.65 10.87 Visa V 245.25 1,190 Invesco MuniOp OIA 5.84 5.66 -3.1 6.3 Nov. 3 Remitly Global RELY N. Morris D 250 19.27-19.97 4,819 21.30 86.0
InvescoMuOppTr VMO 10.09 8.63 -14.5 5.4
–0.03 –0.08 –0.53 McDonald’s MCD 267.79 1,033 Nov. 1 Asana ASAN D. Moskovitz CEO 237 17.50 4,148 19.67 42.8
InvescoMuTr VKQ 10.17 8.75 -14.0 5.5
–0.04 –0.02 –0.13 Coca-Cola KO 56.72 912 InvescoQual Inc IQI 10.19 8.72 -14.4 5.5 50 78.81 79.45 -38.7
Nov. 3 Sarepta Therapeutics SRPT R. Barry DI 3,941
n-

–0.44 –1.07 –7.05 Caterpillar CAT 239.68 1,021 InvTrInvGrMu VGM 10.44 8.95 -14.3 5.4
Nov. 3 D. Ingram CEO 25 78.57-81.26 2,002
–0.50 –0.25 –1.65 Dow DOW 49.48 1,021 InvescoValMunInc IIM 12.52 10.84 -13.4 5.6
–0.64 –2.11 –13.91 GS 325.51 MAINSTAY:MKDEFTRMUNOP MMD 16.13 15.42 -4.4 6.3 Nov. 6-8 Keurig Dr Pepper KDP T. Cofer CO 100 31.06-31.26 3,117 30.97 -13.2
Goldman Sachs 970
NeubrgrBrm NBH 11.17 9.44 -15.5 5.5
–0.79 –0.42 –2.77 Cisco CSCO 52.59 1,138 Nov. 7-8 Inari Medical NARI D. Milder DI 56 52.23-53.54 2,998 53.27 -16.2
Nuveen AMT-Fr Mu Val NUW NA 13.10 NA 3.8
–0.86 –0.31 –2.04 35.71 973
no

Verizon VZ Nuveen AMT-Fr Qlty Mun I NEA NA 10.14 NA 4.6 Nov. 8 Air Products & Chemicals APD S. Ghasemi CEO 10 252.34 2,523 265.46 -13.9
–0.89 –0.95 –6.26 Nike NKE 106.11 915 Nuveen AMT-Fr Mu CI NVG NA 10.78 NA 5.3 Oct. 31 Community Health Systems CYH W. Smith D 1,000 2.11 2,110 2.36 -45.4
–0.94 –2.55 –16.81 Amgen AMGN 267.31 1,045 Nuveen Dyn Muni Opp NDMO 10.21 9.85 -3.5 8.7
Nuveen Mu Crdt Opps NMCO NA 9.42 NA 7.1 Nov. 7-8 Aura Biosciences AURA D. Johnson D 200* 7.17-7.30 1,435 7.69 -26.8
–1.12 –1.05 –6.92 3M MMM 92.81 808
Nuv Muni Credit Income NZF NA 10.90 NA 5.2 100 12.32 1,232 11.29 -28.2
–1.21 –2.28 –15.03 Honeywell HON 186.71 891 Nov. 6 Kennedy-Wilson Holdings KW W. Mcmorrow CEOI
NuvMuniHiIncOpp NMZ 10.07 9.31 -7.5 6.6
–1.36 –4.02 –26.49 Home Depot HD 291.59 943 Nuveen Muni Val NUV NA 8.31 NA 4.2 Nov. 3-6 Life Time Group Holdings LTH B. Akradi CEOI 90 12.67-12.73 1,143 13.72 14.7
–1.92 –1.99 –13.12 Merck MRK 101.39 933 Nuveen Quality Muni Inc NAD NA 10.48 NA 4.8 Nov. 7 Barnes Group B H. Manner D 50 22.78 1,139 24.27 -40.6
–2.70 –4.09 –26.96 Johnson & Johnson JNJ 147.25 852 Nuveen Sel TF NXP NA 13.58 NA 4.3
PIMCO MuniInc PMF 8.70 8.57 -1.5 6.7 Nov. 3-7 Neumora Therapeutics NMRA K. Burow DOI 96 11.38-11.55 1,100 11.58 n.a.
–3.16 –4.66 –30.71 Chevron CVX 142.95 819
PIMCOMuniIncII PML 8.10 7.67 -5.3 7.2 Nov. 6-8 Black Stone Minerals T. Carter CEO 59 17.11-18.21 1,051 16.94 0.4
–6.11 –1.35 –8.90 Walgreens WBA 20.76 582 BSM
Pimco Muni III PMX 7.42 6.82 -8.1 6.8
*Based on Composite price. DJIA is calculated on primary-market price. PioneerHilncAdv MAV 8.30 7.07 -14.8 6.3
Source: Dow Jones Market Data; FactSet. PionrMuniHiIncOppty MIO 11.55 9.91 -14.2 6.0 Sellers
Nov. 7 Enstar Group ESGR P. Winslow DI 742 227.18 168,510 256.54 11.0
130 301.27-306.07 39,561 311.02 20.7
Currencies Nov. 6-7
Nov. 8
Motorola Solutions MSI G. Brown
G. Brown
CEO
CEO 70 307.30-309.82 21,600
U.S.-dollar foreign-exchange rates in late New York trading Nov. 7 MongoDB MDB D. Ittycheria CEO 101 375.00 37,688 376.89 91.5
US$vs, US$vs, US$vs, Nov. 1 D. Ittycheria CEO 34 333.09-345.27 11,318
Fri YTDchg Fri YTDchg Fri YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Nov. 7 Netflix NFLX R. Hastings OD 81 431.72-437.29 35,413 447.24 51.7
Americas Asia-Pacific Malaysia ringgit .2124 4.7080 6.9 Nov. 3-6 Arch Capital Group ACGL M. Grandisson CEOI 350 85.01-85.62 29,904 85.95 36.9
New Zealand dollar .5890 1.6978 7.8
Argentina peso .0029349.8659 97.9 Australiadollar .6360 1.5723 7.2 Nov. 7 Alphabet GOOGL K. Shriram D 150* 130.55-131.34 19,663 132.59 50.3
Pakistan rupee .00348 287.470 26.8
Brazil real .2039 4.9038 –7.2 China yuan .1372 7.2896 5.7 Philippines peso .0179 55.843 0.3
Canada dollar .7245 1.3804 1.8 Hong Kong dollar .1281 7.8086 0.03
Nov. 2-3 Donnelley Financial Solutions DFIN J. Jacobowitz DI 343 55.35-56.25 19,066 54.48 41.0
Singapore dollar .7351 1.3603 1.4
Chile peso .001100 909.18 7.2 India rupee .01200 83.326 0.7 South Korea won .0007588 1317.87 4.4 Nov. 7 Gartner IT E. Hall CEO 36 392.70-396.18 14,045 411.63 22.5
Colombiapeso .000248 4030.05 –16.9 Indonesia rupiah .0000637 15689 0.8 Sri Lanka rupee .0030539 327.45 –10.9 Nov. 8 Murphy USA MUSA R. Murphy DI 30 366.69 11,001 364.04 30.2
Ecuador US dollar 1 1 unch Japan yen .006600 151.52 15.6 Taiwan dollar .03090 32.362 5.6
Mexico peso .0567 17.6393 –9.5 Kazakhstan tenge .002137 467.92 1.1 Thailand baht .02776 36.020 4.0 Nov. 7 McKesson MCK B. Tyler CEO 24 455.67-460.77 10,963 469.29 25.1
Uruguay peso .02507 39.8900 –0.2 Macau pataca .1243 8.0480 unch Vietnam dong .00004111 24325 2.9 Nov. 3 Palo Alto Networks PANW L. Klarich O 45 241.63-246.16 10,956 253.51 81.7
Europe
Czech Rep. koruna .04358 22.949 1.7
Nov. 6 BlackRock BLK L. Fink CEO 15 651.97-653.11 10,031 665.00 -6.2
ADVERTISEMENT Denmark krone .1433 6.9782 0.4 Nov. 2-3 Thermo Fisher Scientific TMO M. Casper CEO 20 442.84-460.03 9,016 448.43 -18.6
Euro area euro 1.0686 .9358 0.2

The Marketplace Hungary forint .002832 353.12 –5.4 Nov. 7 Meta Platforms META M. Zuckerberg CEOI 28 315.84-320.94 8,938 328.77 173.2
Iceland krona .007035 142.15 0.4 Nov. 8 M. Zuckerberg CEOI 28 315.61-320.87 8,910
Norway krone .0899 11.1231 13.4 Nov. 6 M. Zuckerberg CEOI 28 315.14-318.03 8,855
To advertise: 800-366-3975 or WSJ.com/classifieds Poland zloty .2413 4.1447 –5.4
* Half the transactions were indirect **Two day transaction
Russia ruble .01084 92.275 25.1
p - Pink Sheets
Sweden krona .0919 10.8778 4.2
DEA Switzerland franc 1.1080 .9025 –2.4
Turkey lira .0350 28.5587 52.8 Buying and selling by sector
Ukraine hryvnia .0277 36.1500 –1.9

LEGAL NOTICE
THE UK pound
Middle East/Africa
1.2227 .8179 –1.1 Based on actual transaction dates in reports received this past week

DEA NOTIC CE OF FORFEITURE

WESTERN DISTRICT OF TEXAS
MARKETPLACE Bahrain dinar
Egypt pound
2.6525 .3770 –0.01
.0324 30.8934 24.8
Sector Buying Selling Sector Buying Selling

Basic Industries 3,426,883 13,407,455 Finance 6,500,775 101,066,104

Israel shekel .2589 3.8622 9.6
2016 Suzuki Vitara,
VN: TSMYD21S1GM237250 ADVERTISE TODAY Kuwait dinar 3.2390 .3087 0.9 Capital Goods 2,248,703 44,142,679 Health care 18,095,322 77,456,548
Seized from Ernesto Javier Martinez- (800) 366-3975 Oman sul rial 2.5974 .3850 unch Consumer durables 229,378 2,426,766 Public Utilities 1,801,119 3,087,615
Galaviz on 08/24/2022 at 5100 North Qatar rial .2743 3.646 –0.6
Interstate 35 Highway, Austin, Texas. For more information visit: Saudi Arabia riyal .2666 3.7511 –0.2 Consumer non-durables 3,926,396 10,141,272 Technology 7,648,000 252,139,503
Any person desiring to claim the above
vehicle has 30 days from the date of first wsj.com/classifieds South Africa rand .0534 18.7327 10.0 Consumer services 11,052,986 72,707,735 Transportation 388,186 1,296,751
publication to file a claim with DEA at Close Net Chg % Chg YTD%Chg
Energy 2,589,167 22,662,868
9009 Mountain Ridge Drive, Suite A-300, © 2023 Dow Jones & Company, Inc. WSJ Dollar Index 100.23 –0.04–0.04 3.80
Austin, Texas 78759. Attn: DEA/ARG All Rights Reserved.
Sources: Tullett Prebon, Dow Jones Market Data Sources: Refinitiv; Dow Jones Market Data
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, November 13, 2023 | B9

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index New to the Market
Last Year ago Last Year ago
34283.10 s 221.78, or 0.65% last week Trailing P/E ratio 25.00 20.84 4415.24 s 56.90, or 1.31% last week Trailing P/E ratio * 19.37 19.35 Public Offerings of Stock
High, low, open and close for each of P/E estimate * 18.72 18.40 High, low, open and close for each of P/E estimate * 19.72 17.72
the past 52 weeks Dividend yield 2.11 2.00 the past 52 weeks Dividend yield * 1.60 1.68 IPOs in the U.S. Market
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22
None expected this week

Current divisor 0.15172752595384 65-day moving average Lockup Expirations

Week's high 35900 4550 Below, companies whose officers and other insiders will become eligible
DOWN UP
65-day
to sell shares in their newly public companies for the first time. Such
t

Monday's open Friday's close

moving average sales can move the stock’s price.
35000 4400
Friday's close Monday's open
t

Lockup Offer Offer amt Through Lockup

expiration Issue date Symbol price($) ($ mil.) Friday (%) provision
Week's low
34100 4250 Nov. 12 May 16, ’23 CaliberCos CWD 4.00 4.0 –64.5 180 days
Aug. 14, ’23 SRM Entertainment SRM 5.00 6.3 –60.0 90 days
Sources: Dealogic; Dow Jones Market Data
33200 4100
IPO Scorecard
200-day moving average Performance of IPOs, most-recent listed first
32300 3950
% Chg From % Chg From
200-day moving average Company SYMBOL Friday's Offer 1st-day Company SYMBOL Friday3s Offer 1st-day
IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
31400 3800 CARGO Therapeutics 14.53 –3.1 ... Northann Corp. 4.84 –3.2 5.2
CRGX Nov. 10/$15.00 NCL Oct. 19/$5.00
Bars measure the point change from Monday's open Hamilton Insurance Group 15.00 ... ... Webuy Global Ltd. 4.90 22.5 –8.2
30500 3650 HG Nov. 10/$15.00 WBUY Oct. 19/$4.00
N D J F M A M J J A S O N D J F M A M J J A S O N Agriculture&NaturalSolutionsAcquisition 10.07 0.6 0.1 Birkenstock Holding 40.65 –11.6 1.1
ANSCU Nov. 9/$10.00 BIRK Oct. 11/$46.00
Primary
NYSE weekly volume, in billions of shares market Composite AI Transportation Acquisition 10.17 1.7 0.1 Global Mofy Metaverse 13.51 170.2 164.9
t
t

Scan this code AITRU Nov. 9/$10.00 GMM Oct. 10/$5.00

36
Globavend Holdings 1.89 –52.8 –26.7 La Rosa Holdings 0.95 –81.0 –72.9
24 Get real-time U.S. stock quotes and track GVH Nov. 8/$4.00 LRHC Oct. 10/$5.00
12 most-active stocks, new highs/lows, mutual Lexeo Therapeutics 10.78 –2.0 7.3 Primech Holdings 3.51 –12.4 136.8
0 funds and ETFs.. LXEO Nov. 3/$11.00 PMEC Oct. 10/$4.00
N D J F M A M J J A S O N Available free at WSJMarkets.com Pineapple Financial 1.92 –52.0 –14.7 Quetta Acquisition 10.14 1.4 0.5
PAPL Nov. 1/$4.00 QETAU Oct. 6/$10.00
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index
Alpha Technology Group 6.52 63.0 48.2 Spark I Acquisition 10.13 1.3 0.4
ATGL Oct. 31/$4.00 SPKLU Oct. 6/$10.00
Major U.S. Stock-Market Indexes Nasdaq Composite
Mach Natural Resources LP 17.49 –7.9 –4.6 Maison Solutions 9.64 141.0 7.6
Latest Week 52-Week % chg s 319.83, or 2.37% MNR Oct. 25/$19.00 MSS Oct. 5/$4.00
High Low Close Net chg % chg Low Close (l) High %chg YTD 3-yr. ann.
Dow Jones
last week reAlpha Tech 4.40 –56.0 –98.9 VS Media 0.93 –81.4 –96.0
AIRE Oct. 23/$10.00 VSME Sept. 28/$5.00
Industrial Average 34310.36 33859.77 34283.10 221.78 0.65 31819.14 • 35630.68 1.6 3.4 5.2
Transportation Avg 14549.94 14218.17 14426.49 -86.27 -0.59 13298.36 • 16695.32 -0.9 7.7 6.0
13800
Sources: Dow Jones Market Data; FactSet

Utility Average 862.53 833.34 837.98 -22.07 -2.57 783.08 • 1002.11 -9.6 -13.4 -2.9 Public and Private Borrowing
Total Stock Market 43738.86 43032.29 43714.71 396.05 0.91 37910.34 • 45969.67 8.6 13.5 6.3
Treasurys
Barron's 400 953.60 934.94 946.40 -15.78 -1.64 881.58 • 1036.97 -3.0 2.8 6.5 13600
Monday, November 13 Thursday, November 16
Nasdaq Stock Market
13400 Auction of 13 and 26 week bills; Auction of 4 and 8 week bills;
Nasdaq Composite 13802.53 13435.99 13798.11 319.83 2.37 10213.29 • 14358.02 21.9 31.8 6.1

.
announced on November 9; settles on November 16announced on November 14; settles on November 21
Nasdaq-100 15535.20 15064.91 15529.12 429.63 2.85 10679.34 • 15841.35 31.4 42.0 10.1

ly
13200 Wednesday, November 15
S&P
3 6 7 8 9 10 Auction of 17 week bill;
500 Index 4418.03 4343.94 4415.24 56.90 1.31 3783.22 • 4588.96 10.6 15.0 7.6 November announced on November 14; settles on November 21
MidCap 400 2480.19 2406.38 2439.62 -38.72 -1.56 2326.82 • 2728.44 -3.7 0.4 5.0 DJ US TSM
SmallCap 600
Other Indexes
Russell 2000
1147.04 1101.07 1114.51

1760.86 1684.20
-33.89

1705.32 -55.38 -3.15

-2.95 on
1068.80

1636.94
•

•
1315.82 -9.6

2003.18 -9.4
-3.7

-3.2 -0.6
3.8
s 396.05, or 0.91%
last week
Borrowing Benchmarks
wsj.com/market-data/bonds/benchmarks

NYSE Composite 15523.81 15207.58 15388.44 -86.76 -0.56 14599.05 • 16427.29 0.2 1.3 3.9 Money Rates November 10, 2023
us ,

Value Line 530.78 511.26 517.98 -12.39 -2.34 498.09 • 606.49 -8.0 -3.4 0.05 43650
l

NYSE Arca Biotech 4849.09 4563.34 4639.09 -160.50 -3.34 4544.40 • 5644.5 -11.2 -12.2 -5.3 Key annual interest rates paid to borrow or lend money in U.S. and
e
• international markets. Rates below are a guide to general levels but
al a

NYSE Arca Pharma 891.45 857.41 868.79 1.56 0.18 791.91 925.61 7.5 0.1 9.1
43400 don’t always represent actual transactions.
KBW Bank 79.96 76.92 77.99 -1.67 -2.10 71.71 • 115.1 -29.1 -22.7 -4.4
PHLX§ Gold/Silver 116.41 106.95 107.89 -8.36 -7.19 103.31 • 144.37 -8.1 -10.7 -8.8
ci on

Week —52-WEEK—
Inflation
PHLX§ Oil Service 89.82 83.20 84.44 -4.641 -5.21 69.29 • 98.76 -3.4 0.7 35.2 43150
Sept. index Chg From (%)
Latest ago High Low

PHLX§ Semiconductor 3600.40 3413.32 3591.74 137.17 3.97 2453.49 • 3861.63 30.4 41.8 14.0 level Aug. '23 Sept. '22 Secondary market
Cboe Volatility 15.58 14.13 14.17 -0.74 -4.96 12.82 • 26.52 -37.1 -34.6 -17.0 42900
U.S. consumer price index Fannie Mae

Nasdaq PHLX 3 6 7 8 9 10
Sources: FactSet; Dow Jones Market Data November All items 307.789 0.25 3.7 30-year mortgage yields
310.817 0.23 4.1 30 days 6.952 6.962 7.495 5.244
er s

Core
60 days 6.973 6.979 7.554 5.250
International rates
International Stock Indexes Commodities and Other short-term rates
m er

Latest Week 52-Week Range YTD

Currencies Latest
Week
ago
52-Week
High Low Week 52-Week
Region/Country Index Close % chg Low Close High % chg Latest ago high low
Last Week YTD
Prime rates
World MSCI ACWI 666.26 0.53 599.97 • 707.11 10.1 Close Net chg %Chg % chg
U.S. 8.50 8.50 8.50 7.00 Call money
287.04 –0.74 275.66 • 314.69 2.0
m rp

MSCI ACWI ex-USA DJ Commodity 978.33 -24.58 -2.45 -6.71 Canada 7.20 7.20 7.20 5.95 7.25 7.25 7.25 5.75
MSCI World 2900.76 0.59 2575.16 • 3064.30 11.5 Refinitiv/CC CRB Index 273.36 -8.40 -2.98 -1.58 Japan 1.475 1.475 1.475 1.475
Commercial paper (AA financial)
MSCI Emerging Markets 948.32 0.01 910.91 • 1052.46 –0.8 Crude oil, $ per barrel 77.17 -3.34 -4.15 -3.85 Policy Rates 90 days n.a. 5.53 5.54 4.22
Americas MSCI AC Americas 1669.46 1.13 1436.41 • 1742.64 14.6 Natural gas, $/MMBtu 3.033 -0.482 -13.71 -32.22 Euro zone 4.50 4.50 4.50 2.00
Secured Overnight Financing Rate
Canada S&P/TSX Comp 19654.47 –0.86 18737.39 • 20767.38 1.4 Gold, $ per troy oz. 1932.60 -58.90 -2.96 6.20 Switzerland 2.25
5.25
2.25
5.25
2.25
5.25
1.00
3.00 5.32 5.33 5.35 3.78
Latin Amer. MSCI EM Latin America 2351.26 –0.11 2043.57 • 2570.27 10.5 Britain
co Fo

U.S. Dollar Index 105.80 0.78 0.74 2.20 Australia 4.35 4.10 4.35 2.85
Brazil BOVESPA 120568.14 2.04 97926.34 • 122560.38 9.9
WSJ Dollar Index 100.23 0.82 0.83 3.80 Latest
Value 52-Week
Traded High Low
Chile S&P IPSA 3162.01 –0.19 3048.00 • 3629.67 –0.3
Euro, per dollar 0.9358 0.0040 0.43 0.16
Overnight repurchase
DTCC GCF Repo Index
Mexico S&P/BMV IPC 51258.24 –0.02 48197.88 • 55534.68 5.8
Yen, per dollar 151.52 2.14 1.43 15.56
U.S. 5.39 5.38 5.40 3.77
Treasury 5.387 22.576 5.399 3.792
EMEA STOXX Europe 600 443.31 –0.21 424.18 • 471.74 4.3
U.K. pound, in dollars 1.22 -0.0154 -1.24 1.07
U.S. government rates MBS 5.413 80.096 5.426 3.842
STOXX Europe 50 3867.43 –0.16 3651.83 • 4079.60 5.9
52-Week Discount
•
Notes on data:
Eurozone Euro STOXX 439.68 0.23 409.90 470.38 7.2 Low Close(l) High % Chg 5.50 5.50 5.50 4.00 U.S. prime rate is the base rate on corporate
Euro STOXX 50 4197.36 0.54 3793.62 • 4471.31 10.6
DJ Commodity 930.59 1071.61 -8.66 Federal funds
loans posted by at least 70% of the 10 largest
Austria ATX 3203.66 0.54 3020.72 • 3557.01 2.5 l
5.3400 5.3500 3.8300
U.S. banks, and is effective July 27, 2023. Other
prime rates aren’t directly comparable; lending
Belgium Bel-20 3438.86 –1.85 3290.68 • 3954.16 –7.1 Refinitiv/CC CRB Index 253.85 l 290.29 -4.35 Effective rate
High
5.3400
5.6500 5.6500 5.6500 4.0400
practices vary widely by location; Discount rate
France CAC 40 7045.04 –0.03 6450.43 • 7577.00 8.8 Crude oil, $ per barrel 66.74 l 93.68 -13.25
Low 5.3100 5.3100 5.3300 3.8000
is effective July 27, 2023. Secured Overnight
Financing Rate is as of November 9, 2023.
Germany DAX 15234.39 0.30 13884.66 • 16469.75 9.4 Natural gas, $/MMBtu 1.991 l 7.308 -48.41 Bid 5.3300 5.3300 5.3300 3.8200 DTCC GCF Repo Index is Depository Trust &
Greece Athex Composite 1203.08 –1.37 883.28 • 1345.95 29.4 Gold, $ per troy oz. 1737.40 l 2048.00 9.43 Offer 5.3500 5.3500 5.3700 3.8400 Clearing Corp.'s weighted average for overnight
trades in applicable CUSIPs. Value traded is in
Israel Tel Aviv 1704.43 1.07 1605.20 • 1981.04 –5.1
n-

Treasury bill auction billions of U.S. dollars. Federal-funds rates are

Italy FTSE MIB 28504.43 –0.59 23684 • 29645 20.2 U.S. Dollar Index 99.77 l 107.84 -0.46
4 weeks 5.290 5.290 5.840 3.190
Tullett Prebon rates as of 5:30 p.m. ET.
Sources: Federal Reserve; Bureau of Labor
Netherlands AEX 746.31 1.36 689.01 • 794.27 8.3 WSJ Dollar Index 94.37 l 100.92 1.07 13 weeks 5.285 5.325 5.345 4.120 Statistics; DTCC; FactSet;
Norway Oslo Bors All-Share 1506.98 –0.19 1293.45 • 1537.28 10.6 Euro, per dollar 0.8897 l 0.9763 -3.11 26 weeks 5.260 5.320 5.350 4.440 Tullett Prebon Information, Ltd.
Portugal PSI 20 6251.24 –2.35 5689.36 • 6401.81 9.2 Yen, per dollar 127.86 l 151.67 9.17
no

South Africa FTSE/JSE All-Share 71393.30 –2.01 69451.97 • 80791.36 –2.3 U.K. pound, in dollars 1.18 l 1.31 3.29
Spain IBEX 35 9371.69 0.84 8040.7 • 9694.7 13.9 Cash Prices Friday, November 10, 2023
Sweden OMX Stockholm 788.32 –0.24 753.35 • 886.59 0.8 Go to WSJMarkets.com for free These prices reflect buying and selling of a variety of actual or “physical”
Switzerland Swiss Market 10555.35 –0.23 10323.71 • 11595.25 –1.6 access to real-time market data. commodities in the marketplace—separate from the futures price on an
U.K. FTSE 100 7360.55 –0.77 7256.94 • 8014.31 –1.2 exchange, which reflects what the commodity might be worth in future
Asia-Pacific MSCI AC Asia Pacific 155.87 –0.53 150.1 • 170.8 0.1 months.
Australia S&P/ASX 200 6976.50 –0.02 6772.9 • 7558.1 –0.9 Friday Friday
China Shanghai Composite 3038.97 0.27 2939.29 • 3395.00 –1.6 Energy Wool,64s,staple,Terr del-u,w n.a.
Hong Kong Hang Seng 17203.26 –2.61 16991.53 • 22688.90 –13.0
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 71.250
Grains and Feeds
India S&P BSE Sensex 64904.68 0.84 57527.10 • 67838.63 6.7 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.000 Bran,wheat middlings, KC-u,w 135
Japan NIKKEI 225 32568.11 1.93 25716.86 • 33753.33 24.8
Metals
Corn,No. 2 yellow,Cent IL-bp,u 4.3500
Malaysia FTSE Bursa Malaysia KLCI 1445.18 –0.33 1374.64 • 1501.88 –3.4 Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
165.6
592.2
Singapore Straits Times 3106.68 –1.18 3053.36 • 3394.21 –4.4 Gold, per troy oz
Engelhard industrial 1945.00
Cottonseed meal-u,w 350
South Korea KOSPI 2409.66 1.74 2218.68 • 2667.07 7.7 Handy & Harman base 1941.65
Hominy feed,Cent IL-u,w 148
Taiwan TAIEX 16682.67 1.06 14007.56 • 17334.98 18.0 Handy & Harman fabricated 2155.23
Meat-bonemeal,50% pro Mnpls-u,w
Oats,No.2 milling,Mnpls-u
440
4.0675
LBMA Gold Price AM *1946.75
Source: FactSet; Dow Jones Market Data Rice, Long Grain Milled, No. 2 AR-u,w 35.88
LBMA Gold Price PM *1957.45
Sorghum,(Milo) No.2 Gulf-u n.a.
Krugerrand,wholesale-e 2010.63
Consumer Rates and Returns to Investor Benchmark Yields and Rates Maple Leaf-e 2029.97
SoybeanMeal,Cent IL,rail,ton48%-u,w 465.90
Soybeans,No.1 yllw IL-bp,u 13.0300
American Eagle-e 2029.97
U.S. consumer rates Selected rates Treasury yield curve Forex Race Mexican peso-e 2338.98
Wheat,Spring14%-pro Mnpls-u
Wheat,No.2 soft red,St.Louis-u
9.1550
5.9775
Five-year ARM, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Austria crown-e 1898.02 Wheat - Hard - KC (USDA) $ per bu-u 6.7300
A consumer rate against its Austria phil-e 2029.97
notes and bonds major U.S. trading partners Wheat,No.1soft white,Portld,OR-u 6.9250
benchmark over the past year Silver, troy oz.
Bankrate.com avg†: 6.96% Food
Engelhard industrial 22.5000
5-year Florence Savings Bank 5.25% Tradeweb ICE 6.00% Handy & Harman base 22.3580
14% Beef,carcass equiv. index
adjustable-rate 7.00% Florence, MA 800-644-8261 Friday Close Handy & Harman fabricated 27.9480
Euro choice 1-3,600-900 lbs.-u 282.62
mortgage (ARM) t 5.00 s LBMA spot price *£18.3900 select 1-3,600-900 lbs.-u 253.73
t The Torrington Savings Bank 6.25% 7
6.00 (U.S.$ equivalent) *22.5500 Broilers, National comp wtd. avg.-u,w 1.1330
Torrington, CT 860-496-2152 4.00 Coins,wholesale $1,000 face-a 19073 Butter,AA Chicago-d 2.6000
s
165.00
t Cheddar cheese,bbl,Chicago-d
5-year Treasury 5.00 Texas Bank and Trust Company 6.63% 0 Yen Other metals
One year ago 3.00 LBMA Platinum Price PM *868.0 Cheddar cheese,blk,Chicago-d 160.00
t note yield Longview, TX 903-237-5500
Platinum,Engelhard industrial 858.0 Milk,Nonfat dry,Chicago lb.-d 120.00
4.00 2.00 –7 s
FirstBank 6.75% Palladium,Engelhard industrial 980.0 Coffee,Brazilian,Comp-y 1.7237
WSJ Dollar Index Coffee,Colombian, NY-y 1.9949
Scottsdale, AZ 866-964-3444 Aluminum, LME, $ per metric ton *2228.0
3.00 1.00 –14 Copper,Comex spot 3.5835 Eggs,large white,Chicago-u n.a.
D J FMAM J J A S ON Star One Credit Union 6.88% 1 3 6 1 2 3 5 7 10 20 30 Iron Ore, 62% Fe CFR China-s *128.2 Flour,hard winter KC-p 17.45
2022 2023 Hams,17-20 lbs,Mid-US fob-u n.a.
2023 Sunnyvale, CA 408-742-2801 month(s) years Steel, HRC USA, FOB Midwest Mill-s *950.0
Hogs,Iowa-So. Minnesota-u 74.80
maturity
Battery/EV metals Pork bellies,12-14 lb MidUS-u n.a.
Yield/Rate (%) 52-Week Range (%) 3-yr chg BMI Lithium Carbonate, EXW China, =99.2%-v,w 21775
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Pork loins,13-19 lb MidUS-u 1.0692
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 19925 Steers,Tex.-Okla. Choice-u 180.63
Federal-funds rate target 5.25-5.50 5.25-5.50 3.75 l 5.50 5.25 Corporate Borrowing Rates and Yields BMI Cobalt sulphate, EXW China, >20.5% -v,m
BMI Nickel Sulphate, EXW China, >22%-v,m
5275
4295
Steers,feeder,Okla. City-u,w 268.50
Prime rate* 8.50 8.50 7.00 l 8.50 5.25 Spread +/- Treasurys, BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 540 Fats and Oils
Yield (%) in basis pts, 52-wk Range Total Return
SOFR 5.32 5.33 3.78 l 5.35 5.22 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Fibers and Textiles Degummed corn oil, crude wtd. avg.-u,w n.a.
Money market, annual yield 0.61 0.61 0.26 l 0.62 0.40 Grease,choice white,Chicago-h 0.4500
U.S. Treasury, Bloomberg 4.860 4.730 -0.43 -5.22 Burlap,10-oz,40-inch NY yd-n,w 0.7225 Lard,Chicago-u n.a.
Five-year CD, annual yield 2.84 2.84 2.40 l 2.86 2.25
Cotton,1 1/16 std lw-mdMphs-u 0.7407 Soybean oil,crude;Centl IL-u,w 0.5295
30-year mortgage, fixed† 8.02 8.09 6.36 l 8.28 4.98 U.S. Treasury Long, Bloomberg 4.890 4.900 -6.26 -14.27
Cotlook 'A' Index-t *87.55 Tallow,bleach;Chicago-h 0.5100
15-year mortgage, fixed† 7.27 7.31 5.54 l 7.42 4.78 Aggregate, Bloomberg 5.410 5.300 52 44 62 0.44 -4.92 Hides,hvy native steers piece fob-u n.a. Tallow,edible,Chicago-u n.a.
Jumbo mortgages, $726,200-plus† 8.08 8.13 6.35 l 8.33 5.00 Fixed-Rate MBS, Bloomberg 5.610 5.490 65 36 82 -0.88 -4.92
Five-year adj mortgage (ARM)† 6.96 7.09 5.33 l 7.16 3.75 High Yield 100, ICE BofA 8.522 8.321 360 321 459 7.836 0.733 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella &
Muni Master, ICE BofA 3.887 4.030 n.a. -9 11 2.984 -1.674 Brookes; H=American Commodities Brokerage Co;
New-car loan, 48-month 7.69 7.68 6.14 l 7.69 3.55 K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy;
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 8.386 8.281 361 334 427 6.046 -4.881 S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International
banks.† Excludes closing costs. Coffee Organization; Z=not quoted. *Data as of 11/9
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Fixed Income Indices; ICE BofA Source: Dow Jones Market Data
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Monday, November 13, 2023 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

China’s Green-Energy Spree Spurs a Glut

Renewables funding
draws newcomers,
leads to oversupply
of solar components
BY SHA HUA
AND PHRED DVORAK
China’s newest solar-energy
manufacturers include a dairy
farmer and a toy maker.
The new entrants are ex-
amples of a green-energy
to make solar cells and panels. Change in annual clean energy investment by country/region
“The solar industry is im- since 2019
proving over the long term,
and the market potential is China
huge,” Royal Group wrote in a EU
document outlining the proj-
ect last year. More recently, U.S.
Royal Group said it wants to Japan
create synergies between its
core agricultural business and India
photovoltaics, “and promote Africa
solar technology to empower
dairy owners to reduce costs Brazil
and increase efficiency,” the Middle East
company said in a response to
The Wall Street Journal. Indonesia

spending binge in China that
is fueling the country’s rapid
buildout of renewable energy
while creating a glut of solar
components that is rippling
through the industry and sty-
mieing attempts to build such
manufacturing elsewhere, par-
ticularly in Europe.
Since the start of the year,
prices for Chinese polysilicon,
the building block of solar
panels, are down 50% and
panels down 40%, according
to data tracker OPIS, which is
owned by Dow Jones.
Inside China, some compa-
nies fear a green bubble is
about to pop.
China’s state-guided econ-
omy spent nearly $80 billion
on clean-energy manufactur-
ing last year, around 90% of
all such investment world-
wide, BloombergNEF esti-
Other newbies include a
jewelry chain, a producer of
pollution-control equipment
and a pharmaceutical company.
The newcomers are helping
an ambitious wind and solar
push in China—this year alone
the country is set to install
roughly as much solar as the
U.S. has in total, Rystad En-
ergy estimates.
Meanwhile, Chinese exports
of everything from batteries
and electric vehicles to solar
panels and wind turbines have
surged, raising hackles in
places such as Europe and the
U.S., which are trying to grow
their own domestic clean-en-
ergy manufacturing.
In solar, the investment is
an important reason for the
huge oversupply of compo-
nents, and falling prices that
are pummeling profits at man-
Russia
0%
Source: International Energy Agency
A worker at a Trina Solar project in Jiangsu province, China.
ers such as Jinko Solar, Trina
Solar and Canadian Solar,
have put capacity expansion
plans on hold, according to
TrendForce, a Taiwan-based
market intelligence firm.
Many Chinese manufactur-
ers have been trying to unload
inventory at bargain prices in
Europe, one of the few big so-
lar markets without tariffs or
other barriers to panel im-
ports. While European solar
developers are delighted, the
region’s already hard-pressed
manufacturers are crying foul.
Some European producers
were already struggling with
50 100 150
position of antidumping du-
ties and the implementation
of the Uyghur Forced Labor
Prevention Act, which ended
up preventing panels made
with Chinese polysilicon from
entering the country.
The Chinese solar-manufac-
turing industry has gone
through booms and busts be-
fore and had its share of odd
new entrants. Tongwei Solar
began as a fish-feed supplier
that acquired a solar-panel
maker during the downturn of
2013 to complement its aqua-
culture business with solar
parks. Tongwei is now the
200
Mubang High-Tech announced
a joint venture with the local
government for a $660 million
solar-cell production base.
Supply-chain disruptions
from the pandemic squeezed
inventories and pushed up
prices in previous years. Euro-
pean solar buyers ordered
large amounts of panels as
they became available, while
many Chinese manufacturers
overestimated demand, said
Matthias Taft, chief executive
of BayWa r.e., Europe’s big-
gest solar distributor.
“We and others ordered
massively” during the second
CFOTO/DDP/ZUMA PRESS
solar wafers, a key panel com-
ponent, went bankrupt in Au-
gust. Its sole remaining Euro-
pean rival, NorSun, stopped
production in recent weeks
because its customers—mostly
European solar cell and panel
manufacturers—weren’t able
to sell their products, said
Carsten Rohr, NorSun’s chief
commercial officer.
At this rate, Europe’s de-
pendence on Chinese solar is
increasing rather than de-
creasing, said Gunter Erfurt,
chief executive of Swiss solar
cell and panel manufacturer
Meyer Burger. The company

.
mates. The country’s annual ufacturers around the world. homegrown challenges such as largest polysilicon maker in half of 2022, he said. has opted to postpone its
spending on green energy Many established Chinese so- slow permitting, a lack of the world. The recent drop in solar planned European expansion

overall has increased by more
than $180 billion a year since
2019, the International Energy
Agency says.
The rush of funding at-
tracted an unusual array of
companies to the business.
Last summer, Chinese dairy
lar companies are warning
that the fallout could be grim,
with losses or bankruptcies
looming.
“The entire industry is
about to enter a knockout
round,” said Longi Green En-
on
ergy Technology, one of
us ,
skilled labor and high energy
costs, making it difficult to
compete with Chinese coun-
terparts.
The oversupply was exacer-
bated by barriers to imports
in India and the U.S., which
threw off Chinese manufactur-
This time, more than 70
listed companies—ranging
from fashion, chemicals and
real estate to electrical appli-
ances—entered the solar sector
in 2022, according to data in-
telligence company InfoLink.
In February, Zhejiang Ming
ly
prices meant Chinese panels
are selling for around half of
manufacturing cost for mem-
bers of Europe’s solar-manu-
facturing industry association,
said Johan Lindahl, the
group’s secretary-general.
Around 40% of the panels
and instead ship the manufac-
turing equipment to a new
factory in the U.S., which has
offered big government subsi-
dies to solar manufacturers.
Market watchers say the
oversupply may work itself
out faster than expected, be-

giant Royal Group unveiled China’s biggest solar-manufac- ers’ forecasts and left their Jewelry, which runs 1,000 gold manufactured this year by cause some companies are
l

plans for three new projects. turing companies, in its half- panels languishing in ports jewelry stores in China, an- members who responded to likely to cancel or postpone
e
al a

There was a farm with 10,000 year financial report in August. and warehouses. The U.S. nounced plans to invest $1.5 the association’s survey were expansion plans and others
milk cows, a dairy processing At least 13 companies, in- proved particularly unpredict- billion to build a solar-cell fac- languishing in inventory. are retiring old factories in fa-
plant and a $1.5 billion factory cluding Chinese industry lead- able with the threatened im- tory. Last August, toy maker One Norwegian producer of vor of new ones.
ci on

Green such as Danish renewable- clean-energy stocks, the

power developer Orsted, iShares Global Clean Energy
which this month said it ETF, down 35%.
dropped ESG-related terms
from their names, according
to Morningstar.
Ex-FTX Sun later signed a nonpros-
ecution agreement with fed-
eral prosecutors and cooper-

Power Path Executives

er s

would abandon two wind proj- As clean-power develop- Energy executives point out ated with the investigation
ects that it was building off ment faces hurdles, many fos- that economies such as those that led to Bankman-Fried’s
m er

the coast of New Jersey, book- sil-fuel companies are encoun- in the U.S. or Europe will be conviction this month. In his

Gets Messy ing a $4 billion loss to do so. tering less pressure to rush
It cited factors including sup- away from oil and gas than
ply-chain issues and rates. they had a few years ago. A
able to shift to cleaner power
sources and electric cars much
faster than the rapidly growing
Team Up Oct. 19 testimony, Sun said he
requested the agreement out
of “an abundance of caution”
Many other wind develop- big reason is geopolitics, com- and modernizing economies of because, as general counsel,
m rp

Continued from page B1
erty Trust, during an earn-
ings call recently.
A big chunk of the clean-en-
ergy industry’s woes are mac-
ers have taken hundreds of bined with a growing pragma- Asia and Africa, which will Continued from page B1 he was involved in transac-
millions of dollars in losses on tism as companies and gov- need increasing amounts of en- other players,” Sun said. tions that, though unknown to
U.S. offshore projects this ernments find decarbonizing ergy for decades to come. Sun said he and Ferrante him at the time, may have in-
year, throwing into doubt the tougher than expected. “There’s this notion that it hired other former FTX legal volved misappropriated client
Biden administration’s goal of The Ukraine war focused is going to be a linear energy and compliance employees at funds. The agreement, signed
co Fo

roeconomic. Some of the worst-
hit companies started big,
expensive projects before pan-
demic supply-chain bottlenecks
helped send the cost of materi-
als such as steel soaring, and
interest-rate increases made fi-
nancing more expensive.
In the U.S., dozens of re-
newable-power developers in-
creased prices they are charg-
ing for electricity and
rewritten contracts to try to
deploying 30 gigawatts of governments on energy security transition,” said Daniel Yergin, Trek because of their skills and two days earlier and reviewed
such power by 2030. after a sharp drop in Russian oil vice chairman of S&P Global experience. Sun disclosed his by The Wall Street Journal,
“A lot of these contracts and gas supplies sent fossil fuel and a veteran chronicler of previous role at FTX in regula- says it “should not be con-
were entered into when the prices soaring and led to energy energy trends. “It’s going to tory filings and investor materi- strued as a legal or factual de-
world was just awash in cheap shortages around the world. unfold in different ways in dif- als, and he informed Dubai’s termination that Mr. Sun has
capital,” says The disruptions ferent parts of the world.” regulator of his testimony. violated any federal law.”
Abraham Silver- added force to Energy giants Exxon Mobil At FTX, Bankman-Fried com- Ferrante worked at
man, who until arguments that and Chevron, which made mingled customer and company Alameda for a few months in
earlier this year
was working
with New Jer-
sey’s public-
35%Decline in
the energy tran-
sition needed to
move more
slowly, and that
windfall profits as prices rose
during the past few years, are
now using billions of dollars
of that cash to snap up more
funds, allowing him to divert
money to his trading firm,
Alameda Research, via a secret
software backdoor. Clients were
2018 and took a job at FTX on
a crypto token project. His
digital-currency-wallet com-
pany closed a $20 million in-
utilities board it was danger- oil and gas assets, arguing unaware of this until a run on vestment round in September
the iShares Global
n-

recoup costs.
French power company En-
gie raised many of its wind-
and solar-power contract
no
on its offshore ous to call for that the fuels will be needed FTX exposed that their money 2022, in which FTX’s venture
wind and solar Clean Energy ETF so sharply trim- for a long time to come. was no longer there. Roughly $9 arm contributed half of the to-
projects. far this year. ming invest- Some analysts say such con- billion of customer deposits on tal sum. Ferrante held most of
Silverman ment in fossil solidation isn’t necessarily a FTX went missing. the raised funds on the FTX

prices in the U.S. around 50%
compared with before the pan-
demic, as financing partners
demand steeper margins for
the high and uncertain inter-
est-rate environment, says Da-
vid Carroll, the company’s
North American business head.
Although Engie has seen
some customers recoil from
those higher power prices, the
demand for green energy has
been so strong that the company
is on track to hit its aggressive
goal of installing an additional
12 gigawatts of renewables in
the U.S. by 2030, Carroll says.
Still, other companies
pulled out of deals completely,
says he was fuels, as energy step back for the energy transi- “This went against every- platform, and said he lost it all
disappointed to watchdog Inter- tion, since the companies thing that I stood for and was when the exchange collapsed.
see Orsted walk away from national Energy Agency has bought existing players that represented to me by Sam,” Sun Ferrante holds a minority
the New Jersey projects, since done in reports on steps needed have oil and gas holdings that said. At the trial, Sun told jurors share in Trek’s holding com-
“it was something I spent the to curb climate change. can be harvested quickly— that Bankman-Fried always rep- pany, corporate documents
last four years of my life The U.S. has seen a political rather than pumping money resented that customer funds show. The pair recruited several
working on.” Still, “the finan- backlash against climate into looking for resources that were segregated and pro- other former FTX employees,
cial situation on a global basis change-focused investing, could take decades and billions tected. including Sun’s ex-deputy Claire
has fundamentally changed— with a number of Republican- more dollars to develop. Bankman-Fried turned to Zhang, who holds a stake in
at least for the foreseeable fu- led states and conservative But investors are more wel- Sun while he tried to raise Trek. Sun said he hired Zhang
ture,” he says. lawmakers pushing for curbs coming to such moves than emergency cash from investors because she was a talented
Such troubles have helped on ESG—or environmental, so- they were two years ago, during FTX’s meltdown and lawyer. Trek disclosed her
push down share prices for cial and corporate-gover- when activist Engine No. 1 asked Sun to come up with legal marriage to Ferrante in a May
many renewable-power com- nance—investments. Investors won a proxy fight to get three justifications for why FTX funds submission to Dubai’s regula-
panies, with Orsted’s shares pulled a net $2.7 billion out of of its director candidates ap- were at Alameda. Sun refused tor. Once Trek raises an in-
more than halving in value U.S. sustainable-investment pointed at Exxon, arguing the and quit as FTX’s general coun- vestment round, Zhang said
since the beginning of the funds during the three months company didn’t have a good sel the day after Bankman-Fried she plans to transition out of
year, and a big exchange- through September, while a enough energy-transition and told him about the use of cus- the company. She said she has
traded fund that invests in growing number of U.S. funds climate strategy. tomer money. been working without pay.

THE TICKER | MARKET EVENTS COMING THIS WEEK

Monday CureVac (0.24)/(0.26) Empire Manufacturing Earnings expected Capacity utilization Ross Stores
Home Depot 3.76/4.24 Oct., previous -4.6 Estimate/Year Ago Sept., previous 79.7% 1.22/1.00
Earnings expected
Estimate/Year Ago Nov., expected -3.8 Cisco Systems Oct., expected 79.4% Walmart 1.51/1.50
AECOM 0.97/0.89 1.03/0.86 Williams-Sonoma
Henry Schein 1.32/1.15 Wednesday Mort. bankers indexes Experian n.a./n.a. Industrial production 3.33/3.72
Monday.com 0.21/0.05 Business inventories Purch., previous Palo Alto Networks Sept., previous up 0.3% Woodward 1.31/0.84
Roivant Sciences Aug., previous up 0.4% up 3.0% 1.16/0.83 Oct., expected
(0.29)/(0.29) Sept., expected up 0.4% Refinan., prev. up 2.0% Target 1.48/1.54 down 0.3%
Tetra Tech 1.44/1.26
Friday
Tyson Foods
0.29/1.63 Note: EIA conducted a Producer price index TJX 0.99/0.86 EIA report: natural-gas Building Permits
systems upgrade from All items, Sept. up 0.5% Previous change in stocks in
XP Inc. 0.41/0.36 November 8-10 and delayed billions of cubic feet Sept., previous
Oct., expected up 0.1% 1.473 mil.
the release for the week
ended Nov. 3. EIA will release Core, Sept. up 0.3% Thursday (Previous data as of Oct. 27)
up 79 Oct., expected
Tuesday data for the weeks ended Oct., expected up 0.3% Initial jobless claims 1.450 mil.
EDUARDO MUNOZ ALVAREZ/ASSOCIATED PRESS

Nov. 3 and 10 this week. Previous 217,000

Consumer price index Freddie Mac mortgage
All items, Sept. up 3.7% Retail sales, ex. autos Expected 222,000 survey Housing Starts
Oct., expected up 3.3% EIA status report Sept., previous up 0.6% Previous weekly averages Sept., previous
Previous change in stocks in Oct., expected up 0.1% Import price index 30-year fixed 7.50%
Core, Sept. up 4.1% millions of barrels
1.358 mil.
Oct., expected up 4.1% (Previous data as of Oct. 27) Sept., previous up 0.1% 15-year fixed 6.81% Oct., expected
Retail sales Oct., expected 1.350 mil.
Earnings expected Crude-oil stocks up 0.8 Sept., previous up 0.7% down 0.3% Earnings expected
Estimate/Year Ago Gasoline stocks up 0.1 Oct., expected Estimate/Year Ago
Earnings expected
Aramark 0.64/0.48 Distillates down 0.8 down 0.1% Philadelphia Fed Applied Materials Estimate/Year Ago
survey 1.99/2.03 Atkore 4.08/5.52
* FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in paren-
theses) u Adjusted for stock split Oct., previous -9.0 Bath & Body Works BJ’s Wholesale Club
Walmart is expected to post per-share earnings of $1.51. Note: Forecasts are from Dow Jones weekly survey of economists Nov., expected -8.0 0.35/0.40 Holdings 0.95/0.99
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, November 13, 2023 | B11

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Microsoft Gears Up New Game Play

‘Call of Duty’ gives the company ammo to boost its subscription service—and could upend the industry’s business model

Microsoft now owns some of
the biggest videogames in the
world. What it does with them
could ripple across the entire in-
dustry—for good and bad.
The biggest of those games is in
the spotlight this week, as Activi-
sion Blizzard’s latest “Call of Duty”
sequel went on sale Friday. Called
month that the game drove a re- made this shift—or are in the pro-
cord number of new Game Pass cess of doing so. It can be painful.
subscriptions in a single day. It The impact of subscription-based
credited the title as the main video streaming on cable fees and
driver for gaming revenue jump- movie ticket sales was a major fac-
ing 9% year over year, the biggest tor in the labor strikes that have
growth for that segment in two roiled Hollywood for much of this
years, according to Visible Alpha. year. The music industry is even
“Call of Duty” is a much bigger further along; physical sales and

ANTONY JONES/GETTY IMAGES FOR CALL OF DUTY: MODERN WARFARE III

“Modern Warfare III,” the new
game is notable for a couple of rea-
sons. The first is that much of its
development took place during a
period in which Activision’s future
structure was uncertain, as the $75
billion acquisition by Microsoft took
nearly two years to close. Opposi-
tion from regulators made the deal
far from a sure thing; it closed last
month almost immediately after
U.K. regulators ended their ex-
tended probe following concessions
from Microsoft.
The second reason is that it
could be the last installment of the
franchise released on the industry’s
traditional business model, where
such so-called triple-A games are
typically sold as discs or digital
downloads for $70 each. Microsoft
force. Even in weak years, the
franchise’s annual release sells at
least 24 million copies globally, ac-
cording to Wedbush analyst Mi-
chael Pachter. It was ranked as
the top-selling game in the U.S.
market in eight of the past 10
years, according to data from mar-
ket-research firm Circana. Ana-
lysts estimate the “Call of Duty”
franchise, which includes a mobile
game and an online free-to-play
version that make money through
microtransactions, generates more
than $3 billion in annual revenue,
according to Visible Alpha.
The battle to close the merger
cost Microsoft the ability to put
“Modern Warfare III” on Game Pass
on the day of its release, according
to a post on the X social-media plat-
The ‘Call of Duty: Modern Warfare III’ launch in the U.K. on Thursday.
game to flop with critics was the
2021 release called “Vanguard,”
digital downloads now account for
just 14% of recorded music revenue
in the U.S., according to data from
the Recording Industry Association
of America. The same formats ac-
counted for more than three-quar-
ters of the industry’s revenue 10
years ago.
But the same trend also offers a
hopeful note. Total recorded music
industry revenue in the U.S. has
surged 81% in that same time, even
adjusted for inflation. Ownership of
Activision puts Microsoft in a posi-
tion to disproportionately benefit
from a similar trend in games,
given both its sizable gaming busi-
ness and even larger cloud opera-
tion, which would be helped by
“We strongly believe that an over- more gameplay moving to a
all shift to a subscription model streaming setup that is still rela-

.
has been building a game subscrip- form from Activision’s main account which helped weaken Activision’s for the industry would negatively tively nascent now. “If Xbox Game
tion service called Xbox Game Pass last month. That might be just as stock and created an opening for impact value creation at the pub- Pass shows increasing traction, this

since 2017 and has been launching
a growing number of games on the
service on the same day of their re-
tail release.
That includes “Starfield,” a sci-
fi game released in early Septem-
ber by Microsoft’s Bethesda Soft-
ly
well, as a reportedly rushed devel- the Microsoft takeover. lishers,” TD Cowen analyst Doug could have a substantial impact on
opment cycle may have affected the But launching future “Call of Creutz wrote in his final report on the gaming industry,” Bernstein an-
game’s quality. Early reviews of the Duty” sequels on Game Pass Activision last month. alysts said in a Nov. 8 report.
GameSpot and GamesBeat have
on
game’s single-player campaign from
influential publications like IGN,

been underwhelming: IGN called the

works. Microsoft said in its fiscal
game “a pale imitation of the past.”
us ,
seems inevitable. And that could
change the game for the industry,
which has been reluctant to fully
embrace subscription-based mod-
els for major games that can still
He added “but if publishers see
diminished unit sales as a result
of increased Game Pass consump-
tion of other titles, they may have
Having spent more than a
year’s worth of free cash flow on
Activision, disrupting the game
business is the least Microsoft
no choice but to submit.” should hope for.

first-quarter earnings call last Ironically, the last “Call of Duty” garner premium a la carte prices. Other media industries already —Dan Gallagher
l
e
al a

China’s Middle East Clout Has Limits

ci on

Chinese crude oil imports by source,

For most of the past decade,
six month rolling sum
60 million metric tons
Russia
And imports from Saudi Arabia, lion-dollar overseas infrastructure has abandoned its Covid-19 con- Saudi Arabia
er s

China’s story in the Middle East previously China’s top supplier, program—receiving about 29% of trols and begun to re-engage with 50 Iraq
has been straightforward: end- were down 11%. the $59 billion of total investment the world. Official Chinese data
m er

lessly rising investment, trade and
influence. Having brokered a re-
turn to diplomatic relations be-
tween Saudi Arabia and Iran ear-
lier this year and given its strong
In the short run, lack of Russian
pipeline capacity might limit how
much further that change can prog-
ress—but over the long run, the
geopolitical logic of higher imports
m rp
and BRI contracts that year, accord-
ing to a report from the Green Fi-
nance and Development Center at
Fudan University. But the ambition
and scale of the BRI have taken a
puts total outbound foreign direct
investment, or FDI, up 6.7% year 40
over year in the first three quar-
ters of the year. Nonfinancial belt
and road investment is up 50%.

economic relationship with Israel,
China has also found itself in the
spotlight as the conflict in Gaza
has boiled over.
But is the Middle East destined
over land from Russia, rather than
over sea from the Middle East,
might be difficult to ignore. As long
as tensions with the U.S. remain el-
evated, China will have a strong in-
co Fo
significant hit in recent years, ow-
ing in part to the pandemic and ris-
ing concerns over debt and project
quality in China and abroad.
And outside official BRI proj-
30
But China’s rising financial bur-
dens at home—particularly the
collateral damage to banks and
20
state balance sheets from the con-
tinuing property and local govern-

to keep becoming—economically, at
least—less middle and more east?
Perhaps not—at least, not as
rapidly as seemed likely just a few
years ago. Two pillars of China’s
rising sway in the region, energy
purchases and overseas invest-
ment, are in significant flux.
China’s oil imports have lurched
decisively toward Russia since the
outbreak of the Ukraine war, to the
point where it has become China’s
biggest supplier. Chinese imports
centive to work with Russia to fur-
ther expand pipeline capacity,
especially since, in the event of any
future conflict with the West, sea
lanes would be vulnerable. China’s
own slowing growth, particularly in
energy-hungry, construction-related
heavy industrial sectors such as
petrochemicals, could also weigh on
its oil demand growth for years.
China’s role as an endless font of
investment capital for Middle East-
ern economies also looks more un-
n-
ects, the foreign-investment pic-
ture looks even less rosy. China’s
net overseas direct investment in
the eight largest Middle Eastern
economies, excluding Israel and
Iran, fell by about a third in 2021
from 2020 levels, according to
CEIC data. China wasn’t among
the top 10 investors in Arab coun-
tries in 2022—in capital expendi-
ture terms—for the first time
since at least 2018, according to
data from the Arab Investment
ment fiscal meltdown—will also
probably mean it needs to be more 10
parsimonious abroad in the years 2018 ’19 ’20 ’21 ’22 ’23
ahead. And as foreign investment Note: Monthly data, through September
in China from the West continues Source: CEIC
to evaporate, many Chinese firms
might increasingly begin looking And China is the world’s top en-
to dollar-rich Middle Eastern fi- ergy consumer, which means it
nanciers for capital, rather than will have an enduring interest, and
the other way around. enormous influence, in the Middle
Finally, China’s refusal to forth- East for a long time. But the
rightly condemn the attack from events of the past three years
Hamas could limit its opportunities have also upended global energy

of Russian crude in the third quar-
ter of 2023 were 42% higher than
in the third quarter 2021, according
to figures from data provider CEIC.
no
certain than it did a couple of years
ago. In 2021, the Middle East and
North Africa became the top desti-
nation of new funding from the Belt
and Credit Guarantee Corp., a mul-
tilateral credit insurer funded by
Arab states and based in Kuwait.
Investment will probably recover
to invest further in Israel’s high- markets and assumptions about
tech sector in the future—although China’s future growth. That will
bilateral trade will probably remain have an impact on the shifting
large. China is currently Israel’s sands of the Middle East, too.
—Nathaniel Taplin

Imports from Iraq were up just 6%. and Road Initiative—China’s tril- this year and next, now that China second-largest trading partner.

MARKETS

Copper Slump Threatens Shift to Wind Power and EVs

BY BOB HENDERSON
A prolonged slide in copper
prices is challenging the
world’s shift to renewable en-
ergy sources.
Mining firms will need to
dig up gigantic amounts of
new copper over the next sev-
eral years to supply the tran-
sition to renewables. But de-
mand is slumping right now
from manufacturers and
Copper futures price The powerhouse behind 467,000 tons next year.
$4.30 a pound
that market is China, which is “In the very short term,
making huge investments in there is a big concern in terms
4.20 renewable energy and EVs. of how much lower prices
The country’s solar-related could go,” said Sudakshina
4.10 copper demand over the first Unnikrishnan, base-metals an-
three quarters of this year alyst at Standard Chartered
4.00 was more than 150% higher Bank.
than during the same period The project pipeline of
3.90 in 2022, according to Goldman French cable supplier Nexans
Sachs. tripled over the past five
3.80
Analysts say investments years, owing largely to clean
3.70 are needed soon, because new energy projects, said Chief Ex-
CFOTO/DDP/ZUMA PRESS

builders who use the metal in
everything from electrical
wire to roofing.
The re-
COMMODITIES sult of that
timing mis-
match is what Wall Street an-
alysts say is a temporary sur-
plus that is keeping copper
prices low and discouraging
the investments necessary to
meet the needs of the world’s
expanding population of wind
farms, solar arrays and elec-
tric vehicles.
The dynamic leaves the
market poised for a crunch
that could lead to price in-
creases and shortfalls, said
Goldman Sachs metals strate-
gist Nicholas Snowdon. “It’s a
matter of when, not if, the
market goes into an extreme
state of scarcity and the copper
3.60
3.50
Jan. 2023 Nov.
Note: Front-month contract
Source: FactSet
price spike plays out,” he said.
Copper futures slid more
than 15% in the past 10
months, to about $3.60 a
pound. One source of pressure
has been a weaker than ex-
pected pandemic recovery in
China, the world’s largest cop-
per consumer.
Other factors include a
strengthening dollar, a slow-
ing global manufacturing sec-
tor and the resolution of sup-
ply disruptions in Chile and
Peru, two of the largest pro-
ducers.
A temporary surplus that is keeping copper prices low.
Two copper mining firms
said in recent earnings calls
that they are waiting for
higher prices before commit-
ting to big new investments.
Kathleen Quirk, president of
Freeport-McMoRan, cited
higher capital costs to develop
new mines.
Gary Nagle, CEO of Glen-
core, said he wants to deliver
copper to the world when it is
needed and not before. He
said he would prefer prices
reach at least $4.50 a pound
before opening a new mine in
Argentina that he expects to
produce copper for three de-
cades. “We want to make a lot
of money for every one of the
30 years,” Nagle said.
Builders of new energy
sources, batteries and power
lines are demanding more
copper, but they account for
less than 10% of global usage,
said Max Layton, global head
of commodities research at
Citigroup. Layton estimates
copper prices would be
roughly 15% lower if not for
the growing green market.
mines take years to develop. ecutive Christopher Guérin.
McKinsey & Co. forecasts a His company uses more than
copper shortfall of 6.5 million half a million tons of copper a
metric tons in 2031, based on year, and while he worries
its projection that annual sup- about future shortages, he
ply will increase to 30.1 mil- limits the buying he does in
lion tons, from about 25 mil- advance to the amount his
lion in 2022. pipeline requires, to avoid
Goldman expects the grow- speculation. “Governments po-
ing supply gap to power its tentially can do a strategic re-
price to $4.50 a pound in a serve like oil or whatever,”
year and to more than $6.80 a said Guérin, “but companies
pound in 2025. cannot do anything.”
But prices could flag in the Meanwhile, speculators’
coming months because of in- bearish bets outnumber bull-
coming new supplies and soft- ish ones on the London Metal
ness in the 90% of demand un- Exchange by the most in a de-
related to the transition. The cade, according to TD Securi-
Eurozone is bracing for a re- ties. Many who expect prices
cession. China’s economy is to rise prefer buying shares of
showing fresh signs of slow- producers to holding copper
ing. The International Copper futures, because they like the
Study Group predicts produc- miners’ prospects even if
tion will outstrip demand by prices remain rangebound.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Monday, November 13, 2023 THE WALL STREET JOURNAL.

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no