WSJ
REVIEW
Are Women
Really Happier
Than Men?
What’s
News
Business & Finance
 Investors approved a plan
to take Trump’s struggling
social-media company public,
putting him one step closer
to a roughly $3 billion wind-
fall that could end a financial
squeeze that is weighing on
his presidential run. A1, A4
 The FAA is stepping up
scrutiny of United Airlines
following a spate of safety
issues in recent weeks. B11
 Apple has held prelimi-
nary talks with Baidu about
using the Chinese company’s
generative artificial-intelli-
gence technology in its de-
vices in China. B11
 Chrysler-parent Stellantis is
laying off about 400 U.S. em-
ployees, mostly in its software
and engineering divisions, the
latest in a string of cutbacks
by the automaker. B11
 Hyundai Motor and sib-
ling company Kia will recall
a combined 147,110 electric
vehicles in the U.S. over pos-
sible defects in a charging
unit, U.S. regulators said. B11
 Real-estate firm Compass
said it reached a $57.5 mil-
lion settlement over allega-
tions that it was part of a
conspiracy to keep real-es-
tate commissions high. B13
 Stocks were mixed with
the Dow and S&P 500 losing
0.8% and 0.1%, respectively,
and the Nasdaq gaining 0.2%
to set a record. B13
World-Wide
 The U.S. passed a secret
warning to Russia earlier this
month of a plot to target large
crowds ahead of an attack
that killed at least 60 people
and injured over 145 at a con-
cert hall outside of Moscow,
according to U.S. officials. A1
 The Senate was set to
miss its deadline to approve a
$1.2 trillion package of spend-
ing bills after the measure
was narrowly passed by the
House, putting the federal
government on track for a
temporary weekend shut-
down of some agencies. A3
 Rep. Marjorie Taylor Greene
filed a motion to oust Speaker
Johnson from his post just five
months into his tenure but
didn’t move to force a vote. A3
 Employers are returning
more than $225 million in
pandemic-era tax credits to
the IRS through a voluntary
disclosure program. A5
 A Russian missile-and-
drone barrage left hundreds
of thousands of people with-
out power in Ukraine. A7
 A U.S.-sponsored resolu-
tion calling for an immediate
cease-fire between Israel
and Hamas in Gaza failed to
pass the U.N. Security Coun-
cil as Russia and China ve-
toed the measure. A7
 The Princess of Wales said
that she had an unspecified
type of cancer and that she
was in the early stages of
preventive chemotherapy. A8
OPINION
Biden is merely
a player on
Trump’s stage A13
CONTENTS
Books....................... C7-12
Business& FinanceB11-12
Food........................... D8-9
Gear & Gadgets D11,13
Heard on Street....B14
Markets...................... B13
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
THE WALL STREET JOURNAL WEEKEND
* * * * * * * * * SATURDAY/SUNDAY, MARCH 23 - 24, 2024 ~ VOL. CCLXXXIII NO. 69
Princess of Wales Says She Has Cancer
KENSINGTON PALACE/BBC STUDIOS/ZUMA PRESS
‘HUGE SHOCK’: Catherine revealed Friday that she is being treated for cancer, saying the diagnosis was a surprise. The news comes
after speculation about her health and as King Charles battles the disease. Story and QR code for a video of her statement, A8
Gunmen Kill Dozens in Russia;
U.S. Warned Moscow of a Plot
The U.S. passed a secret
warning to Russia earlier this
month of a plot to target large
crowds ahead of an attack Fri-
By Ann M. Simmons,
Thomas Grove,
Vivian Salama
and Warren P. Strobel
day that killed at least 60 peo-
ple and injured more than 145
at a concert hall outside of Mos-
cow, according to U.S. officials.
EXCHANGE
GETTY IMAGES
CAR TROUBLE
The electric-vehicle
revolution is losing
its charge. B1
A Little League Scandal Roils
Washington, D.C., Elite
i i
Cheating allegations in U.S. capital pit
high-powered parents against one another
BY JAMES FANELLI Seeing other teams getting
Obituaries................... A9 stomped by 11- and 12-year-
Opinion................. A11-13 Mike Klisch suspected olds didn’t feel good. “I would
Sports.......................... A14
Style & Fashion D2-3
something was off
Travel........................ D4-5 when his son’s
U.S. News.............. A2-5 spring 2022 Little
World News........ A6-8 League baseball
team, “The Grays,”
> slaughtered nearly
every opponent,
winning at times
by 15 runs or
more, with many Little legal
games ending early under the part of the nation’s capital,
mercy rule.
Beware!
The Most
Addictive
Apps
OFF DUTY
WSJ.com HHHH $6.00
Investors
Boost
Trump’s
Social
Platform
Ex-president gets
closer to a financial
windfall that could
aid his candidacy
BY AMRITH RAMKUMAR
Investors approved a plan
to take Donald Trump’s strug-
gling social-media company
public, putting him one step
closer to a roughly $3 billion
windfall that could end a fi-
nancial squeeze that is weigh-
ing on his presidential run.
Truth Social, with few users
and little revenue, is expected
to start trading on the stock
market next week at a stagger-
ing valuation around $5 bil-
lion. The valuation is the re-
sult of frenzied buying by
Trump supporters of shares of
the shell company that is
merging with the former pres-
ident’s social-media platform.
Trump’s approximately 60%
stake is worth roughly $3 bil-
lion, depending on how the
stock trades.
The stock’s ticker symbol
will become DJT, Trump’s ini-
Please turn to page A4
 Trump puts Jan. 6 at center
of campaign......................... A4
Explosions rocked the site State-affiliated news agency National Security Council
and gunmen opened fire on Amaq on Telegram, without spokeswoman Adrienne Wat-
concertgoers Friday evening,
Russian authorities said, less
than a week after Vladimir Pu-
providing evidence.
On March 7, the U.S. Em-
bassy in Moscow issued a cryp-
son said Friday night. “The U.S.
Government also shared this
information with Russian au-
Ad Veteran
tin was elected to a sixth term
as the country’s president.
While it was still too early
tic warning to American citi-
zens to avoid concert venues.
The U.S. had information about
thorities in accordance with its
longstanding ‘duty to warn’
policy,” Watson added.
Goes From
to make a determination, U.S.
officials believed Islamic State
was linked to Friday’s attack in
a planned terrorist attack in
Moscow potentially targeting
large gatherings—including
This past week, Russian state
news agency TASS said that Pu-
tin described U.S. warnings
Hunter
Moscow. The group claimed re-
sponsibility for the attack in a
statement issued by the Islamic
concerts—which prompted the
State Department to issue a
public advisory, White House
about a possible terrorist attack
as “provocative” statements that
Please turn to page A6
To Prey
BY SUZANNE VRANICA
CEO’s Plan to Fix Bayer:
AND PATRICK COFFEE
Martin Sorrell is the ulti-
Lose the Bosses
mate dealmaker. He went on a
global acquisition spree over
three decades to build the
world’s largest advertising
company, WPP, scooping up
iconic agencies like J. Walter
Thompson and Ogilvy & Mather
Chief Executive Bill Anderson bets on through hostile takeovers.
management plan that shifts more decisions to workers Now, Sorrell finds himself
in an unfamiliar role: He is the
BY CHIP CUTTER of Bayer managers will be cut. The plan’s one being hunted.
grand novelty is Anderson’s worker deploy- These days, the 79-year-old
Ever since Henry Ford roamed factory ment scheme: Employees from various de- Madison Avenue veteran is
floors to improve industrial efficiency a cen- partments will be recruited to teams that de- running a different ad firm, S4
tury ago, CEOs have concocted their own cide on projects and work together for 90 Capital, whose clients include
schemes to remake the modern company. days. Then, workers regroup in different con- many well-known companies,
Bayer Chief Executive Bill Anderson is next figurations for their next undertaking. such as BMW, Amazon, Face-
in line. His idea: Fewer bosses, fewer rules. The 57-year-old chief executive estimates book and Google. With his busi-
With share prices down 50% from a year that Bayer in coming years will operate 5,000 ness under stress and its stock
ago and investors demanding a turnaround, to 6,000 self-directed teams, a transformation price plunging, Sorrell has re-
Anderson is throwing out the management that could blow up like other corporate experi- ceived several merger offers
playbook to renovate the 160-year-old Ger- ments—or become a business landmark. At from Stagwell, an ad firm led
man company known for inventing aspirin. this point, Anderson said, “We don’t have to be by former Clinton adviser Mark
Anderson’s plan will trim costs by 2 billion that good to beat the current system.” Penn, according to people fa-
euros, equivalent to $2.17 billion, in conven- Pressure is building on the conglomerate, miliar with the matter.
tional fashion. A yet-to-be disclosed number Please turn to page A10 Please turn to page A5
Mind-Reading Brain Implant Gets
i A Test Run in the Operating Room
BY JO CRAVEN MCGINTY face temporarily implanted. Elon Musk’s Neuralink intro-
The unit, developed by Pre- duced the first person im-
Jeffrey Keefer lay on an op- cision Neuroscience, sat on planted with its interface. In a
erating table in the oldest the surface of Keefer’s brain nine-minute presentation
hospital in America sur- for 25 minutes, reading his streamed on X, Noland Ar-
rounded by a surgical team, a mind. During that time, he baugh, a 29-year-old quadri-
watch these games group of engineers and a gag- performed a series of exer- plegic, used his thoughts to
and I would just gle of spectators hoping to cises with his hands while en- play a game of chess.
want to go home witness the early stages of a gineers matched his brain sig- Physical movement origi-
and take a shower,” healthcare revolution. nals to his movements. nates with electrical signals in
recalled Klisch, a Keefer was undergoing The goal is to train a device the brain that are passed
lawyer. brain surgery to relieve symp- that will give paralyzed pa- through the spinal cord or
It also didn’t add toms of Parkinson’s disease— tients the ability to operate a brain stem, but when someone
up. The Northwest but since his skull would be computer with their thoughts. is paralyzed, the signals hit a
Washington Little open for around four hours Precision is one of several dead end. BCIs provide a digi-
League, in a tony anyway, he had also agreed to companies vying to commer- tal bypass, capturing the sig-
have an experimental device cialize brain-computer inter- nals at the source and relaying
Please turn to page A10 called a brain-computer inter- faces, or BCIs. On Wednesday, Please turn to page A2
 A2 | Saturday/Sunday, March 23 - 24, 2024 * *** THE WALL STREET JOURNAL.

U.S. NEWS
How Precision Neuroscience’s
wireless brain-computer
interface would work
Electrodes placed on
the surface of the brain
would pick up brain
signals in real time.

A package of computer chips

resting between the skull
and the scalp would connect
wirelessly to an artificial
intelligence app that would
translate the brain signals
into computer code.
A wire running under
HANNAH YOON FOR THE WALL STREET JOURNAL (4)

the skin, down the neck,

would connect the
interface to an antenna
and battery embedded
in the chest.

Note: Artist rendering from the company

Source: Precision Neuroscience

Test Run hadn’t taken his Parkinson’s

medication that morning, and
his right arm was rocking con-
Rapoport believes the mar-
ket will accommodate more
than one company, and as evi-
Medicine at the University of
Pennsylvania, and Icahn
School of Medicine at Mount

For Brain tinuously, as if he were rat-

tling a doorknob that wouldn’t
open.
dence he pointed to Abbott
Laboratories, Boston Scientific
and Medtronic, which each
Sinai.
By 2028, the company
hopes to receive premarket

Implant In pre-op, engineers outfit-

ted him with a pair of closefit-
ting black-and-blue gloves
equipped with sensors—like
Continued from Page One the kind Hollywood uses for
the commands to a computer. motion-capture animation.
The need is massive, ac- “It’s just like a golf glove,”
cording to Dr. Benjamin Rapo- Keefer said, waving and smil-
port, chief science officer and ing.
co-founder of Precision. There To calibrate the sensors,
are 400,000 severely impaired the team directed him to make
patients today, he said, and a fist, rotate it, open and close
30,000 or so new patients his fingers, drum his fingers
each year. BCIs could help midair, stroke his palm with
them win back a measure of his thumb, hold up a flattened
independence. hand and make a peace sign.
“In order to be a citizen of At around noon, he was
the world in 2024, to commu- wheeled into the operating
nicate with loved ones, to room, where his neurosur-
make a living, the ability to geon, Dr. Iahn Cajigas, peeled
work with a digital system is back a bit of scalp and drilled
indispensable,” said Rapoport, a dime-size hole into each side
who was also a co-founder of of his skull. The portals would
Neuralink. “To operate a word later allow Cajigas to treat
processor is totally transfor- Keefer’s Parkinson’s with deep
mative.” brain stimulation.
But first, the surgeon
slipped the brain-computer in-
The patient terface onto the surface of
Keefer, 71, had readily con- Keefer’s brain.
sented to participate in the Keefer, who had been
experiment and allow a Wall lightly sedated, was awak-
Street Journal team to ob- ened, and the study began. On
serve. He was aware of the cue, he performed three of the
time and expense involved in gestures that had been cali-
any effort to advance medi- brated earlier: Rock. Paper.
cine, and his own journey had Scissors.
been long. Images of the gestures ap-
Seventeen years earlier, he peared in random order on a
had walked into a neurosur- computer screen that had
geon’s office to see about a been placed in front of him.
twitch in his arm. The diagno- As he matched each one using
sis was swift, and devastating: his left hand, the word “SUC-
You have Parkinson’s disease, CESS” flashed across the
the surgeon said. screen in large green letters.
“I was shocked,” recalled Then Keefer was instructed
Keefer, who was then chief fi- to imagine making the ges-
nancial officer of DuPont. tures as they appeared on the
Mild symptoms—like screen, without moving his
Keefer’s tremor—appear first. gloved hand.
Over time, shaking, stiffness, Nearby, a pair of computers
rigidness and freezing set in. displayed and recorded his
The ability to control move- brain signals. The thoughts
ment, or to move at all, dimin- appeared as a swirling wash
ishes. At the end, many pa- of colors on a grid of dots—a
tients struggle to swallow. A visual representation of the
leading cause of death is aspi- electrodes that were picking
ration pneumonia, an infec- up Keefer’s brain activity in
tion that occurs when food or real time.
beverages are breathed in in- “That’s the product,” Rapo-
stead of being swallowed. port said. “This is the pur-
Faced with that bleak out- pose. To confirm that we can
look, Keefer made a decision: “I know what the brain is trying
could go home, sit down by the to say when there is a thought
TV and retire from life because with no movement.”
of depression, or I could pick
myself up and go do something
worthwhile,” he said. The device
Since then, Keefer has do- The BCI temporarily im-
nated his time and a small planted on Keefer’s brain was
fortune to Parkinson’s causes, Precision Neuroscience’s Layer
serving on the boards of mul- 7 Cortical Interface.
tiple Parkinson’s organizations The floppy implant is
and at one time chairing the roughly 5 inches long, a half-
Michael J. Fox Foundation. inch wide and thinner than a
human hair. Its exterior, a
flexible yellow polymer, con-
The experiment forms to the brain’s surface
On the day of his surgery, and envelopes 1,024 electrodes
Keefer arrived at Pennsylvania on one end and a connector
Hospital in Philadelphia at on the other.
around 8 a.m. to prep for sur- The device’s name is a wink
gery. Under doctor’s orders, he at the six layers of the brain
From top, Jeffrey Keefer, 71, whose brain was used for
testing the implant, during a pre-op appointment at
Pennsylvania Hospital in Philadelphia; Keefer during the
deep-brain-stimulation surgery for his Parkinson’s disease;
a reading of Keefer’s brain activity from the implant.
that work together to coordi-
nate sensory inputs with mo-
tor outputs, translating, for
example, visual and audio in-
formation into movement. The
intention is for Precision’s in-
terface to act as a synthetic
seventh layer.
In the future, when the BCI
is implanted during a dedi-
cated surgery, its electrodes
will be placed on the surface of
the brain through an incision
just large enough to accommo-
date the array. Its connector
will attach to a package of
computer chips about the size
of 2½ silver dollars stacked
atop one another. The package
will rest between the scalp and
skull, with a wire running un-
der the skin and down the
neck, to an antenna and bat-
tery embedded in the chest.
The unit’s computer chips
will connect wirelessly to an
artificial-intelligence app that
will translate brain signals
picked up by the electrodes
into computer code, which
would move a mouse, type
words or perform other digital
tasks.
“To me, that’s incredible,”
Rapoport said. “It’s almost
science fiction.”
The business plan
Precision and Neuralink are
among five companies vying
to move BCIs out of the labo-
ratory and into the commer-
cial market. The other compet-
itors are Blackrock Neurotech,
Paradromics and Synchron.
manufacture deep-brain-stim-
ulation systems and pacemak-
ers, among other products.
“There’s room for two or
three winners,” Rapoport said.
While Precision and Neu-
ralink share a goal—to create
a marketable brain-computer
interface—the companies have
charted different courses.
Neuralink was founded in
2016 and has raised more than
$687 million in funding, ac-
cording to data provider
PitchBook. Last May, Musk an-
nounced that the company
had received Food and Drug
Administration clearance for a
human clinical trial. And in
January, Musk tweeted that
Neuralink had implanted its
first device in a human, just
over seven years after the
company was formed.
Precision was founded in
2021 and is rolling out its de-
vice in stages, a business deci-
sion that has allowed it to im-
plant more devices in a
shorter period—albeit none
permanently. Since April, the
company has implanted its de-
vice temporarily in 11 patients
during clinical studies that
don’t require FDA approval.
These studies—like the one
Keefer participated in—must
be conducted during other
brain surgeries under local
agreements with participating
hospitals. Though temporary,
they have allowed Precision to
test its system and begin
amassing high-resolution neu-
ral data.
Next, the company aims to
implant a wired version of its
BCI in patients for up to 30
days with clearance from the
FDA. This first-generation de-
vice would function as a high-
resolution brain-mapping tool
to guide neurosurgeons during
surgery.
Similar though less-sophis-
ticated tools already exist,
paving the way for what is
known as a 510(k) clearance
for new medical devices that
resemble existing products.
The company expects to apply
for the clearance this summer
and, if approved, plans to
market its 30-day implant as
soon as next year.
Rolling out a temporary,
wired version of the BCI in the
near term would allow Preci-
sion to generate revenue while
it pursues its permanent de-
vice, co-founder and Chief Ex-
ecutive Officer Michael Mager
said. “We also can start mak-
ing a positive clinical impact,”
he said. In addition, the com-
pany would be developing re-
lationships with hospitals, ad-
ministrators, surgeons and
nursing staff.
So far, Precision has joined
with Rockefeller Neuroscience
Institute at West Virginia Uni-
versity, Perelman School of
approval from the FDA to im-
plant its permanent wireless
device in patients with paral-
ysis.
To be financially feasible,
Mager said Precision is count-
ing on hefty reimbursements
from public and private health
insurance.
“We believe paralysis is a
multibillion-dollar market in
the U.S.,” Mager said. “It’s
premised on healthy reim-
bursement, and when I say
healthy, I mean six-figure re-
imbursement is going to be
required to create a sustain-
able industry.”
That might be optimistic,
according to Brigit Kyei-Baf-
four, a healthcare consultant
with Avalere, who specializes
in commercializing medical
devices and digital products.
“In terms of reimburse-
ment, the market hasn’t got-
ten there yet,” Kyei-Baffour
said, “but I wouldn’t say the
door is closed.”
Coverage, pricing and reim-
bursement, she said, will likely
be influenced by clinical and
economic evidence of the
product’s efficacy, safety and
potential to improve health
outcomes.
After the surgery
When Precision’s study was
completed partway through
Keefer’s brain surgery, Rapo-
port applauded Cajigas, the
neurosurgeon, and passed
through the operating room
thanking individual members
of the surgical team.
When he got to Precision’s
engineers, he paused to con-
gratulate them: “Good work,
guys.”
As the gang that had as-
sembled for the BCI experi-
ment exited from the OR, Caji-
gas continued Keefer’s
Parkinson’s procedure, this
time permanently implanting
deep-brain-stimulation elec-
trodes that will ease his symp-
toms with controlled im-
pulses.
A few days later, Keefer
said, “Everything’s fine.”
He might never benefit per-
sonally from Precision’s tech-
nology, but for him that
wasn’t the point.
“We don’t want to wait
years for these things,” Keefer
said. “We’d rather wait
months. If I can be part of
speeding that up and getting
the information out sooner so
that people can benefit, why
not do it?”
Watch a Video
Scan this code
for a video on
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bring brain chips
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CORRECTIONS  AMPLIFICATIONS The Brains of the Operation Is a Surgeon/Engineer

Readers can alert The Wall Street Journal to any errors in news articles
by emailing wsjcontact@wsj.com or by calling 888-410-2667.
Neurosurgeon and elec- out Ben,” said Michael Ma- While Precision’s electrodes
trical engineer Benjamin ger, co-founder and chief lie on the surface of the
Rapoport, chief science of- executive officer of Preci- brain, Neuralink’s are
THE WALL STREET JOURNAL ficer and co-founder of Pre- sion. “He has spent his pro- threaded into the brain’s
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) cision Neuroscience, is the fessional life preparing to tissues.
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 innovator behind its Layer pioneer brain-computer in- Rapoport believes even
Published daily except Sundays and general legal holidays. 7 Cortical Interface. terface technology.” minimal damage to brain tis-
Periodicals postage paid at New York, N.Y., and other mailing offices.
A graduate of Harvard The idea to start a com- sue is unnecessary to obtain
Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.
and MIT, Rapoport special- pany emerged in 2015, but high-resolution data, and a
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 izes in minimally invasive Rapoport set aside his ini- distinguishing feature of
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.
brain surgery, performing tial plan when Elon Musk Precision’s device is that it
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com two or three operations a recruited him to work for can be implanted and re-
Need assistance with your subscription? week, often to remove be- Neuralink. Rapoport spent moved without harming the
By web: customercenter.wsj.com; By email: support@wsj.com | By phone: 1-800-JOURNAL (1-800-568-7625) nign brain tumors, at around two years there, tissue.
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Mount Sinai Hospital in leaving after it became ap- Neuralink didn’t respond
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THE WALL STREET JOURNAL.
In Capital,
Farewell to
Iconic Tree
The sun is setting on
Stumpy, the gnarled old
cherry tree that has become
a social media phenom. This
year’s cherry blossom festivi-
ties in Washington will be
the last for Stumpy and more
than 100 other cherry trees
that will be cut down as part
of a multiyear restoration of
their Tidal Basin home.
The work has been long
overdue, as the deterioration,
combined with rising sea lev-
els, has resulted in Potomac
waters regularly surging over
the barriers. The twice-daily
floods at high tide not only
cover some of the pedestrian
paths, they also regularly soak
some of the cherry trees’ roots.
Stumpy remains alive, if in
rough shape.
Stumpy became a social
media star during the pan-
demic fever dream of 2020.
Its legacy has spawned T-
shirts, a calendar and a fan-
base. News of Stumpy’s final
spring has prompted people
to leave flowers and bourbon.
The good news on Stumpy
is that the National Arbore-
tum plans to take parts of
the tree’s genetic material
and create clones, some of
which will eventually be re-
planted at the Tidal Basin.
—Associated Press
Senate to Miss Deadline on Spending Measure
Government headed
for partial shutdown;
House earlier passed
$1.2 trillion package
BY KATY STECH FEREK
WASHINGTON—The Senate
was set to miss its midnight
deadline to approve a $1.2 tril-
lion package of spending bills
late Friday after Democrats
and Republicans failed to
reach a deal to speed up the
vote, putting the federal gov-
ernment on track for a tempo-
rary weekend shutdown of
some agencies.
The delay in the Senate
came after the package nar-
rowly survived strong Repub-
lican opposition in the House
earlier in the day.
The measure passed
286-134 in the House, barely
exceeding the two-thirds su-
permajority needed to ap-
prove the bill under a special
procedure used by House
Speaker Mike Johnson (R.,
La.) to bypass internal GOP di-
visions in his razor-thin ma-
jority.
Most House Democrats
backed the measure, while
more than half of Republicans
were opposed, underscoring
the divided state of the Repub-
Greene Calls Motion a ‘Warning’ to Speaker
WASHINGTON—Rep. Mar-
jorie Taylor Greene filed a mo-
tion Friday to oust Speaker
Mike Johnson just five months
into his tenure, but didn’t
move to force a vote.
By Lindsay Wise,
Natalie Andrews and
Katy Stech Ferek
House Republicans’ internal
warfare already has ended one
GOP speakership this Congress.
Greene, a Georgia Republi-
can who is a close ally of for-
mer President Donald Trump,
took the step after the House
approved a $1.2 trillion mea-
sure to fund large parts of the
government for the rest of the
fiscal year. Most House Re-
publicans voted no.
The Senate has to pass it
before midnight to prevent a
partial government shutdown.
“This is a betrayal of the
American people,” Greene
said. She said Democrats had
outmaneuvered Johnson in the
spending negotiations and that
the party should seek a new
leader, but that she didn’t plan
to force a vote immediately.
“I do not wish to inflict
pain on our conference and to
throw the House in chaos,”
she said. “But this is basically
a warning, and it’s time for us
to go through the process,
take our time and find a new
speaker of the House that will
stand with Republicans.”
Greene said she was upset
* * * * * * * * * Saturday/Sunday, March 23 - 24, 2024 | A3
U.S. NEWS
ALEX WONG/GETTY IMAGES
lican conference and highlight- block its passage indefinitely. out, contentious process that Some Republican members
ing how Johnson has had to The House vote was closer has brought the federal gov- protested what they called ir-
rely on the opposition party to than on past spending bills. ernment to the brink of a responsible spending levels
keep the government funded. Republican lawmakers hud- shutdown several times since and the lack of tougher border
A partial shutdown over dled in tense discussions on late last year. provisions.
the weekend would create a the House floor as the tally Congress funds the federal They also complained they
lapse in funding for the De- ticked higher, with House government by passing 12 ap- were given too little time—
fense Department and several Democrats ultimately provid- propriations bills each year, less than two days—to read
other agencies at 12:01 a.m. on ing 185 votes in support. Re- splitting up the budget among the 1,012-page text and scruti-
Saturday, which would force publicans provided 101 yes different agencies, commis- nize it for politically problem-
them to shut down nonessen- votes, while 112 Republicans sions and boards. Lawmakers atic measures.
tial operations. and 22 Democrats voted no. passed a $460 billion set of six “The swamp is back in full
But it is expected to have President Biden has said he spending bills earlier this force,” said Rep. Chip Roy (R.,
KEVIN DIETSCH/GETTY IMAGES
little impact on federal work- would sign the legislation. month. Texas). “We have a thousand
ers or the public, and is ex- After the House vote was Leaders from both parties page bill of $1.2 trillion dol-
pected to be resolved by Mon- gaveled, Rep. Marjorie Taylor said they scored wins on key lars—a bill filled with all man-
day at the latest. Even in Greene (R., Ga.) filed a motion issues during negotiations, ners of spending priorities
longer shutdowns, many es- to remove Johnson as speaker, even as the overall spending that are at odds with the
sential government services saying the party needed new levels didn’t significantly American people. That’s what
continue, such as Social Secu- leadership, but she didn’t budge from the totals set last we have in front of us.”
rity payments. House Speaker Mike Johnson move to immediately force a spring during debt-ceiling “It’s a sad, disappointing
The bill has more than vote. talks. Democrats said they day. Republicans promised to
enough votes to pass the Sen- trying to protect vulnerable With the House done with fended off cuts to education, spend less and secure the bor-
ate, which Democrats control, incumbents from taking politi- the measure, Senate Majority labor and health programs, der,” said Rep. Warren David-
but voting quickly requires the cally difficult votes. Leader Chuck Schumer (D., while Republicans said they son (R., Ohio). “This bill does
assent of all members. Repub- Sen. Sheldon Whitehouse N.Y.) took steps to begin the successfully reduced spending neither.”
licans said they wanted votes (D., R.I.) said the shutdown process of considering the on foreign aid and nonprofit The policy wins highlighted
on amendments, while Demo- would be “at the hands of bills. Funding was scheduled groups that help migrants— by Democrats included 12,000
crats pointed out that any Senate Republican gremlins” to run out for the Defense De- and clawed back funding from new green cards for Afghans
changes made to the House- for demanding votes on mea- partment and several other the Internal Revenue Service. who worked alongside the U.S.
passed measure would lead to sures that would never be- agencies at 12:01 a.m. on Sat- Still, some Republicans military during its 20-year
a shutdown, given that the come law. urday, which would force loudly protested what they campaign in Afghanistan and
House has already adjourned Hard-line conservatives in them to shut down nonessen- saw as setbacks not only on $8.7 billion for humanitarian
and left town. both the House and Senate tial operations. spending but on social policy assistance to help people af-
“Taking a handful of votes who oppose more spending The bills under consider- as well. While Johnson has fected by foreign conflicts, a
on proposals that are related complained bitterly about Re- ation would approve funding managed to pass a series of $336.4 million increase above
to this massive spending bill publican colleagues teaming for the Defense Department short-term funding bills in re- last year’s funding.
is not too much to ask,” said up with Democrats to support and several other federal cent months, GOP dissidents —Richard Rubin, Lindsay
Sen. John Thune (R., S.D.), the spending package, but agencies for the rest of fiscal stepped up the pressure ahead Wise and Andrew Duehren
who accused Democrats of they don’t have the votes to 2024, wrapping up a drawn- of the House vote Friday. contributed to this article.
two legislative days.
Greene has long been a po-
larizing figure in the House.
Last year she was kicked out
of the hard-line Freedom Cau-
cus following a spat with fel-
low firebrand Rep. Lauren
Boebert (R., Colo.).
ANNA MONEYMAKER/GETTY IMAGES
To pass the House and Dem-
ocratic-controlled Senate and
be signed by President Biden,
the spending bill had to be bi-
partisan. House Democrats
provided 185 yes votes and Re-
publicans 101; 112 Republicans
and 22 Democrats voted no.
After Friday, when Rep. Ken
Rep. Marjorie Taylor Greene said that Speaker Mike Johnson, Buck (R., Colo.) resigns, Re-
a fellow Republican, had betrayed the American people. publicans will have a 218-213
majority, with four vacancies.
that lawmakers weren’t given A motion to vacate filed by Johnson would be able to lose
the 72-hour review period be- Rep. Matt Gaetz (R., Fla.) only two Republican votes and
fore the vote, as Republicans’ felled then-Speaker Kevin still keep his post, unless
internal rules call for. She also McCarthy (R., Calif.) in a his- some Democrats bail him out.
objected to giving more toric vote on Oct. 3. It was the Wisconsin GOP Rep. Mike Gal-
money to Immigration and first time that the motion to lagher said Friday that he
Customs Enforcement without vacate had been used to oust a would leave on April 19, fur-
adding more stringent border- speaker, and plunged the Re- ther slimming the majority.
security measures. publican-led House into weeks House Minority Leader
Under current House rules, of feuding and chaos. Hakeem Jeffries (D., N.Y.) has
any member can file a “motion On Oct. 25, every House Re- previously suggested that “a
to vacate” to oust the current publican, including Greene, reasonable number” of Demo-
speaker by simple majority voted for Johnson, an inexpe- crats would be willing to save
vote and run a new election. rienced conservative from the Johnson from being ousted
“Speaker Johnson always lower rungs of leadership, as over allowing a vote on
listens to the concerns of mem- McCarthy’s replacement, after Ukraine aid. But he has made
bers, but is focused on govern- several failed rounds of voting no public promises.
ing,” Johnson spokesman Raj for more-senior candidates. Greene said she isn’t con-
Shah said. “He will continue to The effort to challenge a cerned about potentially forc-
push conservative legislation speaker requires several ing Johnson to accept Demo-
that secures our border, steps. Next Greene would have cratic help to remain speaker.
strengthens our national de- to give notice that she intends “He’s already in the arms of
fense and demonstrates how to bring it up as a privileged Democrats, and it’s proof in
we’ll grow our majority.” motion, forcing a vote within the vote count today,” she said.
A4 | Saturday/Sunday, March 23 - 24, 2024
Trump Puts Jan. 6 at Center of Campaign
Presumptive GOP
nominee fires up
base, promises
pardons for rioters
BY C. RYAN BARBER
AND ALEX LEARY
WASHINGTON—Donald
Trump spent the first breaths
of his first rally as a general
election candidate delivering a
highly-charged promise: To
help the “hostages” detained
for their roles in the Jan. 6,
2021, assault on the U.S. Capi-
tol “the first day we get into
office.”
“They were unbelievable
patriots,” he said, after raising
his hand in a salute as a re-
cording played of Jan. 6 de-
fendants singing the national
anthem from jail.
At this moment, most pres-
idential candidates would
pivot to the middle to expand
their support. “At its best, pol-
itics is about bringing people
into your cause, not turning
them away,” Nikki Haley,
Trump’s last GOP primary foe,
said when she quit the race,
just before he clinched the
nomination. Instead, Trump
has used events in recent days
to sling polarizing rhetoric
and feed red meat to his base.
He has mocked President Bi-
den’s stutter, called some mi-
grants “animals” and said
Jewish Democrats hate their
religion and Israel.
On the campaign trail—par-
ticularly at his Ohio rally last
weekend—and on social me-
dia, Trump has increasingly
focused on the fates of Jan. 6
defendants. The former presi-
dent has dangled the possibil-
ity of pardons in recent years,
but now is vowing to take im-
mediate steps if elected.
Who Is Fueling the Surge in Shares of the Trump SPAC?
BY CHARLEY GRANT
History says Republican
presidential nominee Donald
Trump and the stock market
are a poor combination. Some
of his most ardent supporters
are piling into his latest deal
anyway.
Small investors have ag-
gressively bought up the stock
of a shell company whose
shareholders voted Friday to
take public Trump’s social-me-
dia company, Truth Social.
Shares of the acquirer, known
as Digital World Acquisition,
are up some 110% this year—
and, judging by the comments
in a forum of nearly 8,000
Truth Social users, not be-
cause buyers anticipate long-
term business success.
“I bought several times last
Monday & Tuesday, little by
little to show support of the
THE WORLD’S FINEST WOOD-FIRED GRILLS
The former president at a rally in Ohio. His focus on Jan. 6 defendants has caused consternation among some of his advisers.
The renewed focus has
caused consternation among
some of his advisers. But
Trump, who is facing a raft of
criminal charges related to the
events on that day, has sought
to minimize his actions by de-
fending those of his support-
ers. Trump and his allies say
the government has over-
reached in many of the cases.
They have also rallied
around the death of Ashli Bab-
bitt, 35, a protester shot by a
Capitol police officer as rioters
tried to smash through doors
of the Speaker’s Lobby. She has
been portrayed as a martyr by
the far-right and Trump has
attacked the officer who shot
stock,” said a Truth Social
user going by the handle of
fantasticblush.
“This is a Truth Movement
and no matter what happens
tomorrow this merger will
happen tomorrow or in the fu-
ture,” said Truth Social user
ajdelval. “We will win this war
no matter what.”
The episode is reminiscent
of the 2021 meme-stock craze,
when investors bought up
shares of businesses with poor
growth prospects such as
GameStop and Bed Bath & Be-
yond, causing their prices to
surge. But this time the stakes
extend far beyond the stock
market. The Republican nomi-
nee is in line to earn a wind-
fall of about $3.5 billion, po-
tentially easing a financial
crunch stemming from a $454
million judgment against him
in a civil-fraud case.
® He had been unable to get
P W L C 10 11 12
U.S. NEWS
her as a coward “who wanted
to show how tough he was.”
While many Trump voters
align with his view of Jan. 6,
the prospect of pardons could
repel more moderate Republi-
cans and independent voters
Trump will need to win. In a
Wall Street Journal poll con-
ducted in late February, 55%
of respondents overall were
opposed to pardoning some of
the people convicted of
crimes, while 40% supported
it. (Nearly twice as many re-
spondents “strongly” opposed
pardons than strongly sup-
ported them.) Some 88% of
Democrats oppose pardons,
while just under a quarter of
The social network’s parent
is set to go public by combin-
ing with DWAC, which is a
special-purpose acquisition
company, or SPAC. Trump’s
company could replace the
shell company in the stock
market as soon as Monday.
The new ticker would be
DJT—Trump’s initials.
Truth Social faces a chal-
lenging business outlook. In
the first nine months of 2023,
the company booked about
$3.4 million in revenue, ac-
cording to a securities filing,
and a net loss of about $49
million. The social network
competes against such well-
established competitors as
Meta Platforms’ Facebook
and Elon Musk’s X.
DWAC shares, which fell
14% Friday to $36.94, are “not
trading on fundamentals, ab-
solutely not,” said Kristi Mar-
Investors
Approve
Listing
Continued from Page One
tials, when Truth Social starts
officially trading as a new
public company under its par-
ent’s name, Trump Media &
Technology Group.
The vote caps off a 2½-year
saga to take Truth Social public
that included charges of insider
trading and a fine to settle a
Securities and Exchange Com-
mission investigation. It makes
the fledgling platform Trump
founded after getting kicked off
mainstream sites in 2021 per-
haps his best investment ever.
It marks another twist in
Trump’s tumultuous financial
history, which includes bank-
ruptcies and more recently big
civil penalties for inflating his
other assets for financial gain.
As shareholders voted to ap-
prove the deal that could cre-
ate a windfall for Trump, he
was facing a deadline to obtain
a bond to guarantee payment
of a $454 million judgment
against him in a civil-fraud
case.
the bond, and on Monday, New
York’s attorney general could
start the process of seizing
Trump’s assets. It is unclear if
the windfall would help him in
that situation.
To sell shares or borrow
against them in the next six
H T G K R F A M 1 2 3 4 5 6
Republicans do. Among inde-
pendents, 65% oppose par-
dons, the Journal poll showed.
Despite the perils of his re-
cent message, Trump is tied
or slightly ahead of Biden in
most polls ahead of their No-
vember matchup.
It is unclear how Trump
would approach granting clem-
ency in the event of his re-
election. There is no process
yet in place to begin to work
out details, including how se-
lectively or broadly he would
issue any pardons, advisers
say. At a town hall hosted by
CNN last year, Trump said he
would pardon a “large portion”
of Capitol rioters but couldn’t
Digital World Acquisition
share price over the past
six months
$50 a share
40
30
20
10
0
Oct. 2023 ’24
Source: FactSet
vin, chief executive of SPACIn-
sider.com. “Institutions are
not trading this.”
This isn’t the first time
months, he would need a
waiver from the executives in
charge of the shell company
taking Truth Social public or
the new board of Truth Social,
which includes one of his sons
and former members of his
cabinet. Although they are sup-
porters of Trump, granting the
waiver could prompt other in-
vestors to sell their shares and
dent the stock price.
There are also potential lim-
its on how much stock he could
sell at one time in a three-
month period tied to the
weekly trading volume or num-
ber of shares outstanding.
The waiver would be a boon
for Trump, who trails President
Biden’s campaign in fundrais-
ing entering their rematch in
the presidential race. The deal
will also give new life to Truth
Social, providing it with a
badly needed cash infusion it
could use to attract eyeballs
and advertisers in a crowded
social-media landscape.
The combined new com-
pany’s chief executive will be
Devin Nunes, the former Re-
publican member of Congress
who has been running Truth
Social. Among the directors
will be Donald Trump Jr. Inde-
pendent directors include Rob-
ert Lighthizer, who was the
U.S. trade representative in the
Trump administration, and
Linda McMahon, who led the
Small Business Administration
under Trump and co-founded
World Wrestling Entertainment
with her husband, Vince Mc-
Mahon.
Trump’s political supporters
made the unlikely merger a
winner, banding together on
7 8 9 O I X X *******
“say for every single one, be-
cause a couple of them, proba-
bly they got out of control.”
Trump’s campaign didn’t re-
spond to questions about the
subject. He has gradually got-
ten more supportive of the de-
fendants. Last June, Trump ap-
peared at a Jan. 6 fundraiser
held at his golf club in Bedmin-
ster, N.J., and he has also met
with families of those involved.
Trump’s campaign rhetoric
raises the specter of wiping
away, or vastly diminishing, the
results of an investigation that
law-enforcement officials have
described as the widest-rang-
ing and most important in the
Justice Department’s history.
DWAC shares have surged.
They closed as high as $97.54
in March 2022, then fell 87%
over the next 15 months as the
stock market sold off broadly.
“What a message it would
be if we closed at $45.47 to-
day,” said user PrattyDaddy, an
apparent reference to Trump’s
status as the 45th and poten-
Friday
$36.94 tially 47th U.S. president.
–13.7% “Great way to say ‘Patriots in
Control’ or ‘Trust the Plan.’”
Nor would this be the first
time a Trump-branded stock
graced U.S. markets. Trump
Hotels & Casino Resorts was a
publicly listed company—with
a rocky history. In 1996,
Trump, serving as chairman of
the company, received a large
bonus and salary increase de-
spite a 70% drop in the stock,
which earned the ire of corpo-
rate-governance experts and
shareholder advocates.
social media to buy shares of
the shell company. The high
share price gave Trump and
other insiders enormous re-
wards for completing a deal
despite the forecasts of many
Wall Street prognosticators
that the stock would drop and
the merger would fall apart.
“It’s a testament to Trump’s
popularity with his supporters
and this group of investors,”
said Julian Klymochko, chief
executive of Accelerate Finan-
cial Technologies, who has fol-
lowed the deal closely. “Since
it’s trading so well, everyone
was financially incentivized to
get this through.”
The publicly traded shell
company that is merging with
Truth Social is known as Digi-
tal World Acquisition Corp. It
was shareholders of Digital
World that voted to approve
the deal Friday. Shares of Digi-
tal World are up some 110%
this year.
Financials for Truth Social’s
parent company
Revenue
Loss from operations
$5 million
0 to take it public. After regula-
-5
-10
-15
-20
-25
2021* ’22 ’23†
*2021 figures include no revenue and began
in February, when company was launched.
†2023 figures through end of September
Source: Trump Media & Technology Group
THE WALL STREET JOURNAL.
For three years, the legal reck-
oning with the Capitol attack
has yielded a steady drumbeat
of court hearings, trials, plea
agreements and guilty verdicts,
with charges against more than
1,300 people.
Nearly 800 have pleaded
guilty and more than 150 have
been convicted on charges re-
lated to the Capitol attack, ac-
cording to the latest Justice
Department statistics, with
new cases coming by the day.
In some of the highest-pro-
file cases, federal prosecutors
have called conduct related to
the Capitol attack not only
criminal but seditious. Prose-
cutors secured convictions
against members of two far-
right groups, the Oath Keepers
and Proud Boys, on rarely-used
seditious conspiracy charges
related to their plotting to
forcefully prevent the peaceful
JEFF DEAN/ASSOCIATED PRESS
transfer of power on Jan. 6,
2021. The leaders of those
groups have received some of
the longest prison sentences
handed down in cases tied to
the Capitol attack.
Other cases have featured
video evidence of rioters bru-
tally assaulting police officers
defending the Capitol. In
court, several defendants have
said they were duped into be-
lieving baseless claims that
the 2020 election was stolen,
and others have blamed
Trump for inciting them to
storm the Capitol.
Republicans have criticized
both the prosecution of Trump
and the efforts of the House’s
select Jan. 6 committee, which
concluded that Trump’s false
claims of 2020 election fraud
provoked the attack on the
Capitol, and laid out his inac-
tion for more than three hours
as the riots occurred.
—Aaron Zitner
contributed to this article.
The Securities and Ex-
change Commission said the
casino company’s release for
its third-quarter 1999 results
showed earnings that beat
Wall Street’s expectations but
failed to disclose that the re-
sults were chiefly due to an
unusual $17.2 million gain. At
the same time, the pro forma
results noted the exclusion of
an $81.4 million charge for
discontinued operations.
In 2004 Trump Hotels &
Casino Resorts filed for chap-
ter 11 bankruptcy protection.
Those distant memories
aren’t slowing down present-
day enthusiasts, however.
“I just bought more shares
because of reasons! #Letsma-
keTrumpaTrillionaire,” wrote
a poster going by Looney
Tunes Meets Karl Marx.
“This is not financial ad-
vice,” the poster added.
The stock fell 14% Friday to
$36.94.
One risk to Trump is that
the stock tumbles after the
deal, when it is clear that he
could be a big seller. Other so-
called meme stocks that were
driven higher by small inves-
tors collapsed after their dra-
matic run-ups.
“It’s the mother of all
meme stocks because it’s
Trump,” said Matthew Tuttle,
CEO of Tuttle Capital Manage-
ment, which oversees a fund
that holds special-purpose ac-
quisition companies, or SPACs,
such as Digital World.
Traders are girding for
more volatility now that Truth
Social will have to justify its
lofty valuation. At the stock’s
current price, it would be one
of the best performing SPAC
deals ever.
“I have no idea how it’s go-
ing to play out, but I know it’s
going to be interesting,” Tuttle
said.
Also called blank-check
firms, SPACs are shell compa-
nies that raise money from in-
vestors and trade publicly
with the sole intent of com-
bining with a private company
tors and investors approve a
deal, the company going pub-
lic replaces the SPAC in the
stock market.
Such mergers have fallen by
the wayside in recent years af-
ter a euphoric bubble that
took hundreds of startups
public in 2020 and 2021 burst
due to collapsing share prices
and regulatory scrutiny.
—Charley Grant
contributed to this article.
THE WALL STREET JOURNAL.
Financial Aid
Application Is
Botched—Again
BY MELISSA KORN
AND OYIN ADEDOYIN
The disastrous rollout of
this year’s federal financial
aid application hit a new snag,
with the Education Depart-
ment saying Friday that
roughly 200,000 of the 1.5
million-plus applications pro-
cessed and shared with
schools and states so far will
need to be recalculated.
The department, which ad-
ministers the Free Application
for Federal Student Aid, said
it had miscalculated the finan-
cial need for students who re-
ported their own financial as-
sets in the application. The
department mistakenly omit-
ted data on students’ invest-
ments and cash savings and
sent reports that could have
U.S. Employers Return
Millions in Tax Credits
BY RICHARD RUBIN
WASHINGTON—Employers
are returning more than $225
million in pandemic-era tax
credits to the Internal Revenue
Service through a voluntary
disclosure program ending Fri-
day, the agency said.
The program is part of the
agency’s effort to combat fraud
and ineligible claims of the em-
ployee-retention tax credit.
Congress created and expanded
the credit to encourage employ-
ers to keep workers on the pay-
roll during the pandemic. But
pop-up firms and marketers
seized on the generous credit—
up to $26,000 per employee—
and its open-ended eligibility
criteria to create a mini-indus-
try that encouraged claims long
after the pandemic’s end.
Ad Titan
Rebuffed
Offers
Continued from Page One
Sorrell rebuffed the offers
ERIC GAILLARD/REUTERS
because in his view, they under-
valued the company and Stag-
well wasn’t a good strategic fit.
One proposal, made last fall,
was worth nearly $700 million,
some of the people said.
Even though S4 is publicly
traded, Sorrell has effective
veto power over most deals
because he has voting control.
His reluctance to entertain of-
fers has frustrated senior ex-
ecutives, some of whom are
looking to facilitate a sale.
Sorrell founded S4 in 2018
following an acrimonious exit
from WPP. Motivated partly by
a desire for vindication, he set
out to build a smaller, nimbler
competitor to the ad giant, and
one with a different profile.
He began acquiring compa-
nies with expertise in digital
marketing and data and devel-
oping capabilities in artificial
intelligence, rather than buy-
ing traditional creative ad
agencies that often have lower
profit margins.
Sorrell said the ensuing ri-
valry with WPP is part of what
fuels him. “I had a point to
prove,” he told The Wall Street
Journal in a 2021 interview.
The approach initially
worked, particularly during the
pandemic, as brands shifted
more of their ad dollars online.
More recently, the company
suffered from a combination of
industrywide challenges and
self-inflicted problems.
S4’s stock price has
dropped by about 75% in the
past year, leaving it with a
market value of less than $300
million. S4 is expected to re-
port a decline in annual like-
for-like net revenue next week,
and Sorrell has cautioned that
the 2024 outlook for ad spend-
ing remains subdued.
The stock decline has left
Sorrell vulnerable, said Greg
Paull, co-founder of R3, a con-
sulting firm that helps match
advertisers with agencies.
A sale would mark an ironic
twist for Sorrell because he
“is usually the one leading the
way in the acquisition space,”
* * * * *
led schools and scholarship
programs to offer more aid
than students might actually
qualify for.
The latest hiccup could add
further delay and uncertainty
to an admissions season that
already has been chaotic.
The application for finan-
cial aid didn’t go live until the
end of December. In a typical
year, the federal government
sends a report of a student’s
financial data to colleges
within days, which then allows
schools to package their own
aid offers. This year, changes
to the Fafsa’s formula have up-
ended the timeline for families
to make college decisions.
The department told
schools it has resolved the is-
sue, and it only affects records
sent out before March 21.
The $225 million returned
so far came from more than
500 employers who were re-
quired to disclose information
about ERC firms they used to
seek the credit. The IRS is re-
viewing 800 additional submis-
sions, and more were coming
in at the deadline.
Under the disclosure pro-
gram for employers who deter-
mined they weren’t actually el-
igible, the IRS let the
employers keep 20% of the
money, often about equal to the
fees paid to ERC firms. The em-
ployers also got relief from in-
terest and civil penalties.
In addition to the money re-
turned, employers withdrew
$251 million in claims submit-
ted but not yet processed. And
the IRS has assessed $572 mil-
lion through audits.
Martin Sorrell helped transform a U.K. manufacturer of wire
shopping carts into WPP, a global advertising empire.
S4 Capital’s share price over
the past two years
£4.00
3.00
2.00
Friday
£0.4238
1.00
0
April 2022 ’23 ’24
Note: £1 = $1.2656 Source: FactSet
Paull said.
Sorrell has a strained rela-
tionship with Penn, the
founder of Stagwell, that goes
back to their previous work
relationship. Penn worked for
Sorrell for years after WPP
bought a research and polling
consulting firm that Penn co-
founded. He left in 2012 to
work for Microsoft.
Stagwell, whose clients in-
clude Bud Light and the Na-
tional Football League, owns
agencies such as Code and
Theory, 72andSunny and
Anomaly. Penn has long had a
keen interest in acquiring S4
because of its expertise in ar-
eas such as app development,
data marketing and helping
companies with their digital
transformations. However,
Stagwell’s interest in S4 is
waning given Sorrell’s reluc-
tance to negotiate, some of the
people said.
New York private-equity
firm New Mountain Capital
held exploratory talks with S4
last year about a possible ac-
Saturday/Sunday, March 23 - 24, 2024 | A5
U.S. NEWS
U.S.WATCH
CARLOS OSORIO/ASSOCIATED PRESS
WINTER’S LAST STAND: A snowstorm hit Detroit on Friday, with a jogger seemingly unfazed at Wayne State University.
TENNESSEE OKLAHOMA NEW YORK CONSUMER SAFETY
Student’s Body
Found in River
No Charges Filed
In Benedict Case
State May Repeal
1907 Adultery Law
Starbucks Holiday
Mugs Recalled
Riley Strain, a University
of Missouri student who
went missing in Tennessee’s
No criminal charges will be
filed against the Oklahoma
teens involved in a high
For more than a century, it
has been a crime to cheat on
your spouse in New York.
More than 440,000 Star-
bucks-branded mugs made by
Nestlé and sold during the
capital for nearly two weeks, school bathroom fight with But adultery may soon be winter holidays are being re-
has been found dead in a Nex Benedict, the nonbinary legal in the Empire State called after reports of some
river, police announced Friday. 16-year-old whose death fol- thanks to a bill working its users receiving burns or lac-
No foul play is suspected, in- lowing the altercation was way through the New York erations, according to a fed-
vestigators said. ruled a suicide, the county dis- Legislature, which would fi- eral safety agency.
Metro Nashville police offi- trict attorney said Thursday. nally repeal the seldom-used The U.S. Consumer Prod-
cials confirmed that Strain’s Tulsa County District At- law that is punishable by up uct Safety Commission said
body had been recovered torney Steve Kunzweiler said to three months behind bars. that the mugs, when micro-
from the Cumberland River that after reviewing the in- Adultery is a misdemeanor waved or filled with ex-
approximately 8 miles west vestigation by the Owasso under New York’s 1907 law. tremely hot liquid, can over-
of downtown at around 7:30 Police Department, he agreed Only about a dozen people heat or break, posing burn
a.m. Police Chief John Drake with an assessment from de- have been charged under and laceration hazards.
told reporters that workers tectives that the fight be- New York’s law since 1972, The mugs were sold na-
on the river initially found tween the teen and three and of those, just five cases tionwide both in store and
Strain’s body and alerted au- girls was an “instance of mu- have netted convictions, ac- online at places like Target
thorities. tual combat” and that cording to Assemblyman and Walmart from November
Medical examiners later charges weren’t warranted. Charles Lavine, who spon- through January, according to
confirmed it was Strain, he Kunzweiler also said police sored the bill to appeal the the agency.
said, adding that an autopsy uncovered a suicide note ban. New York’s bill to repeal Consumers should immedi-
will be conducted later Friday. written by Benedict. The its ban has already passed ately stop using the mugs,
Police previously said state medical examiner had the Assembly and is expected and either return them to the
Strain, 22, was last seen just earlier ruled Benedict’s death to soon pass the Senate be- place of purchase or contact
before 10 p.m. on March 8 af- in February was a suicide fore it can move to the gover- Nestlé USA for a full refund,
ter drinking downtown. caused by a drug overdose. nor’s office for a signature. the agency said.
—Associated Press —Associated Press —Associated Press —Associated Press
quisition, according to people
familiar with the discussions.
New Mountain remains inter-
ested in buying some parts of
S4. New Mountain Capital de-
clined to comment.
Some interest in S4 has been
driven partly by senior execu-
tives who are disgruntled and
have reached out to bankers to
drum up interest, some of the
people said. Many of the top ex-
ecutives are shareholders in the
company, because most of the
deals S4 has struck to buy
agencies included 50% cash and
50% stock, leaving those execu-
tives holding shares that have
significantly dropped in value
since they were issued.
Sorrell’s career in the ad
business began in the 1970s
when he joined Saatchi &
Saatchi’s finance department.
Though he never penned a jin-
gle or crafted a TV commercial,
he used his micromanagement
skills and an accountant’s at-
tention to detail to rise to the
top of Madison Avenue, trans-
forming a little-known U.K.
manufacturer of wire shopping
carts called Wire & Plastic
Products into WPP, a global ad-
vertising empire.
Sorrell emerged as the de
facto voice on the ad economy
for Wall Street.
Sorrell has tried to climb
back to the top echelons of the
sector after a bitter and public
breakup with WPP. He re-
signed in 2018 after the com-
pany completed a probe into
what it described as “an alle-
gation of personal miscon-
duct.” The probe looked into
whether Sorrell used company
money to pay for a sex
worker, The Wall Street Jour-
nal previously reported. Sor-
rell rejected the allegation of
misconduct “unreservedly.”
A6 | Saturday/Sunday, March 23 - 24, 2024 * ******* THE WALL STREET JOURNAL.

EU Imposes Tariffs on Russian Grain Imports
New duties seek to during the war in Ukraine
comes as farmers protest im-
appease European ports, including from Ukraine,
farmers and curb at times by blockading border
crossings. The tariffs will ap-
Russian revenue ply to cereals, oilseeds and de-
rived products from Russia
BY KIM MACKRAEL and its ally Belarus.
AND LAURENCE NORMAN European Commission Presi-
dent Ursula von der Leyen said
BRUSSELS—In a big shift, the tariffs would help protect
the European Union plans to European markets and farmers
impose tariffs on Russian and “reduce Russia’s capacity
grain, part of an effort to curb to exploit the EU for the bene-
Moscow’s export revenue and fit of its war machine.”
appease European farmers an- The EU doesn’t import a
gry about imports of cheaper large volume of grains from
agricultural products. Russia, but officials worry the
The bloc’s first restriction amount could rise. Russia’s
on food products from Russia overall grain exports have
WORLD NEWS
jumped since its full-scale in- because of concerns they be sent to Europe,” Zelensky Ukraine and placating farmers
vasion of Ukraine in 2022, EU could affect global access to wrote this week on X. “This is in Poland and France who say
officials said. food, especially in low-income not fair.” the exemptions have harmed
The EU tariffs are expected countries. European officials EU lawmak- their liveli-
to be set at a level of €95 a said Friday that they didn’t ers earlier hoods. It still
metric ton, equivalent to expect the new tariffs to harm reached deal to needs formal
around $103, for most cereal global food security because extend tariff The levies will approval from
products and 50% for oilseeds no new restrictions will be exemptions for help protect member states
and derived products, an offi- placed on products that tran- agricultural im- and the Euro-
cial said, levels meant to make sit through the EU. ports from European pean Parlia-
imports no longer viable. Most Ukrainian President Volod- Ukraine, with ment.
of those products don’t cur- ymyr Zelensky has complained an “emergency
markets and F r a n c e
rently face tariffs when they that Russia has been able to brake” that farmers. wants the EU to
enter the EU market. export to the EU without ma- would reimpose continue to of-
The proposal, published Fri- jor restrictions. duties on cer- fer market ac-
day by the European Commis- “When Ukrainian grain is tain products if cess for Ukraine
sion, the bloc’s executive arm, thrown onto roads or railway import volumes surge. The while addressing recent pro-
needs member states’ approval. tracks, Russian products, as deal aimed to strike a balance duction surges of specific
The EU had avoided target- well as goods from Putin’s between maintaining a vital goods, French President Em-
ing food products from Russia controlled Belarus, continue to wartime income source for manuel Macron said Friday.

Gunmen cial operations teams, national

guard and fire squads were de-
ployed to the theater complex,
commando groups have been
carrying out cross-border raids
into the Belgorod region bor-

Kill Dozens one of the Moscow area’s big-

gest venues.
Putin’s spokesman said the
dering Ukraine, in one case
seizing control of a town as
Russian authorities urged resi-

At Venue Russian president was receiv-

ing constant updates and was
coordinating the response to
the attack, TASS reported.
Continued from Page One Tickets for the concert, fea-
resemble “outright blackmail and turing art rock band Picnic and
an intention to intimidate and which was scheduled for 8 p.m.
destabilize our society.” local time, had been sold out,
The “duty to warn” policy according to ticket retailers.
has been implemented across Witnesses told state news
U.S. administrations to warn for- agency RIA Novosti that the at-
eign governments of potential tackers burst into the concert
deadly threats. The intelligence hall and began shooting people
was considered “actionable,” po- at point-blank range and
tentially providing Russian au- throwing smoke bombs.
thorities with enough time to Video posted on social me-
mitigate an attack, officials said. dia showed people pushing one
ASSOCIATED PRESS
dents to evacuate. Ukraine’s
government has denied direct
involvement in the operations.
Putin has promised to use
the full force of the law to sup-
press the incursions and pun-
ish those involved.
Dmitry Medvedev, deputy
chairman of Russia’s Security
Council, said on Telegram that
the “terrorists” who carried
out the attack would be found
and killed. “All of them should
be caught and mercilessly elim-
inated,” he wrote. “Including
the officials of governments
that committed this crime.”

The U.S. routinely shares another out of the venue’s Kyiv denied any involve-
warnings of potential terrorist glass doors after the shooting ment. “Let’s be clear: Ukraine
activity with allies and partners. died down. The musicians were has absolutely no connection to
In some cases, it also warns po- unharmed, TASS reported. this incident,” said Mykhaylo
tential adversaries. Flames tore through Crocus City Hall near Moscow as emergency vehicles gathered outside. The fate of the gunmen Podolyak, a senior adviser to
One of the U.S. officials said couldn’t be determined. Ukrainian President Volodymyr
the warning resulted from a yanin called the events at the ater’s bright foyer with people the sky. In a message on Tele- The shooting carries echoes Zelensky. He warned on X that
flow of compelling intelligence Crocus City Hall concert venue lying in pools of blood. Other gram Friday, Foreign Ministry of terrorist attacks on the capi- Moscow might use the attack
in recent months. “We have ba- in Krasnogorsk, just outside videos showed people ducking, spokeswoman Maria Zakharova tal by Chechen insurgents in as a reason to mobilize more
sically a steady stream of intelli- Moscow, a “horrible tragedy.” with the sound of gunfire in said, “The entire world com- the 2000s and undermines the troops and scale up the war.
gence dating back to November Investigators said Saturday the background. The Wall munity is obliged to condemn image of invincibility Putin had
about ISIS wanting to strike Moscow time that weapons and Street Journal couldn’t inde- this monstrous crime.” sought to portray ahead of
within Russia,” the official said, ammunition were being confis- pendently confirm the footage. Moscow canceled all con- elections this past week. Watch a Video
referring to Islamic State. cated from the scene for exami- TASS also reported an ex- certs and mass gatherings The violence also adds to a Scan this code
Russia’s federal investigation nation. plosion at the venue, where it scheduled for the weekend, steady drip of security chal- to watch scenes
agency said it was looking into Video carried on Russian said part of the complex was Sobyanin said. Two other re- lenges Putin is facing as his in- from the
the incident as a terrorist at- Telegram channels showed engulfed in flames and black gions close to Krasnogorsk also vasion of Ukraine enters its concert hall
tack. Moscow Mayor Sergei Sob- gunmen pacing across the the- smoke was seen billowing into canceled events. Russia’s spe- third year. Specially trained near Moscow.

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 THE WALL STREET JOURNAL.
KATERYNA KLOCHKO/EPA/SHUTTERSTOC
A rescuer holds a chicken at the scene of a missile strike near private buildings in Zaporizhzhia, Ukraine, on Friday.
Moscow Hits Ukraine Power Grid
Zelensky criticizes
delay in U.S. support
after strikes on
energy infrastructure
BY ISABEL COLES
A massive Russian missile-
and-drone barrage left hun-
dreds of thousands of people
without power in Ukraine in
the most damaging attack this
year on the country’s energy
infrastructure, which Presi-
dent Volodymyr Zelensky
linked to delays in aid from
Western allies.
Russian ballistic and cruise
missiles along with explosive
drones slammed into targets
across the country overnight,
including the Dnipro hydroelec-
tric power plant, the country’s
largest.
Ukraine’s air-defense forces
said they had destroyed 92 of
the 151 drones and missiles
fired by Russia from air, land
and sea. But they said that they
failed to shoot down any of 19
MOHAMMED SALEM/REUTERS
Palestinians attend Friday prayers during Ramadan, amid the ongoing conflict in Rafah.
Gaza Cease-Fire Bid Vetoed
A U.S.-sponsored resolution
calling for an immediate
cease-fire between Israel and
Hamas in Gaza failed to pass
the United Nations Security
By Summer Said,
Margherita Stancati
and Brett Forrest
Council on Friday, as perma-
nent members Russia and
China vetoed the measure.
With senior U.S. officials in
the Middle East pressing for a
cease-fire, the U.S. put forward
the resolution seeking to in-
crease pressure on Israel and
Hamas to reach an agreement
that would also lead to the re-
lease of hostages and allow
more aid to flow into Gaza.
The resolution condemned
the Hamas attack in October
that sparked the five-month-old
war and cited an “urgent need
to expand the flow of humani-
tarian assistance,” a demand
Secretary of State Antony
Blinken echoed in a meeting on
Friday with Israeli Prime Minis-
ter Benjamin Netanyahu.
The resolution called for an
“immediate and sustained
cease-fire.” But Russia, China
and Algeria, which also voted
against it, said the text didn’t
go far enough in demanding an
end to the fighting.
* * * * *
ballistic missiles that are best
countered by the U.S.-designed
Patriot air-defense system.
“It is important to under-
stand the cost of delays and
postponed decisions,” Zelensky
said. “We need air-defense sys-
tems to protect people, infra-
structure, houses and dams.”
The strikes highlight
Ukraine’s continued vulnerabil-
ity to aerial assaults despite
the West pro-
viding air-de-
fense systems.
A much- A much-needed
needed package package of
of military aid
for Ukraine has military aid for
been stuck in
Congress for
Ukraine is stuck
several months, in Congress.
hamstringing
Kyiv’s army as
it seeks to hold
off a much bigger adversary.
The Biden administration this
month said it was sending
$300 million more in ammuni-
tion and other weapons to Kyiv
in a stopgap move to boost
Ukraine’s forces while Congress
“Russia and China simply
did not want to vote for a res-
olution that was penned by
the United States, because it
would rather see us fail than
to see this council suc-
ceed,” U.S. Ambassador to the
U.N. Linda Thomas-Greenfield
said after the vote. “Every day
without a cease-fire leads to
more needless suffering.”
The resolution marked a
toughening of the U.S. stance
toward Israel by the Biden ad-
ministration, which had ve-
toed three previous resolu-
tions, two of which would
have demanded an immediate
cease-fire. But Russia’s U.N.
Ambassador Vassily Nebenzia
described the U.S. resolution
as “deliberately misleading”
and China’s envoy, Zhang Jun,
called it ambiguous.
“An immediate cease-fire is
a fundamental prerequisite for
saving lives, expanding human-
itarian access and preventing
greater conflicts,” Zhang said.
“The U.S. draft, on the con-
trary, sets up preconditions for
a cease-fire, which is no differ-
ent from giving a green light to
continued killings.”
France, the U.K. and the
U.S. voted in favor of the reso-
lution. The five permanent Se-
curity Council members and
nine council members in total
WORLD NEWS
debates a new aid package.
“For the second day in a
row all of Ukraine has been
woken up before dawn by the
threat of incoming hypersonic
and cruise missiles,” U.S. Am-
bassador to Ukraine Bridget
Brink said on X. “Ukraine
needs our help now.”
Western allies helped
Ukraine weather Russian at-
tacks on energy infrastructure
in the first win-
ter of the war,
providing gen-
erators and
spare parts as
well as sophisti-
cated antimis-
sile systems
such as Patriot
and SAMP-T
batteries. But
Zelensky has
long called for
more air-defense systems to
protect more cities. On Friday
he repeated his call for more
Patriot batteries.
The Kharkiv region on the
northern border with Russia
was worst hit, leaving 700,000
must vote in favor for a reso-
lution to be adopted.
“I don’t think Russia and
China wanted to let the U.S.
start to shape Council diplomacy
over Gaza,” said Richard Gowan,
an expert on the U.N. for Inter-
national Crisis Group. “If this
resolution had gone through,
Washington would have been
able to mold future Council de-
bates on the war, sidelining the
Russians and Chinese.”
The vote came as Israeli and
Hamas officials negotiating a
truce clashed over whether to
allow displaced Palestinians to
return to their homes in the
Gaza Strip’s ruined north,
throwing up another obstacle
to a cease-fire that U.S. diplo-
mats are racing to secure.
Israel and Hamas have
reached a tentative agreement
on the broader framework of a
possible cease-fire: it would last
six weeks, during which time
Israeli hostages in Gaza would
be freed in exchange for Pales-
tinians held in Israeli prisons.
Blinken, speaking in Tel
Aviv on Friday, said the differ-
ences between Israel and
Hamas were narrowing. “But
the closer you get to the goal
line, the harder that last yard
is…but we’re determined to do
everything we can to get there
and to get people home.”
Saturday/Sunday, March 23 - 24, 2024 | A7
Kyiv Is Using Robots
On the Battlefield
BY ALISTAIR MACDONALD the chance to develop its own
AND IEVGENIIA SIVORKA key weaponry at a time of un-
certainty over future supplies
DRUZHKIVKA, Ukraine—In from the U.S., and as Russia
August, a Ukrainian assault takes territory on the battlefield.
team steered an armored vehi- Ukraine is fielding UGVs
cle silently for 2½ miles before made by foreign companies,
firing 300 bullets at a group of local startups and enterpris-
startled Russian soldiers. ing soldiers who have made
The vehicle had no driver or simple robots out of whatever
gunner. It was a land drone, an they can find. The land drone
early example of the robot-like used in the August attack,
vehicles that Ukraine is in- made by a Ukrainian company,
creasingly using to hit enemy consisted of a Browning ma-
forces, clear and lay land mines chine gun attached to a vehi-
and rescue injured soldiers. cle that resembles a quad
Since Russia’s invasion two bike. After the attack, the ve-
years ago, Ukraine has revolu- hicle returned to its remote
tionized warfare with its use controllers in the 5th Assault
of drones in the air and at sea. Kyiv Brigade and has since
Now it wants to do the same been reused several times.
with unmanned ground vehi- Eavesdropping on Russian
cles, or UGVs, aiming to repli- communications indicated that
cate the low-cost, do-it-your- in addition to injuring enemy
self approach that it has used forces, the raid sowed confu-
to such deadly effect. sion, given that soldiers couldn’t
The push isn’t without see where the attack came from,
challenges. Land drones typi- said an officer in the brigade.
cally face bigger hurdles than Ukraine’s use of UGVs is an-
those in the air and water, not other wartime experiment the
least the need to navigate world will be watching. The
without power. Ukraine’s larg- around buildings and across country has popularized the
est private energy company, uneven terrain. And while big use of cheap, off-the-shelf aerial
DTEK, said the strikes had arms makers have tested drones to destroy far-more-ex-
caused severe damage across UGVs for decades, the U.S. and pensive military equipment.
its facilities and wounded two its allies haven’t deployed Ukraine isn’t yet using land
workers. A fire raged Friday them in a meaningful way. drones on a scale that would
morning at the Dnipro hydro- Ukraine’s technology and in- be strategically meaningful in
electric power plant after sev- novation minister has said that the way other drones are,
eral missiles hit its hydraulic the country wants to create an said Ares Simone Monzio
structures and dam. State- “army of robots.” President Compagnoni, a UGV analyst at
owned plant operator Ukrhy- Volodymyr Zelensky said last Janes, a defense-intelligence
droenergo said the situation month that the military would company.
was under control and there establish a separate branch for UGVs aren’t entirely new.
was no threat that the dam air, sea and land drones, called The French army made explo-
would burst. the Unmanned Systems Forces. sive land drones as early as
Power engineers were work- “UGV will become the next 1915, and the British and Ger-
ing across the country to re- game-changer of this war,” mans developed UGVs in
store supply, said Energy Min- said Nataliia Kushnerska, the World War II. Early efforts
ister Herman Halushchenko, chief operating officer of were deemed ineffective given
describing the attacks as the Brave1, a Ukrainian govern- the cost. Since then, UGVs
biggest against Ukraine’s en- ment agency that examines have typically been used for
ergy sector in recent times. proposals for new weapons. bomb disposal without gaining
Prime Minister Denys Of the more than 1,300 pro- wider traction, despite the ef-
Shmyhal said it would take 24 posals submitted to Brave1 forts of some large weapons
hours to restore power to all since the beginning of the war, makers to push the vehicles.
homes. more than 140 are for UGVs, “Land is a more difficult
Friday’s attack follows a she said. Brave1 says more place for drones than the sea
spate of Ukrainian drone than 50 UGVs have been tested and the air, where you have a
strikes against oil refineries in conditions similar to com- significantly more empty envi-
and other petroleum infra- bat, and that the agency has is- ronment,” said Trevor Taylor,
structure in Russia in recent sued 56 grants for 41 projects. a director at the Royal United
months. In pushing UGVs, Kyiv sees Services Institute, a think tank.
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 A8 | Saturday/Sunday, March 23 - 24, 2024
Princess of Wales Is Being Treated for Cancer
News is a challenge
for the royal family
as King Charles also
fights the disease
BY MAX COLCHESTER
AND DAVID LUHNOW
LONDON—Catherine, the
Princess of Wales, announced
Friday that she is undergoing
treatment for cancer, a major
blow to the British royal fam-
ily as King Charles III is also
battling the disease.
In a video, the 42-year-old
Catherine said that she had an
unspecified type of cancer and
that she is in the early stages
of preventive chemotherapy.
“In January, I underwent
major abdominal surgery in
London and at the time, it was
thought that my condition was
noncancerous,” she said. “The
surgery was successful. How-
ever, tests after the operation
found cancer had been present.
My medical team therefore ad-
vised that I should undergo a
course of preventative chemo-
therapy and I am now in the
early stages of that treatment.”
The news of her diagnosis
stunned the British public,
which for weeks has speculated
about Catherine’s health. The
princess underwent abdominal
surgery in January and spent
13 nights in the hospital. At the
KABIR JHANGIANI/ZUMA PRESS
Opposition leader Rahul Gandhi, right, at party headquarters.
India Tax Agency
Seizes Party Funds
India’s main opposition
party, the Indian National
Congress, says its campaign
for the world’s biggest elec-
tion is in tatters after tax au-
thorities froze its accounts
By Tripti Lahiri,
Vibhuti Agarwal and
Krishna Pokharel
and seized its funds, in what
it said was an example of
state agencies being turned
against opponents of Prime
Minister Narendra Modi.
“We can do no campaign
work,” said Congress leader
Rahul Gandhi, a member of
the Nehru-Gandhi political dy-
nasty whose grandfather
Jawaharlal Nehru was India’s
first prime minister. “We can-
not send our leaders any-
where, we cannot book ads,
we cannot do anything.”
The country of 1.4 billion,
in which close to one billion
people are registered to vote,
will go to the polls from April
to June. Modi remains popular
after nearly a decade in
power, and for months politi-
cal experts have predicted
that his ruling Bharatiya Ja-
nata Party will return to
power with a strong majority.
In recent weeks, however,
opposition leaders have
pointed to a string of actions
from government authorities
that, they say, are set to ham-
string their parties in the
coming elections. Another key
opposition party, which rules
in the capital and in Punjab,
where farmers fiercely oppose
Modi, saw its leader arrested
on Thursday, hours after Con-
gress aired its tax woes.
The timing of these actions
is no accident, said Ajay
Maken, treasurer for the Con-
gress party, who said its ac-
counts were frozen in Febru-
ary, cutting off access to about
$34 million in funds. The
party says the government
and the ruling party are be-
hind their troubles.
The prime minister’s office
and the Bharatiya Janata
Party didn’t immediately reply
to requests for comment.
In a news conference
Thursday, the BJP said the in-
come-tax recovery action took
place according to a normal
legal process.
The Prince and Princess of Wales attended an event in November in London.
time, the Palace said she would
be unlikely to return to public
duties until after Easter, but
assured the public her condi-
tion wasn’t cancerous. As the
weeks went by, however, her
absence became more glaring
to a British public accustomed
to seeing her image on an al-
most-daily basis.
The announcement marks a
moment of deep uncertainty
for the Windsor franchise.
Catherine, who is married to
the heir to the throne Prince
Ravi Shankar Prasad, a se-
nior BJP leader, said the Con-
gress party was looking for an
excuse for its looming defeat
in the coming election.
Indian elections are expen-
sive, given the number of
states and constituencies to
cover, with one research
group estimating the 2019
polls saw more than $6 billion
spent, including on campaign-
ing and giveaways to voters.
Suyash Rai, a political
economy analyst, said the tim-
ing will be challenging for
both parties. “It is a cost to
the campaign,” he said.
“Money and leaders’ time are
the two things parties need
the most to fight.”
Congress’s current tax woes
stem from a tax department
order in 2021 that found the
political party failed to meet
the conditions for a tax ex-
emption for the return it filed
in 2019. Indian tax law allows
political parties to claim a tax
exemption if they meet certain
reporting requirements.
Due to the loss of the ex-
emption, the department put
the party’s taxable income for
that year at nearly $24 million
and levied more than $12 mil-
lion in back taxes and interest.
In February, the tax depart-
ment moved to recover the
ballooning sum it said the
party owed. The party said on
Thursday it is now facing de-
mands for around $25 million
in taxes and penalties.
The income-tax department
said it couldn’t comment on
individual taxpayers and re-
ferred questions to tax appeal
orders upholding its recovery
proceedings. It said during the
party’s tax appeals that the
party delayed adhering to tax
notices issued by it.
The Congress party faces a
number of other tax actions
that could lead to similar re-
percussions.
Rights groups and opposi-
tion voices say that under
Modi’s government, tax ac-
tions and other types of finan-
cial investigations are being
used more frequently as a tool
against political opponents
and civil society.
“Eventually we will get re-
lief in the highest courts, that
is for sure,” said Maken, the
Congress party’s treasurer.
WORLD NEWS
William, is a figurehead for
the royal institution and one
of its most popular members.
Her diagnosis comes weeks af-
ter Charles stepped away from
public duties to receive treat-
ment for an unspecified can-
cer, sidelining him less than a
year after he was crowned fol-
lowing the death of longtime
monarch Queen Elizabeth II.
The news about Catherine
led to an immediate outpouring
of sympathy in a country that
still mourns her predecessor,
China’s Middle Class Loses Hope
Stock-market slump
and property rout
help to shake people’s
economic confidence
BY CAO LI
Three years ago, everything
seemed to be going right for
Blake Xu.
The 33-year-old entrepre-
neur and his family had built a
portfolio of properties during
China’s real-estate boom. His
wife was expecting their first
child. He had just sold an
apartment, and put almost half
of the proceeds into the stock
market.
Since then, the property
market has entered a years-
long downturn, the country’s
benchmark CSI 300 stock in-
dex has lost around a third of
its value and the economy has
become increasingly vulnera-
ble, suffering from moribund
consumer confidence, weak
private-sector investment and
high youth unemployment.
Xu has already pulled al-
most all of his money out of
China’s stock market. His next
exit may be from China itself.
“I don’t know where the fu-
ture path lies,” said Xu, who
lives in Shanghai. “Once our
child grows a little older, we
intend to send him abroad, and
perhaps we will also go.”
For most of their lives,
China’s new generation of mid-
dle-class citizens could take a
booming economy for granted.
But the property rout, the
stock-market slump and the
wider economic downturn
have forced them to ask: Are
China’s boom years over for
good?
Chinese citizens are spend-
ing less, saving more and shy-
ing away from risky invest-
ments. Household savings
reached $19.83 trillion by Feb-
ruary, the highest figure on re-
cord, according to central bank
data. Consumer confidence has
plunged.
The increasing sense of ner-
vousness among China’s city-
dwellers and white-collar
workers could be a major
problem for Beijing. China’s
government has for years de-
rived legitimacy from its repu-
tation for sound economic
management. Now, that repu-
tation looks increasingly shaky.
Hugo Chen, 30, was born
during the early stages of
China’s economic transforma-
tion, which came after former
leader Deng Xiaoping rolled
back the worst excesses of
Maoism and opened the doors
to global trade.
Chen, who was raised in the
wealthy coastal city of Shen-
zhen, studied in the U.K. He
moved back to China in 2017
to work in finance and, like
many Chinese, decided to play
the stock market. He also
bought bonds and invested in
insurance products.
But last year, he decided: no
more Chinese shares.
Diana, the Princess of Wales,
who died in a car crash in 1997.
In the video, Catherine,
who has three young children,
explained, her voice wavering:
“This of course came as a
huge shock, and William and I
have been doing everything
we can to process and manage
this privately for the sake of
our young family.”
A spokesman for Charles
said the monarch was “so
proud of Catherine for her
courage in speaking as she did.”
China’s official consumer-
confidence index
130
120
110
100
90
80
2019 ’20 ’21 ’22 ’23
Sources: National Bureau of Statistics, Wind (index); People's Bank of China (money plans)
Chen, a banker, had previ-
ously helped an insurance
company manage its money.
He knew more than most
about investing—and China no
longer seemed like a smart
place to invest.
By the end of 2023, the CSI
300 index had fallen for three
years in a row. Even worse,
stocks in the U.S., Japan and
elsewhere had surged.
“Becoming
poor is one
thing. Becoming
poor while oth- The Chinese are
ers get rich is spending less,
another,” said
Chen. saving more and
He shifted
most of his in-
avoiding risky
vestments into investments.
funds that buy
U.S. stocks.
The real-es-
tate sector has done even
more damage to confidence.
What started as an attempt by
Beijing to rein in excessive
debt in the sector around
three years ago has morphed
into a multiyear crisis, pushing
dozens of developers to the
brink of collapse and pulling
the rug out from under one of
China’s main drivers of eco-
nomic growth.
Cyclists ride past traffic during rush hour at the main business district in Beijing.
* ****** THE WALL STREET JOURNAL.
Tributes and wishes for a
speedy recovery quickly poured
in. Prime Minister Rishi Sunak
said Catherine “had the love
and support of the whole coun-
try.” White House press secre-
tary Karine Jean-Pierre said the
Biden administration was “in-
credibly sad” to hear the news
and wished her a full recovery.
The bout of illness marks
the latest in a drumbeat of bad-
news moments for the Windsor
clan, which is still navigating a
damaging rift between William
CHRIS JACKSON/WPA POOL/GETTY IMAGES
and his brother Prince Harry,
who along with his wife,
Meghan Markle, quit royal du-
ties and moved to Los Angeles.
On Friday Prince Harry and
Meghan issued a statement
saying they “wish health and
healing for Kate and the fam-
ily, and hope they are able to
do so privately and in peace.”
William is now left to both
helm the royal institution and
steer his family through a dif-
ficult time. He and Catherine
have three children, George,
10, Charlotte, 8, and Louis, 5.
Palace officials said that Cath-
erine’s announcement was de-
layed until their children were
out of school for their Easter
vacation to shield them from
the coverage of the news.
After her initial surgery in
January, Catherine dropped out
of public view. As the weeks
went by without major news,
rumors began to circulate
How Chinese people plan
to spend their money
70%
Saving
60
50
40
30
20
10 Consumption Investment
0 downturn, said Yasheng
’24
2015 ’20
The price of existing homes
in China’s most developed cit-
ies fell 6.3% in February com-
pared with a year earlier.
Xu, the entrepreneur, sold a
second property in a process he
described as extremely painful.
But he has no regrets: The
money will give him the flexi-
bility he needs to leave the
country if things get worse, he
said.
“Emotion-
ally, I hope for
the best for this
country,” said
Xu. “However, if
this team of
leaders stays, to
be frank, I have
to have an exit
strategy.”
That is the
kind of senti-
ment that
will unsettle officials in Beijing.
Although China’s government
keeps a tight grip on power, it
is sensitive to the public mood.
China’s population has a his-
tory of public displays of dis-
sent, including public protests
against banks and companies.
Beijing has tolerated a degree
of dissent, as long as citizens
don’t blame the central govern-
ment.
about Catherine’s health and
even the state of her marriage.
An effort to address the clamor
with a photo of Catherine and
her three children only made
things worse after it was re-
vealed to have been edited.
Catherine went online, con-
firmed that it was she who ed-
ited it and apologized.
In her statement, Catherine
explained the media blackout
that has surrounded her
health over the past two
months, saying it had taken
her time both to recover from
surgery to begin her treat-
ment and to explain what was
happening to her children. “I
am well and getting stronger
every day by focusing on the
things that will help me heal.”
William has in recent
months stepped away from
public duties to care for his
wife. Upon his return he
abruptly canceled his atten-
dance at one event, fueling
speculation about Catherine’s
health. However, the couple
was seen at a grocery store in
Windsor last weekend and Wil-
liam has been visible this week
attending several royal events.
Watch a Video
Scan this code
to watch a
video of the
statement by
the princess.
But some people in the
country do blame Beijing for
the current economic trou-
bles, pointing to policy U-
turns on internet companies,
private education and real es-
tate, and a strict approach to
containing Covid-19 that has
dealt lasting damage to confi-
dence in the country.
The shift toward low in-
vestment and high savings is
fueling a vicious cycle, where
the economic slump erodes
confidence levels and, in turn,
low confidence worsens the
Huang, professor of global
economics and management
with MIT Sloan School of
Management and a fellow at
the Wilson Center.
“When a society settles on
a particular psychology, it’s
not easy to shift,” he said.
Scarlett Hu, 37, remembers
how it felt to be back in
China in 2014. She had taken
a job in Shanghai’s luxury-
goods sector after studying
abroad.
“At that time everyone in
the society was full of hope.
There was this promising
sentiment around,” said Hu.
Hu bought an apartment in
Shanghai in 2017 and started
buying mutual funds that in-
vest in the stock market in
2020, before the birth of her
son. She hoped the money
would help pay for his educa-
tion. At the time, it seemed
like a smart bet: The real-es-
tate market was booming,
and stocks were nearing a re-
cord high, cheered on by
China’s bullish state media.
Her apartment has now
lost 15% of its value, and her
mutual-fund portfolio is down
35%. “Now we talk about con-
crete plans and measures to
secure a more certain future,
focusing on ways to enhance
our sense of security. You
don’t feel that kind of ambi-
tion any more,” she said.
TATAN SYUFLANA/ASSOCIATED PRESS
THE WALL STREET JOURNAL.
Tailor Was Among the Last of His Kind
BY JACOB GALLAGHER
Martin Greenfield died
Wednesday, but he was a dy-
ing breed long before that.
For 71 years, Greenfield
worked at, and eventually
owned, one of America’s
last-standing suit factories
on a humble industrial
stretch of East Williamsburg,
Brooklyn. As his competitors
withered—their factories
foreclosed upon, their sew-
ing machines exported over-
seas—Greenfield, who sur-
vived Auschwitz and lived to
95, didn’t just cling to his
shears, he soared.
“I have one job, making
the best clothing in the
world,” Greenfield once said.
His arrogance was earned.
Greenfield made suits for
Donald Trump and Shaquille
O’Neal. He crafted custom
clothes for LeBron James
and Frank Sinatra. That infa-
mous tan suit that ignited a
presidential controversy
when Barack Obama wore it
at a news conference in
2014? It was a Greenfield
creation. So was the condi-
ment-colored three-piece
that Joaquin Phoenix wore in
2019’s “The Joker.” For
HBO’s “Boardwalk Empire,”
Greenfield and his staff made
hundreds of period garments.
And when labels like Rag
& Bone or Donna Karan or
Brooks Brothers went
searching for someone to
make their sportcoats and
trousers in America, they
landed at 239 Varet St.,
where Greenfield led his
company from a wood-pan-
eled office, lined proudly
with photos of the politi-
cians and dignitaries whose
suits carried his name on
the inside.
Not every Greenfield cli-
ent was newsworthy. The
tagged photos section on
Greenfield’s Instagram page
reveals many grinning
grooms on their wedding
day, wearing custom suits
straight from Martin Green-
field Clothiers.
A paternal presence
Mac Huelster, a clothing
stylist in New York, visited
Greenfield for his wedding
suit in 2013. He remembers
Greenfield’s paternal pres-
ence while he was being
measured and an unpreten-
tious atmosphere—“self
serve bagels and coffee on
top of a card table with fold-
ing chairs.” The suits were
worth the trek to that “old
warehouse” in Bushwick.
Huelster’s was a navy seer-
sucker. His mother, who ac-
companied him, also ordered
a custom suit. They both
still wear them today. (The
cost of a suit could climb
well into the four figures de-
pending on the fabric.)
VENEZUELA
Opposition Leader
Drops From Race
María Corina Machado,
whom voters chose to chal-
lenge the Venezuelan regime
in presidential elections, said
she is stepping aside and a lit-
tle-known professor will take
her place in the July 28 vote.
Machado, a 56-year-old
politician who remained in
Venezuela while other oppo-
sition figures fled into exile,
said that Corina Yoris, an 80-
year-old historian and philos-
opher, would face President
Nicolás Maduro.
The Maduro regime, which
has ruled 11 years, banned
Machado from office—as it
has numerous dissident poli-
ticians—and in recent days
has arrested many of her
aides in a crackdown con-
demned by the U.S. and other
democracies. Machado said
Yoris was selected after an
exhaustive review of her le-
gal record so that the regime
wouldn’t be able to ban her.
“Every trap they place in
front of us, we’re going to
find a solution,” Machado
said at a news conference af-
ter embracing Yoris. “She’s
going to be a great mother
and grandmother for Venezu-
ela.” Machado added that, like
her, Yoris is a mother who
wants to bring exiled Venezu-
elans home in a democracy.
Yoris said, “I’m fully com-
mitted to the people, the citi-
zenry and to Maria Corina.”
—Kejal Vyas
* ** *** *
Martin Greenfield hand made suits for presidents and stars from his factory along an industrial stretch in Brooklyn, N.Y.
Well into his gray-haired
years, Greenfield was still
being hailed by publications
like GQ as America’s best
tailor. That title may have
been fitting, but in truth,
Greenfield didn’t face much
competition. America was
once littered with apparel
manufacturers—some esti-
mates say there were several
thousand as recently as half
a decade ago. Today, the
number of suit manufactur-
ers left in the U.S. might not
even hit the teens. In 2016,
the Alliance for American
Manufacturing published an
online list of American suit-
makers. They were able to
name just 10.
“There is a deep sense of
tradition at the factory that
all came from Martin and
HAITI
Gang Violence
Displaces 33,000
More than 33,000 people
have fled Haiti’s capital in a
span of nearly two weeks as
gangs continue to pillage
homes and attack state insti-
tutions, according to a new
report from the U.N.’s Inter-
national Organization for Mi-
gration. The majority of those
displaced have traveled to
Haiti’s southern region, a
generally peaceful area com-
pared with Port-au-Prince,
which has an estimated pop-
ulation of three million and
remains largely paralyzed by
gang violence.
“Attacks and generalized
insecurity are pushing more
and more people to leave the
capital to find refuge in prov-
inces, taking the risks of pass-
ing through gang-controlled
routes,” IOM said Thursday.
Scores of people have
been killed, and some 17,000
people have been left home-
less since the gang attacks
began on Feb. 29, with gun-
men targeting police stations
and the main international
airport, which remains closed.
They also stormed Haiti’s two
biggest prisons and released
more than 4,000 inmates.
IOM noted that Haiti’s
southern region is already
home to another 116,000 peo-
ple who fled gang violence and
that rural provinces don’t have
the infrastructure or resources
to deal with the influx.
—Associated Press
OBITUARIES
MARTIN GREENFIELD
through his sons, a real
pride in the craft and the
knowledge that they hold
there,” said Scott Sternberg,
who designed the brand
Band of Outsiders and had
suits produced at Green-
field’s factory during the
aughts. “This isn’t about
nostalgia. To me, it gets to
the heart of what any great
American business, or great
fashion, or schmata if we’re
talking Martin Greenfield,
business should be.”
Auschwitz survivor
That dearth of homegrown
manufacturers surely dis-
heartened Greenfield, who
espoused a patriotic, any-
thing-is-possible belief in this
country. “My life was a sad
PEEKABOO: A Dutch couple, Edwin Koeman and Nitsuje Wolanios, planted about 715,000 tulips in a field in Arese, outside
Milan. The tulip field was opened to the public this month and will remain open until April 25.
| 1928—2024
life before I came to Amer-
ica,” Greenfield recounted in
a 2016 YouTube clip.
He was born Maximilian
Grünfeld to a Jewish family
in 1928 in what was then
Czechoslovakia and is now
in western Ukraine. Green-
field’s immediate family was
wiped out during the Holo-
caust. Orphaned in his early
teens, he was assigned to
wash clothes at the
Auschwitz concentration
camp. One day, Greenfield
ripped an officer’s shirt and
after he was beaten, a fellow
prisoner taught him how to
mend the collar. In the most
dire conditions, Greenfield
made his first unforeseen at-
tempt at stitching.
Greenfield survived the
Holocaust and in the mid-
WORLDWATCH
Saturday/Sunday, March 23 - 24, 2024 | A9
FROM TOP: JOSEPH VICTOR STEFANCHIK/THE WASHINGTON POST/GETTY IMAGES; JOSEPH VICTOR STEFANCHIK/THE WASHINGTON POST/GETTY IMAGES
ets in various states of com-
pletion.
Today, automated facto-
ries overseas can make suits
in a matter of minutes. But
Greenfield never tried to
blow out his enterprise so
that he could compete with
the mega-factories in China.
That would have compro-
mised the quality.
“I think we make the best
clothing in the world, because
what we make in America
lasts for a long time,” he told
the Journal in 2011.
In America, Greenfield’s
way of making suits is up
there with typewriter repair,
piano tuning and billboard
painting as a skill that is
scarcely practiced, let alone
appreciated, today.
Greenfield didn’t have a
computer or email, prefer-
ring to do business in person
or over the phone. He would
come in six days a week,
stepping away only in recent
years, and allowing his two
sons, Jay and Tod, to take
over the business.
Greenfield was, in the de-
signer Sternberg’s recollec-
tion, tough. Band of Outsid-
ers’s suits were legendarily
’40s made his way to Amer- skinny, and Sternberg said
ica, where one of his few re- he and the master tailor
maining family members, an would have a “healthy de-
aunt, lived. bate” about just how tiny
“The pain is still in my those suits could be.
heart about my family,” he Each handmade suit took
said in the YouTube video. “I 80 to 85 tailors to produce
still dream about my family and had a lead time of about
like they’re alive.” six weeks, according to a
Huelster, the stylist, re- 2010 profile in the New York
membered that when the Times. The factory was then
master tailor saw his tat- producing around 60 suits a
toos, Greenfield responded day. Buttonholes were hand
that he had his own. “It was stitched 50 times. Sewing
his number from the Holo- machines in Greenfield’s fac-
caust,” Huelster said. “I’ll tory dated back more than a
never forget that.” century.
Greenfield’s first job in “I’m the happiest when
America was as a “floor boy” I’m in the factory down-
at Brooklyn’s GGG clothing stairs, watching the work,”
factory in 1947, earning $35 Greenfield said in a 2015 in-
a week. The company then terview for a local news sta-
had 565 tailors, Greenfield tion. “It’s a very difficult job
recalled in a 2011 Wall Street and there aren’t too many
Journal article. people left like me.”
Though the business will
endure, Greenfield’s loss is
Niche operation profound. He was, for de-
It was grunt work at cades, the affable unofficial
first—schlepping unfinished spokesman for American tai-
garments, but he would soon loring, ever ready to criticize
learn how to dart, line and your off-the-rack suit and
baste at that factory. In 1977, demonstrate how his own
he purchased the factory creations didn’t crease or
and established Martin buckle at the back. He gave
Greenfield Clothiers with talks (always in a three-
just six employees. piece suit) and appeared on
Even as it bulked up, shows like “CBS This Morn-
Greenfield’s business re- ing” and in the pages of na-
mained a contentedly niche tional newspapers.
operation. Throughout it re- “He overcame the great-
mained in the squat, yellow- est odds, surviving the con-
brick building with a clang- centration camps to become
ing metal elevator that a tailor to the most powerful
Greenfield first entered de- men in the world,” said Mor-
cades ago. dechai Rubinstein, a clothing
Unassuming wouldn’t be- industry journeyman who
gin to describe the space, met Greenfield a few times.
with its weathered wood
floor and rack after rack of More stories at
graphite and navy suit jack- WSJ.com/obituaries
LUCA BRUNO/ASSOCIATED PRESS
A10 | Saturday/Sunday, March 23 - 24, 2024
Bayer CEO
Purges
Bosses
Continued from Page One
which makes Alka-Seltzer,
Claritin and other over-the-
counter remedies as well as
prescription drugs and agricul-
ture products. The company
has around 34 billion euros in
debt, recently cut its dividend
and faces billions of dollars in
payouts for lawsuits related to
the weedkiller Roundup.
Bayer’s acquisition of crop-
science company Monsanto,
which makes Roundup, is com-
monly viewed as one of the
worst corporate deals in years.
Bayer, which has a market
value of $28 billion, paid $63
billion for Monsanto in 2018.
Anderson mapped out his
plan last June on a napkin at a
cafe in San Diego with a
McKinsey consultant who is
now a full-time collaborator.
The CEO named his idea “dy-
namic shared ownership.” It
has since spawned its own
glossary. Leaders are “visionar-
ies,” “architects,” “catalysts”
and “coaches,” positions fo-
cused on longer-term strategy
and guidance-giving.
Anderson, who has a mas-
ter’s degree in chemical engi-
neering from the Massachusetts
Institute of Technology, arrived
at Bayer from biotech giant
Roche. He said he developed his
plan after becoming disillu-
sioned over the years by the
many approvals and rounds of
meetings required to get any-
thing done at large companies.
While speaking with Bayer
employees since he took over
last summer, the same com-
plaints surfaced, he said.
Launching a new product takes
years instead of months. Dis-
putes between departments
take too long to resolve. He
learned that company rules
and procedures fill 1,362 pages,
he said, “longer than ‘War and
Peace,’ and a lot less exciting.”
Modern corporate hierar-
chies have persevered because
they largely work and attempts
to subvert them haven’t. The
online retailer Zappos tried a
decentralized no-bosses system
that ended up creating its own
form of bureaucracy.
Anderson believes large
companies, held back by the in-
efficiencies of modern manage-
ment, will study what Bayer is
doing and roll out their own
versions.
Whether or not Anderson’s
plan flies, it will buy him time.
Bayer this month declined in-
vestor demands to split into
three units—consumer health,
pharmaceuticals and crop sci-
ence—saying the fewer-bosses
Scandal
Hits D.C.
Baseball
Continued from Page One
had a draft system to spread
out talent, so no one squad
could assemble a juggernaut
like the ‘27 Yankees. What if,
Klisch wondered, somebody
was cheating? Not tobacco-
spit-on-the-baseball kind of
cheating, but the kind that
happens in the front office.
Emotions can run high in
Little League, a touchstone of
childhood for millions, and
while blowouts sometimes
raise suspicions of foul play,
most parents keep the specu-
lation to a whisper.
That isn’t the case when
the moms and dads of Little
Leaguers are law-firm part-
ners, lobbyists and other Belt-
way heavy-hitters.
Klisch and another parent,
Erin Sweeney, who is also a
lawyer, eventually accused
coach Ricky Davenport-
Thomas, in a formal letter to
structure is expected to accel-
erate innovation and boost rev-
enue. Anderson says the plan
also will invigorate the com-
pany’s 100,000 employees.
Executives will no longer
pass orders to employees only
through layers of management,
said Sebastian Guth, president
of Bayer U.S. “Instead, you will
spend time with your 15 to 20
colleagues and basically figure
it out.”
Lisa Perez, general manager
of Bayer’s nutritionals business,
was among the first asked to
take Anderson’s idea from the
napkin to the workplace. She re-
cruited seven people last fall
from product supply, design,
marketing and innovation. Some
hadn’t worked in nutritionals,
which includes vitamins and
supplements. But they had
skills. Among them was an expe-
rienced project manager. An-
other had a deep understanding
of customer behavior.
The team gathered in a New
Jersey office they code-named
the Garage. Under the pressure
of high expectations, they had to
figure out what they were going
to do for the next three months.
Training day
While the head of Roche’s
pharmaceuticals division, An-
derson cut costs, eliminated lay-
ers of managers and plowed bil-
lions of dollars of savings into
research and development. He
came to admire the ideas of
Gary Hamel, a management con-
sultant and co-author of “Hu-
manocracy,” which argues for
streamlined structures and
greater employee empower-
ment.
Employers including Citi and
Google have announced job cuts
in recent months intended to re-
duce layers of management.
Mark Zuckerberg called 2023
the “year of efficiency” at Meta.
“A leaner org will execute its
highest priorities faster,” he
said. “People will be more pro-
ductive, and their work will be
more fun and fulfilling.”
In that spirit, Bayer is shift-
ing thousands of U.S. managers
to jobs as workaday team
members and eliminating other
roles. The remaining managers
will have as many as 20 people
reporting to them instead of a
half dozen or so currently. In
return, many of the managers
will unload some chores to AI,
including routine expense re-
port approvals. These leaders
also will be working shoulder-
to-shoulder with their charges
on small-team projects.
Bayer still has to figure out
the company career ladder and
pay structure, as well as what
to do about former managers
who make more money than
the employees they work
alongside. Executives sug-
gested cutting salaries. Ander-
son disagreed. “Why would we
take their pay down when we
the league, of stacking his
team with talent and falsifying
paperwork to bring ineligible
players into the league.
Davenport-Thomas didn’t
respond to requests for com-
ment. He has previously de-
nied stacking his team and fal-
sifying paperwork.
Some parents rallied
around the coach. Klisch and
Sweeney didn’t relent, con-
tinuing to bat out the issue at
board meetings and in emails
to parents.
Klisch argued that bringing
in ineligible kids unfairly si-
phoned talent away from sur-
rounding leagues.
He said it also gave Daven-
port-Thomas a better shot of
advancing his team to the Lit-
tle League World Series in
Williamsport, Pa. “He has
made it clear to me in the past
that his holy grail is Williams-
port,” Klisch said.
If you ask Little League
parent Joshua Daniel, the
cheating campaign against the
coach was petty. “It just felt
like a complete burn-it-all
down campaign.”
Sweeney swung back in a
lawsuit in D.C. in which she
sought access to league re-
cords. She accused the league
FROM PAGE ONE
Bayer employees participating in a training session at the company office in Whippany, N.J., above; questions for discussion
during the training, above left; CEO Bill Anderson (second from left) at Bayer headquarters in Leverkusen, Germany, below.
Bayer’s share price, monthly end.
At a recent session for
€150 Anderson Bayer’s consumer-health divi-
starts as CEO.
sion, one of the corporate train-
125 ers stood in the middle of a win-
dowless conference room at the
company office in Whippany,
100
N.J. The floor was adorned with
a giant mat imprinted with such
75 maxims as “reimagining the
system” and “enabled by being
our whole authentic selves in
50
creative mindset.”
The trainer urged employees
25 seated in a circle to stand up
and share ideas. One said they
0 wanted to work more closely
with retailers. “I will identify
2015 ’20
unmet consumer needs and
Note: €1 = $1.09 Source: FactSet launch a product within six
months,” another said. Employ-
convert them from something ees oohed in admiration.
where they’re having less value They were instructed to get
to something where they’re up and stand by their colleague
having more?” he said. if they agreed with their idea.
Figuring out exactly how Some corrected themselves
Anderson’s dynamic shared midsentence to conform with
ownership will operate is Mi- the new system’s phrasing. In-
chael Lurie’s job. His title is stead of shooting down an
“chief catalyst.” Lurie was a idea, for instance, employees
McKinsey partner when he sat are encouraged to preface ob-
with Anderson at the San Di- jections with, “I invite you to
ego cafe last year and helped consider.”
hatch the plan using hand-
drawn circles and squares.
Anderson used a simple pitch In the Garage
to persuade Lurie to leave Perez’s marching orders:
McKinsey: the chance to rewire How can Bayer seize a larger
a company. Lurie has since re- share of the market for vita-
cruited 200 employees and con- mins and supplements?
sultants to help deploy the sys- At the Garage in New Jersey,
tem companywide. The goal is Perez and her team debated
to complete training by year’s what could be accomplished in
ERIN SWEENEY
Erin Sweeney and her son; Sweeney took on Little League.
of stonewalling her and Klisch, and constitute witness intimi-
and said they faced brushback dation,” said Sweeney’s suit.
from others on the board. As things go in D.C., a
One Little League mom, a panel was convened and a
trial attorney for the Justice special counsel appointed.
Department, contacted The league’s board formed
Klisch’s employer to complain a committee and called in
that his updates to parents white-shoe law firm Steptoe,
about the cheating allegations whose clients have included
were uncivil and harassing, Exxon Mobil.
according to Klisch. Steptoe agreed to work pro
The parent who worked at bono, and spent hundreds of
the Justice Department “had hours investigating and pre-
to appreciate how her actions paring a report.
would be construed as an ef- The committee’s 39-page
fort to chill a whistleblower report said no one engaged in
* *** THE WALL STREET JOURNAL.
ZACK DEZON FOR THE WALL STREET JOURNAL (2)
brief about what the design
should achieve and gives it to a
marketing agency. Designers at
the agency return with their
ideas. For weeks, those ideas
bounce around Bayer, drawing
feedback from various execu-
tives and teams.
“Six weeks would go by, and
you would maybe get to a round
one revision,” Perez said.
Instead, Perez’s team gave
the agency loose guidelines and
MAXIMILIAN MANN FOR THE WALL STREET JOURNAL
worked with them immediately
on rough ideas. They began
testing a handful of designs
with consumer focus groups.
They took design mock-ups
to nearby stores to see how the
packages looked on shelves.
During a trip to a Walmart with
one black-bottle mock-up, the
team discovered that it nearly
disappeared among Walmart’s
black shelving dividers. “We
were like, ‘Oh my gosh, you can’t
90 days. Perez asked their see it,’” Perez said.
thoughts about getting consum- The team didn’t spend time
ers to post about Bayer’s One a creating a polished PowerPoint
Day vitamin brand on Insta- presentation to show company
gram. “How do we make an ex- higher-ups. Executives were in-
isting product more loved?” she stead periodically invited to
said. the Garage to look at designs
They said they wanted to and ideas on the walls and of-
work with design and packag- fer any suggestions.
ing, the visual elements that Typically, the timeline for a
can make or break a sale on a product launch takes into ac-
store aisle crowded with com- count the multiple layers of ap-
petitors. They proval needed
also wanted to for each stage of
move quickly. the rollout. If
The team de- ‘We don’t have eight people
cided that a to be that good gather from dif-
new line of One ferent depart-
to beat the
A Day prenatal ments, each of
vitamins, mar- them would
keted to women
current system,’ spend much of
seeking to get Anderson said. their time get-
pregnant, could ting their indi-
be released a vidual bosses to
year before its sign off on an
scheduled 2025 launch. “It was idea.
stuck in the system,” said “They’ve got to convince
Perez. “We said, ‘This is ridicu- eight people,” Anderson said.
lous. This isn’t that difficult.’” “And when one or two of them
To move up the launch, the says, ‘No, no, actually, I like this
team had to first find out from better,’ then the other six have
colleagues in manufacturing to go back and convince their
whether it could be done. That managers about the new plans.”
required calls to the factory to Not any more, Anderson
find the “people who do the said, gesturing with cupped
work,” Perez said. “I don’t care hands and making the sound of
about your manager’s manager.” an explosion.
They found the answer they Perez’s team hit its mark.
wanted. It was indeed possible. Bayer’s new line of One a Day
Next, they set out to oversee vitamins, packaged in a palette
a new package design, which of pink and purples, went on
can take months. Traditionally, sale in March, a year ahead of
someone at Bayer writes a schedule.
fraud and while Davenport- make written apologies to two
Thomas, the coach, made mis-
takes, they weren’t inten-
neighboring leagues, where
the players were actually eli-
tional. The report noted one gible to play.
parent told the special com-
mittee that Davenport-Thomas
Additionally, the board
agreed to issue a written
went out of his way to make
sure less-talented kids re-
ceived playing time.
statement that the new com-
mittee’s review of the allega-
tions and available informa-
This was far from game- tion “raised questions about
over, however. the accuracy, reliability and
In January, a wave of new completeness of certain as-
candidates, who campaigned pects of the report.”
under a “fresh start” platform, And the board apologized
joined the Northwest Wash- for not addressing the allega-
ington board. The integrity of tions raised by Klisch and
the investigative report was Sweeney sooner.
now in question: A partner at Lawyers for Steptoe didn’t
Steptoe had a son on Daven- respond to requests for com-
port-Thomas’ team and ment. In a statement to the
backed the coach. And the Journal, league president Ash-
special committee included leigh Coniglio said, “the fact
board members loyal to Dav- that a Steptoe partner’s child
enport-Thomas. was on a NWLL team was
The latest twist came this completely unrelated to Step-
week when the league settled toe taking on this case and its
Sweeney’s lawsuit. work on the case.”
Under the deal, the league Klisch, who under the set-
acknowledged two players tlement is expected to be ap-
Davenport-Thomas had helped pointed the head coach of the
bring in were, indeed, ineligi- league’s 12-and-under all-star
ble, including one who had team this summer, sounds sat-
played on the coach’s 2022 all- isfied.
star team that went to the re- “We’ve made the place bet-
gional tournament in Bristol. ter for the most important
Northwest Washington Lit- group of people and that is
tle League also agreed to the kids,” he said.
THE WALL STREET JOURNAL.
Is Religious Liberty ‘Under Attack’ in Ukraine?
By Jillian Kay Melchior
O
Kyiv, Ukraine
pponents of U.S. aid to
Ukraine claim the coun-
try persecutes Chris-
tians. “When American
leaders frame this as a
war for democracy and human
rights, it would be good if the re-
cipient of the aid was a little bit
more careful of human rights, in-
cluding religious liberties,” Sen.
J.D. Vance (R., Ohio) says in an in-
terview this week. Ukraine “is do-
ing some pretty bad stuff,” he
adds, citing “news reports of
priests being investigated, church
assets being seized and priests be-
ing arrested.”
Ukrainians have “invaded
churches, they’ve arrested priests,”
according to Sen. Rand Paul (R.,
Ky.). Rep. Paul Gosar (R., Ariz.)
says Kyiv has “banned Ukraine’s
oldest and largest denomination,
the Ukrainian Orthodox Church.”
Tucker Carlson last year said Pres-
ident Volodymyr Zelensky “banned
a Christian faith in his country and
arrested nuns and priests.” In a
Republican presidential debate,
Vivek Ramaswamy said: “Do you
want to use U.S. taxpayer money to
fund the banning of Christians?
That is actually what’s happening.”
Steven Moore, a former Capitol
Hill staffer and now president of
the Kyiv-based Ukraine Freedom
Project, visited some 100 GOP con-
gressional offices between Septem-
ber and January. About a third
“said they’re concerned about Zel-
ensky persecuting Ukrainian Chris-
tians,” he says.
This narrative—the product of a
public-relations and lobbying cam-
paign—sounds bad. But it’s false,
and Americans in particular should
appreciate Ukraine’s dilemma. Af-
ter Sept. 11, the U.S. sought to
safeguard religious freedom while
protecting itself from Islamic ter-
rorism. Ukraine seeks to uphold re-
ligious liberty while addressing
Russia’s power over the Ukrainian
Orthodox Church, which supports
the Kremlin.
No, but the country faces
a dilemma in how to deal
with an Orthodox church
controlled by Russia.
The story begins in the Soviet
Union. After the 1917 revolution,
Orthodox Christians went under-
ground and proved resilient under
persecution. Stalin concluded that
if he couldn’t extinguish Christian-
ity, he would co-opt it instead. Be-
ginning in 1943, he re-established
the Moscow Patriarchate of the
Russian Orthodox Church and re-
opened churches and seminaries—
under state control. This official
religious life “could be surveilled,
regulated, taxed and, most criti-
cally, used to accomplish political
goals,” writes Kathryn David, a U.S.
State Department historian.
After the Soviet collapse, evi-
dence emerged of extensive ties
between the Russian Orthodox
Church and the KGB. Last year two
Swiss publications reported that
among the KGB agents in the
church was Vladimir Gundyaev,
known today as Patriarch Kirill of
Moscow, head of the Russian Or-
thodox Church since 2009. (The
church didn’t respond to my query
about the Swiss reports. Patriarch
Kirill’s nephew has said his uncle
“was not an agent, although he
was subjected to ‘strict controls’
by the KGB.”)
Canada, the U.K. and the Czech
Republic imposed sanctions
against Patriarch Kirill over his
support for Vladimir Putin’s war in
Ukraine. Nina Shea of the Hudson
Institute’s Center for Religious
Freedom says the Russian church’s
justification of the war is “compa-
rable to jihad, holy war in Islam.”
By Cappy McGarr
T
his year marks the 25th edition
of the Kennedy Center Mark
Twain Prize for American Hu-
mor, which will be presented Sunday
to Kevin Hart. The award has been
given annually since 1998—except in
2020 and 2021, when no one wanted
to be in a crowded theater—to come-
dians who evoke the legacy of Sam-
uel Clemens.
Comedy is a universal language
that brings people together. Twain re-
cipients—they include Richard Pryor,
George Carlin, Bill Murray, Steve Mar-
tin, Tina Fey, Carol Burnett and Eddie
Murphy—hail from a host of under-
represented backgrounds.
Since its earliest days, comedy has
helped members of the working class
and racial and ethnic minorities gain
a foothold in society. Stand-up, sketch
* * * * Saturday/Sunday, March 23 - 24, 2024 | A11
OPINION
The patriarch has claimed those Russia in 2019, posted online and
who die during military duty have later deleted, Radio Liberty re-
made a sacrifice that “washes ported. Mr. Amsterdam says the
away all the sins that a person has photo was posted with Mr. Novyn-
committed.” skyi’s consent and “subsequently
The Ukrainian Orthodox Church removed without his consent. Mr.
historically operated as a subordi- Novynskyi has had no contact with
nate branch of the Russian Ortho- Patriarch Kirill since February
dox Church. The Institute for the 2022.”
Study of War reports the Ukrainian In December 2022 and January
church “provided material support 2023, Mr. Zelensky imposed sanc-
for Russia’s initial invasion of Cri- tions on Mr. Novynskyi. Last year
mea and Eastern Ukraine in 2014,” Ukraine’s Security Service de-
and Russian soldiers used church scribed Mr. Novynskyi as “a pro-
buildings “as military storage de- Russian oligarch” under criminal
pots, garrisons, field hospitals, and investigation for “aiding and abet-
even fighting positions during Rus- ting the aggressor country.” Mr.
sia’s full-scale invasion of Ukraine.” Amsterdam says Mr. Novynskyi “is
The Ukrainian church con- not a pro-Russian oligarch but a
demned the 2022 invasion, ap- pro-Ukrainian entrepreneur” who
pealed for negotiations, expressed “has donated tens of millions of
disagreement with Patriarch Kirill dollars in humanitarian aid to the
and said it had made statutory Ukrainian people since the begin-
changes testifying to its “complete ning of the war.” He said the sanc-
autonomy and independence.” But tions were “for his religious be-
the Russian Orthodox Church web- liefs,” which “is illegal and
site lists more than 100 members amounts to religious persecution.”
of the Ukrainian Orthodox Church In a May 5, 2023, blog post, Mr.
OZAN KOSE; GAVRIIL GRIGORO/AFP VIA GETTY IMAGES
as members of its episcopate. Novynskyi said all the accusations
Many are also currently listed by were “based on lies.” Mr. Amster-
the Ukrainian Orthodox Church. dam said in the first days of the
Robert Amsterdam, a lawyer war an adviser to Mr. Zelensky
representing the Ukrainian Ortho- asked Mr. Novynskyi to help “orga-
dox Church, says it “severed all ad- nize negotiations with Russia. He
ministrative ties from the ROC did so,” and “he feels that the en-
when the present conflict began,” suing attack against him was de-
including “withdrawing their se- signed to stop him from speaking
nior members and bishops from out over what he witnessed during
the synod of the ROC. The UOC those discussions.”
cannot control what the ROC says In October Mr. Amsterdam gave
or does on its websites, and obvi- Volodymyr Zelensky with Patriarch Bartholomew of Constantinople; an interview to Mr. Carlson alleg-
ously the Russians have their own Patriarch Kirill of Moscow with Vladimir Putin. ing religious persecution in
separate agenda to misrepresent Ukraine that has been viewed more
the independence of the Church.” tional-security risks posed by reli- Agents Registration Act disclosure than 55 million times. The firm is-
He also says the “canonical or spir- gious organizations that maintain he filed with the Justice Depart- sued a 32-page white paper claim-
itual connection” between the ties with Russia. Mr. Yelenskyi said ment. “If our opinion team knew ing “religious freedom is under at-
churches “is not the jurisdiction of to the extent that there is “a small about the conflict created by his tack in Ukraine.” It asserts that the
politicians to alter.” restriction on religious freedom” it relationship with the Church, we draft legislation would “ban the
Some 22 Ukrainian Orthodox should be imposed by law and would not have run the piece, or at UOC outright” and alleges
Church officials have been con- minimize the “burden on the free- the very least we would have dis- Ukraine’s government institutions
victed of unlawful collaboration dom of conscience of ordinary peo- closed the conflict to our readers,” “are mirroring some of the worst
with Russians or other war-related ple.” Ukraine is still drafting the the Hill said in an emailed state- traits of Russian and Soviet history
crimes, according to Viktor Yel- legislation and has yet to publish ment. (Mr. Burke-White declined to in targeting the Church and its
enskyi, Ukraine’s top executive of- it, but I reviewed the most recent say whether he had disclosed the members, alleging ‘plots’ and con-
ficial on matters of religion and version under consideration. relationship to his editors.) spiracies that bear no semblance
freedom of conscience. Priests The bill wouldn’t establish new The November 2023 disclosure to the reality on the ground.” The
have been convicted for informing crimes or criminal penalties. It says Mr. Burke-White was paid “an white paper calls for “sanctions
Russia of Ukrainian positions and would prohibit Ukrainian religious hourly fee of $1,400/hr” for activi- and other measures against Ukrai-
otherwise spying and for dissemi- entities from affiliating with reli- ties including “publication of opin- nian officials.”
M
nating propaganda urging the gov- gious organizations that are based ion piece in The Hill” and “out-
ernment’s overthrow. Mr. Yelenskyi or have a management center in a reach” to the White House, State r. Amsterdam doubled
estimates another 72 people con- country waging armed aggression Department and U.S. lawmakers. down on that threat in a
nected with the church are subject against Ukraine. It would also pro- The disclosure says he received March 15 letter to the lead-
to criminal proceedings or have hibit religious entities from $7,000 for this work on Nov. 22, ership of Ukraine’s Parliament. It
been issued notice of suspicion. spreading propaganda, including 2023, from Amsterdam & Partners, said the draft legislation “shows a
Mr. Amsterdam said “fewer than material calling for the destruction a law firm with offices in London blatant disregard for internation-
1% of UOC members have been of Ukraine, genocide of the Ukrai- and Washington. ally recognized human rights stan-
found to have issues.” nian people, and Russia’s violent Mr. Amsterdam, its founding dards” and said “all MPs who vote
Russia uses the church as “a conquest and occupation of other partner, says Mr. Burke-White “had for it will be held personally lia-
channel of influence, as a kind of states. no formal relationship with the ble.” He added that “our team will
soft power,” and it controls senior Each of the thousands of Ukrai- UOC at that time and only joined work to ensure that sanctions and
Ukrainian Orthodox Church leaders nian Orthodox Church parishes our firm as a senior advisor on this other legal consequences are
through “blackmails, compromise, would be treated individually un- matter subsequent to the publica- meted out to those who allowed
and they also bribe them,” says der the law. If it is found in viola- tion” of the Hill article. He says this attack on freedom of religion
Cyril Hovorun, a former theologi- tion of the law and refuses to cut Mr. Burke-White misunderstood on Ukraine.”
cal counselor to Patriarch Kirill ties with Russia, it would lose its “both the need to file a FARA dis- The U.S. and Europe are unlikely
who broke with him over his sup- legal status as a religious entity. closure and the appropriate scope to go along, but the threat had
port for Mr. Putin and now lives in That would terminate its tax bene- of his activity subject to that dis- Ukrainian lawmakers fired up this
exile. (The Russian Orthodox fits and lease agreements, includ- closure.” Mr. Burke-White wouldn’t week. Mr. Poturaiev denounced the
Church didn’t respond to a request ing for state-owned religious prop- say whether he currently works on letter as a “brazen and cynical at-
for comment.) Mr. Yelenskyi ar- erties. Its assets would be behalf of the Ukrainian Orthodox tempt to interfere” in Ukraine’s in-
gues “the core problem is not in liquidated under court supervision. Church. ternal affairs. The Ukrainian Parlia-
T
this handful of collaborators” but In October 2023, Amsterdam & ment’s Committee on Humanitarian
“the whole structure, which trans- he bill would impose no re- Partners said the Ukrainian Ortho- and Information Policy said it
mits Russian ideas and Russian strictions on believers’ right dox Church had hired it “to assist would refer the letter to the Secu-
narratives and is a channel of Rus- to assemble, preach or pray. the international response to esca- rity Service of Ukraine and ask it to
sian influence. . . . It’s a threat to Nor would anything prevent a lating attacks” by the Ukrainian make inquiries to the U.S. Federal
the national security of Ukraine to church that loses its status from government. Two months earlier, Bureau of Investigation.
have ties to a body subordinated to reincorporating as a business or the firm announced it had been re- Mr. Novynksyi’s assets are fro-
Russia’s militaristic machine.” other legal entity, says Mykyta Po- tained by Vadym Novynskyi, a zen in Ukraine. Amsterdam & Part-
Ukraine’s Orthodox believers turaiev, head of the legislative prominent protodeacon in the ners’ FARA disclosures make no
have an alternative. Five years ago committee drafting the bill. church. mention of work with Mr. Novyn-
the Patriarch of Constantinople— This legislation is the central fo- Mr. Novynskyi was born in skyi or the Ukrainian Orthodox
considered “first among equals” cus of those claiming Ukraine vio- Staraya Russa, a town in Russia’s Church, which Mr. Amsterdam says
among global Orthodox leaders— lates religious liberty. In October Novgorod oblast, and awarded doesn’t fall “under FARA registra-
recognized the fully independent, 2023, University of Pennsylvania Ukrainian citizenship in May 2012 ble activity.”
self-governing Orthodox Church of law professor William W. Burke- by then-President Viktor Yanuk- The evidence doesn’t support
Ukraine. But the Russian Orthodox White wrote an op-ed in the Hill ovych. (Mr. Yanukovych, a Putin the accusation that Ukraine is per-
Church and the Ukrainian Ortho- claiming the bill would “deny the ally, now lives in Russia.) Mr. Am- secuting Orthodox Christians. The
dox Church refuse to recognize the freedom of worship to millions of sterdam says his client is no longer national-security threat posed by
Orthodox Church of Ukraine and Ukrainians” and that Kyiv’s treat- a Russian citizen. Forbes estimates some factions of the Ukrainian Or-
consider it schismatic. Many ment of the Ukrainian Orthodox Mr. Novynskyi’s net worth at $1.2 thodox Church is genuine, and
church communities have made the Church amounts to “a grave viola- billion, making him one of Ukraine is addressing it in a care-
switch from the Ukrainian Ortho- tion of human rights.” Ukraine’s wealthiest citizens. ful, measured way. There’s a coor-
dox Church, a trend that acceler- The op-ed doesn’t mention that From 2013 to 2022 Mr. Novyn- dinated campaign to convince U.S.
ated after February 2022, the Ra- Mr. Burke-White was being paid skyi served in Ukraine’s Parliament voters and lawmakers otherwise,
zumkov Centre, a Ukrainian think for “publication of opinion piece in as a member of various pro-Russia and they shouldn’t be fooled.
tank, reports. The Hill” on behalf of a foreign political parties. A photograph of
Ukraine’s Parliament is consid- principal—the Ukrainian Orthodox Mr. Novynskyi and Patriarch Kirill Ms. Melchior is a member of the
ering legislation to address na- Church—according to a Foreign was taken at a religious festival in Journal’s editorial board.
Laughter Is the Best Medicine for Prejudice
and improv can be traced back to In both cases, underrepresented per- black or Jewish. (And ever the over- Twain’s name, it acknowledges the
American vaudeville in the early 20th formers honed their craft before achiever, Whoopi Goldberg is both.) deep American roots of the art. For
century. Aspiring stars performed in sympathetic audiences. Eventually, Both communities have used humor all the jokes about racism in his
small-time venues catering to work- many broke out—including Mel to cope in the face of subjugation. works (which are very funny), Twain
ing-class immigrant patrons, who Brooks, Rodney Dangerfield, Don The documentary “The Last was one of the earliest satirists of
paid no more than a dime or two. Rickles, Moms Mabley, Redd Foxx Laugh” spotlights Holocaust survivor bigotry in this country. It’s fitting
As stand-up comedy emerged as a Renee Firestone, who kept a sense of that a bust in his image is presented
genre—the Marx Brothers, Frank Fay humor during her time at Auschwitz. to those thumbing their nose at au-
and others stumbled on it by riffing The Mark Twain Prize for “Our treatment was so ridiculous thority figures who seek to divide.
between acts—it retained the that you either had to cry or laugh Twain once wrote, “Against the
scrappy, underground status associ- American Humor reminds about it,” she said. “Wherever there assault of laughter nothing can
ated with vaudeville. But a lack of us that the comic career is are survivors, any kind of survivor, stand.” Sure enough, Twain Prize
mainstream recognition proved a they must have some humor.” Corliss winners have wielded wit and one-
boon for experimentation—and for surprisingly diverse. Outley, a professor at Clemson Uni- liners to stand against antisemitism,
performers who might have other- versity writes that black Americans racism, misogyny and other
wise been excluded, particularly used comedy as resistance from the pudd’nheaded ideas of the past. As
blacks and Jews. and Dick Gregory. Laughter became a very beginning: “As enslaved individ- the current president might say: Not
Jewish comics thrived in the path to acceptance as audiences went uals, humor has been a way to not a joke.
Borscht Belt, a constellation of sum- from laughing at people they didn’t only connect us. It was a way of hid-
mer resorts in the Catskills. Black understand to laughing with people ing things from the master. All in Mr. McGarr is a co-creator of the
artists toured the Chitlin’ Circuit— they were beginning to understand. plain sight.” Mark Twain Prize for American Hu-
venues where they could safely per- No wonder a majority of Mark The Mark Twain Prize commemo- mor and a special adviser to the
form during the height of Jim Crow. Twain Prize recipients have been rates this history. By invoking chairman of the Kennedy Center.
A12 | Saturday/Sunday, March 23 - 24, 2024 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

California’s Nationwide EV Coercion The War Israel Had No Choice but to Fight

W
here are the antitrust cops when you advance its climate agenda. Richard Haass suggests that Israel sary for statehood. Absent a new rea-
need them? Stellantis and California Auto makers essentially hedged their regula- should have waited longer to wage son to hope that the Arabs will abide
war to eradicate of Hamas, as the U.S. by a peace plan, Israel has no choice
this week struck a deal to protect tory risk, knowing Mr. Trump could lose re-elec-
delayed engagement in Afghanistan but to destroy Hamas at any cost.
the state’s electric-vehicle tion or that his Administration after 9/11 (“The War That Israel WALTER OWEN
mandate from future political You may not live there, could lose its legal battle with Could Have Fought,” Review, March Newport, R.I.
and legal challenges. Here’s but you’ll soon be living California. Their hedge paid off 16). Mr. Haass glosses over that
another illustration of collu- when Mr. Biden won and re- Hamas continued to barrage Israel Although a diplomat and historian,
sion between big government under its auto rules. stored California’s waiver. Other with rockets from Gaza after its bru- Mr. Haass ignores the lessons of his-
and big business that hurts auto makers that didn’t cut tal surprise attack on Oct. 7. Thank- tory. Wars end not when the victor
Americans. deals with California now oper- fully, after 9/11, al Qaeda and the Tali- succeeds but when the vanquished
The California Air Resources Board (CARB) ate at a regulatory disadvantage. ban weren’t positioned with missiles accepts defeat and comes to tolerate
has banned the sale of new gas-powered cars Stellantis wanted to get in on the same deal at American borders. the outcomes presented. For nearly
in the state by 2035. Unlike Biden Administra- that the other auto makers had, but CARB The 250 hostages, many of them 100 years, the Palestinians haven’t ac-
gravely injured, also required prompt cepted the presence of a Jewish state
tion officials, progressives in Sacramento are wouldn’t let it. In December Stellantis filed a
and forceful action from Israel to at- in its historical homeland. Their con-
honest about their plan to phase-out gas-pow- petition with the state Office of Administrative tempt a rescue or secure a deal. The tinued support of Hamas, so strongly
ered cars. EV sales will have to ramp up fast Law that accused CARB of operating an “under- vast urban-tunnel network in which demonstrated on Oct. 7, confirms this
over the next decade, making up 51% of sales ground regulatory scheme” and violating its they are held also greatly complicates position.
by 2028 and 100% by 2035. First Amendment rights. the war, rendering Mr. Haass’s argu- Mr. Haass maintains that there is a
A Clean Air Act waiver from the Biden Envi- Political peace—none dare call it conspir- ment for small-unit operations cata- peaceful outcome ahead if only the
ronmental Protection Agency lets California im- acy—broke out this week as California and Stel- strophic for the Israel Defense Forces. Israelis would grasp it. Others have
pose its own greenhouse-gas emissions stan- lantis struck a deal, which they said was “in the While Mr. Haass argues for the PR said the same. He is correct that no
dards and other states to follow them. While interest of avoiding potentially costly litigation, benefits of a nonaerial and limited Israeli military success will end the
California is waiting on the EPA to extend its among other reasons.” The 35-page legal con- ground campaign, acknowledging that conflict, which rests essentially on
it would prolong the conflict, he ig- the Israeli presence. There is no solu-
waiver through 2035, its EV mandate is already tract binds Stellantis to follow California’s EV
nores the impending doom of war tion until the Palestinians accept that
creating headaches for car companies. mandate even if it is blocked by a court or fu- with Hezbollah, Iran’s powerful proxy reality. This conflict has shown the
Stellantis dared to say publicly last year that ture Trump Administration. In return, Stellantis in Lebanon. Israel has neither the lux- enormous costs of the Oct. 7 attacks
it is being forced to deliver fewer gas-powered will get regulatory flexibility similar to the ury of time nor wishful thinking as well as the strength and cohesion
cars to California and the dozen or so states that other auto makers. when it comes to war on two fronts of Israeli society, which is unwilling
have adopted its rules. It also said CARB had re- “This partnership with Stellantis will help with fanatical enemies. to tolerate Hamas barbarism.
taliated against it for supporting Donald Trump’s California achieve our ambitious goals,” Gov. NADINE SHATZKES WILLIAM COMANOR
rollback of Barack Obama’s emissions standards Gavin Newsom proclaimed. Stellantis CEO Car- Great Neck, N.Y. Los Angeles
and California’s EPA waiver. los Tavares added: “Together, we have found a
Amid a legal battle with the Trump Adminis- win-win solution.” Maybe for Stellantis and Cal- Mr. Haass surveys the state of af- Israel has negotiated, agreed to
tration, CARB struck peace deals with Ford, ifornia, though that didn’t stop the company fairs in Gaza with an even-handed- and attempted to live up to countless
ness that is as clear and informed as solutions for peace with the Palestin-
Honda, BMW, Volvo and Volkswagen that later from announcing Friday that it is laying off 400
it is rare. Nonetheless, he is in lock- ians, including the return of Gaza to
put their competitors including Stellantis at a workers because of what it called “unprece- step with all others who call on Israel Palestinian control, with nothing to
regulatory disadvantage. These auto makers dented uncertainties.” Could those uncertain- to stand down to stop the deaths of show for it. Yet legions of foreign-
committed to voluntarily follow California’s ties be related to the forced production of EVs civilians, allowing Hamas to reinvigo- policy experts counsel Israel to mod-
mandate and oppose participating in any trade- that consumers aren’t buying? rate itself. As with those who call for erate. What has Israel gained by mod-
association legal challenges to it. In any case, the biggest losers of this “part- a cease-fire, Mr. Haass asks nothing eration? Perhaps the terror of Oct. 7
In return, CARB eased their EV quotas and nership” with California will be Americans of Hamas, which promises to repeat was so heinous that the only solution
penalties for noncompliance. Instead of pay- across the country who will have fewer gas- Oct. 7 until Israel ceases to exist. that actually guarantees a path for a
ing steep fines, the auto makers could con- powered options. California is imposing its EV Likewise, Mr. Haass offers no rea- peaceful coexistence is the complete
tribute to a state “trust account” to “promote mandate nationwide by using regulation to take son to expect that the Palestinians destruction of Hamas.
electrification and reduce GHG emissions.” In auto makers hostage. Mr. Newsom may not be would suddenly find the direction, co- ROGER MEDVIN
hesion and economic energy neces- Houston
other words, they could cut California a running for President in November, but he al-
smaller check that the state could spend to ready acts as if he governs the country.

Rep. Mayhem Taylor Greene There Is a Path, or Two, to a Simpler Tax Code

S
Regarding “Why Simpler Taxes Are Under our tax system, vast sums of
peaker Mike Johnson claimed a victory firebrands ousted him for it. They elected Mr. So Complicated” (Exchange, March income go untaxed. Other income is
for sanity Friday, when the House voted Johnson, saying he was a true conservative and 16): Public policy would best be served then taxed at very different rates,
286-134 to do its basic job of funding the not some squish, but now he’s getting the same by taxing consumption at the federal wholly dependent on the person fil-
government, rather than blun- treatment. Mr. Johnson’s sin is and state levels. The current mess ing the return and his or her personal
der into a pointless shutdown She files to oust Speaker that he can do math. should be replaced with a minimal situation. It is rare to find two people
value-added tax on essentials such as with the same income who are paying
that would backfire on Repub- Johnson, saying he’s ‘in impossible,Politics isn’t the art of the food and children’s clothing, a higher the same effective tax rate. The 16th
licans, or else pass further in- but Ms. Greene and tax on other goods and services and a Amendment is worded in such a way
terim spending bills that hurt the arms of Democrats.’ her crew of vandals prefer to substantial VAT on luxuries. that Congress can levy a tax on in-
the U.S. military. Yet try telling scream and throw soup at the A VAT would end income-tax fraud, come but not on individuals. Never-
that to Rep. Marjorie Taylor walls, like those climate- cash under the table, tax avoidance theless, the tax code is drafted to im-
Greene. change protesters who think their ludicrous ges- by everyone who underreports in- pose the tax on people, not income.
Raging about betrayal on Friday, Ms. Greene tures are accomplishing something. They have come, and at the same time eliminate Compare this to the sales tax. If
filed a motion to oust Mr. Johnson. “We have to no strategy for achieving the conservative victo- much of the tax-accounting industry. we had a true income tax, the tax
find a new Speaker of the House,” she said. And ries they claim to want, beyond shutting down The real advantage of taxing con- rate would be the same regardless of
if Democrats cross the aisle to keep Mr. Johnson the government and shouting for the cameras sumption, however, is that it would the person receiving the income, and
encourage savings and make those all income would be taxed. Despite
in power? “He’s already in the arms of Demo- that everyone else is a sellout.
dollars available for investment. It the intricacies of modern life, a true
crats,” she replied. She called the legislation to Ms. Greene on Friday called her motion to va- would also end the penalty imposed income tax—simple, low-rate and
fund the government “a Democrat bill” and “a cate the Speaker’s chair “more of a warning than by the termination of the state and revenue-neutral—is possible under a
Chuck Schumer bill.” a pink slip,” and the House will go on recess for local tax deductions for residents of redesigned and modernized tax sys-
More Republicans voted no than yes, but un- two weeks. When it returns, Mr. Johnson will the states with substantial state-in- tem without resort to the personal
derstand political reality. Two years ago the GOP have to decide whether to take up an aid bill for come taxes. tax return.
won the House by a historically narrow margin. Ukraine, Israel, and Taiwan. Ms. Greene is essen- RICHARD ALEXANDER JAMES K. JEANBLANC
If they’d stuck together, they could have used tially ordering the Speaker to forsake American San Francisco Arlington, Va.
that leverage to extract more policy concessions allies that need U.S. military help, or she’ll pull
from the Democrats who control the Senate and the trigger on her motion.
White House. But Ms. Greene and her faction are But after the weeks of tumult last fall follow- TikTok Started Out Silly but Turned Serious
most interested in TV hits and internet donors. ing Mr. McCarthy’s removal, even Ms. Greene’s
Peggy Noonan is spot on in “Tik- TikTok is not a mall, in the tradi-
And once the GOP needs Democratic votes to putative allies might be skeptical. Is this the vi- Tok, the Clock Winds Down to Elec- tional sense. This platform is not
pass a bill in the House, that gives even more le- sion for GOP governance that House Republicans tion Day,” Declarations, March 16). safe. I urge my generation, and those
verage to Democrats. want to offer in an election year? If Mr. Johnson TikTok, despite being marketed as a we influence, to delete the app. There
This is the political position former Speaker isn’t conservative enough to succeed as Speaker, fun app for entertainment, is a very are other places to do everything that
Kevin McCarthy found himself in, and the GOP who would be? Call her bluff. real “espionage tool.” TikTok offers.
The reason the younger genera- MARIA T. CANNON
tions (my friends included) are reluc- New York
Biden’s Dangerous Game at the U.N. tant to accept that TikTok is “bad” is
because it was first introduced as the

T
he Biden Administration got what it tion, but at the U.N. condemning Hamas for silliest app on the market. For many, Imagine That—Democracy
the rise of TikTok was their savior
wanted Friday at the United Nations, Oct. 7 is a way of trying to draw a veto, not get from boredom during the lockdowns.
In the New Republic, Michael
and Israel will pay the price. Tired of be- a text passed. Tomasky laments that our legal sys-
At the time, scrolling TikTok con-
ing criticized for supporting After that veto, the Council tem is unfair and that rich people can
sisted almost exclusively of viewing
an ally, the U.S. proposed a The U.S. baits vetoes passed a resolution demand- goofy videos of famous people danc-
“twist the system into a pretzel and
cease-fire resolution that was win delay after delay after delay”
anti-Israel enough to draw 11
from Russia and China ing more delivery of humani-
tarian aid, with no condemna-
ing—which doesn’t exactly evoke a
sense of danger.
(“Notable & Quotable: Trials,” March
18). He then goes on to write, “We
of the Security Council’s 15 at a cost to Israel. tion of Hamas and no cease- TikTok rode that wave of false se-
can’t count on the legal system to
votes while still baiting Rus- fire. The U.S. and Russia curity and grew into a virtual “mall”
stop Trump. We have to stop him
sian and Chinese vetoes. abstained. of sorts. We now flock there to con-
ourselves.”
To garner meaningless votes, the Biden Ad- In the end, the U.S. gets a minor diplomatic nect, shop and be entertained. But
Is Mr. Tomasky actually suggesting
ministration revised its initial resolution to in- win while locking in the “immediate cease-fire” that we use elections, and not the le-
troduce more daylight between the U.S. and Is- wording as the starting point for future negotia- The Appetite of an Altruist gal system, to decide who the presi-
rael. The final U.S. draft “determines the tions. That’s a strategic loss for Israel, which dent of the United States should be?
imperative of an immediate and sustained still needs to finish destroying Hamas. The Bi- What a novel idea.
I agree with everything Scott Bes-
cease-fire” to protect civilians and facilitate den threat to Jerusalem of a cease-fire call with- JEFF BATTS
sent writes in “‘Altruism’ Was Central
High Point, N.C.
more aid but not necessarily to free Israeli hos- out caveats has also been enhanced; the U.S. has To SBF’s Crimes” (op-ed, March 15). I
tages. That direct linkage was dropped from a already covered half the distance. have only this to add: If someone is
prior draft. The larger story here is that the U.N., with earning money merely to satisfy his
Instead, the linkage comes only at a re- its long, continuing history of hostility to Israel, own needs and wants, then his appe- Pepper ...
move, in expressing support for diplomacy “to is the worst venue for solving the Gaza conflict. tite for wealth is limited. If, however,
he is accumulating money so that he
And Salt
secure such a cease-fire in connection with Mr. Biden’s pressure on Israel could even
can save the planet, solve the world’s THE WALL STREET JOURNAL
the release of all remaining hostages.” The harden Hamas’s resolve to reject a hostage deal,
social ills or accomplish some other
U.S. couldn’t “demand” the release of hostages trusting that the U.S. will eventually stop Israel such lofty goal, then his appetite is
if it wants to be popular at the U.N. In case from finishing its Gaza campaign by clearing insatiable.
President Biden forgot, among the 134 hos- out Rafah even if there is no deal. In that sce- History does indeed teach us “that
tages left in Gaza are five U.S. citizens who nario, the cease-fire would hold only until Iran the greatest crimes are committed by
may still be alive. decides the time is right to unleash its proxies those who believe they are mankind’s
Despite all the word games, Russia and for another strike at Israel. benefactors,” as Mr. Bessent writes.
China vetoed the resolution, as all knew they Mr. Biden’s public criticism and distancing Unfortunately, history also teaches us
would. The resolution includes several obvious from Israel signals to other nations that they that we’re very poor students.
poison pills for these nations, including con- can go even further and the U.S. likely won’t BOB KOZAREK
Denver
demnation of Hamas. The U.N., for all its pos- oppose it. Will he condemn Canada’s grand-
turing, won’t do that. standing decision this week to stop selling
Letters intended for publication should
This allowed the U.S. Ambassador to com- arms to Israel? Crickets from the White House be emailed to wsj.ltrs@wsj.com. Please
ment right after the veto that “Russia and so far. The President’s fading support for Israel include your city, state and telephone
China still could not bring itself to condemn is a message to all American allies that the U.S. number. All letters are subject to
Hamas’s terrorist attacks on Oct. 7. Can we just can’t be trusted if their cause runs afoul of the editing, and unpublished letters cannot “Daddy, what went first,
be acknowledged.
pause on that for a moment?” It’s worth reflec- Democratic Party’s left wing. truth or logic?”
THE WALL STREET JOURNAL.
Biden Is Merely a Player on Trump’s Stage
By James Taranto
D
avid Frum of the Atlantic
reached for the stars the
other day in making the
case for President Bi-
den’s re-election: “If
you’re told there’s a giant comet
heading toward Earth and it’s got
only about a 45% chance of hitting
the planet, 55% chance it misses,
you think, well, I guess on balance
that’s good, but it’s still a very un-
acceptable risk of being hit by a gi-
ant comet,” he said on a CNN panel.
“Somebody call Bruce Willis,”
moderator Kasie Hunt quipped.
“That’s sort of where we are,”
Mr. Frum continued. “And if you’re
told that the captain of the ship
that’s supposed to detonate the de-
vice that averts the comet may be a
little old, you say, well, maybe it
would be better to have a young
person, but since the ship has left
Earth already, we just better hope
that it succeeds in its mission.”
Americans voted to end
the drama. Instead they
got four more years and a
mediocre supporting actor
who cast himself as a hero.
The deadly mass in Mr. Willis’s
1998 film wasn’t a comet, but that’s
a quibble. The pertinent objection is
that there was no sequel to “Arma-
geddon.” Mr. Willis’s character
(spoiler alert) blows up the aster-
oid, saves the planet, and serves
only one term as an astronaut. Mr.
Frum’s analogy points to an under-
appreciated failure of Mr. Biden’s
presidency: He promised four years
ago to rescue us from the comet,
yet it’s still zooming toward us.
“The current president has
cloaked America in darkness for
much too long,” Mr. Biden said in
his August 2020 speech accepting
the Democratic presidential nomi-
nation. “United we can, and will,
overcome this season of dark-
On EVs, There’s a Lot of Hunter in Joe Biden
“You have my
word,” Joe Biden
said in his public
statement on his
electric-vehicle
mandate, though
strangely missing
BUSINESS
were the words
WORLD
“carbon dioxide”
By Holman W.
and “climate
Jenkins, Jr.
change,” the only
reason for caring
whether otherwise harmless CO2
comes out of vehicle tailpipes.
This is no accident, because it al-
lows him to avoid raising the ques-
tion of what his EV mandate would
actually do for the climate.
A sleight of hand long practiced
by the EV propagandists at the Union
of Concerned Scientists has now
been adopted widely in the media,
including the New York Times. It
elides the fact that the vehicles you
and I drive, while large in number, sit
parked 95% of the time and play a
minor role in U.S. transportation
emissions.
It elides the fact that U.S. trans-
portation emissions themselves are a
small and shrinking share of global
emissions.
On the friendliest assumptions,
the Biden plan would reduce global
emissions by 0.18%. But the friendly
assumptions are false because, as
Norway has been busy proving, every
electric vehicle doesn’t displace a
conventional one, every electric mile
driven doesn’t displace a gasoline
mile.
OK, it doesn’t matter that his EV
plan is a political as well as climate
fraud. Voters aren’t going to let Mr.
Biden, from his presidential afterlife,
impinge on their choice of vehicles
anyway, forcing most to choose an
EV or nothing by 2032, and Mr. Bi-
den knows it.
He’s hoping to appeal to young
voters—currently mad at him over
Israel—whose other equally shal-
lowly held passion is climate change.
He’s betting the larger electorate will
see the plan as eyewash, though this
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Executive Chairman, News Corp
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Emma Tucker
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Professional Products; Bruce Orwall, Enterprise;
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* * * *
ness.” He added that
America’s “great purpose
as a nation” is “to save
our democracy.”
How’s that going?
Badly, in Mr. Biden’s own
telling. “Not since Presi-
dent Lincoln and the Civil
War have freedom and de-
mocracy been under as-
sault at home as they are
today,” he said this month
in his State of the Union
address.
In that speech, the pres-
ident tried to have it both
ways. He quickly contra-
dicted himself, asserting
(plausibly) that the threat
to democracy peaked two
weeks before his inaugura-
tion: “Jan. 6 and the lies
about the 2020 election,
CHAD CROWE
and the plots to steal the
election, posed the gravest
threat to our democracy
since the Civil War. But
they failed. America stood strong
and democracy prevailed.” Then he
flipped again: “But we must be hon-
est—the threat remains and democ-
racy must be defended.”
What threat would that be? It
seems unlikely Mr. Biden will follow
the example of his predecessor and
pressure Vice President Kamala Har-
ris to hijack the vote-counting pro-
cess next Jan. 6. But lawmakers
from Mr. Biden’s party may seek re-
venge against Donald Trump.
That would entail taking the po-
sition that the former president
“engaged in insurrection” in 2021
and is disqualified from office un-
der the 14th Amendment. “In inter-
views, senior House Democrats
would not commit to certifying a
Trump win, saying they would do
so only if the Supreme Court af-
firms his eligibility,” Mr. Frum’s
colleague Russell Berman reported
last month. (The justices have held
only that a federal statute or other
congressional act is necessary to
disqualify candidates from federal
office.)
If there’s a threat to democracy
this time around, then, it’s against
may be one of those Biden miscalcu-
lations that seem to come in mystical
succession as if his secret goal were
to put Mr. Trump back in the White
House.
The latter is already benefiting
twice over, warning of a “bloodbath”
for U.S. auto workers, a word the
press duly misrepresented, fulfilling
the paradigm that America’s media,
in their endless compulsion to dis-
credit themselves, also are secret
Trump allies.
The own goals of Mr. Biden’s re-
election strategy are piling up. Like
the Harlem Globetrotters in reverse,
the Trump prosecutions he sought
were supposed to supply him his op-
ponent of choice but they let Mr.
Trump so command the stage that he
now leads in the polls both nation-
ally and in the swing states.
Then there was Mr. Biden’s deci-
sion early in his presidency to repli-
cate the Trump Covid spending
blowout while imposing gaudy but
useless vaccine mandates. This was
Gender Ideology Invades the Foster Care System
State agencies in
the Pacific North-
west are deeming
people unfit to be
foster or adoptive
parents unless
they pledge to
CROSS
abide by new or-
COUNTRY
thodoxies on gen-
By Sierra
der and sexuality.
Dawn McClain
Shane and Jen-
nifer DeGross live
west of Seattle in Kitsap County,
Wash., and have two children. Be-
tween 2013-22, the family fostered
four girls: a newborn for three
months, two toddlers for about two
years each, and a third toddler for
two weeks.
In 2022 they applied to renew
their license, which expires every
three years. During the process,
they learned about new regulations
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OPINION
Mr. Trump rather than from him.
But why is he in the picture at all?
How did he rise again when Mr. Bi-
den promised to “overcome this
season of darkness”?
Part of the answer is that Mr. Bi-
den and his fellow Democrats have
labored to keep Mr. Trump at the
center of American politics on the
theory that he is a loser. Last April
the Journal interviewed several
swing-state Democrats who were
rooting for Mr. Trump in the prima-
ries. Joe Wolf, who advised Katie
Hobbs in her successful 2022 race
for Arizona governor, said he pre-
ferred “Donald Trump hands down,”
because “he’s combustible, he’s un-
disciplined, he’s been beaten before.
I think the country is over him.”
Pat Dennis, who heads the Demo-
cratic super PAC American Bridge,
told the Journal he planned to do “a
lot of reminding” about Mr. Biden’s
“contrast to the chaos of the Trump
administration.” Notwithstanding
Mr. Biden’s own chaos in Afghani-
stan, at the Mexican border and
elsewhere, he has done a lot of re-
minding too. The putative threat to
democracy from “MAGA Republi-
meant to help him claim credit (as he
did in this month’s State of the
Union) for the post-Covid recovery
already emerging by the time he took
office.
But it was unnecessary. A presi-
dent is going to get credit anyway
and now this benefit has been
dwarfed into insignificance by the
inflation he created in the process.
Oops.
His combination of
selfishness and self-harm
is working to put Trump
back in the White House.
In selfishness and self-harm,
there’s a lot of Hunter in Joe, it turns
out. This is apparent in the recent
special counsel’s report—his clinging
to documents so he could take credit
long after the fact for positions that
requiring foster parents to “support
a foster child’s SOGIE”—an acronym
for “sexual orientation and gender
identity/expression”—“by using
their pronouns and chosen name,
and respecting the child’s right to
privacy concerning their SOGIE.”
The regulations also direct foster
parents to “connect a foster child
with resources that supports and af-
firms their needs regarding race, re-
ligion, culture, and SOGIE.”
The Washington Department of
Children, Youth and Families’ draft
home-study practice guide illustrates
how the department interprets its
requirements by giving examples of
supportive behavior: displaying
“Pride flags and similar indicators,”
having “LGBTQIA+ authors, musi-
cians and artists in your collections”
and seeking “affirming medical care”
for the child or youth.
In their application, the De-
Grosses explained that while they
would love and support any child,
they couldn’t say or do anything
that they felt would violate their
Christian beliefs. That wasn’t good
enough for the state, which rejected
the application, citing the new regu-
lations. The state invoked the blan-
ket rule not only to prevent the De-
Grosses from fostering gay or
transgender youths but to disqualify
them from fostering any child. The
DeGrosses want to provide respite
care—short-term home stays—but
the state won’t even allow them to
foster a toddler for a few weeks.
The DeGrosses on Friday filed a law-
suit in federal court, arguing that
the agency is violating their First
Amendment rights to free exercise
of religion and free speech.
Saturday/Sunday, March 23 - 24, 2024 | A13
cans” has been a recurring theme in
his speeches.
One might counter that if Demo-
crats wanted Mr. Trump to get the
nomination, they wouldn’t try to
disqualify him from the ballot, much
less to throw him in prison. But
those efforts seem only to have
helped Mr. Trump, whose lead in
nationwide Republican polls became
insurmountable around the time the
first indictment against him was
handed up last April. If Mr. Trump
can’t win, the Democrats’ multifront
legal campaign against him can’t
lose. They hit the jackpot if Mr. Bi-
den ends up with an unelectable
felon as his opponent.
But what if Mr. Trump can win,
as he did eight years ago? If he re-
ally is a comet on a collision course
with democracy, encouraging his
nomination would seem an unac-
ceptably high-risk strategy. That
Democrats pursued it anyway sug-
gests either that they don’t believe
what they’re saying about him or
that they believe it so zealously,
they’re sure it’s impossible for any
sane voter to doubt it.
That last supposition would be
nobody cares about anymore.
Mr. Trump, as his fans fully un-
derstand, is running firstly to escape
the legal furies that beset him, a mo-
tive Mr. Biden gave him by pushing
for indictments, setting up the most
ominous election in a century.
But what is Mr. Biden’s motive for
seeking a second term in defiance of
what the polls, history and his own
biological clock are telling him?
He’s become the Munchausen ver-
sion of the candidate who was sup-
posed to save America from Donald
Trump. Nobody has done more to
make a second Trump presidency
likely. With EVs Mr. Biden is replicat-
ing what he did with the border,
finding the policy that offends the
greatest number in order to patron-
ize a small and irrational sect within
his own camp.
Trump haters who are compos
mentis now see that a Trump defeat
is still a crappy outcome for Amer-
ica, sticking it with Mr. Biden, a
president of declining physical and
Washington’s foster-care system
services roughly 8,000 children, the
majority 10 or younger. By discrimi-
nating against families such as the
DeGrosses, the state is reducing the
number of homes available to these
children. According to a 2022 de-
partment report, Washington faces
a “shortage of caregivers willing and
able to be a respite or placement re-
source.” Last year 358 children in
Washington and Oregon
put kids in hotels rather
than with parents who
doubt the new orthodoxy.
Washington spent a combined total
of 4,570 nights sleeping in hotels,
offices or other temporary accom-
modations, according to public re-
cords. “Housing children in hotels
and temporary facilities is disrup-
tive for children and often trau-
matic,” reports the Office of the
Family and Children’s Ombuds. Yet
officials would rather place children
in hotels than with foster parents
who don’t affirm the state’s sexual
ideology.
Oregon has adopted similar regu-
lations requiring prospective par-
ents to “respect, accept and sup-
port” a child’s “sexual orientation,
gender identity [and] gender expres-
sion.” Alliance Defending Freedom
attorney Johannes Widmalm-Del-
phonse, who represents the De-
Grosses, said his organization has
received more than a dozen com-
plaints from Oregon and Washington
mistaken. A December As-
sociated Press/NORC poll
found that 54% of indepen-
dents “believe a second
Trump term would nega-
tively affect U.S. democ-
racy.” Sounds promising
for Democrats—but 56% of
independents said the
same thing about a second
Biden term. Large majori-
ties of partisans—87% of
Democrats and 82% of Re-
publicans—saw the other
party’s candidate as a
threat to democracy.
Which leads one to sus-
pect this question func-
tions mainly as a proxy
for disapproval—that vot-
ers aren’t much moved by
abstract appeals to “de-
mocracy,” or for that mat-
ter to “character,” “com-
passion,” “decency,”
“science” and “who we are
as a nation,” all of which
Mr. Biden insisted were also “on the
ballot” in 2020.
What arguably was on the ballot
was all the drama surrounding Mr.
Trump. His insults and other antics
can be exhausting, and so can his
opponents’ histrionics. Cheesy di-
saster thrillers aren’t to everyone’s
taste, and neither are coarse come-
dies. Partisan and ideological con-
siderations aside, a significant share
of Americans surely yearned to
make politics boring again.
Mr. Biden let them down. To em-
ploy another showbiz analogy, he
promised to cancel “Darkness Star-
ring Donald Trump” but instead
cast himself in a heroic supporting
role and extended its run for four
more seasons. Since there’s nothing
else on, voters who are sick of the
program may tune out and cast
their ballots on the basis of the can-
didates’ policies and records. We
used to call that democracy.
Mr. Taranto is the Journal’s edi-
torial features editor.
Peggy Noonan is away.
mental capacity, whose only real
constituency for re-election is him-
self, because he enjoys being a big
deal.
Republicans could replace their
nominee-apparent but only at the
cost of defying the biggest, most ar-
dent sector of the GOP electorate.
Democrats would have to overcome
only the willfulness of one man,
which a majority of Democrats al-
ready favor doing.
The risks of Mr. Biden’s willful-
ness for the country aren’t small,
from a close and contested election
leading to civil strife, to a Trump vic-
tory and renewed elite warfare, to a
hung election that would be decided
in the House of Representatives un-
der rules many Americans would
find eccentric and undemocratic.
Short of the Almighty taking a
hand, the only solution is for Mr. Bi-
den to rediscover his inner patriot
and step down, of which there is no
sign. Because, like I said, there’s a lot
of Hunter in Joe.
residents experiencing similar dis-
crimination. Staff at private licens-
ing and adoption organizations said
they too have seen religious appli-
cants rejected for refusing to affirm
the state’s views.
ADF also represents Jessica
Bates, an ultrasound technologist,
widow and mother of five in Mal-
heur County, Ore. The state denied
Ms. Bates’s application to adopt, cit-
ing her unwillingness to take a child
to hormone shot appointments—a
hypothetical scenario her certifier
had asked her about during a phone
call. “It was shocking that this was
going to be the deal breaker,” Ms.
Bates told me.
Ms. Bates’s position is “a pretty
mainstream American view,” said
Naomi Riley, a child-welfare re-
searcher at American Enterprise In-
stitute. A Washington Post/KFF poll
last year found that only 31% of
non-transgender-identifying adults
support access to puberty blockers
for children ages 10-14 and only 41%
support hormonal treatments for
youths 15-17. Some states, such as
North Carolina and Iowa, have
banned such treatments and sex-
change surgery for minors.
Officials in the Pacific Northwest
apparently think they know better.
Agencies in Washington and Oregon
continue to make fewer homes and
families available to children in fos-
ter care. “Every child deserves a
loving home,” said Ms. DeGross.
State officials, she says, are “putting
their ideology above the needs of
kids.”
Ms. McClain is the Journal’s Jo-
seph Rago Memorial Fellow.
A14 | Saturday/Sunday, March 23 - 24, 2024
What a mess for Sho-
hei Ohtani—but un-
clear what kind, and
how much.
Was the baseball
sensation from Japan the victim of
a “massive theft,” as his legal rep-
resentatives say? Is he an inno-
cent friend who got sucked into
the multimillion-dollar sports
gambling debt of his longtime in-
terpreter, as his interpreter ini-
tially claimed?
Is it possible both versions of
the story are simultaneously true?
Or is there a more accurate ver-
sion out there, yet to percolate?
I don’t know.
I do know this: Baseball hoped
to kick off its 2024 season with a
wave of adoration for its best
player, now ensconced with one of
the planet’s starriest franchises,
the Los Angeles Dodgers. The
Dodgers flew thousands of miles
across the Pacific for an Opening
Day rendezvous in Seoul, against
their SoCal rivals, the Padres, the
sport eager to showcase the inter-
national phenomenon of Ohtani,
its telegenic, 29-year—old, two-
way star.
The 2024 Dodgers season had
already been pre-christened as
The Summer of Ohtani.
After a subdued run in Orange
County with the underperforming
Angels, Ohtani’s greatness—a com-
bination hitter and pitcher unseen
since Babe Ruth—would finally be
platformed for a massive brand in
a major market.
Even though Ohtani is recuper-
ating from elbow surgery, and
won’t pitch until next year, his
free agency switch to the Dodgers
received mostly ecstatic reviews,
especially when it was revealed
he’d asked to defer hundreds of
millions in payments in order to
give his team the financial flexibil-
ity to sign talent.
Never mind that giving the
Dodgers financial flexibility is like
offering Elon Musk free parking.
The deferral was offered as evi-
dence of Ohtani’s team-first char-
acter.
This was a player who ap-
proached the game and stardom
differently—a quality evidenced
again this winter when Ohtani qui-
etly announced that he’d gotten
married, to a woman later re-
vealed to be the former basketball
player Mamiko Tanaka.
He does it his way. He’s
Ohtani.
The unfolding controversy is
stunning and over the top: $4.5
million in wire transfers from a
bank account belonging to Ohtani,
paid to a California bookmaker, ac-
cording to ESPN and the Los An-
geles Times.
The information surfaced in an
ongoing investigation of a book-
maker named Mathew Bowyer,
whose lawyer told the Journal’s
Lindsey Adler that Bowyer “never
had any contact in any way with
Mr. Ohtani—he never met him,
never spoke to him, never texted
with him.”
With the assistance of an
Ohtani spokesman, the ballplayer’s
He Only Shoots 3-Pointers. He Just Took Down Kentucky.
BY ROBERT O’CONNELL
AND LAINE HIGGINS
JACK GOHLKE, NEWLY-MINTED
March Madness hero, is a sixth-
year-senior who spent the major-
ity of his career playing for Divi-
sion II Hillsdale College.
It was only after he transferred
to Oakland University in Roches-
ter, Mich., that it became clear
that he had a gift. Gohlke could
fire up triples at outrageous rates.
And these days, he does it about
as well as any player in the nation.
Gohlke, a 6-foot-3 guard, took
335 shots this season. All but eight
of them came from outside the
arc. He made a whopping 121 3-
pointers during the Grizzlies’ sea-
son, the second-most in the NCAA.
And on Thursday night, Gohlke
took 20 more 3-pointers. And this
time, he hit 10 of them, which
were enough to dash the champi-
onship hopes of the No. 3 seed
University of Kentucky in the most
stunning upset of the tournament
so far.
“Just go shoot it, baby, you’re
the best,” Oakland coach Greg
Kampe had told Gohlke all week.
“And he’s the best,” Kampe said
after the game.
Hot streaks from long distances
have fueled plenty of famous
March Madness upsets, and on
Thursday, Kentucky got a long
look at Gohlke’s shooting stroke.
From the second he stepped on
the floor in the first half, Gohlke
launched shots with abandon and
accuracy.
Sprinting away from defenders,
leaning sideways in midair, he
connected on seven threes in the
first half alone. He cycled through
celebrations: a bow-and-arrow
pantomime and, after one three
bounced off the backboard and in,
a shrug at his own good luck.
SPORTS
JASON GAY
Major Mess for Baseball’s Biggest Star
This week was supposed to mark a thrilling debut for Shohei Ohtani with the Dodgers.
A gambling scandal allegedly involving his interpreter has consumed the season’s start.
Dodgers star Shohei Ohtani, right, and his interpreter, Ippei Mizuhara, in spring training. Mizuhara was relieved of his duties by the Dodgers.
longtime interpreter, Ippei Mizu- builds. There’s obviously more to
hara, gave an interview to ESPN in come. I’m eager to know about the
which he declared the gambling frequency and nature of the al-
debt to be entirely his own doing, leged bets—Mizuhara told ESPN
and said Ohtani agreed to pay it he’d never bet on baseball, a rule
off. he said he knew clearly. It hasn’t
“I want everyone to know Sho- stopped a million social media
hei had zero involvement in bet- jokes about Shoeless Joe Jackson
ting,” Mizuhara told ESPN. “I want and Pete Rose.
people to know I did not I’d like a clearer explana-
know this was illegal. I tion as to how a person in
learned my lesson the the professional sports
$700M
hard way. I will never world allegedly didn’t
do sports betting know that using a
again.” The inter- bookmaker would
preter, who has The 10-year contract be illegal, especially
been a constant at that Shohei Ohtani in a state (Califor-
Ohtani’s side for his signed with the Dodgers, nia) which has yet
entire MLB career with $680 million to legalize sports
and going back to deferred gambling. I want to
Ohtani’s playing days know why a book-
in Japan, was relieved of maker allegedly let a cli-
his duties by the Dodgers. ent like Mizuhara fall into a
So that’s that, right? Hardly. multimillion-dollar hole.
Ohtani’s legal team then came As for baseball, it’s hard not to
forward to say the athlete had see the hazard that it and other
been stolen from. Mizuhara professional sports invite as they
changed his account, telling ESPN continue to embrace the world of
that Ohtani had been unaware of legal sports betting. That’s not the
his debt, or knew that his bank ac- sort of betting that’s being alleged
count had been accessed to pay it here, but the sports world’s eager-
off. ness to do business with the gam-
Wait, what? bling industry has created at least
Explanations that only prompt the perception that the leagues
more questions is how a scandal are OK with the habit.
Oakland guard Jack Gohlke hit 10 3-pointers in an 80-76 win over No. 3 seed Kentucky on Thursday night.
“Well, he better hit seven more fetched on paper.
if we’re going to win,” Kampe said The Wildcats were the top 3-
at halftime, “because we ain’t point shooting team in the nation
gonna win if he don’t do that.” by percentage, and were averaging
Battling cramps and using a over 89 points per game. Their
massage gun on his legs through- roster was jammed with
out the second period, Gohlke McDonald’s All Americans and fu-
added three more 3-pointers. But ture NBA Draft lottery picks.
that proved enough to stave off But all that top-shelf talent
the Wildcats, 80-76, for the second couldn’t stop a 24-year-old who’d
NCAA tournament win in Oakland spent the past five years at a
school history. small Christian college in rural
“You gotta give Oakland Michigan.
credit,” Kentucky coach John Cali- That out-of-the-way school
pari said after the final buzzer. turned out to be the perfect set-
“They made unbelievable shots.” ting for Gohlke to hone his craft:
A Kentucky loss looked far- as he toiled in obscurity at Hills-
* ***
Almost every big sporting
event is now awash in sports bet-
ting advertising and official gam-
ing partnerships; logos are com-
mon on fields and courts, the
commercials nonstop to the point
of aggravation. The current March
Madness college basketball tour-
naments are a ripe target. Most
sports media partners are fully
onboard—it’s difficult to find a
sports media operation that’s not
in business with a gaming com-
pany or launching one for itself, as
ESPN is currently doing with its
ESPN Bet.
This is legal business, of
course, and state governments
have been eager to sign on. But
these leagues, which used to take
pains to avoid association with
betting outfits, have become party
to the selling of gambling as
harmless fun—the idea that sprin-
kling a few innocent dollars on an
outcome merely increases the
watching pleasure.
In this new world even the no-
menclature gets softened—“gam-
ing” as opposed to what it really
is, gambling.
Reality is harsher, of course,
and the house always wins, which
is how they build cathedrals in the
Nevada desert and why they run
dale, well over half of his shot at-
tempts came from deep.
“I know they have draft picks,
and I know I’m not going to the
NBA,” Gohlke said on Thursday.
“But I know on any given night I
can compete with those type of
guys.”
On Thursday night, Gohlke did
more than compete—and in fact, it
wasn’t the first time. During Hills-
dale’s 2022 run to the Elite Eight
of the D-II NCAA Tournament, he
had led an upset of Ferris State by
sinking five threes. Moving to
Oakland only boosted his confi-
dence to jack up shots from dis-
THE WALL STREET JOURNAL.
those sotto voce disclaimers at the
end of the clever advertisements,
with 800 numbers for compulsive
bettors in need of help.
Trouble isn’t hard to find. Ath-
letes have been repeatedly nabbed
for infractions involving legal bet-
ting outfits—not just in the pro
ranks, but college, too. Players
routinely talk about the harass-
ment they receive from aggrieved
bettors.
We haven’t even gotten to the
destructiveness with ordinary con-
sumers—the Journal recently pub-
lished an account of a psychiatrist
who turned to legal apps and
wound up $400,000 in debt.
Those troubles aren’t Ohtani’s
doing, of course, and the baseball
star must be given every opportu-
nity to lay out exactly what has
happened in his particular case, if
he so chooses. The heat on this
story will intensify as Ohtani’s
team returns to play in the
States.
There is some irony in this con-
troversy showing Ohtani how dif-
KYODONEWS/ZUMA PRESS
ferent it is to be a Los Angeles
Dodger—how every story is bigger,
noisier and messier. This isn’t the
quiet transition baseball’s biggest
star imagined. The Summer of
Ohtani feels a long way away.
tance, at the expense of anything
else: 98% of his attempts come
from three-point range, a higher
rate than any other player in col-
lege or the NBA.
For Kentucky, Gohlke’s outburst
on Thursday perpetuated an un-
welcome trend of March heart-
break.
In 2022, the Kentucky Wildcats
were on the wrong side of Saint
Peter’s improbable run to the Elite
Eight. And last season, they were
bounced in the second round by
Kansas State.
Somehow Calipari—once an
era-defining coach who turned
prodigious recruiting classes into
Final Four juggernauts—has won
just a single game in the last four
tournaments.
But coming into the matchup
with Oakland, Calipari had seen
the Grizzlies’ shooting prowess
coming. “What they can do offen-
sively with two kids taking 20 3s
every game…” Calipari said, refer-
ring to Gohlke and junior Blake
Lampman.
The fear wasn’t mutual. At
Oakland, Kampe believed that his
team’s wonky brand of defense
could throw off the Wildcats long
enough to give the Grizzlies a
chance. He said as much to his
players, who arrived in Pittsburgh
confident they could pull off the
seemingly impossible as No. 14
seeds.
“I think we’re very capable of
beating a team like this,” senior
forward Trey Townsend had said.
But Oakland now needs
TIM NWACHUKWU/GETTY IMAGES
Gohlke’s shooting hand to stay
hot, as he prepares to launch a
bunch more 3s on Saturday
against No. 11 North Carolina State
in the second round.
“I got one day to get it back,”
Gohlke said of his right arm, “and
we’ll be firing again.”
 On the Hunt
Apple is searching
for an AI partner
in China B11
EXCHANGE The new Hong Kong
stock craze is...
bubble tea B13

BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. * * ** Saturday/Sunday, March 23 - 24, 2024 | B1
DJIA 39475.90 g 305.47 0.8% NASDAQ 16428.82 À 0.2% STOXX 600 509.64 g 0.02% 10-YR. TREAS. À 14/32 , yield 4.217% OIL $80.63 g $0.44 GOLD $2,158.10 g $24.30 EURO $1.0810 YEN 151.46

CLOCKWISE FROM TOP: GETTY IMAGES FOR RIVIAN; BLOOMBERG NEWS; YEN DUONG/BLOOMBERG; JOAN CROS/NURPHOTO/ZUMA PRESS; NATHAN HOWARD/GETTY IMAGES; SCOTT OLSON/GETTY IMAGES (APPLE)
The Electric-Car Revolution
Is Losing Its Charge

RIVIAN

POLESTAR FISKER VINFAST LUCID

Once the darlings of Wall Street, electric-vehicle startups

I
n the electric-vehicle race, it’s in-
creasingly clear that not every
competitor will make it to the fin-
ish line.
Companies like Rivian Automo-
tive, Lucid Group and Fisker are
burning through their cash reserves
as they spend heavily on expanding
factory production and sales—all while
losing money on every vehicle they sell.
For consumers, the increased compe-
tition translates into steep discounts on
some of the flashiest electric-powered
vehicles. But for EV automakers, a
slowdown in demand starts the clock
that might determine how long they
can keep the lights on.
Many of these companies first un-
veiled a lineup of innovative battery-
powered cars and SUVs in 2018 and
are running out of cash—and running out of time
By Sean McLain
2019, following Tesla’s pioneering suc-
cess in the new market. It seemed like
an army of upstarts was poised to sup-
plant stodgy giants such as Ford Motor
and Toyota as the next household name
in the industry.
Electric cars were just starting to
break into the mainstream, and sales of
Tesla’s popular Model 3 sedan were
taking off.
These young companies went public
at stratospheric valuations, even though
many had no revenue and little experi-
ence building a car. Investors, analysts
and ordinary shoppers believed EV mak-
ers could emulate Tesla’s success in dis-
rupting the traditional car market. Riv-
ian’s market value briefly surged higher
than that of Ford or General Motors.
Now, these companies are fighting to
stay afloat amid stiff competition. Sales
of battery-powered cars and trucks
have been weaker than expected in the
U.S., leading companies from Ford to
Tesla to slash prices in an attempt to
jump-start demand. Too few buyers
have been willing to make the switch to
fully electric vehicles, worried about
the relatively high sticker prices, still-
nascent charging infrastructure and the
long-term reliability of EVs. Money-los-
ing startups are pulling back on spend-
ing and delaying investments as they
seek to conserve their remaining cash.
Some, like electric-pickup maker
Lordstown Motors and battery-powered
van company Arrival, have already filed
for bankruptcy, and others are produc-
ing only a trickle of vehicles.
These carmakers that went public in
an era of low interest rates and rising
buzz around electric vehicles now have
to prove they can withstand tougher
conditions. They say they are focused
on stabilizing their cash-bleeding oper-
ations, but not all of them may be able
to weather the storm.
Please turn to page B4

Quarterly net profit/loss

POLESTAR* FISKER VINFAST LUCID RIVIAN

$0 billion

–0.5

–1.0

–1.5

–2.0
2022 '23 2022 '23 2022 '23 2022 '23 2022 '23
*Polestar hasn’t released 4Q 2023 earnings yet Source: S&P Capital IQ

You Spent Big on a Bag.

Now Find Out if It’s Real.
Handbag authenticators are cashing in on
secondhand shoppers’ anxieties about fakes

BY CHAVIE LIEBER nickname Zeko, is the Coco Chanel

San Antonio, Texas
THE HANDBAG HAD ALL the hall-
marks of a classic Chanel: sumptu-
ous quilted leather, sparkling gold
hardware, delicate stitching. Just a
couple of things were off.
of authentication. She has evalu-
ated over 25,000 Chanel bags since
she started her business in 2019,
she said. She authenticates hun-
dreds of bags a week.
Husein will tell you that Chanel
bags sold in Japan from 1985
BETH GARRABRANT FOR WSJ. MAGAZINE

“The leather is too symmetri-
cal,” said Zekrayat Husein, study-
ing the bag through a microscope,
“and each pebble is not supposed
to be the same size.” It was a good
fake, she said, but worthless com-
pared with the $11,000 that the
Chanel flap bag fetches at retail.
Many secondhand luxury shop-
pers say Husein, a 43-year-old Pal-
estinian mother of three and a for-
mer aesthetician who goes by the
through 2016 have the bag’s date
of purchase and boutique initials
inside; that Chanel’s MSHLG
(metal shiny light gold) hardware
is closer to champagne than
bronze, while its MPY (or metal
pale yellow) has a darker tone of
yellow; that Chanel classic medium
flap bags in colors other than black
are exclusively made in France and
never in Italy; that 10218184 is the Zekrayat Husein authenticates hundreds of handbags a week, studying the leather, the stitching, the hardware
Please turn to page B6 and the serial number. She says about one out of every five bags she inspects is counterfeit.
 B2 | Saturday/Sunday, March 23 - 24, 2024
THE SCORE | THE BUSINESS WEEK IN 5 STOCKS
Reddit IPO Takes Off,
Apple Slumps
REDDIT
 Reddit shot for the moon
in its stock-market debut.
RDDT Shares of the social-me-
dia company surged 48%
48% Thursday on their first
day of trading. The stock
closed at $50.44, giving the com-
pany a valuation of around $9.5 bil-
lion. Reddit is known for its mes-
sage boards and calls itself the
“front page of the internet.” The
stock’s debut is an encouraging sign
for other companies looking to go
public in 2024. Reddit’s IPO is the
first for a social-media company
since Pinterest went public in 2019.
$9.5 billion $11 billion
Reddit’s market valuation
after its first day of trading
Unilever announced plans to spin off its ice-cream division.
UNILEVER
 Consumer-goods giant
Unilever said Tuesday it
UL plans to spin off its ice-
cream division—which
2.8% makes Ben & Jerry’s, Brey-
ers and Talenti—into a
stand-alone company. Unilever said it
would likely list the business as a
separate entity, and a sale is also a
possibility. Unilever Chief Executive
Hein Schumacher is aiming to boost
growth and simplify the com-
pany. American depositary receipts of
Unilever rose 2.8% Tuesday.
APPLE
 The U.S. thinks Apple is
monopolizing the smart-
APPL phone market. The Justice
Department, 15 states and
4.1% the District of Columbia
filed a landmark antitrust
suit against the company on Thurs-
day. The government’s complaint al-
MICHAEL M. SANTIAGO/GETTY IMAGES
leges that Apple blocked competitors
from offering better app and service
options on its phones, resulting in
higher prices for consumers. The suit
also claims the company makes it dif-
ficult for users to switch to devices
that don’t use its operating system.
Apple shares lost 4.1% Thursday.
WSJ COMIC | DALE HRABI & KAGAN MCLEOD
A Piece of Work | Get to Know Your CEO
PARAMOUNT GLOBAL
 A private-equity firm is
bidding big on Para-
PARA mount’s Hollywood studio.
12% Apollo Global Management
has made an $11 billion of-
fer to buy the entertain-
ment company’s film and TV busi-
ness, The Wall Street Journal
reported Wednesday. The offer
amount surpasses the market capi-
talization of Paramount, which was
around $7.7 billion. Controlling share-
holder Shari Redstone and other
board members have resisted selling
the film studio. Paramount shares
gained 12% Wednesday.
Apollo’s offer to buy
Paramount’s Hollywood studio
Performance of consumer-goods
stocks past this week
3% Unilever
Colgate-Palmolive
2
Procter & Gamble
1 writing of this column, which, for
0 without the help of AI. I didn’t use
–1
Mon. Tues. Wed. Thurs. Fri.
Source: FactSet
FEDEX
 Despite lower demand for
parcel deliveries, shipping
FDX giant FedEx posted better-
than-expected results,
7.4% thanks to its restructuring
efforts. The company’s
turnaround plans included layoffs,
facility closures and combining its
Ground and Express businesses. The
results come amid an industry
slump and continued competition
with Amazon and UPS. FedEx also
unveiled a new $5 billion buyback
program. FedEx shares advanced
7.4% Friday.
—Francesca Fontana
EXCHANGE
KEYWORDS | CHRISTOPHER MIMS
Learn to Use AI at Work.
Your Job May Depend on It.
Office workers need to stay ahead of the machines that could replace them
For the past two
weeks, I’ve used cut-
ting-edge artificial-
intelligence tools in
every aspect of my
day-to-day existence,
from my job to my
personal life. Here’s my verdict:
The last time I had an experience
this eye-opening and transforma-
tive was after I bought my first
smartphone.
For most of us, these tools will
enhance our productivity on te-
dious and time-consuming tasks.
We’ll be able to hand them off to
generative AI, then easily check for
errors. Regardless of your profes-
sion, the sooner you gain experi-
ence with using AI, the better off
you will be. And it might just be vi-
tal to your employment.
In experimenting with AI, my
aim was to get a handle on the im-
pact it will have on the 100 million
“knowledge workers” in the U.S.—
not to mention 900 million else-
where in the world. That commit-
ment included the research and
better or worse, would likely have
taken a significantly different form
AI to write any of the words you’re
reading now, but it did shape my
thinking.
I plan to continue using AI to as-
sist in my research, and in how I
think through what I’m writing
about. I would not be surprised if,
someday, most knowledge workers
find it just as indispensable.
After talking to some of the best
(human) thinkers about the poten-
tial impact of AI on knowledge
work, I’m convinced that we are
now entering a new kind of indus-
trial revolution, which many have
begun calling the “Cognitive Revo-
lution.”
This nascent Cognitive Revolu-
tion—the automation of knowledge
work—has important parallels to
the early Industrial Revolution,
when physical labor was auto-
mated. Those parallels could in-
clude higher overall productivity,
and an increase in the world’s total
wealth.
But the Cognitive Revolution
* ***
may also lead to millions of knowl-
edge workers being pushed out of
their jobs, especially those in roles
that consist largely of tasks AI can
do. By 2030, tasks that represent up
to 30% of all hours currently worked
in the U.S. could be automated by AI,
according to a recent estimate by
McKinsey.
Today’s AIs can ingest documents,
images and endless reams of in-
structions from their users, and then
talk about them in a way that
sounds like a person, but there’s no
mind behind the curtain animating
that prose. It’s all just a fuzzy ap-
proximation of the enormous
amounts of data on which the AI
was trained.
I’ve been using OpenAI’s Chat-
GPT, Anthropic’s Claude, Google’s
Gemini and Nomi’s and Perplexity’s
eponymous AIs. I’ve also come to
rely on other programs’ AI features,
such as meeting transcription and
summarization in Otter, and auto-
complete in Google Docs, which has
sped up my note-taking.
The best of these AIs—the ones
you have to pay to access—are good
advisers for tasks humans have done
a million times before and written
about ad nauseam on the internet.
Asking GPT 4 for help with an ingre-
dient substitution or advice on a
simple weeknight recipe yields good
results, and on numerous occasions
saved me a lot of googling. It was
equally capable of creating a market-
ing plan for a friend’s small business.
The ability of today’s large lan-
guage models to customize their
output is one of the main things that
makes them better than conven-
tional search, and passable at per-
forming simple research or content-
generation tasks that might
otherwise be done by a person.
My experience shows how they
could have a large impact on small
businesses. Nathaniel Whittemore is
the founder of Superintelligent, a
platform for learning AI currently
available by invitation only. He’s
found that the most popular courses
his service offers are deeply practical
ones, including ones that small busi-
nesses can use to multiply the pro-
ductivity of whoever is in charge of
their marketing. No one is expecting
THE WALL STREET JOURNAL.
ad copy or Instagram posts to be
works of art, and generating that
kind of content, or even just rewrit-
ing or re-cutting existing content for
different platforms, is a lot of work.
Small, resource-constrained com-
panies and freelancers are precisely
the folks who have been the earliest
to embrace AI as a way to speed up
basic knowledge work.
I spent about five minutes using a
custom GPT in OpenAI’s “GPT Store”
(think of Apple’s App Store, but for
AIs) to generate a logo for an imagi-
nary lifestyle brand. (If you read this
and are inspired to create a clothing
brand for middle-aged men called
“Dad Life” with the tagline “Take My
Pills / Pay My Bills,” you owe me
money.)
What does this mean for the
graphic artist who would normally
get hired to create my logo? I might
not hire one because I can achieve a
good-enough design on my own. But
that doesn’t mean graphic artists are
all out of work. In fact, AI may
streamline aspects of their jobs so
they can focus on other things. One
thing we can’t automate away, for
example, is taste, and we’ll still need
professionals who can steer AI, pol-
ish its output, and create reference
materials to be fed into it in the first
place.
Today’s AI almost always auto-
mates individual tasks, not whole
jobs. Some jobs consist mostly of
tasks that can be automated, like
customer service, content marketing
and writing product listings for e-
commerce services. There still has to
be a person using and coordinating
all those AIs, however, along with
doing the abstract thinking that, for
now, remains the sole domain of hu-
mans. This means that while AI isn’t
going to eliminate jobs, people using
AI will—which has been the pattern
in automation since its earliest days.
I was able to use OpenAI’s tool for
creating custom GPTs to build my
own custom assistant. My assistant
is an example of the sort of “AI em-
ployees” that I think all knowledge
workers will someday have at their
DANIEL HERTZBERG
disposal, to make their jobs easier. If
you’re already a ChatGPT subscriber,
I invite you to try out “Tech Column
Intern.”
 THE WALL STREET JOURNAL.
The Man Behind the New Real-Estate Rules
A Minnesota attorney has been losing battles against Realtors for decades. He finally won a big one.
BY LAURA KUSISTO
D
oug Miller, a Minnesota at-
torney with a one-man law
firm and the mien of a
Fargo character, has spent
nearly 40 years pursuing a
goal of making the residential real-
estate industry fairer for consumers.
It had been a losing battle for him—
until this month.
In the early hours of March 15,
lawyers signed a deal in Washington,
D.C., in which the National Associa-
tion of Realtors settled a lawsuit ac-
cusing the industry of conspiring to
inflate prices. NAR agreed to pay
more than $400 million and change
rules that have been central to how
real-estate agents have been paid for
decades.
Under that system, home sellers
typically pay the buyer’s agent com-
mission, making it difficult for buy-
JENN ACKERMAN FOR THE WALL STREET JOURNAL
ers to negotiate that cost with their
own agents. The residential broker-
age industry has proven a remark-
ably elusive target for regulators and
plaintiff lawyers. The Justice Depart-
ment has investigated the industry
several times but its most recent in-
vestigation, which concluded in 2020,
resulted in little change. Plaintiff
firms said a class-action lawsuit
seemed out of reach because it would
involve not just going after one com-
Forget about earnings
per share, or EPS.
Maybe companies
should be valued on
the basis of BPS: bit-
coin per share.
BPS might also
stand for brilliance per share, if you
ask fans of Michael Saylor. He is
the executive chairman of Mi-
croStrategy, the software company
that has morphed into the world’s
largest corporate holder of bitcoin.
Many investors are convinced it’s
worth paying far more for Mi-
croStrategy’s stock than the value
of its bitcoin would justify—be-
cause Saylor himself warrants what
we might call a “genius premium.”
He has, they believe, created a
perpetual-motion money machine.
One of these days, I believe, it will
clank to a halt.
Smart, intense and charismatic,
Saylor is one of bitcoin’s most ar-
dent evangelists. Under him, Mi-
croStrategy has poured approxi-
mately $7.5 billion into bitcoin since
2020.
Saylor and MicroStrategy didn’t
respond to requests for comment.
This past week, MicroStrategy
raised $592 million in convertible
debt and used all the proceeds to
buy more bitcoin.
The company said this past week
that, as of March 18, it held 214,246
bitcoin. At the digital currency’s av-
erage price this past week of
roughly $65,000, MicroStrategy’s
trove is worth something close to
$14 billion.
Adjusting for debt and options
that can be converted to shares, the
stock has a total market value of
about $33 billion. That’s about
twice the value of MicroStrategy’s
remaining software business and all
its bitcoin holdings combined.
Some say this is merely the price
of admission to what could turn out
to be one of the greatest investing
* * * *
pany but an entire industry.
More than five years ago, Miller
pitched his idea for a case to lawyers
at Washington-based Cohen Milstein,
a 100-lawyer plaintiffs’ firm known
for suing big companies and banks.
His idea was to target a rule requir-
ing sellers to offer compensation to a
buyer’s agent.
“Doug gave us a lot of raw material
and a lens to examine the industry
that for us was a fresh way to think
about building a case,” said Benjamin
Brown, a partner at Cohen Milstein.
Miller, 63 years old, has been
amassing material about the industry
for more than four decades, since he
first got his real-estate license in high
school in New Jersey for fun, he said.
In the late 1980s, when he worked as
Realtor in the office of the then-presi-
dent-elect of the National Association
of Realtors while attending law
school, he saw practices that soured
him on the industry.
“I learned all about all kinds of
scams and schemes,” he said, such as
agents representing a buyer in a
transaction without making clear
they were also representing the seller.
In college, Miller had a booming
lawn-mowing business called the Col-
lege Clippers and he agonized about
whether to carry on with that or go
to law school. His college grades
weren’t great but his references
THE INTELLIGENT INVESTOR | JASON ZWEIG
Betting on a Big Bitcoin Bet
Investors are willing to pay a premium for a CEO’s cryptocurrency gambit
shows in history.
One theory says that, under Say-
lor, MicroStrategy will effectively
corner the crypto market. The com-
pany will keep buying bitcoin, in-
vestors will keep providing cheap
capital for it to do so, and both bit-
coin’s and MicroStrategy’s price
will keep skyrocketing.
“Saylor Forever!” one Reddit
user wrote. “The limits are endless
on what they will be able to do.”
Another fan posted on X that Mi-
croStrategy’s stock-market value
could soon exceed $2 trillion.
MicroStrategy has funded its bit-
coin buying by issuing more than
$5 billion in stock and debt.
Normally, companies dilute their
earnings per share when they issue
extra stock. MicroStrategy’s stock
offerings, however, have been anti-
dilutive. By issuing shares at such a
high premium to the value of its
bitcoin, and then pouring the pro-
ceeds into more bitcoin, which in
turn has risen even higher, Mi-
croStrategy has driven up its stock.
Joseph Vafi, an analyst at Canac-
cord Genuity, estimated earlier this
month that, at recent prices, a $500
million stock issuance would add
about $23 (or 1.5%) to MicroStrat-
egy’s share price.
The company’s latest debt offer-
ing carries an interest rate of only
0.875% and is initially convertible
to stock at $2,327 a share—about
40% higher than this past week’s
price. The debt gives its holders the
Saturday/Sunday, March 23 - 24, 2024 | B3
EXCHANGE
praised him as someone who would
Doug Miller make a difference. When he got into
law school in Wisconsin he vowed to
 First job: Delivered live up to that.
newspapers for His first target after graduating
three publications in from law school was the double-rep-
middle school to resentation practice in deals he said
save up for his first agents called “hoggers” because they
telescope. would get double the commission.
 Dog: His dog’s Miller was fresh out of law school,
name is Moo. He’s a working just outside of Minneapolis,
rescue and some when a couple who had recently
kind of hound dog. bought a home came to his office say-
Miller says Moo is ing they believed they had been
the smartest dog ripped off in such a deal. That ulti-
he’s ever owned. mately led to a class-action lawsuit
against a prominent Minnesota real-
 Hobbies: An avid estate brokerage.
traveler, he has been The plaintiffs won the case on
to Antarctica, the summary judgment in the early
Solomon Islands and 1990s and it made national head-
Ecuador’s jungles. lines. Miller was flown out to Wash-
 He lives with: His ington to speak at a conference with
wife Heidi, an artist. Ralph Nader. “I thought I was cool as
His three kids are all s—,” he said.
grown. About a year later, Realtors
backed a lobbying effort that re-
 Chef skills: He
sulted in state legislation largely un-
specializes in the
doing the changes that resulted from
Juicy Lucy, a
the lawsuit, he said. Miller said
Minnesota-style
when he went to legislators’ offices
hamburger stuffed
with sauteed to oppose the bill, they were wearing
veggies, bacon and Realtor pins.
cheese. It was the first of many setbacks.
Miller said over the years he has been
involved in more lawsuits against the
right but not the obligation to con- gain for MicroStrategy.
vert to the common stock. Can this magical money merry-
“It makes sense for Saylor to try go-round keep on whirling indefi-
to monetize the premium in the nitely?
marketplace,” says Tracy Maitland, In 1929, investment trusts—port-
president of Advent Capital Man- folios of stocks bundled into a sin-
agement, a specialist in convertible gle stock, somewhat like today’s ex-
securities. Because many profes- change-traded funds—were hot.
sional investors aren’t permitted to Trust managers whose stock sold
buy bitcoin directly, Microstrategy’s at a premium to the underlying
bonds are “a very cheap option holdings bought other trusts that
play,” says Maitland. also sold at a premium. Investors
In February, MicroStrategy’s loved the way the managers used
earnings presentation illustrated cheap money to mint money.
what could happen if the company The Magazine of Wall Street, a
borrowed $1 billion to buy more popular publication of the day,
bitcoin: A 480% gain for the crypto- wrote that investors should be
currency would turn into a 740% happy to pay a genius premium: “If
real-estate industry than he can
count, but they rarely have resulted
in much change until now.
Miller started a nonprofit in 2008
that aimed to educate consumers
about the real-estate industry. He
struggled to raise funds, however, for
such a wonky topic, he said. He also
works as a real-estate lawyer who
helps clients buy and sell homes for
about half the cost of a typical agent.
Miller is a na-
ture photogra-
Doug Miller has pher whose back-
been involved in yard has 10-foot
more lawsuits tall castor-bean
against the real- plants and a
estate industry bamboo water
than he can feature that he
count. created after a
trip to Ecuador.
The yard has
been featured in the Lake Minnetonka
community magazine. His earnest
Midwestern demeanor that belies a
hard headedness.
Prentiss Cox, a friend of Miller’s
and a law professor at the University
of Minnesota, said Miller had a break-
through moment about seven years
ago when the two were having lunch
on a patio at a restaurant in uptown
Minneapolis.
For years they had talked about
possible legal cases and regulatory
changes but had struggled to land on
the big idea. “Everyone told him he
was crazy and annoying, which he
kind of is, and I say that affection-
ately,” Cox said.
It was at that lunch that the
friends landed on the idea of a class-
action antitrust case, which they felt
would have the power to lead to sys-
temic change without running into
the Realtors’ lobbying might.
The Cohen Milstein lawyers filed
a lawsuit in Chicago based on
Miller’s initial idea in March 2019. A
copycat lawsuit was filed in Kansas
City about a month later. A charis-
matic Kansas City attorney, Michael
Ketchmark, took that case to trial,
where the plaintiffs won a $1.8 bil-
lion verdict in October. Ketchmark
largely became the face of the case
in the press.
Miller, meanwhile, has stayed
mostly anonymous while keeping in
regular contact with plaintiff attor-
neys and suggesting ideas for what a
settlement could look like.
Miller will get a small percentage
of the fees a judge ultimately awards
to the attorneys.
Robert Braun, another Cohen Mil-
stein partner, said he was conscious
when he was negotiating that Miller
would want to see the strongest pos-
sible settlement. “I had a little Doug
on my shoulder,” he said.
Braun said after he told Miller
about the settlement victory, the Min-
nesotan didn’t miss a beat before tell-
ing him what he thought the next
cases should be, including targeting
referral fees and the contracts sellers
and buyers sign with agents.
Miller said he has had a roller
coaster of emotions since the settle-
ment as he has seen real-estate
agents talk about how to evade it and
also realizes it may hurt some peo-
ple’s livelihoods, but he ultimately be-
lieves it will help consumers.
“I feel like I just dropped a nuclear
bomb on the industry,” Miller said.
“But it needs it.”
the past record of management in-
dicates that it can average 20% or
more…, a price of 150% to 200%
above [net asset value] might be
reasonable.”
Premiums of even 300% above
asset value weren’t unusual.
Then came the 1929 market
crash.
By 1932, at many of the trusts
that had sold at premiums, a $1 in-
vestment had shriveled to as little
as 2 cents, the Securities and Ex-
change Commission later found.
Or consider CMGI, which helped
fund internet startups in the 1990s.
An early backer of such online pio-
neers as Lycos and GeoCities, CMGI
became one of the hottest invest-
ments in history. Over the five
years ended Dec. 31, 1999, the stock
rose an astonishing average of 213%
annually.
As 2000 began, CMGI’s market
value reached roughly $34 billion—
larger than industrial titans such as
Alcoa or Texaco. Yet CMGI’s best-
known asset, the portfolio of pub-
licly traded companies it had fos-
tered, was worth approximately $11
billion.
Investors and market pundits
hailed the company’s chief execu-
tive, David Wetherell, as a “genius,”
a “conquering hero who performed
miracles” and the “Warren Buffett
of the Web.”
I couldn’t reach Wetherell for
comment, but Andrew Hajducky,
CMGI’s chief financial officer from
1995 to 2001, says the company was
so hot that “everybody wanted to
buy a part of the star as it sailed up
through the universe.”
He adds, “We were extra-acquisi-
tive because we knew we had an
extremely high-priced stock.”
But buying high-priced assets,
even with extremely high-priced
ALEX NABAUM
stock, is always a dangerous game.
In 1999, CMGI stock rose 940%.
In 2000, it fell 96%.
B4 | Saturday/Sunday, March 23 - 24, 2024 * *** THE WALL STREET JOURNAL.

EXCHANGE

What Happened to the Electric-Car Revolution?

EV startups all want to be the next Tesla. Here’s how to tell which of them have what it takes to stay in the race.

Continued from page B1 Polestar Car and its Chinese parent, Geely,
created Polestar as an EV-only
Automotive brand in 2017. The company started
 Founded: 2017. Went public via by selling a hybrid, the Polestar 1,
SPAC in 2022 before launching the fully electric
 Opening share price: $12.98 Polestar 2 in 2020.

Three bars = a profitable,  Share price as of Friday's QUIRK: Polestar vehicles bear more
cash-generating business. close: $1.62 than a passing resemblance to elec-
 Vehicles sold so far (2020-23): tric vehicles made by Volvo. That
Two bars = a company
144,000 may not be surprising given that
draining its cash reserves but
 Quarterly gross profit per the CEO, finance chief, operations
with more cash on hand than
vehicle sold: $257 head and lead designer are all for-
it spent last year.
mer Volvo executives.
 Net loss in 2023: $468 million
One bar = a company whose
cash burn last year was  Cash reserves at IPO: $1.4 billion WHAT HAPPENED: Polestar ap-
greater than the sum of its  Cash burn last year: $1.7 billion peared to have the smoothest
current cash and cash launch of any of the current crop of
 Cash reserves end of 2023:
equivalents. EV startups. It has built over
$770 million
100,000 vehicles since starting pro-

Cash burn in 2023

Rivian
Automotive
$0 billion 2 4 6 such as “camp mode” that levels
 Founded: 2009.
Went public via IPO in 2021
Rivian
 Opening share price: $106.75
 Share price as of Friday's
close: $10.80
Lucid
 Vehicles sold so far (2021-23):
71,374
 Quarterly gross loss per vehicle
VinFast sold: $43,372
 Net loss in 2023: $5.4 billion
 Cash reserves at IPO: $18 billion
Polestar*
 Cash burn last year: $5.9 billion
 Cash reserves end of 2023:
$7.9 billion
Fisker*
VEHICLE LINEUP: Rivian currently
*Through the third quarter
sells the R1T pickup and R1S SUV,
Source: the companies
which start at $69,900 and
$74,900, respectively. The com-
Cash reserves
pany also builds an electric com-
$20 billion mercial van for Amazon.com.
SALES PITCH: Often compared to
the clothing brand Patagonia, Riv-
ian targets affluent, climate-con-
15 scious adventure seekers. Com-
pany founder RJ Scaringe has said
he wanted to build an electric
pickup because it is the most pop-
ular type of vehicle sold in the U.S.
10
HOW IT GOT STARTED: Scaringe,
an avid outdoors lover, started the
Rivian company in 2009, mortgaging his
home for startup funds. Rivian
5
raised billions privately from inves-
Lucid tors such as Amazon and Ford be-
Polestar fore going public in one of the most
Fisker
lucrative IPOs of the past decade.
The company purchased a former
0 VinFast
Mitsubishi Motors factory in Normal,
At IPO End of 2023 Ill., in 2017 to build its first vehicles.
Source: the companies
QUIRKS OF THE VEHICLES: Riv-
ian’s vehicles have features meant
Note: Gross profit per vehicle, net loss
and cash burn are as of end of Septem-
duction and has even turned a profit
in some quarters. But Polestar has
to be useful off the beaten track, ber, 2023, because the company has yet faced slowing demand for its Pole-
to release full-year results. star 2 sedan and the launch of its
the vehicle on an incline for com- Polestar 3 SUV was delayed after
fortable in-car camping and a por- VEHICLE LINEUP: The carmaker Volvo ran into software development
table speaker stowed under the sells three models: the $49,200 issues. The company has slashed its
center console. Polestar 2 sedan, $73,400 Polestar production outlook and Volvo said
3 SUV and approximately $60,000 last month that it will sell the major-
WHAT HAPPENED: Supply-chain Polestar 4 SUV. ity of its 48% stake in Polestar.
logjams and problems getting
parts to the assembly line meant SALES PITCH: Like Fisker, Pole- WHERE ARE THEY NOW? Pole-
that Rivian struggled to operate its star doesn’t own manufacturing star’s finances are now stable after
factory at maximum capacity. The facilities, and instead contracts to raising nearly $1 billion in debt last
manufacturing challenges contrib- have its vehicles built at other month. Production of the Polestar 3
uted to the company burning companies’ factories in China, has started in China, and a U.S.
around $1.5 billion a quarter. The South Korea and the U.S. Unlike plant is due to start producing the
company also had to redesign key most electric-car makers, Polestar vehicle later this year. Polestar’s
parts of its vehicles in an attempt says it doesn’t want to make a chief financial officer says the com-
to bring production costs down. mass-market EV. Instead, the com- pany is targeting a double-digit
While Rivian was able to overcome pany pitches itself as a sportier al- gross margin by the end of 2024.
many of the logistics snarls hold- ternative to Volvo. The company says the U.S. launch
ing up its factory output, the com- of the Polestar 3 SUV this year will
pany is now warning of weaker de- HOW IT GOT STARTED: Volvo help boost sales.
mand for its models.
WHERE ARE THEY NOW? Rivian
is still losing money each quarter
and faces immediate challenges
in meeting its goal of generating
gross profit by the end of the
year. The carmaker loses tens of
thousands on every vehicle it
sells, but executives say those
losses are expected to decline
this year. Rivian said it plans to
build roughly the same number of
vehicles this year as last.
Ultimately, Rivian aims to be-
come one of the world’s largest
carmakers. The first step in that
plan is a new, $45,000 SUV called
the R2, which it unveiled this
month and is to go on sale in
2026. The company says this
model is key to transforming into
a profitable EV maker.

VinFast expected to go on sale this year,

starting at $79,800. VinFast also
Auto sells battery-powered scooters in
 Founded: 2017. Vietnam.
Went public in 2023
 Opening share price: $22 HOW IT GOT STARTED: VinFast
was created in 2017 by Pham
 Share price as of Friday's Nhat Vuong, the billionaire
close: $4.96
owner of Vietnamese conglom-
 Vehicles sold so far erate Vingroup, which operates a
(2021-23): 115,000
diverse array of businesses from
hospitals to theme parks. Vin-
 Gross loss per vehicle sold:
$4,626 Fast built a massive $1.5 billion
factory east of Hanoi, which the
 Net loss in 2023: company has said will be capa-
$2.4 billion ble of producing nearly a million
 Cash reserves at IPO: vehicles a year by 2026.
$131 million
VINFAST’S SALES PITCH: Vin-
 Cash burn last year:
$3.3 billion Fast aims to compete with Chi-
nese EV startups like BYD and
 Cash reserves end of 2023:
NIO, and says that building cars
$168 million
in Vietnam means its labor costs
are even lower than those of Chi-
VEHICLE LINEUP: In the nese competitors. The company is
U.S., VinFast currently sells expanding across Southeast Asia
the $46,000 VF8 SUV. A and in India, while also aiming to
larger SUV called VF9 is increase its sales in the U.S.
QUIRK: Early buyers in the U.S.
were offered free stays in one of
Vingroup’s resorts in Vietnam.
People who buy a home in Viet-
nam from the company’s prop-
erty arm may also get a free car
as part of the deal.
WHAT HAPPENED? VinFast
tried an innovative pricing
strategy in which it sold cars to
customers but rented the lith-
ium-ion batteries that power
the vehicles separately. The
company said the plan allowed
customers to pay less upfront
for vehicles, but ended up ditch-
ing the plan in the U.S. for now,
because customers found it
confusing. Ultimately, VinFast
only delivered a little over
3,000 vehicles to U.S. custom-
ers last year, according to Mo-
tor Intelligence.
The company also had a
rocky debut on Wall Street. Ini-
tially, its share price skyrock-
eted, briefly making VinFast
more valuable than Ford or GM,
in part because only a small
Fisker of business.
percentage of the company’s  Founded: 2016. FOUR UNIQUE
shares were available for trade, Went public via SPAC in FEATURES: “Each Fisker
boosting demand for them. 2020 has to have at least four
Since then, the stock price has  Opening share price: unique features that have
tanked as the company faced $14.38 to be either best-in-class
challenges getting its first batch or something nobody else
 Share price as of Fri-
of cars to U.S. consumers. Re- day's close: 12 cents has,” says the Fisker CEO.
viewers panned the VF8 for The features include the
 Vehicles sold so far
quality issues. Fisker Ocean’s “California
(2023): 4,929 mode,” which opens every
WHERE ARE THEY NOW? Vin-  Quarterly gross loss per glass panel, except the
Fast is building a $2 billion fac- vehicle sold: $23,814 windshield, and a small
tory in North Carolina, which  Net loss in 2023: $762 foldout shelf dubbed the
will allow its vehicles to poten- taco tray. The company’s
million
tially qualify for a federal tax forthcoming Alaska
credit. Over 70% of VinFast’s  Cash reserves at IPO: pickup truck has a “cow-
passenger vehicles and nearly $991 million boy hat holder” and “the
half of its scooter sales last  Cash burn last year: world’s largest cup
year were to a taxi company $685 million (through Q3) holder.”
owned by Vuong, the head of  Cash reserves end of
Vingroup. VinFast has said it 2023: $325 million WHAT HAPPENED:
plans to deliver 100,000 elec- Fisker only started deliv-
tric cars and SUVs this year, ering vehicles to custom-
but hasn’t said how many will VEHICLE LINEUP: ers halfway through 2023
be to customers outside of the Fisker currently sells after missing self-im-
Vingroup network. the Ocean SUV, which posed deadlines. The
costs between $38,999 company says it ran into
FROM TOP: KYLE GRILLOT/BLOOMBERG NEWS; THOMAS PETER/REUTERS; CAITLIN O’HARA/REUTERS; FREDERIC J. BROWN/AGENCE FRANCE-PRESSE/GETTY IMAGES

and $61,499. delays securing parts and

regulatory approval. As a
SALES PITCH: Fisker result, it slashed its pro-
Lucid well of demand, reporting has taken a different duction outlook twice last
Group more than 25,000 reservations approach than other year, but ultimately fell
for the Air in early 2022. With startups, employing short of even its reduced
 Founded: 2007. a factory in Casa Grande, Ariz., what it calls an asset- goals.
Went public viaSPAC in 2021 Lucid seemed both well- light business model.
 Opening share price: $25.24 funded and well-prepared. In- Rather than building WHERE ARE THEY
stead, sales have been rela- the cars itself, it con- NOW? Fisker warned at
 Share price as of Friday's tively flat since the second tracts that work out to the end of February that
close: $2.77 half of 2022. Lucid began flag- an outside company. it risked running out of
 Vehiclessold so far ging slower demand for the That way it doesn’t cash this year. As of mid-
(2021-23): 10,495 Air last February—sooner than have to own a factory March, the company had
 Quarterly gross loss per other startups on this list. In itself or employ a man- nearly 5,000 unsold vehi-
vehicle sold: $145,824 response, the company has ufacturing workforce. cles and its cash reserves
been spending more on mar- had dwindled to $89 mil-
 Net loss in 2023: $2.8 billion
keting and cutting prices to HOW IT GOT lion. Fisker says it is rais-
 Cash reserves at IPO: help boost demand. STARTED: This is the ing $150 million in fresh
$4.8 billion second electric-car funds from an investor
 Cash burn last year: WHERE ARE THEY NOW? Lu- startup started by for- and is negotiating with a
$3.4 billion build high-end battery-powered founders in 2013 hired Peter cid’s newest factory in Saudi mer BMW and Aston large carmaker for an-
vehicles, fueled by what it calls Rawlinson, a former Tesla exec- Arabia is currently assembling Martin car designer other investment. Fisker
 Cash reserves end
“the best electric-vehicle technol- utive, who was brought in to vehicles as part of a deal to Henrik Fisker, who is has hired restructuring
of 2023: $1.4 billion
ogy.” The company’s battery and help Atieva pivot to car manu- sell at least 50,000 to that also CEO. His first com- advisers to help prepare
electric-motor technology allow it facturing. In 2016, Atieva country’s government. The pany, Fisker Automo- for a potential bankruptcy
VEHICLE LINEUP: Lucid to squeeze out more mileage changed its name and Lucid company is also slated to start tive, sold a $100,000 filing, according to people
currently sells one model, than its competitors. Even the was born. When the company production of the Gravity this plug-in hybrid called the familiar with the matter.
the Air sedan, which ranges cheapest version of Lucid’s Air se- started to run out of cash in year. Company executives say Fisker Karma,
in price from the $69,900 dan can travel 410 miles on a sin- 2018, a $1 billion investment the vehicle will appeal to a but it went
Air Pure to the $249,000 gle charge, around 100 miles far- from the Saudi Arabia Public In- wider audience, because SUVs bankrupt in
Air Sapphire. An SUV, ther than most electric vehicles vestment Fund saved it. Rawlin- outsell sedans three-to-one in 2013 after 300
called the Gravity, is due to available in the U.S. son became chief executive in the U.S. Lucid also says it is vehicles were
go on sale later this year. 2019. preparing to broaden its lineup destroyed in a
HOW IT GOT STARTED: Lucid further in 2026, when it plans hurricane and
SALES PITCH: Lucid sold started life at a battery venture WHAT HAPPENED: At first, to launch a new, more afford- its battery sup-
investors on a plan to called Atieva. That company’s Lucid appeared to have a deep able midsize vehicle. plier went out
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 23 - 24, 2024 | B5

#Dadication

fatherhood.gov
B6 | Saturday/Sunday, March 23 - 24, 2024
We ask recruit-
ers and head-
H hunters to share
their wildest and
most interesting
stories.
Q: When did a pet play an
unexpected role in the hiring
process?
Purr-fect candidate
When I was with my old com-
pany, we had a client—the CEO of
an investment fund—who was
looking to hire an attorney for his
company. CEOs tend to be a little
quirky in personality and we’re ex-
perienced enough to take them as
they come.
We found some excellent attor-
neys interested in the position,
and the interviews were held at
his penthouse in New York.
After the interviews, we discov-
ered through the candidates that
the CEO was a cat lover and he
had pet cats. But instead of nam-
ing the cats, he called them by
numbers. Like 1, 2, 3, 4, etc.
He was very proud of his cats!
And he would tell the candidates
about how he acquired each of
them. They played a pretty big
part in the interview. One candi-
date called us after, saying, “I
think the interview went well, be-
cause Cat Number Four kept
climbing onto my lap.”
Once we found out, we also had
to add a pretty unusual question
to our screening process for the
role: “Are you allergic to cats?”
—Katherine Loanzon,
Kinney Recruiting LLC
Playing fetch
I interviewed a candidate re-
cently for a very senior legal role.
It was a screening call, but because
we were the only recruiters that
our client was working with to fill
that position, that initial video
screen really served as a first-
round interview for the candidate.
She was dressed so profession-
ally, and her apartment was just
impeccable. She had impeccable
How Do You Know Yo
Your Chanel Is Real?
Here's what Zekrayat Husein see
sees when she compares
to an authentic bag
2 The counterfeit bag
is slightly shorter
than the real one.
2 bags in 2020. She charges $35 for
Y L
CO P
Source: Zekrayat Husein
Big Business
In Spotting
Fake Bags
Continued from page B1
serial number counterfeiters use
the most.
Chanel and Husein aren’t affili-
ated; she assumes the brand isn’t
her biggest fan. “I make it safe for
people to buy not-brand-new, and
that’s not good for them,” she said
of the company.
Chanel declined to comment on
Husein or her business. A spokes-
woman for the company said it
“recommends that customers buy
our products from the brand’s au-
thorized points of sale, as training
and knowledge regarding authenti-
cation of genuine Chanel-branded
goods could only reside within
Chanel and only Chanel skilled
staff can know what genuine Cha-
nel is.”
Most of her clients, who are
buying used Chanel bags from bou-
tiques or online resellers, will
email Husein photos of their pur-
chase, taking close-ups of stitch-
ing, hardware, and interiors. Hu-
sein charges $50 for her
authenticity certificate based on
photos and also does in-person in-
spections for $100.
The market for secondhand lux-
ury soared to $49.3 billion world-
wide last year, according to Bain &
Co. Sites like the RealReal, eBay
and Vestiaire Collective offer a
trove of coveted bags, some vin-
tage and others in like-new condi-
IF THESE RÉSUMÉS COULD TALK | FRANCESCA FONTANA
For This Job, You Need a Cat Scan
Pets sometimes play an unexpected role in the hiring process
taste and her home office looked
like it was designed by Architec-
tural Digest.
And she had a big Dalmatian
dog, very eye-catching and very
high energy. He wasn’t just in the
room during the interview. She
was playing fetch with him—
throwing him a ball, he’s bringing
the ball back, jumping on the
couch. He was really a part of this
interview.
I’m always astounded when
things like that happen—and I
mean, this is a very senior posi-
tion. The candidate really had it
together in every other way, but
ares this 'master fake'
3 The chain straps on
both bags have the same
color, feel and weight.
CO P
Y REA
3 3
1 1
1 The tongue of the bag,
where the CC lock is, is more rounded
and should be straighter.
tion.
The boom in resale comes as
Chanel and other luxury brands
are boosting their prices. A Chanel
classic medium flap bag now costs
$10,200, up from about $5,800 in
2019. In 2021, Chanel began limit-
ing the number of its “Timeless
Classic” quilted bags U.S. custom-
ers could buy to two annually, a
move a Chanel spokeswoman de-
scribed as “appropriate measures”
for highly sought-after items.
Price hikes and purchasing lim-
its on bags haven’t kept wealthy
shoppers away from Chanel. Its
annual revenue rose 17% in 2022 to
$17.2 billion. But the sticker shock
is fueling the resale market as the
best option for mid-priced custom-
ers, who can score a pre-owned
Chanel bag ranging from $3,000 to
$8,000.
What has followed is a cottage
industry of independent authenti-
cators who can easily tell a coun-
terfeit from the real McCoy. But
their jobs have gotten harder as
the quality of fakes has reached
new heights, so even high-end con-
signees may end up unwittingly
selling knockoffs. Return fraud,
where customers buy real luxury
goods, then get refunds by return-
ing fake ones, also plagues the pri-
mary market.
“There are tons of really good
fakes out there, and it’s scary to
think about when you are making
a purchase of this size,” said Tricia
Jezierny, a 48-year-old executive in
North Haven, Conn. She used Hu-
sein to authenticate a $6,000 rose
gold Chanel bag she bought on
Facebook.
Husein sometimes works as an
intermediary between a buyer and
seller, verifying the authenticity of
a bag before a purchase. She said
EXCHANGE
there were no qualms or insecuri-
ties about having him part of the
interview. I’m a dog person, but
that one was distracting. I did
walk away going, I can’t believe
that happened.
She didn’t end up getting the
role—not because of the dog, she
just wasn’t the most highly quali-
fied candidate. We absolutely
would place her, though if she’d
moved forward for this role we
would have definitely gone over
this before meeting our client.
When we prep candidates, gener-
ally you don’t have to say things
like “please make sure you’re not
L
5 counterfeit sales. In February, Cha-
REA 5 Tiny areas of the calfskin
should be exposed between
the embossed pebbled
caviar texture.
she’s gone head-to-head with
banks, insurance companies and
resale marketplaces to help cus-
tomers who were sold counterfeits
get their money back.
“It’s like a little treat for me
when they win the case,” she
said.
Born in Jordan, Husein grew up
in Saudi Arabia and said she no-
ticed glamorous Saudi women of-
ten carrying Chanel purses. She
moved to the U.S. in 2000, when
she got married and started flip-
ping bags on eBay in 2005. A Cha-
nel collector, Husein used to share
free advice for buyers and sellers
in a Facebook group she moder-
ated before offering the service
professionally.
Of the average 50 bags she re-
views a day, around 10 are coun-
terfeits, she said. She feels for cli-
ents who are devastated to learn
this. “These women save for years
for this bag,” she said. “It’s not
just a Chanel bag for her, it’s the
dream.”
Inside Husein’s home office,
which is decorated with Chanel
coffee-table books and cheeky Cha-
nel artwork (“home is where my
Chanel is”), golden bookshelves
held dozens of Chanel purses of all
styles and colors. The bags all
looked legit, but Husein deftly
weeded out several bad fakes, good
fakes, very very good fakes and a
new kind of counterfeit Husein
called a master fake.
“They use the exact same
leather as Chanel,” she said of the
brand’s high-quality lambskin ma-
terials. A spokeswoman for Chanel
said the brand “is always working
to improve the quality of its prod-
ucts, and is using the best, most
expensive and rarest skins.”
Others who have turned their
* ***
playing fetch.”
—Cara Bain, Major, Lindsey &
Africa
Background noise
Some people are super excited
to get the call from a recruiter,
and cellphones make it so readily
available so they’re like, I’m taking
this call no matter what. Some-
times they’re driving. Or they’re
shopping, and you can hear the
cash register and the clerk asking
them how they want to pay for
things. They think they can multi-
task, which doesn’t tend to go
The master copy misrepresented
the specific burgundy hue,
leather grain, and trimming
details of the interior lining.
4 secondary market, alleging that
4 The pebbling
p on the real
bag has
ha more detail
and is more defined.
Camille Bressange/THE
Bressangge/THE WALL STREET JOURNAL
love of luxury into a marketable
skill include Paola Tapia, 35, an At-
lanta-based authenticator who
checks Chanel, Louis Vuitton and
Gucci goods for boutiques in the
area and for shoppers online. Mi-
chelle Peeters, a 38-year-old re-
seller and authenticator in Brook-
lyn, N.Y., said she examines around
30 Chanel bags a week.
There are tools of the trade for
verifying the authenticity of a
handbag. Tapia authenticates with
Entrupy, a piece of software that
compares photos taken with a mi-
cro-lens gadget to those in a data-
base. Laura Chavez-Sainz, senior
authentication manager of Fash-
ionphile, a luxury-resale site, said
Chanel and Husein
aren’t affiliated. She
assumes the brand isn’t
her biggest fan.
she likes to use a jeweler’s loupe,
flashlight and dental tools.
Cici Mone, a 40-year-old content
creator in New Jersey, said she
paid $50 for Husein’s services after
buying a $7,200 Chanel bag from
Fashionphile. The bag was already
authenticated by the luxury plat-
form, but Mone was worried it was
too light to be real.
“I just wanted another set of
eyes and just to have peace of
mind,” said Mone. Husein gave it
her seal of approval.
Carly Mulvenna, a 29-year-old
handbag seller in Chicago, uses the
services of Peeters, whose business
is called Designer Pawn. “When
you say you are selling a bag that
has Designer Pawn authenticity, or
THE WALL STREET JOURNAL.
very well.
Once I called a candidate, and I
heard a cat meowing. They’d taken
the call while they were at the vet-
erinarian, trying to pick up their
cat. So I told them I’d just call
them back and they were like, “No,
no, it’s fine!” But it was a veteri-
narian’s office, so you got meows,
you got dogs barking—it was
pretty chaotic, so we met the next
day instead.
—Kevin Redick,
m/Oppenheim Associates
Pet project
We were doing this search for
this multibillionaire client in Los
Angeles who’d made his fortune in
tech and then started amassing
real-estate investments. He
wanted to establish these retreat-
and-wellness centers, and he hired
us to find him an EVP of real-es-
tate development.
So we placed a candidate in the
role, which paid about $600,000 a
year. But about two months into
the job, on a Friday afternoon, the
client reached out to the candidate
and was like, “Hey, I lost my dog. I
need you to find it.”
The candidate hadn’t yet relo-
cated from out of state to the cli-
ent’s office in Los Angeles. So the
guy was flying into town for work
each week and flying back home
each weekend. And this multibil-
lionaire thought that since he
hired somebody, he essentially
owned them and could ask them
to do whatever he wanted—like
“go find my dog, and you can’t
leave and go back to your home
until you find my dog.”
The candidate was like, What?
But the guy stayed and looked for
the dog Friday, Saturday, Sunday.
Couldn’t find the dog. So he flew
home, and he graciously resigned
the next week.
We elected not to participate in
the search for a replacement.
—Kent Elliott, RETS Associates
ROBERT NEUBECKER
These interviews have been edited
and condensed for length and
clarity.
authentication from Zeko, people
feel confident in buying the bag,”
Mulvenna said.
Like Husein, Peeters also en-
tered the authentication world as a
reseller in 2009. Touching and see-
ing bags helped her become well
versed in Chanel’s language. She
co-moderates a Chanel Facebook
group with over 130,000 members
and began authenticating Chanel
certificates.
“It’s never one isolated thing
that you are looking for, but a puz-
zle of pieces and how they all con-
nect,” said Peeters. “The depth of
the engravings, the silhouette, the
interiors, the heat stamp, the foil-
ing technique. You need a certain
eye.”
Chanel is cracking down on the
vintage dealers are engaging in
nel won a lawsuit against the web-
site and New York boutique What
Goes Around Comes Around; a jury
ruled Chanel was owed $4 million
in damages related to counterfeit-
ing. “Such infringements hurt con-
sumers and harm the Chanel good-
will and brand,” said the Chanel
spokeswoman in a statement.
WGACA declined to comment.
A lawsuit Chanel filed against
luxury-consignment giant The Re-
alReal in 2018 is still pending. The
company also recently filed new
lawsuits against resellers in At-
lanta, and has also gone after sell-
ers in New York and on the China-
based site DHGate. “We take
inauthenticity allegations seriously
and are constantly refining our
systems to ensure we are address-
ing customer feedback and contin-
ually improving,” a spokesperson
for the RealReal said.
Chanel declined to comment on
pending litigation.
Megs Mahoney Dusil, co-founder
of the handbag site PurseBlog, said
she’s noticed more Chanel fans
gravitating to smaller, independent
resellers, making services from Hu-
sein or Peeters more in demand.
Shoppers feverishly swap stories
on blogs and social media about
counterfeits sold on big sites.
These days, Husein said she’s on
high alert for bags that have been
redyed or refurbished with non-
Chanel hardware, which can de-
crease their value.
Authenticators are also on the
lookout for return fraud. There are
some telltale signs, like sellers list-
ing multiples of the same bag or
items with tags. When Fashion-
phile noticed that a seller was do-
ing this with Gucci bags, it flagged
the seller internally and rejected
her sales, said Chavez-Sainz. Fash-
ionphile also contacted the store
whose receipts the seller had
shared as proof of authenticity.
The store said it was building a
case against the seller because she
was bait-and-switching the bags.
“It was like ‘CSI,’ ” Chavez-Sainz
said.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 23 - 24, 2024 | B7
B8 | Saturday/Sunday, March 23 - 24, 2024 * **** THE WALL STREET JOURNAL.

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies
39475.90 Trailing P/E ratio 27.47 22.40 5234.18 Trailing P/E ratio * 23.47 17.72 16428.82 Trailing P/E ratio *† 31.15 25.63 and commodities performed around the world for the week.
t 305.47 P/E estimate * 19.16 17.08 t 7.35 P/E estimate * 21.58 17.75 s 26.98 P/E estimate *† 27.98 24.85
Index Currency, Commodity, Exchange-
Dividend yield 1.83 2.05 Dividend yield * 1.35 1.73 or 0.16% Dividend yield *† 0.81 0.87 vs. U.S. dollar traded in U.S.* traded fund
or 0.77% or 0.14%
All-time high: NIKKEI 225 5.63%
All-time high Current divisor All-time high
16428.82, 03/22/24
39781.37, 03/21/24 0.15265312230608 5241.53, 03/21/24 Wheat 4.97
S&P 500 Communication Svcs 4.78
39800 5500 16200 Dow Jones Transportation Average 3.31
IBEX 35 3.26
15800 KOSPI Composite 3.06
38900 5300
Nasdaq-100 2.98
15400 S&P 500 Information Tech 2.92
38000 5100
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Session high Nasdaq Composite 2.85
37100 4900 15000
DOWN UP S&P 500 Consumer Discr 2.79
t

Session open Close FTSE 100 2.63

65-day moving average
36200 4700 14600 S&P MidCap 400 2.31
Close Open
t

65-day S&P 500 2.29

moving average Session low 35300 4500 14200 Dow Jones Industrial Average 1.97
Bars measure the point change from session's open 65-day moving average S&P 500 Financials 1.86
34400 4300 13800 S&P SmallCap 600 1.85
Jan. Feb. Mar. Jan. Feb. Mar. Jan. Feb. Mar. S&P 500 Energy 1.76
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index iShJPMUSEmgBd 1.68
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Euro STOXX 1.29
Dow Jones Total volume* 833,326,116 15,146,781 FTSE MIB 1.19
Industrial Average 39824.76 39469.53 39475.90 -305.47 -0.77 39781.37 32237.53 22.5 4.7 6.4 Adv. volume* 191,922,974 4,197,554 iSh 20+ Treasury 1.12
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Barron's 400 1159.73 1149.57 1149.64 -9.85 -0.85 1159.50 881.58 27.1 7.2 6.1 Declines 1,859 151 WSJ Dollar Index 0.95
Unchanged 101 20 iSh 7-10 Treasury 0.91
Nasdaq Stock Market New highs 234 10 S&P 500 Consumer Staples 0.88
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Block trades* 4,096 193 VangdTotIntlBd 0.76
S&P
500 Index 5246.09 5229.87 5234.18 -7.35 -0.14 5241.53 3970.99 31.8 9.7 9.9 Nasdaq NYSE Arca VangdTotalBd 0.74
MidCap 400 3015.18 2987.76 2991.26 -21.98 -0.73 3013.24 2326.82 24.4 7.5 4.8 Total volume*4,339,938,294 261,132,646 Nymex RBOB gasoline 0.70
SmallCap 600 1329.50 1311.39 1311.59 -16.12 -1.21 1339.63 1068.80 15.0 -0.5 -0.6 Adv. volume*1,894,254,208 63,055,792 S&P/BMV IPC 0.68
Decl. volume*2,392,000,466 195,871,802 S&P/TSX Comp 0.62
Other Indexes Corn 0.57
Issues traded 4,383 1,894
Russell 2000 2099.11 2071.79 2072.00 -26.56 -1.27 2098.56 1636.94 19.4 2.2 -3.0 S&P 500 Health Care 0.38
Advances 1,482 556
NYSE Composite 18234.25 18110.76 18112.04 -102.09 -0.56 18214.12 14675.78 22.7 7.5 5.2 Declines 2,755 1,311 iSh 1-3 Treasury 0.33
Value Line 608.79 603.17 603.20 -5.22 -0.86 608.41 498.09 12.9 1.6 -2.1 Unchanged 146 27 iShNatlMuniBd 0.27
NYSE Arca Biotech 5294.09 5245.31 5266.13 -24.11 -0.46 5511.46 4544.40 2.6 -2.8 -2.3 New highs 136 166 S&P BSE Sensex 0.26
NYSE Arca Pharma 1013.93 1009.23 1009.48 -0.63 -0.06 1029.37 819.53 23.2 10.9 13.2 New lows 94 16 Nymex natural gas 0.24
KBW Bank 103.84 101.68 101.70 -1.55 -1.50 103.26 71.71 29.7 5.9 -5.0 Closing Arms† 0.68 1.17 Bovespa Index 0.23
PHLX§ Gold/Silver 121.01 119.19 119.21 -1.64 -1.36 144.37 102.94 -6.2 -5.2 -5.3 Block trades* 28,379 1,743 Nymex crude 0.06
PHLX§ Oil Service 90.84 89.48 89.64 -0.63 -0.70 98.76 69.29 23.3 6.9 17.3 * Primary market NYSE, NYSE American NYSE Arca only.
Comex gold 0.04
-0.15 CAC-40
PHLX§ Semiconductor 4945.64 4868.95 4908.26 10.39 0.21 5165.83 2906.29 57.3 17.5 16.8 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An -0.22 Shanghai Composite
Cboe Volatility 13.15 12.58 13.06 0.14 1.08 21.74 12.07 -39.9 4.9 -11.6 Arms of less than 1 indicates buying demand; above 1 -0.28 Mexican peso

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.
-0.43 Canadian dollar
-0.44 S&P 500 Real Estate
International Stock Indexes Percentage Gainers... -0.46 Chinese yuan
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -0.48 Soybeans
-0.49 Bloomberg Commodity Index
Murano Global Investments MRNO 21.25 11.63 120.89 38.00 3.60 103.7
World MSCI ACWI 781.32 –2.02 –0.26 7.5 -0.55 Australian dollar
Canopy Growth CGC 7.69 3.13 68.64 19.30 2.76 -59.5
MSCI ACWI ex-USA 329.00 –1.44 –0.44 3.9 -0.73 Euro area euro
Invivyd IVVD 4.36 1.27 41.10 5.20 0.98 232.8
MSCI World 3428.12 –6.57 –0.19 8.2 Summit Midstream Ptrs SMLP 27.00 7.57 38.96 27.25 13.00 76.2 -0.85 Indian rupee
MSCI Emerging Markets 1039.32 –9.02 –0.86 1.5 Leafly Holdings LFLY 3.76 0.93 32.86 16.00 2.06 -50.5 -1.02 South Korean won
Americas MSCI AC Americas 1977.88 –0.19 9.1 Veritone VERI 4.87 1.20 32.70 6.03 1.48 -7.6 -1.03 U.K. pound
–3.85
Canada Clever Leaves Holdings CLVR 4.60 1.09 31.05 12.98 1.72 -60.0 -1.04 Indonesian rupiah
S&P/TSX Comp 21984.08 –103.18 –0.47 4.9
Aurora Cannabis ACB 4.86 1.02 26.56 11.50 2.84 -31.0 -1.20 South African rand
Latin Amer. MSCI EM Latin America 2510.43 –18.39 –0.73 –5.7
Outlook Therapeutics OTLK 8.63 1.59 22.59 40.60 4.00 -58.1 -1.31 Norwegian krone
Brazil Bovespa 127027.10 –1131.47 –0.88 –5.3
Redwoods Acquisition RWOD 12.39 2.11 20.53 12.90 9.35 20.3 -1.32 Hang Seng
Chile S&P IPSA 3636.77 17.00 0.47 4.9
GT Biopharma GTBP 4.59 0.78 20.47 19.15 3.52 -75.5 -1.55 Swiss franc
Mexico S&P/BMV IPC 56610.54 –46.90 –0.08 –1.4
Phathom Pharmaceuticals PHAT 11.02 1.86 20.31 17.02 5.84 78.0 -1.57 Japanese yen
EMEA STOXX Europe 600 509.64 –0.13 –0.02 6.4 Lavoro LVRO 7.21 1.21 20.17 9.00 4.72 12.3 -2.02 Comex silver
Eurozone 8.7
Lantern Pharma LTRN 10.65 1.62 17.94 10.73 2.38 135.9 -2.70 Lean hogs
Euro STOXX 515.22 –0.80 –0.15
Design Therapeutics DSGN 3.80 0.54 16.56 8.47 1.94 -34.6
Belgium Bel-20 3803.73 15.76 0.42 2.6 -2.70 Nymex ULSD
Denmark OMX Copenhagen 20 2683.39 –6.78 –0.25 17.5 Percentage Losers -2.83 Comex copper
Latest Session 52-Week *Continuous front-month contracts
France CAC 40 8151.92 –27.80 –0.34 8.1
Company Symbol Close Net chg % chg High Low % chg
Germany DAX 18205.94 26.69 0.15 8.7 Sources: FactSet (indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Swvl Holdings SWVL 9.30 -5.20 -35.86 14.72 0.62 688.1 THE WALL STREET JOURNAL
Israel Tel Aviv 1979.46 … Closed 6.1
Nkarta NKTX 8.92 -4.06 -31.28 16.24 1.28 164.7
Italy FTSE MIB 34343.61 15.66 0.05 13.2
BYND Cannasoft Ents BCAN 2.51 -1.14 -31.20 731.50 2.06 -99.4 Methodology
Netherlands AEX 876.34 0.92 0.10 11.4 Cutera CUTR 1.60 -0.70 -30.43 27.39 1.38 -94.1 Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
Norway Oslo Bors All-Share 1530.56 9.55 0.63 0.7 Zura Bio ZURA 2.05 -0.84 -29.07 37.55 2.00 -93.0 reflect total returns). Commodities are represented by the continuous front-month
South Africa FTSE/JSE All-Share 73254.19 1.15 –4.7 futures contract. Bond exchange-traded fund performance may diverge from that of
834.49 Brand Engagement Network BNAI 7.95 -3.18 -28.54 19.75 5.65 -20.8 their underlying index. Bond categories are represented by the following ETFs: U.S.
Spain IBEX 35 10943.19 75.69 0.70 8.3 Ispire Technology ISPR 5.92 -2.20 -27.05 19.78 5.53 ... Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
Sweden OMX Stockholm 966.90 –1.42 –0.15 7.1 flyExclusive FLYX 9.00 -3.30 -26.83 24.21 3.71 -11.4 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
Switzerland Swiss Market 11651.99 –51.67 –0.44 4.6 vTv Therapeutics Cl A VTVT 21.23 -7.77 -26.79 39.60 7.38 -33.0 iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
Turkey BIST 100 9111.50 –29.20 –0.32 22.0 Cazoo Group CZOO 3.71 -0.99 -21.06 295.00 2.11 -98.0 Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Bonds: iShares National Muni; International Bonds: Vanguard Total International;
U.K. FTSE 100 7930.92 48.37 0.61 2.6 180 Life Sciences ATNF 2.77 -0.71 -20.40 51.30 2.61 -92.5
Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
U.K. FTSE 250 19724.32 –16.99 –0.09 0.2 Auna AUNA 9.60 -2.40 -20.00 12.00 9.30 ...
Pyxis Oncology PYXS 3.99 -0.97 -19.56 6.92 1.35 80.5 Scan this code
Asia-Pacific MSCI AC Asia Pacific 177.44 –0.68 –0.38 4.8 two Cl A TWOA 6.20 -1.50 -19.47 11.60 5.70 -39.3
Australia S&P/ASX 200 7770.60 –11.37 –0.15 2.4 Arbe Robotics ARBE 2.03 -0.47 -18.80 3.43 1.40 -38.3 Get real-time U.S. stock quotes and
track most-active stocks, new highs/lows
China Shanghai Composite 3048.03 –29.08 –0.95 2.5
Hong Kong Hang Seng 16499.47 –363.63 –2.16 –3.2
Most Active Stocks and mutual funds.
Volume % chg from Latest Session 52-Week
India S&P BSE Sensex 72831.94 190.76 0.26 0.8 Company Symbol (000) 65-day avg Close % chg High Low Available free at WSJMarkets.com
Japan NIKKEI 225 40888.43 72.77 0.18 22.2 Fisker FSR 180,181 135.3 0.12 -4.22 7.22 0.12
Singapore Straits Times 3217.97 –2.40 –0.07 –0.7 Biolase BIOL 130,312 4932.8 0.18 19.53 47.10 0.13
South Korea KOSPI 2748.56 –6.30 –0.23 3.5
Direxion Dly Semi 3 Bear SOXS 112,200 -15.5 3.22 -0.62 23.22 2.76 Currencies
ProSh UltraPro Shrt QQQ SQQQ 100,728 -22.9 10.28 -0.19 34.32 10.05
Taiwan TAIEX 20228.43 29.34 0.15 12.8 U.S.-dollar foreign-exchange rates in late New York trading
Tilray Brands TLRY 94,819 308.6 2.31 18.46 3.40 1.50
Thailand SET 1381.04 –6.58 –0.47 –2.5 * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
US$vs, US$vs,
Fri YTDchg Fri YTDchg
Sources: FactSet; Dow Jones Market Data 5,000 shares =Has traded fewer than 65 days Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Thailand baht .02750 36.360 5.8
Vietnam dong .00004037 24770 2.1
Argentina peso .0012854.7500 5.7
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .2000 5.0002 3.0 Europe

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7351 1.3604 2.7 Czech Rep. koruna .04264 23.454 4.8
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001017 983.41 12.4 Denmark krone .1449 6.9010 1.8
Euro area euro 1.0810 .9251 2.1
A consumer rate against its Money Market/Savings Accts Colombiapeso .000257 3891.00 0.40
Hungary forint
Ecuador US dollar 1 1 unch .002719 367.83 6.0
benchmark over the past year 6.00% Iceland krona .007252 137.89 1.4
Bankrate.com avg†: 0.48% Tradeweb ICE 16% Mexico peso .0597 16.7633 –1.2
Norway krone .0930 10.7579 5.7
Banesco USA 5.25% Friday Close 5.00 Uruguay peso .02652 37.7026 –3.5
WSJ Dollar Index Poland zloty .2501 3.9978 1.6
5.00% Coral Gables, FL 888-228-1597 t t 8 Asia-Pacific
4.00
s Sweden krona .0946 10.5658 4.6
t Federal-funds Australiadollar .6521 1.5335 4.5 Switzerland franc 1.1142 .8975 6.6
target rate CFG Community Bank 5.25% One year ago
0
3.75 3.00 China yuan .1383 7.2290 1.6 Turkey lira .0312 32.0182 8.6
Baltimore, MD 888-205-8388
s Hong Kong dollar .1279 7.8212 0.1 Ukraine hryvnia .0256 39.0500 2.4
2.50 UFB Direct 5.25% 2.00 –8 s Euro India rupee .01196 83.599 0.5 UK pound 1.2602 .7935 1.0
Money market San Diego, CA 877-472-9200 Yen
Indonesia rupiah .0000633 15810 2.7 Middle East/Africa
account yields 1.25 1.00 –16 Japan yen .006602 151.46 7.4
t TAB Bank 5.27% Bahrain dinar 2.6532 .3769 –0.01
Ogden, UT 800-355-3063 1 3 6 1 2 3 5 7 10 20 30 2023 2024 Kazakhstan tenge .002221 450.29 –1.1 Egypt pound .0214 46.7456 51.1
0.00 month(s) years Macau pataca .1241 8.0610 0.1 Israel shekel .2747 3.6398 1.0
AM J J A S O ND J F M BrioDirect 5.35% Malaysia ringgit .2111 4.7375 3.1
maturity Kuwait dinar 3.2510 .3076 0.1
2023 2024 Montebello, NY 877-369-2746 New Zealand dollar .5968 1.6756 5.9 Oman sul rial 2.5973 .3850 0.01
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Pakistan rupee .00359 278.225 –1.0 Qatar rial .2747 3.641 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg Philippines peso .0177 56.348 1.7 Saudi Arabia riyal .2666 3.7506 0.01
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields Singapore dollar .7413 1.3489 2.2 South Africa rand .0527 18.9882 3.8
South Korea won .0007437 1344.64 3.9
Federal-funds rate target 5.25-5.50 5.25-5.50 4.75 l 5.50 5.25 Yield (%) 52-Week Total Return (%) Sri Lanka rupee Close Net Chg % Chg YTD%Chg
.0032975 303.26 –6.4
Prime rate* 8.50 8.50 8.00 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Taiwan dollar .03128 31.974 4.2 WSJ Dollar Index 99.04 0.36 0.36 3.35
SOFR 5.31 5.31 4.80 l 5.40 5.30
U.S. Treasury, Bloomberg 2150.220 4.420 4.540 5.120 3.610 –0.274 –2.865 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.48 0.49 0.46 l 0.64 0.38
2.83 l 2.35 U.S. Treasury Long, Bloomberg 3117.350 4.470 4.540 5.280 3.630 –6.896 –8.413
Five-year CD, annual yield
30-year mortgage, fixed† 7.24
2.83
7.17
2.76
6.75
2.87
l 8.28 3.91 Aggregate, Bloomberg 2040.380 4.840 4.960 5.740 4.200 1.333 –2.530
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 6.61 6.64 6.00 l 7.42 4.08
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Bloomberg 2010.130 5.050 5.160 6.050 4.290 0.459 –2.918
Jumbo mortgages, $766,550-plus† 7.29 7.26 6.79 l 8.33 3.92 DJ Commodity 980.04 -7.03 -0.71 1035.63 930.59 0.34 2.32
High Yield 100, ICE BofA 3588.077 7.066 7.320 9.101 7.030 13.030 2.649
Five-year adj mortgage (ARM)† 6.48 6.44 5.64 l 7.16 3.31 Refinitiv/CC CRB Index 285.76 -0.80 -0.28 290.29 253.85 10.55 8.31
New-car loan, 48-month 7.86 7.86 6.76 l 7.88 3.83 Muni Master, ICE BofA 586.365 3.281 3.250 4.311 2.801 2.922 –0.262 Crude oil, $ per barrel 80.63 -0.44 -0.54 93.68 67.12 16.42 12.53
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 859.387 7.235 7.414 8.842 7.206 9.837 –1.266 Natural gas, $/MMBtu 1.659 -0.024 -1.43 3.575 1.576 -25.14 -34.01
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 2158.10 -24.30 -1.11 2182.50 1816.60 8.88 4.64
THE WALL STREET JOURNAL. * * * * * Saturday/Sunday, March 23 - 24, 2024 | B9

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

Metal & Petroleum Futures July 1224.75 1224.75 1202.25 1205.50 –20.25 207,208 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Sept 1.1330 1.1370 t 1.1305 1.1344 –.0011 394
Contract Open
Soybean Meal (CBT)-100 tons; $ per ton. June 119-030 120-050 119-020 119-250 25.0 1,498,856 Australian Dollar (CME)-AUD 100,000; $ per AUD
May 344.50 345.50 337.30 339.10 –5.20 210,215 Sept 119-180 120-030 119-110 119-270 27.0 161 April .6575 .6581 .6515 .6519 –.0054 534
Open High hi lo Low Settle Chg interest
July 348.10 349.20 341.40 343.10 –5.00 130,711 Treasury Notes (CBT)-$100,000; pts 32nds of 100% June .6586 .6593 .6526 .6531 –.0054 217,764
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybean Oil (CBT)-60,000 lbs.; cents per lb.
March 4.0205 4.0205 3.9900 3.9960 –0.0505 1,167 June 110-130 110-270 110-125 110-240 11.5 4,302,336 Mexican Peso (CME)-MXN 500,000; $ per MXN
May 48.79 48.79 47.62 47.64 –1.15 217,248 April .05952 .05960 .05932 .05943 –.00003 164
May 4.0655 4.0665 3.9965 4.0075 –0.0510 158,391 Sept 111-065 111-070 111-065 111-055 12.0 539
July 49.35 49.35 48.19 48.21 –1.14 161,247 June .05893 .05909 .05864 .05884 –.00003 301,958
Gold (CMX)-100 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March 2179.20 2179.60 2157.50 2158.10 –24.30 791 March 106-307 106-307 106-307 106-275 5.5 121 Euro (CME)-€125,000; $ per €
May 17.54 17.58 t 17.34 17.35 –.17 7,684
April 1.0870 1.0877 1.0812 1.0814 –.0059 2,182
April 2183.40 2188.00 2158.40 2160.00 –24.70 157,925 Sept 14.59 14.62 14.54 14.57 –.04 2,147 June 106-280 107-045 106-277 107-025 6.5 5,858,223
May 2193.30 2198.00 s 2168.80 2170.20 –24.80 968 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 1.0902 1.0906 1.0840 1.0842 –.0059 649,773
Wheat (CBT)-5,000 bu.; cents per bu.
June 2204.70 2209.60 2180.20 2181.60 –24.90 316,078 May 548.50 559.25 539.50 554.75 8.00 199,541 March 102-095 102-095 102-095 102-086 1.9 40
Aug 2224.50 2227.80 2199.70 2201.20 –24.90 34,797 July 563.75 573.50 554.50 569.50 7.50 116,071 June 102-092 102-125 102-090 102-116 1.9 3,721,746
Index Futures
Oct 2243.80 2246.40 2219.20 2220.20 –25.10 8,498 Wheat (KC)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini DJ Industrial Average (CBT)-$5 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 581.50 592.75 572.50 590.50 8.75 117,780 March 94.6700 94.6725 t 94.6700 94.6725 .0025 242,834 June 40231 40267 39820 39868 –338 101,248
March 992.80 –20.60 2 July 575.50 586.75 567.00 584.75 9.25 87,918 Sept 40625 40628 40203 40238 –340 170
May 94.7000 94.7150 94.7000 94.7150 .0100 502,621
June 1017.00 1024.00 989.50 998.30 –20.60 18,927 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index
Platinum (NYM)-50 troy oz.; $ per troy oz. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
March 250.650 251.000 249.825 249.950 –.925 3,504 June 5306.75 5311.75 5287.75 5293.25 –9.25 2,069,772
March 896.10 –14.60 9 Jan 94.6550 94.6550 94.6550 94.6550 .0025 6,203
May 258.075 258.400 252.500 253.775 –4.300 20,893 Sept 5363.00 5368.75 5345.75 5350.50 –10.00 13,125
July 919.90 923.00 905.90 907.60 –14.40 54,568 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 94.8900 94.9150 94.8850 94.9100 .0200 1,184,641
Mini S&P Midcap 400 (CME)-$100 x index
Silver (CMX)-5,000 troy oz.; $ per troy oz. April 188.475 188.600 187.150 187.500 –.875 57,932 June 3049.90 3055.60 s 3014.00 3020.00 –26.40 38,448
March 24.750 24.750 24.660 24.692 –0.157 90 June 184.525 184.650 182.525 182.900 –1.600 123,796 Currency Futures Mini Nasdaq 100 (CME)-$20 x index
May 24.920 25.110 24.580 24.843 –0.164 121,732 Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 18580.50 18626.00 18492.00 18574.75 13.00 250,595
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. April 84.925 85.250 84.125 84.575 –.325 29,895 Sept 18804.00 18848.25 18721.75 18800.25 11.50 1,357
April .6620 t .6645
.6608 .6625 .0008 2,816
May 80.84 81.45 80.42 80.63 –0.44 354,239 June 99.300 100.350 98.625 99.700 .400 88,819 Mini Russell 2000 (CME)-$50 x index
80.17 –0.47 June .6684 t .6709
.6671 .6689 .0009 304,298
June 80.39 80.97 79.99 230,552 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. June 2125.30 2132.20 2091.40 2093.60 –29.20 476,096
July 79.86 80.38 79.46 79.61 –0.48 157,662 May 607.50 611.00 605.00 609.00 –.50 8,108 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Sept 2139.00 2151.50 2113.70 2115.10 –29.10 111
Sept 78.52 78.97 78.07 78.23 –0.52 106,469 July 620.00 624.00 618.50 621.50 –.50 1,463 April .7399 .7399 t .7348 .7350 –.0042 326
Mini Russell 1000 (CME)-$50 x index
Dec 76.55 76.92 76.04 76.18 –0.54 189,244 Milk (CME)-200,000 lbs., cents per lb. June .7401 .7406 t .7354 .7356 –.0042 173,376 June 2906.30 2907.10 2898.80 2902.50 –6.00 6,217
June'25 73.57 73.87 73.09 73.20 –0.50 89,970 March 16.42 16.42 16.41 16.41 … 4,083 British Pound (CME)-£62,500; $ per £ U.S. Dollar Index (ICE-US)-$1,000 x index
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. April 15.76 15.85 t 15.56 15.57 –.17 6,284 April 1.2657 1.2675 1.2577 1.2592 –.0067 1,541 June 103.67 104.20 103.61 104.18 .51 26,134
April 2.6630 2.6904 2.6471 2.6534 –.0154 29,570 Cocoa (ICE-US)-10 metric tons; $ per ton. June 1.2662 1.2681 1.2581 1.2596 –.0067 199,140 Sept 103.30 103.78 103.30 103.82 .51 403
May 2.6423 2.6708 2.6316 2.6385 –.0131 87,406 May 8,573 8,960 s 8,465 8,939 380 62,047 Swiss Franc (CME)-CHF 125,000; $ per CHF
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. July 8,016 8,382 s 7,950 8,372 361 51,410 June 1.1250 1.1259 t 1.1191 1.1232 –.0010 79,140 Source: FactSet
April 2.7201 2.7473 2.7052 2.7398 .0127 45,351 Coffee (ICE-US)-37,500 lbs.; cents per lb.
May 2.7047 2.7317 2.6896 2.7170 .0048 114,133 May 186.00 188.20 184.55 184.85 –.85 96,133
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. July 185.00 186.95 183.60 184.00 –.65 61,540
April
May
1.684
1.838
1.712
1.859
1.647
1.791
1.659 –.024
1.812 –.019
40,869
393,643
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
May 21.97 22.23 21.75 21.85 –.21 277,028
Bonds | wsj.com/market-data/bonds/benchmarks
June 2.067 2.081 2.019 2.032 –.023 102,716 July 21.70 21.93 21.50 21.60 –.18 199,686
July 2.361 2.380 2.321 2.337 –.022 148,449 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Global Government Bonds: Mapping Yields
Sept 2.455 2.466 2.415 2.433 –.011 130,947 May 40.25 40.30 40.00 40.29 .10 1,974
Oct 2.543 2.553 2.505 2.526 –.005 108,086 May 40.25 40.30 40.00 40.29 .10 1,974 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Cotton (ICE-US)-50,000 lbs.; cents per lb. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Agriculture Futures May 92.22 92.85 91.42 91.53 –.68 115,208
Dec 83.97 84.08 83.42 83.95 .03 76,664 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Corn (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
May 440.25 441.50 436.00 439.25 –1.50 615,881 May 358.55 368.40 357.35 367.70 9.30 5,870 4.625 U.S. 2 4.598 t l 4.630 4.712 3.977
July 453.25 454.25 448.75 452.00 –2.00 374,192 July 354.50 363.85 353.85 362.65 8.80 1,370
Oats (CBT)-5,000 bu.; cents per bu. 4.000 10 4.217 t l 4.270 4.326 3.497
May 354.00 358.75 353.25 358.25 4.75 2,512 0.250 Australia 2 3.828 t l 3.865 3.839 3.010 -77.8 -92.4
July 352.00 355.00 350.50 353.25 2.75 406
Interest Rate Futures -77.8
Soybeans (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 3.000 10 4.047 t l 4.101 4.170 3.376 -17.4 -16.3 -6.9
May 1211.00 1211.25 1189.25 1192.50 –19.50 337,721 June 126-230 128-090 126-220 127-230 1-04.0 1,590,174
2.500 France 2 2.804 t l 2.838 2.893 2.841 -180.2 -180.5 -109.4
3.500 10 2.795 t l 2.844 2.912 2.846 -142.6 -142.0 -59.9
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs 2.500 Germany 2 2.821 t l 2.882 2.911 2.710 -178.5 -176.1 -122.5
2.200 10 2.325 t l 2.411 2.442 2.329 -189.6 -185.3 -111.5
Closing Chg YTD
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%) 3.600 Italy 2 3.387 s l 3.380 3.436 3.114 -122.0 -126.3 -82.1
SPDR S&P Div SDY 128.85 –0.47 3.1 4.200 10 3.635 t l 3.671 3.912 4.179 -59.3 73.5
Friday, March 22, 2024 Closing Chg YTD
TechSelectSector XLK 209.91 0.03 9.1
-58.7
ETF Symbol Price (%) (%)
Closing Chg YTD VangdSC Val VBR 187.09 –1.05 4.0 0.200 Japan 2 0.206 s l 0.194 0.160 -0.048 -440.0 -444.9 -398.3
ETF Symbol Price (%) (%) iSh1-3YTreaBd SHY 81.76 0.07 –0.3 VangdExtMkt VXF 172.12 –0.97 4.7
CommSvsSPDR XLC 81.82 0.21 12.6 iShRussMC IWR 82.75 –0.72 6.5 VangdSC Grwth VBK 257.00 –0.91 6.3 0.600 10 0.744 s l 0.740 0.721 0.334 -347.7 -352.4 -311.0
CnsmrDiscSel XLY 182.72 –0.87 2.2 iShRuss1000 IWB 286.67 –0.23 9.3 VangdDivApp VIG 181.26 –0.52 6.4
31.62 8.2 iShRuss1000Grw IWF 339.01 0.09 11.8 VangdFTSEAWxUS VEU 58.43 –0.34 4.1 2.800 Spain 2 2.989 t l 3.042 3.064 2.953 -161.7 -160.1 -98.2
DimenUSCoreEq2 DFAC –0.41
iShRuss1000Val IWD 175.99 –0.56 6.5 VangdFTSEDevMk VEA 49.94 –0.34 4.3
EnSelSectorSPDR XLE 92.40 –0.22 10.2
iShRuss2000 205.07 –1.38 2.2
3.250 10 3.159 t l 3.211 3.338 3.378 -106.2 -105.3 -6.7
FinSelSectorSPDR XLF 41.42 –1.15 10.2
IWM VangdFTSE EM VWO 41.61 –0.64 1.2
iShS&P500Grw IVW 85.14 0.21 13.4 VangdFTSE Europe VGK 66.88 –0.24 3.7 0.125 U.K. 2 4.144 t l 4.184 4.612 3.489 -45.9 -44.5
GrayscaleBitcoin GBTC 56.98 –1.94 64.6
iShS&P500Value 183.56 –0.59 5.6
-46.2
HealthCrSelSect XLV 145.44 –0.14 6.6
IVE VangdGrowth VUG 346.27 0.09 11.4
InvscNasd100 QQQM 183.59 0.09 8.9
iShSelectDiv DVY 120.15 –0.75 2.5 VangdHlthCr VHT 266.16 –0.24 6.2 4.250 10 4.037 t l 4.114 4.114 3.451 -18.5 -15.1 0.7
iSh7-10YTreaBd IEF 94.50 0.49 –2.0 VangdHiDiv VYM 119.08 –0.51 6.7
InvscQQQI QQQ 446.38 0.11 9.0
iShShortTreaBd SHV 110.44 0.03 0.3 VangdInfoTech VGT 528.28 0.16 9.1 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
InvscS&P500EW RSP 166.64 –0.64 5.6
iShTIPSBond TIP 107.35 0.35 –0.1 VangdIntermBd BIV 75.34 0.37 –1.4
iShCoreDivGrowth DGRO 57.32 –0.47 6.5
iSh20+YTreaBd TLT 93.98 0.96 –5.0 VangdIntrCorpBd VCIT 80.43 0.31 –1.0
iShCoreMSCIEAFE IEFA 73.98 –0.26 5.2
iShCoreMSCIEM IEMG 51.33 –0.62 1.5
iShUSTreasuryBd
iSh0-3MTreaBd
GOVT
SGOV
22.70
100.62
0.40
0.02
–1.5
0.3
VangdIntermTrea
VangdLC
VGIT
VV
58.53
239.32
0.31
–0.15
–1.3
9.7
Corporate Debt
iShCoreMSCITotInt IXUS 67.57 –0.43 4.1
iShCoreS&P500 IVV 523.92 –0.13 9.7
JPM EqPrem JEPI 57.46 –0.28 4.5 VangdMegaGrwth MGK 289.04 0.12 11.4 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
JPM UltShIncm JPST 50.41 ... 0.4 VangdMC VO 245.85 –0.59 5.7
iShCoreS&P MC IJH 59.60 –0.80 7.5 PacerUSCashCows COWZ 57.11 –0.47 9.8 VangdMBS VMBS 45.59 0.31 –1.7 expectations
iShCoreS&P SC IJR 107.77 –1.26 –0.4 ProShUltPrQQQ TQQQ 62.63 0.21 23.5 VangdRealEst 84.57 –1.26 –4.3
iShCoreS&PTotUS ITOT 114.66 –0.28 9.0 SPDRBbg1-3MTB BIL 91.71 0.01 0.4 VangdRuss1000Grw
VNQ
VONG 87.22 0.08 11.8 Investment-grade spreads that tightened the most…
iShCoreTotUSDBd IUSB 45.52 0.29 –1.2 SPDR DJIA Tr DIA 394.53 –0.81 4.7 VangdS&P500ETF VOO 479.18 –0.13 9.7 Spread*, in basis points
iShCoreUSAggBd AGG 97.82 0.32 –1.4 SPDR Gold GLD 200.35 –0.80 4.8 VangdST Bond BSV 76.70 0.16 –0.4 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShEdgeMSCIMinUSA USMV 82.69 –0.25 6.0 SPDRPtfDevxUS SPDW 35.70 –0.28 5.0 VangdSTCpBd VCSH 77.33 0.10 –0.1
iShEdgeMSCIUSAQual QUAL 164.58 –0.52 11.9 SPDRS&P500Value SPYV 49.24 –0.57 5.6 VangdShortTrea VGSH 58.08 0.09 –0.4 KeyCorp KEY 4.100 5.76 April 30, ’28 156 –66 n.a.
iShGoldTr IAU 40.93 –0.80 4.9 61.32 –0.16 9.7 223.99 –1.01 5.0 –63
iShiBoxx$IGCpBd LQD 108.67 0.34 –1.8
SPDRPtfS&P500 SPLG VangdSC VB Toyota Motor Credit TOYOTA 4.625 4.70 Jan. 12, ’28 50 49
SPDRS&P500Growth SPYG 73.73 0.22 13.3 VangdTaxExemptBd VTEB 50.72 0.16 –0.6
iShMBS MBB 92.41 0.31 –1.8 SPDR S&P 500 SPY 521.21 –0.19 9.7 VangdTotalBd BND 72.55 0.33 –1.4 Intesa Sanpaolo ISPIM 6.625 6.07 June 20, ’33 186 –58 200
iShMSCIACWI ACWI 109.72 –0.24 7.8 38.90 –0.28 5.2 49.17 0.41 –0.4 –51
SchwabIntEquity SCHF VangdTotIntlBd BNDX Wyeth … 5.950 5.12 April 1, ’37 91 91
iShMSCI EAFE EFA 79.64 –0.21 5.7 SchwabUS BrdMkt SCHB 60.71 –0.21 9.1 VangdTotIntlStk VXUS 60.04 –0.38 3.6
iSh MSCI EM EEM 40.86 –0.70 1.6 SchwabUS Div SCHD 79.38 –0.61 4.3 VangdTotalStk VTI 258.50 –0.28 9.0 Procter & Gamble PG 4.350 4.38 Jan. 29, ’29 18 –51 n.a.
iShMSCIEAFEValue EFV 54.03 –0.07 3.7 SchwabUS LC SCHX 61.85 –0.21 9.7 VangdTotWrldStk VT 109.99 –0.31 6.9
iShNatlMuniBd MUB 107.94 0.14 –0.4 SchwabUS LC Grw SCHG 93.32 0.19 12.5 VangdValue VTV 160.45 –0.48 7.3 General Motors Financial … 5.400 5.24 May 8, ’27 87 –31 90
iSh1-5YIGCpBd IGSB 51.28 0.12 0.0 SPDR S&PMdCpTr MDY 545.59 –0.83 7.5 WT FRTrea USFR 50.24 0.01 ... MassMutual Global Funding II MASSMU 2.350 4.80 Jan. 14, ’27 43 –31 57
Verizon Communications VZ 4.125 4.86 March 16, ’27 50 –29 58

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks …And spreads that widened the most

Suncor Energy SUCN 6.850 5.84 June 1, ’39 163 53 n.a.
Money Rates March 22, 2024 John Deere Capital … 4.850 4.73 March 5, ’27 37 35 41
L3Harris Technologies LHX 5.400 5.05 Jan. 15, ’27 69 34 72
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Toyota Motor Credit TOYOTA 3.200 4.80 Jan. 11, ’27 44 32 n.a.
guide to general levels but don’t always represent actual transactions. Banque Federative du Credit Mutuel BFCM 5.896 5.16 July 13, ’26 57 26 60
Week —52-WEEK— Week —52-WEEK— 5.12 75 18 n.a.
Inflation Latest ago High Low Latest ago High Low
Norinchukin Bank NORBK 4.867 Sept. 14, ’27
Feb. index Chg From (%) CPPIB Capital CPPIBC 4.250 4.49 July 20, ’28 30 17 29
level Jan. '24 Feb. '23 Federal funds Other short-term rates ENEL Finance International ENELIM 4.875 5.05 June 14, ’29 85 16 n.a.
Effective rate 5.3300 5.3300 5.3500 4.8400
U.S. consumer price index
High 5.6500 5.6500 5.6500 5.1500 Latest
Week 52-Week
high low
High-yield issues with the biggest price increases…
All items 310.326 0.62 3.2 ago
Low 5.3100 5.3100 5.3300 4.8000 Bond Price as % of face value
Core 315.419 0.57 3.8 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Bid 5.3100 5.3300 5.3300 4.8100 Call money
International rates Offer 5.3300 5.3400 5.3700 4.8300 7.25 7.25 7.25 6.75 Transocean RIG 7.500 8.82 April 15, ’31 93.188 0.56 91.875
Bausch Health BHCCN 11.000 22.46 Sept. 30, ’28 68.500 0.50 66.797
Week 52-Week Treasury bill auction Commercial paper (AA financial)
Teva Pharmaceutical Finance Netherlands … 4.100 6.81 Oct. 1, ’46 69.000 0.38 68.220
Latest ago High Low 4 weeks 5.270 5.280 5.840 3.190 90 days 5.32 n.a. 5.54 4.87
Occidental Petroleum OXY 7.875 5.66 Sept. 15, ’31 113.352 0.37 112.509
13 weeks 5.245 5.250 5.345 4.675
Prime rates Secured Overnight Financing Rate Prime Security Services Borrower PRSESE 5.750 5.82 April 15, ’26 99.861 0.33 99.125
26 weeks 5.130 5.100 5.350 4.620
U.S. 8.50 8.50 8.50 8.00 5.31 5.31 5.40 4.80 0.31
Hughes Satellite Systems … 6.625 32.20 Aug. 1, ’26 59.933 62.970
Canada 7.20 7.20 7.20 6.70 Secondary market
Japan 1.475 1.475 1.475 1.475 Value 52-Week Navient NAVI 6.750 6.30 June 15, ’26 100.897 0.27 100.350
Latest Traded High Low 0.25
Fannie Mae Dish DBS … 7.750 27.26 July 1, ’26 68.500 64.970
Policy Rates 30-year mortgage yields DTCC GCF Repo Index
Euro zone 4.50 4.50 4.50 3.50
30 days 6.215 6.367 7.495 5.496 Treasury 5.346 16.900 5.504 4.806
…And with the biggest price decreases
Switzerland 2.00 2.25 2.25 2.00
60 days 6.220 6.372 7.554 5.500 MBS 5.365 28.400 5.689 4.829 Hughes Satellite Systems … 5.250 13.30 Aug. 1, ’26 84.188 –0.81 84.863
Britain 5.25 5.25 5.25 4.25
Australia 4.35 4.35 4.35 3.60 Dish DBS … 5.875 13.68 Nov. 15, ’24 95.375 –0.64 94.750
Notes on data:
Nordstrom JWN 6.950 6.95 March 15, ’28 100.000 –0.28 n.a.
Overnight repurchase U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective July 27, 2023. Other prime rates aren’t directly comparable; lending practices vary Rakuten RAKUTN 11.250 8.62 Feb. 15, ’27 106.574 –0.10 106.125
U.S. 5.37 5.35 5.48 4.82 widely by location; Discount rate is effective July 27, 2023. Secured Overnight Financing Rate is as
of March 21, 2024. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for OneMain Finance OMF 6.875 5.63 March 15, ’25 101.160 –0.07 101.250
U.S. government rates overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates
are Tullett Prebon rates as of 5:30 p.m. ET. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Discount Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
5.50 5.50 5.50 5.00 Tullett Prebon Information, Ltd. Source: MarketAxess

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
KeyCorpPfdH KEYpL 23.26 1.2 PrudentialFinl PRU 116.62 -0.9 VistaEnergy VIST 43.99 0.4 Farmmi FAMI 0.77 -6.5 Lulu'sFashion LVLU 1.34 -6.1 Shineco SISI 0.73 -9.3
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American KeyCorp KEY 15.54 -2.1 PubMatic PUBM 24.06 -1.9 Vistra VST 69.27 1.1 FinanceofAmWt FOA.WS 0.01 -25.0 ManchesterUnited MANU 13.50 0.6 SigningDaySports SGN 0.33 -8.5
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest Kinetik KNTK 38.09 -2.1 PulteGroup PHM 117.41 0.3 Vontier VNT 45.26 -0.5 FreightTech FRGT 1.27 -14.0 Mediaco MDIA 0.40 -11.0 SiNtxTech SINT 0.09 -32.0
session. % CHG-Daily percentage change from the previous trading session. Kirby KEX 93.11 1.7 PyrophyteAcqn PHYT 11.18 -0.1 BerkleyDeb58 WRBpE 25.68 -0.7 FulgentGenetics FLGT 21.23 1.2 MicroAlgo MLGO 3.61 -5.4 StoneBridgeA APAC 5.19 -5.1
KnifeRiver KNF 79.24 0.5 QVC Nts2067 QVCD 15.20 1.0 Wabtec WAB 145.42 -0.7 Gevo GEVO 0.62 -7.6 Moatable MTBL 0.71 1.4 TROOPS TROO 1.36 -12.7
Kroger KR 57.26 -0.8 QVC Nts 2068 QVCC 15.10 1.0 WeatherfordIntl WFRD 117.56 0.6 GreenwaveTech GWAV 0.12 -5.2 MobileGlbEsports MGAM 0.17 -11.0 TTEC TTEC 9.94 -3.1
Friday, March 22, 2024 KuraSushiUSA KRUS 117.55 8.0 QuantaServices PWR 257.52 -0.1 WebsterPfdG WBSpG 23.95 -0.4 GuardantHealth GH 17.06 -1.8 Movano MOVE 0.37 3.9 T2Biosystems TTOO 2.82 -5.0
52-Wk % 52-Wk % 52-Wk % LandosBio LABP 8.08 2.1 RPM RPM 119.42 -0.4 WebsterPfdF WBSpF 21.04 -0.2 HainCelestial HAIN 8.09 -2.3 MullenAuto MULN 4.11 -7.9 Thoughtworks TWKS 2.29 -5.0
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg LandseaHomes LSEA 14.08 4.1 RaymondJames RJF 126.59 -0.4 WellsFargoPfdAY WFCpY 24.93 -0.2 HalladorEnergy HNRG 5.05 -6.7 MyMD Pharm MYMD 2.65 -7.7 TianRuixiang TIRX 0.51 -1.3
LandseaHomesWt LSEAW 0.42 19.4 Redwire RDW 4.50 5.7 WellsFargoPfdACC WFCpC 20.27 0.5 HanoverBancorp HNVR 15.00 -0.2 Nature'sMiracle NMHI 0.84 -1.7 Trevena TRVN 0.41 -8.2
BrightView BV 11.50 2.3 EnerpacTool EPAC 35.92 1.1 LanternPharma LTRN 10.73 17.9 RedwoodPfdA RWTpA 25.09 ... WesternMidstrm WES 35.14 -1.0 Hempacco HPCO 1.86 -10.6 NavitasSemi NVTS 4.25 -4.3 Trinseo TSE 3.57 -9.1
Highs BrookfieldOakPfdB OAKpB
ByrnaTech BYRN
23.83
14.44
-1.5
1.4
EntFinlSvsPfdA EFSCP
FedEx FDX
20.80
291.27
0.2
7.4
LibertyLiveC LLYVK 43.87 -1.2 RegionsFinPfdB RFpB 24.92 0.4 WholeEarthBrds FREE 4.83 0.4 HomeFedBncpLA HFBL 11.83 0.8 NY Mortgage NYMT 6.94 -2.5 TrioPetroleum TPET 0.09 -3.0
Light&Wonder LNW 108.90 -2.2 ReinsGrp RGA 189.45 1.7 Willdan WLDN 28.60 -1.6 Inno INHD 0.77 -0.1 Next.e.GO EGOX 0.04 -21.9 23andMe ME 0.40 -8.2
ADMA Biologics ADMA 6.47 1.6 CBRE Group CBRE 98.65 -1.6 Ferguson FERG 222.39 ...
AECOM ACM 98.64 -0.8
LincolnNational LNC 30.33 -1.8 RenaissancePfdG RNRpG 19.46 -1.1 Williams-Sonoma WSM 316.17 -0.2 InnovativeEyewr LUCY 0.27 -9.4 NovoIntSci NVOS 0.47 -3.7 twoA TWOA 5.70 -19.5
CDW CDW 256.41 0.3 FifthThirdPfdI FITBI 26.25 ... Liquidia LQDA 16.99 3.0 ReposiTrak TRAK 17.20 12.2 WintrustFinPfdE WTFCP 25.21 0.3 Instructure INST 20.70 -0.6 Nxu NXU 0.65 -3.2 UnusualMachines UMAC 1.64 -6.6
AGNC InvtPfdD AGNCM 25.00 1.1 CNOFinDeb2060 CNOpA 22.53 -2.9 FirstCitizBcshA FCNCA 1625.00 -0.8 LiveNationEnt LYV 107.18 -0.6 SEI Investments SEIC 71.06 -1.1 WorthingtonSteel WS 40.15 10.8 IridiumComm IRDM 25.75 -1.0 180LifeSci ATNF 2.61 -20.4 UtahMedProducts UTMD 68.00 0.1
AGNC InvtPfdE AGNCO 24.85 ... CRA Intl CRAI 144.75 1.1 FirstInternetNt29 INBKZ 23.75 0.6 LloydsBanking LYG 2.63 ... SM Energy SM 49.23 -0.3 XTL Biopharm XTLB 2.94 8.3 iRobot IRBT 7.97 -2.5 111 YI 1.04 -13.1 VeriSign VRSN 188.36 -1.0
AGNCInvPfdG AGNCL 24.40 0.2 CRH CRH 86.43 0.7 FirstInternetBncp INBK 34.96 2.5 LouisianaPacific LPX 82.84 0.1 SachemNts2026 SCCD 23.26 0.5 XBiotech XBIT 7.50 3.4 iSpecimen ISPC 0.23 -13.4 PainReform PRFX 1.78 -9.6 ViomiTech VIOT 0.50 -5.7
ASP Isotopes ASPI 4.97 -3.5 Cal-MaineFoods CALM 62.58 -1.1 Fiserv FI 157.33 ...
AcaciaResearch ACTG 5.34 0.6
Lowe's LOW 262.49 -1.0 SachemNts2027 SCCE 23.33 2.0 YPF YPF 20.41 0.3 IspireTechnology ISPR 5.53 -27.0 PetMedExpress PETS 4.67 -1.1 WNS WNS 51.30 -1.8
CapitalOnePfdK COFpK 19.89 0.3 Flowserve FLS 46.06 -0.7 LyraTherap LYRA 6.71 2.8 SafeBulkersPfdC SBpC 26.09 2.2 YottaAcqn YOTAU 13.28 -7.5 J-Long JL 1.17 -12.3 RealGoodFood RGF 0.30 1.2 WhereFoodComes WFCF 10.83 -1.1
ActiniumPharm ATNM 9.86 1.0 CapitalOnePfdL COFpL 18.51 0.5 FormulaSys FORTY 83.19 1.0 JKS
MFAFinNts29 MFAN 25.60 0.3 SafeBulkersPfdD SBpD 26.40 2.1 ZalatorisAcqn TCOA 10.89 0.1 JinkoSolar 22.42 -5.2 RegencellBio RGC 3.50 -8.9 Workhorse WKHS 0.20 -5.4
AegonNts2049 AEFC 22.70 -0.4 CapitalOnePfdN COFpN 18.12 0.2 Fortive FTV 87.10 -0.6 KandiTech KNDI 2.10 0.5 RelianceGlobal RELI 0.33 -8.7 YatsenHolding YSG
MRC Global MRC 12.73 0.2 SchwabC SCHW 72.94 -0.3 2.10 ...
AileronTherap ALRN 6.20 9.3
AirLease AL 48.43 2.6
CardiffOncology CRDF
CareTrustREIT CTRE
6.11
24.41
13.8
-1.0
FosterLB
Freshpet
FSTR
FRPT
26.29
115.27
2.6
0.6
MYR Group
MagnoliaOil
MYRG
MGY
173.27
25.00
1.6
-0.6
SeapeakPfdB
SelectWater
SEALpB
WTTR
25.69
9.34
...
-1.6
Lows KeyarchAcqn KYCH
KyvernaTherap KYTX
9.01 -7.1 RevivaPharm
25.54 -4.4 SI-BONE
RVPH
SIBN
2.67 4.7 ZaiLab
15.16 -2.9 ZeviaPBC
ZLAB
ZVIA
16.11 -6.2
1.06 -1.8
AkebiaTherap AKBA 2.24 6.4 Carlisle CSL 390.87 -0.4 FultonFinlPfdA FULTP 19.90 1.6 A SPAC I Un ASCAU 8.40 -11.5 LoboEV LOBO 3.12 0.9 Sadot SDOT 0.29 -12.0 Zoomcar ZCAR 0.68 -12.7
MakeMyTrip MMYT 69.21 0.3 ShakeShack SHAK 110.90 0.6
Alight ALIT 10.38 -3.8 CarlyleSecured CGBD 16.61 -1.0 FusionPharm FUSN 21.30 0.2 A SPAC II Wt ASCBW 0.00 -48.9 Largo LGO 1.50 -4.8 ShenandoahTel SHEN 17.10 -2.4 ZuraBio ZURA 2.00 -29.1
MarathonPetrol MPC 200.62 0.5 SharkNinja SN 60.87 1.4
AllisonTransm ALSN 79.43 0.7 CaseysGenStores CASY 319.98 -0.5 GEO Group GEO 14.81 -0.8 ATI PhysTherapy ATIP 5.31 3.1
Marriott MAR 256.53 ... ShoeCarnival SCVL 37.08 1.9
AlphaProTech APT 6.75 4.2 Caterpillar CAT 365.52 -1.8 GalectinTherap GALT 2.48 ... A2Z SmartTech AZ 0.60 -7.5
MasterBrand MBC 18.77 0.2 SilverBoxIIIUn SBXC.U 13.78 23.2
AmerEquity AEL 56.30 -0.1 Celanese CE 169.51 -1.7 GarrettMotion GTX 9.96 0.3 AdamasOne JEWL 0.30 0.9
MatadorRscs MTDR 69.00 -1.2 SkyHarbourWt SKYH.WS 1.89 -1.1
AmerHlthcrREIT AHR 14.58 -1.8 CentessaPharm CNTA 12.45 1.0 GeneralElec GE 177.50 -0.8 MauiLand MLP 22.01 1.8 SkyHarbour SKYH 13.50 0.3 agilon health AGL 4.88 -9.9
AIG
Amphenol
AIG
APH
77.63
115.18
-1.3
...
CenturyAluminum CENX
Ceragon CRNT
13.36
3.23
4.4
-0.9
GeneralMotors GM
GoDaddy GDDY
43.66
121.77
-0.8
1.0
MolinaHealthcare MOH
MontereyCapA MCAC
420.00
11.09
-0.7
0.1
Smith-Midland SMID
SoCopper SCCO
48.87
105.26
3.6
0.8
AllurionTech
AnavexLifeSci
ALUR
AVXL
1.83 -8.0
4.63 -8.8
Dividend Changes
Annexon ANNX 7.61 11.7 ChromaDex CDXC 3.59 11.3 GoldenStarAcqn GODN 10.68 0.9 Moog A MOG.A 159.02 -0.4 Squarespace SQSP 35.65 -0.5 ApyxMedical APYX 1.21 -5.3
AnteroMidstream AM 14.06 -0.5 Cigna CI 355.77 -0.5 GoldmanSachs GS 416.76 -1.7 Aterian ATER 2.55 2.2
Amount Payable /
MorganStanleyPfdA MSpA 23.77 -0.3 StandexIntl SXI 184.18 -0.1
AppliedIndlTechs AIT 201.76 -1.9 Citigroup C 61.67 -0.8 GoldmanSachsPfA GSpA 23.88 -0.3 MotorolaSol MSI 351.33 -0.2 SteelDynamics STLD 145.48 0.1 AtriCure ATRC 28.21 -4.2 Company Symbol Yld % New/Old Frq Record
ArborRealtyPfdE ABRpE 20.20 0.3 CitizensFin CFG 36.18 -1.6 Graham GHM 27.24 6.0 MyersIndustries MYE 23.63 5.8 StifelFinNts47 SFB 23.79 -0.2 AultAlliance AULT 0.35 -1.6
Archrock AROC 20.14 -2.2 ClearwaterPaper CLW 42.68 -0.9 GreenBrickPtrs GRBK 59.44 0.5 NICE NICE 262.19 1.9 StifelFinlPfdD SFpD 18.84 ... Auna AUNA 9.30 -20.0 Increased
AristaNetworks ANET 307.74 0.6 CollegiumPharm COLL 39.96 0.2 GpoFinGalicia GGAL 26.52 0.5 NatlHealthInv NHI 62.30 -1.2 SummitMidstream SMLP 27.25 39.0 AuriniaPharm AUPH 4.94 -0.8 Friedman Industries FRD 0.4 .04 /.02 Q May24 /Apr26
ArloTech ARLO 13.34 -3.0 ConstructionPtrs ROAD 55.00 1.5 GpoSupervielle SUPV 6.20 0.3 NaturalGasSvcs NGS 18.72 1.5 SunstonePfdH SHOpH 23.93 8.0 AustralianOilseeds COOT 2.05 -13.0
ArmstrongWorld AWI 125.56 -0.1 CNM GulfportEnergy GPOR AvalonGloboCare ALBT
AssurantNts2061 AIZN 22.97 0.2
Core&Main 58.26 0.5 161.10 -0.3 Neurogene NGNE 53.00 1.3 Sweetgreen SG 25.13 0.9 0.25 1.6 Initial
Curtiss-Wright CW 250.13 1.4 H&E Equipment HEES 63.55 ... NexaResources NEXA 7.62 -0.1 Talkspace TALK 3.62 2.6 ByndCannasoft BCAN 2.06 -31.2
AthenePfdD ATHpD 19.24 -0.8 DNOW DNOW 15.02 -0.6 HCI Group HCI 119.60 2.5 NextNav NN 6.60 9.4 TargaResources TRGP 111.76 -0.1 BioVie BIVI 0.54 1.4 CuriosityStream CURI 10.9 .025 Apr30 /Apr12
AtlasNts2027 ATCOL 24.67 -0.6 DT Midstream DTM 59.71 -0.2 HarleyDavidson HOG 44.14 -1.0 NextNavWt NNAVW 1.95 9.8 Tenaris TS 39.76 0.1 BoneBiologics BBLG 2.10 2.3
AtmusFiltration ATMU 29.79 3.3 DXP Ents DXPE 54.31 -1.5 HeritageInsurance HRTG 10.98 ... NortechSystems NSYS 14.25 6.3 Tennant TNC 122.29 ... Boxlight BOXL 0.70 -4.5 Stocks
Autoliv ALV 123.51 1.3 DataStorage DTST 7.62 -6.5 HessMidstream HESM 36.01 -0.3 Nucor NUE 197.98 -1.0 TevaPharm TEVA 13.97 1.0 BrightMindsBio DRUG 1.14 ... DouYu Intl ADR DOYU 1:10 /Mar28
AutoZone AZO 3256.37 0.9 Despegar.com DESP 12.50 0.8 HillmanSolns HLMN 10.38 -1.0 NuvPfd&Incm NPFI 25.45 0.2 TidewaterWt TDW.WS 9.86 11.5 Brown-Forman A BF.A 51.98 -1.7
AvadelPharm AVDL 17.44 0.8
Etao International ETAO 1:20 /Mar25
DeutscheBank DB 15.36 0.5 HondaMotor HMC 37.90 0.6 OFSCapNts2028 OFSSH 22.35 0.1 Tidewater TDW 92.15 1.1 Brown-Forman B BF.B 50.89 -1.4
Avantor AVTR 26.11 0.5 DiamondbkEner FANG 195.12 0.2 Hubbell HUBB 418.83 0.7 Openlane KAR 17.02 -0.5 ToyotaMotor TM 255.23 1.3 CN Energy CNEY 1.02 -2.8
BBB Foods TBBB 23.82 3.2 DianthusTherap DNTH 33.77 14.3 HuntingtonPfdH HBANP 19.87 -0.4 OakWoodsAcqnA OAKU 10.72 0.3 Travelers TRV 227.48 -0.7 Cato CATO 5.56 -2.1
Foreign
BancoBBVA BBAR 8.60 1.7 DiscoverFinSvcs DFS 127.90 -1.1 IDT IDT 38.68 0.1 Ocugen OCGN 1.71 22.4 TriNet TNET 132.97 -0.3 Chewy CHWY 15.65 4.4 Accenture Cl A ACN 1.5 1.29 Q May15 /Apr11
BBVA BBVA 11.83 0.9 Disney DIS 117.66 -0.7 ING Groep ING 15.97 0.4 OrionGroup ORN 9.61 5.0 Tripadvisor TRIP 28.76 0.8 ChromocellTherap CHRO 2.46 -11.5 BanColombia ADR CIB 9.4 .8118 Q Apr11 /Apr01
Bladex BLX 29.72 0.8 DreamFinders DFH 42.51 5.8 IDEX IEX 246.36 -0.8 OtisWorldwide OTIS 100.35 -0.9 TruistFinl TFC 38.55 -0.9 CoeptisTherap COEP 0.30 -0.6
BancoMacro BMA
Full Truck Alliance ADR YMM 1.7 .1264 Apr19 /Apr05
52.70 2.1 DycomInds DY 146.32 0.5 IllinoisToolWks ITW 271.15 -0.6 PNC Finl PNC 158.80 -1.5 TsakosEnergy TNP 26.11 1.9 CollectiveAudience CAUD 0.69 1.1
BancoSantander SAN 4.69 2.4 DynexCapPfdC DXpC 24.85 -0.5 Informatica INFA 36.81 1.4 Paccar PCAR 124.89 -0.5 TScanTherap TCRX 8.06 14.4 Conmed CNMD 74.67 0.4 HUYA ADR HUYA ... .64 May24 /May10
BanColombia CIB 34.81 0.6 EMCOR EME 349.74 0.6 Innovid CTV 2.49 6.4 ParkHotels PK 18.05 -0.6 TutorPerini TPC 14.12 1.2 CosmosHealth COSM 0.61 1.9 TIM ADR TIMB 4.5 .27596 Q Apr30 /Apr01
BankofAmerica BAC 37.61 -1.2 EagleMaterials EXP 267.86 1.1 Inotiv NOTV 11.20 6.4 PartnerRePfdJ PREpJ 21.90 -0.2 UFP Tech UFPT 244.63 3.0 CullmanBancorp CULL 10.17 ... ZTO Express (Cayman) ADR ZTO ... .37 A Apr29 /Apr10
BankofAmPfd4 BMLpJ 23.05 -0.3 Eaton ETN 317.02 0.3 Intellicheck IDN 3.18 74.9 Pearson PSO 13.17 0.4 US BancorpPfdK USBpP 25.14 -0.1 DigitalTurbine APPS 2.55 -7.9
BankofAmPfdE BACpE 23.87 -0.2 Ecolab ECL 229.80 0.2 JELD-WEN JELD 20.59 1.7 PerellaWeinberg PWP 14.50 -4.2 US BancorpPfdB USBpH 21.97 -0.6 ESSTech GWH 0.61 -9.4 Note: Dividend yields as of 3:30 p.m. ET
BankNY Mellon BK 57.45 -1.4 ElPasoEngy pfC EPpC 48.59 0.4 JPMorganChase JPM 200.48 -1.2 PermianRscs PR 17.43 -0.8 UWM UWMC 7.66 1.7 EzgoTech EZGO 0.07 -10.0 Sources: FactSet; Dow Jones Market Data
Berkley WRB 86.98 0.5 ElementSolns ESI 25.05 0.6 JanusHenderson JHG 32.78 0.7 Phillips66 PSX 159.80 0.2 UnvlStainless USAP 23.44 6.6 EdibleGarden EDBL 0.27 -3.0
BetterwaredeMexico BWMX 20.00 3.8 ElevanceHealth ELV 519.37 -0.2 JefferiesFinl JEF 46.25 -1.2 Pilgrim'sPride PPC 34.13 -0.1 VelocityFinl VEL 19.08 -2.7 ElectraVehicles SOLO 0.20 -3.0 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
BlueBird BLBD 36.94 0.2 Embraer ERJ 26.92 8.1 Kaspi.kz KSPI 123.31 1.5 PrimoWater PRMW 18.49 -0.1 Veralto VLTO 90.69 -0.5 Embecta EMBC 12.40 -4.5
BoiseCascade BCC 152.70 -0.5 Enact ACT 30.76 -0.8 KemperDeb2062 KMPB 22.98 ... PrincipalFinl PFG 85.09 -1.1 VerraMobility VRRM 25.13 ... FSD Pharma HUGE 0.67 -3.5 spin-off.
B10 | Saturday/Sunday, March 23 - 24, 2024 * ***** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed -3.91 46.28 36.30 Fortis FTS 4.4 17 39.52 -0.09 2.88 94.97 59.12 McCormickVtg MKC.V 2.4 28 69.96 1.25 9.58 815.32 427.01 ServiceNow NOW ... 92 774.15 0.97
securities. Prices are consolidated from trades reported by various market centers, including securities s 16.34 87.10 62.70 Fortive FTV 0.4 35 85.66 -0.54 2.35 94.39 59.13 McCormick MKC 2.4 28 70.03 0.55 s 18.12 60.87 25.84 SharkNinja SN 0.0 50 60.44 0.85
exchanges, Finra, electronic communications networks and other broker-dealers. The list comprises the 7.96 84.29 54.10 FortuneBrands FBIN 1.2 26 82.20 -1.68 -4.68 302.39 245.73 McDonald's MCD 2.4 24 282.63 -0.90 1.70 68.74 53.74 Shell SHEL 3.9 12 66.92 0.07
1.25 35.41 28.29 FoxA FOXA 1.7 18 30.04 -0.47 15.03 537.26 334.79 McKesson MCK 0.5 24 532.57 -1.61 9.93 347.71 205.81 SherwinWilliams SHW 0.8 37 342.87 -4.36
1,000 largest companies based on market capitalization. -1.19 33.24 25.82 FoxB FOX 1.9 16 27.32 -0.47 33.36 419.42 175.38 Medpace MEDP ... 46 408.79 -4.52 21.73 38.65 24.99 ShinhanFin SHG 2.5 6 37.47 -0.15
Underlined quotations are those stocks with large changes in volume compared with the issue’s 3.22 161.25 102.29 Franco-Nevada FNV 1.3 dd 114.38 -2.24 0.85 92.02 68.84 Medtronic MDT 3.3 26 83.08 -0.33 47.43 315.95 157.00 ShockwaveMed SWAV ... 73 280.94 -4.32
-8.12 30.32 21.88 FranklinRscs BEN 4.5 14 27.37 -0.48 0.03 1825.00 1063.02 MercadoLibre MELI ... 81 1571.99 16.30 1.05 91.57 43.50 Shopify SHOP ...875 78.72 -0.87
average trading volume. 5.94 46.46 32.83 FreeportMcM FCX 1.3 36 45.10 -1.14 13.60 130.24 99.14 Merck MRK 2.5937 123.85 0.23 6.46 157.82 100.17 SimonProperty SPG 5.1 22 151.86 -3.95
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous -10.03 27.71 16.37 FreseniusMedCare FMS 2.2 20 18.74 -0.32 43.97 523.57 197.90 MetaPlatforms META 0.4 34 509.58 1.82 1.96 218.38 101.74 SimpsonMfg SSD 0.5 24 201.86 -3.34
closing price was $2 or higher. 4.85 8.30 5.41 FullTruck YMM 1.7 25 7.35 0.21 9.83 74.01 48.95 MetLife MET 2.9 40 72.63 -0.64 -29.07 7.95 3.32 SiriusXM SIRI 2.7 12 3.88 ...
-0.81 67.49 35.91 Futu FUTU ... 14 54.19 -1.19 9.45 1615.97 928.50 Mettler-Toledo MTD ... 37 1327.60 -11.04 14.07 188.01 116.81 SiteOneLandscape SITE ... 49 185.37 -0.44
Footnotes: -2.37 94.30 68.75 MicrochipTech MCHP 2.0 21 88.04 -0.83 -2.42 65.17 43.67 SkechersUSA SKX ... 17 60.83 -0.71
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four quarters. GHI 29.14 113.50 56.01 MicronTech MU 0.4 dd 110.21 0.36 -6.09 118.42 85.06 Skyworks SWKS 2.6 19 105.57 -0.60
14.01 430.82 272.05 Microsoft MSFT 0.7 39 428.74 -0.63 8.30 89.96 63.40 SmithAO AOS 1.4 24 89.28 -0.60
Stock tables reflect composite regular trading as of 4 p.m. ET and 16.05 94.50 62.35 GE HealthCare GEHC 0.1 30 89.73 -1.47 141.13 1815.00 230.72 MicroStrategy MSTR ... 54 1523.00 -76.29 -3.96 33.09 21.52 Smith&Nephew SNN 2.8 44 26.20 0.12
2.49 39.05 26.87 GFLEnvironmental GFL 0.1 dd 35.37 0.30 -2.68 158.46 115.56 MidAmApt MAA 4.5 28 130.85 -2.09 -1.51 159.92 107.33 Smucker SJM 3.4 dd 124.47 0.53
changes in the official closing prices from 4 p.m. ET the previous day. 14.27 43.84 33.33 GSK GSK 3.4 14 42.35 -0.02 4.91 158.04 109.59 Middleby MIDD ... 21 154.39 -2.31 -32.66 17.90 7.86 Snap SNAP ... dd 11.40 0.24
9.63 256.10 181.87 Gallagher AJG 1.0 56 246.53 -3.77 22.88 11.21 5.99 MitsubishiUFJ MUFG 1.9 9 10.58 0.08 0.97 297.61 226.68 Snap-On SNA 2.6 16 291.63 -1.55
Friday, March 22, 2024 YTD 52-Week Yld Net -8.61 52.45 43.54 Gaming&Leisure GLPI 6.7 16 45.10 -0.60 18.31 4.32 2.74 MizuhoFin MFG 2.3 11 4.07 0.04 -20.09 237.72 134.17 Snowflake SNOW ... dd 159.03 0.64
% Chg Hi Lo Stock Sym % PE Last Chg 34.29 28.59 7.22 Gap GPS 2.1 21 28.08 -0.40 -27.12 47.41 23.49 Mobileye MBLY ... dd 31.57 0.17 -20.34 85.47 38.50 SOQUIMICH SQM 6.8 7 47.97 -1.56
YTD 52-Week Yld Net 14.59 149.42 94.33 Garmin GRMN 2.0 22 147.29 -0.85 6.01 163.24 62.55 Moderna MRNA ... dd 105.43 1.34 -6.41 100.94 79.62 Sony SONY 0.5 17 88.62 -0.10
% Chg Hi Lo Stock Sym % PE Last Chg 0.71 60.87 40.28 CarrierGlobal CARR 1.3 37 57.86 -1.96 6.26 486.54 292.60 Gartner IT ... 43 479.34 -3.77 20.89 127.32 76.02 MohawkInds MHK ... dd 125.12 -1.06 -0.46 75.80 61.56 Southern SO 4.0 19 69.80 -0.10
62.33 90.48 6.70 Carvana CVNA ...116 85.94 -1.77 -3.16 24.37 15.45 GenDigital GEN 2.3 10 22.10 -0.04 s 14.78 420.00 261.24 MolinaHealthcare MOH ... 22 414.72 -3.03 s 21.25 105.26 64.66 SoCopper SCCO 3.6 33 104.36 0.81
ABC s 15.23 319.98 206.54 CaseysGenStores CASY 0.5 25 316.59 -1.52 8.28 284.75 202.35 GeneralDynamics GD 2.0 23 281.16 -0.18 9.72 70.90 49.32 MolsonCoorsB TAP 2.6 15 67.16 0.09 -1.49 39.53 21.91 SouthwestAir LUV 2.5 39 28.45 -0.23
24.17 68.81 31.45 Catalent CTLT ... dd 55.79 -0.06 s 37.23 177.50 90.32 GeneralElec GE 0.2 21 175.15 -1.49 21.40 239.22 108.34 monday.com MNDY ... dd 228.00 -1.25 11.15 7.69 4.57 SouthwesternEner SWN ... 5 7.28 -0.01
s 5.60 98.64 74.40 AECOM ACM 0.8219 97.61 -0.79 s 21.12 365.52 204.04 Caterpillar CAT 1.5 18 358.11 -6.45 6.08 90.89 60.33 GeneralMills GIS 3.4 16 69.10 0.34 -0.04 78.59 60.75 Mondelez MDLZ 2.3 20 72.40 0.19 41.00 272.44 126.83 Spotify SPOT ... dd 264.95 5.31
-15.64 25.73 11.43 AES AES 4.2 50 16.24 0.48 s 6.46 169.51 97.12 Celanese CE 1.7 9 165.41 -2.93 s 19.88 43.66 26.30 GeneralMotors GM 0.9 6 43.06 -0.36 -13.05 509.62 198.72 MongoDB MDB ... dd 355.50 -4.65 -3.49 104.21 73.12 StanleyBlackDck SWK 3.4 dd 94.68 -1.13
2.01 86.20 61.30 Aflac AFL 2.4 11 84.16 -0.86 69.59 99.62 28.08 CelsiusHldg CELH ...118 92.46 1.51 -6.03 42.99 26.32 Genmab GMAB ... 31 29.92 0.36 6.58 778.15 383.19 MonolithicPower MPWR 0.7 77 672.31 -2.93 7.15 87.53 54.90 Stantec STN 0.7 39 85.92 -0.16
-2.51 140.46 105.77 AGCO AGCO 1.0 8 118.36 0.33 10.84 8.81 4.94 Cemex CX ... 65 8.59 0.13 10.72 37.58 25.85 Gentex GNTX 1.3 20 36.16 -0.25 3.28 61.23 47.13 MonsterBev MNST ... 39 59.50 -0.38 -5.52 115.48 89.21 Starbucks SBUX 2.5 24 90.71 -0.95
-3.76 364.31 258.01 Ansys ANSS ... 61 349.24 1.04 18.07 243.83 150.25 Cencora COR 0.8 26 242.50 0.17 12.55 174.91 126.35 GenuineParts GPC 2.6 17 155.88 -1.50 -0.75 407.62 285.13 Moody's MCO 0.9 44 387.64 -7.98 -2.09 81.37 62.78 StateStreet STT 3.6 14 75.84 -0.09
-6.74 46.15 29.47 APA APA 3.0 4 33.46 -0.45 16.28 21.37 14.69 CenovusEnergy CVE 2.1 12 19.36 0.04 -11.34 6.16 4.11 Gerdau GGB 7.5 5 4.30 -0.10 -1.39 95.57 69.42 MorganStanley MS 3.7 18 91.95 -1.45 s 21.94 145.48 90.55 SteelDynamics STLD 1.3 10 144.01 0.15
19.34 11.68 6.70 ASE Tech ASX 3.8 24 11.23 -0.12 3.67 81.42 60.83 Centene CNC ... 16 76.93 -0.25 -10.37 87.86 71.37 GileadSciences GILD 4.2 16 72.61 -0.48 6.13 316.05 163.28 Morningstar MORN 0.5 92 303.79 -1.45 25.13 29.51 15.07 Stellantis STLA 5.0 5 29.18 -0.03
29.47 1056.34 564.00 ASML ASML 0.6 46 979.96 -10.83 -2.59 31.43 25.42 CenterPointEner CNP 2.9 20 27.83 -0.16 -6.73 78.53 26.24 GitLab GTLB ... dd 58.72 -1.15 -12.73 48.92 29.25 Mosaic MOS 2.7 9 31.18 -0.86 4.16 254.00 180.54 Steris STE 0.9 40 229.00 1.91
1.19 19.99 13.43 AT&T T 6.5 9 16.98 -0.18 -2.55 9.11 5.74 CentraisElBras EBR 0.5 21 8.40 -0.13 4.04 141.78 95.12 GlobalPayments GPN 0.8 35 132.13 -2.46 s 11.33 351.33 265.95 MotorolaSol MSI 1.1 35 348.56 -0.61 13.63 36.30 22.23 Stevanato STVN
-0.50 43.59 19.59 CerevelTherap CERE ... dd 42.19 -0.08 0.2 52 31.01 2.70
0.45 121.64 89.67 AbbottLabs ABT 2.0 34 110.57 -0.94 -13.84 72.37 48.12 GlobalFoundries GFS ... 28 52.21 -0.27 15.68 426.01 243.00 MurphyUSA MUSA 0.4 16 412.46 2.19 9.73 77.98 54.57 StifelFinancial SF 2.2 18 75.88 -1.21
15.15 182.89 130.96 AbbVie ABBV 3.5 66 178.45 0.95 15.30 275.00 161.65 CharlesRiverLabs CRL ... 30 272.57 -0.86 -17.12 251.50 135.41 Globant GLOB ... 54 197.24 -4.35 s 30.93 262.19 149.54 NICE NICE ... 51 261.21 4.81 -13.62 55.85 37.21 STMicroelec STM 0.5 10 43.30 -0.18
-3.82 387.51 261.68 Accenture ACN 1.5 31 337.50 -7.53 -25.23 458.30 270.41 CharterComms CHTR ... 10 290.60 -4.01 -5.13 132.00 102.23 GlobeLife GL 0.8 11 115.47 -0.37 -46.09 16.18 4.78 NIO NIO ... dd 4.89 -0.11 17.75 361.41 249.98 Stryker SYK 0.9 43 352.62 -0.89
30.81 270.20 149.30 AcuityBrands AYI 0.2 23 267.93 -1.32 8.04 168.82 117.18 CheckPoint CHKP ... 23 165.08 -0.57 s 14.56 121.77 67.44 GoDaddy GDDY ... 13 121.62 1.26 -1.42 44.96 34.38 NNN REIT NNN 5.3 20 42.49 -0.17 23.04 12.46 7.75 SumitomoMits SMFG 2.5 14 11.91 0.20
-16.27 638.25 331.89 Adobe ADBE ... 48 499.52 -11.73 10.94 654.62 492.84 Chemed CHE 0.2 36 648.72 4.81 4.56 17.78 10.31 GoldFields GFI 2.1 19 15.12 -0.08 -5.77 21.91 14.05 NOV NOV 1.0 8 19.11 -0.24 12.77 44.42 25.43 SummitMaterials SUM ... 18 43.37 -0.25
21.76 176.31 75.76 AdvDrainageSys WMS 0.3 27 171.24 -1.32 -6.44 183.46 135.30 CheniereEnergy LNG 1.1 4 159.72 0.04 s 5.46 416.76 289.36 GoldmanSachs GS 2.7 18 406.82 -6.89 29.92 67.96 30.50 NRG Energy NRG 2.4 dd 67.17 0.13 -3.79 143.99 102.74 SunComms SUI 2.9113 128.59 -3.17
21.87 227.30 81.02 AdvMicroDevices AMD ...343 179.65 0.97 -0.86 62.34 43.25 CheniereEnerPtrs CQP 6.3 7 49.36 -1.22 -6.53 3.92 2.65 Grab GRAB ... dd 3.15 -0.10 13.87 8118.23 5210.49 NVR NVR ... 17 7971.71 -30.25 4.51 55.46 43.97 SunLifeFinancial SLF 4.3 14 54.20 -0.87
2.60 6.12 4.03 Aegon AEG 4.7 dd 5.91 0.04 12.18 91.00 72.17 ChesapeakeEner CHK 2.6 5 86.31 0.06 8.75 94.77 67.98 Graco GGG 1.1 32 94.35 -0.29 6.38 264.26 155.31 NXP Semicon NXPI 1.7 23 244.33 -1.78 12.02 36.47 27.59 SuncorEnergy SU 4.5 8 35.89 -0.33
16.40 87.24 49.58 AerCap AER ... 6 86.51 0.30 3.69 172.88 139.62 Chevron CVX 4.2 14 154.66 -0.20 23.94 1034.18 625.97 Grainger GWW 0.7 28 1027.10 -2.45 6.00 63.05 46.88 Nasdaq NDAQ 1.4 29 61.63 -0.21 242.20 1229.00 93.19 SuperMicroComp SMCI ... 76 972.74 1.13
-26.66 52.48 8.80 AffirmHldgs AFRM ... dd 36.04 -1.47 26.02 3023.98 1609.12 Chipotle CMG ... 65 2882.04 -22.94 14.48 28.64 20.07 GraphicPkg GPK 1.4 12 28.22 0.19 47.38 96.24 36.90 Natera NTRA ... dd 92.32 0.45 9.77 12.66 7.46 Suzano SUZ 1.4 6 12.47 -0.01
6.06 151.58 96.80 AgilentTechs A 0.6 35 147.45 -1.29 13.06 260.58 183.40 Chubb CB 1.3 12 255.51 -0.80 -12.09 198.28 107.25 GpoAeroportuar PAC 5.0 16 154.03 3.98 0.01 74.48 56.41 NationalGrid NGG 5.2 5 68.00 0.08 8.80 43.84 26.59 SynchronyFinl SYF 2.4 8 41.55 -1.10
1.44 61.15 43.22 AgnicoEagleMines AEM 2.9 14 55.64 -0.75 -2.25 41.58 35.45 ChunghwaTel CHT 3.0 25 38.19 -0.20 5.29 317.94 165.00 GpoAeroportSur ASR 1.6 16 309.85 5.31 18.29 7.02 4.29 NatWest NWG 6.3 6 6.66 0.12 15.40 629.38 360.37 Synopsys SNPS ... 65 594.20 -7.81
-13.55 307.71 212.24 AirProducts APD 3.0 23 236.71 1.22 10.62 105.67 82.25 Church&Dwight CHD 1.1 34 104.60 0.72 4.13 122.35 68.45 Guidewire GWRE ... dd 113.54 0.05 18.80 112.48 59.81 NetApp NTAP 1.9 24 104.73 -0.34 11.57 82.89 62.23 Sysco SYY 2.5 20 81.59 -0.05
23.30 170.10 103.55 Airbnb ABNB ... 23 167.86 -0.32 -12.72 150.45 106.45 ChurchillDowns CHDN 0.3 22 117.77 -0.83 21.89 334.02 215.96 HCA Healthcare HCA 0.8 17 329.94 1.09 13.27 118.89 80.79 NetEase NTES 2.4 17 105.52 -1.32
-7.93 129.17 74.07 AkamaiTech AKAM ... 31 108.97 -0.17 s 17.48 355.77 240.50 Cigna CI 1.6 20 351.78 -1.94 -18.95 71.39 52.16 HDFC Bank HDB 1.1 17 54.39 -1.22
-16.35 247.44 106.69 Albemarle ALB 1.3 9 120.86 -4.00 13.49 121.38 95.01 CincinnatiFinl CINF 2.8 10 117.42 -1.42 10.83 62.20 37.12 HF Sinclair DINO 3.2 7 61.59 -0.02
28.99 634.36 315.62 Netflix NFLX ... 52 628.01 5.30 TUV
7.34 148.37 89.04 Neurocrine NBIX ... 58 141.43 -2.31
-9.13 23.88 19.86 Albertsons ACI 2.3 9 20.90 -0.11 6.09 644.96 428.68 Cintas CTAS 0.8 46 639.39 -2.77 -0.13 33.90 25.22 HP HPQ 3.7 9 30.05 -0.03 26.53 98.20 35.70 NewOrientalEduc EDU ... 51 92.72 -1.69 -6.10 15.52 5.08 TAL Education TAL ... dd 11.86 -0.27
7.03 88.23 66.24 Alcon ALC 0.3 42 83.61 -0.30 -1.46 58.19 45.55 CiscoSystems CSCO 3.2 15 49.78 -0.10 -2.52 42.47 32.41 HSBC HSBC 7.7 7 39.52 0.02 -18.41 52.76 29.42 Newmont NEM 3.0 dd 33.77 -0.76 3.35 42.76 32.52 TC Energy TRP 7.0 20 40.40 ...
-0.98 135.44 90.73 AlexandriaRlEst ARE 4.0232 125.53 -3.06 s 18.23 61.67 38.17 Citigroup C 3.5 15 60.82 -0.51 13.04 50.89 30.20 H World HTHT 1.6 22 37.80 0.58 4.20 28.92 15.98 NewsCorp B NWS 0.7 68 26.80 -0.42 -2.02 108.92 86.30 TD Synnex SNX 1.5 16 105.44 0.43
-6.94 105.05 66.63 Alibaba BABA 1.4 13 72.13 -1.70 s 6.07 36.18 22.77 CitizensFin CFG 4.8 11 35.15 -0.56 1.82 9.05 7.70 Haleon HLN 1.8 30 8.38 0.05 5.50 28.00 15.88 NewsCorp A NWSA 0.8 65 25.90 -0.31 2.00 146.84 115.00 TE Connectivity TEL 1.8 14 143.31 -0.68
16.58 413.20 176.34 AlignTech ALGN ... 55 319.42 -1.85 8.28 86.58 60.38 CivitasRscs CIVI 2.7 8 74.04 -1.25 6.20 43.85 27.84 Halliburton HAL 1.8 13 38.39 -0.07 1.71 79.78 47.15 NextEraEnergy NEE 3.3 17 61.78 0.42 -10.12 21.34 15.47 Telus TU 7.0 37 15.99 -0.52
5.86 136.91 95.94 Allegion ALLE 1.4 22 134.12 -1.17 11.64 197.21 129.70 CleanHarbors CLH ... 28 194.83 -0.80 24.61 101.37 64.57 HartfordFinl HIG 1.9 13 100.16 -0.39 24.80 62.14 29.28 Nextracker NXT ... 35 58.47 0.20 -3.74 45.58 35.22 Ternium TX 7.1 12 40.88 -0.23
-5.13 56.26 45.15 AlliantEnergy LNT 3.9 18 48.67 -0.23 4.11 21.57 13.61 Cleveland-Cliffs CLF 0.0 27 21.26 -0.15 7.40 73.58 42.66 Hasbro HAS 5.1 dd 54.84 -1.22 -13.55 128.68 88.66 Nike NKE 1.6 28 93.86 -6.96 18.42 161.74 100.96 TFI Intl TFII 1.0 28 161.03 -0.08
18.05 168.05 100.57 Allstate ALL 2.2 dd 165.25 3.08 5.72 178.21 114.69 Clorox CLX 3.2237 150.75 3.09 -11.41 22.38 15.24 HealthpeakProp DOC 6.8 32 17.54 -0.28 2.07 28.95 22.86 NiSource NI 3.9 18 27.10 ... -1.14 19.14 11.73 TIM TIMB 4.5 15 18.26 -0.06
12.51 41.56 22.54 AllyFinancial ALLY 3.1 13 39.29 -1.31 15.99 116.00 39.90 Cloudflare NET ... dd 96.57 0.16 8.11 200.64 153.63 Heico HEI 0.1 63 193.38 2.15 4.68 4.97 2.94 Nokia NOK 2.4 28 3.58 ... 6.04 102.84 73.65 TJX TJX 1.3 26 99.48 0.30
-23.46 218.88 143.52 AlnylamPharm ALNY ... dd 146.51 -0.11 2.65 64.99 51.55 Coca-Cola KO 3.2 25 60.49 0.02 9.20 162.20 121.43 Heico A HEI.A 0.1 51 155.54 1.92 44.12 6.62 3.38 Nomura NMR 1.9 25 6.50 -0.07 6.19 118.04 72.33 TKO TKO 0.6129 86.63 0.21
7.93 153.78 99.74 Alphabet A GOOGL ... 26 150.77 3.17 -5.83 961.91 511.27 CocaColaCon COKE 0.2 21 874.31 -9.90 -3.42 85.75 60.01 HenrySchein HSIC ... 23 73.12 -0.96 1.65 275.67 204.60 Nordson NDSN 1.0 31 268.52 -1.62 0.17 168.64 124.92 T-MobileUS TMUS 1.6 23 160.61 -0.32
7.69 155.20 100.28 Alphabet C GOOG ... 26 151.77 3.03 6.86 72.67 56.01 Coca-ColaEuro CCEP 2.8 18 71.32 -0.06 6.20 276.88 178.82 Hershey HSY 2.8 22 197.99 -1.32 7.50 263.66 183.09 NorfolkSouthern NSC 2.1 32 254.12 -3.67 5.00 47.20 24.74 TPG TPG 3.0 dd 45.33 -1.23
6.54 48.04 39.06 Altria MO 9.1 9 42.98 -0.99 -4.81 80.09 57.24 CognizantTech CTSH 1.7 17 71.90 -0.68 3.79 167.75 117.32 Hess HES 1.2 33 149.63 0.29 1.37 90.59 62.44 NorthernTrust NTRS 3.5 17 85.54 -0.96 10.15 132.76 87.43 T.RowePrice TROW 4.2 15 118.62 -1.92
17.72 181.41 96.29 Amazon.com AMZN ... 62 178.87 0.72 45.42 67.94 26.29 Coherent COHR ... dd 63.30 0.06 s 12.90 36.01 26.20 HessMidstream HESM 7.1 17 35.71 -0.11 0.13 496.89 414.56 NorthropGrum NOC 1.6 35 468.75 1.26 35.13 158.40 81.21 TaiwanSemi TSM 1.2 27 140.54 1.09
-11.79 3.23 2.42 Ambev ABEV 5.2 13 2.47 -0.02 46.91 276.38 46.43 CoinbaseGlbl COIN ...948 255.51 -6.49 2.30 20.07 13.65 HewlettPackard HPE 3.0 12 17.37 0.16 3.29 22.75 12.15 NorwegCruise NCLH ... 88 20.70 0.16 -5.27 171.59 114.84 TakeTwoSoftware TTWO ... dd 152.46 0.29
-4.25 11.39 8.45 Amcor AMCR 5.4 21 9.23 -0.05 11.91 89.36 67.62 ColgatePalm CL 2.2 32 89.20 0.43 16.04 211.86 129.86 Hilton HLT 0.3 49 211.30 0.75 -4.69 108.78 78.28 Novartis NVS 3.3 13 96.23 0.15 0.98 17.15 13.19 TakedaPharm TAK 3.8 36 14.41 0.05
2.74 99.75 78.38 Amdocs DOX 2.1 19 90.30 -2.47 -2.53 47.45 35.28 Comcast A CMCSA 2.9 12 42.74 -0.15 5.33 87.88 64.02 Hologic HOLX ... 36 75.26 -0.26 24.47 138.28 74.58 NovoNordisk NVO 0.8 48 128.76 -0.14 27.55 48.80 25.99 Tapestry TPR 3.0 12 46.95 -1.14
... 18.23 13.10 AmerSports AS ... ... 16.27 0.46 56.36 329.43 127.09 ComfortSystems FIX 0.3 36 321.58 -1.71 12.62 396.87 274.26 HomeDepot HD 2.3 26 390.28 -4.92 47.06 12.38 4.13 NuHoldings NU ... 58 12.25 0.01 s 27.66 111.75 64.85 TargaResources TRGP 1.8 30 110.90 -0.11
-0.91 91.18 67.03 Ameren AEE 3.7 16 71.68 -0.12 5.06 16.68 8.45 SABESP SBS 1.4 19 16.00 0.33 s 21.90 37.90 25.42 HondaMotor HMC 2.2 9 37.68 0.24 s 11.72 197.98 129.79 Nucor NUE 1.1 11 194.44 -1.94 18.40 175.53 102.93 Target TGT 2.6 19 168.63 -1.54
-0.59 23.07 15.99 AmericaMovil AMX 2.9 14 18.41 -0.28 1.15 38.94 25.16 ConagraBrands CAG 4.8 14 28.99 0.04 -4.28 210.87 174.88 Honeywell HON 2.2 24 200.73 -0.65 35.14 66.99 23.34 Nutanix NTNX ... dd 64.45 1.97 25.52 25.40 12.19 TechnipFMC FTI 0.8209 25.28 0.09
7.86 19.08 10.86 AmerAirlines AAL 0.0 14 14.82 0.04 32.31 41.22 14.69 Confluent CFLT ... dd 30.96 -0.84 7.07 41.73 28.51 HormelFoods HRL 3.3 24 34.38 0.12 -7.28 75.29 47.90 Nutrien NTR 4.1 21 52.23 -1.39 3.15 49.34 33.87 TeckResourcesB TECK 0.8 13 43.60 -1.16
2.13 96.05 69.38 AEP AEP 4.2 20 82.95 -0.15 6.00 127.35 93.26 ConocoPhillips COP 1.9 14 123.03 -0.48 6.47 162.75 94.22 DR Horton DHI 0.7 12 161.82 0.42 24.69 74.35 40.00 nVentElectric NVT 1.0 22 73.68 0.03 -4.99 448.71 364.98 TeledyneTech TDY ... 23 424.03 0.49
20.61 231.69 140.91 AmerExpress AXP 1.2 20 225.96 -3.16 -2.61 100.92 80.46 ConEd ED 3.7 12 88.60 -0.05 7.09 21.31 14.51 HostHotels HST 3.8 20 20.85 -0.30 90.40 974.00 258.50 NVIDIA NVDA 0.0 79 942.89 28.54 -11.39 276.43 177.63 Teleflex TFX 0.6 29 220.94 -3.45
10.33 133.88 105.22 AmericanFin AFG 2.2 13 131.17 -2.03 10.96 273.65 214.67 ConstBrands A STZ 1.3 32 268.24 -1.11 4.65 133.80 83.92 HoulihanLokey HLI 1.8 31 125.49 -2.07 -13.81 6.36 4.33 Ericsson ERIC 3.1 dd 5.43 -0.06
1.03 37.97 28.81 AmHomes4Rent AMH 2.9 36 36.33 -0.27 52.49 185.58 71.16 ConstellationEner CEG 0.8 36 178.24 4.11 25.83 69.55 39.24 HowmetAerospace HWM 0.3 37 68.10 0.42 -6.03 11.43 7.16 TelefonicaBras VIV 3.3 17 10.28 -0.02
s 12.74 77.63 45.66 AIG AIG 1.9 15 76.38 -1.03 6.14 104.07 75.94 Cooper COO 0.0 69 100.42 -0.95 s 27.05 418.83 219.77 Hubbell HUBB 1.2 30 417.92 2.92
OPQ 10.00 4.53 3.71 Telefonica TEF 5.5 dd 4.29 0.02
-10.70 219.10 154.58 AmerTowerREIT AMT 3.4 61 192.79 -1.15 17.16 57.85 35.06 Copart CPRT ... 41 57.41 0.20 7.10 660.00 387.42 HubSpot HUBS ... dd 621.75 1.23 12.55 79.89 55.91 ONEOK OKE 5.0 14 79.03 -0.44 -5.12 29.58 21.66 TelekmIndonesia TLK 3.5 16 24.44 -0.23
-10.79 153.43 114.25 AmerWaterWorks AWK 2.4 24 117.75 -0.46 s 43.97 58.26 20.62 Core&Main CNM ... 27 58.18 0.30 -23.87 541.21 334.54 Humana HUM 1.0 18 348.54 1.15 -10.59 111.35 61.47 ON Semi ON ... 15 74.68 -1.10 7.69 56.44 34.98 TempurSealy TPX 0.9 26 54.89 -1.20
13.25 437.23 279.85 Ameriprise AMP 1.3 18 430.16 -5.57 27.15 27.78 14.01 CorebridgeFin CRBG 3.3 16 27.54 0.01 -2.48 219.50 163.66 JBHunt JBHT 0.9 28 194.79 -3.06 22.89 1169.11 800.40 OReillyAuto ORLY ... 30 1167.53 4.59 s 13.52 39.76 24.69 Tenaris TS 2.7 6 39.46 0.03
11.07 186.32 133.12 Ametek AME 0.6 32 183.15 -1.76 6.96 36.02 25.26 Corning GLW 3.4 48 32.57 -0.56 4.64 13.77 9.13 HuntingtonBcshs HBAN 4.7 11 13.31 -0.30 6.87 67.67 55.12 OccidentalPetrol OXY 1.4 16 63.81 -0.12 21.53 11.80 5.70 TencentMusic TME ... 25 10.95 -0.45
-4.11 329.72 211.71 Amgen AMGN 3.3 22 276.17 -0.78 14.92 63.37 43.22 Corteva CTVA 1.2 54 55.07 -0.71 12.68 299.50 188.51 HuntingIngalls HII 1.8 17 292.55 -1.38 17.23 114.50 65.04 Okta OKTA ... dd 106.13 1.37 35.04 104.71 51.04 TenetHealthcare THC ... 17 102.05 -1.16
-4.87 37.00 17.58 AmkorTech AMKR 1.0 22 31.65 -0.02 9.53 100.38 65.37 CoStar CSGP ...104 95.72 -2.01 22.04 159.94 96.77 HyattHotels H 0.4 78 159.15 -0.29 8.82 452.34 295.80 OldDomFreight ODFL 0.5 39 441.07 -3.75 2.05 119.20 81.08 Teradyne TER 0.4 41 110.75 -0.70
s 15.42 115.18 72.00 Amphenol APH 0.8 37 114.42 0.01 11.32 787.08 476.75 Costco COST 0.6 48 734.80 -7.76 9.06 26.66 20.39 ICICI Bank IBN 0.7 18 26.00 0.02 0.88 30.61 23.47 OldRepublic ORI 3.6 14 29.66 -0.27 -31.25 299.29 152.37 Tesla TSLA ... 40 170.83 -1.99
-2.54 202.77 154.99 AnalogDevices ADI 1.9 35 193.51 -1.64 6.94 29.89 22.66 CoterraEnergy CTRA 3.0 13 27.29 -0.11 -4.38 583.39 372.50 IdexxLab IDXX ... 53 530.72 -1.37 1.04 34.77 25.63 OmegaHealthcare OHI 8.7 31 30.98 -0.24 8.82 190.14 132.28 TetraTech TTEK 0.6 42 181.66 -1.35
12.79 30.27 14.91 AngloGoldAsh AU 1.1228 21.08 -0.08 -5.15 13.46 9.02 Coty COTY 0.0 34 11.78 -0.13 s 5.53 15.97 11.00 ING Groep ING 6.4 ... 15.85 0.07 8.62 99.23 72.20 Omnicom OMC 3.0 14 93.97 -0.34 s 33.05 13.97 7.08 TevaPharm TEVA ... dd 13.89 0.14
-7.92 67.09 51.66 AB InBev BUD 1.0 23 59.50 0.21 8.52 19.99 13.51 Coupang CPNG ... 23 17.57 -0.85 9.09 261.73 167.42 IQVIA IQV ... 35 252.41 -2.15 28.70 37.08 23.41 OnHolding ONON ...128 34.71 -0.90 1.19 188.12 139.48 TexasInstruments TXN 3.0 24 172.48 -0.11
3.05 21.07 14.52 AnnalyCap NLY 13.0 dd 19.96 -0.05 12.83 135.67 67.28 Crane CR 0.6 36 133.30 -1.65 11.41 135.33 75.82 ITT ITT 1.0 27 132.94 -1.45 19.97 199.72 76.40 OntoInnovation ONTO ... 75 183.44 0.43 7.21 2000.00 1266.21 TexasPacLand TPL 0.8 32 1685.87 -14.09
19.00 30.90 19.91 AnteroResources AR ... 35 26.99 0.12 15.87 179.53 116.42 Credicorp BAP 3.9 10 173.72 -3.95 -0.99 52.93 15.00 IcahnEnterprises IEP 29.4 dd 17.02 -0.03 -6.88 45.47 32.04 OpenText OTEX 2.6 83 39.13 -0.82 24.92 157.12 91.06 TexasRoadhouse TXRH 1.6 34 152.69 -0.79
12.29 347.37 284.85 Aon AON 0.8 26 326.79 0.27 51.61 151.32 74.00 Crocs CROX ... 11 141.62 0.62 17.29 344.77 181.92 Icon ICLR ... 45 332.00 -5.28 21.21 132.77 87.51 Oracle ORCL 1.3 34 127.79 -1.22 19.19 96.16 61.27 Textron TXT 0.1 21 95.85 0.44
12.43 39.95 20.43 APi Group APG ... dd 38.90 -0.10 28.30 365.00 115.67 CrowdStrike CRWD ...902 327.58 -1.88 s 12.33 246.36 183.76 IDEX IEX 1.0 31 243.87 -2.00 0.26 13.08 10.97 Orange ORAN 5.1 18 11.46 0.06 9.85 603.82 415.60 ThermoFisher TMO 0.3 38 583.09 -1.04
20.81 116.55 55.16 ApolloGlblMgmt APO 1.5 13 112.58 -1.95 -10.76 136.29 84.72 CrownCastle CCI 6.1 30 102.80 -0.86 s 2.57 271.15 217.06 IllinoisToolWks ITW 2.1 28 268.66 -1.67 19.17 113.02 80.55 Orix IX 2.3 13 111.29 -0.36 6.93 161.57 117.46 ThomsonReuters TRI 1.4 27 156.36 0.05
34.68 246.12 115.26 AppFolio APPF ...7830 233.32 -0.42 -15.79 96.35 69.61 Crown Holdings CCK 1.3 21 77.55 -0.20 -1.44 233.42 89.00 Illumina ILMN ... dd 137.24 -0.21 10.56 121.87 72.09 Oshkosh OSK 1.5 13 119.86 -1.47 -2.32 113.14 85.34 3M MMM 5.7 dd 106.78 -1.09
-10.52 199.62 155.98 Apple AAPL 0.6 27 172.28 0.91 -5.44 48.93 33.17 CubeSmart CUBE 4.7 24 43.83 -0.09 18.32 68.50 44.46 ImperialOil IMO 2.6 11 67.67 0.11 s 11.03 100.35 73.32 OtisWorldwide OTIS 1.4 29 99.34 -0.88 30.34 27.00 13.77 Toast TOST ... dd 23.80 -0.56
s 14.19 201.76 122.23 AppliedIndlTechs AIT 0.8 21 197.19 -3.82 21.19 297.11 203.18 Cummins CMI 2.3 57 290.34 -1.06 -9.25 76.04 50.27 Incyte INCY ... 22 56.98 -0.74 16.01 52.09 32.07 Ovintiv OVV 2.4 6 50.95 -0.55 22.78 128.10 57.09 TollBros TOL 0.7 10 126.21 -0.32
29.73 214.91 109.00 ApplMaterials AMAT 0.8 25 210.25 -0.55 s 12.22 250.13 157.72 Curtiss-Wright CW 0.3 27 250.01 3.50 s 29.09 36.81 13.29 Informatica INFA ... dd 36.65 0.52 11.97 167.06 89.60 OwensCorning OC 1.4 13 165.97 -0.17 16.39 441.39 184.50 TopBuild BLD ... 23 435.60 -3.52
78.75 73.48 13.69 AppLovin APP ... 71 71.23 -0.68 22.41 283.00 120.11 CyberArkSoftware CYBR ... dd 268.14 -1.98 -3.59 20.74 14.71 Infosys INFY 2.0 25 17.72 -0.49 -15.94 152.99 59.67 PDD PDD ... 21 122.99 0.69 -5.78 111.85 78.35 Toro TTC 1.6 33 90.44 -0.58
14.54 145.13 110.02 Aptargroup ATR 1.2 33 141.59 0.45 22.50 95.28 53.24 IngersollRand IR 0.1 50 94.74 -0.36 -8.99 18.32 14.71 PG&E PCG 0.2 16 16.41 -0.02 -7.60 66.15 54.69 TorontoDomBk TD 4.9 13 59.71 -0.48
-12.26 113.60 71.01 Aptiv APTV 0.0 8 78.72 -1.84 DEF 7.92 118.83 89.54 Ingredion INGR 2.7 12 117.13 1.05 s 0.43 158.80 109.40 PNC Finl PNC 4.0 12 155.51 -2.30 0.68 69.63 54.94 TotalEnergies TTE ... 8 67.84 -0.18
10.18 33.04 23.94 Aramark ARMK 1.2 13 30.96 -0.38 -24.27 335.91 125.82 Insulet PODD ... 56 164.31 -2.33 -16.61 133.09 61.00 POSCO PKX 1.4 18 79.31 -1.53 s 38.93 255.23 133.02 ToyotaMotor TM 1.6 11 254.77 3.29
-5.25 30.36 21.30 ArcelorMittal MT 1.4 27 26.90 -0.01 -1.25 116.73 90.14 DTE Energy DTE 3.7 16 108.88 -0.27 -4.67 152.89 120.33 PPG Ind PPG 1.8 27 142.56 -1.05 22.29 268.02 185.00 TractorSupply TSCO 1.7 26 262.97 -3.20
10.14 259.00 182.09 Danaher DHR 0.4 40 254.80 0.69 -15.28 51.28 26.86 Intel INTC 1.2110 42.57 0.15
22.10 92.58 63.69 ArchCapital ACGL ... 8 90.68 -0.01 30.84 112.50 70.83 InteractiveBrkrs IBKR 0.4 19 108.47 -1.48 -0.07 29.04 22.20 PPL PPL 3.8 27 27.08 0.08 18.20 94.00 57.17 TradeDesk TTD ...238 85.06 ...
-14.15 87.30 50.72 ADM ADM 3.2 10 62.00 -0.47 0.49 176.84 133.36 Darden DRI 3.2 19 165.11 1.87 8.76 194.24 118.67 PTC PTC ... 96 190.28 0.59 15.79 108.04 64.83 Tradeweb TW 0.4 61 105.23 -0.40
1.35 138.61 62.60 Datadog DDOG ...949 123.02 0.16 6.07 140.43 95.72 ICE ICE 1.3 32 136.23 -1.87
12.57 139.48 77.50 AresMgmt ARES 2.8 55 133.87 -2.71 14.73 112.08 63.12 InterContinentl IHG 1.4 24 104.61 0.57 10.01 139.59 69.27 PVH PVH 0.1 16 134.35 -3.60 23.12 305.00 162.04 TraneTech TT 1.1 34 300.29 -3.60
5.85 550.76 327.73 argenx ARGX ... dd 402.68 5.80 28.02 141.54 71.51 DaVita DVA ... 18 134.11 -2.13 s 26.73 124.89 67.48 Paccar PCAR 0.9 14 123.75 -0.67 21.71 1238.34 689.65 TransDigm TDG 0.0 52 1231.20 -1.18
3.05 75.53 55.62 Dayforce DAY ...201 69.17 -1.72 16.69 199.18 120.55 IBM IBM 3.5 23 190.84 -1.06
s 30.11 307.74 131.68 AristaNetworks ANET ... 47 306.42 1.82 2.61 97.49 62.11 IntlFlavors IFF 1.9 dd 83.08 -0.24 13.39 188.61 122.20 PackagingCpAm PKG 2.7 22 184.72 -0.29 16.43 82.75 42.09 TransUnion TRU 0.5 dd 80.00 -0.68
78.52 164.00 46.50 Arm ARM ...1715 134.15 0.55 38.00 956.17 424.36 DeckersOutdoor DECK ... 33 922.44 -30.50 40.83 27.50 7.28 PalantirTech PLTR ...268 24.18 -0.31 s 17.83 227.48 157.33 Travelers TRV 1.8 18 224.45 -1.68
-0.25 450.00 345.55 Deere DE 1.5 12 398.86 1.22 9.35 40.34 29.00 IntlPaper IP 4.7 46 39.53 -0.35
15.14 161.00 64.33 AscendisPharma ASND ... dd 145.02 -1.17 0.34 40.95 27.20 Interpublic IPG 4.0 11 32.75 -0.34 -2.75 380.84 176.30 PaloAltoNtwks PANW ... 45 286.78 -0.85 20.28 101.91 44.90 Trex TREX ... 53 99.58 -0.21
-8.81 247.96 161.32 AspenTech AZPN ... dd 200.75 -0.08 46.72 131.06 36.81 DellTechC DELL ... 26 112.24 -1.80 5.75 27.23 13.40 ParamountA PARAA 1.0 dd 20.79 -1.20 20.68 65.55 39.57 Trimble TRMB ... 51 64.20 -0.49
13.32 49.81 30.60 DeltaAir DAL 0.9 6 45.59 -0.41 2.99 671.01 400.22 Intuit INTU 0.6 66 643.74 -7.55
6.64 183.13 110.44 Assurant AIZ 1.6 15 179.68 0.14 16.81 403.00 246.63 IntuitiveSurgical ISRG ... 78 394.07 2.11 -23.94 24.00 10.16 ParamountB PARA 1.8 dd 11.25 -0.57 25.02 47.45 30.70 Trip.com TCOM ... 22 45.02 0.34
... 80.00 50.61 AsteraLabs ALAB ... dd 70.00 5.85 10.40 94.54 69.59 DescartesSystems DSGX ... 70 92.80 -0.68 20.44 561.13 308.26 ParkerHannifin PH 1.1 27 554.89 -5.75 s 2.09 38.55 25.56 TruistFinl TFC 5.5 dd 37.69 -0.36
s 12.92 15.36 8.85 DeutscheBank DB 2.1 7 15.30 0.08 1.41 36.53 28.49 InvitatHomes INVH 3.2 63 34.59 -0.51
-1.62 76.56 60.47 AstraZeneca AZN 2.1 35 66.26 0.07 13.55 82.19 48.94 IronMountain IRM 3.3127 79.46 -1.47 31.25 84.19 41.83 Parsons PSN ... 58 82.31 -0.96 -18.85 78.16 45.02 Twilio TWLO ... dd 61.57 0.03
-19.06 258.69 128.02 Atlassian TEAM ... dd 192.53 -4.73 6.78 56.19 40.47 DevonEnergy DVN 5.0 8 48.37 -0.16 1.45 129.70 104.09 Paychex PAYX 2.9 27 120.84 -1.49 0.28 454.74 319.63 TylerTech TYL ...108 419.29 -1.79
7.33 139.55 74.75 DexCom DXCM ...102 133.18 -0.23 -2.88 7.27 4.24 ItauUnibanco ITUB 5.8 10 6.75 -0.07
0.58 125.28 101.00 AtmosEnergy ATO 2.8 19 116.57 -0.26 -6.89 374.04 146.15 PaycomSoftware PAYC 0.8 33 192.47 -1.06 8.00 63.28 44.94 TysonFoods TSN 3.4 dd 58.05 -0.02
7.96 279.53 188.38 Autodesk ADSK ... 63 262.86 -2.89 0.69 190.02 135.63 Diageo DEO 2.7 21 146.66 0.41 3.85 230.52 139.40 Paylocity 1.10 32.13 18.27 UBS Group
s 12.09 123.51 79.66 Autoliv ALV 2.2 21 123.51 1.58 s 25.55 195.12 121.84 DiamondbkEner FANG 1.8 11 194.70 0.30 JKL 5.47 77.95 50.25 PayPal
PCTY ... 58 171.20
PYPL ... 17 64.77
0.08
-1.37 -2.95 44.02 30.95 UDR
UBS 1.1 3 31.24
UDR 4.6 28 37.16
-0.01
-0.45
6.28 256.84 201.46 ADP ADP 2.3 29 247.61 -1.34 50.55 224.72 100.98 Dick's DKS 2.0 18 221.24 -3.43 -8.27 45.16 20.82 JD.com JD 2.8 12 26.50 -0.55 s 6.43 13.17 9.29 Pearson PSO 2.2 20 13.08 0.05 -5.11 128.65 75.01 UFP Inds UFPI 1.1 15 119.13 -2.59
s 25.28 3256.37 2277.88 AutoZone AZO ... 23 3239.32 28.92 2.92 154.18 86.33 DigitalRealty DLR 3.5 47 138.51 -1.50 s 15.59 200.48 123.11 JPMorganChase JPM 2.3 12 196.62 -2.44 0.96 36.17 28.15 PembinaPipeline PBA 5.7 16 34.75 -0.19 -7.30 71.52 43.62 U-Haul N UHAL/B 0.3 20 65.30 -1.06
-2.16 198.66 153.07 Avalonbay AVB 3.7 28 183.17 -1.62 s 11.89 127.90 79.04 DiscoverFinSvcs DFS 2.2 11 125.76 -1.42 2.97 156.94 75.48 Jabil JBL 0.2 11 131.19 1.98 -1.28 180.84 128.53 PenskeAuto PAG 1.9 10 158.46 -1.86 -7.90 73.03 48.07 U-Haul UHAL 0.0 20 66.13 -1.36
10.49 41.22 27.46 Avangrid AGR 4.9 18 35.81 -0.14 s 28.33 117.66 78.73 Disney DIS 0.6 71 115.87 -0.83 3.39 178.37 136.57 JackHenry JKHY 1.3 33 168.95 -2.91 15.44 85.01 50.15 Pentair PNR 1.1 22 83.94 -0.78 18.85 54.53 34.18 US Foods USFD ... 27 53.97 -0.17
s 14.19 26.11 16.63 Avantor AVTR ... 55 26.07 0.14 -1.98 64.76 38.11 DocuSign DOCU ...164 58.27 -0.43 15.59 152.50 109.00 JacobsSolns J 0.8 27 150.03 -1.39 -10.65 348.67 180.93 Penumbra PEN ... 97 224.74 -2.82 s 6.57 7.66 4.49 UWM UWMC 5.2 dd 7.62 0.13
6.64 219.76 158.93 AveryDennison AVY 1.5 35 215.58 -3.05 -2.87 91.02 75.87 DolbyLab DLB 1.4 43 83.71 -0.43 2.12 41.98 20.67 JamesHardie JHX 0.0 32 39.49 -0.59 1.28 196.88 155.83 PepsiCo PEP 2.9 26 172.02 -0.43 30.31 82.14 29.22 Uber UBER ... 91 80.23 -0.02
22.45 325.63 175.37 AxonEnterprise AXON ...137 316.32 0.23 10.85 222.99 101.09 DollarGeneral DG 1.6 20 150.70 -3.56 -0.97 147.98 111.25 JazzPharm JAZZ ... 21 121.81 -2.29 9.72 78.54 52.92 PerformanceFood PFGC ... 28 75.87 -0.67 -7.53 27.87 12.38 UiPath PATH ... dd 22.97 -0.50
-14.40 48.38 33.54 BCE BCE 8.8 20 33.71 -0.46 -11.50 161.10 102.77 DollarTree DLTR ... dd 125.71 -1.50 s 12.15 46.25 28.34 JefferiesFinl JEF 2.6 41 45.32 -0.54 s 26.10 17.43 8.94 PermianRscs PR 1.2 15 17.15 -0.14 6.20 574.76 368.02 UltaBeauty ULTA ... 20 520.37 -3.18
-16.50 69.11 54.28 BHP Group BHP 5.3 20 57.04 -0.85 2.81 58.69 39.18 DominionEner D 5.5 21 48.32 -0.18 -0.96 175.97 144.95 J&J JNJ 3.1 28 155.23 -0.52 -8.02 17.91 9.56 PetroleoBrasil PBR 19.3 4 14.69 0.06 3.11 55.99 46.16 Unilever UL 3.7 18 49.99 0.53
16.04 78.97 60.33 BJ'sWholesale BJ ... 20 77.35 -0.91 11.20 476.18 285.84 Domino's DPZ 1.3 31 458.42 2.55 10.60 70.43 47.90 JohnsonControls JCI 2.3 21 63.75 -0.66 -5.56 17.32 8.52 PetroleoBrasilA PBR.A 19.7 4 14.43 0.08 -0.26 258.66 183.85 UnionPacific UNP 2.1 23 244.97 -3.14
6.78 40.84 33.52 BP BP 4.6 7 37.80 0.07 14.14 75.02 57.05 Donaldson DCI 1.3 24 74.59 -0.17 0.99 195.38 119.46 JonesLang JLL 0.0 41 190.74 -4.20 -4.97 42.22 25.61 Pfizer PFE 6.1 76 27.36 -0.30 12.63 58.23 33.68 UnitedAirlines UAL ... 6 46.47 -0.16
33.64 107.18 60.17 BWX Tech BWXT 0.9 38 102.54 0.79 38.78 140.00 56.59 DoorDash DASH ... dd 137.24 0.48 25.68 38.04 24.87 JuniperNetworks JNPR 2.4 39 37.05 0.11 -3.40 101.92 87.23 PhilipMorris PM 5.7 18 90.88 -1.32 -3.55 8.97 6.71 UnitedMicro UMC 5.5 10 8.16 -0.18
-14.20 160.53 96.58 Baidu BIDU ... 13 102.18 0.48 14.69 178.28 127.25 Dover DOV 1.2 23 176.41 -1.49 34.25 58.52 35.20 KB Financial KB 3.3 6 55.54 -1.41 s 19.76 159.80 89.74 Phillips66 PSX 2.6 10 159.45 0.37 -0.61 197.80 133.68 UPS B UPS 4.2 20 156.27 0.95
-2.17 37.58 26.12 BakerHughes BKR 2.5 17 33.44 -0.32 5.18 58.74 47.26 Dow DOW 4.9 71 57.68 -0.25 10.83 65.87 49.37 KBR KBR 1.0 dd 61.41 -0.35 s 22.38 34.13 19.96 Pilgrim'sPride PPC ... 25 33.85 -0.05 24.56 732.37 325.15 UnitedRentals URI 0.8 20 714.27 -4.78
15.13 66.40 42.81 Ball BALL 1.2 30 66.22 0.69 5.61 77.72 53.12 DrReddy'sLab RDY 0.6 19 73.48 0.58 -15.85 19.95 12.44 KE Holdings BEKE 2.3 20 13.64 -0.39 1.63 86.03 65.20 PinnacleWest PNW 4.8 17 73.01 0.13 0.72 45.85 27.27 US Bancorp USB 4.5 13 43.59 -0.86
s 29.42 11.82 6.46 BBVA BBVA 4.1 8 11.79 0.10 33.90 48.90 17.12 DraftKings DKNG ... dd 47.20 -0.75 21.62 103.48 47.79 KKR KKR 0.7 25 100.76 -0.88 -8.50 41.60 20.60 Pinterest PINS ... dd 33.89 -0.44 -18.48 50.20 20.40 US Steel X 0.5 11 39.66 -0.39
-20.76 3.21 2.12 BancoBradesco BBDO 6.1 9 2.52 -0.05 -17.40 33.43 19.55 Dropbox DBX ... 19 24.35 -0.05 22.24 729.15 355.88 KLA KLAC 0.8 36 710.56 -2.57 13.63 257.76 186.01 PioneerNatRscs PXD 4.3 13 255.53 0.10 8.19 261.54 204.44 UnitedTherap UTHR ... 12 237.90 0.97
-7.84 24.10 18.51 BancodeChile BCH 5.1 7 21.27 0.02 -2.50 100.39 83.06 DukeEnergy DUK 4.3 26 94.61 -0.35 11.80 21.32 12.57 Kanzhun BZ 0.0 55 18.57 -0.21 12.94 17.42 11.28 PlainsAllAmPipe PAA 7.4 12 17.11 -0.26 -6.91 554.70 445.68 UnitedHealth UNH 1.5 21 490.07 -1.62
-14.66 6.66 4.76 BancSanBrasil BSBR 4.4 ... 5.59 -0.07 2.31 245.87 116.82 Duolingo DUOL ...719 232.09 -3.53 s 31.77 123.31 71.26 Kaspi.kz KSPI 5.3 13 121.89 1.84 11.72 18.07 11.86 PlainsGP PAGP 7.1 18 17.82 -0.19 -33.99 50.08 22.20 UnitySoftware U ... dd 26.99 -0.58
-0.46 21.81 16.52 BcoSantChile BSAC 4.9 13 19.40 -0.13 -1.55 78.74 61.14 DuPont DD 2.0 82 75.74 0.68 -0.64 67.84 47.62 Kellanova K 4.0 20 55.55 -0.56 4.43 422.73 307.76 Pool POOL 1.1 31 416.38 -2.59 -13.12 194.84 125.98 UnivDisplay OLED 1.0 39 166.17 1.70
s 12.80 4.69 3.20 BancoSantander SAN 2.8 7 4.67 0.11 -15.29 61.41 38.63 Dynatrace DT ... 70 46.33 -0.11 -4.32 27.80 17.82 Kenvue KVUE 3.9 26 20.60 -0.11 20.92 254.41 159.34 Primerica PRI 1.2 16 248.81 -2.30 18.40 182.29 119.90 UniversalHealthB UHS 0.4 18 180.49 -0.28
s 13.00 34.81 22.19 BanColombia CIB 9.4 11 34.77 0.22 42.44 221.83 75.35 elfBeauty ELF ... 91 205.60 -1.71 -10.56 35.99 27.66 KeurigDrPepper KDP 2.9 19 29.80 0.22 s 6.18 85.09 65.17 PrincipalFinl PFG 3.3 34 83.53 -0.96 15.28 53.22 36.72 UnumGroup UNM 2.8 8 52.13 -0.58
s 10.04 37.61 24.96 BankofAmerica BAC 2.6 12 37.05 -0.46 s 61.53 349.74 151.52 EMCOR EME 0.2 26 347.98 2.09 s 4.37 15.54 8.54 KeyCorp KEY 5.5 17 15.03 -0.33 18.29 82.36 48.11 ProcoreTech PCOR ... dd 81.88 0.70 -9.60 34.05 26.62 VICI Prop VICI 5.8 12 28.82 -0.37
-3.49 100.12 73.98 BankMontreal BMO 4.7 18 95.49 -0.95 -8.73 34.30 25.85 ENI E 4.5 10 31.04 0.13 -2.95 172.72 118.57 KeysightTech KEYS ... 28 154.39 0.15 10.32 162.73 141.45 Procter&Gamble PG 2.3 27 161.66 -0.20 3.76 258.13 204.88 VailResorts MTN 4.0 37 221.50 -2.33
s 8.49 57.45 39.65 BankNY Mellon BK 3.0 14 56.47 -0.81 3.22 136.79 101.56 EOG Rscs EOG 2.9 10 124.84 -1.24 2.81 147.87 116.32 KimberlyClark KMB 3.9 24 124.93 0.12 29.14 207.87 111.41 Progressive PGR 0.2 31 205.70 0.13 -23.20 16.60 11.88 Vale VALE 10.8 7 12.18 -0.20
3.14 51.80 39.80 BankNovaScotia BNS 6.2 11 50.22 -0.28 -8.92 317.50 197.99 EPAM Systems EPAM ... 38 270.82 -12.89 -10.42 22.84 16.34 KimcoRealty KIM 5.0 19 19.09 -0.64 -3.51 137.52 96.64 Prologis PLD 3.0 40 128.62 -1.27 30.49 171.84 104.18 ValeroEnergy VLO 2.5 7 169.64 -1.34
17.39 9.48 6.23 Barclays BCS 4.2 ... 9.25 -0.11 -11.12 45.23 29.09 EQT EQT 1.8 8 34.36 ... 2.38 18.31 15.89 KinderMorgan KMI 6.3 17 18.06 -0.05 s 10.50 116.62 75.37 PrudentialFinl PRU 4.5 17 114.60 -1.09 19.69 236.90 160.21 VeevaSystems VEEV ... 72 230.42 -1.40
-14.21 20.75 13.76 BarrickGold GOLD 2.6 21 15.52 -0.29 s 31.91 267.86 135.17 EagleMaterials EXP 0.4 19 267.57 2.84 56.07 548.47 280.71 KinsaleCapital KNSL 0.1 40 522.71 3.57 -11.54 30.91 18.60 Prudential PUK 1.9 16 19.86 0.45 -13.00 50.98 39.33 Ventas VTR 4.2 dd 43.36 -0.55
8.32 48.67 27.30 Bath&BodyWks BBWI 1.7 12 46.75 -1.52 5.49 78.64 41.12 EastWestBncp EWBC 2.9 9 75.90 -1.52 -6.30 39.47 22.82 Klaviyo KVYO ... ... 26.03 -0.91 6.35 65.59 53.71 PublicServiceEnt PEG 3.7 13 65.03 1.19 s 8.75 90.69 65.51 Veralto VLTO 0.4 26 89.46 -0.44
8.48 50.21 31.01 BaxterIntl BAX 2.8 dd 41.94 -0.07 -1.41 188.85 152.75 EastGroup EGP 2.8 41 180.95 -0.71 -8.79 60.99 45.73 Knight-Swift KNX 1.2 39 52.58 -0.90 -8.40 316.48 233.18 PublicStorage PSA 4.3 25 279.37 -2.49 t -8.31 229.72 188.36 VeriSign VRSN ... 24 188.85 -1.97
0.99 287.32 229.85 BectonDicknsn BDX 1.5 58 246.25 4.63 6.07 98.00 68.89 EastmanChem EMN 3.4 13 95.27 -0.20 -14.27 24.27 14.96 Philips PHG 0.0 dd 20.00 -0.37 s 12.82 117.41 55.26 PulteGroup PHM 0.7 10 116.45 0.39 -1.67 251.98 181.20 VeriskAnalytics VRSK 0.7 56 234.86 -1.05
-15.71 272.49 132.95 BeiGene BGNE ... dd 152.02 -11.68 s 31.46 317.02 155.38 Eaton ETN 1.2 39 316.58 1.06 17.79 9.54 5.92 KoreaElecPwr KEP 0.0 dd 8.54 -0.09 46.47 58.46 22.14 PureStorage PSTG ...308 52.23 -0.61 7.08 43.21 30.14 Verizon VZ 6.6 15 40.37 -0.17
10.05 62.76 31.48 BellRing BRBR ... 49 61.00 -0.22 17.88 52.82 37.17 eBay EBAY 2.1 10 51.42 -0.58 -3.06 41.47 30.68 KraftHeinz KHC 4.5 15 35.85 0.25 -2.06 49.18 35.81 Qiagen QGEN 0.0 29 43.85 0.17 2.16 448.40 302.87 VertexPharm VRTX ... 30 415.66 -0.05
-0.61 55.37 40.87 BentleySystems BSY 0.5 52 51.86 0.19 s 15.59 229.80 155.75 Ecolab ECL 1.0 48 229.27 0.45 s 23.71 57.26 42.09 Kroger KR 2.1 19 56.55 -0.47 1.57 121.65 80.62 Qorvo QRVO ... dd 114.38 -1.00 71.77 84.75 11.95 Vertiv VRT 0.0 70 82.50 0.39
s 21.93 86.98 55.50 Berkley WRB 0.5 17 86.23 0.41 -9.31 13.14 8.59 Ecopetrol EC 21.4 5 10.81 -0.09 10.44 59.38 41.49 LKQ LKQ 2.3 15 52.78 -0.16 17.61 177.59 101.47 Qualcomm QCOM 1.9 25 170.10 -0.75 9.33 13.62 8.74 Viatris VTRS 4.1279 11.84 -0.17
15.40 430.00 293.39 BerkHathwy B BRK.B ... 9 411.60 -2.18 -2.70 74.92 58.82 EdisonIntl EIX 4.5 22 69.56 -0.61 14.39 274.35 179.00 LPL Financial LPLA 0.5 19 260.37 -13.40 s 18.59 257.52 153.74 QuantaServices PWR 0.1 51 255.92 -0.38 273.72 99.41 8.28 VikingTherap VKTX ... dd 69.55 -1.04
14.82 647039 445885 BerkHathwy A BRK.A ... 9 623040 -2055.00 23.00 95.27 60.57 EdwardsLife EW ... 41 93.79 -0.89 0.63 218.34 160.25 L3HarrisTech LHX 2.2 33 211.94 -1.21 -6.22 148.62 119.59 QuestDiag DGX 2.3 17 129.30 0.47 -40.74 93.00 4.59 VinFastAuto VFS ... dd 4.96 -0.03
4.32 86.11 62.30 BestBuy BBY 4.6 14 81.66 1.22 6.17 16.88 7.88 ElancoAnimal ELAN ... dd 15.82 -0.48 -6.17 234.09 179.58 LabCorp.ofAmerica LH 1.4 46 213.26 1.97 -6.42 20.19 13.80 Vipshop VIPS 2.5 8 16.62 -1.06
-7.34 89.91 51.79 Bio-Techne TECH 0.4 52 71.50 -0.83 -9.16 136.06 52.30 Elastic ESTC ...224 102.38 1.45 24.85 1007.39 478.77 LamResearch LRCX 0.8 38 977.90 -4.67 RS 8.80 290.96 216.14 Visa V 0.7 33 283.26 -7.11
8.54 494.05 261.59 Bio-RadLab A BIO ... dd 350.46 -1.53 -5.28 225.64 166.35 ElbitSystems ESLT 1.0 33 202.00 -2.40 9.68 121.99 77.20 LamarAdv LAMR 4.5 24 116.57 -1.50 s 79.36 69.27 22.67 Vistra VST 1.2 20 69.09 0.72
-15.72 319.76 215.35 Biogen BIIB ... 27 218.10 -2.65 -3.74 144.53 117.36 ElectronicArts EA 0.6 33 131.70 -0.78 -4.55 117.38 81.25 LambWeston LW 1.4 13 103.17 0.43 -7.03 288.16 195.18 RBC Bearings RBC ... 44 264.87 -4.17 -1.15 12.07 8.02 Vodafone VOD 11.1 2 8.60 ...
-11.71 100.38 76.02 BioMarinPharm BMRN ... 98 85.13 1.02 s 8.97 519.37 412.00 ElevanceHealth ELV 1.3 20 513.85 -0.82 1.81 65.58 43.77 LasVegasSands LVS 1.6 31 50.10 -0.25 15.04 77.99 51.07 RB Global RBA 1.4 91 76.95 -0.21 20.86 275.87 161.69 VulcanMatls VMC 0.7 39 274.36 -1.23
-12.99 131.52 85.21 BioNTech BNTX 0.0 8 91.83 -0.16 15.53 113.34 76.94 EmersonElec EMR 1.9156 112.45 -0.15 15.49 98.30 51.95 LatticeSemi LSCC ... 43 79.68 0.62 10.06 44.75 30.10 RELX RELX 1.7 38 43.65 -0.08
-4.06 55.00 35.83 Birkenstock BIRK ... 87 46.75 ... -1.58 40.30 31.03 Enbridge ENB 7.6 17 35.45 -0.34 3.18 157.91 117.79 Lear LEA 2.1 15 145.70 -0.37 s 6.32 119.42 78.52 RPM RPM 1.6 29 118.69 -0.52 WXYZ
1.61 845.00 596.18 BlackRock BLK 2.5 23 824.83 -17.23 14.67 78.11 51.30 EncompassHealth EHC 0.8 22 76.51 -0.79 -3.37 77.32 43.35 LegendBiotech LEGN ... dd 58.14 -0.10 13.55 104.91 68.56 RTX RTX 2.5 43 95.54 1.28
-2.34 133.56 79.29 Blackstone BX 1.2 70 127.86 -3.80 7.54 26.26 17.65 Endeavor EDR 0.9 23 25.52 0.12 19.31 130.39 76.58 Leidos LDOS 1.2 91 129.14 -0.01 30.10 192.03 103.17 RalphLauren RL 1.6 21 187.60 -2.82 -4.94 99.26 75.13 WEC Energy WEC 4.2 19 80.01 -0.03
4.42 87.52 38.85 Block SQ ...13925 80.77 -3.28 12.75 15.72 11.45 EnergyTransfer ET 8.1 14 15.56 -0.03 10.88 152.00 85.84 Lennar B LEN.B 1.3 10 148.63 0.06 9.10 37.88 23.58 RangeResources RRC 1.0 9 33.21 0.16 20.21 239.18 161.95 WEX WEX ... 38 233.86 -2.92
22.42 18.81 9.70 BlueOwlCapital OWL 3.1158 18.24 -0.37 -13.27 231.42 73.49 EnphaseEnergy ENPH ... 37 114.61 -0.77 11.77 167.49 100.95 Lennar A LEN 1.2 12 166.58 1.24 s 12.64 126.59 82.00 RaymondJames RJF 1.4 16 125.59 -0.51 -13.66 76.60 50.28 W.P.Carey WPC 6.2 17 55.96 -0.54
-27.55 267.54 176.25 Boeing BA 0.0 dd 188.85 1.15 17.48 146.91 69.37 Entegris ENTG 0.3118 140.76 0.15 10.35 501.72 232.00 LennoxIntl LII 0.9 30 493.85 -5.41 -9.30 64.18 45.03 RealtyIncome O 5.9 41 52.08 -0.41 -2.04 60.37 41.13 WPP WPP 5.3 75 46.60 0.58
2.19 3918.00 2456.93 Booking BKNG 1.0 31 3624.73 -23.08 1.96 111.90 87.10 Entergy ETR 4.4 9 103.17 -0.20 12.82 19.02 12.41 LeviStrauss LEVI 2.6 30 18.66 -0.33 ... 57.80 45.05 Reddit RDDT ... dd 46.00 -4.44 s 13.30 145.42 91.89 Wabtec WAB 0.6 32 143.78 -1.08
15.40 150.59 89.22 BoozAllen BAH 1.4 48 147.61 -0.64 9.53 29.09 24.77 EnterpriseProd EPD 7.1 11 28.86 0.07 -18.51 47.33 21.48 LiAuto LI ... 20 30.50 -1.03 22.42 183.85 97.18 RegalRexnord RRX 0.8 dd 181.21 -1.16 -21.18 36.58 19.68 WalgreensBoots WBA 4.9 31 20.58 -0.22
-7.39 47.05 29.51 BorgWarner BWA 1.3 12 33.20 -0.20 6.82 275.10 159.95 Equifax EFX 0.6 60 264.16 -1.82 -30.51 95.68 55.19 LibertyBroadbandC LBRDK ... 12 56.00 -0.94 -11.43 68.47 54.72 RegencyCtrs REG 4.5 29 59.34 -1.39 15.83 61.66 46.87 Walmart WMT 1.4 32 60.87 -0.58
-9.83 73.97 46.18 BostonProps BXP 6.2 52 63.27 -2.84 -0.55 914.93 661.66 Equinix EQIX 2.1 78 800.97 -10.67 -30.68 95.61 55.19 LibertyBroadbandA LBRDA 0.0 12 55.90 -0.82 10.13 998.33 684.80 RegenPharm REGN ... 28 967.24 -0.77 -25.83 15.56 8.02 WarnerBrosA WBD ... dd 8.44 -0.28
16.97 68.06 47.52 BostonSci BSX ... 63 67.62 0.06 -15.27 34.73 24.44 Equinor EQNR 3.6 7 26.81 0.09 2.14 69.48 55.08 LibertyFormOne A FWONA ...145 59.22 -0.44 2.48 21.02 13.71 RegionsFinl RF 4.8 9 19.86 -0.29 -8.97 38.05 23.62 WarnerMusic WMG 2.1 37 32.58 0.08
1.21 71.06 47.58 BristolMyers BMY 4.6 13 51.93 0.34 9.28 37.18 21.89 Equitable EQH 2.4 11 36.39 -0.43 s 14.79 43.87 29.63 LibertyLiveC LLYVK ... ... 42.92 -0.52 s 16.96 189.44 123.08 ReinsGrp RGA 1.8 14 189.22 3.18 14.48 172.41 126.12 WasteConnections WCN 0.7 58 170.88 -0.63
2.39 37.65 28.35 BritishAmTob BTI 9.8 dd 29.99 -0.16 -8.32 74.04 60.47 EquityLife ELS 3.0 38 64.67 -1.00 6.51 78.58 60.95 LibertyFormOne C FWONK ...164 67.24 -0.16 18.15 333.33 229.12 Reliance RS 1.3 15 330.43 -1.42 18.25 213.00 149.71 WasteMgt WM 1.4 37 211.78 -0.65
21.25 1438.17 601.29 Broadcom AVGO 1.6 50 1353.47 5.47 1.65 69.45 52.57 EquityResdntl EQR 4.3 29 62.17 -0.60 13.54 43.24 29.48 LibertyLiveA LLYVA ... ... 41.50 -0.53 16.57 239.42 174.22 RenaissanceRe RNR 0.7 4 228.47 -3.16 5.49 363.80 231.90 Waters WAT ... 32 347.31 -5.14
-1.09 210.24 136.98 BroadridgeFinl BR 1.6 35 203.51 -2.54 19.49 420.34 199.49 ErieIndemnity ERIE 1.3 47 400.21 -7.23 -0.28 31.53 22.19 LibertySirius B LSXMB ... 15 28.70 -0.04 5.45 41.55 23.39 RentokilInit RTO 1.6 32 30.17 -0.36 2.57 441.29 290.74 Watsco WSO 2.2 32 439.50 0.25
5.43 43.00 28.35 BrookfieldAsset BAM 3.2 11 42.35 -0.30 -1.93 45.29 32.07 EssentialUtil WTRG 3.4 20 36.63 0.09 0.03 31.69 22.01 LibertySirius A LSXMA ... 15 28.75 -0.08 10.14 211.13 110.45 Repligen RGEN ...275 198.03 -1.71 2.64 90.71 29.51 Wayfair W ... dd 63.33 -2.36
4.14 43.17 28.73 Brookfield BN 0.8 68 41.78 -0.55 -2.40 252.85 195.03 EssexProp ESS 4.0 38 241.99 -2.02 -0.14 31.66 22.24 LibertySirius C LSXMK ... 15 28.74 -0.17 15.52 192.57 127.94 RepublicSvcs RSG 1.1 35 190.51 1.39 s 19.60 117.56 51.90 WeatherfordIntl WFRD ... 21 117.00 0.66
-6.61 37.32 21.03 BrookfieldInfr BIP 5.5203 29.41 -0.37 -2.10 260.46 102.22 EsteeLauder EL 1.8111 143.18 -3.07 s 27.73 108.90 54.66 Light&Wonder LNW ... 59 104.88 -2.32 11.61 243.52 132.24 ResMed RMD 1.0 32 192.00 -1.73 -2.36 53.39 31.03 WebsterFin WBS 3.2 10 49.56 -1.32
-15.80 36.16 21.77 BrookfieldRenew BEPC 5.9 dd 24.24 0.24 -16.32 114.73 58.20 Etsy ETSY ... 30 67.82 -0.29 32.20 800.78 323.26 EliLilly LLY 0.7136 770.61 0.35 1.45 83.28 61.77 RestaurantBrands QSR 2.9 21 79.26 -1.14 16.07 58.44 35.25 WellsFargo WFC 2.5 12 57.13 -0.72
20.94 87.00 54.24 Brown&Brown BRO 0.6 28 86.00 -0.04 12.29 198.99 104.36 EvercoreA EVR 1.6 30 192.08 -3.04 18.66 261.13 152.36 LincolnElectric LECO 1.1 28 258.04 0.99 -5.54 139.04 79.50 Revvity RVTY 0.3 18 103.25 -1.82 2.12 94.63 65.18 Welltower WELL 2.6176 92.08 -1.02
t -12.75 72.65 51.98 Brown-Forman A BF.A 1.7 26 51.99 -0.88 8.65 417.92 331.08 Everest EG 1.8 6 384.17 -0.26 14.01 477.71 337.95 Linde LIN 1.2 37 468.24 1.94 -9.23 60.05 41.56 RexfordIndlRealty REXR 3.3 45 50.92 -0.28 -2.73 195.43 121.91 WescoIntl WCC 0.9 12 169.14 -0.69
t -10.86 71.27 50.89 Brown-Forman B BF.B 1.7 25 50.90 -0.74 -1.09 63.93 46.92 Evergy EVRG 5.0 16 51.63 -0.16 -9.28 331.96 203.65 LithiaMotors LAD 0.7 8 298.72 -5.98 -15.39 75.09 58.27 RioTinto RIO 6.9 10 63.00 -1.13 11.87 415.73 310.42 WestPharmSvcs WST 0.2 50 393.92 -1.97
27.79 94.86 53.79 Bruker BRKR 0.2 32 93.90 -0.37 -6.21 81.36 52.03 EversourceEner ES 4.9 dd 57.89 ... s 13.24 107.18 64.25 LiveNationEnt LYV ... 81 105.99 -0.67 -53.96 28.06 10.05 Rivian RIVN ... dd 10.80 -0.37 22.09 66.00 31.97 WesternDigital WDC 0.0 dd 63.94 0.20
26.12 214.70 81.92 BuildersFirst BLDR ... 18 210.54 -0.58 -16.06 100.77 56.05 ExactSciences EXAS ... dd 62.10 0.10 s 8.79 2.63 1.88 LloydsBanking LYG 5.2 ... 2.60 ... -9.54 88.39 64.65 RobertHalf RHI 2.7 21 79.53 -1.55 s 18.32 35.14 24.43 WesternMidstrm WES 6.6 13 34.62 -0.36
-1.71 116.59 86.10 BungeGlobal BG 2.7 7 99.22 -0.89 2.23 43.71 33.34 Exelon EXC 4.1 16 36.70 -0.33 -1.62 508.10 393.77 LockheedMartin LMT 2.8 16 445.88 2.72 43.64 19.41 7.91 Robinhood HOOD ... dd 18.30 -0.79 7.40 151.60 103.28 Westlake WLK 1.3 41 150.32 -0.08
16.55 230.07 115.66 BurlingtonStrs BURL ... 43 226.67 -0.65 -9.85 160.05 87.94 Expedia EXPE 0.0 25 136.84 0.45 9.86 77.89 52.85 Loews L 0.3 12 76.45 -0.96 -18.50 47.65 24.88 Roblox RBLX ... dd 37.26 -0.43 16.14 49.66 26.85 WestRock WRK 2.5 dd 48.22 -0.61
14.31 382.43 281.29 CACI Intl CACI ... 22 370.20 -2.38 -4.33 131.17 102.89 ExpeditorsIntl EXPD 1.1 24 121.69 0.15 -4.44 96.66 52.53 LogitechIntl LOGI 1.3 30 90.84 1.04 -2.42 15.19 7.17 RocketCos. RKT 0.0 dd 14.13 -0.02 2.42 35.81 27.65 Weyerhaeuser WY 2.2 31 35.61 0.08
58.12 69.20 29.05 CAVA CAVA ...586 67.96 0.14 -11.83 165.85 101.19 ExtraSpaceSt EXR 4.6 29 141.36 -0.99 s 16.15 262.49 181.85 Lowe's LOW 1.7 20 258.50 -2.50 -7.76 348.52 252.11 Rockwell ROK 1.7 27 286.38 -3.71 -9.02 52.76 38.37 WheatonPrecMtls WPM 1.3 38 44.89 -0.50
s 3.76 98.65 64.63 CBRE Group CBRE ... 30 96.59 -1.53 13.51 120.70 95.77 ExxonMobil XOM 3.3 13 113.49 ... -21.14 516.39 306.59 lululemon LULU ... 33 403.19 -75.65 -11.77 50.00 36.55 RogersComm B RCI 3.6 34 41.30 -0.77 9.82 38.76 27.80 Williams WMB 5.0 15 38.25 -0.18
s 12.47 256.41 160.66 CDW CDW 1.0 32 255.67 0.86 6.48 199.49 127.05 F5 FFIV ... 25 190.57 -0.50 34.49 20.82 7.85 Lyft LYFT ... dd 20.16 -0.12 -9.62 13.24 6.65 RoivantSciences ROIV ... 2 10.15 -0.11 s 54.94 316.17 109.44 Williams-Sonoma WSM 1.4 21 312.63 -0.50
5.23 87.90 60.08 CF Industries CF 2.4 11 83.66 -1.99 -1.09 125.20 49.49 FMC FMC 3.7 6 62.36 -2.55 6.21 102.92 84.14 LyondellBasell LYB 5.0 16 100.98 -0.27 -30.63 108.84 51.62 Roku ROKU ... dd 63.58 -0.25 13.27 278.86 195.29 WillisTowers WTW 1.3 27 273.21 -1.30
3.84 118.89 91.26 CGI A GIB ... 22 111.33 -2.91 3.58 229.02 90.19 Fabrinet FN ... 28 197.14 -9.66 6.57 47.45 32.19 Rollins ROL 1.3 52 46.54 0.02 3.21 52.16 34.40 WillScotMobile WSC ... 31 45.93 -0.76
-13.80 106.14 69.11 CH Robinson CHRW 3.3 27 74.47 0.12 -6.20 488.64 380.96 FactSet FDS 0.9 35 447.46 -3.20 MN 2.06 562.69 423.96 RoperTech ROP 0.5 44 556.38 0.10 38.87 375.32 150.08 Wingstop WING 0.2151 356.30 8.29
1.85 223.80 175.73 CME Group CME 2.1 24 214.50 -1.59 9.68 1349.75 664.41 FairIsaac FICO ... 71 1276.74 -3.28 5.04 151.12 99.00 RossStores ROST 1.0 26 145.37 -1.82 1.44 6.45 4.32 Wipro WIT 0.4 22 5.65 -0.19
1.55 63.76 49.87 CMS Energy CMS 3.5 20 58.97 0.08 20.58 79.04 50.30 Fastenal FAST 2.0 39 78.10 -0.32 3.70 148.23 108.53 M&T Bank MTB 3.7 9 142.15 -3.70 -1.73 102.07 77.90 RoyalBkCanada RY 4.1 13 99.38 -1.50 13.27 146.21 73.39 Wix.com WIX ...265 139.34 -0.55
4.25 47.37 36.34 CNA Fin CNA 4.0 10 44.11 0.21 -3.42 107.61 85.27 FederalRealty FRT 4.4 36 99.53 -2.69 -0.47 51.35 34.12 MGM Resorts MGM 0.0 14 44.47 -0.28 5.04 137.44 59.37 RoyalCaribbean RCL 0.0 22 136.02 0.23 -8.25 25.84 19.02 WoodsideEnergy WDS 7.0 22 19.35 -0.43
4.52 15.74 9.77 CNH Indl CNHI 3.7 7 12.73 -0.12 s 12.39 291.27 213.81 FedEx FDX 1.8 19 284.32 19.47 23.25 134.70 63.44 MKS Instrum MKSI 0.7 dd 126.79 -0.71 7.76 38.19 25.92 RoyaltyPharma RPRX 2.8 12 30.27 -0.16 9.14 151.30 88.30 Woodward WWD 0.7 31 148.57 -0.67
s 24.84 86.43 46.84 CRH CRH 1.6 22 86.34 0.58 s 14.61 222.39 123.17 Ferguson FERG 1.4 26 221.27 0.11 10.48 41.06 33.07 MPLX MPLX 8.4 11 40.57 -0.10 29.64 56.52 37.70 RyanSpecialty RYAN 0.8109 55.77 0.22 14.39 36.17 24.94 WooriFinl WF 1.9 5 34.57 -0.93
7.73 40.12 27.60 CSX CSX 1.3 20 37.35 -0.52 28.03 435.53 261.26 Ferrari RACE 0.5 58 433.29 2.18 -2.22 617.39 451.55 MSCI MSCI 1.2 38 553.11 -10.67 9.26 146.48 87.18 Ryanair RYAAY 1.3 15 145.71 -0.39 0.52 311.28 174.25 Workday WDAY ... 54 277.50 1.01
-0.61 83.25 64.41 CVS Health CVS 3.4 12 78.48 0.21 1.20 52.94 32.02 FidNatlFinl FNF 3.7 27 51.63 -0.67 -7.21 65.27 46.71 MagnaIntl MGA 3.5 13 54.82 -1.04 26.37 196.60 122.03 SAP SAP 0.8 67 195.35 0.54 9.64 117.86 81.65 WynnResorts WYNN 1.0 16 99.89 -0.07
18.49 327.36 194.01 CadenceDesign CDNS ... 85 322.74 -0.06 17.40 72.36 46.91 FidNatlInfo FIS 2.0 dd 70.52 -1.74 s 46.30 69.21 22.50 MakeMyTrip MMYT ...153 68.73 0.20 -4.86 461.16 327.08 S&P Global SPGI 0.9 51 419.13 -9.42 -3.18 27.71 10.53 XP XP 10.4 18 25.24 -0.35
-11.88 60.27 38.33 CaesarsEnt CZR ... 11 41.31 -0.32 5.45 37.36 22.46 FifthThirdBncp FITB 3.8 11 36.37 -0.64 16.50 266.94 143.95 ManhattanAssoc MANH ... 89 250.84 -2.08 -15.07 267.42 185.23 SBA Comm SBAC 1.8 47 215.47 0.45 43.19 129.43 29.02 XPO XPO ... 79 125.42 ...
-1.08 114.04 82.81 CamdenProperty CPT 4.2 27 98.22 -1.48 s 12.77 1625.00 570.78 FirstCitizBcshA FCNCA 0.4 2 1600.23 -13.40 8.60 24.89 17.07 ManulifeFinl MFC 4.9 12 24.00 -0.30 s 10.28 71.06 52.20 SEI Investments SEIC 1.3 20 70.08 -0.75 -15.57 71.96 46.79 XcelEnergy XEL 4.2 16 52.27 -0.03
0.21 51.33 23.73 Cameco CCJ 0.2 70 43.19 0.55 5.72 18.99 8.99 FirstHorizon FHN 4.0 10 14.97 -0.43 59.86 42.95 22.13 Maplebear CART ... dd 37.52 -0.30 2.80 22.71 18.52 SK Telecom SKM 3.8 10 22.00 -0.13 -41.60 23.62 7.50 XPeng XPEV ... dd 8.52 -0.72
0.74 56.04 37.94 CampbellSoup CPB 3.4 17 43.55 0.30 -11.01 232.00 129.22 FirstSolar FSLR ... 20 153.31 0.63 12.17 29.56 21.41 MarathonOil MRO 1.5 11 27.10 -0.10 4.47 64.99 46.61 SS&C Tech SSNC 1.5 27 63.84 -0.56 12.99 130.86 87.59 Xylem XYL 1.1 48 129.21 -0.78
4.20 50.92 34.35 CIBC CM 5.2 10 50.16 -0.48 4.23 41.99 32.18 FirstEnergy FE 4.3 20 38.21 -0.06 s 34.92 200.62 104.32 MarathonPetrol MPC 1.6 9 200.17 0.96 33.71 628.34 244.69 Saia SAIA ... 44 585.93 0.41 s 17.86 20.41 9.33 YPF YPF 0.0 9 20.26 0.07
4.94 134.02 103.96 CanNtlRlwy CNI 1.9 21 131.83 -1.00 2.33 171.94 131.75 FirstService FSV 0.6 74 165.87 -2.29 6.95 1560.00 1201.36 Markel MKL ... 10 1518.63 -4.00 16.96 318.71 186.09 Salesforce CRM 0.5 73 307.77 -0.62 4.26 143.25 115.53 Yum!Brands YUM 2.0 24 136.23 -0.34
13.10 74.52 50.08 CanadianNatRscs CNQ 4.2 13 74.10 -0.17 s 17.65 157.33 109.11 Fiserv FI ... 31 156.29 -0.07 -24.30 399.78 200.01 MarketAxess MKTX 1.3 32 221.70 -2.11 11.14 40.54 16.63 Samsara IOT ... dd 37.10 -0.08 -10.72 64.70 33.55 YumChina YUMC 1.7 19 37.88 -1.12
12.93 91.58 68.92 CdnPacKC CP 0.6 29 89.28 -0.72 -19.78 220.19 144.57 FiveBelow FIVE ... 32 170.99 -5.80 s 13.15 256.53 153.56 Marriott MAR 0.8 25 255.16 -0.11 -3.34 57.82 42.63 Sanofi SNY 2.9 21 48.07 0.34 -1.22 30.05 15.89 ZTO Express ZTO 0.0 14 21.02 -0.65
7.66 143.99 83.93 CapitalOne COF 1.7 12 141.16 -2.02 7.31 309.39 194.60 FleetCorTech FLT ... 23 303.26 -2.54 7.89 209.20 157.30 Marsh&McLen MMC 1.4 27 204.42 -1.01 32.26 159.89 55.25 SareptaTherap SRPT ... dd 127.54 2.60 6.63 320.55 194.59 ZebraTech ZBRA ... 51 291.44 -3.62
10.13 116.04 68.53 CardinalHealth CAH 1.8 44 111.01 -1.52 29.67 30.93 14.14 Flex FLEX ... 17 28.73 0.42 21.69 617.08 326.61 MartinMarietta MLM 0.5 32 607.12 -5.83 3.75 62.12 42.73 Schlumberger SLB 2.0 19 53.99 -0.45 -12.15 61.13 33.80 Zillow C Z ... dd 50.83 -0.42
s 23.87 390.87 203.66 Carlisle CSL 0.9 29 387.02 -1.63 16.71 135.67 76.30 Floor&Decor FND ... 57 130.20 -3.55 10.33 85.76 36.90 MarvellTech MRVL 0.4 dd 66.54 -0.05 s 4.07 72.94 45.65 SchwabC SCHW 1.4 28 71.60 -0.25 -12.25 59.23 33.23 Zillow A ZG ... dd 49.77 -0.55
14.08 48.52 25.20 Carlyle CG 3.0 dd 46.42 -0.97 22.27 226.40 148.00 FlutterEnt FLUT ... dd 218.87 0.83 15.11 78.85 46.69 Masco MAS 1.5 19 77.10 -1.08 34.49 88.84 34.35 Sea SE ...240 54.47 -0.08 4.52 149.25 102.00 ZimmerBiomet ZBH 0.8 26 127.20 0.13
11.45 87.50 55.88 CarMax KMX ... 27 85.53 -0.91 -0.63 143.43 87.38 FomentoEconMex FMX 1.5 13 129.53 -0.85 12.93 490.00 346.31 Mastercard MA 0.5 41 481.67 -6.97 4.26 101.26 54.32 Seagate STX 3.1 dd 89.01 0.56 -14.42 201.92 151.03 Zoetis ZTS 1.0 33 168.90 0.58
-7.87 19.74 8.68 Carnival CCL 0.0 dd 17.08 0.06 5.91 15.42 9.63 FordMotor F 4.6 12 12.91 -0.01 s 19.35 69.00 42.04 MatadorRscs MTDR 1.2 10 67.86 -0.79 -6.64 79.52 63.75 Sempra SRE 3.6 15 69.77 -0.15 -8.27 75.91 58.87 ZoomVideo ZM ... 32 65.96 -0.58
-8.01 17.95 7.83 Carnival CUK 0.0 dd 15.51 0.08 16.69 81.24 44.12 Fortinet FTNT ... 47 68.30 -0.27 -2.05 49.24 27.85 MatchGroup MTCH ... 16 35.75 0.06 6.47 75.97 52.89 ServiceIntl SCI 1.6 21 72.88 -0.94 -12.01 259.61 84.93 Zscaler ZS ... dd 194.95 -3.12

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
500IdxInstPrem182.22 -0.25 BluChpGr K6 31.13 +0.06
10.1 16.0 DynaTech A 155.14 +0.26 16.0 Northern Funds LrgCpGrIdxInst 58.09 +0.06 12.1 TotBdAdml 9.54 +0.03 -1.0 IdxIntl 19.28 -0.08 3.9
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Contrafund K6 27.29 +0.04 Contra
18.5 19.11 +0.03 18.9 Growth A 136.06 -0.17 10.9 StkIdx 53.93 -0.07 10.1 VANGUARD ADMIRAL TotIntBdIdxAdm 19.65 +0.06-0.1 MdCpGrAdml100.42 -0.49 6.4
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e ExtMktIdxInstPre 82.00 -0.77 ContraK
5.0 19.18 +0.04 18.9 RisDv A 94.30 -0.41 6.6 Old Westbury Fds 500Adml 482.90 -2.20 10.1 TotIntlAdmIdx r 32.25 -0.133.9 MdCpVlAdml 79.11 -0.53 5.9
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, FidSerToMarket 17.16 -0.05 CpInc9.4 9.94 ... 4.2 Guggenheim Funds Tru LrgCpStr NA ... NA BalAdml NA ... NA TotStAdml 125.85 -0.76 9.4 SmValAdml 80.42 -0.83 4.5
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r GrowthCompanyK6 26.35 -0.07 GroCo
17.4 37.10 -0.05 16.2 TotRtnBdFdClInst 23.53 +0.08 -0.2 Parnassus Fds CAITAdml 11.41 +0.01 0.1 TxMCapAdml270.67 -0.47 9.8 TotBd2 9.43 +0.03 -0.9
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not IntlIdxInstPrem 50.01 -0.11 InvGrBd
5.6 9.94 +0.03 -0.7 Harbor Funds ParnEqFd 60.54 -0.04 9.9 CapOpAdml r193.78 -0.18 8.1 TxMIn r 16.04 -0.064.8 TotIntlInstIdx r128.95 -0.52 4.0
available due to incomplete price, performance or cost data. NE-Not released by Lipper; CapApInst NA ... NA PGIM Funds Cl Z DivAppIdxAdm 49.16 -0.48 6.8 TotItlInstPlId r128.98 -0.52 4.0
LgCpGwId InstPre 33.06 +0.04 LowP12.1 46.88 -0.29 6.4 USGroAdml 165.79 +0.05 13.0
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
MidCpInxInstPrem 32.00 -0.22 Magin6.8 14.38 ... 16.8 Harding Loevner TotalReturnBond NA ... NA EMAdmr 34.72 -0.19 1.7 ValAdml 62.59 -0.308.0 TotSt 125.84 -0.72 9.3
SAIUSLgCpIndxFd 21.72 -0.03 NASDAQ 208.44 +0.33
10.1 9.6 IntlEq NA ... NA PIMCO Fds Instl EqIncAdml 88.78 -0.49 6.0 WdsrllAdml 81.95 -0.31 7.7 VANGUARD INSTL FDS
Friday, March 22, 2024 SeriesBondFd 8.92 +0.03 OTC -0.9 20.82 +0.02 13.8 Invesco Funds Y AllAsset NA ... NA ExplrAdml 108.95 -0.87 5.5 WellsIAdml 60.57 ...
1.1 BalInst NA ... NA
Net YTD Net YTD Net YTD SeriesOverseas 14.08 -0.06 Puritn
8.6 25.45 +0.02 9.2 DevMktY 39.15 -0.23 1.4 TotRt 8.56 +0.03 NA ExtndAdml 130.61 -1.59 5.0 WelltnAdml NA ...
NA DevMktsIndInst 16.06 -0.06 4.7
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret JHF III DispVal PIMCO Funds A GroIncAdml 101.19 -0.15 12.2 DevMktsInxInst 25.11 -0.09 4.8
SerLTTreBdIdx 5.60 +0.05 SAIUSMinVolIndFd 20.07 -0.05
-3.7 7.5 WndsrAdml 75.31 -0.44 4.0
AB Funds SmCpA 2.2 EmMktCorEq 22.92 -0.15 2.3
67.74 -0.51 SmCpIdxInstPrem 25.68 -0.33 SAIUSQtyIdx 21.47 +0.01
2.6 10.9 DispValMCI 29.44 -0.21 7.6 IncomeFd 10.61 +0.02 1.2 GrwthAdml 178.30 +0.24 11.6
VANGUARD FDS
ExtndInst 130.60 -1.59 5.0
MuniIncmShares 11.13 +0.01 1.0 TxExA 0.1 IntlCoreEq 15.93 -0.06 4.0
12.40 +0.01 John Hancock PIMCO Funds I2 HlthCareAdml r 91.52 -0.25 3.8 GrwthInst 178.31 +0.24 11.6
TMktIdxInstPrem144.13 -0.35 SrsBlChGroRetail 18.20 +0.01
9.4 16.5 DivdGro 39.13 -0.22 5.2
AB Funds - ADV WshA 8.4 IntSmCo
61.77 -0.23 19.74 -0.07 2.2 TotalMarketIndex 18.19 -0.05 SrsEmrgMkt 17.76 -0.11
9.4 2.5
BondR6 13.45 +0.05 -0.3 Income 10.61 +0.02 1.3 HYCorAdml r 5.39 +0.01 0.8
IntlVal 41.79 -0.16 3.5
InPrSeIn NA ... NA
LgCpGrAdv 106.15 -0.33 14.4 Artisan Funds IntSmVa 22.11 -0.09 4.1 JPMorgan I Class PIMCO Funds Instl InfProAd NA ... NA InstIdx 430.64 -3.19 10.1
TtlIntIdxInstPr 13.67 -0.06 SrsGlobal
4.0 14.46 -0.05 4.4 LifeCon 20.87 +0.01 NA
American Century Inv IntlVal Inst 47.78 -0.17
4.0 LgCo 34.81 -0.05 10.1 USBdIdxInstPrem 10.26 +0.03 SrsGroCoRetail 22.70 -0.04
-0.9 16.6
CoreBond 10.19 +0.04 -0.5 IncomeFd 10.61 +0.02 1.3 InfTechIdx 270.45 -0.21 9.4
LifeGro 43.77 -0.08 NA
InstPlus 430.63 -3.21 10.1
Ultra 83.16 -0.08 11.6 Baird Funds US CoreEq1 39.51 -0.13 9.6 EqInc 24.24 -0.12 5.8 Price Funds IntlGrAdml 107.95 -0.09 6.0 InstTStPlus 89.61 -0.22 9.4
Fidelity Advisor I SrsIntlGrw 18.71 -0.10 9.2 LifeMod 31.67 -0.02 NA
American Funds Cl A AggBdInst 9.74 +0.03
-0.7 US CoreEq2 35.36 -0.13 8.9 Total Bd 9.45 +0.03 -0.4 SrsIntlVal 12.53 -0.01 7.4
LgCpGwth 70.67 +0.19 17.5 BlChip 171.80 +0.37 15.0 ITBondAdml NA ... NA
PrmcpCor 34.48 -0.04 8.6
MidCpInst 67.27 -0.39 6.1
AmcpA 42.17 -0.14 10.6 CorBdInst 10.07 +0.03
-0.4 US Small 45.51 -0.47 2.6 Fidelity Freedom TotalBond 9.47 +0.03 -0.3
JPMorgan R Class DivGro 76.04 -0.38 7.4 ITIGradeAdml 8.57 +0.03 -0.3
STAR 27.97 -0.02 NA
MidCpIstPl 331.77 -1.94 6.1
AMutlA 53.81 -0.19 5.9 BlackRock Funds US SmCpVal 45.87 -0.53 2.1 FF2030 17.36 -0.01 4.8 Fidelity SAI
CoreBond 10.21 +0.04 -0.4 Growth 97.88 +0.15 13.0 LarCapAd 120.83 -0.59 10.0
TgtRe2020 27.57 +0.02 NA
RealEstaInstl 18.54 -0.42 -3.5
BalA 33.73 -0.04 5.8 HiYldBd Inst 7.06 ...
1.8 US TgdVal 32.43 -0.38 1.7 FF2035 15.39 -0.02 5.9 TotalBd 8.96 +0.03 -0.3
CorePlusBd 7.19 +0.02 -0.2 LgCapGow I 74.74 +0.10 13.6 LTGradeAdml 7.87 +0.05 -2.1
TgtRe2025 19.03 ... NA
SmCapInst 107.35 -1.37 5.4

BondA 11.28 +0.04 -0.9 BlackRock Funds III USLgVa 48.59 -0.23 9.1 Lord Abbett I MidCap 107.06 -0.44 7.0 MidCpAdml 304.53 -1.78 6.1 SmCapIstPl 309.86 -3.94 5.4
FF2040 11.25 -0.03 7.2 U.S.TreBdIdx 8.68 +0.03 -1.1 TgtRe2030 36.97 -0.03 NA
5.7 MuHYAdml STIGradeInst 10.20 +0.01
ShtDurInc p 3.85 +0.01 1.1 10.70 +0.01 0.7 0.6
CapIBA 67.68 -0.17 2.9 iShS&P500IdxK615.30 -0.84
10.1 Dodge & Cox Freedom2030 K 17.34 -0.01 4.8 Fidelity Selects NHoriz 59.41 -0.35
TgtRe2035 23.19 -0.03 NA
Metropolitan West R2030 25.19 -0.03 5.2
MuIntAdml 13.67 +0.01 0.1 STIPSIxins 24.03 +0.03 0.8
CapWGrA 64.65 -0.24 7.9 BlackRock Funds Inst Balanced 104.82 -0.11 3.5 Freedom2035 K 15.36 -0.03 5.9 Semiconductors r 31.03 +0.18 28.0 MuLTAdml 10.92 +0.01 ... TgtRe2040 41.43 -0.07 NA TotBdInst 9.54 +0.03 -1.0
TotRetBdI 9.02 +0.03 NA Putnam Funds Class A
EupacA 58.69 -0.19 7.3 EqtyDivd 20.32 -0.11
5.9 GblStock 15.54 -0.03 4.2 Freedom2040 K 11.26 -0.02 7.3 Softwr 28.85 -0.18 4.3 MuLtdAdml 10.82 ... 0.2 TgtRe2045 28.26 -0.06 NA TotBdInst2 9.43 +0.03 -0.9
TRBdPlan 8.46 +0.03 NA PutLargCap p 34.09 -0.09 10.8
FdInvA 79.19 -0.34 11.0 StratIncOpptyIns 9.41 +0.02
0.8 Income 12.56 +0.04 -0.5 Idx2030InsPre 19.64 -0.01 3.9 Tech 32.72 +0.18 14.8 MuShtAdml 15.74 ... 0.5 TgtRe2050 47.28 -0.12 NA TotBdInstPl 9.54 +0.03 -1.0
MFS Funds Schwab Funds
GwthA 71.17 -0.18 12.7 TotRet 9.85 ...
-0.8 Intl Stk 50.13 -0.17 2.0 Idx2035InsPre 22.54 -0.02 4.8 First Eagle Funds TgtRe2060 48.61 -0.12 NA
IIE 34.49 -0.18 4.7 PrmcpAdml r168.70 -0.09 7.9 TotIntBdIdxInst 29.49 +0.09 ...
HI TrA 9.57 ... 2.1 Calamos Funds Stock 260.28 -0.62 6.9 1000 Inv r NA ... NA
Idx2040InsPre 23.52 -0.05 5.9 GlbA 66.54 -0.31 5.5 MFS Funds Class I RealEstatAdml119.81 -2.66 -3.4 TgtRet2055 52.76 -0.13 NA TotStInst 125.87 -0.76 9.4
ICAA 55.36 -0.12 10.2 MktNeutI 14.41 +0.02
1.8 DoubleLine Funds S&P Sel NA ... NA
Idx2045InsPre 24.64 -0.05 6.4 Franklin A1 GrowthI 202.28 +0.25 17.6 SmCapAdml 107.36 -1.36 5.4 TgtRetInc 13.26 +0.01 NA ValueInst 62.59 -0.29 8.0
IncoA 24.05 -0.08 3.3 Columbia Class I TotRetBdI 8.75 +0.04 -0.2 TSM Sel r NA ... NA
Idx2050InsPre 24.68 -0.06 6.4 IncomeA1 2.33 ... 1.4 ValueI 50.93 -0.25 7.0 SmGthAdml 90.36 -0.79 6.5 Welltn NA ... NA WCM Focus Funds
TIAA/CREF Funds
N PerA 60.72 -0.20 8.6 DivIncom I 32.48 -0.187.3 Edgewood Growth Instituti
Fidelity Invest FrankTemp/Frank Adv Natixis Funds STBondAdml NA ... NA WndsrII 46.19 -0.18 7.7 WCMFocIntlGrwIns 25.38 -0.24 11.5
NEcoA 59.96 -0.16 11.1 Dimensional Fds EdgewoodGrInst 49.79 -0.52 13.8 Balanc EqIdxInst 36.82 -0.09 9.4
28.77 +0.02 6.8 IncomeAdv 2.31 ... 1.5 LSGrowthY 26.27 +0.01 13.1 STIGradeAdml 10.20 +0.01 0.6 VANGUARD INDEX FDS Western Asset
NwWrldA 78.82 -0.36 5.1 EmgMktVa 30.13 -0.20 2.4 Fidelity
IntlEqIdxInst 23.08 -0.06 5.6
BluCh 202.72 +0.51 17.0 FrankTemp/Franklin A STIPSIxAdm 24.01 +0.02 0.8 ExtndIstPl 322.29 -3.95 5.0 CorePlusBdI NA ... NA
 THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, March 23 - 24, 2024 | B11

BUSINESS & FINANCE

United’s Safety Issues Bring FAA Scrutiny
BY ALISON SIDER
AND ANDREW TANGEL
U.S. air-safety regulators are
stepping up scrutiny of United
Airlines following a spate of
safety issues in recent weeks.
Federal Aviation Adminis-
tration officials have recently
become concerned by a high
rate of safety problems in a
relatively short period at
United, people familiar with
the matter said.
The FAA will review some of
United’s processes, manuals
and facilities in the coming
weeks, Sasha Johnson, United’s
vice president of corporate
safety, wrote in a memo viewed
by The Wall Street Journal.
Chief Executive Scott Kirby
reached out to customers re-
cently to reassure them that the
mishaps, while unrelated, are
receiving high-level attention.
United’s problems have
come as concerns have grown
over U.S. aviation safety. The
FAA has tightened oversight
of Boeing and its manufactur-
ing processes after a door
plug blew out from a brand-
new 737 MAX plane midflight
in January. Last year there
were a number of close calls
between planes on runways,
and the industry is absorbing
a massive influx of new em-
ployees hired as air travel re-
bounded from the pandemic.
United, which last year be-
came the largest U.S. airline
by traffic, has drawn attention
following a range of problems
on flights. On March 15, one of
its Boeing 737 jets, which was
more than 25 years old, was
found to be missing a panel
after landing in Medford, Ore.
Another United plane lost a
wheel as it took off from San
Francisco on March 7, damag-
ing some vehicles in a nearby
airport employee parking lot.
A different United plane the
following day slipped into the
grass while rounding a corner
onto a taxiway in Houston at a
fast clip.
The recent issues prompted
United to take stock of whether
it needs to do anything differ-
ently and it “stepped up” inter-
actions with the FAA, United’s
Johnson wrote in the memo.
“They agree that we need to
take an even closer look at mul-
tiple areas of our operation,”
she wrote, adding that the car-
rier welcomes the engagement
and is open to feedback.

Monopoly Case Will Challenge Apple Held Talks

iPhone Maker’s Winning Streak With Baidu Over
BY DAVE MICHAELS
AND AARON TILLEY
AI for Its Devices
Apple has faced complaints BY RAFFAELE HUANG aren’t available in China. Ap-
for years about the tight control ple rival Samsung’s newest
it maintains around its popular SINGAPORE—Apple has Galaxy smartphone uses Gem-
devices—exactly what the Jus- held preliminary talks with ini outside of China and
tice Department is challenging Baidu about using the Chi- Baidu’s Ernie in China to
in its landmark lawsuit. nese company’s generative ar- power some AI features.
So far, the courts have tificial-intelligence technology Apple’s discussions with
mostly sided with the iPhone in its devices in China, the Baidu are still exploratory,
maker over critics of its fees latest example of the iPhone the people said. It isn’t known
and scrutiny of how apps and maker’s efforts to widen its if Apple has engaged with
outside hardware interact with AI capabilities. other Chinese generative AI
its ecosystem. The U.S. tech giant has been companies.
The Justice Department, exploring using external part- Global consumer-electronics
which sued Apple on Thursday, ners to help accelerate its AI makers are competing to roll
took a broad swipe at the ambitions. It has held discus- out AI-enabled laptops and
iPhone maker by alleging that it sions with companies including smartphones, riding the wave
MARIO TAMA/GETTY IMAGES

has protected its monopoly in
smartphones by thwarting in-
novative apps and accessories
that would make people less de-
pendent on Apple’s pricey tech-
nology. In the lawsuit, antitrust
officials avoided theories previ-
ously rebuffed by federal courts.
Still, the government has an up-
hill climb to convince a court
that Apple’s policies result in
higher prices and hurt consum-
ers—rather than protecting
them, as Apple says.
“The whole notion here is
that things that make Apple dis-
tinctive are also things we
should be attacking under the
antitrust laws,” said Herb Hov-
enkamp, a professor at the Uni-
versity of Pennsylvania law
school. “It strikes me as a fairly
weak complaint.”
The department will have to
contend with the defense strat-
egy that has worked well for
Apple in the past—chiefly its
claim that tightly controlling
how apps are distributed and
sold makes the iPhone safer and
more appealing for its more
than 100 million U.S. users.
Apple dodged an antitrust
bullet three years ago in a law-
suit filed by Epic Games, which
makes the videogame “Fort-
nite.” U.S. District Judge Yvonne
Gonzalez Rogers found evidence
of Apple’s market power and
ruled that some of its restric-
tions weren’t justified. But she
ruled that Apple didn’t have a
monopoly over mobile games,
which was Epic’s claim.
The Justice Department’s
Apple dodged a major antitrust bullet three years ago in a lawsuit filed by Epic Games.
case labels Apple a monopolist
in the entire smartphone mar-
ket, not just games. And the
government is typically a more
formidable plaintiff than private
companies or class-action attor-
neys. “The United States nor-
mally wins the cases that it
brings,” Attorney General Mer-
rick Garland said Thursday.
To defend its alleged monop-
oly, Apple has walled off what
the lawsuit calls “super apps,”
software that serves several
purposes such as messaging,
digital payments and social net-
working. It has also allegedly
degraded how the iPhone works
with Android text messaging
and smartwatches that compete
with Apple’s own product.
Those restrictions inhibit inno-
vation and make consumers de-
pendent on Apple, the depart-
ment alleged.
The government’s case basi-
cally alleges that Apple has a
duty to deal with rival software
and hardware providers to
make those products work more
seamlessly with the iPhone, said
Daniel Francis, a professor at
NYU School of Law. That argu-
ment usually faces long odds in
court. The Supreme Court said
in 2004 that businesses can’t be
sued under antitrust law for not
helping rival companies better
compete against them.
Justice Department officials
say their lawsuit isn’t a “refusal
to deal” case. They are challeng-
ing instead how Apple exploits
its existing alleged monopoly to
block anyone who could chal-
lenge it. Apple has “excluded
technologies and stifled innova-
tions that would threaten Ap-
ple’s stranglehold on its monop-
oly power,” Assistant Attorney
General Jonathan Kanter said
Thursday. The Justice Depart-
ment compared the case to its
mostly successful effort to stop
Microsoft from monopolizing
the market for internet brows-
ing software two decades ago.
Apple was a beneficiary of that
case, Kanter said.
“They are essentially telling
the court that they don’t have
to create a whole new theory,”
said Jeane Thomas, a partner at
Crowell & Moring’s antitrust
group. “There is precedent for
finding monopoly conduct in
this kind of situation.”
Apple officials contested the
comparison, pointing out that
Microsoft had 95% market share
at the time of the lawsuit, while
the Justice Department con-
tends that Apple has a 65%
share of the smartphone market
and a 70% share of premium
smartphones. Apple also said it
has never created restrictions to
fend off competitive threats.
Apple has a strong record
fending off antitrust lawsuits. In
2014, it beat a claim that it had
unlawfully tied the use of iPod
music devices to its iTunes mu-
sic store. Apple had made it im-
possible for iPods to play music
from competing music stores.
Apple won with a classic de-
fense against such “tying”
cases. It argued that it needed
to restrict what iPods could
download to protect consumers
from hackers and other threats.
That defense worked as well
in the lawsuit that Epic filed in
2020. Apple had blocked Epic
from putting its own game store
on iPhones. Under Apple’s poli-
cies, Epic could only distribute
its games through the iPhone’s
App Store. Apple said that re-
striction was necessary to en-
sure that apps were safe from
fraud, privacy intrusions and
malware. The judge, Gonzalez
Rogers, found that Apple’s secu-
rity argument was a valid rea-
son to restrict how apps can be
loaded.
 Heard on the Street: Under
attack from all sides....... B14
Google and OpenAI about using
their technology to power its
mobile features.
In China, Apple has been
looking for a local generative AI
model provider, mainly because
China requires such models to
be vetted by its cyberspace reg-
ulator before being launched to
the public, people familiar with
the matter said.
Since the authorities intro-
duced the rule in August, Bei-
jing has approved more than 40
generative AI models, including
Baidu’s Ernie Bot. No models
made by foreign developers
have been approved yet, and it
isn’t known if any foreign com-
panies have sought approval.
Leading generative AI mod-
els including OpenAI’s Chat-
GPT and Google’s Gemini
Smartphone market share in
China, by brand
100%
80
60
40
20
0
2020 '24*
*For the first six weeks Note: Huawei sold Honor in 2020.
Source: Counterpoint Research
of generative AI to boost sales
that have weakened over the
past two years.
The iPhone maker has in-
vested in developing its AI ca-
pabilities, including building its
own generative AI model, seek-
ing to leverage the technology
to enhance features such as
voice assistant, photo editing
and email.
Apple already stores its
China data in a cloud operated
by a state-owned partner, com-
plying with laws mandating
that customer data collected in
the country be stored locally.
China is Apple’s biggest
overseas market, but it is strug-
gling with intensifying competi-
tion from homegrown rivals in-
cluding U.S.-sanctioned Huawei
Technologies.
Smartphone sales in 2024,
change from a year earlier*
Huawei
Oppo
Honor
Vivo
Xiaomi Xiaomi
Honor Vivo
Huawei Oppo
Apple Apple
–25% 0 25 50 75

Chrysler-Parent Stellantis Is Laying Off

About 400 Salaried Employees in U.S.
BY RYAN FELTON competitive pressures around production plans, it added. scaling back their EV plans to
ANUSAK LAOWILAS/NURPHOTO VIA ZUMA PRESS

Chrysler-parent Stellantis
is laying off about 400 em-
ployees in the U.S., mostly in
its software and engineering
divisions, the latest in a string
of cutbacks by the automaker
as it works to introduce its
first electric vehicles in the
U.S.
The automaker directed
Car owners can have their vehicles fixed at no charge. nonunion software employees
to work from home Friday,
the world, Stellantis continues The global automaker’s cuts adjust for slowing sales of
to make the appropriate struc- represent the latest effort by battery-powered cars in the
tural decisions across the en- car companies to rein in costs U.S., though Stellantis Chief
terprise to improve efficiency as the industry undergoes a Executive Carlos Tavares has
and optimize our cost struc- bumpy transition toward mak- said the company for now has
ture,” the company said. ing more electric vehicles. no plans to change course.
The layoffs represent the General Motors and Ford “We’re going flat out,” Tav-
third round of white-collar job Motor both shed salaried ares said last month during an
reductions the global auto- workers last year, and auto analyst call.
maker has made in the past companies overall have been The automaker is planning
year. In 2023, Stellantis of- slimming down to guard to sell eight new electric mod-
fered buyouts against a possi- els in the U.S. by the end of
to around 9,000 ble car-market the year, and at least 25 by

Hyundai, Kia to Recall 11,800

saying it would hold “impor- salaried work- slowdown, par- 2030—including the Fiat 500e
tant operational meetings that ers in the U.S. ticularly as subcompact vehicle, a Dodge
require specific attention and The auto- consumer inter- electric muscle car and a Ram

EVs in the U.S. Over participation,” according to an

email viewed by The Wall
Street Journal.
maker—which
counts among
its brands Jeep,
The number of U.S.
est in EVs has
cooled. Rivian
salaried workers the Automotive, a
pickup.
While the automaker, cre-
ated in early 2021 through the

Charging Unit Issues Meetings were

throughout Friday morning
where affected white-collar
held Ram, Chrysler
and Dodge— automaker had at the based electric-
had about end of last year.
California-

BY KWANWOO JUN
Hyundai Motor and sibling
company Kia will recall a
combined 147,110 electric vehi-
cles in the U.S. over possible
defects in a charging unit that
could cause a loss of power
while running, the U.S. federal
auto safety regulator said.
Hyundai will recall 98,878
vehicles of certain Ioniq and
Genesis brands, while Kia will
recall 48,232 units of its af-
fected EV6 vehicle model, the
National Highway Traffic
Safety Administration said.
The vehicles’ Integrated Con-
trol Charging Unit could be-
come damaged and stop
charging the 12-volt battery,
which can result in a loss of
drive power, it said.
Car owners can have their
vehicles inspected to replace
the charging unit, as neces-
sary, and update its software,
at no charge, according to
safety regulators in the U.S.
and South Korea.
workers were informed they
were being let go, according to
people familiar with the mat-
ter. Stellantis confirmed in a
statement Friday it plans to
reduce its engineering, tech-
nology and software organiza-
tions by about 2% in the U.S.
In all, that figure equates to
about 400 employees in the
U.S., according to internal
documents also viewed by the
Journal.
“As the auto industry con-
tinues to face unprecedented
uncertainties and heightened
vehicle startup,
merger of Fiat Chrysler Auto-
mobiles and PSA Group, has
been in belt-tightening mode,
11,800 salaried said in Febru- it has also recorded high prof-
employees in ary that it was its and seen its stock increase
the U.S. at the trimming 10% more than 27% this year.
end of last year, a spokes- of its staff. But Stellantis expects 2024
woman said. Stellantis has trailed com- to be a “turbulent year with
Stellantis said it made the petitors in offering EVs to U.S. even more complexities for
decision to make the cuts af- customers, but it has plans to our industry,” Yves Bonnefont,
ter rigorous organizational re- spend more than $50 billion Stellantis’s chief software offi-
views, and affected employees through the end of the decade cer, told employees in an
will be offered a comprehen- as part of the company’s ef- email Friday viewed by the
sive separation package and fort to electrify its lineup and Journal.
transition assistance. The re- make 50% of its U.S. sales all- “I understand that news of
ductions, effective March 31, EV by then. It has a target of staff reduction can be unset-
will better align its resources selling 100% EVs in Europe in tling, and I want to assure you
and preserve critical skills that same time frame. that these decisions were not
needed to implement its EV Automakers, too, have been made lightly,” Bonnefont said.
B12 | Saturday/Sunday, March 23 - 24, 2024 * *** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Ex CEO Linked to Fraud Kills Self Vodafone

Deal Gets based Steinhoff International American energy giant Enron. Jooste, who became CEO in signed amid accounting irreg-
Markus Jooste a day
until December 2017, when the A court in Germany, where 2000, was celebrated as one of ularities.
earlier was fined $25
million in scandal at
company announced he had
resigned amid accounting ir-
regularities.
Steinhoff was listed on the
Frankfurt Stock Exchange, last
year issued a warrant for
South Africa’s most successful
businessmen. In its Wednes-
day ruling, the FSCA said
An investigation by ac-
counting firm Pricewater-
houseCoopers found that the
Antitrust
‘Africa’s IKEA’
BY GABRIELE STEINHAUSER
Jooste and other executives
have been the subjects of
criminal probes related to the
Jooste’s arrest after he failed
to show up to a criminal trial.
A criminal investigation in
Steinhoff had paid Jooste
more than 710 million South
African rand, equivalent to
company had recorded ficti-
tious and irregular transac-
tions to the tune of 6.5 billion
Scrutiny
AND ALEXANDRA WEXLER company, which has since South Africa has been going around $37 million, in cash, euros ($7.4 billion at the time)
been liquidated. Jooste had on for years, but no charges bonuses and other long-term between the 2009 and 2017 fi- BY NAJAT KANTOUAR
J O H A N N E S B U R G — Fo r denied being aware of any of have been filed against any of incentives between 2014 and nancial years.
years, the former head of “Af- the accounting irregularities. the executives at Steinhoff. In 2017. Jooste used his fortune PwC said a small group of The U.K. Competition and
rica’s IKEA” had avoided legal His death, which was con- announcing the fine on to fund a glittering lifestyle, senior Steinhoff executives, Markets Authority plans a
accountability after his own firmed Friday by his lawyer, Wednesday, FSCA officials acquiring a wine estate near led by a senior management further investigation into
board blamed him for a mas- came one day after South Af- said they expected the Cape Town and a world-fa- executive later identified as Vodafone Group’s planned
sive corporate fraud that pre- rica’s Financial Sector Con- agency’s case against Jooste mous stable of race horses. Jooste, inflated profit and as- joint venture of its U.K. oper-
cipitated the collapse of the duct Authority labeled him the to be added to that probe. Behind the scenes, Jooste set values for years. PwC ations with Three U.K. as it
company that owned Mattress “mastermind” behind a years- Steinhoff, a family-owned was said to run Steinhoff with found Steinhoff used compa- believes the deal could leave
Firm. long effort to hide billions of furniture seller based outside an iron grip, according to peo- nies involving or ultimately consumers and businesses
On Thursday, a day after dollars in losses at Steinhoff. Cape Town, South Africa, be- ple who attended meetings controlled by Jooste or his as- worse off.
receiving a record fine in The agency fined him $25 came known as “Africa’s with him. Jooste, an accoun- sociates to make deals with The regulator said Friday
South Africa for his role in the million, the first formal find- IKEA” for its home-furnishing tant, could turn quickly from a Steinhoff without declaring that the deal—which seeks to
fraud, Markus Jooste died of a ing that Jooste was responsi- retail chains. Steinhoff was suave charmer to a harsh their conflicts of interest. combine two of the four U.K.
self-inflicted gunshot wound ble for the company’s down- the holding company for more bully, the people said. A seemingly endless acqui- mobile network operators—
near his house in the coastal fall. The agency compared the than 40 retail brands in over Steinhoff shares collapsed sition spree also allowed could lead to higher prices
town of Hermanus. accounting irregularities at 30 countries. They included in December 2017—falling Steinhoff to boost annual for customers and impact in-
Jooste, 63, was the chief Steinhoff to the fraud more Mattress Firm, the owner of about 90%—after the company earnings and mask otherwise vestment in U.K. mobile net-
executive of South Africa- than two decades ago at Sleepy’s in the U.S. announced that Jooste had re- poor performance. works.
The agreement would
bring their 27 million cus-
tomers under a new, single
Saudi Fund to Build network provider and would
raise competition concerns,
First ‘Dragon Ball’ Park the CMA said.
“Whilst Vodafone and
Three have made a number of
A unit of Saudi Arabia’s “Dragon Ball” is a popular claims about how their deal
Public Investment Fund plans Japanese animation series, is good for competition and
to build the world’s first initially illustrated as a investment, the CMA has not
“Dragon Ball” theme park manga comic series by artist seen sufficient evidence to
near Riyadh, the latest move Akira Toriyama, who died date to back these claims,”
underscoring the kingdom’s earlier this month at the age the CMA Phase 1 Decision-
ambitions to diversify beyond of 68. maker Julie Bon said.
oil. A Six Flags amusement The regulator has given
Toei Animation, which pro- park and a water theme park the companies five working
duces “Dragon Ball” and other are also planned and under days to respond with a solu-
popular animation series and construction at Qiddiya. tion, otherwise the deal will
licenses their use, said Friday Public Investment Fund be referred to a more in-
CHARLES SYKES/INVISION/ASSOCIATED PRESS

that Qiddiya Investment, a has been making strategic depth investigation, the regu-
unit of PIF, plans to construct investments to help reduce lator said.
the theme park as part of the the kingdom’s reliance on oil Vodafone and Three UK
entertainment project in Qid- revenue. The sovereign- said that the investigation
diya, southwest of Riyadh. wealth fund held a 6.0% was an expected step in the
The theme park will be stake in Toei Animation’s process and that they are
500,000 square meters in parent Toei Co.and had a confident the transaction will
size and will recreate various 8.6% stake in Nintendo as of deliver significant benefits
iconic locales from the origi- February 2023. for competition, customers
nal series, the studio said. —Kosaku Narioka and the country.

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EV Charging Firms Rush
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
To Add U.K. Cyber Shields
RESIDENTIAL REAL ESTATE COMMERCIAL REAL ESTATE BY CATHERINE STUPP box added cybersecurity protec- that also do business in the 27
tions to its other products and European Union countries, it
Manufacturers of EV charg- will sell the adapted versions of will ready them for a new law
Seeking $1.5 Million ing products for the home have those in other markets as well, regulating EV charging and

auction
ONLINE been making heavy outlays of he said. Compliance, he said, other industries that takes ef-
30-Month First Trust Deed
time and money to add new cy- “requires massive effort.” Wall- fect next year, said Harm van
Secured by Historic Lighthouse
bersecurity protections and re- box added an extra sensor to its den Brink, a cybersecurity spe-
25% LTV design chargers to comply with home chargers to detect tam- cialist at ElaadNL, a research
IMMEDIATE 11% PREPAID INT a U.K. regulation that’s been in pering, and upgraded to a mi- organization in the Netherlands
effect for over a year. crocontroller that has more se- focused on testing EV charging
THE BRETTON WOODS ESTATE Spanish charging company curity features. equipment.
Wallbox said it would pull one The U.K. Office for Product A second EU law, effective in
FRISCO, TX product off the U.K. market in Safety and Standards is moni- October, requires critical infra-
Tobetterworld@msn.com
June. Along with other compa- toring the EV market, a spokes- structure operators—including
nies, Wallbox received a grace man said, “and will use the EV charging companies—to
NOTICE OF SALE period to adapt its chargers af- powers available to us under adopt security measures and re-
ter a law requiring protections the legislation where we find or port hacks to regulators.
against tampering took full ef- are notified about noncompliant To comply with the U.K. law,
NOTICE OF SALE fect in late 2022. The British charge points.” Violations could Norwegian EV charging firm
PLEASE TAKE NOTICE, that in accordance with applicable
provisions of the Uniform Commercial Code as enacted in regulation, which applies to pri- result in fines of up to £10,000, Zaptec invested 10 to 18 months
New York, by virtue of certain Events of Default under
that certain Partnership Interests Pledge and Security
vate home chargers for EVs, has equivalent to $12,700, for each in designing, testing and manu-
Agreement dated as of November 24, 2021 (the “Pledge forced several companies to im- noncompliant charger in use. facturing a hardware fix to de-
Agreement”), executed and delivered by CGI 1100
BISCAYNE MANAGEMENT GP, LLC and CGI 1100 BISCAYNE prove security and invest in de- Regulators could also require tect tampering through an opti-
MANAGEMENT HOLDCO, LP (collectively, the “Pledgor”),
and in accordance with it rights as holder of the security, veloping new technologies. companies to pull noncompliant cal sensor, a spokeswoman said.
MADISON REALTY CAPITAL DEBT MA II HOLDINGS MB
LLC (“Secured Party”), by virtue of possession of those
Wallbox, which operates in products off the market. The company added other secu-
certain Share Certificates held in accordance with Article 8 more than 80 countries, will New registrations of passen- rity measures as well, including
of the Uniform Commercial Code of the State of New York
(the “Code”), and by virtue of those certain UCC-1 Filing stop selling its Copper SB home ger electric vehicles, including updated software with encryp-
Statement made in favor of Secured Party, all in accordance
with Article 9 of the Code, Secured Party will offer for sale, charger in the U.K. because of plug-in hybrid cars and fully tion capabilities.
ONLINE AUCTION BEGINS MON. APRIL 8TH at public auction: (i) all of Pledgor’s right, title, and interest the rule, the company said, electric cars, made up almost Sweden’s CTEK spent
in and to the following: CGI 1100 Biscayne Management,
LP (the “Pledged Entity”), and (ii) certain related rights though it had already been 24% of the U.K. market last year, around $2 million upgrading
and property relating thereto (collectively, (i) and (ii) are
the “Collateral”). Secured Party’s understanding is that planning to phase out the prod- according to data-research firm its products to comply with
the principal asset of the Pledged Entity is the premises
located at 1100 Biscayne Blvd., Miami, FL (the “Property”).
uct before the law took effect, Jato Dynamics. the U.K. law, said Stefan Ga-
Mannion Auctions, LLC (“Mannion”), under the said Jaume Ferré, Wallbox’s Complying with the U.K. law brielsson, product manager
direction of Matthew D. Mannion or William Mannion
(the “Auctioneer”), will conduct a public sale consisting chief technology officer. Wall- is onerous, but for companies for EV charging.
of the Collateral (as set forth in Schedule A below), via
online bidding, on May 23, 2024 at 10:00am (the “New
Sale Date”), in satisfaction of an indebtedness in the
approximate amount of $7,631,120.61, including principal,
STARTING BID $800K!
interest on principal, and reasonable fees and costs, plus
default interest through May 23, 2024, subject to open
charges and all additional costs, fees and disbursements
permitted by law. The Secured Party reserves the right
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Bidder Qualification Deadline: Interested parties who
intend to bid on the Collateral must contact Brett
(866) 264-0668 Rosenberg at Jones Lang LaSalle Americas, Inc. (“JLL”),
330 Madison Avenue, New York, NY 10017, (212) 812-
INTERLUXE.COM/WJTX 5926, Brett.Rosenberg@jll.com, to receive the Terms and
Conditions of Sale and bidding instructions by May 21, 2024
by 4:00 pm. Upon execution of a standard confidentiality
and non-disclosure agreement, which can be found at
the following link www.1100BiscayneBlvdUCCSale.
DAVID PAUL MORRIS/BLOOMBERG NEWS

In Cooperation with Dona Timm - Timm Properties - Lic# 0282394. Not an offer to residents of those states

where registration is required. Interluxe is not acting in the capacity of a broker or auctioneer and provides com, additional documentation and information will be
advertising and online bidding services only. For full terms: www.interluxe.com/terms-of-use available. Interested parties who do not contact JLL and
qualify prior to the sale will not be permitted to enter a bid.
SCHEDULE A: Pledged Interest: PLEDGOR: CGI 1100
BISCAYNE MANAGEMENT GP, LLC, a Delaware
limited liability company. ISSUER: CGI 1100 BISCAYNE
MANAGEMENT, LP, a Delaware limited partnership.
INTERESTS PLEDGED: 0% general partnership interest.
BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES PLEDGOR: CGI 1100 BISCAYNE MANAGEMENT HOLDCO,
LP, a Delaware limited partnership. ISSUER: CGI 1100
BISCAYNE MANAGEMENT, LP, a Delaware limited
partnership. INTERESTS PLEDGED: 100% limited
partnership interest. The UCC1 was filed on November 29,
mortgage REIT BRANDED RESTAURANT
CHAIN FOR SALE
2021, with the Delaware Department of State under the
Filing No. #20219652687. KRISS & FEUERSTEIN LLP,

8%-9% 2 Restaurants, Plus Franchise Sales Attn: Jerold C. Feuerstein, Esq., Attorneys for Secured
Scottsdale — Phoenix Party, 360 Lexington Avenue, Suite 1200, New York,
Return New York 10017, (212) 661-2900 Nike shares fell after it re- digital sales declined. Nike stock fell 6.9%.
Regional and National Growth Opportunity
TAX EFFICIENT Asian Fusion | Sushi | Music | Bar | Branded Nights ported flat quarterly sales, Executives forecast a low For the third quarter,
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FIXED INCOME brandedrestaurant4sale@gmail.com holiday spending boost that in sales for the first half of were $12.43 billion,
SEEKING RIA’S & THEMARKETPLACE lifted some brands, and gave
a lackluster revenue outlook.
the next fiscal year, which
starts June 1. Still, they fore-
compared with analysts’
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For the current fiscal year,
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© 2024 Dow Jones & Company, Inc. sumer sales were flat, while sales to be up about 1%. —Inti Pacheco
Info-<mgmt@apcholdingstx.com> All Rights Reserved.
THE WALL STREET JOURNAL.
Stocks Take a Break at End of Red-Hot Week
BY GUNJAN BANERJI
A drop in shares of retailers
pushed stocks lower to end the
week, putting a pause on a
breathtaking rally that has
driven stocks to records.
The Dow Jones Industrial
Average lost 0.8%, or 305
points. The S&P
FRIDAY’S 500 shed 0.1%.
MARKETS The Nasdaq
Composite,
meanwhile, edged 0.2% higher
to a record.
Nike shares dropped 6.9% af-
ter the sneaker giant reported
flat quarterly sales and cut its
revenue outlook for the year.
Lululemon’s shares plunged
more than 15% after the com-
pany’s chief executive expressed
caution about consumer de-
Negative Rate
Experiment Ends
With a Thud
BY SPENCER JAKAB
The most generous thing you
can say about pushing interest
rates below zero is that it was
an idea ahead of its time.
The experiment that turned
the world of finance upside
down ended this past week in
Japan without having accom-
plished much of anything. At
times it felt like 12 years in a
strange new world—sort of like
going south of the South Pole.
Outside of the central banks
that pushed the idea as a solu-
tion to stagnant growth, few
people were persuaded. Wall
Street still doesn’t like it. Ordi-
nary people certainly never got
comfortable with the idea of
being paid to borrow and
charged to save money.
And the unintended conse-
quences of muscular monetary
policy continue to pile up. Neg-
ative rates in Europe and Japan
and the aggressive response to
Covid-19 in the U.S. helped
spawn some of the most inane
investment opportunities since
the dot-com bubble, from
SPACs to joke cryptocurrencies.
More lastingly, tens of millions
of Americans snagged mort-
gages that they will be telling
their grandkids about, possibly
in the same house they bought
with them since it is now too
expensive to move.
Americans not particularly
interested in economics might
not give much thought to other
countries’ experiments with
negative rates, especially now
that we seem to have the oppo-
site problem. They probably
should. It is hard to call the
long, strange trip of rates below
zero a success, but it didn’t
blow up markets either. The
next time there is an emer-
gency, or maybe the time after
that, central banks—including
the Federal Reserve—could go
back to the negative-rate draw-
ing board.
Forced to spend
Economists have long won-
dered how to jump-start an
economy that won’t respond to
even very cheap borrowing
costs. Forcing people to spend
instead of saving their money
was one of their ideas, but it
wasn’t practical until recently.
And, even if it made sense on
paper, it upended people’s his-
toric understanding of money.
The first interest payment
was recorded in ancient Baby-
lon more than 4,000 years ago.
Almost since people gave up
bartering, money, in whatever
form, has served at least two
purposes: a medium of ex-
change but also a way to store
up the fruits of their labor to
buy something in the future.
Matching that deferred con-
sumption up with people or
governments that wanted to
spend money they didn’t have
yet is where interest came in.
Uncharted territory
Earning something for your
cash was a way to reward you
for parting with it temporarily
and compensating you for the
risk it might not get paid back.
That price has fluctuated, but it
was always a positive number.
It doesn’t have to be: With a
glut of global savings that
started even before the
2008-09 financial crisis, central
bankers slashed interest rates
* * * * *
mand and said the company has
been navigating a slower start
to the year.
The results made some in-
vestors jittery about the health
of U.S. consumers, who have
propelled the economy for the
past year and led many inves-
tors to abandon their wagers on
an imminent recession.
Other retailers such as Bath
& Body Works and Estée Lau-
der fell around 3.1% and 2.1%,
respectively.
Markets rushed to new
heights in recent sessions,
pushed by hopes that the era of
high borrowing costs is coming
to an end. On Wednesday, after
Federal Reserve Chair Jerome
Powell indicated that the cen-
tral bank was still on pace to
trim interest rates three times
to almost nothing and finally to
zero. They also “printed” elec-
tronic money to buy trillions of
dollars in bonds to push down
the longer-term rates that they
can’t control directly.
When that left their econo-
mies close to stall speed, some
central banks in Europe, soon
followed by Japan, took things
into uncharted territory. They
weren’t exactly sure it would
work, but rates have success-
fully gone as low as negative
0.75% in Switzerland without
huge problems. If bonds and
bank deposits that didn’t earn
anything weren’t enough to get
money flowing out of people’s
pockets, then charging people
and companies for saving
seemed like the logical next
step.
At the peak about $18 tril-
lion in bonds had negative
yields, but actually making indi-
viduals pay to leave money in
the bank has always been
tricky. They could just stuff
cash into mattresses. To get
around this, a 19th-century
economist suggested having a
stamp duty on money every
year in order for it to remain
legal tender. This would kill two
birds with one stone since it
would be pretty awkward for a
criminal like Walter White in
“Breaking Bad” to dig up the
$80 million he buried in the
desert, much less to explain it.
More recently, economist
Greg Mankiw published a stu-
dent’s idea in 2009 that ran-
dom serial numbers on bills
could be declared void through
a lottery, making hanging on to
cash risky. Economist Kenneth
Rogoff had a more practical
idea, but one that might be al-
most as unpopular—getting rid
of paper currency altogether.
With actual interest rates
around zero for much of the
past 16 years, demand boomed,
especially outside the U.S., for
$100 bills, the easiest denomi-
nation to store but the hardest
one to spend. There are now
more of them in existence than
ubiquitous $1 bills.
The response to a future fi-
nancial crisis could well be neg-
ative interest rates—even in the
U.S. During the Great Depres-
sion, when slashing rates didn’t
revive the economy, the prob-
lem was described as “pushing
on a string.” The solution was
for the government to give peo-
ple money to spend.
That response was taken to
heart when American rates
were cut to zero during 2020’s
Covid-19 emergency with blow-
out budget deficits. It worked
too well: Inflation surged to a
40-year high, which forced the
Fed to increase rates aggres-
sively.
Real (inflation-adjusted)
interest rate on 10-year U.S.
Treasury notes
2.0%
1.5
1.0
0.5
0 them.
–0.5
2010 ’15 ’20
Source: Federal Reserve Bank of Cleveland
MARKETS
this year, all three major in-
dexes hit new records on the
same day. They did it again on
Thursday.
The Dow and S&P 500 rose
2% and 2.3%, respectively, for
the week despite Friday’s de-
clines. The Nasdaq gained about
2.9%.
Some investors said the
stock market was due for a mild
decline after a roaring rally in
recent sessions. “It’s more of a
pause as opposed to game
over,” said Mike Bailey, director
of research at FBB Capital Part-
ners.
The yield on the 10-year
Treasury note fell to 4.217%
Friday.
Excitement for stock-market
debuts bounced back after a
long lackluster period. Shares of
Tea-and-ice cream chain Mixue Group, targeting a $1 billion listing, is among the companies preparing to go public.
Bubble Tea Set to Wake Up Hong Kong IPOs
BY DAVE SEBASTIAN
Hong Kong’s IPO market was
once the biggest in the world.
Now, its great hope is bubble
tea.
At least four Chinese stores
that sell bubble tea are prepar-
ing to go public in Hong Kong,
where nine companies have
listed shares so far this year.
They include tea-and-ice cream
chain Mixue Group, whose tar-
geted $1 billion listing would
lift current volumes in the mar-
ket more than threefold. Gum-
ing and Chabaidao, its nearest
rivals, want to raise as much as
$300 million each, according to
people familiar with the deals.
These deals offer a striking
example of how the slowdown
in China’s economy has had a
ripple effect on the big financial
center at its border.
Hong Kong’s stock exchange
once boasted more deals than
anywhere else in the world,
generating bumper fee reve-
nues for Wall Street banks and
attracting hordes of global in-
vestors. The $40 billion raised
from new listings in 2019 was
about five times the total in
London and only second to the
amount raised on U.S. stock ex-
changes, according to Dealogic.
During the boom years, the
landmark listings in Hong Kong
came from technology compa-
nies. They included internet gi-
ants Alibaba Group, JD.com and
Real-Estate Broker Compass to Pay $57.5 Million
BY NICOLE FRIEDMAN
Real-estate firm Compass
said it reached a $57.5 million
settlement over allegations
that it was part of a conspir-
acy to keep real-estate com-
missions high, the first big
brokerage to reach such an
agreement since the National
Association of Realtors’ land-
mark settlement.
The agreement, announced
Friday, is likely to be closely
watched by other large broker-
ages as an indicator of how
much they can expect to pay
to settle the claims against
Compass is the fourth ma-
jor brokerage to settle the liti-
’24
gation since last year. Re/Max
Holdings and Anywhere Real
Estate, which owns brands
Reddit and Astera Labs, which
started trading this week,
jumped after their listings,
though Reddit fell on Friday.
Many individuals have piled
into shares of the shell company
set to take Donald Trump’s
Truth Social public. On Friday,
shares of the shell company,
Digital World Acquisition
Corp., dropped more than 13%
after shareholders approved a
merger of the two companies.
Approval of the deal puts
Trump a step closer to a
roughly $3 billion windfall.
Truth Social is expected to start
trading on the stock market
next week. The stock’s ticker
would shift to DJT, Trump’s ini-
tials.
—Amrith Ramkumar
contributed to this article.
Meituan, which raised more
than $20 billion among them.
These companies offered inves-
tors the chance to bet on
China’s bright future, which
would be fueled by social-media
and technology firms that could
compete with the best the U.S.
had to offer.
The bubble-tea companies
present a different vision.
China’s economy is slowing,
consumer confidence has
soured, and the country’s citi-
zens are increasingly searching
for bargains. Bubble-tea sellers
offer drinks for
$1 or so each,
and compete
hard for cus- The Hang Seng
tomers by offer- Index has
ing promotions
and discounts. dropped more
They are well-
suited to the
than 40% in the
current eco- last three years.
nomic environ-
ment, analysts
say.
“It’s a consumption trade-
down trend,” said Han Zhang,
an analyst at Deutsche Bank.
But bubble-tea companies
will need to convince cautious
portfolio managers, who are al-
most as reluctant as Chinese
consumers to put their money
on the line. Hong Kong’s Hang
Seng Index has lost more than
40% of its value in the last
three years, and is now in its
fifth consecutive year of de-
such as Corcoran and Century
21, settled the same claims last
fall for about $140 million
combined. Keller Williams Re-
alty reached a $70 million set-
tlement in February.
All together, between NAR’s
$418 million agreement and
those of other real-estate
firms, the industry has agreed
to pay $684 million to settle
antitrust claims that it artifi-
cially kept commissions high.
That figure could continue
to rise. The NAR settlement
doesn’t cover real-estate bro-
kerages with more than $2 bil-
lion in annual residential sales
volume, and many of these
firms have been named as de-
fendants in copycat lawsuits
and haven’t settled.
If these firms don’t reach
their own deals, NAR’s agree-
Saturday/Sunday, March 23 - 24, 2024 | B13
Index performance this past week
3.5%
3.0
Nasdaq Composite
S&P 500
2.5
Dow industrials
2.0
1.5
1.0
0.5
0
Mon. Tues. Wed.
Source: FactSet
clines, according to FactSet.
Hong Kong’s IPO market has
tumbled to No. 9 in the world
this year, based on a ranking of
exchanges by the money raised
in new listings. Just $471.8 mil-
lion has been raised through
listings in Hong Kong since the
start of 2024, compared to $8.7
billion in the U.S. Exchanges in
Mumbai, Frankfurt and Athens
have all been busier.
Many foreign investors have
cut their exposure to China, fol-
lowing a boom in stock prices
in the U.S., Japan and else-
where. Albert
Kwok, a Boston-
based emerging-
markets portfo-
lio manager at
Jennison Asso-
ciates, said he
no longer even
takes meetings
with bankers
pitching IPOs
from Chinese
companies.
“To me it’s just a waste of
time,” Kwok said. “I don’t want
to mislead people.”
Bankers will also need to
overcome doubts from inves-
tors about how bubble-tea com-
panies can fend off their rivals,
a fear that is likely to be exac-
erbated by the fact that four of
them plan to sell shares around
the same time.
“There are tons of players in
the market, but none of them
ment includes an option for
them to join its settlement by
paying into the settlement
fund using a formula based on
their annual sales volume.
For some, that cost would
be prohibitively expensive.
New York-based Compass was
the biggest U.S. residential
real-estate brokerage by sales
volume in 2022, at about $228
billion, according to industry
consulting firm T3 Sixty. That
could have put its cost to join
the NAR settlement at more
than $500 million, according
to analysts.
“The [NAR] settlement ap-
pears to give these brokers an
ultimatum: pay a substantial
sum to settle outstanding
home seller claims or battle it
out in the courts alone,” said
analysts at Capstone in a note
10-minute intervals
Thurs. Fri.
ZUMA PRESS
can differentiate,” said Barry
Wang, co-portfolio manager at
Oberweis Asset Management’s
China Opportunities Fund. “No
economic moat can be built in
the sector in China now,” he
added.
Bubble tea is ubiquitous in
China and many other coun-
tries in Asia, and consumers
have limited brand loyalty,
Deutsche Bank’s Zhang said.
With roots in Taiwan in the
1980s, bubble tea—or boba, as
it is often called in North Amer-
ica—has become a staple, sug-
ary refreshment among Asian
communities worldwide. It be-
gan as a simple concoction of
tea mixed with milk and topped
with chewy tapioca pearls, but
bubble-tea stores now sell that
include cream-cheese toppings
and popping bubbles.
Mixue, which operates more
than 36,000 stores, sells bubble
tea, ice cream and other sugary
treats and has been expanding
rapidly outside China in coun-
tries like South Korea and Indo-
nesia. Guming, based in Zheji-
ang, and Chabaidao, based in
Sichuan, both have fewer than
10,000 stores.
There is one troubling omen
for these IPO hopefuls: Nayuki,
the only Chinese bubble-tea
chain to have listed in Hong
Kong so far. The company
raised more than $650 million
in June 2021. Its shares have
fallen more than 80% since.
to clients this week.
The residential real-estate
industry has faced enormous
financial pressure in recent
months from wide-ranging liti-
gation alleging that industry
rules about how real-estate
agents are paid effectively pre-
vented buyers from negotiat-
ing with agents to save money
and kept commissions artifi-
cially high.
A Kansas City, Mo., jury de-
livered a $1.8 billion verdict
against NAR and two large
brokerages in October, and
many similar lawsuits were
then quickly filed.
NAR’s settlement this
month is expected to change
the commission structure for
buying and selling U.S. homes
when those rules go into effect
in July.
 B14 | Saturday/Sunday, March 23 - 24, 2024
As the world’s postpandemic
economic order takes shape, the
U.S. has emerged as an unexpected
winner. Asian economies that fared
relatively well during the pan-
demic—especially China, but also
advanced economies such as Japan
and Taiwan—have struggled to
maintain steam.
The end of the pandemic-era ex-
port boom and Washington’s ag-
gressive stimulus are two reasons.
But the U.S. has another ace up its
sleeve: big postpandemic immigra-
tion inflows.
Immigrants have helped cap in-
flationary pressures by expanding
the workforce, despite falling U.S.
birthrates, and will boost growth
and public finances for years. Gold-
man Sachs estimated recently that
above-trend immigration this year
and last will boost potential growth
by around 0.3 percentage point to
2.1% in 2024. Japan, meanwhile,
struggled to expand at all in late
2023. Taiwan grew just 1.3% last
year.
The migrant population has al-
ways been a touchy political issue
in the U.S., but Northeast Asia’s
rich nations have much bigger
problems with it. As that region’s
populations age more rapidly, the
consequences of that attitude are
becoming more obvious. Pension
systems, which depend on young
workers to fund benefits, will be-
come difficult to maintain. Falling
populations will make exporters
such as Taiwan and South Korea
even more dependent on the vagar-
ies of the chip-price cycle. Higher
government debt issuance could
crowd out private investment or
impinge on other urgent priorities
such as national defense.
Taipei, Tokyo and Seoul recog-
nize the problem and have begun to
take steps to address it. But with
populations already beginning to
decline outright—and powerful po-
litical factions opposed to change—
Asia could struggle to maintain
much of its economic dynamism.
A growing body of research is
highlighting the link between mi-
gration and growth. A 2020 Inter-
national Monetary Fund study
found that, for advanced econo-
mies, a 1 percentage point rise in
immigration relative to total em-
ployment tends to boost total out-
put by almost 1% five years later.
Strikingly, the model also found
JUSTIN SULLIVAN/GETTY IMAGES
CEO Tim Cook has been fighting to protect Apple’s business practices.
Apple’s Model Is Under
Attack from All Sides
Apple didn’t need any more
trouble, but trouble has had a way
of finding the iconic tech giant
lately.
The Justice Department sued
Apple on Thursday, accusing the
company of monopolistic behavior
over the way it runs its iPhone
business. “We allege that Apple has
employed a strategy that relies on
exclusionary, anticompetitive con-
duct that hurts both consumers
and developers,” Attorney General
Merrick Garland said in announc-
ing the case.
The U.S. lawsuit comes as Euro-
pean authorities are cracking down
on key aspects of Apple’s App Store
business, and as Apple is losing
share in the Chinese market due to
growing competition and reports of
government disfavor there. Apple
is also facing near-term challenges
such as another weak iPhone cycle.
The company’s hardware revenue
is projected to slip 1% in the cur-
rent fiscal year ending in Septem-
ber after falling 6% in the prior
year.
The buildup has weighed on Ap-
ple’s stock. Its shares fell 4% on
Thursday following the announce-
ment of the Justice Department’s
lawsuit. The stock picked up a little
on Friday, but remains down more
than 10% since the start of the
year. That makes it a notable
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
Immigration Is Helping
The U.S. Edge Out Asia
Antipathy toward foreign labor is emerging as the region’s Achilles’ heel
Children in Taiwan earlier this year. The country’s population has fallen nearly 1% since 2019.
that productivity boosts delivered
by higher immigration tended to
raise the average income of native
workers as well. One likely reason:
Immigrants tend to bring different
skill sets to the labor force, helping
the overall economy grow more ef-
ficiently, and faster.
Japan’s population has already
fallen by nearly 2% since 2019,
while Taiwan’s is down nearly 1%.
The U.S. population is about 1.4%
higher; more than half of that rep-
resents new foreign-born residents.
The long-term impact is likely to
be substantial. In February, the
nonpartisan Congressional Budget
Office estimated that the U.S. econ-
omy will be about 2% larger in 2034
than it would have been without
Apple’s segment gross margins
per fiscal year
Product Services PROJECTION
70%
60
50
40
30
20
10
0
FY2017 ’20
Note: Lastest fiscal quarter ended Dec. 30
Sources: the company (actual); FactSet (projection)
standout among the other trillion-
dollar big techs; Microsoft, Nvidia,
Amazon and the parent companies
of Google and Facebook have aver-
aged a whopping gain of nearly
35% for the year to date. Apple’s
12-month gain of about 9% even
sharply lags behind the Dow and
S&P 500 over that time.
The latest lawsuit is hardly a
surefire win for the federal govern-
ment, which has had some notable
strikeouts in its continuing attempt
to curb big tech’s dominance. Apple
also emerged largely victorious
against antitrust accusations in a
lawsuit by Epic Games—a federal
ON
THE
Population change since June 2020
2.0%
U.S.
1.5 +1.4%
1.0
0.5
0 ment—in part to the influx of for-
Taiwan
–0.5 -0.7%
–1.0
–1.5
Japan
–2.0 -1.5%
2021 ’22 ’23 ’24
Source: CEIC
judge in that case ruled that Apple
didn’t qualify as a legal monopoly.
Analysts on Friday largely agreed
that Apple will likely prevail again
in the latest lawsuit.
But they also concede it will
take a while. “Precedents suggest
that resolution of the complaint
will take three to five years, includ-
ing appeals,” wrote Toni Saccon-
aghi of Bernstein. And the growing
global opposition to the way Apple
has developed and maintained the
“closed ecosystem” around its mo-
bile devices still raises the odds of
forced changes to that business.
It is a big one: Apple’s App Store
alone generated $25.8 billion in
revenue in 2023—almost twice as
much as Google’s Play store made
in the same time, according to con-
sensus estimates by Visible Alpha.
The App Store is a major compo-
nent of the Services segment that
accounts for a growing portion of
Apple’s revenue and smooths out
the more volatile cycles of the
hardware business.
It is also a key factor in Apple’s
strong bottom line: Services pro-
duced a gross margin of 71% in Ap-
ple’s latest fiscal year compared
with 37% for the hardware seg-
ment. Analysts expect service gross
margins to improve by a percent-
age point this year, which will be
an important offset to declining
hardware revenue.
The latest case doesn’t seek to
break up the App Store per se. But
it does seek changes, such as
“preventing Apple from using its
control of app distribution to un-
dermine cross-platform technolo-
gies such as super apps and cloud
streaming apps” that could mean-
ingfully alter how the business op-
’24 erates. Allowing so-called “super
apps” such as China’s WeChat
would be a major shift on its own,
as those typically act as the entire
interface between a smartphone
and a user. In a December report,
Bernstein’s Sacconaghi noted that
super apps “could erode Apple’s
ecosystem and commoditize the
smartphone.”
Apple will therefore continue
fighting hard to protect its busi-
ness practices. The company is
helped by the fact that many of its
users value the security and sim-
plicity that come with its walled-
garden approach. But Apple’s in-
vestors also value clarity, and a
new battle with its own govern-
ment adds to an environment
where that is sorely lacking.
—Dan Gallagher
* ***
the current immigration surge. The
federal budget deficit, according to
the CBO’s reckoning, will also be
nearly 1 percentage point lower as
a share of the economy.
There have been more immediate
effects, too. The U.S. probably owes
its soft landing—declining inflation
without a big rise in unemploy-
eign workers who have helped alle-
viate labor market pressure. For
better or worse, America’s semi-
porous southern border can act as
a safety valve when the economy
overheats, drawing in low-skilled
workers and making the emergence
of a wage-price spiral and persis-
tent inflation less likely.
The situation in Asia is very dif-
Lululemon Gives
Investors a Scare
Lululemon may be known for
clothing yogis, but its share price
movements sure don’t inspire se-
renity.
The company’s shares plunged
16% on Friday following Thursday
afternoon’s earnings call. The drop
wasn’t because of last quarter’s
results: Net revenue rose 16% in
its quarter ended Jan. 28, above
the 15% growth Wall Street ana-
lysts polled by Visible Alpha were
expecting, while earnings per
share of $5.29 also exceeded ana-
lyst expectations.
Lululemon’s caution about up-
coming quarters is what seems to
have spooked investors.
For the fiscal first quarter, it
expects revenue to increase by 9%
to 10%, which is below analysts’
expectations for growth of 13.5%.
For the full year, it expects rev-
enue expansion of 11% to 12%, a
significant deceleration from last
fiscal year’s 19% and lower than
the 13.6% Wall Street was pencil-
ing in.
Notably, Lululemon hasn’t given
full-year guidance at this time of
year that undershot analyst esti-
mates since 2017, according to
FactSet.
Chief Executive Calvin
McDonald expressed caution about
consumer demand, noting that
“we’re navigating what has been a
slower start to the year in this
market.” In a post-earnings call
discussion, Lululemon manage-
Lululemon’s caution about coming quarters may have spooked investors.
THE WALL STREET JOURNAL.
ferent. Japan, with its tightly con-
trolled borders and shrinking labor
force, has less policy flexibility.
Even though the nation narrowly
avoided recession last quarter and
private consumption fell outright
by 0.3%, the Bank of Japan elected
to raise rates for the first time in 17
years this month. The main reason:
a muscular wage increase negoti-
ated by unions this spring of about
5%. Companies cited labor short-
ages as a major factor.
Aging Japan welcomes inflation,
but not too much, because it would
further cut into real consumption.
Without more workers, it might
continue to struggle to get that bal-
ance right. A 2019 International
Money Fund working paper found
that Japan’s “natural” rate of inter-
est, i.e. the rate needed to maintain
full employment and stable infla-
tion, was probably already negative,
in large part because of demo-
graphic headwinds.
If that is correct, Japan could
find it difficult to avoid a recession
in the coming quarters. It will also
struggle to do anything about its
mountain of public debt at about
260% of gross domestic product,
among the highest in the world.
Japan and other aging Asian so-
cieties aren’t standing still. Last
year, South Korea announced that it
would issue a record number of vi-
sas—a 15-fold increase to 30,000—
for foreign skilled workers. Japan in
2019 significantly expanded oppor-
tunities for low- or semiskilled
workers in industries such as agri-
culture and nursing. It also un-
veiled a new fast-track long-term
residence program for skilled pro-
fessionals last year. And Taiwan in
February signed a memorandum of
understanding with New Delhi, pav-
ing the way for the recruitment of
migrant labor from India. But such
incremental steps might not be
nearly enough, especially if govern-
ments want to deliver on other pri-
orities such as raising military
spending or boosting domestic de-
mand and diversifying the economy
away from chips in Taiwan.
NG HAN GUAN/ASSOCIATED PRESS
Time stands still for no one, but
people are constantly moving. If
Northeast Asia wants to stay com-
petitive—and fast-growing—it
needs to embrace that reality
rather than ignore it.
—Nathaniel Taplin
and Megha Mandavia
ment noted that its popular belt
bag’s sales have been lower, and
that the company started seeing
weakness in February, with no
meaningful recovery in March, ac-
cording to a report from Citi Re-
search equity analyst Paul Lejuez.
Investors have often been
jumpy around Lululemon’s results.
On seven out of the last 10 earn-
ings calls, Lululemon shares
moved by more than 5% following
the event, and in four of those in-
stances moved by more than 9%.
The jitteriness could partly be a
result of Lululemon’s lofty valua-
tion: Even after the recent plunge,
its shares as a multiple of for-
ward-12-month sales are twice as
expensive as Nike, which itself
trades at a premium to other ath-
letic brands.
And while Lululemon has
proven capable of keeping its
growth going, its expansion also
seems precarious in light of how
many categories it has added in
the past few years. Late last year,
the company launched its first
shapewear collection for women,
and in February it debuted its first
men’s sneakers. At the same time,
upscale athleisure brands like Alo
and Vuori have been growing in
popularity, threatening to nip at
Lululemon’s market share.
Investors in this stock need to
be comfortable with the occasional
downward dog.
—Jinjoo Lee
ANGUS MORDANT/BLOOMBERG NEWS
 CULTURE | SCIENCE |
Escape ‘The Matrix’
After 25 years, the
movie offers hope for
liberation from tech C3

POLITICS | HUMOR
REVIEW THE WALL STREET JOURNAL. * * * *
Bad Gamble
Pete Rose’s saga, from
‘hit king’ to scandal
Books C7

Saturday/Sunday, March 23 - 24, 2024 | C1

ILLUSTRATION BY MATTHIEU BOUREL, MIDJOURNEY

Why Are Women Both Sadder

And Happier Than Men?
Around the world, women report being more distressed day-to-day
but more satisfied with their lives in general. By Emily Bobrow

I
have a good job, a loving hus-
band, healthy kids and a com-
fortable home. I came late to it
all, and I sometimes can’t believe
my luck: that the sleep-warm lit-
tle bodies I help dress in the
morning are my own children,
that the man in my bed at night
helped me make them.
But the clichés about motherhood and
aging and that ever-elusive work-life bal-
ance did not quite prepare me for the cli-
chés of my life. Time slides by in a haze of
emails that need answering, tushies that
need wiping and Cheerios-encrusted floors
that need more than the feckless Swiffer-
ing they’ll get. Did I smile yesterday? Not
at the playground, where time tic-tic-tics
so slowly, amid all the hand-holding,
swing-pushing, witnessing and refereeing.
I am on antidepressants, of course, like
nearly all of my female friends.
I seem to care more than my husband
does about whether the kids get exercise
or do their homework, or whether the
floors are vacuumed and the pantry is
stocked, so I handle most of that stuff. I
also fill out the forms, cook the meals,
make the doctor’s appointments and pay
most of the bills. At night, when I’m usu-
ally back at my desk, I am careful to
“schedule send” emails for 8 a.m. because
the actual timestamp is embarrassing.
Also, I am happy. At least I’m pretty
sure this is what contentment looks like
for me.
Apparently, I have lots of company. A
forthcoming paper in the journal Social
Indicators Research analyzes 11 surveys of
167 countries and finds that always and
everywhere, regardless of how the ques-
tion is asked or what measure is used,
women say they are more anxious, more
depressed, more tired and more pessimis-
tic than men. They are less likely than
men to recall smiling or enjoying them-
selves the day before and are more likely
to say they are stressed, lonely, restless
and worried about their finances. Women
typically report more chronic pain and
poorer health and are more likely to take
antidepressants.
And yet: Women everywhere are still
more likely than men to say they are
happy and satisfied with
their lives. In Gallup World
Poll surveys of 167 countries ‘I mean,
between 2005 and 2021,
women from Australia to
what the
Saudi Arabia typically rated hell is
their lives as high if not going on?’
higher than men.
The fact that women can DAVID BLANCHFLOWER
Economist and
be both sadder and happier happiness scholar
than men has baffled econo-
mists such as David Blanch-
flower at Dartmouth, a lead-
ing scholar of happiness, who co-wrote the
new study with Alex Bryson of University
College London. “I mean, what the hell is
Please turn to the next page
Emily Bobrow is an editor at The Wall
Street Journal’s Review section.

Inside
MY MONDAY MORNING
Floor FAITH POLITICS

Model and entrepreneur

Gisele Bündchen has Fights The common idea
that Judaism is a
Who will win in
November? An
learned to embrace Could a brokered religion of law, not easygoing Bugs
change as ‘the one thing convention replace love, gets Jewish is always a good
President Biden with
that we have in our lives a new Democratic tradition wrong, a bet over an
that’s constant.’ C14 candidate? C4 a rabbi argues. C6 angry Daffy. C3
C2 | Saturday/Sunday, March 23 - 24, 2024
Women Are More Anxious and Depressed—And Happier Too
Continued from the prior page
going on?” he asked. “Every single
year, women say they are happier
than men, but when they are asked,
‘Did you have enjoyment yester-
day?’ in every single case it’s nega-
tive. Same data sets, same control,
same everything. It’s very strange.”
Surveys that aim to quantify
people’s feelings are meant to fill
the gaps left by strictly economic
measures of a country’s progress,
such as GDP. Policymakers are in-
creasingly looking to self-reports of
health and happiness to find out
what’s going right, what’s going
wrong and where inequities persist.
So the fact that women consistently
say they are suffering more than
men has troubled researchers for
years. Just why so many women
also say they are happier is a riddle
that no one has quite solved. Some
economists call it the “female hap-
piness paradox.”
There are plenty of theories.
Blanchflower and Bryson, for exam-
ple, write that it shouldn’t be sur-
prising that women feel more
stress, fatigue and anxiety than
men, given that women “face a
world that, even today, is patriar-
chal—structured by men, for men.”
Women in poorer countries typi-
cally have fewer opportunities, less
education and lower incomes. Even
in the more egalitarian households
of rich countries, women still tend
to do the lion’s share of the child
care and housework, regardless of
whether they work full time outside
the home.
“When we say ‘women’s work,’
no one’s thinking ‘Supreme Court
justice,’” said Regina Lark, a declut-
tering specialist in Los Angeles and
author of the book “Emotional La-
bor: Why a Woman’s Work Is Never
Done and What to Do About It.”
She told me that the clients who
come to her for help managing the
chaos of their homes are usually
women—“or men who feel that
their wives aren’t great at being
homemakers. They’ll come in and
say ‘Can you fix her?’”
A 2023 Pew Research Center
analysis of American Time-Use Sur-
vey data found that in the 29% of
American marriages in which both
partners earn similar incomes, fa-
thers spent over four hours more
on leisure each week, while moth-
ers clocked in over six hours more
of caregiving and housework. Many
mothers are also managing this jug-
gle on their own: The share of
births to unmarried moms in the
U.S. has been around 40% for years,
according to U.S. census data.
As for why women still often say
they are happier, Blanchflower and
Bryson suggest that they may have
more ways than men to feel like
their lives are going well. Being a
good mother or homemaker or
friend or daughter is still a source
of pride and respect.
“Women are the head of opera-
tions in the home. We’re making
sure that everything is running
smoothly,” Simone Colbert, a single
mother who works as a doula in
‘When we say
“women’s work,”
no one’s thinking
“Supreme Court
justices.”’
REGINA LARK
Decluttering specialist
and author of the book
“Emotional Labor”
Brooklyn, told me. “We want to see
our homes clean, our families taken
care of, and I think there’s satisfac-
tion in getting it all done, but it’s
also exhausting to be the one who
makes sure it all gets done.”
Other economists argue that
women report being both more mis-
erable and more fulfilled than men
because they simply have lower ex-
pectations for what a good life
looks like. Writing in the Journal of
Economic Behavior and Organiza-
tion in 2022, Mallory Montgomery
used Gallup World Poll survey data
from 102 countries to show that
men and women rated the life satis-
faction of hypothetical characters
differently. When asked to assess
the quality of life for a happily mar-
ried and financially comfortable 40-
year-old woman with terrible back
pain, or of a 50-year-old divorced
man with a high-paying job and a
good relationship with his daughter,
women consistently offered higher
ratings than men.
“Women are just more generous
in their ratings,” Montgomery told
me. Although her research didn’t
quite clarify why this happens, she
suggests it could be because
“women are socialized to feel that
they should be more thankful for
what they have.”
Jodi Duncan, the president of
Flint Group, a public-relations firm
in Fargo, N.D., suggests that low ex-
pectations mixed with low self-es-
teem may be why her female em-
ployees—around 75% of her staff—
are both less likely to apply for
promotions and more likely to ob-
sess over criticism than their male
peers. It’s a feeling that she under-
stands: “You’re carrying around all
this extra weight because your in-
ternal voice is telling you, ‘I’m not
good enough’ or ‘I really screwed
up.’” Duncan told me she feels sat-
isfied with her life but wonders if
it’s at least partly because girls and
women “are taught to be grateful
for all the blessings.”
Economists Betsey Stevenson
and Justin Wolfers suggest that
this lower-standards theory could
at least partly explain why Ameri-
can female happiness declined in
both absolute terms and relative to
men between the 1970s and the
early 2000s—despite the real gains
in education, wages and opportu-
nities enjoyed by women over that
period. In a 2009 paper, they
wrote that American women may
have been happier in the 1970s be-
cause they didn’t expect to have it
all. By the 1990s, when more
women hoped to balance a happy
home with a fulfilling career, it
was perhaps harder to stay sunny
while learning these ambitions
were hubris.
By the mid-2000s, however,
American women returned to re-
REVIEW
porting being mostly happier than
men. Carol Graham, a senior fellow
at the Brookings Institution who
has spent decades studying well-be-
ing measures around the world,
suggests that American female hap-
piness may have rebounded because
by 2000 women’s labor participa-
tion had reached 60%, almost dou-
ble what it was in the 1950s. As a
result, women striving for work-life
balance had more role models, less
stigma and perhaps more accom-
modating partners than they would
‘I think there’s
satisfaction in
getting it all
done, but it’s also
exhausting to be
the one who
makes sure it all
gets done.’
SIMONE COLBERT
Single mother and doula
have had a decade or two before.
Blanchflower admits he is not
convinced by any of these theories
for why women around the world
typically say they are both happier
and sadder than men. “If you ask
me, ‘Do you believe women are
happier than men?’ I say no,” he
told me. “I’ve written 30 papers on
life satisfaction and happiness
data, and I’m coming around to the
view that I don’t really know what
it all means.”
This bewilderment is odd to me,
because the “female happiness par-
adox” doesn’t seem all that para-
doxical. The sources of fatigue,
anxiety and occasional joylessness
in my own life—my family, my job,
* ***
my marriage, the needs of my
friends—are also the main sources
of meaning.
In my interviews with women
across the country, including a Tar-
get cashier in Brooklyn, a Honduran
immigrant with a beauty salon in
Corinth, Tex., and an out-of-work
professional services executive in
Nashville, Tenn., they all offered
similar observations. Over and over,
they told me that a fulfilling and
even happy life is often made up of
hard days, particularly if these days
featured moments of serving oth-
ers, of human connection.
“A lot of the joy and satisfaction
in everyday life comes from things
that are otherwise difficult to mea-
sure,” said Stevenson, a professor
of economics and public policy at
the University of Michigan. She ex-
plained that there’s a difference be-
tween describing an emotional
state, like sadness, and offering a
cognitive evaluation of how one’s
life is going. “I can step back and
look at my life and say, I’m pretty
happy with the way things are go-
ing: My career is on track, my kids
are doing pretty well, I like my
neighborhood, my friends, my mar-
riage. I rate things pretty high,”
she said. “Also, today both kids
were late to school, one has a vi-
rus, my husband’s sick with a virus,
and I fear I’m coming down with it.
I’m behind on three different as-
signments. I’m anxious and jittery
and annoyed, and I’m very irritable
today.”
Graham has found that the hap-
piness gap between men and
women is greater in wealthier coun-
tries with better rights for women
and is particularly pronounced
among educated people in urban ar-
eas. This raises what should proba-
THE WALL STREET JOURNAL.
bly be a more pertinent question
for economists: What is going on
with men? If men around the world
are indeed more likely than women
to say they smiled, had fun, slept
well and feel fine, why aren’t they
also saying they are satisfied with
their lives, particularly in countries
that are presumably rich in eco-
nomic opportunities? Shouldn’t we
be talking about a male unhappi-
ness paradox?
The problem may be that men
are less in touch with their feelings.
Blanchflower and Bryson acknowl-
edge that though men are less
likely than women to say they are
depressed, they are more likely to
die from deaths of despair, includ-
ing drug overdoses, alcoholism and
suicide. Though women in Europe
and the U.S. are far more likely
than men to discuss and attempt
suicide, men are nearly four times
as likely to actually kill themselves.
“I think we should be much more
worried about male unhappiness
right now,” Graham told me.
All of this raises real questions
Simone Colbert and her
9-year-old son, Hetep
Papa, cook breakfast in
Brooklyn, N.Y. (above).
Commuters in Hoboken,
N.J. (left).
about the value of well-being sur-
veys. If they fail to capture the real-
ity of well-being, or alert policy-
makers to which groups are
actually struggling, do these met-
rics even matter? Measures of GDP
may miss much of the story, but
quantifying fuzzy things like feel-
ings is clearly an imperfect art.
Stevenson insists these surveys
are still valuable, but she notes
that there is often a real gap be-
tween what people say and what
they do. “Right now people are tell-
ing us they are miserable about the
economy, yet we have one of the
strongest economies we’ve seen
since the late 1990s, with unem-
ployment near record lows and
spending at record highs,” she said.
Although Americans are saying
they feel anxious about the econ-
omy, they are also splurging on va-
FROM TOP:ADRIENNE GRUNWALD FOR THE WALL STREET JOURNAL; MICHAEL NAGLE/BLOOMBERG NEWS
cations: “I don’t think we know the
answer as to how to interpret what
that means.”
Perhaps the answer is not to fix-
ate on presumed paradoxes but to
consider the ways that data on feel-
ings help us to understand our-
selves. These surveys may not accu-
rately tell us who is actually
suffering more, or even what peo-
ple are really feeling, but they do
make plain that pleasure and enjoy-
ment are not reliable tickets to a
satisfying and meaningful life.
Buried in this data is another
fortifying truth, a source of comfort
when the alarm forces me to con-
front another day: Stress, fatigue
and anxiety are not terribly fun to
feel, but they may be some of the
inevitable ingredients of a rich and
full life.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 23 - 24, 2024 | C3

REVIEW

Neo (Keanu Reeves) chooses between red and blue pills, reflected in the glasses of Morpheus (Laurence Fishburne), in ‘The Matrix.’

25 Years Later,
We’re All Trapped in‘The Matrix’
The 1999 sci-fi classic predicted a world like the one we now live in, where human beings are cut off
from one another by technology. But it also reminded us that resistance is possible.

BY MEIR SOLOVEICHIK two sequels in 2003 and another in philosopher who tries to teach ubiquitous feature of our society worshipers descended in darkness

I
t is a cinematic scene familiar
to millions: A man named
Morpheus sits across from an-
other man named Neo and in-
forms him that his entire no-
tion of reality is a lie. If Neo wishes
to know the truth of human exis-
tence, Morpheus says, all he has to
do is choose one of two pills. “You
take the blue pill—the story ends,
you wake up in your bed and believe
whatever you want to believe. You
take the red pill…and I show you
how deep the rabbit hole goes.”
This scene is the turning point in
“The Matrix,” the sci-fi classic that
was released 25 years ago this
month. Of course, Neo chooses the
red pill and learns the terrible truth
that the advent of artificial intelli-
gence allowed machines to take
over the Earth. He believes it is
1999, but in fact it is 2199, and all
human beings are perpetually
asleep in vats, exploited by their AI
masters as a source of energy. The
world they think they experience is
actually a virtual reality known as
“The Matrix.”
Morpheus, played by Laurence
Fishburne, has devoted himself to
freeing individuals from the Matrix
and leading them to a refuge called
Zion. He believes that Neo, played
by Keanu Reeves, is “the One” des-
tined to liberate humanity.
2021. It also became an important
cultural influence. The term “red-
pilled” is now widely used online to
describe someone who has grown
skeptical of the way political reality
is usually depicted.
The power of the film lies in the
way it adapts one of the oldest alle-
gories in the history of philosophy.
In Plato’s “Republic,” the Athenian
philosopher Socrates describes pris-
oners who have spent their entire
lives manacled in a cave. A fire be-
hind them casts the shadows of ob-
jects on a wall in front of them, and
because shadows are all they have
ever seen, they assume that what
appears before their eyes is reality.
One prisoner breaks free, how-
ever, and makes his way to the sur-
face of the Earth, where he beholds
the sun and the real world. Ulti-
mately he returns to the cave, seek-
ing to convince his fellows that real-
ity is out there to be discovered.
Plato argues that the philosopher is
like this escaped prisoner. It is his
job to free humanity from illusion
and teach us what is truly real.
The allegory of the cave is one of
the indelible images in the history
of Western thought, a metaphor for
the capacity of human beings to
break free from falsehood. Mor-
pheus and Neo have been widely
recognized as Plato’s heirs, philoso-
pher-kings for the digital age.
them unfamiliar truths: “If any one
tried to loose another and lead him
up to the light, let them only catch
the offender, and they would put
him to death.”
In “The Matrix,” this attitude is
represented by Cypher, played by
Joe Pantoliano, who has been set
free from the Matrix but longs to
return to it. For Cypher, the true
Today many
people would
rather spend
their time in
the imaginary
realms
offered by
technology.
world is too dreary and difficult; he
has secretly asked the AI overlords
to place him back in the vat, to al-
low him to enter the dream world
again. “I choose the Matrix!” he de-
fiantly exclaims, adding that if his
digital experiences are more plea-
surable than his current unplugged
life, then “the Matrix can be more
real than this world.”
To rewatch “The Matrix” is to be
reminded of how primitive our tech-
known as “pay phones,” central to
the plot of the film.
But in a strange way, the film has
become more relevant today than it
was in 1999. With the rise of the
smartphone and social media, genu-
ine human interaction has dropped
precipitously. Today many people,
like Cypher, would rather spend
their time in the imaginary realms
offered by technology than engage
in a genuine relationship with other
human beings.
In the film, one of the represen-
tatives of the AI, the villainous
Agent Smith, played by Hugo Weav-
ing, tells Morpheus that the false
reality of the Matrix is set in 1999
because that year was “the peak of
your civilization. I say your civiliza-
tion, because as soon as we started
thinking for you it really became
our civilization.”
Indeed, not long after “The Ma-
trix” premiered, humanity hooked
itself up to a matrix of its own.
There is no denying that our lives
have become better in many ways
thanks to the internet and smart-
phones. But the epidemic of loneli-
ness and depression that has swept
society reveals that many of us are
now walled off from one another in
vats of our own making.
In his 2013 book “The Cave and
the Light,” historian Arthur Herman
notes that a real cave inspired
into an illuminated “inner sanctu-
ary.” For the ancient Greeks this
was a cultic ritual, but the allegory
of the cave transforms it into a met-
aphor of human empowerment. “For
Plato,” Herman reflects, “the an-
swer to the cave’s uncertainties lies
not with esoteric rituals or magic
spells but within ourselves, thanks
to our reason.”
For today’s dwellers in the digital
cave, the path back into the light
doesn’t involve taking a pill, as in
“The Matrix,” or being rescued by a
philosopher. We ourselves have the
power to resist the extremes of the
digital world, even as we remain
linked to it. You can find hints of an
unplugged “Zion” in the Sabbath ta-
bles of observant Jews, where elec-
tronic devices are forbidden, and in
university seminars where laptops
are banned so that students can en-
gage with a text and each other.
Twenty-five years ago, “The Ma-
trix” offered us a modern twist on
Plato’s cave. Today we are once
again asking what it will take to
find our way out of the lonely dark-
ness, into the brilliance of other hu-
man souls in the real world.
Meir Soloveichik is director of the
Straus Center for Torah and
Western Thought at Yeshiva Uni-
versity and rabbi of Congregation
Shearith Israel in New York. He is
WARNER BROS.

Directed by the sibling team the But Plato also warns that the nology was just 25 years ago. We Plato’s most famous metaphor. It the author of “Providence and
Wachowskis, “The Matrix” was a prisoners in the cave will resist be- see computers with bulky screens, served as the mouth of a temple on Power: Ten Portraits in Jewish
box office hit in 1999 and spawned ing freed and that they will hate the cellphones with keypads and a once- the Greek island of Eleusis, where Statesmanship.”

As I first wrote during the both Bugs and Daffy moments.

Who Will Win in 2008 campaign, Bugs and Daffy
represent polar opposites in how
And Trump? He surely has a
full complement of self-confi-
November? Think to deal with the world. Bugs is at
ease, laid back, secure. His lidded
dence, so much so that he will
assert “alternative facts” with

Bugs vs. Daffy eyes and sly smile suggest that

My Looney BY JEFF GREENFIELD
Tunes WITH AN EIGHT-MONTH gen-
political eral election campaign ahead,
model 2024 will surely set records in
the realm of presidential predic-
shows that tion models. Legions of prognos-
affability ticators, each with their own se-
cret sauce, will blend economic
beats data, consumer-confidence polls,
agitation. historical patterns and countless
other ingredients to calculate (or
guess) the winner.
Forget them. To know who
will win, keep in mind one clear,
consistent irrefutable rule: Bugs
Bunny always beats Daffy Duck.
That is, the candidate who ex-
udes the cool, savvy confidence
of Bugs beats the one who proj-
ects Daffy’s tightly wound anger.
Sure, economic concerns, divisive
social issues and foreign wars
matter. But just as the decisive
factor in an election can be
which candidate seems like
someone you’d want to have a
he knows how things work. Bugs
never raises his voice, never
flails at his opponents or at the
world. He is rarely an aggressor.
When he is pushed too far and
must respond, he borrows a quip
from Groucho Marx: “Of course,
you realize, this means war.”
Daffy Duck, by contrast, is
ever at war with a hostile world.
He fumes, he clenches his fists,
his eyes bulge and his entire
body tenses with fury. His re-
sponse to bad news is a sibilant
sneer (“Thanks for the sour per-
simmons, cousin!”). Daffy is con-
stantly frustrated, sometimes by
outside forces, sometimes by his
own overwrought response to
them. In one classic duel with
Bugs, the two try to persuade
the hapless Elmer Fudd to shoot
the other—until Daffy, tricked by
Bugs’s wordplay, screams, “Shoot
me now!” (“Hmmm,” he adds a
moment later in a rare bit of
self-scrutiny. “Pronoun trouble.”)
The revelatory power of this
discovery is obvious with a look
at recent presidential campaign
nomic models of Ray Fair or
Mark Zandi, my Bugs-Daffy
model has been an unerring
guide to the outcomes of election
after election.
Think of the self-confident,
casually comfortable John F.
Kennedy vs. the grim-faced Rich-
ard Nixon. Think of the com-
posed, affable Ronald Reagan vs.
the tightly wound Jimmy Carter
in 1980; think of down-home Bill
Clinton vs. George H.W. Bush and
then Bob Dole. Compare George
W. Bush with Al Gore in 2000
and then John Kerry in 2004;
put Barack Obama up against
Hillary Clinton and then John
“Get Off My Lawn” McCain dur-
ing the 2008 campaign.
Again and again, if you can
dence. With Biden vs. Trump,
however, the model faces its
greatest challenge.
For one thing, candidates
sometimes change personas over
time. The McCain of 2000, hap-
pily barreling through the New
Hampshire primary on his bus,
was on the Bugs spectrum; the
angrier McCain of 2008 had
gone over to the Daffy side. The
backslapping, shoulder-squeez-
ing, bad-joke dispensing Biden of
2020 had clear Bugs-like tenden-
cies (captured in a meme of a
grinning Biden in shades driving
his Corvette Stingray), although
his garrulousness suggested
more than a touch of Foghorn
Leghorn. The Biden of this year’s
high-decibel State of the Union
breezy certainty. (Do records
show that Trump Tower is 58
stories high? No, it’s 68. Why?
Because he says so). Journalists
have noted that his stump
speeches have the tone of a
stand-up comedy routine, a sign
of his comfort.
Yet no other candidate has
campaigned on a platform so
filled with grievances, so laden
with promises of vengeance and
retribution. Indeed, if Trump
blends Bugs and Daffy, he also
resembles another member of
the Looney Tunes cartoon fam-
ily: Yosemite Sam, whose temper
is always on the verge of explod-
ing, with his guns blazing and an
outsize red mustache as promi-
nent as Trump’s comb-over.
Between now and Election
Day in November, there will be
hundreds or even thousands of
polls and a blizzard of election
models to absorb. But you can
save countless hours by simply
waiting to see which of the can-
didates will reveal his inner Bugs
or Daffy. And that’s all, folks.
MARK MATCHO

beer with, it helps to figure out history. More than Allan Licht- divine which character matches speech, mixing humorous jabs at Jeff Greenfield has been a politi-
which would triumph in a Loo- mans’s “The Thirteen Keys to the up with which candidate, you Republicans with angry denunci- cal correspondent and analyst
ney Tunes classic. Presidency,” more than the eco- can lay down a bet with confi- ations of his “predecessor,” had for four TV networks.
C4 | Saturday/Sunday, March 23 - 24, 2024 * *** THE WALL STREET JOURNAL.

REVIEW

Could a Brokered Convention California

Newsom?
Gov. Gavin

Doubtful. For starters,

Democratic strategists seem

Replace President Biden? to believe that abandoning

Both parties prefer it when their conventions are free of genuine political drama. But in a
unique election year, there are historical precedents for even the unlikeliest scenarios.
Nominee Hubert
Humphrey (right) at the
Democratic National
Convention in 1968.
BY EDWARD ACHORN
experience, piles of political money
supreme self-interest—choosing a
reformers. A protracted squabble
their president this late in
the game would be a disas-
ter for the party, shaking
public confidence in the
Democrats’ competence.
And if the party replaced Bi-
den with someone other
than Vice President Kamala
Harris, it might offend mi-
nority voters crucial to the
Democrats’ chances in any
election.
With hopes of saving Bi-
den, Democratic leaders and
their media allies have
launched a messaging oper-
ation to insist that the pres-
ident is sharp, energetic and
astonishingly youthful for
his age. The urgency began
after special counsel Robert
Hur declined to prosecute
Biden for mishandling clas-
sified documents, conclud-
ing that he was a “well-
meaning, elderly man with a
poor memory.”
Gov. Newsom, positioning
himself for a future presi-
dential run, has gone with
the flow, carefully praising
the president’s vigor and in-
tellectual acuity. Friends of
Michelle Obama, meanwhile,
have spoken about her dis-
like of politics, saying it is
highly improbable she would
step into the fray.
Were President Biden to
step aside, delegates would
be free to choose another
candidate at the convention.
The winner, under party
rules, would need 50% of the
votes plus one. But Demo-
crats could ill afford the di-
vision and hurt feelings
spawned by a convention
brawl less than three months
before a general election. Party lead-

E
very four years, the
golden dream reappears
of a return to a brokered
political convention,
with all the thrilling
drama that a genuine battle for
presidential power entails.
This year, the talk revolves
around 81-year-old Joe Biden. As his
enemies post viral videos of the
president’s shuffling gait and some-
times confused syntax, a March 2
New York Times/Siena College poll
found that 73% of all registered vot-
ers believe Biden is too old to be ef-
fective. Though he was the greatest
vote-getter in American history in
2020, the president is struggling in
many polls and fending off Republi-
can charges of serial corruption.
What would happen if Democrats
were forced to pull the plug on Pres-
ident Biden? Might the delegates
choose a different standard-bearer
in an open fight at the Democratic
National Convention, starting on
Aug. 19 in Chicago?
and the support of the Republican
base, his strident anti-slavery talk
and support for immigrants scared
many party professionals, who wor-
ried he would turn off swing voters.
Still, after days of casting about for
an alternative with little success,
delegates were on the brink of nomi-
nating Seward.
On the eve of the voting, however,
a cadre of Illinois men, led by a cir-
cuit court judge named David Davis,
promised cabinet positions and
other public offices in exchange for
support for Abraham Lincoln, who
had lost two runs for the U.S. Senate
and had not held public office for
more than a decade. Candidates did
not attend conventions in those
days, but Lincoln had warned his
team to make no deals in his name.
“Lincoln ain’t here, and don’t know
what we have to meet,” Davis said.
The bargains were struck.
Though Lincoln was at least as
determined a foe of slavery as
Seward and shared his support for
immigrants, he was far less known
standard-bearer almost entirely on over the vice presidential nomination ers would surely settle on a new
the basis of who would attract the delayed presidential nominee George candidate before the convention
most votes and provide the party McGovern’s acceptance speech until opened, as well as a new playbook
with the most public jobs to fill— 2:48 a.m., long after most of the TV for the delegates, who tend to repre-
they ended up nominating one of audience had gone to bed. And sent important special interests—
America’s greatest presidents, if McGovern’s choice of Thomas Eagle- particularly teachers unions—and
not the greatest. Lincoln proved to ton as his running mate proved to be are intensely loyal to the party.
be uniquely quali- a disaster, forcing What about the Republicans?
fied to save the na- Democratic Party Could a successful prosecution and
tion in its darkest The classic leaders to later switch jailing of President Trump open the
hour, winning the him out for Sargent door to a battle on the convention
Civil War and eradi- example of a Shriver. McGovern floor in Milwaukee? That seems al-
cating slavery. brokered lost to President most impossible, given that Trump
More recent bro- Nixon in a landslide. now dominates the Republican Party.
kered conventions
convention Sobered by that His legal challenges, which he insists
have proved less sa- took place in catastrophe, leaders are politically motivated, have if
lubrious. In another Chicago in of both parties have anything enhanced his popularity
Chicago gathering in since drained all the with the base. In any event, it seems
1968, Democrats 1860. drama from their increasingly unlikely that prosecu-
grappled with the de- conventions, turning tions could be wrapped up by the
cision of the incum- them into little more start of the convention on July 15.
bent president, Lyndon Johnson, to than tightly scripted infomercials for As Abraham Lincoln’s election
bail out. While delegates coalesced their candidates. Though voters shows, miracles can happen in
around Vice President Hubert Hum- make choices in primaries, compli- American politics. A contested con-
phrey, fierce antiwar protests cated rules dole out convention dele- vention would be a political junkie’s
erupted outside and were met with gates in ways that give substantial ultimate high. But such a contest
brute police force. The chaos the power to party leaders. Particularly seems doubtful, even in this political
public associated with Democrats among Democrats, they apply pres- cycle, arguably one of the strangest
PAUL SEQUEIRA/GETTY IMAGES

The classic example of a brokered
convention took place in that very
city 164 years ago, when Republicans
got the willies about their front-run-
ner, a U.S. senator and former New
York governor named William
Seward. Though Seward had loads of
and thus not as scary to crucial
swing voters. And his inspiring story
of lifting himself from abject pov-
erty played into the intensely demo-
cratic zeitgeist of the northern
states in 1860.
Though the delegates acted with
helped Republican Richard Nixon to
win narrowly in November.
Four years later, a struggle over
slates of delegates at the 1972 Demo-
cratic convention in Miami Beach ex-
posed deep divisions in the party be-
tween organized labor and
sure to make sure the candidate they
prefer wins the nomination.
Could that approach change this
year, given President Biden’s trou-
bles? Could, say, popular former
first lady Michelle Obama duke it
out in Chicago with highly articulate
in American history.
Edward Achorn, a newspaper jour-
nalist for 41 years, is the author
of “The Lincoln Miracle: Inside the
Republican Convention That
Changed History.”

A Label countries like Honduras and

Guatemala, while manipulating
Later, “banana republic” was
broadened beyond Latin Amer-

That Every local politics to favor their in-

Country
WORD ON
THE STREET Wants to
BEN
ZIMMER Avoid
WHEN SENATE MAJORITY
Leader Chuck Schumer called
for new elections aimed at end-
ing the current government in
Israel, Prime Minister Benjamin
Netanyahu took umbrage. On
CNN last Sunday, Netanyahu
called Schumer’s comments
about elections “totally inappro-
priate,” adding, “That’s some-
closed-door speech on Wednes-
day. Sen. Ted Cruz reiterated af-
terward that Schumer “had the
arrogance and audacity to seek
to instruct another nation as if
it were a vassal state, a banana
republic.”
The term “banana republic”
conjures an image of a small,
the trade in bananas and other
tropical fruit historically served
as the basis for commercial ex-
ploitation by U.S. companies.
The word “banana” entered
English in the late 16th century,
after Portuguese sailors encoun-
tered the fruit in West Africa
and brought it to the Americas
along with its indigenous name.
terests in the region.
In 1899, an item in New Or-
leans’ Daily Picayune described
how “Central American fruit
ships” had “carried the mails
and the goods of New Orleans
merchants,” though they were
“hampered by climatic and gov-
ernmental conditions in the ba-
nana republics.” The expression
received wider attention
through the writings of William
Sydney Porter, better known by
his pen name, O. Henry.
Porter lived in Honduras in
the 1890s after fleeing there to
avoid embezzlement charges at
a bank in Austin, Texas, where
he worked as a teller. He re-
turned to the U.S. and served
prison time, writing short sto-
ica as a derisive term for any
country politically dominated
by foreign corporate interests.
It was kept alive in popular cul-
ture, as in Woody Allen’s 1971
comedy “Bananas,” which takes
place in yet another fictional
banana republic, San Marcos.
But the phrase took on a
whole new set of connotations
when a San Francisco couple,
Mel and Patricia Ziegler, started
a clothing store in 1978 called
the Banana Republic Travel &
Safari Clothing Company. As
the Zieglers explained in their
2012 memoir “Wild Company,”
the name was intended to sug-
gest a “proverbial source of mil-
itary surplus,” with “politically
unstable tropical countries”
providing “an abundance of dis-

[Banana Republic]
thing the Israeli public does on
its own. We are not a ba-
nana republic.”
politically unstable regime with
an ever-changing leadership, de-
pendent on a larger power like
Bananas weren’t widely con-
sumed until the establishment
of large Caribbean plantations
in the late 19th century. The
Boston Fruit Company, founded
in 1885 to export bananas and
other fruit to the U.S., was suc-
ceeded by the United Fruit
Company. By buying up land for
ries based on his experiences
abroad. In “Rouge et Noir,” pub-
lished in 1901 under the name
Olivier Henry, he wrote of
the banana trade in a fictional
Central American country he
called “the banana republic of
Costaragua.” The story was
later incorporated into his novel
posed uniforms from toppled
regimes.”
When Banana Republic was
acquired by The Gap, it retained
its branding but lost its safari
theme. Despite the name’s com-
mercialization, “banana repub-
lic” continues to evoke a pejora-
tive air for a country unable to
JAMES YANG

Netanyahu found a receptive the U.S. The derogatory expres- plantations, American corpora- “Cabbages and Kings,” set in manage its own business. And as
ear among Senate Republicans, sion was first attached to Cen- tions wielded monopolistic con- Anchuria, a “small, maritime Netanyahu demonstrated, no na-
whom he addressed in a virtual tral American countries, where trol over the banana trade in banana republic.” tion wants to be known as that.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 23 - 24, 2024 | C5

REVIEW

Roden has made and HISTORICALLY SPEAKING

enjoyed the authentic
AMANDA FOREMAN
version many times, but
realized that if she made
the filling with boneless
chicken thighs instead of
The Epiphany
pigeon and cooked rect-
angles of supermarket
Of Finding
puff pastry separately,
she could create a pie
Lost Cities
that was a) crisper and
b) about a hundred times IN JANUARY, scientists
simpler for the average announced the discov-
cook. It may not be the ery of the oldest pre-
same as the classic Mo- Columbian cities in the
roccan feasting dish, but Amazon. They were
it’s still a joy to eat. built in the Upano Valley in Ecua-
Roden adds a little dor by an organized urban society
boiled lemon to the fill- that flourished between 800 B.C.
ing, a nod to the b’stillas and 600 A.D. Surprisingly, this lost
of the city Tetouan, Amazonian civilization created cit-
where they like it “sharp ies that resemble modern suburbs,
and lemony.” complete with low-density housing,
Sometimes, a reason ample green space and manicured
to update a classic is not road networks. It would seem that
to improve it but simply ancient urban complexity didn’t
to save time on busy just arise in the familiar model of
days. “The Joy of Better the Eurasian walled city.
Cooking,” by Alice This kind of challenge to the
Zaslavsky, is full of clever scholarly consensus is actually
ideas for making cooking fairly common with the discovery
easier, all written with of lost cities. When civilizations
her trademark Australian are erased from history, bringing
playfulness. One of her them back into the narrative can
recipes is called “Spana lead to a dramatic realignment
in the works.” It’s essen- of facts.

Reinventing
tially the filling for a The discovery of Troy is an
spanakopita—the classic early example of this phenomenon.
Greek pastry stuffed with In 1870, after 12 years of fruitless
greens, feta and herbs— searching, a German businessman

Classic Dishes Keeps

but bound together with and amateur archaeologist named
a couple of eggs and Heinrich Schliemann found Troy’s
baked by itself in the ruins near modern Hisarlik on the
oven, ready to pile onto Turkish Aegean coast. His careless

Them Alive
toast for a quick meal. excavation of the site makes mod-
Zaslavsky calls this “a ern archaeologists cringe, but
spanakopita cop-out against incredible odds Schliemann
(kop-out?),” but actually, proved that Homer’s Iliad was
there is no compromise based on real events. The study
on flavor. This “spana” on of ancient Greece was changed
Unexpected variations on old standards like carrot cake and spanakopita toast isn’t a substitute forever.
make it possible to enjoy them as if for the first time. for a real spanakopita in Three major discoveries in the
phyllo pastry but some- early 1900s also reshaped our un-

W
hy does carrot
cake almost
never taste like
carrots? This was
a question that
nagged away at Nancy Silverton,
the Los Angeles chef who is fa-
mous, among other things, for
helping to popularize sourdough
in the U.S. Silverton has been
baking carrot cake since the
1970s, but she noticed that no
matter which recipe she
tried—pecans or walnuts,
raisins or no raisins—it
always ended up tasting
mostly of spices, not car-
rots. So she scrapped the
classic recipe and set off
on a quest to bake a cake
thing different, and derstanding of the Bronze Age. In
Silverton’s game-changing car- year, I ate the most divine buck- equally welcome on days when 1906, German archaeologists dig-
rot cake recipe appears in her wheat galettes at various you have greens to use up but no ging through the ruins of a wind-
new book “The Cookie That branches of Breizh, a small chain phyllo. swept plateau in north-central Tur-
Changed My Life.” In it, she con- created by chef Bertrand Larcher. Another reason to update a key uncovered the forgotten city of
fesses that she doesn’t particu- In 1995, Larcher traveled from his classic is because the old version, Hattusa. Its royal archive con-
larly care for the classic versions home in Brittany to Japan and however comforting, no longer
of many American desserts. For found that the Japanese shared excites modern palates. I have a
instance, she points out—rightly, the Breton love of buckwheat, but Lebanese friend who grew up eat-
I think—that blueberry muffins in very different forms such as ing ful medames, a dish consist-
almost never live up to their soba noodles or wholesome por- ing of boiled brown beans served
promise: Most types are too pale ridge. By reinventing the French with crushed garlic, lemons, ta-
and sweet, more like dessert than buckwheat pancake for Japanese hini, cumin and hard-boiled eggs.
breakfast. So she has re- tastes, he ended up with some- This is eaten as a sustaining
invented the blueberry thing much crispier and lighter breakfast or lunch all over the
muffin as a bran muffin than the classic savory galette. Middle East. As fond as my friend
with added blueberries, Much as I love the original ver- is of the plain beans his father
and made it smaller than sion, I would now never choose used to make, he now enjoys the
the oversize coffee-shop one over the updated Breizh in- flavor hit of Yotam Ottolenghi’s
monsters. terpretation. reimagined ful medames in his
Another American Often, the best culinary rein- book “Extra Good Things,” which
THOMAS FUCHS

that was carroty in fla- TABLE classic Silverton has ventors are people who have jazzes up the dish with a spiced
vor as well as name. TALK tweaked is the lemon bar. made a classic recipe dozens of tomato base, buttery onions and
The answer, it turns She finds most versions times, and therefore understand an exciting green chile sauce.
BEE
out, is to add some either too eggy or too how to tweak it without ruining What makes a classic recipe a
WILSON
roasted carrot purée to sugary, so she decided to it. A case in point is Claudia classic is not that it remains un- firmed that the city had been the
the mix along with the take the classic American Roden, the Egyptian-British food tampered with like a sacred text. last capital of the Hittites and the
traditional grated raw carrot. The crust and combine it with a cit- writer who has been publishing Kitchens change and so do the nerve center of a powerful empire
roasted carrot adds a depth of rusy French lemon curd to make books on Middle Eastern cuisine people who cook in them. Many that rivaled Egypt. After a glorious
flavor as well as moisture and a lemon bar she finally wanted to since the 1960s. In her latest of the heavy and meaty French run of five hundred years, the Hit-
sweetness. As a lazy cook, I also eat. It took 12 attempts to get the book, “Med,” Roden reinvents dishes listed as classics in “The tite civilization disintegrated so
chopped the carrot before I formula right. b’stilla (pronounced pastilla), an Cook’s Canon” by Raymond completely by around 1200 B.C.
roasted it, to speed up the cook- Classic recipes are classics for extremely laborious Moroccan pie Sokolov, published 21 years ago— that little was known about it be-
ing time. Everything else in the a reason. But sometimes, by stuffed with pigeon and encased such as choucroute and blan- yond the mentions in the Bible. The
recipe I followed to the letter, keeping an open mind in the in many layers of paper-thin pas- quette de veau—have now fallen recovery of Hattusa redrew the
from the addition of fresh ginger kitchen, we can find a way to try. To make it you need skill, pa- out of favor. A true classic is map of the ancient world, this time
to the brown butter in the cream make something that pleases us tience, a gigantic tray, a grocery something that continues to have with the Hittites at the center.
cheese frosting, although I halved even more, while staying true to store that sells pigeon, a family such a hold on our imagination Across the Aegean, Sir Arthur
the amount of frosting to let the the spirit of the original. When I that eats pigeon, and hours of that we want to cook it in our Evans similarly rescued the Mino-
NICK LU

carrot shine through.
was in Paris at the end of last
EXHIBIT
time. own way and keep it alive. ans with his discovery around 1905
of the Palace of Knossos on Crete,
which flourished between 1700 and
1500 B.C. Evans’s breakthrough
was to show that Minoan culture
was nonviolent, unlike the other
ancient Greek societies known at
the time. It was also perhaps ma-

Ice Dreams
triarchal. The palace, which lacked
fortifications, had frescoes of
women in authoritative poses.
Recovered sculptures often fea-
tured goddesses. Evans ultimately
EXPLORER AND GEOLOGIST argued that Knossos was proof
Edmund Stump went on his that gender inequality was not,
first research mission to Ant- as generally believed, intrinsic to
arctica in 1970 and returned civilization.
many times over the following The discovery in 1911 of Mo-
decades. The new book “Oth- henjo-daro in present-day Pakistan
erworldly Antarctica” (Univer- was no less revelatory. This once-
sity of Chicago Press) offers a vital center of the Indus Valley Civ-
selection of the photographs ilization, a trading society that
he took on these trips, captur- thrived between 2500 and 1700
ing the “innumerable forms” B.C., notably lacked temples, pal-
that ice can take. Icebergs aces, noble houses or even rich or
that could have been carved poor neighborhoods. The city
Photos by by the sculptor Henry Moore glide through still waters; seems to have spent its wealth in-
Edmund Stump a meltwater pond refreezes, releasing a shimmer of stead on civic amenities, such as
from dissolved gases; a crevasse seems to include every public granaries and universal
‘Otherworldly shade of blue. plumbing.
Antarctica.’ Humans and wildlife are almost absent from these The egalitarianism at the heart
images, but in one photo (at right) the tiny figure of of Mohenjo-daro suggests that the
a mountaineer stands at the top of the Tusk, a 1,500- more cities and civilizations we
foot protrusion of pure marble. A back injury kept find, the more it will complicate
Stump from joining his friend in the climb that day, our understanding of human soci-
EDMUND STUMP (2)

letting him get the great shot. Now in his 70s, he ety’s origins. It is humbling to
writes that if he “had one hour more to savor Antarc- know that we are always a discov-
tica,” he’d be standing in a field of wind-carved snow ery away from rewriting ancient
“as far as the eye could see.” —Peter Saenger history. It’s invigorating, too.
C6 | Saturday/Sunday, March 23 - 24, 2024 * *** THE WALL STREET JOURNAL.

REVIEW

for charity depends entirely upon

Judaism Is a Religion the extent of the kindness in it.”

A similar logic applies in the rit-
ual realm. Someone who observes
the sabbath because she wants to

Of the Heart acknowledge God for the wondrous

gift of creation, or for the fact that
she is free, or even because she just
wants to do what she believes God
wants, is very different from some-
one who observes it because she
The familiar idea that Christianity is about love while Judaism is about hopes God will reward her for it.
law is a misunderstanding of Jewish tradition, a rabbi argues. Someone who keeps kosher out of a
yearning to be connected to God is
very different from someone who
does so because he fears that other-
wise God will smite him.
It is not bad to care for a friend
because it is our duty to do so. In
fact, it’s good, but it’s less than
ideal, and it would be better to act
from love or compassion. It’s not
bad to observe the sabbath because

Judaism
includes
‘duties of the
heart’ as well
as ‘duties of
the limbs.’
we feel attached to a sabbath-obser-
vant community. It’s just less than
ideal, and it would be better to act
from a desire to acknowledge God as
Creator. As one of the most fre-
quently cited Talmudic teachings
has it, “The Blessed Holy One de-
sires the heart.”
Judaism is not naive or Pollyan-
naish about human beings; it knows
how often we go astray, embracing
the expedient and the self-serving
instead of the right and the good,
choosing hate or indifference over
love. As the philosopher David
A grandfather Hume memorably put it, we have
and grandson light “some particle of the dove, kneaded
candles for the into our frame, along with the ele-
Jewish holiday of ments of the wolf and serpent.” The
Hanukkah. deeply held conviction of Jewish
tradition is not that we will choose
the good but that we can do so—and
the height of the good is love.
A traditional rabbinic story imag-
BY SHAI HELD broader phenomenon in American the revelation of Torah is grace—it of the covenant between God and Is- ines that when God was about to

S
peaking to a class at one
of America’s major rabbin-
ical seminaries, I once re-
marked in passing that
“Judaism is built on the
idea that God loves us and beckons
us to love God back.” Seemingly be-
wildered by what I’d said, one of the
students declared: “I’m sorry, but
that sounds like Christianity to me.”
We have all heard it a thousand
times: Christianity is about love, but
Judaism is about…something else,
like law or justice. In a similar vein,
we often hear that whereas Christi-
anity cares about how you feel and
what you believe, Judaism cares only
about what you do. Judaism is a reli-
gion of action, we’ve been taught,
not emotion; a religion of deeds, of
Jewish life. Perhaps because of anxi-
ety about assimilation, American
Jews long ago began to define Juda-
ism as whatever they thought Chris-
tianity was not. So because Christi-
anity was about love, Judaism was,
well, not about love.
Another crucial example: Be-
cause Christianity stressed divine
grace, many Jews held that Judaism
did not really have a notion of
grace. I have been asked countless
times by educated and religiously
observant Jews whether grace is a
Jewish idea; each time I am sur-
prised afresh at how something so
essential to Judaism can seem so
alien to it.
Yet grace—in Hebrew, hein or
hesed—is foundational to Jewish
theology and spirituality. The gift of
is a divine gift given to us through
no merit of our own.
Some of these misperceptions are
also rooted in long-standing internal
Jewish debate. Judaism does under-
score the centrality of concrete ac-
tion; after all, genuine emotions ex-
press themselves in concrete
actions. Compassion without acts of
kindness, for example, is arguably
not really compassion at all.
But as the sage Rabbi Bahya Ibn
Paquda already lamented in the 11th
century, there have been times in
the history of Judaism when “duties
of the heart” were underemphasized
in favor of “duties of the limbs.” Al-
ways, Jewish thinkers emerged who
sought to steer Judaism back to its
proper path, one of both emotion
and action, of deep-seated integra-
rael; to love the stranger, someone
who lives among us despite not be-
ing part of our kin group and who is
therefore vulnerable to exploitation;
and to love God, who created the
world, redeemed us from slavery
and gave us the Torah as an act of
love and commitment.
Later Jewish sources clarify that
we have an additional obligation to
love all human beings, who were
created in the image of God and
who are part of the same single hu-
man family as we are. Rabbinic tra-
dition adds the challenge to “walk in
God’s ways,” to respond to other
people’s suffering with both com-
passionate feeling and compassion-
ate action.
In each instance, what we are
asked for is a combination—or more
create Adam, the angels split into
factions and began to argue. “Kind-
ness said, ‘Let him be created, since
he will perform acts of lovingkind-
ness’; Truth said, ‘Let him not be
created, since he is all lies.’”
How does God respond to the de-
bate? “God took truth and cast it to
the earth.” Faced with a choice be-
tween love and other competing
values, God embraces the former
and rebuffs the latter. God risks a
lot, and puts up with a lot, all in the
name of love—both the love God
has for us and the love God hopes
that we will embody and bring into
the world.
Rabbi Shai Held is president of
the Hadar Institute. This essay
is adapted from his new book,
ENZO NGUYEN/ISTOCK

rote rituals, not inwardness.
Centuries of Christian anti-Judaic
polemics are not the only source of
such distortions and misapprehen-
sions; they are also part of a
life is grace—the existence of the
world is not something that anyone
earned. God’s love for us is grace—it
is not something we earn but some-
thing we strive to live up to. And
tion of the internal and the external
worlds.
The Torah issues three dramatic
love commands. We are charged to
love our neighbor, a fellow member
accurately, an integration—of emo-
tion and action. Judaism is about
what you do, why you do it, and
how you do it. As the Talmudic sage
Rabbi Elazar declares, “The reward
“Judaism Is About Love:
Recovering the Heart of Jewish
Life,” which will be published
on March 26 by Farrar, Straus
and Giroux.

More house on fire and then

just peter out. Obvi-
ously, these books
the recalls and keep lapping
up the deadly minestrone—or
the deeply troubled chicken
Things were defective before
they left the printers.
gumbo—they can’t say that
they weren’t warned.

MOVING Should Be Books like this should

TARGETS
JOE
Subject to
QUEENAN
Recalls
WHEN I GOT my car in-
It works spected this week, the me-
chanic pointed out that there
for cars, were two recall notices on my
so why car model, one involving the
not send shape of the ignition key. Ap-
parently, I could run into big
my balky problems down the road if I
zipper or didn’t take the defective key
in and get it fixed.
awful This got me thinking:
movies Couldn’t more products bene-
back to fit from recalls? Take my
woolen overcoat. There was
the shop always something untrust-
for worthy about the zipper—it
repairs? wouldn’t ever close properly—
and things just got worse over
the years. The ease with
which a stray thread of wool
from my scarf would make it
almost impossible to zip up
the coat suggests that the
otherwise fully functional
my overcoat means that I
would have to drive 15 to 20
miles to an understaffed re-
pair shop and then sit around
all day waiting for a surly
technician to replace or fix
the defective zipper. But it
would be worth it, especially
if I could also get him to fix
the top button on the collar,
which forever keeps unbutton-
ing—another good candidate
for a recall.
A lot of people cavalierly
ignore recall notices, viewing
them as little more than a
nuisance, a ploy by the manu-
facturers to shield themselves
brakes kick out during a mid-
night snowstorm in the Rock-
ies or if the fob on the car key
suddenly stops working just
as you’re trying to flee the
parking lot because a vicious
bar fight has spilled out into
the street.
But consumers ignore re-
calls at their peril, and over-
coats would be no different.
Sure, don’t respond to the re-
call on that dud overcoat zip-
per—you could end up getting
pneumonia and perhaps even
dying. Recall notices are there
for a reason.
What else could benefit
be sent back to the
shop for fine-tuning.
Install a better plot or
get rid of a couple of
extraneous characters
that are impeding the
narrative. Then every-
thing will be fine.
If book recalls had
existed in earlier
times, “War and
Peace” would have
gotten called back to
the shop because Petya was
so incredibly annoying and
kept slowing down the story.
Similarly, “Hamlet” could have
gone to the recall center so
that technicians could repair
Ophelia’s obvious flaws. Ditto
Rosencrantz and Guildenstern,
whose appearances constantly
cause Shakespeare’s otherwise
outstanding play to drop from
80 mph to 20.
Foods are already subject
to recalls, but not for enough
reasons. A lot of soups have
way too much salt in them—
this is potentially fatal in the
long term—and should be
Obviously, the metaverse is
due for a recall—nobody
needed it to begin with. Also
an awful lot of fuzzy bedroom
slippers and moccasins, which
lack arch support and can
launch users into bone-break-
ing tumbles.
The most obvious candi-
dates of all for product recalls
are movies. Often it does not
become obvious what is
wrong with a motion picture
until it’s already playing in
theaters. A recall program
could fix this. Recall “Indiana
Jones and the Dial of Destiny”
and fix the inane plot. Or
use CGI to replace Harrison
Ford with Tom Cruise. Issue
immediate recalls on all re-
cent Liam Neeson movies and
do it fast.
Finally, lop off about 50
minutes from Martin Scors-
ese’s “Killers of the Flower
Moon.” The film is just like
my generally satisfactory
overcoat. It doesn’t need to
get trash-canned. It just needs
to go back into the shop for a
bit of fine-tuning. And if you
ZOHAR LAZAR

product should have been re- from lawsuits. People who from recalls? Let’s consider shipped back to the manufac- ignore that warning and
called years ago. take this route have no one to literature. I read a lot of mys- turer for desalination. And if watch the whole thing, that’s
Yes, I know that recalling blame but themselves if the teries that start off like a consumers choose to ignore on you.
 BOOKS
Cue the Harmonica Portrait of a Lady
Why ‘The Blues Up close and personal
Brothers’ became a with Isabella Stewart
madcap classic C12 Gardner C11

READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 23 - 24, 2024 | C7

An All-American Tragedy
Pete Rose was as big a star as an athlete could be but broke a cardinal rule of baseball—steer clear of gamblers
Charlie Hustle
By Keith O’Brien
Pantheon, 464 pages, $35
BY WILL LEITCH

P
ETE ROSE never goes
away. He’s still here in
body, of course, now 82,
surely this very second
signing everything in
sight at a memorabilia show in a
medium-size convention hall some-
where across this great land, telling
whoever’s willing to pay him a few
bucks how Major League Baseball
should reverse his lifetime ban from
the sport, laid down 35 years ago for
gambling on his own team. Mr. Rose
reapplies to the commissioner every
few years, gets rebuffed, and then just
dusts himself off and tries again.
As a player, Pete Rose was irresist-
ible. When you close your eyes and
think of Willie Mays, you see him
gracefully gliding through center
field; Derek Jeter, a deep throw from
shortstop; Ken Griffey Jr., his perfect,
sweeping swing. But Pete Rose? You
think of him sprinting toward an open
base and leaping for it, arms and legs
splayed, as if he were a man on fire

‘He runs like a scalded

dog,’ an early manager
said of Rose. ‘He’s got
more stomach than a
parachute jumper.’

diving for water, as if being safe were

the only thing that had ever mattered
in the world. “He runs like a scalded
dog,” one of his early managers said.
“He’s got more stomach than a para-
chute jumper.”
“Charlie Hustle,” the nickname that
HEINZ KLUETMEIER/SPORTS ILLUSTRATED/GETTY IMAGES

Keith O’Brien has made the title of his

biography of Mr. Rose, was actually
given to him by Mickey Mantle and
Whitey Ford, who were making fun of
how ostensibly, even showily hard the
guy worked, how little seemed to
come naturally to him. Because of
that very quality, however, Mr. Rose
will always loom large as an avatar
for a very specific style of sports
superstar, the undersized, scrappy
almost-always-white underdog who
defeats his athletic superiors through HEAD FIRST Rose in 1975. The Big Red Machine won its first of two World Series championships that year, and Rose hit .317 during the regular season.
relentless intensity—an ethos to him-
self. I see that Pete Rose every time I better job of sketching out that man ate fashion, the author chronicles Mr. decline, he went to play for the Phil- than baseball. Then, within a few
watch a Little League dad scream at than Keith O’Brien’s. The author, a Rose’s years, in the 1970s, playing for lies and the Expos. In 1984, he years, news of the gambling scandal
his kid to sprint to first base on a journalist, grew up in Cincinnati dur- his hometown team and winning returned to Cincinnati to become the broke, and he was forced out of the
walk, every time someone says they ing the peak of Mr. Rose’s career, championships with Joe Morgan, last man (so far) to serve as player- sport, the only thing he cared about
just don’t make baseball players like revering him like everyone else in the Johnny Bench, Tony Pérez and the Big manager and to chase Ty Cobb’s (other than himself): “Pete loves two
they used to. Mr. Rose is forever a city did. “Charlie Hustle,” a 329-page Red Machine. It is not difficult to record of 4,191 hits. In 1985, after Mr. things, wholeheartedly,” says one of
one-man baseball culture war. stem-to-stern bio, chronicles Mr. understand why that team—by any Rose passed Cobb’s mark, President his many paramours. “Pete and
But he’s also a man, made of flesh Rose’s upbringing as a working-class measure one of the greatest teams in Reagan called to congratulate him, baseball.”
and blood and anxieties and regrets Cincinnati kid with a frustrated- baseball history—was so beloved. only to have Mr. Rose complain about The author approaches his proj-
like the rest of us, and I’m not sure athlete father who pushed him to Mr. Rose was the public face of the being forced to wait on the line too ect with an undeniable appreciation
there’s ever been a book that does a become a boxer. In spirited, affection- Reds, but when the team started to long. For a moment, he was bigger Please turn to page C8

invasion of Ukraine. Meanwhile, it is As for the Lawrence Livermore

The Future reported that Russia is thinking about
putting nuclear weapons in space,
National Laboratory—which made key
advances in the development of the

Will Be while China is rapidly expanding its

own nuclear arsenal. In the Middle
hydrogen bomb, the atom bomb’s
exponentially more powerful succes-
East, there is an increasingly urgent sor—employees there are heavily
Weaponized concern that Iran will develop a
nuclear weapon and use it on behalf of
involved in testing the use of nuclear
weapons. With the current interna-
its geopolitical designs. tional ban on all nuclear testing,
AIR FORCE HISTORICAL RESEARCH AGENCY

Countdown So where is the world headed? whether atmospheric (since 1963) or

By Sarah Scoles What is the balance of nuclear terror? underground (since 1996, with the U.S.
Bold Type, 272 pages, $30 Two timely books take up such ques- complying without being a formal sig-
tions from different perspectives. In natory), such work today relies heavily
“Countdown,” the science journalist on computer simulations—one reason
Nuclear War: A Scenario Sarah Scoles examines in particular why Livermore maintains four of the
By Annie Jacobsen how the U.S. government labs that world’s most powerful supercomputers
Dutton, 400 pages, $30 make up the National Nuclear Security and is a leader in the development of
Administration monitor the state of the quantum computing. (The other labs
BY ARTHUR HERMAN most dangerous weapons in the world. BIG BOARD U.S. Strategic Air Command headquarters in 1957. have supercomputers for their work as
In “Nuclear War: A Scenario,” Annie well.)

N
UCLEAR WAR is our Jacobsen, the author of “Area 51: An of their very invention (as portrayed in are the heart of nuclear weapons. San- Also at Livermore is the National
version of the apoca- Uncensored History of America’s Top the film “Oppenheimer”). Set in the dia’s employees seem the least ambiva- Ignition Facility, which ran the world’s
lypse—an end to civiliza- Secret Military Base” (2011), gives us a bleak New Mexico desert, it focuses lent about the morality of what they first successful controlled nuclear
tion, to history, to life vivid picture of what could happen if today, in part, on detecting nuclear do. Ms. Scoles talks to one scientist fusion reaction in 2022, and the
itself, brought about not our nuclear guardians fail. activity in other countries (a task it National Atmospheric Release Advisory
by divine decree but by man-made As Ms. Scoles informs us, three lab- shares with other sites). Los Alamos is Center. The crew at this center uses
folly. Fears of an all-out nuclear oratories—in Los Alamos and Sandia, also a major research center, exploring A need to again ‘think satellites and other devices to pick up
exchange haunted the early postwar N.M., and Livermore, Calif.—manage the outer limits of practical nuclear even minute traces of an illegal nuclear
years and notoriously intensified dur- America’s nuclear warheads and physics, including working on nuclear
the unthinkable’ has test, or accidents like Chernobyl and
ing the Cold War. Hollywood captured bombs and monitor worldwide nuclear fusion. returned with Vladimir Fukushima, and issue warnings.
the angst and anxiety in, for example, use. The Tri-labs, as they are known, Sandia began as an offshoot of Los Putin’s veiled threats to The lab scientists and employees
“On the Beach,” “Fail-Safe” and “Dr. are viewed as the heart of the beast by Alamos and was (and in some ways whom Ms. Scoles interviews are hardly
Strangelove.” With the collapse of the nuke opponents. “I know we are the still is) the engineering support labora- launch nuclear missiles. crazed Dr. Strangelove types. On the
Berlin Wall and the end to the bipolar Antichrist,” one Los Alamos scientist tory for the other two labs. It is more whole, they take a balanced approach
Cold War rivalry, it seemed for a while says to Ms. Scoles, “and yet I think it’s “engineer-centric,” in Ms. Scoles’s to their jobs, what Ms. Scoles describes
as if such fears could be put to rest. a bit more nuanced than that.” Indeed phrase, and concentrates on concrete who concedes that people think of as the pursuit of nuclear realism.
No such luck. The need to “think it is. problem solving, such as modernizing working on weapons as a “warlord” Someone has to work on nuclear weap-
the unthinkable” has returned with To judge by Ms. Scoles’s account, the current nuclear force—including job, but “we have avoided so many ons, she notes: “Don’t you want level-
Vladimir Putin’s veiled threat to the three labs have distinct cultures helping Los Alamos with the produc- conflicts because nuclear weapons headed people—not war hawks—to do
launch nuclear missiles if Russia feels and missions. Los Alamos is the home tion of new “plutonium pits,” the hol- exist.” What the scientist does at work, that?”
alarmed by the West’s response to its of the original atomic bombs, the site low spheres of radioactive metal that she says, “is actually a great thing.” Please turn to page C9
C8 | Saturday/Sunday, March 23 - 24, 2024
‘The true author of the subjugation of a people is not so much the immediate agent, as the power which permits it having the means to prevent it.’ —THUCYDIDES
FIVE BEST ON GEOPOLITICS
Adm. James Stavridis
The author, with Elliot Ackerman, of the novel ‘2054’
The Landmark Thucydides
Edited by Robert B. Strassler (1996)
1
Thucydides’ account of the
Peloponnesian War (431-404
B.C.) is the ultimate tale of a
powerful geopolitical conflict.
Athens, the dominant sea power, is
challenged by Sparta, the upstart
land power. The two city-states rely
on complex alliance systems, crafty
diplomats, military might and shift-
ing objectives to dominate ancient
Greece. The war lasts nearly three
decades and forces almost all the
other city-states to pick a side. The
inferno would engulf them all. This
is a work of history at once idealis-
tic (“Judging happiness to be the
fruit of freedom and freedom of
valor, never decline the dangers of
war.”) and pragmatic (“The strong
do what they will and the weak
suffer what they must.”). In
recounting a war that deeply
harmed both sides, Thucydides
gives us a maxim for our own trou-
bled times: “The course of war can-
not be foreseen, and its attacks are
generally dictated by the impulse of
the moment.”
The Guns of August
By Barbara W. Tuchman (1962)
2
Barbara Tuchman’s master-
THE PRINT COLLECTOR/ALAMY
piece is about the first
moments of World War I in
Europe. The events of that
fateful summer play out in folly,
bureaucracy, ego and hatred. In four
short years, the events outlined in
the book lead inexorably to the end
of the Austro-Hungarian Empire, the
destruction of the Ottoman world
and the final act of the Russian
czars. “On history’s clock it was
sunset,” Tuchman writes, “and the
sun of the old world was setting in
a dying blaze of splendor never to
be seen again.” This is a cautionary
tale of geopolitics, in which the mil-
itary-industrial complex essentially
demands a war. The story epito-
mizes how the human mind blithely
follows plans and preordained
views: “Nothing so comforts the
military mind as the maxim of a
great but dead general.” Tuchman’s
theme is simple if chilling: that end-
less miscalculation, faulty communi-
cation, false narratives and plain
stupidity, coupled with almost will-
ful obstinance—all preventable—
caused millions of deaths.
On Grand Strategy
By John Lewis Gaddis (2018)
3
To understand global geopol-
itics, we need to appreciate
how all means of national
power—diplomatic, eco-
The Rise
And Fall
Of Pete Rose
Continued from page C7
of Mr. Rose’s appeal and ability to
connect with the common fan, but
he is not afraid of digging into often
unsettling truths. Mr. Rose gave 27
hours of interviews to Mr. O’Brien,
according to the author, but, per-
haps inevitably, stopped returning
the writer’s calls when he began to
get into what his subject calls “the
dirty stuff.” And there is plenty of
dirty stuff.
As a hitter, Mr. Rose was a bit of a
savant, able to retain reams of infor-
mation on every pitcher in the league,
desperate to win every single battle,
with a batting eye and measured
swing so respected that even umpires
questioned themselves if they dis-
agreed with Mr. Rose on a call. But
the same qualities that drove the
player to be so unremitting on the
field carried over to an almost patho-
logical obstinance off the field.
As Mr. Rose earned more money
and gained more power, especially
when he returned to Cincinnati, he
became almost comically reckless,
according to Mr. O’Brien. He would
carry on multiple extramarital affairs,
essentially in the open, including in
HOPLITES A fragment of an ancient Greek frieze from the Nereid Monument, showing soldiers in battle, ca. 390 B.C.
nomic, military, cultural, geo-
graphic—can be integrated to fur-
ther the interests of a nation. John
Lewis Gaddis homes in on combat
as a frequent determiner of geopo-
litical watersheds: “Grand strategies
have traditionally been associated,
however, with the planning and
fighting of wars.” He provides
examples of global scenarios
through time, from the Persian
invasion and defeat at the hands of
the Greek city-states to the long
twilight of the Cold War. He points
out the blunders of hubris and ego,
from Julius Caesar crossing the
Rubicon to Lyndon Johnson’s fail-
ures in Vietnam. He lays bare the
arrogance of trying to wish away
obstacles without realistic regard to
outcomes, such as Philip II’s failed
Spanish Armada and Hitler’s reck-
less invasion of Russia. Not all lead-
ers fail at the enormous task of cre-
ating a workable grand strategy. Mr.
Gaddis applauds the geopolitical
skills of the Roman emperor Augus-
tus and the German chancellor Otto
von Bismarck. “The test of a good
theory,” he writes, “lies in its ability
the company of friendly media mem-
bers willing to overlook everything,
and spent time with so many shady
characters—from bookies to cocaine
dealers to ’roid heads at the infamous
Gold’s Gym in Cincinnati—that his
teammates kept trying to get them
kicked out of the clubhouse. One
teammate comments, early on in Mr.
Rose’s career, that he considered him-
self untouchable, and acted accord-
BETTMANN/GETTY IMAGES
ingly. Mr. O’Brien describes him as
having an “enduring belief that his
choices wouldn’t hurt him.”
All through Mr. O’Brien’s account,
Mr. Rose’s gambling addiction—there
is no other word for it—looms over
the action, waiting to take him down.
Early in his career, the young Mr.
Rose would spend most of spring
training at the horse track, compiling
debts, often finding toadies and lack-
A 30-game suspension
for bumping an umpire
led Rose to say he’d do
it again if prompted:
‘It’s just the way I am.’
eys to pay them off. As he grew
richer, everything accelerated. He was
renowned for losing thousands of dol-
lars a day gambling on football,
horses, basketball, anything, even
sports he didn’t know anything about;
a policeman who investigated him
BOOKS
to explain the past, for only if it
does can we trust what it may tell
us about the future.” This slender
but memorable volume aces that
test, unlocking the geopolitics of the
past to allow us to divine the world
to come.
World Order
By Henry Kissinger (2014)
4
Though published almost a
decade ago, Henry Kissin-
ger’s book reads as though
it was ripped from today’s
geopolitical headlines and heavily
seasoned with realpolitik: “The state
is a fragile organization, and the
statesman does not have the moral
right to risk its survival on ethical
restraint.” Kissinger, a scholar, dip-
lomat and former secretary of state,
died in 2023. An inveterate orga-
nizer of systems, here he analyzes
the separate orders that have pro-
vided much of the world’s geopoliti-
cal structures: the European West-
phalian state system, an Islamic
order focused on religion as the
LOOKING BACK Rose in 1985, shortly before breaking Ty Cobb’s record.
says he was, according to Mr. O’Brien,
“one of the worst gamblers he had
ever met.”
As Mr. Rose’s gambling spiraled
and more established bookies learned
he couldn’t be trusted to pay his
debts, he was forced to find ever
more unsavory characters to make
bets with—many of whom would end
up in the crosshairs of the FBI.
Toward the end of the book, Mr.
O’Brien’s narrative shifts into some-
thing almost resembling a thriller, as
Mr. Rose keeps digging himself bigger
holes until he realizes the only way
out is to bet on the thing he knows
and loves best—baseball. He was
busted by then-commissioner A. Bart-
lett Giamatti and John Dowd, an in-
vestigator Giamatti had hired, without
much difficulty: Pete Rose, in the end,
* ***
center of the structure, a central-
ized power structure in Asia with
China at its hub, and the post-World
War II American-dominated global
system of interlocking organizations
like the United Nations, the World
Bank and the International Mone-
tary Fund. While the book is at its
best in organizing the structure of
the world’s competing geopolitical
powers into a recognizable system,
it isn’t a simple paean to pragmatic
realism. “Idealists do not have a
monopoly on moral values,” Kissin-
ger concludes. “Realists must recog-
nize that ideals are also part of
reality.”
The Lord of the Rings
By J.R.R. Tolkien (1954-55)
5
How does J.R.R. Tolkien’s
three-volume fantasy novel
land on a list of books about
geopolitics? By being a
thinly disguised roman à clef of
World War II. Put Hitler in the role
of evil Sauron, let Mussolini be the
wizard Saruman and create a heroic
was too out of control to hide much
of anything.
But because he was Pete Rose—
because he always went all out,
always doubled-down—he could
never, ever admit this. Mr. O’Brien
notes just how many opportunities
Mr. Rose had to simply confess to the
obvious truth that he had bet on the
Reds as a manager and end up with a
slap on the wrist. But Mr. Rose
couldn’t do it, almost out of principle:
To relent at the moment he was being
accused, to admit weakness, to give in
to his detractors, was against his per-
sonality both on and off the field.
There has been a movement in
recent years to cut Mr. Rose slack,
largely because of the widespread
acceptance of betting in sports these
days, particularly from the leagues
THE WALL STREET JOURNAL.
alliance to oppose them. The hob-
bits—a peaceful people Tolkien
introduced in his preceding work—
carry much of the story. But the rest
of the cast are the geopolitical mas-
ters of the tale. And what a tale it
is: an immense force of evil seeking
control of a devastating technology;
a shopworn and fractious alliance
formed in resistance; a harrowing
series of battles across plains,
mountains and rivers; and lessons in
complex diplomacy, economic stran-
gulation, courtly betrayal and mind
control. “The Lord of the Rings” is
also a cautionary tale about the
dangers of the world, as we hear
from ancient elven lord Elrond: “Let
him not vow to walk in the dark,
who has not seen the nightfall.” The
hobbits try their best to remain
naive and innocent. At one point
Frodo, their accidental leader, says:
“It is useless to meet revenge with
revenge: it will heal nothing.”
Maybe so. But the geopolitical les-
son of “The Lord of the Rings” is to
fight with all your heart and soul
against evil—and build what alli-
ances you can along the way.
themselves: Mr. O’Brien notes that
today Mr. Rose could play for the
Cincinnati Reds and shill for Draft-
Kings on the side. But he still
wouldn’t be allowed to bet on base-
ball. Mr. Rose broke a cardinal rule of
the sport, the one that remains on
the wall of every clubhouse in the
majors to this day: Don’t bet on base-
ball. And he did so with aggressive
impunity—as if the rules could never
apply to him. It was the mindset that
made him great on the field. And it’s
what ruined him off it.
At the end of Mr. O’Brien’s compre-
hensive, compulsively readable and
wholly terrific book, Pete Rose, a tired
old man fully estranged from his
sport, sits in a brand new Cincinnati
casino, signing one tchotchke after
another, telling old stories from
decades ago. Each item at such a sign-
ing comes with its own price, but for
$35 extra, he will add a specific
phrase to the signature: “I’m sorry I
bet on baseball.” This admission, such
as it is, came years too late—and also
is only a portion of the truth. As he
once told assembled reporters years
earlier, after being suspended 30
games for bumping into an umpire: “I
hate to say it, but I would probably do
it again, if the situation came up. It’s
just the way I am.”
Mr. Leitch is a contributing editor
at New York magazine and the
author of six books, including the
recent novels “How Lucky” and
“The Time Has Come.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 23 - 24, 2024 | C9

BOOKS
‘It may truly be said, that never did nature and fortune combine more perfectly to make a man great.’ —THOMAS JEFFERSON

Two Gentlemen of Virginia tance scuttled the idea of his joining the Royal remained attached to their colonies—that is, ington, convinced that America needed some-
A Revolutionary Friendship
By Francis D. Cogliano Navy as a midshipman, so he parlayed his fam- their newly forming states—at the expense of thing more than the Articles of Confederation,
ily’s ties with the influential Fairfax family into the larger cause. As Mr. Cogliano puts it, refer- guided debates behind the scenes and backed
Harvard, 368 pages, $37.95
work as a surveyor. He eventually earned a ring to Jefferson’s sojourn in the new nation’s ratification of the Constitution. Jefferson saw
BY WILLIAM ANTHONY HAY commission in the colonial militia, and his de facto capital in 1776: “Although Jefferson the French Revolution unfold on the Paris

T
HAT VIRGINIA produced four of
the first five presidents of the
United States is a classroom chest-
nut but also a matter of some
importance to the fate and
fortunes of the early republic. George
Washington, Thomas Jefferson, James
Madison and James Monroe shared
an outlook formed by the society
and culture of the Old Dominion.
It differed not only from the
Northern colonies of New Eng-
land, New York and the Middle
Atlantic but also from the
coastal Carolinas and Georgia
farther south. Francis Cogli-
ano sounds this theme and
others in “A Revolutionary
Friendship,” a double por-
trait of Washington and Jef-
ferson and their relations
over time, captured mostly
in their letters to one
another.
The presidents of the
Virginia Dynasty, as one might
call it, were members of a
distinctive patrician class, one
that modeled itself on the man-
ners and folkways of England’s
gentry and lesser nobility. In Vir-
ginia, these patricians stood atop a
social order in which wealth and status
derived from land—from plantation agri-
culture. Though forming a
rural aristocracy given to PEN PALS
hunting and horses, they Portraits of
were attentive to the drawing George
room as well—to matters of Washington
etiquette and comportment. (above,
The idea of “liberty” was, for undated) and
these colonial aristocrats, Thomas
intimately bound up with Jefferson
self-mastery. Not for Virgin- (right, ca.
ians the pious communalism 1821) by
of New England, the rowdy Gilbert Stuart.
commercial urbanism of New
York City or still less the egalitarian spirit of
Quaker Pennsylvania.
Jefferson, as Mr. Cogliano reminds us, was
born into this class. Washington began at its
periphery but moved to its center and came to
epitomize the Virginia gentleman. In broad
character and self-presentation, the two men
were very different. Washington dominated
whatever room he was in; he was a “pres-
ence”—a robust soldier, a noted horseman; he
was also studiously formal, even forbidding, as
if striving to live up to the ideals of the Virginia
elite. Jefferson, by contrast, was a less com-
manding figure who typically “shrank from per-
sonal conflict.” He had the polish of an aristo-
assignments in the Ohio Valley, fighting the was in Philadelphia, his mind, and heart,
remained in Virginia.”
Jefferson ended up spending much of the
conflict in Williamsburg reforming his own
state’s laws along revolutionary lines. Though
more radical than Washington—he increasingly
opposed the whole idea of a hereditary aristoc-
racy—his priorities were local rather than
national.
But Washington came to respect Jeffer-
son’s management of Virginia’s affairs as
governor. In 1780, a year after he was
elected, Jefferson was chased out of
Monticello by the British. By then,
correspondence between the two
men had already gathered pace. Jef-
ferson sought advice on points
involving the war effort, asking, for
instance, how to treat British offi-
cers captured by Virginia’s militia.
Washington later sought Jefferson’s
thoughts on the Society of the Cin-
cinnati, a group formed by veteran
Continental Army officers and open
only to their heirs, which critics saw
as an attempt to impose a nobility
on the republic. “The sooner I could
receive your sentiments on this
French, won him fame. In 1755, he
marched as a volunteer aide to Gen.
Edward Braddock in an expedition
aimed at taking Fort Duquesne from
the French but meeting defeat
instead. Washington resigned his
militia command and returned to
Virginia in 1758 as a planter. His
position was greatly enhanced a
year later when he married the
wealthy Martha Dandridge Custis, a
widow with extensive properties of
her own.
It was the American Revolution
that drew the two men into what the
author calls a “productive collabora-
tion.” Mr. Cogliano, a professor at Edin-
burgh University and the author of “Revo-
lutionary America, 1763-1815,” among other
books, makes it clear that, in this case,
friendship was not a matter of companionship
or personal affinity; rather it was a bond of
shared interests—public interests. The two men
streets before returning home—and, on the
whole, favored the principles it publicly
espoused.
As president, Washington built a cabinet
around younger men he knew and trusted,
appointing Jefferson as secretary of state. The
two Virginians worked together well and
Jefferson was born into a
patrician class; Washington
rose to become a member of it.
Though very different, they
formed a bond—until partisan
politics caused a falling out.
shared an interest in building a new capital on
the Potomac, an effort that engaged their
enthusiasm for architecture. Jefferson’s differ-
ences with Alexander Hamilton, the Treasury
secretary, pointed to future trouble. A dinner-
table bargain that Jefferson helped broker
eased the passage of Hamilton’s ambitious
financial plan—in return for the capital moving
south to the District of Columbia. But quarrels
within the administration were increasingly
aired in the press—not least over U.S. rela-
tions with the new revolutionary govern-
ment in France—and rival political par-
ties began to take shape.
Washington sided with Hamil-
ton’s Federalists despite resisting
the whole idea of party. Jeffer-
son—who, with Madison, led
the Republicans—resigned his
cabinet post in 1793 on good
terms with the president. In
his own writings and pro-
nouncements he excluded
Washington from criti-
cism, but their relations
grew acrimonious even
so. The president
believed that Jefferson
was being duplicitous
when he denied having a
hand in the public criti-
cism of Washington’s
administration and poli-
cies. Thus their political dif-
ferences became personal.
Once lost, trust could not be
regained, and they stopped
corresponding altogether.
Mr. Cogliano makes a strong
case that Washington and Jeffer-
son, though dissimilar as individuals,
possessed similarities that “reflected
their class and society.” His dual biogra-
LEFT: FRANCIS G. MAYER/GETTY IMAGES; RIGHT: SEPIA TIMES/GETTY IMAGES

crat but also the insouciance of one; as presi-
dent, Jefferson received visitors in a dressing
gown and slippers, something Washington
couldn’t imagine doing.
Born in 1743, Jefferson started with the
advantages of an eldest son. His father, a sur-
veyor, acquired substantial land holdings in Vir-
ginia’s fertile Piedmont. Thomas’s education
included science and modern languages, along
with the classics. He studied law in Williams-
burg and entered the social circle of Francis
Fauquier, a powerful lieutenant governor,
where he showed off his talent on the violin
and mastered the art of polite sociability.
Washington, a younger son with limited edu-
cation, had further to climb. His mother’s resis-
exchanged more than 70 letters for more than a
decade. Though nearly 11 years older, Washing-
ton saw Jefferson “as a reliable partner,” some-
one he respected as a peer. They both sought
counsel from the other until, in a quarrel over
partisan politics, they had a falling out. As Mr.
Cogliano puts it, their friendship “was a story
of convergence and divergence.”
They met in Virginia’s House of Burgesses in
the 1760s, where they joined in the cause of
resisting British taxation. But the war, in partic-
ular the British invasions of Virginia in the late
1770s, prompted them to forge closer ties.
Washington, who had begun thinking along
national lines early on, felt frustrated that so
many able men, in the early phases of the war,
subject,” Washington wrote, “the more pleas-
ing they would be to me.” He saw the younger
Virginian as a friend who, as Mr. Cogliano puts
it, “might provide him with independent
advice,” including on matters touching his
reputation.
Washington resigned his command after the
war, and Jefferson went to Europe as a diplo-
mat. Jefferson’s stint abroad deepened his
revulsion toward monarchy and aristocracy—
while keeping him out of discussions over the
structure of his country’s government. Wash-
phy highlights their patrician confidence, a
belief that they were well positioned to lead
and shape their new country. Mr. Cogliano also
shows how they both, in different ways, strug-
gled with moral hypocrisy—the conflict
between their lofty ideals and the fact that
their elevated social positions depended on
slave labor. They both sought a republic of lib-
erty in America but disagreed over what it
should look like. As we know too well today,
friendships become fragile when political differ-
ences are unbridgeable.
Mr. Hay is interim director at Arizona State’s
School of Civic and Economic Thought and
Leadership.

Once More phrase, Ms. Scoles observes, runs

through all three labs like a motto.
If the actual existence of nuclear
The sad truth is that equality alone
is not deterrence; overwhelming
advantage is, along with the willing-

Thinking the weapons doesn’t disturb the Tri-lab

community, two potential develop-
ness to use it. In the national labs, Ms.
Scoles says, most staffers “think of the

Unthinkable
ments do. One is the proliferation of Deterrent as savior, not destroyer.
the nuclear threat, with both state and Nuclear weapons keep us from con-
nonstate actors seeking for themselves flict.” Nuke opponents, obviously, dis-
the ultimate weapon. The other is the agree, believing that nuclear weapons
Continued from page C7 decline in science graduates in the U.S., make conflict more dangerous. Yet
SYGMA/GETTY IMAGES

One Los Alamos employee, we learn,
began as an antinuke protester and still
feels qualms. She compares nuclear
weapons to “handing a toddler a
lighter.” Now her life is dedicated to
making them safe to handle. Her former
friends would be horrified, she admits.
But she can live with the duality—as
Ms. Scoles summarizes it, “working for
the organization that maintains and
betters the bombs that she agrees
wholeheartedly should not exist.”
Much of our current nuclear arsenal
dates back to the 1970s. With China
and Russia upgrading their nuclear
weapons, the need to modernize ours
seems evident—although the subject is
an emotional one among the antinuke
activists Ms. Scoles interviews outside
the labs’ gates. The chances of an out-
dated weapon failing to operate, or
becoming unstable, make moderniza-
tion an imperative for lab scientists
and engineers. “If nuclear weapons are
going to continue to exist,” one scien-
tist tells the author, “they can’t stay as
they are—at least not if they are to
remain safe, secure, and reliable.’’ That
the kinds of workers who might even-
tually take over the labs’ main tasks.
Roughly 40% of the workforce at the
National Nuclear Security Administra-
tion is going to retire in the next three
to four years. Who will carry on their
work for the next generation?
At one point, Ms. Scoles concedes
that, despite Tom Clancy-style narra-
tives, “the chances that any given bad
actor will get their hands on full-on
nuclear weapons is small.” But with
Iran and North Korea in the nuclear
hunt, there is plenty of reason to worry
anyway. Which is where Annie Jacob-
sen’s “Nuclear War: A Scenario” comes
in.
Based on dozens of interviews with
scientists and military experts, “Nuclear
War” gives us a day-by-day, hour-by-
hour account of what would happen fol-
lowing a one-megaton thermonuclear
attack on the Pentagon. “The five-story,
five-sided structure of the Pentagon and
everything inside its 6.5 million square
feet of office space explodes into super-
heated dust,” she writes, all 27,000 of its
employees “perishing instantly.” Five
TEST A nuclear weapon explodes at Mururoa in French Polynesia.
minutes after the blast, “most of every-
thing south to Alexandria, west to Falls
Church, north to Chevy Chase, east to
Nearly half the current
workforce at one nuclear
agency will be retired
in four years. Who
will replace them?
Capitol Heights, and all the neighbor-
hoods in between” are incinerated in a
mass fire.
And that’s just the start. Ms. Jacob-
sen’s scenario expands into a nuclear
exchange between the U.S. and Russia
that ultimately kills hundreds of mil-
lions. The survivors, to paraphrase
Nikita Khrushchev, envy the dead.
Terrifying—and yet somehow famil-
iar. The picture Ms. Jacobsen paints is
a version of the nuclear apocalypse
we’ve seen portrayed before—Jona-
than Schell’s “The Fate of the Earth”
(1982) comes to mind, not to mention
Hollywood’s disaster scenarios. Yet the
apocalypse we all feared in the Cold
War didn’t happen, largely because we
had a formidable nuclear arsenal in the
first place.
According to Ms. Jacobsen, our big-
gest nuclear opponent, Russia, has some
1,674 nuclear weapons ready to launch,
while we have 1,770. China has 410,
although that number is growing. Dur-
ing the Cold War the combined Ameri-
can-Soviet nuclear arsenal almost
topped 70,000. When is enough enough?
there is no question that our arsenal is
what keeps Russia from spilling the
war in Ukraine into neighboring NATO
countries—or that Ukraine regrets the
decision to hand over to Moscow the
weapons that were on its soil before
the breakup of the Soviet Union.
History tells us that all weapons are
subject to obsolescence, from the long-
bow to the battleship. The nuclear
bomb is an exception so far, but who
knows? For now, nukes are emphati-
cally present and unavoidably at the
center of international relations. We
may not like them—or come to “stop
worrying and love the bomb,” as the
full title of “Dr. Strangelove” has it—
but we can’t do without them. And
while we do have them, it’s hard not to
conclude, after reading “Countdown”
and “Nuclear War,” that we are safer if
they work than if our enemies think
they won’t.
Mr. Herman is a senior fellow at the
Hudson Institute. His forthcoming
book is a biography of the nuclear
physicist Edward Teller.
C10 | Saturday/Sunday, March 23 - 24, 2024 * *** THE WALL STREET JOURNAL.

BOOKS
‘Writers are what they write, also what they fail to write.’ —DIA NA TRILLIN G

Timid No More couple helped define what came to be called

Write Like a Man
By Ronnie A. Grinberg “neoconservatism.” Decter in particular found
herself at odds with the ascendant women’s
Princeton, 384 pages, $35
liberation movement and the ways it under-
BY BENJAMIN BALINT mined traditional standards—moral and aes-
thetic both. In a chapter called “the first lady

M
ANY YEARS ago, at a dinner of neoconservatism,” Ms. Grinberg argues that
party attended by some of this antipathy was at the very heart of a sen-
the ex-radicals turned Cold sibility Decter shared with other women in
Warriors known as the New this group, including Arendt, Himmelfarb and
York intellectuals, the table Susan Sontag. “Despite the sexism they
talk turned to denigrating writers reputed to encountered,” Ms. Grinberg writes, they “dis-
be soft on communism and praising the paraged feminists.” They expected real writers
“hard” anticommunists who were fighting for to address “serious topics with masculine
democracy and freedom. Before the guests drive and ruthlessness. . . . In their view, femi-
could become too complacent, however, the nists did not meet this standard.”
literary critic Diana Trilling stood up and Ms. Grinberg rounds out the group portrait
declared: “None of you men are hard enough with Irving Howe, the anthologizer of Yiddish
for me!” literature, author of the magisterial “World of
In “Write Like a Man,” Ronnie A. Grinberg Our Fathers” (1976), and presiding sage of
recounts this scene to illustrate how members Dissent, the magazine he launched in 1954.
of this “testosterone-driven literary circle,” as Unlike others in this cohort who found them-
she calls it, “came to espouse a secular Jewish selves “mugged by reality” and moving from
machismo” as they reinvented both them- left to right, Howe kept his socialist alle-
selves and liberalism to meet the exigencies of giances. But like the neoconservatives, he had
Cold War politics. When old anxieties were little patience for either the strident “despera-
magnified by new ideological challenges, Ms. does” of the New Left or the grievances of the
Grinberg writes, “a masculinity centered on feminists. In a piece Decter commissioned him
strength, toughness, and virility” became a to write for Harper’s, Howe skewered the fem-
defining feature of New York intellectual life. inist Kate Millett as a “figment of the Zeit-
geist” and scorned her bestseller, “Sexual Poli-
tics” (1970), as “intellectual goulash.”
For the New York intellectuals, In his essays “The Lost Young Intellectual”
and “The New York Intellectuals: A Chronicle
taking ideas seriously meant and a Critique,” Howe recognized that, despite
writing combatively. Both male the internecine quarrels carried out in the
and female writers displayed a pages of Partisan Review, Commentary and
Dissent, these Americanized writers striving to
literary form of machismo. “make it” shared two states of mind. First,
profound guilt over the helplessness that they
or their families felt as they watched, from
Ms. Grinberg, a history professor at the safe perches on the banks of the Hudson, the
University of Oklahoma, briefly takes up destruction of Europe’s Jews during the
American Jewish novelists who were eager to Shoah. Second, filial impiety: They often saw
defy stereotypes—of the timid schlemiel or their immigrant fathers as failed breadwin-
bookish Talmudic scholar—and to overcome ners, as men who were, Ms. Grinberg writes,
what Norman Mailer called “the softness of a “in their own sons’ eyes, emasculated.” Howe’s
man early accustomed to motherlove.” But father, an immigrant to the Bronx from the
her real focus is on a group of intellectuals— Russian Pale of Settlement, had gone bankrupt
men and women both—who “prized verbal during the Depression. For others, the failure
COLUMBIA UNIVERSITY ARCHIVES

combativeness, polemical aggression, and an
unflinching style of argumentation.”
The principal figure here is Diana Trilling, a
brilliant essayist and the wife of the celebrated
cultural critic Lionel Trilling. Diana, “the more
abrasive of the two,” Ms. Grinberg writes, bal-
anced her husband’s checkbook and deftly
edited his drafts. But when she offered similar
editorial help to various male friends, they
took it (as she herself reported) “as an assault
on their masculinity.” According to the novel-
ist and memoirist Ann Birstein, many men in
this milieu “feared losing their manhood to lit-
erary women.” She noted that “reviews of my
books still referred to me in parenthesis as
Mrs. Alfred Kazin, as if that were a career in
itself.”
Like other “literary wives”—Zelda Fitzger-
ald, Veza Canetti and, in this book, the essayist
Pearl Kazin Bell come to mind—Diana strug-
gled to emerge from the shadow of her hus-
band’s reputation and establish herself in her
own right. “I wanted as much for him as he
wanted for himself,” she said of Lionel, the
first Jew granted tenure at Columbia Univer-
sity’s English department, “and more than I
wanted for myself.”
CLASS Diana Rubin (later Trilling), left, and friends at Radcliffe College in the 1920s.
By the time of his death in 1975, she had
published a single collection of essays. But
along with other doyennes who held their
own in this crowd—including the political the-
orist Hannah Arendt and the historian Ger-
trude Himmelfarb—Diana showed herself to
be a vigorous and productive thinker. She
earned a place at the table with her devotion
to what she called “the life of significant con-
tention” and to what Ms. Grinberg calls the
determination to “write like a man.”
In her criticism and cultural portraiture,
Diana Trilling delivered sharp polemical
thrusts aimed at all sorts of targets, including
male writers from her own milieu. She said
that Saul Bellow’s debut novel, “Dangling
Man” (1944), was among the “small novels of
sterility.” She boasted that “a Viennese novel-
ist, a refugee from Nazi Austria, was said to
have remarked that he had lost his country,
his home, his language, but that he had at
least one good fortune: he has not been
reviewed by me.” Such sharpness could cut
both ways. On reading her attack on the stu-
dent takeover of Columbia in 1968, the poet
Robert Lowell (a fan of the students, to say
the least) dismissed her as “some housekeep-
ing goddess of reason.”
The agitation of the 1960s brought other
intellectual polemicists to the fore, not least
Norman Podhoretz (longtime editor of Com-
mentary) and Midge Decter, who argued that
the left needed to do some housekeeping of
its own—by rejecting a political outlook that
favored appeasement and opposed the muscu-
lar exercise of American power. Together the
might be less literal, but the judgment seemed
broadly to apply.
Although Ms. Grinberg leaves the question
of what it is to “write like a man” open to mul-
tiple answers, her portrait is in places drawn
with too limited a palette. After all, other cali-
brations of brawn and brain and other modes
of Jewish intellectualism—forceful without
being combative, elegant without being
effete—flourished in the postwar years. Lionel
Trilling himself, with his genteel manner and
subtle prose style, modeled just such a style of
argument in immensely influential essay col-
lections like “The Liberal Imagination” (1950).
Even so, Ms. Grinberg’s insightful survey
persuasively shows that some of the country’s
most brilliant midcentury writers cultivated
manliness to counter what they saw as their
fathers’ meek marginality and thereby forged
new ways of being American and of being
Jewish. Even in today’s cacophony, their
voices can still be heard.
Mr. Balint is the author, most recently, of
“Bruno Schulz: An Artist, a Murder, and the
Hijacking of History,” winner of the National
Jewish Book Award in biography.

The Horrors of the Real World

IN 1849, as Gustave Flaubert bulk of its heavy lifting. Unlike marization of a major event that necessary because to cross the Duma, a desert city built on the
toiled at a draft of his historical Ms. Obreht’s previous works, it characterizes “The Morning- borders of the valley is to travel progressive ideals of “communal,
novel “The Temptation of Saint is largely indistinguishable from side,” which seems largely unin- in time—20 years to the future collaborative, socialist living.”
Anthony,” his friends staged an the masses of other novels in its spired by its own premise. if you go east and 20 years to We discover this utopian experi-
emergency intervention. The genre. What does interest Ms. the past if you go west. Such ment through the eyes of a Jew-
book, they told him, was a fail- Set in the aftermath of a Obreht? Emigration and dispos- travel is permitted in excep- ish man named Zelnik, who has
ure. Though it had beautiful pas- global environmental collapse, session; family dynamics and tional cases—usually because of arrived in Duma following the
sages, it was badly overwritten, the novel takes place in Island the burdens of ancestry; the extreme grief—but only with death of his parents in what
and worse, it was openly deriva- City, a place to which 11-year-old relationship between folklore armed escorts to guard against strongly resembles a Nazi
tive of historical dramas by Goe- Silvia and her mother have and modernity. What if she were the dangers of the butterfly pogrom in his homeland. Zelnik
FICTION the and Byron. What Flaubert immigrated as part of a national effect. “The present is a delicate is an architecture student with
SAM SACKS needed to do, they insisted, was repopulation program. The two THIS WEEK thing,” warns a Conseil member. dreams of applying his skills to
turn from romanticism to real- live in a formerly posh and now We meet the narrator, Odile the good of humankind, but
ism, using a simple story to crumbling apartment building The Morningside Ozanne, as a gawky teenager, at what he finds in Duma is that
depict the lives of the bourgeois called the Morningside, earning By Téa Obreht a moment when she accidentally every seemingly well-meant
he knew so well. So the seeds of their keep by taking on superin- spots the parents of a close effort at social control is quickly
“Madame Bovary” were planted. tendent duties. Though the The Other Valley friend visiting from the future. skewed into familiar forms of
Granting the unfairness of novel dabbles in climate-change By Scott Alexander Howard She guesses that they have despotism.
comparing any writer to Flau- auguries and what it means to likely returned for a glimpse of The novel proceeds along a
bert, I hope the underlying com- live as a migrant, it mostly A Brutal Design their son before he dies. From series of surreal and absurdist
The pliment will be apparent when I dwells on Silvia’s coming-of-age By Zachary C. Solomon there, the story jumps ahead to interactions. Rather than archi-
perils of say that I thought of this epi- from a sheltered, impressionable Odile’s adulthood, unfolding the tecture work, Zelnik is assigned
sode while reading Téa Obreht’s child—she is convinced that an ways that she uses this secret to manual labor assembling wid-
coming- novel “The Morningside” (Ran- enigmatic neighbor is a witch— to explore these subjects more knowledge. Will she collaborate gets, a pointless job in which
of-age dom House, 304 pages, $29). to a girl confronted by real- directly and at greater depth, in with the valley’s autocratic “the work is the product and the
as a Ms. Obreht arrived on the scene world horrors. a simple story that didn’t regime for the collective good or product is the byproduct.” He
migrant in 2011 with “The Tiger’s Wife,” But the somewhat improvised depend on a ready-made tem- risk manipulating fate to fulfill befriends an artist who creates
which applies a phenomenal plot is hard to pick out from the plate? Such a book would be her private desires? Time-travel pieces replicating Nazi iconogra-
in a writing talent to a mixture of generic dystopian background unique to this formidably gifted fiction always has the problem phy. Zelnik first interprets them
future borrowed styles—in this case, it’s been placed upon. Details of author. of not entirely making sense—I as brilliant satires but later
dystopia. the magic realism of García the ruined civilization are left No identity crisis troubles don’t really understand what begins to suspect they may sim-
Márquez and the dialogue of sketchy. People are no longer Scott Alexander Howard’s happens in the climax after ply be homages. Mr. Solomon is
Hemingway. Her second novel, allowed to eat meat, for some “The Other Valley” (Atria, 304 Odile breaches the walls to the at times too eager to spell out
“Inland” (2019), is a 19th- reason, yet everyone does it pages, $27.99), a well-made past—but Mr. Howard has the meanings of his allegory—“I
century Western, and it too is anyway. Of a deadly building speculative page-turner with a wound the plot of this entertain- thought about how modernism
both enjoyable and highly imita- collapse Ms. Obreht writes, “You light veneer of philosophical ing book so tightly that it hardly and totalitarianism were two
tive. “The Morningside” adopts probably remember most of it: inquiry. Mr. Howard’s imagined matters. Reading it makes the sides of the same coin,” Zelnik
a different model, the dystopian the sinkhole and the rubble, and setting is a walled-in valley time fly. muses—but the novel builds to a
novel. But despite its moments how the word ‘pancake’ sud- where otherwise normal daily The imagined setting of Zach- superbly bizarre Götterdämmer-
of charm, this is a lax, provi- denly became a verb.” Pancake life is heavily overseen by police ary C. Solomon’s dark political ung, as Duma’s subterranean ter-
sional book that relies on pre- has long been a verb, but in any and an adjudicatory body called fable “A Brutal Design” (Lan- rors come to the surface and
dictable story formulas to do the case it’s the hasty, inexact sum- the Conseil. The supervision is ternfish, 264 pages, $19) is utopia shows its true face.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 23 - 24, 2024 | C11

BOOKS
‘Years ago I decided that the greatest need in our Country was Art.’ — I SA B E L L A ST E WA RT GA R D N E R

Defense Against Death and Sorrow acter, though these can feel over-
Chasing Beauty
By Natalie Dykstra whelmed by long descriptions of the
Gardners’ travels.
Mariner, 512 pages, $37.50
Mrs. Jack, as Isabella was called to
BY GIOIA DILIBERTO distinguish her from several other Mrs.

A
Gardners, could be tyrannical, often
T THE DAWN of the losing her temper with servants and
20th century, the workmen. She could also be astound-
wealthy Bostonian Isa- ingly thoughtless. Once, when a fire
bella Stewart Gardner broke out at her neighbor’s house in
(1840-1924) opened a Brookline, Mass., where the Gardners
namesake art museum in the Fenway had a summer retreat, Isabella seated
section of the city with one of the herself “comfortably on the lawn” and
world’s largest, most eclectic collec- watched “with apparent grim satisfac-
tions. Today the collection is perhaps tion,” one of the neighbor’s relations
best known for what it does not have: recalled, as the home’s occupants scur-
five priceless paintings—by Flinck, ried to save their possessions. The
Manet, Rembrandt and Vermeer—that mother in the house never spoke to
in March 1990 were stolen and never Isabella again.
recovered. Only their gilt frames
remain on the gallery walls, in honor of
Gardner’s directive that nothing be Known for her
changed in the arrangement of her art.
The emptiness is a reminder not only
flamboyance, Gardner
of what has been lost, but also Gard- once borrowed some lion
ner’s fierce will and militantly personal cubs from the zoo for
taste, two key traits that Natalie
Dykstra explores in her sympathetic, an afternoon reception.
impeccably researched biography,
“Chasing Beauty: The Life of Isabella
Stewart Gardner.” Jack Gardner, however, remained
The daughter of a Manhattan linen devoted to Isabella, calling her his
merchant turned mine owner, Isabella “queen.” He excused her rude behavior,
Stewart visited Paris with her family attributing it to immaturity, which he
as a girl, a trip that sparked a lifelong also insisted was “a secret of her
obsession. “If I ever have any money charm.” After his death in 1898, at age
of my own,” she vowed, “I am going 61, Isabella was hit with “an aching
to build a palace and fill it with beau- loneliness.” From that point forward,
tiful things.” Her marriage, at 19, to she strove to realize the vision she’d
the indulgent, immensely wealthy shared with her husband for a beauti-
ISABELLA STEWART GARDNER MUSEUM, BOSTON

Boston Brahmin Jack Gardner made ful house to display her collection.
that possible. From 1898 to 1901, she built an Itali-
The Gardners settled into a town- anate villa at the border of a marshy
house on Beacon Street, in the heart of fen, modeled on a 15th-century Vene-
an enclave of families that traced their tian palazzo like the one she had first
roots to the founding of Massachusetts. visited with Jack decades earlier.
Coming from New York’s merchant Inside, she placed objects, manuscripts,
class, Isabella did not fit in easily with letters, furniture, textiles and artwork
this rigid group of monied Puritans. from different countries and eras side-
Jack’s devotion eased the pain of her by-side in a breathtaking array with no
outsider anxiety, as did the birth of the ON DISPLAY Portrait of Isabella Stewart Gardner (1889) by Dennis Miller Bunker. identifying labels. The museum opened
couple’s son, Jackie, in 1863. The little to the public in 1903.
boy lived only 21 months, dying of Heart-wrenching family tragedy with a glittering ruby or two.” The Mass., to take what was known provoc- Despite a dwindling fortune caused
pneumonia in 1865 and plunging Isa- often preceded the Gardners’ trips extravagant finery seemed to contrast atively as a boudoir photograph. It by economic conditions and her own
bella into a grief so consuming that she abroad. In 1874, a few months after the her plain features, which, in the reflex- depicted only their clasped hands, extravagance, Isabella continued to
could barely get out of bed. Two years death of Isabella’s brother, the couple ive sexism of the day, observers often while suggesting the joining of much buy. After a stroke in 1919 left her
later, Jack took her on a grand tour of embarked on a nine-month journey, noted. John Singer Sargent, who more. unable to walk, she would descend
Northern Europe and Russia, hoping to during which they acquired the first painted her several times and was the Isabella never revealed exactly what from the small apartment she kept on
restore her will to live. She was so foreign objects that would one day be first artist-in-residence at her had gone on between herself and Craw- the top floor of her museum to tour
weak that she had to be carried on a included in Isabella’s museum: 11 museum, once cruelly sniped that her ford, a relationship that Jack Gardner the galleries in a gondola chair carried
cot to the waiting ship, but the trip late-15th-century stained-glass pieces face resembled “a lemon with a slit for tolerated. Years later, she included the by several employees. She had chased
became the start of her recovery. and a collection of scarabs, amulets a mouth.” boudoir photo in her museum. She beauty her entire life and now, toward
The Gardners returned eight and small carved figures that were pur- There was nothing plain, however, instructed her friends to burn her let- the end, lonely and ill, she needed it
months later laden with treasures, chased while traveling on the Nile. about her character. Isabella was ters, and didn’t leave behind an inti- more than ever to beat back darkness
including a 19th-century silver cup Isabella’s pursuit of beauty known for her flamboyance, borrowing mate diary or a memoir that might and despair. “Life is filled with far too
from Norway, a copy of an 18th-century extended to fashion and jewelry. In lion cubs from the zoo for an afternoon have explored her emotions and moti- much destruction and loss, and yet it
painting by the French artist François Paris she bought couture gowns that reception at her townhouse and scan- vations. Ms. Dykstra, a professor emer- can shine with light and color,” writes
Boucher and decorative panels by suited her slim-waisted figure and also dalizing Boston by embarking on a ita of English at Hope College and the Ms. Dykstra. No one knew these
Napoleon III’s furniture maker. Isabella purchased pearls, her signature acces- romance with the handsome novelist F. author of “Clover Adams,” about “enduring truths” better than Isabella
had discovered beauty as a defense sory. She wore them as a long rope cir- Marion Crawford, who was 14 years another Gilded Age Bostonian, compen- Stewart Gardner.
against death and sorrow. She would cled around her neck twice, “with a her junior. The two sparked gossip in sates for the lack of material about Isa-
pursue it defiantly and aggressively for third loop that hung far down in 1882 by traveling together to New York bella’s inner life with insightful Ms. Diliberto is the author, most re-
the rest of her life. front,” Ms. Dykstra writes, “finished and visiting a photo studio in Salem, observations about her subject’s char- cently, of the novel “Coco at the Ritz.”

The Tricky Business of Trying to Go Unnoticed

AT SOME POINT, every child to organize a playdate, the child Mela demonstrates how love story as it traces emotional arcs: was also worried. Everyone in
feels abashed or afraid or out of tells us: “My face turned hot and assuages fear. In “Mela” (Cre- from solitude to togetherness, Classroom Ten would ride the
place. In this stack of illustrated my eyes felt wet.” In Ms. Cas- ative Editions, 32 pages, from unease to contentment, bus to the museum.” A lot of
stories for 3- to 8-year-olds, tillo’s warm-hued, thick-lined $18.99), Maddalena Schiavo from anxiety to calm. things are both exciting and wor-
characters experience such diffi- illustrations, we see how the adapts the real-life experience of In “Henry and the Some- rying to Henry, who, we are given
culties and overcome them— mother’s concern leads her, one the book’s illustrator, Eleonora thing New” (Chronicle, 56 to understand, is “on the autism
with patience, valor, good humor afternoon, to take her daughter Pace, in telling of a timid puppy pages, $14.99), a sensitive young spectrum.” Teachers and fellow
and in some cases a bit of help. students model patience and tol-
Consider the protagonist of THIS WEEK erance in this gentle (if not enor-
Lo Cole’s “Doris” (Boxer Books, mously stimulating) story of
CHILDREN’S 32 pages, $18.99). Being a Doris courage for readers ages 6-8.
BOOKS bright red elephant, Doris natu- By Lo Cole Polly Horvath narrates the
MEGHAN rally attracts attention. “But early life of an undemonstrative
COX GURDON Doris doesn’t like to stand out,” Just Like Millie boy with fun and verve in “Not a
we read; “it makes her feel By Lauren Castillo Smiley Guy” (Holiday House, 32
uncomfortable.” Rebuking the pages, $18.99), a picture book for
reader (in language so boorish Mela 4- to 6-year-olds with atmo-
that parents may wish to modify By Maddalena Schiavo spheric illustrations by Boris
it), Doris repeatedly stomps off Illustrated by Eleonora Pace Kulikov. When baby Ernest
the page to find happy camou- arrives, he enjoys seeing his par-
An flage among birds, flowers and Henry and the Something ents beam at him. “Nice people,”
elephant fish—moments that will allow New he thinks. “What a good family to
children the satisfaction of seek- By Jenn Bailey be born into.” As he grows,
that ing and finding her in a colorful Illustrated by Mika Song Ernest continues to enjoy life
doesn’t throng. But when Doris disap- (though he wishes it involved ele-
like to pears into a red background, she Not a Smiley Guy phants), but he’s not moved to
stand emerges with a new appreciation By Polly Horvath return the smiles of others.
of what it is to be seen. In its Illustrated by Boris Kulikov Ernest’s parents fret: Why
out; a girl topic and in the heft of its hero- doesn’t he smile? Even when
who ine, “Doris” brings to mind they make him the gift of a real
struggles Roger Duvoisin’s 1961 picture SNUGGLE UP ‘Just Like Millie’ by Lauren Castillo. boy contends with the vicissi- elephant, he doesn’t look happy.
book “Veronica,” about a hippo tudes of a school field trip—and But he is! “I’m almost always
to fit in. who, unlike Doris, yearns for to an animal shelter. Soon a dog that is adopted by a young girl comes out feeling grand. This happy,” he says. “I’m just not a
nothing so much as to be named Millie has moved into the and her family. At one point, Ms. chapter book, written by Jenn smiley guy.” It all amounts to a
conspicuous. flat and, with her fearless high Pace shows Mela traveling by car Bailey and breezily illustrated by clever defense of interior states
Lauren Castillo’s “Just Like spirits, helps the little girl to her new home under a gor- Mika Song, follows “Henry, Like regardless of public expression—
Millie” (Candlewick, 40 pages, develop enough confidence to geous starry sky; at another, she Always” (2023), itself an offshoot something adults are permitted
$17.99) begins in the aftermath make a friend. Fair warning, depicts the young dog cowering of the 2019 picture book “A without the scrutiny children
of something sad—maybe a though: Millie is a fabulous ani- at the onslaught of unfamiliar Friend for Henry.” Here readers receive. It’s a shame, though,
death or divorce or financial mal, everything a child would crowds and noises. “Any sudden accompany Henry and his that Ms. Horvath mars her
trouble—that has caused a want in a pet, so parents fending sound could make her run and schoolmates on an outing to see snappy prose by describing
young girl and her mother to off cries of “Please, may we get a hide,” the girl tells us, as light- dinosaur bones and other dis- Ernest’s mother as scaring “the
LAUREN CASTILLO

move to a new apartment. The dog?” will want to give this ning snaps over distant moun- plays of natural history. “Henry bejesus” out of him. For non-
girl is shy: She doesn’t want to charming book a hard pass. tains. “But she realized I would was excited. Everyone in Class- Christian families, it’ll be a
go outside or meet other chil- A dog named Millie teaches a find her and make her safe.” room Ten would ride the bus to throwaway line, but for others
dren, and when her mother tries child to be brave. A dog named “Mela” doesn’t so much tell a the museum,” we read. “Henry it’s kind of gratuitous and rude.
C12 | Saturday/Sunday, March 23 - 24, 2024
‘It’s 106 miles to Chicago. We got a full tank of gas, half a pack of cigarettes, it’s dark and we’re wearing sunglasses.’
Mayhem on a Mission From God
The Blues Brothers
By Daniel de Visé
Atlantic Monthly, 400 pages,
$28
BY KYLE SMITH
A
T SEVERAL POINTS in
“The Blues Brothers”
(1980), for no particular
reason except the glee of
destruction, police cruis-
ers chasing the titular rogue siblings
go airborne, spiral, smash into one
another and even fly into the cargo
hold of a moving tractor-trailer truck.
One pipe ramp, a piece of stunt tech-
nology designed to put air between
tires and pavement, worked so well
that cars entered the frame already
airborne and upside down. In serene
contemplation of such vehicular may-
hem, the film’s cinematographer,
Stephen Katz, turned to a colleague
and quipped: “I’ve always wanted to
make an art film.”
Few would have guessed that, 30
years later, “The Blues Brothers”
would be recommended by the Vatican
Way over budget, with a
self-destructive actor and
car crashes galore, the
film confounded skeptics
and proved more enduring
than anyone expected.
or that, a decade after that, it would be
officially designated “culturally, histor-
ically or aesthetically significant” by
the Library of Congress. In “The Blues
Brothers: An Epic Friendship, the Rise
of Improv, and the Making of an Amer-
ican Film Classic,” the journalist Daniel
de Visé combines a dual biography of
PHOTO 12/ALAMY
lead actors John Belushi and Dan
Aykroyd with insider accounts of the
tribulations that attended the produc-
tion of a movie like no other: a Catho-
lic rhythm-and-blues car-chase musi-
cal. As Jake and Elwood Blues—a
ragged tribute act with more enthusi-
asm than talent—Belushi and Mr.
Aykroyd were indulging their love of a
dead musical genre. R&B has perhaps
never been farther from the main-
stream than it was in the disco-driven
late 1970s.
But the Blue Brothers themselves
were hot: Their act, first seen by the
public on a 1978 episode of “Saturday
Night Live,” was initially taken as a
jokey spoof—Rolling Stone writer Dave
Marsh scolded it as “racist”—but was
eventually welcomed as a fond hom-
age. Their covers album “Briefcase Full
of Blues” hit No. 1 right after Belushi
and director John Landis collaborated
on one of the biggest comedy hits ever,
“Animal House” (1978). That picture
was considered a crass embarrassment
The Danger
Of Loving a
Rattlesnake
From the Moment They
Met It Was Murder
By Alain Silver & James Ursini
Running Press, 340 pages, $30
B
ILLY WILDER began
and ended his Holly-
wood career creating
comedies—writing
for Ernst Lubitsch in
the 1930s, and making films like
“Some Like It Hot” (1959), “The
Apartment” (1960) and “One,
Two, Three” (1961). But in the
1940s and ’50s he created a string
of bitterly cynical, boldly cine-
matic films.
The picture that set Wilder on
the course to becoming one of
Hollywood’s leading directors was
no lighthearted affair: “Double
Indemnity” (1944) was a pitilessly
forbidding film noir based on the
novel by James M. Cain. Wilder
co-authored the script with Ray-
mond Chandler.
Audiences familiar only with
Wilder’s mirthful side would do
well to immerse themselves in
“From the Moment They Met It
Was Murder” by the film-noir
scholars Alain Silver and James
Ursini, ideal guides to the film and
its dark contours.
Even in its day, critics recog-
nized the ground being broken by
“Double Indemnity,” which
unflinchingly depicts the amorous
NO MA’AM, WE’RE MUSICIANS ‘The Blues Brothers’ (1980) was infused with a deadpan anarchy that
remains as cool as ever.
by many at Universal Pictures until the
cash registers started to sing.
In 1970s Hollywood, the old studio
chiefs were sweatily aware that their
taste was irrelevant to baby boomers
and were inclined to say “yes” to
whatever oddball idea came across
their desks—if they sensed it was
what the kids liked. “The Blues Broth-
ers” was supposed to cost $5 million.
When the budget hit $16 million, Vari-
ety cited it in a cover story on the
“megabuck era.” By the time it
wrapped, Universal acknowledged
$27.5 million had been spent. This was
a mind-boggling sum for any movie,
let alone one centered on a novelty
musical act. While “The Blues Broth-
ers” was under way, Belushi flopped in
relationship between—and mur-
derous conniving of—a discon-
tented housewife (Barbara Stanw-
yck) and an insurance salesman
(Fred MacMurray).
The authors open their book
with the real-life saga of Ruth Sny-
der, who, with her lover Henry
Judd Gray, faced execution for the
killing of Snyder’s husband, Albert.
The story provided inspiration to
Cain, whose novel found its way to
an appreciative Wilder. The main
characters “have a problem,”
Wilder said. “They aren’t living the
American dream and they hope to
correct that.”
The authors offer fulsome por-
traits of Cain, Wilder, Chandler
and others, and seem to explore
every facet of the film. We learn
that, before the casting of Mac-
Murray, the clean-cut Alan Ladd
was among a battalion of actors
to pass on the role. “Nobody
would do it, they didn’t want to
play this unsympathetic guy,”
Wilder said. As for Stanwyck, the
director is alleged to have chal-
lenged her by asking: “Are you a
mouse or an actress?” There is
much here about the writing of
the script, the breakdown of the
budget, the filmmakers’ interac-
tions with Hollywood censors, the
look of the film and even the
source of Stanwyck’s blond wig (it
had been worn by Marlene
Dietrich in “Manpower”).
This may seem like a book for
enthusiasts, but the authors do not
ARCHIVE PL/ALAMY
neglect film-noir neophytes. They
helpfully suggest other movies to
see, including the several remakes,
“official and unofficial,” of “Double
Indemnity,” and the countless clas-
sics that came in its wake.
BOOKS
Steven Spielberg’s “1941”; wags
started calling the actor’s soon-to-be-
released follow-up “1942.”
Yet the kids indeed loved it: “The
Blues Brothers” grossed $115 million
worldwide, and it endured. Both of
1980’s biggest comedy hits—“Air-
plane!” and “9 to 5”—today seem
locked in a previous era’s broader
notions of what was funny. They try
too hard. But “The Blues Brothers” was
infused with deadpan anarchy that
remains as cool as ever.
Mr. de Visé’s book, though awk-
wardly written (“Judy responded with
patriotic platitudes parroted from her
parents”), races along on a whoosh of
marvelous details and crackling anec-
dotes. Many are recycled from previ-
SHORT CUTS: FILM
BY PETER TONGUETTE
‘WE’RE BOTH ROTTEN’ Stanwyck
and MacMurray in ‘Double Indemnity’ (1944).
* ***
ously published accounts, but Mr. de
Visé has fleshed things out with doz-
ens of his own interviews, some of
them shocking. Mr. Landis, for
instance, told the author that the
owner of several movie theaters in
Westwood, one of L.A.’s more genteel
neighborhoods, told him, “I’m not
gonna book your picture” because “I
don’t want Blacks in Westwood.” Are-
tha Franklin, James Brown, Ray
Charles and Cab Calloway found their
careers rejuvenated after starring in
the movie’s dazzling production
numbers.
The early days of both lead actors
make for amusing background. Belushi
was a football star and teetotaller in
high school outside Chicago, and Mr.
Two Wits
Are Better
Than One
Double Solitaire
By Donald Brackett
Applause, 240 pages, $26.95
F
ROM Ben Hecht and
Charles MacArthur to
the Coen brothers,
some of the best
movies were written
with four hands.
Among the most notable tan-
dems were Charles Brackett and
Billy Wilder, who co-wrote the
scripts for Ernst Lubitsch’s
“Ninotchka” (1939) and Howard
Hawks’s “Ball of Fire” (1941), as
well as the first wave of Wilder’s
own American films, including the
Oscar-winning “The Lost Week-
end” (1945).
In “Double Solitaire: The Films
of Charles Brackett and Billy
Wilder,” Donald Brackett describes
Charles Brackett as his “great-
great-grandfather’s cousin,” an
almost comically distant relation-
ship and an entirely unnecessary
credential for a book as useful as
this one.
The screenwriters were pro-
found opposites: Brackett, born in
1892 to a well-heeled family, was
nearly 15 years older, far calmer
and considerably more literary-
minded than the Austrian-born
Wilder, who would later make
cynical outrageousness his movie
signature.
THE WALL STREET JOURNAL.
—ELWO O D B LU ES
Aykroyd, a Catholic schoolboy from
Ottawa, was an expert mimic and inex-
haustible fount of technical lore on
seemingly every subject, including
plumbing. Equally drawn to mischief
and authority, he would have found it
ideal, a friend said, to rob a bank and
arrest himself; at one point he hoped
to be a prison guard. That comic ten-
sion—the subversive who looked like a
G-man, the lunatic conformist—was
the essence of the Blues Brothers. Lest
we forget, these raffish characters (one
of them just released from prison)
start their road trip on a “mission
from God,” aiming to raise $5,000 to
save the Catholic orphanage where
they were raised. They end up being
chased by half of Chicagoland.
Any Belushi tale—he died of a drug
overdose in 1982 at age 33—must lean
to the sordid, and many passages are
dizzying. Friends, colleagues and the
actor himself were aware that he
wasn’t so much playing with fire as
setting himself alight, at times literally.
At least twice during the film’s produc-
tion he was rescued from flames after
nodding off with a lighted cigarette;
twice paramedics were called in to
revive him after he was found unre-
sponsive in his trailer. Mr. Landis inter-
cepted a film canister sent to the actor
filled with cocaine. Only with the help
of an ex-Secret Service agent, Richard
“Smokey” Wendell, who spoke to Mr.
de Visé about the many times he
stopped Belushi from acquiring drugs,
did the comic manage to stay relatively
clean in 1980-81. “You’re fine now,” the
minder told Belushi in March 1981,
walking away from an exhausting job
despite Belushi’s offer to buy him a
house.
No one was surprised when Belushi
was found dead almost exactly a year
later, after taking heroin and cocaine
together. “SNL” producer Lorne
Michaels, at the funeral, looked at the
corpse and said: “I’ve seen him look
worse.” At a memorial service in Man-
hattan, Mr. Aykroyd eulogized: “In
some cases, real greatness gives
license for real indulgence, whether it’s
as a reward, as therapy, or as sanctu-
ary. For as hard as John worked, there
had to be an additional illicit thrill to
make the effort all worthwhile.” His
death led to much re-evaluation in Hol-
lywood, though talent manager Bernie
Brillstein recalled that, upon leaving
the burial on Martha’s Vineyard, music
executives snorted cocaine in a car as
it passed the cemetery.
The Blues Brothers’ final perfor-
mance in the movie finds their entire
band behind bars, blasting “Jailhouse
Rock” in front of a rendering of a sign
Mr. Landis had spotted in the real
Joliet (Ill.) prison: “It’s never too late
to mend.” This was a final ironic gibe:
Jake and Elwood could never change
their outlaw ways, just as Belushi
could never change his.
Mr. Smith is the Journal’s film critic.
There was a period of adjust-
ment after the two first came
together. “The thing to do was
suggest an idea, then have it torn
apart and despised,” Brackett
reflected. “In a few days it would
be apt to turn up again, slightly
changed, as Wilder’s idea. Once I
adjusted to that way of working,
our lives were much simpler.”
Wilder squawked, Brackett wrote
and a secretary typed.
From such inefficient origins
sprang classic movies. “Ninotch-
ka,” starring an uncommonly
comedic Greta Garbo as a Soviet
official dealing with the sale of
Russian jewels in Paris, was such
a sensation that the Museum of
Modern Art sought to add the
script to its film library. The pair
leveraged their success into
Wilder’s directorial debut, “The
Major and the Minor” (1942).
Several more masterpieces fol-
lowed, including “Sunset Boule-
vard” (1950)—the making of
which is detailed, like all Brackett-
Wilder films discussed here, assid-
uously. Wilder would go on to co-
write “Some Like It Hot” (1959)
and “The Apartment” (1960),
among other hits, with I.A.L. Dia-
mond, while Brackett’s own later
productions were mostly popular
yet relatively bland fare like “The
King and I” (1956). But “Sunset
Boulevard” would prove to be the
duo’s final collaboration. “Where
do you go from there?” Wilder
said. “I had some ideas he didn’t
like, and he had some I didn’t
like.”
Mr. Tonguette is a contributing
writer at the Washington
Examiner.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 23 - 24, 2024 | C13

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

1. Virginia Beavert, 6. Young adults Cell Blocks Cell Blocks

who died at 102, continents apart are Divide the grid
dedicated her life finding friendship into square or
to keeping a and romance rectangular blocks, For previous
language alive. thanks to which each containing
weeks’ puzzles,
Which one? unlikely app? one digit only.
and to discuss
Every block must
strategies with

A. Romani
A. Discord contain the number
other solvers, go

B. Sahaptin
B. Zotero of cells indicated by
to WSJ.com/

C. Welsh
C. IMDb the digit inside it.
puzzles.

D. Yiddish
D. Consumer Reports
Killer Sudoku
Level 1 Suko
2. Ireland’s prime minister called 7. Social media outlet Reddit
it quits. Who is he? went public—using what ticker
symbol?

A. Éamon de Valera

B. Leo Varadkar
A. REDD

C. John Costello
B. FOMO

D. Liam Cosgrave
C. RDDT Killer Sudoku Level 2

D. ORNG As with standard
3. A new test—of what kind?— Sudoku, fill the
grid so that every
can help diagnose Parkinson’s 8. Four Nordic countries
column, every row
disease more reliably. topped the latest annual C+
and every 3x3 box
World Happiness Report.
contains the digits A S M I S E L S A C U T U P P D T

A. A retinal scan Where did the U.S. rank? S A O C L M O A T A L O N E I O W A
1 to 9. Each set of

B. A blood test cells joined by T C R A Y T A B L E I C Y D R O P P E R

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D. An electroencephalogram
B. 16th add up to the A I D D E A D S A U N A S

C. 23rd target number in G R A C I E M A T T E R G E N T C I A

D. 32nd N O P E E V E S E A G L E G A R B
4. Who became the first rich its top-left corner. AM P L A T E R B A S I E L A U R E L
country to cut interest rates Within each set WA L K A WA Y MA P P E D K E E N E
of cells joined by N I E C E T Y K E S L I S L E
since central banks started a 9. South Koreans are finding A B A T E K A I S E R C L A S S A C T
campaign two years ago to serenity in a long-forgotten dotted lines, a digit
F A N C Y L E T T E R W R A P S B A H
cannot be repeated. I T C H E R R O L S H A D A E R O
tame high inflation? American fad. Name it.
T H E L AM E F L E E C Y C O L L A R
FROM TOP: CHRIS PIETSCH/THE REGISTER-GUARD/ASSOCIATED PRESS; MICHAEL M. SANTIAGO/GETTY IMAGES

D E F I E S B A R K R U B

A. Australia
A. Sane politics S N A G I T T H O S E R O T A T O R

B. Canada
B. Hula hoops Suko S K I R U N S E E S W R E N C O N E

C. France
C. Dance marathons Place the numbers L A C Y P E O P L E S A U C Y H O R S E
1 to 9 in the spaces E T A L S H E L L A S T A A R M E D

D. Switzerland
D. Pet WE D S O D A S L I S P M E E T S
rocks so that the number
in each circle is equal
5. Who just filed Loop-the-Loop
to the sum of the
an antitrust 10. Who four surrounding UM P S S T O C K A D E
lawsuit against plans P E A C E E N T R E E S
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

spaces, and
Apple? to scoop each color total S T A S H M I N O R C A
out is correct.
S O R R E L S A L F R E

A. The Euro- and sell
pean Union off H O T E L H A S T I E R

B. The Justice their M E D E A C UM U L U S
Department ice S T I N E C O N D O N E

C. New cream C A R O L L O S E S I T
Jersey’s Attorney General business (including Ben & C A R Y B E E R T A P S

D. The Securities and Jerry’s)? I N S T A T E B A N E S
Exchange Commission S C O N E S S A N D E D

A. Unilever

B. Mondelez
R O U T R E S T A R E A
Answers are listed below the
C. Danone T E R P A N A L Y T I C
crossword solutions at right.
D. Nestle S UM S S E MA N T I C

Answers to News Quiz: 1.B, 2.B, 3.C, 4.D, 5.B, 6.A, 7.C, 8.C, 9.D, 10.A
THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 44 One of the 1 Y 2 H3 J4 Q5 U 6 A7 E8 F 9 S 10 K 11 P 12 R 13 C 14 W 15 O 16 L 17 N 18 T 19 M
Cyclades
19 20 21 22 20 U 21 V 22 Y 23 F 24 S 25 X 26 E 27 G 28 A 29 Q 30 D 31 W 32 I 33 K 34 J 35 L 36 N 37 E
46 Gratis booze
23 24 25 from a 38 F 39 O 40 H 41 Y 42 X 43 C 44 P 45 G 46 A 47 J 48 Q 49 I 50 R 51 B 52 T 53 U 54 D 55 V 56 M
bootlegger?
26 27 28 29
47 Book with 57 F 58 C 59 W 60 K 61 L 62 X 63 H 64 J 65 Y 66 U 67 O 68 T 69 Q 70 I 71 P 72 B 73 A 74 V 75 D 76 F
30 31 32 33 34 35 36 37 legends
77 W 78 E 79 M 80 R 81 C 82 N 83 S 84 O 85 Y 86 H 87 L 88 G 89 V 90 J 91 T 92 U 93 B 94 X 95 F 96 W
38 39 40 41
48 Rhone feeder
50 Living room piece 97 O 98 A 99 D 100 K 101 P 102 R 103 J 104 N 105 Q 106 M 107 G 108 I 109 E 110 U 111 C 112 B 113 L 114 Y 115 S
42 43 44 45 46 47 48
54 Put on the wall
116 K 117 P 118 A 119 F 120 M 121 X 122 V 123 D 124 T 125 C 126 W 127 L 128 H 129 I 130 O 131 E 132 X 133 B 134 M 135 S
49 50 51 52 55 Derisive snicker
53 54 55 56 57 58
57 Chooses to join 136 K 137 A 138 G 139 R 140 T 141 F 142 N 143 W 144 J 145 P 146 D 147 K 148 U 149 H 150 C 151 L 152 E 153 A

58 Pursuers of
59 60 61 62 63 154 T 155 W 156 Y 157 G 158 I 159 M 160 F 161 S 162 R 163 J 164 V 165 A 166 C 167 Y 168 Q 169 U 170 O 171 L 172 E
robbers
64 65 66 67 68 69 70 60 Complain 173 W 174 P 175 G 176 M 177 F 178 D 179 K 180 I 181 H 182 B 183 N 184 C 185 T 186 L 187 V 188 S 189 A 190 J 191 E 192 M
61 Male delivery
71 72 73 74 193 Q 194 C 195 R 196 B 197 L 198 W 199 X 200 J 201 N 202 Y 203 A 204 K 205 U
63 Expression of
75 76 77 78 79 80 81 82 83 pride?
84 85 86 87 88 64 Test for Acrostic | by Mike Shenk
newborns
89 90 91 92 93 To solve, write the answers to the clues on the M. 2001 Broadway ____ ____ ____ ____ ____ ____ ____ ____ ____
65 Dance studio musical that 79 192 120 159 19 56 176 134 106
fixture numbered dashes. Then transfer each letter to the
94 95 96 97 correspondingly numbered square in the grid to spell includes the song
67 One-eighty “It’s a Privilege to
98 99 100 101 102 103 a quotation reading from left to right. Black squares
68 “Under Siege” Pee”
separate words in the quotation. Work back and
104 105 106 107 star Steven
forth between the word list and the grid to complete N. Stiff and ____ ____ ____ ____ ____ ____ ____
69 Infamous auto the puzzle. When you’re finished, the initial letters of 104 183 36 17 201 82 142
108 109 110 111 112 113 114 115 116 unemotional
72 Decked the answers in the word list will spell the author’s
117 118 119 74 Really like name and the source of the quotation. O. Watt, Ohm and ____ ____ ____ ____ ____ ____ ____
15 130 67 170 84 39 97
77 Where IKEA was Hertz, e.g.
120 121 122
founded A. ABBA, for example ____ ____ ____ ____ ____ ____ ____ ____
118 98 189 165 153 28 73 137 P. Dove’s outlook ____ ____ ____ ____ ____ ____ ____
(2 wds.)
All for Nothing | by Gary Larson & Amy Ensz 78 Designate 174 145 44 101 11 117 71
____ ____ ____
79 Directional 46 6 203
Across 49 Welcome to 96 Horse course 8 Its currency is indicator Q. French-Canadian ____ ____ ____ ____ ____ ____ ____
193 48 105 69 29 168 4
one’s home 97 Herbal drink the kip B. Bills whose reverse ____ ____ ____ ____ ____ ____ ____ dish of fries topped
1 Grouches 82 It’s taken into shows the U.S. 112 51 182 133 93 72 196
50 Consult 9 Dutch financial with cheese curds
6 “This thing of 98 Gratis merch account Capitol
giant smothered with
darkness,” in 51 Showbiz award from Jerry 83 Three-time gravy
“The Tempest” “grand slam” Garcia’s band? 10 Staff section Masters champ C. 1975 dystopian ____ ____ ____ ____ ____ ____ ____ ____
13 43 150 81 166 194 58 125
13 Black Rock 52 Mlle, in Spain 102 Hatcher of 11 Pioneering 86 Opera star film starring R. Neighbor of ____ ____ ____ ____ ____ ____ ____

Desert location Hollywood computer coder James Caan ____ ____ Minnesota, 12 102 139 80 50 195 162
53 Mouthpiece item 88 Heart hit of 1976 184 111
Lovelace remade in 2002 Michigan, Ohio,
19 Leatherneck’s 54 Ledger in films 103 “Danny and the 90 Less snug, with Chris Klein
battle cry Dinosaur” writer 12 New parent, Pennsylvania and
56 Gatineau gas perhaps New York
20 Anthem with brand Hoff often D. Superstate ____ ____ ____ ____ ____ ____ ____
91 Goes back 75 178 146 123 30 54 99
lyrics in French 104 Poorly 13 Spruces up overseen by Big S. 1953 song that ____ ____ ____ ____ ____ ____ ____
58 “Forget You” 92 Articulate Brother in Orwell’s
and English 161 188 9 83 135 115 24
singer Green 105 Friendship 7 pilot 14 Physicist became a Top 10 hit
93 “West Side “1984” in 1965 for the
21 Losing ground, 59 Bouts for 106 Talking points Rutherford
Story” role Righteous Brothers
perhaps comebacks 108 Calving site 15 Words in pro- E. It’s disturbed by ____ ____ ____ ____ ____ ____ ____ ____ ____
95 Like some those who make 152 26 7 172 191 109 78 37 131 (2 wds.)
23 Gratis app from 62 Ever-changing referendum ads
110 Gratis courses for auctions and waves (2 wds.)
a software 64 Bodybuilder’s third-year college 16 Sports drink partners T. Some delivery ____ ____ ____ ____ ____ ____ ____ ____
company? pride students? ending F. Oscar nominee in 91 140 185 124 154 18 52 68
97 Blood poisoning ____ ____ ____ ____ ____ ____ ____ ____ people
25 Signal receiver 66 Gratis dreidel 17 South Sudanese 1959 for “The 38 57 177 8 23 76 119 141
117 Garden tempter 98 Really likes
26 One thing after from a toy store? people Defiant Ones” ____ ____ U. Occupation of the ____ ____ ____ ____ ____ ____ ____ ____ ____
118 Crane creation, at 99 Those ladies, in 95 160 title character in the 66 110 205 148 20 5 92 169 53
another 18 Year’s record whose daughter
70 Opposite of NNW times Lyon Beatles’ “Lovely
27 Lauder of won an Oscar in
71 Bundle 119 Bakery attractor 22 Olympic track 100 One might get 2023 (2 wds.) Rita” (2 wds.)
cosmetics fame star Devers
73 Can’t wait for 120 Common sense tripped
29 “Cobra ___” 24 Helped at the G. Georgia’s capital, on ____ ____ ____ ____ ____ ____ ____ V. Park “host” in HBO’s ____ ____ ____ ____ ____ ____ ____
(TV sequel to 75 Reaction to bad 121 Removes cargo 101 Pear variety the Kura River 175 45 27 88 138 157 107 164 55 122 89 21 74 187
kitchen sink “Westworld,” e.g.
“The Karate news or bad from 102 Mel of music
Kid”) jokes 122 Synthetic 28 Brief jobs H. Stylist’s item used ____ ____ ____ ____ ____ ____ ____ W. Molly Brown’s ____ ____ ____ ____ ____ ____ ____ ____
106 Despicable sort 128 40 63 149 2 86 181
76 This, in Spain material first 30 Valkyrie’s weapon to describe sharp portrayer in 1997’s 14 198 155 173 126 31 143 96
30 Do some 107 Light on one’s
80 Jaguars used for 31 Clear writing? bends in mountain “Titanic” (2 wds.) ____ ____
hemming feet
linebacker toothbrush roads 59 77
33 Cobblers’ kin 32 Gratis ticket 109 Bean counter, for
Abdullah bristles for a theater I. Muse of music and ____ ____ ____ ____ ____ ____ ____
34 Gratis short X. Inventions of Rudolf ____ ____ ____ ____ ____ ____ ____
decision from 81 Turns down Down employee?
111 Subject of a
lyric verse 32 180 108 129 49 70 158
Diesel and Karl Benz 121 94 62 25 42 132 199
a Major League 84 General 1 Minor player 34 Place for a nap Keats ode J. Sweet snacks ____ ____ ____ ____ ____ ____ ____ ____
umpire? assembly? 2 Louis XIV, par 35 Storybook named for a 163 200 103 34 90 47 64 3 Y. First volume ____ ____ ____ ____ ____ ____ ____ ____ ____
112 Squat 65 85 1 114 22 156 202 167 41
38 Thrive 85 Hospital section exemple monster Massachusetts city ____ ____ of Proust’s “In
113 Three-time 144 190 Search of Lost
40 Clothing 87 ___ X 3 Pound sound 36 Grammarian’s French Open (2 wds.)
Time” (2 wds.)
41 Brand of chips 88 Numbskull 4 Clubs for concern champ Swiatek K. Abusively insulting ____ ____ ____ ____ ____ ____ ____ ____ ____
diamonds 37 Obvious hide- 33 204 147 10 116 136 60 100 179 Get the solutions to this week’s Journal Weekend
s

42 Brought home 89 Bank take-backs 114 Big yuks, in language

91 Payback 5 Flock holder and-seek spot text-speak Puzzles in next Saturday’s Wall Street Journal.
43 Prepares for a L. Strait connecting ____ ____ ____ ____ ____ ____ ____ ____
second career 93 Not terrestrial, 6 Jam producer, 39 Disparaging 115 Rock genre 171 151 87 16 186 61 35 113 Solve crosswords and acrostics online, get pointers
San Francisco Bay
45 Features of perhaps sometimes 40 Cut canines 116 Japanese to the Pacific ____ ____ on solving cryptic puzzles and discuss all of the
127 197
greenrooms 94 Made better 7 Lots of land 43 Boxer’s stat honorific (2 wds.) puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, March 23 - 24, 2024
G
isele Bündchen
has been recog-
nized the world
over since she
appeared on the
cover of Vogue at age 18. Fa-
mous for her assertive run-
way walk and golden beachy
waves, she has gone from
Victoria’s Secret Angel to ac-
tress to entrepreneur. Her
marriage to Tom Brady in
2009 made her a football
fixture, too. Then, in 2022,
they announced their di-
vorce.
“My life is a little differ-
ent,” said the supermodel,
43. “I have my kids some-
times, sometimes I don’t
have my kids. There’s a dif-
ferent ritual when I’m with
them and when I’m not.”
She’s embracing the
changes. “I think it’s the one
thing that we have in our
lives that’s constant,” Bünd-
chen said. “The only time
something is fixed is when
you die.”
This month, Bündchen is
publishing “Nourish: Simple
Recipes to Empower Your
Body and Feed Your Soul,” a
cookbook for people short
on time who want to eat
healthy. “I’m not a chef, I’m
the farthest thing from a
chef,” she said. “But I’m like,
how do I make things that
are easy and nutritious?”
Recipes include a gluten-free
vegetable pizza, pesto
chicken lettuce wraps and
her favorite nut and seed
bread.
Bündchen was born and
raised in a small town in
southern Brazil before being
scouted at a local mall and
leaving home at 13 to pursue
modeling as a career. She
lives between Florida and
Costa Rica with her children,
Benjamin, 14, and Vivian, 11.
Here, she talks about a de-
fining career moment and
the one thing she’ll never
eat.
What time do you get up on
Mondays, and what’s the
first thing you do after wak-
ing up?
I like to go to bed at about
10 p.m. and I wake up
around 5 and make sure that I
have my meditation. I like to have
lukewarm water with a little
lemon and Celtic salt. Then I do
my stretches, which I call my
asana, for about 15 minutes, then
15 minutes of meditation. Then I
walk my dog, feed my dog and
then my day starts.
That sounds like a grounding way
to begin the day.
When my kids are with me, they
have so many activities. It’s diffi-
cult to manage my schedule and
MASTERPIECE | SYMPHONY NO. 15 (1972), BY DMITRI SHOSTAKOVICH
A Vibrant Valediction
BY PETER SAENGER
WHEN DMITRI SHOSTAKOVICH an-
nounced he’d written a 15th Sym-
phony, his fans might have expected
another excursion into darkness. It
was 1971, and the composer had
heart problems as well as neurolog-
ical issues with his limbs that had
kept him from playing the piano
and fully using his right hand. That
came on top of decades of ciga-
rettes and vodka, which may have
been his way of surviving some-
times terrifying pressure from a So-
viet government that alternately
praised and threatened him, espe-
cially during the bloody Stalinist
purges of the 1930s and 1940s.
Small wonder that the 14th Sym-
phony (1969) had been a cycle of
songs mostly about death, with
themes of suicide, war and impris-
onment. But the 15th, the com-
poser’s last, turned out to be some-
thing else entirely.
Shostakovich had met the chal-
lenge of his Ninth Symphony—a
psychological hurdle for composers
ever since Beethoven’s dazzler—
with something slim, terse and
even funny. It’s the 15th that may
be the great Russian’s real and
masterly summation. On CD, its
depths have been plumbed by such
conductors as Maxim Shostakovich,
the composer’s son, and Bernard
Haitink, whose performance can
also be found on YouTube.
MY MONDAY MORNING | LANE FLORSHEIM
Gisele Bündchen
Is Putting Herself First
The supermodel and cookbook author wakes up at 5 a.m. to meditate,
works out six times a week and embraces challenges with gratitude.
their schedule. The most impor-
tant thing for me every day is to
put the oxygen mask on me first.
What do you like to have for
breakfast?
I love tea. If I have a very hard
workout, like if I lift weights and
stuff, I like to have eggs. I also
like avocado. It can be an omelet,
a frittata. Sometimes I have a
smoothie. I always make an al-
mond paste to have some protein
in there.
I try to work out six days a
I first encountered the 15th as a
student in West Berlin, at the edge
of the Iron Curtain, in the depths of
the Cold War shortly after the
work’s 1972 premiere in Moscow.
The beaten-down transistor radio
broadcast applause—and then a
bell-like glockenspiel.
Shostakovich had, uncharacteris-
tically, set his first movement in
what he called a “toy shop,” and it
begins with a marchlike tune soon
joined with more marches, while
the mood stays merry as the horns
quote Rossini’s 1829 overture to
“William Tell”—forever tied for
many Americans to “The Lone
Ranger.” As the marches multiply
and sometimes play against each
other, the music darkens, a piccolo
and flutes lose their cool and go off
on their own tangent, the large per-
cussion section goes into overdrive
and suddenly, it would appear,
we’re in a war.
That’s not surprising for Shosta-
kovich, who was a boy when Russia
entered World War I and spent de-
cades living through and writing
music about wartime. His martial
Seventh Symphony (“Leningrad”)
played all over the Allied world and
became a global rallying cry. The
15th’s eight-minute movement is
full of black humor—as if its young
hero, still in short pants, had en-
listed. Shostakovich played many
games in his long career, from the
sarcasm turned to anguished loss in
REVIEW
week. I love Pilates, because I had
back surgery three years ago and
it helps with your core. I like ex-
ercise outside: surfing, swimming,
horseback riding, volleyball. When
I’m on holiday, I do more of that. I
do weights about two days a
week, cardio about two days a
week.
I usually walk my dog in the
morning and at night. I don’t call
that cardio, that’s just a walk. It’s
good for my brain, too. I have to
say walks are the best. You just
walk. I use it to make calls or just
his astonishing First
Symphony, written as
a teenager, to the bat-
tle between a trom-
bone and the rest of
the orchestra in his
Ninth. This new first
movement feels like a
young man’s music.
The slow movement
that follows is twice as
long as the first, and is
one of Shostakovich’s
trademark night-
scapes, dirgelike and
haunting—lost in pes-
simism as the orches-
tra, egged on by the The composer’s 15th Symphony was his last.
whiplike sound of a
clapper, wanders in a wilderness of
unresolvable chords. This merges
into a short danse macabre of an
allegretto, and then comes the long
and most unusual movement, burst-
ing with quotes: two from Wagner
operas, one from a song by the pio-
neering Russian composer Mikhail
Glinka, all with tragic overtones.
Shostakovich scholars have also
pointed out quotes from his own
music, like the “Leningrad.”
Composers often use musical
quotes to deepen their message—to- lends gathering force and a classic
ward the end of Richard Strauss’s
“Four Last Songs,” the octogenarian
borrows from “Death and Transfigu- Samuel Barber. Shostakovich’s ver-
ration,” a tone poem he wrote when
he was in his 20s—but the compul-
sive citations in this symphony
* ***
be in silence. We don’t get enough
of those moments.
In your new cookbook, you write
about trying to go vegan and veg-
etarian, trying a raw food diet,
but not being able to make them
work for you. A lot of people put
pressure on themselves to do
these things.
When I was young, I was like, “Oh,
my God, I love little animals. I
don’t want to eat meat.” I became
anemic. Then I was raw, and I was
freezing the whole time. I was
stand out. Shostakovich himself
said, “I don’t myself quite know why
the quotations are there, but I could
not, could not, not include them.”
I think the quotations are from
a man sensing the end of his
career, wanting to include the im-
portance of music in his life. That
would make sense, given what
comes next in this final movement:
a passacaglia, an ancient form, a
set of variations generally on a
ground bass, whose repetition
feel to works by composers rang-
ing from Brahms to Britten to
sion here, increasingly sinister, is
like a monster approaching—set-
ting up the symphony, one might
THE WALL STREET JOURNAL.
‘To live in
a state of
gratitude is
like a
protection in
your life.’
blue, my lips were purple in
the summer. For me, the
whole thing about food has
become, where is it coming
from? How is it grown? It’s
about having simple foods. I
see my body as a temple. I
don’t want to feel sluggish
after I eat. I don’t want to
have a stomach ache or be
constipated. My whole goal is
to live the longest I can liv-
ing the best life that I can.
Is there anything you’ll
never eat?
To me, white sugar means
poison. There’s so many
other ways you can sweeten
your things that are deli-
cious. Honey, maple syrup,
dates.
How do you stay positive?
To live in a state of gratitude
is like a protection in your
life. We can look at things
like, why is this happening
to me? I believe we are here
because we all have some-
thing to learn and to evolve
and to grow. When I look
back, the biggest, most chal-
lenging experiences in my
life were all happening for
me. They showed me that I
was stronger than I thought
I was.
Looking back at your model-
ing career, is there a mo-
ment you’re most proud of?
One of the big moments for
me was when I arrived in
São Paulo. I was 13 years old,
it was the beginning of my
career and I didn’t know
anyone in São Paulo. I was
leaving a village of 10,000.
When I got there, my wallet
was gone. This woman saw
me crying and she gave me
two quarters, and I called my
dad from a payphone. He
was like, “Gisele, you can
come home.” At that moment, I
decided I’m not going to go back
home just because somebody stole
my wallet.
MICHAEL LOCCISANO/GETTY IMAGES FOR GAIA HERBS
When I finally got to [the mod-
els’ house in São Paulo that day], I
felt so capable. That was the big-
gest first thing that happened be-
cause in the fashion career, people
used to mistreat you, especially
when you started. Not everyone
was kind, let’s put it that way. But
I got some calluses from that first
experience, it gave me a lot of
strength for what was to come.
think, for a tragic ending.
But then something strange hap-
pens. The passacaglia fades, to
leave behind an uncertain sonic
landscape. A fateful Wagnerian
quote returns, but this time it’s met
by a cautious, dancing melody in
the strings. Fragments of the passa-
caglia rear their ugly heads; uncer-
tain strains linger. Then, rising with
the gleaming, bell-like sounds of a
celesta, the music reaches a level
that indeed sounds celestial, and
we hear the march we heard at the
beginning of the symphony. The
drum brings back the passacaglia,
softer, even defanged, continuing to
beat its rhythm.
One final time the passacaglia
drumbeat returns, to be matched by
the xylophone, as if the instru-
ment’s fragile, wooden tone gathers
the darker sounds in. Perhaps it’s
like the beneficent, musical dia-
logue between alien and human in
“Close Encounters of the Third
Kind.” To me the rhythms also
evoke gamelan, the traditional, per-
cussion-heavy Indonesian ensemble
used in religious rites, and spiritual
serenity. The composer seems to
have come around to the buoyancy
of his youth with a new and graver
understanding. Others have seen
UNIVERSAL IMAGES GROUP VIA GETTY IMAGES
something bleaker at the end—an
acceptance of death, perhaps. But
Shostakovich also seems to be tell-
ing us that inside he is the same
child he was at the beginning.
Mr. Saenger has written for the
Journal on arts, books and travel.
His fiction has appeared in the
New Yorker.
 OFF DUTY
Menswear
Is Often
Boring...
…but interesting
men wear clothes
like these D2
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL.
The Apps We
Can’t Delete
From StreetEasy to Slack, we’re addicted—for
better or worse. Here, how apps rope us in and
why a crush on CandyCrush isn’t always bad.
T
HE APPS ARE win-
ning the war for our
attention. Accord-
ing to a report from
research firm Da-
taReportal, U.S. Android owners
spent an average of 4 hours, 19
minutes on their phones each
day last year. When was the last
time you spent over 4 hours in a
movie theater?
It isn’t that movies have got-
ten worse—though “Dune: Part
Two” was admittedly under-
whelming—but rather that inter-
active apps can employ a wider
range of strategies to engage us
longer. Take social media apps
like Facebook, Instagram and
TikTok. By designing recommen-
dation algorithms that “priori-
tize content that shocks,” they
can keep us hooked, or at least,
on the app more than briefly,
said Brandie Nonnecke, associate
research professor at the Univer-
sity of California, Berkeley Gold-
man School of Public Policy.
Social media isn’t the only of-
fender. Some of the most casu-
ally addictive apps are mobile
games like “Candy Crush Saga.”
Inside
WE ASKED
VICTORIA
BECKHAM...
…a lot of
rather nosy
questions
D3
THE ONLY CARROT CAKE RECIPE
YOU’LL NEED IN THIS LIFETIME
We can’t speak for your next life D8
The Lightest
EVs Around
The cult of
electric
skateboards
D13
* * * * Saturday/Sunday, March 23 - 24, 2024 | D1
Often free to download, these
games bombard players with
visual indications of their
achievements as they move
through relatively simple puz-
zles and challenges. “It’s all in-
centivizing people to stay on,”
said Nonnecke.
The more time we spend on
these apps, the more ads their
makers can serve us between
posts and levels. But before you
despair and chuck your phone
into the nearest void, consider
that it isn’t necessarily a bad
thing for software to hold on to
our attention.
To determine whether
Duolingo is succeeding in its
mission to get more people to
learn languages (and math and
music per recent updates), Cem
Kansu, head of product manage-
ment, says he focuses on the
length of time the app has kept
users actively engaged in conju-
gating verbs or grappling
gamely with gendered nouns (a
metric called “Time Spent
Learning Well”). “We know
[that] if we can increase this
Please turn to page D11
JAMES CLAPHAM
THEY’RE
THE TOPS!
To elevate
bland budget
lamps, swap
in these chic
GONE WITH THE CLICHES shades D10
This Southern town has moved past hoop
skirts—and re-examined its history D5
D2 | Saturday/Sunday, March 23 - 24, 2024 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

BY HAMISH ANDERSON

D
SKELETON IN YOUR CLOSET SPIRITED SELECTION / A LINEUP OF FINDS
ANIEL CRAIG A model in the ‘Bone’ sweater—
wore one of the the design worn by Daniel Craig.
more waggish Kapital Cardigan, $781,
Mannahatta NYC, 646-322-9129 1
celebrity looks
of late, not on
the red carpet but to a Rolling
Stones gig. Attending a con-
cert in New York last October,
Craig sported a teal cardigan
by Japanese brand Kapi-
tal (right) that fea-
tures a whimsical
print of a rib cage
and spine across
the back. By team-
ing the puckish “Bone” knit
(which retails for a less-funny
$781) with an otherwise fairly 2
sensible ensemble of shirt,
jeans, boots and spectacles,
the 007 star turned an every-
day look rascally.
The 56-year-old’s decision
to have a little fun with his
style, rather than defaulting
to a boringly predictable
outfit, came off as knowingly
confident and charming. And
anyone can easily replicate 1. Cotton Terry Shirt, $138,
his shortcut to a great look: TomboloCompany.com
Just add one playful item to 2. Corduroy Baseball Hat,
an otherwise sober outfit. $38, RowingBlazers.com
When attempting to spike 3. Ex-Bond Daniel Craig
a look with personality, wears the Kapital ‘Bone’
avoid clichéd items such as cardigan to a Rolling Stones
novelty socks, Christmassy gig in NYC in October.
4. Western Belt,
$132, Monitaly.com
‘I don’t want to 5. Needles Clogs, $421,
NepenthesNY.com
overcommit’ to
playful style. ‘I want
to blend in a little
but still be unique.’ 3
4

007 On His
sweaters and obnoxiously
loud ties. They’re the sarto-
rial equivalent of dad jokes.
A better move: Look to

Day Off
agenda-setting stores such
as New York’s Mannahatta

NYC, which sells Kapital’s
Bone cardigan among other
roguish pieces. Owner Joe
Hwang is noticing a lot of
customers “focusing on what
we call ‘trophy items.’” Such
colorful, scene-stealing
pieces include black boots
with smiley faces on the
heels, and patchwork jeans.
Elsewhere, Japanese brand
Needles offers an offbeat al-
ternative to Boston Birken-
stocks by furnishing its
mules with peace-sign buck-
les, while the caps from New
York’s Rowing Blazers fea-
ture random symbols like a
dripping tap. Take your pick
of witty shirts: A Tombolo
button-up features a print of
a spiky agave plant “grow-
ing” out of a “terracotta pot”
pocket, while fellow New
York brand Corridor sells
Muppetishly fuzzy takes.
Alec Shangold, 27, a Los
Angeles film producer, said
he’s found that wearing light-
It’s actually easy to dress in a charming, playful way without
looking try-hard—or resorting to novelty socks. Ask Daniel Craig.
hearted items “makes me
seem more approachable.
Oddly enough, I most often
dress that way at work.” The
approach has proved useful,
he believes, in a job where
teamwork and communica-
tion are key. While he typi-
cally starts with a sober, all-
black outfit, he adds I’m-not-
uptight items such as
corduroy caps that he gets
custom-printed with fun,
work-related phrases such as
“Per my last email.”
Finishing an otherwise
plain outfit with a twist—
rather than going loud head-
to-toe—indicates that “you’re
participating in the conversa-
tion around fashion without
letting it consume you,” said
Dan Snyder, founder of Corri-
dor. It also just looks good,
he said, when an outfit fea-
tures one “special element
that has vibrance—it helps
move the eye.”
By contrast, he said, an
ensemble that jams bright
colors or fun patterns to-
gether “confuses the eye and
feels haphazard.” Worse: It
can read as try-hard.
Though New York indus-
trial designer Mikhail Budhai
describes himself as “a navy
chinos and white T-shirt
kind of guy,” he also dabbles
with playful pieces. But the
36-year-old limits himself to
one fun item at a time,
whether that’s a highlighter-
bright belt or exaggeratedly
wide pants. “I don’t want to
overcommit to the bit,” he
said. “I want to blend in a
little but still be unique.”
He’s onto something
when it comes to belts, an
entry-level tweak. Charming,
cowboyish buckles are
trending and you can find
varying degrees of “out-
there” in versions from
brands like Wythe and
Monitaly. At Mannahatta
NYC, customers are grab-
bing rhinestone-studded in-
house designs that can be
customized—the buckles en-
graved or encrusted with
shoppers’ initials or a pet
catcchphrase. Among
the iinspirations:
i ti 1980
Bruce Springsteen.
Another belt tip: Budhai
likes Lizard Tale, “this very
random website that makes a
hiking-style rope belt,” he
said. “I recently bought a
safety-orange one.” He has
also been experimenting with
a “woven belt in neon green.”
Before you loop on an in-
dustrial-orange belt or but-
ton up a skeleton cardigan,
know that some fashion au-
thorities aren’t so nuts
about looks with levity. “I
think that after a certain
age, a man shouldn’t be
playful with his clothes,”
said George Cortina, a re-
PHILIP VUKELICH FOR THE WALL STREET JOURNAL; TALENT: DEREK CHANG FOR AMR AGENCY; FERNANDO RAMALES/BACKGRID (CRAIG)
5
nowned stylist wh ho has
a llongstanding
t di professional
f
relationship with Daniel
Craig (and who did not put
him in that Kapital sweater).
“Of course, I don’t think
you should look stuffy ei-
ther,” said Cortina. He pre-
fers to aim for irreverent
rather than playful. For him,
irreverence involves “break-
ing the rules while knowing
what they are”—but avoiding
anything with even a whiff
of novelty factor.
He points, for example, to
a pristine Savile Row suit
worn with motorcycle boots.
“It’s subversive in a way, and
it sort of doesn’t belong,” he
said. “But it looks great.”

r i c k i e f r e e m a n

TERI JON

Welcome to the
pinnacle of cookware.

DEVELOPED BY CHEFS.
CRAFTED IN ITALY.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 23 - 24, 2024 | D3

STYLE & FASHION

BRAND IT LIKE
BECKHAM
20 ODD QUESTIONS The London-based
style mogul

Victoria Beckham
wears a suit of
her own design.

The artist formerly known as Posh Spice is a lauded designer of

clever, cool clothes. She also loves a juicy podcast.

I
DON’T WANT anyone to know where
I stay,” said Victoria Beckham when
asked about her preferred Paris digs.
She’s not withholding her beloved
boutique hotel for snobbery’s sake.
Beckham, 49, and her famously sporty hus-
band David are frequently targeted by papa-
razzi, especially during Paris Fashion Week
every spring and fall, when the Spice-Girl-
turned-designer presents her collections of
sleek tailoring, elongated denim and just-
prim-enough dresses. “I wouldn’t necessarily
say it’s power dressing,” said Beckham. “But I
want my customer to feel empowered.”
Given her pop-star past, Beckham’s chic,
notably understated designs for her epony-
mous label have taken shoppers by surprise
since their debut in 2008. “I like things that
aren’t obvious,” said the London native. In
recent years, Beckham has also made in-
roads into beauty and fragrance categories.

DAN JACKSON FOR VICTORIA BECKHAM BEAUTY; GETTY IMAGES (4)

Her latest: a cleanser created with her fa-
cialist and “skin guru” Melanie Grant.
During a recent trip to New York, Beckham
sat down to discuss her fashion philosophy,
her love of the Grand Canyon, and that much-
memed scene in Netflix’s “Beckham” docu-
mentary, in which she sheepishly admits hav-
ing been driven to school in a Rolls-Royce.

Before social media: everybody got the im-

pression I was grumpy because of the paparazzi
pictures. I’d always be strutting down the road
looking quite serious. A lot of the stories said I
was moody or unhappy. I gave up worrying what
people said a long time ago. Now, with social
media, I think people really get to know the per- VIC’S PICKS
son they’re following and their sense of humor. Clockwise from right:
SmartLess podcast; 1977
I’d like to get facials: more often—one every Rolls-Royce; the Grand
couple of weeks—but I work a lot. Then I go Canyon; Air Jordan 4
home to four children. But I do masks myself. sneaker; Loro Piana
I do my LED light religiously every day. Mine cashmere dressing gown;
is flat and I just bend it around my face. It’s large amethyst crystal.
good for travel as well.

When I started my fashion line, I suppose:
I had a certain naiveté. If I’d known then
what I know now, would I have had the cour-
age to do it? I don’t know. But I was so
focused. I had such a point of view.
I’m not sure that I should: offer fashion ad-
vice to anyone. It’s nice to evolve. When I look
back on how I’ve dressed over the years, I re-
member every single outfit fondly. But I think
it’s important to move on.
I’ll never throw out: the amazing vintage
denim I’ve collected over the years. I love my
high-waisted pairs from the ’70s.
For my 40th birthday: my family and I hiked
the Grand Canyon. You get a real sense of
freedom there. You’re just left to enjoy nature.
That’s when I’m definitely at my happiest.
My daughter, Harper, is constantly: telling
me about makeup and skin care. She’s ob-
sessed. She also likes to advise me on TikTok,
which is not my natural habitat.
My sneaker of choice is: a Jordan 4. I just like
how it looks. I’m quite obsessed with Jordan as
a brand. Collaborating with them would
be the dream.
Does anybody like: doing squats? We’ve got
to, but who actually likes them? It’s tough.
My ultimate comfort outfit is: a cash-
mere Loro Piana pajama set my hus-
band got me for Christmas. It’s the kind
of thing I wouldn’t buy myself. It’s
pretty divine. But every time one of
the kids or dogs comes near, I’m like,
“Stay away. Not the Loro Piana.”
My guilty pleasure is: gosh, maybe
a second glass of wine? I’m very
disciplined with the way I eat, exer-
cise and work. But I like wine.
When I lived in L.A.: I’d often go to a
crystal farm. I learned a lot about crys-
tal energy, creative visualization, mani-
festation. Now I have very large ones in
my Dover Street store and little ones in
my office.
We collect: contemporary art, but
have a huge appreciation for the old
masters, too. I’ve collaborated with the Frick
[museum] and Sotheby’s. I had a Rembrandt
portrait in the store. I can’t remember which
one, which makes me sound really silly, but it
was a bit of a pinch-me moment. I’m by no
means an expert. I enjoy educating myself.
I’m listening to: the SmartLess podcast.
They have incredible guests: Emma Stone,
Charlize Theron, Carey Mulligan. Other
than “Spice World: The Movie,” I have
no interest in acting. I can’t act. I’m not
sure I am the kind of guest they would
typically have on there.
One of the kids recently
asked me and David: “How
many times did you rehearse
that Rolls-Royce scene [in
the ‘Beckham’ documen-
tary]?” We didn’t. David
was watching the monitor
in another room. I was do-
ing my interview and he
From left: Author and cultural
pundit Fran Lebowitz; Stevia
chocolate drops.
genuinely came in. That actually happened.
My secret to having fun is: laughing. David
and I have been married 25 years, and we still
laugh at each other and really enjoy each
other’s company. I feel lucky for that.
I carry: Stevia chocolate drops everywhere. I
always put them in my coffee. I have them in
all of my handbags.
Tonight I’m meeting: Fran Lebowitz. I’m a
huge admirer. I loved the Martin Scorsese doc-
umentary about her, “Public Speaking.” He
asked about the best fashion experience she’d
ever had, and she referenced a Muhammad Ali
fight. I find her so intriguing. I love her dry
sense of humor and everything about her.
The most important thing my parents
taught me was: treating people how you
want to be treated. That’s what we instill in
our kids. I always say to Harper, “It’s not
who’s the prettiest; it’s not who is the clever-
est. It’s who is the kindest and who works the
hardest. Always have a smile on your face.”
—Edited from an interview
by Katharine K. Zarrella
D4 | Saturday/Sunday, March 23 - 24, 2024 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

BY VIC O’SULLIVAN

The Road to a Perfect Pint

I
T’S HARD to believe
given the global prom-
inence of dives selling
To find some of Ireland’s last old-school pubs, take this road trip down the country’s wild western coast

JERRY KENNELLY (JOHN B KEANE); BREANDAN O CONGHAILE (TIGH NED); VIC O’SULLIVAN (THE RUSTY MACKEREL); AL HIGGINS FOR THE WALL STREET JOURNAL (THE COBBLESTONE); ALY MILLER (MAP)
green beer and “Kiss
Me, I’m Irish” T-shirts,
but the true Irish pub is an en-
dangered species. Crippling
operating costs and the appeal
of larger, tourist-focused es-
tablishments have led to the
closing of over 20% of family-
owned rural pubs in Ireland
since 2005. But along Ireland’s
west coast, the heart of the
authentic Irish pub still beats
as steadily as the bodhrán, a
hand-held drum you might
hear on live-music nights.
This is a place of time-
worn counters, low ceilings
and crackling fires. Bartend-
ers can pour the perfect pint
of stout with their eyes
closed, and regulars can
trace the place’s history back
to the family name that
hangs over the front door.
To visit these holdouts,
plan a road trip along the
Wild Atlantic Way, a mean-
dering route that spans 1,600
miles of oceanfront views
from County Donegal in the
north to County Cork in the
south. Budget at least five

Michael McHugh,
a regular, can be
found by the fire,
his pint catching the
glow of the flame.

days to explore the route, us-
ing the following quintessen-
tial pubs as checkpoints.
Start in Ireland’s most
northerly county, Donegal.
Tucked away in a valley at
the foot of Sliabh Liag, one
of Europe’s highest cliffs,
you’ll find the Rusty Mack-
erel. The spacious pub offers
a refuge from the raging At-
lantic gales and waves that
pound the cliffs’ edge 2,000
feet below. Even the black
lacquered door, streaked
with salt, looks like it’s taken
a battering from the ele-
ments, but inside a honey-
comb-colored warren of
rooms awaits. Michael
McHugh, a regular, can often
be found sitting by the roar-
ing fire, his pint catching the
glow of the flame. “My earli-
est memory is here, sitting
on a bag of flour drinking a
mineral [soda] bought by my
father,” he said when I met
him on a recent visit.
As its name implies, the
pub specializes in locally
sourced mackerel. Modern
bedrooms are available for
rent, too.
The next day, following
the Wild Atlantic Way south
will take you past the grave
of the poet William Butler
Yeats near Benbulben, a
flat-topped mountain. An
hour later, you’ll find your-
self in Wild Nephin, a vast
wilderness barely touched
by civilization.
Take the road toward the
Erris Peninsula to Belmullet,
a harbor town that’s home to
McDonnells Bar. Locals call it
“the Lobster Pot,” because
once you enter, it can be dif-
PUBLIC SERVICE Irish pubs, like John B. Keane’s in Listowel, double as community centers. Below: a view that comes with a drink at Tigh Ned in the Aran Islands.
ficult to leave. While the
same family owns the under-
taker operation down the
street, they insist that has no
bearing on the moniker.
Inside McDonnells, post
up at the long thin bar and
admire the wall decor, which
includes a prayer card em-
blazoned with an image of
John F. Kennedy. A crackling
hearth draws in locals for
music and dance. As the
wind from the sea howls,
you’ll happily resign yourself
to being a lobster in the pot
for the evening, listening to
old ballads, before retiring
to the Talbot Hotel on the
same street.
Next morning, follow the
road that clings to the coast
for 100 miles. Take the ferry
from Ros an Mhíl (Rossaveal)
to Inis Oírr (Inisheer), the
smallest of the Aran Islands,
where low stone walls criss-
cross a patchwork of green
fields. Near the pier, you’ll
find Tigh Ned, a classic pub
with a pinewood bar and
granite floors.
As the evening arrives, sit
by the door and watch the
last of the day trippers drift
back to the mainland by
ferry. Grab another drink,
settle in for a night of local
gossip and, when you’re
ready, bed down at the Inis
Oirr Hotel nearby.
Back on the mainland,
drive 50 miles though the
untamed, wind-scorched
lands of Connemara follow-
ing the blue Wild Atlantic
Way signs until you hit Bally-
vaughan, a quiet hamlet on
Galway Bay. On a narrow
street, you’ll find O’Lo-
clainn’s, one of the country’s
greatest whiskey bars. Small
and intimate, it potters along
at its own pace, only opening
in the evenings once owner
Peter O’Loghlen has finished
working on his dairy farm.
Pair a visit with a
walk along the nearby 700-
foot-high Cliffs of Moher
on County Clare’s jagged
coast. Come nighttime, head
to Monks in Ballyvaughan
for excellent food and
cozy rooms.
Next, head west into North
County Kerry, eventually
reaching the town of Li-
stowel, home to John B.
Keane’s Pub. Appearing di-
minutive from the street, the
space stretches far back, in a
series of ever-cozier nooks.
On the wall hang old photo-
graphs and posters that
showcase the work of current
owner Billy Keane’s late fa-
ther John B. Keane—the
playwright of classics like
“The Field,” which was
turned into a movie in 1990.
When it’s time to leave,
check in at the Listowel
Arms Hotel.
The final 100-mile leg of
the Wild Atlantic Way will
take you past the touristy
town of Killarney to West
Cork and the higgledy-pig-
gledy streetscape of Ballyde-
hob, the access point to the
Mizen Head Peninsula. Take
in the staggering views of
cornflower seascapes and
Three Castle Head, a lime-
stone medieval ruin that tee-
ters on a bluff by the ocean,
before arriving at Levis’
Corner House.
There, Caroline O’Donnell
and Joe O’Leary, a fourth-
generation pub owner, pull
creamy pints from a large tap
devoted to Murphy’s, County
Cork’s home-court stout. An
old grocery counter that Joe’s
grandaunts once presided
over is now part of an inti-
mate stage for traveling mu-
sicians. Even local resident
and actor Jeremy Irons has
played the piano on occasion.
Visit enough watering
holes along the Wild Atlantic
Way and you begin to see
what makes a great pub. “A
pub must be of itself,” Billy
Keane told me on a recent
visit. “It must be real, never
take itself too seriously—and
never be a theme pub.”

Where to Go
Pubbin’ in Dublin
When themed Irish
bars with their neon
shamrocks became a
global phenomenon,
it affected Dublin’s
bar scene. Imitators
thrive, but some
bona fide pubs per-
severe in the capital.
Here, some of the
very best.

The Cobblestone |
This fourth-genera- Musicians play at the Cobblestone in Dublin’s Smithfield district.
tion corner bar that
doubles as a live now, at least, the stripes as the fre- land’s most notable
music venue was al- music plays on. quent haunt of writ- historical figures are
most lost forever ers like Flann O’Brien interred. It has a se-
when developers an- McDaids | Space is and Brendan Behan. ries of snugs, swing-
nounced plans to at a premium in this ing doors, smoke-
build (yet another) slender, high-ceil- The Gravediggers | stained walls, no
high-rise hotel on its inged hideaway be- Seven generations television and a rep-
site. The community hind a smart, Victo- of the Kavanagh utation for the best
weren’t having it, rian facade. Unlike family have served Guinness in Dublin.
signing petitions many Dublin pubs in this bar, built into
and gaining the en- with dubious literary the wall of Glasn-  For more Dublin
dorsement of big- pedigrees, this one evin Cemetery, tips visit WSJ.com/
shot politicians. For has earned its where many of Ire- travel
The Rusty Mackerel in Donegal offers food, drink and a place to rest for the road-weary.
 THE WALL STREET JOURNAL.
NICOLE KOSSUM FOR THE WALL STREET JOURNAL
Hoop Skirts Are Gone
Once home to cotton barons, the Mississippi River port of Natchez has a
complex relationship with history. That’s what makes a visit so fascinating.
BY ANDREW NELSON
W
HEN YOU drive
up to Natchez you
never know
which Natchez
you’re going to
get,” a friend cautioned after hear-
ing I was visiting the historic Missis-
sippi river town. “It’s either awake
or asleep.”
I’d heard chatter of a small town
with big appeal, but the first por-
tents weren’t great. As I neared, a
downpour broke over U.S. Route 61,
the fabled “Blues Highway.” Through
the rain, I spotted a building built in
the shape of a platter-bearing, hoop-
skirted woman. Constructed in 1940,
the year “Gone With the Wind”
swept the Academy Awards,
“Mammy’s Cupboard” is a restau-
rant designed to resemble a stereo-
typical Black “mammy.” Overesti-
mating the redemptive qualities of a
new coat of paint, different owners
over the years have layered on pro-
gressively lighter skin tones. I drove
on, following Natchez’s quiet streets
to a desolate hotel parking lot.
The next morning, however, the
sun shone, permitting me spectacu-
lar Mississippi River views from the
Natchez bluffs. At Butter Cakery, my
first stop downtown, I admired
brightly decorated cupcakes in fla-
vors like lavender and raspberry-
lemon. Nearby, at Franklin Street
Relics, a 28,000-square-foot an-
tiques mall with 55 dealers, I found
* * * *
ADVENTURE & TRAVEL
pre-Civil War playing cards for $8 a
piece, mementos of an era when this
steamboat port teemed with card-
sharps, brawlers and brothels.
What remains of that dock life is
clustered in Under-the-Hill, a strip
at the base of the bluff. That evening
a Viking cruise ship had pulled in—
one of two lines that visit Natchez
regularly. Live music leaked from
the Under-the-Hill Saloon, housed in
one of the oldest buildings on the
Mississippi, as the sun dipped into
the river.
Natchez has long been known for
its Spring Pilgrimage, a series of his-
toric house tours (now until April
28) that conveys a romantic—and,
to many, problematic—view of the
Old South. But I soon found more
multidimensional takes on history.
From left: The Mississippi River as seen from Natchez; historical memorabilia inside Under-the-Hill Saloon.
At the Grand Village of the Natchez
Indians, a museum and park pay
tribute to the eponymous Native-
American tribe which made this
land its capital. On Saint Catherine
St., the Dr. John Bowman Banks
House, which served as an NAACP
headquarters during the civil-rights
movement, now functions as a by-
appointment museum.
The National Register of Historic
Places lists 1,000 structures in
Natchez, many dating to the years
when the toil of enslaved people in
cotton fields created immense
wealth. It’s said that, by the 1850s,
Natchez housed more millionaires
than anywhere else in the country.
Today most of the mansions remain
private residences, viewable only on
special tours like those the Spring
Saturday/Sunday, March 23 - 24, 2024 | D5
GRAND STANDING Stanton
Hall is one of Natchez’s most
visited antebellum mansions.
Pilgrimage offers. Some, like Long-
wood and Stanton Hall, remain open
year-round. How to tell their stories
can spark debate.
Tracy A. Collins, a Black Baptist
pastor, runs Rev’s Country Tours,
bringing visitors around Natchez
and to less-visited spots like Emer-
ald Mound, built by ancestors of the
Natchez Indians. While showing me
Windsor Ruins, the dramatic re-
mains of a plantation house, Collins
scorned descriptions he’d heard of
the skilled craftspeople who built
such palaces as “servants’’ or “help.”
“That’s not true,” he said. “They
were enslaved.”
Tours of Melrose, an 1841 estate
run by the National Park Service
(NPS) and open year-round, focus as
much on the lives of the enslaved as
the mansion owners. The NPS also
plans to expand the visitor experi-
ence at Forks of the Road, site of the
South’s second largest slave market.
Even the future in Natchez seems
at times concerned with the past.
More than one person spoke excit-
edly of the restoration of the Eola, a
Gatsby-era hotel first opened in 1927
THE LOWDOWN / HOW TO
NAVIGATE NATCHEZ
Getting There There’s talk of
an air link, but Natchez remains
a road-trip destination. It’s an
easy drive from New Orleans or
Baton Rouge or 111 miles from
Jackson International. Others
come on the Natchez Trace, a
444-mile scenic parkway start-
ing in Nashville.
Staying There Most visitors
choose one of the restored an-
tebellum properties like Linden
Historic Bed & Breakfast (from
$170 a night). A new arrival, the
Big Muddy Inn and Blues Room
(from $200) is full of colorful
chinoiserie and hosts concerts
in the back parlor.
Eating There In the land of the
fried-chicken salad, options tend
toward the hearty, from Biscuits
& Blues to Fat Mama’s Tamales.
The Camp in Under-the-Hill of-
fers grilled catfish tacos and
fried-pickle-and-jalapeño chips
along with a river view. Frankie’s
On Main serves upscale fare in
an eclectically decorated 1820s
Greek Revival bank.
and set to reopen in 2025
“I’m a Nat-choose-ian not a Nat-
chezian,” said Matt Deming, sound-
ing like those Under-the-Hill drifters
of yore. Deming, a tech worker from
Austin, bought and restored an 1827
house, opening up the top floor as
an Airbnb. Nearby, I met Beau De-
shotel, who’d recently relocated
from Manhattan to open Arts Dis-
trict Studio, which exhibits local art.
Tours focus as much on
the enslaved as they do
the mansion owners.
Before leaving, I spoke to Rich-
ard Grant, author of “The Deepest
South of All: True Stories from
Natchez, Mississippi,” published in
2020. “The basic rule in Natchez is
to talk to the women because they
know what’s going on,” Grant said.
“It’s one of the most matriarchal
places I know.”
So on my last evening in town I
found myself, Aperol spritz in hand,
on a porch belonging to Regina
Charboneau, a 7th-generation Nat-
chezian who teaches Southern cook-
ing classes. “Most of us have tossed
the hoop skirts,” said Charboneau.
“But the hospitality remains.”
True. That night, a pizza dinner
at the Natchez Brewing Company
became a meet-and-greet with vari-
ous Natchezians and Natchooseians,
leading to an invitation to catch a
band at Smoot’s, a juke joint. Then
Deming asked me to try another tra-
dition: Steak Night at the Corner
Bar. Driving to New Orleans the next
day I called my friend. “Natchez isn’t
dozing,” I told her. “It’s a dinner
party you don’t want to leave.”
D6 | Saturday/Sunday, March 23 - 24, 2024 * *** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 23 - 24, 2024 | D7

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
D8 | Saturday/Sunday, March 23 - 24, 2024 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

THE BAKEAWAY

A Carrot Cake
Master Class
Elegantly simple and absolutely foolproof, this
low-lift recipe will be a go-to for Easter or anytime

BY VALLERY LOMAS A 9-inch cake pan makes a hearty

I
LOVE carrot cake. Chock-
full of grated carrots, pe-
cans and coconut, it’s a
cake of real substance, and
the warm touch of cinna-
mon makes it deliciously comfort-
ing. Over years of experimentation,
I have developed a recipe that is
simple, versatile and bulletproof.
The Ingredients Matter
Carrots are the star player here. You
can grate them by hand on the large
holes of a box grater or use your
food processor. For a shortcut, you
could even use the pre-shredded
carrots sold at supermarkets. When
I tested this recipe using pre-shred-
ded carrots, it worked fine and was
sufficiently moist. But I missed the
robust carrot flavor I get from
shredding fresh carrots myself.
Most cakes use butter, but not
this one. Using vegetable oil means
you don’t have to cream butter and
sugar together with an electric
mixer. Instead, simply stir the vege-
table oil with the other ingredients
for a foolproof batter and, ulti-
mately, a very moist cake.
Buttermilk adds a delicious,
gentle tang. Its acid reacts with
the baking soda in the mix, caus-
ing the cake to rise in the oven
and acquire a light texture. No
buttermilk on hand? I often make
my own, and you can too: Add
lemon juice or vinegar to milk and
let it sit for a few minutes. Once
the milk curdles, it’s ready to use.
Key Tools and Techniques
Beyond that box grater or food pro-
cessor, you don’t need any special
equipment. This is truly a one-bowl
recipe. A large one is all you need
for the cake batter, along with a
whisk or fork and a large spoon to
stir the ingredients.
F. MARTIN RAMIN/THE WALL STREET JOURNAL, FOOD STYLING BY MIEKO TAKAHASHI, PROP STYLING BY SEAN DOOLEY
single-layer cake. It can be round or
square, but make sure it’s at least 2
inches in height to hold the batter
without it spilling over.
The frosting is simple: softened
cream cheese, powdered sugar and
vanilla, beaten until smooth. Use a
mixer or a whisk, and the same
bowl used to stir the cake batter.
Why You Should Make This Now
It doesn’t require much planning:
Most of the ingredients are likely in
your kitchen already. The cake
comes together quickly and easily,
and it’s one layer, so you need only
one pan. (Fewer dishes to wash!)
It’s one layer, so you
need only one pan.
(Fewer dishes to wash!)
A LIGHT TOUCH The coconut and pecans on top tease the delights to come in this carrot cake’s rich interior.
Spring is carrot cake’s peak sea-
son, and Easter, its official holiday. One-Bowl, One-Pan 1 cup all-purpose flour, 1. Heat oven to 350 de- of a loose muffin batter.
(It’s hard to imagine the bunny Carrot Cake plus more for pan grees and place a rack in 4. Add carrots, coconut
without a carrot.) But this is really You can fake the butter- 1 teaspoon baking soda center position. Prepare a and pecans. Stir to evenly
a cake for all seasons. Carrots milk for this recipe by 1 teaspoon baking 9-inch cake pan by coat- distribute.
from the garden make a compel- adding 1 teaspoon lemon powder ing bottom and sides 5. Add batter to prepared
ling case for summer baking. In juice or vinegar to a scant 1/
2 teaspoon cinnamon with softened butter and pan. Bake until springy to
fall and winter, especially around ¼ cup milk. Let sit until 11/2 packed cups peeled a dusting of flour. Or, touch and a toothpick in-
the holidays, the warming spice is lightly curdled, 5 minutes. and grated carrots spray no-stick baking serted in center comes
just right. Total Time 1 hour Makes 1/
2 packed cup sweetened spray with flour on bot- out clean, 30-40 minutes.
1 (9-inch) cake shredded coconut tom and sides of pan. Set Remove from oven and
How to Keep Carrot Cake Fresh 1/
2 cup chopped pecans pan aside. let cake cool in its pan for
To limit exposure to air, you can use For the carrot cake: For frosting and topping: 2. Prepare the batter: In a 20 minutes. Remove cake
a cake dome or airtight container. Unsalted butter, soft- 4 ounces cream cheese, large bowl, combine eggs, from pan and cool com-
Plastic wrap works, too, but take ened, for greasing pan softened oil, buttermilk, sugar, va- pletely on a wire rack.
note: The cream cheese frosting is 2 large eggs at room 11/2 cups powdered sugar nilla and salt. Whisk until 6. Prepare the frosting:
soft but it will harden slightly in the temperature 1/
2 teaspoon vanilla mixture is homogeneous. Beat or whisk cream
open air, so avoid pressing plastic 1/
2 cup vegetable oil extract Batter should resemble a cheese with powdered
or anything else on the surface until 1/
4 cup buttermilk
1/
4 cup sweetened yellowish mayonnaise. sugar, vanilla and salt un-
it has set. Because a cream-cheese 1 cup granulated sugar shredded coconut, 3. Add flour, baking soda, til creamy and smooth.
frosting is more perishable than 1 teaspoon vanilla toasted baking powder and cinna- Spread frosting over cake.
some, this cake is best stored in the extract 2 tablespoons whole mon. Whisk well until Sprinkle with toasted co-
refrigerator, where it will hold up 1/
4 teaspoon salt pecans combined and the texture conut and pecans.
well for up to one week.

Decorating Do’s
Author Vallery Lomas takes a
minimalist approach

The decorating mise-en-place con- If you frost only the top and leave You can use your discretion with the The result is a carrot cake that
sists of nothing more than frosting, the sides naked, the creamy-white toasted coconut and pecans, but a clearly hits all the classic notes but
a little toasted coconut and a frosting offsets the deep-orange little goes a long way, complement- looks modern and elegant at the
handful of whole pecans. cake beautifully. ing but not competing with the cake. same time.

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

Seared Spring Lamb Chops With Puntarelle Alla Romana

EMMA FISHMAN FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES, PROP STYLING BY STEPHANIE DE LUCA; MICHAEL HOEWELER (PORTRAIT)

IF YOU ADORE anchovies, you’ll fall hard chopped anchovies lend body, not aggres-
for this recipe. But even avowed haters sive flavor. He recommends first browning
might find themselves converted by Ed Wil- the lamb chops’ arched, fatty edges to
son’s final Slow Food Fast contribution, a crisp them and render the fat, before cook-
timeless pairing of seared lamb chops and ing the flat sides briefly so the centers re-
puntarelle alla Romana, a salad of snappy, main rosy. On the plate, the lamb mellows
bitter greens robed in an anchovy-and-gar- the dressing’s edginess, rounding out the
The Chef lic vinaigrette. meal. “You don’t have to be a skilled cook
Ed Wilson Skeptics, take heart: Though the sauce to deliver a crowd-pleaser,” Wilson ex-
has “attitude,” Wilson said, the finely plained. Apparently not. —Kitty Greenwald
His restaurants
Brawn, in London,
and Sargasso, in Total Time 20 minutes into ¼-inch slivers. Transfer heat. Liberally season lamb
Margate, on the Serves 4 slivers to an ice bath and chops with salt. Add 1-2 ta-
coast of Kent chill until crisp, at least 10 blespoons oil to pan. Use
1 head puntarelle or 4 large minutes. If using endive, tongs to grab each chop
What he’s known heads white endive discard any bruised leaves, and sear arched, fatty edge,
for Creating dishes 2 cloves garlic, finely halve each head through rocking the chop on the
that feel fresh yet chopped the root, slice crosswise pan’s surface for even cook-
rooted in tradition. 8 anchovy filets, finely into ¼-inch slivers, then ing, until crisp, 2-3 minutes.
Understanding how chopped chill in an ice bath. Either Sear flat sides until golden
to amplify the 3 tablespoons red wine way, you should have about and crisp, 2-3 minutes per
details that turn vinegar 8 cups slivered greens. side. Turn off heat and let
neighborhood 9 tablespoons extra-virgin 2. While puntarelle chills, chops rest in pan at least
restaurants into olive oil use a mortar and pestle 5 minutes.
dining destinations. 8 lamb loin chops or a mini food processor to 4. Meanwhile, drain puntar-
(2-21/2 pounds) crush garlic to a paste. Add elle and dry thoroughly.
Kosher salt and freshly anchovies and vinegar, and Transfer to a large bowl, add
ground black pepper crush or process again to anchovy dressing and toss
1 lemon, halved form a uniform paste. very well to coat evenly. Sea-
Slowly drizzle in 7 table- son with pepper and toss
1. Prepare puntarelle by spoons olive oil, whisking again. Season lamb chops
removing droopy outer or processing until dressing with pepper and a squeeze
leaves and separating emulsifies. of lemon juice. Serve lamb
stalks. Halve stalks length- 3. Heat a large griddle or with dressed puntarelle alla SPRING FLING Lamb and puntarelle make for a classic Italian
wise, then slice on the bias skillet over medium-high Romana alongside. combo, but if you can’t find the latter, endive subs in superbly.
THE WALL STREET JOURNAL.
Brighten Your Bar
Tart verjus provides the oomph you want in drinks both alcoholic and non
1 2
IN SEARCH OF VERVE / 4 VERJUS BOTTLES TO BUY NOW
1. Scribe Verjus of Pinot
Noir, $34 Scribe winery
owner Andrew Mariani
recommends using this
cheerful rosé verjus,
made from estate Pinot
Noir grapes, in everything
from salad dressings to
nonalcoholic spritzers. Or,
he says, combine it with
mezcal for a tangy
Margarita variation
2. Wölffer Estate
Verjus, $13 Based on
the North Fork of Long
MAKE ROOM FOR ALL OF YOU
CA LL , V I S I T A S H OWRO O M, O R GO O NL I NE TO S CHEDULE
YOUR COMPLIMENTARY DESIGN CONSULTATION
8 4 4 . 2 9 5 .14 02
New York City
Nassau
Westchester
Rockland
Connecticut
Miami
CAL I FOR NIAC LOS ETS.C O M
* * * *
Island, N.Y., Wölffer has
found a committed
following among New
York City bartenders
with its limited-
production blanc verjus.
The white, made from
mostly Chardonnay
grapes, is crisp and
tangy—an easy addition
to aperitif drinks.
3. Bourgoin Verjus, $53
From a family that’s
been making Cognac for
eight generations, this
26 Varick St | 1629 York Ave
25 Northern Blvd, Greenvale
16 Saw Mill River Rd, Hawthorne
83 S Main St, New City
565 Westport Ave, Norwalk
900 Park Centre Blvd, Miami Gardens
NY Saturday/Sunday, March 23 - 24, 2024 | D9
EATING & DRINKING
BY MEGAN KRIGBAUM
A
T LIBERTINE restau-
rant in New York’s
West Village, owner
Cody Pruitt champi-
ons the admittedly
uncool Fine à L’Eau. Ordinarily, this
“old-man cocktail” (his words) na-
tive to France simply mixes Cognac
with water. Pruitt uses sparkling
water instead and a lavender-honey
syrup. But it’s the ounce of verjus
that really enlivens the drink.
For centuries, cooks (and even-
tually drinks makers) have used
verjus, the tart juice pressed from
unripe grapes, as a stand-in for cit-
rus, wine or vinegar. Now, rather
than indiscriminately subbing it in
3 4 for any old acidic ingredient, bar-
tenders are looking at verjus more
holistically: Not as abrasive as vin-
egar or as one-note as citrus, it
brings qualities all its own to both
alcoholic and nonalcoholic drinks.
At Le Mary Celeste in Paris, head
bartender Hortense Van Der Horst
uses verjus in a nonalcoholic take on
the Bee’s Knees, a honey-sweetened
‘It brings acidity, of
course, but also a bright
and fresh, fruity taste.’
gin cocktail. “It brings acidity, of
course, but also a bright and fresh,
fruity taste,” she said. “More impor-
tantly, it adds a small level of tan-
nins.” The latter, she explained,
boosts nonalcoholic drinks in partic-
ular, offering the depth and mouth-
feel a spirit would otherwise bring.
verjus has found a cult Sidecars and Margaritas, For most still wines, growers
following among as well as in cooking. harvest ripe grapes at 20-24 brix
bartenders. Frédéric (the measure of sugar concentra-
Bourgoin first made 4. Fusion Verjus Blanc, tion), whereas they usually pick
verjus in 2018 after a $14 Jim Neal of Fusion verjus grapes at about 10 brix,
hailstorm damaged a began making his when acidity far exceeds sweetness.
part of his vineyard fragrant verjus in Napa “The key has been to harvest early
ordinarily earmarked for Valley in 1993 and now to ensure acids are sufficiently high
Cognac; he’s harvested uses grapes grown all and then chill the juice immediately
some of the Ugni Blanc over California to make after pressing, preventing any fer-
grapes early in every white and red versions. mentation and retaining freshness,”
vintage since. Rebecca “Verjus is acid and said Andrew Mariani, owner of
Bourgoin, his wife and sweet,” he said. “When Scribe Winery in Sonoma, Calif.,
business partner, said it’s super fresh it smells who makes a pretty rosé verjus.
they use their verjus in floral and grapey, at least Keeping fermentation at bay is
sour cocktails, like at the ripeness I like.” top of mind for Aaron Trotman, who
launched NON, a line of nonalcoholic
©2023 California Closet Company, Inc. All rights reserved. Franchises independently owned and operated. CT HIC #0657205. Photo: Baldomero
wine alternatives from Australia, in
2019. All eight of NON’s bottlings be-
gin with a verjus base, a move since
adopted by many other companies.
Trotman stores juice from Barossa
Valley grapes at under 40 degrees
Fahrenheit and then quick-pasteur-
izes it for stability. He appreciates
the nuanced acidity and clean flavor
of verjus. “It balances out sweetness
quite nicely,” he said. In NON 1, he
combines verjus with raspberries,
chamomile and Murray River salt to
approximate the character of a
tangy, juicy rosé surprisingly well.
In boozy cocktails, Van Der
Horst likes to pair verjus with
spirits traditionally, and perhaps
mindlessly, mixed with citrus. “It
can be a way to work on the
grassy notes of an agricole rhum,
or to emphasize the earthiness of
a certain mezcal,” she said. When
she considers the balance of the
drink, verjus is often a better fit.
T. Rex
Active Time 5
minutes Total
Time 30 min-
utes (includes
making syrup)
Makes 1 drink
For the agave
syrup:
1 cup agave nectar
1/
2 cup boiling water
For the drink:
11/2 ounces verjus rouge
1/
2 ounce pomegranate juice
1 ounce fresh lemon juice
4 ounces tonic water
Pomegranate seeds, for
garnish (optional)
F. MARTIN RAMIN/THE WALL STREET JOURNAL, PROP STYLING BY STEPHANIE L. YEH
1. Make the agave syrup: In a
small bowl, combine agave
nectar and boiling water, and
stir to dissolve agave. Pour into
a jar. Let cool before using.
2. In a cocktail shaker filled
with ice, combine verjus, pome-
granate and lemon juices, and
1/
2 ounce agave syrup. Shake un-
til very cold, about 10 seconds.
3. Strain into a tall cocktail
glass filled with ice. Top with
tonic water and stir gently to
combine. Garnish with pome-
granate seeds, if using.
—Adapted from Jared Hirsch
of Quince, San Francisco
 D10 | Saturday/Sunday, March 23 - 24, 2024 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

Made by the Shade
An interior designer’s secret to an expensive-looking lamp? Swapping out the lackluster topper that came with an inexpensive base.

BY KELSEY MULVEY

A
FTER BURNING through your Six Lightbulb Moments, Courtesy of the Pros
decorating budget, an inexpen-
sive lamp can seem like a beacon We asked interiors experts to make over two budget-friendly lamps with transforming, elevating shades
of fiduciary hope. But cheap
lamps and the plain shades they
come with can drag down inspired decor.
The fix? Swap out the came-with-it shade
to make your economical buy look like a
four-digit fixture made just for you. “You
may own the same lamp as a friend, but once
you change out the shade, it reflects your
personal style,” said San Francisco designer
Jay Jeffers. Here, some factors to keep in
mind when choosing your light’s topper.

Proportion For a polished pairing, the bot-

tom of the shade should be wider
than the widest part of the base,
says Jeffers. The vertical height,
says Manhattan designer Tara Mc-
Cauley, should be about half the
height of the base. Most impor-
tant: A shade must cover the fix-
ture’s hardware. If necessary, ad- Threshold Turned
just the harp, the metal piece that Ceramic Lamp and
holds the shade together. “A half- Shade, $50, Target.com
inch adjustment can really make a
difference” to the overall package, she said. THE PLEAT IS ON San Francisco designer PURPLE REIGN While Jeffers loves the juxta- EVERYTHING’S ROSY Tara McCauley pays at-
Jay Jeffers admires how this petal shade, position of these artful brush strokes with tention to a shade’s function as a light filter.
Shape While we’re wading into a highly sub- with its chunky folds, adds interest to the the base’s curves, the unconventional color The Manhattan designer appreciates the
jective area, here are a few rules of thumb. A simple base. “The darker tones create a palette is the star of this shade. “The plum blush glow this linen topper lets through as
drum or rectangular shade pairs well with a lamp that feels soulful and moodier, in- color feels uncommon and modernizes the well as the shift in texture to a delicate
stead of stark and sterile,” he said. Grey white, traditionally shaped base,” he said. napped border. “Velvet often feels too heavy
Stripes Fabric Pleated Lampshade, $118 Cruel Mountain Designs Plum Channels and lets very little light through,” she said.
for 13.8-Inch, DuzyDesigns.Etsy.com Drum Lampshade, $179, Chairish.com Raya Lamp Shade, $88, Anthropologie.com
‘Once you change out the
shade, a lamp reflects your
personal style.’

geometric base for a modern look, while a

conical capper often suits a traditional lamp—
a ginger-jar or candlestick base, for example.
Bell-shaped shades read irredeemably old-
fashioned. For an updated take, McCauley rec-
ommends trendier alternatives. Google these
terms: curtain, pleated, dome or
petal. Jeffers often juxtaposes base
and shade styles but lets a room’s
design inform his choices.

Material “A fabric with a looser

weave, like a linen or a cotton, feels
more informal than a smooth ma-
terial, like a silk or a paper,” said
McCauley, who notes that though Threshold Linen Drum
every shade in a room doesn’t need Lampshade and Large
to be the same type, you do want Ceramic Base With
consistency of light filtration. Soft- LED Bulb, $22 and
back models—fabric stretched over $47, Target.com
a metal frame—emit more light
than those lined with plastic or laminate. MARBLED MARVEL Jeffers likes to design DRUM ROLL, PLEASE Though its silhouette FOREVER FLOWERS A simple base makes a
AGATA WIERZBICKA (ILLUSTRATIONS)

Pattern A solid shade complements a base
with intricate details, colors or finishes,
while a simple bottom can shoulder a pat-
terned shade, advises McCauley. Consider,
too, how a shade will look lit. “A blue shade
over a bulb with a yellowy, ‘warm white’
temperature, will look more green,” she said.
with counterpoint. “This striking lamp-
shade is faux-finished to resemble antique
marble and contrasts wonderfully with the
stark white base,” he said, making it a per-
fect antidote to a minimalist space. 16-
Inch French Grand Antique Marble Lamp-
shade, $210, Pentreath-Hall.com
is modern, this shade’s ikat-dyed fabric in-
troduces an imperfect, handmade quality.
And McCauley considered illumination
when making this choice. “The balance of
light and dark components looks beautiful
lit from within,” she said. Mado Lamp-
shade, About $133 for 16-Inch, Sansho.com
perfect blank canvas for a bold pattern
like Josef Frank’s signature playful floral.
“The cylindrical silhouette feels a bit mid-
century, which suits a print designed dur-
ing that period,” said McCauley. Josef
Frank Lampshade 1257 in Baranquilla
Print, $320, SvensktTenn.com

the custom burl-wood itera- measure carefully, says Los

CHIC TRICK tion (left) that now lives in Angeles designer Jake Arnold.
the sky-scraping Brooklyn The headboard must be wide

The Hotel Headboard Coming Home With You Tower. Beds created for Na-
ples’s Hotel Royal Continental
by midcentury architect Gio
enough to visually contain
your nightstands. To highlight
the look’s drama, suggests
An extra-long model that spans the wall brings five-star luxury into even humble bedrooms Ponti inspired the look. Gienger, subdue the rest of
Above all, this kind of the room’s decor: “Aim to en-
broad, noticeably chic head- hance the bed rather than
board dispels boredom. “It’s distract from it.”
such a cool detail I would
never have thought of my- The Caveats
self,” said Meghan Archibald The scale scares off some
of the ambitious teal version folks. Extra-long headboards
Chicago designer Wendy are difficult to transport and
Labrum created for her. install, said New York designer
Michelle Gerson. If ordering
The Tips online, she advises, measure
Instead of upholstering both the entire delivery route the
the bed and headboard, save headboard will take, including
cash by upholstering only the tight turns and elevators. The
headboard and pairing it with style is a commitment, says
a standard platform, suggests Marie, as it’s often sourced for
Claire Staszak, of Chicago a specific room and hard to
firm Centered by Design. “It’ll take with you when you move.
be a fraction of the cost,” she Bespoke versions are a
said. Buying retail? Look for a cash commitment, too, often
version that blends form and running $15,000, say the pros,
function. “Many styles now in- but handsome retail iterations
clude built-in nightstands, in- rarely exceed four figures.
tegrated lighting and charging And Arnold, who created a
ports,” said Maggie Gienger, mohair-wrapped example for
NICOLE FRANZEN

the director of interior design furnishings brand the Expert,

at Ohio-based furnishings re- believes that a carefully se-
tailer Arhaus. lected off-the-rack model will
If you choose a version still read custom-made.
SPAN-TASTIC New York firm Husband Wife integrated nightstands and sconces into a lengthy walnut-burl headboard. without integrated furniture, —Allison Duncan

The Appeal
A long, low headboard that vi-
sually extends a bed’s width
can make your room seem
larger—and convey first-class
luxury. When a client wanted
“an atmosphere in their bed-
room like that of a high-end,
boutique hotel,” said designer
Guillaume Coutheillas of San
Francisco firm FrenchCalifor-
nia, he installed a custom vel-
vet version.
Other advantages: As Los
Angeles designer Alana Marie
pointed out, the style’s “wing-
span” forms a dapper back-
drop for lighting and night
stands. And the look can give
blah rooms architectural in-
terest, said San Francisco de-
signer Regan Baker, who
transformed a small space
via a tufted version with
built-in nightstands.
Coziness rarely looks so el-
egant. “The low and long de-
sign is inherently intimate
and offers a quiet confidence
to the space,” said Brittney
Hart, co-founder of New York
design firm Husband Wife, of Finnley Extended Headboard Bed, from $8,199, Arhaus.com
THE WALL STREET JOURNAL.
Overly
App-ealing?
Continued from page D1
time spent, we can teach more,”
he said. He focuses little on
the total raw time people spend
on the app, which includes gloat-
ing over how one’s achievements
compare to other users’ progress
on leaderboards.
Still not all apps have such vir-
tuous ambitions. We asked seven
writers to share the apps that have
a chokehold on their attention
spans. These hypnotic master-
pieces of software focus on every-
thing from dating to productivity
to sheer distraction.
Ever good sports, our contribu-
tors also agreed to share their aver-
age daily screen time. Please don’t
make fun of them. (Or me.)
—Daniel Varghese
Average daily screen time:
2 hours, 56 minutes
FOREST
A productivity app with
sublime visuals
How it hooked me As long as For-
est is active on your phone, you
can’t use your phone to waste time
on other apps. You open Forest up,
set an amount of time you want to
focus, hit “study” then set your
phone down faceup on your desk.
While you spend time away from
your phone (say, doing real work
on your laptop), a digital grove of
trees will germinate, then blossom
on its screen. The more you use
the app to carve out concentrated
work time, the more lush your for-
est grows. If you do try to use
your phone while Forest is ac-
tive—say, by looking up the
weather in Dushanbe, Tajikistan—
the trees immediately wither and
die. It keeps you honest!
Why I’m glad I’ve noticed a huge
difference in my attention span
with Forest active, especially thanks
to the cute encouragement it
flashes along the way. (“Don’t look
at me!” is a favorite one.) Unfortu-
nately, I’ve started to spend a some-
what embarrassing amount of time
on the app even when I don’t need
it to focus. That’s largely because,
the more you use the app, the more
you can customize the type of
plants you can grow. My friends
and family make fun of me for it,
but I’ll happily ignore them while
admiring my geographically impos-
sible jungle of pines, cherry trees
and wisterias.
—Brigid Mander
Average daily screen time:
2 hours, 20 minutes
HINGE
A dating app with a
degree of soul
How it hooked me The last time I
was in a dating rut, tired of casual
hookups arranged on Grindr and
Scruff and overwhelmed by the
masses on Tinder, I sought refuge
in Hinge. Hinge forces you to an-
swer prompts that reveal, or at
least hint at, a real personality. Its
goal: to discourage people unwill-
ing to put in much effort from us-
ing the platform. To connect with
someone, you must like (and/or
comment on) one of their specific
answers or photos—which beats
mindless swiping any day.
Why I’m glad I haven’t found love
on Hinge yet, but I haven’t given
up. What I have found is a lot more
personalized validation than your
average social media app offers.
Whenever an ex intrudes into my
daily texts with a coy, ingratiating
“What’s up?” or I theatrically de-
spair that no one liked my latest In-
Scrolling the StreetEasy feed of open apartments is surprisingly serene.
* * * *
GEAR & GADGETS
With the help of Seek, you can easily identify the nearby flora and fauna.
stagram story, all I have to do is go
on Hinge and check how many likes
I’ve racked up since my last session
(44 as of this writing). When a day
doesn’t go my way, Hinge reminds
me there is always another match
out there waiting for me.
—Paul Schrodt
Average daily screen time:
3 hours, 59 minutes
SEEK
A digital guidebook for
informed nature walks
How it hooked me Last year, on a
power walk near my home in Lex-
ington, Va., I noticed a tropical-
looking tree covered with hanging
purple flowers. It looked out of
place among pines and cedars. Cu-
rious, I googled “plant ID” and
found the Seek app, which immedi-
ately recognized the tree as a jaca-
randa—something I’d never even
heard of. I now use the app con-
stantly. I snap photos of basically
every plant or critter I see and al-
most always get a real-time identi-
fication for it. The most surprising
plants I’ve found are Pawpaw
trees, which produce a sweet, yel-
lowish-green, custard-like fruit
that tastes like a cross between
mango, banana and pineapple. This
past summer, I watched those
trees each day until the fruits
were soft and ripe. I gathered a
bunch and made them into a
dessert reminiscent of banana
bread—but better.
Why I’m glad The simplicity of the
Seek app belies its elegance as a
companion on walks. Though it
can’t get as specific in its identifi-
cations as might be ideal—it won’t
distinguish between species of
pine trees, for example—I have
used it to learn a lot about the
flora and fauna. In fact, the app is
so captivating it’s made me more
mindful of my walking pace and
encourages me to notice what’s in
my immediate surroundings.
—Colleen Arnold
Average Daily Screen Time:
2 hours, 21 minutes
TRAVEL TOWN
A simple-to-learn game
that’s deceptively engaging
How it hooked me Travel Town is
what’s called a “merge” game. You
match two identical objects on a
grid, which merge into another,
more valuable object, and so on.
There’s an ignorable framing narra-
tive (you’re selling your merged ob-
jects to locals for currency to re-
build the local infrastructure), but
it’s undeniably satisfying to rack up
coins, upgrade buildings and ad-
vance levels. Unfortunately, as you
do this, you deplete an energy bank.
Once you’re out of energy, you have
to stop playing until it either auto-
matically refills at a rate of one life
per two minutes or you can spend
actual U.S. currency to speed the
process. I’m embarrassed to admit
that I have been spending about $10
a week doing this.
Why I’m glad Simply put, an hour
spent on Travel Town is an hour I
am not on social media. I’d like to
pretend I’d spend that extra time
reading or enjoying the company
of my loved ones, but that’s not
the reality. I’d rather be engrossed
in this frivolous, cutesy game than
waste time stirring up an argu-
ment on X or endlessly scrolling
TikTok. And I might be lying to
myself, but I think the mindless
gameplay helps my brain actually
relax enough to come up with new
ideas I can actually make money
writing about.
—Magdalene Taylor
Average Daily Screen Time:
5 hours, 25 minutes
Saturday/Sunday, March 23 - 24, 2024 | D11
JAMES CLAPHAM (ILLUSTRATION); ABHAS MISRARAJ (INATURALIST)
NUULY suming, my daily StreetEasy
A clothing rental portal as search scratches a number of
fun as a visit to the mall itches. First, I love to find nonsen-
sical New York apartment
How it hooked me For $98 a layouts. (This week, I saw one
month, you get to choose six whose robin’s egg blue ceramic
items from Nuuly’s deep catalog bathroom sink was, for some rea-
to wear for 30 days. Beyond that, son, outside the bathroom door in
I also get an extremely visually the kitchen, which had its own
appealing, hypnotic array of more sink.) It also makes me feel pre-
than 17,000 items in my size to pared for any possible housing
gawk at, imagine myself wearing challenge I might encounter over
and, helpfully, save for later. You my next decade of life in this city.
can skip months, add extra items But most important, it’s the digi-
and decide to purchase anything tal version of walking around in
that you end up loving (usually the evening and being able to see
at a discount). Most of the stuff into the home of the neighbors
I’ve received was from brands who left their lights on.
that I’ve heard of but otherwise —Rae Witte
couldn’t afford like Free People Average Daily Screen Time:
and Good American. 6 hours, 59 minutes
Why I’m glad There is a version of
myself with an unlimited clothing YNAB
budget, a self who takes frequent A budgeting app that
trips to her villa outside of Rome you’ll actually like using
to sip Aperol Spritzes on a patio
after a long day of wandering How it hooked me I’m notoriously
around a market. You simply can’t bad at budgeting. I always found
do that in leggings. There are the question “where did my
other selves, too. Selves that have money go?” all the more confus-
occasions to wear floor-length or- ing because I don’t have a ten-
ganza gowns and shiny green pat- dency, like some, to overspend on
ent-leather pants. Scrolling big-ticket items, restaurants or
through Nuuly, I get to be those shopping. The most basic function
people for a bit. Even if I have to of You Need a Budget—“YNAB,” to
rein in the impulse to rent clothes the initiated—is to help you ac-
for lives I don’t actually have, the count for every dollar you earn
service allows me to cosplay as and spend. It takes a bit of time to
someone who can own and launder get the app and all your desired
a crisp, white $300 T-shirt dress. custom spending categories set
—Sophia Benoit up, but using it has almost in-
Average Daily Screen Time: stantly stopped me from frittering
5 hours, 46 minutes away my earnings.
Why I’m glad When I went looking
STREETEASY for a budgeting app that would ac-
A real estate directory for tually work, it was hard to ignore
harmless voyeurism YNAB’s rabid fan base: A thriving
Subreddit, and a Facebook fan
How it hooked me I treat Street- group some 83,000-strong. Now, I
Easy like my personal apartment- totally get it. Whether I’ve proven
cataloging system. Even when not susceptible to gamification or just
actively hunting for a new rental, a well-thought-out user experi-
I’ve scoured the website’s apart- ence, I’m suddenly pouring daily
ments listings nearly daily for time and energy into categorizing
eight of the 10 years I’ve lived in expenses and working out where
New York City, bookmarking build- to squirrel away a bit here and
ings, units and streets. And I’m there. I’m still a fairly new user,
not looking aspirationally, like so whether it will stick long-term
some Zillow-obsessed millennial, remains to be seen. For now,
I’m researching affordable (or at my budget’s become shockingly
least, affordable for New York) fun to monitor.
apartments I could realistically see —Kate Morgan
myself moving to. Average daily screen time:
Why I’m glad Though time-con- 6 hours, 14 minutes
‘It’s a Bit Scary Sometimes’ | We asked a random selection
of folks in New York’s Bryant Park which apps bewitch them most
‘me
TikTok‘s grasp on
is a bit scary
‘Letterboxd. It’s big
in the film world
‘My most addictive
apps are all games. I
sometimes. I watch right now. Whenever play Woodoku, Soli-
whatever the I watch a movie, taire and Freecell. It’s
algorithm feeds me.
—Valdemar Gyrst,
’ in my head, I’m
already thinking
a challenge, it keeps
my mind employed
Watch marketer, about how I will re- when I have free
Copenhagen,
Denmark
view it on the app.
—Xander Bernabe,
’ ’
time. —Maria Rock,
Retired, Manhattan
Video editor,
‘I’mgirl.a IReddit
have
 Queens
‘
 Pokemon Go.
I downloaded the
been using it game originally to en-
recently to look tertain my nephews.
up conspiracy Now that I’ve
theories about learned how to
Kate Middleton.
—Schuyler Vorick,
’ ’
play, I can’t stop.
—Cassandra Wong,
Aerialist and Author, Marketing
Manhattan professional, Brooklyn
D12 | Saturday/Sunday, March 23 - 24, 2024 * *** THE WALL STREET JOURNAL.

2024 WSJ
Tax Guide
Filing your taxes doesn’t have to feel like a maze.
WSJ — your tax season companion.

The Wall Street Journal’s annual tax guide is here. In this six-

part series, we break down what’s new and what you need to

know to ile a lawless return. Whether you’re curious about

your EV credit or your new tax bracket, our experts have the

details to set you up for a successful tax season.

READ MORE
WSJ.com/TaxGuide2024

© 2024 Dow Jones & Co., Inc. All rights reserved. 6DJ0271
 THE WALL STREET JOURNAL.
RIVIAN
RUMBLE SEAT / DAN NEIL
Rivian’s EV Delivery Van:
Not Just for Bezos Anymore
YOU KNOW the one. Big, boxy,
blue? With soft, sad eyes that say,
Please don’t ticket me, officer?
In 2019, Amazon founder Jeff
Bezos placed a $7 billion order
with EV startup Rivian for a fleet
of 100,000 electric delivery vans by
the end of this decade. Rivian has
since shipped more than 10,000 of
these winsome route-runners to all
parts of the U.S. Albeit on any
given weekday about half seem to
be in lower Manhattan.
Now that the assembly lines in
Normal, Ill., are up and running, Riv-
ian is offering a Bezos-free version
to smaller fleet operators. Meet the
Rivian Delivery 500, an all-electric,
last-mile solution for the wholesale
florist in us all. Or is that just me?
It’s possible this isn’t the Rivian
you wanted to read about. Two
weeks ago, the company premiered
its new R2 and R3 (midsize and
compact SUVs, respectively),
which look amazing. At the time of
my visit to the regional office in
Irvine, Calif., last month, those
models were still under wraps.
If it helps, the Delivery 500 uses
some of the same components and
software as the R2 and R3, which
are likewise shared with the com-
pany’s charismatic sport pickup
(R1T) and SUV (R1S). Note that the
delivery van is front-drive only,
with a single 320-hp motor be-
tween the wheels. A 100-kWh lith-
ium-iron phosphate battery pack
Rip It, With a Little Extra Zip
When Boosted Boards, the leading electric skateboard manufacturer,
folded in 2020, its fans organized online to lament—and search for
worthy alternatives. These three have risen to the top of the halfpipe.
1 2
1. Best in Show | The Back-
fire G5 electric skateboard
offers 25 to 28 miles of range
on a single charge. The
board’s flexible middle and
long shape make it easy to
ride, even if every other
skateboard you’ve tried has
felt like a tightrope. At full
The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not the sole retail outlets.
* * * *
offers a rated range of 161 miles
and top speed limited to 77 mph.
The throttle mapping, torque out-
put and regenerative braking are
tailored to stop-and-go drudgery.
The Delivery 500 also reiterates
many of Rivian’s passenger-car fea-
tures and functions, including the
driver interface and mainscreen
graphics. The van self-identifies as
a Rivian, with the company badge
taking the place of the Amazon logo
on the front. However, the beamish,
droid-like headlights are the same.
Who’s a cute bot? You are!
The back-and-forth over vehicle
electrification is often so drearily
polarizing and zero-sum. But given
a chance, most EV skeptics would
readily acknowledge that for cer-
tain use cases and duty cycles,
electrification makes sense; these
include fleet vehicles with planned
routes and low daily miles, making
frequent stops (optimal for regen-
erative braking), with overnight
charging at depots.
Commercial fleet operators—
long and short-haul, light and
heavy—are getting crushed by the
soaring costs of diesel fuel, taxes
and maintenance. A 2023 analysis
by McKinsey & Company found
that battery-electrics in the light
commercial vehicle category of-
fered 13% lower total cost of own-
ership per mile than conventional
vans. The same study, modeling a
very Amazon-like parcel delivery
3 light design and a kicktail that
throttle, the G5 can climb hills
exceptionally well and hit top
speeds of almost 29 mph.
Your crew may mock the “at-
mospheric lighting” that is
built into the G5’s deck, but
you do you in the colors of
your choice. $649,
BackfireBoardsUSA.com
GEAR & GADGETS
2024 RIVIAN DELIVERY 500
Base price $83,000
(before applicable tax
credits)
Propulsion Battery-
electric; single front-
mounted AC synchro-
nous motor and single
company, concluded that switching
to an all-electric ground fleet by
2035 would cut costs by 22%.
Every time I test a full-size com-
mercial van—examples include
Ram ProMaster and Mercedes-Benz
Sprinter, both of which have EV
versions already in the field—I fan-
tasize about the other professions,
the other lives I could live with it:
sailmaker, big-wave photographer,
rave DJ, freelance astronomer.
With a payload capacity of
2. Off-Roader | The Vader
Hurricane Carbon, one of
Meepo’s newest outdoor
weapons, looks as tough as
the terrain it can handle.
With a standout 725.8Wh
battery generating a 31-mile
range and a just-under-an-in-
dustry-best top speed of 35
Saturday/Sunday, March 23 - 24, 2024 | D13
PRIME MOVER In 2019, Amazon
ordered 100,000 electrified Rivian
vans; the vehicle can now be
purchased by other fleet operators.
company has no plans to sell the
vans to private, non-commercial
customers. Nor does it plan to build
a camper conversion, although they
get that request all the time. Not
just from me.
My test in the Irvine area in-
cluded some trainee-style drills,
demonstrating the Rivian’s many
At one point I was
testing how fast I could
deliver a parcel to the
doorstep of a randomly
selected home.
worker-friendly features. The
driver’s door is to be used only
rarely; in the interests of safety,
workers leave the vehicle curbside,
through the right-side sliding
door. To reduce repetitive-motion
injuries, the inner cargo door
opens and closes automatically,
when the driver leaves and returns
to the wheel.
The heated steering wheel is
flat-bottomed, making it easier to
clear as drivers stand up and sit
down. The pedestal-style seat is
heated and ventilated and very
well padded. It turns out workers
whose backs aren’t killing them
make better drivers.
Forward and downward visibil-
ity is expansive, thanks to the vast
windshield and open roof pillars
with triangular glass that wrap
around the cabin like a diving
mask. The high-resolution camera
views on the touch screen, includ-
ing 360-degree overhead view, also
make maneuvering in tight areas
much less fretful.
Light commercial vehicles are
subject to surprisingly few feder-
ally mandated safety requirements.
They have to have bumpers, for in-
stance. Just for funsies, the Rivian
driver’s door is surrounded by a D-
ring of resilient high-strength steel
to limit side-crash intrusion; this
very sturdy hatch incorporates
gearset; 135-kWh lith- Top speed 77 mph enormous side-impact air bags,
ium iron phosphate (software limited) also above the strict call of duty.
(LFP) battery pack; Range 161 miles From behind the wheel, it seems
front-wheel drive Charging J1772 and like the Delivery 500’s quick re-
Power/torque 320 hp CCS1 combo charging, flexes and low-rpm torque—its abil-
Payload 2,734 pounds capable of charging ity to get out of its own and others’
GVWR 9,350 pounds speeds up to 100 kWh way—offers drivers a margin of
confidence that conventional vans
just can’t. And it can idle forever.
2,734 pounds and 487 cubic feet At one point I was timing how
capacity, the 500 would be just big fast I could deliver a parcel to the
enough for a hardtail vise, farrier’s doorstep of a randomly selected
cabinet, cutting torch and small home. I leapt from the driver’s
electric forge (onboard 240V AC seat, dove through the right-side
power is an option). I could be an door and ran for the house like a
itinerant blacksmith, driving madman. As I set the invisible
around to local equestrian events, box by the door I saw a woman
shoeing horses and chatting up watching me through the curtains,
spirited horsewomen. who had almost certainly dialed 9
Rivian has a longer version, the and 1 already.
Delivery 700, which looks big I wanted to explain but I couldn’t
enough for a liveaboard. Alas, the stop. You know how Jeff is.
mph, this carbon-fiber board
is water-resistant and ready
for adventure. Its 165mm-
wide tubeless tires can
generate plenty of torque
that will let you carve your
way through all types of ter-
rain without losing control or
stability. Plus, its two brawny
motors let it rip up hills, and
maybe even turn one into a
launch ramp. $2,179,
MeepoBoard.com
3. Commute Companion |
Built for those who want to
ditch the car or train on their
way to the office, the Own-
board Mini KT has a lean,
gives you more control. Skat-
ers of any kind have to navi-
gate rocks, street gutters and
potholes, but that is even
harder on something motor-
ized. With a kicktail, you can
make tiny hops over uneven
pavement and quick pivot
turns to avoid slamming into
poles. It even opens up the
possibility of electrified ollies.
The Mini KT has a relatively
short body, at just over 30
inches long, and weights only
16 pounds. It can rock at
speeds of up to 25 mph and
climb steep hills. Plus, with its
three-hour charge time, you
can completely juice it up at
your desk while you work.
$419, Ownboard.net N E W YO R K : 813 M A D I S O N AV EN U E / 125 PR I N c E St R EE t
—José Vadi M A X M A R A .c O M
D14 | Saturday/Sunday, March 23 - 24, 2024 * *** THE WALL STREET JOURNAL.

Zodiaque collection
Zodiaque medal and long necklace
Arietis (Aries),
yellow gold, rose gold,
iron eye.

Haute Joaillerie, place Vendôme since 1906

vancleefarpels.com - 877-VAN-CLEEF